London copper drops on Spain worries; Fed hopes limit fall - msnbc.com
SHANGHAI (Reuters) - London copper slipped on Wednesday in thin trading, with worries lingering over Spain's debt problems and as some investors looked to cash in on gains made the previous day.
Spain lurched closer to being shut out of credit markets when it had to pay a euro era record price to sell short-term debt on Tuesday, stoking fears the global economy could slip into recession and crimping demand for metals.
But falls were limited as many investors are hoping the U.S. Federal Reserve will boost liquidity in financial markets by announcing the extension of its bond-buying program at the end of a two-day meeting.
FUNDAMENTALS
Three-month copper on the London Metal Exchange had fallen 0.5 percent to $7,570 a metric ton by 0126 GMT, after rising 1.3 percent on Tuesday.
The most-active October copper contract on the Shanghai Futures Exchange climbed 0.7 percent to 55,070 yuan ($8,700) a metric ton, catching up with prious gains in London, after losing 0.5 percent the session before.
Spain's soaring borrowing costs showed that a euro zone deal to lend Spain up to 100 billion euros ($126 billion) for its banks had not solved the country's problems or restored investor confidence and suggests more aid may be needed to fix its finances.
Some economists think that with economic storm clouds gathering abroad and signs the U.S. recovery is flagging, the Federal Reserve may feel compelled on Wednesday to launch a new round of monetary stimulus - a move that may boost commodity prices.
In Greece, conservatives and socialists edged towards a deal on a new government on Tuesday that would seek concessions from the country's lenders on its punishing austerity program, and the euro zone signaled it was ready to negotiate.
Europe won support from world leaders on Tuesday for an ambitious but slow-moving overhaul of the euro zone, even as pressure built in financial markets for quicker solutions to its debt crisis.
A group of senior Chinese advisers have called on the government to relax property market restrictions to ensure brisk growth in the domestic economy, a state-backed newspaper reported on Wednesday. Such a move will likely boost base metal prices in anticipation of more demand from the real estate sector.
China's central bank could rely on cutting the amount of cash banks must hold as reserves to bolster growth but reserve further interest rate cuts as a last-resort policy option, economists familiar with Beijing's policy-making process said.
For the top stories in metals and other news, click
MARKET NEWS
World stocks rose and the euro gained on Tuesday amid optimism the world's major central banks will provide more economic stimulus as the euro zone debt crisis worsens.
The euro rallied against the U.S. dollar and Japanese yen on Tuesday, buoyed by positive news out of Greece and as a run-up in Wall Street stocks encouraged investors to take on riskier positions.
(Reporting by Carrie Ho; Editing by Joseph Radford)
(c) Copyright Thomson Reuters 2012. Check for restrictions at: http://about.reuters.com/fulllegal.asp
London Games to be first social media Olympics - The Guardian
STEPHEN WILSON
Associated Press= LONDON (AP) — Tweet this: The London Games will be the first Olympics told in 140 characters or less.
The London Games will be the most tweeted, liked and tagged in history, with fans offered a never before seen insider's view of what many are calling the social media Olympics, or the "socialympics."
Hash tags, (at) signs and "like" symbols will be as prevalent as national flags, Olympic pins and medal ceremonies. Some athletes may spend more time on Twitter and Facebook than the playing field.
Mobile phones have become smarter, laptops lighter and tablet devices a must-have for technology lovers — meaning social-savvy fans, whether watching on television or inside the Olympic stadium itself, will be almost constantly online.
Organizers expect more tweets, Facebook posts, videos and photos to be shared from London than any other sports event in history. The 2010 Winter Games in Vancouver offered just a small glimpse of what's to come.
"Vancouver was just the first snowflake," said Alex Hout, the International Olympic Committee's head of social media. "This is going to be a big snowball."
Twitter is already braced for a surge of traffic. Launched in 2006, it has become a key outlet for sports fans to trade messages during live events.
Users sent 13,684 tweets per second during a Champions League soccer match between Barcelona and Chelsea in April, a record volume of tweets for a sporting event — busier even than the 2012 Super Bowl. Chances are good that will be one of the records broken in London.
"It could be the 100-meter final or something unexpected," said Lewis Wiltshire, Twitter U.K.'s head of sport.
At the last Summer Olympics in Beijing in 2008, Twitter had about 6 million users and Facebook 100 million. Today, the figure is 140 million for Twitter and 900 million for Facebook.
"In Sydney (2000) there was hardly any fast Internet, in Athens (2004) there were hardly any smartphones, in Beijing hardly anyone had social networks," said Jackie-Brock Doyle, communications director of London organizing committee LOCOG. "That's all changed. Here, everyone has all that and will be consuming the games in a different way."
Later this month, at trials in Calgary for Canada's Olympic track and field team, athletes will even wear Twitter handles on their bibs — encouraging fans to send messages of support as they race.
Sponsors have also taken their Olympic campaigns online. Coca-Cola, Cadbury, Visa and BP are among those using Facebook to reach younger consumers. Samsung is even offering to paint the faces of Internet users with their national flag — virtually, of course.
"They key difference from four years ago is that now almost everyone has a smartphone, which means everyone can participate in real time," said Adam Vincenzini, an expert at Paratus Communications, a London-based PR and social media marketing agency. "You used to have to be sitting at your desk to access various social media platforms. Now you can have your phone or tablet on your lap while you watch, whether that's at the pub or the stadium."
The IOC, with 760,000 Twitter followers and 2.8 million on Facebook, will host live chats from inside the Olympic village with athletes, allowing the public to pose questions using social media accounts. It has already created an online portal, called the Athletes' Hub, which will collate posts from their Facebook and Twitter accounts.
Under IOC rules, athletes and accredited personnel are free to post, blog and tweet "provided that it is not for commercial and/or advertising purposes" and does not ambush official Olympic sponsors and broadcasters. Social media posts should be written in a "first-person, diary-type format."
What about spectators using their phones and iPads to take photos and video?
"There is no problem with photo sharing," Hout said. "We encourage it. But monetizing is not allowed."
"People are allowed to film. They're allowed to do that on their phones," he said. "The thing that we ask is that content is not uploaded to public sites."
The reason is to protect the exclusivity of the broadcasters who shell out big money for the rights. NBC, for example, paid more than $1 billion for the U.S. rights to the London Games.
"We encourage the use of social media. We encourage athletes to engage and to connect," Hout said. "There are some rules to follow, there's no question about it. But we don't police the fans, we don't police the athletes. We don't do that. What we do is we engage."
Facebook launched an Olympic page on Monday that groups teams, sports, athletes, broadcasters and in one place. The site has pages dedicated to specific Olympic sports and links to Facebook sites for 60 national teams and 200 athletes, including Michael Phelps, LeBron James and David Beckham.
LOCOG also plans to announce new Olympic tie-ups with Twitter and Google.
But London Olympic organizers have drawn up strict rules for their employees and the 70,000 Olympic volunteers. They have been told not to share their location, any images of scenes in areas that are off limits to the public, or details about athletes, celebrities or dignitaries who they find themselves in contact with.
"We are not stopping people from using social sites," Brock-Doyle said. "We say there are lots of things about your job — procedures, places you'll be and do — that remain confidential. There are elements of your job you can't share with wider groups of people."
Athletes, too, will need to navigate the social media world carefully.
Australian swimmers Nick D'Arcy and Kenrick Monk have already been punished after posting photos of themselves on Facebook in which they cradled pump-action shotguns and a pistol in a U.S. gun shop.
The Australian Olympic Committee ordered them to remove the photos immediately. The swimmers have been banned from using social media for a month starting July 15 and will be sent home the day the Olympic swimming program finishes.
The British Olympic Association has offered advice to its own athletes, suggesting that "a few smiley faces and LOL's (online speak for laugh out loud) will make you seem more approachable and encourage more people to talk and ask you questions." What not to do: "Don't get into disputes with your audience."
British swimmer Rebecca Adlington, a two-time Olympic gold medalist and a leading medal contender in London, has spoken out about abuse she has received about her physical appearance from some users on social media sites. She has already blocked the worst offenders from being able to contact her, but insists she won't stop using Twitter, where she trades dozens of messages a day with more than 50,000 followers.
"I'm insecure about the way I look and people's comments do hurt me," Adlington said in a message posted on Twitter.
While some athletes prefer to tune out from social media to concentrate on their competition, others embrace the opportunity to interact with their fans.
"Letting people know what I'm eating, how I'm sleeping, what the venues are like — people want to know what we're going through," U.S. gymnast Jonathan Horton said. "They want to know what it's like going through the experience and what we're up to."
All in 140 characters.
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Follow Stephen Wilson on Twitter at http://twitter.com/stevewilsonap
Follow David Stringer on Twitter at http://twitter.com/david-stringer
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AP Sports Writer Nancy Armour in Chicago contributed.
Vauxhall launches new 195-HP turbodiesel Astra GTC together with refresh - Autoblog
2012-06-15
- Brit-built Astra Hatch and Sports Tourer get new, bold look
- New GTC BiTurbo diesel becomes most powerful non-VXR Astra model
- All Astras now available with range of new options, including Front Camera System
- Underpins Astra success as best-selling British-built car in UK
Luton – These are the first official pictures of the new-look Astra Hatch and Sports Tourer, along with the latest addition to the GTC range, the 195PS BiTurbo diesel model.
Available to order now, with first deliveries in September, the refreshed design of the Astra Hatch and Sports Tourer – both of which are built at Vauxhall's Ellesmere Port plant in Cheshire – gives the cars a more bold and aggressive appearance. Both body styles get a new front grille, with repositioned logo-bar in the upper section and a re-styled lower section too. New front indicator lamps and a new design of fog lamp (where fitted) complete the front-end revisions.
The rear of both models has also been refreshed, with new rear-panel styling complemented by a chrome lower moulding.
New-look Astra pricing remains unchanged from the previous model.
Also available to order from today is the Astra GTC 2.0 CDTiBiTurbo, which will become the most powerful non-VXR model in the range, producing 195PS and 400Nm of torque. And while the extra power and torque give it a healthy lift in performance with 0-60mph arriving in just 7.8 seconds and a top speed of 139mph, the BiTurbo still achieves a combined 53.3mpg and C02 emissions of 139g/km. All BiTurbos receive Vauxhall's Start/Stop system as standard.
Uniquely in this class, the GTC uses a sequential turbocharging system, with the smaller turbo accelerating quickly at lower speeds to eliminate 'lag', providing 350Nm of torque from just 1500rpm. In the mid-range, both turbochargers work together providing maximum torque of 400Nm between 1750-2500rpm.
The Astra GTC BiTurbo enters the range at £23,925 – a premium of £995 over the GTC 2.0 CDTi 165PS model – but in addition to extra power and torque, receives: bespoke 18-inch alloy wheels, Electronic Climate Control, 6mm lower ride-height, a new body-kit and 'Track' interior trim, with a flat-bottomed leather steering wheel.
Enhancing the appeal of all Astra models still further is the introduction of a raft of options previously unseen in the range. Customers can now order the Driver Assistance Pack, which for £750 includes features like Forward Collision Alert, Lane Departure Warning, Traffic Sign Recognition and Following Distance Indicator.
Other new options for the Hatch and Sports Tourer only include a Rear View Camera Pack, Winter Pack (heated steering wheel and seats for £345) and LED daytime running lights (£145). Three new colours – Sculpture Bronze, Phantom Grey and Deep Sky – have also been introduced, while the Astra's standard DAB radio has been upgraded to a DMB (Digital Media Broadcast) system across the range.
As with all Vauxhall passenger cars, Lifetime Warranty is standard, giving first owners the peace of mind of a warranty that literally lasts the car's lifetime, up to a maximum 100,000 miles.
New money brightens London auction picture - The Independent
Julian Assange seeks political asylum in Ecuadorian embassy in London - Daily Telegraph
But the Andean nation quickly dimissed the idea after officials accused him of breaking American laws.
"Ecuador is studying and analysing the request," Foreign Minister Ricardo Patino told reporters in Quito, the country's capital.
He said Mr Assange had written to President Rafael Correa saying he was being persecuted.
He said that Mr Assange had argued that "the authorities in his country will not defend his minimum guarantees in front of any government or ignore the obligation to protect a politically persecuted citizen."
He said it was impossible for him to return to his homeland because it would not protect him from being extradited to "a foreign country that applies the death penalty for the crime of espionage and sedition".
A message was posted on the Wikileaks Twitter account, saying: "ALERT: Julian Assange has requested political asylum and is under the protection of the Ecuadorian embassy in London."
A second read: "We will have more details on the Ecuadorian situation soon."
Embassy officials said Mr Assange had arrived at the embassy earlier on Tuesday and had requested political asylum. Mr Assange is said to be "under protection" at the embassy.
A statement issued on behalf of the embassy said: "This afternoon Mr Julian Assange arrived at the Ecuadorian Embassy seeking political asylum from the Ecuadorian government.
"As a signatory to the United Nations Universal Declaration for Human Rights, with an obligation to review all applications for asylum, we have immediately passed his application on to the relevant department in Quito.
"While the department assesses Mr Assange's application, Mr Assange will remain at the embassy, under the protection of the Ecuadorian Government."
"The decision to consider Mr Assange's application for protective asylum should in no way be interpreted as the Government of Ecuador interfering in the judicial processes of either the United Kingdom or Sweden.
"In order to reach a proper decision in line with international law on Mr Assange's application, the Ecuadorian government will be seeking the views of the governments of the United Kingdom, Sweden and the United States of America.
"The Ecuadorian government will consider all the representations carefully as it is obliged to do under the accepted process in assessing such applications." His lawyers declined to comment as they left Ecuador's embassy.
But in a statement, Mr Assange said: "I can confirm that today I arrived at the Ecuadorian Embassy and sought diplomatic sanctuary and political asylum. This application has been passed to the Ministry of Foreign Affairs in the capital Quito.
"I am grateful to the Ecuadorian ambassador and the government of Ecuador for considering my application."
Last month Mr Assange interviewed the country's President as part of his new television series The World Tomorrow.
The moves came after the British Supreme Court decided last month that extradition was lawful and could go ahead. But Mr Assange was given time to consider the judgment.
The Swedish authorities want him to answer accusations of raping a woman and sexually molesting and coercing another in Stockholm in August 2010 while on a visit to give a lecture.
His only legal recourse in Britain is a possible appeal to the European Court of Human Rights.
Mr Assange, whose WikiLeaks website has published a mass of leaked diplomatic cables that embarrassed several governments and international businesses, has argued the sex was consensual while the allegations were politically motivated.
His legal struggle to stay in Britain has dragged on for the better part of two years, clouding his website's work exposing the world's secrets.
Australian authorities have cooperated with the United States in investigating WikiLeaks' conduct. The local government has concluded that Assange has broken no Australian law.
The former computer hacker gained international prominence in 2010 when WikiLeaks began releasing secret video footage and thousands of U.S. diplomatic cables, many of them about Iraq and Afghanistan.
It was considered the largest leak of classified documents in American history.
Mr Assange, who has not been charged with any offenses in Sweden and denies any wrongdoing, was on bail and living with friends before his extradition.
The Swedish Prosecution Authority said it had no information on the development.
London 2012 Olympics: Games legacy corporation chief Andrew Altman exits 24 hours after new chairman starts job - Daily Telegraph
Altman’s departure comes as the LLDC’s focus shifts to construction post-Games and he will be replaced by Dennis Hone, his counterpart at the Olympic Delivery Authority. Hone will do both jobs until a full-time successor to Altman is found, a role that Hone will be favourite to fill.
The LLDC has consistently struggled with the fundamental flaw of the stadium – the retention of the track makes it unattractive to football clubs – but the problem is clear from the calibre of the bidders in the last tender process, all four of whom can be revealed for the first time.
As well as West Ham, the only serious player, the LLDC has received a bid from the University of East London, which included some interest from Essex County Cricket Club.
Telegraph Sport understands that there were also bids from the University College of Football Business, an arm of the Bucks New University, as well as a company claiming to be bidding on behalf of Bernie Ecclestone’s Formula One.
The bid was lodged by an east London company called Intelligent Transport Services Ltd. Ecclestone did not respond to queries as to the nature of the bid, but it is not thought to be being taken seriously by the LLDC.
The first tender process, in which West Ham were selected as preferred bidder over Tottenham, was derailed by legal challenges from Spurs, and the second foundered on a challenge from Leyton Orient chairman Barry Hearn.
The tender process was launched for the third time last month, with the deadline for bidders July 12. West Ham remain favourites to occupy the stadium. They have huge leverage and the LLDC’s position is weak.
Rather than do a bad deal with West Ham, Moylan may consider proceeding without a football tenant, relying on concerts and one-off events to cover the £10 million-plus costs of running the stadium.
Income from the stadium is crucial to paying for the upkeep of the entire park, however. There is also the problem of finding a use for the vast broadcast centre, which could be an even bigger headache than the stadium.
Investing in the legacy of the London 2012 Games - The Independent
Since day one, Cisco has anticipated with pleasure, the mammoth task of providing the network infrastructure for the London 2012 Olympic and Paralympic Games. Not least because the legacy of this investment will benefit London and the UK for many years to come.
Part of this legacy is already under way in the form of the Cisco Networking Academies. This is a global, online education programme that teaches students how to design, build, troubleshoot and secure computer networks, giving them access to career and economic opportunities they would never otherwise have had. Between now and 2013 Cisco aims to open 30 new Cisco Networking Academies in East and South-east London, capable of improving the prospects of more than 4,000 students in the next five years.
Cisco will equip selected Networking Academy schools and colleges with technology, ITE and Cisco Certified Network Associate (CCNA) online training and lab equipment. However, the academies are not restricted to traditional schools, colleges and universities. Cisco has run successful academies in places as diverse as community centres, football clubs, prisons, military bases and even homeless shelters.
To demonstrate the potential of the programme, Cisco is staging the Inspiration Roadshow. Roger Black, winner of Olympic silver and World Championship gold, will inspire young people to consider careers in networking, and encourage schools to become Networking Academies. With him will be Sean Kelly who, with the help of the Networking Academy, turned his prison sentence into a lifechanging career opportunity. Kelly is a perfect example of how Cisco’s Networking Academies can change the lives of young people in London.
In years to come, the 30th Olympic and Paralympic Games will be remembered not only for breathtaking feats of athleticism, but also for the event that launched a new era in education. Students in East London and across the UK will be able to create their own life changing experiences, through Cisco’s Networking Academies.
To find out how Cisco could help prepare your students for the future, visit: www.ciscolondon2012.co.uk/learn/cisco-academy
In association with Cisco, Official Network Infrastructure Supporter for London 2012
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Interest from local community is key to enduring legacy of Olympics Many organisations involved in the Games are already looking ahead to the legacy they'll leave behind.
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