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Thursday, March 29, 2012 8:30 PM PDT

Today's Politics - Bloomberg News Headlines - Yahoo! News: No clear way to court for Syria war crimes suspects Japan orders to intercept North Korea missile if it poses threat Senate confirms top bank regulators Pentagon says F-35 fighter delayed, costs rise 4.3 percent Opposition Labour loses seat in by-election North Korea test fires short-range missiles: reports Public information restricted in case of slain U.S. teen U.S. may accept less stringent controls for Taliban detainees U.S. nears sanctions phase in Airbus trade spat Rockets explode as Arab leaders meet in Baghdad Timeline: Spain's economic crisis Analysis: Obama could see silver lining if healthcare law rejected Senate confirms two top bank regulators House vote sets up Republican budget as manifesto, target Gaffes aside, Romney tightens grip on Republican race House budget chair questions Pentagon budget cuts Clinton to meet Saudi king amid Syria, Iran tensions Congress passes stopgap transport funding bill U.S. may accept less stringent controls for Taliban detainees Canada deficit shrinks, reforms spark anger U.S. steps up its push to keep top World Bank role Angry Spaniards strike against labor reform Analysis: Chief Justice Roberts may cast deciding healthcare vote Canada says to let the penny drop U.S. court presses Dow Co in tax credit case Fourth quarter income trends up, boost for spending Analysis: U.S. Jobs Act could help the least flashy startups Democrats seek disclosure of tax haven ties Robo-readers: the new teachers' helper in the U.S. Canada budget does not tighten mortgage rules further Suspected U.S. gang members charged over youth prostitution ring Intrigue, treachery charges fly in fight for U.N. post Bill to ban export of some refined oil products Senate panel OKs nominees to FDIC, Treasury Exclusive: West wants Saudi Arabia to keep up oil production Amid fresh diplomacy, U.S. still wary of direct Syria role Factbox: Big tax benefits enjoyed by oil companies Senate rejects Obama call to end Big Oil tax breaks Assad says foreign aid to rebels must stop under peace plan Iran opposes all interference in Syria, says Khamenei No clear way to court for Syria war crimes suspects Thu,29 Mar 2012 07:57 PM PDT Reuters - (Adds human rights expert, paragraphs 22-23) GENEVA/NEW YORK, March 29 - U.N. officials have compiled a list of Syrian figures suspected of crimes against humanity in the uprising against President Bashar al-Assad, but opposition from Russia and China means the accused are unlikely to appear in the dock at the international war crimes court any time soon. As world powers press for an end to the violence that has racked Syria and claimed thousands of lives, pressure is building over accusations that Assad's security apparatus has committed crimes in suppressing the year-long revolt. ... Full Story Top Japan orders to intercept North Korea missile if it poses threat Thu,29 Mar 2012 07:55 PM PDT Reuters - TOKYO (Reuters) - Japan on Friday ordered its military to intercept the North Korean missile Pyongyang plans to launch next month if it poses a direct threat to Japan, a scenario the government considers unlikely. "We don't expect it to fall onto our territory. We would like the public to carry on with their daily lives and their work normally," Chief Cabinet Secretary Osamu Fujimura told a regular news conference. "Government offices concerned will take precautionary measures just in case. ... Full Story Top Senate confirms top bank regulators Thu,29 Mar 2012 07:38 PM PDT Reuters - WASHINGTON (Reuters) - The U.S. Senate on Thursday confirmed President Barack Obama's picks for key spots at the Federal Deposit Insurance Corp (FDIC)and the Office of the Comptroller of the Currency (OCC), banking agencies that are playing a vital role in implementing the 2010 Dodd-Frank financial oversight law. The Senate voted to confirm Thomas Curry to lead the OCC, and confirmed Martin Gruenberg, former Kansas City Federal Reserve Bank President Thomas Hoenig and JP Morgan Chase and Co executive Jeremiah Norton to fill openings on the five-member FDIC board. ... Full Story Top Pentagon says F-35 fighter delayed, costs rise 4.3 percent Thu,29 Mar 2012 07:33 PM PDT Reuters - (Reuters) - The cost of developing and building the F-35 Joint Strike Fighter rose 4.3 percent to $395.7 billion last year and the plane will not reach full-rate production until 2019, two years later than planned, the Pentagon said on Thursday. It cited a slowdown in orders from the U.S. military and other countries as a reason for the higher cost of the Lockheed Martin Corp next-generation combat plane, which has been dogged by delays and cost overruns. ... Full Story Top Opposition Labour loses seat in by-election Thu,29 Mar 2012 07:21 PM PDT Reuters - LONDON (Reuters) - Britain's main opposition Labour party lost one of its safest parliamentary seats after a one-off vote in northern England, in the strongest sign yet that new leader Ed Miliband is failing to cash in on disenchantment with the Conservative government. George Galloway, an anti-war campaigner in the small, left-wing Respect party, beat Labour's Imran Hussain in a result announced on Friday with more than 18,341 votes from a by-election on Thursday for the seat of Bradford West. ... Full Story Top North Korea test fires short-range missiles: reports Thu,29 Mar 2012 07:21 PM PDT Reuters - SEOUL (Reuters) - North Korea fired two short-range missiles off its west coast on Thursday believed to be part of a test to upgrade capabilities, said news reports published on Friday, quoting South Korean military officials. North Korea has raised tensions in recent weeks by announcing it would launch a rocket to put a satellite into orbit, but regional powers are urging Pyongyang to drop the plan, saying it would violate U.N. Security Council resolutions. ... Full Story Top Public information restricted in case of slain U.S. teen Thu,29 Mar 2012 06:33 PM PDT Reuters - SANFORD, Florida (Reuters) - A special prosecutor investigating the death of an unarmed black teenager in Florida invoked an exemption on Thursday that allows authorities to deny the release of otherwise public information to the media. The national media has converged on this Orlando suburb to cover a story that has gripped the country and renewed a discussion about race relations in America. Despite this, public officials have told reporters not to bother asking questions. ... Full Story Top U.S. may accept less stringent controls for Taliban detainees Thu,29 Mar 2012 05:45 PM PDT Reuters - WASHINGTON (Reuters) - The Obama administration has signaled a willingness to accept less-stringent controls on former Taliban leaders who could be transferred to Qatar as part of a deal between the United States and the Afghan militants to kick-start Afghan peace talks, U.S. officials said. ... Full Story Top U.S. nears sanctions phase in Airbus trade spat Thu,29 Mar 2012 05:41 PM PDT Reuters - WASHINGTON (Reuters) - The United States is expected to ratchet up pressure on the European Union to end subsidies for Airbus by moving at the World Trade Organization toward retaliation on European goods, an industry official and other sources said. "I'm hearing that the USTR will take the next step soon," an industry official said, referring to the WTO process for obtaining permission to retaliate, referring to the office of the U.S. Trade Representative. An EU plan in December for ending subsidies declared illegal by the WTO had failed to satisfy either Boeing or the U.S. ... Full Story Top Rockets explode as Arab leaders meet in Baghdad Thu,29 Mar 2012 05:20 PM PDT Reuters - BAGHDAD (Reuters) - Three rockets exploded around Baghdad on Thursday despite a massive security operation as Shi'ite Prime Minister Nuri al-Maliki hosted the country's first Arab League summit in two decades. After years of war, Iraq's Shi'ite-led government had hoped the summit would highlight its growing stability and renewed role in the region, where Sunni Gulf nations have long been wary of Baghdad's close ties to Shi'ite power Iran. One rocket exploded on the edge of the fortified Green Zone where the Arab leaders were meeting. "The blast happened close to the Iranian embassy. ... Full Story Top Timeline: Spain's economic crisis Thu,29 Mar 2012 05:11 PM PDT Reuters - (Reuters) - Here is a look at Spain's economy since 2008 as workers walk out on strike a day before a new austerity budget. 2007: - Spain has a public account surplus of more than 2 percent of gross domestic product and the economy grows by 3.5 percent, largely due to a construction boom. By 2008, the property bubble has burst, the surplus has become a deficit and growth has fallen to 0.9 percent. March 2008: - Prime Minister Jose Luis Rodriguez Zapatero wins a second term in office but fails to secure an outright majority in parliament. ... Full Story Top Analysis: Obama could see silver lining if healthcare law rejected Thu,29 Mar 2012 04:57 PM PDT Reuters - WASHINGTON (Reuters) - The conventional wisdom is that it would be a political disaster for Democratic President Barack Obama, and a boon for Republicans, if the U.S. Supreme Court strikes down all or most of Obama's healthcare overhaul. That could be: The healthcare law - which among other things would require most Americans to buy health insurance - is Obama's signature achievement in domestic policy, and the number-one target of many Republicans in this year's elections. ... Full Story Top Senate confirms two top bank regulators Thu,29 Mar 2012 04:50 PM PDT Reuters - WASHINGTON (Reuters) - The Senate on Thursday confirmed two of President Barack Obama's top financial nominees - Martin Gruenberg to lead the Federal Deposit Insurance Corp., and Thomas Curry to head the Office of the Comptroller of the Currency. Both are currently members of the FDIC board with Gruenberg serving as the acting chairman. The Senate also confirmed without opposition Thomas Hoenig, a former president of the Federal Reserve Bank in Kansas City, as a member of the FDIC board. ... Full Story Top House vote sets up Republican budget as manifesto, target Thu,29 Mar 2012 04:47 PM PDT Reuters - WASHINGTON (Reuters) - House Republicans passed congressman Paul Ryan's deficit-cutting budget plan on Thursday, setting it up as a central theme for their election-year campaign efforts and as a target for Democratic attacks over its proposed healthcare cuts. In a preview of the messages they will carry home to their constituents during a two-week break, Republicans hailed the plan as a bold step toward reining in U.S. deficits, while Democrats decried it as an assault on the cherished Medicare healthcare system for the elderly. ... Full Story Top Gaffes aside, Romney tightens grip on Republican race Thu,29 Mar 2012 04:44 PM PDT Reuters - HOUSTON (Reuters) - Step by step, Mitt Romney is tightening his grip on the Republican presidential nomination race despite a continued penchant for gaffes on the campaign trail. Romney was in Houston on Thursday to accept the endorsement of former President George H.W. Bush, the latest in a line of establishment figures to choose the former Massachusetts governor as the Republicans' best chance of defeating Democratic President Barack Obama in the November 6 election. The endorsement came a day after Romney gained the seal of approval from U.S. ... Full Story Top House budget chair questions Pentagon budget cuts Thu,29 Mar 2012 04:38 PM PDT Reuters - WASHINGTON (Reuters) - The Pentagon budget for next year is dishonest and generals who have endorsed it on Capitol Hill are not giving Congress their "true advice," a senior Republican lawmaker on budget matters said on Thursday amid rising rhetoric over looming defense cuts. Representative Paul Ryan, head of the budget committee of the House of Representatives, said the defense budget President Barack Obama sent to Congress last month was driven by spending constraints and not by the new U.S. military strategy unveiled in January. "We don't think the generals are giving us their true advice. ... Full Story Top Clinton to meet Saudi king amid Syria, Iran tensions Thu,29 Mar 2012 04:14 PM PDT Reuters - RIYADH (Reuters) - U.S. Secretary of State Hillary Clinton arrives in Saudi Arabia on Friday for talks to weigh limited options available to end the violence in Syria and launch a "strategic forum" with Gulf allies against a backdrop of growing tensions with Iran. The world's main superpower and its top oil exporter have been strategic allies since the 1940s, but deep disagreements over how to tackle the Arab popular uprisings last year strained the relationship. Although the two states have mended that rift, differences persist over both regional issues and energy policy, amid U.S. ... Full Story Top Congress passes stopgap transport funding bill Thu,29 Mar 2012 04:13 PM PDT Reuters - WASHINGTON (Reuters) - The Congress averted a weekend shutdown of thousands of transportation construction projects on Thursday by passing a stopgap funding bill that buys time for House Speaker John Boehner to resolve Republican differences over long-term financing. The Senate approved by voice vote a measure passed earlier in the day by the House of Representatives that gives a 90-day funding extension for road, bridge and rail construction projects. The bill now goes to President Barack Obama, who is expected to sign it. The temporary measure averts layoffs for as many as 1. ... Full Story Top U.S. may accept less stringent controls for Taliban detainees Thu,29 Mar 2012 03:36 PM PDT Reuters - WASHINGTON (Reuters) - The Obama administration has signaled a willingness to accept less-stringent controls on former Taliban leaders who could be transferred to Qatar as part of a deal between the United States and the Afghan militants to kick-start Afghan peace talks, U.S. officials said. ... Full Story Top Canada deficit shrinks, reforms spark anger Thu,29 Mar 2012 02:42 PM PDT Reuters - OTTAWA (Reuters) - Canada opted for the slow road to a balanced budget and kept spending cuts relatively mild in a cautious budget on Thursday that was nonetheless packed with controversial reforms that ranged from raising the retirement age to fast-tracking approvals for big oil and mining projects. The Conservative government maintained a promise made last year to eliminate its budget deficit, small by international standards at 1.5 percent of gross domestic product, by the 2015-16 fiscal year after adjusting for promised spending cuts. It cuts discretionary spending by 6. ... Full Story Top U.S. steps up its push to keep top World Bank role Thu,29 Mar 2012 02:38 PM PDT Reuters - WASHINGTON (Reuters) - The United States stepped up lobbying on Thursday for its pick to retain the top job at the World Bank as emerging markets pushed their view that the time has come for rich nations to share leadership of key institutions. In a letter to World Bank board members, Treasury Secretary Timothy Geithner urged support for Korean-born Jim Yong Kim and flagged his experience "from Asia to Africa to the Americas" working on development projects. ... Full Story Top Angry Spaniards strike against labor reform Thu,29 Mar 2012 02:23 PM PDT Reuters - BARCELONA/MADRID (Reuters) - Spanish workers angry at a labor reform the government calls an "unstoppable" necessity staged a general strike on Thursday, bringing factories and ports to a standstill and igniting flashes of violence on the streets. Hundreds of thousands attended largely peaceful marches throughout Spain, waving red flags and beating drums against the budget cuts of Prime Minister Mariano Rajoy, who was elected by a landslide only four months ago on a mandate to dig the country out of a debt crisis that has unnerved its European neighbors. ... Full Story Top Analysis: Chief Justice Roberts may cast deciding healthcare vote Thu,29 Mar 2012 02:21 PM PDT Reuters - WASHINGTON (Reuters) - During three days of historic healthcare arguments at the Supreme Court, Chief Justice John Roberts presided with a steady calm and folksy charm. From his center seat on the nine-member bench, Roberts gently mediated as colleagues interrupted one another's questions this week. He offered a break in arguments on Tuesday so spectators in the packed courtroom could briefly stand and stretch, and then at the end of that Day Two, warmly told lawyers, "Counsel, we'll see you tomorrow. ... Full Story Top Canada says to let the penny drop Thu,29 Mar 2012 02:12 PM PDT Reuters - OTTAWA (Reuters) - Canada's puny penny coin, loved by some but an annoyance to many, will be withdrawn from circulation this year because it costs too much to make and is a pecuniary pest, the government announced on Thursday. "The penny is a currency without any currency in Canada," Finance Minister Jim Flaherty told reporters. Ottawa said the penny retained only one twentieth of its original purchasing power. It costs 1.6 Canadian cents to produce each one cent coin and stamping out the penny will save around C$11 million ($11 million) a year. ... Full Story Top U.S. court presses Dow Co in tax credit case Thu,29 Mar 2012 02:08 PM PDT Reuters - NEW YORK (Reuters) - An appeals court heard arguments from Union Carbide and the U.S. government on Thursday as the company fought to use a tax credit retroactively for research it did in the 1990s to improve manufacturing processes. A decision in favor of Union Carbide would widen the scope of the research and development tax credit, part of the corporate tax code that costs U.S. taxpayers roughly $7 billion a year. Union Carbide is a subsidiary of Dow Chemical Co. The case involves process improvements researched in 1994 and 1995. ... Full Story Top Fourth quarter income trends up, boost for spending Thu,29 Mar 2012 02:03 PM PDT Reuters - WASHINGTON (Reuters) - Household income grew at a faster pace in the fourth quarter than previously thought as the jobs market strengthened, a development that could underpin consumer spending. The Commerce Department said on Thursday real disposable income rose to a seasonally adjusted annual rate of $11.73 trillion, $10.6 billion more than previously estimated. While its final estimate left growth in gross domestic product at an unrevised 3 percent pace last quarter, when measured from the income side, the economy expanded at a solid 4. ... Full Story Top Analysis: U.S. Jobs Act could help the least flashy startups Thu,29 Mar 2012 01:41 PM PDT Reuters - SAN FRANCISCO (Reuters) - Much of the talk around the Jobs Act has centered on the technology sector, but the biggest impact could land on far more prosaic ventures, investors and analysts say. The Jobs Act, a bill to make it easier for young companies to raise money, raced through Congress over the past several weeks and likely will be signed into law by President Obama next week. The president sees the legislation as a way of giving "entrepreneurs opportunities to start creating the next Google or the next Apple or the next innovative company." And Republicans have matched his enthusiasm. ... Full Story Top Democrats seek disclosure of tax haven ties Thu,29 Mar 2012 01:31 PM PDT Reuters - WASHINGTON (Reuters) - Lawmakers and candidates would have to spell out any financial ties they might have to countries considered to be tax havens under a bill introduced by two Democrats in the Senate on Thursday. The measure, seen by some on Capitol Hill as a jab at Republican presidential candidate Mitt Romney, has little chance of getting through a sharply divided Congress ahead of the November 6 general election. ... Full Story Top Robo-readers: the new teachers' helper in the U.S. Thu,29 Mar 2012 01:11 PM PDT Reuters - (Reuters) - American high school students are terrible writers, and one education reform group thinks it has an answer: robots. Or, more accurately, robo-readers - computers programmed to scan student essays and spit out a grade. The theory is that teachers would assign more writing if they didn't have to read it. And the more writing students do, the better at it they'll become - even if the primary audience for their prose is a string of algorithms. That sounds logical to Mark Shermis, dean of the College of Education at the University of Akron. ... Full Story Top Canada budget does not tighten mortgage rules further Thu,29 Mar 2012 01:06 PM PDT Reuters - OTTAWA (Reuters) - Canada's federal budget on Thursday did not include any measures to tighten mortgage rules further as a means of cooling down the housing market. "The government continuously monitors housing finance risks and takes action when necessary. Adjustments to the rules for government-backed and insured mortgages were announced in July 2008, February 2010 and January 2011," the budget document noted without hinting at similar new steps. ... Full Story Top Suspected U.S. gang members charged over youth prostitution ring Thu,29 Mar 2012 12:57 PM PDT Reuters - WASHINGTON (Reuters) - U.S. authorities say they have broken up a prostitution ring and arrested five alleged gang members on charges they recruited teenage girls, including via Facebook, to sell sex and drugs in the Washington region. The suspects are accused of recruiting at least 10 girls between the ages of 16 and 18 to work as prostitutes, including a 17-year-old girl who told authorities she was forced to use cocaine and have group sex with 14 men. ... Full Story Top Intrigue, treachery charges fly in fight for U.N. post Thu,29 Mar 2012 12:56 PM PDT Reuters - UNITED NATIONS (Reuters) - Accusations of threats, Cold War-style treachery and backstage attempts by Russia to punish a former Soviet republic are turning a routine election for a high-profile but largely ceremonial U.N. post into a bitter diplomatic tussle. Serbia and Lithuania are vying for the presidency of the 193-nation U.N. General Assembly. The 12-month post involves chairing the annual gathering of world leaders in New York in September and other U.N. events. But the assembly has no real power. ... Full Story Top Bill to ban export of some refined oil products Thu,29 Mar 2012 12:52 PM PDT Reuters - WASHINGTON (Reuters) - Democrats on Thursday unveiled a bill that would ban the export of refined fuels derived from oil produced on federal lands, the latest legislative volley in response to surging fuel prices. The legislation would only affect new federal oil and gas leases, but it was introduced just as the United States becomes a net exporter of gasoline and refined fuels, the first time in decades. ... Full Story Top Senate panel OKs nominees to FDIC, Treasury Thu,29 Mar 2012 12:51 PM PDT Reuters - WASHINGTON (Reuters) - The Senate Banking Committee on Thursday voted to approve the nomination of JP Morgan Chase and Co executive Jeremiah Norton to fill a post on the Federal Deposit Insurance Corporation board. Norton currently works as an executive director for JP Morgan Securities LLC, where he advises institutions on mergers and acquisitions. He previously served as a deputy assistant secretary for financial institutions policy at the U.S. Treasury Department from 2007 to 2009. The Banking Committee has now approved a full slate of candidates for the five-member FDIC board. ... Full Story Top Exclusive: West wants Saudi Arabia to keep up oil production Thu,29 Mar 2012 12:50 PM PDT Reuters - LONDON (Reuters) - Oil consuming nations may seek reassurance from Saudi Arabia that it will not cut oil production and neutralize the impact on oil prices if consumer countries release emergency reserves, diplomats and industry sources said. The issue may be raised by a U.S. delegation, led by U.S. Secretary of State Hillary Clinton, which is in Riyadh this weekend to discuss Syria with Gulf states. Clinton will see Saudi King Abdullah and Foreign Minister Saud al-Faisal. ... Full Story Top Amid fresh diplomacy, U.S. still wary of direct Syria role Thu,29 Mar 2012 12:47 PM PDT Reuters - WASHINGTON (Reuters) - Secretary of State Hillary Clinton departs on Thursday for fresh diplomacy aimed at halting Syria's bloodshed, but there is little sign the Obama administration is ready to deviate from its hands-off approach. Clinton's talks in Riyadh with foreign ministers from Gulf states will likely be anchored by a new peace proposal from U.N.-Arab League special envoy Kofi Annan. It is the latest bid to broker a diplomatic end to more than a year of fighting between President Bashar al-Assad's troops and opponents to his family's decades-long rule. ... Full Story Top Factbox: Big tax benefits enjoyed by oil companies Thu,29 Mar 2012 12:43 PM PDT Reuters - WASHINGTON (Reuters) - President Barack Obama and some fellow Democrats want to slash tax benefits now enjoyed by large oil companies such as Exxon Mobil Corp and Chevron Corp to raise up to $40 billion over a decade in government revenues. That effort hit a roadblock on Thursday when the Democratic-controlled U.S. Senate voted to hold back legislation backed by most Democrats to repeal some of the biggest tax benefits for the five biggest oil companies, in a 51-to-47 vote. Four Democrats sided with Republicans in the vote against moving forward on the legislation. ... Full Story Top Senate rejects Obama call to end Big Oil tax breaks Thu,29 Mar 2012 12:43 PM PDT Reuters - WASHINGTON (Reuters) - Republicans in the Senate blocked legislation on Thursday to strip billions of dollars in tax breaks for the biggest U.S. oil companies, calling the bill a political stunt that would not help tamp down surging gasoline prices. President Barack Obama, under pressure as the pinch of higher gasoline prices becomes a hot issue in the U.S. presidential campaign, had urged Congress to end the breaks, worth about $24 billion over 10 years, noting oil companies were raking in record profits. ... Full Story Top Assad says foreign aid to rebels must stop under peace plan Thu,29 Mar 2012 12:36 PM PDT Reuters - BEIRUT (Reuters) - President Bashar al-Assad said on Thursday Syria would spare no effort to ensure the success of international envoy Kofi Annan's peace mission but warned it would not work without securing an end to foreign funding and arming of rebels opposing him. Assad is under international pressure to call his troops and tanks back to their bases, a year into a popular revolt against his iron rule. Fighting between troops and rebels killed at least 38 more people on Thursday, 15 of them soldiers. ... Full Story Top Iran opposes all interference in Syria, says Khamenei Thu,29 Mar 2012 12:36 PM PDT Reuters - DUBAI (Reuters) - Supreme Leader Ayatollah Ali Khamenei has said Iran strongly opposes any foreign intervention in Syria's conflict and will defend Damascus so it can continue "resistance" against Israel, his official website reported on Thursday. Khamenei, the Islamic Republic's highest authority, made the comments during a meeting with visiting Turkish Prime Minister Tayyip Erdogan in Mashhad. The Islamic Republic supported popular uprisings in Egypt, Libya and Yemen last year but has steadfastly supported Syrian President Bashar al-Assad against a year-old uprising. ... Full Story Top

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