Saturday, December 31, 2011

Visitor numbers up at Aberdeen?s Union Square

ABERDEEN?S Union Square shopping mall drew 21% more people than a year ago for the three days following Christmas.

Property firm Hammerson said 190,000 shoppers visited Aberdeen?s Union Square centre, compared to 157,000 for the same three days last year.

December 27 was the busiest day both this year and in 2010, with visitor numbers up 15% to 59,000 at the Union Square shopping centre in Aberdeen.

For the full story, pick up a copy of today?s Evening Express or read our digital edition now

Click here to read the digital edition.

Source: http://www.eveningexpress.co.uk/Article.aspx/2578070

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Aol Employees Make Zombie Video About Talent Exodus

Screen Shot 2011-12-30 at 4.05.52 PMIn case you haven't noticed?;), it's an especially slooooooooooooooooooooooooooooooooooooooooooooooooooooooow time for the tech industry. So slow that some Aol employees -- the only one I recognize is Sol Lipman -- made a video about the recent Aol talent exodus, using ZOMBIES as a metaphor for all the people who've decided to leave Aol.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/VkdDGf6ihOc/

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Friday, December 30, 2011

Argentine President diagnose with thyroid cancer (AP)

BUENOS AIRES, Argentina ? President Cristina Fernandez has thyroid cancer, but test results showed Tuesday that it remains limited to a lobe in the right side of her neck and has not spread into her lymph nodes, her spokesman said.

Fernandez, 58, will undergo surgery on Jan. 4 and then take 20 days of medical leave, during which Vice President Amado Boudou will run the country. Meanwhile, she will keep up her normal routine, spokesman Alfredo Scoccimarro suggested, noting that she will appear at several events on Wednesday as planned.

Scoccimarro said the cancer was discovered during a routine exam on Dec. 22, and that Fernandez received the results from follow-up tests hours before the announcement.

This kind of thyroid cancer is highly survivable, with more than 95 percent of patients living at least 10 years after detection, according to the U.S. National Institutes of Health.

The usual treatment is to surgically remove as much of the cancerous material as possible, and then follow up with radioactive iodide treatments, taken orally. This substance helps to destroy any remnants of the cancerous gland and provide for clearer images showing any additional cancer, the NIH said on its Web site.

After surgery, patients usually must take medicine ? levothyroxine sodium ? for the rest of their lives to replace a hormone that the thyroid glands produce. Blood tests every six to 12 months to measure thyroid levels also are recommended.

Fernandez is only the latest South American leader to be diagnosed with cancer. Presidents Fernando Lugo of Paraguay, Hugo Chavez of Venezuela and Dilma Rousseff of Brazil all have undergone treatments recently.

Presidential doctors Luis Buonomo and Marcelo Ballesteros said the operation will be led by Dr. Pedro Saco, chief of the surgery department at Hospital Austral and chief of the Head and Neck Service of the oncology institute at the University of Buenos Aires. Saco also trained in cancer centers in Houston and New York, the hospital said.

Thyroid surgery is not without risk: the NIH says a nerve that controls the vocal cords can be damaged, and doctors sometimes accidentally remove the parathyroid gland, which helps regulate blood calcium levels.

Source: http://us.rd.yahoo.com/dailynews/rss/cancer/*http%3A//news.yahoo.com/s/ap/20111228/ap_on_he_me/lt_argentina_president_s_health

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How long can Apple sustain Steve Jobs' patent war?

Steve Jobs told his biographer that Apple would rather wage "thermonuclear war" with Google Inc. than make deals to share its technology with the maker of the Android operating system.

That was no empty threat. In the 18 months before Jobs died on Oct. 5, Apple sued HTC, Samsung Electronics and Motorola Mobility, the three largest Android users. It alleged that the phone makers stole Apple's technology and asked courts to make them stop.

Now, as rulings start coming in, it might be time for a detente that helps Apple maximize the value of its patents, said Kevin Rivette, a managing partner at 3LP Advisors LLC, a firm that advises on intellectual property.

When courts side with Apple and impose bans on infringing products, competitors can often devise workarounds; in cases where Apple doesn't win import restrictions, it would be better off striking settlements that ensure access to a competitor's innovation, he said.

"A scorched-earth strategy is bad news because it doesn't optimize the value of their patents - because people will get around them," said Rivette, whose clients include Android licensees.

"It's like a dam. Using their patents to keep rivals out of the market is like putting rocks in a stream. The stream is going to find a way around. Wouldn't it be better to direct where the water goes?"

Apple spokesman Steve Dowling declined to comment.

For a time, Apple's strategy looked sound. In October, an Australian court banned the sale of Samsung's Galaxy 10.1 tablet in that country, and the U.S. International Trade Commission agreed to consider an import ban on sales of certain HTC devices.

Then the tide began to turn. Apple suffered a setback Nov. 30, when a higher Australian court overturned the ruling against Samsung. On Thursday, a German judge said he was unlikely to uphold an import ban on a version of the Galaxy, which Samsung had modified in response to a ban on the original design.

Partial victory

The ITC gave Apple only a partial victory on Dec. 20 by ruling that HTC had violated only one of four patents Apple said it infringed. The patent covered what is called data detection, a feature that helps users make a call, send an e-mail or find an address on a map with a single keystroke. A day later, HTC said it found a way to work around the issue.

Even if HTC had to leave the feature out of its future products, the ruling reinforces predictions that Apple won't succeed forever in preventing Android rivals from selling gadgets with the now-familiar hallmarks of Apple's pioneering devices. These include touch-screens and app stores.

Long-term prospects

Legal history isn't on Apple's side, said Marshall Phelps, former head of intellectual property at IBM and Microsoft.

"Nobody has ever kept competitors out of any market with patents," in part because software can usually be slightly changed to find a non-infringing alternative, he said.

Exceptions, he said, include an IBM patent that characterized the basic architecture of a computer and Texas Instruments' original patent for the integrated circuit, or computer chip.

IBM was ordered by the U.S. Department of Justice to license its patent, while Texas Instruments decided to do the same, which has resulted in billions of dollars in royalties, Phelps said.

Many of Apple's patents, by contrast, relate to the look and feel of devices or particular ways of using a machine, rather than a basic technology breakthrough.

The question on the minds of many patent lawyers isn't whether Apple should adapt its legal stance, but when.

For now, the company's approach is costing rivals millions of dollars in fees, distracting management and preventing them from emulating Apple's products more boldly, said Ron Epstein, a former attorney at Intel who now runs patent licensing firm Epicenter IP Group.

Source: http://feeds.sfgate.com/click.phdo?i=b6e165ca2156206f267aae115c0aec0b

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Tuesday, December 27, 2011

theblaze: GOP Senator: Tea Party Challenges ?Killed Off? Chances for Republican Majority in Senate http://t.co/mJRyB5Rr via @theblaze

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Facebook post saves Utah hostages

SALT LAKE CITY (AP) ? Utah police say a woman used Facebook to get help after she and her 17-month-old son were held hostage at a residence for nearly five days.

Salt Lake County Jail documents say the woman posted on Saturday that she and her son would be "dead by morning" if they were not rescued. That prompted a welfare check at the home by Sandy police.

Officers arrested 33-year-old Troy Reed Critchfield and booked him into jail for investigation of aggravated kidnapping, forcible sodomy, aggravated assault, domestic violence, child abuse, animal cruelty and other charges.

He remained in jail on Monday.

It was not immediately clear whether Critchfield had an attorney.

Police say the woman hid in a closet and used a laptop to post the Facebook message.

Source: http://feeds.chron.com/~r/houstonchronicle/topheadlines/~3/H0vKgT56Gro/Utah-woman-son-rescued-after-Facebook-post-2425826.php

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Monday, December 26, 2011

Oil futures higher; Iran war games in focus

HONG KONG (MarketWatch) -- Crude-oil futures edged higher in holiday-thinned trading early Monday afternoon in East Asia, with benchmark crude for February delivery /quotes/zigman/2203132 CL2G +0.33% up 0.2% at $99.68 a barrel on the Comex division of the New York Stock Exchange. Senior Gulf oil ministers expressed concern over the weekend that war games by Iran, underway since Saturday and due to last 10 days, could disrupt oil-tanker traffic through the Strait of Hormuz, an area that accounts for about one-third of all seaborne oil trade. Iran has said the military maneuvers won't block oil shipments, although one Iranian lawmaker said earlier in December that Tehran should practice its ability to close the shipping route.

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High surf advisory during Washington clam dig

ABERDEEN ? The National Weather Service has issued a high surf advisory for the Washington coast Friday night at the same time clam diggers will be out on four beaches.

KBKW radio reports Grays Harbor County Emergency Management is urging diggers to watch for large waves and to not turn their backs to the ocean.

The state Fish and Wildlife Department approved the last razor clam dig of the year Friday night at Long Beach, Twin Harbors, Copalis and Mocrocks beaches.

Last modified: December 23. 2011 12:51PM

Source: http://www.peninsuladailynews.com/apps/pbcs.dll/article?AID=2011111229995

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Sunday, December 25, 2011

Hidden Dragon: The Chinese cyber menace

Analysis Cybercrooks and patriotic state-backed hackers in China are collaborating to create an even more potent security threat, according to researchers.

Profit-motivated crooks are trading compromised access to foreign governments' computers, which they are unable to monitise, for exploits with state-sponsored hackers. This trade is facilitated by information broker middlemen, according to Moustafa Mahmoud, president of The Middle East Tiger Team.

Mahmoud has made an extensive study of the Chinese digital underground that partially draws on material not available to the general public, such as books published by the US Army's Foreign Military Studies Office, to compile a history of hacking in China. His work goes a long way to explain the threat of cyber-espionage from China that has bubbled up towards the top of the political agenda over recent months.

The first Chinese hacking group was founded in 1997 but disbanded in 2000 after a financial row between some of its principal players led to a lawsuit. At its peak the organisation had about 3,000 members, according to Mahmoud. The motives of this so-called Red Hacker group were patriotic, defending motherland China against its enemies.

The hacking the US Embassy and the White House over the accidental bombing of the Chinese Embassy in Belgrade back in 1999 brought many flag-waving Chinese hackers together to, as they saw it, defend the honour of the motherland and fight imperialism in cyberspace.

This role was taken over by the Honker Union of China (HUC) after 2000, and the HUC later became the mainstay of the Red Hacker Alliance. China?s so-called ?red hackers? attack critics of the state and infiltrate foreign government and corporate sites ? among other activities. The phenomenon of patriotic hackers is far from restricted to China and also exists in Russia, for example. Russian hackers tend to make greater use of defacement and botnets to silence critics rather than spying.

Enter the Dragon

Over more recent years, different groups ? which are involved in cybercrime to make money rather than patriotic hacking ? have emerged in China, some of which are affiliated with the Triads. These groups are involved in running so-called bulletproof hosting operations, providing services for other phishing fraudsters and the like that ignore takedown notices that ethical ISPs would comply with - as well as various botnet-powered scams, spam and paid-for DDoS attacks for hire. "These firms did not target Chinese firms and were are therefore not prosecuted," Mahmoud explained.

Over the years patriotic hacker groups and criminal hackers have forged alliances, a process facilitated by the Chinese government and in particular the Peoples' Liberation Army, according to Mahmoud. One landmark event in this process was the defacement of Western targets and similar cyber-attacks following the downing of a Chinese jet by US warplanes in 2001. These attacks promptly ceased after they were denounced by the People's Daily, the organ of the ruling Communist Party.

The Chinese government began to see the potential of cyberspace at around this time and established a PLA hacking corp, as Mahmoud described it, featuring hand-picked soldiers who showed talent for cyber-security.

Mahmoud said that despite the existence of this corps the Chinese often prefer to use "freelance hackers" for "plausible deniability". "We can talk about hackers but it's better to talk about businessmen selling secrets. An entire underground industry has grown up to support cybercrime," he said.

There are various roles within such group including malware distribution, bot master, account brokers and "most importantly vulnerability researchers, whose collective ingenuity has been applied to run attacks against Western targets and to develop proprietary next-generation hacking tools", according to Mahmoud.

Small groups, including the Network Crack Program Hacker (NCPH), that research gaping security holes and develop sophisticated malware strains are reportedly sponsored by the PLA.

Western governments, hi-tech firms, oil exploration outfits and military targets have variously been targeted in a expanding series of so-called Advanced Persistent Threat (APT) cyber-attacks, commonly featuring Trojan backdoors, over the years. These operations have been known as TitanRain, ShadyRAT and Night Dragon, among others.

"It's sometimes difficult to differentiate between state-sponsored and industrial espionage attacks but what's striking is that all these attacks happen between 9am and 5pm Chinese time," Mahmoud noted.

Gaining access to industrial secrets is part of a deliberate targeted government plan, Programme 863, whose mission aim is to make Chinese industry financially independent of foreign technology. It also has a military dimension. "China sees cyberspace as a way of compensating for its deficiency in conventional warfare, for example by developing strategies to cripple communication networks," Mahmoud said. "That does not mean China wants to fight. Inspired by the ideas of Sun Tzu [author of The Art of warfare] China regards it as a superior strategy to break the enemy without having to fight."

North Korea is also developing expertise in cyber-warfare, running training schools that resemble those run in China. However there is little or no collaboration between the two countries, according to Mahmoud.

"The Chinese see their expertise in cyberspace as an edge they are not willing to share. That's why there is no collaboration with hackers outside the country."

The Wall Street Journal reported last Tuesday that US authorities have managed to trace several high-profile hacking attacks, including assaults against RSA Security and defence contractor Lockheed Martin, back to China. Information obtained during an attack on systems behind RSA's SecurID tokens was later used in a failed attack against Lockheed Martin.

"US intelligence officials can identify different groups based on a variety of indicators," the WSJ reports. "Those characteristics include the type of cyberattack software they use, different internet addresses they employ when stealing data, and how attacks are carried out against different targets. In addition to US government agencies, major targets of these groups include US defence contractors."

US investigators working for the National Security Agency have reportedly identified twenty groups of hackers, a dozen of which have links to China's People's Liberation Army. Others are affiliated to Chinese universities. In total, several hundred people are said to be involved in the attacks, some of whom have been individually identified. The information has helped to strengthen the US's hand in diplomatic negotiations with China.

The data also provides a list of targets for possible counter-attacks.

Bloomberg reports in a similar vein that China is engaged in an undeclared cyber Cold War against Western targets with the goal (unlike the Soviet-era Cold War) of stealing intellectual property rather than destabilising regimes or fostering communism.

Targets have included tech giants such as Google and Intel to iBahn, selected because it supplies Wi-Fi technology to hotels frequented by Western execs, oil exploration biz bosses and government and defence contractors. Chinese hackers stand accused of stealing anything and everything that isn't nailed down from as many as 760 different corporations over recent years resulting losses in intellectual property valued in the billions.

Next page: Paper tiger, hidden Trojan

Source: http://go.theregister.com/feed/www.theregister.co.uk/2011/12/24/china_cybercrime_underground_analysis/

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GermanCarScene: Audi R8 LMS Cup launched in China http://t.co/nXKHu3ya

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Saturday, December 24, 2011

Video: One family comes through for another

We'll focus on?efforts to help veterans find?jobs and deal with health and family problems. "One of the great blessings in my life has been the exposure I've received to the military?active duty, in the field and veterans,"?says Brian Williams. "They are America?s genuine heroes, and it's a privilege to use our platforms at NBC News to honor all that they have done."

Source: http://www.msnbc.msn.com/id/40153870/vp/45770776#45770776

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Friday, December 23, 2011

Austria has the lowest unemployment rate in the European Union with 4.1% of the active population jobless

Austria has the lowest unemployment rate in the European Union with 4.1% of the active population jobless

In this file picture, taken in 2010, people are seen gathering at the Vienna "Christkindlmarkt" Christmas market. Moody's said Austria would retain its AAA rating due to its "well diversified economy," low unemployment rate and financial strength.

Source: AFP - Copyright AFP 2008, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium

Source: http://www.breitbart.com/article.php?id=iafpCNG.5a4494c9ae3cb8f9537232f9bb2ef60e.481p0&show_article=1

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Pentagon Kills Big Airborne Laser In Favor Of Small Laser Drones [Airplanes]

The Boeing 747 Airborne Laser project has been mothballed despite successfully destroying a ballistic missile and other targets. But don't dispair, pew-pew destruction fans: the US Missile Defense Command now wants to use small high altitude drones armed with lasers. More »


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/IPYMYAmfRL8/pentagon-kills-big-airborne-laser-in-favor-of-small-laser-drones

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Report: Missing US man found dead in Lebanon

The body of a man believed to be missing American John Redwine has been found in mountains in Lebanon, a United Nations official told a Lebanese newspaper.

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The Daily Star newspaper reported that about 100 Lebanese army personnel and other security forces, two helicopters and search dogs and a team from the U.S. Embassy in Lebanon had been looking for Redwine following his disappearance earlier this month.

Security sources told the paper that the man they found Tuesday seemed to have fallen to his death on Sannine Mountain in the Mount Lebanon range. Redwine's car was found nearby, the paper said.

"Unfortunately, our security people confirmed that they found a body who they believe is that of John Redwine," Bahaa al-Koussy, director of the U.N. Information Center in Beirut, told the Daily Star.

He added that Redwine worked for the Beirut office of a German geo-sciences and natural resources institute that had been working with the U.N. Economic and Social Commission for Western Asia.

The Daily Star said it spoke to Redwine's wife Irina about his disappearance, but said she sounded distraught and declined to comment.

Freelance journalism
The Arab Digest blog, which reported Redwine was dead without citing a source for that inforation, said Redwine had worked as a freelance journalist and posted a YouTube clip of him being interviewed about Syria on Fox News.

Redwine previously worked on a project for a U.K. corporate communications company called Albany Associates.

The company's website says it provides "full-spectrum communications services in parts of the world that others simply cannot reach," and had established a reputation for "getting the job done .... in some of the most difficult, demanding and dangerous places on the planet."

Doug Griffin, a director at Albany, said he was aware of reports of Redwine's death and said staff were "very saddened by it."

"He worked closely with many of our colleagues. It's really sad news," he told msnbc.com.

On his Twitter account, which was last updated on Dec. 14, Redwine described himself as an "independent public relations and communications professional based in Beirut, Lebanon with over a decade of experience in the Middle East and fluent Arabic."

His account featured a number of news articles and details of news events in Lebanon and the Middle East.

? 2011 msnbc.com Reprints

Source: http://www.msnbc.msn.com/id/45736027/ns/world_news-mideast_n_africa/

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Joe Nocera On The Economy's Inconvenient Truth

There is so much about Fannie Mae and Freddie Mac that we should be angry about.

In their heyday, these strange hybrids ? part corporation, part government agency ? were the biggest bullies in Washington, quick to bludgeon critics who dared suggest that their dual missions of maximizing profits while making homeownership affordable for low- and moderate-income Americans were incompatible. They steamrolled their regulator and pushed back at any suggestion that their capital was inadequate.

Read the whole story

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Source: http://www.huffingtonpost.com/2011/12/20/joe-nocera-on-the-economy_n_1161466.html

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Thursday, December 22, 2011

Kim Jong Il body displayed behind glass, flowers

ALTERNATE CROP OF TOK912 OF DEC. 20, 2011 - In this image made from KRT television, the body of North Korean leader Kim Jong Il is laid in a memorial palace in Pyongyang, North Korea, Tuesday, Dec. 20, 2011. (AP Photo/KRT) TV OUT NORTH KOREA OUT

ALTERNATE CROP OF TOK912 OF DEC. 20, 2011 - In this image made from KRT television, the body of North Korean leader Kim Jong Il is laid in a memorial palace in Pyongyang, North Korea, Tuesday, Dec. 20, 2011. (AP Photo/KRT) TV OUT NORTH KOREA OUT

In this image made from KRT television, Kim Jong Un, center, North Korean leader Kim Jong Il's youngest known son and successor, visits the body of senior Kim with top military and Workers' Party officials in a memorial palace in Pyongyang, North Korea, Tuesday, Dec. 20, 2011. (AP Photo/KRT) TV OUT NORTH KOREA OUT

In this image made from KRT television, the body of North Korean leader Kim Jong Il is laid in a memorial palace in Pyongyang, North Korea, Tuesday, Dec. 20, 2011. (AP Photo/KRT) TV OUT NORTH KOREA OUT

People watch a TV screen showing the body of North Korean leader Kim Jong Il at Seoul Railway Station in Seoul, South Korea, Tuesday, Dec. 20, 2011. North Korean state television announced Monday that North Korean leader Kim Jong Il died on Saturday. The letters on the screen read" Korean Central TV opens Kim Jong-Il's body". AP Photo/Ahn Young-joon)

Condolence wreaths offered by mourners are on display in front of a picture of late North Korean leader Kim Jong Il at the North Korean custom office in Dandong, China, Tuesday, Dec. 20, 2011. North Korea's leader Kim Jong Il died Saturday of a massive heart attack brought about by overwork and stress, according to the North's media. (AP Photo/Andy Wong)

PYONGYANG, North Korea (AP) ? North Korea displayed the body of ruler Kim Jong Il in a glass coffin surrounded by red flowers Tuesday, and his young heir was one of the first to pay respects ? a strong indication that a smooth leadership transition was under way.

As the country mourned for a second day with high-level visits to Kim's body at a memorial palace and public gatherings of weeping citizens, state media fed a budding personality cult around his youngest known son and anointed heir, Kim Jong Un, hailing him as a "lighthouse of hope."

Kim's body was wrapped in red cloth and surrounded by blossoms of his namesake flowers, red "kimjongilia." As solemn music played, Kim Jong Un ? believed to be in his late 20s ? entered the hall to view his father's bier, surrounded by military honor guards. He observed a moment of solemn silence, then circled the bier, followed by other officials.

Outside one of the capital's main performance centers, mourners carried wreaths and flowers toward a portrait of Kim Jong Il. Groups were allowed to grieve in front of the portrait for a few minutes at a time.

"We will change today's sorrow into strength and courage and work harder for a powerful and prosperous nation, as our general wanted, under the leadership of the new General Kim Jong Un," U Son Hui, a Pyongyang resident, told The Associated Press.

The announcement Monday of Kim's death over the weekend raised acute concerns in the region over the possibility of a power struggle between the untested son and rivals, in a country pursuing nuclear weapons and known for its unpredictability and secrecy.

But there have been no signs of unrest or discord in Pyongyang's somber streets.

With the country in an 11-day period of official mourning, flags were flown at half-staff at all military units, factories, businesses, farms and public buildings. The streets of Pyongyang were quiet, but throngs of people gathered at landmarks honoring Kim.

Kim's bier was decorated by a wreath from Kim Jong Un along with various medals and orders. The body was laid out in the Kumsusan Memorial Palace, a mausoleum where the embalmed body of Kim's father ? national founder Kim Il Sung ? has been on display in a glass sarcophagus since his death in 1994.

Kim Jong Il died of a massive heart attack on Saturday caused by overwork and stress, according to the North's media. He was 69 ? though some experts question the official accounts of his birth date and location.

The state funeral for Kim is set for Dec. 28 in Pyongyang, to be followed by a national memorial service the next day, according to the North's state media. North Korean officials say they will not invite foreign delegations and will allow no entertainment during the mourning period.

Since Kim's death the media have stepped up their lavish praise of the son, indicating an effort to strengthen a cult of personality around him similar to that of his father and ? much more strongly ? of Kim Il Sung.

The Korean Central News Agency on Tuesday described Kim Jong Un as "a great person born of heaven," a propaganda term previously used only for his father and grandfather. The Rodong Sinmun, the newspaper of the ruling Workers' Party, added in an editorial that Kim Jong Un is "the spiritual pillar and the lighthouse of hope" for the military and the people.

It described the twenty-something Kim as "born of Mount Paektu," one of Korea's most cherished sites and Kim Jong Il's official birthplace. On Monday, the North said in a dispatch that the people and the military "have pledged to uphold the leadership of comrade Kim Jong Un" and called him a "great successor" of the country's revolutionary philosophy of juche, or self reliance.

Young Koreans, the North reported, "are burning with the faith and will to remain loyal to Kim Jong Un."

But concerns remain over whether the transition will be a smooth one.

South Korea put its military on high alert, and experts warned that the next few days could be a crucial turning point for the North, which though impoverished by economic mismanagement and repeated famine, has a relatively well-supported, 1.2 million-strong armed forces.

South Korea offered condolences to the North Korean people, but the government said no official delegation will be traveling from Seoul to Pyongyang to pay their respects.

Kim's death could set back efforts by the United States and others to get Pyongyang to abandon its nuclear weapons ambitions. Concerns are also high that Kim Jong Un ? being young and largely untested ? may feel he needs to prove himself by precipitating a crisis or displaying his swagger on the international stage.

Kim Jong Il was in power for 17 years after the death of his father, and was groomed for power years before that. Kim Jong Un only emerged as the likely heir over the past year.

North Korea conducted at least one short-range missile test Monday, South Korean officials said. But they saw it as a routine drill.

"The sudden death of Kim Jong Il has plunged the isolated state of North Korea into a period of major uncertainty. There are real concerns that heir-apparent Kim Jong Un has not had sufficient time to form the necessary alliances in the country to consolidate his future as leader of the country," said Sarah McDowall, a senior analyst with U.S.-based consultants IHS.

Some analysts, however, said Kim's death was unlikely to plunge the country into chaos because it already was preparing for a transition. Kim Jong Il indicated a year ago that Kim Jong Un would be his successor, putting him in high-ranking posts.

___

Reported from Pyongyang by Associated Press Television News senior video journalist Rafael Wober. AP writers Jean H. Lee, Foster Klug, Hyung-jin Kim, Sam Kim and Eric Talmadge contributed to this story.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2011-12-20-AS-Kim-Jong-Il/id-54b02d53a52b4dd2aa88fdbaeb8681f0

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Sunday, December 18, 2011

Editorial: What's wrong with TV, and what it might take to change it

America's favorite pastime, and perhaps that of all first-world countries, has yet to be truly rocked by technology. Sure, there have been a few true advancements like on-demand, streaming and the DVR, but only about 30 minutes of the average seven hours of TV Americans watched in 2010 was time shifted. Forty percent of homes have a DVR today, but most are just using them as tapeless VCRs. The reasons are complex and can't be summed up easily, but most would agree that DVRs and streaming options are where smartphones and MP3 players once were: plenty of people are throwing things against the wall, but nothing's sticking. I don't have the answers, but I do understand what the problem is and what it might take to change it. I can only hope that such a proposed change could become a self-fulfilled prophecy.

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Source: http://www.engadget.com/2011/12/16/editorial-whats-wrong-with-tv-and-what-it-might-take-to-chang/

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HBT: Ramirez still hesitant about move to 3rd

The Marlins have repeatedly said that they have no intention to trade Hanley Ramirez following the addition of shortstop Jose Reyes, but it?s clear that he?s not yet on board with moving to third base.

Marlins president Larry Beinfest made some interesting comments to?Barry Jackson of the Miami Herald yesterday, admitting?that??it may take a little bit of time for him to get comfortable? with the idea of switching positions.

?The conversations we?ve had, we?re going to keep between us. But there?s been quite a bit of communication. He?s excited about playing for Ozzie Guillen. Ozzie is excited to have him. Everyone reacts to change differently.

?Even though we communicated with him and let him know what our intentions were in terms of Jose, he was the shortstop for six years, a very good one. We?ve asked him to move to third. Sometimes it just takes a little time for things to sink in. I think he recognizes we?re a better team with Jose.?

Another Marlins? official told Jackson that they would like Ramirez to publicly endorse the signing of Reyes and a move to third base, but they haven?t pressured him to do so. The hope is that he?ll come around to the idea before spring training, but if the Marlins continue to face resistance, it stands to reason that they?ll explore the possibility of trading him.

Source: http://hardballtalk.nbcsports.com/2011/12/17/hanley-ramirez-still-hesitant-about-move-to-third-base/related/

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Saturday, December 17, 2011

Five people dead in apparent murder-suicide in Illinois town (Reuters)

CHICAGO (Reuters) ? Five people, including three children, have been found shot to death in an apparent murder-suicide in a small Illinois town, police said on Saturday.

The five victims included a 30-year-old woman, a 29-year-old man, and three children ages eight, seven and 10 months, according to the Livingston County Sheriff's Office.

The bodies were found Friday afternoon at a home in Emington, a rural town of about 120 people located about 80 miles southwest of Chicago.

"The nature of why is still under investigation," Sheriff Martin A. Meredith said in a news release. A semi-automatic pistol was recovered at the scene. Meredith said police are not looking for any suspects.

Police did not say who they believed fired the shots.

"Our hearts go out to the family of those involved, along with residents of Emington and all of Livingston County," Meredith said.

(Reporting by Mary Wisniewski; Editing by Jerry Norton)

Source: http://us.rd.yahoo.com/dailynews/rss/us/*http%3A//news.yahoo.com/s/nm/20111217/us_nm/us_crime_shooting

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Russia's Putin relies on "collective hostages" (Reuters)

MOSCOW (Reuters) ? To his admirers, he is the man who saved Russia from chaos and the clutches of Western imperialism, soothing its hurt pride and revitalizing its military might to restore it to greatness.

They see him as an "ideal man" who wins wars, puts the West in its place and ensures workers keep their jobs by preventing the closure of struggling factories - but also makes time to ride horses, dive for ancient treasure and ski down mountains.

Vladimir Putin, for some in Russia, is superman.

The former spy who has dominated Russia since 1999 sought to bolster his image in his annual televised phone-in on Thursday, portraying himself as the man to maintain stability and unite the country.

There may be fewer Russians who believe in the tough-guy image now but, outside the big cities where successful young professionals have been leading the biggest opposition protests of his 12-year rule, they are still there, and in large numbers.

"You can never love someone who was once your enemy. But I like him. I can say that. He's a good leader. He watches over us, and he's given us the resources to rebuild our city," said a 26-year-old who gave his name only as Omar in Grozny, capital of the Chechnya region where Putin ousted a separatist government in a devastating war.

On the other side of Russia, in the Pacific port city of Vladivostok, 18-year-old Maxim, an activist in Putin's United Russia party, put it simply.

"I support Putin because he is a real man. He's strong."

Putin's challenge is to harness that kind of support and ensure it does not erode further before the March 4 presidential election, which he is still expected to win, although not as easily as seemed likely just a few weeks ago.

"Everything's changed. Not so long ago, he had a large majority. Now he needs to rediscover these people. But they won't come into the fold of their own accord," said Gleb Pavlovsky, a political analyst and former Kremlin adviser.

"He will want to start something new, he will try to show a new Putin to win back some of the love. It's a bit like showbusiness - to win back your fans you've got to get back on the stage."

POWER BASE OUTSIDE CITIES

The 59-year-old prime minister has long had a loyal following in small towns and villages and has a power base in state-owned businesses, among the bureaucrats who owe their careers to him, the businessmen whose fortunes depend on his goodwill and an older population afraid of again losing everything they own to change.

In a parliamentary election on December 4, which the opposition says was slanted to favor Putin's United Russia, much of the ruling party's support came from provincial towns and villages that hold between 62 to 63 percent of Russia's 142 million population. It was in major cities that support for the party, and Putin, has stumbled most.

"I don't think he expected it at all," said Boris Dubin, director of political and social studies at polling agency Levada.

He said Putin's team had calculated that an announcement on September 24 that he would swap jobs with President Dmitry Medvedev would lead to a surge in his popularity by signaling his return to the top job after four years as prime minister. This although he had in reality remained in charge under their power-sharing deal.

Instead, many voters in the cities were upset by what they saw as arrogance that their political future - which if Putin wins two more presidential terms would stretch until 2024 - had been decided without them.

"They didn't expect that people, mostly qualified professionals ... would hate the fact that, behind their backs, they made this deal to 'castle' well before its announcement; almost four years ago they agreed this," Dubin said, using chess terminology.

In the provinces, it was a different story.

"COLLECTIVE HOSTAGES"

Putin has long enjoyed success in the small provincial towns and villages by presenting himself in one of his favorite guises - as what has been referred to as the plumber tsar, the ruler who is prepared to roll up his sleeves and get his hands dirty.

Aware of this kind of image, Putin travelled before the election to Russia's southern bread basket region to help bring in the harvest. He and Medvedev even drove combine harvesters.

"Did you like it?" a grinning Medvedev asked Putin after getting down from his harvester.

"Yes, very much," Putin said, playing to the television cameras before boasting about the six tonnes of corn he had harvested in a field that had been left with just a small square

for Russia's leaders to cut.

With lives that have changed little since Soviet times, many Russians in the villages and small towns still have an unrivalled reverence for their leaders, a tradition from which tsars, Soviet commissars and now presidents have benefited.

They often have little real choice. Some local officials are not shy of warning voters that vital government funding could depend on how they vote.

"How we live in the republic over the next five or six years depends on how responsibly and correctly we vote in the elections," Mikhail Surkov, a district head in the Mordovia republic in central Russia, was quoted as telling pensioners.

"Our people are wise. They know whom to vote for. And anyway candidates for other parties are not active, knowing that it makes no sense to spend time here on the election campaign," he told the New Times magazine.

Many villagers have no access to the Internet, on which opposition protesters have been issuing invitations to protest, and they get most of their news from state television or local newspapers which are often run by the ruling party.

The state channels pump out a daily diet of Putin's and Medvedev's successes. Even footage of protests shown by state television last Saturday contained no direct criticism of Putin or calls for him to step aside.

"The fundamental organizations which everyone uses in the provinces have not changed in terms of their form or how they function. They are Soviet," Dubin said.

They are the state's "collective hostages," he said.

But if the main television channels step up their tentative coverage of the protests and unrest, more people outside the big cities might yet change their mind, he said.

"I don't think it's the case that they really love Putin and it's not the case that they completely trust him," Dubin said.

"He represents the state and for them, even if they don't like parts of the state, they know very well they have no other partners to turn to. The state is their best and only chance."

BUSINESS VASSALS

Putin has developed a political system where much of Russia's social and economic life is beholden to the state. In Russia that means, by extension, to him.

Even big business, which is supposedly free of state control, has to watch its step.

The fate of Mikhail Khodorkovsky, once Russia's richest man but now imprisoned on fraud and other charges after falling foul of the Kremlin, serves as a reminder to all businessmen - including the super-rich oligarchs - who is the boss.

"Every big decision has to have Putin's approval. Before starting a big deal, they run it past Putin. Before signing, they check again with Putin," said a senior Western business executive with many years experience in Russia.

Business leaders have had 12 years under Putin, as president or prime minister, to learn the rules of his game. Some fear a change of ruler would upset the stable political system they favor.

Alexander Khodachek, director of the Higher School of Economics in St Petersburg, said some of Putin's strongest backers had made their fortunes over the last 10 years - including some from Russia's second city, where Putin cut his political teeth as an aide to the mayor.

What would happen to their fortunes if Putin were to go?

As Maxim Ustyugov, 37, an entrepreneur in the Ural Mountains city of Yekaterinburg put it: "Don't change your horses in midstream. We are in midstream and only just standing."

Big business would be unlikely to turn against Putin, at least not at this time, although some of Russia's richest and most powerful tycoons have moved or are moving their businesses to Britain, where they often educate their children and have more faith in the courts.

"Putin will be holding out a hand to try to hang on to some of the people who are not happy, especially those in the cities, in the middle class, in business and especially medium-sized business," Pavlovsky said.

ANTI-WESTERN SCRIPT

Another important part of Putin's script for reinforcing his power base could be to try to rekindle Soviet-era paranoia over the West, suggesting the United States stoked the protests.

He has already show he will do this, tapping into a feeling of 'us and them' that has marked Russian life for decades, one which helped create the Nashi (Ours) youth movement and several other offshoots that Putin relies on for support.

The government has spent large amounts on these groups, leading critics go so far as to say that youngsters are encouraged at regular meetings and long summer camps to all but worship Putin.

Russian newspaper Vedomosti reported that Nashi, which has in the past used threatening and sometimes violent measures against its 'enemies' or foreign diplomats and critical journalists, received 467 million roubles ($13.8 million) in the same period - a lot more than other youth organizations.

Maria Kozhevnikova, a 27-year-old former actress, model and one-time Russian Playboy cover girl who is a member of the Young Guard, United Russia's youth movement, said its group had an important role helping the needy.

She, like several other members of the Young Guard, has moved swiftly up the ranks and is about to take up a seat in parliament for United Russia. She echoes Putin in suggesting the opposition protests are being funded from outside Russia.

"A 'strong Russia' cannot be controlled," she said in an email response to Reuters. "Mass rallies have never solved the people's problems and answered their aspirations. The people were always just a weapon in the struggle for power."

Nashi and Young Guard supporters say Putin is needed to prevent Russia returning to the turmoil of the late 1980s as the Soviet Union collapsed and the 1990s when the transition to a free-market economy proved chaotic.

"I've seen Putin close up several times and I want to say that this man has very strong vibes," Kozhevnikova said.

"I've watched how people have changed when they got close to Putin, not because they are afraid, but because they feel a calm and strong confidence. Because of this, the West is afraid of him, and that is understandable."

NO ALTERNATIVE

Putin's greatest advantage is perhaps that, for now, there are few alternatives.

Russia's opposition - those who are permitted to run in elections - have produced few challengers. Communist leader Gennady Zyuganov has failed to win the presidency three times, and nationalist leader Vladimir Zhirinovsky has lost on all of the four occasions he tried.

The candidacy of billionaire businessman Mikhail Prokhorov is widely seen as a Kremlin ploy to offer a choice for middle class voters and not as a serious challenge. No leader of the opposition protests is registered for the election and there are doubts that any of them could unite the opposition.

"Putin has already been president so he knows what to do, what it is all about," said Dima, a young voter in Vladivostok.

"He is strong - a real Russian. And who else is there? Who is the Communist man ... Zyuganov? I don't want him. And who else? Zhirinovsky is a joker."

(Additional reporting by Thomas Grove in Grozny, Guy Faulconbridge in Vladivostok, Natalia Shurmina in Yekaterinburg and Timothy Heritage in Moscow)

Source: http://us.rd.yahoo.com/dailynews/rss/russia/*http%3A//news.yahoo.com/s/nm/20111215/wl_nm/us_russia_putin_powerbase

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Friday, December 16, 2011

Industrial output sees first drop since April (Reuters)

WASHINGTON (Reuters) ? Industrial output declined in November for the first time in seven months as manufacturing activity slumped, countering recent signs of improvement in the economy.

Production in the industrial sector eased 0.2 percent last month, the first drop since April, following a 0.7 percent gain in October. Analysts in a Reuters poll had been looking for a 0.2 percent rise.

A measure of how fully firms are using available resources, capacity utilization, eased to 77.8 from 78.0.

The pullback in factory activity was led by a 3.4 percent decrease in motor vehicles and parts. But even excluding that drag, manufacturing output was still down 0.2 percent.

Mining production rose 0.1 percent, and there was a 0.2 percent rise for utilities.

(Reporting by Pedro da Costa; Editing by Chizu Nomiyama)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20111215/bs_nm/us_usa_economy_output

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Obama visiting Fort Bragg to mark end of Iraq war

President Barack Obama speaks during a campaign event in Washington, Tuesday, Dec. 13, 2011. (AP Photo/Carolyn Kaster)

President Barack Obama speaks during a campaign event in Washington, Tuesday, Dec. 13, 2011. (AP Photo/Carolyn Kaster)

(AP) ? President Barack Obama is marking the end of the Iraq war with a tribute to the troops who fought and died in a conflict he opposed from the start.

Accompanied by first lady Michelle Obama, the president was traveling Wednesday to Fort Bragg in North Carolina to address service members and their families as he brings the war to a close.

At a base that's seen more than 200 deaths over nearly nine years of fighting in Iraq, Obama was to highlight the human side of the war, reflecting on the bravery and sacrifices of U.S. forces now on their way back home.

All U.S. troops are to be out of Iraq Dec. 31, though Obama has pledged the U.S. will continue to help Iraq as it faces an uncertain future in a volatile region of the world. Even as majorities in the U.S. public favor ending the war, some Republicans have criticized Obama's withdrawal, arguing he's leaving behind an unstable Iraq that could hurt U.S. interests and fall subject to influence from neighboring Iran.

Obama has on several occasions addressed his reasons for ending the war, casting it as a promise kept after he ran for president as an anti-war candidate and speaking of the need to refocus U.S. attention on rebuilding the troubled economy at home.

On Wednesday, his focus will be principally on the troops and their role and his commitment to ensuring veterans get the jobs and resources they need once they're back home. His audience will be those people most personally affected, including troops back from Iraq and their families.

In a local television interview Tuesday, Obama previewed some of his likely themes.

"We must not forget the men and women who gave their lives, tens of thousands wounded, all those missed birthday parties, missed soccer games and missed dinners because folks were on their second or third deployment. We should not take that for granted," the president told KOAA-TV in Colorado Springs, Colorado. "It is an extraordinary testimony to the bravery, courage, dedication and patriotism of our soldiers."

It's the president's first visit to Fort Bragg, which is home to Army Special Operations, the 18th Airborne Corps and the 82nd Airborne, among others. Special Forces troops from Fort Bragg were among the first soldiers in Iraq during the 2003 invasion and its paratroopers helped lead the 2007 troop increase.

North Carolina, which Obama narrowly won in 2008, also is an important state for the 2012 presidential election and will host the Democratic Party national convention.

___

Associated Press writer Martha Waggoner in Raleigh, North Carolina, contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2011-12-14-Obama/id-a2c7f9010ac648ccbce4c6b0c2513f93

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Thursday, December 15, 2011

Online Merchant Lender Kabbage Raises Another $12 Million

kabbageAtlanta-based startup Kabbage, which provides working capital to online merchants, has closed $12 million in debt financing from Western Technology Investment. In August, Kabbage raised $17 million from BlueRun Ventures, David Bonderman, founder of TPG Capital; Warren Stephens, CEO of Stephens; the UPS Strategic Enterprise Fund, Jim McKelvey, co-founder of Square; and others. Kabbage, which was founded by Marc Gorlin, Rob Frohwein and Kathryn Petralia, is essentially a way for online merchants and sellers on marketplaces like eBay and Amazon to get capital they otherwise wouldn't qualify for at a bank. Kabbage uses technology to analyze online merchants' sales and credit history; customer traffic and reviews; and prices and inventory compared to competitors. And merchants can proactively add information to their Kabbage account to immediately increase their access to capital.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/wcTZvTMOYiI/

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Tuesday, December 6, 2011

AP Interview: Chou taps inner child for 11th album (omg!)

TAIPEI, Taiwan (AP) ? The Number 11 seems to be a lucky number for Mandarin pop's biggest star, Jay Chou.

Chou released "Wow," his 11th Mandarin album on Nov. 11, and 2011 marks his 11th year in show business. Over that time, he has revolutionized the business in ways not even he could have foreseen and has heavily influenced a generation of musicians and song writers who followed.

Although his musical style is loosely categorized as R&B or pop, the 32-year-old Taiwanese singer/song writer is a classically trained pianist who often injects classical music and traditional Chinese instruments into his tracks.

With "Wow," Chou says he is "getting back to basics" and making music for a younger audience.

"I believe that a musician should have a child's heart," Chou said in an interview in Taipei with The Associated Press. "I've made a lot of more sophisticated tracks in the last 10 albums. There were a lot of songs that adults love. The 11th album is more for the kids."

Since becoming a huge star and developing a following across Asia, Chou has fallen victim to the growing paparazzi culture in Taiwan. He is often followed and chased by photographers and reporters who would go to great lengths to dig up stories about his personal life.

Chou doesn't hide his disdain for the paparazzi, and he vents his frustrations in lyrics, or, in the case of the music video for the album's title track, by blowing up a fictitious paparazzi "office building."

It's an "immature" thought, he acknowledges, but one he says will resonate with fellow celebrities. "I'm sure I'm not the only one who feels this way," he said.

Chou has also ventured into acting and directing. His directorial debut "Secret," is a story about star-crossed high school sweethearts who re-connect with the help of a magical piano. He revealed to AP that a sequel is planned for next year.

"I will use the same cast and crew," he said. "because I think we've already got pretty good chemistry."

Playing Kato alongside Seth Rogen's "Green Hornet" gave Jay Chou his first big Hollywood break, and more offers are coming in. But Chou hasn't yet found another project that appeals to him.

"I want to pick something that's suitable and something that I like," he said.

He's hoping "Green Hornet 2" gets the green light so he can reprise the role of Kato. Until then, Chou can be seen in the "Viral Factor," co-starring Hong Kong actor Nicholas Tse, in January 2012.

__

Associated Press writer Angela Chen contributed to this report from Hong Kong.

Source: http://us.rd.yahoo.com/dailynews/rss/entertainment/*http%3A//us.rd.yahoo.com/dailynews/external/omg_rss/rss_omg_en/news_ap_interview_chou_taps_inner_child11th_album_070050175/43805801/*http%3A//omg.yahoo.com/news/ap-interview-chou-taps-inner-child-11th-album-070050175.html

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Monday, December 5, 2011

Canada bankruptcy may hurt Islamic finance in North America ...

DUBAI/TORONTO (Reuters) ? The insolvency of an Islamic mortgage lender in Canada may hinder the growth of sharia-compliant finance in North America, where the industry has struggled to gain traction in the absence of a supportive regulatory framework.

UM Financial Inc was ordered into receivership in October, leaving about $32 million worth of mortgages in the hands of Toronto?s legal system. Accounting and business advisory firm Grant Thornton was appointed receiver by the Ontario Superior Court of Justice.

The case has exposed uncertainty over the legal treatment of sharia-compliant mortgages in default, and questions over the transparency and oversight of smaller Islamic lenders. Industry experts said this could make investors in Canada and the United States more wary of considering Islamic finance in future.

?The failure of an Islamic financial institution should not immediately be construed as a failure of sharia-based financing,? said Sheikh Muddassir Siddiqui, sharia scholar and partner at SNR Denton in Dubai.

But he added that the insolvency could give Islamic finance a bad name if the Canadian legal system determined that Islamic mortgage holders were not the ultimate owners of property for which they had been paying.

Since Islam forbids the use of interest, sharia-compliant mortgages rely on a ?diminishing musharaka? contract to help Muslims finance homebuying. A lender and a homebuyer share the costs of purchasing a home; the homeowner then pays rent to the lender while purchasing the lender?s share of the house in installments. When the value of the house is eventually paid off, full title is transferred to the homeowner.

But it is unclear who ultimately owns the home in the case of a bankruptcy by the lender, if legal title remains with the lender. This raises concern that mortgage holders could lose their homes if creditors come after the lender?s assets.

In UM Financial Inc?s case, homeowners are in limbo while the receiver investigates the insolvency. Some clients say they are reluctant to continue their normal payments to a non-sharia compliant entity, which raises the risk of them losing their homes for non-payment.

CUSTOMERS IN LIMBO

Omar Rahman, a 28-year-old recent college graduate, said the mortgage on his family?s home in the suburbs of Toronto was nearly paid in full. But the insolvency means the mortgage could be transferred to a non-Muslim lender, violating the family?s conservative religious ideology, he said.

?The contract between us and UM Financial was sharia-compliant,? Rahman said. ?There are no guarantees that it won?t be sold to a company that is not sharia-compliant, and that?s a scary thought for us. We have actually stopped making any payments until everything gets resolved.?

Another Toronto-based client of UM Financial Inc, who asked not to be named, said the experience had made him think twice about the use of Islamic finance.

?I thought that by working with a sharia-compliant lender and paying a premium over what I would have paid with a traditional mortgage, I was doing the right thing as a Muslim,? he said.

?I almost think it would have been better to go the traditional route. At least there would be some accountability.?

Such dissatisfaction is bad news for the development of Islamic finance in Canada, home to about 1.3 million Muslims. UM Financial Inc was one of the most established sharia-compliant mortgage providers in the country.

?I think this situation will cause reputational damage to the industry, similar in some ways to the situation in Egypt years ago when Egyptians lost millions of dollars in a corruption scandal involving a sharia-compliant institution,? said Nabil Issa, partner at law firm King Spalding in Dubai.

?That was a majority Muslim country and (the scandal) had repercussions on the growth of Islamic finance that are still being felt today.?

Thousands of Egyptians were hurt in the 1980s by money management companies that touted Islamic investments at returns above prevailing interest rates and did not deliver on their promises. Egyptians were left with a distrust of the industry, which is one reason that the country has lagged Gulf Arab states in promoting Islamic finance.

In Canada and the United States, Islamic finance has largely been confined to mortgages because of a lack of regulatory standards in place to accommodate full-scale Islamic banking and issuance of sukuk, or Islamic bonds.

FINANCE

Walid Hejazi, professor at the University of Toronto?s Rotman School of Management, said Islamic finance in Canada was hampered by the fact that big established banks were not involved in the industry. Smaller players therefore had difficulty seeking finance.

UM Financial obtained financing from Canada?s Central 1 Credit Union, which called for repayment in November 2010. Central 1 then applied in March this year for the appointment of a receiver.

According to a suit filed against Central 1 Credit by UM Financial Inc, Central 1 Credit told the Islamic lender it ?wished to discontinue its involvement in the Islamic finance business by the first quarter of 2012?.

It turned down offers by other lenders to buy the sharia-compliant portfolio and prevent the receivership, Norman Ayoub, who was a board member of UM Financial Inc at the time, said in an emailed statement.

?To my knowledge at the time no mortgage was in default, nor was there a payment of the loan to Central in arrears,? he said.

A spokesman for Central 1 declined to comment, referring the matter to the receiver. Representatives of Grant Thornton declined to comment.

Contacted by Reuters, UM Financial Inc?s chief executive Omar Kalair declined to comment, citing pending court proceedings. But his attorney, Harvin Pitch of Teplitsky Colson, said in an emailed statement that Grant Thornton had not concluded that anyone in the company had broken Canadian law; it also said Kalair ?has been cooperating with the receiver on all requests where allowed by law?.

Harvin added that ?the solution to the receivership is obviously a sale of the portfolio to a new lender who can service the clients hopefully in a sharia-compliant manner?.

Grant Thornton has placed advertisements seeking buyers in Canadian newspapers.

UM Financial Group, an affiliate of UM Financial Inc, said it was in final talks with a Gulf-based Islamic bank for the two institutions jointly to enter the Canadian market as a finance company, potentially acquiring UM Financial Inc?s portfolio. UM Financial Group did not elaborate on the identity of the Gulf institution.

SNR Denton?s Siddiqui said the industry was hoping for a quick resolution, either through the courts or through the acquisition of the portfolio by a sharia-compliant lender.

?If no one comes to help it to meet its financial obligations, innocent customers may go through the agony of worrying about the possibility of losing their homes through no fault of their own. It will be a setback for the industry.?

(Editing by Andrew Torchia and Will Waterman)

Article source: http://us.rd.yahoo.com/dailynews/rss/world/*http://news.yahoo.com/s/nm/20111205/wl_canada_nm/canada_us_islamic_bankruptcy


Source: http://www.oddonion.com/2011/12/05/canada-bankruptcy-may-hurt-islamic-finance-in-north-america-reuters/

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