Sunday, June 30, 2013

Sheriff: Kidnapped Florida woman escapes abductors in Mississippi

Authorities say a woman who was kidnapped in Florida was able to escape her abductors in Mississippi.

A Bay County Sheriff's Office statement says 34-year-old Flor Esmeralda Turcio-Arias escaped Thursday evening and went to the Hattiesburg Police Department for help.

The Hattiesburg American reports that Turcio-Arias told officers she had been abducted and escaped through a bathroom window. She took officers to the home of her captors where a man and woman were taken into custody. They haven't been identified.

The FBI is now investigating.

Calls made Saturday by The Associated Press to the FBI and Hattiesburg police were not immediately returned.

Florida authorities say someone called 911 on Thursday and said Turcio-Arias was outside washing her car when two men drove up, forced her into their car and drove away.

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Source: http://www.wdsu.com/news/local-news/gulf-coast/sheriff-kidnapped-florida-woman-escapes-abductors-in-mississippi/-/12537462/20772096/-/14t525sz/-/index.html?absolute=true

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Saturday, June 29, 2013

Beyonce Shares a Sweet Moment With Daughter Blue Ivy!

Take a look at the singer's most personal pics -- from romantic moments to pregnancy bliss -- that she has shared with her fans via Tumblr.

Source: http://www.ivillage.com/beyonce-jay-z-personal-tumblr-photos/1-b-441786?dst=iv%3AiVillage%3Abeyonce-jay-z-personal-tumblr-photos-441786

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Car buyers appear unfazed by stock market gyrations

Autos

16 hours ago

In this Wednesday, May 8, 2013 photo, a row of new 2013 Ford Fusions is seen at an automobile dealership in Zelienople, Pa.

Keith Srakocic / AP

In this Wednesday, May 8, 2013 photo, a row of new 2013 Ford Fusions is seen at an automobile dealership in Zelienople, Pa.

It seems like the recent stock market tumble, and the perception that interest rates are rising, are, at most, background noise to American car buyers.

Sales of new cars and trucks continue to move along at a steady clip during June, according to new estimates from J.D. Power & Associates and LMC Automotive. A monthly sales forecast based on direct dealer data indicates new-vehicle retail sales are showing no signs of letting up at the start of the summer selling season.

New-vehicle retail sales in June are projected to come in at 1,118,800 vehicles, which represent a Seasonally Adjusted Annualized Rate of 13.2 million units, a healthy increase of 500,000 from the May SAAR. Retail transactions are the most accurate measure of true underlying consumer demand for new vehicles.

Total light-vehicle sales in June 2013 are expected to grow by 12 percent from June 2012 to 1,380,800 units. Fleet sales in June are just 19 percent of total sales. Fleet volume for the month is projected at 262,000 units.

Adding together retail and fleet business and the overall SAAR is expected to reach 15.7 million units this month. That?s a big jump from the 14.5 million vehicles sold in 2012 ? a five-year high ? and nudges by even the most optimistic forecasts for 2013, which general had set a high of around 15.5 million sales this year.

The strong selling pace continues to be matched by strong transaction prices. Thus far in June, the average transaction price of new vehicles ? what customers actually spend when both incentives and options are included ?is $28,900, the highest figure ever for June.

While sales overall are strong, not all segments are selling at the same pace. Sales of premium vehicles account for just 11.7 percent of new-vehicle retail sales thus far in June, down from 12.9 percent in June 2012.

?Although the premium segment growth has lagged non-premium, there is some good news for the industry in that the average price of premium vehicles in June is $47,000, up almost 4 percent from June 2012,? said John Humphrey, J.D. Power senior vice president of the global automotive practice. ?New premium vehicles entering the market late this year will also help bolster sales through the second quarter of 2014.?

Among other new models due for launch are the all-new Mercedes-Benz S-Class and a trio of luxury diesels from Audi.

The underperformance of premium light-vehicle sales is largely due to the age of the models in these segments. J.D. Power calculates that the average age ? the number of months the vehicle has been in the market since it was introduced or redesigned ? of premium models sold in the second quarter of 2013 was 43 months. In comparison, the average age of non-premium models, excluding pickup trucks is only 34.5 months.

Hyundai America chief executive officer John Krafcik noted last week that competition in the auto industry is very fierce and forces manufacturers to intensify efforts to win over customers. Even the threat of higher interest rates hasn?t undermined the market?s momentum, he said.

Competition in the mid-sized segment has been particularly fierce in recent months with Toyota, Honda, Nissan, Ford, General Motors, Hyundai, Volkswagen and Kia all introducing new or substantially updated models. The compact and subcompact segment also have seen a flood of new entries.

J.D. Power expects that by the second quarter of 2014, the average age of premium products will fall to just 33 months, as new and redesigned products enter the marketplace.

LMC Automotive continues to hold the outlook for total light-vehicle sales in 2013 at 15.4 million units, but has increased its forecast for retail light-vehicle sales to 12.6 million units from 12.5 million units, as retail sales growth expands.

More from The Detroit Bureau:

'Lola' tops 200 mph, sets EV world speed record

Terrorists may be targeting our high-tech cars

Would you buy a Chinese-made Ford

Copyright ? 2009-2013, The Detroit Bureau

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Point of Cosmic Order, Mr Speaker (talking-points-memo)

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Friday, June 28, 2013

Turning off cells in habit-associated brain region prevents rats from learning to run maze on autopilot

June 27, 2013 ? Our daily routines can become so ingrained that we perform them automatically, such as taking the same route to work every day. Some behaviors, such as smoking or biting your fingernails, become so habitual that we can't stop even if we want to.

Although breaking habits can be hard, MIT neuroscientists have now shown that they can prevent them from taking root in the first place, in rats learning to run a maze to earn a reward. The researchers first demonstrated that activity in two distinct brain regions is necessary in order for habits to crystallize. Then, they were able to block habits from forming by interfering with activity in one of the brain regions -- the infralimbic (IL) cortex, which is located in the prefrontal cortex.

The MIT researchers, led by Institute Professor Ann Graybiel, used a technique called optogenetics to block activity in the IL cortex. This allowed them to control cells of the IL cortex using light. When the cells were turned off during every maze training run, the rats still learned to run the maze correctly, but when the reward was made to taste bad, they stopped, showing that a habit had not formed. If it had, they would keep going back by habit.

"It's usually so difficult to break a habit," Graybiel says. "It's also difficult to have a habit not form when you get a reward for what you're doing. But with this manipulation, it's absolutely easy. You just turn the light on, and bingo."

Graybiel, a member of MIT's McGovern Institute for Brain Research, is the senior author of a paper describing the findings in the June 27 issue of the journal Neuron. Kyle Smith, a former MIT postdoc who is now an assistant professor at Dartmouth College, is the paper's lead author.

Patterns of habitual behavior

Previous studies of how habits are formed and controlled have implicated the IL cortex as well as the striatum, a part of the brain related to addiction and repetitive behavioral problems, as well as normal functions such as decision-making, planning and response to reward. It is believed that the motor patterns needed to execute a habitual behavior are stored in the striatum and its circuits.

Recent studies from Graybiel's lab have shown that disrupting activity in the IL cortex can block the expression of habits that have already been learned and stored in the striatum. Last year, Smith and Graybiel found that the IL cortex appears to decide which of two previously learned habits will be expressed.

"We have evidence that these two areas are important for habits, but they're not connected at all, and no one has much of an idea of what the cells are doing as a habit is formed, as the habit is lost, and as a new habit takes over," Smith says.

To investigate that, Smith recorded activity in cells of the IL cortex as rats learned to run a maze. He found activity patterns very similar to those that appear in the striatum during habit formation. Several years ago, Graybiel found that a distinctive "task-bracketing" pattern develops when habits are formed. This means that the cells are very active when the animal begins its run through the maze, are quiet during the run, and then fire up again when the task is finished.

This kind of pattern "chunks" habits into a large unit that the brain can simply turn on when the habitual behavior is triggered, without having to think about each individual action that goes into the habitual behavior.

The researchers found that this pattern took longer to appear in the IL cortex than in the striatum, and it was also less permanent. Unlike the pattern in the striatum, which remains stored even when a habit is broken, the IL cortex pattern appears and disappears as habits are formed and broken. This was the clue that the IL cortex, not the striatum, was tracking the development of the habit.

Multiple layers of control

The researchers' ability to optogenetically block the formation of new habits suggests that the IL cortex not only exerts real-time control over habits and compulsions, but is also needed for habits to form in the first place.

"The previous idea was that the habits were stored in the sensorimotor system and this cortical area was just selecting the habit to be expressed. Now we think it's a more fundamental contribution to habits, that the IL cortex is more actively making this happen," Smith says.

This arrangement offers multiple layers of control over habitual behavior, which could be advantageous in reining in automatic behavior, Graybiel says. It is also possible that the IL cortex is contributing specific pieces of the habitual behavior, in addition to exerting control over whether it occurs, according to the researchers. They are now trying to determine whether the IL cortex and the striatum are communicating with and influencing each other, or simply acting in parallel.

"A role for the IL cortex in the regulation of habit is not a new idea, but the details of the interaction between it and the striatum that emerge from this analysis are novel and interesting," says Christopher Pittenger, an assistant professor of psychiatry and psychology at Yale University School of Medicine, who was not part of the research team. "Thinking in the long term, it raises the question of whether targeted manipulations of the IL cortex might be useful for the breaking habits -- and exciting possibility with potential clinical ramifications."

The study suggests a new way to look for abnormal activity that might cause disorders of repetitive behavior, Smith says. Now that the researchers have identified the neural signature of a normal habit, they can look for signs of habitual behavior that is learned too quickly or becomes too rigid. Finding such a signature could allow scientists to develop new ways to treat disorders of repetitive behavior by using deep brain stimulation, which uses electronic impulses delivered by a pacemaker to suppress abnormal brain activity.

The research was funded by the National Institutes of Health, the Office of Naval Research, the Stanley H. and Sheila G. Sydney Fund and funding from R. Pourian and Julia Madadi.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/mind_brain/consumer_behavior/~3/6fOZ1dlBvr8/130627125522.htm

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Thursday, June 27, 2013

Economy News Headlines - Yahoo! News

Economy News Headlines - Yahoo! Newshttp://news.yahoo.com/economy/ Get the latest economy news headlines from Yahoo! News. Find breaking economy news, including analysis and opinion on top economy stories, photos and more.en-USCopyright (c) 2013 Yahoo! Inc. All rights reservedThu, 27 Jun 2013 04:34:35 -04005Economy News Headlines - Yahoo! Newshttp://news.yahoo.com/economy/ http://l.yimg.com/a/i/us/nws/th/main_142c.gifUK double dip recession revised away, but picture still grim<p><a href="http://news.yahoo.com/uk-double-dip-recession-revised-away-picture-still-083435051.html"><img src="http://l2.yimg.com/bt/api/res/1.2/HettVV_tHyxysqqKPGJ1Jg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-27T083435Z_1_CBRE95Q0NTW00_RTROPTP_2_BRITAIN.JPG" width="130" height="86" alt="A worker walks through the new Sainsbury&#039;s distribution centre at Thameside in east London" align="left" title="A worker walks through the new Sainsbury&#039;s distribution centre at Thameside in east London" border="0" /></a>LONDON (Reuters) - Britain&#039;s economy did not suffer a double-dip recession after all, but its recession immediately after the financial crisis was deeper than previously thought. Revised data showed that Britain&#039;s economy did not shrink in the first three months of 2012, and output was instead flat, the Office for National Statistics said following a major annual revision of Britain&#039;s economic data. ...</p><br clear="all"/>http://news.yahoo.com/uk-double-dip-recession-revised-away-picture-still-083435051.htmlThu, 27 Jun 2013 04:34:35 -0400Reutersuk-double-dip-recession-revised-away-picture-still-083435051<p><a href="http://news.yahoo.com/uk-double-dip-recession-revised-away-picture-still-083435051.html"><img src="http://l2.yimg.com/bt/api/res/1.2/HettVV_tHyxysqqKPGJ1Jg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-27T083435Z_1_CBRE95Q0NTW00_RTROPTP_2_BRITAIN.JPG" width="130" height="86" alt="A worker walks through the new Sainsbury&#039;s distribution centre at Thameside in east London" align="left" title="A worker walks through the new Sainsbury&#039;s distribution centre at Thameside in east London" border="0" /></a>LONDON (Reuters) - Britain&#039;s economy did not suffer a double-dip recession after all, but its recession immediately after the financial crisis was deeper than previously thought. Revised data showed that Britain&#039;s economy did not shrink in the first three months of 2012, and output was instead flat, the Office for National Statistics said following a major annual revision of Britain&#039;s economic data. ...</p><br clear="all"/>Queen scores record profit from booming London property<p><a href="http://news.yahoo.com/queen-scores-record-profit-booming-london-property-081137029.html"><img src="http://l2.yimg.com/bt/api/res/1.2/t3M.RKQVmh.HSOHzSfbbTA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T230550Z_1_CBRE95P1S5T00_RTROPTP_2_HORSERACING-ASCOT.JPG" width="130" height="86" alt="Britain&#039;s Queen Elizabeth arrives on the fifth day of the Royal Ascot horse racing festival at Ascot" align="left" title="Britain&#039;s Queen Elizabeth arrives on the fifth day of the Royal Ascot horse racing festival at Ascot" border="0" /></a>LONDON (Reuters) - The Crown Estate - owned by Queen Elizabeth - on Thursday said it made record profit in the year to March, thanks to the strong performance of its central London properties. Crown Estate&#039;s 5.2 percent rise in profits to 252.6 million pounds gives the queen a 38 million pounds 2014/15 payout, pegged at 15 percent of the total by a 2012 law designed to link her income to the UK&#039;s economic health. The rest of the profits go to Britain&#039;s Treasury or finance ministry. Chancellor George Osborne on Wednesday detailed 11.5 billion pounds of spending cuts. ...</p><br clear="all"/>http://news.yahoo.com/queen-scores-record-profit-booming-london-property-081137029.htmlThu, 27 Jun 2013 04:11:37 -0400Reutersqueen-scores-record-profit-booming-london-property-081137029<p><a href="http://news.yahoo.com/queen-scores-record-profit-booming-london-property-081137029.html"><img src="http://l2.yimg.com/bt/api/res/1.2/t3M.RKQVmh.HSOHzSfbbTA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T230550Z_1_CBRE95P1S5T00_RTROPTP_2_HORSERACING-ASCOT.JPG" width="130" height="86" alt="Britain&#039;s Queen Elizabeth arrives on the fifth day of the Royal Ascot horse racing festival at Ascot" align="left" title="Britain&#039;s Queen Elizabeth arrives on the fifth day of the Royal Ascot horse racing festival at Ascot" border="0" /></a>LONDON (Reuters) - The Crown Estate - owned by Queen Elizabeth - on Thursday said it made record profit in the year to March, thanks to the strong performance of its central London properties. Crown Estate&#039;s 5.2 percent rise in profits to 252.6 million pounds gives the queen a 38 million pounds 2014/15 payout, pegged at 15 percent of the total by a 2012 law designed to link her income to the UK&#039;s economic health. The rest of the profits go to Britain&#039;s Treasury or finance ministry. Chancellor George Osborne on Wednesday detailed 11.5 billion pounds of spending cuts. ...</p><br clear="all"/>Portuguese stage general strike against relentless austerityBy Axel Bugge and Andrei Khalip LISBON (Reuters) - Portuguese trade unions staged a one-day general strike on Thursday against relentless austerity which has deepened the worst economic slump since the 1970s, but support outside the public transport sector was patchy and the government seemed unlikely to back down. Previous strikes and protests about the tough terms of Portugal's 78 billion euro ($100 billion) bailout by the European Union and IMF in 2011 have been largely non-violent, unlike unrest in Greece or more recently Brazil and Turkey. ...http://news.yahoo.com/portuguese-general-strike-halt-public-transport-074603485.htmlThu, 27 Jun 2013 04:01:50 -0400Reutersportuguese-general-strike-halt-public-transport-074603485Office of Fair Trading orders review of payday lendersBy Matt Scuffham LONDON (Reuters) - The Office of Fair Trading has asked for a review into competition among payday lenders, after finding evidence a lack of choice means firms are profiting from loans that can't be paid back on time. Payday lenders offer short-term loans, which are intended to be paid back when borrowers receive their wages. But critics say they charge excessively high interest rates and take advantage of the vulnerable in a weak British economy where mainstream banks have cut back on short-term consumer lending. ...http://news.yahoo.com/office-fair-trading-orders-review-payday-lenders-062653169.htmlThu, 27 Jun 2013 03:42:21 -0400Reutersoffice-fair-trading-orders-review-payday-lenders-062653169Analysis: Big poll win for Japan PM Abe's party could defeat bold economy reform<p><a href="http://news.yahoo.com/analysis-big-poll-win-japan-pm-abes-party-072023942.html"><img src="http://l3.yimg.com/bt/api/res/1.2/uGuR8CKWWGlLjOmbk7jq.Q--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-27T072023Z_1_CBRE95Q0KE500_RTROPTP_2_JAPAN-POLITICS.JPG" width="130" height="86" alt="Japan&#039;s Prime Minister Abe is seen between photographers as he poses for a photograph at the start of a news conference at his official residence in Tokyo" align="left" title="Japan&#039;s Prime Minister Abe is seen between photographers as he poses for a photograph at the start of a news conference at his official residence in Tokyo" border="0" /></a>By Linda Sieg TOKYO (Reuters) - Will the real Shinzo Abe please stand up? Abe, back as Japan&#039;s premier in a rare second term, is expected to lead his ruling bloc to victory in a July upper house election, but what he will do with the mandate is a puzzle. Pessimists fear too decisive a win will weaken commitment to reforms needed to end the stagnation that has long plagued the economy. The risks are twofold. ...</p><br clear="all"/>http://news.yahoo.com/analysis-big-poll-win-japan-pm-abes-party-072023942.htmlThu, 27 Jun 2013 03:20:23 -0400Reutersanalysis-big-poll-win-japan-pm-abes-party-072023942<p><a href="http://news.yahoo.com/analysis-big-poll-win-japan-pm-abes-party-072023942.html"><img src="http://l3.yimg.com/bt/api/res/1.2/uGuR8CKWWGlLjOmbk7jq.Q--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-27T072023Z_1_CBRE95Q0KE500_RTROPTP_2_JAPAN-POLITICS.JPG" width="130" height="86" alt="Japan&#039;s Prime Minister Abe is seen between photographers as he poses for a photograph at the start of a news conference at his official residence in Tokyo" align="left" title="Japan&#039;s Prime Minister Abe is seen between photographers as he poses for a photograph at the start of a news conference at his official residence in Tokyo" border="0" /></a>By Linda Sieg TOKYO (Reuters) - Will the real Shinzo Abe please stand up? Abe, back as Japan&#039;s premier in a rare second term, is expected to lead his ruling bloc to victory in a July upper house election, but what he will do with the mandate is a puzzle. Pessimists fear too decisive a win will weaken commitment to reforms needed to end the stagnation that has long plagued the economy. The risks are twofold. ...</p><br clear="all"/>Brent rises above $102 as US stimulus worries ease<p><a href="http://news.yahoo.com/brent-rises-above-102-us-stimulus-worries-ease-070829362.html"><img src="http://l1.yimg.com/bt/api/res/1.2/41v.DEOno7ilmth87irAFA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_ZA/News/Reuters/2013-06-27T070829Z_1_AJOE95Q0JU800_RTROPTP_2_OZABS-MARKETS-OIL-20130627.JPG" width="130" height="86" alt="A worker fills the tank of a car at a petrol station in Cairo" align="left" title="A worker fills the tank of a car at a petrol station in Cairo" border="0" /></a>By Luke Pachymuthu SINGAPORE (Reuters) - Brent crude rose for a fourth session in a row on Thursday to trade above $102 a barrel as weak U.S. economic data eased concerns the U.S. Federal Reserve will soon reduce its monetary stimulus, underpinning commodities. Brent crude for August delivery rose 53 cents to $102.19 a barrel by 0424 GMT, after settling 40 cents higher at $101.66 a barrel in the previous session. U.S. crude was up 38 cents at $95.88 a barrel. The U.S. government on Wednesday slashed its estimate of first-quarter economic growth to a 1. ...</p><br clear="all"/>http://news.yahoo.com/brent-rises-above-102-us-stimulus-worries-ease-070829362.htmlThu, 27 Jun 2013 03:08:29 -0400Reutersbrent-rises-above-102-us-stimulus-worries-ease-070829362<p><a href="http://news.yahoo.com/brent-rises-above-102-us-stimulus-worries-ease-070829362.html"><img src="http://l1.yimg.com/bt/api/res/1.2/41v.DEOno7ilmth87irAFA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_ZA/News/Reuters/2013-06-27T070829Z_1_AJOE95Q0JU800_RTROPTP_2_OZABS-MARKETS-OIL-20130627.JPG" width="130" height="86" alt="A worker fills the tank of a car at a petrol station in Cairo" align="left" title="A worker fills the tank of a car at a petrol station in Cairo" border="0" /></a>By Luke Pachymuthu SINGAPORE (Reuters) - Brent crude rose for a fourth session in a row on Thursday to trade above $102 a barrel as weak U.S. economic data eased concerns the U.S. Federal Reserve will soon reduce its monetary stimulus, underpinning commodities. Brent crude for August delivery rose 53 cents to $102.19 a barrel by 0424 GMT, after settling 40 cents higher at $101.66 a barrel in the previous session. U.S. crude was up 38 cents at $95.88 a barrel. The U.S. government on Wednesday slashed its estimate of first-quarter economic growth to a 1. ...</p><br clear="all"/>Gold gains 1 pct after sharp slide on US GDP data<p><a href="http://news.yahoo.com/gold-gains-1-pct-sharp-slide-us-gdp-070711733.html"><img src="http://l.yimg.com/bt/api/res/1.2/_8K9NBhHlfBatdCZwlb0TA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_ZA/News/Reuters/2013-06-27T070711Z_1_AJOE95Q0JS100_RTROPTP_2_OZABS-MARKETS-PRECIOUS-20130627.JPG" width="130" height="86" alt="An employee of Tanaka Kikinzoku Jewerly K.K. displays a gold bar at the company&#039;s store in Tokyo" align="left" title="An employee of Tanaka Kikinzoku Jewerly K.K. displays a gold bar at the company&#039;s store in Tokyo" border="0" /></a>By A. Ananthalakshmi SINGAPORE (Reuters) - Gold edged higher on Thursday after tumbling 12 percent over the past 8 sessions, as soft data on U.S. economic growth eased fears of a quick end to the Federal Reserve&#039;s monetary stimulus. Bullion was still not far off Wednesday&#039;s near three-year low, with its safe-haven appeal severely dented since Fed Chairman Ben Bernanke laid out a strategy last week to wind down the central bank&#039;s $85 billion monthly bond purchases over the next few months. &quot;Investor sentiment is still quite sour right now,&quot; said a trader in Hong Kong. ...</p><br clear="all"/>http://news.yahoo.com/gold-gains-1-pct-sharp-slide-us-gdp-070711733.htmlThu, 27 Jun 2013 03:07:11 -0400Reutersgold-gains-1-pct-sharp-slide-us-gdp-070711733<p><a href="http://news.yahoo.com/gold-gains-1-pct-sharp-slide-us-gdp-070711733.html"><img src="http://l.yimg.com/bt/api/res/1.2/_8K9NBhHlfBatdCZwlb0TA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_ZA/News/Reuters/2013-06-27T070711Z_1_AJOE95Q0JS100_RTROPTP_2_OZABS-MARKETS-PRECIOUS-20130627.JPG" width="130" height="86" alt="An employee of Tanaka Kikinzoku Jewerly K.K. displays a gold bar at the company&#039;s store in Tokyo" align="left" title="An employee of Tanaka Kikinzoku Jewerly K.K. displays a gold bar at the company&#039;s store in Tokyo" border="0" /></a>By A. Ananthalakshmi SINGAPORE (Reuters) - Gold edged higher on Thursday after tumbling 12 percent over the past 8 sessions, as soft data on U.S. economic growth eased fears of a quick end to the Federal Reserve&#039;s monetary stimulus. Bullion was still not far off Wednesday&#039;s near three-year low, with its safe-haven appeal severely dented since Fed Chairman Ben Bernanke laid out a strategy last week to wind down the central bank&#039;s $85 billion monthly bond purchases over the next few months. &quot;Investor sentiment is still quite sour right now,&quot; said a trader in Hong Kong. ...</p><br clear="all"/>South Africa's rand slightly firmer ahead of PPI data<p><a href="http://news.yahoo.com/south-africas-rand-slightly-firmer-ahead-ppi-data-070428847.html"><img src="http://l3.yimg.com/bt/api/res/1.2/dTjdebCqzE_yn.TUgJT_oA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_ZA/News/Reuters/2013-06-27T070428Z_1_AJOE95Q0JNI00_RTROPTP_2_OZABS-MARKETS-SAFRICA-RAND-20130627.JPG" width="130" height="86" alt="A worker shows his payment outside the Moses Mabhida stadium in Durban" align="left" title="A worker shows his payment outside the Moses Mabhida stadium in Durban" border="0" /></a>JOHANNESBURG (Reuters) - South Africa&#039;s rand was firmer in early trade on Thursday, supported by the short-term flows ahead of the end of the financial quarter, but traders said the underlying sentiment remained bearish. The rand was at 10.0583 against the dollar at 0652 GMT, 0.6 percent stronger than its New York close of 10.12 overnight. The highlights of the day for traders will be the May producer price inflation data and the results of the inflation expectation survey from the Bureau for Economic Research. ...</p><br clear="all"/>http://news.yahoo.com/south-africas-rand-slightly-firmer-ahead-ppi-data-070428847.htmlThu, 27 Jun 2013 03:04:28 -0400Reuterssouth-africas-rand-slightly-firmer-ahead-ppi-data-070428847<p><a href="http://news.yahoo.com/south-africas-rand-slightly-firmer-ahead-ppi-data-070428847.html"><img src="http://l3.yimg.com/bt/api/res/1.2/dTjdebCqzE_yn.TUgJT_oA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_ZA/News/Reuters/2013-06-27T070428Z_1_AJOE95Q0JNI00_RTROPTP_2_OZABS-MARKETS-SAFRICA-RAND-20130627.JPG" width="130" height="86" alt="A worker shows his payment outside the Moses Mabhida stadium in Durban" align="left" title="A worker shows his payment outside the Moses Mabhida stadium in Durban" border="0" /></a>JOHANNESBURG (Reuters) - South Africa&#039;s rand was firmer in early trade on Thursday, supported by the short-term flows ahead of the end of the financial quarter, but traders said the underlying sentiment remained bearish. The rand was at 10.0583 against the dollar at 0652 GMT, 0.6 percent stronger than its New York close of 10.12 overnight. The highlights of the day for traders will be the May producer price inflation data and the results of the inflation expectation survey from the Bureau for Economic Research. ...</p><br clear="all"/>Rudd sworn in as Australian PM after overthrowing Gillard<p><a href="http://news.yahoo.com/rudd-sworn-australian-prime-minister-overthrowing-gillard-002212453.html"><img src="http://l3.yimg.com/bt/api/res/1.2/zmwu.bUh5_8h0ppeaC9sbQ--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-27T065051Z_3_CBRE95Q011700_RTROPTP_2_AUSTRALIA-POLITICS-RUDD.JPG" width="130" height="86" alt="Australia&#039;s former prime minister Rudd speaks to media at Parliament House in Canberra" align="left" title="Australia&#039;s former prime minister Rudd speaks to media at Parliament House in Canberra" border="0" /></a>By James Grubel CANBERRA (Reuters) - Kevin Rudd was sworn in as Australian prime minister for the second time on Thursday, a day after toppling Julia Gillard and three months ahead of elections in which opinion polls show the ruling Labor Party faces a devastating defeat. Rudd&#039;s return as prime minister follows three years of squabbling within the Labor leadership and as the world&#039;s 12th largest economy faces challenges stemming from a slowdown in top trade partner China. ...</p><br clear="all"/>http://news.yahoo.com/rudd-sworn-australian-prime-minister-overthrowing-gillard-002212453.htmlThu, 27 Jun 2013 02:50:51 -0400Reutersrudd-sworn-australian-prime-minister-overthrowing-gillard-002212453<p><a href="http://news.yahoo.com/rudd-sworn-australian-prime-minister-overthrowing-gillard-002212453.html"><img src="http://l3.yimg.com/bt/api/res/1.2/zmwu.bUh5_8h0ppeaC9sbQ--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-27T065051Z_3_CBRE95Q011700_RTROPTP_2_AUSTRALIA-POLITICS-RUDD.JPG" width="130" height="86" alt="Australia&#039;s former prime minister Rudd speaks to media at Parliament House in Canberra" align="left" title="Australia&#039;s former prime minister Rudd speaks to media at Parliament House in Canberra" border="0" /></a>By James Grubel CANBERRA (Reuters) - Kevin Rudd was sworn in as Australian prime minister for the second time on Thursday, a day after toppling Julia Gillard and three months ahead of elections in which opinion polls show the ruling Labor Party faces a devastating defeat. Rudd&#039;s return as prime minister follows three years of squabbling within the Labor leadership and as the world&#039;s 12th largest economy faces challenges stemming from a slowdown in top trade partner China. ...</p><br clear="all"/>EU deal boosts prospects for banking unionBRUSSELS (AP) ? A hard-fought deal on future bank bailouts gives European Union leaders a boost going into a new summit, and an injection of credibility into EU efforts to end its spiral of financial and economic troubles.http://news.yahoo.com/eu-deal-boosts-prospects-banking-union-062013575.htmlThu, 27 Jun 2013 02:20:13 -0400Associated Presseu-deal-boosts-prospects-banking-union-062013575Vinci among candidates to buy stake in airports group ADP: AgefiPARIS (Reuters) - French construction and concessions company Vinci and Credit Agricole's life insurance unit are among candidates to buy a stake the French government is selling in Paris airports operator ADP , newsletter Agefi reported on Thursday. French Finance Minister Pierre Moscovici announced the plan to sell up to about 10 million shares in ADP - worth almost 700 million euros - in May, as the French government looks for funds to invest in a stagnant economy. Agefi said the stake represented 9.5 percent of the company's capital. For Vinci, which already has a stake of about 3. ...http://news.yahoo.com/vinci-among-candidates-buy-stake-airports-group-adp-061031773.htmlThu, 27 Jun 2013 02:10:31 -0400Reutersvinci-among-candidates-buy-stake-airports-group-adp-061031773Asia stocks gain on hopes Fed stimulus to stay<p><a href="http://news.yahoo.com/asia-stocks-gain-hopes-fed-stimulus-stay-033130732.html"><img src="http://l3.yimg.com/bt/api/res/1.2/dDXi5xJCG055Na8898uHPg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/0d7af2c95f12d915350f6a706700d35f.jpg" width="130" height="86" alt="A man checks his mobile phone in front of the electronic stock board of a securities firm in Tokyo, Wednesday, June 26, 2013. Global stock markets staged a modest recovery Wednesday, boosted by strong data releases that portray a U.S. economy on the upswing. Japan&#039;s Nikkei 225 fell 1 percent to close at 12,834.01. (AP Photo/Itsuo Inouye)" align="left" title="A man checks his mobile phone in front of the electronic stock board of a securities firm in Tokyo, Wednesday, June 26, 2013. Global stock markets staged a modest recovery Wednesday, boosted by strong data releases that portray a U.S. economy on the upswing. Japan&#039;s Nikkei 225 fell 1 percent to close at 12,834.01. (AP Photo/Itsuo Inouye)" border="0" /></a>HONG KONG (AP) ? Stock markets from Sydney to Shanghai extended gains for a second day Thursday after the U.S. said quarterly growth may be weaker than expected, raising investors&#039; hopes that the Federal Reserve would delay plans to wind down its stimulus program.</p><br clear="all"/>http://news.yahoo.com/asia-stocks-gain-hopes-fed-stimulus-stay-033130732.htmlThu, 27 Jun 2013 01:12:57 -0400Associated Pressasia-stocks-gain-hopes-fed-stimulus-stay-033130732<p><a href="http://news.yahoo.com/asia-stocks-gain-hopes-fed-stimulus-stay-033130732.html"><img src="http://l3.yimg.com/bt/api/res/1.2/dDXi5xJCG055Na8898uHPg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/0d7af2c95f12d915350f6a706700d35f.jpg" width="130" height="86" alt="A man checks his mobile phone in front of the electronic stock board of a securities firm in Tokyo, Wednesday, June 26, 2013. Global stock markets staged a modest recovery Wednesday, boosted by strong data releases that portray a U.S. economy on the upswing. Japan&#039;s Nikkei 225 fell 1 percent to close at 12,834.01. (AP Photo/Itsuo Inouye)" align="left" title="A man checks his mobile phone in front of the electronic stock board of a securities firm in Tokyo, Wednesday, June 26, 2013. Global stock markets staged a modest recovery Wednesday, boosted by strong data releases that portray a U.S. economy on the upswing. Japan&#039;s Nikkei 225 fell 1 percent to close at 12,834.01. (AP Photo/Itsuo Inouye)" border="0" /></a>HONG KONG (AP) ? Stock markets from Sydney to Shanghai extended gains for a second day Thursday after the U.S. said quarterly growth may be weaker than expected, raising investors&#039; hopes that the Federal Reserve would delay plans to wind down its stimulus program.</p><br clear="all"/>Mongolian president wins second term amid focus on mining curbs<p><a href="http://news.yahoo.com/mongolian-president-wins-second-term-amid-focus-mining-033224558.html"><img src="http://l3.yimg.com/bt/api/res/1.2/ojeKdPCXcYirUDTJDXWTjg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-27T033224Z_1_CBRE95Q09U900_RTROPTP_2_CNEWS-US-MONGOLIA-ELECTION.JPG" width="130" height="86" alt="Tsakhia Elbegdorj arrives at a polling station to cast his vote during Mongolia&#039;s presidential elections in Ulan Bator" align="left" title="Tsakhia Elbegdorj arrives at a polling station to cast his vote during Mongolia&#039;s presidential elections in Ulan Bator" border="0" /></a>ULAN BATOR (Reuters) - Mongolia&#039;s incumbent president, Tsakhia Elbegdorj, who wants more controls on foreign mining investments, has emerged as the winner of Wednesday&#039;s polls with a narrow majority of votes cast, the country&#039;s election commission said on Thursday. Elbegdorj, 50, who has served as president since 2009, was the overwhelming favorite in the contest, played out amid worries about Mongolia&#039;s faltering economy as well as the growing role of foreign mining firms. The commission said Elbegdorj got 50. ...</p><br clear="all"/>http://news.yahoo.com/mongolian-president-wins-second-term-amid-focus-mining-033224558.htmlWed, 26 Jun 2013 23:32:24 -0400Reutersmongolian-president-wins-second-term-amid-focus-mining-033224558<p><a href="http://news.yahoo.com/mongolian-president-wins-second-term-amid-focus-mining-033224558.html"><img src="http://l3.yimg.com/bt/api/res/1.2/ojeKdPCXcYirUDTJDXWTjg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-27T033224Z_1_CBRE95Q09U900_RTROPTP_2_CNEWS-US-MONGOLIA-ELECTION.JPG" width="130" height="86" alt="Tsakhia Elbegdorj arrives at a polling station to cast his vote during Mongolia&#039;s presidential elections in Ulan Bator" align="left" title="Tsakhia Elbegdorj arrives at a polling station to cast his vote during Mongolia&#039;s presidential elections in Ulan Bator" border="0" /></a>ULAN BATOR (Reuters) - Mongolia&#039;s incumbent president, Tsakhia Elbegdorj, who wants more controls on foreign mining investments, has emerged as the winner of Wednesday&#039;s polls with a narrow majority of votes cast, the country&#039;s election commission said on Thursday. Elbegdorj, 50, who has served as president since 2009, was the overwhelming favorite in the contest, played out amid worries about Mongolia&#039;s faltering economy as well as the growing role of foreign mining firms. The commission said Elbegdorj got 50. ...</p><br clear="all"/>Slower US growth might lead Fed to delay tapering<p><a href="http://news.yahoo.com/slower-us-growth-might-lead-fed-delay-tapering-195608480.html"><img src="http://l1.yimg.com/bt/api/res/1.2/iWMWcgpgSd9IZVBVC8CQxg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/be2010745efbd815350f6a7067009ad9.jpg" width="130" height="86" alt="FILE - In this March 1, 2013 file photo, a crane removes a container from a ship at the Port of Baltimore&#039;s Seagirt Marine Terminal in Baltimore. The government issues its third and final estimate of economic growth in the January-March quarter, Wednesday, June 26, 2013. (AP Photo/Patrick Semansky, File)" align="left" title="FILE - In this March 1, 2013 file photo, a crane removes a container from a ship at the Port of Baltimore&#039;s Seagirt Marine Terminal in Baltimore. The government issues its third and final estimate of economic growth in the January-March quarter, Wednesday, June 26, 2013. (AP Photo/Patrick Semansky, File)" border="0" /></a>WASHINGTON (AP) ? The U.S. economy may not be strong enough for the Federal Reserve to slow its bond purchases later this year.</p><br clear="all"/>http://news.yahoo.com/slower-us-growth-might-lead-fed-delay-tapering-195608480.htmlWed, 26 Jun 2013 18:02:36 -0400Associated Pressslower-us-growth-might-lead-fed-delay-tapering-195608480<p><a href="http://news.yahoo.com/slower-us-growth-might-lead-fed-delay-tapering-195608480.html"><img src="http://l1.yimg.com/bt/api/res/1.2/iWMWcgpgSd9IZVBVC8CQxg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/be2010745efbd815350f6a7067009ad9.jpg" width="130" height="86" alt="FILE - In this March 1, 2013 file photo, a crane removes a container from a ship at the Port of Baltimore&#039;s Seagirt Marine Terminal in Baltimore. The government issues its third and final estimate of economic growth in the January-March quarter, Wednesday, June 26, 2013. (AP Photo/Patrick Semansky, File)" align="left" title="FILE - In this March 1, 2013 file photo, a crane removes a container from a ship at the Port of Baltimore&#039;s Seagirt Marine Terminal in Baltimore. The government issues its third and final estimate of economic growth in the January-March quarter, Wednesday, June 26, 2013. (AP Photo/Patrick Semansky, File)" border="0" /></a>WASHINGTON (AP) ? The U.S. economy may not be strong enough for the Federal Reserve to slow its bond purchases later this year.</p><br clear="all"/>Analysis: Big poll win for Japan PM Abe's party could defeat bold economic reform<p><a href="http://news.yahoo.com/analysis-big-poll-win-japan-pm-abes-party-210221433.html"><img src="http://l2.yimg.com/bt/api/res/1.2/iUeZNn1nfMPxAc2XetupvA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T214832Z_2_CBRE95P1MG300_RTROPTP_2_JAPAN-POLITICS.JPG" width="130" height="86" alt="Japan&#039;s Prime Minister Abe is seen through reporters as he speaks during a news conference at his official residence in Tokyo" align="left" title="Japan&#039;s Prime Minister Abe is seen through reporters as he speaks during a news conference at his official residence in Tokyo" border="0" /></a>By Linda Sieg TOKYO (Reuters) - Will the real Shinzo Abe please stand up? Abe, back as Japan&#039;s premier in a rare second term, is expected to lead his ruling bloc to victory in a July upper house election, but what he will do with the mandate is a puzzle. Pessimists fear too decisive a win will weaken commitment to reforms needed to end the stagnation that has long plagued the economy. The risks are twofold. ...</p><br clear="all"/>http://news.yahoo.com/analysis-big-poll-win-japan-pm-abes-party-210221433.htmlWed, 26 Jun 2013 17:48:32 -0400Reutersanalysis-big-poll-win-japan-pm-abes-party-210221433<p><a href="http://news.yahoo.com/analysis-big-poll-win-japan-pm-abes-party-210221433.html"><img src="http://l2.yimg.com/bt/api/res/1.2/iUeZNn1nfMPxAc2XetupvA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T214832Z_2_CBRE95P1MG300_RTROPTP_2_JAPAN-POLITICS.JPG" width="130" height="86" alt="Japan&#039;s Prime Minister Abe is seen through reporters as he speaks during a news conference at his official residence in Tokyo" align="left" title="Japan&#039;s Prime Minister Abe is seen through reporters as he speaks during a news conference at his official residence in Tokyo" border="0" /></a>By Linda Sieg TOKYO (Reuters) - Will the real Shinzo Abe please stand up? Abe, back as Japan&#039;s premier in a rare second term, is expected to lead his ruling bloc to victory in a July upper house election, but what he will do with the mandate is a puzzle. Pessimists fear too decisive a win will weaken commitment to reforms needed to end the stagnation that has long plagued the economy. The risks are twofold. ...</p><br clear="all"/>TSX drops as Verizon threat hits telecoms, golds dive<p><a href="http://news.yahoo.com/tsx-falls-telecoms-gold-miners-tumble-153901785.html"><img src="http://l2.yimg.com/bt/api/res/1.2/jzYHT.UGwCDGGyFjKQK6Dw--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T153901Z_1_CBRE95P17H500_RTROPTP_2_CBUSINESS-US-MARKETS-CANADA-STOCKS.JPG" width="130" height="86" alt="Toronto Stock Exchange logo is seen in Toronto" align="left" title="Toronto Stock Exchange logo is seen in Toronto" border="0" /></a>By John Tilak TORONTO (Reuters) - Canada&#039;s main stock index stumbled on Wednesday after telecoms stocks suffered deep losses on reports that U.S. giant Verizon Communications Inc is looking to enter the market, while gold miners shares were pummeled as bullion prices tumbled. Weakness in the two sectors more than offset gains in financial shares after U.S. data helped calm fears of a rollback in economic stimulus programs. Revised figures showed U.S. ...</p><br clear="all"/>http://news.yahoo.com/tsx-falls-telecoms-gold-miners-tumble-153901785.htmlWed, 26 Jun 2013 17:10:53 -0400Reuterstsx-falls-telecoms-gold-miners-tumble-153901785<p><a href="http://news.yahoo.com/tsx-falls-telecoms-gold-miners-tumble-153901785.html"><img src="http://l2.yimg.com/bt/api/res/1.2/jzYHT.UGwCDGGyFjKQK6Dw--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T153901Z_1_CBRE95P17H500_RTROPTP_2_CBUSINESS-US-MARKETS-CANADA-STOCKS.JPG" width="130" height="86" alt="Toronto Stock Exchange logo is seen in Toronto" align="left" title="Toronto Stock Exchange logo is seen in Toronto" border="0" /></a>By John Tilak TORONTO (Reuters) - Canada&#039;s main stock index stumbled on Wednesday after telecoms stocks suffered deep losses on reports that U.S. giant Verizon Communications Inc is looking to enter the market, while gold miners shares were pummeled as bullion prices tumbled. Weakness in the two sectors more than offset gains in financial shares after U.S. data helped calm fears of a rollback in economic stimulus programs. Revised figures showed U.S. ...</p><br clear="all"/>Shares, dollar gain after GDP data eases Fed fears<p><a href="http://news.yahoo.com/most-asia-shares-rebound-pboc-assurances-shanghai-extends-030528848.html"><img src="http://l3.yimg.com/bt/api/res/1.2/bZPp.Y2QWHvRHq5Uig3FpA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T153446Z_20_CBRE95J0V9100_RTROPTP_2_MARKETS-JAPAN-STOCKS.JPG" width="130" height="86" alt="Employee of TSE works at the bourse in Tokyo" align="left" title="Employee of TSE works at the bourse in Tokyo" border="0" /></a>By Herbert Lash NEW YORK (Reuters) - The dollar rose and global equity markets gained for a second day on Wednesday after a surprisingly sharp downward revision to first-quarter U.S. economic growth eased concerns the Federal Reserve might soon begin to withdraw stimulus. In addition, moves by China to calm bank fears and supportive signs from the European Central Bank on the need for continued stimulus helped extend Tuesday&#039;s rebound after the global sell-off of stocks, commodities and bonds last week. U.S. gross domestic product grew at only a 1. ...</p><br clear="all"/>http://news.yahoo.com/most-asia-shares-rebound-pboc-assurances-shanghai-extends-030528848.htmlWed, 26 Jun 2013 16:50:32 -0400Reutersmost-asia-shares-rebound-pboc-assurances-shanghai-extends-030528848<p><a href="http://news.yahoo.com/most-asia-shares-rebound-pboc-assurances-shanghai-extends-030528848.html"><img src="http://l3.yimg.com/bt/api/res/1.2/bZPp.Y2QWHvRHq5Uig3FpA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T153446Z_20_CBRE95J0V9100_RTROPTP_2_MARKETS-JAPAN-STOCKS.JPG" width="130" height="86" alt="Employee of TSE works at the bourse in Tokyo" align="left" title="Employee of TSE works at the bourse in Tokyo" border="0" /></a>By Herbert Lash NEW YORK (Reuters) - The dollar rose and global equity markets gained for a second day on Wednesday after a surprisingly sharp downward revision to first-quarter U.S. economic growth eased concerns the Federal Reserve might soon begin to withdraw stimulus. In addition, moves by China to calm bank fears and supportive signs from the European Central Bank on the need for continued stimulus helped extend Tuesday&#039;s rebound after the global sell-off of stocks, commodities and bonds last week. U.S. gross domestic product grew at only a 1. ...</p><br clear="all"/>SocGen CEO says EU should avoid flexibility on bank failure<p><a href="http://news.yahoo.com/socgen-ceo-says-eu-avoid-flexibility-bank-failure-192951058.html"><img src="http://l1.yimg.com/bt/api/res/1.2/tLaLUORYG2KJHzXjLv2a9g--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T192951Z_1_CBRE95P1I6100_RTROPTP_2_SOCGEN-RESULTS.JPG" width="130" height="86" alt="French bank Societe Generale CEO Oudea attends the bank&#039;s 2012 annual results presentation in La Defense near Paris" align="left" title="French bank Societe Generale CEO Oudea attends the bank&#039;s 2012 annual results presentation in La Defense near Paris" border="0" /></a>By Lionel Laurent and Matthias Blamont PARIS (Reuters) - Europe&#039;s legal framework to decide who pays if banks fail should avoid granting too much flexibility to individual EU member states, the head of French bank Societe Generale told Reuters on Wednesday. The law on rescuing and closing banks in the EU is central to the 27-nation bloc&#039;s banking union, which aims to prevent future financial crises and get the economy out of recession. EU states have been at odds on how to distribute the cost of shuttering banks. ...</p><br clear="all"/>http://news.yahoo.com/socgen-ceo-says-eu-avoid-flexibility-bank-failure-192951058.htmlWed, 26 Jun 2013 15:29:51 -0400Reuterssocgen-ceo-says-eu-avoid-flexibility-bank-failure-192951058<p><a href="http://news.yahoo.com/socgen-ceo-says-eu-avoid-flexibility-bank-failure-192951058.html"><img src="http://l1.yimg.com/bt/api/res/1.2/tLaLUORYG2KJHzXjLv2a9g--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T192951Z_1_CBRE95P1I6100_RTROPTP_2_SOCGEN-RESULTS.JPG" width="130" height="86" alt="French bank Societe Generale CEO Oudea attends the bank&#039;s 2012 annual results presentation in La Defense near Paris" align="left" title="French bank Societe Generale CEO Oudea attends the bank&#039;s 2012 annual results presentation in La Defense near Paris" border="0" /></a>By Lionel Laurent and Matthias Blamont PARIS (Reuters) - Europe&#039;s legal framework to decide who pays if banks fail should avoid granting too much flexibility to individual EU member states, the head of French bank Societe Generale told Reuters on Wednesday. The law on rescuing and closing banks in the EU is central to the 27-nation bloc&#039;s banking union, which aims to prevent future financial crises and get the economy out of recession. EU states have been at odds on how to distribute the cost of shuttering banks. ...</p><br clear="all"/>First-quarter growth reading slashed in cautionary note on economy<p><a href="http://news.yahoo.com/u-first-quarter-growth-cut-1-8-percent-131810619.html"><img src="http://l1.yimg.com/bt/api/res/1.2/EMBVbetn_Z1e23OFNEjF1A--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T182534Z_2_CBRE95P10YH00_RTROPTP_2_LUXURY-US.JPG" width="130" height="86" alt="A woman carrying a Chanel shopping bag walks on Rodeo Drive in Beverly Hills" align="left" title="A woman carrying a Chanel shopping bag walks on Rodeo Drive in Beverly Hills" border="0" /></a>By Lucia Mutikani WASHINGTON (Reuters) - The U.S. government slashed its estimate for first-quarter economic growth on Wednesday, offering a cautionary note on the recovery as the Federal Reserve ponders curtailing its massive monetary stimulus. Gross domestic product expanded at a 1.8 percent annual rate in the quarter, the Commerce Department said. The economy was previously reported to have grown at a 2.4 percent pace after a gain of just 0.4 percent in the final three months of last year. Almost all categories were revised lower, with the exception of home construction and government. ...</p><br clear="all"/>http://news.yahoo.com/u-first-quarter-growth-cut-1-8-percent-131810619.htmlWed, 26 Jun 2013 14:25:34 -0400Reutersu-first-quarter-growth-cut-1-8-percent-131810619<p><a href="http://news.yahoo.com/u-first-quarter-growth-cut-1-8-percent-131810619.html"><img src="http://l1.yimg.com/bt/api/res/1.2/EMBVbetn_Z1e23OFNEjF1A--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-06-26T182534Z_2_CBRE95P10YH00_RTROPTP_2_LUXURY-US.JPG" width="130" height="86" alt="A woman carrying a Chanel shopping bag walks on Rodeo Drive in Beverly Hills" align="left" title="A woman carrying a Chanel shopping bag walks on Rodeo Drive in Beverly Hills" border="0" /></a>By Lucia Mutikani WASHINGTON (Reuters) - The U.S. government slashed its estimate for first-quarter economic growth on Wednesday, offering a cautionary note on the recovery as the Federal Reserve ponders curtailing its massive monetary stimulus. Gross domestic product expanded at a 1.8 percent annual rate in the quarter, the Commerce Department said. The economy was previously reported to have grown at a 2.4 percent pace after a gain of just 0.4 percent in the final three months of last year. Almost all categories were revised lower, with the exception of home construction and government. ...</p><br clear="all"/>Former Qatari PM drove bold, maverick foreign policyBy Regan Doherty DOHA (Reuters) - The manager of Qatar's rise to global prominence, former Prime Minister Sheikh Hamad bin Jassim al-Thani, used charm, tenacity and economic clout to broker peace and topple dictators overseas and build an investment nest-egg for future generations at home. Sheikh Hamad was replaced as prime minister and foreign minister in a cabinet reshuffle announced on Wednesday, following the accession of 33-year-old Sheikh Tamim bin Hamad al-Thani as emir. ...http://news.yahoo.com/former-qatari-pm-drove-bold-maverick-foreign-policy-172833156.htmlWed, 26 Jun 2013 13:28:33 -0400Reutersformer-qatari-pm-drove-bold-maverick-foreign-policy-172833156US growth downgrade ignored as stocks march again<p><a href="http://news.yahoo.com/us-growth-downgrade-ignored-stocks-march-again-141613098.html"><img src="http://l2.yimg.com/bt/api/res/1.2/tqHljgvkhD6tN7ikllKtWA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/64cb8a87404cc115350f6a7067001622.jpg" width="130" height="86" alt="In this Thursday, June 20, 2013 photo, specialist Stephen Ruiz, left, and trader Michael Smyth work on the floor of the New York Stock Exchange. Asian stock markets were mostly lower Tuesday June 25, 2013 as investors continued their flight from risky assets on the prospect of slower Chinese growth and the winding down of the U.S. Federal Reserve&#039;s monetary stimulus. European markets rebounded. (AP Photo/Richard Drew)" align="left" title="In this Thursday, June 20, 2013 photo, specialist Stephen Ruiz, left, and trader Michael Smyth work on the floor of the New York Stock Exchange. Asian stock markets were mostly lower Tuesday June 25, 2013 as investors continued their flight from risky assets on the prospect of slower Chinese growth and the winding down of the U.S. Federal Reserve&#039;s monetary stimulus. European markets rebounded. (AP Photo/Richard Drew)" border="0" /></a>LONDON (AP) ? Disappointing U.S. economic growth figures failed to alter the mood in financial markets Wednesday, which has seen most stocks eke out solid gains for the second day running.</p><br clear="all"/>http://news.yahoo.com/us-growth-downgrade-ignored-stocks-march-again-141613098.htmlWed, 26 Jun 2013 13:11:40 -0400Associated Pressus-growth-downgrade-ignored-stocks-march-again-141613098<p><a href="http://news.yahoo.com/us-growth-downgrade-ignored-stocks-march-again-141613098.html"><img src="http://l2.yimg.com/bt/api/res/1.2/tqHljgvkhD6tN7ikllKtWA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/64cb8a87404cc115350f6a7067001622.jpg" width="130" height="86" alt="In this Thursday, June 20, 2013 photo, specialist Stephen Ruiz, left, and trader Michael Smyth work on the floor of the New York Stock Exchange. Asian stock markets were mostly lower Tuesday June 25, 2013 as investors continued their flight from risky assets on the prospect of slower Chinese growth and the winding down of the U.S. Federal Reserve&#039;s monetary stimulus. European markets rebounded. (AP Photo/Richard Drew)" align="left" title="In this Thursday, June 20, 2013 photo, specialist Stephen Ruiz, left, and trader Michael Smyth work on the floor of the New York Stock Exchange. Asian stock markets were mostly lower Tuesday June 25, 2013 as investors continued their flight from risky assets on the prospect of slower Chinese growth and the winding down of the U.S. Federal Reserve&#039;s monetary stimulus. European markets rebounded. (AP Photo/Richard Drew)" border="0" /></a>LONDON (AP) ? Disappointing U.S. economic growth figures failed to alter the mood in financial markets Wednesday, which has seen most stocks eke out solid gains for the second day running.</p><br clear="all"/>New Qatar emir says will not 'take direction' in foreign affairsDOHA (Reuters) - Qatar's new emir, Sheikh Tamim bin Hamad al-Thani, said on Wednesday the Gulf state would not "take direction" in foreign affairs, supported the sovereignty and integrity of all Arab lands and would seek to diversify the gas-based economy at home. In his first speech as head of state, Sheikh Tamim, handed power on Tuesday when his father abdicated after 18 years in power, added he would follow in the "path" of his father, architect of an assertive foreign policy. But his 15-minute address focused on domestic issues and was broad in nature. ...http://news.yahoo.com/qatar-emir-says-not-direction-foreign-affairs-153855866.htmlWed, 26 Jun 2013 11:46:51 -0400Reutersqatar-emir-says-not-direction-foreign-affairs-153855866US economy grows at slower 1.8 pct. rate in Q1<p><a href="http://news.yahoo.com/us-economy-grows-slower-1-8-pct-rate-123936162.html"><img src="http://l1.yimg.com/bt/api/res/1.2/iWMWcgpgSd9IZVBVC8CQxg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/be2010745efbd815350f6a7067009ad9.jpg" width="130" height="86" alt="FILE - In this March 1, 2013 file photo, a crane removes a container from a ship at the Port of Baltimore&#039;s Seagirt Marine Terminal in Baltimore. The government issues its third and final estimate of economic growth in the January-March quarter, Wednesday, June 26, 2013. (AP Photo/Patrick Semansky, File)" align="left" title="FILE - In this March 1, 2013 file photo, a crane removes a container from a ship at the Port of Baltimore&#039;s Seagirt Marine Terminal in Baltimore. The government issues its third and final estimate of economic growth in the January-March quarter, Wednesday, June 26, 2013. (AP Photo/Patrick Semansky, File)" border="0" /></a>WASHINGTON (AP) ? The U.S. economy grew at an annual rate of 1.8 percent in the first three months of the year, significantly slower than first thought. The steep revision occurred mostly because consumers spent less than previously estimated, a sign that higher taxes could be dampening growth.</p><br clear="all"/>http://news.yahoo.com/us-economy-grows-slower-1-8-pct-rate-123936162.htmlWed, 26 Jun 2013 10:34:57 -0400Associated Pressus-economy-grows-slower-1-8-pct-rate-123936162<p><a href="http://news.yahoo.com/us-economy-grows-slower-1-8-pct-rate-123936162.html"><img src="http://l1.yimg.com/bt/api/res/1.2/iWMWcgpgSd9IZVBVC8CQxg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/be2010745efbd815350f6a7067009ad9.jpg" width="130" height="86" alt="FILE - In this March 1, 2013 file photo, a crane removes a container from a ship at the Port of Baltimore&#039;s Seagirt Marine Terminal in Baltimore. The government issues its third and final estimate of economic growth in the January-March quarter, Wednesday, June 26, 2013. (AP Photo/Patrick Semansky, File)" align="left" title="FILE - In this March 1, 2013 file photo, a crane removes a container from a ship at the Port of Baltimore&#039;s Seagirt Marine Terminal in Baltimore. The government issues its third and final estimate of economic growth in the January-March quarter, Wednesday, June 26, 2013. (AP Photo/Patrick Semansky, File)" border="0" /></a>WASHINGTON (AP) ? The U.S. economy grew at an annual rate of 1.8 percent in the first three months of the year, significantly slower than first thought. The steep revision occurred mostly because consumers spent less than previously estimated, a sign that higher taxes could be dampening growth.</p><br clear="all"/>Stocks rise even as US economic growth slows<p><a href="http://news.yahoo.com/stocks-rise-even-us-economic-growth-slows-142834763.html"><img src="http://l2.yimg.com/bt/api/res/1.2/cn.w3CvdOtykGkEWw3kcXg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/8b693f545f11d915350f6a706700e396.jpg" width="130" height="86" alt="In this Monday, June 10, 2013 photo, traders work on the floor of the New York Stock Exchange. Global stock markets staged a modest recovery Wednesday, June 26, 2013 boosted by strong data releases that portray a U.S. economy on the upswing. (AP Photo/Richard Drew)" align="left" title="In this Monday, June 10, 2013 photo, traders work on the floor of the New York Stock Exchange. Global stock markets staged a modest recovery Wednesday, June 26, 2013 boosted by strong data releases that portray a U.S. economy on the upswing. (AP Photo/Richard Drew)" border="0" /></a>NEW YORK (AP) ? U.S. stock indexes moved higher in early trading Wednesday, despite news that the U.S. economy has been growing more slowly than first estimated.</p><br clear="all"/>http://news.yahoo.com/stocks-rise-even-us-economic-growth-slows-142834763.htmlWed, 26 Jun 2013 10:28:34 -0400Associated Pressstocks-rise-even-us-economic-growth-slows-142834763<p><a href="http://news.yahoo.com/stocks-rise-even-us-economic-growth-slows-142834763.html"><img src="http://l2.yimg.com/bt/api/res/1.2/cn.w3CvdOtykGkEWw3kcXg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/8b693f545f11d915350f6a706700e396.jpg" width="130" height="86" alt="In this Monday, June 10, 2013 photo, traders work on the floor of the New York Stock Exchange. Global stock markets staged a modest recovery Wednesday, June 26, 2013 boosted by strong data releases that portray a U.S. economy on the upswing. (AP Photo/Richard Drew)" align="left" title="In this Monday, June 10, 2013 photo, traders work on the floor of the New York Stock Exchange. Global stock markets staged a modest recovery Wednesday, June 26, 2013 boosted by strong data releases that portray a U.S. economy on the upswing. (AP Photo/Richard Drew)" border="0" /></a>NEW YORK (AP) ? U.S. stock indexes moved higher in early trading Wednesday, despite news that the U.S. economy has been growing more slowly than first estimated.</p><br clear="all"/>Obama embarks on trip to Africa, Mandela's health a question<p><a href="http://news.yahoo.com/obama-embarks-trip-africa-mandelas-health-133718333.html"><img src="http://l2.yimg.com/bt/api/res/1.2/CcimSHhvbdw9VohU3AkxIQ--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_ZA/News/Reuters/2013-06-26T133718Z_1_AJOE95P11U800_RTROPTP_2_OZATP-USA-OBAMA-AFRICA-20130626.JPG" width="130" height="86" alt="(Blank Headline Received)" align="left" title="(Blank Headline Received)" border="0" /></a>By Mark Felsenthal WASHINGTON (Reuters) - President Barack Obama set out on an eight-day trip to Africa on Wednesday that is aimed at reviving U.S. engagement with the continent but that will be overshadowed by the uncertain health of South Africa hero Nelson Mandela. Obama&#039;s trip, his second to the continent as president, will take him to Senegal, South Africa and Tanzania. While the president hopes to spotlight trade and economic development themes, his visit would be dwarfed if Mandela&#039;s condition takes a turn for the worse. ...</p><br clear="all"/>http://news.yahoo.com/obama-embarks-trip-africa-mandelas-health-133718333.htmlWed, 26 Jun 2013 09:37:18 -0400Reutersobama-embarks-trip-africa-mandelas-health-133718333<p><a href="http://news.yahoo.com/obama-embarks-trip-africa-mandelas-health-133718333.html"><img src="http://l2.yimg.com/bt/api/res/1.2/CcimSHhvbdw9VohU3AkxIQ--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_ZA/News/Reuters/2013-06-26T133718Z_1_AJOE95P11U800_RTROPTP_2_OZATP-USA-OBAMA-AFRICA-20130626.JPG" width="130" height="86" alt="(Blank Headline Received)" align="left" title="(Blank Headline Received)" border="0" /></a>By Mark Felsenthal WASHINGTON (Reuters) - President Barack Obama set out on an eight-day trip to Africa on Wednesday that is aimed at reviving U.S. engagement with the continent but that will be overshadowed by the uncertain health of South Africa hero Nelson Mandela. Obama&#039;s trip, his second to the continent as president, will take him to Senegal, South Africa and Tanzania. While the president hopes to spotlight trade and economic development themes, his visit would be dwarfed if Mandela&#039;s condition takes a turn for the worse. ...</p><br clear="all"/>

By Diane Bartz and Tabassum Zakaria

WASHINGTON (Reuters) - Government auditors discovered four years ago that a select group of private contractors conducting background checks for high-security jobs were not doing enough to ensure the quality of their investigations.

Some investigators hired by the companies were not adequately trained or closely supervised, and the background reports they turned over to agencies for hundreds of thousands of prospective employees had missing information that could lead to risky hiring, the inspector general for the Office of Personnel Management said in a 2010 report that got little attention.

Now, as Congress focuses on how former Booz Allen Hamilton systems administrator Edward Snowden gained access to National Security Agency secrets while working at a facility in Hawaii, the report's findings are drawing new attention. Some lawmakers are calling for a full review of how security clearances are done.

Snowden is facing espionage charges after leaking details about secret U.S. surveillance programs to the media. He flew to Moscow from Hong Kong on Sunday and, according to Russian President Vladimir Putin, on Tuesday he was in the transit area of a Moscow airport.

At a hearing last week, Senator Claire McCaskill, a Missouri Democrat on a contracting oversight panel of the Senate Homeland Security Committee, cited an ongoing investigation into USIS, the contractor that conducted the most recent security review of Snowden.

"It is a reminder that background investigations can have real consequences for our national security," McCaskill said.

Questions have been raised about whether Snowden misstated his educational credentials. Hiring screeners at Booz Allen Hamilton found possible discrepancies in a resume submitted by Snowden, but the company still employed him, a source with detailed knowledge of the matter said last week.

Snowden also would have had to undergo a polygraph exam administered by the NSA, a senior government official said on condition of anonymity.

USIS is one of three companies now doing background checks under contracts worth up to $2.5 billion with the government's Office of Personnel Management.

USIS declined to comment for this story beyond a statement issued last week in which it said it had cooperated with the OPM inspector general's investigation and had no comment about Snowden's background check.

Screening prospective employees is a challenge because of the large number of jobs now requiring secret or top-secret clearances.

As of October 2012, 4.9 million U.S. workers had some sort of federal security clearance. There were 3.9 million background investigations done in fiscal 2012, some by the OPM's Federal Investigative Services unit and others by the three contractors with oversight by the OPM. It is unclear how many each does.

The OPM's Federal Investigative Services (FIS) defended the quality of background investigations.

"FIS investigative personnel are held to the highest standards of ethical and professional conduct in their positions of public trust and national security," Merton Miller, associate director of FIS, said in a statement. "Misconduct rarely occurs."

The 2010 report found problems with procedures and safeguards used by all three private contractors - USIS, KeyPoint Government Solutions and CACI International Inc.

All three companies have had investigators who were found to have done substandard work in background checks, which involve pulling records and interviewing associates of a job seeker.

"USIS, Kroll (KeyPoint) and CACI have all employed background investigators who have been convicted of fabrication," Susan Ruge, associate counsel at the OPM's inspector general's office said.

The U.S. Attorney in the District of Columbia has prosecuted 18 cases since 2006 - 11 of them federal employees and seven who worked for the private companies, according to OPM Inspector General Patrick McFarland in testimony to Congress last week. The penalties for the crimes have ranged from prison time to house arrest.

CACI and KeyPoint declined to comment.

Some experts said it made no difference whether the background investigations were done by contractors or by government employees.

Companies are "using basically the same kinds of people" as the government, said Daniel Schwartz, a former NSA general counsel. "They're former agents or retired agents."

The Government Accountability Office said the fiscal 2012 base price for a "top-secret" clearance investigation conducted by OPM was $4,005 while the base price of a less sensitive "secret" clearance was $260.

Those conducting the background checks may be inexperienced, and may be pushed to work quickly, said Schwartz.

"The real problem in this process is that it is grossly understaffed," said Schwartz, now with the law firm Bryan Cave. "There are not enough good staffers. On the clearance side, it's a huge problem."

USIS, which has 2,300 investigators, is the oldest and largest of the three companies. It was created in 1996 when the government decided to partially privatize the work to achieve savings estimated at the time to be between $60 million and $120 million per year.

USIS is owned by a larger investigative company called Altegrity, which in turn is principally owned by private equity firm Providence Equity Partners.

KeyPoint started in 2000 as Kroll Government Services, which did consulting and investigations. Veritas Capital bought Kroll in 2009 and changed its name.

It has 2000 investigators and works for more than 120 federal agencies, including OPM, Immigration and Customs Enforcement, Customs and Border Protection and the Transportation Security Administration, according to the company's web site.

Defense contractor CACI, a technology company, began doing federal background checks in 2004. It was criticized for the translators and other personnel that it provided to the U.S.-run Abu Ghraib prison in Iraq.

(Editing by Marilyn W. Thompson, Martin Howell and Tim Dobbyn)

Source: http://news.yahoo.com/flaws-found-security-checks-u-contractors-four-years-051459763.html

Voting Results 2012 pbs ron paul Cnn Electoral Map roseanne barr guy fawkes gary johnson

EU to cut subsidies to big farms

European Union negotiators have agreed a package of reforms to agricultural subsidies which will see big farms lose up to 30% of their payout.

Ministers reached a deal with Euro MPs and the European Commission.

However, environmentalists say many of the green measures in the original proposals have been swept away.

The Common Agricultural Policy (CAP) and rural development payments account for nearly 40% of the EU's long-term budget.

The plan is to spend about 50bn euros (?42bn; $65bn) annually on agriculture in 2014-2020.

Under the deal reached on Wednesday, some of the money withheld from big industrial farms will be redistributed to smaller farms, with an emphasis on those that use eco-friendly methods.

Sugar shortages

The deal still has to be approved by EU governments and the European parliament.

Officials are confident that that will happen, because ministers and parliamentarians have been involved in the negotiating process, says the BBC's Europe correspondent Chris Morris, in Brussels.

Negotiators also agreed to end EU sugar production quotas which critics say have distorted the market for years, and created artificial shortages.

The definition of an "active farmer" has also been contentious. The current payments system is largely based on land area and past subsidy levels, meaning that landowners like airports and sports clubs, which do not farm, have been getting subsidies on the basis of their grasslands or other eligible land areas.

The ministers have agreed on a "short mandatory negative list comprising airports, railway services, waterworks, real estate services and permanent sports and recreational grounds".

Our correspondent says the UK agriculture minister abstained in voting on one of four new regulations, arguing that some member states wanted to go back to the days of butter mountains and wine lakes.

In the 1970s and 80s the CAP took up a bigger share of the EU budget because there were more subsidies for farmers simply to produce. That led to wasteful overproduction.

Source: http://www.bbc.co.uk/news/world-europe-23062284#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

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