Tuesday, July 9, 2013

Oil price slips below $103 after strong gains

The price of oil edged below $103 a barrel on Monday, backing off strong gains made last week, when a stronger-than-expected jump in U.S. hiring suggested demand for fuels will increase.

By early afternoon in Europe, benchmark crude for August delivery was down 45 cents at $102.77 in electronic trading on the New York Mercantile Exchange.

The contract on Friday jumped $1.98 to close at $103.22 after the Labor Department reported that U.S. employers added a robust 195,000 jobs in June and many more in April and May than previously thought. The job growth suggests a stronger economy.

Oil has also been pushed higher in recent days by instability in Egypt, where Mohammed Morsi was ousted as president by the military last week.

Egypt is not an oil producer, but its control of the Suez Canal, one of the world?s busiest shipping lanes, gives it a crucial role in maintaining global energy supplies.

The price of oil was weighed down slightly on Monday by the rising value of the dollar, which makes crude ? which is denominated in the U.S. currency ? more expensive for international investors.

Brent crude was down 81 cents at $106.91 a barrel on the ICE futures exchange in London.

In other energy futures trading on the Nymex:

? Wholesale gasoline was down 1.1 cents at $2.8856 per gallon.

? Natural gas added 4.8 cents to $3.665 per 1,000 cubic feet.

? Heating oil fell 1.4 cents to $2.9757 per gallon.

? Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Source: http://feeds.boston.com/c/35022/f/646898/s/2e58d58e/l/0L0Sboston0N0Cbusiness0Cmarkets0C20A130C0A70C0A80Coil0Eextends0Egains0Eabove0Eafter0Ehiring0Ejump0CUjMKdhIRL6luKyjuZF0AEjM0Cstory0Bhtml/story01.htm

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Monday, July 8, 2013

South Africa: Mandela remains in hospital

JOHANNESBURG (AP) ? Nelson Mandela remains in a South African hospital, where he is in critical but stable condition.

There was no official update Monday morning on the health of the 94-year-old former president and anti-apartheid leader, who was admitted June 8 to the hospital for a recurring lung infection.

People in South Africa and around the world have expressed concern for Mandela, sending messages of support for a man seen as a global symbol of reconciliation.

Mandela spent 27 years in prison during white rule and was released in 1990. He led the shift from apartheid to democracy and became president in all-race elections in 1994.

Source: http://news.yahoo.com/south-africa-mandela-remains-hospital-074645222.html

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China?s ex-minister Liu Zhijun gets death sentence for graft

Beijing: China?s former Railways Minister Liu Zhijun was on Monday given a suspended death sentence by a court here for corruption and abuse of power.

The Beijing No 2 Intermediate People?s Court, which is conducting the trial, announced the stiff verdict handing down death sentence to 60-year-old Liu, state-run Xinhua news agency reported quoting verdict.

Liu Zhijun. AFP

Liu Zhijun. AFP

He was accused of accepting bribes to the tune of USD 10.53 million over 25 years.

?The combined punishment for Liu?s crimes is death penalty with a two-year reprieve, deprival of political rights for life, and confiscation of all personal property,? the court said.

Liu was also sentenced to 10 years in jail for abuse of power, according to the court verdict. He headed the railways from 2003 to 2011, during whose tenure China had embarked on the high speed network linking different parts of the country.

His suspended death sentence would come up for judicial review after two years. The stiff sentence against him comes in the wake of promise by China?s new leadership headed by President Xi Jinping to crackdown hard on corruption which they said threatened the over 60-year-old hold of the ruling Communist Party on China.

A number of middle rung leaders and officials got similar punishments for corruption as well as sexual misconduct.

The court found that from 1986 to 2011, he took advantage of his positions as official of local railway bureaus as well as the former Ministry of Railways, and helped 11 people, Shao Liping and Ding Yuxin included, win promotions, project contracts, and cargo transportation contracts.

During his tenure as railways minister, Liu helped Ding Yuxin and her relatives to win cargo transportation contracts and railway construction contracts.

He also helped them in the acquisition of shares in a bullet train wheel set company, and with enterprise financing, by breaking regulations and applying favoritism, which allowed Ding and her family to reap huge profits and inflicted colossal losses in the public assets, violating rights and interests of the state and the people.

The court held that Liu?s crime of bribery involves especially huge amount of money with especially serious circumstances, and his crime of abuse of power had caused colossal losses in the public assets, violating rights and interests of the state and the people.

PTI

Source: http://www.firstpost.com/world/chinas-ex-minister-liu-zhijun-gets-death-sentence-for-graft-938707.html

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Sunday, July 7, 2013

Fire chief: 2 dead in SF crash found outside jet

A fire truck sprays water on Asiana Flight 214 after it crashed at San Francisco International Airport on Saturday, July 6, 2013, in San Francisco. (AP Photo/Noah Berger)

A fire truck sprays water on Asiana Flight 214 after it crashed at San Francisco International Airport on Saturday, July 6, 2013, in San Francisco. (AP Photo/Noah Berger)

This photo provided by Antonette Edwards shows what a federal aviation official says was an Asiana Airlines flight crashing while landing at San Francisco airport on Saturday, July 6, 2013. It was not immediately known whether there were any injuries. (AP Photo/Antonette Edwards )

This photo provided by Wei Yeh shows what a federal aviation official says was an Asiana Airlines flight crashing while landing at San Francisco airport on Saturday, July 6, 2013. It was not immediately known whether there were any injuries. (AP Photo/Wei Yeh)

Smokes rises from Asiana Flight 214 after it crashed at San Francisco International Airport in San Francisco, Saturday, July 6, 2013. (AP Photo/Bay Area News Group, John Green)

Smokes rises from Asiana Flight 214 after it crashed at San Francisco International Airport in San Francisco, Saturday, July 6, 2013. (AP Photo/Bay Area News Group, John Green)

(AP) ? An Asiana Airlines flight packed with more than 300 people slammed onto the runway while landing at San Francisco airport Saturday and caught fire, forcing many to escape by sliding down the emergency inflatable slides and into a trail of metal debris as flames tore through the plane.

At least two people who were found outside the wreckage died in the crash, while another 182 people were taken to hospitals, many with minor injuries, authorities said. Forty-nine people were reported to be in critical condition, San Francisco International Airport spokesman Doug Yakel said.

As the plane approached the runway from the waters of San Francisco Bay around noon, travelers in the terminals and others eyewitnesses could see that the aircraft was swaying unusually from side to side and that at one point the tail seemed to hit the ground before breaking off.

Kate Belding, who was jogging a few miles away, said she thought: "Oh my God. That plane is crashing."

By the time the flames were out, much of the top of the Boeing 777's fuselage had burned away. The tail section was gone, with pieces of it scattered across the beginning of the runway. One engine appeared to have broken away. Emergency responders could be seen walking inside the burned-out wreckage.

News of the crash spread quickly on Twitter and the Internet in this wired city, with eyewitnesses tweeting their stories, posting images of the plumes of smoke rising above the bay and uploading video of passengers fleeing the burning plane.

"It just looked really bad," Belding said. "I've seen the pictures of it since then, and it's amazing anyone walked out of that plane."

The investigation has been turned over to the FBI and terrorism has been ruled out, San Francisco Fire Chief Joanne Hayes-White said. Federal aviation and transportation investigators were heading to the scene. Asiana, Boeing and the engine manufacturer, Pratt & Whitney, pledged to work with them.

Vedpal Singh, who was sitting in the middle of the aircraft and survived the crash with his family, said there was no forewarning from the pilot or any crew members before the plane touched down hard and he heard a loud sound.

"We knew something was horrible wrong," said Singh, who suffered a fractured collarbone and had his arm was in a sling.

"It's miraculous we survived," he said.

A visibly shaken Singh said the plane went silent before people tried to get out anyway they could. His 15-year-old son said luggage tumbled from the overhead bins The entire incident lasted about 10 seconds.

Another passenger, Benjamin Levy, 39, said it looked to him that the plane was flying too low and too close to the bay as it approached the runway. Levy, who was sitting in an emergency exit row, said he felt the pilot try to lift the jet up before it crashed, and thinks the maneuver might have saved some lives.

"Everybody was screaming. I was trying to usher them out," he recalled of the first seconds after the landing. "I said, 'Stay calm, stop screaming, help each other out, don't push.'"

Hayes-White said she did not know the ages or genders of the people who died, but said they were found on "the exterior" of the plane. She said the 307 passengers and crew members had been aboard had been accounted for following several hours of confusion during which authorities said they were unsure of the whereabouts of more than 60 people who, as it turned out, had been evacuated to a different area of the airport.

Based on witness accounts in the news and video of the wreckage, Mike Barr, a former military pilot and accident investigator who teaches aviation safety at the University of Southern California, said it appeared the plane approached the runway too low and something may have caught the runway lip ? the seawall at the end of the runway.

San Francisco is one of several airports around the country that border bodies of water that have walls at the end of their runways to prevent planes that overrun a runway from ending up in the water.

Since the plane was about to land, its landing gear would have already been down, Barr said. It's possible the landing gear or the tail of the plane hit the seawall, he said. If that happened, it would effectively slam the plane into the runway, he said.

Noting that some witnesses reported hearing the plane's engines rev up just before the crash, Barr said that would be consistent with a pilot who realized at the last minute that the plane was too low and was increasing power to the engines to try to increase altitude. Barr said he could think of no reason why a plane would come in to land that low.

Belding was out jogging just before 11:30 a.m. on a path across the water from the airport when she noticed the plane approaching the runway in a way that "just didn't look like it was coming in quite right."

"Then all of a sudden I saw what looked like a cloud of dirt puffing up and then there was a big bang and it kind of looked like the plane maybe bounced (as it neared the ground)," she said. "I couldn't really tell what happened, but you saw the wings going up and (in) a weird angle."

"Not like it was cartwheeling," she said, but rather as though the wings were almost swaying from side to side.

The flight originated in Shanghai, China, and stopped over in Seoul, South Korea, before coming to San Francisco, airport officials said. The airline said there were 16 crew members aboard, and the 291 passengers included 77 South Koreans, 141 Chinese, 61 Americans and one Japanese citizen. The nationalities of the remaining passengers weren't immediately known.

Airport spokesman Doug Yakel said 49 people were in serious condition and 132 had less significant injuries.

The airport closed for several hours, and when it reopened, two of the four runways were operating.

Asiana is a South Korean airline, second in size to national carrier Korean Air. It has recently tried to expand its presence in the United States, and joined the Star Alliance, which is anchored in the U.S. by United Airlines.

The 777-200 is a long-range plane from Boeing. The twin-engine aircraft is one of the world's most popular long-distance planes, often used for flights of 12 hours or more, from one continent to another. The airline's website says its 777s can carry between 246 to 300 passengers.

The flight was 10 hours and 23 minutes, according to FlightAware, a flight tracking service. The 777 is a smaller, wide-body jet that can travel long distances without refueling and is typically used for long flights over water.

The most notable accident involving a 777 occurred on Jan. 17, 2008 at Heathrow Airport in London. British Airways Flight 28 landed hard about 1,000 feet short of the runway and slid onto the start of the runway. The impact broke the 777-200's landing gear. There were 47 injuries, but no fatalities.

An investigation revealed ice pellets that had formed in the fuel were clogging the fuel-oil heat exchanger, blocking fuel from reaching the plane's engines. The Rolls-Royce Trent 800 series engines that were used on the plane were then redesigned.

Bill Waldock, an expert on aviation accident investigation, said he was reminded of the Heathrow accident as he watched video of Saturday's crash. "Of course, there is no indication directly that's what happened here," he said. "That's what the investigation is going to have to find out."

The Asiana 777 "was right at the landing phase and for whatever reason the landing went wrong," said Waldock, director of the Embry-Riddle Aeronautical University accident investigation laboratory in Prescott, Ariz.

"For whatever reason, they appeared to go low on approach and then the airplane pitched up suddenly to an extreme attitude, which could have been the pilots trying to keep it out of the ground," he said.

The last time a large U.S. airline lost a plane in a fatal crash was an American Airlines Airbus A300 taking off from John F. Kennedy International Airport in New York in 2001.

Asia remains one of the fastest-growing regions for aviation in the world. Even with slowing economies in Japan and China, airlines there saw 3.7 percent more passengers than a year ago, according to the International Air Transport Association.

Finding enough experienced pilots to meet a growing number of flights is becoming a problem. A 2012 report by aircraft manufacturer Boeing said the industry would need 460,000 new commercial airline pilots in the next two decades ? with 185,000 of them needed in Asia alone.

"The Asia-Pacific region continues to present the largest projected growth in pilot demand," the report said.

___

Lowy reported from Washington, D.C. Associated Press writers Jason Dearen and Sudhin Thanawala in San Francisco, Scott Mayerowitz in New York and Pauline Arrillaga in Phoenix contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2013-07-07-San%20Francisco%20Airliner%20Crash/id-405f6423c2dc4d5ea27a5dbb268459d0

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McConnell, Paul forge mutually beneficial alliance

FRANKFORT, Ky. (AP) ? To cover his political flank, Senate Republican leader Mitch McConnell has forged an alliance with tea party darling Rand Paul, picked up support from other national tea party leaders and brought in a campaign manager from the upper echelons of the tea party movement.

The GOP's fiscally conservative wing has proven particularly powerful in Kentucky, and elsewhere it has felled incumbents including McConnell's longtime Republican colleague U.S. Sen. Dick Lugar of Indiana. But McConnell's efforts to make inroads with the tea party movement have clearly paid off, virtually ensuring that no would-be challenger can get the kind of infusion of cash from tea party channels that allowed Paul to win here in 2010.

Paul, who has presidential aspirations and is looking to run in 2016, needs McConnell's connections to the wealthy donor base of the Republican establishment. Meanwhile, McConnell needs Paul's tea party influence to keep potential primary challengers at bay and to energize his general election campaign against the likely Democratic nominee, Kentucky Secretary of State Alison Lundergan Grimes.

While the alliance with the family that includes former Texas Rep. Ron Paul may not be enough to ward off a challenger in next year's Republican primary, observers say McConnell has little to fear in securing the nomination.

McConnell's new allegiances go deep into the Paul family. Jesse Benton, who married the older Paul's granddaughter, signed on last year to lead McConnell's re-election campaign. Benton has previously served as campaign manager and political adviser to both Pauls, and his affiliation with McConnell sends a not-so-subtle signal to would-be tea party challengers to stand down and to potential donors to support McConnell or keep their wallets in their pockets.

"Mitch McConnell is an important ally and a conservative voice in Washington for the people of Kentucky," the younger Paul said in a statement to The Associated Press. "The commonwealth is stronger because of his service and I look forward to continuing to work with him."

The McConnell alliance also is a boon for Paul in other ways, such as providing leverage to push his political agenda. McConnell has even signed on to one of Paul's and the tea party's top political priorities, legalizing industrial hemp farming.

McConnell, a skilled political tactician, watched Paul rise from relative obscurity as a Bowling Green eye surgeon to be elected U.S. senator. Paul knocked off McConnell's own hand-picked candidate in the GOP primary and then went on to defeat a strong Democrat in the general election.

McConnell, who had been reluctant even to meet with Paul during the primary, reached out after his primary victory, helping him to raise money from the GOP establishment and offering general election counsel in a state where no one knows the political landscape better.

That won McConnell not only Paul's favor, but his early endorsement for re-election. TheTeaParty.net also endorsed McConnell. The group's founder, Todd Cefaratti, called McConnell "an indispensable ally of conservatives in the Senate."

The group's chief strategist, Niger Innis, said tea party activists in Kentucky largely "seem to be circling the wagons around Sen. McConnell."

Still, one of Kentucky's most outspoken tea party activists, David Adams of Nicholasville, has been bent on fielding a serious tea party challenger to McConnell. So far, he has no takers, though Louisville resident Matthew Bevin continues to toy with the idea. Bevin, who has offered no timetable for making a decision, has kept a low profile, declining interview requests. He has attended several GOP meetings, including a dinner last month where he sat three tables away from McConnell.

A millionaire businessman and investor, Bevin has no choice but to weigh the symbiotic relationship that has developed between Paul and McConnell.

Louisville attorney Mike Karem, a Republican activist who worked for the Nixon and Reagan administrations, said the relationship between Paul and McConnell has essentially cleared the path for McConnell to the GOP nomination. "They worked out a backroom deal," Karem said. "Nobody can say McConnell is dumb."

University of Kentucky political scientist Stephen Voss agreed McConnell has "shored up his right flank" and really has nothing to fear from potential GOP challengers.

"Upsets are never impossible, which is why incumbents always run scared," Voss said. "But it's hard to believe that Mitch McConnell is going to see a serious threat in the primary."

Voss said McConnell has been delivering "olive branches" to tea party activists as a vocal opponent of federal health care reforms and other Obama administration policies and initiatives. He also won favor with conservatives back home by filing legislation earlier this year to force the federal government to speed up the process for approving permits for new coal mining operations.

Kentucky has lost more than 4,000 mining jobs since 2011, largely due to market factors. But in the Kentucky coalfields, the U.S. Environmental Protection Agency is taking blame for "regulatory overreach" that political leaders insist is making it difficult for coal operators to open or expand mines, thereby costing jobs. McConnell toured the coalfields when he filed the legislation and was heralded a champion for Kentucky miners.

Adams, who served as Paul's campaign manager through the 2010 primary but has since fallen into disfavor with him, doesn't dispute that McConnell has appeal within the tea party movement, including some "who would lay their heads on a train track for him." Adams isn't one of those. He insists McConnell is vulnerable to a strong Democratic challenger and should be pushed aside for a tea party nominee in the primary.

Voss said he doesn't expect that to happen.

"There's no clear stalking horse to come after him in the primary," Voss said.

What is clear is that McConnell has a strong Democratic challenger to face in next year's general election. Grimes announced recently that she will take on the Republican stalwart who already has raised some $13 million for his re-election campaign. When Grimes stepped up, several other potential Democratic candidates stepped aside, including former Miss America Heather French Henry of Louisville, the wife of former Lt. Gov. Steve Henry.

Defeating McConnell would be the Democrats' biggest prize of the 2014 election. His seat is one of 14 that Republicans are defending, while Democrats try to hold onto 21.

McConnell, who has served in the U.S. Senate since 1984, has never lost an election. He spent more than $20 million in 2008 to beat Democratic challenger Bruce Lunsford, a wealthy Louisville businessman, by 6 percentage points.

Most think McConnell could spend as much as $30 million on the upcoming next race. Republican super PACs could spend an additional $30 million, making the race Kentucky's most expensive ever.

McConnell told GOP supporters in Kentucky that he's bent on winning re-election with hopes that voters will elect enough additional Republicans to the Senate to allow him to move up to majority leader.

"You know, I've had a lot of experience as defensive coordinator," he said. "I want to get a chance to call the plays."

Source: http://news.yahoo.com/mcconnell-paul-forge-mutually-beneficial-alliance-162614571.html

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Chinese consumers boost Burberry

Burberry, which has hired actress Sienna Miller and her fianc? Tom Sturridge to be the new faces of the brand, is enjoying growing sales outside its core clothing division, with men in China driving a boom in male accessories.

The company, which was founded by Thomas Burberry in 1856, is also focusing on increasing the size of its fragrance and beauty division after terminating a licence agreement and bringing the business in-house in April. In a first-quarter trading update on Wednesday, the City is forecasting that Burberry will report a 5.5pc rise in retail like-for-like sales with revenue up to ?316m, compared with ?280m last year.

This increase in like-for-like sales would represent a slowdown on the 8pc in the last quarter. However, it would still be a robust performance from Burberry compared with its rivals and given the slowdown in China?s economy.

Erwan Rambourg, analyst at HSBC, said that Burberry has ?everything in its right place?.

He said: ?As sales in Asia, and more importantly sales to Asians, gradually gain relevance, we believe this will drive non-apparel, as well as menswear, further up.?

Source: http://telegraph.feedsportal.com/c/32726/f/568300/s/2e4dc128/l/0L0Stelegraph0O0Cfinance0Cnewsbysector0Cretailandconsumer0C10A1648410CChinese0Econsumers0Eboost0EBurberry0Bhtml/story01.htm

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