October 2009

U.S. eyes flexibility in allocating food aid: Vilsack

DES MOINES, Iowa (Reuters) –
The Obama administration wants more flexibility in how it allocates food aid dollars to complement its new strategy to help small farmers in poor countries boost their food production, Agriculture Secretary Tom Vilsack said on Friday.

Vilsack and Secretary of State Hillary Clinton, who is leading the administration's three-year, $3.5 billion global food security initiative, did not rule out using U.S.-grown food aid as a tool for development projects.

But they told reporters food aid funding should also be used to buy crops in or near poor countries as a way to benefit local farmers while supporting U.S.-led development projects.

"We've relied on food aid to fill our gap in support for agriculture, and most importantly, to reach the poorest people," Clinton said, noting government funding for overseas agriculture development dwindled over the past decades.

"We're seeking to close that gap between development and human assistance by dedicating development resources to engage the poorest in the growth process and to support community development," she said.

The United States will no longer rely on food aid as its primary tool to help reduce world hunger, Vilsack said, but will continue to use it where needed.

(Editing by David Gregorio)

U.S. charges 6 in record insider trading case

NEW YORK (Reuters) –
Galleon Group founder Raj Rajaratnam and five others were charged with engaging in the largest ever hedge fund insider-trading scheme, generating profits of more than $20 million over several years, U.S. prosecutors, the FBI and the SEC said Friday.

Insider trading by hedge funds Galleon and New Castle and Intel's Intel Capital unit took place in shares of Hilton Hotels Corp, Google Inc, IBM, Advanced Micro Devices Inc and other stocks, according to two complaints filed in U.S. District Court in New York.

All six accused have been arrested, a spokeswoman for the federal prosecutor's office in Manhattan said. The case could represent an important development in the government's enforcement of securities laws, she said.

"This is not a garden-variety insider trading case," U.S. Attorney Preet Bharara told a news conference. Beyond the scale of the scheme, "It shows that we are targeting white-collar insider trading rings with the same powerful investigative techniques that have worked so successfully against the mob and drug cartels."

He also fired a warning shot for the rest of Wall Street.

"Today, tomorrow, next week, the week after, privileged Wall Street insiders who are considering breaking the law will have to ask themselves one important question: Is law enforcement listening?" he said.

Securities fraud charges carry possible maximum prison sentences of up to 20 years.

SRI LANKA TITAN

One of the criminal complaints accuses Rajaratnam, considered the richest Sri Lankan in the world, of conspiring with Intel employee Rajiv Goel and Anil Kumar, a director of powerful management consulting firm McKinsey & Co. The alleged offenses took place for about three years starting in January 2006.

Galleon had as much as $7 billion under management, the complaint said. Intel Capital is the investment arm of Intel Corp. Officials from Galleon did not return calls seeking comment.

Rajaratnam, born into a family of well-to-do Tamils in the Sri Lankan capital Colombo, is one of the largest investors on the Colombo Stock Exchange.

(Reporting by Grant McCool and Joseph Giannone; Additional reporting by Edith Honan, Walden Siew and Ritsuko Ando in New York, Clare Baldwin in San Francisco, and Bryson Hull in Colombo, Sri Lanka; editing by Gerald E. McCormick, Phil Berlowitz and John Wallace)

1788 cognac, 1875 wine on sale at Paris auction

PARIS – Over the years, the chief sommelier had forgotten they were there. And when the four bottles of 1875 Armagnac Vieux were finally unearthed from the labyrinthine wine cellar this week, they were covered in a black fungus that looked like matted cat fur.
The landmark Tour d'Argent restaurant, which dates back to 1582, is cleaning out its 450,000-bottle wine cellar, considered one of the best and biggest in the world. It is putting 18,000 bottles up for auction in December, an event that has captured the imagination of French wine lovers.
The restaurant is selling mostly wine but also some very old spirits, like three bottles of a Clos du Griffier cognac from 1788, the year before the French Revolution, as well as the ancient Armagnac, valued at euro400-500 ($595-$743) a bottle. The fuzzy fungus is nothing to worry about — it thrives on the fumes of such spirits and is easily wiped away.
The restaurant wants to cut down on wines it has in multiple to vary and modernize its selection.
"You'll probably see, we've got too many bottles," jokes chief sommelier David Ridgway.
Unlocking a padlocked iron gate, the tuxedo-clad sommelier ushered visitors into the restaurant's underworld, where bottles are stacked floor to ceiling in a succession of caverns. Though everything is registered in a computer, there are occasional surprises, like the 1875 Armagnac, which Ridgway came across while looking for something else.
The wine cellar of the Left Bank restaurant, known for pressed duck and spectacular views of Notre Dame, is a part of its history. A sign marks the spot where a brick wall was built in 1940 to hide the best bottles during the Nazi occupation in World War II.
Visitors are offered sheepskin blankets for the chill: 14 degrees Celsius (57.2 Fahrenheit) this week, but dipping to 12 degrees Celsius (53.6 Fahrenheit) in winter.
"I like the wine to live a little bit of the seasons, even though it's temperature-controlled," said Ridgway, a Briton who has overseen the restaurant's wine menu since the early 1980s.
Times have changed since then, Ridgway says. Expensive jewelry or clothes no longer indicate what diners will pay for wine, and it's not taboo now for people to say what they want to spend. Still, he has to tread carefully: Propose a wine too inexpensive and some "people feel we have looked down on them, almost."
Estimated prices at the Dec. 7-8 sale by French auctioneer Piasa start at euro10 ($15) a bottle and go up to euro2,500-euro3,000 ($3,716-$4,459) for each 1788 Cognac, one of which will go to charity.
Among wines on sale are Chateau Lafite Rothschild (1970, 1982, 1997), Cheval Blanc (1928, 1949, 1966) and Chateau Margaux (1970, 1990). The total sale is expected to bring in around euro1 million ($1.5 million).
Buyers can rest assured the bottles aren't counterfeit — a major problem in the industry — because the restaurant bought them directly from vintners. As for the restaurant, the timing of the auction is right even as Europe struggles amid a global economic crisis.
"I'm sure there are some amazing treasures in that cellar, and it's a good time to sell because the wine auction market has really come storming back" after tanking during the early months of the financial crisis, said Michael Steinberger, Slate's wine columnist and author of "Au Revoir to All That: Food, Wine, and the End of France."
The restaurant, a family business, was once the summit of French gastronomy, attracting royalty, politicians and film stars. Each duck served comes with a certificate: U.S. President John F. Kennedy ate duck No. 245,200, while Mick Jagger feasted on No. 531,147 and Princess Grace of Monaco savored No. 496,516.
But recent years have brought setbacks. Longtime owner Claude Terrail died in 2006, and his 29-year-old son Andre now runs it. The restaurant, where a prix fixe lunch menu costs euro65 ($97) and a tasting menu at dinner goes for euro160 ($238), long held three Michelin stars but is now down to one.
The economic crisis has affected the restaurant's finances only "a bit," Terrail said, in part because of its name and diverse international clientele. While the kitchen was recently updated, the wine sale may fund more extensive renovations down the line.
The restaurant's name means "The Silver Tower" in French, and all the bottles for sale are stamped with the restaurant's insignia, a tiny tower.

On the Web:

http://www.piasa.auction.fr/UK/

Strong quake off Indonesia's Java, no tsunami alert

JAKARTA (Reuters) –
Indonesia was hit by a strong quake off Java island, in the Sunda Strait, on Friday afternoon, causing buildings to sway in the capital, Jakarta, and sparking panic in some areas as people fled homes and offices.

Indonesia's meteorology agency did not issue a tsunami warning after the quake, and there were no immediate reports of damage.

The U.S. Geological Survey said the quake had a magnitude of 6.5 and was at a depth of 34.5 miles. The epicenter was 187 km (116 miles) west of the capital Jakarta.

Indonesia is situated in a belt of intense seismic activity known as the "Pacific Ring of Fire."

A powerful quake measuring 7.6 struck off West Sumatra last month, killing more than 1,000 people and destroying hundreds of buildings.

Pool Sticks

Carom billiards, referring to games played on tables without pockets, including among others balkline and straight rail, cushion caroms, three-cushion billiards and artistic billiards

Snooker, which while technically a pocket billiards game, is generally classified separately based on its historic divergence from other games, as well as a separate culture and terminology that characterize its play.

Pool Sticks

Photo Mugs

Photo Mugs

Though at first glance a very simple object, the mug serves a number of functions which make it especially suited to holding hot liquids:

A puzzle mug is a novelty that is counter-intuitive. It will usually have several holes in the rim, making it impossible to drink from in the normal way. Frequently the solution is to cover all the holes in the rim, and then drink via another hole in the hollow handle.

Social Security freeze means seniors must scrimp

PEMBROKE PINES, Fla. – If her check were bigger, 76-year-old Agnes Conti might be able to spring for a better cut of meat for her pot roast. She could afford to send her nine grandchildren more than $20 for their birthdays and Christmas. She'd be able to buy some nice new clothes, like she sees on QVC, not what she settles for at Walmart.
If only. The government has said the Social Security checks Conti and tens of millions of other seniors rely on as their primary source of income will not increase next year as consumer prices have fallen overall. And while the retired hospital clerk will get by, she'll be watching her spending even closer, knowing she can't expect the annual raise she's been accustomed to.
"We were good citizens all our lives. We went to work, we lived by the book, we weren't on welfare, we didn't ask the city for anything," Conti said while taking a break from crafts at a senior center here. "And what do we get?"
At the Southwest Focal Point Senior Center in this Fort Lauderdale suburb, seniors lamented the cost-of-living freeze and praised a White House plan for $250 checks to soften the blow. But they took all of the news in stride, saying they've had a lifetime of experience living on a fixed income and would manage with the money they currently receive.
Frank Ferreira sits in the center's lobby, near a decorative fireplace and an autumn centerpiece. The 90-year-old retired truck driver loves to sing, even practicing on a karaoke machine at home, and loves to dance even more. He gets about $890 a month from Social Security, most of which he hands over to his daughter to help pay his share of the bills.
The money isn't the biggest issue, Ferreira said. It's the message the government is sending about caring for seniors.
"I could use a little more, but that's all right, I get along," he said. "But I think that we deserve it, the elderly. You can't just discard them. You've got to help them."
Nearby, 89-year-old Miriam Danzinger is shuffling along with a walker. She gets about $1,300 monthly in Social Security, and after rent and other expenses, including a MediGap plan, she has little to spare. Her daughter helps pay her bills.
When her Chevrolet Cavalier broke down a few months back, Danzinger was forced to give it up. When she goes to the store, she's thrifty, having learned how to cut grocery costs when she ran a coffee shop. She lives as simply as possible.
"Listen, there's no money. People are going hungry," she said. "But what can I say? I'm only a little ant."
The freeze in next year's checks is the first since automatic Social Security cost-of-living increases were adopted in 1975, and follows a 5.8 percent increase in January, the largest since 1982. By law, the adjustments are pegged to inflation, which is negative this year because of lower energy costs.
The Obama administration plan to send $250 stimulus payments to about 57 million seniors, veterans, retired railroad workers and people with disabilities, would amount to a roughly 2 percent raise for the average Social Security recipient. If approved, the checks would cost about $13 billion, though there is no plan yet how to finance them.
While seniors here have grown used to the annual raises, many of them said they're willing to cut the government some slack given the recession and the federal deficit.
"When they have the money, they give us the raise. If they don't have it, they don't have it," said Lucy Polieto, a retired waitress who lives in Southwest Ranches. She wears a glittery gold sweater and chains around her neck, and walks with a spry bounce that belies her 94 years. "Sometimes, I'm so surprised when I look at the check and I get a raise."
The news this week that checks would be stagnant is buffered by some positives: Seniors won't be getting any less than they already do, most recipients' Medicare part B premiums will freeze as well, and the president's plan could soften the blow. But because the one-time stimulus payments won't be a lifetime raise, it means many seniors will never see what amounts to thousands of dollars.
For those in poverty, the raise could have made a huge difference. But for the average senior simply living on a fixed income, it is seen less in dollars and cents, and more in the tangible costs they might be more careful with.
Polieto cooks eggplant, chicken cacciatori and pasta fazool. A raise could have given her more leeway with her grocery bill.
"Then I could buy some steaks, maybe," she said. "But I'd rather have a pork chop."

Portland Janitorial

A maidservant or in current usage maid is a female employed in domestic service. Once part of an elaborate hierarchy in great houses, today the maid may be the only domestic worker that upper and even middle-income households can afford. In the Western world, comparatively few households can afford live-in domestic help, usually compromising on periodic cleaners. In less developed nations, very large differences in the income of urban and rural households and between different socio-economic classes, fewer educated women and limited opportunities for working women ensures a labour source for domestic work.

Maids perform typical domestic chores such as cooking, ironing, washing, cleaning the house, grocery shopping, walking the family dog, and taking care of children. In many places in some poor countries, maids often take on the role of a nurse in taking care of the elderly and people with disabilities. Many maids are required by their employers to wear a uniform.

Portland Janitorial