Citi cuts telecoms head in Europe: sources












DUBAI/LONDON (Reuters) – Citigroup‘s head of technology, media and telecoms in Europe is to leave as part of cost cuts the U.S. bank is making in response to the weak economic climate and due to tougher regulation, sources familiar with the matter told Reuters on Monday.


Daniel Bailey is to leave the bank with immediate effect and his position will be taken on by Citigroup’s European (EMEA) head of M&A, Wilhelm Schulz.












Bailey declined to comment. Citigroup also declined to comment.


Citigroup and other big banks are under pressure from investors to cut costs and scale-back activities in line with lower business volumes and reduced returns in the financial sector since the financial crisis.


The U.S. bank’s new chief executive Michael Corbat, who took the helm on October16, is in the process of reviewing management and executive reporting lines.


Bailey, who joined Citi in 2006 from Morgan Stanley , worked on some of the telecoms industry’s biggest deals, including the $ 183 billion merger of Vodafone with Mannesman in 2000, the largest corporate merger ever at that time.


Schulz will relinquish his role as co-head of German banking to focus on his new responsibilities but will remain head of German coverage. Stefan Wintels will become sole head of German banking.


Citigroup is also expected to cut bonuses this year by about 10 percent and axe around 150 investment banking jobs by year-end, just under one percent of the 17,000 staff in its investment bank, a person familiar with the matter said.


(Additional reporting by David Henry in New York, editing by Sophie Sassard and Jane Merriman)


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Italy votes for center-left candidate for premier












ROME (AP) — Italians are choosing a center-left candidate for premier for elections early next year, an important primary runoff given the main party is ahead in the polls against a center-right camp in utter chaos over whether Silvio Berlusconi will run again.


Sunday’s runoff pits a veteran center-left leader, Pier Luigi Bersani, 61, against the 37-year-old mayor of Florence, Matteo Renzi, who has campaigned on an Obama-style “Let’s change Italy now” mantra.












Nearly all polls show Bersani winning the primary, after he won the first round of balloting Nov. 25 with 44.9 percent of the vote. Since he didn’t get an absolute majority, he was forced into a runoff with Renzi, who garnered 35.5 percent.


After battling all week to get more voters to the polling stations for round two, Renzi seemed almost resigned to a Bersani win by Sunday, saying he hoped that by Monday “we can all work together.”


Bersani, a former transport and industry minister, seemed confident of victory as well, joking about Berlusconi’s flip-flopping political ambitions by asking “What time did he say it?” when told that the media mogul had purportedly decided against running.


Next year’s general election will largely decide how and whether Italy continues on the path to financial health charted by Premier Mario Monti, appointed last year to save Italy from a Greek-style debt crisis.


The former European commissioner was named to head a technical government after international markets lost confidence in then-Premier Berlusconi’s ability to reign in Italy’s public debt and push through sorely needed structural reforms.


Berlusconi has largely stayed out of the public spotlight for the past year, but he returned with force in recent weeks, announcing he was thinking about running again, then changing his mind, then threatening to bring down Monti’s government, and most recently staying silent about his political plans.


His waffling has thrown his People of Freedom party into disarray and disrupted its own plans for a primary — all of which has only seemed to bolster the impression of order, stability and organization within the center-left camp.


A poll published Friday gave the Democratic Party 30 percent of the vote if the election were held now, compared with some 19.5 percent for the upstart populist movement of comic Beppe Grillo, and Berlusconi’s People of Freedom party in third with 14.3 percent. The poll, by the SWG firm for state-run RAI 3, surveyed 5,000 voting-age adults by telephone between Nov. 26 and 28. It had a margin of error of plus or minus 1.36 percentage points.


It’s quite a turnabout for Berlusconi’s once-dominant movement, and a similarly remarkable shift in fortunes for the Democratic Party, which had been in shambles for years, unable to capitalize on Berlusconi’s professional and personal failings while he was premier.


But Berlusconi’s 2011 downfall and a series of recent political party funding scandals that have targeted mostly center-right politicians have contributed to the party’s rise as Italy struggles through a grinding recession and near-record high unemployment.


Angelino Alfano, Berlusconi’s hand-picked political heir, seemed again exasperated Sunday after a long meeting with his patron over Berlusconi’s plans. News reports have suggested Berlusconi might split the party in two and re-launch the Forza Italia party that brought him to political power for the first time in 1994.


“We have to work to reconstruct the center-right, and reconstructing it means having a big center-right party,” not a divided one, Alfano said.


He added that Berlusconi didn’t say one way or another if he would run himself. “It’s his choice,” he said. “If there are any decisions in this regard, he’ll be the one to say so.”


___


Follow Nicole Winfield at www.twitter.com/nwinfield


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Verizon may soon launch Samsung Galaxy Camera with 4G LTE












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Bryce Dallas Howard film among the live-action short films on Oscar nominations shortlist












LOS ANGELES (TheWrap.com) – “when you find me,” directed by “Twilight” star Bryce Dallas Howard and executive-produced by her father Ron Howard, is among 11 films that have been shortlisted for possible Oscars nomination, the Academy of Motion Picture Arts and Sciences said Thursday.


Though the Academy typically only short-lists 10 entries, a tie in the nominations balloting resulted in an 11th title making the list. In all, 125 films originally qualified in the category.












From here, members of the Academy’s Short Films and Feature Animation Branch will select three to five nominees for the Oscars during December screenings in Los Angeles, New York and San Francisco.


Nominations will be announced January 10, with the Academy Awards taking place February 24.


Read the full short-list below.


“A Fábrica (The Factory),” Aly Muritiba, director (Grafo Audiovisual)


“Asad,” Bryan Buckley, director, and Mino Jarjoura, producer (Hungry Man)


“Buzkashi Boys,” Sam French, director, and Ariel Nasr, producer (Afghan Film Project)


“Curfew,” Shawn Christensen, director (Fuzzy Logic Pictures)


“Death of a Shadow (Dood van een Schaduw),” Tom Van Avermaet, director, and Ellen De Waele, producer (Serendipity Films)


“Henry,” Yan England, director (Yan England)


“Kiruna-Kigali,” Goran Kapetanovic, director (Hepp Film AB)


“The Night Shift Belongs to the Stars,” Silvia Bizio and Paola Porrini Bisson, producers (Oh! Pen LLC)


“9meter,” Anders Walther, director, and Tivi Magnusson, producer (M & M Productions A/S)


“Salar,” Nicholas Greene, director, and Julie Buck, producer (Nicholas Greene)


“when you find me,” Ron Howard, executive producer, and Bryce Dallas Howard, director (Freestyle Picture Company)


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Investigation under way into New Jersey train derailment, chemical leak












PHILADELPHIA (Reuters) – Federal transportation investigators have begun interviewing the crew of a train that was carrying hazardous materials when it derailed on a railroad bridge in New Jersey, officials said on Saturday.


National Transportation Safety Board Chairwoman Deborah Hersman said the agency would spend the next two weeks preparing a preliminary report on Friday’s accident in the industrial town of Paulsboro.












A bridge collapse derailed seven of the 82 Conrail freight train cars, and a tanker car that fell into Mantua Creek leaked vinyl chloride into the waterway, which feeds into the Delaware River near Philadelphia.


More than 12,000 gallons (45,425 liters) of the highly toxic and flammable industrial chemical vinyl chloride leaked from a gash in the tanker car’s side following the derailment on Friday morning.


Twenty-two people were examined at a nearby hospital, but air monitors in the area did not register any problem, officials have said. Exposure to vinyl chloride can cause a burning sensation in the eyes or respiratory discomfort.


Investigators were obtaining records from Conrail on inspections of the bridge over the Mantua Creek. They also examined a derailment on the bridge in 2009, as well as any possible impact on the bridge from the high winds and rising waters that accompanied superstorm Sandy.


“We are continuing to question the crew to get additional information,” Hersman said at a press briefing. “We still have some work to do.”


State Senator Steve Sweeney, whose district includes Paulsboro, told Reuters on Saturday that 106 residents who live close to the crash scene were evacuated from the area on Friday night in case any more of vinyl chloride escaped into the air or water.


“What it really was was just to be cautious,” Sweeney said. The residents will be out of their homes for several days, and are staying with friends and relatives or hotels, he said.


Conrail is jointly owned by rail operators CSX Corp and Norfolk Southern Corp.


(This story corrects name of town in second paragraph to Paulsboro, not Paulson)


(Editing by Paul Thomasch and Bill Trott)


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US budget talks ‘in stalemate’













US treasury Secretary Timothy Geithner has said there will be no deal to avert a “fiscal cliff” unless Republicans accept a tax hike for the wealthy.












But House Speaker John Boehner has dismissed a 10-year plan, which aims to raise $ 1.6tn (£1tn) through tax rises and spending cuts, as “silliness”.


The two men met on Thursday as time runs out to broker a deal.


Economists warn planned tax rises and spending cuts due to take effect on 1 January could trigger a recession.


Mr Geithner, negotiating for the White House, has drafted a plan that includes more spending to help for the unemployed and struggling homeowners, as well as cuts in Medicare and other benefits.


On Friday President Barack Obama warned of a “Scrooge Christmas” if soon-to-expire tax breaks for households earning below $ 250,000 were not renewed as part of the deal to avert the fiscal cliff.


But Mr Boehner, negotiating for the Republicans who control the House of Representatives, said talks with the administration had so far gone “almost nowhere”.


Talk show entrenchment


Mr Geithner and Mr Boehner’s appearances on a number of Sunday television talk shows showed how entrenched their positions were.


“There’s not going to be an agreement without rates going up. There’s not,” Mr Geithner told CNN’s State of the Union.


He called on Republicans to make a counter-offer to the Obama administration’s plan.


But Mr Boehner said he was “flabbergasted” by Mr Geithner’s proposals – which he said asked Congress to give up its power to set the nation’s debt limit.


Continue reading the main story
  • Under a deal reached last year by the White House and the Republicans, existing stimulus measures – mostly tax cuts – will expire on 1 January 2013

  • Cuts to defence, education and other spending will then automatically come into force – the “fiscal cliff” – unless Congress acts

  • The economy does not have the momentum to absorb the shock from going over the fiscal cliff without going into recession


“What do you think would happen if we gave the president $ 1.6tn of new money?” Mr Boehner asked Fox News Sunday. “He’d spend it.”


Mr Boehner says asking the top 2% of US taxpayers to pay more would deal a “crippling blow” to a fragile economy, and has criticised criticised the Obama administration’s proposed spending cuts as inadequate.


The White House has suggested it would not support any deal that did not increase tax rates on the wealthiest.


The fiscal cliff would suck about $ 600bn (£347bn) out of the economy.


The measures were partly put in place within a 2011 deal to curb the yawning US budget deficit.


BBC News – Business


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Cargo plane crashes in Brazzaville, 3 dead












BRAZZAVILLE, Republic of Congo (AP) — A cargo plane owned by a private company crashed Friday near the airport in Brazzaville, the capital of the Republic of Congo, killing at least three people, officials said.


The Soviet-made Ilyushin-76 belonged to Trans Air Congo and appeared to be transporting merchandise, not people, said an aviation official who requested anonymity because he was not authorized to speak to the media.












The plane was coming from Congo‘s second-largest city, Pointe Noire, and tried to land during heavy rain, he said.


Ambulances rushed to the scene in the Makazou neighborhood, located near the airport, but emergency workers were hampered by the lack of light in this capital, which like so many in Africa has a chronic shortage of electricity.


“At the moment, my team is having a hard time searching for survivors in order to find the victims of the crash because there is no light and also because of the rain,” Congolese Red Cross head Albert Mberi said.


He said that realistically, they will only be able to launch a proper search Saturday, when the sun comes up.


Reporters at the scene fought through a wall of smoke. Despite the darkness, they could make out the smoldering remains of the plane, including what looked like the left wing of the aircraft. A little bit further on, emergency workers identified the body of the plane’s Ukrainian pilot, and covered the corpse in a blanket.


Firefighters were trying to extinguish the blaze of a part of the plane that had fallen into a ravine. They were using their truck lights to try to illuminate the scene of the crash. Although the plane was carrying merchandise, emergency workers fear that there could be more people on board.


Because of the state of the road connecting Pointe Noire to Brazzaville, many traders prefer to fly the roughly 400 kilometers (250 miles).


Africa has some of the worst air safety records in the world. In June, a commercial jetliner crashed in Lagos, Nigeria, killing 153 people, just a few days after a cargo plane clipped a bus in neighboring Ghana, killing 10.


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“Honey Boo Boo” star arrested for going ape on Georgia Freeway












LOS ANGELES (TheWrap.com) – If you tend to believe that the cast members of TLC reality series “Here Comes Honey Boo Boo” are less than totally evolved, rejoice; this story might just confirm your suspicions.


“Crazy” Tony Lindsey – the cousin of “Honey Boo Boo”‘s titular star Alana Thompson” – was arrested in Georgia earlier this week following a goofy, but dangerous, stunt involving a gorilla suit, TMZ reports.












A police report says that Lindsey was among a group of men arrested for reckless behavior after one of them, dressed in a gorilla suit, prepared to jump into a lane along Highway 20 at approximately 11 p.m. Unfortunately for the band of wrongheaded pranksters, Deputy Joe Rozier happened to be driving by as he was about to take the leap from the side of the road.


“I observed a white male dressed in a gorilla suit acting as if he was going to jump into my lane of travel. I swerved into the left lane to avoid an accident with the person,” Rozier said in a police report.


Rozier took pursuit, and “observed several white males run up the embankment and into the woods,” the report notes. After threatening to release his police dog, he heard a voice yell back, “You don’t have to do that, we’re coming back.”


A group of five adults and two minors emerged – but with no gorilla suit. After a while, however, they admitted to hiding the suit in the woods.


It’s not known if Lindsey was the one in gorilla suit, or if the stunt will be incorporated into an upcoming episode of “Here Comes Honey Boo Boo.”


A spokesperson for the show has not yet responded to TheWrap’s request for comment.


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Cold, mold loom as hazards in Sandy disaster zones












NEW YORK (AP) — A month after Sandy’s floodwaters swept up his block, punched a hole in his foundation and drowned his furnace, John Frawley still has no electricity or heat in his dilapidated home on the Rockaway seashore.


The 57-year-old, who also lost his car and all his winter clothes in the flood, now spends his nights shivering in a pair of donated snow pants, worrying whether the cold might make his chronic heart condition worse.












“I’ve been coughing like crazy,” said Frawley, a former commercial fisherman disabled by a spine injury. He said his family doesn’t have the money to pay for even basic repairs. So far, he has avoided going to a shelter, saying he’d rather sleep in his own home.


“But I’m telling you, I can’t stay here much longer,” he said.


City officials estimate at least 12,000 New Yorkers are trying to survive in unheated, flood-damaged homes, despite warnings that dropping temperatures could pose a health risk.


The chill is only one of the potential environmental hazards that experts say might endanger people trying to resume their lives in the vast New York and New Jersey disaster zone.


Uncounted numbers of families have returned to coastal homes that are contaminated with mold, which can aggravate allergies and leave people perpetually wheezing. Others have been sleeping in houses filled with construction dust, as workers have ripped out walls and flooring. That dust can sometimes trigger asthma.


But it is the approaching winter that has some public health officials worried most. Nighttime temperatures have been around freezing and stand to drop in the coming weeks.


New York City‘s health department said the number of people visiting hospital emergency rooms for cold-related problems has already doubled this November, compared with previous years. Those statistics are likely only the proverbial tip of the iceberg.


Mortality rates for the elderly and chronically ill rise when people live for extended periods in unheated apartments, even when the temperature is still above freezing, said the city’s health commissioner, Dr. Thomas Farley.


“As the temperatures get colder, the risk increases,” he said. “It is especially risky for the elderly. I really want to encourage people, if they don’t have heat in their apartment, to look elsewhere.”


Since the storm, the health department has been sending National Guard troops door to door, trying to persuade people to leave cold homes until their heating systems are fixed. The city is also carrying out a plan to spend hundreds of millions of dollars helping residents make emergency repairs needed to restore their heat and hot water.


Convincing people that they could be endangering themselves by staying until that work is complete, though, isn’t always easy.


For weeks, Eddie Saman, 57, slept on sheets of plywood in the frigid, ruined shell of his flooded Staten Island bungalow. He stayed even as the house filled up with a disgusting mold that agitated his asthma so much that it sent him to the emergency room.


Volunteers eventually helped clean the place up somewhat and got Saman a mattress. But on Sunday the wood-burning stove he had been using for heat caught fire.


Melting materials in the ceiling burned his cheek. A neighbor who dashed into the house to look for Saman also suffered burns. The interior of the house — what was left of it after the flood — was destroyed.


Two days later, another fire broke out in a flood-damaged house across the street, also occupied by a resident trying to keep warm without a working furnace.


Asked why he hadn’t sought lodging elsewhere, Saman said he didn’t have family in the region and was rattled by the one night he spent in an emergency shelter. He said it seemed more populated by homeless drug addicts than displaced families.


“That place was not for me,” he said.


The Federal Emergency Management Agency offered to pay for a hotel, but Saman said he stopped looking because every inn within 100 miles of the city seemed to be booked solid through December.


Saman’s case may be extreme, but experts said it isn’t unusual for people to hurry back to homes not ready for habitation.


After Hurricane Katrina, medical researchers in New Orleans documented a rise in respiratory ailments among people living in neighborhoods where buildings were being repaired.


The issue wasn’t just mold, which can cause problems for years if it isn’t mediated properly, said Felicia Rabito, an epidemiologist at Tulane University’s School of Public Health and Tropical Medicine. There was simply so much work being done, families spent their days breathing the fine particles of sanded wood and drywall.


People complained of something that became known as the “Katrina cough,” and while it subsided once the dust settled, researchers later found high lead levels in some neighborhoods due to work crews ignoring standards for lead paint removal.


A group of occupational health experts in New York City, including doctors who run programs for people sickened by World Trade Center dust after 9/11, warned last week that workers cleaning up Sandy’s wreckage need to protect themselves by suppressing dust with water, wearing masks and being aware of potential asbestos exposure.


“There are clearly sites that you don’t want children at … and it is very challenging for homeowners to know whether it is safe to go home,” said Dr. Maida Galvez, a pediatrician and environmental health expert at The Mount Sinai Hospital who is part of a team evaluating hazards in the disaster zone.


U.S. Rep. Jerrold Nadler has urged FEMA and the Environmental Protection Agency to develop a testing program that could give residents an indication of whether their homes were free of mold, sewage and other hazardous substances.


Farley, New York City’s health commissioner, said people entering rooms contaminated by floodwater should wear rubber boots and gloves, and exercise care in cleanup. The hazard posed by spilled sewage is a short-term one and experts say the disease-causing bacteria found in it can be wiped out with a good cleaning. But they say anything absorbent that touched tainted water, like curtains or rugs, should be thrown out.


As for the bitter cold, there was no test needed to tell John Frawley that his home is no place to be spending frigid autumn nights.


“A couple of days ago, I was shivering so badly, I just couldn’t stop,” he said.


Yet with winter nearly here, he still had no plan for getting his heat working again or his ruined electrical system restored, although he also has passed up some of the programs designed to help people like him.


And he has no intention of heading to a shelter.


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French unions rage at Hollande over Mittal deal












PARIS (Reuters) – French trade unions accused President Francois Hollande of betrayal on Saturday after his government backed away from a threat to nationalize ArcelorMittal‘s Florange steelworks.


The Socialist government said on Friday it had won promises from ArcelorMittal to avoid forced redundancies and inject 180 million euros to develop the Florange plant, meaning it would no longer have to take over the site.












Hollande came to office promising to create jobs and keep open the two furnaces at the site in northern France which ArcelorMittal says are not viable in a European steel sector suffering over-capacity.


ArcelorMittal confirmed the details of the deal on Saturday, saying it would negotiate a voluntary redundancy deal with unions.


Workers are angry the furnaces will remain idled rather than reopened and expressed doubt over ArcelorMittal’s promise to offer alternative posts or early retirement packages for the 630 workers affected.


“We’re on a war footing,” Edouard Martin, head of union CFDT’s Florange chapter, told the commercial i


“We’ve seen Mr. (Lakshmi) Mittal’s pledges in the past and what has become of them – nothing – so we’re not going to let anything pass without a fight.”


Martin said the union had been a “nightmare” for former president Nicolas Sarkozy in the past over his jobs record, which analysts say was a factor in his election defeat in May, and could soon become one for Hollande.


ArcelorMittal rejects accusations it has broken promises in a country where it employs 20,000 over several sites.


The group incurred union wrath in 2009 when it shuttered the nearby Gandrange steelworks and laid off about 500 workers. Sarkozy had pledged to keep that site open.


‘EXPECTING THE WORST’


France’s prime minister defended the Florange deal.


“The prime minister will keep a close watch to ensure that promises made yesterday by the group are kept,” Jean-Marc Ayrault said in a statement.


“They are unconditional, and the government will use all legal means at its disposal in the event they are not respected.”


Unions say revamping Florange will require about 400 million euros in funding from the European Union on top of ArcelorMittal’s pledge – cash which has yet to be committed.


Threats this week by Industry Minister Arnaud Montebourg of a state takeover of Florange were denounced as “scandalous” by France’s main employers group Medef, which fears it will jeopardize foreign investment in France.


Hollande has tried to cultivate a worker-friendly image but his popularity has suffered as an economic slowdown pushes unemployment above 10 percent. A survey by pollster IFOP showed 41 percent of the French back him, one of the lowest scores for a president only six months into his term.


“We complained about Nicolas Sarkozy, but Francois Hollande is not doing any better,” CGT unionist Frederic Maris told BFM television. “For the future, we’re expecting the worst.”


French officials argue that Mittal promised to keep blast furnaces running beyond 2010 when his company merged with Arcelor in 2006.


ArcelorMittal denies breaching commitments. Sources close to the group say Arcelor planned in 2003 – before its 2006 takeover by Mittal – to wind down inland blast furnaces in Europe, including the two in Florange, by 2010.


(Additional reporting by Robert-Jan Bartunek in Brussels; Editing by Mark John and Janet Lawrence)


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