Jumaat, 28 Jun 2013

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US stocks close mostly lower

Posted: 28 Jun 2013 05:05 PM PDT

NEW YORK CITY: US stocks closed mostly lower Friday after a three-day rally, with shares of BlackBerry hammered as the struggling phone maker reported a surprise quarterly loss.

The Dow Jones Industrial Average tumbled 114.89 points (0.76 percent) at 14,909.60.

The broad-based S&P 500 lost 6.92 points (0.43 percent) at 1,606.28, while the tech-rich Nasdaq Composite Index inched up 1.38 (0.04 percent) to 3,403.25.

"US equity markets finished mixed, concluding the best first half performance in the Dow since 1999, as traders grappled with a plethora of disappointing corporate earnings releases and a larger-than-anticipated decline in regional manufacturing activity," Charles Schwab & Co. said in a market note.

The muddled close followed a three-day rally as worries eased that the Federal Reserve could move to tighten monetary policy sooner than had been expected.

In a coordinated effort, several Fed officials over the past two days stressed in speeches and briefings that markets had over-reacted to last week's Fed announcement that it could begin tapering its stimulus program later this year.

BlackBerry maker Research in Motion shares took a heavy hit, plunging falling 27.8 percent to $10.46 after turning in a surprise $84 million loss for the quarter to June 1, despite a pickup in revenues from the launch of the company's new smartphone.

Nike raced 2.2 percent higher after earnings beat estimates.

Shares of Biogen Idec, which makes drug therapies, jumped 3.1 percent, helped by an upgrade to buy from Citigroup.

Management consultant and outsourcing specialist Accenture lost 10.3 percent after reporting lower-than expected revenues in its fiscal third quarter and cutting its revenue outlook for 2013.

Dow members IBM and Cisco Systems fell, by 2.3 percent and 1.2 percent, respectively.

Pfizer fell 0.6 percent after announcing a US$10 billion share buyback program. -- AFP

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Issa's panel votes to bring Lerner back to Hill - Politico

Posted: 28 Jun 2013 08:54 AM PDT

The House Oversight and Government Reform Committee voted 22-17 on Friday that embattled IRS official Lois Lerner waived her Fifth Amendment rights during a hearing last month on the agency's tea party targeting scandal.

The party-line vote paves the way for the committee to bring Lerner back to Congress and force her to answer questions from lawmakers.

The resolution before the committee said that by reading an opening statement proclaiming her innocence at the outset of a May 22 hearing, Lerner — who led the IRS division that allegedly singled out tea party groups applying for a tax exemption — relinquished her constitutional right to avoid self-incrimination.

(PHOTOS: 8 key players in IRS scandal story)

"I believe Lois Lerner waived her Fifth Amendment protection," House Oversight Committee Chairman Darrell Issa (R-Calif.) said before the committee vote. "She made four specific denials. Those denials are at the core of the committee's investigation into this matter."

The committee hasn't yet scheduled a date to recall Lerner.

Oversight Republican staff told POLITICO they're open to pitches from Lerner's lawyer about how she might want to testify, including the idea of granting her partial immunity that would allow her to answer questions without fear that her testimony could be used against her in court.

Lerner's lawyer didn't immediately respond to a request for comment.

(PHOTOS: 10 slams on the IRS)

If Lerner refuses to testify, the House could ultimately hold her in contempt. The new IRS leader, Daniel Werfel, asked Lerner to resign after her appearance before Issa's committee. When she refused, he placed her on administrative leave.

Democrats denied that Lerner waived her rights and criticized Issa for deciding that a congressional committee has authority to strip constitutional privileges from a U.S. citizen.

"I agree that she has information that is relevant to the Committee's investigation," said Maryland Rep. Elijah Cummings, the panel's top Democrat. "But we must respect the constitutional rights of every witness who comes before the committee."

(PHOTOS: IRS hearing on Capitol Hill)

The panel rejected an amendment from Del. Eleanor Homes Norton (D-D.C.) that would have instructed the committee to hold a hearing on the legal matter in question and recall Lerner's attorney to hear his side of the dispute.

Issa dismissed calls for an additional hearing, repeatedly reminding Democrats that 37 delays have lapsed since Lerner first appeared before the panel and that he consulted the House counsel for advice on the matter.

Eyewitness describes Trayvon Martin's fatal struggle to Florida jury - Reuters

Posted: 28 Jun 2013 08:51 AM PDT

Jonathan Good, a neighbor who witnessed part of the confrontation between George Zimmerman and Trayvon Martin testifies in the George Zimmerman murder trial for 2012 shooting death of Trayvon Martin in Seminole circuit court in Sanford, Florida, June 28, 2013. REUTERS/Joe Burbank/Pool

SANFORD, Florida | Fri Jun 28, 2013 11:48am EDT

(Reuters) - A witness in the murder trial of neighborhood watchman George Zimmerman testified on Friday that he saw Trayvon Martin on top of Zimmerman during a struggle that led to the unarmed black teenager's shooting death in a central Florida gated community last year.

But Jonathan Good, a former resident at the townhouse complex, told the jury in Seminole County criminal court that he never saw Martin slam Zimmerman's head into the concrete sidewalk, undermining a key element in Zimmerman's defense.

"I did not see that," Good told the court under questioning by a state prosecutor about the racially charged case that triggered civil rights protests and debates about the treatment of black Americans in the U.S. justice system.

Police did not arrest Zimmerman, who is white and Hispanic, for 44 days. Zimmerman does not deny killing Martin but he says he did so in self-defense after he was attacked and Martin smashed his head repeatedly into the sidewalk.

Good was the fourth former neighbor who partially witnessed the death of Martin on February 26 last year to testify in the trial. Each has given slightly different accounts, but Good is the first to state that Martin was on top during the struggle.

Zimmerman, 29, was a neighborhood watch volunteer in the Retreat at Twin Lakes community in Sanford at the time of the killing. He has pleaded not guilty to second-degree murder and could face life imprisonment if convicted.

Martin, 17, was a student at a Miami-area high school and a guest of one of the homeowners. He was returning after buying snacks at a convenience store when he was shot in the chest during a confrontation with Zimmerman.

Several former Twin Lakes residents have testified for the prosecution that they heard and caught glimpses of the fight between Zimmerman and Martin, and heard cries for help, on a dark and rainy night near a walkway between units in the community of townhomes.

Good said he was watching TV with his wife when he heard a noise outside and saw two people wrestling on the ground, with "a lighter-skinned man" on the bottom. He identified the other man, Martin, by his race and clothing.

Good initially told police the person on top was pummeling the other in mixed martial arts style, but backed off that, saying the person on top was straddling the other man, but his arms might have been holding the other down rather than punching.

Asked by state prosecutor Bernie de la Rionda if he saw the "person on top" grabbing the head of the lighter skinned man and slamming it into the concrete, Good replied "No."

In opening statements, defense attorney Don West told the court "Trayvon Martin armed himself with the concrete sidewalk and used it to smash George Zimmerman's head ... That is a deadly weapon."

Under cross-examination Good was asked why he had clarified his initial description about blows being struck. "That's what it looked like," Good said. But because it was dark outside, Good said "I can't 100 percent confirm that that was happening."

Good also said that he was not sure who made the cries for help that several neighbors have described, although he said "the yelling sounded like it was coming from the person on the bottom."

Three residents have told the court that they saw someone who appeared to be Zimmerman on top during the incident.

Even though several were close enough to hear the struggle, the prosecution has highlighted the fact that none of them heard a crude death threat that Zimmerman says Martin made moments before he shot him.

Prosecutors say Zimmerman profiled Martin, suspecting him of being up to no good, and killed him in an act of vigilante justice. The defense says Zimmerman was doing his job as part of the neighborhood watch and simply trying to investigate something that he perceived as suspicious.

The prosecution faces a tall order to win a conviction for second-degree murder, and under Florida law must convince all six jurors that Zimmerman acted with "ill will" or "hatred" and "an indifference to human life."

Under Florida's Stand Your Ground law, which was approved in 2005 and has since been copied by about 30 other states, people fearing for their lives can use deadly force without having to retreat from a confrontation, even when it is possible.

(Writing by David Adams; Editing by Grant McCool)

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