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Tue Feb 21, 2012 6:00pm EST

WASHINGTON Feb 21 (Reuters) – The U.S. futures
regulator on Tuesday again delayed a vote on a long-awaited rule
that would impose tougher rules on the swaps market by defining
who will be a designated swap dealer, making it clearer which
energy companies, banks and other firms will have to set aside
more funds to cover their deals.

The U.S. Commodity Futures Trading Commission had been
scheduled to vote on Thursday on regulations that would define a
“swap dealer” and “major swap participant,” subjecting them to
costly and onerous regulations.

It is the latest in a series of delays on these
controversial definitions that the CFTC is jointly working on
with the Securities and Exchange Commission.

“The SEC pulled it for a variety of reasons. I think there
is still some questions among the commissioners,” said a CFTC
official.

“It wasn’t a dispute between us and them so it’s a ‘them’
issue. They let us know this weekend.”

The new regulations could be a shock to commodity firms that
will now have to set aside capital and margin requirements on
some of their transactions as swap dealer and major swap
participants.

Commodity companies such as Shell, BP and Vitol contend that
while they may trade billions of dollars a year in swaps, their
trades are done to shield themselves from market risk such as
changes in commodity prices or fluctuations in currency. As a
result, they should not be subjected to the new regulations.

The rules are part of the new regulatory framework being put
in place to boost oversight for the previously opaque $700
trillion over-the-counter derivatives market required under the
2010 Dodd-Frank law. The CFTC is months behind in implementing
many of the rules, and has so finalized about 25 regulations.

© 2011 REUTERS (www.reuters.com)

Fixed/Mobile Convergence, Broadband Convergence, network transformation, interworking are terminologies frequently used by the telecommunication industry. The purpose of this Broadband Forum marketing document is to shed light on this highly popular topic.

Fixed/Mobile Convergence, Broadband Convergence, network transformation, interworking are
terminologies frequently used by the telecommunication industry.

MR-235 covers several areas including:

• What is Fixed Mobil Convergence from the Broadband Forum perspective?

• Industry trends and business opportunities when introducing Fixed/Mobile Convergence?

• Why are open-standards essential when building a profitable and sustainable converged
network?

• What role does the Broadband Forum play in Fixed/Mobile Convergence?

• What steps to take from present dedicated separate fixed and mobile networks towards
convergence?

• The role 3GPP – BBF interworking plays towards achieving Fixed/Mobile Convergence

• Connectivity relation between fixed and mobile architectures

The Broadband Forum (BBF) works towards aligning the telecom industry by defining the interworking requirements between 3GPP Evolved Packet Core architecture and the Broadband
Forum architecture. This work addresses the industry trend called Fixed/Mobile Convergence.

The main convergence aspects addressed in this document are:

• Converged business and services

• Converged network and infrastructure

• Converged user management and terminals

While the technical work is developed in parallel in the BBF Technical Committee and in 3GPP, MR-235 highlights industry trends and business opportunities driving Fixed/Mobile Convergence.

This document presents several technical evolution steps that can be taken from
the present non-converged fixed and mobile networks towards a Fixed/Mobile Converged
network.

It also provides an overview of the standardization organizations active in defining the open-standards that are an essential component to build a profitable and sustainable converged network, enabling feature rich, interoperable solutions and smooth deployment of novel customer services.

© 2011 AMEINFO (www.ameinfo.com)

Spurred by the U.S. Labor Department’s effort to force plan administrators and investment companies to disclose the cost of 401(k) retirement plans, companies are looking to reduce fees and offer new investing choices, Anne Tergesen reports on Markets Hub. Photo: AP.

The rules governing America’s most popular retirement vehicle are about to change, and that could mean huge savings for millions of workers building nest eggs for the future.

Spurred by the U.S. Labor Department’s effort to force plan administrators and investment companies to disclose the cost of 401(k) retirement plans, companies are looking to reduce fees and offer new investing choices.

Under current rules, it is difficult—if not impossible—for many 401(k) participants to determine how much they are paying in fees. The fees, which vary by type and size, aren’t typically disclosed in annual statements to investors. Because of the extended time frame involved in retirement accounts, a small percentage change in an annual fee can make a big difference in the investment performance.

Analysts and companies in the industry say the increased disclosure will allow companies to negotiate better deals and employees to request more cost-efficient plans. Already, the prospect “is putting downward pressure on fees,” said Lori Lucas, leader of consulting firm Callan Associates Inc.’s defined-contribution practice.

The Labor Department had hoped to roll out the rules by Jan. 31. A department spokesman said it would likely happen within a few weeks.

Fidelity Investments, ING U.S., Manulife Financial Corp.’s John Hancock unit and BlackRock Inc. in the past few years have rolled out low-cost index mutual funds alongside their higher-fee actively managed funds.

Spurred by the U.S. Labor Department’s effort to force plan administrators and investment companies to disclose the cost of 401(k) retirement plans, companies are looking to reduce fees and offer new investing choices, Anne Tergesen reports on Markets Hub. Photo: AP.

On Jan. 10, Charles Schwab Corp. introduced a new 401(k) product consisting only of inexpensive index funds.

Employers, for their part, are shopping around their retirement-plan business more aggressively. Fidelity Vice President Beth McHugh said the firm is seeing companies “doing more due diligence to make sure they’re comparing what they have with what’s available out there in the marketplace.”

Kevin Crain, head of Bank of America Merrill Lynch’s institutional retirement business, said his firm had a record number of requests for proposals in 2011.

401(k) plans have grown in prominence since an Internal Revenue Service regulation in the early 1980s allowed workers to contribute their own money to the accounts on a tax-deferred basis. By 1990, 401(k) plans had about $900 billion in assets; by 2011, the figure had swelled to $4.3 trillion.

Yet until now the industry has been opaque, critics say. The new disclosure rules are “going to give employers more control and leverage to negotiate lower fees,” said Pamela Hess, director of retirement research at Aon Hewitt, a human-resources consulting company.

The Labor Department’s long-awaited rules will require that mutual-fund firms and other 401(k) administrators disclose to employers details about the fees they are charging to run the plans. Administrators, in turn, will have to disclose the costs to the workers investing in the plans.

The deadline for the disclosures to employers is expected to be April 1, though that could be pushed back, say industry experts. And 60 days after that disclosure, employers would have to provide detailed information to participants about fees, expenses and investment performance.

Some companies have taken steps to improve disclosure.

Putnam Investments has been producing a full breakdown of administrative and investment fees since 2010. Lincoln Trust Co. of Denver has developed what it calls a “personalized expense ratio” so participants can see the cost easily, said Tom Gonnella, Lincoln’s senior vice president of corporate development.

M.A. Mortenson Co., a Minneapolis construction company, is preparing to send employees in its 401(k) plan a special mailing and also include fee disclosure in their regular account statements and annual statements, said Annette Grabow, manager of retirement benefits for the firm’s several thousand employees.

Experts said the increased focus on fees should benefit workers. “The fee disclosure regulations may very well turn out to be the most important change in the history of the 401(k) plan,” said Mike Alfred, chief executive of retirement-plan research firm BrightScope Inc., in San Diego. Workers enrolled in plans “are likely to win big,” he said.

Savings of as little as 0.5% a year of assets could make a big impact on workers’ nest eggs. Over a 30-year career, an extra 0.5% annual fee can slash a worker’s savings at the time of retirement by 10%, according to Vanguard. A worker who saved $10,000 a year in a fund with expenses of 1% would wind up with $829,000, $91,000 less than a worker paying 0.5%.

The prospect of increased scrutiny on fees is prompting employers to change their investment lineups to offer more low-fee funds. In a survey last November of 600 employers, 67% had tweaked their investment lineup, compared with about 10% in most years, said David Wray, president of the Plan Sponsor Council of America in Chicago.

Index funds appear to be the most popular choice. Among the 401(k) plan sponsors that made changes to their investment lineups in 2011, the vast majority increased the proportion of passive funds on the menu, according to a recent report published by Callan Associates.

Write to Kelly Greene at kelly.greene@wsj.com and Anne Tergesen at anne.tergesen@wsj.com

© 2011 Wall Street Journal (www.wsj.com)
Published by: United States Environmental Protection Agence (EPA) (yosemite.epa.gov)

Like many workers, Ivelisse Rivera, a physician at Community Health Center, Middletown, Conn., feels stressed-out by mounting workloads. And she didn’t expect to get much help during her employer’s annual staff meeting last November—just the usual speeches on medical issues.

Instead, she got a big dose of something new: Happiness coaching. Keynote speaker Shawn Achor—a former Harvard University researcher and former co-teacher of one of the university’s most popular courses, Positive Psychology—extolled 90 listening employees to shake off dark moods at work by practicing such happiness-inducing techniques as meditation or expressing gratitude.

To her surprise, Dr. Rivera says, she drove home filled with thoughts about cheering up; “if I assume a negative attitude and complain all the time, whoever is working with me is going to feel the same way.”

Happiness coaching is seeping into the workplace. A growing number of employers, including UBS, American Express, KPMG and the law firm Goodwin Procter, have hired trainers who draw on psychological research, ancient religious traditions or both to inspire workers to take a more positive attitude—or at least a neutral one. Happiness-at-work coaching is the theme of a crop of new business books and a growing number of MBA-school courses.

[workfam]

Victor Juhasz

Critics say that pushing positive thinking is just a way for companies to improve morale while they continue to burden employees with the threat of layoffs and an ever-increasing workload. Barbara Ehrenreich’s recent book, “Bright-sided,” blames “positive thinking” for enabling people to avoid confronting a wide range of serious problems in the economy and workplace.

Still, there’s no doubt that workers could use a little cheering up. Employee satisfaction has hit the lowest level in the 22-year history of the Conference Board’s annual survey on the topic. Only 45% of U.S. workers are satisfied with their jobs, down from 52% in 2005 and 61% in 1987, says this 5,000-household study. Mr. Achor describes one employee audience he encountered at a big banking concern as “ashen-faced and anxious.”

Research shows that employees’ positive attitudes can be good for business, too. A 2004 study of 60 business teams in the journal American Behavioral Scientist found teams with buoyant moods who encouraged each earned higher profit and better customer-satisfaction ratings. A 2001 study at the University of Michigan says people who are experiencing joy or contentment are able to think more broadly and creatively, accepting a wider variety of possible actions, than people with negative emotions. And a 2005 research survey in the Psychological Bulletin shows happier people miss work less often and receive more positive evaluations from bosses.

Of courses, coaches have long tried to instill proactive skills to help clients extract career or personal success from tough situations. What’s different now is the emphasis on inner happiness, and controlling your own mood in the face of turbulence or misfortune.

Indeed, the happiness coaches go beyond traditional positive-thinking approaches, taking new tacks that tend to ring true with workers. Some examples: Write e-mails to your co-workers every day thanking them for something they have done. Meditate daily to clear your mind. Do something for somebody without expecting anything in return. Write in a journal about things you are thankful for; look for traits you admire in people and compliment them. Focus on the process of your work, which you can control, rather than outcomes, which you can’t. And don’t immediately label events good or bad, but remain open to potentially positive outcomes of even the most seemingly negative events.

Mr. Achor bases his training on a burgeoning body of research on the positive psychology movement, which emphasizes instilling resiliency and positive attitudes over analyzing mental illness and dysfunction. Srikumar Rao, a Long Island University emeritus professor whose training courses in workplaces and business schools have earned him the nickname “the happiness guru”, draws on tenets common to such religious traditions as Hinduism, Sufism, Buddhism, Christianity and Judaism.

People who use the principles say they work. Greg Johnson, a Charlotte, N.C., corporate real-estate executive, says Dr. Rao’s training helps him avoid rushing to negative conclusions about daily events. Amid staff changes or reorganizations, he has taught himself to think, “Good thing, bad thing? The reality is, I don’t know” how the change will turn out in the long term. That mindset helps him remain open to the possibility that seemingly negative events can produce positive outcomes in the long term, he says.

Andrew Potter, chief executive of National Car Parks, London, says a tenet he learned from Dr. Rao to focus on work processes, rather than outcomes you can’t control, helped him manage his company’s recent bid for a big contract. His employees felt intense pressure to wrest the contract away from a competitor. But instead of “talking to the team about how great it would be if we win it,” Mr. Potter says, he asked them, “What more should we be doing” to prepare?”

His company didn’t win the contract, but “We had 20 minutes of grumbling,” then everyone bounced back, he says. When the next bidding opportunity rolled around, “we walked in with confidence and we won it.” Dr. Rao’s training is “very, very practical in the fiercest corporate battle,” he says; he plans to enroll several of his executives.

In Marshall Goldsmith’s new book, “Mojo”, the respected executive coach emphasizes finding “a positive spirit toward what we are doing now, that starts from the inside,” he says. Many companies are trying “to increase employee satisfaction by asking themselves, ‘What can we do to make the employee’s job more meaningful? How can we make employees happier?”‘ Dr. Goldsmith says. “My approach is quite different, in having employees ask themselves, ‘What can I do to make my work more meaningful? What can I do to make myself happier?”‘

To help employees keep tabs on their inner attitudes, Dr. Goldsmith will start offering free software for iPhones and BlackBerries on his Web site next month.

—E-mail sue.shellenbarger@wsj.com.

© 2011 Wall Street Journal (www.wsj.com)


QUITO |
Mon Feb 20, 2012 2:35pm EST

QUITO (Reuters) – A court in Ecuador has rejected an order by arbitrators that an $18 billion pollution ruling against Chevron should be frozen, but the judges referred an appeal by the U.S. oil company to the country’s Supreme Court.

A year after the landmark decision against Chevron, a panel working for The Hague’s Permanent Court of Arbitration told Ecuador last week to take all necessary measures to suspend enforcement of the award at home and abroad.

But in a ruling made public on Monday, the court that has been considering the case in the remote Amazon jungle region of Sucumbios said Ecuador should not comply with that order.

“A simple arbitral award … cannot force judges to infringe the human rights of our citizens,” said the court, adding that abiding by the panel’s order would be unconstitutional and would lead to the breach of international human rights conventions.

The court said it had accepted an appeal filed by Chevron, however, and referred it to the Supreme Court in the clearest sign yet that the litigation, which has already run nearly 20 years, could drag on for more years.

The plaintiffs say The Hague panel’s ruling will not affect their plans to collect on the $18 billion award in other countries where Chevron has assets.

“We intend to do everything in our power to ensure Chevron’s management team meets the company’s legal obligations and pays the full amount of the judgment,” said Pablo Fajardo, the lead lawyer for the plaintiffs.

CASE WATCHED CLOSELY

California-based Chevron inherited the case with its 2001 takeover of Texaco, which had left Ecuador nine years earlier.

The plaintiffs accused Texaco of causing illnesses in the local population by dumping drilling waste in unlined pits. They launched their case in 1993 in New York, before it was moved to the court in the town of Lago Agrio nearly a decade later.

Chevron denies the accusations. It says Texaco did not pollute the jungle, and that it properly cleaned up all the pits for which it was responsible. The case is being watched closely by the oil industry for precedents that could influence other claims by states accusing multinational companies of pollution.

Activists portray the long legal battle as a fight for justice, but Chevron says the proceedings have been driven more by opportunism and greedy lawyers. The saga has spawned lots of accusations of dirty tricks and bribery.

“In light of fraud that overtook the Lago Agrio litigation, and the decision rendered … by an international arbitration tribunal precluding enforcement, no court in the world that respects the rule of law will recognize this illegitimate judgment,” Chevron spokesman James Craig told Reuters.

Working under rules set by the U.N. Commission on International Trade Law, the panel must decide whether it has jurisdiction in the case and could also consider whether Ecuador violated an investment treaty with the United States, given Chevron’s allegations that it did not receive a fair trial.

Arbitration could then take years, if the last Chevron dispute with Ecuador is any guide. It took four years for the panel to order Ecuador to pay Chevron $96 million in connection with claims made in its courts in the 1990s.

(Editing by Daniel Wallis)

© 2011 REUTERS (www.reuters.com)

On the occasion of its 60th anniversary and driven by the continuous quest towards supporting existing industries, Nuqul Group’s Perfect Printing Press “PPP” has recently inaugurated the latest project which involves the addition of the “Manroland 706″ six color printing machine supported by the development of the physical infrastructure at the total investment of JD2.1m in the presence of key stakeholders marking a milestone in the company’s production portfolio.

The event gathered customers and highlighted Nuqul Group’s “Growing Together” journey through a video that was followed by two presentations about safety regulations at PPP and the company’s overall development and achievements since its establishment.

The General Manager of PPP, Firas Awad commented: “In line with our mission to serve our partners with utmost professionalism by deploying the latest technological advancements, the management at Perfect Printing Press has taken this important decision and we are eager to start the implementation to expand on our export market reaching new customers in Jordan and the region.

This new addition mirrors our commitment to continuously advance in our services and we promise all stakeholders new pioneering standards.

This launch followed the installment of R706 LV which was commissioned during the last quarter of 2011 and is the latest one joining the fleet of ROLAND 700 HiPrint in the Levant region.

This all round machine in format is considered the benchmark in the commercial and packaging printing industry and covers all aspects of value added printing.

The Manroland 706 is characterized by effective productivity, flexibility and high standard quality and caters to meet the needs of printers boosting production efficiency and product value.

© 2011 AMEINFO (www.ameinfo.com)

More details are emerging about actress Priyanka Chopra’s much-lauded move into music, about which she has been tight-lipped since announcing last year that she’d been signed to an international label.

After rumours of a collaboration with Jay Sean were put to rest, Times of India is now reporting that Chopra will work with top DJ David Guetta and has already recorded a track with dance music producers Swedish House Mafia.

The paper reports that actress’s management brought her together with Swedish House Mafia (SHM) while she was in Los Angeles.

A source told the Times: "Priyanka has provided the vocals on the track. Now that a major chunk of the album is over, she has to sit down with her producers and decide which ones will make it to the final cut. It’s an interesting coming together of two genres. SHM were quite open to listening to PC’s ideas and letting her be involved in the production process."

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© 2011 Gulf News (www.gulfnews.com)


Mon Feb 20, 2012 9:03pm EST

The Times

BIDDERS NARROWED DOWN FOR EDINBURGH AIRPORT

A shortlist of bidders was drawn up on Monday for the 500
million pounds ($793 million) auction of Edinburgh airport and
some have been told already that they are through to the next
round, having submitted indicative offers last week.

INVESTIGATION FORCES INSURER ‘TO THE BRINK’

The embattled insurer CPP was fighting for its life
on Monday after the UK financial regulator ordered it to review
past sales for potential misselling claims.

The Telegraph

EURO ZONE LEADERS AT ODDS OVER GREEK DEAL

European powers were struggling on Monday to reach a deal on
a Greek rescue as politicians doggedly refused to either lower
Athens’ debt targets or to boost the 130 billion euros ($172
billion) bailout fund.

LLOYDS CHIEF UNDER PRESSURE OVER SIGNING-ON FEE

Antonio Horta-Osorio, Lloyds Banking Group’s chief
executive, has come under pressure to hand back part of his
signing-on award.

The Guardian

IRAN THREATENS TO EXTEND OIL EMBARGO

Iran has warned it may extend an oil embargo imposed on
Britain and France to other European countries, and launched a
military exercise to strengthen key nuclear sites against air
strikes as a team of UN inspectors arrived in the country.

The Independent

LLOYDS TO CUT BONUSES FOR ALL STAFF

The bonus pot for all of Lloyds Banking Group’s
106,000 staff is to be cut this year due to the payment
protection insurance (PPI) insurance mis-selling scandal, the
company said on Monday.

MISYS SHARES ROCKET AMID TAKEOVER TALK

The long-lost contested takeover bid resurfaced yesterday in
the form of a 1.2 billion pound play for the software outfit
Misys.

© 2011 REUTERS (www.reuters.com)

Umm Al Quwain: As officials work to raise a sunken oil tanker off the UAE shores, a new 34-foot vessel was launched on Wednesday to help protect the marine environment from oil spills and red tide algae blooms.

Dr Rashid Ahmad Bin Fahd, Minister of Environment and Water visited Umm Al Quwain Marine Club yesterday to commission the new ministry vessel which was purchased with all of the technological bells and whistles for Dh500,000 He was joined by ministry Undersecretary Dr Mariam Sanasi.

The minister also boarded a UAE Coast Guard vessel to explore first hand the site of the sunken oil tanker White Whale which is still lying 25 metres below the surface about 35 kilometres offshore since its sinking in October.

A recent four-day exercise to raise the White Whale from the depths was abandoned due to gale force winds earlier this week. The bid to salvage the ship and the 1,000 tonnes of diesel fuel in her holds will continue when stable weather returns to the Gulf.

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© 2011 Gulf News (www.gulfnews.com)