Second leak at North Sea oil platform forces evacuation






LONDON: An oil leak at a North Sea platform caused it to be partially evacuated on Saturday, its Middle East operator said, the second such incident at the installation in less than two months.

The Alpha Cormorant platform and the pipeline system it services were shut down as a precaution, operator Abu Dhabi National Energy Company (TAQA) said in a statement.

The company said it had evacuated 71 of its 145 non-essential staff from the platform, situated 160 kilometres northeast of Lerwick on the Shetland Islands north of Britain, and that everyone was safe and well.

"TAQA Bratani can confirm that a hydrocarbon release detected in one of the Cormorant Alpha platform legs has now been contained, with no further hydrocarbon release," the company said.

"TAQA continues to monitor the situation on Cormorant Alpha and is working with its partners to have the Brent pipeline system operational as soon as possible."

The leak was discovered during maintenance work at 0940 GMT on Saturday morning, TAQA said.

The company said no oil was released into the environment during the leak.

A similar leak occurred at the platform on January 15, also causing the shutdown of the platform and the pipeline infrastructure.

Cormorant Alpha, which was built in 1978, handles about 90,000 barrels per day of crude oil, of which 42,600 are produced by TAQA.

- AFP/jc



Read More..

Law sacrosanct, let's not take it into our hands

PATNA: "What is illegal in the police raiding a journalist?" an IG of police asked a TV journalist defending Nawada SP Lalan Mohan Prasad and slamming the TOI report, 'Journalist raided after news on SP thumbing nose at judiciary' on February 28. "Nothing," the journalist replied and retorted, "how much it is legal for SP Prasad to sit on a non-bailable warrant of arrest against a sub-inspector and allow him to run a police station?" The IG did not have an answer.

There's another question: If all was well, why did Bihar Human Rights Commission chairman issue notices to the state DGP and the Nawada SP to explain the Nawada police's conduct? The rights panel chief S N Jha is a retired justice who certainly knows legalities and illegalities better than most of us.

Justice Jha's move apart, does any citizen - powerful or powerless - have the right to defy an order passed by a court of law? If a person who is under oath to uphold the rule of law and orders passed by courts of law chooses to do the opposite, it is bound to excite the people and bring a bad name to the society and state in which we live.

It all began not because of the raid on a journalist but because Nawada assistant public prosecutor (APP) Mehboob Alam was arrested by a sub-inspector in July last year. The man in black coat had gone to lodge an FIR following alleged assault on an imam by anti-social elements. He was paraded in the court with a rope tied around his waist the next day, he alleged in a complaint petition to the Nawada CJM. This shows how much respect the Nawada police have for human rights.

This happened with an APP, who is part of the police system and who pleads cases in courts on behalf of the police. If the Nawada police could do this to a government lawyer, the common man's fate can be well imagined.

This newspaper came to play its role when the lawyer on February 24 threatened to go on hunger strike to press for justice to him. Is it a crime on the part of a newspaper not to look the other way when such brazen violations of human rights take place?

Even if the raid was legal, the timing and the motive raise eyebrows. Why just a day after the news report appeared? Why at 8.30pm when people in villages like Makanpur prepare to sleep after the day's hard work? Had the police got a tip-off that the journalist was packing up to flee from the country? Reams and reams have been written in Patna newspapers against so many officials, including DGP Abhayanand. They didn't order the forces at their disposal to march to the premises of the journalists concerned, did they?

SP spurned offer to send rejoinder

SP Prasad, on the other hand, has ended up trying to put this newspaper under pressure. This despite the fact that every TOI journalist he spoke to after the publication of 'Judge proposes, cop disposes' on February 26 offered him a simple way of redressal of his grievances - a rejoinder which is the normal process of undoing the media's errors, if any, across the world.

As for the media-baiters who argue all journalists are a bunch of morons who misuse their powers to get away with crime, has anyone read any news report in any of the Patna newspapers defending such a journalist? At least I have not - during the last 21 years of my life as a Bihar-based journalist.

Two cops suspended

Nawada SP Lalan Mohan Prasad on Saturday suspended SI Vindhyachal Prasad and ASI Arun Kumar Singh, who were accused in a complaint case related to arrest and assault of an APP, Mehboob Alam. The SP returned here from Patna after three days.

SDPO, Nawada, Sahariyar Akhtar telephonically confirmed the suspension of these two police officials. But the Nawada SP has still failed to execute the non-bailable warrant of arrest issued by the chief judicial magistrate against Vindhyachal Prasad.

Read More..

WHO: Slight cancer risk after Japan nuke accident


LONDON (AP) — Two years after Japan's nuclear plant disaster, an international team of experts said Thursday that residents of areas hit by the highest doses of radiation face an increased cancer risk so small it probably won't be detectable.


In fact, experts calculated that increase at about 1 extra percentage point added to a Japanese infant's lifetime cancer risk.


"The additional risk is quite small and will probably be hidden by the noise of other (cancer) risks like people's lifestyle choices and statistical fluctuations," said Richard Wakeford of the University of Manchester, one of the authors of the report. "It's more important not to start smoking than having been in Fukushima."


The report was issued by the World Health Organization, which asked scientists to study the health effects of the disaster in Fukushima, a rural farming region.


On March 11, 2011, an earthquake and tsunami knocked out the Fukushima plant's power and cooling systems, causing meltdowns in three reactors and spewing radiation into the surrounding air, soil and water. The most exposed populations were directly under the plumes of radiation in the most affected communities in Fukushima, which is about 150 miles (240 kilometers) north of Tokyo.


In the report, the highest increases in risk are for people exposed as babies to radiation in the most heavily affected areas. Normally in Japan, the lifetime risk of developing cancer of an organ is about 41 percent for men and 29 percent for women. The new report said that for infants in the most heavily exposed areas, the radiation from Fukushima would add about 1 percentage point to those numbers.


Experts had been particularly worried about a spike in thyroid cancer, since radioactive iodine released in nuclear accidents is absorbed by the thyroid, especially in children. After the Chernobyl disaster, about 6,000 children exposed to radiation later developed thyroid cancer because many drank contaminated milk after the accident.


In Japan, dairy radiation levels were closely monitored, but children are not big milk drinkers there.


The WHO report estimated that women exposed as infants to the most radiation after the Fukushima accident would have a 70 percent higher chance of getting thyroid cancer in their lifetimes. But thyroid cancer is extremely rare and one of the most treatable cancers when caught early. A woman's normal lifetime risk of developing it is about 0.75 percent. That number would rise by 0.5 under the calculated increase for women who got the highest radiation doses as infants.


Wakeford said the increase may be so small it will probably not be observable.


For people beyond the most directly affected areas of Fukushima, Wakeford said the projected cancer risk from the radiation dropped dramatically. "The risks to everyone else were just infinitesimal."


David Brenner of Columbia University in New York, an expert on radiation-induced cancers, said that although the risk to individuals is tiny outside the most contaminated areas, some cancers might still result, at least in theory. But they'd be too rare to be detectable in overall cancer rates, he said.


Brenner said the numerical risk estimates in the WHO report were not surprising. He also said they should be considered imprecise because of the difficulty in determining risk from low doses of radiation. He was not connected with the WHO report.


Some experts said it was surprising that any increase in cancer was even predicted.


"On the basis of the radiation doses people have received, there is no reason to think there would be an increase in cancer in the next 50 years," said Wade Allison, an emeritus professor of physics at Oxford University, who also had no role in developing the new report. "The very small increase in cancers means that it's even less than the risk of crossing the road," he said.


WHO acknowledged in its report that it relied on some assumptions that may have resulted in an overestimate of the radiation dose in the general population.


Gerry Thomas, a professor of molecular pathology at Imperial College London, accused the United Nations health agency of hyping the cancer risk.


"It's understandable that WHO wants to err on the side of caution, but telling the Japanese about a barely significant personal risk may not be helpful," she said.


Thomas said the WHO report used inflated estimates of radiation doses and didn't properly take into account Japan's quick evacuation of people from Fukushima.


"This will fuel fears in Japan that could be more dangerous than the physical effects of radiation," she said, noting that people living under stress have higher rates of heart problems, suicide and mental illness.


In Japan, Norio Kanno, the chief of Iitate village, in one of the regions hardest hit by the disaster, harshly criticized the WHO report on Japanese public television channel NHK, describing it as "totally hypothetical."


Many people who remain in Fukushima still fear long-term health risks from the radiation, and some refuse to let their children play outside or eat locally grown food.


Some restrictions have been lifted on a 12-mile (20-kilometer) zone around the nuclear plant. But large sections of land in the area remain off-limits. Many residents aren't expected to be able to return to their homes for years.


Kanno accused the report's authors of exaggerating the cancer risk and stoking fear among residents.


"I'm enraged," he said.


___


Mari Yamaguchi in Tokyo and AP Science Writer Malcolm Ritter in New York contributed to this report.


__


Online:


WHO report: http://bit.ly/YDCXcb


Read More..

Rescuers Search for Man as Fla. Sinkhole Grows












Rescuers early Saturday morning returned to the site where a sinkhole swallowed a Florida man in his bedroom after the home's foundation collapsed.


Jeff Bush was in his bedroom when a sinkhole opened up and trapped him underneath his home at 11 p.m. Thursday night.


While the sinkhole was initially estimated to be 15 feet deep on Thursday night, the chasm has continued to grow. Officials now estimate it measures 30 feet across and up to 100 feet deep.


MORE: How Sinkholes Can Develop


Rescue operations were halted Friday night after it became too dangerous to approach the home.


Bill Bracken, an engineer with Hillsborough County Urban Search and Rescue team said that the house "should have collapsed by now, so it's amazing that it hasn't."


RELATED: Florida Man Swallowed by Sinkhole: Conditions Too Unstable to Approach








Florida Man Believed Dead After Falling into Sinkhole Watch Video









Florida Sinkhole Swallows House, Man Trapped Inside Watch Video









Sinkhole Victim's Brother: 'I Know in My Heart He's Dead' Watch Video





Using ground penetrating radar, rescuers have found a large amount of water beneath the house, making conditions even more dangerous for them to continue the search for Bush.


"I'm being told it's seriously unstable, so that's the dilemma," said Hillsborough County administrator Mike Merrell. "A dilemma that is very painful to them and for everyone."


Hillsborough County lies in what is known as Florida's "Sinkhole Alley." Over 500 sinkholes have been reported in the area since 1954, according to the state's environmental agency.


The Tampa-area home was condemned, leaving Bush's family unable to go back inside to gather their belongings. As a result, the Hillsborough County Fire Rescue set up a relief fund for Bush's family in light of the tragedy.


Officials evacuated the two houses adjacent to Bush's and are considering further evacuations, the Associated Press reported.


Meanwhile, Bush's brother, Jeremy Bush, is still reeling from Thursday night.


Jeremy Bush had to be rescued by a first responder after jumping into the hole in an attempt to rescue his brother when the home's concrete floor collapsed, but said he couldn't find him.


"I just started digging and started digging and started digging, and the cops showed up and pulled me out of the hole and told me the floor's still falling in," he said.


"These are everyday working people, they're good people," said Deputy Douglas Duvall of the Hillsborough County sheriff's office, "And this was so unexpected, and they're still, you know, probably facing the reality that this is happening."



Read More..

Turkish PM's Zionism comments "objectionable": Kerry


ANKARA (Reuters) - U.S. Secretary of State John Kerry on Friday criticized a comment by Turkey's prime minister likening Zionism to crimes against humanity in a disagreement that cast a shadow over talks between the NATO allies.


Kerry, on his first trip to a Muslim nation since taking office, met Turkish leaders for talks meant to focus on the civil war in neighboring Syria and bilateral interests from energy security and Iran's nuclear program to counter-terrorism.


But the comment by Turkish Prime Minister Tayyip Erdogan at a U.N. meeting in Vienna this week, condemned by his Israeli counterpart, the White House and U.N. Secretary-General Ban Ki-moon, has clouded his visit.


"We not only disagree with it, we found it objectionable," Kerry told a news conference with Turkish Foreign Minister Ahmet Davutoglu, saying he raised the issue "very directly" with Davutoglu and would do so with Erdogan.


Erdogan told the U.N. Alliance of Civilizations meeting in Vienna on Wednesday: "Just as with Zionism, anti-Semitism and fascism, it has become necessary to view Islamophobia as a crime against humanity."


The Turkish prime minister's caustic rhetoric on Israel has in the past won applause from conservative supporters at home but raised increasing concern among Western allies.


Kerry said Turkey and Israel were both key U.S. allies and urged them to restore closer ties.


"Given the many challenges that the neighborhood faces, it is essential that both Turkey and Israel find a way to take steps ... to rekindle their historic cooperation," Kerry said.


"I think that's possible but obviously we have to get beyond the kind of rhetoric that we've just seen recently."


After Kerry and Erdogan met, a senior U.S. State Department official said that the secretary of state "had a respectful but frank discussion of the (prime minister's) speech in Vienna, and how to move forward. The Secretary made U.S. concerns very clear." .


The official said the two sides also discussed Middle East peace, Iran, Iraq, Syria, Gulf security and how to deepen their economic relations.


Washington needs all the allies it can get as it navigates the political currents of the Middle East, and sees Turkey as a key player in supporting Syria's opposition and planning for the era after President Bashar al-Assad.


Ties between Israel and Turkey have been frosty since 2010, when Israeli marines killed nine Turks in fighting aboard a Palestinian aid ship that tried to breach Israel's blockade of the Gaza Strip.


"If we must talk about hostile acts, then Israel's attitude and its brutal killing of nine of our civilian citizens in international waters may be called hostile," Davutoglu said, adding Turkey had always stood against anti-Semitism.


"No single statement carries a price higher than the blood of a person ... If Israel wants to hear positive statements from Turkey it needs to reconsider its attitude both towards us and towards the West Bank," he told the news conference.


Turkey has demanded a formal apology for the 2010 incident, compensation for victims and their families and for the Gaza blockade to be lifted. Israel has voiced "regret" and has offered to pay into what it called a "humanitarian fund" through which casualties and relatives could be compensated.


SUPPORT FOR SYRIAN OPPOSITION


Erdogan appeared displeased when Kerry arrived late for their evening talks, remarking there was not much time left, according to a U.S. media pool reporter who attended the picture-taking session at the start of the meeting.


Kerry, in turn, apologized, saying that he had a good meeting with Davutoglu, according to the pool reporter.


Erdogan, speaking through an interpreter, replied that they "must have spoken about everything so there is nothing left for us to talk about." In a joking tone of voice, Kerry said: "We need you to sign off on everything."


Turkey's relations with the United States have always been prickly. And Erdogan's populist rhetoric, sometimes at apparent odds with U.S. interests, is aimed partly at a domestic audience wary of Washington's influence.


Ahead of Kerry's talks with Erdogan and President Abdullah Gul, officials said Syria would top the agenda, building on this week's discussions in Rome between 11 mostly European and Arab nations within the "Friends of Syria" group.


After the Rome meeting, Kerry said on Thursday the United States would for the first time give non-lethal aid to the rebels and more than double support to the civilian opposition, although Western powers stopped short of pledging arms.


Turkey has been one of Assad's fiercest critics, hosting a NATO Patriot missile defense system, including two U.S. batteries, to protect against a spillover of violence and leading calls for international intervention.


It has spent more than $600 million sheltering refugees from the conflict that began almost two years ago, housing some 180,000 in camps near the border and tens of thousands more who are staying with relatives or in private accommodation.


(Additional reporting by Gulsen Solaker; Writing by Nick Tattersall and Arshad Mohammed; Editing by Michael Roddy)



Read More..

SpaceX "optimistic" after space capsule mishap






WASHINGTON: SpaceX said it was "optimistic" Friday after a thruster outage delayed the latest resupply mission of its unmanned Dragon capsule en route to the International Space Station.

SpaceX and NASA officials said the cargo resupply mission was still on track, but the technical mishap could fuel concerns about the US agency's ambitious plans to cut costs by privatizing elements of the space program.

SpaceX's billionaire founder Elon Musk said the failure of three out of four thruster pods to fire up was a "little frightening" but that two pods were back online within a few hours and the others should be working again shortly.

"I'm optimistic that we will be able to turn all four thruster pods on and restore full control," he told reporters.

Musk later tweeted: "Thruster pods one through four are now operating nominally. Preparing to raise orbit. All systems green."

SpaceX and NASA officials said once the pods are back online, they would carry out a number of checks before clearing the vessel to dock at the space station in the coming days, perhaps as early as Sunday.

The original rendezvous had been planned for 1130 GMT Saturday, but Mike Suffredini, NASA program manager for the International Space Station, said there was "quite a bit of flexibility" in the berthing date.

He also praised the handling of the mishap, saying "it was a pleasure to watch the SpaceX team in action" as they worked through "anomalies."

The malfunction occurred shortly after the capsule achieved orbit and separated from the Falcon 9 rocket after a near-perfect launch earlier in the day from Cape Canaveral, Florida.

Musk said it was unclear what caused the problem, but suggested a valve leading to the oxidation tanks may have been blocked.

"I don't think it's a major concern. This is the first time we've seen this type of issue," he said. "I think it's an anomaly."

The Dragon vehicle is carrying 1,200 pounds (544 kilograms) of supplies on the firm's second resupply mission to the ISS. The two missions were preceded by a nearly flawless test flight.

The first resupply mission in October was a milestone in US efforts to cut costs by privatizing space exploration. The current mission is the second of 12 planned trips in NASA's $1.6 billion contract with SpaceX.

"This unique vehicle has become a very integral part of how we operate and use the space station," Suffredini said on Thursday, as he described plans for the 25-day mission.

The cargo includes equipment for 160 experiments to be conducted by the space station crew, which currently consists of two Americans, three Russians and a Canadian.

On the return flight, Dragon -- the only spacecraft able to bring cargo back to Earth for now -- will be loaded with just over a ton of materials, including results of medical research.

Before the thruster outage, the capsule had been scheduled for a splashdown landing off the coast of California on March 25.

NASA has bet on SpaceX and other commercial ventures to take over for its retired fleet of space shuttles, which last flew in July 2011.

Before SpaceX's successful mission in October, NASA had been relying on Russian spacecraft -- but the Soyuz craft does not have room for cargo on the return flight.

SpaceX says it has 50 launches planned -- both NASA missions and commercial flights -- representing about $4 billion in contracts.

So far, SpaceX has only sent unmanned flights into orbit, but the company aims to send a manned flight within the next three or four years. It is under a separate contract with NASA to refine the capsule so that it can carry a crew.

NASA also has a $1.9 billion resupply contract for the station with Orbital Sciences Corporation, which will launch the first test flight of its Antares rocket from a base in Virginia in the coming weeks.

-AFP/ac



Read More..

Tourism ministry seeks VoA facility for 16 more countries

NEW DELHI: Tourism ministry has sought greater travel flexibility by proposing visa-on-arrival (VoA) facilities in 16 more countries. Tourism minister K Chiranjeevi met home minister Sushilkumar Shinde for extension of services to countries like Germany, France, Brazil, South Africa, Russia and other CIS countries.

"The extension VoA facilities for tourists to the countries is important as we feel that these are potential source markets to India," said a senior ministry official.

Consistent with the Look East policy, tourism ministry has included Thailand, Malaysia and Brunei in the proposed VoA list.

Keeping an eye on the emerging market of CIS countries, the ministry has sought the extension of the VoA facility for Russia, Ukraine, Uzbekistan and Kazakhstan. The other countries proposed for the extension of the facility are Spain, Poland, Sweden, Norway, Brazil, Trinidad & Tobago.

Now, the VoA facilities are available for tourists from 11 countries, including Singapore, New Zealand, Japan, Vietnam, Indonesia, Myanmar and the Philippines. There were 16,084 foreign tourists, who had availed the VoA facility last year, as against 12,761 in 2011.

VoA is an attraction for potential tourists in key markets and at times also helps in tapping people who make decisions at the last moment.

An independent study conducted by the Indian Institute of Tourism and Travel Management ( IITTM) has noted that the VoA scheme has a significant and positive impact on the decision to travel to India, and it should be expanded to cover more countries and more ports of entry.

Read More..

WHO: Slight cancer risk after Japan nuke accident


LONDON (AP) — Two years after Japan's nuclear plant disaster, an international team of experts said Thursday that residents of areas hit by the highest doses of radiation face an increased cancer risk so small it probably won't be detectable.


In fact, experts calculated that increase at about 1 extra percentage point added to a Japanese infant's lifetime cancer risk.


"The additional risk is quite small and will probably be hidden by the noise of other (cancer) risks like people's lifestyle choices and statistical fluctuations," said Richard Wakeford of the University of Manchester, one of the authors of the report. "It's more important not to start smoking than having been in Fukushima."


The report was issued by the World Health Organization, which asked scientists to study the health effects of the disaster in Fukushima, a rural farming region.


On March 11, 2011, an earthquake and tsunami knocked out the Fukushima plant's power and cooling systems, causing meltdowns in three reactors and spewing radiation into the surrounding air, soil and water. The most exposed populations were directly under the plumes of radiation in the most affected communities in Fukushima, which is about 150 miles (240 kilometers) north of Tokyo.


In the report, the highest increases in risk are for people exposed as babies to radiation in the most heavily affected areas. Normally in Japan, the lifetime risk of developing cancer of an organ is about 41 percent for men and 29 percent for women. The new report said that for infants in the most heavily exposed areas, the radiation from Fukushima would add about 1 percentage point to those numbers.


Experts had been particularly worried about a spike in thyroid cancer, since radioactive iodine released in nuclear accidents is absorbed by the thyroid, especially in children. After the Chernobyl disaster, about 6,000 children exposed to radiation later developed thyroid cancer because many drank contaminated milk after the accident.


In Japan, dairy radiation levels were closely monitored, but children are not big milk drinkers there.


The WHO report estimated that women exposed as infants to the most radiation after the Fukushima accident would have a 70 percent higher chance of getting thyroid cancer in their lifetimes. But thyroid cancer is extremely rare and one of the most treatable cancers when caught early. A woman's normal lifetime risk of developing it is about 0.75 percent. That number would rise by 0.5 under the calculated increase for women who got the highest radiation doses as infants.


Wakeford said the increase may be so small it will probably not be observable.


For people beyond the most directly affected areas of Fukushima, Wakeford said the projected cancer risk from the radiation dropped dramatically. "The risks to everyone else were just infinitesimal."


David Brenner of Columbia University in New York, an expert on radiation-induced cancers, said that although the risk to individuals is tiny outside the most contaminated areas, some cancers might still result, at least in theory. But they'd be too rare to be detectable in overall cancer rates, he said.


Brenner said the numerical risk estimates in the WHO report were not surprising. He also said they should be considered imprecise because of the difficulty in determining risk from low doses of radiation. He was not connected with the WHO report.


Some experts said it was surprising that any increase in cancer was even predicted.


"On the basis of the radiation doses people have received, there is no reason to think there would be an increase in cancer in the next 50 years," said Wade Allison, an emeritus professor of physics at Oxford University, who also had no role in developing the new report. "The very small increase in cancers means that it's even less than the risk of crossing the road," he said.


WHO acknowledged in its report that it relied on some assumptions that may have resulted in an overestimate of the radiation dose in the general population.


Gerry Thomas, a professor of molecular pathology at Imperial College London, accused the United Nations health agency of hyping the cancer risk.


"It's understandable that WHO wants to err on the side of caution, but telling the Japanese about a barely significant personal risk may not be helpful," she said.


Thomas said the WHO report used inflated estimates of radiation doses and didn't properly take into account Japan's quick evacuation of people from Fukushima.


"This will fuel fears in Japan that could be more dangerous than the physical effects of radiation," she said, noting that people living under stress have higher rates of heart problems, suicide and mental illness.


In Japan, Norio Kanno, the chief of Iitate village, in one of the regions hardest hit by the disaster, harshly criticized the WHO report on Japanese public television channel NHK, describing it as "totally hypothetical."


Many people who remain in Fukushima still fear long-term health risks from the radiation, and some refuse to let their children play outside or eat locally grown food.


Some restrictions have been lifted on a 12-mile (20-kilometer) zone around the nuclear plant. But large sections of land in the area remain off-limits. Many residents aren't expected to be able to return to their homes for years.


Kanno accused the report's authors of exaggerating the cancer risk and stoking fear among residents.


"I'm enraged," he said.


___


Mari Yamaguchi in Tokyo and AP Science Writer Malcolm Ritter in New York contributed to this report.


__


Online:


WHO report: http://bit.ly/YDCXcb


Read More..

Obama, Congress Fail to Avert Sequester Cuts












President Obama and congressional leaders today failed to reach a breakthrough to avert a sweeping package of automatic spending cuts, setting into motion $85 billion of across-the-board belt-tightening that neither had wanted to see.


Obama met for just over an hour at the White House today with Republican leaders House Speaker John Boehner and Senate Minority Leader Mitch McConnell and his Democratic allies, House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid and Vice President Joe Biden.


But the parties emerged from their first face-to-face meeting of the year resigned to see the cuts take hold.


"This is not a win for anybody," Obama lamented in a statement to reporters after the meeting. "This is a loss for the American people."


READ MORE: 6 Questions (and Answers) About the Sequester


Officials have said the spending reductions immediately take effect Saturday but that the pain from reduced government services and furloughs of tens of thousands of federal employees would be felt gradually in the weeks ahead.


Federal agencies, from Homeland Security to the Pentagon, Internal Revenue Service and the Department of Education, have all prepared to notify employees that they will have to take one unpaid day-off per week through the end of the year.








Obama Warns of Sequester Cuts: 'Pain Will Be Real' Watch Video









Sequestration Deadline: Obama Meets With Leaders Watch Video







The staffing trims could slow many government services, including airport screenings, air traffic control, and law enforcement investigations and prosecutions. Spending on education programs and health services for low-income families will also get clipped.


"It is absolutely true that this is not going to precipitate the crisis" that would have been caused by the so-called fiscal cliff, Obama said. "But people are going to be hurt. The economy will not grow as quickly as it would have. Unemployment will not go down as quickly as it would have. And there are lives behind that. And it's real."


The sticking point in the debate over the automatic cuts -- known as sequester -- has remained the same between the parties for more than a year since the cuts were first proposed: whether to include more new tax revenue in a broad deficit reduction plan.


The White House insists there must be higher tax revenue, through elimination of tax loopholes and deductions that benefit wealthier Americans and corporations. Republicans seek an approach of spending cuts only, with an emphasis on entitlement programs. It's a deep divide that both sides have proven unable to bridge.


"This discussion about revenue, in my view, is over," Boehner told reporters after the meeting. "It's about taking on the spending problem here in Washington."


Boehner: No New Taxes to Avert Sequester


Boehner says any elimination of tax loopholes or deductions should be part of a broader tax code overhaul aimed at lowering rates overall, not to offset spending cuts in the sequester.


Obama countered today that he's willing to "take on the problem where it exists, on entitlements, and do some things that my own party doesn't like." But he says Republicans must be willing to eliminate some tax loopholes as part of a deal.


"They refuse to budge on closing a single wasteful loophole to help reduce the deficit," Obama said. "We can and must replace these cuts with a more balanced approach that asks something from everybody."


Can anything more be done by either side to reach a middle ground?


The president today claimed he's done all he can. "I am not a dictator, I'm the president," Obama said.






Read More..

Groupon CEO "fired" after losses, stock slump






NEW YORK: Groupon said Thursday it was replacing chief executive Andrew Mason, who said he was "fired," following the struggling daily deals firm's share price plunge of 24 percent after bad quarterly results.

The company said executive chairman Eric Lefkofsky and vice chairman Ted Leonsis would take over the post of chief executive, effective immediately and that Groupon "will continue to invest in growth."

The board thanked Mason, a founder of Groupon, and said it has begun a search for a new chief executive.

"Andrew helped invent the daily deals space, leading Groupon to become one of the fastest growing companies in history," said Lefkofsky.

Leonsis said: "Groupon will continue to invest in growth, and we are confident that with our deep management team and market-leading position, the company is well positioned for the future."

Mason, in a letter to employees, said he was "fired" but remained upbeat about the company.

"I love Groupon, and I'm terribly proud of what we've created," Mason said.

"I'm OK with having failed at this part of the journey. If Groupon was Battletoads, it would be like I made it all the way to the Terra Tubes without dying on my first ever play through."

Sentiment has been souring on Groupon, which made a splash with its 2011 stock market debut but has been dogged by fears of "deal fatigue," and worries about its profitability as well as accounting questions.

"We believe uncertainties with Groupon remain due to staff turnover, competition, and increased investments," said a note earlier Thursday from Edward Woo at Ascendiant Capital Markets.

"In our view, the slowing growth and weak margins are likely to bolster continued skepticism as to Groupon's valuation, growth prospects, and profit potential."

Groupon's shares slumped to $4.53 at Thursday's close, a 77 percent drop from its public offering price of $20 in November 2011.

Scott Devitt at Morgan Stanley said Groupon's mission appears muddled now that it has moved into new services such as direct sales to consumers, and not just coupons for discounts with merchants.

"We continue to believe Groupon is a local ecommerce leader. However, we remain on the sidelines as the company experiments with myriad operating levers and strategies," the analyst said.

"We would become more constructive on the stock if we could better understand Groupon's ability to integrate the product companies it has acquired with the internally developed projects.

The Chicago-based firm reported a loss of $81 million in the fourth quarter, and a $67 million dollar deficit for the full year.

The loss translated to 12 cents per share in the quarter, compared with expectations of a profit of three cents a share.

With the daily deals sector fading fast, Groupon also offered a weak revenue outlook of $560 million to $610 million, well below market expectations of $650 million.

Groupon shares were listed on the Nasdaq in 2011 in a blockbuster public offering that raised a whopping $700 million and triggered fears that investors were overvaluing hot Internet startups.

The troubles at Groupon come amid ongoing woes at number two sector member LivingSocial, also losing money.

- AFP/ac



Read More..