Egypt recalls envoy to Israel after Gaza strike
















CAIRO (AP) — Egypt has recalled its ambassador to Israel after an Israeli airstrike killed the military commander of Gaza‘s ruling Hamas.


In a statement read on state TV late Wednesday, spokesman Yasser Ali said that President Mohammed Morsi recalled the ambassador and asked the Arab League‘s Secretary General to convene an emergency ministerial meeting in the wake of the Gaza violence.













Morsi also called for an immediate cease fire between Israel and Hamas, an offshoot of Morsi’s Muslim Brotherhood. Israel says it struck in response to rocket attacks from Gaza.


Hours earlier, Morsi’s Muslim Brotherhood group denounced the Israeli airstrike as a “crime that requires a quick Arab and international response to stem these massacres.”


Relations between Israel and Egypt have deteriorated since longtime President Hosni Mubarak was ousted last year.


Middle East News Headlines – Yahoo! News



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Facebook jumps on biggest lock-up expiration day
















NEW YORK (AP) — Facebook‘s stock is up more than 7 percent despite expectations that it would fall because more than 850 million additional shares in the company are being freed up for sale.


Shares of Facebook Inc. are up $ 1.48, or 7.5 percent, at $ 21.34. Facebook went public in May at $ 38 in a much-hyped initial public offering of stock that turned out to be a letdown for investors. Its stock price hasn’t hit $ 38 since.













Wednesday marked the expiration of Facebook’s biggest lock-up period, which is a time following an IPO that prevents insiders from selling stock. In all, 773 million shares became eligible for sale, along with 31 million restricted stock units. And about 48 million shares held by former Facebook employees also became eligible for sale, bringing the total to 852 million. These shares would be on top of what’s already been available for trading, increasing the supply and potentially lowering the overall price.


Lock-ups are common after initial public stock offerings and are designed to prevent a stock from experiencing the kind of volatility that might occur if too many shareholders decide to sell all at once.


The previous lock-up expired on Oct. 29, when U.S. stock markets were closed because of Superstorm Sandy. Facebook’s stock fell nearly 4 percent two days later, when the stock market reopened.


Cantor Fitzgerald analyst Youssef Squali believes a potential increase in the capital gains tax on Jan. 1, when Bush-era tax cuts would expire unless Congress acts, could pressure Facebook’s stock. That said, he called the Menlo Park, Calif.-based social media company a “long-term winner.”


Facebook’s stock saw its biggest one-day gain on Oct. 24, the day after the company reported stronger-than-expected third-quarter results and detailed for the first time how much money it made from mobile ads. The stock, which added 19 percent that day, closed at $ 23.23. Even with Wednesday’s gain, it is still 8 percent below that price.


Social Media News Headlines – Yahoo! News



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Clapton platinum watch nets $3.6 million at auction
















GENEVA (Reuters) – An Asian collector bought a platinum chronograph Patek Philippe wristwatch owned by British rock guitarist Eric Clapton for 3.44 million Swiss francs ($ 3.63 million) at auction on Monday, Christie’s said.


The “ultra-rare” reference 2499/100 by the Swiss luxury watchmaker, one of only two cased in platinum, was acquired by Clapton some 10 years ago, it said.













It fetched a combined hammer price and commission that was in line with Christie’s pre-sale estimate of 2.5-4.0 million francs while also setting a world record price for this reference at auction, it said in a statement on its semi-annual Geneva sale.


“The Eric Clapton watch was bought by an Asian private collector,” Christie’s spokesman Cristiano de Lorenzo told Reuters, adding that the buyer had been in the room.


But the top lot at the seven-hour sale was another platinum chronograph Patek Philippe, reference 2458, made in 1952 for legendary American collector J.B. Champion. It fetched nearly 3.78 million Swiss francs and set a world record for a watch without complications, or features beyond the display of hours, minutes and seconds, it said.


Precious Time, an investment watch fund launched by Luxembourg-based Elite Advisers, was the buyer, Christie’s said in a statement.


In all, 96 percent of the 315 lots on offer found new owners, netting 27.04 million Swiss francs ($ 28.52 million), the auction house owned by French billionaire Francois Pinault said.


Clapton’s Patek Philippe, made in the Swiss city in 1987, has a perpetual calendar with moon phases, as well as windows for day and month and dials for seconds and minutes.


Most experts would rank it among the world’s 10 most significant wristwatches that stand out for historical importance, mechanical complexity, beauty, original condition, rarity and superior provenance, Aurel Bacs, international head of Christie’s watch department, said before conducting the sale.


Clapton, the former Cream musician, last year sold more than 70 of his guitars at a charity auction in New York, raising $ 2.15 million for the Crossroads Centre drug and alcohol rehabilitation centre that he founded in Antigua.


Last month in London he sold an abstract painting by German artist Gerhard Richter at rival Sotheby’s for $ 34.2 million, setting a new record for the price paid at auction for the work of a living artist.


Antiquorum’s sale of modern and vintage timepieces, held in Geneva on Sunday evening, netted 8.63 million Swiss francs ($ 9.10 million) for 485 lots sold out of 613 on offer, it said in a statement issued on Monday,


The top lot was a Rolex Single Red Prototype, known as the Sea Dweller Submariner, one of only six produced in 1967 for use by divers. It sold for 490,900 Swiss francs — four time its pre-sale estimate – in its first appearance at auction.


“It is the highest price ever paid for a Rolex sport watch and for a Sea Dweller,” Antiquorum said.


($ 1 = 0.9482 Swiss francs)


(Reporting by Stephanie Nebehay; editing by Patricia Reaney)


Music News Headlines – Yahoo! News



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EU approves Bristol-Astra diabetes drug after U.S. rejection
















(Reuters) – European regulators have approved the first in a new class of diabetes medicines that work independently of insulin to control blood sugar, the drug’s developers Bristol-Myers Squibb Co and AstraZeneca Plc said on Wednesday.


The approval of Forxiga by the European Commission stands in stark contrast to the rejection of the drug in January by U.S. regulators, who cited concerns about the risk of cancer and liver injury and asked for more clinical data on the once-daily tablets.













The European Medicines Agency in April said it was satisfied those issues had been addressed in the drug’s product label and via a risk management plan for the medicine. But many industry analysts believe the drug’s dim prospects in the larger U.S. market will sharply curtail its potential sales.


The European Commission on Wednesday approved Forxiga, which works by blocking a protein called SGLT2, or sodium-glucose cotransporter 2. It is meant to be used in combination with other treatments for type 2 diabetes, including insulin, or as a standalone treatment for patients who cannot tolerate the widely used oral treatment metformin.


Bristol-Myers and AstraZeneca said Forxiga in clinical trials was associated with a low risk of hypoglycemia, a side effect of many diabetes drugs in which blood sugar drops to levels that cause fainting and other dangerous complications.


Use of the drug in clinical trials was also associated with weight loss and declines in systolic blood pressure.


Johnson & Johnson is awaiting approval of its own SGLT2 inhibitor, canagliflozin. Like Forxiga, it blocks reabsorption of glucose by the kidney and increases glucose excretion in the urine to lower blood sugar, and is also associated with drops in body weight and blood pressure.


Shares of Bristol-Myers slipped 0.8 percent to $ 31.60, while AstraZeneca fell 0.6 percent, both on the New York Stock Exchange, amid similar declines for the broad stock market.


(Reporting By Ransdell Pierson; Editing by Tim Dobbyn)


Diseases/Conditions News Headlines – Yahoo! News



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Obama warns GOP to lay off Rice attacks

President Barack Obama speaks at his first news conference since his reelection. (Kevin Lamarque/Reuters)President Barack Obama bluntly told John McCain and other Republicans to lay off their attacks against U.N. Ambassador Susan Rice over the Benghazi assault, telling lawmakers that if they go after her "then you have a problem with me." And Obama, speaking at his first post-election press conference, vowed that Republican opposition would not dissuade him from nominating Rice to replace departing Secretary of State Hillary Clinton.


"I don't think there's any debate in this country that when you have four Americans killed that's a problem," he told reporters in the East Room of the White House. "And we've go to get to the bottom of it, and there needs to be accountability, we've got to bring those who carried it out to justice --they won't get any debate from me on that."


"But when they go after the U.N. ambassador, apparently because they think she's an easy target, then they've got a problem with me," he warned.


McCain, Senator Lindsey Graham of South Carolina, and some other Republicans have signaled they will oppose Rice's confirmation if Obama nominates her. Their numbers thus far seem far short of the 40 needed to block it, and some Republican senators have signaled that she should get a fair hearing.


"Let me say specifically about Susan Rice: She has done exemplary work. She has represented the United States and our interests in the United Nations with skill, and professionalism, and toughness, and grace," Obama said.


"And should I choose, if I think that she would be the best person to serve America in the capacity of the State Department, then I will nominate her," he vowed. "That's not a determination that I've made yet."


Rice and Democratic Senator John Kerry, who chairs the Senate Foreign Relations Committee, are seen as the front-runners in the race to succeed Clinton.


Conservatives have assailed Rice, who is close to Obama, ever since she made the rounds of the Sunday morning talk shows and said that American intelligence believed that the attack on the American compound in Benghazi, which claimed the lives of U.S. Ambassador Chris Stevens and three other Americans, grew out of demonstrations against an Internet video that ridicules Islam.


"As that unfolded, it seems to have been hijacked, let us say, by some individual clusters of extremists who came with heavier weapons, weapons that, as you know, in the wake of the revolution in Libya are quite common and accessible. And it then evolved from there," she told ABC.


White House aides have said that Rice was speaking based on the best available intelligence at the time.


"She made an appearance at the request of the White House in which she gave her best understanding of the intelligence provided to her," Obama said Wednesday. "If Senator McCain and Senator Graham want to go after somebody, they should go after me."


"But for them to go after the U.N. ambassador, who had nothing to do with Benghazi, and was simply making a presentation based on intelligence that she had received, and to besmirch her reputation is outrageous," he said.


"We're after an election now," he scolded. "I think it is important for us to find out exactly what happened in Benghazi, and I'm happy to cooperate in any ways that Congress wants. We have provided every bit of information that we have and we will continue to provide information and we've got a full-blown investigation. And all that information will be disgorged to Congress."


McCain and Graham hit back quickly.


"I have always said that the buck stops with the President of the United States," the Arizona senator said in a written statement. McCain accused Obama of "contradictory statements" about the attack, labeling it an "act of terror" the day after it happened then resisting the use of the word "terrorism" for roughly a week afterwards.


"We owe the American people and the families of the murdered Americans a full and complete explanation, which for two months the President has failed to deliver," said McCain, who has called for Congress to create a "select committee" to investigate.


"Mr. President, don't think for one minute I don't hold you ultimately responsible for Benghazi.  I think you failed as commander in chief before, during and after the attack," Graham said in a statement released by his office.


"We owe it to the American people and the victims of this attack to have full, fair hearings and accountability be assigned where appropriate. Given what I know now, I have no intention of promoting anyone who is up to their eyeballs in the Benghazi debacle," Graham said.


Obama opened what was his first press conference in months with a vow to work with both parties in Congress to tackle the so-called fiscal cliff and revive the economy. He also said he had "no evidence" that the scandal that led David Petraeus to resign in disgrace from his job as CIA director had led to breaches in classified national security material.


"Right now our economy is still recovering from a very deep and damaging crisis, so our top priority has to be jobs and growth," Obama said in opening remarks in the East Room of the White House.


"Both parties can work together" to address the fiscal challenges "in a balanced and responsible way," he said, before pushing Republicans to sign on to his call for raising taxes on the richest Americans.


Asked whether the scandal the drove Petraeus from office had led to national security breaches, Obama replied: "I have no evidence at this point, from what I've seen, that classified information was disclosed that in any way would have had a negative impact on our national security." And the president praised the retired general, saying "we are safer because of the work Dave Petraeus has done."


Asked for his appraisal of the FBI's work in bringing to light the marital infidelity that Petraeus cited in his resignation message, and why he and the American public learned of the probe only earlier this month, Obama said "I am withholding judgment" on that process but expressed "a lot of confidence generally in the FBI."


Turning to his tax battle with Republicans, Obama stuck by his vow to oppose any legislation that extends the Bush-era tax cuts for the wealthiest 2 percent of Americans. The president, asked why he had agreed to extend them in the 2010 lame duck session of Congress, said that "was a one-time proposition" and that "we cannot afford" to do so again.


Obama said he would be willing to look at raising tax revenues by closing loopholes. But he warned that doing so would probably not outweigh an estimated trillion dollars lost by extending tax cuts on income above $250,000. "The math tends not to work," he said.


"I just want to emphasize: I am open to new ideas," Obama underlined. "If the Republican counterparts or some Democrats have a great idea for us to raise revenue, maintain progressivity, make sure the middle class isn't getting hit, reduces our deficit, encourages growth, I'm not going to just slam the door in their face. I want to hear ideas from everybody."


And he reiterated that he does not want just a stopgap agreement with Congress.


"I want a big deal, I want a comprehensive deal," he said. "Fair-minded people can come to an agreement."


Obama, who won the Latino vote by a lopsided margin, also vowed to pursue comprehensive immigration reform in his second term. He said it should include border enforcement, penalties for companies that knowingly hire undocumented workers, while providing "a pathway for legal status" for those who pay their taxes and learn English. He also said it should lock in his presidential determination that undocumented immigrants brought here as children should not be deported but have a potential path to citizenship.


"We need to seize the moment," he said, predicting that "we will have a bill introduced and we begin the process in Congress very soon after my inauguration."


Obama addressed a handful of other issues:


- On the standoff over Iran's suspect nuclear program


Obama pledged to "try to make a push in the coming months to see if we can open up a dialogue between Iran and not just us but the international community, to see if we can get this thing resolved." "I can't promise that Iran will walk through the door that they need to walk though, but that would be very much the preferable option" to military action, he said.


- On the possibility of working with Republican rival Mitt Romney


Obama said that "we haven't scheduled something yet." "I think everybody needs to catch their breath. I'm sure that Governor Romney is spending some time with his family. And my hope is, before the end of the year, though, that we have a chance to sit down and talk," the president said.


- On whether he has a mandate


"I don't presume that because I won an election, that everybody suddenly agrees with me on any — everything. I'm more than familiar with all the literature about presidential overreach in second terms," Obama said. "We are very cautious about that."


"On the other hand, I didn't get re-elected just to bask in re- election. I got elected to do work on behalf of American families and small businesses all across the country who are still recovering from a really bad recession but are hopeful about the future. And I am, too."


- On climate change


Obama said he would embark "over the next several weeks, next several months" in a "wide-ranging discussion" with scientists, engineers, elected officials and others about "short-term" steps in reducing carbon emissions blamed for fueling global warming. But he seemed pessimistic about any broad response.


"I don't know what either Democrats or Republicans are prepared to do," he said. "There's no doubt that for us to take on climate change in a serious way would involve making some tough political choices."


"And you know, understandably, I think the American people right now have been so focused and will continue to be focused on our economy and jobs and growth that, you know, if the message is somehow we're going to ignore jobs and growth simply to address climate change, I don't think anybody's going to go for that. I won't go for that."


- On relations with the media. Bloomberg reporter Hans Nichols shouted out a question about taxes after Obama had indicated that he had already taken his final query.


"That was a great question, but it would be a horrible precedent for me to answer your question just because you yelled it out," he said. "So thank you very much, guys."


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Obama holds first reelection press conference

President Barack Obama speaks at his first news conference since his reelection. (Kevin Lamarque/Reuters)President Barack Obama bluntly told John McCain and other Republicans to lay off their attacks against U.N. Ambassador Susan Rice over the Benghazi assault, telling lawmakers that if they go after her "then you have a problem with me." And Obama, speaking at his first post-election press conference, vowed that Republican opposition would not dissuade him from nominating Rice to replace departing Secretary of State Hillary Clinton.


"I don't think there's any debate in this country that when you have four Americans killed that's a problem," he told reporters sternly in the East Room of the White House. "And we've go to get to the bottom of it, and there needs to be accountability, we've got to bring those who carried it out to justice --they won't get any debate from me on that."


"But when they go after the U.N. ambassador, apparently because they think she's an easy target, then they've got a problem with me," he warned.


McCain, Senator Lindsey Graham, and some other Republicans have signaled that they will oppose Rice's confirmation if Obama nominates her. Their numbers thus far seem far short of the 40 needed to block it, and some Republican Senators have signaled that she should get a fair hearing.


"Let me say specifically about Susan Rice: She has done exemplary work. She has represented the United States and our interests in the United Nations with skill, and professionalism, and toughness, and grace," Obama said.


"And should I choose, if I think that she would be the best person to serve America in the capacity of the State Department, then I will nominate her," he vowed. "That's not a determination that I've made yet."


Rice and Democratic Senator John Kerry, who chairs the Senate Foreign Relations Committee, are seen as the front-runners in the race to succeed Clinton.


Conservatives have assailed Rice, who is close to Obama, ever since she made the rounds of the Sunday morning talk shows saying that American intelligence believed that the attack on the American compound in Benghazi, which claimed the lives of U.S. Ambassador Chris Stevens and there other Americans, grew out of demonstrations against an Internet video that ridicules Islam.


"As that unfolded, it seems to have been hijacked, let us say, by some individual clusters of extremists who came with heavier weapons, weapons that, as you know, in the wake of the revolution in Libya are quite common and accessible. And it then evolved from there," she told ABC.


Republicans have seized on some of her other comments suggesting that the attack grew out of a "spontaneous, not premeditated" demonstration in response to the Internet video -- there was no demonstration. White House aides have said that Rice was speaking based on the best available intelligence at the time.


"She made an appearance at the request of the White House in which she gave her best understanding of the intelligence provided to her," Obama said Wednesday. "If Senator McCain and Senator Graham want to go after somebody, they should go after me."


"But for them to go after the U.N. ambassador, who had nothing to do with Benghazi, and was simply making a presentation based on intelligence that she had received, and to besmirch her reputation is outrageous," he said.


"We're after an election now," he scolded. "I think it is important for us to find out exactly what happened in Benghazi, and I'm happy to cooperate in any ways that Congress wants. We have provided every bit of information that we have and we will continue to provide information and we've got a full-blown investigation. And all that information will be disgorged to Congress."


Graham, who represents South Carolina, hit back quickly.


"Mr. President, don't think for one minute I don't hold you ultimately responsible for Benghazi.  I think you failed as Commander in Chief before, during, and after the attack," he said in a statement released by his office.


"We owe it to the American people and the victims of this attack to have full, fair hearings and accountability be assigned where appropriate. Given what I know now, I have no intention of promoting anyone who is up to their eyeballs in the Benghazi debacle," Graham said.


Obama opened what was his first press conference in months — and first since the election that gave him a second term — with a vow to work with both parties in Congress to tackle the so-called "fiscal cliff" and revive the economy. He also said he had "no evidence" that the scandal that led David Petraeus to resign in disgrace from his job as CIA director had led to breaches in classified national security material.


"Right now our economy is still recovering from a very deep and damaging crisis, so our top priority has to be jobs and growth," Obama said in opening remarks in the East Room of the White House.


"Both parties can work together" to address the fiscal challenges "in a balanced and responsible way," he said, before pushing Republicans to sign on to his call for raising taxes on the richest Americans.


In response to the first question, regarding Petraeus, Obama said he had "no evidence at this point from what I've seen" that there had been any national security breaches. And the president praised the retired general, saying "we are safer because of the work Dave Petraeus has done."


Asked later for his appraisal of the FBI's work in bringing to light the marital infidelity that Petraeus cited in his resignation message, and why he learned of the probe only earlier this month, Obama said "I am withholding judgment" on that process but expressed "a lot of confidence generally in the FBI."


Turning to his tax battle with Republicans, Obama stuck by his vow to oppose any legislation that extends the Bush-era tax cuts for the wealthiest two percent of Americans. The president, asked why he had agreed to extend them in the 2010 lame duck session of Congress, said that "was a one-time proposition" and that "we cannot afford" to do so again.


Obama said he would be willing to look at raising tax revenues by closing loopholes but said that "the math tends not to work" when it comes to making up that way for extending the tax rate reductions on income above $250,000. And he reiterated that he does not want a stopgap agreement with Congress.


"I want a big deal, I want a comprehensive deal," he said. "Fair-minded people can come to an agreement."


Obama, who won the Latino vote by a lopsided margin, also vowed to pursue comprehensive immigration reform in his second term.


"We need to seize the moment," he said, predicting that "we will have a bill introduced and we begin the process in Congress very soon after my inauguration."


Read More..

Beating tax cheats key to Italy’s recovery plan
















ROME (AP) — Good plumbers may be worth their weight in gold, but when one was spotted zipping around in a bright red Ferrari, Italian tax police were fast on his trail.


Stamping out entrenched tax evasion is crucial to Premier Mario Monti‘s quest to keep Italy from succumbing to the European debt crisis, and it is critical to fellow eurozone members in more dire straits, such as Greece and Spain — which are also notorious for making cheating the taxman a way of life.













Indeed, Greece’s international rescue creditors have been pressing Greece for two years to reform its ailing tax system, citing poor collection as a key factor keeping the country mired in crisis. In Spain, where tax fraud is rampant, as much as €90 billion ($ 150 billion) is lost each year to tax fraud — the equivalent of the country’s national debt, according to Spain’s main tax inspectors union.


To succeed in Italy, authorities will have to catch the legions of self-employed and small business owners who brazenly lie about their earnings, like the plumber in the eastern town of Pescara, who socked away undeclared income in 30 bank accounts, or a successful pastry shop owner in Calabria, who on his tax return claimed he was earning next to crumbs.


And those are the less sophisticated schemers.


Tax police officials say that wealthy Italians, their companies and foreigners who make their money in Italy are increasingly trying to avoid taxes by using such strategies as falsely declaring that their base of operations or residence is abroad.


Another daunting challenge is the so-called “submerged” economy, a term embracing Italians who declare only a fraction or nothing at all of their earnings — and dentists, lawyers, doctors and other big-earning professionals are frequently among the worst offenders.


Tax evasion of all types in Italy totals about euros 240 billion ($ 300 billion), or 15 percent of the country’s gross domestic product of €1.6 trillion ($ 2 trillion), tax police estimate. Winning the war on tax cheats could therefore more than wipe out the country’s budget deficit, which is expected to increase to euros 42 billion ($ 53 billion), or 2.6 percent of GDP this year. That would start knocking away at the nation’s colossal public debt of €2 trillion ($ 2.5 trillion), or 125 percent of GDP.


But “big international frauds are up,” lamented Lt. Col. Gianluca Campana, in charge of the income tax unit revenue protection office at the Guardia di Finanza, Italy’s financial police corps which reports to the Economy Ministry.


The entrenched practice by many cafes, eateries, hair dressers and similar small business of neglecting to give customers mandatory cash register receipts commonly grabs the attention in crackdowns on tax evasion in Italy.


But, cautioned Campana, “one false (big business) invoice can equal no cash register receipts for coffees for two months.”


Over all of 2011, the total of non-declared income discovered by tax police amounted to some €50 billion ($ 65 billion), of which some 20 percent was due to international tax evasion, he said. By comparison, in the first nine months of this year, tax police discovered some €40 billion in undeclared income, with 30 percent of that blamed on international tax evasion, Campana said.


With the economic crisis shrinking bottom lines, and Italy increasingly on the hunt for big-time evasion, especially by big businesses, “there is a tendency to move capital abroad, using maneuvers apparently legal but which really are not,” Campana said. A classic technique consists of declaring one’s formal residence abroad in tax havens like Monte Carlo. Also common are companies that clearly have their business base in Italy but claim it is abroad in countries with far lower tax brackets.


Campana is armed with three degrees, including a masters in tax law from Milan’s Bocconi University, the prestigious economics institute formerly headed by Monti. He brings skills to this specialized police corps that are as finely tuned as sharp-shooting.


“We are going after the big cases (of evasion) in order to rake in more money,” Campana said.


The Ferrari-driving plumber hid some €2 million ($ 2.6 million) of his income over several years by giving his customers invoices — for jobs ranging from fixing leaks to installing new bathrooms — for the actual cost of his work, but kept a second, false registry of much lower figures for tax purposes, said Pescara tax police Col. Mauro Odorisio.


Armed with a 2008 law, authorities confiscated assets belonging to the plumber equivalent to the approximately €1 million ($ 1.3 million) they contend he owed in taxes, Odorisio said.


With Ferraris in red or yellow, and snazzy Porsches parked inside, Guardia di Finanza garages practically resemble luxury car dealerships.


The cars get sold to help recoup unpaid taxes and interest.


Overall, tax revenues in Italy were up by 4.1 percent, says the Economy Ministry, when comparing figures from the first eight months of 2012 with the same period in 2011, but much of that was due to new taxes, and not necessarily a revolution in citizens’ consciences about tax obligations.


Monti’s recipe relies heavily on taxes that are nearly impossible to avoid, such as sales tax. He also revived a property tax that his populist predecessor, Premier Silvio Berlusconi, had abolished in a promise to voters.


The ministry’s report last month noted that the property tax figured prominently in the “tendency toward growth” in tax revenues. But sales tax revenue dropped slightly despite higher sales tax rates, indicating that consumers were feeling the pinch of the stagnant economy.


The heavier fiscal burden seems to have driven some honest citizens to rebel against the engrained culture of tax evasion.


The number of phone calls from the public to the tax police’s hotline to report stores, restaurants and other businesses that didn’t give customers sales receipts has almost doubled in the first nine months of this year, compared with the same period in 2011.


It’s apparently dawning on Italians that shirking taxes in the end only costs them, in terms of ever-higher levies and cutbacks in public services.


Citizens now increasingly understand that “the lack of revenue over time caused by tax evaders forced the government to stiffen the tax burden on categories where you can’t evade taxes,” Campana said, referring to workers whose taxes are deducted from paychecks. Another area where evasion is close to impossible is real estate ownership.


Odorisio noted the crackdown included extending the statute of limitations on tax evasion from six to eight years and establishing prison as a penalty for big-time evasion.


Other weapons include a measure promoted by the Monti government that limits cash payments to no more than €1,000. Paying by credit card or personal check is a relatively new habit for Italians, who are used to carrying wads of cash in their pockets, even for big-ticket items like home renovations or vacations.


Past governments in Italy sometimes resorted to tax amnesties to try to boost revenues. But critics, contending some Italians counted on such a possibility, described that strategy as only perpetuating the tax cheat culture.


Spain hasn’t had much success with its own tax amnesty introduced by the conservative government in March. That measure, expiring soon, allows undeclared assets or those hidden in tax havens to be repatriated by paying a 10 percent tax without criminal penalty. The amnesty is estimated to recuperate far less than the expected €2.5 billion ($ 3.25 billion).


Greece saw demands for tax system reform from international rescue creditors added on to conditions for future rescue loan payments, as Greek authorities acknowledged that a high-profile campaign to crack down on major tax cheats has produced disappointing results.


The cash-strapped government over the last 10 months recovered just €19 million ($ 25 million) of the €13 billion ($ 17 billion) of arrears on the list. A prominent Greek magazine publisher recently tapped anger over rich tax evaders by publishing a list of people allegedly holding Swiss bank accounts. He was acquitted this month of breaching privacy laws.


Meanwhile, Italian tax police are chasing after cheats who have shown some of the most chutzpah about not paying their fair share of taxes, like the Padua woman who advertised on the Internet that she had a couple of “cash-only” bed and breakfast rooms to let.


Tax police discovered the lodgings are part of an apartment in public housing she was given after falsely declaring she was indigent on her annual tax forms.


____


AP reporters Derek Gatopoulos in Athens and Ciaran Giles in Madrid contributed to this report.


Europe News Headlines – Yahoo! News



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Wakeman reworks rock epic Journey to Centre of Earth
















LONDON (Reuters) – The story behind the upcoming re-issue of Rick Wakeman‘s 1974 concept albumJourney to the Center of the Earth” sounds almost as unlikely as the Jules Verne tale that inspired it.


Progressive rock veteran Wakeman had presumed the original orchestration to his chart-topping disc was lost for good when his record company MAM, where the manuscripts had been stored in boxes, was brought to its knees in the early 1980s.













Although he could have re-orchestrated the work from the original album, recorded live at the Royal Festival Hall in London in 1974, Wakeman knew it would be far from perfect.


And the original score was 55 minutes long whereas the 1974 version had to be cut to closer to 40 due to the constraints of vinyl recordings at the time.


“In about 1983 or 1984 I had an enquiry to do Journey again in America,” Wakeman recalled in a telephone interview.


“I thought ‘great’. But MAM had gone, and nobody there had any idea what had happened to all the stuff of mine,” the former Yes keyboardist told Reuters.


“Up until recently I would get phone calls to do it and I said ‘no, I can’t', there is no music any more. You just resign yourself to disappointment.”


Everything changed about four years ago when a box of papers arrived at his doorstep – a fairly regular occurrence, he explained, for a man who had been married several times and had “stuff in storage all over the place”.


Sifting through the contents, Wakeman found a pile of music that was not his own, but “something told me to empty the entire box.” At the very bottom was the long-lost conductor’s score of Journey, albeit so damp the pages were stuck together.


To this day Wakeman does not know where the box came from, and is amazed it reappeared nearly 30 years after going missing.


ORIGINAL SONGS


Once the music had been downloaded on to a computer, Wakeman set about reintroducing the songs and other sections he removed for the 1974 recording with the help of notes he had kept.


He decided to make a studio recording of the rock opera, and sought to replicate the sound of the original instruments.


For the narrator’s voice, he could not go back to David Hemmings, who died in 2003, and so invited actor Peter Egan.


The result is a re-mastered version of Journey, complete with 20 minutes of unheard music, which hits shelves on November 20. It comes in the form of a “fanback” comprising the music, a 132-page magazine and a replica of the program to the 1974 show.


For Wakeman it was a labor of love, but one he hopes will prove profitable.


“We did have record companies come forward,” the 63-year-old said. “But I don’t want an A&R (artists and repertoire) man coming in and saying it could do with this and that.


“The only way I can get this done as I believe it should be is to finance it and do it myself which we did. It broke the bank, there’s no doubt about it.”


While the concept of a rock opera based on French author Verne’s 1864 sci-fi classic may not instantly appeal to young listeners today, Wakeman believes there is a market for his latest release.


“Music audiences today don’t put a date on anything, they either like it or they don’t,” he said, adding that the “prog-rock” genre for which he is best known has made something of a comeback in recent years.


PROKOFIEV FAN


The prolific musician who has made around 100 albums and sold millions of records started piano lessons when he was seven, and at about that time the seeds of his career were sown.


“Story telling to music is something I have loved since my father took me to see ‘Peter and the Wolf’ aged eight, and (Sergei) Prokofiev became my hero,” he recalled.


By his late teens he was an established session musician and joined the band Yes in 1971 with whom he recorded the hit album “Fragile” and, the following year, “Close to the Edge”.


In 1973 he released “The Six Wives of Henry VIII” a solo concept album, and in 1974, which his official online biography calls “probably the most significant year in Rick’s career”, he made Journey and toured the world with it.


Another concept album, “The Myths and Legends of King Arthur and the Knights of the Round Table” followed in 1975, and Wakeman returned to Yes for spells throughout the 1990s.


Next week he plays six dates in South America, including the first concert performance of the new, full Journey and a rendition of The Six Wives.


The new “holy grail” following the rediscovery of Journey is to track down the original music to King Arthur, which was also lost. Wakeman is orchestrating the existing recording for a show next June, but would love to find the full score.


“All of us involved hope very much that it (Journey) makes its money back, because it would then allow me to look for the King Arthur music. We are doing a version next June and it would be lovely to say we’ve done it from the original music.”


(Reporting by Mike Collett-White, editing by Paul Casciato)


Music News Headlines – Yahoo! News



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Scientists map domestic pig’s genome
















LONDON (Reuters) – Scientists have mapped the genome of the domestic pig in a project that could enhance the animal’s use in the testing of drugs for human disease.


A study, published in science journal Nature, identified genes that could be linked with illnesses suffered by farmed pigs, providing a reference tool for selective breeding to increase their resistance to disease.













“This new analysis helps us understand the genetic mechanisms that enable high-quality pork production, feed efficiency and resistance to disease,” said Sonny Ramaswany, director of the U.S. Department of Agriculture‘s National Institute of Food and Agriculture.


“This knowledge can ultimately help producers breed high-quality swine, lower production costs and improve sustainability.”


Alan Archibald at the University of Edinburgh’s Roslin Institute in Scotland, who worked on the project with collaborators in the Netherlands and the United States, said the new genome sequence was the first good draft.


Archibald said while making sense of the analysis would take time, the benefits of genome sequencing flow through more quickly in agriculture than, for instance, human medicine, “because we can use selective breeding”.


Identifying genes responsible for diseases that are also seen in people could see pigs used more extensively for drug testing.


For instance, the inherited illness known as porcine stress syndrome, which can cause sudden death in pigs, has similarities to the human condition malignant hyperthermia which causes a fast and dangerous rise in body temperature in some people under general anesthetic.


Some of the genetic faults that pigs share with humans can be linked with conditions as varied as Alzheimer’s disease, diabetes, dyslexia, obesity and Parkinson’s disease, the researchers said.


“In total, we found 112 positions where the porcine protein has the same amino acid that is implicated in a disease in humans,” they said.


(Editing by Dan Lalor)


Seniors/Aging News Headlines – Yahoo! News



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When Facebook insiders, employees can sell stock
















On Wednesday, additional Facebook stock became eligible for sale for the first time. It follows the expiration of similar lock-up periods in August and October. Other shares will become eligible for sale in the coming months.


Up to 1.56 billion more shares could flood the stock market — nearly four times the 421 million shares that had been trading since Facebook’s initial public offering in May. The 1.56 billion figure includes shares released from lock-up already.













On Aug. 16, a lock-up period expired for 271 million shares held by early investors and directors who had participated in the IPO, though CEO Mark Zuckerberg was excluded for unspecified reasons.


On Oct. 29, the lock-up ended for 234 million shares and stock options held by employees as of Oct. 15, excluding Zuckerberg. Oct. 31 was the first trading day since then because of stock market closures resulting from Superstorm Sandy.


On Wednesday, another 852 million shares and stock options became eligible. Zuckerberg had been eligible to sell his shares at this date, but Facebook has changed that given that the CEO had no plans to do so until at least next September.


Here’s the schedule for remaining lock-up expirations, as reported by Facebook Inc. in regulatory filings:


— Dec. 14: 156 million shares held by early investors and others who participated in IPO, except Zuckerberg.


— May 18, 2013: 47 million shares held by the Russian Internet company Mail.ru Group and DST Global, both of which made early investments in Facebook.


Social Media News Headlines – Yahoo! News



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