from firefly-dreaming 14.2.11

(midnight. – promoted by ek hornbeck)

Regular Daily Features:

Essays Featured Monday, February 14th:

come firefly-dreaming with me….

Evening Edition

Evening Edition is an Open Thread

Now with 40 Top Stories.

From Yahoo News Top Stories

1 Military urges halt to strikes gripping Egypt

by Jailan Zayan, AFP

58 mins ago

CAIRO (AFP) – Egypt’s military government on Monday urged a halt to widespread strikes inspired by a popular uprising that threatened to paralyse the country following Hosni Mubarak’s overthrow.

The orders came after the elderly generals now ruling the country met some of the young Internet activists who triggered the revolt against Mubarak, reportedly promising a referendum on a new constitution within two months.

European governments, meanwhile, moved on Egyptian requests to freeze the assets of several officials of the ousted regime amid accusations that they had salted away billions of dollars in ill-gotten assets.

2 Pyramid guides urge tourists to return to Egypt

by Daphne Benoit, AFP

Mon Feb 14, 1:17 pm ET

CAIRO (AFP) – Hundreds of Egyptian tour guides gathered in the shadow of the Great Pyramids on Monday to plead with tourists to return to the Land of the Pharaohs following the fall of Hosni Mubarak’s regime.

The upheaval of recent weeks and media coverage of days of violent clashes have combined to scare off visitors and stifle Egypt’s key tourism industry, threatening thousands of jobs.

Inspired by the success of political protests in bringing down the regime, workers in several public and private sector industries have launched a wave of strikes to demand pay rises.

3 Egypt military dismantles Mubarak regime

by Hania el-Malawani, AFP

Sun Feb 13, 2:42 pm ET

CAIRO (AFP) – Egypt’s new military regime dismantled ousted strongman Hosni Mubarak’s former regime on Sunday, dissolving parliament, suspending the constitution and promising a referendum on political reform.

While the civilian cabinet met for the first time since Mubarak’s downfall, the generals made it clear where authority now lies, issuing a proclamation setting a six-month timetable to prepare democratic elections.

The latest moves spelled the end of the political system that underpinned Mubarak’s 30-year rule which ended on Friday when he was driven from power after an 18-day pro-democracy uprising.

4 Palace intrigue: the last days of Mubarak’s rule

by Rana Moussaoui, AFP

2 hrs 47 mins ago

CAIRO (AFP) – The end of Hosni Mubarak’s rule was marked by bungling and confusion as he was misled by his interior minister and urged by his son to ignore the anger on the Egyptian street, according to the media.

State and private newspapers also report a heated argument between Mubarak’s two sons — Alaa, the eldest, and Gamal, the president’s presumed successor — with the former accusing the latter of “sullying the image” of their father.

On February 10, a day before Mubarak’s nearly three decades in power came to a sudden end, “there was great confusion, even impotence, at the presidential palace,” the state-owned Al-Ahram wrote.

5 Egypt activists and army discuss reforms

by Jailan Zayan, AFP

Mon Feb 14, 8:16 am ET

CAIRO (AFP) – The Internet activists who triggered Egypt’s popular uprising said Monday they have discussed reforms with the country’s new military rulers, a day after the generals dissolved Hosni Mubarak’s regime.

As the elderly generals and the youthful online campaigners sought to map out the country’s future, a wave strikes and protests swept several public and private sector industries as workers pressed demands for pay rises.

In the shadow of the Great Pyramid of Giza, hundreds of tour guides gathered to urge tourists to return to the country, holding up banners in English, French, Russian and German that: “Egypt loves you.”

6 Rocks and batons fly as Yemen protests erupt

by Jamal al-Jaberi, AFP

2 hrs 19 mins ago

SANAA (AFP) – Rocks and batons flew in central Sanaa on Monday as pro-democracy protesters clashed violently with police and supporters of President Ali Abdullah Saleh, witnesses said.

Clashes between police and protesters also erupted in the city of Taez, south of Sanaa, where thousands of people joined demonstrations against Saleh, witnesses said.

In Sanaa, around 3,000 protesters marched from Sanaa University towards Al-Tahrir square in the city centre demanding that Saleh — in power for 32 years — step down, an AFP reporter said.

7 One dead as Iran protesters clash with police

by Jay Deshmukh, AFP

38 mins ago

TEHRAN (AFP) – Iranian riot police fired tear gas and paintballs at protesters holding anti-government demonstrations in Tehran on Monday, websites and witnesses said, while an Iranian news agency reported that a gunshot killed a bystander.

The report by the Fars news agency said a number of people were also wounded by the gunfire and blamed the outlawed former rebel group, the People’s Mujahedeen.

“The illegal gathering of seditionists, Monafeghin (hypocrites), monarchists and thugs in some streets caused the riots, but the presence of the people forced the elements of sedition and Monafeghin to leave,” the news agency said, using the regime’s standard term of abuse for the People’s Mujahedeen.

8 Iran protesters clash with police in Egypt aftermath

by Jay Deshmukh, AFP

2 hrs 1 min ago

TEHRAN (AFP) – Iranian riot police fired tear gas and paintballs at protesters holding anti-government demonstrations in Tehran on Monday, websites and witnesses said, drawing a stern rebuke from Washington.

Police moved in when crowds of opposition supporters gathered in the capital’s Azadi (Freedom) Square began chanting “Death to the Dictator!” — a slogan used against President Mahmoud Ahmadinejad after disputed official results from a 2009 presidential election gave him a second term.

The website of opposition leader Mir Hossein Mousavi, kaleme.com, said that according to “unconfirmed reports, hundreds of protesters were arrested in Tehran.”

9 Iran police fire tear gas at protesters

by Jay Deshmukh, AFP

Mon Feb 14, 10:23 am ET

TEHRAN (AFP) – Riot police on Monday fired tear gas and shot paintballs at protesters who turned what they said was a Tehran rally in support of Arab uprisings into an anti-government demonstration, witnesses said.

The clashes broke out at Tehran’s prominent Azadi (Freedom) Square when crowds of opposition supporters began chanting “Death to Dictator!” — a slogan used by protesters against President Mahmoud Ahmadinejad after the disputed 2009 presidential election.

Witnesses said police fired tear gas and also shot paintballs at protesters who had gathered despite a ban by authorities.

10 Clashes in Algeria as opposition plans new protest

by Beatrice Khadige, AFP

Sun Feb 13, 3:20 pm ET

ALGIERS (AFP) – Hundreds of stone-throwing demonstrators clashed with police in the eastern Algerian city of Annaba on Sunday, as the opposition announced another major anti-government rally next weekend.

Washington meanwhile called on Algeria’s security forces to show restraint, a day after nationwide protests against President Abdelaziz Bouteflika that reportedly led to dozens of arrests and police attacks on journalists.

“We reaffirm our support for the universal rights of the Algerian people, including assembly and expression,” State Department spokesman Philip Crowley said in a statement.

11 Tunisian FM resigns as country faces migrant exodus

by Kaouther Larbi, AFP

Sun Feb 13, 5:33 pm ET

TUNIS (AFP) – As Tunisia marks Monday a month since the ousting of president Zine El Abidine Ben Ali, the interim government battled European pressure to curb an exodus of migrants and a key minister quit.

Ahmed Ounaies resigned Sunday in a blow to the new authority a day before a visit by European Union foreign policy chief Catherine Ashton to focus on democratic reforms since the removal of the strongman leader in a popular uprising.

The interim government meanwhile rushed security forces to coastal areas to stop a Europe-bound exodus of people fleeing poverty, a government source said, with thousands of immigrants flooding to Italy in recent days.

12 Experiment volunteers ‘walk on Mars’

by Laetitia Peron, AFP

1 hr 46 mins ago

KOROLEV, Russia (AFP) – Two volunteers cut off from the rest world for eight months stepped out on a mock-up of Mars on Monday, reaching the dramatic half-way point of their experimental “voyage” to the Red Planet.

Outfitted in heavy white space suits and clunky boots, the Russian and Italian volunteers left their capsule and took their first careful steps on the red sands of Mars — all without ever leaving a Moscow research centre.

Grainy footage of their space walk, replete with crackly sound interference reminiscent of trips to the Moon, was watched live by top Russian and European space officials at Russia’s real-life space control centre outside Moscow.

13 Love and money fuels global Valentine’s Day ardour

AFP

46 mins ago

BANGKOK (AFP) – Love swept around the world Monday as the amorous mixed traditional chocolates and roses with new and more determined ways to demonstrate their ardour on Valentine’s Day.

Seven enchanted but exhausted couples smooched their way to a new world record in Thailand with the longest continuous kiss lasting more than 32 hours — and kept going.

The contestants broke the previous world record of 32 hours seven minutes and 14 seconds set in Germany and were vying to become the last ones locking lips for a prize of about $3,250 cash and a diamond ring, organisers said.

14 Japan overtaken by China as No. 2 economy

by David Watkins, AFP

32 mins ago

TOKYO (AFP) – Japan lost its 42-year ranking as the world’s second-biggest economy to China in 2010, with data on Monday showing a contraction in the last quarter due to weak consumer spending and a strong yen.

While Japan was expected to fall behind a surging China in the year, the data underlined the weak state of a Japanese economy burdened by deflation, soft domestic demand and pressured by the industrialised world’s biggest debt.

“It is difficult for the deflation-plagued Japanese economy to achieve self-sustained growth,” said Naoki Murakami, chief economist at Monex Securities.

15 Obama eyes tax hikes, spending cuts to curb deficit

by Andrew Beatty, AFP

1 hr 15 mins ago

WASHINGTON (AFP) – US President Barack Obama unveiled a $3.73-trillion spending blueprint for 2012 on Monday, including a raft of tax hikes and spending cuts aimed at curbing a record budget deficit.

Kicking off what is sure to be a long and brutal political battle over election-year spending, Obama’s plan bets that economic growth can help forestall savage spending cuts that could derail the recovery.

With the country facing a projected budget shortfall of $1.65 trillion this year, the proposal — which has to be combed over and approved by Congress — relies heavily on increased tax revenues to slash the deficit next few years.

16 Europe set for landmark launch with robot freighter

by Annie Hautefeuille and Richard Ingham, AFP

Sun Feb 13, 6:25 pm ET

PARIS (AFP) – A robot freighter is poised to blast into the skies on Tuesday in the heftiest liftoff in Europe’s space programme that will also bring its tally of launches to a historic 200.

Designed to supply mankind’s outpost in orbit, the Johannes Kepler will be hoisted by an Ariane 5 ES super-rocket from Kourou, French Guiana. Liftoff is pencilled for 2208 GMT.

A successful mission will boost the case for scientists who want the ATV to be the template of a manned spacecraft, placing ESA on an equal footing with the United States, Russia and China.

17 Singapore’s casino gamble pays off one year on

by Philip Lim, AFP

Sun Feb 13, 6:10 pm ET

SINGAPORE (AFP) – Just one year after opening its first casino, Singapore has emerged as Asia’s hottest new gambling capital with a revamped cityscape and billions of dollars pouring into the economy.

“Singapore has made a dramatic entry to the casino gaming market,” financial consultancy PricewaterhouseCoopers said in a report estimating the city-state’s casino gaming market at $2.8 billion in 2010.

The first casino opened in Malaysian-controlled Resorts World Sentosa on February 14, 2010, with US-based Las Vegas Sands following two months later as the world economy was still clawing itself out of recession.

18 News on first Nokia Windows Phone within days

Sun Feb 13, 3:33 pm ET

BARCELONA, Spain (AFP) – The target release date of the first Nokia smartphone to use Microsoft’s Windows Phone operating system could be set within days, with the company aiming to have it on the market this year, senior executives said Sunday.

Speaking on the eve of the mobile phone industry’s annual get-together in Barcelona, Nokia chief Stephen Elop defended the tie-up with the US software giant, saying it would bring billions in value to the Finnish company, which has seen its market share squeezed by Apple’s iPhone and phones using Google’s Android operating system.

Nokia and Microsoft technical teams “are working together next week to solidify the timing of the first Nokia Windows Phone product,” said Jo Harlow, Nokia’s executive vice president in charge of smart devices.

19 France beat Ireland in Six Nations rugby

by Pirate Irwin, AFP

Sun Feb 13, 12:16 pm ET

DUBLIN (AFP) – France retained their hopes of defending their Six Nations Grand Slam title here on Sunday at Lansdowne Road as they beat an unlucky Irish side 25-22 in a thrilling no-holds barred contest.

The Irish will curse themselves for their ill-disciplne as the visitors landed six penalties – including five from Morgan Parra – as the hosts outscored the French three tries to one.

The hosts’ tries came from Fergus McFadden, with his first try for his country, Tomas O’Leary, who had been unable to train all week because of an injury worry, and Jamie Heaslip, who was returning from injury.

20 Obama foes slam budget, urge more cuts

by Olivier Knox, AFP

Mon Feb 14, 11:48 am ET

WASHINGTON (AFP) – President Barack Obama’s Republican foes in the US Congress slammed his 2012 budget as failing to slash spending deeply enough as they pressed for approving a far-reaching package of painful cuts.

“We need a government that finally does what every other American has to do in their households and their businesses, and that’s to live within our means,” House Republican Majority Leader Eric Cantor said in a statement.

“Instead, President Obama’s budget doubles down on the bad habits of the past four years by calling for more taxes, spending and borrowing of money that we simply do not have,” said Cantor.

21 Russia kicks off new privatisation drive

by Stuart Williams, AFP

Mon Feb 14, 9:36 am ET

MOSCOW (AFP) – Russia on Monday kicked off a new wave of major privatisations after a long hiatus, raising more than $3.0 billion from the sale of a 10 percent stake in state bank VTB.

The government said in a statement that the offer was more than two times over-subscribed by domestic and foreign investors, and the sale raised 95 billion rubles ($3.2 billion).

It said the offering was the most “successful offering of share capital in the Russian market” since the global financial crisis.

22 After rescue, Chile lures tourists with mine tours

by Roser Toll, AFP

Mon Feb 14, 9:27 am ET

LOTA, Chile (AFP) – Inspired by the rescue of 33 miners that amazed the world, Chile is offering tourists a chance to see first-hand what the workers experienced during their 69-day ordeal trapped underground.

“This is how the miners felt,” said a visitor riding down a narrow elevator shaft into the depths of the Chiflon del Diablo (Draft of the Devil) mine near the coastal city of Lota.

Visitors can venture as far as about 50 meters (160 feet) down into the coal mine, which operated from 1884 to 1997, when the government shut down less profitable mining operations.

23 Iran opposition protests, agency reports shooting

Reuters

28 mins ago

TEHRAN (Reuters) – Thousands of Iranian opposition activists rallied in support of popular uprisings in Egypt and Tunisia on Monday and a semi-official news agency said one person was shot dead and several wounded by protesters.

An opposition website said dozens were arrested while taking part in the banned protests, which amounted to a test of strength for the reformist opposition in the Islamic state.

By late evening, chants of “Allahu Akbar” (God is Greatest) echoed from Tehran rooftops in scenes reminiscent of 2009 protests against the disputed reelection of President Mahmoud Ahmadinejad. Eight people were killed in those mass street demonstrations which lasted about a month and resulted in many arrests and several executions.

24 Witness: Joy at Mubarak’s demise contrasts with tense accession

By Jonathan Wright, Reuters

Mon Feb 14, 1:07 am ET

CAIRO (Reuters) – This time people leapt for joy, hugged their neighbors and in unison cried “Freedom” and “God is Great.” They waved their Egyptian flags, beat their drums and headed downtown for the party of a generation.

It was a very different scene I witnessed 30 years ago when Egypt last lost a president with the assassination of President Anwar Sadat, which brought Hosni Mubarak to power.

On Friday, the day Mubarak bowed to popular pressure and resigned, the streets outside the presidential palace in northeast Cairo were packed with jubilant crowds, celebrating the success of the popular uprising.

25 Yemeni police block protesters’ march on palace

By Mohammed Ghobari and Mohamed Sudam, Reuters

Sun Feb 13, 1:44 pm ET

SANAA (Reuters) – Hundreds of anti-government protesters, inspired by the mass uprising in Egypt, clashed with police blocking them from marching to Yemen’s presidential palace in Sanaa on Sunday, witnesses said.

The clashes occurred while President Ali Abdullah Saleh and the main opposition group were preparing for talks that the government hoped would help avert an Egypt-style revolt in the Arabian Peninsula state, a vital U.S. ally against al Qaeda.

Saleh postponed a visit to the United States planned for later this month “due to the current circumstances in the region,” the state news agency Saba said, without elaborating.

26 G20 too divided to back tough curbs on speculators

By Huw Jones, Reuters

Mon Feb 14, 11:01 am ET

LONDON (Reuters) – French hopes for tough curbs on commodities speculation to tame soaring food prices look set to be thwarted as leading producer nations line up to oppose market interference.

France is president of the Group of 20 leading developed and developing economies this year. The group’s finance ministers meet in Paris on Friday and Saturday with commodities high on the agenda.

But as with an earlier French-backed push for a global tax on financial transactions, there is no consensus for radical measures beyond more reporting requirements for traders.

27 China trade surplus shrinks, supports government’s G20 case

By Zhou Xin and Kevin Yao, Reuters

Mon Feb 14, 4:11 am ET

BEIJING, Feb 14 (Reuters) – China’s trade surplus fell to its lowest in nine months in January after imports surged, supporting the government’s case ahead of a G20 meeting that it is doing enough to spur domestic demand without speeding up currency appreciation.

The trade surplus shrank to $6.5 billion from $13.1 billion in December, well short of forecasts for a $10.7 billion gap.

Global stocks and commodity prices climbed higher, with the surprisingly strong imports highlighting China’s massive appetite for raw materials and its solid export growth hinting at solidifying recoveries in the U.S. and European economies.

28 France seeks G20 deal on imbalances, unsure of success

By Daniel Flynn and Leigh Thomas, Reuters

Mon Feb 14, 9:57 am ET

PARIS (Reuters) – France played down hopes on Monday of clinching a deal at a meeting of G20 finance ministers this week that would push forward efforts to deal with global economic imbalances, although it said that remained its goal.

The divide over which indicators should be used to measure imbalances — a starting point for dictating what needs to be done to make the world economy work better — is the latest sign of renewed discord in the group of leading powers.

President Nicolas Sarkozy has had to scale down his ambitions to revamp the international monetary system during a year-long stewardship of the G20, instead focusing on targeted reforms like the list of indicators and commodity regulation.

29 Obama budget attacks deficit, fight looming

By Alister Bull and Jeff Mason, Reuters

2 hrs 35 mins ago

WASHINGTON (Reuters) – President Barack Obama on Monday pledged to halve the U.S. deficit by 2013 and axe $1.1 trillion over a decade through spending cuts and tax increases in a budget he called a “downpayment” on fiscal control.

But Republicans, who accuse Obama of being a tax-and-spend Democrat, said the president had not gone far enough in curbing costs.

They aim to make the 2012 presidential election a referendum on his fiscal track record and threaten fights over a legal limit on the U.S. debt and how to fund the government in the short-term.

30 Obama would end subsidies to wealthiest farmers

By Charles Abbott, Reuters

1 hr 33 mins ago

WASHINGTON (Reuters) – President Barack Obama called for the elimination of farm subsidies to the wealthiest farmers in his new budget plan on Monday, arguing that the payments distort the farm sector and even pay some farmers that grow no crops.

Lawmakers rejected an identical proposal a year ago, ahead of the mid-term elections, saying any change in farm supports should be delayed until an overhaul in 2012.

Farmers enjoy strong support from lawmakers, including from the Midwest with its strong contingent of Republicans. Despite some pressure from the Tea Party caucus to cut spending, it is unlikely Congress will have an appetite for big changes in farm supports, according to a lobbyist for a large farm group.

31 Obama revives corporate tax break cuts

By Kim Dixon, Reuters

2 hrs 4 mins ago

WASHINGTON (Reuters) – President Barack Obama revived earlier proposals to raise tens of billions of dollars by cutting tax breaks enjoyed by America’s biggest companies, ideas that have floundered in Congress for several years.

Obama’s 2012 budget request sent to Congress on Monday proposes to raise $129 billion over 10 years by limiting deferral of taxes on income earned abroad and curtailing what the White House calls abuse of foreign tax credits, among other provisions.

Last year’s budget proposal was similar, seeking to raise about $122 billion by tightening tax loopholes.

32 Obama budget has $556 billion, six-year transport plan

By John Crawley and Lisa Lambert, Reuters

2 hrs 10 mins ago

WASHINGTON (Reuters) – President Barack Obama on Monday proposed an ambitious long-term transport spending plan in his 2012 budget as a way to boost U.S. economic competitiveness and spur job growth.

While cutting other spending, Obama aggressively accelerated efforts to upgrade aging roads, bridges and introduce high-speed rail with a six-year, $556 billion package.

“It’s really about a big vision, a bold vision, an innovative vision,” Transportation Secretary Ray LaHood told reporters.

33 UPDATE 2-Obama budget targets brand name medicines

By Susan Heavey, Reuters

Mon Feb 14, 3:33 pm ET

WASHINGTON (Reuters) – Big pharmaceutical companies could face increased competition from generic drugmakers under two proposals put forth by the Obama administration on Monday despite earlier savings extracted from drugmakers as part of last year’s healthcare law.

President Barack Obama, as part of his 2012 budget proposal, called for cutting the number of years drugmakers could exclusively market brand-name biologic drugs to 7 years from 12.

He also set his sights on ending controversial “pay-for-delay” deals that affect traditional, chemical drugs by giving the U.S. Federal Trade Commission power to block them. Under such pacts, brand-name and generic drugmakers settle patent challenges with payoffs that delay lower-cost rivals from reaching the market.

34 Obama keeps Afghan war spending, Iraq costs down

By Andrew Quinn, Reuters

Mon Feb 14, 3:32 pm ET

WASHINGTON (Reuters) – President Barack Obama on Monday proposed spending almost $110 billion on Afghanistan, signaling little let-up in the U.S. war drive despite demands for tougher spending controls at home.

Obama, in his budget for the 2012 fiscal year, proposed spending just $16 billion in Iraq — a significant decrease as U.S. diplomats take over from combat troops under a security agreement between the two countries.

Obama had put total U.S. war costs in both countries at about $160 billion in budget requests for both 2010 and 2011.

35 Sen. Schumer creates waves over DB-NYSE merger plan

By Joseph A. Giannone, Reuters

Mon Feb 14, 9:46 am ET

NEW YORK (Reuters) – A top lawmaker on Sunday created waves over two key aspects of the proposed merger between Deutsche Boerse and NYSE Euronext — which management team will run the merged entity and what will be its name.

The intervention by Senator Charles Schumer, a senior Democrat and a member of the Senate Banking Committee, is the latest indication that getting approvals for a deal on both sides of the Atlantic will not be easy.

Schumer told reporters he met with NYSE Euronext Chief Executive Duncan Niederauer — who would lead the combined entity — on Friday and again on Saturday.

36 Analysis: Asian exchanges could miss M&A wave

By Rachel Armstrong, Reuters

Mon Feb 14, 5:45 am ET

SINGAPORE (Reuters) – Asia runs the risk of being left behind in the sudden wave of transatlantic stock exchange consolidation, given the tough regulatory regimes, cumbersome ownership structures and protectionist minded governments.

The proposed tie-up between NYSE Euronext and Deutsche Boerse along with the London Stock Exchange’s move for Canada’s TMX Group has prompted talk the global exchange market is set to shrink to two or three big players. But a reluctance by many Asian nations to cede control to foreign ownership and the struggle to improve capital market integration means their exchanges are unlikely to have a seat at the table.

“I just don’t think they’re ready for consolidation – all of the deals aside from ASX-SGX are happening on a transatlantic basis, in the places where people have felt competitive pressure with costs coming down and electronic trading gone up,” said London-based Niki Beattie, managing director of trading consultancy Market Structure.

37 Exclusive: Starbucks and Green Mountain in tie-up talks

By Lisa Baertlein and Mihir Dalal, Reuters

19 mins ago

LOS ANGELES/BANGALORE (Reuters) – Starbucks Corp and Green Mountain Coffee Roasters are in partnership negotiations, a source close to the talks told Reuters on Monday, sending Green Mountain shares to a lifetime high.

Starbucks, the world’s biggest coffee chain, has been looking for growth beyond its namesake cafes and wants to be a big player in the new and fast-growing single-serve coffee segment. Green Mountain dominates the U.S. single-cup market with its Keurig brewer.

Starbucks said on Sunday that it planned to announce a new product for the single-cup coffee market in the near future, reviving speculation of a tie-up between the two companies.

38 Japan economy shrinks but exports may fuel recovery

By Tetsushi Kajimoto and Leika Kihara, Reuters

Mon Feb 14, 5:37 am ET

TOKYO (Reuters) – Japan’s economy shrank slightly in the final quarter of 2010 but analysts expect a recovery this year as stronger exports to China and other parts of fast-growing Asia offset persistently weak domestic demand.

The data confirmed Japan lost its place to China last year as the world’s second-largest economy and highlighted Tokyo’s increasing reliance on its giant neighbor, which buys nearly a fifth of Japan’s exports.

Gross domestic product (GDP) shrank 0.3 percent in the October-December period from the previous quarter, slightly less than a 0.5 percent fall expected by markets but still the first contraction in five quarters.

39 EU finance ministers to discuss rescue fund

By Jan Strupczewski, Reuters

Sun Feb 13, 7:05 pm ET

BRUSSELS (Reuters) – European finance ministers will discuss on Monday how to give their euro zone rescue fund more flexibility and firepower and how to tackle debt crises after 2013, but final decisions are unlikely before March.

Finance ministers from the 17 countries that use the euro and the President of the European Central Bank Jean-Claude Trichet meet to make progress on a new, comprehensive response to the sovereign debt crisis.

They will be joined on Monday evening by ministers from the 10 non-euro zone members of the European Union to discuss the European Stability Mechanism, which is to take over crisis resolution from mid-2013.

40 Forty years on, birth of a new Boeing jumbo

By Bill Rigby, Reuters

Sun Feb 13, 6:00 pm ET

SEATTLE (Reuters) – Boeing Co rolled out a new jumbo jet on Sunday, hoping to relive the glamour of the birth of the 747 over 40 years ago and use it to boost slow sales.

The 747-8 Intercontinental will seat 467 passengers, 51 more than the current version of the 747, and burn less fuel while offering passengers more comfort, the U.S. planemaker says.

“Of all the airplanes that we’ve built, there is one that is identified more closely with Boeing than any other, and that’s the 747,” said James Albaugh, head of Boeing’s commercial airplane unit, introducing the plane to a crowd of almost 10,000 Boeing employees, their families and a select group of industry VIPs.

The Federal Budget Battles on the Backs of the Poor

The White House unveiled their proposals for the Federal Budget for 2012 that begins October 1. Keep in mind that the budget for 2011 has yet to be passed, thanks to the Democrats not being able to rein in their “mavericks” and the penchant for the White House capitulate to Republican demands. As promised, the White House budget does not mention Social Security which has set the Republicans in the House and Senate to whining that it is the President’s responsibility, not theirs, to swing the ax on “entitlements”. While Obama opened the door to this by loading his deficit commission with the likes of Alan Simpson, he has finally recognized that cutting Social Security benefits in any way will be political suicide in 2012. So wisely, he has left it to the Republicans and they are not about to take any responsibility for it.

The rest of the White House budget is pretty dismal. While there are proposals for education, high-speed rail and infrastructure, it does that by shifting money from other vital programs like heating assistance, wage freezes and other draconian cuts mostly affecting those who can least afford it. The President’s proposed budget will allegedly cut the deficit by $1.1 trillion over the next 10 years while still creating creating jobs.

The exchange this morning on CNN with Sen. Jeff Sessions, (R-AL) attacking the Obama budget with the argument that “our cuts are better than your cuts” and trying to pass the buck back to Obama on Social Security cuts. This would really funny if it weren’t so devastating to the majority if Americans and the poor

“A one trillion reduction is insignificant,” Sessions insists. “This is nowhere near what’s necessary to avoid the fiscal nightmare that this nation is facing. … It doesn’t touch any of the entitlements, it only has some reductions in the discretionary accounts.”

That’s a slow ball, right over the center of the plate if your job is to reinforce conventional wisdom, and the anchor, Kiran Chetry, knocks it out of the park. “At what point does everybody get together and just say, ‘Alright, it’s time to tackle these bigger issues: Raising the Social Security retirement age. Medicare doesn’t just go to everybody.’ When is that gonna be tackled.”

But, Sessions responds, on tough issues over which Congress has the ultimate say, it’s the President’s job to take all the political risk!

“We’ve heard nothing from our chief executive, the President of the United States,” he said.

The MSM is still perpetuating the lie that Social Security has to be cut when the truth is that it is the one safety net program that has not added one cent to the deficit. If the fund had not been raided to pay for illegal wars and tax cuts for the rich by the Bush administration, the fund would be solvent well into the next century,even wit the influx of the “Boomer” generation. Social Security is not an entitlement.

The Republican budgets would have the same results on the deficit, the difference being that the Republican budget does not create any jobs but would actually kill any chance of job creation by slashing:

  • High speed rail investments ($5 billion)
  • COPS Hiring (supporting local law enforcement) ($298 million)
  • High School Graduation Initiative ($50 million)
  • Weatherization assistance program ($210 million)
  • National Park Service climate change monitoring and response ($4.5 million)
  • Corporation for Public Broadcasting ($86 million)
  • Green Jobs Innovation Fund ($40 million)

and that is only the tip of the proposed Republican cuts.

Meanwhile, the Pentagon is requesting its largest budget since World War II with Defense Secretary Gates insisting that $553 billion price tag for 2012 is the “the minimum level of funding we can live with.” The promised cuts of $78 billion over 5 years won’t start until 2014 and 2015.

As Center for American Progress senior fellow and President Reagan’s former assistant secretary of defense Larry Korb points out, Obama’s request is “5% higher than what the Defense Department plans to spend this year. In inflation-adjusted dollars, this figure is higher than at any time during the Bush years or during the Cold War.” In fact, the total military budget this year “comes in at a thumping $750 billion – an annual tax of more than $7,000 on every household in the country.” And while there are clear ways to cut $1 trillion from the Pentagon budget, it seems that many in the GOP have no intention of doing so.

(emphasis mine)

Obama and the Democratic has accomplished more than either Bush or Cheney ever dreamed. They had a golden opportunity and totally wasted it. It is very possible that the economy will sink back into another recession worse than the last one.

Reporting the Revolution: February 14

class=”BrightcoveExperience”>With Hosni Mubarak gone and rumors running rampant on his fortune, health and whereabouts, promises of democracy and reform from the military, one would think that the revolution was finished. Today, despite threats of arrest and pleas to go back to work, thousands of striking workers took to the streets again in Tahrir Square and across Egypt demanding better pay and working conditions. Even the police held a demonstration. Even though the internet and phone service is working, the press is still being harassed. There have been reports of camera equipment confiscated, reporters taken into custody and the military has ordered Al Jazeera to stop filming the protests. However, the state media has now taken to praising the revolution with proclamations of “the people ousted the regime”.

The military is walking a very fine line trying to get the economy running and a semblance of order so the government transition can progress to elections in September, as hoped. Banks did not open today because of the continuing protests and tomorrow is a bank holiday. The military council has promised that banks will open on Wednesday.

Protests in other countries are getting larger and louder, as the young Arabs grow weary of stifling regimes. There were many large demonstrations in Iran, Yemen, and Bahrain disregarding bans by governments and the strong presence of police and military.

Guardian has a Live Blog from their reporters in Egypt and around the region refreshes automatically every minute. .

The “Jasmine Revolution” that started in Tunisia is growing It is going to be an interesting summer.

Here is a round up of news:

Clashes reported in Iran protests

Pro-reformist marches under way in Tehran despite a heavy security presence and police crackdown.

There are reports in social media sites and non-state Iranian news sites of clashes between protesters and security forces in Tehran, the Iranian capital.

Thousands of demonstrators were marching on Monday on Enghelab and Azadi streets [which connect and create a straight path through the city centre], with a heavy presence in Enghelab Square and Vali-Asr Street, according to these reports.

Several clashes have been reported on Twitter, the micro-blogging site, with claims of some demonstrators being teargassed and others beaten and arrested.

Al Jazeera’s Dorsa Jabbari, in Tehran, confirmed reports that security forces used tear gas, pepper spray and batons against the protesters.

She said up to 10,000 security forces had been deployed to prevent protesters from gathering at Azadi Square, where the marches, originating from various points in Tehran, were expected to converge.

Young Arabs who can’t wait to throw off shackles of tradition

The frustrated generation at the heart of the protests tell how their progress is being stifled by unemployment and corruption

They live with their parents, hang out in cafes, Facebook their friends, study in their spare time, listen to local rappers – and despair about ever being able to get a good, fulfilling job and start a family. The young people at the vanguard of the protests sweeping the Arab world are an exasperated demographic, the lucky ones stuck in poorly paid jobs they hate, the unlucky ones touting degrees that don’t get them anywhere, an entire generation muzzled by tradition, deference and authoritarian rule.

WikiLeaks cables: Egyptian military head is ‘old and resistant to change’

US ambassador to Cairo gives his opinion on Muhammad Tantawi and number two general, Sami Enan

Nothing Egypt’s military council has done in its past suggests it has the capacity or inclination to introduce speedy and radical change. Guaranteed its $1.3bn (£812m) annual grant from the US – a dividend from the Camp David peace accord with Israel – it has gained the reputation as a hidebound institution with little appetite for reform.

Army urges Egyptians to end strikes

Military council calls on workers to play their role in reviving the economy after almost three weeks of turmoil.

Egypt state media changes sides

Loyal government mouthpieces to the end of Mubarak’s rule, state-run media outlets now celebrate the revolution.

Egyptian minds are opened

Upheaval has opened the door to political and economic reform, but its most lasting effect may be psychological.

Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”

New York Times Editorial: In Defense of Marriage, for All

The 1996 Defense of Marriage Act is indefensible – officially sanctioned discrimination against one group of Americans imposed during an election year. President Obama seems to know that, or at least he has called on Congress to repeal it. So why do his government’s lawyers continue to defend the act in court?

But just last month, the department appealed two rulings by Joseph Tauro, a federal trial judge in Massachusetts, who found that the law’s denial of benefits to married same-sex couples could not pass constitutional muster. We did not agree with some of the judge’s reasoning. He said the marriage act exceeded Congress’s powers and infringed on the state’s right to regulate marriage – an approach that could undermine many of the biggest federal social programs, including the new health care law.

Glenn Greenwald: The Leaked Campaign to Attack WikiLeaks and Its Supporters

But the real issue highlighted by this episode is just how lawless and unrestrained is the unified axis of government and corporate power. I’ve written many times about this issue — the full-scale merger between public and private spheres — because it’s easily one of the most critical yet under-discussed political topics. Especially (though by no means only) in the worlds of the Surveillance and National Security State, the powers of the state have become largely privatized. There is very little separation between government power and corporate power. Those who wield the latter intrinsically wield the former. The revolving door between the highest levels of government and corporate offices rotates so fast and continuously that it has basically flown off its track and no longer provides even the minimal barrier it once did. It’s not merely that corporate power is unrestrained; it’s worse than that: corporations actively exploit the power of the state to further entrench and enhance their power.

Paul Krugman: Eat The Future

On Friday, House Republicans unveiled their proposal for immediate cuts in federal spending. Uncharacteristically, they failed to accompany the release with a catchy slogan. So I’d like to propose one: Eat the Future.

I’ll explain in a minute. First, let’s talk about the dilemma the G.O.P. faces.

Republican leaders like to claim that the midterms gave them a mandate for sharp cuts in government spending. Some of us believe that the elections were less about spending than they were about persistent high unemployment, but whatever. The key point to understand is that while many voters say that they want lower spending, press the issue a bit further and it turns out that they only want to cut spending on other people.

Roger Cohen: From 9/11 to 2/11

Perhaps the most effective antidote to 9/11 will prove to be 2/11, the day Hosni Mubarak conceded the game was up with his 30-year-old dictatorship and left town under military escort for the beach.

We’ve tried invasions of Muslim lands. We’ve tried imposing new systems of government on them. We’ve tried wars on terror. We’ve tried spending billions of dollars. What we haven’t tried is tackling what’s been rotten in the Arab world by helping a homegrown, bottom-up movement for change turn a U.S.-backed police state into a stable democracy.

Robert Fisk: A Tyrant’s Exit. A Nation’s Joy

Everyone suddenly burst out singing.

And laughing, and crying, and shouting and praying, kneeling on the road and kissing the filthy tarmac right in front of me, and dancing and praising God for ridding them of Hosni Mubarak – a generous moment, for it was their courage rather than divine intervention which rid Egypt of its dictator – and weeping tears which splashed down their clothes. It was as if every man and woman had just got married, as if joy could smother the decades of dictatorship and pain and repression and humiliation and blood. Forever, it will be known as the Egyptian Revolution of 25 January – the day the rising began – and it will be forever the story of a risen people.

The old man had gone at last, handing power not to the Vice-President but – ominously, though the millions of non-violent revolutionaries were in no mood to appreciate this last night – to Egypt’s army council, to a field marshal and a lot of brigadier generals, guarantors, for now, of all that the pro-democracy protesters had fought and, in some cases, died for. Yet even the soldiers were happy. At the very moment when the news of Mubarak’s demise licked like fire through the demonstrators outside the army-protected state television station on the Nile, the face of one young officer burst into joy. All day, the demonstrators had been telling the soldiers that they were brothers. Well, we shall see.

John Nochols: A ‘Dictator’ Governor Sets Out to Cut Wages, Slash Benefits and Destroy Public Unions

Wisconsin Governor Scott Walker’s proposal to strip public employees of most collective bargaining rights, cut pay and gut benefits without any negotiation the most radical assault yet by the current crop of Republican governors on the rights of workers has inspired outrage in a historically progressive and pro-labor state.

With unions calling on members an allies to “fight back” against a “blatant power grab,” tensions are running so high that the governor, who took office in January, is threatening to call out the National Guard in case of industrial action by state, county and municipal employees. “Even if you don’t like unions,” says Rich Abelson, executive director of AFSCME Council 48, the union that represents Milwaukee County workers, “surely we all can agree that anti-freedom attacks that deny public employees the right to negotiate a fair contract…are outrageous and wrong.”

Even Republicans are unsettled, with a senior GOP legistator, state Senator Luther Olsen, describing the governor’s announcement a “radical” move that threatens “a lot of good working people.”

Robert Dreyfuss: Saudi Arabia’s Fear of Egypt

Not surprisingly, many American media reports have focused on the impact of the  revolution in Egypt on Israel, whose security policy is centered on the three-decade-old peace treaty between Israel and Egypt. But the country that really ought to be worried is Saudi Arabia.

Throughout the entire period of Egypt’s uprising, Saudi Arabia disparaged the rebels, backed ex-President Mubarak, and called for “stability.” No wonder. For Saudi Arabia, a reborn Egypt is their worst nightmare. Think of it like this: Imagine Saudi Arabia as a wealthy, gated community, whose lavish homes are built behind stone walls, with swimming pools and tennis courts. But next door – right next door, just outside the gates – is Egypt, a vast and sprawling slum, whose residents jealously catch glimpses of the kleptocrats next door as they board jets for Dubai and the French Riviera. Now you understand why Saudi Arabia might be worried.

Monday Business Edition

Monday Business Edition is an Open Thread

From Yahoo News Business

1 China overtakes Japan as world’s No. 2 economy

by David Watkins, AFP

2 hrs 40 mins ago

TOKYO (AFP) – Japan lost its 42-year ranking as the world’s second-biggest economy to China in 2010, with data on Monday showing a contraction in the last quarter due to weak consumer spending and a strong yen.

While Japan was expected to fall behind a surging China in the year, the data underlined the weak state of a Japanese economy burdened by deflation, soft domestic demand and pressured by the industrialised world’s biggest debt.

“It is difficult for the deflation-plagued Japanese economy to achieve self-sustained growth,” said Naoki Murakami, chief economist at Monex Securities.

2 China’s trade surplus drops 53.5% in January

by Fran Wang, AFP

Mon Feb 14, 2:26 am ET

BEIJING (AFP) – China said Monday its politically sensitive trade surplus shrank in January but analysts warned the data may have been skewed by a surge in imports leading up to the Lunar New Year holiday.

The data came hours after Tokyo confirmed China had surpassed Japan as the world’s second biggest economy and as economists look to the release on Tuesday of January inflation at a time when China is trying to rein in prices.

The trade surplus fell 53.5 percent to $6.45 billion in January as both exports and imports grew strongly ahead of the holiday, the General Administration of Customs said.

3 EU, IMF seek to repair Greek rift after asset furore

by John Hadoulis, AFP

Mon Feb 14, 12:22 am ET

ATHENS (AFP) – The European Commission and International Monetary Fund hastened to placate debt-hit Greece after the government bristled at a suggestion that it embark on a huge assets sale.

The Commission, the IMF and the European Central Bank, issued a statement expressing “the deepest respect” for the “tremendous” fiscal overhaul the government had undertaken.

The three, known as the ‘troika’ in Greece, are supervising Greece’s tough austerity programme and were reacting to a row that blew up on Friday.

4 Greece slams ‘unacceptable’ EU-IMF asset sale call

AFP

Sat Feb 12, 4:32 pm ET

ATHENS (AFP) – Greek Prime Minister George Papandreou on Saturday accused EU and IMF officials of “unacceptable behaviour” over demands for a 50-billion-euro asset sale to ease Greece’s crushing debts.

Papandreou’s office said he had personally complained to International Monetary Fund director Dominique Strauss-Kahn over the “unacceptable behaviour” of European Union, IMF and European Central Bank experts monitoring Greece’s economic reforms.

Papandreou also called EU economic affairs commissioner Olli Rehn, the prime minister’s office said, and is also reportedly planning similar protests to European Commission President Jose Manuel Barroso and ECB President Jean-Claude Trichet.

5 Greece blasts EU-IMF asset sale demand

AFP

Sat Feb 12, 6:48 am ET

ATHENS (AFP) – Greece on Saturday blasted calls by EU and IMF officials for a massive privatisation drive worth 50 billion euros by 2015 to alleviate the country’s crushing debts.

“The behaviour of the European Union, International Monetary Fund and European Central Bank representatives … was unacceptable,” government spokesman George Petalotis said in an early morning statement.

“We asked them to help and are fully meeting our obligations. But we did not ask anybody to meddle in the internal matters of the country,” he said.

6 Obama eyes tax hikes, spending cuts to curb deficit

by Andrew Beatty, AFP

1 hr 1 min ago

WASHINGTON (AFP) – US President Barack Obama will unveil his 2012 budget later on Monday, proposing a raft of spending cuts and tax hikes aimed at curbing a record budget deficit.

Facing a projected $1.65 trillion budget shortfall this year — an all-time high — Obama plans to trim $90 billion from government spending in 2012, while dramatically boosting tax revenues, senior administration officials said.

Addressing widespread public fear that the government is living beyond its means, the administration will vow to cut the deficit by more than one trillion dollars over the next ten years.

7 Obama says budget will feature cuts, investment

AFP

Sat Feb 12, 11:58 am ET

WASHINGTON (AFP) – US President Barack Obama said Saturday he was determined to carry out budget cuts to improve America’s balance sheet but insisted on making key investments in the country’s future.

The president unveils his spending blueprint on Monday, with White House officials saying it will freeze annual domestic spending for the next five years and help the United States reduce the budget deficit by more than $400 billion over the next decade.

“We have stripped down the budget by getting rid of waste,” Obama said in his weekly radio address.

8 Obama struggles to balance budget cuts, investment

by Andrew Beatty, AFP

Sun Feb 13, 12:40 am ET

WASHINGTON (AFP) – US President Barack Obama unveils his fiscal 2012 budget Monday, an election year plan forged from conflicting needs to cut spending and stoke the economic recovery.

With vast crisis payments and sharply lower tax revenues making it difficult for the government to balance its books, Obama will set out an austerity plan that will help set the tone for next year’s presidential race.

It is expected to address widespread public anger that the government is living beyond its means, detailing tens if not hundreds of billions of dollars of spending cuts, while making investments that will help “win the future.”

9 Steel deal sets example for Japan Inc say analysts

by David Watkins, AFP

Sun Feb 13, 6:12 pm ET

TOKYO (AFP) – The proposed merger of two Japanese steel giants is a sign of an industry looking to reassert itself and an example to Japan Inc. that restructuring is crucial to take on competition, say analysts.

Japan’s biggest steelmaker Nippon Steel and third-ranked rival Sumitomo Metal Industries are working towards a merger that would create the world’s second-largest steel firm by 2012, behind Luxembourg-based ArcelorMittal.

The agreement is the first steel industry merger in a decade in the country, and analysts say the move sets an example to the rest of Japan Inc. as it grapples with a weak home economy, a strong yen and rising overseas rivals.

10 Singapore’s casino gamble pays off one year on

by Philip Lim, AFP

Sun Feb 13, 6:10 pm ET

SINGAPORE (AFP) – Just one year after opening its first casino, Singapore has emerged as Asia’s hottest new gambling capital with a revamped cityscape and billions of dollars pouring into the economy.

“Singapore has made a dramatic entry to the casino gaming market,” financial consultancy PricewaterhouseCoopers said in a report estimating the city-state’s casino gaming market at $2.8 billion in 2010.

The first casino opened in Malaysian-controlled Resorts World Sentosa on February 14, 2010, with US-based Las Vegas Sands following two months later as the world economy was still clawing itself out of recession.

11 Rate rises and graft scandals threaten India growth

by Penny MacRae, AFP

Sun Feb 13, 5:50 pm ET

NEW DELHI (AFP) – India is set for scorching growth this year but concern is mounting about its longer-term outlook, with the central bank seen hiking interest rates further and corruption scandals worrying investors.

The stock market has already dropped some 17 percent this year, hit by fears that economic growth will cool due to higher interest rates and souring foreign investor sentiment amid a spate of high-profile corruption scandals.

In January, foreign institutional investors turned net sellers for the first time in eight months, dumping some $1.4 billion in Indian stocks, according to industry data.

12 Platinum boom brings riches to S.Africa’s Bafokeng

by Alexandra Lesieur, AFP

Sun Feb 13, 5:27 pm ET

PHOKENG, South Africa (AFP) – South Africa’s Bafokeng people live on the biggest platinum deposits in the world, a resource that has transformed the once-traditional tribe into a mini-state with its own investment company.

The Royal Bafokeng Nation — a kingdom of some 300,000 people about 120 kilometres (75 miles) northwest of Johannesburg — has its own professionally designed web site, a majority stake in a listed platinum firm and a two-percent share in telecoms giant Vodacom.

The kingdom’s capital, Phokeng, is also home to the newly renovated Royal Bafokeng Stadium, which hosted six matches in the 2010 World Cup.

13 Readers, bloggers sound off on Huff Post sale

by Chris Lefkow, AFP

Sun Feb 13, 8:25 am ET

WASHINGTON (AFP) – When The Huffington Post was sold to AOL last Monday for $315 million, its founder, Arianna Huffington, was feted as a new media pioneer. Not everyone is celebrating, however.

Huffington has been facing a backlash over the sale — from readers worried about what it will mean for the future of the site and from unpaid bloggers who helped make The Huffington Post such a valuable property.

Arianna Huffington’s blog post on Monday announcing the sale to AOL has attracted more than 7,500 comments as of Friday, many of them bemoaning the purchase of the left-leaning news and opinion site by AOL.

14 Rio CEO targets iron ore as demand booms

by Amy Coopes, AFP

Sun Feb 13, 2:00 am ET

SYDNEY (AFP) – Rio Tinto chief Tom Albanese said Australian iron ore was the firm’s top growth priority, with demand set to outstrip supply of the precious steelmaking metal until at least 2013.

The Anglo-Australian mining giant this week revealed it had almost tripled net profit to $14.32 billion dollars as commodity prices skyrocketed on strong demand, saying it would hand $5 billion back to shareholders.

The market had been “pleasantly surprised” by the share buyback but Albanese said Rio’s prospects were strong, with global growth running at between 4-5 percent — “higher than we would’ve expected” — and a “good long-term picture.”

15 Japan economy shrinks but exports may fuel recovery

By Tetsushi Kajimoto and Leika Kihara, Reuters

2 hrs 48 mins ago

TOKYO (Reuters) – Japan’s economy shrank slightly in the final quarter of 2010 but analysts expect a recovery this year as stronger exports to China and other parts of fast-growing Asia offset persistently weak domestic demand.

The data confirmed Japan lost its place to China last year as the world’s second-largest economy and highlighted Tokyo’s increasing reliance on its giant neighbor, which buys nearly a fifth of Japan’s exports.

Gross domestic product (GDP) shrank 0.3 percent in the October-December period from the previous quarter, slightly less than a 0.5 percent fall expected by markets but still the first contraction in five quarters.

16 Sen. Schumer creates waves over DB-NYSE merger plan

By Joseph A. Giannone, Reuters

Mon Feb 14, 12:34 am ET

NEW YORK (Reuters) – A top lawmaker on Sunday created waves over two key aspects of the proposed merger between Deutsche Boerse and NYSE Euronext — which management team will run the merged entity and what will be its name.

The intervention by Senator Charles Schumer, a senior Democrat and a member of the Senate Banking Committee, is the latest indication that getting approvals for a deal on both sides of the Atlantic will not be easy.

Schumer told reporters he met with NYSE Euronext Chief Executive Duncan Niederauer — who would lead the combined entity — on Friday and again on Saturday.

17 China trade surplus shrinks, supports government’s G20 case

By Zhou Xin and Kevin Yao, Reuters

Mon Feb 14, 4:11 am ET

BEIJING, Feb 14 (Reuters) – China’s trade surplus fell to its lowest in nine months in January after imports surged, supporting the government’s case ahead of a G20 meeting that it is doing enough to spur domestic demand without speeding up currency appreciation.

The trade surplus shrank to $6.5 billion from $13.1 billion in December, well short of forecasts for a $10.7 billion gap.

Global stocks and commodity prices climbed higher, with the surprisingly strong imports highlighting China’s massive appetite for raw materials and its solid export growth hinting at solidifying recoveries in the U.S. and European economies.

18 France seeks G20 deal on imbalances, unsure of success

By Daniel Flynn and Leigh Thomas, Reuters

1 hr 37 mins ago

PARIS (Reuters) – France played down hopes on Monday of clinching a deal at a meeting of G20 finance ministers this week on which indicators should be used to measure global economic imbalances, but said that remained its goal.

A G20 summit in Seoul last year mandated France’s presidency to reach agreement in the first half of 2011 on a list of “indicative guidelines” for quantifying imbalances to prevent a repeat of the global economic crisis. Agreeing on a list will be the focus of this week’s meeting in Paris.

Disagreement has persisted between rich and developing nations over which indicators to select, with G20 officials saying China in particular is resisting pressure from developed nations to include factors like real effective exchange rates and the level of foreign assets. “We hope … to reach agreements (this week) on economic performance indicators which will allow us to measure the way toward the optimal point,” French Economy Minister Christine Lagarde told a news conference on Monday.

19 G20 sees two steps to tackling global imbalances: EU

By Jan Strupczewski, Reuters

Sun Feb 13, 3:11 pm ET

BRUSSELS (Reuters) – Finance ministers from the world’s 20 biggest developed and developing economies (G20) are likely to agree next week on a two-stage approach to tackling global economic imbalances, a European Union document showed.

Such imbalances, reflected in the current account balance, private and public savings, debt and capital flows, can trigger or augment crises, destabilizing the world economy. G20 leaders agreed in November to find a way to tackle them.

The first step would be to identify the imbalances using an agreed set of economic indicators and benchmark values.

20 Nokia’s Microsoft tie-up gets renewed hammering

By Jussi Rosendahl, Reuters

30 mins ago

HELSINKI (Reuters) – Nokia’s already battered shares fell further on Monday as analysts slammed its all-or-nothing deal with Microsoft for failing to answer key questions about smartphone development and heralding a turbulent transition.

New CEO Stephen Elop announced a partnership with Microsoft on Friday, but the mainstay of his much anticipated strategy revamp was not enough to restore confidence in Nokia.

Under the partnership, which Elop said was worth billions, Nokia will adopt Windows Phone software across its devices, replacing its home-grown Symbian platform and turning the world’s largest cellphone maker into a pure hardware player.

21 GE to buy John Wood unit for $2.8 billion

By Megan Davies, Reuters

Mon Feb 14, 4:40 am ET

NEW YORK/LONDON (Reuters) – General Electric Co (GE.N) is to buy a unit of British energy services firm John Wood Group (WG.L) for about $2.8 billion, the latest move by the largest U.S. conglomerate to boost its presence in oil services.

GE’s acquisition John Wood’s well support division raised hopes of more deals in the oilfield services sector, where GE has recently been an active buyer of assets.

GE, which is buying the unit through its oil and gas business, in December agreed to buy Britain’s oil drilling pipemaker Wellstream Holdings Plc for $1.3 billion.

22 Forty years on, birth of a new Boeing jumbo

By Bill Rigby, Reuters

Sun Feb 13, 6:00 pm ET

SEATTLE (Reuters) – Boeing Co rolled out a new jumbo jet on Sunday, hoping to relive the glamour of the birth of the 747 over 40 years ago and use it to boost slow sales.

The 747-8 Intercontinental will seat 467 passengers, 51 more than the current version of the 747, and burn less fuel while offering passengers more comfort, the U.S. planemaker says.

“Of all the airplanes that we’ve built, there is one that is identified more closely with Boeing than any other, and that’s the 747,” said James Albaugh, head of Boeing’s commercial airplane unit, introducing the plane to a crowd of almost 10,000 Boeing employees, their families and a select group of industry VIPs.

23 New York Toy Fair kicks off on cheerful note

By Dhanya Skariachan, Reuters

Sun Feb 13, 12:52 pm ET

NEW YORK (Reuters) – From Mattel’s sweet-talking boyfriend Ken doll to Hasbro’s Kre-O building sets based on Transformers characters, toy makers lined up an impressive array of hi-tech and movie-themed playthings to win sales in 2011, which some say will be a better year for the industry.

The mood on the opening day of the American International Toy Fair in New York was rather upbeat as manufacturers like Mattel Inc, MEGA Brands Inc and Spin Master tried to woo potential buyers from across the globe.

“I have become increasingly optimistic as we have gotten into the year,” Carter Keithley, president of the Toy Industry Association, said in an interview on Sunday. “We are at this show right now, completely sold out of space.”

24 Revolution and some inflation

By Pedro Nicolaci da Costa, Reuters

Mon Feb 14, 12:36 am ET

WASHINGTON (Reuters) – Nothing like a little revolution to shake up an already turbulent global economy.

World finance chiefs head to Paris for a Group of 20 nations meeting on Friday and Saturday after weeks of preparatory discussions by their aides on topics such as global economic imbalances and the euro zone’s debt troubles.

Now, Egypt’s historic popular uprising could force them to debate broader geopolitical matters as well.

25 China to vet inward M&A deals for national security

Reuters

Sat Feb 12, 7:55 am ET

BEIJING, Feb 12 (Reuters) – China will launch a state-level investment review body to check that merger and acquisition deals struck by foreign firms in one of the world’s fastest-growing economies do not endanger “national security,” China’s State Council, the cabinet, said on Saturday.

The new regulation, which will come into effect in March, is set to install a new red-tape barrier for doing business in China, the world’s second largest economy where double-digit growth has attracted more than $105 billion in foreign direct investment last year.

Foreign investments in military, agriculture, energy and resources, key infrastructure, transport systems, key technology sectors and “important equipment manufacturers” may be subject to reviews, according to a statement published on the central government Internet portal, www.gov.cn.

26 Obama budget to cut deficit by $1.1 trillion

By Alister Bull and Jeff Mason, Reuters

8 mins ago

WASHINGTON (Reuters) – President Barack Obama proposed a budget on Monday that would cut the U.S. deficit by $1.1 trillion over 10 years, setting the stage for a bitter fight with Republicans who vow even tougher spending controls.

Conservatives say Obama, a Democrat, is a tax-and-spend liberal, and they aim to make the 2012 presidential election a referendum on his fiscal track record.

Details of the budget proposal provided by the White House before its official release showed the deficit rising to $1.645 trillion in fiscal 2011, then falling sharply to $1.101 trillion in 2012.

27 ECB’s Weber says European opposition behind withdrawal

By Erik Kirschbaum, Reuters

Sat Feb 12, 7:57 am ET

BERLIN (Reuters) – Bundesbank president Axel Weber confirmed on Saturday he would not be a candidate to head the European Central Bank, blaming resistance in some European countries to his hardline monetarist stance.

He also pointed to Jens Weidmann, an economic adviser to Chancellor Angela Merkel, as a leading candidate to replace him at the helm of the Bundesbank when he steps down from the German central bank in April.

In an interview with Der Spiegel magazine released on Saturday, Weber said he feared the credibility of the ECB presidency would have suffered if as president he held a minority view on key questions, pointing to his “clear position” in the last year on important decisions.

28 NYSE and Deutsche Boerse vote seen Tuesday

By Philipp Halstrick and Jonathan Spicer

Fri Feb 11, 8:19 pm ET

FRANKFURT/NEW YORK (Reuters) – The boards of NYSE Euronext and Deutsche Boerse AG are expected to meet on Tuesday for a final vote on their planned deal, a source close to the situation said on Friday, as exchanges left out of the merger frenzy plotted their response.

A formal merger document that can be presented to the companies’ boards is not yet prepared, a separate source familiar with the situation said. Other sources said the NYSE Euronext board is also expected to meet on Sunday, but the details of what it might discuss were unclear.

The two companies declined to comment.

29 Obama launches housing overhaul plan, long road ahead

By Corbett B. Daly and David Lawder, Reuters

Fri Feb 11, 6:02 pm ET

WASHINGTON (Reuters) – The Obama administration nailed a ‘condemned’ sign on the wrecked U.S. housing finance system on Friday but did not offer a clear blueprint for a rebuilding project that promises to take years.

In a long-awaited move, the White House offered three big-picture options for overhauling a $10.6-trillion market that cratered in 2008, triggering a wave of home foreclosures and the worst banking crisis since the Great Depression.

All the alternatives sketched out in a 31-page “white paper” would unwind the troubled mortgage titans Fannie Mae and Freddie Mac and shrink the government’s market footprint to allow private capital to step in.

30 Clothing prices to rise 10 pct starting in spring

By ANNE D’INNOCENZIO, AP Retail Writer

1 hr 58 mins ago

NEW YORK – The era of falling clothing prices is ending.

Clothing prices have dropped for a decade as tame inflation and cheap overseas labor helped hold down costs. Retailers and clothing makers cut frills and experimented with fabric blends to cut prices during the recession.

But as the world economy recovers and demand for goods rises, a surge in labor and raw materials costs is squeezing retailers and manufacturers who have run out of ways to pare costs.

31 Japan confirms China surpassed its economy in 2010

By TOMOKO A. HOSAKA, Associated Press

1 hr 55 mins ago

TOKYO – Japan confirmed Monday that China’s economy surpassed its own as the world’s second largest in 2010 and said a late-year downturn was its first quarterly contraction in more than a year.

Japan’s economy expanded 3.9 percent in the calendar year – its first annual growth in three years. But it wasn’t enough to hold off a surging China. Japan’s nominal GDP last year came to $5.4742 trillion, less than China’s total of $5.8786 trillion, the Cabinet Office said.

China was acknowledged last year as having surpassed Japan as the world’s No. 2 economy after the U.S. – a title it had held since 1968. But full-year Japanese data confirming it were not available until Monday. The historic shift underscores a stark change in fortunes for the two countries: China is growing rapidly and driving the global economy, while Japan never fully bounced back from the stagnation that followed the bursting of its property bubble.

32 Obama unveils $3.73 trillion budget for 2012

By MARTIN CRUTSINGER, AP Economics Writer

1 hr 1 min ago

WASHINGTON – President Barack Obama is sending Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases.

Obama’s new budget projects that the deficit for the current year will surge to an all-time high of $1.65 trillion. That reflects a sizable tax-cut agreement reached with Republicans in December. For 2012, the administration sees the imbalance declining to $1.1 trillion, giving the country a record four straight years of $1 trillion-plus deficits.

Jacob Lew, Obama’s budget director, said that the president’s spending proposal was a balanced package of spending cuts and “shared sacrifice” that would bring the deficits under control. Appearing on ABC’s “Good Morning America,” Lew said that Obama’s budget would “stand the test that we live within our means and we invest in the future.”

33 KB Home to lure buyers with energy bill savings

By ALEX VEIGA, AP Real Estate Writer

2 hrs 55 mins ago

LOS ANGELES – Homebuilders say one of the biggest advantages of buying a newly built home is energy efficiency. However, some of the ways that builders make homes burn less cash might not be as recognizable to buyers as say, kitchen appliances, generous closets and bathroom amenities. So now some builders are boiling energy efficiency down to something every buyer understands: money.

This week, Los Angeles-based builder KB Home will start giving prospective homebuyers an estimate upfront of what their monthly gas and electric bill will be if they buy one of the company’s homes. The estimate label also will clearly show buyers where the home ranks on an energy efficiency scale. Houston-based McGuyer Homebuilders Inc. earlier this month began providing customers with estimates of what the annual heating and cooling portion of their utility bills will be on homes in the company’s Dallas market. If buyers end up paying more, McGuyer promises to reimburse them for the difference in the first two years.

The strategy comes as homebuilders grapple with fierce competition from existing homes on the market, particularly sharply discounted foreclosed properties. Sales of new homes, which make up a fraction of overall home sales, sank last year to the lowest level since at least 1963. New homes, many bristling with energy-efficient features, often are priced at a premium to older homes. That can be a deal-breaker for buyers expecting to see bargain-priced properties as the housing downturn enters its fifth year.

34 In Holland, land of windmills, flap over wind farm

By ARTHUR MAX, Associated Press

Mon Feb 14, 5:36 am ET

URK, Netherlands – On an outcrop near this town’s lighthouse, a woman in stone perpetually scans the horizon for the fishing fleet returning home. To the dismay of townspeople, her view may soon be obscured by some of the world’s tallest wind turbines.

In this eco-friendly nation where windmills are embedded in the culture, it may seem strange that a spat over wind power threatens to land in the country’s highest court.

But these turbines are a far cry from the squat four-bladed mills used for centuries to drain the swamps and create new land from the sea. They are giants, with gray metallic blades that will scrape the clouds at 650 feet (about 200 meters) – and residents say they’ll destroy a way of life.

35 How overseas inflation could hurt investors

By DAVID K. RANDALL, AP Business Writer

Sun Feb 13, 2:53 pm ET

NEW YORK – Inflation isn’t hitting your wallet hard, but it is lurking in your stock portfolio.

Core inflation in the U.S. is 0.8 percent, well below the 4 percent rate that starts to worry economists. Though food costs are rising, the overall inflation rate is expected to hold steady due to stagnant real estate prices.

So what’s the worry?

36 Probe sought of Mubarak family’s purported fortune

By KARIN LAUB and TAREK EL-TABLAWY, Associated Press

Sun Feb 13, 8:58 pm ET

CAIRO – Switzerland has frozen whatever assets Hosni Mubarak and his associates may have there, and anti-corruption campaigners are demanding the same of other countries. But experts say hunting for the deposed Egyptian leader’s purported hidden wealth – let alone recovering it – will be an enormous task.

Mubarak’s actual worth remains a mystery. A recent claim that he and his sons Gamal and Alaa may have amassed a fortune of up to $70 billion – greater than that of Microsoft’s Bill Gates – helped drive the protests that eventually brought him down.

“Oh, Mubarak, tell us where you got 70 billion dollars!” protesters chanted in demonstrations before Egypt’s ruler of 30 years was driven from office Friday, and left Cairo for a gated compound in the Red Sea resort of Sharm el-Sheikh.

37 Egypt CBank sells $1.1B in Treasury bills

By TAREK EL-TABLAWY, AP Business Writer

Sun Feb 13, 11:47 am ET

CAIRO – Egypt’s Central Bank on Sunday sold 6.5 billion pounds ($1.1 billion) in Treasury bills, still forced to pay high yields despite the easing of tensions after President Hosni Mubarak ceded control of the country to the military.

The auction of 3 billion pounds in three-month bills and 3.5 billion in 266-day bills was the latest push by the Egyptian government to raise funds as the political crisis battered the country’s economy.

It was the first such auction since Mubarak left office on Thursday after 18 days of protests in which hundreds of thousands demanded his ouster.

38 Former NCAA player’s suit threatens Hollywood

By PAUL ELIAS, Associated Press

Sun Feb 13, 3:44 pm ET

SAN FRANCISCO – There was a time when Sam Keller and his teammates couldn’t wait to get their hands on Electronic Arts Inc.’s latest edition of NCAA Football, which included their team and images down to Keller’s distinctive visor he wore while playing quarterback for the University of Nebraska in 2007.

EA shares undisclosed royalties with the NCAA for use of college stadiums, team names and uniforms and the players’ images in a game that racks up hundreds of millions of dollars in annual sales. Because they are amateur athletes, the players don’t receive any direct benefit from the appearances of their nameless images in the game.

But Keller and an increasing number of players, such as former UCLA basketball star Ed O’Bannon, think they should and have filed at least nine federal lawsuits against the NCAA and EA over the last two years.

39 Foes seek to de-fund, discredit Planned Parenthood

By DAVID CRARY, AP National Writer

Sun Feb 13, 12:06 pm ET

NEW YORK – From its defiant origins in 1916, Planned Parenthood has not shied away from controversy – fighting to legalize birth control, offering candid sex education to adolescents, evolving into America’s largest provider of abortion.

Its foes have been relentless, and it now faces some of the most withering attacks of its history. A bill in Congress would strip the organization of federal family-planning grants and a series of covertly taped videos seek to depict some Planned Parenthood staff as willing to assist sex traffickers.

On one side, there are prominent conservatives suggesting that Planned Parenthood may be a criminal enterprise.

40 Without Mubarak, Egypt state TV switches sides

By MAGGIE HYDE, Associated Press Maggie Hyde, Associated Press – Sat Feb 12, 1:53 pm ET

CAIRO – Egypt’s state and pro-government media have abruptly changed their tune.

Faithful mouthpieces of Hosni Mubarak’s regime until the end, they now celebrate the ouster of the longtime Egyptian president – and pledge to be more attentive to ordinary Egyptians. State TV even promised to be more truthful in its reporting.

During the 18-day uprising, state TV and pro-Mubarak newspapers portrayed the hundreds of thousands of protesters as a minority of troublemakers. While raucous protests raged in downtown Cairo, state-run Al-Nil TV showed serene videos of the Nile River.

41 Greece slams IMF, EU debt inspectors for hubris

By ELENA BECATOROS, Associated Press

Sat Feb 12, 9:37 am ET

ATHENS, Greece – An indignant Greece slammed EU and International Monetary Fund inspectors overseeing its efforts to reform its debt-crippled economy, accusing them Saturday of overstepping their role and interfering in Greece’s internal affairs.

In an unusually harshly worded, pre-dawn statement, government spokesman Giorgos Petalotis called the behavior of the inspectors at a Friday news conference unacceptable.

“We have needs, but we also have limits. And we do not negotiate the limits of our dignity with anyone,” Petalotis said. “We take orders only from the Greek people.”

42 Rare-earth shortage? Afghans think they can help

By ELENA BECATOROS, Associated Press

Mon Feb 14, 12:00 am ET

KABUL, Afghanistan – Amid surging demand for rare-earth minerals used in everything from cell phones to gas-saving cars, Afghans are dreaming of cashing in on vast deposits they believe lie beneath their feet.

The problem is that they are in one of the country’s most dangerous spots, on the south bank of the Helmand River in southern Afghanistan, where fighting rages in a traditional Taliban stronghold.

That Afghanistan sits on vast mineral wealth has been detailed in several surveys, the most extensive of which were conducted by the Soviets in the 1970s. Mining companies, both Afghan and foreign, already have shown interest, notably in its copper, iron and oil.

43 A look inside America’s poorest county

By NOMAAN MERCHANT, Associated Press

Sun Feb 13, 8:54 pm ET

ZIEBACH COUNTY, S.D. – In the barren grasslands of Ziebach County, there’s almost nothing harder to find in winter than a job. This is America’s poorest county, where more than 60 percent of people live at or below the poverty line.

At a time when the weak economy is squeezing communities across the nation, recently released census figures show that nowhere are the numbers as bad as here – a county with 2,500 residents, most of them Cheyenne River Sioux Indians living on a reservation.

In the coldest months of the year, when seasonal construction work disappears and the South Dakota prairie freezes, unemployment among the Sioux can hit 90 percent.

44 Corporate tax cuts could lead to Canadian election

By ROB GILLIES, Associated Press

Sun Feb 13, 12:01 am ET

TORONTO – Canadian politics are heating up in language familiar to the neighbors down south: tax cuts, jobs, the deficit, corporate enrichment and struggling families.

The opposition is threatening to vote Prime Minister Stephen Harper out of office next month over his latest planned cut in corporate taxes. That would force a general election which Harper is widely expected to win, while once again falling short of a majority in Parliament and unable to pass major legislation without opposition support.

Harper is adamant he won’t repeal the cut in the federal corporate rate from 16.5 percent to 15 percent and complete the phased reduction he began in 2007 when the rate was 19%.

On This Day in History February 14

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

February 14 is the 45th day of the year in the Gregorian calendar. There are 320 days remaining until the end of the year (321 in leap years).

On this day in 1884, future President Theodore Roosevelt’s wife and mother die, only hours apart.

Roosevelt was at work in the New York state legislature attempting to get a government reform bill passed when he was summoned home by his family. He returned home to find his mother, Mittie, had succumbed to typhoid fever. On the same day, his wife of four years, Alice Lee, died of Bright’s disease, a severe kidney ailment. Only two days before her death, Alice Lee had given birth to the couple’s daughter, Alice.

Roosevelt left his daughter in the care of his sister, Anna “Bamie/Bye” in New York City. In his diary he wrote a large X on the page and wrote “the light has gone out of my life.”

A short time later, Roosevelt wrote a tribute to his wife published privately indicating that:

She was beautiful in face and form, and lovelier still in spirit; As a flower she grew, and as a fair young flower she died. Her life had been always in the sunshine; there had never come to her a single sorrow; and none ever knew her who did not love and revere her for the bright, sunny temper and her saintly unselfishness. Fair, pure, and joyous as a maiden; loving , tender, and happy. As a young wife; when she had just become a mother, when her life seemed to be just begun, and when the years seemed so bright before her-then, by a strange and terrible fate, death came to her. And when my heart’s dearest died, the light went from my life forever

To the immense disappointment of his wife’s namesake and daughter, Alice, he would not speak of his wife publicly or privately for the rest of his life and made no mention of her in his autobiography.

842 – Charles the Bald and Louis the German swear the Oaths of Strasbourg in the French and German languages.

1014 – Pope Benedict VIII recognizes Henry of Bavaria as King of Germany.

1076 – Pope Gregory VII excommunicates Henry IV, Holy Roman Emperor.

1349 – Approximately 2,000 Jews are burned to death by mobs or forcibly removed from the city of Strasbourg.

1556 – Thomas Cranmer is declared a heretic.

1743 – Henry Pelham becomes British Prime Minister.

1778 – The United States Flag is formally recognized by a foreign naval vessel for the first time, when French Admiral Toussaint-Guillaume Picquet de la Motte rendered a nine gun salute to USS Ranger, commanded by John Paul Jones.

1779 – James Cook is killed by Native Hawaiians near Kealakekua on the Island of Hawaii.

1797 – French Revolutionary Wars: Battle of Cape St. Vincent – John Jervis, 1st Earl of St Vincent and Horatio Nelson (later 1st Viscount Nelson) lead the British Royal Navy to victory over a Spanish fleet in action near Gibraltar.

1804 – Karadjordje leads the First Serbian Uprising against the Ottoman Empire.

1831 – Ras Marye of Yejju marches into Tigray and defeats and kills Dejazmach Sabagadis in the Battle of Debre Abbay.

1835 – The original Quorum of the Twelve Apostles, of The Church of Jesus Christ of Latter-day Saints, is formed in Kirtland, Ohio.

1849 – In New York City, James Knox Polk becomes the first serving President of the United States to have his photograph taken.

1855 – Texas is linked by telegraph to the rest of the United States, with the completion of a connection between New Orleans and Marshall, Texas.

1859 – Oregon is admitted as the 33rd U.S. state.

1876 – Alexander Graham Bell applies for a patent for the telephone, as does Elisha Gray.

   * 1879 – The War of the Pacific breaks out when Chilean armed forces occupy the Bolivian port city of Antofagasta.

1899 – Voting machines are approved by the U.S. Congress for use in federal elections.

1900 – Second Boer War: In South Africa, 20,000 British troops invade the Orange Free State.

1903 – The United States Department of Commerce and Labor is established (later split into Department of Commerce and Department of Labor).

1912 – Arizona is admitted as the 48th U.S. state.

1912 – In Groton, Connecticut, the first diesel-powered submarine is commissioned.

1918 – The Soviet Union adopts the Gregorian calendar (on 1 February according to the Julian calendar).

1919 – The Polish-Soviet War begins.

1920 – The League of Women Voters is founded in Chicago, Illinois.

1924 – The International Business Machines Corporation (IBM) is founded.

1929 – Saint Valentine’s Day massacre: Seven people, six of them gangster rivals of Al Capone’s gang, are murdered in Chicago, Illinois.

1942 – Battle of Pasir Panjang contributes to the fall of Singapore.

1943 – World War II: Rostov-on-Don, Russia is liberated.

1943 – World War II: Tunisia Campaign – General Hans-Jurgen von Arnim’s Fifth Panzer Army launches a concerted attack against Allied positions in Tunisia.

1944 – World War II: Anti-Japanese revolt on Java.

1945 – World War II: On the first day of the bombing of Dresden, the British Royal Air Force and the United States Army Air Forces begin fire-bombing Dresden, the capital of the German state of Saxony.

1945 – World War II: Prague is bombed probably due to a mistake in the orientation of the pilots bombing Dresden.

1945 – President Franklin D. Roosevelt meets with King Ibn Saud of Saudi Arabia aboard the USS Quincy, officially starting the U.S.-Saudi diplomatic relationship.

1945 – World War II: Mostar is liberated by Yugoslav partisans.

1946 – The Bank of England is nationalized.

1946 – ENIAC, the first general-purpose electronic computer, is unveiled.

1949 – The Knesset (Israeli parliament) convenes for the first time.

1949 – The Asbestos Strike begins in Canada. The strike marks the beginning of the Quiet Revolution in Quebec.

1950 – Chinese Civil War: The National Revolutionary Army instigates the unsuccessful Battle of Tianquan against the People’s Liberation Army.

1956 – The XX Congress of the Communist Party of the Soviet Union begins in Moscow. On the last night of the meeting, Premier Nikita Khrushchev condemns Joseph Stalin’s crimes in a secret speech.

1961 – Discovery of the chemical elements: Element 103, Lawrencium, is first synthesized at the University of California.

1962 – First Lady Jacqueline Kennedy takes television viewers on a tour of the White House.

1966 – Australian currency is decimalised.

1979 – In Kabul, Muslims kidnap the American ambassador to Afghanistan, Adolph Dubs who is later killed during a gunfight between his kidnappers and police.

1981 – Stardust Disaster: A fire in a Dublin nightclub kills 48 people

1983 – United American Bank of Knoxville, Tennessee collapses. Its president, Jake Butcher is later convicted of fraud.

1989 – Union Carbide agrees to pay $470 million to the Indian government for damages it caused in the 1984 Bhopal Disaster.

1989 – Iranian leader Ruhollah Khomeini issues a fatwa encouraging Muslims to kill the author of The Satanic Verses, Salman Rushdie.

1989 – The first of 24 satellites of the Global Positioning System are placed into orbit.

1990 – 92 people are killed aboard Indian Airlines Flight 605 at Bangalore, India.

1996 – China launches a Long March 3 rocket, carrying the Intelsat 708 satellite. The rocket flies off course 3 seconds after liftoff and crashes into a rural village.

1998 – An oil tanker train collides with a freight train in Yaoundé, Cameroon, spilling fuel oil. One person scavenging the oil drops a lit cigarette, creating a massive explosion which kills 120.

2000 – The spacecraft NEAR Shoemaker enters orbit around asteroid 433 Eros, the first spacecraft to orbit an asteroid.

2002 – Tullaghmurray Lass sinks off the coast of Kilkeel, County Down, Northern Ireland killing three members of the same family on board.

2004 – In a suburb of Moscow, Russia, the roof of the Transvaal water park collapses, killing more than 25 people, and wounding more than 100 others.

2005 – Lebanese self-made billionaire and business tycoon Rafik Hariri killed, along with 21 others, when explosives equivalent of around 1,000 kg of TNT were detonated as his motorcade drove near the St. George Hotel in Beirut.

2005 – Seven people are killed and 151 wounded in a series of bombings by suspected Al-Qaeda-linked militants that hit the Philippines’ Makati financial district in Metro Manila, Davao City, and General Santos City.

2008 – Northern Illinois University shooting: a gunman opened fire in a lecture hall of the DeKalb County, Illinois university resulting in 6 fatalities (including gunman) and 18 injuries.

Holidays and observances

   * Christian Feast Day:

         o Cyril and Methodius, patron saints of Europe (Roman Catholic Church)

         o Valentine

         o February 14 (Eastern Orthodox liturgics)

   * Communist Martyrs Day (Iraqi Communist Party)

   * Statehood Day (Arizona)

   * Statehood Day (Oregon)

   * The second day of Lupercalia (Ancient Rome)

   * Valentine’s Day(International)

Six In The Morning

They’re Just Moving To Fast

Governments step up political concessions, dole out benefits or prepare the riot police in attempts to keep order after the uprisings in Tunisia and Egypt, which showed people that strongmen may not be needed to protect against sectarian violence or Islamic extremism.

Middle East nations scramble to contain unrest

Reporting from Amman, Jordan – To track the growing political movements gaining strength from the uprisings in Egypt and Tunisia across North Africa and the Middle East, one would be well advised to get a planner.

There were Saturday’s clashes between demonstrators and police in Algeria, now referred to as #feb12 on Twitter, much as Egypt’s uprising shall forever be known as #jan25. New popular protests are scheduled Monday in Bahrain (#feb14) and Iran (#25Bahman). Libya comes next on #feb17, followed by Algeria again on #feb19, Morocco #feb20, Cameroon #feb23 and Kuwait #mar8.

 Valentines The Dark Side  

Supermarkets eager to meet demand for cheap flowers urged to show more concern for the environment

Growing Valentine’s Day roses harming Kenya’s ecological site

Consumer appetite for cut-price Kenyan roses for Valentine’s Day is “bleeding the country dry” by threatening the region’s precarious ecology.

University of Leicester ecology and conservation biologist, Dr David Harper, warned. Harper has spent over 30 years researching wetland conservation at Kenya’s Lake Naivasha and said the growth of the flowers is draining the valuable water supply.

Seventy per cent of roses sold in European supermarkets come from Kenya, most from Naivasha. Harper called on UK supermarkets to show more concern about the health of the environment that the flowers come from.

 He’s An Afront  

Berlusconi faces the wrath of Italy’s women

. Hundreds of thousands of women gathered in cities across Italy yesterday to protest at Prime Minister Silvio Berlusconi’s incorrigible sexism and in particular his fondness, in the words of his estranged wife, for consorting with minors – a penchant that may see him charged with sex-related offences in the coming week. Some of the protesters, who were demanding the Prime Minister’s resignation, carried banners that said: “Italy is not a brothel.”

Organisers say the 74-year-old premier’s antediluvian attitude to women has been made clearer than ever by the allegation that he paid for sex with a 17-year-old Moroccan belly dancer, Karima “Ruby” el-Mahroug.

 All Politics Are Local  

What would impel a Northern Irishman who’s lived in the East African country of Uganda for more than two decades to run for office? Potholes, he says. And he may win.

Why a Northern Irishman is running for office in Uganda’s Feb. 18 election

Kampala, Uganda

Standing on the back of a pickup truck in garbage-strewn Kisugu marketplace, Ian Clarke tried to explain to a crowd of potential voters why a Northern Irish physician would want to get involved in the minefield of local Ugandan politics.

“The reason why I first got into this race was potholes. Why are these potholes here year after year? Why does no one do anything about them?” Mr. Clarke said. “The problem is not a lack of resources, it is a lack of management and lack of willpower.”

After a brief pause for his words to be translated from English into Luganda – the main local language spoken in Uganda’s capital, Kampala – the crowd started cheering.

 Looking For Giant Rats But That Was Yesterday  

Face to face with 10,000 year-old carvings

AN AUSTRALIAN scientist searching for the fossilised bones of giant rats in a cave in East Timor has discovered ancient stone carvings of human faces, the first found on the island.

One of the faces, which has sunbeam-like rays coming out of it, has been dated at 10,000 to 12,000 years old.

A CSIRO researcher and rat expert, Ken Aplin, said he was on the rocky floor of Lene Hara Cave, when he looked up and light from his head torch glanced across its dark wall, revealing the strange images.

 They Continue To March  

Algerian opposition announces new march

The United States and Germany meanwhile called for restraint from the Algerian authorities on Sunday, a day after a massive security operation prevented 2 000 protesters from marching in Algiers.

The National Coordination for Change and Democracy (CNCD), a coalition of opposition parties, rights groups and unofficial unions, announced a new march for next Friday after a meeting of its leadership.

It will start from May 1 Square, where Saturday’s demonstration also took place, said lawyer Moustepha Bouchachi, president of the Algerian League for the Defence of Human Rights (LADDH), which is part of the CNCD.

DocuDharma Digest

Regular Features-

Featured Essays for February 13, 2011-

DocuDharma

Pique the Geek 20110213: Firearms 102. Shotguns

I was astonished at the response for the first installment for this series, and so decided that instead of just a couple of survey pieces, reader interest justifies a bit longer treatment, getting more into the weeds. Thus, I have come up with a bit more structured series.

Unlike rifled firearms like pistols and rifles, shotguns are smoothbore weapons. That is, they have no rifling to impart spin to stabilize the projectile, in the case of shotguns usually multiple projectiles. Shotguns are a relatively recent development in their current form, but the concept of firing more than one projectile at a time goes back a very long time.

Modern shotguns are designed to fire a relatively large diameter cartridge as opposed to rifles and pistols. In addition, a different system is used to state the diameter of the cartridge in most cases.

First, a word about firearms in general. They, by design, are LETHAL weapons and must always be treated with respect. My assumption is, and I think that it is a good one, that all of my readers who are firearm owners are responsible with them and careful with them. However, it is all to easy to get complacent, as my story about my own father in the comments last week at the big orange, here, indicate. You keep them away from your kids, and when those kids are old enough to learn about them, you carefully teach them, but NEVER without the utmost supervision. For those of you who do not own firearms, you obviously do not need to go to those measures, but as Kossack yesdevkmem pointed out in the comments there last week, you still have some responsibilities. I thought that comment was so important that I promised to lead with it and to credit yesdevkmem with the idea.

EVERYONE, both firearm owners and those of us who do not own them, that has children need to heed the words to the wise that xxxx gives. Here is a paraphrase.

In the course of playing outside, there is a possibility that one of your children, or one of their friends, might come across a firearm that has been for whatever reason, within their reach. You need to teach them these rules:

DO NOT TOUCH IT! EVER! If your child does not touch it, and prevents any friends from touching it, it can not hurt them. In addition, abandoned firearms are often crime scene evidence, so touching one makes investigation more difficult.

GET AWAY FROM THE AREA IMMEDIATELY! Whoever ditched it might still be nearby, and almost always those are dangerous people. Second, the longer that they are nearby, the more that they contaminate the site for possible forensic investigation.

GO HOME, or to the home of a trusted adult, and LOCK THE DOORS! This is mostly because of the possibility of a nefarious person still being nearby.

TELL YOUR PARENTS! They will contact the authorities and report it to them. If that is not possible, they should tell another trusted adult. Since time is often key to solving criminal activity, if that is not possible, CALL 911 and REPORT IT!

People do not just “lose” firearms. I know of only ONE legitimate instance from personal experience, and it had to do with a boat sinking in water too deep to attempt to recover the firearm. The value of the firearm was low enough that he just let it go. Almost without exception, firearms found in odd places are either stolen and the thief got cold feet, were involved in a violent crime, or otherwise had some nefarious connexion. Please, all of you with children, teach them these lessons. That also applies to adults who happen on to one, except for the telling your parents part. Safety message completed.

Shotguns are amongst the most common sporting firearms, being used for birds of all kind and other small game, like squirrel and rabbit. They have a major advantage over rifles and pistols, particularly for fleet game, because instead of only one projectile, many are ejected from the muzzle of the firearm. This has the advantage of increasing the probability of at least one pellet hitting the target, and for small game one is often enough.

Shotgun cartridges (called shells, shotshells, or shotgun shells) come in many different sizes, and within each size a wide variety of configurations can be had. For example, one can have a 12 gauge shell loaded with an ounce of “00” buckshot (diameter of 0.33 inches) for a total of nine shot, or for the same mass of lead, #8 birdshot (diameter of 0.1 inch) there would be 420 pellets. Obviously, the nine 00 buck each have much more knockdown power, but the coverage at a given distance is greater for the #8 bird.

Since I mentioned a 12 gauge shell, we might as well discuss what gauge represents. It is an old term from England, and nominally is equivalent to the number of equal lead spheres that can be had from one pound of lead. Thus, 12 gauge means that the pound of lead would yield 12 spheres of a specific diameter, in this case 0.729 inches. Thus, a 10 gauge has a larger diameter (0.776 inches). You rarely see anything larger than 12 gauge any more. The 12 and the 20 gauge (0.614 inches) are by far the most common gauges these days. Not too many years ago the 16 gauge (0.663 inches) was extremely popular. My father was an avid upland bird hunter and loved his side-by-side 16 gauge Parker above all others, considering it the best compromise betwixt weight and firepower for his use.

There are two other “gauges” that actually calibres, fractional inches. The most common is the 0.410 (this comes to about 68 gauge), often used for close range shooting of slowly moving game such as squirrel. The other is the 0.22 calibre, with very fine shot, often used in .22 rifles. In this configuration they are often called rat shot. Also found now and then are 9mm shotguns, around .36 calibre.

I mentioned that gauge is nominally the number of lead balls of equal size that can be obtained from a pound of lead, but the relation is not exact, and now the actual internal diameter of the chamber is standardized and is not quite the same. Also, because of the choke of a shotgun barrel, the muzzle end if often somewhat smaller than the breech end. Choke is an extremely useful property of a shotgun, as it controls the density of the shot pattern. As soon as the shot leaves the muzzle of the firearm, it begins to spread out in essentially conical fashion, meaning that the further away from the muzzle you look, the larger the pattern. On the other hand, the larger the pattern, the lower the density of the shot. Choking the barrel increases the density, and decreases the size, of the pattern. The standard distance to determine choke is 40 yards, and the target is a 30 inch circle inscribed usually on paper.

The choke in a barrel is simply a constriction (pretty slight) that essentially acts as a lens to “focus” the pattern into a more dense arrangement. This becomes important when longer ranges are desired. For a barrel with no choke at all (called cylinder), typically 40% of the pellets will fall into the 30 inch circle if the shot was aimed correctly. That means that 60% of the shot is way off target. Cylinder choke is used only for very close range work. On the other hand, at very close ranges a much tighter pattern would make it easy to miss the target, so just because there is not any choke does not mean that it is of no value, rather that its utility is at very close range.

Towards the other extreme, full choke is expected to have 70% of the pellets within the 30 inch target. This is useful for longer ranges, but requires very good shot placement to get hits at short ranges. In addition, at short ranges a full choke hit tends pretty much just to blow up whatever you hit, ruining the game that is taken to a large degree. Now, it does not take much barrel constriction to provide full choke, only about 0.035 inches. The constriction is best a gradual one, because if it is too sharp, the soft lead pellets tend to become deformed, and this decreases the quality of the pattern.

There are lots of other chokes, the most popular of which are probably improved cylinder and modified. Those produce 50% and 60% of the pellets, respectively, in the 30 inch circle. It is possible to add a device that screws onto the end of the muzzle that has interchangeable choke inserts, so one shotgun can perform the functions of several. Like most jack of all trade devices, they are usually not as good as a specific weapon, but can do some good.

This is why so many shotgun hunters love their double barreled shotguns. One barrel can be fashioned in one choke, and the other in a tighter one to give you a second chance to hit the bird that you missed as it flies away from you. However, there are other configuration.

The two basic types of shotguns are the break action and the internal action types. In the break action type, which includes single shot and double barrel firearms, after one or two shots have been fired, a lever is pushed that allows the breech to pivot away from the firing pin ports so that the spent shells can be removed and new ones inserted. The higher quality models have “automatic ejectors” that “know” which chamber(s) has been fired and ejects only the spent shells.

Double barreled shotguns can be either of the side-by-side type of the over-and-under style. The difference is, obviously that in the first type has the two barrels arranged horizontally whilst the second type has them in a vertical configuration. Personal preference seems to be the key to which is “better”. My father swore by side-by-sides, whilst I strongly prefer the over-and-under kind. I strongly suspect that the fit of the individual weapon to the shooter is more important than the barrel configuration.

Internal action shotguns are of two basic kinds: the pump action and the automatic (actually, semiautomatic). Both styles have an internal magazine, typically holding five rounds, but for special purposes other capacities can be had, and a single barrel. In the pump action, the forestock is pulled towards the shooter and then pushed back to chamber the first round (or a sixth can be chambered manually). After firing, the slide is pulled and pushed to eject the spent round and chamber a new one.

In the automatics, the final round has to be chambered manually, and some of the energy released during firing is used to eject the fired round and chamber a new one, as long as a new trigger pull is performed each time, until the magazine is empty. For both types, most states require that a “plug” be inserted into the magazine to limit the capacity to three rounds when used for hunting.

A shotgun cartridge consists of an outer casing (usually plastic with a metal base to hold the primer), the primer at the breech end to ignite the main powder charge when struck by the firing pin, the powder charge (which can be varied both by type of powder and amount for different performance ratings), a wad (usually injection molded polyethylene, but formerly fibre stock and/or paper), and the shot charge, which can also be varied by size of shot as mentioned before, and by total amount of shot. The so called three inch magnums are longer than the standard shotgun rounds and generally carry heavier loads both of powder and shot.

For waterfowl shooting, lead shot is now banned by Federal regulation, so other shot material has to be used. Steel shot is the standard replacement, but has some serious deficiencies. Since it is less dense than lead, to get the same penetration, larger shot has to be used. Larger shot means fewer shot, so steel shot is not ideal. Several substitutes are in use, including bismuth (good performer but expensive) and tungsten/polymer composites. These perform more like lead shot, but are much more expensive.

Well, you have done it again! You have wasted many more einsteins of perfectly good photons reading this scattergun post! And even though Bill O’Reilly admits that he is not the champion wordcrafter when he reads me say it, I always learn much more than I could ever hope to teach by writing this series, so please keep those comments, questions, corrections, and other ideas coming. Remember, there is no such a thing a being off topic when addressing any science or technology subject in the comments.

Warmest regards,

Doc

Crossposted at Antemedius.com, Dailykos.com, and Docudharma.com

Load more