Alexander: No triple dip slump

9 December 2012 Last updated at 07:36 ET

Chief Secretary to the Treasury Danny Alexander: “It is a longer and harder road… but we are making progress”

Britain is not heading for a triple dip recession, Chief Secretary to the Treasury Danny Alexander has said.

Last week, the Office for Budget Responsibility (OBR) forecast that the economy was set to shrink in the final three months of 2012.

Mr Alexander said he accepted this, but added “steady growth” in 2013 meant the UK would avoid another recession.

He said the road to economic recovery was being “longer and harder” than expected, but progress had been made.

The OBR growth forecasts show that despite the UK economy’s return to growth in the three months from July to September, in the final quarter the economy will shrink again by 0.1%, before growth returns in 2013.

The UK would experience a triple dip recession if it had two quarters or more of negative growth before the economy had fully recovered from the 2008 recession.

It experienced a double dip recession earlier this year, with three quarters of negative growth between the end of 2011 and the middle of 2012.

‘Uncertain world’

Asked on the BBC’s Andrew Marr Show whether he thought the UK would face a triple dip recession, Mr Alexander said: “The OBR forecast that the final quarter of this year would be negative, but that we would see positive growth slowly returning in every quarter of next year.

“That would suggest that we’re not going to have that happening. But it is an uncertain world out there.

“We’re seeing continuing problems in the eurozone, but I’m happy to rest on the OBR’s forecast, which is a bounce-back from the Olympic boost we saw in the third quarter causing a small negative in the final quarter of this year, but then steady growth slowly starting to return next year and the year after that.”

However, Mr Alexander’s Liberal Democrat colleague Business Secretary Vince Cable was more cautious.

He told the Observer there was “certainly a risk” of the UK going back into its third recession since 2008, although it is more likely the economy will “continue bumping along the bottom”.

Mr Alexander said slow growth in the eurozone and the “weight of the broken banking system in the United Kingdom” were weighing down the economy.

This meant the economic recovery was “a longer and harder road” than expected, but he said: “We are making progress and I think we are going to get there”.

Spending review

He said he would continue to protect the NHS budget and schools spending, as he looks to save an additional £10bn before the next election.

It follows a warning from the Institute for Fiscal Studies (IFS) that unprotected government departments could face could cuts of more than 30% following the Autumn Statement.

It said further welfare cuts and tax rises “must be on the cards” to make the government’s numbers add up if the NHS and welfare continue to be protected.

Mr Alexander said additional savings to be made in 2015-16 will be “at the same pace” as departments have had in recent years.

“I think we’re right not to chase our debt target, but instead to continue to do this in a steady way,” he added.

Decisions on spending for after the next election, and whether to continue to protect the NHS budget, would be set out in party manifestos, he said.

The next spending review, which will set out future departmental spending, is expected to be announced in the first half of next year.

BBC News – Business

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Red Hat divulgará los resultados del tercer trimestre del año fiscal 2013 a través de un webcast

Red Hat Inc. (NYSE: RHT), proveedor líder mundial de soluciones de código abierto, analizará los resultados del tercer trimestre del año fiscal 2013 el jueves, 20 de diciembre de 2012, a partir de las 5:00 p. m., hora del Este.

Se puede acceder a un webcast en vivo en la página de Relaciones con los Inversores de Red Hat en http://investors.redhat.com y la reproducción se encontrará disponible a partir de aproximadamente dos horas luego de finalizados los eventos en vivo.

Acerca de Red Hat, Inc.

Red Hat es el proveedor líder mundial de soluciones de software de código abierto; utiliza un enfoque basado en la comunidad para tecnologías confiables y de alto rendimiento en la nube, Linux, middleware, almacenamiento y virtualización. Red Hat también ofrece servicios galardonados de consultoría asistencia y capacitación. Como centro de conectividad de una red global de empresas, socios y comunidades de código abierto, Red Hat ayuda a crear tecnologías relevantes e innovadoras que liberan recursos para el crecimiento y preparan a los clientes para el futuro de la tecnología de la información. Obtenga más información en: http://www.redhat.com.

Declaraciones a futuro

Ciertas declaraciones del presente comunicado de prensa pueden constituir “declaraciones a futuro” dentro del significado de la Ley de Reforma de Litigios Sobre Valores Privados (Private Securities Litigation Reform Act) de los EE. UU. de 1995. Las declaraciones a futuro ofrecen expectativas actuales de eventos futuros en base a determinados supuestos e incluyen cualquier declaración que no se relaciona directamente con cualquier hecho actual o histórico. Los resultados reales pueden diferir sustancialmente de los indicados por dichas declaraciones a futuro, como resultado de varios factores importantes, incluso: riesgos relacionados con retrasos o reducciones en el gasto en tecnología de la información; los efectos de la consolidación del sector; la capacidad de la Compañía de competir en forma eficaz; la incertidumbre y los resultados adversos en litigios y acuerdos relacionados; la integración de adquisiciones y la capacidad de comercializar en forma exitosa las tecnologías y productos adquiridos; la incapacidad de proteger adecuadamente la propiedad intelectual de la Compañía y el posible incumplimiento o violación de reclamaciones de licencia o relacionadas con la propiedad intelectual de terceros; la capacidad de entregar y estimular la demanda de nuevos productos e innovaciones tecnológicas en forma oportuna; los riesgos relacionados con la vulnerabilidad de la seguridad de datos y de información; la gestión ineficaz de, y control sobre las operaciones internacionales y el crecimiento de la Compañía; las fluctuaciones en las tasas de cambio; y cambios en el personal clave y una dependencia del mismo, así como otros factores presentes en nuestro más reciente Informe Trimestral en el formulario 10-Q (copias del cual se encuentran disponibles en el sitio Web de la Comisión de Bolsa y Valores en http://www.sec.gov), incluidos los que se encuentran en el título “Factores de riesgo” y “Análisis y Discusiones de la Gerencia sobre Condiciones Financieras y Resultados de Operaciones”. Además de estos factores, el desempeño futuro real, y los resultados pueden diferir sustancialmente debido a más factores generales que incluyen (entre otros) las condiciones generales del mercado y de la industria y las tasas de crecimiento, las condiciones económicas y políticas, los cambios en las políticas públicas y gubernamentales y el impacto de los desastres naturales como terremotos e inundaciones. Las declaraciones a futuro incluidas en este comunicado de prensa representan las opiniones de la Compañía a la fecha de este comunicado de prensa y estas ideas podrían cambiar. Sin embargo, si bien la Compañía puede elegir actualizar estas declaraciones a futuro en algún momento, la Compañía en forma específica renuncia a cualquier obligación de hacerlo. No debe confiar en estas declaraciones a futuro como si representaran las opiniones de la empresa a partir de cualquier fecha posterior de la fecha de este comunicado de prensa.

Red Hat y JBoss son marcas comerciales de Red Hat, Inc. registradas en los EE. UU. y en otros países. Linux® es la marca comercial registrada de Linus Torvalds en los EE. UU. y en otros países.

El texto original en el idioma fuente de este comunicado es la versión oficial autorizada. Las traducciones solo se suministran como adaptación y deben cotejarse con el texto en el idioma fuente, que es la única versión del texto que tendrá un efecto legal.

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Singer James Taylor suggested for lead role in “Lincoln”

WASHINGTON (Reuters) – Singer-songwriter James Taylor says he doesn’t see the resemblance, but he was pitched – without success – to play the role of U.S. President Abraham Lincoln in the new film.

Taylor told a packed audience at the National Press Club on Friday that Oscar-winning musician John Williams – who composed the soundtrack for “Lincoln” – had pushed for Taylor to play the lead role in Steven Spielberg‘s new film.

The role of Lincoln in the historical drama ultimately went to Oscar winner Daniel Day-Lewis.

“John wanted me to play that part. He actually stood up for me there and suggested me at one point,” said Taylor, 64, adding, “It was never going to happen.”

The “Fire and Rain” singer, who has no professional acting experience, said he was flattered that some people thought Day-Lewis’ portrayal of Lincoln reminded them of him. But he did not see much resemblance aside from the fact that they were “tall and somewhat skinny.”

“He doesn’t look like me to me, but I live in here, so I’m apt to notice the difference,” Taylor said.

British-born actor Day-Lewis, who already has two Oscars, is seen as a front runner to take home another golden statuette at the Academy Awards in February.

Taylor said he had no ambitions to go into acting after what he called “an interesting ride” of a performance career in which he essentially played himself.

“This is fine. I’ve spent my life being myself for a living,” said Taylor, a five-time Grammy Award winner.

“There are performers who develop and assume a character that they then play for the public. But I don’t know anyone who is as much themselves publicly for a living as I am,” he said.

Taylor and his third wife, Kim Taylor, campaigned actively for then-candidate Barack Obama in 2008 and again in 2012. The singer performed in Washington on Thursday evening at the 90th annual lighting of the National Christmas Tree, presided over this year by President Obama and his family.

(Reporting by Andrea Shalal-Esa; Editing by Jill Serjeant and Lisa Shumaker)

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Relationship Ranch: Couples’ Therapy with Horses

It’s fascinating to watch a man trying to win back the love of his life by talking to a horse.

Horse therapy has been used for decades to help treat people with physical disabilities or learning disorders, but now they are also being used in an unconventional form of couples counseling.

Watch the full story on “Nightline” tonight at 11:35 p.m. ET

Nancy Hamilton and Lottie Grimes are marriage therapists who run Relationship Ranch in Louisville, Colo. They are convinced that horses can help feuding couples make peace.

“You wouldn’t think they would have any role in marriage therapy,” Hamilton said. “But because horses are so exquisitely sensitive, they can help us determine what a couple is actually, really feeling.”

For three weekends, “Nightline” followed one couple’s last-ditch effort to save their crumbling relationship and attended their equine therapy sessions.

Justin and Lyz, both 30 and never married, have been together for nine years and have two sons. But lately, they said, the bickering and fighting at home got so bad that Justin reluctantly agreed to move out.

“We have piled problem on top of problem on top of problem for years,” Lyz said. “Who knows what’s at the bottom of that?”

Although he was skeptical about the healing powers of horses, he said he was willing to try just about anything to make his family whole again.

On their first day of therapy, the couple was introduced to the ranch’s herd of horses. Justin was magnetically drawn to the newest and most aggressive horse, Danny, who came to the ranch after surviving a grizzly bear attack. Danny wasn’t fitting in with the other horses, which hit home for Justin, who felt exiled from his own herd. Hamilton said horses can sense and read people’s emotions.

“They’re almost like a Rorschach projective test with a mane and a tail, where people can project onto them their feelings, their thoughts and their fears,” she said.

Hamilton said she believes those fears can stem from what she called unresolved childhood wounds, which plague adult relationships. That was the case with Justin. When he was 9 years old, his sister was brutally murdered by an ex-boyfriend and young Justin saw the murder scene.

“He chased her down and cut her throat,” he said. “We went back several days later and they hadn’t cleaned anything up.”

After working with Justin and Lyz, Hamilton said Lyz saw Justin as controlling, but those tendencies are rooted in his childhood trauma.

“Trauma survivors are very concerned with being able to control their present environment because they were not able to control their environment when they were traumatized,” she said.

Hamilton had Justin go through a blind trust exercise with Danny to force Justin to surrender control to his partner. The goal was to expose Justin’s old wounds. Hamilton instructed him to talk to Danny about what had happened when his sister was killed. Danny, the trauma-surviving horse, set the stage for a major breakthrough.

“It seemed so stupid at first, and then it was actually helpful,” Justin said. “Therapeutic.”

Watching Justin talk to the horse, Lyz said she never saw him so vulnerable. After the session, the two apologized for hurting each other.

Two weeks later, Justin went through a final exercise to fully cope with his past. In a pen, surrounded by the herd, Justin became 9 years old again. He was instructed to confront his absent father through a role-playing exercise, while Lyz acted as a stand-in for his dad.

“You abandoned all of us,” he said aloud. “I had to be the man of the family and I think that you’re a coward.”

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Starbucks tax protest ‘under way’

8 December 2012 Last updated at 08:07 ET

Danni Wright, UK Uncut: “Starbucks should be paying the appropriate amount”

Tax avoidance campaigners say they are protesting at Starbucks cafes across the UK, despite the firm’s pledge to pay millions of pounds of extra corporation tax for the next two years.

The organisers, UK Uncut, say the coffee company’s promise to pay £20m is “a desperate attempt to deflect public pressure” from itself.

Starbucks said it had offered to meet protesters to “discuss their concerns”.

Starbucks’ “flagship” store in central London was said to be virtually empty.

UK Uncut said it was also highlighting the impact of government cuts on women, and planned to transform at least 40 Starbucks stores into “refuges, crèches and homeless shelters”.

BBC political correspondent Ben Geoghegan said the Starbucks “flagship” store in Conduit Street, central London, had been “virtually empty” following protests.

He said about 60 or so protesters were now thought to be heading to another Starbucks branch nearby.

UK Uncut said it had already heard from demonstrators gathering at ten outlets in London, Birmingham, Oxford and Nottingham.

Staff at the coffee chains were not being targeted, they added.

‘Tip of the iceberg’

UK Uncut spokeswoman Anna Walker said: “What Starbucks has done is offer a £20m PR stunt that’s coming straight out of their marketing budget.

“They haven’t offered or committed in any way to change the way they deal with their tax affairs in the UK or globally.”

“Starbucks is the tip of the iceberg when it comes to multinational companies tax avoidance – what we want to do is see the government clamping down on tax avoidance in a very real way.”

She added the government’s failure to recoup tax from such companies was leading to harmful austerity.

In a statement, a Starbucks spokesperson said: “Our highest priority is and remains the safety of our customers and employees. We trust that UK Uncut will respect it.

“We offered to meet with UK Uncut to discuss their concerns and make the protest a safe event for all involved. This invitation remains open.”

It added the company had “listened to our customers” and was “making a number of changes in our business to ensure we pay corporation tax in the UK” – something it urged UK Uncut and other concerned parties to “carefully consider”.

‘Unprecedented’

On Thursday, Starbucks revealed it would pay “a significant amount of tax during 2013 and 2014 regardless of whether the company is profitable during these years”.

The company has faced increasing public anger over its tax affairs, with some calling for a boycott of its outlets.

The company paid just £8.6m in corporation tax in its 14 years of trading in the UK, and nothing in the last three years – despite UK sales of nearly £400m in 2011.

Starbucks now says it expects to pay around £10m in corporation tax for each of the next two years, a move described by tax experts as unprecedented.

Speaking to BBC Radio 4′s Today programme, Exchequer Secretary to the Treasury David Gauke said HM Revenue and Customs must deal with all tax payers even-handedly.

He said: “If a taxpayer wants to pay more than is required under the law then that is really a matter for them. It’s a voluntary donation really rather than tax.”

BBC News – Business

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H&R Block, Zynga, Akamai are big market movers

NEW YORK (AP) — Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

H&R Block Inc., up 89 cents at $ 18.26

The tax preparer’s quarterly loss narrows, helped by cost cuts. It thinks earnings will grow in the upcoming U.S. tax season.

SAIC Inc., down 41 cents at $ 11.26

The defense contractor’s quarterly earnings fall short of Wall Street expectations, and it’s eliminating 700 jobs to cut costs.

Men’s Wearhouse Inc., down 84 cents at $ 30.51

The men’s clothing store chain cuts its outlook, saying traffic dropped in November and it was more cautious about the rest of the year.

Safeway Inc., up 42 cents at $ 17.88

The grocery store chain moves up payment of its quarterly dividend to December from January to avoid potentially higher taxes.

Nasdaq

Zynga Inc., up 17 cents at $ 2.49

The troubled online games maker’s filing with a Nevada regulator could pave the way for it to enter the lucrative U.S. gambling market.

Vera Bradley Inc., down $ 3.07 at $ 23.14

The handbag maker’s forecast for the current quarter comes in short of Wall Street analysts’ average estimate.

Akamai Technologies Inc., up $ 3.56 at $ 39.06

The company, whose products help deliver online content, strikes a deal to provide services to AT&T customers.

Epoch Investment Partners Inc., up $ 5.78 at $ 27.69

Canada’s TD Bank plans to buy the U.S. asset manager for $ 668 million, a 28 percent premium from Wednesday’s closing price.

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Brazil government denies media reports of 2010 mad cow case

SAO PAULO (Reuters) – Brazil‘s Agriculture Ministry said on Friday that the country had registered no cases of mad cow disease, denying reports on some local media websites that said the disease had cropped up in the southern state of Parana two years ago.

In a statement on its website, the ministry said a cow that died in Parana in 2010 had tested positive for prions, the proteins believed to cause bovine spongiform encephalopathy, as the disease is formally called.

But the statement went on to say that the animal did not die of BSE and did not have symptoms of the disease.

“The World Animal Health Organization (OIE) in an official communication maintains the classification of Brazil as a country with insignificant risk of BSE,” the statement said.

In 2010, the ministry had also denied reports of a case of mad cow disease after news agencies picked up on the story. The government said it would provide further details on the case later on Friday at a news conference.

A story posted on the website of financial newspaper Valor Economico early on Friday said the cow in Parana had probably died of mad cow disease.

The outbreak of mad cow disease in Europe, North America and Japan a decade ago prompted beef importers to embargo shipments and caused temporary chaos in the industry. Brazil is the world’s largest beef exporter.

(Reporting by Reese Ewing and Gustavo Bonato; Editing by Lisa Von Ahn)

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Sharp fall in UK factory output

7 December 2012 Last updated at 07:42 ET

UK manufacturing output registered a surprisingly sharp fall in October, resurrecting fears of recession.

Output fell by 1.3% from September, the Office for National Statistics said, with food and drink output, notably beer, down following the Olympics.

It was the worst fall since June, when activity was depressed by extra public holidays for the Diamond Jubilee.

It also adds to evidence that the UK economy may be relapsing into recession after a short rebound over the summer.

The ONS’s latest growth estimate suggested the economy expanded 1% in the third quarter of the year, following nine months of mild contraction – in part thanks to the boost from tourist spending during the Summer Olympics.

Guns, beer, coke and drugs

Compared with a year ago, manufacturing output in October was down by 2.1%.

Production of alcoholic beverages was down 10% from September, and 16% from a year earlier.

There were also sharp falls in activity in the coke and refined petroleum, weapons and ammunitions, and pharmaceuticals sectors.

The figure for the wider measure of industrial output, which also includes energy production and mining, was down 0.8% in October, after falling 2.1% in September.

The seasonally adjusted index of production fell by 3% in October 2012 compared with a year ago, the 19th consecutive monthly fall on the same month a year ago.

The figures were worse than economists had expected.

“Very disappointing – triple dip [recession] here we come,” said Alan Clarke at Scotiabank.

“Manufacturing was diabolical. Sadly, I think there is not a lot to suggest that it is temporary. Survey data has been fairly downbeat.”

Potential

The chief economist at the British Chambers of Commerce, David Kern, said the industrial production figures were “bleak”, and added it was clear that “the manufacturing sector is facing major obstacles to a sustainable recovery”.

However, he said there were reasons to be confident about the sector’s prospects.

“Manufacturing is still a significant sector of our economy and is still benefitting from a competitive exchange rate, not withstanding sterling’s rise over the past year… the sector is well-managed, and has the potential to recover.”

Oil and gas extraction fell in the month at the fastest rate since records began in January 1998, although that was partly due to maintenance works, which included the temporary shutdown of the largest oil field in the North Sea.

The news comes in the same week as the government’s Autumn Statement, which said the economy would shrink this year, rather than expand, as had first been predicted.

BBC News – Business

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Samsung files redacted copy of Apple-HTC deal in U.S. court

(Reuters) – Lawyers for Samsung Electronics Co Ltd filed a redacted copy of a 10-year patent licensing agreement between Apple Inc and Taiwan’s HTC Corp in a U.S. court late on Wednesday following a judge’s order.

The Korean electronics company had earlier filed a motion to compel Apple — with which it is waging a bitter legal battle over mobile patents across several countries — to reveal details of a settlement that was made with HTC on November 10 but which have been kept under wraps.

The court last month ordered Apple to disclose to Samsung details of the legal settlement that the iPhone maker reached with HTC, including terms of the 10-year patents licensing agreement.

Legal experts say the question of which patents are covered by the Apple-HTC settlement, and licensing details, could be instrumental in Samsung’s efforts to thwart Apple’s subsequent quest for a permanent sales ban on its products.

The redacted copy excludes key specifics such as the royalty payments HTC would have to make to Apple for using some of the U.S. company’s patents. Also excluded are details of some of HTC’s covered products that were part of the licensing deal.

The court order had stated that “only the pricing and royalty terms of license agreements may be sealed.”

However, Samsung lawyers said in the filing that they had withheld a few other details of the licensing agreement as requested by Apple and HTC.

As per the Apple-HTC agreement, the licenses do not include Apple’s design patents, according to a filing made with the District Court of Northern California.

Apple and HTC also agreed to fully paid-up, royalty-free, non-exclusive, non-transferable, non-sublicensable licenses to certain of the other’s patents.

Apple has agreed not to initiate legal action over some of HTC’s covered products. The details of the products were not disclosed.

The copy of the Apple-HTC deal filed with the court “incorporates redactions HTC requested and the redactions Apple requested, which are a subset of HTC’s redactions. Samsung takes no position on whether the redactions are appropriate at this time,” Samsung’s lawyers said in a filing.

If all the Apple patents are included — including the “user experience” patents that the company has previously insisted it would not license — it could undermine the iPhone maker’s efforts to permanently ban the sale of products that copy its technology.

In a previous court filing, Samsung argued that it was “almost certain” that the HTC deal covered some of the patents involved in its own litigation with Apple.

The case in U.S. District Court, Northern District of California, is Apple Inc v. Samsung Electronics Co Ltd et al, No. 11-1846.

(Reporting by Sakthi Prasad in Bangalore and Poornima Gupta in San Francisco; Editing by Richard Pullin and Ted Kerr)

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Kate leaves hospital after morning sickness

LONDON (Reuters) – Prince William‘s pregnant wife Kate left the King Edward VII hospital in central London on Thursday where she had spent four days being treated for acute morning sickness.

Accompanied by her husband, Kate, 30, appeared at the steps of the hospital smiling and holding a bouquet of yellow flowers. Neither she nor William spoke to waiting reporters before being driven way.

Kate, who married the second-in-line to the throne in April last year, has been suffering from Hyperemesis Gravidarum, an acute morning sickness which causes severe nausea and vomiting and requires supplementary hydration and nutrients.

There has been no announcement about when the baby is due, although the prince’s spokesman has said Kate is less than 12 weeks pregnant.

Kate, known formally as the Duchess of Cambridge, will now recuperate at Kensington Palace, a royal residence in west London, her husband’s office said.

“She is feeling better but now requires a period of rest,” a royal spokeswoman said. “Their royal highnesses would like to thank the staff at the hospital for the care and treatment the duchess has received,” the spokeswoman added.

The onset of the severe sickness and the need for Kate to go to hospital brought forward the announcement of her pregnancy, sparking a frenzy in the British media and even taking by surprise her grandmother-in-law, Queen Elizabeth, according to reports.

Bookmakers have been quick off the mark to lay odds on a name for the unborn baby, who will be third in line to the British throne after William and his father Charles.

The government is passing legislation in time for the birth to change historic rules of succession so that males no longer have precedence over a female sibling.

There has even been speculation that Kate could be carrying twins, as the acute sickness she is suffering is slightly more common in twin pregnancies.

World leaders including U.S. President Barack Obama were swift to follow British Prime Minister David Cameron in sending their congratulations.

(Reporting by Tim Castle and Stephen Addison, editing by Paul Casciato)

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