SIA in talks to sell off Virgin Atlantic stake

SINGAPORE: Singapore Airlines said on Monday it was in talks with "interested parties" on a possible sale of its 49 per cent stake in Virgin Atlantic as media reports listed US carrier Delta Air Lines as a possible buyer.

"Singapore Airlines wishes to announce that it is in discussions with interested parties concerning the possible divestment of its 49 per cent shareholding in Virgin Atlantic Limited," the carrier said in a statement.

"These discussions may or may not result in a transaction," it added without naming any of the parties involved in the talks.

Virgin Atlantic was founded by British transport mogul Richard Branson in 1984, with the flamboyant entrepreneur owning a majority 51 per cent stake in the airline.

Britain's Sunday Times newspaper identified Delta as one of the interested parties and reported that the US carrier had approached SIA directly over the stake, which SIA had paid 600 million pounds for in 1999.

If the sale goes through, Delta's European partner, Air France-KLM, may then buy part of Branson's 51 per cent stake which would see him losing control for the first time of the airline he founded, the report added.

Delta was not immediately available for comment.

- AFP/xq

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FDI in retail to safeguard international market mafias' interest: BJP

ANI Dec 1, 2012, 03.28PM IST

NEW DELHI: India's main opposition Bharatiya Janata Party (BJP) today said retail reform is a step taken by the Congress led-federal government to safeguard the interests of the international market mafias at the cost of national interest.

BJP vice president Mukhtar Abbas Naqvi said on Saturday that voting inside the parliament would decide as to who is in favour of national interest and who is working for international interests.

"The government feels that their responsibility is to safeguard the interest of international market mafias instead of national interest and for saving the interest of international market mafias, the government is ready to compromise with national interests. Now, the parliament will decide as to who is in support of international market mafias and who are supporting national interests," said Naqvi.

The government's decision to allow foreign supermarket chains such as Wal-Mart had triggered protest not only from opposition parties but also from some of its allies.

BJP had sought debate on the issue of allowing Foreign Direct Investment (FDI) in the retail sector, under the rule that entails voting after discussions.

Meanwhile, Minister in the Prime Minister Office (PMO), V Narayanaswamy said the government would answer all the queries raised by the opposition parties in the parliament and will explain the benefits of allowing FDI in retail sector.

The lower house of parliament has set December 04 and 05 as the date to vote and debate on FDI. The dates for the upper house are yet to be decided.

Narayanaswamy said the government is confident of becoming victorious in the debate.

Read More..

Photos: Kilauea Lava Reaches the Sea

• 
  
  
  
  
  
  
  

  Into the Sea

  Photograph by Hugh Gentry, Reuters

  A spectacular natural phenomenon was on display early this week as lava from a vent in Hawaii's Kilauea volcano flowed into the ocean, sending up plumes of steam as it made contact with the waves.

  Though lava can still be viewed from Kalapana near the Big Island's Hawai'i Volcanoes National Park, ocean entry is no longer occurring, according to the National Park Service.

  Published November 30, 2012

  
  











• 
  
  
  
  
  
  
  

  Sea of Fire

  
  Photograph by Hugh Gentry, Reuters
  

  The lava traveled 7 miles (11 kilometers) from Kilauea’s Pu'u O'o vent to the ocean. When lava reaches the water, it cools and hardens, forming a lava delta that can be dangerous to nearby onlookers, according to Reuters.

  The news service reported that no communities on the Big Island were threatened by the lava flow.

  Published November 30, 2012

  
  











• 
  
  
  
  
  
  
  

  Volcanic Flare

  
  Photograph by Hugh Gentry, Reuters
  

  A burst of volcanic activity erupts from Kilauea’s crater in Hawai’i Volcanoes National Park on November 27.

  The volcano has been erupting continuously for nearly 30 years. No major damage has been suffered by a town since 1986, according to Reuters.

  Published November 30, 2012

  
  











• 
  
  
  
  
  
  
  

  Fiery Encounter

  Photograph by Hugh Gentry, Reuters

  “Ocean entries are beautiful but dangerous,” said Janet Babb, spokeswoman for the U.S. Geological Survey's Hawaiian Volcano Observatory, in a statement reported by Reuters. She warned that the steam could be more hazardous than it appears.

  Published November 30, 2012

  
  











• 
  
  
  
  
  
  
  

  Point of Contact

  
  Photograph by Matt Northam, My Shot
  

  A plume of smoke billows where lava from Kilauea meets the sea in this aerial photo taken November 27.

  Published November 30, 2012

  
  











• 
  
  
  
  
  
  
  

  Photograph by Peter Vancoillie, Your Shot

  Published November 30, 2012

  
  

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Boehner on Fiscal Cliff Talks: 'You Can't Be Serious'

President Obama and his White House team appear to have drawn a line in the sand in talks with House Republicans on the "fiscal cliff."

Tax rates on the wealthy are going up, the only question is how much?

"Those rates are going to have to go up," Treasury Secretary Tim Geithner flatly stated on ABC's "This Week." "There's no responsible way we can govern this country at a time of enormous threat, and risk, and challenge ... with those low rates in place for future generations."

But the president's plan, which Geithner delivered last week, has left the two sides far apart.

In recounting his response today on "Fox News Sunday," House Speaker John Boehner said: "I was flabbergasted. I looked at him and said, 'You can't be serious.'

"The president's idea of negotiation is: Roll over and do what I ask," Boehner added.

The president has never asked for so much additional tax revenue. He wants another $1.6 trillion over the next 10 years, including returning the tax rate on income above $250,000 a year to 39.6 percent.

TOBY JORRIN/AFP/Getty Images

Obama Balances Fiscal Cliff, Defense Department Appointment Watch Video

Boehner is offering half that, $800 billion.

In exchange, the president suggests $600 billion in cuts to Medicare and other programs. House Republicans say that is not enough, but they have not publicly listed what they would cut.

Geithner said the ball is now in the Republicans' court, and the White House is seemingly content to sit and wait for Republicans to come around.

"They have to come to us and tell us what they think they need. What we can't do is to keep guessing," he said.

The president is also calling for more stimulus spending totaling $200 billion for unemployment benefits, training, and infrastructure projects.

"All of this stimulus spending would literally be more than the spending cuts that he was willing to put on the table," Boehner said.

Boehner also voiced some derision over the president's proposal to strip Congress of power over the country's debt level, and whether it should be raised.

"Congress is not going to give up this power," he said. "It's the only way to leverage the political process to produce more change than what it would if left alone."

The so-called fiscal cliff, a mixture of automatic tax increases and spending cuts, is triggered on Jan. 1 if Congress and the White House do not come up with a deficit-cutting deal first.

The tax increases would cost the average family between $2,000 and $2,400 a year, which, coupled with the $500 billion in spending cuts, will most likely put the country back into recession, economists say.

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DIA sending hundreds more spies overseas

The Pentagon will send hundreds of additional spies overseas as part of an ambitious plan to assemble an espionage network that rivals the CIA in size, U.S. officials said.

The project is aimed at transforming the Defense Intelligence Agency, which has been dominated for the past decade by the demands of two wars, into a spy service focused on emerging threats and more closely aligned with the CIA and elite military commando units.

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Big plans to make comeback in post-crisis Dubai

DUBAI: Dubai is back in the business of unveiling mega projects, three years after a severe financial crisis crippled its booming property sector, but doubts still linger over finance and feasibility.

Just as the economy in the glitzy city-state begins to look promising, despite a large debt burden dating back to the years when growth appeared endless, Dubai has once again set its sights on building superlatives.

"We do not anticipate the future. We build it," Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, architect of its meteoric rise into a regional tourism and services hub, boasted last week as he unveiled plans to build a "city" carrying his name.

Among the attractions of the new mega plan is a mall touted to be the largest in the world, not far from what is already the world's largest shopping and entertainment destination, the Dubai Mall.

Mohammed bin Rashid City will sprawl over a large swathe of the emirate's desert and have gardens 30 per cent larger than London's Hyde Park, in addition to 100 hotels, and a Universal Studios theme park.

No price tag was attached to the project which is to be developed by the ruler's Dubai Holding conglomerate and Emaar, which built Burj Khalifa, the world's tallest tower.

This week, Dubai also announced a 10 billion dirham (US$2.7 billion) leisure centre and theme parks.

Dubai appears keen to capitalise on its growing tourism sector which it said is expanding 13 per cent a year, with hotel occupancy rate hitting 82 per cent last year.

Sheikh Mohammed said the emirate must stay ahead of expanding demand and match its ambitions.

"The current facilities available in Dubai need to be scaled up in line with the future ambitions for the city," he said, highlighting a constant rise in tourism and the business of hosting forums and exhibitions.

"A large part of these projects are linked to expanding Dubai's capacity in core sectors with comparative advantage, such as tourism, which is positive," said Monica Malik, chief economist at EFG-Hermes investment bank in Dubai.

But the source of funding for such grandiose projects remains vague.

"We do have our own resources and way to finance... We are sure that these projects will be achieved," the Arabian Business online magazine quoted Hani al-Hamli, Dubai Economic Council secretary general, as saying.

Beyond general assurances, Dubai continues to deal with the burden of maturing debt, after it racked US$113 billion in borrowings during years of extensive investments, with US$9.8 billion reportedly coming due next year and US$3 billion in 2014.

"Banks remain wary about lending to real estate developments at a time when they still have to make major provisions against non-performing real estate loans from the last development boom," said real estate consultancy firm Jones Lang LaSalle in a statement on Thursday.

However, "the fact that these projects have long-term time lines is positive as they can be developed alongside demand, both domestically and internationally, so as not to build overcapacity," Malik told AFP.

"The funding of these plans is important and should be matched with revenue growth potential," she added.

Dubai's economy contracted 2.4 per cent in 2009 when it rattled global markets over its debt crisis before receiving a US$10-billion bailout from Abu Dhabi, its oil-rich partner in the Emirates, and reaching restructuring deals with lenders.

The economy has since made a comeback, growing 2.8 per cent in 2010, 3.4 per cent in 2011, and 4.1 per cent on an annual basis in the first half of this year, as tourism, trade and transport keep expanding.

But real estate -- a main engine of rapid growth before the crisis -- lags behind other sectors, with growth of just 1.5 per cent in the first six months of 2012.

The sector crashed in 2009 as the global crisis dried up finance and investors walked away from planned projects, many of which were eventually put on hold or cancelled.

"Encouragingly, there are indications that some of the lessons of the last real estate crisis have been learned," said Jones Lang LaSalle.

"The most important of these is the need to adopt a long-term and coordinated approach, rather than developing too much real estate too quickly."

- AFP/xq

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FDI in retail to safeguard international market mafias' interest: BJP

NEW DELHI: India's main opposition Bharatiya Janata Party (BJP) today said retail reform is a step taken by the Congress led-federal government to safeguard the interests of the international market mafias at the cost of national interest.

BJP vice president Mukhtar Abbas Naqvi said on Saturday that voting inside the parliament would decide as to who is in favour of national interest and who is working for international interests.

"The government feels that their responsibility is to safeguard the interest of international market mafias instead of national interest and for saving the interest of international market mafias, the government is ready to compromise with national interests. Now, the parliament will decide as to who is in support of international market mafias and who are supporting national interests," said Naqvi.

The government's decision to allow foreign supermarket chains such as Wal-Mart had triggered protest not only from opposition parties but also from some of its allies.

BJP had sought debate on the issue of allowing Foreign Direct Investment (FDI) in the retail sector, under the rule that entails voting after discussions.

Meanwhile, Minister in the Prime Minister Office (PMO), V Narayanaswamy said the government would answer all the queries raised by the opposition parties in the parliament and will explain the benefits of allowing FDI in retail sector.

The lower house of parliament has set December 04 and 05 as the date to vote and debate on FDI. The dates for the upper house are yet to be decided.

Narayanaswamy said the government is confident of becoming victorious in the debate.

Read More..

Photos: Kilauea Lava Reaches the Sea

• 
  
  
  
  
  
  
  

  Into the Sea

  Photograph by Hugh Gentry, Reuters

  A spectacular natural phenomenon was on display early this week as lava from a vent in Hawaii's Kilauea volcano flowed into the ocean, sending up plumes of steam as it made contact with the waves.

  Though lava can still be viewed from Kalapana near the Big Island's Hawai'i Volcanoes National Park, ocean entry is no longer occurring, according to the National Park Service.

  Published November 30, 2012

  
  











• 
  
  
  
  
  
  
  

  Sea of Fire

  
  Photograph by Hugh Gentry, Reuters
  

  The lava traveled 7 miles (11 kilometers) from Kilauea’s Pu'u O'o vent to the ocean. When lava reaches the water, it cools and hardens, forming a lava delta that can be dangerous to nearby onlookers, according to Reuters.

  The news service reported that no communities on the Big Island were threatened by the lava flow.

  Published November 30, 2012

  
  











• 
  
  
  
  
  
  
  

  Volcanic Flare

  
  Photograph by Hugh Gentry, Reuters
  

  A burst of volcanic activity erupts from Kilauea’s crater in Hawai’i Volcanoes National Park on November 27.

  The volcano has been erupting continuously for nearly 30 years. No major damage has been suffered by a town since 1986, according to Reuters.

  Published November 30, 2012

  
  











• 
  
  
  
  
  
  
  

  Fiery Encounter

  Photograph by Hugh Gentry, Reuters

  “Ocean entries are beautiful but dangerous,” said Janet Babb, spokeswoman for the U.S. Geological Survey's Hawaiian Volcano Observatory, in a statement reported by Reuters. She warned that the steam could be more hazardous than it appears.

  Published November 30, 2012

  
  











• 
  
  
  
  
  
  
  

  Point of Contact

  
  Photograph by Matt Northam, My Shot
  

  A plume of smoke billows where lava from Kilauea meets the sea in this aerial photo taken November 27.

  Published November 30, 2012

  
  











• 
  
  
  
  
  
  
  

  Photograph by Peter Vancoillie, Your Shot

  Published November 30, 2012

  
  

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Wikileaks Case: Guards Deny Intimidating Manning

(Brendan Smialkowski/AFP/Getty Images)

Bradley Manning’s former guards testified today that they did not intimidate the man accused of leaking hundreds of thousands of classified cables to the anti-secrets website Wikileaks during  a Jan. 18, 2011 incident that resulted in Manning being placed on a temporary suicide risk watch.

Manning’s attorneys cite the event as a key reason why his pre-trial confinement at the Marine brig in Quantico, Va., was unlawful and warrants the dismissal of the charges against him.

Manning faces life imprisonment on charges that he leaked the classified military and diplomatic cables to Wikileaks.  Details of those charges will come at a trial scheduled for February and are not being discussed at this week’s hearing, which is focused on his nine-month confinement at Quantico from July 2010 to April 2011.

On Jan. 18, 2011 Manning was being moved to his daily “recreation call” in a room at the brig when he experienced an apparent anxiety attack.  Manning said Thursday the guards escorting him seemed to have an aggressive attitude that made him feel nervous and ultimately feel faint.

Manning testified Thursday that he “lost my demeanor” during a later discussion with brig officials about the incident that led them to place him on temporary suicide risk watch.

Former Marine guards Lance Corporal Joshua Tankersly and Lance Corporal Jonathan Cline testified today that Manning had been moving around while his hand and leg restraints were placed on him for the escort to the exercise room.  They said they reminded Manning that he should respond properly to their orders by referring to their ranks when he answered them.

When Manning entered the recreation room they described a situation in which Manning fell backwards and landed on his backside.

They then said that when out of his leg restraints Manning ran to a weightlifting machine, hid behind it and began to cry.  Both Cline and Tankersly said they could not explain Manning’s behavior.  Both guards were ordered to leave the room and were replaced by two other guards who escorted Manning back to his cell.

Cline said he was puzzled when a supervisor later told him “we intimidated him or something like that.”

Each guard said he could not recall if they sounded harsh when they talked to Manning on the way to the exercise room.

They both said that aside from the January incident, Manning was courteous and professional in his interactions with them.  Both described him as an average prisoner, though Tankersly acknowledged that Manning was a high profile detainee who had the attention of high-ranking officials at the base.

“It’s hard to put ‘average’ on such a high profile, when you have higher ups on base come and check through to that see all was OK,” Tankersly said.

Gunnery Sgt. William Fuller, one of the senior officers at the brig, also testified today about his participation in a Classification and Assessment board that routinely assessed whether Manning’s Maximum Custody and Prevention of Injury status should be downgraded. The board never reduced Manning’s status during his stay.

Fuller acknowledged that before the January incident he and another brig official had considered a downgrade because Manning was “doing pretty good.”

He said the Jan. 18incident “kind of reset things … we had to keep him on Prevention of Injury.”

Fuller also cited Manning’s quiet interactions with him as a reason for keeping Manning on that status.

According to Fuller “he wouldn’t communicate … it seemed like he didn’t really want to talk” and that concerned him, given training he had received that being withdrawn could be an indicator of suicidal behavior.

Fuller admitted that the conversations were really just quick interactions to see how Manning was doing..  When asked to provide examples of longer exchanges he had with other prisoners, Fuller provided brief sentences.  That led David Coombs, Manning’s defense attorney to say sarcastically, “so if he’d thrown in more words then he would have classified as a Chatty Patty?”

Manning’s attorneys claim that a protest on Jan. 17 by Manning supporters, at the entrance to the base, may have motivated an aggressive attitude towards the detainee.

Cline recalled other guards “were annoyed” by the protest” because it would close parts of the base and hinder or interrupt how they got home.”  But Tankersly said the protest had no impact on Manning’s treatment.

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Sen. Ayotte offers GOP an influential new voice

The three Republican senators emerged grim-faced from a basement meeting room in the Capitol on Tuesday and took turns before a bank of televisions cameras, blasting away at the Obama administration for its handling of the deadly attack on an American outpost in Benghazi, Libya.

The first two were prominent national security heavyweights, Arizona’s John McCain and Lindsey O. Graham of South Carolina. Then the third senator, Kelly Ayotte of New Hampshire, stepped forward. A freshman in her second year and ranked 99th in seniority, Ayotte said she had not been swayed by the administration’s efforts to explain how and why U.N. Ambassador Susan Rice had initially suggested the attack was the result of a spontaneous street protest, instead of a coordinated terrorist attack.

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