Hungary seeks 15-20 billion euro IMF/EU credit line: official (Reuters)

BUDAPEST (Reuters) ? Hungary is seeking an international credit line of 15 to 20 billion ($20 to $26.3 billion) euros, the secretary of state heading the prime minister's office, Mihaly Varga, was quoted on Saturday as saying.

Hungary is seeking backup from the International Monetary Fund and the European Union to reassure investors it has financing even if it gets cut off from debt markets later this year.

The country's currency, the forint, sank to a record low against the euro a month ago, and its government bond yields rose above 11 percent on concerns that amid the euro zone crisis it may not be able to finance central Europe's highest debt burden compared to its economic output.

Varga reiterated that the government expected to reach a deal soon on a credit line that it could tap if the European debt crisis deepened further.

"A quick agreement is in the interest of both parties, therefore a deal could be outlined in one or two months," he said in an interview in the daily Magyar Hirlap.

"The amount of the safety net could be somewhere between 15 and 20 billion euros," he added.

Hungary's government unnerved investors repeatedly in 2010 and 2011 with unorthodox economic policy steps. It has also upset the European Commission with a range of legislation including a central bank bill that the Commission said curbed the bank's independence.

The country's markets have partially recovered due to pledges by the government to settle these issues and set up the international credit line.

"The planned financial backstop will allow the forint exchange rate to stabilize and government bond yields to drop, and it could lead to savings worth tens of billions forints in the budget," Varga said.

The EU has threatened to cut vital 'cohesion funds' it disburses to Hungary unless the country takes measures to prove that it can reduce its deficit to a sustainable level.

But a slowdown in the economy makes further budget cuts difficult. The government expects 0.5 percent growth for the year and the IMF 0.3 percent, while the European Bank for Reconstruction and Development projects a 1.5 percent contraction.

"In a hectic global environment it is more difficult to increase the pace of growth in the Hungarian economy to a sustainable course," Varga said. "An upswing could start when we get to the second half of 2012."

($1 = 221.2011 Hungarian forints)

(Reporting by Sandor Peto; Editing by Hugh Lawson)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20120204/bs_nm/us_hungary_imf

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Summary Box: Xstrata confirms Glencore approach (AP)

DEAL OR NO DEAL? Mining company Xstrata PLC confirmed that it is in merger TALKS with commodities trader Glencore International PLC. a deal that would create an industry behemoth with around $175 billion in revenue. Xstrata said Glencore proposed an all-share merger of equals. Glencore cautioned that there was no certainty of an offer being made.

ALREADY CLOSE: Glencore already holds 34 percent of Xstrata and has until March 1 to make a firm offer. Background discussions have been going on for years.

HISTORY LESSON: Xstrata was formed in 2002 when it bought Glencore's coal assets. The company mines metals in the Americas, Spain, Australia and South Africa.

Source: http://us.rd.yahoo.com/dailynews/rss/britain/*http%3A//news.yahoo.com/s/ap/20120202/ap_on_bi_ge/eu_britain_xstrata_glencore_summary_box

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Teaching Jobs in Canada - powered by Education Canada Network

Palliser Regional Schools invites applications for a full-time, temporary grade 2 teacher at Glenmore Christian Academy, commencing February 27, 2012. The teaching assignment is to teach grade 2 as well as subjects as determined by consultation with the school principal. Glenmore Christian Academy (Grades K-9, approx. 620 students) is an alternative program within Palliser Regional Schools and is located in southwest Calgary.

Successful applicants will possess the following characteristics:
- Teaching excellence
- A vibrant evangelical Christian faith, demonstrating the leadership of Jesus Christ
- The ability to make Gospel values an integral part of school life
- A pastoral reference from an evangelical church

Palliser Regional Schools is a rural school jurisdiction located in southern Alberta. The geographical area stretches from just south of Lethbridge to the Bow River south of Calgary. Palliser Centre houses the Central Office Administration, Maintenance and Transportation and is located in the City of Lethbridge. In addition, a satellite Maintenance Shop has been set up in the Town of Vulcan. The division offers full public education services to approximately 6,700 students Preschool through Grade 12 in 42 schools, including 4 outreach programs, 3 alternative Low-German Mennonite programs, 8 alternative Christian schools and 16 Hutterite colony schools. Seven of Palliser?s alternative Christian schools are located in the City of Calgary.

Source: http://jobsearch.educationcanada.com/index.phtml?a=v&j=112026

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China PMI tops forecast, hard landing fears ease (Reuters)

BEIJING (Reuters) ? China's factory sector expanded slightly in January, confounding expectations for a contraction and supporting hopes the world's second-biggest economy will avoid a hard landing, a government purchasing managers' index showed.

A similar HSBC survey showed the sector contracting the least in three months, further backing the view that a downturn in manufacturing may be bottoming out as the government adopts modest measures to support growth.

The official PMI rose to 50.5 in January from 50.3 in December, beating market expectations of 49.5 as new orders rose to a three-month high. A level of 50 demarcates expansion from contraction.

"This suggests that the manufacturing sector has stabilized somewhat due to supportive fiscal and monetary policies," said Li-Gang Liu, China economist at ANZ in Hong Kong.

"Indeed, the stronger-than-expected PMI supports our baseline scenario of a soft landing."

The Australian dollar gained a third of a cent on hopes that the higher-than-expected government PMI would support Chinese demand for the country's commodities.

"January PMI continued to pick up slightly from the reading of December, indicating that the economic slowdown trend is gradually stabilizing," Zhang Liqun, a researcher with the Development Research Centre of the State Council, said in the official statement.

"The improvement in both new order and stock of purchase sub-indexes reflected the factory production is recovering. But the new export order sub-index dropped last month, showing that the external demand is shrinking and we should pay high attention to the possible hit from external uncertainties."

The central bank is shifting towards a looser policy stance to ward off a sharp growth slowdown, although lingering inflation concerns point to a gradual move. Fiscal policy remains expansionary this year.

The official sub-index for new orders rose to 50.4 in January, its highest since October, from 49.8 in December.

However, reflecting a sluggish global economy and fears of recession in Europe, new exports orders fell for the fourth month running. The index dropped to 46.9 from December's 48.6.

The HSBC PMI stood at 48.8 in January -- broadly in line with its initial reading before China's Lunar New Year holiday.

It marked a slight improvement from 48.7 in December, but HSBC Chief China Economist Qu Hongbin said the data showed more government support was needed for the economy.

"The final results of January's PMI survey confirmed the still weak growth momentum of manufacturing activities into the New Year," Qu said in a statement.

"This calls for more aggressive easing measures to support growth, given that inflation is no longer a concern," he said.

HSBC said the areas of concern in the PMI overshadowed the bright spots. The overall output index pointed to a faster contraction in January than in December -- reflected in a purchasing index, which sank to a near three-year low.

HSBC indexes measuring new export orders and backlogs of work all rose and pointed to growth. The new orders index rose, but remained below 50, suggesting contraction.

MORE EASING

The PMIs are bouncing around their weakest levels in three years.

China's Finance Minister Xie Xuren highlighted increasing risks to exporters from weakening overseas demand, in remarks published on Wednesday.

"As external demand is now clearly fading, Chinese exporters are facing increasing difficulties," he said.

The official PMI, which is weighted more towards big state firms, generally paints a rosier picture of Chinese factories than a PMI produced by HSBC, which includes small private firms that have been hit harder by credit curbs and weaker demand.

Despite the uptick in the official PMI, most economists expect China's economic growth to slow further in the first quarter, dragged down by weak exports and a slowdown in the rate of property investment.

HSBC's Qu believes economic growth in the first quarter of 2012 will slow down to as little as 8 percent, which would be the weakest pace in almost three years, from 8.9 percent in the fourth quarter of 2011.

A Reuters poll forecast first-quarter growth of 8.2 percent, which it projected would be the low point of the year. However, full-year growth would still slowdown to 8.4 percent, the weakest in a decade.

In a nod to growth concerns, the central bank announced a cut bank reserve requirement ratios (RRR) -- the first such cut in three years -- at the end of November.

More reserve cuts are expected in coming months to support growth, although the central bank has been injecting more cash into the banking system through its money market operations.

(Additional reporting by Nick Edwards: Editing by Neil Fullick and Ken Wills)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20120201/bs_nm/us_china_economy_pmi

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Three Myths Of Earning Cash Online From An Internet Home Business

Every one of us want to be wealthy. Who wouldn?t desire to be rich? With the popularity of the Internet, 1 method to complete this is by means of earning money online. While this is a very beneficial means of achieving these individual goals, it is still beset with the usual problems associated with anything which involves earning a great amount of cash. For this reason, a lot of devious people are taking advantage of those who have no clue on how to correctly create money through the Internet. They usually make outrageous claims like you can easily earn cash within 24 hours or receive thousands of dollars with extremely negligible efforts.

The following are only a small amount of of the myths which are currently circulating with regards to creating cash on the internet. Let us attempt to shed the truth from all of these.

1. Passive income

A large amount of individuals are being lured into purchasing a scheme, a piece of software, an ebook or whatever else that promises them that they can build a passive income. What this means is that they can earn money with virtually zero efforts on their part. Whereas this can be accurate, it is generally not the case. It takes some kind of effort to create cash, whether on the internet or in the actual world. There is no such arrangement which by means of just one click of a button, you will be on your path to creating money on the internet.

2. Earn big dollars overnight

This can only be true if you suddenly win the lottery, otherwise it unquestionably takes time before you can feel your wallet growing its own place in your pockets. Each successful entrepreneur will inform you that it took months and even years before he or she really knew the sweetness of succeeding. You will need to invest your own valuable time by operating your internet-based business, advertising it and maintaining the backend of it all. You have to remember that no business soared high within simply a day or two. Learn to be tolerant and you will soon understand that whenever you put in your time, there is nothing else to gain from it except more profit.

3. Zero cash out

All else being equal, it takes cash to earn more money. Even if it is merely a dollar, you still have to make a monetary outlay in any deal or business before you are able to begin earning income. For instance, for you to own an Internet business, you likely will need a website. You will need to spend for its hosting, for the site?s design, and for the content you will place there. And even if you will do all of those things yourself, you will still be utilizing a good deal of your own time. Time is gold however method you employ it and it is one kind of investment you can never take back. That is the reason if you expend your time, it?s simply like spending your own money with it.

Check out these links for more information on a Work From Home Opportunity and Online Marketing Promotion

If you want to make online money right away, then go straight here: Paid Surveys

Source: http://adsighted.com/blog/2012/02/02/three-myths-of-earning-cash-online-from-an-internet-home-business/

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AIDS Prevention Inspires Ways to Simplify Circumcision

[unable to retrieve full-text content]Donors are pinning their hopes on several devices being tested in efforts to increase speed and reduce pain.

Source: http://feeds.nytimes.com/click.phdo?i=4db19a439e278f36b8e11befa471fa4e

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Video: War hero honored

Hundreds of people turned out to pay their respects to Master Sgt. John F. Baker, who served during the Vietnam War. NBC?s Brian Williams reports.

>>> memorial services were held on friday for john baker , a recipient of the medal of honor . he grew up in iowa and served in vietnam in 1966 and witnessed what was later called something close to hell. his company came up against an overwhelming north vietnamese force. the men who lived to tell it about it survived thanks to john baker . he saved eight of his cam raids and single-handedly destroyed six machine gun nests and killed ten enemy soldiers. president johnson placed the medal around his neck a year later. now there are just 83 living recipients.

Source: http://video.msnbc.msn.com/nightly-news/46196771/

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