Posts Tagged ‘United States



06
Aug
10

Accused NYC subway plotter pleads not guilty

NEWS
Accused NYC subway plotter pleads not guilty
New Charges Leveled Against NYC Man With Ties To Zazi, Others in Alleged Terror Plot.

Friday, August 6, 2010

••• One of the men accused in an alleged al-Qaeda bomb plot against New York’s subway system has pleaded not guilty.

Adis Medunjanin, 26, entered the plea on Friday at an arraignment in federal court in Brooklyn, New York, the U.S. attorney’s office said.
The main suspect in the alleged 2009 conspiracy, Najibullah Zazi, pleaded guilty earlier this year.

Last month U.S. prosecutors said al-Qaeda leaders helped set up the plot as part of a Pakistan-based campaign against U.S. and British cities.

According to new charges, Zazi, Medunjanin and Zarein Ahmedzay, who has also pleaded guilty, were recruited by al-Qaeda member Adnan El Shukrijumah.

He was described as being one of three leaders of al-Qaeda’s external operations program.
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06
Aug
10

Senate confirms Kagan as 112th justice

NEWS
Senate confirms Kagan as 112th justice
Senate confirms Elena Kagan as 112th justice of the Supreme Court

Friday, August 6, 2010

The U.S. Senate confirmed Elena Kagan Thursday as the Supreme Court’s 112th justice and the fourth woman in its history, granting a lifetime term to a lawyer and academic with a reputation for brilliance, a dry sense of humour and a liberal bent.

The vote was 63-37 for President Barack Obama’s nominee to succeed retired Justice John Paul Stevens.

Five Republicans joined all but one Democrat and the Senate’s two independents to support Kagan. In a rarely practiced ritual reserved for the most historic votes, senators sat at their desks and stood to cast their votes with “ayes” and “nays.”

Kagan watched on television in the conference room at the solicitor general’s office, with her Justice Department colleagues looking on. She is to be sworn in Saturday afternoon at the court by Chief Justice John Roberts.

Obama, travelling in Chicago, said Kagan will make an outstanding justice who understands that her rulings affect people and called the addition of another woman to the court a sign of progress for the country. He invited Kagan to the White House for a ceremony Friday marking her confirmation.

The vote, Obama said, was “an affirmation of her character and her temperament; her open-mindedness and evenhandedness; her determination to hear all sides of every story and consider all possible arguments.”

Kagan is not expected to alter the ideological balance of the court, where Stevens was considered a leader of the liberal wing. But the two parties clashed over her nomination and the court itself. Republicans argued that Kagan was a politically motivated activist who would be unable to put aside her opinions and rule impartially. Democrats defended her as a highly qualified trailblazer for women who could bring a note of moderation and real-world experience to a polarized court they said was dominated by just the kind of activists the GOP denounced.

Kagan is the first Supreme Court nominee in nearly 40 years with no experience as a judge, and her swearing-in will mark the first time in history that three women will serve on the nine-member court together.

Her lack of judicial experience was the stated reason for one fence-sitting Republican, Sen. Scott Brown, to announce his opposition to Kagan’s confirmation Thursday, just hours before the vote.

Though calling her “brilliant,” Brown, who had been seen as a potential supporter from the minority party, said she was missing the necessary background to serve as a justice.

“The best umpires, to use the popular analogy, must not only call balls and strikes, but also have spent enough time on the playing field to know the strike zone,” Brown said.

Democrats said they hoped Kagan would act as a counterweight to the conservative majority that has dominated the Supreme Court in recent years.

“I believe she understands that judges and justices must realize how the law affects Americans each and every day. That understanding is fundamental,” said Democratic Sen. Patrick Leahy, the Judiciary Committee’s chairman. With her confirmation, he said, “the Supreme Court will better reflect the diversity that made our country great.”

Most Republicans portrayed Kagan as a partisan who will use her post from the bench to push the Democratic agenda.

Kagan “is truly a person of the political left – now they call themselves progressives – one who has a history of working to advance the values of the left wing of the Democratic Party, and whose philosophy of judging allows a judge to utilize the power of their office to advance their vision for what America should be,” said Sen. Jeff Sessions of Alabama, the top Republican on the Judiciary Committee.

Just one Democrat – centrist Sen. Ben Nelson – crossed party lines to oppose Kagan.

A handful of mostly moderate Republicans broke with their party to back her: Maine Sens. Susan Collins and Olympia Snowe, South Carolina’s Sen. Lindsey Graham, retiring Sen. Judd Gregg of New Hampshire, and Indiana Sen. Richard Lugar.

They argued that partisanship should play no role in debates over the Supreme Court and have called Obama’s nominee qualified.
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05
Aug
10

Katy Perry Found Lady Gaga’s ‘Alejandro’ Video Offensive

NEWS
Katy Perry Found Lady Gaga’s ‘Alejandro’ Video Offensive

Thursday, August 5, 2010

Katy Perry found Lady Gaga’s ‘Alejandro’ video offensive … Oh, My God!!!

The ‘I Kissed A Girl’ hitmaker is ‘sensitive’ about the Christianity referencing promo – which features Gaga putting rosary beads in her mouth while dressed as a nun – and insists even her fiancé Russell Brand cannot get away with blasphemy.

Katy – whose parents are both Christian pastors – said: ‘I am sensitive to Russell taking the Lord’s name in vain and to Lady Gaga putting a rosary in her mouth. I think when you put sex and spirituality in the same bottle and shake it up, bad things happen.
‘Yes, I said I kissed a girl. But I didn’t say I kissed a girl while f◦◦◦ing a crucifix.’

Just as religion bashing makes her mad, the 25-year-old pop star is also infuriated by celebrities who claim they don’t read gossip about themselves on the internet.

She added to Rolling Stone magazine: ‘Any artist who says they don’t Google their name is a big fat liar. It’s a little gross when you look at other celebrities’ twitter feeds and see them posting about something they read about themselves on a Google Alert, it’s like, ‘Uh, maybe you should stop Googling yourself every day, the world does not spin around you.
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05
Aug
10

Proposition 8, California’s ban on gay marriage, overturned by judge

NEWS
Proposition 8, California’s ban on gay marriage, overturned by judge

Thursday, August 05, 2010

••• Actress Portia de Rossi and her TV talk show wife Ellen DeGeneres have joined the celebration in the U.S. after a judge overturned California’s gay marriage ban.

Geelong-born de Rossi and DeGeneres married legally in 2008, shortly before Californians voted for Proposition 8, which ended gay marriage in the state and sparked furious public debate and a legal challenge.

Two gay couples launched the federal lawsuit challenging Proposition 8, claiming it violated their civil rights and, in San Francisco on Wednesday, Chief U.S. District Judge Vaughn Walker ruled the voter-approved ban violated California’s constitution.
‘I am ecstatic that Proposition 8 has been overturned in the state of California. This is an incredibly exciting and historical day and a big step towards equal rights for all,’ de Rossi, the former star of U.S. TV series Ally McBeal and Arrested Development, wrote in a Tweet to fans.

DeGeneres wrote: ‘This just in: Equality won!’

Judge Vaughn’s ruling will not be the end of the debate or court battles, with the matter likely to be fought all the way to America’s highest court, the Supreme Court.

Gay couples would not immediately be allowed to marry in California.
Judge Vaughn temporarily stayed his order until Friday, giving Proposition 8 backers time to file appeals and seek a long-term stay.

Protect Marriage, a coalition of religious and conservative groups that sponsored the ban, confirmed it would appeal the ruling to the 9th U.S. Circuit Court of Appeals, which would likely be a preview to the final Supreme Court showdown.

In his ruling, Judge Vaughn wrote there was no rational basis for excluding gays and lesbians from marriage and Proposition 8 failed to ‘advance any rational basis in singling out gay men and lesbians for denial of a marriage license’.

‘The evidence shows conclusively that moral and religious views form the only basis for a belief that same-sex couples are different from opposite-sex couples,’ Walker wrote.
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04
Aug
10

News Corp. Posts $875 Million Profit as Ad Sales Rise

NEWS
News Corp. Posts $875 Million Profit as Ad Sales Rise

Wednesday, August 04, 2010

••• Media and entertainment giant News Corp. reported, Wednesday, that it has swung to profit in the fiscal fourth quarter on the back of strong performance from its television networks division which posted impressive ad sales.

News Corp. said its net profit in June quarter was $875 million or $0.33 per share as against loss of $203 million or $0.08 per share in the year ago period.

The company said its revenue moved up 5.7 percent to $8.11 billion.

Analysts, on average, had expected News Corp. to report profit of $0.20 per share on revenue on $7.87 billion.

However, operating profit, or sales minus the cost of goods sold and administrative expenses, slipped 1.7 percent year-on-year in June quarter to $932 million from $948 million.

The media conglomerate said its earnings were driven by strong performance put up by its television networks division, which accounted for more than half of its operating income.

Profits at domestic channels surged by 30 percent while international channels improved 40 percent. Overall, operating profit at cable television networks division, which include channels such as Fox News Channel and FX, surged 31 percent to $563 million on the back of advertising revenue which jumped 11 percent. The division also saw double-digit growth in revenue from fees paid by cable, satellite and fiber video providers.

Operating profit at News Corp.’s broadcast television division also surged 13 percent to $113 million on improved ad sales offsetting higher programming expenses at the company’s national broadcast network – Fox Broadcasting.

The group’s filmed entertainment division also did well but could not beat third quarter performance. Operating income in June quarter dropped 32 percent year-on-year to $137 million. In March quarter, profit stood at $497 million. At the time of announcing third quarter earnings, News Corp. had warned that one should not expect stellar performance from this division in the fourth quarter, largely due to an expected year-over-year decline in the film business due to the timing of releases.

The newspapers and information services division, which include the Wall Street Journal, Barron’s, MarketWatch and Dow Jones, also reported 20 percent surge in profit to $115 million on higher ad revenue, though it was below Street estimates.

The company’s digital media division, which include social networking site MySpace, however, disappointed, reporting an operating loss of $174 million in the June quarter on lower search and advertising revenue. News Corp. said MySpace is set for a “major overhaul.”

News Corp.’s satellite TV division also disappointed, reporting a 37 percent slide in operating income to $97 million on the back of continued weakness at Sky Italia.

To reduce dependence on the economically sensitive advertisement-based revenue, News Corp. said it is beefing up its portfolio of subscription-based assets. In June, it said it has made a bid for the 61 percent stake of pay-TV operator British Sky Broadcasting Group Plc (BSkyB) it doesn’t already own.

“The opportunity for us to expand the scale of our franchises is significant, including through taking advantage of the continual technological advances that will broaden the reach of our core content and distribution businesses,” News Corp. CEO Rupert Murdoch said in a statement.

The company’s full-year results were more impressive.

News Corp. said its net profit in fiscal year 2010 was $2.5 billion, helped primarily by blockbuster movie “Avatar.” DVD sales of other films like “Ice Age: Dawn of the Dinosaurs,” “X-Men Origins: Wolverine” and “Night at the Museum: Battle of the Smithsonian” also bumped up its profits. In the prior year, News Corp. incurred a net loss of $3.4 billion, which included a one-time pre-tax impairment and other charges of $9.2 billion.

“These results underscore just how well positioned we are – fiscally, operationally and strategically – for further growth across all of our markets,” Murdoch said.

Shares of News Corp., which owns Dow Jones, Wall Street Journal, New York Post, MySpace and 20th Century Fox among other things, closed up 1.61 percent at $13.85. Following the financial results announcement, the company’s shares were up 3.25 percent in the after-market hours.
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• Source(s): News Corporation
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04
Aug
10

President Obama at AFL-CIO on the Economy: “Made In America”

NEWS
President Obama at AFL-CIO on the Economy: “Made In America”
Making the Right Choice for the Economy

Wednesday, August 04, 2010

Speaking at the AFL-CIO Executive Council Meeting here in DC, the President thanked “all my brothers and sisters in the AFL-CIO” who have worked so hard to help get America’s economy back on track. He spoke of the progress that’s been made, with millions of people at work now because of the Recovery Act, and the length left to go until the millions still out of work find their jobs.
As for his plans going forward, he summed it up in “three powerful words”:

Together, we’re jumpstarting a new American clean energy industry – an industry with the potential to generate perhaps millions of jobs building wind turbines and solar panels, and manufacturing the batteries for the cars of the future, building nuclear plants, developing clean coal technology. There are other countries that are fighting for those jobs, in China and India and in Germany and other parts of Europe. But the United States doesn’t play for second place. As long as I’m President, I’m going to keep fighting night and day to make sure that we win those jobs, that those are jobs that are created right here in the United States of America and that your members are put to work. (Applause.)

So the message I want to deliver to our competitors – and to those in Washington who’ve tried to block our progress at every step of the way – is that we are going to rebuild this economy stronger than before, and at the heart of it are going to be three powerful words: Made in America. Made in America. (Applause.)

That’s why we’re finally enforcing our trade laws – in some cases for the very first time. That’s why we’re fighting for tax breaks for companies that invest here in the United States as opposed to companies that are investing overseas or that keep their profits offshore. Because it is my belief – and I know it’s the belief of this room – that there are no better workers than U.S. workers. There are no better workers than your members. (Applause.) And they are absolutely committed to making sure that America is on the rise again. And we are going to keep moving forward with them – not moving backwards but moving forward with them.

As we rebuild our economy, we’re going to rebuild America as well. Over the last 20 months, bulldozers and backhoes have been whirring in communities across the country, as construction crews from local companies repair roads and bridges, railways and ports. That was part of our plan, and it’s put hundreds of thousands of folks to work. But there’s a lot more to do to rebuild our infrastructure for the 21st century, and a lot more Americans who are ready and willing to do that work. So that, too, is an area where we’ve got to keep moving forward.


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• Source(s): The White House
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04
Aug
10

MasterCard 2Q profit jumps 31 percent, tops view

NEWS
MasterCard 2Q profit jumps 31 percent, tops view

Wednesday, August 04, 2010

••• Anaemic consumer spending in the U.S. was offset by strong international growth to help boost MasterCard Inc’s second-quarter profit by 31 percent.

The gain topped Wall Street profit expectations, but fell short of the 38 percent leap in operating income posted by the company’s larger rival, Visa Inc., last week.

MasterCard shares slipped $1.76, to $200.70 in midday trading as the broader market sputtered.

MasterCard’s gains showed the Purchase, NY-based payment processor’s reliance on overseas use of its cards and networks. Worldwide purchasing volume rose eight per cent, while U.S. purchasing volume eked out a gain of less than 1 percent.

Worldwide, credit card use rose 10 percent, while debit card use leaped 29 percent.

Chief Financial Officer Martina Hund-Mejean said in an interview that card use was particularly strong in Latin America and Asia Pacific, which both saw double-digit growth rates.

‘Even in Europe,’ she said, alluding to the economic turmoil on the Continent in recent months. ‘We do not see any significant impact on our numbers in terms of the Europeans not spending.’

U.S. credit card use edged down 1.5 percent, continuing a two-year decline, but showing the smallest drop since the third quarter of 2008.

Debit card use edged up less than 1 percent. That reflects more frequent use of debit cards, but was held down by MasterCard’s loss of several debit card deals with banks, most notably the former Washington Mutual, which was bought by JPMorgan Chase in 2008. Hund-Mejean said US debit growth was closer to 20 percent if the banks winding down their MasterCard programs are stripped out.

U.S. spending, particularly with credit cards, picked up in April but was less robust later in the quarter, Hund-Mejean said. ‘People still feel a little careful and cautious, and I think that’s what we saw in May and June,’ she said.

Analysts noted the growth compared with a weak quarter last year. Thomas McCrohan from Janney Capital Marketssaid it is hard to read into the results to say whether they indicate any real improvement in the economy. But there was ‘nothing alarming’ in the results.

‘There’s nothing that would support a double dip’ of the recession, McCrohan said.

The number of transactions MasterCard handled was basically flat at 5.6 billion. Cross-border volume jumped 15.2 percent.

Net income rose to $458 million, or $3.49 per share, compared with $349 million, or $2.67 per share, a year ago.

Revenue rose 7 percent to $1.37 billion from $1.28 billion in the 2009 second quarter. MasterCard said the revenue increase reflected the higher cross-border volumes, higher gross dollar volume of the transactions it processed and the impact of price increases of 4 percent.

Wall Street expected earnings of $3.33 per share on revenue of $1.38 billion.

Total operating expences dropped 10 percent to $648 million. The decrease was led by a drop in severance and compensation costs as a result of layoffs in 2009.

President and CEO Ajay Banga said it is too early to tell what results MasterCard will feel from the limits on debit card fees included in the financial overhaul bill signed by President Barack Obama last month.

‘I know that everybody is eager to fully understand the impact on our business, but the truth is we just have to wait for the (Federal Reserve) to develop the regulations, and for our customers to react, before we will know the full implications both for the industry and for our company,’ he said during a conference call.

Banga noted there are a number of options for implementing the new rules, and quipped that MasterCard benefits in this case from having a smaller market share of U.S. debit than Visa.

Regardless of the new regulations, Banga said he doesn’t see the shift from cash and checks to electronic payments slowing down. He spoke enthusiastically about a number of pilot projects and overseas ventures MasterCard has to expand its network beyond card payments. Deals the company struck on mobile payments in Latin America, money transfer services in China and contactless payments in the U.S. position MasterCard for continued growth as the payments market evolves, he said.

David Parker, an analyst with Lazard Capital Markets, said it will be a few years before ‘electronic wallets’ are a reality, and there are some challenges in terms of customer and merchant adoption, but it is clear the market is moving in that direction.

MasterCard’s investments in this area could help it overcome its disadvantage in debit cards.

‘I think there is an opportunity there with mobile commerce,’ he said.
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