Monti ‘available to lead Italy’

23 December 2012 Last updated at 08:29 ET

Italian Prime Minister Mario Monti says he is not siding for now with any party in upcoming elections, but remains available to head a future government.

Mr Monti said he was ready to lead any coalition committed to his reforms.

The caretaker prime minister said he was unable to accept an offer from former Prime Minister Silvio Berlusconi to lead a centrist coalition.

Elections are to be held in February. Mr Monti resigned after Mr Berlusconi’s party withdrew its support.

Mr Monti was nominated as technocratic prime minister in November 2011, after Mr Berlusconi’s centre-right coalition government fell amidst a financial and economic crisis.

Speaking at a news conference in Rome, Mr Monti urged Italian parties not to destroy what he said was his government’s achievement in saving Italy from that crisis.

“That financial emergency has been overcome,” he said. “Italians can once again hold their heads high as citizens of Europe.”

Keeping options open

Asked repeatedly if he was going to run in the 24-25 February election, Mr Monti said he cared more about policies than about the personalities involved in the election.

“I’m not siding with anyone – I’d like parties and social forces to side with ideas,” he said.

But he added: “To the forces that show convinced and credible adherence to the Monti agenda, I would be ready to give my advice, my encouragement and if necessary leadership,” he said.

“I would also be ready to assume one day, if required by circumstances, the responsibilities that would be entrusted to me by the parliament.”

The BBC’s David Willey says Mr Monti, whose possible role in February’s election has been the subject of intense speculation in Italy, is playing his cards close to his chest – whilst keeping his options open.

Mr Monti, 69, is an economist and former EU commissioner who first served as a minister under Mr Berlusconi in 1994.

His government has been praised for its initial reforms and for calming financial markets, though much of its reform agenda has been watered down or blocked.

On Sunday, he appealed to parties to push through further reforms of Italy’s labour market and its institutions.

He also criticised Mr Berlusconi for recently attacking the technocratic government, despite having previously praised it.

“I struggle to follow his line of thought,” Mr Monti said.

Mr Berlusconi, 76, has been mired in a series of sexual and financial scandals.

He made conflicting statements about whether he would remain in politics before launching into his sixth general election campaign.

Current polls suggest the centre-left Democratic Party led by Pier Luigi Bersani would win the most votes in a general election.

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New Zealand level series thanks to Guptill century

EAST LONDON, South Africa (Reuters) – A brilliant, unbeaten century from opener Martin Guptill led New Zealand to an eight-wicket victory off the final ball against South Africa in the second T20 international on Sunday.

Chasing 169 for victory in 19 overs at Buffalo Park, Guptill helped erase the memory of Friday’s embarrassing capitulation to 86 all out in Durban with a stunning batting display as the tourists reached their target for the loss of just two wickets to level the series 1-1.

Requiring 39 from the final four overs and 11 off the last, Guptill was on 97 and needing four for victory when Rory Kleinveldt bowled the final delivery – a low full toss which was eased away through extra cover.

Guptill’s unbeaten 101 was just the third T20 international century by a New Zealander, the first two belonging to captain Brendon McCullum who was almost anonymous with 17 from 15 balls during a second-wicket partnership of 73 with Guptill.

The right-handed opener was similarly dominant during an opening stand of 76 with Rob Nicol (25) as he drove the Proteas attack impeccably straight and displayed the skills – and patience – so obviously missing from the New Zealand batsman in Durban.

Captain Faf du Plessis led from the front once again as South Africa posted a competitive 165-5 in 19 overs after losing the toss and being asked to bat first.

Du Plessis paced his innings to perfection on a tricky pitch to reach 63 from 43 balls with eight fours and a six in a match reduced to 19 overs per side following a 52-minute floodlight failure.

The deciding match takes place in Port Elizabeth on Wednesday.

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Pro-gun rights US petition to deport Piers Morgan

LONDON (AP) — Tens of thousands of people have signed a petition calling for British CNN host Piers Morgan to be deported from the U.S. over his gun control views.

Morgan has taken an aggressive stand for tighter U.S. gun laws in the wake of the Newtown, Connecticut, school shooting. Last week, he called a gun advocate appearing on his “Piers Morgan Tonight” show an “unbelievably stupid man.”

Now, gun rights activists are fighting back. A petition created Dec. 21 on the White House e-petition website by a user in Texas accuses Morgan of engaging in a “hostile attack against the U.S. Constitution” by targeting the Second Amendment. It demands he be deported immediately for “exploiting his position as a national network television host to stage attacks against the rights of American citizens.”

The petition has already hit the 25,000 signature threshold to get a White House response. By Monday, it had 31,813 signatures.

Morgan seemed unfazed — and even amused — by the movement.

In a series of Twitter messages, he alternately urged his followers to sign the petition and in response to one article about the petition said “bring it on” as he appeared to track the petition’s progress.

“If I do get deported from America for wanting fewer gun murders, are there any other countries that will have me?” he wrote.

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South Africa’s Mandela to remain in hospital for Christmas

JOHANNESBURG (Reuters) – Former South African President Nelson Mandela continues to respond to treatment more than two weeks after being taken to hospital in Pretoria and will remain there for Christmas Day, the presidency said on Monday.

The 94-year-old anti-apartheid hero and Nobel Peace laureate has been treated for a lung infection and gallstones after being hospitalized on December 8.

President Jacob Zuma said in a statement that Mandela “will recover from this episode with all our support… We also humbly invite all freedom loving people around the world to pray for him.”

It will be the first Christmas that Mandela has spent away from home since 1989, when he was still in prison. He was jailed for almost three decades for his role in the struggle against white minority rule.

He was released in 1990 and went on to use his prestige to push for reconciliation between whites and blacks as the bedrock of the post-apartheid “Rainbow Nation”.

Mandela was elected South Africa‘s first black president in 1994. He stepped down five years later after one term in office and has been largely removed from public life for the last decade.

(Reporting and writing by Ed Stoddard; Editing by Stella Mapenzauswa and Tom Pfeiffer)

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LSE agrees LCH Clearnet purchase

24 December 2012 Last updated at 07:56 ET

The London Stock Exchange is to buy a 60% stake in LCH Clearnet, the European clearing house, but for a lower price.

The LSE will pay 366m euros ($ 482m; £300m), about 100m euros below the original offer price.

The lower price reflected new European rules requiring clearing houses to hold more capital, the companies said.

Clearing houses enable the trading of shares between two parties, charging a fee to guarantee the sales should one side default.

By requiring clearing houses to hold more money in reserve, the authorities hope to protect such firms against a major customer hitting a financial crisis.

“Today’s announcement is a success for LSE shareholders,” said Peter Lenardos, analyst at RBC Capital Markets.

“We believe that shareholder approvals will be sought in January and we still expect the transaction to complete in the first quarter of 2013.”

The deal was originally due to be completed by the end of this year. The UK’s Office of Fair Trading approved the acquisition earlier this month.

By taking over LCH, the LSE should be better able to compete with rivals such as NYSE Euronext and Deutsche Börse, which own clearing houses.

Demand for clearing transactions are expected to increase over the next few years as regulators force banks and other parties to channel trades through regulated clearing houses to ensure their risk positions can be better monitored.

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3-day trip becomes 3-week ordeal for 2 Jamaicans

SAN JUAN, Puerto Rico (AP) — It was supposed to be a three-day fishing trip at most. It turned into a three-week ordeal, drifting under an intense sun for hundreds of miles in the Caribbean in a small boat with a broken motor.

The two Jamaican fishermen survived by eating raw fish they caught and drinking water from melted ice they had brought to preserve their catch. The Colombian navy finally plucked them from the sea a week ago and delivered them home Saturday after treating them for severe dehydration, malnutrition and hypothermia.

Everton Gregory, 54, and John Sobah, 58, recounted their story in a telephone interview from Jamaica, while the boat owner and the men’s employer also provided details.

The men set off from Jamaica’s southeastern coast on Nov. 20. The water was glassy, the wind was calm and their boat was laden with 14 buckets of ice, 16 gallons of water and several bags of cereal, bread and fruit.

They headed to Finger Bank, a nearby sand spit 8-miles-long (13-kilometers) that is known for its abundance of fish like wahoo, tuna and mahi mahi. The owner of the 28-foot (8-meter) boat said she usually joins them on fishing trips, but she couldn’t go that afternoon.

After spending a couple of days around Finger Bank, the two men set off for home with their catch. But the boat’s engine soon died. The water was too deep to use the anchor and the current too strong to use the oars, so the boat slowly drifted away from Jamaica.

At first, the men got by on sipping the water and eating the food they brought with them. But days turned into weeks, and they began to eat the fish they had caught and drink the melted ice that had kept it fresh.

Gregory and Sobah kept eating raw fish and used a tarp to try to collect water, but the rain clouds remained at a distance.

Back home, friends and family called police and used their own boats to search the area where the men were last seen. The two fishermen work for the Florida-based nonprofit group Food for the Poor, which chartered a plane to search along Jamaica’s coast.

Marva Espuet, the owner of the boat, said she knew she had packed it with more food and water than needed for a three-day trip, but the thought provided little relief.

“If I had gone, there would have been two boats going,” said the 52-year-old woman, a longtime friend of both fishermen.

With searches proving fruitless, Sobah’s niece grew frantic, recalled Nakhle Hado, a fishing manager for Food for the Poor who helped lead the search. She “begged me that she wanted John back for Christmas,” Hado said.

Hado said some people believed the two men would never be found, but he and others didn’t give up. “My gut was telling me that they were still alive,” he said.

Hado said he had trained Gregory and Sobah on how to survive at sea.

“In case something happens, they don’t have to think twice. They know how to react,” he said. “It’s very important, their mental state.”

Gregory and Sobah finally ran out of fresh water and went several days without drink. A healthy human being can die from dehydration anywhere from three to five days without water.

Then on Dec. 12, a Colombian navy helicopter patrolling off the coast of that South American country spotted the men near Lack of Sleep cay, more than 500 miles (800 kilometers) from where they started. It took two days for a navy vessel to reach them because of bad weather. The men were hospitalized for several days at the Colombian island of San Andres before boarding a plane back home to Jamaica.

“It feels good,” Sobah told the AP in a brief phone interview after arriving.

Gregory said he had lost hope, but Sobah tried to keep him positive that they would be rescued. “I just had that belief,” Sobah said. “I believe in the Creator.”

Yet it is Gregory who plans to keep fishing despite the ordeal because he needs the job.

Sobah said he’s done. “I’m not going to go fishing again. No way.”

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Disney Sets August 9 Release for ‘Cars’ Spin-off ‘Planes’

NEW YORK (TheWrap.com) – Disney will release “Planes,” a spin-off of Pixar‘s “Cars” franchise, August 9, 2013, in the United States. DisneyToon Studios is behind the film with Pixar/Disney Animation chief creative officer John Lasseter producing.

The film follows a fleet of planes, in particular Dusty. “Two and a Half Men” star Jon Cryer was to voice Dusty, but he has dropped out and the studio is now casting the part.

Disney initially intended to release “Planes” direct to video, but it will now send it into theaters domestically and overseas.

“Planes” will compete against a pair of films that summer weekend, both of which should have more adult followings. The big-ticket item will be Sony’s “Elysium,” Neill Blomkamp‘s follow-up to “District 9.” Also opening that weekend is “We’re the Millers,” a New Line drug-smuggling comedy starring Jason Sudeikis and Jennifer Aniston.

Next summer’s biggest animated movies should all be sequels save “Epic,” Fox’s story of a teenage girl caught in a forested battle. Beyonce Knowles‘ leads the voice cast. The other big openers are Despicable Me 2,” “Monsters University” and “Smurfs 2.”

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Explainer: Naming of Parts for an Instrument of Civilian Slaughter

The PTAB 2.5M anti-armor bomblet has a cylindrical body with a dome-shaped ballistic cap at its front and it terminates in a four-fin tail unit that is structured in a drum configuration. In its Aug. 2, 2012 online posting, Jane’s Air-Launched Weapons noted that the tail unit comes in both short and long versions.The entire bomblet measures 0.87 meters in length, has a body diameter of 60 millimeters and weighs 2.5 kilograms. Just behind the nose is a shaped charge weighing 660 grams and consisting of a RDX/TNT mixture, which is detonated by an ADTS-583 impact fuze.Thirty or more bomblets, or sub-munitions, fit into the RBK-250-275 cluster bombs and the RBK 500 can carry 75. The PTAB 2.5M is able to penetrate up to 120 millimeters of armor. The Soviets originally designed the PTAB 2.5M to be dropped on lines of Allied tanks steadily advancing toward the Iron Curtain countries. On Dec 12, while many were fretting or making jokes about the Mayan Apocalypse, Syrian military aircraft released RBK 250s on the civilian population of Marea, near Aleppo. For a few civilians from Marea, the world did end.  

Follow Scientific American on Twitter @SciAm and @SciamBlogs.Visit ScientificAmerican.com for the latest in science, health and technology news.
© 2012 ScientificAmerican.com. All rights reserved.
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China and India: The $10 Trillion Engine of Future U.S. Growth

My friend and colleague Michael J. Silverstein, writing in this space in late October, mentioned that the most dangerous thing about China is America’s misguided attitude toward the country. In short, we appear to be afraid of China’s success.

The U.S. has never before run from a challenge. This is the wrong time to start.

As Silverstein and his co-authors—Carol Liao, David Michael, and Abheek Singhi—point out in their new book, The $ 10 Trillion Prize, one of the reasons many Americans feel threatened by China is they don’t know a lot about the country. What they do “know,” by and large, is what they’ve been told by politicians and others who accuse China of stealing U.S. jobs.

Yes, many low-skill, low-wage U.S. jobs have moved elsewhere, in many cases to China. Yes, many low-cost, mass-produced products that used to be made here are now being made there, and in other low-cost countries, such as India, Indonesia, Malaysia, Mexico, Thailand, and Vietnam. And, yes, many of those jobs will never come back.

But as China and the other developing countries grow, they also become potential customers for U.S. goods and services, from corn and soybeans to automobiles, commercial jetliners, heavy machinery, construction and farm equipment, and banking, investment, and insurance services, to name just a few.

It wasn’t that long ago that the prevailing American vision of the Middle Kingdom was that of millions of mindless peasants marching in automaton-like lockstep to the orders of the party bosses. They led lives of drudgery, on collective farms, toiling for mere survival. Everybody dressed like Chairman Mao. Dissent was met with tanks. And it wasn’t that long ago that that may have been accurate in some respects.

But China today, as Silverstein and his co-authors make clear, is a booming multiclass society with hundreds of millions of people who want nothing more than their own version of the American Dream: a nice home, a quality car, a good education for their children, appliances and conveniences, better health care, stylish clothes, more time for travel and leisure. In short: a better life for the next generation than the current generation enjoyed. The same is true in India.

The authors visited with and tell the stories of dozens of Chinese and Indian families and entrepreneurs who are striving for the same things Americans want—and for the first time in their lives, they have the money to get them.

My colleagues have calculated that between 2010 and 2020, Chinese and Indian consumers will spend some $ 64 trillion on goods and services. Chinese consumers will spend approximately $ 41.5 trillion, with annual expenditures reaching more than $ 6 trillion in 2020. Indians will spend $ 22.5 trillion, with annual spending hitting an estimated $ 3.6 trillion by 2020. Combined, they will be spending some $ 10 trillion per year by 2020—more than three times what they spent in 2010.

That’s what U.S. politicians and business leaders should be talking about: the promise of China and India as engines of future U.S. growth. That’s the prize the book is about.

China and India today show the kind of unbridled optimism that used to be the hallmark of America. Many Chinese and Indian entrepreneurs expect their companies to grow by factors of 10 over the next decade.

Rather than fear such growth, Americans should embrace it, wish them well, and make sure our businesses, farms, and factories are prepared to meet their needs.

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Showrooming little threat to clothiers in ho-hum holidays

Chicago (Reuters) – In retail, showrooming has not hit shirts yet.

Showrooming, the retail term for shoppers who try a product, then buy it cheaper on Amazon.com or other websites, has driven retailers to the point of hiding barcodes, improving their own websites and coming up with methods to get people to complete their purchase in the store.

But brand-name clothing retailers have an advantage over companies that sell items you can buy anywhere, like televisions and home goods.

“Specialty apparel retailers are some of the least affected by showrooming since the more exclusive the product is, the harder it is to showroom,” said Joel Bines, managing director of the retail practice at advisory firm AlixPartners.

That, in turn, has helped retailers like Gap Inc and Lululemon Athletica Inc find favor with investors.

A survey of 2,010 adults conducted by AlixPartners showed consumers who shop for apparel were among the least likely (35 percent) to go to other websites after they liked an item at a store, compared with 42 percent of electronics shoppers and 41 percent of those looking for accessories like watches and jewelry.

“If you look at some of the most successful (clothes) companies in the past few years, they are those that have that moat around them,” said hedge fund manager Shawn Kravetz, who runs Esplanade Capital in Boston.

He cites yogawear maker Lululemon and Gap as good examples of how it can help to have clothes that are not sold elsewhere.

If a shopper wants to buy a Banana Republic or Nordstrom shirt from the latest season, they have to buy it either from their stores or online shop.

Discount retailers like Zappos, Amazon and others stock brand-name products, but the merchandise is often not from the current season or limited in colors and sizes.

“I don’t need to see if a television fits my body shape when I buy a TV,” said Joe Megibow, senior vice president of omni-channel e-commerce at American Eagle Outfitters. The teen clothes retailer has seen better sales than its peers over the past year.

“I can get a sense of the TV and I’m good. Clothing is different. Does it fit me, is it my style, do I like the quality of the material and how it is put together. There’s so much more with apparel that matters,” he said.

That is the part of the reason, analysts say, why online-only clothing companies like Bonobos and Gap’s Piperlime have started opening brick-and-mortar stores or tied up with retailers to sell their products in physical locations.

Choice and easy availability are the two most important aspects of shopping, especially during a holiday season that has lost steam after what looked like strong Thanksgiving sales.

Estelle Tran, an “impulsive” shopper in her twenties, agreed.

“If I want to buy books, tech items, DVDs, I would definitely buy online. For clothes, I would rather (visit stores) as it is also a fun experience to try on clothes,” said the Chicago-based finance auditor.

Tran said she would definitely check prices online if she was spending more than $ 100.

Luxury and high-priced items can be more susceptible to showrooming, because pricing is what drives the behavior, said Marshal Cohen, chief economist at the consultancy NPD Group.

“With electronics and certain consumer goods it is very easy to compare specific brands across multiple websites. But (showrooming is) happening and it will be growing. If a (clothes) retailer isn’t taking it seriously, they are going to fall behind,” said Bolette Andersen, principal in KPMG’s retail industry practice.

ROOM TO GROW

Some investors are betting on apparel stocks because of their relative insulation from the threat of showrooming.

While the S&P Apparel Index has returned a sizzling 27.71 percent year to date, according to Reuters data, far outperforming the S&P 500, which is up 14.80 percent, more gains may be coming.

“We still think there’s plenty of room to grow,” said Brian Peery, co-portfolio manager at Hennessy Funds. Its growth fund, heavily weighted in apparel and consumer discretionary goods shares, is up 30 percent over the year.

“As we look into the sector 12-18 months, we continue to buy the discretionary area. Two of our heaviest investments would be Foot Locker Inc and TJX Companies Inc,” he said.

Discount chains like TJX and Ross Stores, which sell branded clothes at low prices, have benefited from the surge in bargain-seeking shoppers.

Even the stocks of retailers like Gap and American Eagle that have staged or are staging turnarounds have gotten a good boost over the year. Gap has soared 69 percent and American Eagle is up 31 percent.

R. Shawn Neville, president of Avery Dennison retail branding and information solutions, said another reason that apparel and to a broader extent other consumer discretionary stocks do well is because of their sustainability.

“In uncertain times, investors look towards market segments that have strong underlying demand which are more stable, like the apparel industry,” Neville said.

Moreover, in times of economic uncertainty, shoppers can still afford clothes and shoes, as opposed to a new car, home, or expensive vacations, helping apparel stocks do well, he said.

“Though Amazon is clearly stealing some share in various categories, clothes retailers, say Abercrombie & Fitch isn’t going anywhere. They’re not being run out of the shopping mall,” said Esplanade’s Kravetz.

(Editing by Jeffrey Benkoe)

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