mtvU honors Frank Ocean, wounded Pakistani teen
Label: LifestyleNEW YORK (AP) — The mtvU network is honoring a rap superstar who detailed his love for another man and a Pakistani girl shot for her education advocacy as its Man and Woman of the Year.
Frank Ocean, who earned six Grammy nominations Wednesday, published a letter online about his first love, a man, just as his “channel ORANGE” disc was being released. MtvU on Thursday called it “an incredibly brave move for an artist on the verge of superstardom.”
Fifteen-year-old Malala Yousufzai (mah-LAH’-lah YOO’-suf-ZAY’) blogged about her support of education for girls in Pakistan. For that, Taliban militants stormed her school bus and shot her in the head and neck, but she survived.
The mtvU network is geared toward college students and is seen on more than 750 campuses.
Entertainment News Headlines – Yahoo! News
Vitamin D, calcium disappoint in dementia study
Label: HealthNEW YORK (Reuters Health) – Vitamin D and calcium supplements taken together in low doses offered no protection against dementia in a large U.S. study of older women, but scientists are still holding out hope for vitamin D alone.
Past research has suggested that vitamin D might protect against memory loss and overall functional decline in the aging brain. But more than 2,000 women in the new study who took 400 international units of vitamin D and 1,000 mg of calcium daily for an average of eight years developed cognitive impairments at the same rates as a comparison group on placebo pills.
During the many years that study was ongoing, however, experts gained a better understanding of how calcium and vitamin D might have conflicting effects, so the combination of the two might explain the disappointing results, the study’s authors say.
“I think the definitive study will just look at the effects of vitamin D,” said lead author Dr. Rebecca Rossom, from HealthPartners Institute for Education and Research, a nonprofit arm of a health maintenance organization (HMO) based in Minneapolis.
But this study is important because it “gets closer to how women take vitamin D now,” as a way build bone density, Rossom added.
Her team’s report, which is published in the Journal of the American Geriatrics Society, is also the first to use the rigorous approach known as a randomized, double-blind trial with a placebo group to look at the possible effects of vitamin D and calcium on cognitive decline.
Rossom and her colleagues analyzed data on 4,100 women who were simultaneously enrolled in two trials, including the Women’s Health Initiative (WHI) Calcium and Vitamin D trial that ended in 2005, and a WHI memory study.
All of the women, who averaged 71 years old at the outset of the studies, were also free of cognitive problems to start.
Half of the women were assigned to take the supplements and the rest were given identical looking dummy pills.
Ultimately, about 100 women, or five percent, in each group developed mild cognitive impairment – a term that can include everything from memory trouble to the serious dementia found in Alzheimer’s disease.
The researchers note that since the study ended, guidelines on vitamin and mineral intakes have changed. Currently the U.S. Institute of Medicine suggests getting 600 IUs per day of vitamin D for men and women up to age 70, and 800 IUs for older people. Suggested calcium amounts range from 700 mg to 1,300 mg per day, based on age, with an upper limit of 3000 mg. In both cases, intake recommendations cover both food and supplement sources.
So, the authors point out, their findings are specific only to the assigned amounts of vitamin D and calcium taken by women in the study – which are relatively low by today’s standards.
More than 16 million Americans suffer from some form of cognitive impairment, according to the U.S. Centers for Disease Control and Prevention, and the problem is expected to grow as more baby boomers age. Vitamin D might still be viewed as potentially offering a measure of protection against a condition with no formal treatment, if its effects can be decisively demonstrated.
“The sum of information shows conflicting evidence,” said Katherine Tucker of Northeastern University, who was not involved in the current study.
“Some recent studies suggest that too much calcium could have negative effects. The preponderance of evidence shows that vitamin D is protective, but some studies have shown no effect,” she told Reuters Health.
But, Tucker said, “This study by no means closes the door on the need for more research to clarify vitamin D’s effects.”
Rossom’s team acknowledges their study’s limitations. In addition to the doses of supplements in the trial, the results are strictly limited to women, who were mostly white. Also, older age is a significant risk factor for dementia and the study participants, by comparison, were relatively young.
“The next step is to test a higher dose of vitamin D,” said study coauthor JoAnn Manson of Harvard Medical School. “Higher doses will bring a study population to an achieved blood level that has been associated with reduced risk of cognitive decline in (past) studies.”
Manson is currently leading a large clinical trial designed primarily to look at the effects of vitamin D and omega-3′s on cancer risk, but the study will also monitor cognitive function. Results are expected in 2017.
A French study slated to finish next year is examining the cognitive effects of vitamin D versus a placebo in patients who already have Alzheimer’s disease.
“The bottom line is that we still just don’t know,” Tucker told Reuters Health. “We’re in the process of gathering more scientific evidence and will need to continue to do so until more studies point in a certain direction.”
SOURCE: http://bit.ly/VCIs9H Journal of the American Geriatrics Society, online November 23, 2012.
Health News Headlines – Yahoo! News
Freeport downgraded as analysts question shift into energy, stock slips
Label: Business(Reuters) – Shares of Freeport-McMoRan Copper & Gold Inc fell further on Thursday, a day after it said it had struck deals to expand into energy by acquiring Plains Exploration & Production Co and McMoRan Exploration Co for $ 9 billion, and at least four analysts downgraded the miner’s stock.
The transactions, valued at $ 19.6 billion including debt, were lambasted by investors and analysts alike as being unnecessary and a distraction from Freeport‘s copper business.
Freeport shares fell 5 percent to a 15-month low of $ 30.58 in morning trade before recovering slightly. The stock fell 15 percent on Wednesday after the announcement of the deals.
The investor backlash was exacerbated by the disclosure after the announcement that shareholders won’t be allowed to vote on the deal, meaning the only way they have to express their dissatisfaction is to dump the stock.
“We believe that Freeport stock will remain in the penalty box for the foreseeable future and multiples will remain depressed on the back of these acquisition announcements, given investor uncertainty on the strategic merit,” analysts at Goldman Sachs wrote in a research note.
The move into oil and gas means the company will lose its status as a pure-play copper and gold miner, analysts said.
“Freeport’s diversification into oil and gas arguably removes a key investment draw of the company in its copper exposure,” BMO Capital Markets analysts wrote.
Evy Hambro, a managing director at BlackRock, one of Freeport’s top-five shareholders, condemned the deal on Wednesday, saying there was no reason why the three companies should be put together.
Plains shares, which rose 23.4 percent on Wednesday, were down 2.2 percent at $ 43.48 while McMoRan Exploration‘s shares, which had risen 87 percent, were down 3.4 percent at $ 15.27.
The deal’s high debt component was also viewed as negative.
Standard & Poor’s cut its rating outlook on Freeport to negative from stable, including the company’s BBB corporate credit rating. “The negative outlook on Freeport reflects the leveraged nature of the proposed acquisitions, as well as risks associated with integrating the targeted companies,” S&P said.
The cost of protecting debt issued by Freeport against potential default fell slightly after rising sharply on Wednesday immediately after the deal announcement.
Five-year credit default swaps were 1.5 basis points tighter at 153 basis points. That means it costs $ 153,000 a year to protect $ 10 million of debt for five years. The CDS widened about 12 percent on Wednesday.
Yield spreads on the company’s 3.55 percent bonds due March, 2022 widened another 4 basis points to 206 basis points over 10-year Treasuries.
INVESTOR CONCERNS
Freeport said on Wednesday that the rationale for entering into the deal was to use low-cost financing available to the company to make attractive investments.
But analysts including Citigroup’s Brian Yu said there was no or little strategic fit or rationale for the deal.
Yu said he expected the deal to dilute Freeport’s 2013 earnings per share by 3.2 percent.
The Goldman Sachs analysts said Freeport would have to address investor concerns about the valuations of the deal, considering cross-ownership and management links among the three companies.
Both Freeport-McMoRan Copper & Gold and the company now known as McMoRan Exploration Co were spun off in the 1980s and 1990s from the former Freeport-McMoRan Inc.
Jim Bob Moffett is chairman of Freeport-McMoRan and co-chairman and chief executive of McMoRan Exploration. In addition, Plains owns nearly one-third of McMoRan Exploration’s shares after a 2010 asset sale.
Some analysts said the $ 6.9 billion deal for Plains undervalued the company, while $ 2.1 billion for McMoRan was on the high end.
“If the high risk ultra-deep drilling does not work, Freeport greatly overpaid for McMoRan in our view,” analysts at RBC Capital Markets said.
McMoRan has struggled with delays at its Davy Jones deep gas prospect off Louisiana.
Analysts at Nomura said the high debt load made a special dividend less likely and eroded any takeover premium in Freeport’s stock.
Nomura cut its price target on Freeport’s stock to $ 36 from $ 40, while UBS decreased its target $ 40 from $ 47.
Freeport shares were down 3.9 percent at $ 30.91 in early afternoon trading on the New York Stock Exchange.
(Reporting by Swetha Gopinath in Bangalore; Editing by Ted Kerr)
Business News Headlines – Yahoo! News
Toronto mayor to stay in power pending appeal of ouster
Label: WorldTORONTO (Reuters) – Toronto Mayor Rob Ford can stay in power pending an appeal of a conflict of interest ruling that ordered him out of his job as leader of Canada’s biggest city, a court ruled on Wednesday.
Madam Justice Gladys Pardu of the Ontario Divisional Court suspended a previous court ruling that said Ford should be ousted. Ford’s appeal of that ruling is set to be heard on January 7, but a decision on the appeal could take months.
Justice Pardu stressed that if she had not suspended the ruling, Ford would have been out of office by next week. “Significant uncertainty would result and needless expenses may be incurred if a by-election is called,” she said.
If Ford wins his appeal, he will get to keep his job until his term ends at the end of 2014. If he loses, the city council will either appoint a successor or call a special election, in which Ford is likely to run again.
“I can’t wait for the appeal, and I’m going to carry on doing what the people elected me to do,” Ford told reporters at City Hall following the decision.
Ford, a larger-than-life character who took power on a promise to “stop the gravy train” at City Hall, has argued that he did nothing wrong when he voted to overturn an order that he repay money that lobbyists had given to a charity he runs.
Superior Court Justice Charles Hackland disagreed, ruling last week that Ford acted with “willful blindness” in the case, and must leave office by December 10.
Ford was elected mayor in a landslide in 2010, but slashing costs without cutting services proved harder than he expected, and his popularity has fallen steeply.
He grabbed unwelcome headlines for reading while driving on a city expressway, for calling the police when a comedian tried to film part of a popular TV show outside his home, and after reports that city resources were used to help administer the high-school football team he coaches.
The conflict-of-interest drama began in 2010 when Ford, then a city councillor, used government letterhead to solicit donations for the football charity created in his name for underprivileged children.
Toronto’s integrity commissioner ordered Ford to repay the C$ 3,150 ($ 3,173) the charity received from lobbyists and companies that do business with the city.
Ford refused to repay the money, and in February 2012 he took part in a city council debate on the matter and then voted to remove the sanctions against him – despite being warned by the council speaker that voting would break the rules.
He pleaded not guilty in September, stating that he believed there was no conflict of interest as there was no financial benefit for the city. The judge dismissed that argument.
In a rare apology after last week’s court ruling, he said the matter began “because I love to help kids play football”.
Ford faces separate charges in a C$ 6 million libel case about remarks he made about corruption at City Hall, and is being audited for his campaign finances. The penalty in the audit case could also include removal from office.
(Reporting by Claire Sibonney; Editing by Janet Guttsman, Russ Blinch, Nick Zieminski; and Peter Galloway)
Canada News Headlines – Yahoo! News
Facebook’s Instagram cuts support for key Twitter integration
Label: TechnologySAN FRANCISCO (Reuters) – Facebook Inc’s recently acquired photo-sharing service, Instagram, removed a key element of its integration with Twitter, signaling a deepening rift between two of the Web’s dominant social media companies.
Instagram’s Chief Executive Kevin Systrom said Wednesday his company turned off support for Twitter “cards” in order to drive Twitter users to Instagram’s own website. Twitter “cards” are a feature that allows multimedia content like YouTube videos and Instagram photos to be embedded and viewed directly within a Twitter message.
Instagram’s move marked the latest clash between Facebook and Twitter since April, when Facebook, the world’s no. 1 social network, outbid Twitter to nab fast-growing Instagram in a cash-and-stock deal valued at the time at $ 1 billion. The acquisition closed in September for roughly $ 715 million, due to Facebook’s recent stock drop.
The companies’ ties have been strained since. In July, Twitter blocked Instagram from using its data to help new Instagram users find friends.
Beginning earlier this week, Twitter’s users began to complain in public messages that Instagram photos did not seem to display properly on Twitter’s website.
Instagram CEO Kevin Systrom confirmed Wednesday that his company had decided that its users should view photos on Instagram’s own Web pages and took steps to change its policies.
“We believe the best experience is for us to link back to where the content lives,” Systrom said in a statement, citing recent improvements to Instagram’s website.
“A handful of months ago, we supported Twitter cards because we had a minimal web presence,” Systrom said, noting that the company has since released new features that allow users to comment about and “like” photos directly on Instagram’s website.
The move escalates a rivalry in the fast-growing social networking sector, where the biggest players have sought to wall off access to content from rival services and to their ranks of users. Photos are among the most popular features on both Facebook and Twitter, and Instagram’s meteoric rise in recent years has further proved how picture-sharing has become a key front in the battle for social Internet supremacy.
Instagram, which has 100 million users, allows consumers to tweak the photos they take on their smartphones and share the images with their friends, a feature that Twitter has reportedly also begun to develop. Twitter’s executive chairman Jack Dorsey was an investor in Instagram and hoped to acquire it before Facebook CEO Mark Zuckerberg tabled a successful bid.
When Zuckerberg announced the acquisition in an April blog post, he said one of Instagram’s strengths was its inter-connectivity with other social networks and pledged to continue running it as an independent service.
“We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience,” Zuckerberg wrote. “We plan on keeping features like the ability to post to other social networks.”
A Twitter spokesman declined comment Wednesday, but a status message on Twitter’s website confirmed that users are “experiencing issues,” such as “cropped images” when viewing Instagram photos on Twitter.
Systrom noted that Instagram users will be able to “continue to be able to share to Twitter as they originally did before the Twitter Cards implementation.”
(Reporting By Alexei Oreskovic and Gerry Shih; Editing by Nick Zieminski)
Social Media News Headlines – Yahoo! News
Jazz pianist Dave Brubeck dead at 91
Label: LifestyleNEW YORK (Reuters) – Jazz pianist Dave Brubeck, whose choice of novel rhythms, classical structures and brilliant sidemen made him a towering figure in modern jazz, has died at the age of 91, his longtime manager and producer Russell Gloyd said on Wednesday.
Brubeck died of heart failure on Wednesday morning after he fell ill on his way to a regular medical exam at Norwalk Hospital, in Norwalk, Conn., a day short of his 92nd birthday, Gloyd said.
His Dave Brubeck Quartet put out one of the best selling jazz songs of all time: “Take Five,” composed by alto saxophonist Paul Desmond. Like many of the group’s works, it had an unusual beat — 5/4 time as opposed to the usual 4/4.
“We play it differently every time we play it,” Brubeck told The Philadelphia Inquirer in 2005. “So I never get tired of playing it. That’s the beauty of jazz.”
“Take Five” was the first million-selling jazz single.
Dressed in a suit and horn-rimmed glasses and living a clean-cut lifestyle in the 1950s, Brubeck did not fit the stereotype of a hipster jazzman and his music was not nearly as brooding as that coming from East Coast be-bop players.
Despite his innovative approach, some critics interpreted Brubeck’s popularity as a sign of un-coolness, but his fans were undeterred.
Brubeck was born in Concord, California, on December 6, 1920. His father was a rancher and as a teenager Brubeck was a skilled cowboy. But his mother, a music teacher who had five pianos in the house, saw that he took up piano at age 5.
At the College of the Pacific in Stockton, California, he planned to be a veterinarian, but within a year he was majoring in music and playing jazz in nightclubs.
“After my first year in veterinary pre-med I switched to the music department … and that was at the advice of my zoology teacher,” Brubeck said in a Reuters interview. “He said ‘Brubeck, your mind is not here, with these frogs and formaldehyde. Your mind is across the lawn at the conservatory. Will you please go over there.’”
Brubeck later met the co-director of a weekly campus radio show, Iola Marie Whitlock, and they eventually married.
After graduation, Brubeck studied under French composer Darius Milhaud and played in a U.S. Army jazz band during World War Two.
In the late 1940s, he moved to the San Francisco Bay area, where he headed an experimental jazz octet. He formed a trio in 1950 and the following year expanded to a quartet with Desmond, who he had known since the war.
Brubeck injected classical counterpoint, atonal harmonies and modern dissonance into his music, hinting at composers such as Debussy, Bartok, Stravinsky and Bach.
The group built an enduring fan base by taking its subdued bluesy brand of classically influenced jazz to colleges.
As a leading figure in the West Coast jazz scene, which also included Gerry Mulligan and Chet Baker, Brubeck was featured in a Time magazine cover story in 1954. Some critics and black musicians, who felt jazz was a central part of black culture, resented the story about the prominence of a white artist.
In the article Brubeck said Milhaud had told him “if I didn’t stick to jazz, I’d be working out of my own field and not taking advantage of my American heritage.”
Brubeck disbanded the quartet in 1967 after nearly 17 years to concentrate on composing. He wrote several choral works, all religiously influenced.
He later began performing jazz regularly again and appeared with his sons, Darius, a composer and pianist; Chris, who played electric bass and trombone; and drummer Danny. They were billed as Two Generations of Brubeck.
In February 1989 Brubeck, who had a history of heart problems, underwent triple-bypass surgery but kept playing. Well into his 80s, he still put on some 80 shows a year. He had a pacemaker implanted in October 2010.
Actor-director Clint Eastwood, a jazz fan, announced plans to make a documentary on Brubeck in 2007. Eastwood also was named chairman of the Brubeck Institute at the University of the Pacific, designated as the home of his papers, private recordings and other memorabilia.
Brubeck and his wife, who also was his agent and lyricist, had two other sons, Matthew, a cellist, and Michael, and a daughter, Catherine. The couple lived in Wilton, Connecticut.
(Reporting by Christine Kearney; Editing by Leslie Gevirtz)
Celebrity News Headlines – Yahoo! News
With Teva at crossroads, new CEO set to unveil vision
Label: HealthNEW YORK/TEL AVIV (Reuters) – Teva Pharmaceutical Industries‘ new Chief Executive Jeremy Levin has promised investors it will be a very different company going forward. Next week he has to prove it.
Levin’s ability to paint a bright future for the world’s biggest maker of generic drugs at a meeting with investors and analysts on December 11 in New York became a bit more difficult last week, when Teva issued a 2013 earnings forecast that fell short of Wall Street estimates.
Levin, a big pharma veteran, is expected to shift Teva’s focus to branded drugs even as its most important such product, top-selling multiple sclerosis treatment Copaxone, faces new competition and a 2015 patent expiration. Investors are also hoping for a meaningful boost to the annual dividend while new management works to jumpstart a stagnant share performance.
“I’ve made a lot of money in Teva and I’ve seen this company wither in front of my eyes,” said Dan Hunt, a co-portfolio manager for RCM Capital Management’s Wellness Fund. Hunt’s fund no longer includes Teva shares, but RCM has small Teva holdings.
“The most important signal (shareholders) need to hear on the record from Levin is ‘whatever it takes I will protect you’,” Hunt said, adding that Teva has not delivered for its shareholders in years.
Teva’s U.S. shares are up about 2 percent in 2012 after falling 22.6 percent in 2011. They are off 35 percent from a 2010 peak at about $ 64. Shareholders of smaller Teva rivals Watson Pharmaceuticals Inc and Mylan Inc have fared far better with Watson up about 45 percent this year and Mylan shares up about 27 percent over the same period.
Levin has taken some preemptive steps to placate investors ahead of the meeting by announcing that the company plans to cut $ 1.5 billion to $ 2 billion in costs over the next five years, streamline operations and discontinue some research programs.
Morgan Stanley estimated that Copaxone sales account for 58 percent of Teva’s projected 2013 earnings. Levin will have to reveal how he plans to make up for the anticipated decline in Copaxone revenue beyond cost-cutting efforts.
Generic drugs accounted for 56 percent of Teva’s revenue last year, but the company faces obstacles to generic growth in the United States, the world’s largest market.
Following a wave of major patent expirations, the number of multibillion-dollar drugs going generic will diminish after the next couple of years. And new generic drugs are facing competition sooner along with faster price declines. Generic drugs are also facing considerable price pressure in Europe.
SMALL ACQUISITIONS
South African-born Levin, a former senior vice president for strategy at Bristol-Myers Squibb Co, took over as CEO of Israel’s biggest company in May, replacing Shlomo Yanai.
In five years at the helm, Yanai engineered a number of large acquisitions, including last year’s $ 6.5 billion purchase of U.S. drugmaker Cephalon, which has been viewed by some analysts as a disappointment. The company last month took a $ 481 million impairment charge related to the Cephalon deal.
Levin last week signaled a desire for more targeted acquisitions focused on Teva’s core areas of expertise, such as central nervous system disorders and respiratory diseases.
He has begun to whittle away at non-core businesses, selling Teva’s U.S. animal health unit to Bayer for up to $ 145 million. Investors said Teva needs to improve production efficiency and downsize or close some of its plants.
Levin, who implemented at Bristol-Myers a series of deals and alliances with small and large companies, has been credited with helping to guide Bristol through its enormous patent cliff as the blood clot preventer Plavix, which had been the world’s second biggest selling prescription medicine, lost exclusivity.
“The key is smart deals and getting an estimate of what a reasonable growth rate is going forward,” said Robert Caravella, equity research analyst for Victory Capital Management, which holds about $ 9 million in Teva convertible bonds.
“The biggest issue is there’s not an understanding of where revenue and earnings are going to go and how we’re going to get to that point,” he said.
BIGGER DIVIDEND?
Shareholders would also like to see Teva raise its dividend, which provides only a 2.5 percent return on the stock, below the industry average of about 4 percent. Alternatively, the company may decide to increase shareholder returns by boosting its $ 3 billion share buyback.
Steven Tepper, an analyst at brokerage Harel Finance, said Levin must demonstrate how Teva can again become a growth company or that it will be a value investment going forward through a significant dividend increase. “This plan will have to convince investors it’s making that move,” Tepper said.
RCM Capital’s Hunt said Levin must present “a strong, formed, clear strategic vision” of where the company is headed.
The question is whether it will be enough to convince disenchanted investors such as Stewart Capital, which has more than $ 1 billion in assets under management but sold its Teva holdings shortly after Levin took over.
Matthew DiFilippo, chief portfolio strategist for Stewart, was skeptical that one individual could effect the change necessary to transform Teva back into an industry darling. “So while we recognized his talents, we also recognized the challenges they face and we sold,” he said.
A lot of money remains on the sidelines waiting for what Levin has to say, said Ori Hershkovitz, managing partner at Israel-based pharmaceutical hedge fund Sphera. Levin needs to say he is committed to replenishing Teva’s branded pipeline and will do whatever it takes to replace those lost sales by 2016, Hershkovitz said, and he must “make the market believe it”.
(Additional reporting by Steven Scheer in Jerusalem; Editing by Leslie Gevirtz)
Medications/Drugs News Headlines – Yahoo! News
Citigroup in 11,000 staff cull
Label: Business5 December 2012 Last updated at 14:17 ET
Citigroup says it is cutting 11,000 jobs worldwide in an efficiency drive, with most of the jobs being lost in its consumer banking division.
The bank said the move, which will see its headcount shrink by 4%, would cost it about $ 1bn (£621m) in pre-tax charges.
Shares in the bank rose 7% following the announcement.
The move comes two months after the bank’s former chief executive, Vikram Pandit, suddenly resigned.
Michael Corbat took over from Mr Pandit as chief executive.
The bank said the $ 1bn charge would be recorded in its fourth-quarter figures for this year.
It said it would also add another $ 100m in charges to the first half profits for 2013.
Citigroup said the changes would leave it $ 900m better off in 2013 and a further $ 1.1bn the following year.
The company said that about 25% of the charges for the fourth quarter related to its securities and banking division, with another 10% in transaction services.
Another third would come from reductions in its global consumer banking division, where 6,200 positions would be cut.
Moving out
The banking group said it would be selling or scaling back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay.
Other countries affected by the changes would be Brazil, Hong Kong, Hungary, South Korea and the US.
It is also closing branches in Greece and Spain, countries hard-hit by the eurozone crisis.
It intends to focus on the 150 cities that have the highest growth potential in consumer banking.
After the changes, Citi said it would have more than 4,000 retail branches around the world.
At the time of Mr Pandit’s sudden departure, the bank’s chairman, Michael O’Neill, said the departure was not due to any “strategic, regulatory or operating issue”.
Mr Pandit left the bank with a settlement of more than $ 15m.
He resigned a day after Citi reported an 88% drop in quarterly profits to $ 468m.
BBC News – Business
Death toll from Philippine typhoon nears 300
Label: WorldNEW BATAAN, Philippines (AP) — Stunned parents searching for missing children examined a row of mud-stained bodies covered with banana leaves while survivors dried their soaked belongings on roadsides Wednesday, a day after a powerful typhoon killed nearly 300 people in the southern Philippines.
Officials fear more bodies may be found as rescuers reach hard-hit areas that were isolated by landslides, floods and downed communications.
At least 151 people died in the worst-hit province of Compostela Valley when Typhoon Bopha lashed the region Tuesday, including 78 villagers and soldiers who perished in a flash flood that swamped two emergency shelters and a military camp, provincial spokeswoman Fe Maestre said.
Disaster-response agencies reported 284 dead in the region and 14 fatalities elsewhere from the typhoon, one of the strongest to hit the country this year.
About 80 people survived the deluge in New Bataan with injuries, and Interior Secretary Mar Roxas, who visited the town, said 319 others remained missing.
“These were whole families among the registered missing,” Roxas told the ABS-CBN TV network. “Entire families may have been washed away.”
The farming town of 45,000 people was a muddy wasteland of collapsed houses and coconut and banana trees felled by Bopha’s ferocious winds.
Bodies of victims were laid on the ground for viewing by people searching for missing relatives. Some were badly mangled after being dragged by raging flood waters over rocks and other debris. A man sprayed insecticide on the remains to keep away swarms of flies.
A father wept when he found the body of his child after lifting a plastic cover. A mother, meanwhile, went away in tears, unable to find her missing children. “I have three children,” she said repeatedly, flashing three fingers before a TV cameraman.
Two men carried the mud-caked body of an unidentified girl that was covered with coconut leaves on a makeshift stretcher made from a blanket and wooden poles.
Dionisia Requinto, 43, felt lucky to have survived with her husband and their eight children after swirling flood waters surrounded their home. She said they escaped and made their way up a hill to safety, bracing themselves against boulders and fallen trees as they climbed.
“The water rose so fast,” she told AP. “It was horrible. I thought it was going to be our end.”
In nearby Davao Oriental, the coastal province first struck by the typhoon as it blew from the Pacific Ocean, at least 115 people perished, mostly in three towns that were so battered that it was hard to find any buildings with roofs remaining, provincial officer Freddie Bendulo and other officials said.
“We had a problem where to take the evacuees. All the evacuation centers have lost their roofs,” Davao Oriental Gov. Corazon Malanyaon said.
The International Federation of Red Cross and Red Crescent Societies issued an urgent appeal for $ 4.8 million to help people directly affected by the typhoon.
The sun was shining brightly for most of the day Wednesday, prompting residents to lay their soaked clothes, books and other belongings out on roadsides to dry and revealing the extent of the damage to farmland. Thousands of banana trees in one Compostela Valley plantation were toppled by the wind, the young bananas still wrapped in blue plastic covers.
But as night fell, however, rain started pouring again over New Bataan, triggering panic among some residents who feared a repeat of the previous day’s flash floods. Some carried whatever belongings they could as they hurried to nearby towns or higher ground.
After slamming into Davao Oriental and Compostela Valley, Bopha roared quickly across the southern Mindanao and central regions, knocking out power in two entire provinces, triggering landslides and leaving houses and plantations damaged. More than 170,000 fled to evacuation centers.
As of Wednesday evening, the typhoon was over the South China Sea west of Palawan province. It was blowing northwestward and could be headed to Vietnam or southern China, according to government forecasters.
The deaths came despite efforts by President Benigno Aquino III’s government to force residents out of high-risk communities as the typhoon approached.
Some 20 typhoons and storms lash the northern and central Philippines each year, but they rarely hit the vast southern Mindanao region where sprawling export banana plantations have been planted over the decades because it seldom experiences strong winds that could blow down the trees.
A rare storm in the south last December killed more than 1,200 people and left many more homeless.
The United States extended its condolences and offered to help its Asian ally deal with the typhoon’s devastation. It praised government efforts to minimize the deaths and damage.
___
Associated Press writers Jim Gomez, Teresa Cerojano and Oliver Teves in Manila contributed to this report.
Asia News Headlines – Yahoo! News
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