Matt Kuchar and Gary Woodland win World Cup for USA at Mission Hills

USA won the golf World Cup after a final round of 67 was enough for Matt Kuchar and Gary Woodland to take the title by two shots – from Germany and England.

Kuchar and Woodland, starting the foursomes two behind the overnight leaders Ireland, had six birdies and a bogey at the Mission Hills course on Hainan Island to finish 24-under par and take the trophy to the US for a 24th time.

England enjoyed a strong finish as Ian Poulter and Justin Rose returned a 63 that featured an eagle, eight birdies and a bogey, to end 22-under, tied for second with Germany, who shot a 69.

The Irish pair, Rory McIlroy and Graeme McDowell, could only produce an even-par 72 as they missed out on day four for the second consecutive time, after finishing runners-up to Italy in 2009. Their score of 21-under left them in a tie for fourth with Scotland, Holland and Australia.

After ending the USA's 11-year wait for the title following Tiger Woods and David Duval's victory in 2000, Kuchar said: "When I got selected to represent the United States I also got to choose my partner, and I knew it was going to be a great honour to come here to play for the United States. I thought that if I picked the right partner I'd have a real shot at winning the title.

"And I chose Gary Woodland, thinking that he would team up well with me, we would have the best shot of winning this title, and he played fantastic this week.

"I have no doubt that he was the best player in the field and for me it was a lot of riding his coat-tails, trying to keep encouraging him to keep it going, because he played some great golf.

"And I'm fortunate and really, really excited that I picked him."

Woodland added: "We played phenomenal, especially today. It's a tough format, and both of us picked each other up when the other one got in trouble. We got off to a hot start early, played solid on the back and really we were not in trouble in the back [nine] at all. It was a good day."

Birdies at the 1st and 2nd set the Americans on their way as they assumed the lead and after picking up further shots at the 6th and 7th, Kuchar and Woodland had established a strong position by the turn.

Ireland, by contrast, began poorly with a bogey at the 1st and although McIlroy and McDowell recovered with two birdies, another dropped shot at the 6th again set them back. However, a birdie at the 10th allied with a bogey at the 11th for the Americans saw the two tied at the top.

That was as good as it got for Ireland, though, as Kuchar and Woodland went on to sink birdies at the 12th and 13th that proved enough for them to triumph.

McDowell and McIlroy, on the other hand, faded as bogeys at the 12th and 15th followed and a birdie at the 16th was only good enough for them to finish tied for fourth. "We just didn't have it out there today," said McDowell. "We didn't make anything.

"We had two of probably the best breaks we had all year on the two par fives and we made six off both of them. That was really just the story of the day.

"We knew what we had to do. Our target was to go and shoot four-under par and that's exactly what we needed to do. We just couldn't get it done."

Poulter and Rose produced the round of the day as they followed up four birdies on the front nine with four more coming back, alongside an eagle and a bogey, but just fell short of a remarkable comeback and had to settle for second alongside Germany at 22-under.

"I felt like today was a bit about coming out and playing for pride," said Rose. "You always have pride when you are playing for your country but it was about restoring individual pride for ourselves, really.

"Both fourball days were uncharacteristic for us and today was fun. We gelled and finally got the right rhythm and right intensity and I think when we do get that, we match up really, really well."

Poulter added: "Saturday was disappointing to shoot four-under par in fourball and to go and shoot nine-under par in foursomes is crazy."

Martin Kaymer and Alex Cejka shot a 61 on Saturday but only picked up three birdies in their closing 69 to share second place.

Scotland's Martin Laird and Stephen Gallacher signed for a 66 containing eight birdies and two bogeys as they ended in a four-way tie for fourth on 21-under, while Rhys Davies and Jamie Donaldson of Wales picked up five birdies to finish fifth, four shots behind the United States.

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Will Thomas Cook ad offer take holidaymakers to a happy place?

Thomas Cook has come up with a truly valiant wheeze to make a virtue of its recent solvency wobble. A new promotional campaign from the debt-laden tour operator seeks to put a positive gloss on the borrowing crisis, which last week briefly cast doubt over whether the 170-year-old company would survive long enough to take some 5 million or so UK holidaymakers on summer breaks next year.

"We've been delivering great value for 170 years – 2012 will be no different," reads a new poster in all its high street shop windows. "Guaranteed: £170 off any of our summer 2012 holidays." That's 170 years … £170 off – Geddit?

It is not unusual for Thomas Cook, as with its rivals, to tempt customers into early bookings with bold promotional claims this time of year. But there is no doubt – in theme at least – that this latest promotional campaign is a little unorthodox. (Don't get too excited, however: the small print says the offer applies only if there is a minimum spend of £1,200 per booking)

Goodness knows Thomas Cook had to come up with something. Bookings were said to be down 30% in the UK last week, and insurance group Northern & Western had briefly withdrawn cover on Thomas Cook products. Elsewhere, rival group Tui was taking out whole page ads in newspapers gleefully declaring: "Another holiday company may be experiencing turbulence, but we're in really great shape."

It is perhaps a blessing that Thomas Cook does not trade under its corporate name outside of the UK, so bookings in other countries have not been shaken as badly. David Cameron may have described it last week as "an important and iconic British brand", but in truth the UK only generates about 10% of profits for the firm.

What a mess. Shareholders are unhappy, lenders are unhappy and staff are unhappy. Let's hope incoming chairman Frank Meysman, who takes over from the curiously absent Michael Beckett on Thursday, can quickly appoint a new chief executive to rebuild support among all stakeholders.

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MPs push UK bank bosses to boost lending to small firms

'How to get banks lending to small businesses?' was the question dominating the Treasury select committee's grilling of bank bosses on Wednesday and is also on the mind of the chancellor, who used his conference speech last month to promise a new set of measures to get money flowing. He used the phrase "credit easing" (CE) and described it as "another form of monetary easing".

The expectation is that George Osborne will use next week's autumn statement to provide a bit more clarity about what this CE might look like – but it's also thought that a lot of work is still under way about how to get this scheme going.

One idea put forward was for the banks to put all their small business lending into a separate subsidiary, or special purpose vehicle (SPV), that could have some sort of guarantee from the government – AAA-rated, of course. That vehicle would then be able to borrow money more easily on the markets.

The aim would be to reduce the cost of borrowing for banks, which, theoretically, should in turn reduce the cost of loans to small businesses, which argue that they are being charged more to borrow than bigger businesses.

The latest Bank of England survey of agents – its eyes and ears up and down the country – reports that credit terms for small businesses are indeed tightening.

But the idea of using an SPV-style arrangement now seems to be receding. Other ideas on the table include setting up a separate fund, similar to the European Investment Bank, which could help direct lending to firms.

No decision has yet been taken, but Osborne will not want the Treasury to end up guaranteeing non-performing loans which then hinder his deficit reduction programme.

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European Stars flock to Berlin for European Film Awards

European Stars flock to Berlin for European Film Awards

The 24th European Film Awards returned to Berlin on 3 December. An impressive line-up of European filmmakers joined by German actresses and actors as well as other colleagues presented the individual awards.

The 1,000 guests – winners, nominees and EFA Members – gathered at the Tempodrom where German comedy star Anke Engelke lead through the evening as the show’s host. Among the guests this year: the German State Minister for Culture and the Media Bernd Neumann, the Austrian Minister for Education, Arts and Culture Claudia Schmied, EFA President Wim Wenders and the recipients of the honorary awards Stephen Frears and Mads Mikkelsen.

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European Commission will propose Creative Europe and Erasmus for All programmes on the 23 November

On Thursday 23 November, the European Commission will announce its detailed proposal for 'Creative Europe', the new programme for the cultural and creative sector and 'Erasmus for All', the new programme for education, training, youth and sport.

Both programmes are part of the Commission's proposal for a multi-annual budget for 2014-2020.

The 'Creative Europe' programme will bring the current Culture, MEDIA 2007 and MEDIA Mundus programmes together under a common framework which will support the cultural and creative sectors with a budget of €1.8 billion (+37%). The focus will be on helping cultural and audiovisual professionals to safeguard and promote cultural and linguistic diversity by making to make the most of the Single Market and to reaching new audiences in Europe and beyond, as well as promoting cultural diversity and contributing to the Europe 2020 objectives for jobs and sustainable growth.

The new programme for education, training and youth would allocate €19.5 billion (+ 70%) over seven years; the increase underlines the priority given to investing in knowledge and skills to support job creation and growth in Europe. The programme would ensure that more people benefit from EU grants to study or train abroad; it would also promote cooperation between governments, educational institutions, businesses and other partners, to support the policy reforms needed to modernise education systems and promote innovation, entrepreneurship and employability.

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Facebook float could value company at $100bn

Social network will cross the critical 500 shareholder mark by end of 2011, which will force it to file financial data with SEC even if it does not choose to raise $10bn in IPO

Facebook, the world's largest social network, is preparing for a public stock offering next spring which could raise up to $10bn, according to sources.

The Wall Street Journal reported on Monday night that the company is hoping that the IPO, which has been long rumoured, would value the company at around $100bn.

Facebook's chief financial officer, David Ebersman, had discussed a public float with Silicon Valley bankers, but founder and chief executive Mark Zuckerberg had not decided on any terms and his plans could change, the Journal said.

The social network, which now claims more than 800 million members worldwide after seven years of explosive growth, has not selected bankers to manage what would be a very closely watched IPO.

But it had drafted an internal prospectus and was ready at any moment to go for a flotation, the Journal said, citing "people familiar with the matter" – a standard form of words for insiders at the company.

At $100bn valuation, the company started by Zuckerberg in a Harvard dorm room would have double the valuation of Hewlett-Packard.

A formal S-1 filing could come before the end of the year, though nothing was decided, the Journal added.

A Facebook representative declined to comment.

One matter which could force Facebook's hand is the number of people – especially employees – who have received stock options as an incentive for working at the startup. The Securities and Exchange Commission (SEC) says that "a company must file financial and other information with the SEC 120 days after the close of the year in which the company reaches $10m in assets and/or 500 shareholders, including people with stock options".

Google was forced to file for an IPO in 2004 after it passed the 500 shareholder figure. It is unclear how many of Facebook's 3,000 staff are shareholders, but the company said in January that it will exceed 500 shareholders this year, and that in accordance with SEC regulations, it will file public financial reports no later than 30 April 2012. That will be obligatory even if it does not file for an IPO.

Facebook does not disclose its financial results, but a source told Reuters earlier this year that the company's revenue in the first six months of 2011 doubled year-on-year to $1.6bn (£1bn).

If it does debut in 2012, Facebook's IPO would dwarf that of any other dotcom waiting to go public.

Farmville creator Zynga has filed for an IPO of up to $1bn. In November, the daily deals service Groupon debuted with much fanfare – only to plunge below its IPO price within weeks. It is now one of the worst-performing technology flotations ever.

LinkedIn and Pandora, which also floated this year, are now also trading significantly below the levels their stocks reached during their public debuts.

Facebook has become one of the world's most popular online destinations, challenging established companies such as Google and Yahoo for consumers' time and for advertising dollars.

Eric Feng, a former partner at venture capital firm Kleiner Perkins Caufield and Byers who now runs social-networking site Erly.com, said that the cash Facebook will get in an IPO would allow it to make more acquisitions and refine or work on new projects, such as a rumoured Facebook phone or a netbook.

Having tradeable stock will also allow Facebook to attract more engineering talent who might have been more attracted to the company in earlier days when it was growing faster but now perhaps might be attracted to other companies. "It'll be a powerful bullet for them," Feng said.

Investors have been increasingly eager to buy shares of Facebook and other fast-growing but privately-held internet social networking companies on special, secondary-market exchanges.

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Bhanwari Devi case: Key accused tells CBI missing nurse is dead

NEW DELHI: One of the main accused in the Bhanwari Devi case has told the CBI that the auxiliary nurse who is at the centre a sleazy scam in Rajasthan is dead.

Shahabuddin, one of the main accused in the crime that has jolted Rajasthan politics, told his CBI handlers that the attractive nurse who was close to sacked Rajasthan minister Mahipal Maderna was killed soon after her abduction.

However, agency sources said they had not found any evidence to substantiate the claim and were yet to trace Bhanwari's body.

Sources claimed the investigations were going in the right direction and "there will be a major arrest" in the next few days. "There will be an important arrest in the case in the coming days," a top CBI official said. Agency sources said they were questioning all the accused persons to find out where Bhanwari's body was dumped after her killing. CBI has in past few days questioned Mahipal Maderna, Malkhan Singh and other leaders in Rajasthan and also collected evidence in connection with Bhanwari's mysterious disappearance on September 1. The agency also sent Maderna's medical report to AIIMS for doctors to give an opinion on it.

The agency on Thursday filed its second status report in a Rajasthan court, claiming it had made significant progress in the case in which Maderna is a key suspect. CBI, which appeared before the bench of Govind Mathur and N K Jain (II) to submit the status report, requested the court for a private hearing in the matter.

During hearing on the habeas corpus petition filed by Bhanwari's husband in the chamber, CBI submitted the status report in a sealed envelope. The court put the matter for hearing on December 15. CBI had filed the first status report on November 11.

During his questioning, Maderna claimed innocence but admitted that he had met Bhanwari several times. The agency also recovered a camcorder and a computer from Jodhpur from which some video footage and photographs were deleted. CBI officials suspect the camera and computer might have been used to film and store controversial footage which could hold vital clues about the reasons behind Bhanwari's disappearance.

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Egypt army picks new PM, protesters plan mass rally on Friday

CAIRO: Egyptian former prime minister Kamal Ganzouri accepted a request from the ruling generals to form a new government, state media reported, but protesters brushed away their choice and vowed to hold another mass rally on Friday to demand the army quit power.

Ganzouri confirmed he had agreed in principle to lead a national salvation government after meeting with the head of the ruling military council, Field Marshal Mohamed Hussein Tantawi, the website of state newspaper Al Ahram reported, citing sources close to Ganzouri.

In an attempt to defuse protests by thousands of Egyptians frustrated by nine months of military rule, the army council promised parliamentary elections would start on time next week. It earlier said it would speed up the timetable for a handover from military to civilian presidential rule.

Violent clashes with police in and around Cairo's Tahrir Square since Saturday have killed dozens, in scenes reminiscent of the popular uprising that toppled Hosni Mubarak in February.

"The people demand the execution of the marshal," crowds chanted, referring to army chief Tantawi who was Mubarak's defence minister for 20 years.

Ganzouri headed a cabinet from 1996 to 1999 that introduced some economic liberalisation measures. Many Egyptians viewed him as an official who was not tainted by corruption, but his record serving under Mubarak could stir opposition from those demanding a clean break with the past.

As talk of a Ganzouri appointment filtered through the crowds packed into Tahrir Square, reactions were mixed. Some said his age made him a bad choice. Ganzouri is in his late 70s.

"Ganzouri is no good for this transitional period, which needs youth leaders, not grandparents," said student Maha Abdullah.

Metwali Atta, a 55-year-old taxi driver who was camped out in Tahrir, disagreed: "I would like to see Ganzouri as prime minister. The man has a strong character, unlike (outgoing prime minister) Essam Sharaf who was easily bossed around by the military council."

In a communique, protesters called a million-man march on "the Friday of the last chance" to back demands for an immediate transfer to civilian rule via a national salvation government.

The Egyptian Independent Trade Union Federation called for a workers' march to Tahrir. Another labour rights group called for a general strike to back the protests. Labour unions played an important role in the movement that toppled Mubarak.

The heads of two political parties who took part in a meeting with the military council on Tuesday said they now regretted attending and apologised to the protesters in Tahrir.

The demonstrations appear to have polarised Egyptians, many of whom worry unrest will prolong economic stagnation.

Supporters of the army council had said they would hold a rally to back the military. In a statement on its Facebook page, the army council said it was "appealing to them to cancel the demonstration", saying it wanted to avoid divisions.

ECONOMY REELS:

In fresh blows to confidence, the Egyptian pound weakened to more than six to the dollar for the first time since January 2005, and Standard & Poor's cut Egypt's credit rating.

The agency cut Egypt's long-term, foreign and local-currency sovereign credit ratings to B+ from BB-, saying a "weak political and economic profile" had worsened further.

The Central Bank raised interest rates unexpectedly in what bankers was an attempt to shore up the pound.

Egypt's ruling army council said it was doing all it could to prevent more violence. In a statement, it apologised, offered condolences and compensation to families of the dead, and promised a swift investigation into who was behind the unrest.

A ruling council member, General Mamdouh Shaheen, told a news conference the parliamentary vote, whose first stage is due to begin on Monday, would go ahead on time. "We will not delay elections. This is the final word," he said.

Another council member, Major-General Mokhtar al-Mullah, took a swipe at the demonstrators. "If we look at those in Tahrir, regardless of their number, they do not represent the Egyptian people, but we must respect their opinion," he said.

Mullah said the army hoped to form a new government before Monday to replace Prime Minister Essam Sharaf's cabinet, which resigned during this week's violence without giving a reason.

Demonstrators in Tahrir said the truce had taken hold from midnight. Cranes hauled concrete barriers, later reinforced with barbed wire, across streets leading to the nearby Interior Ministry, flashpoint for much of the recent violence.

HUMAN CHAINS

Protesters linked arms in human chains to prevent further clashes with security forces guarding the Interior Ministry.

"We have created a space separating us from the police. We are standing here to make sure no one violates it," said Mahmoud Adly, 42, part of a human cordon four people deep.

The protests in Cairo and elsewhere pose the gravest challenge to Egypt's army rulers since they took over from Mubarak, overthrown on Feb. 11 after an 18-day uprising.

The United States and European nations, alarmed at the violence of the past few days, have urged Egypt to proceed with what has been billed as its first free vote in decades.

The army and the Muslim Brotherhood, which expects to do well in the election, say it must go ahead, but many protesters do not trust the military to oversee a clean vote. Some scorn the Brotherhood for its focus on gaining seats in parliament.

In Tahrir, two groups were chanting against other, one saying, "Muslim Brotherhood, we don't want you in the square," and another responding in a unity call, "One hand, one hand."

The military council originally promised to return to barracks within six months of the fall of Mubarak, but then set a timetable for elections and drawing up a new constitution that would have left it in power until late next year or early 2013.

Tantawi pledged this week to hold a presidential vote in June that could pave the way for a transfer to civilian rule, but the demonstrators, angered by army attempts to shield itself legally from future civilian control, are unconvinced.

"The protesters of Tahrir Square announce their absolute rejection of ... Tantawi's speech, and stress they have been humiliated that the regime moved to offer solution only after martyrs fell," the protesters' communique said.

Before the truce, protesters had fought running battles with security forces around the interior ministry. The bloody chaos there contrasted with normal life in streets nearby.

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Sachin Tendulkar misses 100th international century

MUMBAI: Millions of Sachin Tendulkar fans were left disappointed as the iconic batsman again came very close to his historic 100th international century only to miss it by six runs in the third Test against the West Indies at the Wankhede stadium on Friday.

There was a deathly silence at Tendulkar's home ground as pacer Ravi Rampaul turned the "villain" by dismissing their favourite hero.

Interestingly, West Indies captain Darren Sammy's statement on Thursday evening that he intended to "break a few Indian hearts" turned out to be prophetic as he took a sharp catch at the second slip off Rampaul delivery that bounced a trifle more with Tendulkar trying to play a square drive.

The disappointment was writ large on his face as he slowly trudged back to the pavilion with the crowd stunned into silence.

Starting on his overnight score of 67, the legendary batsman was in a mood to get the coveted ton as quickly as possible.

The second new ball taken by rival skipper Sammy didn't pose any problems as Tendulkar was sweetly timing the ball. In fact he reached the 90s hitting a six off Fidel Edwards employing the upper cut over third man.

He also ran a few quick singles with his partner Virat Kohli. His 153-ball knock contained eight boundaries and a couple of sixes hit in an identical manner off Edwards.

Tendulkar's last international century came on March 12 during a World Cup group league match against South Africa at Nagpur. It's been more than eight months that the entire nation has been waiting with bated breath for the elusive century.

Tendulkar scored most of his initial runs on Friday with the flick shot as the West Indian pacers bowled at his pads.

He flicked Rampaul for a two and a four off his legs but then saw overnight partner VVS Laxman perish to the first ball the latter faced, caught at gully trying to drive.

But Virat Kohli, the new batsman in his fourth Test, was looking very confident while Tendulkar at the other end played a glorious straight-drive off Rampaul which streaked to the boundary line even before the bowler could stop in his run up.

Then came the over from Edwards that proved extremely fruitful as Tendulkar took 14 runs that included a classic front-footed off drive and the cut over third man for a six when the bowler pitched short and wide.

That took the right-hander to 93, a single off the bowler in Edwards' next over getting him to one shot short of the landmark century of tons.

Kohli hit a four off Rampaul and then Tendulkar got the strike in the same over which proved to be his last, as he reached for the ball to drive and ended up giving a catch to the slip cordon.

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Ind vs WI: Kohli, Ashwin take India over 400 on Day 4

India avoided the follow-on as Virat Kohli and R Ashwin took the hosts over the 400-run mark on the fourth day of the third Test against the West Indies at the Wankhede stadium in Mumbai on Friday.

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Sensex down 151 points in opening trade on profit-booking

MUMBAI: The BSE benchmark Sensex fell by over 151 points in opening trade on Friday as participants booked gains recorded in the previous session amid a weakening trend on other Asian bourses.

The 30-share Sensex, which closed 158.52 points higher in the previous session, fell by 151.47 points, or 0.95 per cent, to 15,707.02 in opening trade today.

In a similar fashion, the wide-based National Stock Exchange Nifty Index shed 46.75 points, or 0.98 per cent, to 4,709.70.

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No Test cricket championship until 2017: ICC

DUBAI: International Cricket Council (ICC) chief executive Haroon Lorgat has ruled out the possibility of holding ICC World Test championship until 2017.

Earlier, there was a plan to have such a championship from 2013, which would match the top four teams in 2013 instead of the 50-over ICC Champions Trophy, which is scheduled for England.

"I am afraid that's no longer going to happen in 2013," the Sydney Morning Herald quoted Lorgat as telling media on the sidelines of the second day-night international between Pakistan and Sri Lanka in Dubai.

He added: "At the last board meeting we decided that the first opportunity that we can play the World Test Championship is 2017. So I am disappointed that it is not going to take place sooner."

Lorgat said the delay was due to prior ICC commitments.

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Kingfisher Airlines cannot fly heavily loss-making routes: Vijay Mallya

MUMBAI: Cash-strapped Kingfisher Airlines, which has cancelled scores of flights in recent weeks, cannot afford to fly heavily loss-making routes, its chairman said on Tuesday.
"We cannot, as a private company, fly routes that are heavily loss-making," Vijay Mallya told reporters.
Mallya said, "Kingfisher Airlines is flying in tough environment conditions."

"Kingfisher has statred reconfiguration and it (reconfiguration) will give us incremental revenue generation opportunities," he said.
Mallya also clarified that Kingfisher Airlines has not been formally asked by banks to bring in fresh equity.
The airline's chairman said they were planning to directly import jet fuel to cut costs.

"We have applied officially to the ministry of commerce for direct import of fuel, and if we import fuel directly for our own use we become an actual user, and therefore, we don't pay sales tax," Mallya said addressing a press conference here.

Mallya said the fuel costs account for over 50 percent of the operating cost, which gets increased due to the sales tax charged by various state governments.

Mallya further said the airline has managed to reduce its dues to the three state-run Oil Marketing Companies (OMCs).

"We have fully repaid IOC ( Indian Oil Corporation) and BPCL (Bharat Petroleum Corporation Limited). As far as HPCL ( Hindustan Petroleum Corporation Ltd) is concerned, from over Rs 600 crore of unsecured credit... we have given bank guarantees and our outstanding to them is now down to Rs 40 crores."
Meanwhile, Chief Executive Officer Sanjay Aggarwal told reporters that the airline expects to join the OneWorld airline alliance in the first quarter of next year.

OneWorld alliance members, which include Cathay Pacific , American Airlines and British Airways Plc, often use partners' routes and flights to shore up their own networks.
Earlier on Tuesday, Kingfisher Airlines reported a doubling of its loss in the fiscal second quarter on higher fuel prices and operating costs, amid investor worries about its future, and said its net worth has been eroded, Reuters reported.
The carrier has become one of the main casualties of high fuel costs and a fierce price war between a handful of airlines which, between them, have ordered hundreds of aircraft for delivery over the next decade in an ambitious bet on the future.

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US is fed up with China: Obama

HONOLULU: President Barack Obama served notice on Sunday that the United States was fed up with China's trade and currency practices as he turned up the heat on America's biggest economic rival.

"Enough's enough," Obama said bluntly at a closing news conference of the Asia-Pacific Economic Cooperation summit where he scored a significant breakthrough in his push to create a pan-Pacific free trade zone and promote green technologies.

Using some of his toughest language yet against China, Obama, a day after face-to-face talks with President Hu Jintao, demanded that China stop "gaming" the international system and create a level playing field for US and other foreign businesses. 

"We're going to continue to be firm that China operate by the same rules as everyone else," Obama told reporters after hosting the 21-nation APEC summit in his native Honolulu. "We don't want them taking advantage of the United States." China shot back that it refused to abide by international economic rules that it had no part in writing. "First we have to know whose rules we are talking about," Pang Sen, a deputy director-general at China's Foreign Ministry said. agencies

"If the rules are made collectively through agreement and China is a part of it, then China will abide by them. If rules are decided by one or even several countries, China does not have the obligation to abide by that."

Even as Obama issued the veiled threat of further punitive action against China, it was unclear how much of his tough rhetoric was, at least in part, political posturing aimed at economically weary US voters who will decide next November whether to give him a second term.

Obama insisted that China allow its currency to rise faster in value, saying it was being kept artificially low and was

hurting American companies and jobs. He said China, which often presents itself as a developing country, is now "grown up" and should act that way in global economic affairs.

The sharp words between the US and China contrasted with the unified front that Asia-Pacific leaders sought to present with a pledge to bolster their economies and lower trade barriers in an effort to shield against the fallout from Europe's debt crisis.

The members of APEC, which accounts for more than half of the world's economic output, said they had agreed on ways to counter "significant downside risks" to the world economy.  

That followed an appeal by Obama, seeking to reassert US leadership to counter China's growing influence around the Pacific Rim, for a commitment to expand trade opportunities as an antidote to Europe's fiscal woes.

International Monetary Fund chief Christine Lagarde, in Honolulu to consult with APEC leaders, said the euro zone upheaval risked sweeping the world economy into a "downward spiral" that all countries had a stake in resolving the crisis.

TRADE LIBERALIZATION PROMISED

APEC said in a final communique: "We recognize that further trade liberalization is essential to achieving a sustainable global recovery in the aftermath of the global recession of 2008-2009."

The communique also expressed a firm resolve "to support the strong, sustained and balanced growth of the regional and global economy" -- a clear reference to US concerns about a huge trade deficit with China's export-driven economy, fiscal problems in developed nations and the low savings rate in the United States.

In another bow to US pressure, APEC committed to reducing tariffs on environmental goods and services to 5 percent as a way to promote green technology trade, overcoming China's resistance to the idea.

Differences persist among APEC members -- a point hammered home by US-China tensions -- and the question remains how far leaders will be able to go in turning promises into action. Many, Obama included, will face resistance to opening markets further to foreign competition.

Obama's public denunciation of China's policies came as he faces pressure at home, from Republican presidential contenders as well as fellow Democrats, for a tougher line on Beijing. But US leverage is limited, not least because Beijing is America's largest foreign creditor.

Though Obama acknowledged a "slight improvement" in the value of China's yuan, he insisted it was not enough.

The United States has long complained that China keeps its currency artificially weak to give its exporters an advantage. China counters that the yuan should rise only gradually to avoid harming the economy and driving up unemployment, which would hurt global growth.

Hu was quoted by Chinanews.com in Beijing on Sunday as saying a big appreciation in the yuan against the dollar would not help US trade and unemployment problems.

The yuan inched up against the dollar. Dealers said Hu's comments in Honolulu indicated that China had no intention of letting the currency rise faster in the near term.

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Talks on Greek coalition to start soon - Papandreou

(Reuters) - Negotiations to form a Greek coalition government will start soon, Prime Minister George Papandreou said on Saturday, launching a new push to save the nation from bankruptcy and prevent its crisis from sweeping over Europe and beyond.

Papandreou told the Greek president that the nation had to forge a political consensus to prove it wanted to keep the euro, as European leaders try to persuade the outside world that the currency bloc can overcome its huge debt problems.

"In order to create this wider cooperation, we will start the necessary procedures and contacts soon," he told reporters after meeting President Karolos Papoulias.

Hours after surviving a parliamentary confidence vote, Papandreou said Greece had to avoid early elections, calling for a broad-based government to secure a bailout from the euro zone, the main weapon in Europe's battle against the spreading economic crisis.

"My aim is to immediately create a government of cooperation," he told the president in the presence of reporters before they held talks behind closed doors. "A lack of consensus would worry our European partners over our country's will to stay in the euro zone."

Political sources involved in the dealmaking said negotiations are being led behind the scenes by Finance Minister Evangelos Venizelos, who aims to head the new coalition.

FAMOUS FATHER, FAMOUS GRANDFATHER

The sources said Papandreou, a socialist whose father and grandfather were Greek prime ministers, would step aside to make way for Venizelos, the man he beat to his PASOK party's leadership in 2004.

Without saying when he might quit, Papandreou -- who has led

Greece through two years of political, economic and social turmoil -- said he was ready to discuss who should lead the new government which would rule until elections probably early next year.

"The last thing I care about is my post. I don't care even if I am not re-elected. The time has come to make a new effort ... I never thought of politics as a profession," he told parliament before the vote in the early hours of Saturday.

A new coalition is likely to exclude the main opposition party, the conservative New Democracy.

Papandreou said the coalition should aim to ram the 130-billion-euro bailout deal through the assembly, the last financial lifeline for a nation that is due to run out of money in December.

Under heavy domestic and international pressure, the prime minister has backed down on a proposal for a referendum on the euro zone rescue. Greek voters could well have rejected the deal, potentially sinking euro zone leaders' attempts to stop the debt crisis devastating economies such as Italy and Spain.

THINGS MAY TURN UGLY

Greeks, burdened by waves of spending and welfare cuts plus tax rises which have pushed the country into a long recession, expressed disgust at the political wrangling up at parliament.

"I'm sick of politicians in Greece, and feel that things will now turn ugly. If only they could cooperate, everything would be much better," said Tassos Pagonis, a 48-year-old Athens taxi driver. "But will Greece be saved? I'm afraid not. Europeans don't trust us anymore, they will throw us out."

Pagonis expressed a fear widespread in the nation -- that Greece might be forced out of the euro zone to go it alone with a revived national currency. "I hope we don't return to the drachma," he said.

Pensioner Yiannis Vlahos, 83, compared the fates of Greece and Germany, which occupied the country in World War Two.

"When the Germans left we had some hope. They were ruined by World War Two but they worked hard and became the strongest economy. We Greeks haven't learned our lesson, we only steal," he said. "We ourselves hate our beautiful country."

Papandreou's socialist government won with 153 votes in the 300 member parliament, and a rebellion by some dissidents in his PASOK party failed to materialise after he indicated that his term as prime minister was close to an end.

The leaders of France and Germany told Papandreou this week that Greece would not get a cent more of aid if Greece failed to approve the bailout, meaning that the state would run out of money in December.

Newspapers labelled Papandreou's confidence victory as little more than a deal paving the way for a new government without Papandreou. The pro-government Ta Nea ran with "New government now!"

Greece has been racked by torment since soon after Papandreou won power in 2009 and revealed that the real budget deficit was three times bigger than original estimates put out by his conservative predecessor.

International investors took fright, Greece's borrowing costs soared and Papandreou was forced to go cap in hand last year to the only bodies still willing to lend at affordable rates -- the European Union and IMF.

In return they demanded wave after wave of spending cuts, tax rises and pension cuts which provoked widespread protests on the streets on Greek cities, with bloody clashes between demonstrators and riot police in Athens.

FAILING AGAIN

Masamichi Adachi, senior economist at JP Morgan Securities Japan, said the main concern was what would happen when international lenders returned to Athens in the coming months to assess the progress of the austerity plan and "find them failing again."

"This is just pushing away the timing of the real problem. Of course it's welcome that Greece didn't blow up today, but it doesn't solve the problem."

Analysts said Papandreou's victory had been Pyrrhic, and many ordinary Greeks said they were disenchanted with Byzantine political wrangling that was not addressing their basic need for jobs and cash.

Sources said Venizelos has won the backing of leaders of some smaller parties to support a coalition that he would head. The leaders of the far-right LAOS party and another centre-right party indicated after Papandreou's speech that they would cooperate in a new coalition.

In parliament, Venizelos said a new government should rule until next February and then call elections.

Opposition leader Antonis Samaras counted his New Democracy party out of the coalition, saying Papandreou had spurned his call for a national unity government. "Mr Papandreou rejected our proposal. The only solution is elections," he said.

(Additional reporting by Reuters Athens bureau; Writing by David Stamp)

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Anglo American to buy Oppenheimers out of De Beers

(Reuters) - Global miner Anglo American is set to take control of De Beers, buying out South Africa's Oppenheimer family in a $5.1 billion (3.1 billion pound) deal that ends the dynasty's direct links to the diamond business after almost a century.

Anglo has long been eying a deal to increase its 45 percent stake in unlisted De Beers -- which vies with Russia's Alrosa for the title of the world's largest diamond producer -- but Friday's announcement caught the market by surprise and sent the miner's shares up almost 4 percent.

The Oppenheimers have resisted Anglo's approaches for years and held on to their 40 percent stake even through the aftermath of the 2008 crisis which left shareholders forced to inject cash into De Beers as the luxury market tumbled.

It was unclear what prompted the family to change its mind, but the Oppenheimers indicated the decision to agree to Anglo's latest overture had taken into account a number of factors, including the need to diversify their investments.

James Teeger, managing director of E. Oppenheimer & Son, the family holding company, said the decision had been "momentous" and hinged on price -- long a point of difference between Anglo and the South African family.

"After a long deliberation which took many factors into account, one of which obviously is diversification, the family decided to unanimously accept the offer," he said.

Anglo's motivation is a bigger share of De Beers in a booming market, as China and India turn to diamond jewellery even in the face of an uncertain economic outlook. A 10-year supply deal with producing country Botswana in September proved a key catalyst, prompting Chairman John Parker to again approach the Oppenheimer family.

Sources familiar with the negotiations said the talks had been "difficult" for the Oppenheimers, but the time was felt to be right.

"They are tied up in one asset and we are currently in a very volatile environment," said one of the sources. "Anglo, of course, will look to the longer term."

Nicky Oppenheimer, grandson of the dynasty's founder, is currently De Beers chairman, and will remain in place at least until the deal closes in the second half of 2012. The family also owns a direct stake of just over 2 percent in Anglo and has no plans to sell, Teeger said.

The family has yet to decide how it will redeploy the cash, but a "substantial" portion will be invested in Africa.

SPARKLING PRICE?

Anglo American Chief Executive Cynthia Carroll, who said the company had been working on the acquisition "for years," said the long-term fundamentals for the diamond industry had prompted the deal. Improved security of supply, underlined by the agreement with Botswana signed in September, were another factor.

By 2015, China, India and the Gulf could overtake the United States as top diamond consumers, opening a huge market, and one increasingly suited to corporations, instead of the families and individuals whose links once dominated the diamond trade.

"In China, only 15 years ago, there was virtually no culture of the diamond engagement rings," Carroll told reporters. "Today more than half the brides in Beijing and Shanghai receive diamond engagement rings."

De Beers posted a 55 percent jump in first-half earnings in July on the back of record sales and an unprecedented jump in prices, driven by China, India and the United States, still the world's largest consumer of diamond jewellery.

Analysts and investors said the deal was a good one for Anglo at a valuation of around 6 times 2011 EBITDA, which is in line with far smaller, listed diamond producers like Petra Diamonds. Shares in Anglo were up 0.6 percent at 23.41 pounds in late trade, outperforming a flat sector index.

"It looks like they got it at a good price," said Peter Major, analyst at Cadiz Corporate Solutions in Cape Town.

"De Beers doesn't have the control over the market it used to, but it is still the biggest player and it's got a 120-year history in the business."

Founded by British entrepreneur and adventurer Cecil Rhodes in the 19th century, De Beers controls about 40 percent of the world's rough diamond supply.

Analysts at Liberum said they estimated the cash acquisition, which will not require new financing, would be 7.5-8.0 percent EPS accretive for Anglo over the next 3 years.

"We think this deal will be taken positively. Shareholders have been clamouring in recent years for Anglo to either increase its stake in De Beers or to IPO its stake," they said.

Carroll said a listing was not currently on the cards.

She also dismissed speculation the move was linked to a decision by Chile's state-owned copper producer Codelco to exercise an option to buy 49 percent of Anglo's assets in the country's south. Codelco said last month it had secured a $6.75 billion bridging loan to buy the stake.

Anglo American said it had reached a deal with the CHL Group, which represents the Oppenheimer family interest, but added Botswana, which currently holds 15 percent of De Beers, had a pro-rata pre-emption right over the CHL shares, potentially lifting the country's ownership to 25 percent.

Botswana, the world's top diamond producing country, is currently considering its position.

Anglo has been a shareholder in De Beers for over eight decades and has been the company's largest shareholder since De Beers became a private company in 2001.

UBS and Nomura were advisers to Anglo-American on the deal.

(Additional reporting by David Dolan and Marius Bosch in Johannesburg and David Brough in London; Editing by Hans-Juergen Peters and Andrew Callus)

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Reporting by Annika Breidthardt; Editing by Susan Fenton

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(Reuters) - German Chancellor Angela Merkel said on Saturday it would take a decade before the euro zone was in a better position and there was much work left to be done to solve the bloc's sovereign debt crisis.

"(It will) certainly take a decade until we are in a better position again," Merkel said in her weekly podcast. "We have a whole chunk of work ahead of us, I've got to say."

Merkel spoke a day after the euro zone failed to secure new money at a G20 summit from potential investors such as China and Brazil for its efforts to overcome the debt crisis.

Uncertainty about efforts to tackle the crisis persisted on Saturday. Greek Prime Minister George Papandreou, who survived a confidence vote on Friday but is expected to step down, said negotiations to form a coalition government would start soon.

He called for a broad-based government to secure a bailout from the euro zone, the main weapon in Europe's battle against the spreading economic crisis.

Merkel said all of Europe had overspent for years but welcomed that all euro zone members had agreed to a debt brake like Germany's.

"Almost all European countries have spent more over the years than they earned," she said.

(Reporting by Annika Breidthardt; Editing by Susan Fenton)

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Ireland's $17 billion austerity plan to woo investors

(Reuters) - Ireland will target 12.4 billion euros (10 billion pounds) in austerity measures over the next four years, further tightening the screws on its recession-weary people as it seeks to cement its transformation from European basket case to recovery story.

Prime Minister Enda Kenny needs to drastically squeeze the budget deficit if he is to extract Ireland from a humiliating EU-IMF bailout and return to debt markets in 2013.

Some analysts, however, are sceptical Kenny can pull it off, given the global uncertainty and its impact on growth. They believe Ireland will continue to be supported by European partners when the current rescue programme runs out in 2013.

"We are doing well, we are doing our job and ticking the boxes but that is all we can do," said Brian Devine, chief economist at NCB Stockbrokers. "I think the government's growth figures are too optimistic. At the moment I can't see how Ireland can get back into the market."

A worsening growth outlook means the government will have to target austerity measures totalling 3.8 billion euros next year, higher than the 3.6 billion euros initially pledged, with nearly 60 percent of the adjustment weighted on the spending side.

"These cuts are real. One person's cut is another person's public service. we are not making light of this," Finance Minister Noonan told a news conference on Friday.

"We are asking the people to stay with us because we have a clear programme for getting the country out of the difficulty it is in."

Dublin now expects gross domestic product to expand by 1.6 percent next year, compared with its earlier forecast of 2.5 percent previously. Its revision puts it broadly in line with the latest forecast from the IMF of 1.5 percent and the median estimate from 10 economists polled by Reuters of 1.5 percent.

It sees GDP growth averaging around 2.8 percent from 2013 to 2015 compared to 3 percent previously. Ireland needs medium term growth of around 2.5 percent to ensure its debt is sustainable.

But the outlook is finely balanced. The finance ministry has warned a cut in nominal GDP growth of 1 percent in 2012-2015 could see its debt-to-GDP ratio climb to 122 percent in 2013, a level that would likely prevent a return to debt markets.

EYE-POPPING

A property crash and bank sector meltdown tipped Ireland into severe recession and left it with the worst deficit in the industrialised world, jumping to an eye-popping 32 percent of GDP in 2010 due to the cost of rescuing its banks.

As part of an 85 billion euros EU-IMF bailout, Dublin has promised to get its deficit to under 3 percent of GDP, an EU limit, by 2015. It is only midway through an eight-year cycle of austerity running through 2015.

Noonan, whose government was swept to power in March, will present his first crunch budget on December 6.

The government is adamant it will avoid Greek-style debt restructuring. But Noonan said on Friday he would see if there were other ways to cut the Irish debt burden, possibly through getting Europe's rescue fund to take an equity stake in Allied Irish Banks (ALBK.I).

When Ireland agreed its EU-IMF bailout in November 2010 it set out a 15 billion euros adjustment plan for 2011 to 2014. But the worsening global picture, exacerbated by a rapidly unravelling Greek crisis, means Noonan has to squeeze more over a longer period.

For 2013, for example, he is targeting a fiscal adjustment of 3.5 billion euros compared to 3.1 billion euros in the original bailout deal.

So far, Ireland's fiscal plans are on track and despite pushing through nearly 21 billion euros in spending cuts and tax increases, equivalent to more than 13 percent of GDP, there has been no social unrest, in contrast to Athens.

"We don't like the cutbacks but you do get used to them. We don't want to go down the Greek road. The country's long-term reputation is important," said Alan, a 44-year-old father of two.

Ireland's success in so far meeting its fiscal targets, the recapitalisation of its banks' bad debts and its political and social calm have struck a chord with investors.

Irish debt yields have dropped from the record highs hit over the summer and the country is increasingly viewed as a possible recovery story, provided the euro zone's debt crisis doesn't unhinge things.

(Reporting by Carmel Crimmins and Conor Humphries; Editing by Ron Askew)

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US dollar ends cheaper against rupee

MUMBAI: The US dollar ended cheaper against the rupee at Rs 49.18/19 per dollar but the Pound Sterling turned higher at Rs 78.62/64 per pound at the close of the Interbank Foreign Exchange market (Forex) here today.

The Following are the Interbank Forex and RBI rates: (In Rs Per Unit) Unit Interbank RBI Reference US Dollar 49.18/19 US Dollar Rs 49.2508 Pound Sterling 78.62/64 Euro Rs 67.6445 Euro 67.78/80 Japanese Yen (100) 63.01/03.

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Pakistan grants India 'most favoured' trade status

Pakistan's cabinet has unanimously approved the award of "most favoured nation" trading status to India.

Pakistan had previously linked trade liberalisation with India to a resolution of the dispute over Kashmir, over which the nations have fought two wars.

Correspondents say the move is a significant step towards boosting the peace process between the neighbours.

India has already extended most favoured nation status to Pakistan.

The status typically reduces tariffs and increases import quotas.

Bilateral trade is currently put at about $2.75bn (£1.7bn) and the two sides agreed at a recent meeting in Delhi to boost it to $6bn within three years.

Although India granted Pakistan most favoured nation status in 1996, Pakistan says it has suffered from strict Indian customs rules and quality standards.

'National interest' Pakistan Information Minister Firdous Ashiq Awan told a news conference in Islamabad: "Today after an extensive briefing by the commerce secretary, the cabinet unanimously decided to grant India most favoured nation status."

He added: "This will bring economic benefits to us and this decision has been taken in the national interest."

Mr Awan said some ministers had raised objections on the Kashmir issue, but added: "The prime minister reviewed all the objections and took the cabinet into confidence that it will not hurt our national security."

The BBC's M Ilyas Khan in Islamabad says that although India acknowledges the Kashmir dispute, it has insisted the two sides improve interaction in other fields while they search for a mutually acceptable solution.

Analysts say the Pakistani decision has come at a time when the country desperately needs trade concessions from international markets to prevent its economy from sinking further.

India and Pakistan resumed formal peace talks this year after they were broken off in the wake of the militant attacks in Mumbai (Bombay) in 2008.

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Honduras troops join fight against violent crime

The government of Honduras has deployed hundreds of troops in the main cities to combat a wave of criminal violence.

Joint patrols of soldiers and police have been sent into areas dominated by criminal gangs.

Honduras has the world's highest murder rate, according to the UN, with much of the killing linked to drug-trafficking.

On Monday President Porfirio Lobo sacked his top police commanders after four officers accused of murder were released and went into hiding.

The military deployment, dubbed "Operation Lightning", began in the capital Tegucigalpa and the northern city of San Pedro Sula.

Soldiers and counter-insurgency police units set up road blocks while helicopters patrolled overhead.

President Lobo said the aim was to "guarantee the presence of the authorities in the most conflict-ridden areas".

He vowed to "do everything possible within the law to reduce the impunity that makes us all indignant".

Outrage The sacking of the police commanders on Monday followed the release of four officers accused of killing two students.

Their release has caused public outrage in Honduras, which is suffering soaring levels of violent crime.

A recent UN report found the country had the highest rate in the world in 2010, with 82 killings per 100,000 inhabitants - an average of 20 murders a day.

Honduras is a major transit point for cocaine smuggling from South America north through Mexico to the US, and much of the violence is linked to drugs gangs.

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Madras HC judge claims victimization

NEW DELHI/CHENNAI: A serving judge of the Madras high court has claimed to being victimized on caste grounds, accusing his brother judges of trying to put him down and subjecting him to humiliation for taking up litigations in an independent manner.

Justice C S Karnan has petitioned the National Commission for Scheduled Castes and sought an inquiry. While he has not mentioned caste as the reason for alleged prejudice against him, the judge's decision to approach the dalit watchdog has seen the commission view the case as one of caste discrimination.

Sources said NCSC chairman P L Punia has written to Chief Justice of India S H Kapadia urging him to look into the matter. When contacted, Punia refused to dwell on details, saying the aggrieved judge was a dalit and the complaint was being treated with all seriousness.

Justice Karnan, in his three-page letter to NCSC, said his independent way of dealing with petitions had annoyed brother judges.

He claimed colleagues humiliated him by deliberately pointing their shoes at him at a social function and by crushing a name plate carrying his name.

Justice Karnan even alleged that lawyers backed by judges tried to instigate him in the court premises and an investigation of their telephone call records could be carried out to prove their involvement.

When contacted, Justice Karnan told TOI that he was ready for a "public inquiry" to prove his allegations of harassment and discrimination. Justice Karnan, who has been in the eye of a storm over some of his rulings, said he would use the inquiry to disprove allegations against him as well.

In his petition, the judge said, "... at one of the marriage celebrations in Chennai where one of my brother judges, who was seated to the right side of me, crossed over his leg deliberately touching mine and on the second occasion at the Republic Day celebrations, the same judge again seated next to me and slyly removed the name slip which was attached to the arm of my chair with a string and stuck it to the bottom of his right leg where it got crumpled."

Attempts to instigate are repeatedly mentioned by Justice Karnan. "On another public occasion when we brother judges congregated once again for a public celebration, one of the brother judges behind the row of mine kept on shaking my chair repeatedly with the intention to annoy me," he said.

According to Justice Karnan, his refusal to be part of a group or coordinated consultations on cases was not liked by some judges who expected him to conform to the unwritten code. He said the objective behind such behaviour was to "reduce (his) role to subjugation".

His decision not to kowtow to expectations in court proceedings led to his sidelining. He said he had been deprived of participating in (events) in his native district of Cuddalore as special guest while he had also been denied participation in the National Judicial Academy except once when he had just joined the HC.

In a serious charge, the judge said 70 lawyers "encouraged and financed" by a few judges would assemble on the fifth floor of the HC during court hours in an inebriated state and would try to instigate him, and some of them would even gather in the corridor outside his room with the same objective.

Justice Karnan, talking to TOI, referred to canards and allegations against him. He said, "Just because I hail from a humble background, they cannot target me. I rose to this level due to sheer hard work and merit. During a felicitation after my elevation to the high court, lawyers offered me a crown. I have been living up to their expectations. Now, my reputation is in tatters. As a public servant receiving salary from public exchequer, I owe an explanation to people. I am ready for a public inquiry."

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China Looks to Venezuela for Energy Security

Venezuelan President Hugo Chávez has long desired to minimize his country's economic dependence on the United States, and since China's huge and growing energy demands have resulted in expanded business with Venezuela, he may very well get his wish.

Beijing and Caracas have a history of affable diplomatic ties, which in recent years have been strengthened by several multibillion-dollar oil-exploration deals that are providing China with a broadening spectrum of new sources of energy while helping to revive Venezuela's wilting economy. With its petroleum consumption climbing 7.5 percent per year, China represents a significant and growing long-term source of income for Venezuela.

While Washington continues to fulfill the bulk of its energy requirements through long-established sources in the Middle East, China could be said to have jumped the fence into the United States' backyard in an attempt to capitalize on the impressive inventory of natural resources that the region has to offer. The state of Sino-Venezuelan petro-relations represents an evolving global order reflected by the waning influence of the United States in Latin America and the growing power of extra-hemispheric nations in the region.

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