Visit France with France Travel Guide: August 2013

Tuesday, August 20, 2013

Many young, white women frequently tan indoors

NEW YORK (Reuters Health) - More than one in every four young, white U.S. women uses an indoor tanning facility at least once a year, according to a new study. Researchers from the U.S. Centers for Disease Control and Prevention in Atlanta found that between 25 and 30 percent of young, white women reported using an indoor tanning facility in the last year."Among this population indoor tanning is widespread and because of the association between indoor tanning and cancer, reducing indoor tanning is important," Gery Guy Jr., the study's lead author, told Reuters Health.Previous research, Guy and his colleagues write in JAMA Internal Medicine, has found that tanning before age 35 increases the risk of melanoma, the deadliest type of skin cancer, by up to 75 percent.Tanning before the age of 25 up to doubles the risk.Melanoma is most common among whites, who have a lifetime risk of about one case in every 50 people, according to the American Cancer Society.For the new study, the researchers analyzed information from a 2011 survey of high school students and a 2010 survey of adults between the ages of 18 and 34."There haven't been many previous estimates just looking at the non-Hispanic, white population. For the adults, there's really no data to compare it to," Guy said.Overall, he and his colleagues found that just over 29 percent of white high school girls said they had used an indoor tanning facility in the past 12 months and about 17 percent said they had tanned indoors at least 10 times in the past year.Among white women between the ages of 18 and 34, about 25 percent said they had used an indoor tanning facility during the past year and about 15 percent reported frequent usage."These findings showing such high rates of indoor tanning in the population reinforce the importance of education efforts in young adults to reduce the risk of skin cancer," Guy said."We should be at the forefront of educating parents and consumers of tanning beds about the risks associated with ultraviolet radiation," Dr. Brundha Balaraman, of the Division of Dermatology at the Washington University School of Medicine in St. Louis, told Reuters Health in an email. Currently, 33 states limit the use of tanning beds for minors under the age of 18, according to the National Conference of State Legislatures. That includes California and Vermont, which ban the use of the devices for minors.Balaraman, who has studied indoor tanning use but was not involved with the new research, said in addition to laws and education, regulation of tanning devices may be effective."Tanning devices should be elevated to a Class II or III category for medical devices, which would at least require regulatory oversight of manufacturers," she wrote, adding that tanning beds are currently Class I medical devices, the same category that covers Band-Aids and tongue depressors.Guy and his colleagues write that the U.S. Food and Drug Administration (FDA) has proposed reclassifying tanning devices as moderate-risk devices."I think it's important that multi-level, comprehensive approaches are taken, such as the FDA's proposed changes, counseling that's been effective and changing social norms," Guy said.SOURCE: bit.ly/MbBLb9 JAMA Internal Medicine, online August 19, 2013.

This article is taken from Reuters.com

Novartis muscle wasting drug gets 'breakthrough' status

ZURICH (Reuters) - Novartis said on Tuesday U.S. regulators have granted breakthrough therapy status for its investigational compound bimagrumab for the potential treatment of patients with sporadic inclusion body myositis (sIBM). The U.S. Food and Drug Administration (FDA) created the "breakthrough therapy" designation earlier this year for medicines deemed likely to demonstrate "substantial improvement" over existing drugs.sIBM is a rare yet potentially life-threatening muscle-wasting condition. Patients suffering from the disease can gradually lose the ability to walk. There are currently no approved treatments, according to Novartis.Bimagrumab was developed by Novartis in collaboration with Morphosys. The drug works by stimulating muscle growth by blocking from inhibitory molecules.(This corrects day of the week to Tuesday from Thursday)(Reporting by Caroline Copley)

This article is taken from Reuters.com

Wrecked Fukushima storage tank leaking highly radioactive water

TOKYO (Reuters) - Contaminated water with dangerously high levels of radiation is leaking from a storage tank at Japan's crippled Fukushima nuclear plant, the most serious setback to the cleanup of the worst nuclear accident since Chernobyl. The storage tank breach of about 300 metric tons of water is separate from contaminated water leaks reported in recent weeks, plant operator Tokyo Electric Power Co said on Tuesday.The latest leak is so contaminated that a person standing half a meter (1 ft 8 inches) away would, within an hour, receive a radiation dose five times the average annual global limit for nuclear workers.After 10 hours, a worker in that proximity to the leak would develop radiation sickness with symptoms including nausea and a drop in white blood cells."That is a huge amount of radiation. The situation is getting worse," said Michiaki Furukawa, who is professor emeritus at Nagoya University and a nuclear chemist.The embattled utility Tokyo Electric has struggled to keep the Fukushima site under control since an earthquake and tsunami caused three reactor meltdowns in March 2011.Japan's Nuclear Regulation Authority has classified the latest leak as a level 1 incident, the second lowest on an international scale for radiological releases, a spokesman told Reuters on Tuesday.It is the first time Japan has issued a so-called INES rating for Fukushima since the meltdowns. Following the quake and tsunami, Fukushima was assigned the highest rating of 7, when it was hit by explosions after a loss of power and cooling.A Tokyo Electric official said workers who were monitoring storage tanks appeared to have failed to detect the leak of water, which pooled up around the tank."We failed to discover the leak at an early stage and we need to review not only the tanks but also our monitoring system," he said.Tokyo Electric, also known as Tepco, said it did not believe water from the latest leak had reached the Pacific Ocean, about 500 meters (550 yards) away. Nonetheless, continued leaks have alarmed Japan's neighbors South Korea and China.CRITICISMTepco has been criticized for its failure to prepare for the disaster and been accused of covering up the extent of the problems at the plant.In recent months, the plant has been beset with power outages and other problems that have led outside experts to question whether Tepco is qualified to handle the clean up, which is unprecedented due to the amount of radioactive material on the site and its coastal location.The government said this month it will step up its involvement in the cleanup, following Tepco's admission, after months of denial, that leaked contaminated water had previously reached the ocean.Fukushima Governor Yuhei Sato told an emergency meeting of prefectural officials on Tuesday it was a "national emergency", and that the local government would monitor the situation more strictly and seek additional steps as needed.Massive amounts of radioactive fluids are accumulating at the plant as Tepco floods reactor cores via an improvised system to keep melted uranium fuel rods cool and stable.The water in the cooling system then flows into basements and trenches that have been leaking since the disaster.Highly contaminated excess water is pumped out and stored in steel tanks on elevated ground away from the reactors. About 400 metric tons of radioactive water a day has been stored at Fukushima.In order to keep up with the pace of the flow, Tepco has mostly relied on tanks bolted together with plastic sealing around the joints. Those tanks are less robust - but quicker to assemble - than the welded tanks it has started installing.The latest leak came from the more fragile tank, which Tepco plans to carry on using, although it is looking at ways to improve their strength, said Tepco official Masayuki Ono.A puddle that formed near the leaking tank is emitting a radiation dose of 100 millisieverts an hour about 50 cm above the water surface, Ono told reporters at a news briefingTepco has also struggled with worker safety. This month, 12 workers decommissioning the plant were found to have been contaminated by radiation. The utility has not yet identified what caused those incidents, which only came to its notice when alarms sounded as the workers prepared to leave the job site.A South Korean Foreign Ministry spokesman said Seoul had asked Japanese officials to explain what they were doing to stop contaminated water reaching the ocean and fishing grounds."They also need to make the information available to the public, all over the world, given this is the first case in history where contaminated water from a nuclear plant is flowing into the ocean at this magnitude," he said.(Reporting by Yuka Obayashi, Yoko Kubota; Additional reporting by Linda Sieg, Kiyoshi Takenaka; Writing by Aaron Sheldrick; Editing by Alison Williams)

This article is taken from Reuters.com

Wrecked Fukushima storage tank leaking highly radioactive water

This article is taken from Reuters.com

One Direction launch 3D behind-the-scenes documentary 'This Is Us'

LONDON (Reuters) - British boy band One Direction, one of the pop music industry's biggest acts in the last two years, plan to show the world what they're really like in a new 3D documentary that will premiere in London on Tuesday. The five singers told a news conference in the British capital on Monday that "This Is Us" allowed them to present themselves in a more realistic manner than they are depicted on videos, in concert and on the ubiquitous social media sites that track their every movement on and off stage."There is only so much you can get across in terms of your personality, you know, social media and like 10-minute interviews you do with people," singer Harry Styles said."So I think ...(it's) a way for us to get across what we are like and what we are like with each other for the fans to see."Band members Louis Tomlinson, Liam Payne, Niall Horan, Zayn Malik and Styles were all on hand to talk about the behind-the-scenes film and the media interest that has engulfed them since they first became a group on a British TV talent show in 2010.The film, directed by "Super Size Me" documentary maker Morgan Spurlock, includes concert footage, life backstage and on the road. But Styles laughed off one reporter's question about whether footage with groupies or drugs had been edited out."This is a family press conference," Styles said.Spurlock said the film would show that part of the band's success stems from their down-to-earth personalities."Part of the reason I think they have been so successful with their fans is that they are so incredibly grounded and normal and that's what comes off in the movie, there's no air of superiority," he said.'WE'RE NOT CELEBRITIES'One Direction shot to fame as runners-up on "The X Factor" television singing competition and have conquered the global market with two albums and a string of catchy hit singles. They said in May they are working on a third "edgy" album and will embark on a world tour next year.The band, whose members are aged in their late teens and early 20s, topped the Billboard 200 album chart twice last year with "Up All Night" and their second album "Take Me Home". They were named Billboard's top new artist/group in 2012.In an interview with Reuters TV on Monday, Malik said certain aspects of fame took the band by surprise."We never wanted to have the title 'celebrity,' we just want to be normal lads in a music band. We're not celebrities, we're just in a band," the singer said.Horan added that the documentary helped the band members themselves process the phenomenon that One Direction has become."Because we live in this bubble ... we don't get to see exactly what it's like because it's happening to us," he said.Hundreds of fans have already started to camp out in London's Leicester Square for a chance to see One Direction walk the red carpet at the film's world premiere on Tuesday.The band has a devoted following of fans around the world mainly comprising teenage girls, including 14 million Twitter followers, and Tomlinson said he felt a certain responsibility to the young fan base."Being put in this position, you almost feel with the likes of Twitter, you almost feel pressured to be that role model, and it's kind of balancing that and meeting in the middle," he said.(Additional reporting by Rollo Ross for Reuters TV and Piya Sinha-Roy in Los Angeles; Editing by Paul Casciato and Eric Walsh)

This article is taken from Reuters.com

High-speed trader Infinium Capital starts talks on tie-up

CHICAGO Aug 20 (Reuters) - Infinium Capital Management is in talks to acquire a strategic partner, the president of the high-speed U.S. trading firm said on Tuesday. "We are looking at multiple strategic partners to strengthen our capital position," President Mark Palchak told Reuters. "Capital is the life blood of what we do."Merger talks have increased in the high-frequency trading business as firms face increased competition and regulatory oversight, low interest rates that have hurt volume and volatility, and the uncertain global economic recovery.A favored tool of hedge funds and other institutional traders, high-frequency trading uses so-called algorithmic software programs to post orders in the blink of an eye.The practice accounted for more than 60 percent of all futures volume in 2012 on U.S. exchanges like the CME Group Inc and IntercontinentalExchange Inc, according to New York industry researcher The Tabb Group.Privately held Infinium is a household name in Chicago's trading community. The firm trades in commodities, energy and other markets.George Hanley, a co-founder of Infinium who went on to run a separate trading firm, earlier this year took the helm from founding principal and chairman Charles Whitman, people with knowledge of the situation told Reuters last month.Rivals have been under pressure. Trading companies Getco Holding Co and Knight Capital Group, which merged in July to create KCG Holdings Inc, recorded second-quarter losses, mainly due to deal costs, though the low-volume, low-volatility trading environment also hurt.

This article is taken from Reuters.com

U.S. crime writer Elmore Leonard dead at 87

NEW YORK (Reuters) - American author Elmore Leonard, whose ear for gritty, realistic dialogue helped bring dozens of hard-bitten crooks, cops and cowboys to life in nearly 50 novels, died on Tuesday several weeks after a stroke. He was 87. "Elmore passed away this morning at 7:15 a.m. at home surrounded by his loving family," according to an announcement on his website, elmoreleonard.com. It did not provide other details.Leonard, who first wrote Westerns when he gave up his advertising agency job in the 1950s before moving on to crime and suspense books, suffered a stroke on July 29.Known by the nickname Dutch, Leonard had his commercial breakthrough in 1985 with the publication of "Glitz."His following books, including "Get Shorty," "Out of Sight," "Killshot," "Bandits" and "Freaky Deaky," came out every year-and-a-half or so and were best-sellers.Leonard's 47th book, "Blue Dreams," was expected to be published this year."I don't have any reason to quit," Leonard told Reuters in 2012, referring to his career. "I still enjoy writing."Hollywood had an affinity for Leonard's books, and more than 25 of his works were made into movies or television shows, beginning with Paul Newman in the 1967 film "Hombre." The Western story "3:10 to Yuma" and the novel "The Big Bounce" were each adapted for film twice.Movie producers and stars were so anxious to secure rights to his books that they were known to show up on Leonard's doorstep on the publication date.But audiences and even the author himself were often unhappy with the cinematic adaptations.Leonard, who spent much of his life in Detroit and its suburbs, said many filmmakers made the mistake of pushing the plots of what were character-driven stories, such as "Get Shorty," which is about a likeable loanshark named Chili Palmer."My characters are what the books are about. The plot just kind of comes along," Leonard told London's Guardian in a 2004 interview. "Movies always want to concentrate on the action."His favorite movie adaptation of one of his novels was director-writer Quentin Tarantino's reworking of "Rum Punch" into the film "Jackie Brown."The cable television series "Justified," the tale of a U.S. marshal in Kentucky that first aired in 2010, was based on Leonard's work and he served as executive producer of the show.'DICKENS OF DETROIT'Born in New Orleans, Leonard moved at age 8 with his family to Detroit, where he became enthralled by the real-life exploits of gangsters Bonnie and Clyde and the fortunes of the city's professional baseball team, the Detroit Tigers.Reading Erich Maria Remarque's World One tale "All Quiet on the Western Front" as a boy made him want to become a writer.After a stint in the Navy building bases in the South Pacific during World War Two, Leonard enrolled at the University of Detroit, entering writing contests and selling stories to magazines that featured tales of the Old West.He would rise before dawn, denying himself a cup of coffee until he had written a page, and then head off to write copy at a Detroit advertising agency.Leonard switched to crime fiction when the popularity of Westerns faded. His tough characters spoke in a clipped, twisted syntax that led Newsweek magazine in a 1984 cover story to call him "the Dickens of Detroit" - a label he scorned.Leonard explained his approach in a New York Times essay in which he listed his rules for writing, including, "Try to leave out the part that readers tend to skip.He summed up his technique by saying, "If it sounds like writing, I rewrite it."Leonard, who overcame a drinking problem in 1977, wrote daily in long-hand on unlined pads in his living room, employing a researcher to enrich his material.He won the National Book Foundation's Medal for Distinguished Contribution to American Letters in November 2012, putting him in the company of such U.S. literary luminaries as Toni Morrison, John Updike, Gore Vidal and Norman Mailer.Leonard was married three times and had five children with his first wife. His son Peter also went into advertising before becoming a writer.(Reporting by Chris Michaud, writing by Bill Trott; Editing by David Brunnstrom and Paul Simao)

This article is taken from Reuters.com

UPDATE 2-Medtronic shares slump on soft Q1 defibrillator sales

By Susan KellyAug 20 (Reuters) - Medtronic Inc on Tuesday reported a first-quarter profit in line with expectations on solid growth in emerging markets, but soft U.S. demand for implantable heart defibrillators weighed on its shares, which slumped more than 2 percent.Revenue in the quarter came in below analysts' estimates, dragged down by a 3 percent decline in sales of implantable cardioverter defibrillators (ICDs), a key product line. Competitors Boston Scientific Corp and St. Jude Medical Inc had better ICD sales, raising expectations for Medtronic, analysts said. ICDs use electrical pulses to help control life-threatening irregular heartbeats.The company, whose products range from pacemakers and stents to insulin pumps and brain stimulation devices, reiterated its outlook for both sales and profit for the fiscal year.Chief Executive Omar Ishrak said on a conference call that new ICDs, pacemakers and spinal devices to be launched in the coming quarters would bolster results.Medtronic has focused on increasing its presence in faster-growth emerging markets like China, India and Latin America as the weak U.S. economy and efforts to reduce healthcare spending pressure the industry."We are confident in both our outlook for the remainder of the year and our long-term competitive position in the changing healthcare environment," Ishrak said.The Minneapolis-based company said net earnings rose to $953 million, or 93 cents per share, in the first quarter ended July 26, from $864 million, or 83 cents per share a year earlier.Excluding special items, Medtronic earned 88 cents a share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.Total revenue rose 2 percent to $4.08 billion. Sales in emerging markets climbed 15 percent to $504 million.Overall sales of ICDs declined 3 percent to $655 million, but pacemaker sales were up 2 percent to $474 million. Sales of spinal products fell 3 percent to $765 million.Sales of its biologic bone-growth stimulator for spines declined 11 percent, hurt by the publication of an independent review that found its Infuse product was associated with a slightly increased risk of cancer. Infuse is a genetically engineered protein that is surgically placed where new bone is needed to stimulate growth and healing.On the call, Ishrak defended the product, saying the Yale University study provided further evidence that Infuse was a safe and effective treatment for approved indications.In addition, a separate analysis published in the online edition of the journal Spine found no cancer risk associated with the use of the product in spine fusion surgery."Sales in the spinal business continue to deteriorate, where some people were expecting it to stabilize," said Aaron Vaughn, an analyst with Mid-Continent Capital, which has $1.9 billion under management but does not own Medtronic shares.Vaughn said Medtronic's results suggested U.S. demand for healthcare services is stable but not rebounding.Medtronic forecast fiscal 2014 earnings of $3.80 to $3.85 per share and revenue growth of 3 percent to 4 percent excluding the impact of foreign currency fluctuations.Ishrak said Medtronic aims to generate 20 percent growth in emerging markets over the longer term as the regions become an increasingly important source of revenue.Medtronic shares fell $1.26, or 2.3 percent, to $52.84 on the New York Stock Exchange.

This article is taken from Reuters.com

UPDATE 3-Ukraine region rejects Chevron shale gas deal draft

* Chevron deal would be second shale agreement in Ukraine * Nationalists say deal would damage environment* Ukraine sees shale as alternative to costly Russian gas importsKIEV, Aug 20 (Reuters) - A shale gas deal in Ukraine hit a setback on Tuesday when a local council rejected the government's draft production-sharing agreement with U.S. energy company Chevron amid warnings by nationalists regarding likely damage to the environment.Officials told Reuters that deputies in Ivano-Frankivsk region, in western Ukraine, had sent the draft back to the government, pressing for guarantees which would address their concerns over the exploration plans.Chevron wants to tie up a deal to explore the Olesska shale field in western Ukraine. Royal Dutch Shell has already signed a $10 billion deal for shale exploration and extraction at the Yuzivska field in the east of the ex-Soviet republic.According to the council's website, deputies expressed concerns over the ecological consequences of shale exploration in the mountainous forest region which is known for inland tourist resorts.The "fracking" process, in which water and chemicals are used to break up rock, sandstone and shale deposits to release gas, has sparked opposition from environmentalists elsewhere in Europe who fear it can pollute underground water.But the Kiev government sees shale gas development as important for easing its dependence on costly gas imports from Russia which weigh heavily on its economy.Fuel Minister Eduard Stavytsky was quoted by UNIAN news agency as saying that Chevron has proposed investing $350 million in initial tests to ascertain the commercial viability of gas deposits at the Olesska field, with a $3 billion investment envisaged for the first stage of extraction.Stavytsky told Reuters by telephone: "We will consider the proposals (from the council) and in mid-September there will be another vote."There is nothing dramatic in what has happened. This is the normal working process," he said."Chevron looks forward to understanding how the Ukrainian government plans to address the concerns raised by the Ivano-Frankivsk Regional Council which will enable us to move forward expeditiously to implement this strategic project," a Chevron spokeswoman said.In the council debate, Iryna Sekh, a national deputy from the Svoboda far-right nationalist opposition, said: "This agreement opens the way to lawful destruction of Ukrainian land during gas extraction."There are clauses in the agreement which allow Chevron to turn hundreds of kilometres of Ukraine into swamp and desert. Chevron would have the right to use sand, stone, underground water supplies and other water sources on the basis of agreements in and beyond the (agreed) area."I doubt that there is a country in the world which would allow such rights and privileges to a foreign investor," she said.Even if the Ivan-Frankivsk council eventually supports the deal, it would still require the approval of a second council in the Lviv region.

This article is taken from Reuters.com

Detroit bankruptcy challenged on constitutional grounds

DETROIT (Reuters) - Public labor unions took aim at Detroit's historic bankruptcy filing on Monday, asking a U.S. court to toss the city's bid for protection from its creditors because it is constitutionally flawed on both the state and federal levels. A union that represents public-sector workers even took the unusual step of arguing that Chapter 9 of the federal bankruptcy code, under which municipalities seek protection from their creditors, violates the U.S. Constitution.But as a midnight deadline for filing objections to the bankruptcy passed, Detroit's bondholders were conspicuously absent from the long list of unions, pension funds and individual creditors lining up to argue against bankruptcy.Unions representing the city's firefighters and police alleged that state-appointed emergency manager Kevyn Orr had failed to negotiate in good faith, stating "there were no negotiations."Under U.S. bankruptcy code, Detroit must prove it is insolvent and has negotiated with creditors in good faith, or there were too many creditors to make negotiations feasible, in order to be certified by a federal judge for a bankruptcy proceeding.For his part, Michigan Attorney General Bill Schuette said in a filing that even if the bankruptcy case continues, the city cannot be allowed to ignore state constitutional protections for retirement benefits earned by its employees.Schuette's filing does not ask the judge to prevent Detroit's bankruptcy from proceeding.Unions and the city's two public pension funds made similar arguments in their filings, claiming a bankruptcy filing will lead to an unconstitutional reduction in retirement benefits.The American Federation of State, County and Municipal Employees Council 25, in its filing with the U.S. Bankruptcy Court in Detroit, argued that Chapter 9 encroaches on states' rights.The union made more conventional legal arguments as well.It argued that Detroit, which last month filed for what would rank as the largest-ever U.S. municipal bankruptcy, has not proven it is insolvent and has not negotiated in good faith with its creditors.AFSCME also said Michigan's emergency manager law, which enabled Detroit to file for bankruptcy on July 18, violates the state constitution because the law does not explicitly protect retirement benefits for public workers.The United Auto Workers, whose members work for the city, also filed an objection early Monday evening, claiming that Gov. Rick Snyder violated Michigan's constitution when he permitted Detroit's emergency manager Kevyn Orr to file for bankruptcy.A June 14 "Proposal to Creditors" made roughly a month before the bankruptcy filing "serves as the vehicle of Governor Snyder and EM Orr to use federal bankruptcy law to impair pensions protected from impairment" by the Michigan constitution, the UAW said in its objection.AFSCME's arguments were adopted by two other city unions -SEIU Local 517 and International Union of Operating Engineers Local 324 - in separate filings.Municipal bankruptcy experts said the U.S. Supreme Court settled Chapter 9's constitutionality in 1938.Jim Spiotto, an attorney at Chapman and Cutler, said as long as a state allows a local government to file for bankruptcy, as in Detroit's case, states' rights are not at issue."I'm sure somebody at the bankruptcy court level brought it up before, but I don't think (the argument) lasted very long," he said.An AFSCME spokesman did not return messages seeking comment on the federal constitutional argument.Schuette, the Michigan attorney general, said in his filing that Detroit is bankrupt, and the governor was authorized to allow the city's bankruptcy petition."However, throughout this bankruptcy process, protections enshrined in the Michigan Constitution by the citizens of our state must be honored, respected and followed," Schuette said, pointing to a constitutional prohibition against diminishing or impairing accrued retirement benefits for public workers.He added unaccrued benefits can still be part of proceedings.CLOCK TICKINGPrior to the 11:59 p.m. Eastern Daylight Time deadline set for Monday night by U.S. Judge Steven Rhodes, who is overseeing Detroit's case, objections had been expected by bondholders and bond insurers.Members of both groups have challenged an agreement the city reached with counter parties to interest-rate swaps that would enable the city to unwind its swaps contracts at a discounted rate.No explanation was immediately available for why no objection was filed by bondholders and bond insurers. Bond insurers, which step in and make debt payments on the city's behalf when it cannot meet its obligations, are particularly at risk after Orr in June announced plans to default on Detroit debt he considers unsecured.In a court filing earlier this month, Detroit released a list of creditors, including current, former and retired workers, that filled 3,504 pages. An initial filing in the case by Orr said that "further negotiations with all of the city's various stakeholders is impracticable."Orr's filing included a litany of Detroit's financial woes, including more than $18 billion in debt and other obligations, with nearly $12 billion of that amount considered unsecured.Detroit, a former manufacturing powerhouse and cradle of the U.S. automotive industry and Motown music, has struggled for decades as companies moved or closed, crime surged and its population fell from a peak of 1.8 million in the 1950s to around 700,000 currently. The city's revenue fell short of spending, while its budgets and borrowing ballooned.Orr will respond "specifically and completely" to the objections in court, said his spokesman, Bill Nowling."Mr. Orr believes he has surpassed the legal standard of negotiating in good faith with creditors and stakeholders," Nowling said. "He submitted a proposed restructuring plan to creditors on June 14."About 50 individuals filed objections at the federal court in Detroit on Monday morning. The group was organized by the Detroit chapter of the National Action Network, a national civil rights organization founded by Rev. Al Sharpton.The group's objection cites potential constitutional problems with a Michigan law that allowed for the bankruptcy filing and claims that the judge did not allow enough time for objection filings.Rev. Charles Williams II, the chapter's president, said many residents, himself included, received notice only last week that they were parties of interest who could object to the filing."The process hasn't been as clear and transparent as it should have," Williams said. "Many Detroit residents received letters giving them the opportunity to file for an objection and they didn't even know they received it. They weren't properly notified."Rhodes has scheduled October 23 for the start of a hearing to determine if Detroit is eligible to file for bankruptcy under Chapter 9. If Detroit is deemed eligible for municipal bankruptcy, it would be the biggest such case in U.S. history.Detroit's largest unsecured creditors are its two pension funds, which have claims totaling $3.74 billion in estimated unfunded liabilities, according to a court filing by the city.The remainder of the city's top 20 creditors include bondholders of $1.47 billion of certificates of participation that Detroit sold for its pension funds and hundreds of million dollars of general obligation bonds.The Detroit Institute of Arts said on Monday it will not file an objection to the bankruptcy. The DIA has become embroiled in the city's case because its assets, which include works by Van Gogh and Matisse, could be sold to pay Detroit's debt. However, Orr has said he hopes he does not have to sell DIA assets.Rhodes on Monday appointed Chicago attorney Robert Fishman as the fee examiner in the case.(Additional reporting by Karen Pierog, Nicholas Brown and Deepa Seetharaman; Editing by Dan Grebler and Elizabeth Piper)

This article is taken from Reuters.com

UPDATE 2-BAE Systems' U.S. CEO to retire in 2014

By Andrea Shalal-EsaWASHINGTON Aug 20 (Reuters) - Linda Hudson, chief executive officer of the U.S. unit of Britain's BAE Systems Plc, will retire early next year, the weapons maker said on Tuesday.The company said it would start a search for a successor. Hudson, 62, joined BAE in 2007 and took over as CEO of the U.S. unit in 2009.That promotion made Hudson the first woman to head a major U.S. defense operation and placed her in a small club of female CEOs heading what amounts to a Fortune 500 company.Hudson will stay in her post through the first quarter of 2014 and will remain on the U.S. company's board through April 2015, BAE said. She will step down from the BAE Systems Plc board and the parent group's executive committee at the end of March 2014.Hudson, who has worked in the defense industry for 40 years, held senior positions at General Dynamics Corp, another major weapons manufacturer, before joining BAE in 2007.RBC Securities analyst Rob Stallard said Hudson won high marks for managing BAE during a time of huge growth and for aggressively attacking costs after war demand peaked."We ... don't expect this to be a major catalyst for the shares, assuming successful continuity," he said in a note to investors.BAE stock was up 0.6 percent in London.Ian King, CEO of BAE Systems Plc, credited Hudson for streamlining the U.S. unit, which accounts for about 40 percent of the company's total revenues, and diversifying its portfolio.Hudson told employees in a statement that she had mixed emotions about leaving the company, but still had many goals left to achieve."I have many more things I want to do professionally and philanthropically; many places I want to go; and family and friends I'd like to see more often," Hudson said.She said she felt confident that the company was well-positioned for success at "a time when the dysfunction in Washington has created a cloudy and uncertain environment."Charles Stanley analyst Tina Cook said Hudson was highly regarded for her management of the company and her breadth of experience.Michael Chertoff, chairman of the board of the U.S. unit, said in a statement that Hudson had guided the company through both wartime growth and preparation for defense spending cuts, "clearly establishing it as a major and leading defense company in the United States."

This article is taken from Reuters.com

UPDATE 3-BHP delays $14 bln Canada potash push as profit drops

* H2 profit down 15 pct to $6.12 bln, misses forecasts * Final dividend 59 cents v 60 cents consensus* To invest $2.6 bln to progress Jansen potash project* BHP says aims to sell stakes in JansenBy Sonali Paul and Clara Ferreira-MarquesMELBOURNE/LONDON, Aug 20 (Reuters) - Miner BHP Billiton mapped out a cautious approach to expanding into potash on Tuesday, keeping a $14 billion Canadian project alive but delaying production at the giant deposit until at least 2020.In its first set of results under new Chief Executive Andrew Mackenzie, BHP outlined its plan to keep options open alongside a 15 percent drop in half-year profit. The world's largest miner missed forecasts largely due to Australian mining tax adjustments and other non-operational items.BHP and Glencore Xstrata wrapped up the results season for the world's big five miners, with BHP holding up slightly better than its peers as it stepped up output of iron ore, copper, coal and oil and slashed $2.7 billion in costs in the face of sliding commodity prices.Major miners have come under pressure to rein in spending, sell off underperforming assets and tackle debt after years of rampant spending on new mines and acquisitions as prices rose.Reflecting the sector-wide austerity drive, BHP said it plans to invest $2.6 billion over the next four years digging shafts at the Jansen potash project in Canada to keep its options open, delaying production by at least five years while inviting offers for stakes in the mine.Mackenzie said he wanted to retain flexibility to enter the market a time that was right for shareholders."We are very confident the market is going to need a new greenfield mine sometime in the next decade, but the exact timing is not clear," Mackenzie told reporters.Spending on Jansen currently accounts for just 5 percent of BHP's capital budget, Mackenzie said, but a forecast drop in prices for the fertiliser ingredient had raised questions over the future of the mine, the last of BHP's three mega-projects.BHP put more than $40 billion worth of projects on ice a year ago to combat costs that had grown out of control over the previous decade as miners raced to feed booming Chinese demand.Mackenzie, though, outlined a more aggressive cut in capital and exploration spending than recently flagged, with spending to fall 26 percent to $16.2 billion in the 2014 financial year.BHP has also sold $6.5 billion of assets over the year, as majors slim down, but said it would not accelerate that drive."Our cash flows are strengthening, debt levels are down and the need to raise money in other ways is waning," he said, warning he would not sell assets cheaply.POTASH PLANSBHP's London shares were down 1.7 percent at 1330 GMT, retracing earlier losses but still underperforming a 1.3 percent drop in the broader UK-listed mining sector, as the profit miss and the decision to keep Jansen weighed."They are in a corner," analyst Des Kilalea at RBC Capital Markets said, adding an exit from Jansen would have meant an effective end to BHP's efforts to enter the potash market - one the miner believes could flourish as developing countries look to grow more food over the next few decades."There is no absolute commitment here to build it - it is just a commitment to keep working on it, to keep an iron in the fire," he said.BHP has long planned to break into the potash industry.It has already invested $1.2 billion in Jansen and the timing of its entry has been closely watched by the world's major producers, led by Potash Corp of Saskatchewan, which BHP tried to take over in 2010.Its $39 billion bid was blocked by Canada on fears that potash prices and royalties would drop as BHP planned to split from the North American cartel. Now Russia's Uralkali has given potash producers a taste of what could happen as it recently quit the Belarusian Potash Co cartel.Mackenzie said once Jansen's shafts and infrastructure are in place, the mine would be about three years away from production, but the company would decide on when to begin producing based on the market and its ability to fund further development.BHP, which has now pushed production back until at least 2020 from its original 2015 target, believes the project will generate returns well above the company's average over decades."As long as we get the timing right, we're not overly aggressive, we think those returns are there," Mackenzie said.BHP's attributable profit excluding one-offs fell to $6.12 billion for the six months to June from $7.18 billion a year ago. That was well below analysts' forecasts of $7.16 billion.BHP increased its final dividend by 2 cents to 59 cents.

This article is taken from Reuters.com

U.S. judge OKs Citigroup $730 mln bondholder settlement

NEW YORK Aug 20 (Reuters) - A federal judge has approved a settlement in which Citigroup Inc agreed to pay bondholders $730 million to resolve claims that the bank concealed its exposure to billions of dollars of toxic mortgage assets prior to the financial crisis. U.S. District Judge Sidney Stein in Manhattan approved the settlement on Tuesday, less than three weeks after approving a similar $590 million settlement for Citigroup shareholders.Stein said the latest settlement resolves claims by investors who bought Citigroup bonds in 48 offerings between May 2006 and August 2008.

This article is taken from Reuters.com

BAE Systems' U.S. CEO to retire in 2014

WASHINGTON (Reuters) - Linda Hudson, chief executive officer of the U.S. unit of Britain's BAE Systems Plc (BAES.L), will retire early next year, the weapons maker said on Tuesday. The company said it would start a search for a successor. Hudson, 62, joined BAE in 2007 and took over as CEO of the U.S. unit in 2009.That promotion made Hudson the first woman to head a major U.S. defense operation and placed her in a small club of female CEOs heading what amounts to a Fortune 500 company.Hudson will stay in her post through the first quarter of 2014 and will remain on the U.S. company's board through April 2015, BAE said. She will step down from the BAE Systems Plc board and the parent group's executive committee at the end of March 2014.Hudson, who has worked in the defense industry for 40 years, held senior positions at General Dynamics Corp (GD.N), another major weapons manufacturer, before joining BAE in 2007.RBC Securities analyst Rob Stallard said Hudson won high marks for managing BAE during a time of huge growth and for aggressively attacking costs after war demand peaked."We ... don't expect this to be a major catalyst for the shares, assuming successful continuity," he said in a note to investors.BAE stock was up 0.6 percent in London.Ian King, CEO of BAE Systems Plc, credited Hudson for streamlining the U.S. unit, which accounts for about 40 percent of the company's total revenues, and diversifying its portfolio.Hudson told employees in a statement that she had mixed emotions about leaving the company, but still had many goals left to achieve."I have many more things I want to do professionally and philanthropically; many places I want to go; and family and friends I'd like to see more often," Hudson said.She said she felt confident that the company was well-positioned for success at "a time when the dysfunction in Washington has created a cloudy and uncertain environment."Charles Stanley analyst Tina Cook said Hudson was highly regarded for her management of the company and her breadth of experience.Michael Chertoff, chairman of the board of the U.S. unit, said in a statement that Hudson had guided the company through both wartime growth and preparation for defense spending cuts, "clearly establishing it as a major and leading defense company in the United States."(Additional reporting by Brenda Goh in London; Editing by W Simon, Jim Marshall and Lisa Von Ahn)

This article is taken from Reuters.com

REFILE-UPDATE 1-Nasdaq, CBOE says to review batch of options trades

(Changes Eastern Standard time (EST) to Daylight time (EDT) NEW YORK Aug 20 (Reuters) - Nasdaq OMX Group Inc said on Tuesday that Nasdaq Options and Nasdaq OMX BX Options will review all trades between 9:30 a.m. EDT (1330 GMT) and 9:47 a.m. EDT (1347 GMT).Also, exchange operator CBOE Holdings Inc said it is reviewing all trades on the Chicago Board Options Exchange and its C2 electronic venue from 03:30 to 08:41 a.m. Chicago time, according to the CBOE website. The trades under review may be adjusted or nullified, according to the website.A CBOE spokeswoman said it has been operating with no interruptions.Calls to the Nasdaq for comment were not immediately returned. Nasdaq Options and Nasdaq OMX BX Options said it was taking requests for "an error review" on those trades until 11:30 a.m. EDT.

This article is taken from Reuters.com

REFILE-NASDAQ says to review batch of options trades

(Changes standard time (EST) to daylight time (EDT) By Chuck MikolajczakNEW YORK Aug 20 (Reuters) - Nasdaq OMX Group Inc said on Tuesday that Nasdaq Options and Nasdaq OMX BX Options will review all trades between 9:30 a.m. EDT (1330 GMT) and 9:47 a.m. EDT (1347 GMT).Calls to the Nasdaq for comment were not immediately returned.

This article is taken from Reuters.com

NYSE Amex Options reviewing large number of erroneous trades

NEW YORK Aug 20 (Reuters) - NYSE Amex Options is reviewing a large number of erroneous trades that took place in stocks beginning with H, I, J, K, and L between 9:30 a.m. EDT (1330 GMT) and 9:47 a.m. EDT (1347 GMT), NYSE Euronext said. The exchange operator said while it is still reviewing the issue, it anticipates that most of the impacted trades will be busted.Nasdaq OMX Group and CBOE Holdings have also said they are reviewing a batch of options trades from this morning.

This article is taken from Reuters.com

UPDATE 2-Russia's MTS lifts margin forecast, revenue rises

* Raises full-year OIBDA forecast to 43 pct from 41-42 pct * Revenue up 5 pctMOSCOW Aug 20 (Reuters) - Russia's top mobile phone operator MTS on Tuesday reported rising revenue and hiked its profit margin forecast partly on the back of higher data usage - one of the key drivers of growth in Russia's competitive mobile market.MTS, part of oil-to-telecoms conglomerate Sistema, was the last of Russia's "Big Three" mobile operators to report second-quarter earnings. Its shares rose nearly 4 percent in New York after profit beat analyst expectations and reversed a loss a year ago, helped by settlement of a Kyrgyz lawsuit.MTS has faced tougher competition from No.2 operator Megafon , which has expanded in the Russian market with the acquisition of fourth-generation (4G) provider Scartel and seen its shares soar since going public in London last year.The pair also compete with Vimpelcom, which some analysts say has lagged in Russia after diversifying into Italy as well as some emerging markets."It looks like Megafon is the best performer (in the second quarter) followed by MTS and Vimpelcom," said Sergey Vasin, analyst at Gazprombank. "MTS (has been) the leader (in Russia) for a long time and didn't realise how dangerous Megafon was. I think MTS has every chance and every tool to keep leadership in hand. But Megafon can get closer that's for sure."MTS is the largest of Russia's big three mobile operators. According to its figures, it has 71 million mobile subscribers in Russia. Megafon has said it has 66 million mobile subscribers, while Vimpelcom has reported 57.1 million.MTS said its OIBDA margin - operating income before depreciation and amortization - stood at 45.5 percent and it raised its full-year forecast to 43 percent from 41-42 percent.This was boosted by high-margin data services, lower sales of loss-making handsets and compensation related to the settlement of the Bitel dispute, analysts said.Megafon reported an OIBDA margin of 47.5 percent for its second quarter. Vimpelcom reported an EBITDA margin - earnings before interest, tax, depreciation and amortization - of 42.4.MTS, which also operates in Ukraine, Armenia and Turkmenistan, showed revenue of 5 percent, with a 4.4 percent gain in Russia where mobile services rose 5.9 percent."In Russia revenue... was boosted by strong performance of our mobile and fixed operations," said MTS CEO Andrei Dubovskov on a conference call, who said increased data and smartphone usage was a key factor.Russia-focused Megafon previously reported consolidated revenue up 8.4 percent, with mobile data up 28 percent. Vimpelcom reported Russian revenue increased 5 percent with mobile data revenue up 37 percent.The mobile operators have shown growth despite Russia's economy slowing - growth was just 1.2 percent year-on-year in the second quarter - as customers have demonstrated their reliance on phones."It becomes a very essential part of life for Russians, the cellphone," said Vasin. "It is also much easier to buy the latest iPhone and show off to your friends than a Mercedes - that's beneficial for mobile (operators)."MTS said second-quarter net income was 29 billion roubles ($881 million) versus a 23 billion rouble loss a year ago when its earnings were hurt by the suspension of its licence in another central Asian state, Uzbekistan. Its struggles in Uzbekistan put it in contrast to Megafon, whose pure Russia focus is said by analysts to have helped it attract investors.MTS's earnings were boosted by booking a $320 million gain from the settlement of a dispute over the 51-percent stake it bought in Kyrgyz operator Bitel in 2005. The company wrote off that amount in 2006 after it failed to gain operational control of what was then Kyrgyzstan's biggest mobile operator because its ownership was in dispute.Analysts polled by Reuters had forecast net profit of 23.7 billion roubles including the Bitel gain, and about 14.8 billion after stripping it out. Excluding the Bitel gain, net profit was 13 billion roubles, MTS said.MTS expects to pay dividends of 19.8 roubles per share for 2013, giving it a dividend yield of 7.1 percent, according to a presentation. Megafon has a dividend yield of 4.8 percent while Vimpelcom has a dividend yield of 8 percent, according to Gazprombank calculations.

This article is taken from Reuters.com

Bradley Manning play scoops British drama award

EDINBURGH (Reuters) - A play about Bradley Manning, the U.S. soldier convicted by a military judge last week for passing classified information to anti-secrecy website WikiLeaks, has won a newly created drama prize at Britain's oldest literary awards. Welsh playwright Tim Price's "The Radicalisation of Bradley Manning" became the first winner of the 10,000-pound ($15,300) James Tait Black Prize for Drama at an awards ceremony in the Scottish capital on Monday evening.The play tracks the U.S.-born Manning's journey from his teenage years in a Welsh village through his life as a U.S. soldier and subsequent arrest in 2010 for passing hundreds of thousands of classified documents to WikiLeaks."I am thrilled to be recognized by such a prestigious award, and honored to be chosen as winner from such a fantastic shortlist of plays" Price said in a statement on the prize's website.A military judge on Tuesday convicted U.S. Army Private First Class Manning, 25, of criminal charges including espionage and theft of classified information.Price told Reuters that Manning's Welsh mother had seen the play and mailed the script to her son. He also said that some of the prize money would go to Manning's defense fund."Bradley's now got a global family thanks to our play," Price said.Price's work was chosen from a list of 180 plays submitted from around the world by a panel, which included academics and students from the University of Edinburgh, as well as theatre professionals.The play was read out at the prize ceremony in Edinburgh, and Bradley came across as a shy and somewhat dysfunctional computer expert, who was tormented by his sexuality and harsh discipline he encountered in the military."His play is emotionally resonant on many levels, challenges thinking and teaches us things we did not know with a truly unique voice - exactly what this prize sets out to recognize," said panel member Neil Murray, who is also executive producer at the National Theatre of Scotland."The Radicalisation of Bradley Manning" is being performed by the National Theatre Wales at Edinburgh's Festival Fringe from Wednesday to August 25. It had its first staging in April 2012 at the Welsh high school Manning used to attend.Based at Edinburgh University, The James Tait Black Prizes were established in 1919 and are the oldest literary prizes in Britain. The drama category is new this year.The Prizes also hand out awards for fiction and biography. Previous winners include Nobel Prize laureates J.M. Coetzee and "Lord of the Flies" author William Golding."His thorough research, political savvy and above all his compassion are evident when you read this play, and typical of the kind of bold writing for which Tim is becoming known," the play's director, John McGrath, said in a statement on the website of the National Theatre of Wales.Manning was serving in Iraq in 2010 when he was arrested and charged with leaking files, including videos of a 2007 attack by a U.S. helicopter gunship in Baghdad that killed a dozen people, including two Reuters news staff. Other files contained diplomatic cables and secret details on prisoners held at Guantanamo Bay.(Writing by Amritha John, editing by Paul Casciato)

This article is taken from Reuters.com

Finnish adjusted jobless rate 7.7 percent in July

HELSINKI (Reuters) - Finland's seasonally adjusted unemployment rate was roughly flat at 7.7 percent in July, compared to a revised 7.8 percent in June, Statistics Finland (SF) said on Tuesday. (Reporting by Helsinki Newsroom)

This article is taken from Reuters.com

Former executive from China Mobile parent under investigation

(Reuters) - A former senior executive from China Mobile Ltd's (0941.HK) state-owned parent is being investigated for "severe discipline violations," coming at a time when a slew of investigations is gripping the country's corporate sector. Xu Long, who was general manager of China Mobile Communications Corp's Guangdong office, was taken away by the provincial government's disciplinary committee on Friday, according to the official China News Service. Xu was also the Communist Party secretary for the company."Xu Long has been removed from his posts of China Mobile chairman and general manager, as well as party secretary. He is now under investigation by relevant departments because of alleged severe discipline violations," China Mobile Communications said in an emailed statement on Tuesday.The Guangdong province's disciplinary committee was not available for comment, while Xu could not be immediately reached for comment.The Chinese government is investigating domestic and foreign companies over possible bribery and price-fixing allegations in an effort to clean up the country's corporate sector. Last week, China's price regulator said it planned to investigate the petroleum, telecommunications, banking and auto sectors next for possible violations of anti-trust laws.Several executives and former executives of China Mobile Communications have been investigated by Chinese authorities for graft over the past several years, according to domestic media reports.In May, China Mobile Ltd said its parent was also beefing up its internal supervision after a government audit highlighted problems in accounting practices and internal management.In investigations also targeted at foreign firms, China has fined companies such as Mead Johnson Nutrition Co (MJN.N) and Danone SA (DANO.PA) due to price-fixing and anti-competitive practices.Chinese police also accused of British drugmaker GlaxoSmithKline Plc (GSK.L) of bribing Chinese officials and doctors through travel agencies to boost sales illegally and raise the price of its medicines in the country.(Reporting by Lee Chyen Yee in SINGAPORE; Editing by Matt Driskill and Ryan Woo)

This article is taken from Reuters.com

Kia Cadenza beats Toyota Avalon in Consumer Reports list of large sedans

DETROIT (Reuters) - Kia Motors Corp's (000270.KS) Cadenza debuted on Tuesday in second place on Consumer Reports magazine's list of top large sedans, edging out the former standard-bearer in the segment, the gasoline-powered version of Toyota Motor Corp's (7203.T) Avalon. The gas-powered Avalon ranked third among 12 large sedans rated by the influential publication, which has more than 8 million subscribers. At the top of the Consumer Reports list was the 2014 Chevrolet Impala, made by General Motors Co (GM.N).Toyota's hybrid Avalon sedan did, however, tie for second with the Cadenza."The Cadenza banishes any lingering thoughts that Kia is just a manufacturer of cheap, unrefined cars," said Jake Fisher, director of automotive testing for Consumer Reports.In 2007, the last time the magazine ranked large sedans, the gas-powered Avalon topped the list. That the Avalon has been supplanted by American and Korean models reflects the upheaval in the global auto industry over the last six years.Since its 2009 U.S.-funded bankruptcy restructuring, GM has put a renewed focus on quality. Kia and its sister company, Hyundai Motor Co (005380.KS), are moving into more premium segments of the U.S. market with higher-quality models."Kia and Hyundai have really risen up in our testing," the magazine's automotive editor, Rik Paul, said in an interview. "Americans, too, are following suit. The Japanese are not nearly as dominant as they once were."The hybrid Avalon sedan tied for second place with the Cadenza because fuel economy is given more weight in the rankings, Paul said. Last month, the magazine said the Impala was the best-rated sedan of any size.The Cadenza, which went on sale earlier this year, is Kia's first attempt to go upscale. Kia used the model to mark its first appearance at the Concours d'Elegance classic car show this month.(Reporting by Deepa Seetharaman; Editing by Steve Orlofsky)

This article is taken from Reuters.com

Glencore seeks fresh start with $7.7 billion hit to Xstrata

LONDON (Reuters) - Glencore Xstrata (GLEN.L) took a $7.7 billion hit on mining assets acquired in its takeover of Xstrata, drastically reducing the value of projects in the early stages of development. The diversified trader and miner announced the writedown as it posted a 9 percent drop in core first-half profit in its first results since completion of a 16-month acquisition that coincided with falling commodity prices across the industry.Miners have been pummeled by billions of dollars in writedowns since the start of 2013, with cooling mineral prices and demand prospects denting the value of mining projects and boom-year deals.In absorbing the impact of a weaker market, Glencore wiped out all the goodwill value it had provisionally allocated to Xstrata's mines at the time of the merger."We just had to value the business with a blank sheet of paper," Chief Financial Officer Steven Kalmin said, adding that the group had taken a "fairly conservative approach".Glencore did not break down the impairment, but much of the hit is expected have been down to early-stage projects and so-called greenfield operations - mines built from scratch, which have long been unpopular with Glencore management. These include the $5 billion nickel operation Koniambo in New Caledonia.The company dismissed the idea that the writedown demonstrated poor timing or an excessive price paid in the all-paper deal for the Xstrata shares it did not already own."We took a decision at the time to pay that ratio based on what we knew on that day, and we were happy with it," Chief Executive Ivan Glasenberg said. "We do believe we are going to get it back in time and we do feel comfortable with the deal."NICKEL PAINGlencore itself was not immune to falling nickel prices and took a $452 million hit on its legacy Murrin Murrin operation in Australia. Nickel, used in stainless steel, is trading at almost a quarter of pre-crisis highs hit in 2007."Equity markets have already de-rated the value of mining assets - share prices are down by a lot since last year, and the book value of Xstrata did not reflect that," Jefferies analyst Chris LaFemina said."Other companies had taken writedowns, but Xstrata had not done that yet. It is really just catching up with the industry."Asset sales are also expected to come out of Glencore's review of Xstrata's assets, but Glasenberg said he was in no rush to sell even the unpopular greenfield projects.Glencore has already flagged the start of a sale process for $5 billion-plus Peruvian copper mine Las Bambas - demanded by Chinese antitrust regulators - and said on Tuesday that interest was "very strong", mostly from Chinese suitors.Glencore hopes to close that sale by the end of the year.Shares in Glencore were down 1.4 percent at 0940 ET, underperforming a 0.8 percent drop in the wider sector, as metal prices fell and miner BHP Billiton (BLT.L) missed its forecasts.Glencore was hit by weaker prices in the first half, with adjusted core profit - earnings before interest, tax, depreciation and amortization (EBITDA) - down 9 percent at $6 billion, at the higher end of analyst estimates.OUTPUT UPLIFTImproved output from mining operations in copper and coal helped to cushion the full impact of weaker prices, which took $2.2 billion off Glencore's operating profit.It also benefited from profit from its trading arm, with adjusted operating profit for marketing alone rising 6 percent to $1.2 billion as metals and profits from trading oil and coal offset the impact of a weaker agricultural contribution.There was a 39 percent drop at its industrial arm, which includes the group's mines.Net earnings came in at a little more than $2 billion, down 39 percent on the same period last year.Glencore's completion of the Xstrata takeover three months ago ended a marathon deal for Glasenberg, whose team now faces the challenge of digesting its biggest acquisition.The company said that progress on integration was exceeding expectations, with achievable cost savings likely to be "materially" above previous guidance of $500 million a year.It is still seeking a new chairman, a role currently held by former BP boss Tony Hayward in an interim capacity. Glasenberg said Hayward was a candidate, but Glencore will struggle to appoint the chief executive of a listed company - Hayward is head of oil firm Genel (GENL.L) - to that full-time role.Glasenberg brushed off questions over his own future at Glencore, where he is also the largest single investor, telling analysts he was "not going anywhere".Glencore is expected to update the market on the integration, progress and associated cost-savings on September 10.(Editing by Andrew Callus and David Goodman)

This article is taken from Reuters.com

World's priciest city to be an expat is...?

Editor's note: "The City" is a CNN special series that profiles the sustainable urban future of five cities over five days. Watch the show every day during our special theme week starting Monday, Aug 19 on "World Business Today" at 1300 GMT and "Connect The World" at 2000 GMT.

Hong Kong (CNN) -- Oslo, Norway ranks as the world's most expensive city for expatriates, according to a new survey by ECA International, a global human resources consultancy firm. In the top 10, seven of the planet's priciest cities lie in Europe, two are found in Africa, while just one rests in Asia.

The rise of Norway's capital to the top spot knocks Tokyo, Japan off the position it has claimed since 2010. This year, Japan's capital ranks as the world's sixth priciest city for overseas workers.

"Prices in Oslo tend to be more expensive compared to other parts of the world (because of) the cost of production and labor," says Lee Quane, Regional Director, Asia for ECA International. "Services include dry cleaning, shoe repair, hair dressing - items which are more labor intensive - meals eaten out at restaurants as well. We also see the impact of taxes. For example alcohol and tobacco is relatively expensive."

According to ECA International data for Oslo, a movie ticket costs the equivalent of $18.76, a beer at a bar costs $14.10, while a soda will set you back $3.43.

How Oslo airport beats the weather

Better Japanese economy = shorter skirts

Manila to make the mouth water

Tokyo's fall from the top of the charts follows weakness in Japan's currency over the past several months, adds Quane.

The yen has fallen by as much as 20% since Shinzo Abe became prime minister in December 2012. Abe has laid out a plan for a return to inflation -- with an official 2% target -- after two decades of deflation, a stagnating economy and Japan's exporters like Sony and Panasonic recording billions of dollars in annual losses.

A weaker yen gives more buying power to foreigners visiting and exchanging their money.

Still Tokyo remains the most expensive city in Asia for expats, in the survey by ECA International, beating Seoul, Beijing, Singapore and Hong Kong.

A ticket to a Tokyo movie will take $19.09 out of your wallet, a soft drink is a more affordable $1.61 compared to Oslo, while a kilo of rice costs $10.00 -- the highest price in the entire ECA International survey.

Overall, Asia's city rankings have recently seen "a lot of stability," adds Quane. The global position rankings of Hong Kong and Singapore have only "moved one or two points", which he considers "a good thing" and a signal towards a longer-term economic recovery after the 2008 global financial crisis.

One surprise, says Quane, is the Philippine capital of Manila which jumped 19 points since the 2012 survey.

"The main reason was due to the strength of the currency. What we have seen is that the Philippines has been one of the strongest economies in Asia in the last 12 months as we've seen more foreign direct investment go there. Because of that, we've seen the currency strengthen and that pushed the Philippines up in ranking."

This article is taken from CNN.com

Nasdaq, CBOE says to review batch of options trades

NEW YORK (Reuters) - Nasdaq OMX Group Inc (NDAQ.O) said on Tuesday that Nasdaq Options and Nasdaq OMX BX Options will review all trades between 9:30 a.m. EDT and 9:47 a.m. EDT. Also, exchange operator CBOE Holdings Inc (CBOE.O) said it is reviewing all trades on the Chicago Board Options Exchange and its C2 electronic venue from 03:30 to 08:41 a.m. Chicago time, according to the CBOE website. The trades under review may be adjusted or nullified, according to the website.A CBOE spokeswoman said it has been operating with no interruptions.Calls to the Nasdaq for comment were not immediately returned. Nasdaq Options and Nasdaq OMX BX Options said it was taking requests for "an error review" on those trades until 11:30 a.m. EDT.(The story changes Eastern Standard time (EST) to Daylight time (EDT)(Reporting by Chuck Mikolajczak, Doris Frankel and Caroline Valetkevitch; Editing by Chizu Nomiyama and Nick Zieminski)

This article is taken from Reuters.com

Little Queens Fire threatens, but residents in Atlanta, Idaho, stay to fight

(CNN) -- As two major wildfires scorched pristine mountain areas in Idaho on Monday, two dozen or so residents of one tiny town ignored a mandatory evacuation to take a stand against the fiery fury of nature.

"Anytime they want to go, they can go, but you have to know these folks here," Gene Haught, fire chief in the isolated mountain community of Atlanta, Idaho, said Monday after he issued a mandatory evacuation order for the town's 35 permanent residents.

"About 70% of the residents have stayed behind to help."

Haught called for evacuation after a blaze dubbed the Little Queens Fire more than tripled in size from 2,000 acres on Sunday to 7,000 acres. But only the elderly and those susceptible to the smoke left. The rest, the fire chief said, stayed.

Wildfire chars Idaho, rains flood southern Mississippi

"What we are doing mainly is looking at areas that might be a problem and cleaning those up. As equipment arrives, we are going to help deploy it to do some structure protection," Haught said Monday.

Beaver Creek fire threatens Idaho homes

Weather helping defeat Idaho fires

Idaho fire scorches 100,000 acres

Residents also used their own earth-moving equipment to cut a fire line around the town.

Not far away, the larger Beaver Creek fire continued scorching Idaho's Sun Valley, devouring more than 104,000 acres by late Monday and threatening some 5,000 residences -- some of them second homes for celebrities.

Lightning ignited that fire more than two weeks ago. Over the weekend, firefighters benefited from cloud cover and higher humidity. But they only managed to establish 9% control by early Monday morning.

What to know about wildfires

The immediate forecast brought both good and bad news -- thunderstorms promised some rain, but those storms also threatened to produce more lightning and potentially more fires

Boise National Forest spokesman David Olson warned that the Little Queens fire was a mere four miles northwest of the community of Atlanta.

"It made about a one-mile push toward the community late (Sunday) afternoon," Olson said.

On Monday, firefighting crews joined Atlanta residents with six engines, two 20-person crews, one bulldozer and two helicopters.

Fire Chief Haught was hopeful with the additional help, they would be able to save their town.

"We have been very fortunate the weather has been in our favor. The fire hasn't grown that much in the last few hours. The weather is cooperating with us right now but that could change in a minutes notice," he said.

Atlanta, Idaho, is a historic mountain town located about 135 miles northeast of Boise. The community, which includes many second homes, is surrounded by the Boise National Forest. It was founded during the Civil War as a mining community -- a trade that attracted Haught and his wife Julie, originally from West Virginia.

"It's beautiful," said Julie Haught, "I'll never forget the first time I came here. I thought we had mountains in West Virginia, until I came here."

For Julie Haught, Atlanta is "a different world," full of history, charm and a close-knit community.

"You got to be here, visit and see why. It is very historic. A lot of these old buildings from back in the day are still here," she said, not wanting to think about the damage the fire would cause to the buildings in the little town she calls home.

But like its much larger namesake in the South, the Idaho town of Atlanta has risen from the ashes before.

According to Gene Haught, "The town has been wiped down by fire a couple of times in the 1800s and early in the 1900s."

His wife prays it won't come to that.

"I would miss all the beauty of what we got left. We are hoping and praying the fire doesn't come to this town," she said, "I have seen the destruction to other parts of the town. It will be really heartbreaking if it ends up looking like other burned down areas in the forest."

This article is taken from CNN.com

Portrait of doomed love conquers British public's hearts

LONDON (Reuters) - "The Lady of Shalott", a painting by John William Waterhouse of a young woman lamenting unrequited love, has been chosen as the British public's favorite artwork, soon to be displayed among other masterpieces across the nation's billboards. The public's top choice illustrates a section of a poem with the same name by British writer Alfred Lord Tennyson, which describes the Lady of Shalott sitting in a boat "like some bold seer in a trance".In second place came John Everett Millais's "Ophelia", depicting the tragic character from Shakespeare's "Hamlet" floating down a river before she drowns.Francis Bacon's 1949 "Head VI" followed in third place, an unsettling painting based on a 1650 portrait of Pope Innocent IX by Spanish painter Diego Velazquez.The list was compiled based on 30,000 "likes" on Facebook from the public, who voted for their favorite pieces of British art as part of the "Art Everywhere" project.Reproductions of the top 57 pieces will be splashed across 22,000 poster sites in cities, towns and villages across Britain from 12-25 August."Art is for everyone, and everyone who has access to it will benefit from it. This project is amazing and gives the public a voice and an opportunity to choose what they want to see on their streets," Damien Hirst, one of Britain's most commercially successful artists, said in a statement from Art Everywhere.Ninety percent of British adults are expected to see the pieces on show, according to the project's website.Hirst's "Paradaxin", a painting of equally spaced multi-colored dots on a white background, came 48th out of the 57 paintings chosen.The event was inaugurated on Thursday by British painter Peter Blake, who unveiled a poster of his work "The Meeting or Have a Nice Day Mr Hockney" on a giant shopping-center billboard in west London.The display aims to "bring the project to the people", seeking "as far a reach as possible," Art Everywhere press officer Elizabeth Flanagan told Reuters. The posters will be seen in spots as diverse as taxis and escalators, car parks and supermarkets."This is a joyful celebration with no agenda other than to flood our streets with art and celebrate the creative talents and legacy of this amazing country," Richard Reed, who initiated the idea and is co-founder of the "Innocent Drinks" fruit beverage company, said. Innocent is owned by U.S.-based beverage company Coca-Cola.Reed is collaborating with the Tate gallery, which houses the national collection of British art, art fundraisers The Art Fund and the British poster industry.The public partly paid for the project with 30,000 pounds ($46,600) crowd-funded through the Art Everywhere website, where people were encouraged to donate three pounds to purchase the paper and printing required for a poster site."It's a fantastic project and to see my work reproduced on posters across the UK is fulfilling a long-held fantasy!," Cornelia Parker, the only living artist whose work made the top 10, said in a statement on the Art Everywhere website.(Reporting By Amritha John; Editing by Michael Roddy)

This article is taken from Reuters.com

How would you make your city better?

"The City" is a CNN special series that profiles the sustainable urban future of five cities over five days. Watch the show every day during our special theme week starting Monday, Aug 19 on "World Business Today" at 1300 GMT and "Connect The World" at 2000 GMT.

(CNN) -- With more than half of the world's population expected to live in cities by 2050, there's never been a more important time for urban dwellers to shape their city's sustainable future.

In CNN's "The City", we take a look at the world's different urban hubs and their visions for a greener future. Initiatives include everything from floating pavilions in Rotterdam to car-free days in Seoul.

Now we want to know what improvements you'd like to make to your city. What one thing would you want to change to make it smarter, greener and more sustainable?

Tell us in the comment section below or via the hashtag #MyCityWish on Twitter, Facebook or Instagram. It can be absolutely anything, from more cycling lanes to bee hives on every rooftop.

Take us to your city and tell us your wish, in video, photograph along with a short description via Instagram, Instavideo or Vine.

The best wishes will be part of a special CNN.com feature.

This article is taken from CNN.com

Florence tomb opened in search for identity of Mona Lisa

FLORENCE, Italy (Reuters) - Researchers opened a centuries-old Florence tomb on Friday in a search for remains that could confirm the identity of the woman whose enigmatic smile Leonardo da Vinci immortalized in the "Mona Lisa", one of the world's most famous paintings. A round hole, just big enough for a person to wriggle through, was cut in the stone church floor above the family crypt of Florentine silk merchant Francesco del Giocondo, whose wife Lisa Gherardini is thought to have sat for the Renaissance master in the early 16th century.Theories abound about who the real Mona Lisa was, but Silvano Vinceti, a writer and researcher who heads Italy's National Committee for the Promotion of Historic and Cultural Heritage, plans to test DNA in the bones in the dank space and try to match it with those of three women buried at a convent nearby.Historians say Gherardini - whose married name 'Gioconda' is used in Italy to refer to the Mona Lisa - spent her last years at the Saint Orsola convent, a dilapidated building where the hunt for her bones began last year.Vinceti believes one of the three could be Lisa Gherardini."For centuries, historians the world over have been coming up with various theories about who this enigmatic, mysterious woman could have been," he told journalists outside the Santissima Annunziata basilica in Florence.Vinceti hopes some of the bones lying in the cramped underground room behind the Santissima Annunziata's main altar will belong to at least one blood relation of Leonardo's muse, probably her son Piero.Once a DNA match is made, Vinceti says an image of Gherardini's face can be generated from the Saint Orsola skull and compared with the painting, the biggest attraction in the Louvre museum in Paris."When we find a match between mother and child - then we will have found the Mona Lisa," he said.HALF SMILEThe painting, which draws millions of visitors each year, is famous for the sitter's mysterious half-smile. The Louvre says it was probably painted between 1503 and 1506.Opening the Giocondo family tomb for the first time in 300 years is a critical phase in the search by Vinceti and his team, who in 2010 said they had discovered that the mysterious death in 1610 of another Italian master, Caravaggio, was likely caused by lead from his paint.The researchers say carbon-dating tests on three of eight skeletons exhumed from the Saint Orsola convent are under way and they will do the same with the contents of the Giocondo tomb - although it could take a year before the DNA testing process is started."If we succeed, we can finally resolve three questions which have obsessed historians and art-lovers worldwide," Vinceti said."Was Gherardini the model for the Mona Lisa? Or was it some other model, as some people say? Or is it just a construction of the painter's fantasy?"Leonardo is famous for the huge range of his genius, ranging from painting to sculpture to anatomy. He is known not only for paintings like the "Mona Lisa" and "The Last Supper", but for conceiving modern machines like helicopters and tanks many centuries before they were finally built.(Additional reporting by Antonio Denti; Editing By Barry Moody and Sonya Hepinstall)

This article is taken from Reuters.com

Syrian refugees stream into Iraq

(CNN) -- Around 30,000 Syrians have fled to Iraq's Kurdistan region in the past five days, and the influx is continuing, the United Nations' refugee agency said.

It started Thursday, when Iraq's Kurdish Regional Government opened a temporary pontoon bridge.

Since then, thousands have swarmed into the country to escape the fighting and economic calamities of the Syrian civil war.

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Previously, the U.N. Office of the High Commissioner for Refugees had registered 155,000 Syrian refugees in Iraq. The agency says the latest "exodus" is "among the largest we have so far seen during the conflict."

The U.N. refugee agency and its partner teams are working to provide shelter and distribute food, water and supplies, such as tents and portable latrines.

The agency said last week there were more than 684,000 Syrian refugees in Lebanon, 516,000 in Jordan, 434,000 in Turkey, and 107,000 in Egypt, the agency said.

U.N. inspectors in Syria to assess if chemical weapons used in civil war

Syria is a '10-year issue,' top general says

This article is taken from CNN.com

U.S. Open: Pioneer Billie Jean King championed equality in women's tennis

Open Court is CNN's monthly tennis show. Click here for showtimes, videos, news and features.

(CNN) -- When the winner of the women's singles at the U.S. Open picks up her check for $2.6 million -- buck for buck the same as the men's champion -- she might well reflect that, if not for Billie Jean King's pioneering efforts, those riches might not exist.

Supreme champion on the court, battler for equality off it, King took on the male-dominated tennis establishment and won.

She was the driving force behind the formation of the Women's Tennis Association (WTA) in 1973, the same year she famously beat former men's grand slam champion Bobby Riggs in the "Battle of the Sexes" match in Houston.

Read: How women cracked tennis' glass ceiling

"Everybody should thank her and shake her hand," King's fellow tennis icon Chris Evert told CNN's Open Court. "She put money in our pockets and provided a living for hundreds and hundreds of female athletes.

"Tennis is the frontrunner in all sports in equality, so she deserves all of the credit."

The first diva of women's tennis

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Chris Evert: Grooming future champions

Radwanska: Playing Serena was tough

40th anniversary

Forty years on, King, who turns 70 in November, has been celebrating the WTA's anniversary in a series of events which defined the role of women not just in sport, but in society itself.

The fledgling Virginia Slims tennis circuit for women professionals had been established at the start of the 1970s, but the leading players like King and Australian Margaret Court -- the all-time leading grand slam singles winner -- were still paid a fraction of the prize money available to their male counterparts.

The men had formed their own union -- the Association of Tennis Professionals (ATP) in 1972 -- and King was convinced it needed to be replicated for women.

Read: U.S. Open tennis fast facts

Using her famous powers of persuasion, and with help from other key figures such as Dutchwoman Betty Stove, compatriots Rosie Casals and Nancy Ritchey and Britain's Ann Jones, a meeting was convened at the Gloucester Hotel in London, just before the Wimbledon championships.

Within a few short hours, the articles of the association were signed and the WTA was born.

Player power

"We finally all came together as one voice and having the power of one -- you know just one group. It made such a difference," King told CNN.

Martina Navratilova was then just starting out on her incredible career, and it was only later that she appreciated the significance of what had happened.

"My first year playing -- 1973, my first Wimbledon -- I had no idea what the association was, but being American and being a bit older, Billie Jean again had the foresight to get us organized just in time," the Czechoslovakia-born Navratilova told CNN.

Read: Serena leads tributes to King on 40th anniversary

Already an influential figure in the United States and helped by her then husband Larry, an astute lawyer, King had threatened to boycott the 1973 U.S. Open if equal prize money was not awarded.

As defending champion, King had considerable leverage and the organizers gave in to her demands. When Court won the 1973 title she received the same prize purse -- $25,000 -- as the men's champion.

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5 champions of Roland Garros

Kuznetsova's 2009 French Open win

Male chauvinism

But this concession was the exception rather than the rule in major sports.

Such male chauvinism was personified by former Wimbledon champion Riggs, a shameless self publicist, who made a fortune from gambling on his own tennis matches.

Seeing an opportunity to make more money, Riggs challenged both Court and King, claiming that even in middle age -- he was 55 -- he could beat the top women players.

Read: Wimbledon champ Bartoli quits at the top

King ignored him at first, but Court took up the challenge and played him in a match in California on May 13, 1973.

King had realized the significance of the occasion and had done her best to encourage the Australian to take it seriously.

"I said, 'Margaret it's not a tennis match, it's about social change, it's about social justice, it's about all the things we're working for,' and she goes, 'I don't'. She wasn't politically orientated!

Riggs match

"So Margaret played him Mother's Day in 1973 and lost (6-1 6-2). it's called the Mother's Day massacre and I just thought, 'Oh no!' "

King needed no second bidding, and the famous "Battle of the Sexes" match came to fruition on September 20 in the Houston Astrodome.

"I thought it would set us back 50 years if I didn't win that match," said King. "It would ruin the women's tour and affect the self esteem of all women."

The entrances -- King on a gold litter in the style of Cleopatra, Riggs on a rickshaw pulled by women models in skimpy outfits -- added to the theater.

Once the match started, King, at 29 and the peak of her powers, made her opponent eat his earlier words and boasts.

Wimbledon champion Marion Bartoli made a shock decision to quit tennis after losing her opening match at the Cincinnati Open on August 14.

Ends in tears

HIDE CAPTION

Bartoli calls it quits

This summer marks the 41st anniversary of Title IX, the federal civil rights law that banned discrimination based on gender in federally funded education. "No person in the United States shall, on the basis of sex, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any education program or activity receiving federal financial assistance," it states. Title IX is 37 words, and 41 years later, it continues to affect education opportunity, greater participation of women in athletics and equal opportunity in learning environments. Learn about the women who had a hand in and benefited from Title IX, and how it changed America.

Children of Title IX