Saturday, January 28, 2012

Ford posts big 4Q profits but misses Wall Street

(AP) ? An accounting change boosted Ford's fourth-quarter net income, but without the gain the company fell short of Wall Street's expectations.

Weak sales in Europe and lower production in Thailand eroded Ford's profits.

Investors punished the stock in pre-market trading, where shares fell nearly 5 percent to $12.14.

Ford earned $13.6 billion in the fourth quarter, due to a decision to move deferred tax assets back onto its books. Without that change, the company's pretax operating profit totaled $1.1 billion, or 20 cents per share, missing analysts' forecasts of 25 cents.

The company lost money in Europe and Asia in the fourth quarter. But its North American operating profit rose 33 percent to $889 million.

"The quarter was really driven by North America," Chief Financial Officer Lewis Booth said.

Booth also said November flooding in Thailand, which affected its parts suppliers, had a greater impact than the company expected. Ford lost 34,000 units of production in Thailand and in South Africa, which relies on Thai-made parts. He said the company also saw higher costs for steel and other commodities. Ford spent $2.3 billion more on commodities in 2011 than the prior year, or $100 million more than it had forecast.

Europe's debt crisis weighed on car sales in that region.

For the full year, the U.S.-based company made $20.2 billion, or $4.94 per share. Without the accounting gain, it earned $8.76 billion, or $1.51 per share, its highest operating profit since 1999. Full year revenue rose 13 percent to $136.3 billion.

Analysts had forecast full-year earnings of $1.86 per share on revenue of $127.31 billion.

Based on its full-year North American results, Ford said it will make profit-sharing payments of around $6,200 each to its 41,600 U.S. hourly employees. Employees will get their checks in March.

Ford moved $15.7 billion worth of tax credits and other assets off its books starting in 2006 because it wasn't making money so it couldn't take advantage of them. The company moved most of them back onto its books in the fourth quarter because it anticipates using them now that it's profitable.

The change will affect Ford's tax rates going forward. Ford's tax rate was 9 percent in 2010 because of the assets that were being held in the valuation allowance account. Ford's new rate will be closer to 30 percent.

Booth said the change is a strong indication that the company expects to remain profitable. Another is Ford's decision last month to reinstate a 5-cent quarterly dividend starting in March.

But Booth said the international climate remains turbulent. Ford is trying to hold the line on incentive spending in Europe, but that could cost some sales. He doesn't expect Asia to be a solid contributor to profits for several more years, as the company tries to expand there. The South American market is also getting more competitive, he said, and Ford's products there are older than some new entries.

Ford is cutting European production in the first quarter by 36,000 vehicles because of weak sales. It's also making smaller production cuts in Asia and South America, but is increasing production in North America by 18,000 vehicles.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-27-Earns-Ford/id-737fb8ce494d493f9a775348bd67df98

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Thursday, January 26, 2012

Rubio: Immigration not only issue for Hispanics (AP)

WASHINGTON ? A Hispanic-American U.S. senator from Florida who's considered a rising star in the Republican Party says too much is being made of the significance of immigration to his community.

Sen. Marco Rubio says that while immigration is of critical importance, economic security weighs more heavily on Hispanics' minds "on the vast majority of the days of the year."

Rubio appeared on "CBS This Morning" Thursday after harshly criticizing Newt Gingrich's campaign ad labeling Mitt Romney the most anti-immigration candidate. Rubio said "I wouldn't characterize it as a scolding," and said he was a Gingrich "admirer." The ad has been pulled off the air.

Rubio declined speculation about the GOP's vice presidential nomination, saying he didn't think it would be him. He's remained neutral in the closely fought Florida Republican primary.

Source: http://us.rd.yahoo.com/dailynews/rss/politics/*http%3A//news.yahoo.com/s/ap/20120126/ap_on_el_ge/us_republicans_rubio

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Tuesday, January 17, 2012

Rachel Havrelock: Where Exactly Is Biblical Israel?

The phrase "Biblical Israel" often passes on the lips of Republican presidential contenders, representatives of the Netanyahu government, and Israeli settlers. But where exactly is this Israel of the Bible to be found?

Not in the Bible itself. The Hebrew Bible (known to Christians as the Old Testament and to Jews as the Torah or Tanakh) contains five different "maps." These "maps" aren't pictures, but lists of boundaries that define the Promised Land. None of them resemble the modern-day "Biblical Israel." One map -- surprisingly found in the book of Joshua, which describes an all-out holy war -- suggests a regional federation in which the tribes of Israel overlap and coexist with local inhabitants. Joshua chapter 15, verse 63 even states: "the Jebusites (local inhabitants of Jerusalem) and the People of Judah dwell together in Jerusalem until today." This not only sounds like contemporary Jerusalem -- a mixed city of Palestinians and Israelis -- but also like a prophecy of how the division of Jerusalem might give way to dwelling together.

The closest we get to "Biblical Israel" in the Bible is a map buried in the book of Numbers in which the land spans from the Mediterranean Sea in the west to the Jordan River in the east. The northern and southern boundaries don't correspond to "Biblical Israel" at all.

If not the Bible, then where does "Biblical Israel" come from? It results from a series of decisions made by the British when they asserted their power and later controlled the Middle East. With increasing awareness of the rich oil fields paralleling the Tigris and Euphrates Rivers and dreams of transporting this oil to Europe via the Mediterranean Sea, the British War Office began funding the efforts of the biblically driven Palestine Exploration Fund (PEF). The PEF aimed to prove the legitimacy of the Bible through scientific endeavors like archeology and mapping. In 1879, the British War Office published maps that became widely available in 1880. The 26 sheets of hand-drawn maps present a Palestine conforming to the biblical formulae "from Dan to Beersheba" for the north-south axis and "from the Jordan to the Sea" for the east-west axis. Thus the Holy Land as a potential holding of a Protestant empire was born.

In 1922, the League of Nations approved the British map of Mandate Palestine that reintroduced the idea of the Jordan River as a border. 1922 marks the first time that Protestants ruled the Holy Land as well as the birthday of "Biblical Israel." The Jews and Arabs who wanted this land for their own countries adopted the British map. Where the British saw the birthplace of Jesus and an excellent port for the shipment of Iraqi oil to Europe, Jews envisioned Israel and Palestinians imagined an independent Palestine.

From 1922 on, most Jewish nationalists recognized the Jordan as the ancient border that would one day define their state. This aspiration found fulfillment when Israel conquered the West Bank and reached the Jordan River in the 1967 war. The British map had a parallel impact on Palestinian nationalists. Although the Palestinian Arab Congresses held in the early 1920s rejected the British Mandate as well as the 1922 map, striking and rioting against both, the borders of the desired Palestine were constituted by the Mandate. The 1968 Palestinian National Charter makes the case most clearly: "Palestine, with the boundaries it had during the British Mandate, is an indivisible territorial unit." The "biblical" land doubly claimed by Palestinians and Israelis results from the British administration of the Middle East.

Since the 1920s -- indeed since the 1960s -- there is much water under the bridge. In the symbolic lexicon of Israelis, the Jordan River, as in the Bible, represents the line between homeland and exile. In the very real experiences of Palestinians exiled across the Jordan as a result of the 1948 and 1967 wars, the Jordan River marks the difference between exile and homeland. Battles have been fought and, ultimately, a peace treaty signed between Israel and the Hashemite Kingdom of Jordan that recognizes a span of the river as the border between them.

Right-wing religious groups, whether Israeli or Palestinian, aspire to rule all of "Biblical Israel" or "Historic Palestine." In truth, these maps result from British colonialism and not from religious tradition. Religious ideas about this land are, in fact, more fluid, more flexible, and more accepting of the different peoples who live within its uncertain borders.

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Source: http://www.huffingtonpost.com/rachel-havrelock/where-exactly-is-biblical_b_1194430.html

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Monday, January 16, 2012

Islamist set to be Egypt's new parliament speaker (Reuters)

CAIRO (Reuters) ? Leading Egyptian political parties will back a senior figure in the Muslim Brotherhood's Freedom and Justice Party (FJP) for the assembly's speaker, with another Islamist group and a liberal party taking the deputy posts, an FJP official said on Monday.

The prime task of the new parliament, the first elected since an uprising swept Hosni Mubarak from power last year, will be to pick a 100-strong assembly to write a new constitution.

Liberals fear that sweeping gains by Islamists in elections will put faith-based parties in the driving seat and lead to more religious strictures.

Islamists insist they want an inclusive government and a constitution that represents all Egyptians.

"No political stream or popular group will be eliminated from this political process," said Emad Abdel Ghaffour, head of the Islamist al-Nour party. "The proportional weight of these parties and their competencies will be taken into consideration."

The FJP, which secured the biggest bloc in the parliamentary election, is proposing its Secretary-General Mohamed al-Katatni for speaker, its head Mohamed Morsi said after meeting other key parties.

"The parties meeting today have agreed to respect the popular will that formed the parliament and was expressed in the vote results," Morsi told reporters. "The party with the proportional majority would field a candidate for the parliament speaker post."

Under the agreement between parties which included liberal and Islamists groups, the two deputy speaker posts would go to the Nour party, runners up in the vote, and the party with the next biggest number of votes.

FJP is projected to secure 232 seats, or 46 percent, while the more hardline Nour party, which advocates the strict application of Islamic law, has 113 seats, or 23 percent.

Two liberal groupings, the Wafd Party and the Egyptian Bloc, are projected to come in third and fourth, but the full results of the staggered election that began in November have yet to be announced because votes in some areas are going to be run again.

Wafd, which trailed Islamists in the vote, wasn't part of the deal but said it will decide its position on Thursday.

"We weren't informed of anything and weren't part of any talks," said Wafd's secretary general Foad Badrawy. "The issue will be discussed on Thursday and we will decide."

The Egyptian bloc is an alliance of three liberal and leftist groups.

Members of parliament will choose the speaker and his two deputies when they gather for the first time on January 23.

(Reporting by Tamim Elyan; Writing by Edmund Blair and Sherine El Madany)

Source: http://us.rd.yahoo.com/dailynews/rss/africa/*http%3A//news.yahoo.com/s/nm/20120116/wl_nm/us_egypt_parliament

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Kazakhstan votes after deadly oil town riots (Reuters)

ZHANAOZEN, Kazakhstan (Reuters) ? Kazakhstan voted on Sunday in an election that will admit a second party to parliament, in a small concession to democracy by President Nursultan Nazarbayev after deadly clashes in a mutinous oil town shook the country's stable image.

In Zhanaozen, the oil town where at least 16 people were killed in December clashes between police and protesters, black-clad police, many armed with Kalashnikov rifles, patrolled the streets. Beneath billboard images of Nazarbayev, who has ruled since 1989 and has no obvious successor, voters braved a blizzard to cast their ballots.

Although Nazarbayev's ruling party is certain of a landslide win, this election, like no other before it, will guarantee the second-placed party a presence in the lower house, regardless of whether it clears the 7 percent entry threshold.

While the president's most critical opponents have been barred from standing, the vote is designed to create a veneer of democracy in the ex-Soviet state. The 71-year-old leader is under pressure to counter unrest in a nation whose citizens are becoming disgruntled about unequal distribution of oil riches.

"I have voted for our children to have a better future, to have good jobs so that their lives become better than ours," said Kumlyumkos Nurgazinov, 63, an oilfield machinery operator in Zhanaozen.

Stability in Kazakhstan had been upset by a series of Islamist-inspired attacks even before the Independence Day riots in Zhanaozen, where striking oil workers sacked by state-run companies had been protesting for higher wages since May.

In a gesture keeping with his support of the sacked oilmen, Nazarbayev -- who is overwhelmingly popular throughout most of the country of 16.7 million people -- overruled a decision by the constitutional council to cancel the election in Zhanaozen.

He also demanded jobs be found quickly for the 1,800 workers laid off by local oil companies. But not everyone is satisfied.

"They threw a humiliating job at me. I still don't know what my wages will be," said a man in his 20s, a former employee of the local oil company. He said police had beaten him on the day of the riot.

First to arrive at Polling Station No. 65 was a middle-aged woman who walked away with a vase, recalling a Soviet tradition to entice voters with gifts. A set of crystal wine glasses for the first 18-year-old voter was still unclaimed by late morning.

RELUCTANT TO SPEAK

A sense of fear accompanied voters who arrived to vote at a local school in the shadow of a burnt-out electronics store ransacked during the riots.

Many in the town refused to speak to reporters who were accompanied by police and officials. Most of the voters who did agree to speak expressed support for the ruling Nur Otan party.

By rubber-stamping Nazarbayev's policies, the party is viewed by many as the best guarantor of the stability that has set Kazakhstan apart from its restive and poorer Central Asian neighbors.

Unemployed driver Agadzhan Tulyayev, 43, said better utilities were needed in a town that imports drinking water along a pipeline from Russia. Nur Otan says 90 percent of urban households nationwide will be connected to the water mains by 2017.

"We also need peace. Only Nur Otan can bring this," he said.

Kazakhstan, four times the size of Texas, holds 3 percent of global oil reserves and has attracted more than $120 billion in foreign investment in two decades of independence. It boasts per capita GDP on a par with that of Turkey or Mexico.

The country has accumulated nearly $75 billion in foreign currency reserves and a National Fund for windfall oil revenues -- a buffer that Nazarbayev warns may be needed to insulate the country from a looming economic crisis.

Politicians are also wary of the mass protests that greeted a disputed election last month in Russia, still Kazakhstan's biggest trading partner and a cultural reference point for its millions of Russian-speaking citizens.

"This is a big examination for us," Nazarbayev said after voting in the national library in Astana, his futuristic capital on the windswept steppe. "I'm sure Kazakhstanis will make the right choice for their future and for our peaceful development."

The president cast his ballot shortly after his eldest daughter, Dariga Nazarbayeva, a 48-year-old opera enthusiast and former media executive who is expected to return to frontline politics after being included on the Nur Otan party list.

The list also includes artists and sports stars, including cyclist Alexander Vinokourov and two Olympic gold medalists.

"Most important is the fact we will no longer have a one-party parliament," Nazarbayeva said.

The party widely expected to claim second place and a spot in parliament is the pro-business Ak Zhol, membership of which has swollen rapidly since its founder left Nur Otan last year to build it into the country's second-largest political force.

Zhanat Shauenov, a 44-year-old Almaty resident, said he had voted for Ak Zhol in the belief the party would invest more in education and medicine. "They will devote more attention to small and medium-sized business," he said.

OPPOSITION SIDELINED

But several opposition parties have been barred from standing. Opposition politician Bolat Abilov, removed from his party list for allegedly falsifying his income declaration, said five of Nur Otan's six rival parties were "filials."

"Top-down changes are practically impossible in Kazakhstan," said Abilov, co-chairman of the All-National Social Democratic Party. "The president, the ruling party and their circle are too convinced they are right."

While Abilov's Social Democrats are contesting the vote, the Communist Party has been suspended while another critical movement, Alga!, has been denied registration as an official political party.

"This election will be another missed opportunity to bring political debate into the Kazakh parliament," said Lilit Gevorgyan, analyst at IHS Global Insight. Western monitors have never judged a Kazakh vote free and fair.

Local news agencies reported the Social Democrats had been granted official permission to hold a protest in the commercial capital and largest city, Almaty, on January 17.

Zhanaozen, 150 km (95 miles) from the Caspian Sea, is under a state of emergency. Miklos Haraszti, head of the Organisation for Security and Cooperation in Europe's observer mission, said this had affected freedom of movement and information.

"One right is supposed to be free and undisturbed: the right to elect. This situation needs special focus," he said.

(Additional reporting by Raushan Nurshayeva in Astana, Mariya Gordeyeva, Olga Orininskaya, Dina Teltayeva and Robin Paxton in Almaty; Writing by Robin Paxton; Editing by Rosalind Russell)

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/nm/20120115/wl_nm/us_kazakhstan_election

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Sunday, January 15, 2012

Study: Indoor Tanning Linked With Early Onset of Skin Cancer (Time.com)

Given that indoor tanning beds were officially classified as a human carcinogen in 2009 -- up there with cigarettes and asbestos -- it should be fairly obvious that frequent tanning-booth exposure would increase your risk of skin cancer.

Indeed, the evidence linking indoor tanning with melanoma, the deadliest form of skin cancer, and squamous cell carcinoma, one of the more common forms of the disease, is "convincing," according to the World Health Organization's International Agency for Research on Cancer. But the research concerning tanning beds and basal cell carcinoma, the third and most frequent major type of skin cancer -- which accounts for some 80% of all skin cancer cases in the U.S. -- has thus far been inconsistent. (See pictures of a photographer's intimate account of her mother's cancer ordeal.)

Basal cell carcinoma, a slow-growing cancer, has traditionally been a disease of middle age. But it's been appearing with increasing frequency in people under 40, especially in women -- a demographic that also happens to like indoor tanning -- suggesting a link. So researchers at the Yale School of Public Health sought to study the association.

The study included 376 people under 40, who had been diagnosed with basal cell carcinoma between 2006 and 2010. They were matched with a control group of 390 dermatology patients who were diagnosed with minor skin conditions like cysts and warts. All participants had skin biopsies, and all were drawn from a Yale University database.

The researchers interviewed each participant about their UV exposure -- both in tanning beds and outdoors. They also asked about their history of sunburns, sunscreen use, family history of melanoma and non-melanoma skin cancers, and their self-reported eye, skin and hair color.

The conclusion: people who had ever used a tanning booth were 69% more likely to develop early-onset basal cell carcinoma than never tanners. Those who used tanning booths more regularly -- for at least six years -- were more than twice a likely to develop basal cell carcinoma, compared with never tanners.

The study found that women were far more devoted than men to indoor tanning, which might help explain why 70% of all early onset basal cell carcinomas occur in females. The authors concluded that about 27% of cases of early onset disease -- including 43% of cases in women -- could be prevented if people simply stopped using tanning booths.

That's a tall order, considering that some 30 million Americans use indoor tanning beds each year. Policy changes, such as the recent California ban on teen tanning, may help, the authors suggest. So would behavioral interventions aimed at women -- at least one study in 2010 found that the best way to get young women to tan less was to warn them about the skin-wrinkling effects of tanning-bed exposure, not the risk of skin cancer.

"Importantly, indoor tanning is a behavior that individuals can change. In conjunction with the findings on melanoma, our results for [basal cell carcinoma] indicate that reducing indoor tanning could translate to a meaningful reduction in the incidence of these two types of skin cancer," said Leah M. Ferrucci, first author of the paper and a postdoctoral fellow at the Yale School of Public Health, in a statement.

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Summary Box: Weak holiday sales hurt Tesco shares (AP)

BAD CHRISTMAS: Tesco PLC, Britain's biggest retailer by sales, warned that a key sales figure fell 2.3 percent during the holiday shopping season, far worse than analysts had expected. The company said that will hurt profit growth.

CONTEXT: The company cut prices late last year in an effort to draw in customers. But it actually lost market share from a year ago, and the lower prices hurt results.

STOCK SHOCK: Tesco stock tumbled 16 percent Thursday, and shares of several rival retailers fell too.

Source: http://us.rd.yahoo.com/dailynews/rss/britain/*http%3A//news.yahoo.com/s/ap/20120112/ap_on_bi_ge/eu_britain_tesco_summary_box

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