Sabtu, 27 Julai 2013

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Egyptian Army gives Islamists deadline as huge rallies loom - Charlotte Observer

Posted: 25 Jul 2013 05:55 PM PDT

CAIRO The Egyptian Army gave supporters of ousted president Mohammed Morsi until Saturday to join the "national ranks" or face an expected crackdown, while potentially huge rival rallies have been called for Friday by the military and Islamists.

"The general commander of the armed forces has given a 48-hour deadline for a backdown and to join the national ranks," the army said in a statement late Thursday, quoted by the state-run Middle East News Agency, without explicitly naming Morsi's Muslim Brotherhood.

In the statement, titled the "last chance," the army said that after the mass rallies called by army chief Abdel-Fattah al-Sissi on Friday, the military would adopt a new strategy against "violence and ... terrorism."

"The armed forces and police will not allow any infringement of national security whatever sacrifices are."

Al-Sissi, who led Morsi's overthrow on July 3, has called on Egyptians to take to the streets to give the army a mandate to crack down on "violence and terrorism."

In Sinai, two army soldiers were killed Thursday in an attack on a border post, the state-run newspaper al-Ahram reported online.

Four other soldiers were wounded in the latest in a series of attacks in the peninsula, which borders Israel and the Gaza Strip. Islamist insurgents are believed to be responsible.

Meanwhile, Hesham Qandil, Morsi's last premier, has proposed a three-phase plan to ease the country's deep crisis.

In a video message released Thursday, he called for freeing key Islamists detained since Morsi's toppling, and allowing an unspecified team to visit the Islamist leader, who is in army custody, to make sure he is in good health.

Qandil, who was named prime minister in August 2012, suggested that sides of the crisis agree on "general principles whose details can be negotiated later."

"Then comes the third phase of this initiative, namely details of the roadmap that should fulfill legitimacy and listen to the people's voice," he said, without elaborating.

A roadmap, announced by the army following Morsi's ouster, envisages amending a controversial constitution drafted by Islamists and holding parliamentary and presidential elections. The Brotherhood and allied Islamists have rejected both the formula and the military-backed government.

Brotherhood chief Mohammed Badie has compared the army's overthrow of Morsi to an attack on Islam's holiest site, calling on supporters of the Islamist group to stage mass rallies Friday against what he called "the bloody military coup."

"I swear by God that what al-Sissi did in Egypt exceeds the enormity of his clutching an axe and destroying the holy Kaaba one stone after the other," Badie said, referring to the holy site in Mecca, where Muslim pilgrims go on hajj.

Badie appeared to appeal to the religious sentiment of Brotherhood supporters in a verbal escalation against the military. He urged al-Sissi to repent or risk "shame in this life and exquisite torture in the hereafter," quoting verses from the Koran, in a message posted on the Brotherhood website.

Badie was last seen in public on July 6. Several arrest warrants have been issued against him on charges of inciting violence. He is believed to be hiding in a mosque in Cairo where Morsi loyalists have been protesting for four weeks.

Morsi's supporters and opponents plan rival mass demonstrations Friday, raising fears of violence. Dozens of people have been killed in clashes since the army removed Morsi after millions protested to demand he step down.

The National Salvation Front, a major anti-Islamist alliance, has called on Egyptians to turn out in large numbers in response to al-Sissi's call.

The bloc said in a statement: "The Brotherhood supporters have gone too far in triggering national divisions and crossed the red line by calling for defections and splits in the army."

The Brotherhood has condemned Morsi's removal as a coup and vowed to continue protesting until he is restored to office.

Tragedy in Hialeah: 7 dead in hostage standoff - MiamiHerald.com

Posted: 27 Jul 2013 07:06 AM PDT

A hostage standoff and shootout left seven people dead Saturday at a Hialeah apartment building as investigators worked to piece together what happened.

The violence started about 6:30 p.m. Friday, when building managers Italo and Samira Pisciotti went to speak with a fourth-floor tenant who lived with his mother, according to police and witnesses. The tenant fired about 15 to 20 shots at the Pisciottis, killing them. Italo was 78, Samira was 68.

The unidentified shooter killed two other men and two other women by the time Hialeah SWAT moved in Saturday morning. Tactical officers stormed the building, shooting the gunman dead as he threatened to kill hostages.

"At the time, the suspect was holding at least two hostages at gunpoint," police spokesman Carl Zogby said.

All seven victims died on the scene at 46th Street and West 16th Avenue. No officers were hurt, Zogby said.

"I saw my mother's dead body," said Shamira Pisciotti, who lives in a unit at the building her parents managed. "She died the moment she was shot, but it looks like my dad was still alive after he was shot."

Pisciotti said her parents had gone to speak with the shooter about a complaint he had filed. "It seems like he was the one who shot my mom and my dad," she said.

Friends and family at the scene identified one of the other victims as Carlos Gavilanez, who they said was 30 years old and married with two children. Gavilanez did not appear to be related to the Pisciottis.

Another resident, Mirian Valdes, 70, said the Pisciottis had previously attempted to evict the tenant and tried to do so again on Friday.

At least one of the victims lived in an apartment across the street from the main scene. Hialeah Sgt. Eddie Rodriguez said that man was walking into his building when the gunman fired at him from a balcony.

The shooter holed himself up in a fifth-floor unit with two hostages. Talks between the gunman and police negotiators broke down about 2 a.m. Saturday, Rodriguez said, which is when SWAT went in.

"We had a shootout, and we rescued both hostages," Rodriguez said.

By mid-morning Saturday, dozens of police from Hialeah and other agencies surrounded the building, looking for clues and interviewing witnesses. Authorities were keeping cars from entering the area while media helicopters flew overhead.

The apartment building houses about 90 families.

Neighbor Claribel Dominguez said she heard the gunshots Friday and couldn't go to bed.

"I haven't slept all night," she said

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Jumaat, 26 Julai 2013

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US stocks narrowly in the black

Posted: 26 Jul 2013 05:24 PM PDT

NEW YORK: US stocks Friday rallied from intraday lows, picking up momentum after a dreary open and ending the day narrowly in the black.

The Dow Jones Industrial Average rose 3.22 (0.02 per cent) to 15,558.83. The Dow sank as low as 15,405.16 earlier in the session.

The broad-based S&P 500 finished 1.40 (0.08 per cent) higher at 1,691.65, while the Nasdaq Composite Index put on 7.97 (0.22 per cent) at 3,613.16.

Analysts said volume was low as is typical for a Friday in late July. The day was fairly light in economic news and corporate earnings results.

Trade once again revealed the "resilience" of equity markets, said David Levy, a portfolio manager at Kenjol Capital Management.

"Buyers are buying the dip," Levy said, calling the dynamic a "very bullish" pattern.

Starbucks surged 7.6 per cent higher after earnings jumped 25 per cent on strong increases in comparable-store sales, including a 9 per cent rise in the US.

Online travel booking company Expedia plummeted 27.4 per cent after earnings of 64 cents per share lagged analyst expectations by 18 cents. Revenues also fell short of estimates.

Online game developer Activision Blizzard shot up 15.0 per cent after announcing a pair of transactions in which the company and an investor group led by the company's chief executive and co-chairman would purchase from Vivendi a total of more than US$8 billion worth of shares. Vivendi will no longer be the majority shareholder following the transactions.

Dow component Boeing dipped 1.0 per cent on news that Qatar Airways reportedly had grounded a 787 Dreamliner aircraft and All Nippon Airways had found minor damage on two emergency beacons on another 787.

Online bookseller Amazon reversed early losses and ended 2.8 per cent higher despite reporting a US$7 million quarterly loss. But revenues met expectations, leaping 22 per cent to US$15.7 billion.

Oil-services giant Halliburton jumped 3.7 per cent after announcing plans to hold a modified "Dutch auction" to repurchase up to US$3.3 billion in shares.

The announcement came as the Justice Department announced Halliburton agreed to plead guilty to destroying evidence related to the Deepwater Horizon oil-spill disaster. Halliburton said it would pay a US$200,000 fine in the settlement. - AFP

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Ariel Castro pleads guilty in Ohio abductions - USA TODAY

Posted: 26 Jul 2013 08:41 AM PDT

Ariel Castro, charged with the abduction of three women in Cleveland, pleaded guilty Friday in a deal with prosecutors that could spare him the death penalty.

The deal called for life in prison without the chance for parole plus 1,000 years. The judge in the case will hand down the final sentence on Aug. 1.

Castro, a former school bus driver who turned 53 earlier this month, pleaded guilty to 937 criminal counts, including kidnapping, rape and aggravated murder.

By accepting a plea deal, the three victims in the case -- Amanda Berry, Gina DeJesus and Michelle Knight -- will not have to testify in court.

Castro appeared in court Friday morning shackled and wearing his orange prison jump suit, a full beard and glasses and looked around the courtroom.

As the hearing got underway, Cuyahoga County Common Pleas Judge Michael Russo asked Castro if he got his glasses and whether they were OK. Castro replied: "Yes it is, your honor, thank you."

The judge asked Castro if he had read the plea agreement, discussed it with his lawyers, were aware of its contents and consented to its terms.

"I am fully aware," he replied.

Asked if he understood that there would be no trial, he answered, "I am aware of it."

He spoke clearly as he answered each of the judge's questions.

"My addiction to pornography and sexual addiction in general has taken a toll on my mind," he told the judge. "I would like to state I was a victim as a child and it just kept going."

When the judge told him he would be classified as a sexually violent predator, he said he understood, but disagreed with the classification that he is violent.

He also said that he told his lawyers when he was arrested that he would fully cooperate with the FBI and "tell them everything."

Castro pleaded guilty to abducting the three young women over an 11-year period, holding them hostage in his home and raping them repeatedly. He had pleaded not guilty at an earlier hearing.

The final decision on sentencing is up to Judge Russo. Judges often follow the terms of a plea deal, but are not bound by it. Trial was set for Aug. 5.

Castro was arrested May 6 after Berry escaped from her room and began shouting at the front door, alerting neighbors. Police then found the other two women inside the rundown, four-bedroom home.

The abductions extended over an 11 years period, beginning with Knight's kidnapping in 2002.

Berry has a 6-year-old daughter who was born inside the rundown, two-story home where she was held. DNA tests showed that Castro is the father.

The two aggravated murder charges stem from a single instance during the fourth pregnancy of Knight, who was the first woman to disappear. One aggravated murder charge alleges premeditation. The second alleges that the murder took place during a kidnapping.

The indictment covers the entire period of captivity, from the Aug. 22, 2002, disappearance of Knight to May 6, when Berry, missing since April 21, 2003, and her child escaped Castro's house and led police to Knight and Gina DeJesus, missing since April 2, 2004.

Weiner's wife Huma Abedin under scrutiny over two jobs - CBS News

Posted: 26 Jul 2013 07:54 AM PDT

Former Rep. Anthony Weiner's wife Huma Abedin -- already under the microscope because of her husband's lewd behavior -- is facing tough questions from a senator concerned about the nature of her employment at the State Department.

Abedin, a longtime aide to former Secretary of State Hillary Clinton, worked for a little under a year as a "special government employee" for the State Department. During that period in 2012, she was also working as a consultant for a private firm called Teneo, giving private investors information about the government.

Sen. Chuck Grassley, R-Iowa, last month sent the State Department a letter inquiring about Abedin's two jobs.

It has been reported that Ms. Abedin earned approximately $135,000 from the State Department while receiving $355,000 in consulting income for representing outside clients, as she remained a Federal employee and a trusted advisor to Secretary Clinton," Grassley wrote. "This raises important questions about whether her dual role was adequately disclosed to government officials who may have provided her information without realizing that she was being paid by private investors to gather information."

Grassley asked the State Department and Abedin to respond to 17 questions, as well as a request for all documents relating to communications between the State Department and Teneo, or clients represented by Teneo. The State Department and Abedin responded, giving the specific dates of her employment and confirming that she read State Department ethics guidelines before becoming a "special government employee." They also explained that Abedin, as a State Department employee, "advised" Clinton and supervised the operations of her travel and schedule.

Nevertheless, Grassley said in a statement Friday that neither the State Department nor Abedin has handed over any of the documents he requested.

"The purpose of my inquiry is to shed light on whether the program is being used as intended, not just by Ms. Abedin, but more broadly, as well," he said. "The State Department and Ms. Abedin should be willing to show the documents involved in administering the program to demonstrate good stewardship of tax dollars and the public interest... Putting up a stone wall raises a lot more questions about how the program is being used than it answers."

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Khamis, 25 Julai 2013

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AIA upbeats with its value of new business

Posted: 25 Jul 2013 07:06 PM PDT

HONG KONG: AIA Group Ltd, the world's fourth-largest insurer by market capitalisation, reported on Friday a forecast-beating 26 per cent increase in its value of new business in the first half of the year, buoyed by growth across its markets in Asia.

Value of new business (VONB) measures the projected profits from new policies. The growth in that metric, which chief executive Mark Tucker has focused on as an indicator of the company's success, was particularly strong in Malaysia at 69 per cent higher than the same period last year. That represents the group's successful integration of ING's former business in the country, bought by AIA in October last year.

AIA also managed a 27 per cent increase in new business growth in China at a time when the economy is slowing, a result that the company attributed to improvement in its product mix and an increase in the number of active sales agents on the mainland.

VONB rose to US$645 million from US$512 million a year earlier, the Hong Kong-based company said. That beat predictions of 21 per cent growth, according to the average estimate of three analysts polled by Thomson Reuters. VONB margins fell one percentage point to 41.6 per cent.

Shares of AIA rose almost two per cent in early trade before erasing gains to trade down 0.5 per cent. The benchmark Hang Seng Index was 0.2 per cent lower.

AIA's shares have risen 18 per cent in the year to date, outperforming those of local peers like PICC, Ping An Group and China Life, which have fallen, data from Thomson Reuters StarMine shows.-- Reuters

FBM KLCI declines in early trade

Posted: 25 Jul 2013 06:40 PM PDT

Malaysia's benchmark stock index dropped in early trade, dragged by losses in the country's second largest lender CIMB Group Holdings Bhd and consumer products-to-property conglomerate PPB Group Bhd.

The index, which was down 0.1 per cent at 1,805.82 points at 9.06am in Kuala Lumpur, underperformed MSCI's broadest index of Asia Pacific shares outside Japan that rose 0.5 per cent, while it outperformed Tokyo's Nikkei share average that fell 1.6 per cent.

Shares of both CIMB and PBB dropped about 0.7 per cent.

"A mixture of cautious mood and profit-taking activity could cap our Malaysian bourse performance for the time being," HwangDBS Vickers Research said in a research note to clients on Friday.

"On the chart, the benchmark FBM KLCI will probably move sideways with a marginal downward bias ahead. Its key support line is presently seen at the psychological mark of 1,800."

HwangDBS said investors would watch Encorp Bhd after the property developer announced it had won a contract for RM114 million to construct a business centre in Selangor, the country's richest state.

Encorp shares were up 2.7 per cent at 96 sen at 9.09am.-- Reuters

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80 dead after train derails, splits apart in Spain - Fortune

Posted: 25 Jul 2013 08:25 AM PDT

STORY HIGHLIGHTS
  • NEW: Death toll rises to 80, local official confirms, with scores more people injured
  • At least five Americans reported injured; train driver is being questioned
  • Crash may be linked to train going too fast, transport minister tells radio station
  • Witness: "The train was broken in half. ... It was quite shocking"

Are you there? Send us your photos, videos.

Santiago de Compostela, Spain (CNN) -- The train races into view, and in the space of a heartbeat, the cars derail and crash into a wall of concrete, flipping onto their sides and skidding along the track with terrifying speed and force.

Security footage shows the horror of the moment an express train derailed as it hurtled around a curve in northwestern Spain on Wednesday, killing at least 80 people, a spokeswoman for the Spanish government in the Galicia region said.

Flames burst out of one train car as another car was snapped in half after the crash. Rescue crews and fellow passengers pulled bodies through broken windows and pried open doors as stunned survivors looked on.

Investigations into the cause of the crash continue, but suggestions that the train was traveling too fast appear to be gaining weight.

The train driver is being questioned by police and is under formal investigation, said Maria Pardo Rios, a spokeswoman for the Galicia regional supreme court. "He is not being charged by a judge at the moment -- it is all at a police level," she said.

A car from an express train that crashed is lifted Thursday, July 25, at Angrois near Santiago de Compostela, Spain. The train derailed as it hurtled around a curve Wednesday, July 24, killing at least 80 and injuring more than 175, as of Thursday morning, officials said.A car from an express train that crashed is lifted Thursday, July 25, at Angrois near Santiago de Compostela, Spain. The train derailed as it hurtled around a curve Wednesday, July 24, killing at least 80 and injuring more than 175, as of Thursday morning, officials said.
Deadly train crash in Spain
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Ninety-five of the 178 injured are still hospitalized, the local government's official Twitter account said. Thirty-two adults and four children are in critical condition.

At least 73 people died at the scene and the others at the hospital, Rios said. In Spain, judges typically record deaths that take place outside of hospitals.

Judicial teams are still at the crash site and expect to find more bodies, she told CNN on Thursday morning.

At least five Americans were injured in the crash, a U.S. State Department official said Thursday. The U.S. Embassy in Madrid is trying to determine the exact number. "At this time, we have not received any reports of U.S. citizen deaths," the official said.

Interim charge d'affaires Luis G. Moreno at the embassy said it was in touch "with families of some injured American citizens."

"We are deeply shocked by the news of last night's train crash in Galicia. Our hearts and prayers are with the friends and families of the victims," he said.

UK Foreign Secretary William Hague said one British citizen was injured.

The crash came on the eve of a public holiday held to mark the region's saint's day. Local officials canceled festivities planned for Wednesday night and Thursday across Galicia.

Train's speed questioned

The state railway, Renfe, said the train crashed on a curve several kilometers from the train station in the city of Santiago de Compostela, a popular tourist destination.

The train was nearing the end of a six-hour trip from Madrid to the town of Ferrol in northwest Spain when it derailed at 8:41 p.m. Wednesday, the railway said.

It was unclear how fast the train was traveling when it crashed. It was capable of going up to 250 kilometers per hour (155 mph), said Julio Hermida, a spokesman for the state railway.

The driver, who suffered minor injuries, told police he had entered the bend too fast, TVE reported.

Rafael Catala, secretary of state for transport and housing, told Spanish radio network Cadena SER that the "tragedy appears to be linked to the train going too fast," but that the reasons for that are not yet known.

Spanish news agency Efe and national daily El Pais cited sources within the investigation as saying that the driver had said the train was going at about 190 kilometers per hour, and that the limit on that curve was 80 kilometers per hour (50 mph.)

The president of Renfe, Julio Gomez-Pomar, told radio station COPE on Thursday that the train had undergone a routine inspection that same morning.

"The train did not have an operating problem," he said. "The maintenance and control record of the train was perfect."

Mourning declared

Alberto Nunez Feijoo, head of the regional government in Galicia, declared seven days of mourning in the region for victims of the tragedy.

Spanish Prime Minister Mariano Rajoy viewed the scene of devastation Thursday morning and visited some of the hospitalized crash victims.

Rajoy, who is from the area, told a news conference there was a "huge challenge" ahead, not least in identifying all those killed and informing their families, and he praised the response of everyone who has helped after the crash.

Two investigations are under way, he said, adding, "We want to establish what happened."

Rajoy declared three days of national mourning to honor the victims of the crash.

The prime minister came under fire in Spanish media after a condolences message for the train crash victims posted by his office late Wednesday included a paragraph apparently "copied and pasted" from a statement previously sent to victims of an earthquake in Gansu, China.

''I would like to express my deepest condolences for the loss of human lives and the material damage from the earthquake that has occurred in Gansu has caused," the note said.

Spain's King Juan Carlos and Queen Sofia are to visit Santiago de Compostela later Thursday.

The royal family has canceled all events scheduled for the day out of respect for the day of mourning, the royal household told CNN.

Thunderous bang

A passenger who got off at the last stop before the train derailed told the broadcaster it was packed with people at the time.

Residents who lived near the tracks told the Voz de Galicia newspaper that they heard a thunderous bang when the train crashed. Many of them rushed to the area with blankets and bottled water for the injured, the newspaper reported.

"The train had broken in half. Some pieces were on top, some pieces were on the bottom," said Ivette Rubiera Cabrera of Florida, who caught a glimpse of the wreckage while on a family vacation in Spain and sent photos to CNN's iReport.

"It was quite shocking," she said. "We had never seen anything like that. We had just been on the train last week."

Oscar Mateos told the El Pais newspaper that he saw fellow passengers thrown to the floor, then tossed from one side of the train to the other.

"Help came in five minutes, but that time became an eternity," he said. "I helped people get out with broken legs and many bruises."

Alen Perez, 16, said he had been walking nearby and saw passengers helping each other out of the train.

Emergency vehicles swarmed the scene. There were several bodies on the ground, he said.

Photos he took of the crash site showed mangled pieces of a train car and black smoke billowing out of the wreckage.

Crash investigation

Investigators are looking at all possible causes of the crash, a senior aide to the prime minister said Wednesday. An initial assessment indicated it probably wasn't an act of terrorism.

Are you there and safe? Tell us what's happening

Renfe's spokesman said he did not know how many crew members were aboard the train when it crashed. Normally, there would be at least five crew members on a train like that, he said.

Officials appealed for blood donations just after the crash but on Thursday said the short-term needs were met.

Herman Van Rompuy, president of the European Council, expressed condolences from the European Union.

Pope Francis, currently on a visit to Brazil for World Youth Day, sent a telegram to the bishop of Santiago de Compostela, Julian Barrio Barrio, offering his support and prayers for all those affected by the tragedy.

King Juan Carlos earlier said the accident had saddened the country and the international community. He sent a message to the victims and their families conveying "the deepest love and all the solidarity from the Royal Family, and from the whole nation."

CNN's Al Goodman reported from Santiago de Compostela and Laura Perez Maestro from Galicia. CNN's Laura Smith-Spark wrote in London. CNN's Catherine E. Shoichet, Elwyn Lopez, Patrick Sung, Eric Marrapodi, Jill Dougherty, Nelson Quinones, Marysabel Huston-Crespo, Mariano Castillo, and David Valenzuela contributed to this report.

Hedge fund SAC Capital indicted - USA TODAY

Posted: 25 Jul 2013 08:19 AM PDT

NEW YORK — SAC Capital Advisors, one of Wall Street's largest and most profitable hedge funds, has been indicted on criminal charges for its role in insider trading offenses committed over a decade by many of its employees.

Though SAC Capital billionaire founder and head Steven Cohen was not charged individually, the indictment charged his Connecticut-based hedge fund and three of its affiliates with wire fraud and four counts of securities fraud — allegations that could cripple the nationally known fund.

Richard Lee, an SAC portfolio manager responsible for directing a $1.25 billion "special situations fund," pleaded guilty to insider trading charges Tuesday in the years-long SAC Capital investigation, the Manhattan U.S. Attorney's office said as prosecutors unsealed his plea.

The charges represent the hardest yet in a series of major legal blows for Cohen, who runs the fund and uses it as an investment and trading vehicle for his personal fortune.

The 41-page indictment charged that the insider trading scheme "was substantial, pervasive and on a scale without known precedent in the hedge fund industry."

Documents: Indictment and related documents

The alleged scheme was run through numerous portfolio managers and research analysts "who engaged in a pattern of obtaining inside information from dozens of publicly traded companies across multiple industry sectors," the indictment charged. The company allegedly:

• Sought to hire portfolio managers and analysts "with proven access to public company contacts likely to possess inside information."

• Gave portfolio managers financial incentives to give Cohen recommendations about "high conviction" trading ideas in which they had an "edge" over other investors. But the managers weren't "questioned when making trading recommendations that appeared to be based on inside information," the indictment charged.

• Failed to use effective compliance procedures or practices to prevent portfolio managers and analysts from engaging in insider trading.

"The relentless pursuit of an information 'edge' fostered a business culture within SAC in which there was no meaningful commitment to ensure that such 'edge' came from legitimate research and not inside information," the indictment charged. "The predictable and forseeable result ... was systematic insider trading ... resulting in hundreds of millions of dollars of illegal profits and avoided losses at the expense of members of the investing public."

Manhattan U.S. Attorney Preet Bharara scheduled a 1 p.m. news conference to discuss the case.

An SAC Capital spokesman did not immediately respond to messages seeking comment on the charges. But the company has said the company and Cohen had done nothing wrong.

The indictment could speed a recent outflow of investors from SAC Capital, though the company earlier this week sent employees a notice that it planned to continue normal operations. Until recent months, the fund held an estimated $15 billion.

Stuart Slotnick, a New York City defense lawyer who's not involved in the case, said "there's a great likelihood they (SAC Capital) will continue to lose investors" as a result of the government action.

"But don't forget, there are billions of dollars of (Cohen's) personal money in the fund," said Slotnick. "And what may result, at least in the short term, is that the business turns into a family fund, a family business that has employees, has a corporate structure and continues."

The widely anticipated criminal charges come after SAC Capital and CR Intrinsic, another Cohen affiliate, earlier this year agreed to pay the Securities and Exchange Commission a record $615 million in penalties to resolve civil insider trading charges against the firms.

Additionally, the SEC on July 19 filed civil administrative charges against Cohen himself, alleging that he "failed reasonably to supervise" two senior portfolio managers who themselves have been been hit with insider trading charges and are awaiting trial.

The civil case fell short of accusing Cohen, a hedge fund giant and one of the nation's richest people, with similar insider trading allegations. But an SEC victory could bar him from handling investor funds, a penalty that could force him to shut down portfolios that until recently investor withdrawals totaled more than $15 billion.

In the civil case, the SEC alleged that Cohen received "highly suspicious" non-public information in 2008 from top financial lieutenants Mathew Martoma and Michael Steinberg, who have pleaded not guilty in their cases. The allegations involved stock trading in pharmaceutical firms Elan and Wyeth, as well as in computer giant Dell.

Instead of heeding his supervisory responsibility to investigate, the SEC charged that Cohen "ignored red flags" and allowed trading on the information to proceed, thereby earning profits and avoiding losses totaling more than $275 million.

Disputing the charges, attorneys for Cohen have said he "had every reason to believe" that one of the portfolio managers relied only on public information and that the hedge fund founder didn't read a crucial email sent by the other manager.

"Steven Cohen did nothing wrong, and any fair review of the evidence will show that the SEC's charges are unfounded," his lawyers said.

The civil case against Cohen is scheduled to begin with an Aug. 26 hearing before SEC Chief Administrative Law Judge Brenda Murray.

John Coffee, a Columbia University law school professor expert in securities law last week said it's relatively rare for the SEC to bring such a case as an administrative proceeding, rather than in federal court.

The move potentially gives the SEC "home court advantage," said Coffee, because the rules of evidence are somewhat less strict than in federal court and could enable the agency to introduce more hearsay evidence.

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Rabu, 24 Julai 2013

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Pressure builds on Weiner to quit NYC mayor's race - USA TODAY

Posted: 24 Jul 2013 08:16 AM PDT

The pressure is increasing on former congressman Anthony Weiner to drop out of the New York City mayor's race after his acknowledgment of another round of lewd online exchanges with women.

Weiner held a news conference Tuesday admitting that he continued to engage in inappropriate online chats even after he was forced to resign from Congress in 2011 because he had sent graphic messages — including lewd photos of himself — to women via Twitter.

But, with his wife by his side, Weiner said the bad behavior was behind him and he intends to stay in the mayor's race. Ten days ago, polls showed him narrowly leading the race for the Democratic nomination over City Council Speaker Christine Quinn.

After his press conference, major New York newspapers called for Weiner to quit the race.

The New York Times wrote in an editorial, "The serially evasive Mr. Weiner should take his marital troubles and personal compulsions out of the public eye, away from cameras, off the Web and out of the race for mayor of New York City."

The Wall Street Journalsaid Weiner "ought to drop out of the New York City mayor's race simply because of what he's forced his wife to endure. Watching the elegant Huma Abedin stand next to her man Tuesday as he explained his latest sexually charged online exchanges was painful for a normal human being to watch. Mr. Weiner is not a normal human being."

STORY: Huma Abedin defends her husband

The New York Daily News added in its own editorial, "He is not fit to lead America's premier city. Lacking the dignity and discipline that New York deserves in a mayor, Weiner must recognize that his demons have no place in City Hall."

"Weiner must also see that, having built his campaign on deception, he has badly damaged the process of selecting the city's next chief executive," the Daily News said.

Weiner has certainly changed the subject. A Tuesday mayoral forum after Weiner's press conference received scant media coverage.

Public advocate Bill DeBlasio, a Democratic mayoral candidate who trails in the race, started a petition drive on his website Wednesday morning to get Weiner to drop out. The online petition proclaims "the sideshows of this election have gotten in the way of the debate we should be having." DeBlasio trailed Quinn and Weiner by double digits in recent polling.

Weiner's revelations also created a social media frenzy. The pseudonym "Carlos Danger" -- which Weiner allegedly used to communicate with one of the women -- became a top trending topic on Twitter, with more than 52,000 mentions from more than 37,000 Twitter users by Wednesday morning.

Contributing: Martha T. Moore

Follow @singernews on Twitter.

Prince William, Kate and baby depart Kensington Palace for the Middletons' home - CBS News

Posted: 24 Jul 2013 08:02 AM PDT

After leaving the hospital, spending his first night at home with mom and dad and getting a few notable visitors, the Prince of Cambridge is on the road again.

Prince William and Kate departed Kensington Palace on Wednesday with their newborn son in tow, taking him to spend time with his maternal grandparents.

49 Photos

Britain's royal baby arrives

The Duke and Duchess of Cambridge and the baby left the palace in a Range Rover, bound for the home of Kate's parents Michael and Carole Middleton in the English village of Bucklebury, west of London.

William is taking two weeks' paternity leave from his job as a Royal Air Force search-and-rescue helicopter pilot, and palace officials said he and Kate would now spend "private and quiet time for them to get to know their son."

Earlier Wednesday, Queen Elizabeth II met her new great-grandson for the first time. The 87-year-old monarch made a short trip from Buckingham Palace by chauffeur-driven Bentley and spent about half an hour visiting the two-day-old Prince of Cambridge. The baby is her third great-grandchild and the third in line to the British throne.

Prince Philip, who is recovering at Windsor Castle after exploratory abdominal surgery last month, did not accompany the queen.

Palace officials said Prince Harry has also been to see his new nephew, and the BBC reports that Kate's sister, Pippa Middleton, has met the baby as well.

William's father, Prince Charles, and Camilla, Duchess of Cornwall, have also visited the baby, whose name hasn't been revealed yet. "We're still working on a name," William told reporters Tuesday as he and Kate took the baby home from St. Mary's Hospital, promising to let the world know "as soon as we can."

That could be anything from a few hours to several weeks -- the queen did not announce Charles' name until a month after his birth in 1948.

Bookmaker William Hill has George -- the name of six previous British kings -- as the favorite at 2-1 odds, with James at 4-1.

Images of the prince, his little hand peeking above a white crocheted wrap, blanketed the front pages of British newspapers Wednesday. The Daily Mail offered a photo album image with the headline "Baby's first royal wave."

The prince slept through his debut public appearance -- though William assured the media he had "a good pair of lungs on him."

As well as selecting a name -- or more likely four names -- William and Kate will soon choose a photographer for the baby's first official portrait.

Ingrid Seward, editor-in-chief of Majesty magazine, said the couple would probably choose someone "eminent and hopefully British." William's baby portrait was taken by society photographer Lord Snowdon, the former husband of the queen's sister Princess Margaret.

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Dow creeps to record high

Posted: 23 Jul 2013 04:37 PM PDT

NEW YORK: US stocks closed mixed on Tuesday, with the Dow creeping up to close at a new record high after mixed company results, while Apple dragged the Nasdaq lower.

The Dow Jones Industrial Average gained 22.19 points (0.14 percent) at 15,567.74, scoring a new all-time high. The prior record was set last Thursday at 15,465.91.

The broad-based S&P 500 gave up 3.14 points (0.19 percent) at 1,692.39, while the tech-rich Nasdaq Composite Index slid 21.11 points (0.59 percent) to 3,579.27.

Apple shed 1.7 percent ahead of its earnings, due after the market closed.

"US stocks ended the day mixed, as the unexpected contraction in regional manufacturing activity and the plethora of divergent earnings reports left traders on the fence," Charles Schwab & Company said in a market note.

Several leading companies, including Dow components DuPont, United Technologies and Travelers, reported profits that exceeded analyst expectations.

Yet revenues lagged forecasts at both DuPont and United Technologies, as well as at a number of smaller companies.

Chemical and biosciences giant DuPont edged down 0.1 percent after earnings came in one cent above expectations at $1.28 per share.

The company said it was exploring a possible sale of its performance chemicals division.

United Technologies, which works in the building and aerospace sectors, gained almost 3.0 percent after earnings exceeded expectations by 14 cents at US$1.71 per share.

But Travelers retreated 3.8 percent despite easily topping expectations with US$2.13 per share instead of the forecasted $1.61.

Some analysts said earnings were inflated by one-time items and pointed to a drop in book value per share due to the impact of increased interest rates on some investments.

Netflix tumbled 4.5 percent despite a fivefold increase in profits. Investors fretted that the company's subscriber base is growing more slowly than in the past.

Networking technology firm Cisco Systems, a Dow component, gave up 0.6 percent after announcing a US$2.7 billion acquisition of cybersecurity firm Sourcefire, pricing the smaller firm at US$76 per share. Sourcefire shares soared 27.8 percent to US$75.49.

Coffee retailer Starbucks dropped nearly 2.0 percent after announcing a tie-up with Danone to develop specialty Greek yogurt products to be sold initially only in the US market. -- AFP

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