Tuesday, January 31, 2012

State Dept: Americans take refuge at Cairo embassy

By msnbc.com staff and news services

Several American citizens have taken shelter in the U.S. Embassy in Cairo amid a sharpening dispute between Washington and Egypt's military-led authorities over U.S.-funded pro-democracy groups in the country, the State Department said on Monday.

"We can confirm that a handful of U.S. citizens have opted to stay in the embassy compound in Cairo while waiting for permission to depart Egypt," State Department spokeswoman Kate Starr said.

According to The New York Times, colleagues confirmed at least two American citizens were being protected at the embassy?from potential arrest.


The unusual step of offering U.S. citizens diplomatic refuge follows Cairo's crackdown on non-governmental organizations, including several funded by the U.S. government, which saw travel bans imposed on six American staffers including a son of U.S. Transportation Secretary Ray LaHood.

State Department officials said they did not believe the Americans were in any physical danger, but said they had "concerns given the fact that they want to leave the country and were disallowed."

"There is no expectation any of these individuals are seeking to avoid any kind of judicial process," State Department spokesperson Victoria Nuland said. "Our view is that these people ought to be able to travel freely, that we need to expedite the process of whatever kind of formal registration is ultimately going to be allowed for them, if their property needs to be returned, and that it is in the interest of Egypt's democratic transition not only for international democracy NGOs to be able to operate but for Egyptian democracy NGOs to be able to operate, and that they have already played a strong role in supporting the good elections that have already taken place, and there are more elections coming up."

Raids and crackdown
Egyptian police first raided the groups in late December as part of an investigation into foreign funding of 17 pro-democracy and human rights groups, part of what civil society groups say has been a broader crackdown on critics of the army's heavy-handed tactics in dealing with street unrest.

Washington has strongly criticized the Egyptian move, which has cast a pall over U.S.-Egypt relations as the most populous Arab nation reaches a critical stage in its uncertain transition away from authoritarian rule.

Leading U.S. lawmakers have also voiced outrage over the incident, and American officials have repeatedly warned that Washington may have to take a fresh look at U.S. aid to Egypt's military, which now runs about $1.3 billion per year.

The six U.S. citizens hit with travel bans work with the National Democratic Institute and International Republican Institute. Both receive U.S. public funding and are loosely affiliated with the two major political parties in Washington.

The State Department did not provide details on the Americans sheltering in the embassy, although officials at the NDI said none of their staff had been relocated.

U.S. officials said an Egyptian military delegation was expected in Washington this week for regular talks, which are nevertheless expected to focus in large part on the impasse over the NGOs.

U.S. expresses concern over restrictions
President Barack Obama spoke with the head of Egypt's ruling military council, Field Marshal Hussein Tantawi, on January 20 and stressed the importance of the NGOs, as well as Egypt's request for $3.2 billion in support from the International Monetary Fund.

In a weekend call to Tantawi, U.S. Defense Secretary Leon Panetta urged the Egyptians to take steps to lift the travel ban on Americans wishing to leave the country, and expressed concern over restrictions placed on NGOs, the Pentagon said.

The Obama administration is finalizing its budget for the 2013 fiscal year, which will be presented on February 13 and is expected to include continued assistance for Egypt's military, albeit subject to new conditions imposed by U.S. lawmakers.

Those include evidence that Egyptian military authorities are committed to holding free and fair elections and implementing policies to protect freedom of expression, association, and religion, and due process of law.

Reuters and The Associated Press contributed to this report.

Source: http://worldnews.msnbc.msn.com/_news/2012/01/30/10271475-state-dept-americans-take-refuge-at-cairo-embassy

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How the major stock indexes fared on Monday (AP)

Stocks closed slightly lower and yields for ultra-safe U.S. government debt fell to their lowest level this year as investors around the world waited for Greece to nail down a deal to reduce its crushing debt.

Borrowing costs for European countries with the largest debt burdens shot higher Monday. The two-year interest rate for Portugal's government debt jumped to 21 percent after trading around 14 percent last week.

The Dow Jones industrial average fell 6.74 points, or 0.1 percent, to close at 12,653.72.

The Standard & Poor's 500 index fell 3.32 points, or 0.3 percent, to 1,313.01.

The Nasdaq composite lost 4.61 points, or 0.2 percent, to 2,811.94.

For the year so far:

The Dow is up 436.16 points, or 3.6 percent.

The S&P 500 is up 55.41 points, or 4.4 percent.

The Nasdaq is up 206.79 points, or 7.9 percent.

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/ap/20120130/ap_on_bi_ge/us_wall_street_box

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Monday, January 30, 2012

Fed: US banks tighten lending to Europe banks (AP)

WASHINGTON ? A Federal Reserve survey has found that more than half of U.S. banks that lend to European banks have tightened their standards, a reflection of the persistent European debt crisis.

Of the 26 U.S. banks surveyed that make loans to European banks, five said they had tightened their standards considerably in the October-December quarter. Another 10 said that they had tightened them somewhat in the same period, according to the survey released Monday.

Many economists predict that Europe's debt crisis will push the region into a recession this year. Many European banks are heavily exposed to government debt, making the banks more of a risk.

In the U.S., banks are seeing more small businesses apply for loans, according to the Fed's quarterly survey of loan officers for large banks.

The percentage of banks reporting increased loan demand from companies with annual sales of less than $50 million rose to the highest level since 2005, the survey found.

Economists saw the increase in demand for loans as a good sign for future economic growth because it indicates that more companies are confident and may be looking to hire more and expand.

"Businesses are starting to look to grow and they need loans to do it," said Mark Zandi, chief economist at Moody's Analytics.

Zandi said while loan standards are still tight compared to the period before the financial crisis hit, they have been eased in recent quarters and that is a good sign for future growth as well.

"The credit spigot is slowly opening after having been closed tight during the credit crunch," Zandi said. "That is good because we need credit to flow for this recovery to gain traction."

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20120130/ap_on_bi_ge/us_fed_loan_survey

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Simplicity Prevails in New Mitt Romney TV Ad Attacking Gingrich (ABC News)

Share With Friends: Share on FacebookTweet ThisPost to Google-BuzzSend on GmailPost to Linked-InSubscribe to This Feed | Rss To Twitter | Politics - Top Stories Stories, RSS Feeds and Widgets via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/192666938?client_source=feed&format=rss

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Sunday, January 29, 2012

Video: Exclusive: tensions flare near crucial oil chokepoint

An NBC reporter gains access to a region just a few nautical miles from the Strait of Hormuz, one of the world?s most strategic waterways. NBC?s Ali Arouzi reports.

>>> no place in that part of the world has people more nervous than iran and this growing war of words over that country's nuclear program. it has all focused attention on a vital choke point. 1/5 of the world's oil passes right through the strait of hormuz , right in iran 's backyard en route into the persian gulf . our tehran bureau chief ali arouzi managed to get a first hand look at those troubled waters .

>> reporter: we were given a rare opportunity to get within a few miles of the strait. it's a busy place. not just a daily parade of oil tankers , but fishing boats , cargo ships and countless unmarked iranian speed boats, making clandestined crossings every day with shoes made in china to japanese darst. iran stages war games here threatens to close the strait, shutting off the flow of oil. 17 million barrels a day. the u.s. vowed to keep the straight open. the aircraft carrier " abraham lincoln " recently passed through and is now in the persian gulf . where merchants and politicians are concerned, this is the most significant waterway in the world. it's i here in the persian gulf america and iran 's resolve will be tested if they can't come to some sort of compromise. iranians are worried about war and feeling the bite of economic sanctions. "everything is more expensive, this fish monger says. this man saw the american fifth fleet looking like a floating city and it scared him to death. not everybody is scared. this merchant, a veteran of the iran / iraq war says iran dealt with this kind of pressure before and will do so again. the pressure is going as the strait of hormuz becomes the focus of a dangerous international tug of war . nbc news, the persian gulf .

Source: http://video.msnbc.msn.com/nightly-news/46169906/

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Chevron profit falls as refineries, output suffer (Reuters)

(Reuters) ? Chevron Corp reported lower quarterly earnings on Friday, missing Wall Street forecasts, as rising spending on oil and gas projects and losses at its U.S. refinery business offset gains from higher crude oil prices.

Oil and gas output at the No. 2 U.S. oil company also declined to 2.64 million barrels per day (BPD) from 2.79 million BPD a year-ago, although benchmark oil prices rose about 25 percent during the quarter.

Chevron had said earlier this month its refinery margins were suffering and would be near breakeven for the quarter, but the U.S. losses pulled the entire segment into the red, and the company's profits from oil and gas sales also appeared weaker than expected.

Its shares fell 2.5 percent in early trading.

"It was a miss on some non-controllable factors," said Pavel Molchanov, analyst with Raymond James in Houston, citing the timings of sales and global pricing differences as the likely reason oil and gas profits fell about $500 million below his forecast.

Still, Chevron added 1.67 billion barrels of oil equivalent to its reserves last year, 171 percent of its 2011 output, a very strong performance, Molchanov said.

Chevron is embroiled in two major legal battles in South America, where a Brazilian prosecutor plans to file criminal charges against it and some of its local managers.

The company is facing an $11 billion lawsuit there related to an offshore oil spill in November, and it also remains locked in a legal war against plaintiffs in Ecuador, who won an $18 billion judgment against it in a court there.

PROFIT DIP

Fourth-quarter profit slipped to $5.1 billion, or $2.58 per share, from $5.3 billion, or $2.64 per share, a year earlier.

That fell short of the $2.84 per share that analysts had forecast, according to Thomson Reuters I/B/E/S.

Chevron's warning of weaker earnings on January 11 knocked 17 cents per share off the average analyst estimate.

Among other U.S. oil companies, the quarterly profits from ConocoPhillips and Occidental Petroleum Corp earlier this week topped Wall Street estimates, though Hess Corp fell short.

Exxon Mobil is due to report earnings on Tuesday, Jan 31.

Chevron is spending piles of money on production growth that will not really kick in until 2014. Its 2012 capital budget of $32.7 billion is nearly $5 billion higher than last year.

In the fourth quarter, Chevron's spending on oil and gas projects in the United States nearly doubled from a year ago to $2.0 billion, while outside the U.S. it grew by more than a quarter to $5.1 billion.

Shares of Chevron fell 2.5 percent to $103.94 in early trading on the New York Stock Exchange.

(Reporting by Matt Daily in New York, additional reporting by Braden Reddall in San Francisco, editing by Dave Zimmerman)

Source: http://us.rd.yahoo.com/dailynews/rss/energy/*http%3A//news.yahoo.com/s/nm/20120127/bs_nm/us_chevron

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Saturday, January 28, 2012

Twitter Puts Its DMCA Takedown Requests Up For All To See

twixYesterday's announcement that Twitter would be selectively censoring tweets based on country was not well-received. But part of that announcement was the assurance that the process would at least be transparent. A spoonful of sugar helps the medicine go down. They also mentioned that they were working with Chilling Effects to make notices and orders sent to Twitter publicly available. At the time of the post yesterday, the site wasn't up yet, but you can now browse it at chillingeffects.org/twitter.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/wXmGZFIhovw/

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