Friday, July 6, 2012

Libya on edge before first post-Gadhafi election

TRIPOLI, Libya (AP) ? Calls for a boycott and other unrest on the eve of Libya's first vote since the overthrow of longtime dictator Moammar Gadhafi raised fears of election violence, even as campaigning came to an end Friday for a contest seen as a milestone on the country's rocky path toward democracy.

The Saturday election of a 200-member transitional parliament caps a messy nine-month transition after a ruinous 2011 civil war that ended in October with the death of Gadhafi, whose four-decade rule left the country deeply divided along regional, tribal and ideological lines.

The parliament will elect a new transitional government to replace the one appointed by the National Transitional Council that led the rebel side during the eight-month war and held power in its aftermath.

Many in Libya's oil-rich east feel slighted by the NTC-issued election laws, purportedly based on population, that allocate their region less than a third of the parliamentary seats, with the rest going to the western region that includes Tripoli and the sparsely-settled desert south.

In what it called an attempt to defuse east-west tensions, the NTC decreed on Thursday that the new parliament will not be responsible for naming the panel that will draft a new constitution. Instead, the drafters will be directly elected by the public in a separate vote at a later date.

But this has not satisfied some in the east, who press for a boycott.

"We don't want Tripoli to rule all of Libya," said Fadlallah Haroun, a former rebel commander in the east's regional capital Benghazi.

Late Thursday, former rebel fighters from the east shut down three eastern oil refineries ? in Ras Lanouf, Brega and Sidr ? to press the transitional government to cancel the vote, Haroun said. He added that militiamen also have cut the country's main coastal highway linking east to west.

Earlier this week, ex-rebel fighters and other angry protesters in Benghazi and in the nearby town of Ajdabiya attacked elections offices, setting fire to ballot papers and other voting materials.

Haroun said boycott supporters would take to the streets on election day to "prevent people from voting, because this is a vote that serves those who stole the revolution from us." He said they would not take up arms but when asked how they would stop voters, he said, "We will see tomorrow."

Many in the west are equally dissatisfied with the decree, saying it will undercut the authority of the new parliament.

"The National Transitional Council acts like a rooster with its head cut off," said Yassar al-Bashti, a candidate with the liberal Free Libyans Party. "They want to weaken the new parliament after their failures over the past months."

The vote also will be a test of the strength of Islamist parties, which have gained influence in Libya and other nations following the ouster of authoritarian regimes run by strongmen like Gadhafi and Egypt's Hosni Mubarak. Groups vying for power range from the politically savvy Muslim Brotherhood to the ultraconservative Salafis and former jihadists.

Late Thursday, just before a 24-hour pre-vote ban on campaigning went into effect, supporters of the Justice and Construction party co-founded by the Muslim Brotherhood marched through the streets of Tripoli carrying the party's flags. The Alliance of National Forces, led by secular-leaning former premier Mahmoud Jibril, paraded in cars plastered with party posters. The National Front, which descends from a Gadhafi-era opposition movement, lit the sky over the capital with fireworks.

A day earlier, the former rebel commander and former jihadist Abdel-Hakim Belhaj, who co-founded the Homeland, or Al-Watan party, spoke to hundreds of supporters in the heart of Tripoli, endorsing democracy that will serve Islamic Shariah law.

Those four parties are seen as front-runners in a highly unpredictable race.

Libyan observers however say that voters are likely to cast ballots based on personalities they know, rather than ideology. In this conservative, almost entirely Muslim country, nearly all politicians accord Shariah a role in the constitution.

The NTC also decreed Thursday that the new constitution will definitely give a role to Islamic law, a move that appeared intended at preventing parties from turning the race to an Islamist-versus-secular contest.

Some 2.8 million voters, out of more than three million eligible, have registered for the polls. New parliamentary elections are to be held in 2013, after the constitution is drafted and approved in a referendum.

Observers expect that no party is likely to win an outright majority and the shape of the final government will likely depend on post-election alliances.

"We might see the Justice and Construction party striking alliance with Jibril's party, or we might see all Islamists forming one bloc in parliament," said Mohammed Bu-Sedr, a political prisoner during the Gadhafi era who now serves as adviser to the NTC's head and is running as an independent candidate in Benghazi.

Source: http://news.yahoo.com/libya-edge-first-post-gadhafi-election-124653267.html

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Thursday, July 5, 2012

Shares, euro steady ahead of ECB decision

LONDON (Reuters) - European shares were flat ahead of a policy decision later on Thursday from the European Central Bank, with the euro near a one-week low on expectations of a rate cut to support fragile growth in the currency bloc.

A 25 basis point cut in the ECB's main rate is widely expected, but investors are waiting to see if the central bank will take other measures, which could include a cut in its deposit rate to encourage banks to lend more of the cash they hold.

"The majority of economists are expecting an ECB rate cut today, but ... one would expect a lot of the good news to be priced in by now," said Lex van Dam, hedge fund manager at Hampstead Capital, which manages $500 million of assets.

The euro was little changed around $1.2525 against the safe-haven U.S. dollar, which has gained 0.45 percent against a basket of key currencies <.dxy>.

The ECB is due to announce its decision at 7.45 a.m. EDT, followed by a news conference by President Mario Draghi.

A Reuters poll of economists showed the majority expect the central bank to cut the main rate by 25 basis points to 0.75 percent, but they were evenly split on whether the ECB will lower its deposit rate.

Draghi's news conference will be closely watched for any hints the ECB could begin buying troubled euro zone bonds again under its securities markets program (SMP), or conduct another long-term refinancing operation (LTRO) to inject funds into the financial system.

The main risk for the markets is that the ECB does very little. "Twenty-five basis points seems to be the consensus, and there's probably going to be some disappointment if (the ECB) don't deliver," one bond trader said.

Ahead of the announcement the FTSEurofirst 300 index of top European shares <.fteu3>, which has gained 2.7 percent this week in the face of weak economic data, was up 0.1 percent at 1,046.91 points in early trade.

The MSCI world equity index <.miwd00000pus> was flat at 316.07 points after a quieter session in Asia, where shares outside Japan had hit seven-week highs on Wednesday.

The Bank of England is expected to ease policy at its meeting, also on Thursday, by injecting another 50 billion pounds into the financial system just two months after calling a halt to its previous round of so-called quantitative easing.

The bank's rate-setting committee almost voted for the move last month, and a further round of poor economic data since then plus a fall in inflation is seen as likely to prompt the decision this time around.

DEBT FOR SALE

In a busy day for European government bond auctions, Spain's borrowing costs rose sharply at a sale of 3 billion euros ($3.75 billion) of new debt, which included a 10-year bond.

The auction was the first real test of sentiment toward the recession-hit country since European leaders agreed last week to allow the bloc's bailout funds to buy bonds in the secondary markets and directly recapitalize ailing banks.

The new 10-year Spanish bonds yielded 6.43 percent, sending the yields on its secondary market debt up 15 basis points to over 6.5 percent. The premium investors demand to leave the safety of benchmark German Bunds also rose to 507 basis points.

Italian 10-year yields also rose slightly to 5.83 percent.

France is also holding a much bigger auction of up to 8 billion euros of three different bonds a day after it announced hefty tax rises on wealthy individuals to try to bring its growing budget deficit under control.

Ireland returns to the debt market for the first time since September 2010 with 500 million euros of three-month treasury bills.

Irish yields have fallen to the same levels as Spain's since EU leaders said at the summit last week they would look at improving the terms of Dublin's bailout.

Meanwhile, another troubled euro area nation, Greece, begins the task on Thursday of persuading skeptical lenders to ease the punishing terms of the bailout to save the debt-laden country from bankruptcy.

New Finance Minister Yannis Stournaras was due to meet senior officials from Greece's trio of international lenders - the European Union, European Central Bank and International Monetary Fund - to assess progress on a 130 billion euro ($163 billion) bailout package.

In commodity markets investors were also awaiting the outcome of the ECB meeting, with the weaker growth prospect for the world economy keeping prices under pressure.

Brent crude slipped below $100 a barrel to $99.49, copper was down 0.2 percent at $7,743.75 a metric ton (1.1023 tons), while spot gold was more resilient despite the dollar's strength, managing a small gain to $1,617.95 an ounce.

After Europe's central bank decisions, markets will turn to Friday's key monthly U.S. jobs report for clues over whether the Federal Reserve will take additional easing steps. Non-farm payrolls were expected to see an addition of 90,000 workers in June, with the unemployment rate holding steady at 8.2 percent.

($1 = 0.7994 euros)

(Additional reporting by Tricia Wright.; Editing by Will Waterman)

Source: http://news.yahoo.com/shares-pause-rally-euro-eases-ecb-decision-002454798--finance.html

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Sony patents exercise music system that adjusts music to your work-out tempo

Sony patents exercise music system that adjusts music to your preferred tempo, make the burn sting a little less

While our bodies approach beach-readiness for the summer, Sony's unveiled plans to tinker with your gym playlist in the future. According to a patent granted today, the electronics manufacturer aims to closely tie the tempo of your music to your own physical exertions. It'll do this by using a nefarious-sounding (but ultimately vague) "exercise information analyzing circuit" that will pick up on tempo differences between the user and their favorite Pendulum tracks. It will then change the "music data" for something a little more fitting for your 10-minute trudge at 10 percent incline. The patent's sketches include the idea of personalized profiles for users, and displaying what you got done at the end of the session, broken down by tempo and duration. The technology could end up in PMPs or phones, although we reckon the latter has more legs. Give your legalese its own workout and peruse the laborious wording of another patent filing at the source below

Continue reading Sony patents exercise music system that adjusts music to your work-out tempo

Sony patents exercise music system that adjusts music to your work-out tempo originally appeared on Engadget on Wed, 04 Jul 2012 22:35:00 EDT. Please see our terms for use of feeds.

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Source: http://www.engadget.com/2012/07/04/sony-patent-exercise-music-system-adjusts-tempo/

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craigbergonzoni: @evoklarry worth it if you have an iPad and/or have a ton if iTunes music & movies. I use mine constantly.

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Source: http://twitter.com/craigbergonzoni/statuses/220741063416090626

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Wednesday, July 4, 2012

Barclays exec blamed for order to misreport rates

FILE - In this Wednesday, Jan. 27, 2010 file photo Bob Diamond, Chief Executive of Barclays, listens during a plenary session on the first day of the 40th Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland. Barclays Chief Executive Bob Diamond has resigned with immediate effect, the latest scalp of a financial markets scandal that has also cost the job of the chairman. The bank said Tuesday July 3, 2012, that outgoing-chairman Marcus Agius would lead the search for Diamond's replacement. (AP Photo/Keystone/Laurent Gillieron, file)

FILE - In this Wednesday, Jan. 27, 2010 file photo Bob Diamond, Chief Executive of Barclays, listens during a plenary session on the first day of the 40th Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland. Barclays Chief Executive Bob Diamond has resigned with immediate effect, the latest scalp of a financial markets scandal that has also cost the job of the chairman. The bank said Tuesday July 3, 2012, that outgoing-chairman Marcus Agius would lead the search for Diamond's replacement. (AP Photo/Keystone/Laurent Gillieron, file)

FILE - In this Saturday, Jan. 29, 2011 file photo Bob Diamond, Chief Executive of Barclays, listens during a session at the World Economic Forum in Davos, Switzerland. Barclays Chief Executive Bob Diamond has resigned with immediate effect, the latest scalp of a financial markets scandal that has also cost the job of the chairman. The bank said Tuesday July 3, 2012, that outgoing-chairman Marcus Agius would lead the search for Diamond's replacement. (AP Photo/Virginia Mayo, file)

LONDON (AP) ? Documents released by Barclays bank say that its departed chief operating officer, Jerry del Missier, was responsible for ordering others to report lower than actual borrowing rates.

Del Missier resigned Tuesday, hours after Bob Diamond quit as chief executive.

The bank released a memo by Diamond recounting a conversation with a Bank of England official. Barclays said Diamond discussed the call with del Missier, who wrongly concluded that the Bank of England had instructed Barclays to keep its submissions lower.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-07-03-Britain-Barclays/id-ae5851cf176c410090e7f1c82b562352

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Nexus 7 torn down, found to have tablet parts inside

Nexus 7

The spudger-wielding technology sadists at iFixit are at it again, this time dissecting one of the new Nexus 7 tablets, presumably obtained from Google I/O, seeing as how they're not shipping yet. (Fun fact: We're expecting production quality to improve a little bit once these things go retail, so keep that in mind as you flip through their teardown.)

There's nothing surprising here -- it's a tablet, with tablet parts. But it's still pretty cool to see it splayed out all over the place.

Source: iFixit



Source: http://feedproxy.google.com/~r/androidcentral/~3/SYTr6YI8Tqg/story01.htm

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TechSpot: Facebook promises quick fix for smartphone email sync bug http://t.co/MmAht9Vh

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Source: http://twitter.com/TechSpot/statuses/220568551273140224

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