BOJ may debate Europe debt but unlikely to change policy

(Reuters) – The Bank of Japan is likely to discuss next week what Europe’s debt troubles mean for its own fragile economic recovery and is expected to conclude that the crisis will not have a big impact, allowing it to keep monetary policy unchanged.

Japan

The central bank is also expected to announce details of a new loan scheme aimed at redirecting money to industries with growth potential, such as the size and length of loans to banks.

It is widely expected to keep its policy rate at 0.1 percent.

Here are possible outcomes:

UNVEILS DETAILS OF LOAN PLAN, NO MONETARY EASING

Probability: High

The BOJ last month outlined a program under which it offers one-year loans at 0.1 percent interest to banks that will fund projects in industries with growth potential. More details of the scheme are likely to be released after the meeting.

The BOJ has said the scheme is a long-term approach to beating deflation and is not monetary policy. The bank therefore will not set a target on the total amount of loans to be extended but instead set a cap of 1 trillion or 2 trillion yen ($11 billion or $22 billion), so that the cash does not directly affect interest rates.

The BOJ will allow the loans to be rolled over several times so private banks can borrow for several years at the overnight call rate. It hopes to start lending from July or August at the latest.

Market reaction: Money market rates may briefly fall if the size of the loans to be extended is bigger than expected.

NO ANNOUNCEMENT OF LOAN SCHEME DETAILS

Probability: Unlikely

The BOJ has been asking private banks to see what kind of loan scheme best suits their needs. If the requests require big changes to the scheme, full details of it may not make it in time for the rate review.

Even if the details are worked out in time, a decision may be delayed until July if the board cannot reach a consensus.

The sticking point is the total size of loans and how to define areas with “growth potential.” Too broad a definition could put the BOJ’s balance sheet at risk, while making it too narrow would make banks reluctant to use the scheme.

Some BOJ officials, including board member Miyako Suda, have stressed that the scheme needs to be designed in a way that does not expose the BOJ to credit risk.

Market reaction: A delay in announcement is unlikely to affect markets because traders expect the BOJ to come up with full details by July.

EASES POLICY FURTHER

Probability: Highly unlikely

The BOJ is increasingly alarmed over debt problems in Europe, which have hurt stocks and pushed up the yen against the euro to the dismay of some Japanese exporters.

But it does not view the fallout as big enough to alter its forecast that solid exports to Asia will keep Japan on course for a moderate recovery.

The BOJ has not ruled out easing policy further in case of market turmoil. But with rates already near zero, the BOJ is likely to save the few policy options it has left for later.

Its options include to expand a fund supply operation launched in December and expanded once in March.

Market reaction: A surprise move would push down money market rates and the short end of the bond yield curve, triggering yen selling.

(Editing by Jan Dahinten)

BA not neglecting strike peace talks: CEO Walsh

(Reuters) – British Airways Chief Executive Willie Walsh said Monday he was “absolutely determined” in its dispute with cabin crew and dismissed union suggestions that he had neglected the crisis to travel abroad.

“What we are doing is absolutely right. We are looking to secure the long-term viability of BA,” Walsh told Reuters on the sidelines of the annual meeting of global airlines group IATA in Berlin.

“I am here on business … We have people available to meet and are ready to talk.”

British Airways cabin crew started their latest five-day strike Saturday in a long-running dispute which has so far cost the airline more than 120 million pounds ($173 million).

The strikes stem from BA’s decision last November to cut cabin crew pay and alter staffing levels on its flights.

Shares in BA, which have fallen 11 percent in the last three months, were 1.4 percent down at 197.9 pence by 1045 GMT, valuing the company at around 2.3 billion pounds.

Walsh and Unite, which represents BA’s cabin staff, blame each other for a breakdown in communication.

Derek Simpson, joint general secretary of Unite, said on his Twitter page that Walsh’s absence meant no meetings were possible, with Walsh out of the country until Tuesday.

“I have made it clear that I am available anytime day or night to meet with BA and Willie Walsh to attempt to resolve this dispute,” Simpson said in a statement.

Meanwhile, one of Unite’s joint leaders, Tony Woodley, was criticized in the British press Monday for flying off on holiday to Cyprus late last week as union members continue to strike.

The issue of travel allowances for cabin crew has become a serious sticking point in the conflict, which comes at a difficult time for BA.

“We have made it absolutely clear that if BA re-instates our members’ travel concessions we would suspend the strike action,” said Simpson.

A BA spokesman said conciliation service ACAS was trying to arrange discussions between the two parties but that no peace talks were planned.

Talks over the past six months have failed to yield a resolution, with the walkouts having caused BA to ground flights on 19 occasions so far.

The latest strike took place less than a week before the start of the soccer World Cup in South Africa and followed a five-day stoppage which ended Thursday. There was a four-day walkout last week and seven days of stoppages in March.

A BA spokesman said conciliation service ACAS was trying to arrange discussions between the two parties but that no peace talks were planned.

(Additional reporting by Kylie Maclellan; Editing by James Regan and Jon Loades-Carter)

($1=.6929 Pound)

‘Headley not a sticking point between India and US’

A top Obama Administration’s official has denied that Mumbai terror attacks suspect David Coleman Headley of late has emerged as a sticking point of relationship between India and the US.

“I don’t think it’s a sticking point. I think that we’ve got a good dialogue and I think we’ll work out a way forward,” Assistant Secretary of State for South and Central Asia Robert Blake told reporters at a news conference yesterday.

“We are very pleased that the United States and India have been able to cooperate very closely on this critical and very complex issue.

“We continue to work very hard with our Indian counterparts to move forward on that. But I don’t have anything more to say,” Blake said.

“I am not in a position to,” Blake said when asked if he can say that whether the US is going to give India access to Headley, the US national of Pakistani origin who has been arrested by the FBI on charges of being involved in the planning of the Mumbai terrorist attack.

Indian investigating authorities have been seeking access to Headley so that they could interrogate him on his role in the Mumbai terrorist attack, that killed more than 160 people in November 2008.

It’s a complex issue, says US of Headley access

Washington, May 29 (IANS) The US is cooperating with India ‘very closely on this critical and very complex issue’ of providing access to Pakistani-American terror suspect David Coleman Headley, says a US official without committing whether New Delhi would get such access.

‘Let me just say on that that we are very pleased that the United States and India have been able to cooperate very closely on this critical and very complex issue,’ Assistant Secretary of State Robert O. Blake told reporters Friday when asked about ‘one of the sticking points of India-US relations.’

‘And we continue to work very hard with our Indian counterparts to move forward on that. But I don’t have anything more to say. I’d just refer you to the Department of Justice for further comment,’ he said.

Asked if he couldn’t say in so many whether US was going to give access to India, Blake said: ‘I’m not in a position to.’

‘I don’t think it’s a sticking point. I think that we’ve got – again, we’ve got a good dialogue and I think we’ll work out a way forward,’ he added when asked if this was a sticking point ahead of the inaugural US-India strategic dialogue here next week.

However, an Indian diplomat insisted that India would get access to Headley soon as promised by President Barack Obama during his meeting with Prime Minister Manmohan Singh here last month.

BA to resume talks with cabin crew union

British Airways said it would resume talks with the union of striking cabin crew later on Wednesday in an attempt to avert further industrial action.

Cabin attendants are in the third day of a five-day strike, protesting over staffing levels and cuts to benefits. The stoppage follows seven days of walkouts in March.

Previous negotiations in the long-running dispute have been acrimonious. The last round of talks ended in chaos over the weekend when left-wing protesters stormed the negotiations.

“I really hope we can pick up the momentum of the talks from where we were on Saturday before we were invaded,” Tony Woodley, joint general secretary of the Unite union, told the BBC.

He said Saturday’s meeting was the first time that he felt that was a genuine will to work towards a settlement.

Unite, which represents the bulk of the airline’s cabin crew, has threatened another 10 days of strikes if the dispute is not resolved.

BA said it was upping the number of flights it plans to run during the next wave of strikes, from May 30 to June 3, after more staff than expected decided to work during this week’s industrial action.

The airline said its Heathrow longhaul schedule would be increased to more than 70 percent of flights, from 60 percent this week, while the shorthaul schedule would rise to 55 percent of flights, from 50 percent.

Woodley repeated his offer to postpone the strikes if travel allowances for cabin crew, which have become a major sticking point in the conflict, are reinstated.

“Put the travel back as a gesture, and we will postpone the strike to finalise any other discussion,” he said.

(Reporting by Avril Ormsby and Kylie MacLellan; Editing by David Cowell)

Human mating competition was won by brawn, not beauty

Washington, May 14 (ANI): Winning mates in early human history was dependent on sheer physical prowess, not attractiveness.

“There is sexual competition in many species, including humans,” said David A. Puts, assistant professor of biological anthropology.

For men, it appears that physical competition among males was more important, similar to many of the apes in using male competition to determine access to mates, the winning male choosing the women he wants.

Men are far more aggressive than women, and approximately 30 percent of men in small-scale foraging communities die violently.

The main sticking point with human male competition compared to other species is that male humans do not possess inherent weapons, which Puts explains by saying that men don”t have them, but they make them – such as bows and arrows.

Other male traits also seem to imply competition. Males have thicker jawbones, which may have come from men hitting each other and the thickest-boned men surviving. Competition may explain why males have more robust skulls and brow ridges than women.

Species that live on the ground or the sea floor have more intense mating competitions because there are only two dimensions to defend, unlike in air or water. Some insects that live in tunnels or burrows exhibit the most intense competition because it is impossible for the other male to get to the females except through the defender.

“Things are different for us now in many ways,” said Puts. “It”s heartening to think that human behavior is flexible enough that the right social institutions can increase equality and peace.” (ANI)

UK talks roll on as support grows for poll reforms

London, May 10 — Britain’s Conservative and Liberal Democrat parties continued holding secret talks aimed at striking an unprecedented power-sharing pact as a series of polls suggested growing public support for reforms to the electoral system. Aided by three senior civil servants, negotiators for the two parties met on the neutral ground of the Cabinet Office in central London, following a face-to-face meeting between Conservative leader David Cameron and Liberal Democrats chief Nick Clegg on Saturday. The two sides described the 70-minute meeting, held after a general election returned a hung parliament, as “constructive and amicable” but gave no other details.

The sticking point in negotiations between the key Liberal Democrats and the Conservatives is likely to be the Lib Dem demand for fundamental reforms to the British electoral system, which is seen as unfair. The Lib Dems want to replace the present first-past-the-post system with proportional representation (PR) but have only been offered an all-party review by the Conservatives.

Thai protesters agree to November elections

Thailand’s Red Shirt protesters have accepted an offer for elections to be held in November, but they are refusing to leave their rally site in central Bangkok until the government agrees to a raft of conditions.

The government made the offer yesterday in a bid to end the eight-week stand-off with protesters in the capital.

Local newspapers report the Red Shirts are reluctant to accept the government’s reconciliation plan but gave broad agreement in order to avoid losing public support.

A key sticking point is the election timing – both the government and the Red Shirts want to be in power when the budget is passed and a planned military reshuffle occurs in September.

Tens of thousands rallied at the protest stage to hear the protest leaders’ decision on the government’s proposal.

Protest leader Sean Boonpracong told the crowd it was time to negotiate and said the decision to do so was unanimous.

“We would like to, for the sake of reconciliation, enter into an agreement. We want to negotiate, all of us,” he said.

But while the protesters purport to have accepted prime minister Abhisit Vejjajiva’s road map to reconciliation, that acceptance is highly conditional.

They are demanding the reopening of anti-government media outlets, that the military be pulled back, and a clearer picture of when parliament would be dissolved.

“[We want] the power to determine an election dialogue to the election commission. It is not within the power of the prime minister,” another Red Shirt leader Veera Musigapong said.

“We want a clarification of the timing when the prime minister will dissolve the parliament.”

Thailand has lost $2.2 billion so far as a result of the protests that have shut down central Bangkok.

Almost 50 countries have recommended against their citizens visiting and that will not change until some normality returns to the city.

Even if elections are held in November, there is still high potential for continuing political instability.

Political science professor at Chulalongkorn University in Bangkok, Thitinan Pongsudhirak, says election campaigning before a November poll could turn nasty.

“It could actually exacerbate the confrontation and …. it could end up in the same vicious cycle,” he said.

“Whoever wins, the losers will not accept and there will be accusations of fraud and so on.”

He says the success of the election will depend on clear guidelines being set now.

“A lot of this is about posturing, posturing and trying to position yourselves to bargain from a position of strength,” he said.

“So a lot of this has to do with bargaining negotiations, tactics. But most important of all, to me, is the establishment of goodwill and good faith.”

England Test stars wrangling with ECB over cash increase, not IPL

London, Mar.20 (ANI): Eleven England Test stars, including the rested captain Andrew Strauss and fast bowler James Anderson, have refused to sign the central contracts offered to them last October, and it is not because of their participation in the Indian Premier League, but more to do about better pay and perks.

It is the second year running that the deals have been delayed. Last year, the main sticking point was availability for the lucrative Indian Premier League. This time around though it is understood that money is the issue, with players feeling undervalued by their employers, reports The Sun.

The deals are currently worth up to 450,000 pounds for the big names, with the newer members of the side offered around 150,000 pounds.

England managing director Hugh Morris insists the players will not let the negotiations affect their efforts on the field.

With the Second Test starting today, Morris said: “The situation is that the players are currently under contract under the terms of last year. We”re working in good faith, but there are a few points that need ironing out. It”s a high priority. The IPL is separate and is not one of the issues.

“Both sides want to get a deal done and we don”t want to be in this situation again,” Morris added. (ANI)

Ponting says he’s ready to play under Michael Clarke

Sydney, Aug.27 (ANI): Australian cricket skipper Ricky Ponting has returned home and declared he would not walk away from international cricket even if he was stripped of his captaincy. He said he would be happy to play under deputy Michael Clarke.

Ponting said the stunning Ashes loss had made him more determined than ever to shine with the bat and restore Australia to its status as a world cricketing power.

Ponting, who arrived in Sydney just after 7 p.m., said he accepted responsibility for the 2-1 series defeat – team selections remained a sticking point with critics – before hinting he would play on if Cricket Australia officials elevated Clarke to the top job.

“I still think I’ve got a lot to offer the team as a batsman and captain and leader. If that’s with a ‘c’ next to my name well and good, if not, I still think I’ve got a lot to offer, particularly to the younger guys who are in and around our set-up. I’m not immune to anything, criticism, I’m trying to do the best possible job I can and at the moment I feel I’m the best person to take this team forward,” The Daily Telegraph quoted him, as saying.

“If it ever gets to the stage if I think I’m not … can I play without being captain, absolutely. love the game and every opportunity I’ve had to play and captain Australia, and that makes me more driven now to do it better next time when I get the chance,” he added.

Ponting still managed a smile as he fronted a large press contingent at the airport and was far from bitter given the hammering he had copped by the press on both sides of the globe.

He will take a couple of weeks to unwind with his family before he returns midway through the one-day series against England and then leads Australia into the Champions Trophy in South Africa later next month.

Ditching the shorter forms of the game could be one way to preserve his career, Ponting said, with the 2013 Ashes tour still an option.

Ponting said proof he was already looking to the future was a meeting he had with Clarke, coach Tim Nielsen and Cricket Australia’s Michael Brown in the team hotel a day after the loss at The Oval. (ANI)

Developing nations call upon developed nations to cut their emissions by up to 40 percent

L’aquila, July 10 (ANI): The developing countries criticised the G-8 nations for not taking enough steps to curb global warming, dubbing the proposed long-term targets as meaningless. he larger developing nations said they wanted to see more credible mid term targets than long-term ambitious targets.

The developing nations said the rich must first set far steeper cuts in their own emissions by 2020 and agree billions of dollars in funds to help the developing world move to renewable energies and cope with more frequent droughts, floods, heat waves and rising sea levels.

“Sometimes I think an issue is raised that the developing countries were not willing to sign onto a more ambitious document but the fact is that was a very big sticking point, that we said that we need to see a very credible mid term target. And the developing countries themselves have put forward a proposal that there should be at least 40 percent reduction in the emission of the developed countries by 2020,” said Shyam Saran, India’s Special Envoy on Climate Change.

A U.N. panel of scientists has outlined cuts of 25-40 percent below 1990 levels by 2020 to avoid the worst of global warming by developed nations, with developing countries making a “significant deviation” below projected rise in emissions.

“We would need to follow science, we agree with that. But we also believe that one needs to be consistent throughout because science is also saying that unless you make 25 to 40 percent cut in your developed country emissions, by 2020, we may not be able to avoid irreversible climate change. So in terms of science, again, it is very important that there should be interim targets,” Saran added.

“One very important step forward is the recognition that there should be every effort made to keep the temperature rise within two degrees centigrade by 2050. That is something new. We do not regard this as an arithmetical target, we regard this as a political decision because there is a great deal of uncertainty with respect to what would be the actual rise in temperature which may take place what would be the consequences of that rise in temperature. IPCC itself has infact self stated that there is an uncertainty about this. But nevertheless we believe that it is worthwhile in recognition of the IPCC report it is worthwhile reflecting this as something, which we should aspire towards,” Saran said.

By refusing to set a 2050 goal, which would imply cuts by the developing world, they may want to keep back a bargaining chip before Copenhagen.

G-8 nations have so far promised cuts in emissions that total about 10-14 percent below 1990 levels — far short of the “at least 40 percent” demanded by developing states. By Naveen Kapoor (ANI)

Benitez will have 64 million pounds to battle Man U, sign Barry

London, May 10 (ANI): Liverpool coach Rafa Benitez will have a 64 million pounds war chest to battle Manchester United and top of his summer agenda is to finally tie up an eight million pounds deal to bring Gareth Barry to Anfield when the season ends.

He will then off-load up to 11 squad players to cover the Barry deal and to generate more funds to compete in the transfer market.

With Xabi Alonso earmarked for an 18 million pounds switch to Manchester City, it leaves the way open for Benitez to keep his promise to Barry.

The Aston Villa and England star will tell his current manager Martin O’Neill to honour his pledge to sell him to Liverpool before the end of this month, News of the World reports.

Barry has told friends he is determined to move to Merseyside after Villa’s failure to qualify for the Champions League.

When a deal collapsed last season, Benitez assured Barry that he would be back for him and he is keeping his promise. And Benitez wants Barry signed quickly to avoid the wrangles of last summer.

Barry has just a year left on his current deal and also feels Villa owe him the chance to move on after he committed to a final season in the Midlands.

Villa boss O’Neill has already conceded he is powerless to stop Barry leaving this time – although the fee could yet prove a sticking point in talks. (ANI)

Somali elders in fresh attempt to free US captain

Nairobi – Somali elders on Sunday began a fresh attempt to secure the release of an American captain being held hostage by pirates on a lifeboat surrounded by US Navy warships, reports said. The move comes a day after other pirates seized an Italian tugboat – the seventh vessel taken in the last nine days.

Pirates have been holding Captain Richard Phillips hostage on the lifeboat since Wednesday, following a failed attempt to hijack his ship, the Maersk Alabama , in the Indian Ocean 500 kilometres off the coast of Somalia.

Earlier negotiations broke down on Saturday just hours after the pirates fired on a small US navy vessel that approached the lifeboat, the New York Times reported.

US Defence Department spokesman Major Stewart Upton said concern for Phillips meant that no information on the ongoing operation could be released.

However, other officials, speaking anonymously, said the sticking point appeared to be an American demand that the pirates be handed over to the authorities in Puntland, the semi-autonomous region of Somalia where most of the pirates are based.

The pirates want to be allowed to land the lifeboat, which is now reportedly only a few dozen kilometres from the coast, and set free before returning Phillips.

Earlier reports said the lifeboat had run out of fuel. It is unclear how the lifeboat managed to get so close to the coastline.

Media reports said that Somali elders set off from the port of Eyl on Sunday in a fresh attempt to find a compromise that will secure Phillip’s release.

The pirates have warned the US Navy against attempting to copy France and using force to free Phillips.

French naval forces on Friday stormed a yacht and freed four hostages. However, two pirates and one hostage died during the operation.

US network CNN reported that the coastal port of Harardhere, used by pirates as a stronghold, was buzzed by two unidentified helicopters on Sunday morning.

Residents of the town fled in panic, believing an air raid was about to take place, CNN reported, citing a local Somali journalist.

The lifeboat is surrounded by three US vessels, which have so far deterred attempts by other pirates to reinforce their colleagues.

A separate pirate group tried to steam the 20,000-ton Hansa Stavanger – a German-owned container ship hijacked one week ago – to help the embattled group of pirates, but was forced to return to anchor.

The Alabama – a 17,000-ton cargo vessel carrying food aid and operated by US company Maersk Line, Limited – was boarded by the pirates Wednesday morning, the first time US sailors have been seized in the treacherous waters near the Horn of Africa.

The unarmed crew quickly retook the ship, however.

The Alabama arrived under guard in the Kenyan port of Mombasa on Saturday night, where some crew members, dressed in blue overalls and helmets, defied orders from the FBI not to discuss the hijacking and shouted out to waiting journalists.

Accounts from the crew said that the pirates appeared on a small boat and then used grappling hooks to board the ship, firing shots in the air as they came.

Phillips then reportedly gave himself up to the pirates in order to safeguard his crew, something that second mate Ken Quinn said made him a “hero.”

John Reinhart, chief executive of Maersk Line, told reporters that the crew were required to stay on board during investigations and that the priority was securing Phillip’s safe release.

Somali pirates have stepped up their attacks in recent weeks after a brief lull.

Pirates hijacked a tugboat, the Buccaneer, on Saturday. It was the seventh vessel to have been seized in just over a week.

Andrew Mwangura of the East African Seafarers’ Association said Sunday that the vessel had reached the Somali coast and that the crew of 16 – including 10 Italians, five Romanians and a Croatian – was unharmed.

Another ship sailing under a Turkish flag narrowly escaped capture on Saturday, using water hoses to repel pirates after they fired a rocket-propelled grenade at the ship.

In 2008, pirates seized over 40 vessels in and around the Gulf of Aden and collected tens of millions of dollars in ransom, prompting the international community to send warships to the region.

Around 15 warships from the European Union, a coalition task force and individual countries such as Russia, the United States, India and China patrol an area of about 2.85 million square kilometres.

However, the pirates are now venturing farther into the Indian Ocean off the south-east coast of Somalia to avoid the international patrols.

Observers have said they feel piracy can only be stopped by dealing with insecurity on the ground in Somalia. (dpa)

Michael Jackson to appear on The X Factor?

London, Mar 13 (ANI): After taking the audience by storm with Britney Spears’ performance, X factor boss Simon Cowell is planning to bring in king of pop Michael Jackson to the show.

While Jacko prepares for his ‘last ever’ shows in London’s O2 arena, Cowell has made it his priority to get him on the show.

“Britney was a massive coup for Cowell. But he’s determined to raise the bar even higher and secure Jacko’s services,” the Mirror quoted a source as saying.

“He is perhaps one of the few artists who could outshine Britney.

“The only sticking point is that while Britney had her new album to promote, Jacko’s shows have sold out in minutes and don’t necessarily need the publicity.

“But Cowell won’t let that stop him. He is determined to get his man,” the source added.

Spears’ appearance on The X Factor pulled in millions of viewers.

“Jackson has nothing to prove when it comes to appearing on a show like The X Factor but anything is possible and they are quietly confident,” said the source. (ANI)