Watershed meeting for Bank of Japan this week after Abe's win

TOKYO (Reuters) - Japan's central bank gets its first chance this week to respond to the challenge laid down by Shinzo Abe following his party's landslide victory in a general election on Sunday. Investors are already betting it will flinch.

The Bank of Japan is due to hold its regular monthly policy meeting on December 19-20, giving investors and policymakers outside Japan their first glimpse into how the bank intends to stand up to Abe's campaign pledge to push it into more radical economic stimulus measures, including a big increase in the kind of money-printing tactics already being employed by the U.S. Federal Reserve.

The bank's response could influence global financial markets next year, potentially adding the world's third-largest economy to the growing number of nations experimenting with a policy akin to printing money to revive growth and ease government debt. It will also signal how much independence the central bank can retain under the new government.

Abe, who is due to be confirmed as Japan's next premier on December 26 after his Liberal Democratic Party and an ally won a two-thirds majority in the lower house of parliament, applied fresh pressure on the BOJ on Monday.

"It was very rare for monetary policy to be the focus of attention in an election, but there was strong public support to our view," he told his first post-election news conference. "I hope the Bank of Japan takes this into account (at its policy meeting this week)."

He said he hoped the bank would boost its stimulus efforts this week and double its inflation target to 2 percent as early as in January.

Abe also unveiled a plan to revive a top economic panel, eliminated in 2009 by the outgoing government, where the premier can meet regularly with the central bank governor to debate the feasibility of the bank's policies.

"Once my government is created, I'd like to instruct cabinet ministers to work with the BOJ in crafting a joint statement setting 2 percent inflation as a target," he said.

Fourteen of 19 economists polled by Reuters last week said they expected the BOJ to ease again this week, most likely by increasing its 91-trillion-yen ($1 trillion) asset buying and lending program by up to 10 trillion yen.

The prospect of those additional yen pouring into the economy has helped drive the Japanese currency down almost 7 percent since September.

"The fact that the LDP secured a two-thirds majority gives them a strong mandate and will lead to significant policy changes," said Ian Stannard, head of European currency strategy at Morgan Stanley.

NOT ENOUGH

BOJ officials, however, say privately that they fear even an expansion of that size may prove too modest to stave off the heightening political pressure.

Abe campaigned on calls for bolder monetary policy to end Japan's 15 years of deflation and anemic growth, advocating "unlimited" easing to achieve 2 percent inflation, double the bank's current goal, and boost public-works outlays.

Analysts say Abe may also pressure the BOJ to help finance such outlays by boosting its purchases of government bonds.

To preserve the bank's independence, the BOJ is contemplating meeting the demands half-way, according to sources familiar with the central bank's thinking.

The sources said the BOJ may opt for one or two of the following options but not all: agreeing to Abe's higher inflation target, expanding the type of assets the bank buys, investing in a fund to buy foreign bonds that would help weaken the yen, or buying even more government bonds.

"The Bank of Japan is expected to boost bond purchases this week. I wonder whether it will do anything further, as doing too much now would give the impression it is looking at politics alone in guiding monetary policy," said Koichi Haji, chief economist at NLI Research Institute in Tokyo.

Some BOJ officials, particularly those close to its conservative governor, Masaaki Shirakawa, want to delay any action until January when there is more clarity on the new government's policies and when the central bank conducts a quarterly review of its long-term growth projections.

But that may be too costly with business sentiment already slumping and companies delaying capital spending on weak global demand, adding to evidence that any rebound from recession early next year will be minor, analysts say.

"Aside from whether there's political pressure or not, the economy is in bad shape. That's good enough reason for the BOJ to ease this week," said Masamichi Adachi, senior economist at JPMorgan Securities in Tokyo.

Shirakawa's caution may also be overwhelmed by central bank bureaucrats more eager to try new steps, particularly with his five-year tenure expected to expire in April next year.

NEW VENUE FOR DIALOGUE?

The BOJ frets about a possible market backlash. Abe's policy of spending heavily and relying on the central bank for funding could give markets the impression Japan -- already saddled with public debt double the size of its economy -- is losing control of its finances and unleash a bond sell-off, it argues.

Such concern, however, has been ignored by politicians accustomed to leaning on the BOJ for quick stimulus.

Abe revealed a plan to hold regular dialogue with the BOJ governor by resurrecting the Council on Economic and Fiscal Policy, which used to be the government's top decision-making body on economic policies when the LDP was last in power.

Former Prime Minister Junichiro Koizumi used the panel, made of key economic ministers and the BOJ governor, to spearhead structural reforms and set guidelines for drafting the state budget. It was also used as a venue for open debate on the state of the economy and its policy prescriptions. The Democratic Party abolished the panel when it took power in 2009.

Reinstating the body, which the prime minister heads, would give Abe a regular chance to debate with the BOJ chief policy coordination, such as sharing goals on inflation, analysts say.

"The BOJ already says that 1 percent inflation is a target for the time being, so it may strike a compromise with Abe to say that in the long run, it will seek to achieve 2 percent inflation," said JPMorgan's Adachi.

"This panel would be a good place for the BOJ to make its own argument on why deflation can't be beaten by monetary policy alone, although politicians probably won't listen and just keep pressuring it for more stimulus."

The BOJ set its current goal in February and eased policy four times this year, including in September and October, through an increase in asset purchases to ease the pain on the export-reliant economy from slowing global growth.

Central bank executives, including deputy governor Kiyohiko Nishimura, have signaled readiness to loosen policy again soon because of looming risks to Japan's recovery such as the potential pain from the U.S. fiscal cliff early next year.

On Thursday, the BOJ will also announce details of a new loan program unveiled in October to supply banks with cheap long-term funds without limiting the amount of cash made available.

($1 = 83.5000 Japanese yen)

(Editing by Raju Gopalakrishnan)

Source: http://news.yahoo.com/watershed-meeting-bank-japan-week-abes-win-211346179--business.html

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10 Bets You're Guaranteed to Win At Your Holiday Party

Texans clinch AFC South with 29-17 win over Colts

Houston Texans linebacker Bryan Braman (50) celebrates with Johnathan Joseph, left, after blocking a punt and returning it for a touchdown in the second quarter of an NFL football game against the Indianapolis Colts, Sunday, Dec. 16, 2012, in Houston. (AP Photo/Eric Gay)

Houston Texans linebacker Bryan Braman (50) celebrates with Johnathan Joseph, left, after blocking a punt and returning it for a touchdown in the second quarter of an NFL football game against the Indianapolis Colts, Sunday, Dec. 16, 2012, in Houston. (AP Photo/Eric Gay)

Houston Texans running back Arian Foster (23) rushes for a gain as Indianapolis Colts cornerback Vontae Davis, right, defends in the third quarter of an NFL football game on Sunday, Dec. 16, 2012, in Houston. (AP Photo/Eric Gay)

Houston Texans linebacker Bryan Braman (50) blocks a punt by Indianapolis Colts' Pat McAfee (1) in the second quarter of an NFL football game on Sunday, Dec. 16, 2012, in Houston. Braman returned the block for a touchdown (AP Photo/Houston Chronicle, Brett Coomer) MANDATORY CREDIT

Houston Texans inside linebacker Tim Dobbins (52) recovers a fumble by Indianapolis Colts Mewelde Moore at the goal line as Texans' Danieal Manning (38) gestures in the second quarter of an NFL football game on Sunday, Dec. 16, 2012, in Houston. (AP Photo/Dave Einsel)

Houston Texans wide receiver Andre Johnson (80) catches a pass as Indianapolis Colts cornerback Darius Butler (20) defends in the second quarter of an NFL football game on Sunday, Dec. 16, 2012, in Houston. (AP Photo/Dave Einsel)

(AP) ? The Houston Texans have a message for the Indianapolis Colts:

Now we own the AFC South.

The Texans are division champions for the second straight year after beating the Colts 29-17 Sunday. Andre Johnson gained 151 yards receiving and a touchdown, Bryan Braman scored a special teams score on a blocked punt, and Shayne Graham kicked five field goals.

The Texans (12-2) grabbed their first AFC South title last season after the Colts nosedived without injured quarterback Peyton Manning. Manning is gone to Denver and rookie Andrew Luck couldn't do much against the inspired Houston defense.

The Colts (9-5) had won three straight games and needed a win to clinch a playoff berth a year after going 2-14 in 2011. Before that, they took the division seven times since Houston entered the league in 2002.

Thanks in great part to three sacks from J.J. Watt, Houston bounced back six days after an embarrassing 42-14 loss to New England on national television. The Texans will have home-field advantage throughout the AFC playoffs if they win out.

Luck threw for 186 yards with two touchdowns in the return to his hometown. He had led the Colts to a rookie-record six wins on drives in the fourth quarter or overtime this season, and he got the Colts within six points late in the third quarter.

But Houston's defense shut him down after that, and the Texans used Arian Foster to eat up the clock. Foster ran for a season-high 165 yards to leave him with 1,313 yards rushing, giving him his third straight year with at least 1,200.

Watt increased his AFC-leading sack total to 19 ? ? the NFL record for a season is 22 1-2 ? and finished with 10 tackles. He also forced a fumble for the third straight game.

Luck was sacked five times playing behind a makeshift offensive line missing center Samson Satele (ankle) and right tackle Winston Justice (biceps).

Johnson, who has 11,008 yards receiving in his career, scored on a 3-yard reception to make it 10-0 in the first quarter. The Texans didn't score a touchdown on offense after that, but were helped by Braman's special teams effort.

Braman blocked his second punt of the season, recovered it and returned it 8 yards for his first career touchdown to make it 20-3 just before halftime.

Vick Ballard had 60 yards rushing on a Colts drive that ended with an 8-yard touchdown reception by Dwayne Allen to cut Houston's lead to 23-17 in the third quarter. Ballard finished with a career-high 105 yards rushing.

Houston couldn't do anything on its next drive and punted. But Indy sputtered, and interim coach Bruce Arians even drew an unsportsmanlike conduct penalty on a punt, giving Houston the ball at the Colts 39.

Graham added a 46-yard field goal to push the lead to 26-17 and made his fifth field goal with about a minute left.

Rookie T.Y. Hilton and Luck connected on a 61-yard touchdown pass just before halftime.

Watt's forced fumble on Mewelde Moore on the Houston 1 was recovered by Tim Dobbins early in the second quarter, robbing the Colts of points. And the Colts stalled inside the red zone again and had to settle for Adam Vinatieri's 26-yard field goal to cut Houston's lead to 10-3.

The Texans had set the tone as they got to Luck early, sacking him twice on the Colts' second drive. Antonio Smith got to him first, and Watt put a move on backup tackle Jeff Linkenbach and took him down for a 15-yard loss.

On offense, Johnson was dominant. He put Houston up 10-0 when he waltzed into the end zoen for a 3-yard touchdown reception. Johnson kept things going earlier in the drive when he caught a pass, lost it and then grabbed it again just before it touched the ground for a 10-yard gain on third-and-9.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-12-16-FBN-Colts-Texans/id-fc615d3947224b799e8958a1e68e5948

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'Mad' elephant hunted in Nepal after killing 4

By Reuters

Soldiers in Nepal hunted for a wild elephant on Monday after it strayed into villages in the southern part of the Himalayan nation and killed four people over three months, officials said.

On Saturday, the elephant walked into a thatched house in Gardi village adjoining Chitwan National Park, 50 miles south of Kathmandu, pulled an elderly couple from bed and trampled them to death, said Shiva Ram Gelal, assistant district administrator from Bharatpur, the nearest city.

The same animal killed two other villagers within the last three months, park officials said.

"We have given orders to the army to shoot the elephant that has gone mad," Gelal told Reuters. "Soldiers are now searching for it."

Baby elephant orphaned in slaughter finds a foster mom

Nepal has about 300 elephants, including more than 100 domesticated ones which are used by hotels and national parks to take tourists on jungle rides to watch wild animals like one-horned Asian rhinoceroses and Bengal tigers.

Elephants are protected by law and anyone convicted for killing one faces up to 15 years in jail.

Report: Poachers slaughter half the elephant population in Cameroon park

However, Gelal said the Local Administration Act, a Nepali law, allowed authorities to kill the animal if it was responsible for the loss of human life.

More world stories from NBC News:

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Copyright 2012 Thomson Reuters. Click for restrictions.

Source: http://worldnews.nbcnews.com/_news/2012/12/17/15961647-soldiers-hunt-for-mad-elephant-that-killed-4-in-nepal?lite

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Becoming an electrician starts with getting the right schooling. One can start quite early, even in High School. Many vocational programs in secondary schools have an electrical program. Following High School graduation, one can enter a program at a college to further their learning. Community colleges often have excellent trades program, including electrical. In addition to their typical general education courses like math and English, students will take practical courses where they learn both the science behind the trade and also get to apply and learn new skills in hands-on work. If one desires to learn more about the scientific end of things, they can attend a four year college that offers advanced programs like electrical engineering or similar majors. Community colleges are great because they offer students practical experience.

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94% The Central Park Five

All Critics (52) | Top Critics (23) | Fresh (49) | Rotten (3)

As grim a portrait of the criminal justice system as can be imagined.

How could this second crime have occurred? The film asks that question but only partly answers it, and in the process it raises an even more troubling one.

"The Central Park Five" is worth seeing, both for the ways it's timeless and for the ways it encapsulates an era.

What's amazing about listening to them speak now, often through tears, is the absence of bitterness.

You'll notice something odd as you watch and your anger rises at the injustice of it all: The anger of the wrongly convicted does not.

The film offers a snapshot of the white hysteria then gripping the city, which was stoked by the tabloids and resulted in police and prosecutors railroading five black youths into prison.

Exclusive interviews with former heads of Israel's counter terrorism agency reveal insiders' analysis about the country's policies. Fascinating. Frightening.

"The Central Park Five" is a sobering indictment of racism and vigilante justice, yet it is constrained by a PBS-style deference to the very system it critiques.

You can't help but wonder why this film wasn't made 20 years ago, when it could have saved these men some time behind bars.

What keeps the film from being an impossible downer is the guts and spirit and smart words of the Central Park Five, four of whom, now freed, are interviewed at length.

A miscarriage of justice on this scale would have been tragic had it resulted from an honest mistake - but, as this meticulously researched movie makes clear, honesty had little to do with it.

The [documentary] team builds a solid story from the time of the crime through the release from prison those wrongly accused and railroaded into confessing to a crime they did not commit.

The result is both compelling and infuriating.

The Central Park Five provides background drawn from contemporary media images, including crime scene footage accompanied by a detective's grisly description, as well as reflections by those involved.

Not only gripping and heartbreaking, but terrifying.

At times, this is a devastating film, one that acknowledges the desire for but refuses to buy into an easy answer.

Among all of the case's horrors, one of the strongest is that a serial rapist ultimately cared more about the truth than the prosecution.

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Source: http://www.rottentomatoes.com/m/the_central_park_five_2012/

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UBS faces $1 billion day of reckoning over interest rate rigging

LONDON/ZURICH (Reuters) - UBS AG is expected to be hit with a $1 billion-plus fine to settle charges of rigging Libor interest rates this week, making it the second bank to be brought to book for its role in the global scandal.

The fine, to be imposed by regulators in Britain and the United States, would be the latest blow for the Swiss bank that suffered a rogue trading scandal last year, paid a $780 million fine to settle a U.S. tax investigation in 2009 and nearly collapsed in 2008 under the weight of huge subprime losses.

Sources familiar with the matter have told Reuters the fine will be $1 billion or more, which would be more than double the $450 million levied on British bank Barclays Plc in June for interest rate manipulation.

The penalty could be as high as $1.6 billion and UBS will admit 36 traders around the globe manipulated yen Libor between 2005 and 2010, Swiss newspaper Tages-Anzeiger said, citing unnamed sources.

UBS declined to comment on the report or on the timing of a settlement. Reuters could not independently verify the $1.6 billion figure.

"It's a little bit astonishing from a shareholder perspective that the fine could be double the amount of Barclays," said Peter Stenz, portfolio manager at investment and pensions manager Swisscanto and a holder of UBS shares.

"The good thing is that it is ended then ... The bad thing is the amount, which raises the question of how important UBS was in this story," Stenz said.

While Barclays' settlement touched off a firestorm that forced its chairman and chief executive to quit, previous scandals at UBS have already prompted culls of top bosses as well a decision to wind down parts of the investment bank that have tarnished the bank's name.

Swiss commentators suggested the Libor affair would stiffen the resolve of UBS top management - all installed after the period under investigation - to focus on the core business of wealth management as they trim risky trading activities.

However, the settlement - which sources say is likely to come sometime this week - could add to global public and political anger about standards and culture across the industry.

The settlement will be with U.S., British and Swiss regulators, although the last has no power to fine the bank. Japanese regulators are also involved, some sources said, although it was not clear if they would be formally involved in the penalties.

RATE MANIPULATION

UBS will admit to criminal wrongdoing by its Japanese arm, where one of its traders manipulated yen Libor and euro yen contracts, sources familiar with the matter have told Reuters. UBS declined to comment.

Admitting to criminal wrongdoing can be fatal for a bank, as it can lose its license but by admitting to wrongdoing at its Japanese subsidiary, UBS would be stopping short of admitting to wrongdoing at a group level.

Individuals are also being targeted. The UBS investigation centers on former UBS trader Thomas Hayes, but also includes other UBS bankers, the sources said. Hayes, who joined Citigroup after leaving UBS in 2009, is one of three British men arrested last week by London police but later released on bail, according to a source. Reuters has been unable to contact Hayes.

More than a dozen banks have been caught in the international inquiry into Libor rates, with most of the focus being on how rates were set between 2005 and 2008.

Royal Bank of Scotland is also expected to shortly reach a settlement on Libor manipulation. The bank will receive a penalty of more than 350 million pounds ($564 million), the Sunday Times newspaper reported, without citing sources. RBS declined to comment.

Libor benchmarks are used to help price trillions of dollars worth of loans around the world, ranging from home loans and credit cards to complex derivatives.

Tiny shifts in the rates, compiled from daily polls of bankers, could benefit any given bank by millions of dollars. But every dollar a bank benefits could mean an equal loss by another bank, hedge fund or investor on the other side of the trade - raising the threat of a raft of civil lawsuits.

Barclays in June admitted it improperly took its own trading positions into account when reporting interest rates used to calculate the Libor benchmark, touching off a firestorm that forced its chairman and chief executive to quit.

At UBS, Libor is the latest in a series of serious problems that have damaged its reputation. In 2009, UBS paid $780 million to settle a U.S. investigation into tax issues, while former London-based trader Kweku Adoboli was convicted last month over a $2.3 billion rogue trading fraud.

Reuters' parent company Thomson Reuters Corp collects information from banks and uses it to calculate Libor rates according to specifications drawn up by the British Bankers Association (BBA).

(Additional reporting by Emma Thomasson and Matthew Scuffham; Editing by Alexander Smith, David Holmes and Marguerita Choy)

Source: http://news.yahoo.com/ubs-faces-1-billion-day-reckoning-over-interest-000221643--sector.html

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Hamilton, Angels finalize $125M, 5-year deal

ANAHEIM, Calif. (AP) ? Feeling "a little upset" that Texas didn't move quickly enough to re-sign him, free-agent outfielder Josh Hamilton donned a Los Angeles Angels jersey on Saturday after finalizing a $125 million, five-year contract that he called a new chapter in his life.

"I started off with the Devil Rays and now I'm an Angel," said the five-time All-Star who was drafted by Tampa Bay before making his major league debut with Cincinnati in 2007.

Hamilton, the 2010 AL MVP, joins a batting order that already includes Albert Pujols and AL Rookie of the Year Mike Trout. The 31-year-old Hamilton hit a career-high 43 home runs last season and batted .285 with 128 RBIs in 148 games.

"To get a guy like Josh and combine him with Albert is going to give us building blocks for what we hope is years to come," manager Mike Scioscia said. "We can't wait."

Neither can dozens of red-clad Angels fans, who lined up outside a restaurant where Hamilton was introduced. The team had a table set up for ticket sales and he signed autographs on his way inside.

Hamilton's $25 million average salary matches Philadelphia first baseman Ryan Howard for the second-highest in baseball, trailing only Alex Rodriguez's $27.5 million average with the New York Yankees.

"It was a great investment," said Angels owner Arte Moreno, who insisted he wasn't trying to keep up with the Los Angeles Dodgers, who are on track to surpass the New York Yankees as baseball's biggest spending team in 2013.

"I think it's just great," he said about the Dodgers' spending spree this week that got them former Angels pitcher Zack Greinke for a $147 million, six-year deal and South Korean left-hander Ryu Hyun-jin for a $36 million, six-year contract.

"Why would I ever want to wish something bad on someone? I really liked Greinke, but you make a decision how much you're going to spend on one player. We said we're going to get a couple relievers and a pitcher. I personally can't wait to play them."

Hamilton agreed to the deal with the Angels on Wednesday after having talked with them since the winter meetings in Nashville, Tenn.

"They like to get after it," he said.

Rangers general manager Jon Daniels had hoped to re-sign Hamilton, who led Texas to consecutive World Series appearances in 2010 and 2011. He said he was disappointed the Rangers never got a chance to match any offer during the process, as they had expected, or be contacted before Hamilton agreed with another team.

"I gave them everything I had for five years," Hamilton said. "I'd be lying if I said I wasn't a little upset they didn't put the press on."

Hamilton's wife, Katie, spoke up and compared the situation to dating.

"We were with them for five years. If you're going to date someone, you make it known and official pretty quick," she said. "They let us date other teams and Josh had said he would give them first chance and they didn't (make a move)."

Hamilton interjected, saying, "She said, 'You should have put a ring on it.'"

He said he met with Daniels a week earlier and "told him where my heart was. I was feeling like it was time for me to move on in general. There was no specific thing, like I'm upset or anything like that. It was just time to move on."

The slugger was considered a risk by some teams because of his history of alcohol and substance abuse, which derailed his career before his surge with the Rangers over the past five seasons. Hamilton had a relapse with alcohol last January and another one in 2009.

"I have a past history of making mistakes with drugs and alcohol, drinking twice in seven years, which is not good for me," he said. "They're going to help me with my support system to put things in place that I had with the Rangers. Nothing that is straining the organization or the clubhouse."

However, Moreno said there's no special protection for the Angels in Hamilton's contract if he relapses other than what is standard in any MLB contract.

Shayne Kelley, who worked in a support role for Hamilton in Texas, will be a daily presence with the team, according to Angels general manager Jerry Dipoto.

"We've done our fair share of due diligence," Dipoto said.

Source: http://news.yahoo.com/hamilton-angels-finalize-125m-5-deal-193402119--mlb.html

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