Nanotech-enhanced 'smart paint' promises to detect structural damage

We've seen scientists explore a number of ways to make paint "smarter" over the years, and now a team of researchers at the University of Strathclyde in Glasgow have devised a method that they say could do nothing short of "revolutionize structural safety." The key to that is some novel nanotechnology that effectively turns the paint into a sensor network that's able to detect minor structural faults before they become a severe problem. More specifically, the paint consists of a mix of highly aligned carbon nanotubes and a recycled waste material known as fly ash -- when the nanotubes bend, the conductivity changes, indicating that there could be a structural problem developing. What's more, the fly ash is also said to give the paint a cement-like structure, which the researchers say could let it be used in harsh conditions where traditional structural monitoring can prove difficult (and expensive).

Continue reading Nanotech-enhanced 'smart paint' promises to detect structural damage

Nanotech-enhanced 'smart paint' promises to detect structural damage originally appeared on Engadget on Mon, 30 Jan 2012 19:58:00 EDT. Please see our terms for use of feeds.

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Review: Odd experimentation reveals muddled result (AP)

"Purple Naked Ladies," The Internet (Odd Future)

The producer duo of Matt Martians and Syd Tha Kyd, of the group OFWGKTA, misses the mark with their new album "Purple Naked Ladies," a spacey foray into digital sounds that results in more confusion than clarity.

Since it was recorded on Odd Future's own label, the two artists, known together as The Internet, have obviously been given a wide berth to play around with sounds and schemes. And they do. To a fault. The digital soundscape quickly becomes muddy and the musical purpose lost.

Some songs like "Fastlane" offer a more traditional R&B approach. "Ode To A Dream" also promises something cohesive, with nice vocal features from Kilo Kish and Coco O. But the latter half of the song devolves into a swirl of reverse-played beats and tinny electronic drum hits. It's hard to image this as a radio staple, or even a playlist favorite.

On "Violet Nude Women," it often sounds like there are no fewer than six instrumental sounds vying for attention, each attempting to elbow the others out of the way and take prominence. The melody is light and playful, but it soon gets lost as disparate noises collide.

The Internet is essentially a proof of concept group. They are decent producers, but they'll need a star up front to truly shine.

CHECK THIS TRACK OUT: "She Dgaf," is the lone plausible track for repeated play, curse words aside. It's got a nice hook and some semblance of a beat, something most other tracks on this album lack.

Source: http://us.rd.yahoo.com/dailynews/rss/tech/*http%3A//news.yahoo.com/s/ap/20120130/ap_en_mu/us_music_review_the_internet

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Report: Orion test flight pushed back to 2014, manned flight until 2021

Even something as exhaustively planned as the test-flight of the Orion spacecraft isn't immune to a slipping timeline. It's reportedly been pushed back from next year to 2014 -- when we're expecting to see the capsule launch from Cape Canaveral, loop around the planet twice at 3,700 miles (the furthest any spacecraft has journeyed since the '70s) before splashing down in the Pacific. This unmanned test was designed to see if the vehicle's heat-shield, flight-software and parachutes all work before lives are risked on board. It's also signified a pushing back of the first launch from 2016 until 2021. This means there's nine more years before someone calls us up as a crew replacement -- at least that's how our dream goes.

Report: Orion test flight pushed back to 2014, manned flight until 2021 originally appeared on Engadget on Mon, 30 Jan 2012 15:42:00 EDT. Please see our terms for use of feeds.

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British police arrest 5 in tabloid bribery probe (AP)

LONDON ? British police searched the offices of Rupert Murdoch's British newspapers Saturday after arresting a police officer and four current and former staff of his tabloid The Sun as part of an investigation into police bribery by journalists.

The arrests spread the scandal over tabloid wrongdoing ? which has already caused the closure of one tabloid, the News of the World ? to a second Murdoch newspaper.

London's Metropolitan Police said two men aged 48 and one aged 56 were arrested on suspicion of corruption early in the morning at homes in and around London. A 42-year-old man was detained later at a London police station.

Murdoch's News Corp. confirmed that all four were current or former Sun employees.

A fifth man, a 29-year-old police officer, was arrested at the London station where he works.

The investigation into whether reporters illegally paid police for information is running parallel to a police inquiry into phone hacking by Murdoch's now-defunct News of the World.

Officers were searching the men's homes and the east London headquarters of the media mogul's British newspapers for evidence.

Police said Saturday's arrests were made as a result of information provided by the Management and Standards Committee of Murdoch's News Corp.

News Corp. said it was cooperating with police.

"News Corporation made a commitment last summer that unacceptable news gathering practices by individuals in the past would not be repeated," it said in a statement.

A dozen people have now been arrested in the bribery probe, though none has yet been charged.

They include former Rebekah Brooks, former chief executive of Murdoch's News International, ex-News of the World editor Andy Coulson ? who is also Prime Minister David Cameron's former communications chief ? and journalists from the News of the World and The Sun.

Two of the London police force's top officers resigned in the wake of the revelation last July that the News of the World had eavesdropped on the cell phone voicemail messages of celebrities, athletes, politicians and even an abducted teenager in its quest for stories.

Murdoch shut down the 168-year-old tabloid, and the scandal has triggered a continuing public inquiry into media ethics and the relationship between the press, police and politicians.

An earlier police investigation failed to find evidence hacking went beyond one reporter and a private investigator, but News Corp. has now acknowledged it was much more widespread.

Last week the company agreed to pay damages to 37 hacking victims, including actor Jude Law, soccer star Ashley Cole and British politician John Prescott.

___

Jill Lawless can be reached at: http://twitter.com/JillLawless

Source: http://us.rd.yahoo.com/dailynews/rss/britain/*http%3A//news.yahoo.com/s/ap/20120128/ap_on_re_eu/eu_britain_phone_hacking

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Obama administration reveals new ATF gun probe rules (Reuters)

WASHINGTON (Reuters) ? The Obama administration on Friday revealed new reforms undertaken to improve how it conducts undercover gun trafficking investigations in the wake of a botched operation in which scores of weapons disappeared.

The reforms require additional oversight of undercover operations, including those that involve more than 50 firearms, and, in most cases, ends the practice of paying gun dealers to serve as confidential informants.

Additionally, a new review committee has been established to monitor sensitive undercover cases or those that would have a "significant regional or national impact," according to the Justice Department.

The details were revealed just before Attorney General Eric Holder testifies on Thursday before members of the House of Representatives' Oversight and Government Reform Committee about the bungled operation known as "Fast and Furious."

The operation, run out of the Phoenix offices of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and U.S. Attorney's office was meant to follow the guns from the initial buyers along the U.S. border to violent drug cartel leaders in Mexico.

However ATF agents did not track the weapons after they were transferred from the initial buyer to others who smuggled them across the border. As many as 2,000 guns may have been sold under the operation.

Two AK-47 style weapons from that program were found in Arizona 18 miles from the border where a U.S. Border Patrol agent, Brian Terry, was shot and killed during a December 2010 shootout with illegal immigrants.

A similar, smaller program was run during the Bush administration dubbed "Wide Receiver."

"We are undertaking key enhancements to existing department policies and procedures to ensure that mistakes like those that occurred in 'Wide Receiver' and 'Fast and Furious' are not repeated," Deputy Attorney General James Cole said in a letter to Congress.

Republicans have been demanding to know who in the Obama administration knew about the "Fast and Furious" operation and when. Holder and other senior ATF and Justice Department officials said they did not learn about it until early 2011.

(Reporting By Jeremy Pelofsky)

Source: http://us.rd.yahoo.com/dailynews/rss/mexico/*http%3A//news.yahoo.com/s/nm/20120128/pl_nm/us_usa_mexico_guns

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Family, friends gather for Etta James' funeral

Singer Etta James's picture is seen next to her casket during a funeral, Saturday, Jan. 28, 2012, at Greater Bethany Community Church City of Refuge in Gardena, Calif. James died last Friday at age 73 after battling leukemia and other ailments, including dementia. She was most famous for her classic "At Last," but over her decades-long career, she became revered for her passionate singing voice. (AP Photo/Ringo H.W. Chiu)

Singer Etta James's picture is seen next to her casket during a funeral, Saturday, Jan. 28, 2012, at Greater Bethany Community Church City of Refuge in Gardena, Calif. James died last Friday at age 73 after battling leukemia and other ailments, including dementia. She was most famous for her classic "At Last," but over her decades-long career, she became revered for her passionate singing voice. (AP Photo/Ringo H.W. Chiu)

Singer Etta James's picture is seen next to her casket during a funeral, Saturday, Jan. 28, 2012, at Greater Bethany Community Church City of Refuge in Gardena, Calif. James died last Friday at age 73 after battling leukemia and other ailments, including dementia. She was most famous for her classic "At Last," but over her decades-long career, she became revered for her passionate singing voice. (AP Photo/Ringo H.W. Chiu)

Louis Medina poses with a t-shirt and pictures of Etta James as he stands in line for a public viewing for the singer, Friday, Jan. 27, 2012, in Inglewood, Calif. James died last Friday at age 73 after battling leukemia and other ailments, including dementia. She was most famous for her classic "At Last," but over her decades-long career, she became revered for her passionate singing voice. (AP Photo/Mark J. Terrill)

Fans stand in line for a public viewing for singer Etta James, Friday, Jan. 27, 2012, in Inglewood, Calif. James died last Friday at age 73 after battling leukemia and other ailments, including dementia. She was most famous for her classic "At Last," but over her decades-long career, she became revered for her passionate singing voice. (AP Photo/Mark J. Terrill)

Fans stand in line for a public viewing for singer Etta James, Friday, Jan. 27, 2012, in Inglewood, Calif. James died last Friday at age 73 after battling leukemia and other ailments, including dementia. She was most famous for her classic "At Last," but over her decades-long career, she became revered for her passionate singing voice. (AP Photo/Mark J. Terrill)

LOS ANGELES (AP) ? Hundreds of Etta James' friends, fans and family gathered Saturday at a Los Angeles-area church to remember the legendary rhythm and blues singer, who died this month.

Mourners at James' funeral included entertainment luminaries, with both Stevie Wonder and Christina Aguilera performing. Aguilera sang the song that James made famous, "At Last," while Wonder performed with the church's choir.

The Rev. Al Sharpton was to deliver the eulogy.

James died Jan. 20 at age 73 after battling leukemia and other ailments. She was most famous for her rendition of "At Last," and in her decades-long career, she became revered for her passionate, soulful singing voice. Her version of the song has become an enduring anthem for weddings and commercials.

Perhaps most famously, President Barack Obama and the first lady danced to a version of the song at his inauguration ball.

"Etta James was a pioneer. Her ever-changing sound has influenced rock and roll, rhythm and blues, pop, soul and jazz artists, marking her place as one of the most important female artists of our time," Rock and Roll Hall of Fame President and CEO Terry Stewart said after her death.

James won four Grammy Awards, including a lifetime achievement honor and was inducted in the Rock and Roll Hall of Fame in 1993.

She scored her first hit when she was just a teenager with the suggestive "Roll With Me, Henry," which had to be changed to "The Wallflower" in order to get airplay. Her 1967 album, "Tell Mama," became one of the most highly regarded soul albums of all time, a mix of rock and gospel music.

Over her lifetime, James battled adversity, including a turbulent upbringing and drug addiction.

She rebounded from a heroin addiction to see her career surge after performing the national anthem at the 1984 Olympics in Los Angeles. She won her first Grammy Award a decade later, and two more in 2003 and 2004.

She is also an inductee into the Rock and Roll Hall of Fame.

James is survived by her husband and two sons.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-01-28-Etta%20James-Funeral/id-cfc05d43df364232836385cbb1365c71

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Justice unit to probe mortgage-backed securities (AP)

WASHINGTON ? A new Justice Department fraud-fighting unit will bring together 55 prosecutors and federal and state investigators focusing on one of the contributing factors to the financial crisis ? the collapse of residential mortgage-backed securities.

Attorney General Eric Holder and other officials will unveil details about the new unit Friday. President Barack Obama disclosed the plan to create the unit in his State of the Union address Tuesday night.

New York Attorney General Eric Schneiderman, one of the co-chairs of the initiative, said it is an effort to pull together state and federal probes into the bubble of mortgage-backed securities that led to the market crash.

Source: http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http%3A//news.yahoo.com/s/ap/20120127/ap_on_go_ca_st_pe/us_justice_financial_probers

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Ukraine: Activist protest arrival of US Navy ship (AP)

SEVASTOPOL, Ukraine ? Anti-Western activists in southern Ukraine have protested the arrival of a U.S. Navy ship that will take part in joint military drills.

Some 100 mostly elderly protesters rallied in the Black Sea port of Sevastopol against Ukraine's cooperation with the U.S. and NATO.

The activists burned a mock American flag, shouted "Yankee Go Home" and hurled other insults upon the arrival of the Vella Gulf guided missile cruiser.

The ship will take part in anti-piracy and other drills with the Ukrainian navy.

Under President Viktor Yanukovych Ukraine gave up the goal of joining NATO, but continues military cooperation with the U.S. and other NATO members.

The military alliance remains unpopular among the majority of Ukrainians, especially in the pro-Russian east and south.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20120126/ap_on_re_eu/eu_ukraine_us_ship

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BlackBerry Curve 9360 review

The BlackBerry Curve 8300 emerged as one of the best smartphone ideas of 2007. It pre-dated the first Android handset by a full year, and unlike the original iPhone, it was priced within reach of the average consumer. It introduced the masses to the possibilities of a connected and capable handset, and was the primary catalyst for the BlackBerry's meteoric rise to household name. With each subsequent iteration, however, the Curve remained a handset geared toward first-time smartphone buyers, and that axiom feels particularly true today.

RIM's BlackBerry Curve 9360 outed -- is this Apollo?

RIM launches new BlackBerry Curve (video)

Blackberry Curve 9360 hands-on

We're now presented with the Curve 9360 ($29.99, on contract), a device that's ostensibly hobbled in order to differentiate itself from RIM's higher-end offerings, most notably the Torch 9810 ($49), Torch 9860 ($99) and Bold 9900 ($199). Specifically, we refer to its lack of a touchscreen. The omission will certainly be a deal-breaker for some, but whether it causes the market to reject it as a whole remains unknown. For our part, we're most interested in the impact on the handset's usability and its relevance in an increasingly competitive environment. In other words, has RIM included enough improvements to keep its Curve franchise afloat, or will this iteration sink like a stone? Join us after the break, as we delve into the Curve 9360 and explore these finer details.

Gallery: BlackBerry Curve 9360 review

Continue reading BlackBerry Curve 9360 review

BlackBerry Curve 9360 review originally appeared on Engadget on Thu, 26 Jan 2012 12:00:00 EDT. Please see our terms for use of feeds.

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Man pleads not guilty in NJ synagogue firebombings (Reuters)

NEW YORK (Reuters) ? A 19-year-old man accused of attempted murder in the firebombing of two New Jersey synagogues including one that housed a rabbi who was burned when fire ignited a blanket on his bed pleaded not guilty on Wednesday.

Anthony Graziano was arrested after the Bergen County prosecutor released a store surveillance video which it said showed him buying supplies used to make the Molotov cocktails used in the January 11 attack on the Congregation Beth El in Rutherford, New Jersey.

Prosecutors investigating the arsons as hate crimes have charged Graziano with nine counts of attempted murder in the first degree, along with charges of bias intimidation and aggravated arson in connection with the pair of attacks.

In the Rutherford case, petrol bombs thrown at a building that serves as both a synagogue and a rabbi's family home ignited a blanket on the rabbi's bed and he awoke to the flames, his wife told reporters at the time.

The rabbi, Nosson Schuman, put out the blaze with a fire extinguisher and suffered minor burns, police said. The house was minimally damaged. The rabbi, his wife, their five children, ages 5 to 17, and the rabbi's elderly parents evacuated the home, police said.

The charges against Graziano, who was in custody with bail set at $5 million, also included a separate firebomb attack on the Temple K'Hal Adath Jeshrun in Paramus, New Jersey, earlier in January, prosecutors said.

Police said they also retrieved evidence from Graziano's home in Lodi, New Jersey. The public defender representing Graziano could not be reached for comment.

Two instances of anti-Semitic graffiti being daubed on the walls of two other New Jersey synagogues in December were no longer thought to be connected to the arson attacks, investigators said.

(Reporting By Jonathan Allen; Editing by Cynthia Johnston)

Source: http://us.rd.yahoo.com/dailynews/rss/crime/*http%3A//news.yahoo.com/s/nm/20120126/us_nm/us_synagogues_firebombs_newjersey

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Apple doubles iPhone sales in 1Q (AP)

NEW YORK ? After uncharacteristically tepid sales in the July-to-September quarter, Apple came back with a vengeance in last three months of 2011, vastly exceeding analyst estimates and setting new records.

Apple Inc. on Tuesday said it sold 37 million iPhones in the quarter, double the figure of the previous quarter and more than twice as many as it sold in last year's holiday quarter.

The result may make Apple the world's largest maker of smartphones. Samsung Electronics, which held that position for most of last year, has said it expects to report shipping about 35 million smartphones in the October to December quarter.

October saw the launch of the iPhone 4S, and the addition of Sprint Nextel Corp. as an iPhone carrier in the U.S.

Apple said net income in the fiscal first quarter was $13.06 billion, or $13.87 per share. That was up 118 percent from $6 billion, or $6.43 per share, a year ago.

Analysts polled by FactSet were expecting earnings of $10.04 per share for the latest quarter, Apple's fiscal first.

Revenue was $46.33 billion, up 73 percent from a year ago. Analysts were expecting $38.9 billion.

The Cupertino, Calif., company shipped 15.4 million iPads in the quarter, again more than doubling sales over the same quarter last year.

Apple shares rose $33.03, or 7.9 percent, to $453.53 in extended trading, after the release of the results.

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/ap/20120124/ap_on_hi_te/us_earns_apple

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China leader-in-waiting Xi to visit White House next month (Reuters)

WASHINGTON/BEIJING (Reuters) ? President Barack Obama will host China's likely next leader, Vice President Xi Jinping, at the White House on February 14, in a visit set to boost Xi's credentials as the man who will steer Beijing's close but quarrelsome ties with Washington.

Obama and Xi will discuss "a broad range of bilateral, regional, and global issues," the White House said in a statement on Monday announcing the visit, when Xi will be hosted by Vice President Joe Biden.

The Chinese Foreign Ministry has not confirmed the date of the visit; it had no comment on Tuesday. This week is the Lunar New Year holiday in China.

The two sides will have plenty of strains to talk about, especially over trade, human rights, North Korea and Iran. Above all, the Obama administration is keen for clues about Xi's worldview and how he intends to handle these thorny issues.

"The man Biden's hosting, barring something no one forsees at this point, will become the head of China, head of the Communist Party, head of the government and head of the military," said China expert Kenneth Lieberthal of the Brookings Institution in Washington.

"This is really a chance for the Obama administration to look forward to the succession and post-succession period in China and begin to establish critical personal relationships and a personal comfort level back and forth."

For Xi, the visit will be a valuable trophy that advertises his readiness for the top job. His growing prominence indicates he is virtually certain to replace Hu Jintao as Communist Party chief in late 2012 and then as state president in early 2013.

The two powers have delicate issues to work through, ranging from currency policy to differences over how to halt the nuclear programs of Iran and North Korea, to China's recent crackdown on critics and activists that has drawn U.S. criticism.

Beijing has voiced misgivings about Obama's plans to beef up the U.S. military presence in the Asia-Pacific region and remains unhappy about U.S. arms sales to Taiwan, the self-ruled island that China calls an illegitimate breakaway province.

China, Iran's biggest oil customer, also bristles at U.S. efforts to tighten sanctions on that country in order to halt Tehran's nuclear ambitions. Beijing recently rebuffed a U.S. official's call to cut back oil purchases from Iran.

The United States is in an election year that has seen Republican candidates fire harsh rhetoric at China. Obama, facing a tough re-election in November, is expected to use his State of the Union address on Tuesday to renew his call for China to allow its yuan currency to appreciate.

"I think he's a very personable individual," the U.S. Ambassador to Beijing, Gary Locke, said of Xi in an interview on PBS television last week.

"We don't know how he would respond to some of these economic issues, which is why it's so important that we establish that relationship as quickly as possible.

"It's going to take a while to really understand how he might move forward."

XI SETS UPBEAT TONE

Xi, 58, is the son of the late, reformist vice premier Xi Zhongxun, making him a "princeling": one of the privileged offspring of China's leaders who rose to power under Mao Zedong. He rose through the party ranks in coastal provinces.

Xi's "red" family background and coming of age in the turmoil of Mao's Cultural Revolution (1966-76) have prompted some observers to suggest he could take a harder line against Washington, which would also reflect growing nationalist sentiment in China.

But in a speech last week, Xi stressed Beijing's desire for steady relations and tried to set an upbeat tone for his visit.

"In dealing with major and sensitive issues that concern each side's core interests, we must certainly abide by a spirit of mutual respect and handle them prudently, and by no means can we let relations again suffer major interference and ructions," he told a meeting in Beijing.

Xi will probably be looking to set a "pragmatic but frank" tone for ties with Washington, said Zhang Musheng, a former Chinese central government official who has met Xi and other rising officials and written widely about their challenges.

"I don't feel that they're hardline in their views," Zhang told Reuters of China's emerging leaders, including Xi.

"It will still be the same basic approach of seeking steady, predictable relations (with the U.S.)," added Zhang.

"But as China develops economically, it's attracting more criticism and suspicion, and there's a sense that we need to get used to putting our own views without creating alarm or conflict. That's not hardline; it's practical and realistic."

In August, Xi hosted Biden on a visit that gave Washington policymakers a chance to size up China's president-in-waiting.

Xi is also set to travel to Iowa and California, states keen to boost already fast-growing trade and to court investment. Dates have not formally been announced for those stops.

Xi's first known visit to the United States was to Iowa in 1985 as a junior official in the northern province of Hebei, which has a sister state/province relationship with Iowa.

(Additional reporting by Sabrina Mao in Beijing; Editing by Ron Popeski)

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/nm/20120124/pl_nm/us_usa_china_xi

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Verizon Q4 releases Q4 results, revenues up 7.7%, subscribers up 1.5 million

Verizon has released their Q4 2011 financial results and they seem to have done fairly well for themselves -- 18.3 billion in gross profits, up 7.7%. Wireless revenue was up 13% with data revenue up 19.2%. (That's why carriers want iPhones on their network.)

Source: http://feedproxy.google.com/~r/TheIphoneBlog/~3/E3kpotL4Fmk/story01.htm

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Gunmen fire on fishermen in Philippines, kill 15

MANILA, Philippines (AP) ? Gunmen in the restive southern Philippines opened fire on three boats and killed 15 fishermen in what officials said Tuesday was likely an attack by a rival group protecting its lucrative fishing grounds.

The fishermen were aboard three small, wooden-hulled vessels off Sibago Island in Basilan province when attackers in speedboats fired on them Monday morning and then sped away, military spokesman Lt. Col. Randolph Cagangbang said.

There were about 10 attackers, police said. No arrests have been made yet as the news reached authorities late because of the remoteness of the area, senior police official Felicisimo Khu said.

Basilan Vice Gov. Al Rasheed Sakalahul was on his way to the area Tuesday, protected by a platoon of soldiers and police, to investigate the killings, Khu said.

Basilan is a stronghold of Muslim rebels who have been fighting for minority self-rule in the predominantly Christian nation for decades, as well as criminal and kidnap gangs. Law enforcement in the area is weak, and deadly clan feuds fueled by business and political rivalry are rampant. Businesses often pay protection money to armed groups and hire their own private guards.

Cabangbang told The Associated Press that the fishermen were probably attacked by a rival group of fishermen because they strayed into their fishing grounds. The victims came from Pagadian city in Zamboanga del Sur province, 100 miles (170 kilometers) northeast of Sibago.

"They were fishing in the turf of another group of fishermen from Basilan," Cabangbang said.

Seven fishermen died in one boat, five in another and three more in the third vessel, he said.

One of the survivors told police that their group had been warned to stay away from the fishing grounds where the attack took place, ABS-CBN TV reported.

Khu, the regional police official, said there was unconfirmed reports that the attacked fishermen were blamed by their rivals for destroying giant nets that they had set up worth about $3,500. Such nets are used for catching tuna, one of the Philippines' main exports.

In 2010, the Philippines exported 116,850 tons (106,450 metric tons) of tuna for a total value of $337.7 million.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2012-01-23-AS-Philippines-Fishermen-Attacked/id-4de09ebde36047bbb54ca40197708265

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Serena Williams out in 4th round at Aussie Open

Serena Williams of the US makes a forehand return to Russia's Ekaterina Makarova during their fourth round match at the Australian Open tennis championship, in Melbourne, Australia, Monday, Jan. 23, 2012. (AP Photo/Andrew Brownbill)

Serena Williams of the US makes a forehand return to Russia's Ekaterina Makarova during their fourth round match at the Australian Open tennis championship, in Melbourne, Australia, Monday, Jan. 23, 2012. (AP Photo/Andrew Brownbill)

Serena Williams of the US makes a backhand Ekaterina Makarova during their fourth round match at the Australian Open tennis championship, in Melbourne, Australia, Monday, Jan. 23, 2012. (AP Photo/John Donegan)

Russia's Ekaterina Makarova makes a backhand return to Serena Williams of the US during their fourth round match at the Australian Open tennis championship, in Melbourne, Australia, Monday, Jan. 23, 2012. (AP Photo/Andrew Brownbill)

Petra Kvitova of the Czech Republic serves to Serbia's Ana Ivanovic during their fourth round match at the Australian Open tennis championship, in Melbourne, Australia, Monday, Jan. 23, 2012. (AP Photo/Andrew Brownbill)

Petra Kvitova of the Czech Republic wipes the sweat from her face during her fourth round match against Serbia's Ana Ivanovic at the Australian Open tennis championship, in Melbourne, Australia, Monday, Jan. 23, 2012. (AP Photo/Andrew Brownbill)

MELBOURNE, Australia (AP) ? Serena Williams lost at the Australian Open for the first time since 2008, struggling with her serve and hitting too many unforced errors in a 6-2, 6-3 loss to Ekaterina Makarova on Monday.

Williams was surprised by the power of the groundstrokes from the Russian left-hander, who at No. 56 was the lowest-ranked woman to make the fourth round of the season's first major.

The dominant force at Melbourne Park this century, Williams had lost only two matches at the Australian Open since winning the first of her five titles here in 2003. She was on a 17-match winning streak after capturing titles in 2009 and 2010 and missing last year due to injury.

But she had seven double faults ? including four in the fifth game of the second set ? and 37 unforced errors to give Makarova a spot in the quarterfinals at a major for the first time. She'll play either 2008 champion Maria Sharapova or Sabine Lisicki.

"I don't know what to say. Amazing feeling and first time in quarterfinals," the 23-year-old Makarova said. Williams is "an unbelievable player. It's really tough to play against her so I'm really happy I finished it in my way."

Williams sprained her left ankle in a warmup tournament at Brisbane two weeks ago, but didn't show any signs of being seriously restricted Monday.

She was bothered by a bug that landed on her left shoulder when she dropped serve for the first time in the match, and became increasingly exasperated as her misses piled up ? including one overhead that she sent way too long and another that she hit meekly back for Makarova to pass her.

Williams won the first two games in the second set but then Makarova went on a roll, winning the next four games ? including the double-fault strewn game at 2-2 when Williams screamed after one and asked herself out loud after another: "How many double-faults do you want to make?"

Williams didn't blame her ankle injury or the heat, which increased to 93 during the day, but couldn't even describe how bad her serve was.

"Yeah, I served like .... it's inappropriate. I don't know," she said. "It was just disastrous really. Maybe I should have started serving lefty."

The Russian got tighter toward the end but kept her nerve to hold in a key game. Then, with Williams serving to stay in the match, she needed four match points before Williams sent a backhand wide.

The absence of Williams opens up the women's draw, with Sharapova, defending champion Kim Clijsters and Wimbledon winner Petra Kvitova the only major winners still in contention. Clijsters advanced to the quarterfinals with a comeback win over Li Na on Sunday in a rematch of the 2011 decider, while Kvitova had some trouble late before beating former top-ranked Ana Ivanovic 6-2, 7-6 (2) in the opening match Monday.

The 21-year-old Kvitova was seemingly fast-tracking her progress to the last eight until her game momentarily came undone near the end of the second set after she completely missed a routine overhead at the net to allow the former French Open champion to pull to 4-5.

She lost the next eight points to fall behind 6-5 ? badly missing on a couple of wild groundstrokes ? and only managed to force a tiebreaker with two big serves out wide in the 12th game.

Ivanovic's two double-faults early in the tiebreaker gave Kvitova some easy points and took the pressure off.

The match seemed close to ending much earlier when Kvitova got into perfect position to put away an innocuous lob from Ivanovic, but played through the shot too quickly and was hit instead on the body.

"It was a very tough match at the end. I mean it was a really easy point then I thought I got it and I lost eight points in a row," she said. "I'm very happy I played very well in the tiebreak."

She'll next play Serra Errani of Italy, who beat 2008 semifinalist Zheng Jie 6-2, 6-1.

On the men's side, two-time Australian Open runner-up Andy Murray only spent 49 minutes on court and was leading 6-1, 6-1, 1-0 when Mikhail Kukushkin retired from their fourth-round match with a left hip injury, giving him an easy path into the quarterfinals.

"It's obviously good for me, I get to conserve some energy," Murray said. "Tough for him, first time in the fourth-round of a Slam."

He'll next play Kei Nishikori, who had a stunning 2-6, 6-2, 6-1, 3-6, 6-3 win over sixth-seeded Jo-Wilfried Tsonga, the 2008 finalist.

The 22-year-old Nishikori became the first Japanese man to advance to the Australian Open quarterfinals in 80 years, and the only the second man from his country to reach a Grand Slam quarterfinal in the Open Era started in 1968. Shuzo Matsuoka reached the 1995 Wimbledon quarterfinals.

Defending champion Novak Djokovic was playing Lleyton Hewitt on Monday night.

On Sunday, Clijsters set up a quarterfinal against top-ranked Caroline Wozniacki, who had a 6-0, 7-5 win over former No. 1 Jelena Jankovic. Wozniacki is yet to win a major, but her confidence is high.

"If I play like I did today, Kim will have to really play well to beat me," she said.

Clijsters needed pain killers to get through the 2-hour, 23-minute win over Li and she's hoping ice treatment will help her recover in time for the quarterfinals.

Third-seeded Victoria Azarenka advanced with a 6-2, 6-2 win over Iveta Benesova. She next plays eighth-seeded Agnieszka Radwanska.

Roger Federer more or less held a clinic at Rod Laver Arena, where he has won four of his 16 Grand Slam titles, on Sunday night ? a 6-4, 6-2, 6-2 victory over Bernard Tomic that moved him into the quarterfinals for a 31st consecutive major.

Federer's quarterfinal will be his 1,000th tour-level match. He plays 2009 U.S. Open champion Juan Martin del Potro, whom he once expected to rise to No. 1.

Rafael Nadal advanced with a convincing win over fellow Spaniard Feliciano Lopez. The 2009 champion's right knee was heavily wrapped and his left ankle needed to be taped after three games of the first set. Afterward, he said he was fine.

He will play Tomas Berdych, hoping to avoid a third consecutive quarterfinal loss in Melbourne.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-01-23-TEN-Australian-Open/id-0e9a69c1a0d247cfaa32ef88ddaff586

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New year, new investment: CIC makes a head start | Global Investing

China?s sovereign wealth fund?s move last week to invest in London water supplier Thames Water puts focus on potential overseas investment in the year of Dragon from China?s central bank PBOC, which plans to create a $300 billion vehicle to invest in Europe and the United States.

After Reuters reported on the plan in December, the PBOC and State Administration of Foreign Exchange (SAFE), which manages reserves, have been mum. A tiny?drop in the country?s reserves, still standing at $3.18 trillion, brings only a small comfort to the world?s largest reserve holder as it struggles with low returns on its sovereign debt portfolios in U.S. Treasuries?(earning almost nothing) and euro zone sovereign debt (under growing risk of further ratings downgrades).

China, which regularly intervenes in the FX market to keep a lid on the yuan exchange rate to keep its exports competitive, is suffering??negative carry? ? the difference between the cost of intervention and its overseas investment.

This is how the negative carry arises: The People?s Bank of China buys U.S. dollars in the FX market. When it intervenes, it pumps yuan into the domestic banking system. This extra liquidity, if left, can cause inflation. The PBOC therefore needs to mop this up by issuing ?sterilisation bonds?.

The sterilisation is not cheap.?As ?foreign reserves keep accumulating, the PBC has to issue more debt for sterilisation purposes, which may drive up the interest rates on the PBOC bills.

So far, Chenying Zhang of the Wharton School at the University of Pennsylvania, argues that?the PBOC?s income from foreign reserves investment has exceeded its sterilization cost consistently from 2003 to 2010.

Zhang, in her paper, estimated the PBOC?s cost of sterilization and compared it with its income from the foreign reserves investment from the period 2003 to2010. She finds that?China?s FX reserves have to drop around 36% (or to put it in another way, the RMB has to appreciate by more than 50% against the US dollar) before it fails to cover the sterilization cost of the PBOC.

But the yield on U.S. and euro zone government bonds are falling further.?Given the yield on one-year U.S. Treasuries stands at a?paltry?0.1025 percent, the cost of carry right now could be as much as 200 basis points. The pressure to find higher-yielding assets must be great.

?If foreign interest rates keep dropping, China will suffer a more drastic decrease in its income from foreign reserves, especially if its investment is of a shorter term than that was estimated,? Zhang writes.

Also worth remembering is the point that Beijing?is using this implicit tournament between the CIC and State Administration of Foreign Exchange as a carrot and stick mechanism with which to discipline sovereign wealth managers. So SAFE must be feeling peer pressure from CIC which seems to have made a head start in 2012.

Source: http://blogs.reuters.com/globalinvesting/2012/01/23/new-year-new-investment-cic-makes-a-head-start/

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Sonnen vs. Bisping is for title shot, but Chael says Silva will never fight him

Dana White released his first video blog for the card on FX today. One interesting scene includes the UFC president dealing with the withdrawal of Mark Munoz from the UFC on Fox 2 card. White is getting ready to release news of the new Chael Sonnen-Michael Bising fight and says the winner will get a title shot against the currently sidelined UFC middleweight champ Anderson Silva.

White must know something Sonnen doesn't because the outspoken contender sounds pretty sure he'll never face Silva.

"I'm not going to fight Anderson either way. They can say whatever they want. Anderson is never going to do that fight," Sonnen told "The MMA Insiders" show last week on Las Vegas' ESPN1100/98.9 FM. "I hope he's healthy and has a good life, but I'm not buying into this mythical world that Anderson is going to some day sign a contract to fight me."

During today's UFC on Fox 2 conference call, Sonnen reiterated his theory and said Silva turned down the fight to their boss' face.

"He even said no to (UFC executive) Lorenzo Fertitta's face. Face-to-face, not over the phone ? Lorenzo brought him out, sat him down, and said, 'This is the fight we want.' And Anderson said no," said Sonnen.

Sonnen knows management isn't pleased and questions the severity of Silva's back and shoulder injuries.

"They're not happy about it. The message to Anderson was this ' Chael is the opponent for you. You can fight him or you can't fight nobody. He elected to fight nobody,'" said Sonnen. "Dan Henderson said it perfectly, if the right opponent comes up, all of Anderson's injuries will go away."

Silva's next opponent will be known next Saturday night. A date and location is completely up in the air until Silva announces when he can officially return.

Source: http://sports.yahoo.com/blogs/mma-cagewriter/sonnen-vs-bisping-title-shot-chael-says-silva-231128840.html

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You can now circle the White House on Google+

By Rosa Golijan

Google

Considering that President Obama is on just about every major social media service, it's should come as no surprise that there is now a Google+ account for the White House as well.

Deputy director of outreach for the office of digital strategy?? yowza, that's a long job title???Kori Schulman revealed this news on the White House blog on Friday.

"On day one, President Obama made clear that this Administration is committed to public engagement and participation," Schulman writes. "That?s why [this administration] launched the 'We the People' petitioning tool and why you can find the White House on Twitter, Facebook, LinkedIn and other places around the Web."

The newly created White House Google+ page?will be used?to share news from the official White House blog, behind the scenes photos, and videos, Schulman says.?In addition, there will be regular "White House Hangouts" with administration officials.?(Only some users will be invited to join these Hangouts, but everyone will be able to watch the entire events live on WhiteHouse.gov, the Google+ page or on the White House YouTube channel.)

Related stories:

Want more tech news, silly puns or amusing links? You'll get plenty of all three if you keep up with Rosa Golijan, the writer of this post, by following her on?Twitter, subscribing to her?Facebook?posts, or circling her?on?Google+.

Source: http://technolog.msnbc.msn.com/_news/2012/01/20/10200371-you-can-now-circle-the-white-house-on-google

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Unemployment claims at 352,000, fewest since 2008 (AP)

WASHINGTON ? The number of people seeking unemployment benefits plummeted last week to 352,000, the fewest since April 2008. The decline added to evidence that the job market is strengthening.

Applications fell 50,000, the biggest drop in the seasonally adjusted figure in more than six years, the Labor Department said Thursday. The four-week average, which smooths out fluctuations, dropped to 379,000. That's the second-lowest such figure in more than three years.

A department spokesman cautioned that volatility at this time of year is common. Applications had jumped two weeks ago, largely because companies laid off thousands of temporary workers hired for the holidays.

Still, when weekly applications fall consistently below 375,000, it usually signals that hiring is strong enough to push down the unemployment rate.

"This continues a clear downshift in claims," said Ian Shepherdson, an economist at High Frequency Economics.

Shepherdson suggested that stronger hiring should follow.

Hiring improved in the second half of 2011. In December, employers added 200,000 jobs. That marked the sixth straight month in which the economy added at least 100,000 jobs. And the unemployment rate fell to 8.5 percent, a three-year low.

For all of 2011, the economy added 1.6 million jobs. That was up sharply from 940,000 in 2010. Economists say they expect roughly 1.9 million more jobs to be added this year, according to a survey by The Associated Press.

Still, the job market has a long way to go before it fully recovers from the damage of the Great Recession, which wiped out 8.7 million jobs. More than 13 million people remain unemployed. Millions more have given up looking for work and so are no longer counted as unemployed.

The overall number of people receiving benefits, which isn't seasonally adjusted, rose. More than 7.8 million people received benefits in the final week of last year. They include about 3.6 million people covered by extended-benefit programs begun during the recession.

The manufacturing sector remains a bright spot. Factory output jumped 0.9 percent in December, the Federal Reserve said this week. That was the sharpest monthly gain in a year. Manufacturing gained 225,000 jobs last year, the most since 1997.

The pickup in hiring reflects stronger economic growth. The economy likely grew at an annual rate of about 3 percent in the final three months of last year, economists estimate.

That would be a sharp improvement over the 1.8 percent annual growth rate in the July-September quarter. Rising consumer spending is thought to be fueling much of the gain in the current quarter.

Even so, economists worry that growth could slow in the first half of 2012. Europe is almost certain to fall into recession because of its financial troubles.

And wages aren't keeping up with inflation. The department said in a separate report that average inflation-adjusted hourly earnings dropped 0.9 percent last year.

Without more jobs and higher pay, consumers might have to cut back on spending. That would weigh down growth next year. Consumer spending accounts for about 70 percent of the economy.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20120119/ap_on_bi_ge/us_unemployment_benefits

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Monti, Cameron want EU to push for growth (Reuters)

LONDON (Reuters) ? Italy and Britain called on the European Union on Wednesday to promote steps to boost economic growth and not focus solely on austerity to bring down the debt levels that have thrown the single currency into crisis.

On his first visit to Britain since taking office in November at the head of a technocratic government, Italian Prime Minister Mario Monti held talks with British counterpart David Cameron, who has found himself isolated within the EU after refusing to sign up to a new treaty to tackle the euro zone crisis.

"We both believe - the UK and Italy - that adherence to fiscal discipline is a necessary condition for growth. It is not however a sufficient condition," Monti said during a speech at the London Stock Exchange.

"And we both believe that not only our individual countries but the European Union as a whole has a big role to play in order to foster economic union in a sustainable way," he added.

Monti was speaking after a closed-door meeting with financiers and investors aimed at assessing international appetite for Italian debt.

He voiced confidence that Rome's measures together with the steps taken by the euro zone as a whole would eventually get Italy off the danger list.

Speaking after meeting Monti, Cameron said he hoped the next EU summit at the end of the month would do more to ensure the proper working of the single market.

"We can start on January 30 with a really convincing set of steps on digital markets, on services markets, on energy markets, on growth tests, which will help open up all European economies and help those deficit countries deal with their deficits and help those surplus countries also make sure they are growing and expanding at the same time," Cameron said.

Monti, a former European Commissioner, was tasked with trying to restore market credibility after the collapse of Silvio Berlusconi's administration.

Monti has imposed tough austerity measures and is also seeking to introduce structural reforms to try to free up the Italian economy and loosen the grip of vested interests like taxi drivers and pharmacists.

However, Italy still faces 10-year borrowing costs of around 6.5 percent, widely viewed as unsustainable for an economy with a debt mountain of around 120 percent of GDP.

Monti gave short shrift to a reporter who asked why British taxpayers should provide up to 15 billion pounds in additional funding to help the International Monetary Fund clean up the mess left by Berlusconi and bail out other ailing economies.

"To my knowledge, my country has not cost a penny to the UK so far as I know. Nor vice versa. At least in the present historical phase," he said.

Credit rating agency Standard & Poor's last week downgraded Italy by two notches, while Fitch warned on Wednesday that it could follow suit. Italy's economy is expected to fall into recession this year.

Monti has called for the euro zone's European Financial Stability Facility rescue fund to be strengthened to help shelter Italy from market attacks.

(Reporting by Keith Weir)

Source: http://us.rd.yahoo.com/dailynews/rss/britain/*http%3A//news.yahoo.com/s/nm/20120118/bs_nm/us_britain_italy_monti

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A Q&A on contested Internet anti-piracy bills (AP)

WASHINGTON ? Online piracy costs U.S. copyright owners and producers billions of dollars every year, but legislation in Congress to block foreign Internet thieves and swindlers has met strong resistance from high-tech companies, spotlighted by Wikipedia's protest blackout on Wednesday, warning of a threat to Internet freedom.

House and Senate bills that once seemed to be on a path toward approval now face a rockier future. House Speaker John Boehner on Wednesday said it was "pretty clear to many of us that there is a lack of consensus at this point."

Amid the high-tech campaign against the bills, several lawmakers came out in opposition. At least four Senate Republicans who had previously cosponsored the Senate bill ? Orrin Hatch of Utah, Roy Blunt of Missouri, John Boozman of Arkansas and Charles Grassley of Iowa ? issued statements Wednesday saying they were withdrawing their support. Democratic Sen. Ben Cardin of Maryland last week said that, after listening to constituent concerns, he could not vote for the Senate bill as it is currently written.

On the House side, Rep. Rick Larsen, D-Wash., issued a statement that he had heard from many of his constituents and come to the conclusion that the House and Senate bills "create unacceptable threats to free speech and free access to the Internet."

Here are some of the some of the questions being raised about the bills being considered:

Q. Why is legislation needed?

A. There's no argument that more needs to be done to protect artists, innovators and industries from copyright thieves and shield consumers from products sold on the Internet that are fake, faulty and unsafe. Creative America, a coalition of Hollywood studios, networks and unions, says content theft costs U.S. workers $5.5 billion a year. The pharmaceutical industry loses billions to Internet sellers of drugs that are falsely advertised and may be harmful.

Q. What is Congress trying to accomplish?

A. The two main bills are the Protect Intellectual Property Act, or PIPA, in the Senate, and the similar Stop Online Piracy Act, or SOPA, in the House. There are already laws on the books to combat domestic websites trafficking in counterfeit or pirated goods, but little to counter foreign violators.

The bills would allow the Justice Department, and copyright holders, to seek court orders against foreign websites accused of perpetrating or facilitating copyright infringement. While there is little the United States can do to take down those websites, the bills would bar online advertising networks and payment facilitators such as credit card companies and PayPal from doing business with an alleged violator. It also would forbid search engines from linking to such sites.

The original bills would have let copyright holders and Internet service providers block access to pirate websites. Critics and Internet engineers complained that would allow copyright holders to interfere in the behind-the-scenes system that seamlessly directs computer users to websites. They said that causing deliberate failures in the lookup system to prevent visits to pirate websites could more easily allow hackers to trick users into inadvertently visiting websites that could infect their computers. The White House also took issue with that approach, saying "We must avoid creating new cybersecurity risks or disrupting the underlying architecture of the Internet."

Responding to the critics, House Judiciary Committee Chairman Lamar Smith, R-Texas, said he is taking the blocking measure out of his bill. Senate Judiciary Committee Chairman Patrick Leahy, D-Vt., also is reworking his bill to address those cybersecurity issues.

Q. What are other concerns with the bills?

A. Critics say they would constrain free speech, curtail innovation and discourage new digital distribution methods. NetCoalition, a group of leading Internet and technology companies, says they could be forced to pre-screen all user comments, pictures and videos ? effectively killing social media. Search engines, Internet service providers and social networks could be forced shut down websites linked to any type of pirated content.

In addition, critics contend that young, developing businesses and smaller websites could be saddled with expensive litigation costs. And, they contend existing rights holders could impede new investment in the technology sector.

The White House said it would "not support any legislation that reduces freedom of expression ... or undermines the dynamic, innovative global Internet."

Leahy responded that there is nothing in the legislation that would require websites, Internet service providers, search engines, ad networks, payment processors or others to monitor their networks. He said his bill protects third parties from liability that may arise from actions to comply with a court order.

Michael O'Leary, a senior vice president at the Motion Picture Association of America, a key supporter of the legislation, said his industry is built upon a vibrant First Amendment. "We would never support any legislation that would limit this fundamental American right," he said. Neither PIPA nor SOPA "implicate free expression but focus solely on illegal conduct, which is not free speech."

Q. Who else supports the bills?

A. The most visible supporters are entertainment-related groups such as the MPAA and the National Music Publishers' Association. But the bills also enjoy support from the pharmaceutical industry, which is trying to shut down illegal online drug operations, and electronic and auto industries concerned about people going online to buy counterfeit parts that may be substandard. The U.S. Chamber of Commerce and several law enforcement groups also back the legislation.

Q. Who are the opponents?

A. In addition to Wikipedia, many major Internet and technology companies, including Google, Yahoo!, Amazon.com and eBay, are part of the NetCoalition group opposing the bills. Disparate political groups such as the liberal Democracy for America and the conservative Heritage Action have also voiced concerns about censorship.

Q. What is the status of the bills?

A. Momentum for the bills has slowed, giving the edge to Silicon Valley over Hollywood. The Senate, as its first major business when it returns to session next Tuesday, is to vote on whether to take up the bill. Sixty votes are needed to clear that legislative hurdle. It's unclear whether supporters have the votes.

Six Republicans on the Judiciary Committee last week wrote Majority Leader Harry Reid, D-Nev., saying that while the problem of intellectual property theft must be addressed, "the process at this point is moving too quickly" and a vote on moving to the bill "may be premature."

Reid replied that the vote will occur as scheduled, saying that while the bill was not perfect and he had urged Leahy to make changes, the issue was "too important to delay."

In the House, Judiciary Committee Chairman Smith said his panel would resume deliberations on SOPA in February. Meanwhile, Rep. Darrell Issa, R-Calif., chairman of the House Oversight and Government Reform Committee and an ally of the high-tech industry, said he had received assurances from GOP leaders that anti-piracy legislation would not move to the House floor this year unless there is a consensus on it.

Issa, and Sen. Ron Wyden, D-Ore., are pushing an alternative to SOPA and PIPA that would make the International Trade Commission, which already is in charge of patent infringements, responsible for taking steps to prevent money and advertising from going to rogue sites.

Issa formally introduced his bill Wednesday, saying the Internet blackout had "underscored the flawed approach taken by SOPA and PIPA" and his bill was "a smarter way to protect taxpayers' rights while protecting the Internet."

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/ap/20120119/ap_on_go_co/us_internet_piracy_q_a

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Who Are the Front-Runners for Oscar Nominations?

From George Clooney to Meryl Streep, we tally up actors' big wins and nominations to see who's primed for Oscar gold, See our gallery of this awards season's acting all-stars!

Source: http://www.ivillage.com/awards-season-all-stars-whos-leading-pack/1-b-416119?dst=iv%3AiVillage%3Aawards-season-all-stars-whos-leading-pack-416119

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Romney says he pays about 15 percent in income tax

Republican presidential candidate, former Massachusetts Gov. Mitt Romney speaks to reporters after campaigning at the Florence Civic Center in Florence, S.C., Tuesday, Jan. 17, 2012. (AP Photo/Charles Dharapak)

Republican presidential candidate, former Massachusetts Gov. Mitt Romney speaks to reporters after campaigning at the Florence Civic Center in Florence, S.C., Tuesday, Jan. 17, 2012. (AP Photo/Charles Dharapak)

Republican presidential candidate, former Massachusetts Gov. Mitt Romney campaigns at the Florence Civic Center in Florence, S.C., Tuesday, Jan. 17, 2012. (AP Photo/Charles Dharapak)

FLORENCE, S.C. (AP) ? After weeks of stalling, Mitt Romney did an about-face on Tuesday and said he will release his tax returns in April and that they will show he pays close to 15 percent of his income in taxes.

Romney, a multimillionaire, has been under pressure from his rivals for the Republican presidential nomination and others to release the information. He'd previously said he wouldn't release it. He suggested Tuesday that he would make public only one year's worth of information, for 2011.

Speaking to reporters after a campaign stop in South Carolina, Romney said most of his income comes from investments, not regular wages and salary. The tax rate on investment income is 15 percent, much lower than the 35 percent rate applied to wages for those in the highest tax bracket.

"What's the effective rate I've been paying? It's probably closer to the 15 percent rate than anything," Romney said. "Because my last 10 years, I've ... my income comes overwhelmingly from investments made in the past, rather than ordinary income or rather than earned annual. I got a little bit of income from my book, but I gave that all away. And then I get speaker's fees from time to time, but not very much."

Romney has resisted calls to release his tax returns, insisting that he and his wife, Ann, have complied with federal law that requires them to disclose information about their financial holdings.

But in a debate Monday night, Texas Gov. Rick Perry insisted that Romney release his returns, saying that the party needs to fully scrutinize its nominee now instead of later. Former House Speaker Newt Gingrich said he will release his tax information this week.

"I know that if I'm the nominee, people will want to see the most recent year, and see what happened in the most recent year," Romney said, suggesting he'd release the couple's 2011 tax information. "We'll wait until the tax returns for the most recent year are completed, then release them."

Romney's wealth ? he is worth between $190 and $250 million ? puts him among the wealthiest Americans. But if most of his income is from investments, it could help him to significantly lower his federal tax bill compared to people who make money in other ways.

The top federal tax rate for investment income ? qualified dividends and long-term capital gains ? is 15 percent. By comparison, the top tax rate for wages is 35 percent, on taxable income above $388,350. Wages are also subject to Social Security and Medicare payroll taxes.

At 15 percent, Romney's federal income tax rate would still be higher than the tax rate paid by most Americans.

On average, households making between $50,000 and $75,000 will pay a federal income tax rate of 5.7 percent this year, according to projections by the Tax Policy Center a Washington think tank.

However, when payroll and other taxes are included, that same household would pay an average federal tax rate of 16.6 percent.

Overall, the average American household will pay 9.3 percent in federal income taxes ? and 19.7 percent in all federal taxes.

In the 2008 presidential race, Republican John McCain released two years of his tax returns and then-Sen. Barack Obama released six years of tax information.

___

Ohlemacher reported from Washington.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-01-17-US-Romney/id-90e1fcfd06874da18721d6660724af95

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