anymore39

Aon agrees to buy Hewitt for $4.9 billion

2012-03-15T07:30:00.000-07:00

Insurance broker Aon Corp. said Monday it agreed to buy human resources company Hewitt Associates for $4.9 billion in cash and stock to expand its consulting operations.

The insurance broker said it will pay $50 per Hewitt share, a 41 percent premium over Hewitt's closing price Friday of $35.40. Aon shares closed at $38.34 on Friday.

Aon, based in Chicago, plans to integrate Hewitt with its existing consulting and outsourcing operations and create a new unit, Aon Hewitt, after the deal closes. Russ Fradin, chairman and chief executive officer of Hewitt, will become chairman and CEO of Aon …

CIHR Institute of Gender and Health Celebrates 5 YEAR ANNIVERSARY

2012-03-15T05:06:00.000-07:00

THE FIRST NATIONAL RESEARCH INSTITUTE OF ITS KIND IN THE WORLD, THE INSTITUTE OF GENDER AND HEALTH (IGH) SUPPORTS RESEARCH TO ADDRESS HOW SEX AND GENDER INTERACT WITH OTHER FACTORS THAT INFLUENCE HEALTH TO CREATE CONDITIONS AND PROBLEMS THAT ARE UNIQUE, MORE PREVALENT, MORE SERIOUS OR DIFFERENT WITH RESPECT TO RISK FACTORS OR EFFECTIVE INTERVENTIONS FOR WOMEN AND FOR MEN, GIRLS AND BOYS.

IGH contributes to the generation of new knowledge and outstanding research through strategic research initiatives that offer Requests for Applications (RFAs) focused on its five priorities: access and equity for vulnerable populations, promoting health in the context of chronic and infectious …

US new-home sales plunge to lowest level in more than 12 years

2012-03-15T02:44:00.000-07:00

Sales of new homes in the United States plunged last month to their lowest level in more than 12 years, a grim testament to the problems plaguing the housing sector.

The Commerce Department reported Friday that new-home sales tumbled by 9 percent in November from October to a seasonally adjusted …

McPier building on hotel room demand

2012-03-15T00:20:00.000-07:00

Chicago's convention business is getting a short-term injection of construction jobs and a long-term assist with its competitiveness.

At the Metropolitan Pier and Exposition Authority, which runs McCormick Place, designs are being finished for an addition to the Hyatt Regency McCormick Place hotel. Construction on the 15-story building at 2233 S. Dr. Martin Luther King Jr. Drive should start by year-end.

The new tower will add 460 rooms for conventioneers who crave proximity to McCormick Place. It'll arise atop a parking deck that was designed for the eventual addition. The existing 800-room Hyatt opened in 1998 and books up quickly for major events. Meeting planners long …

AIChE Student Members Receive Tau Beta Pi Fellowships

2012-03-14T22:00:00.000-07:00

The Fellowship Board of Tau Beta Pi, the national engineering honor society, has selected 35 engineering students for graduate fellowships in 2008-09. Among the honorees are tour AIChE student members.

Boris D. Chemomordik, a chemical engineering student at the Univ. of Louisville, has been awarded Tau Beta Pi's 23rd Centennial Fellowship, which honors the Society's most outstanding Fellow. Also receiving fellowships are Arjun S. Adhikari of Polytechnic Univ., Travis W. Walker of South Dakota School of Mines and Technology, and Andrew P. Wilson of Howard Univ.

Tau Beta Pi Fellowships are awarded for high scholarship, campus leadership and service, and the promise of future …

Rice Hints at Openness to Work With Syria

2012-03-14T19:39:00.000-07:00

SHANNON, Ireland - Secretary of State Condoleezza Rice said Sunday the United States' poor relationship with Syria is overstated and indicated an openness to working with Damascus to resolve the crisis in the Middle East.

En route to the region, Rice noted that the United States still has a diplomatic mission and State Department officials working in the Syrian capital. That presence, she said, is a "channel for dealing with Syria."

"The problem isn't that people haven't talked to the Syrians. It's that the Syrians haven't acted," she said. "I think this is simply just a kind of false hobby horse that somehow it's because we don't talk to the Syrians.

"It's not …

Madoff's properties in NYC, Florida up for sale

2012-03-14T17:19:00.000-07:00

It's where Bernard Madoff broke down and confessed to his massive fraud, frantically wrote checks for millions of dollars as the scheme unraveled and appeared in a bathrobe to greet the FBI agents who arrested him.

Soon the world will see whether Madoff's luxury penthouse apartment _ perhaps the only former crime scene featuring four fireplaces, a wraparound terrace and closet space galore _ also will hit the jackpot on the Manhattan real estate market.

The U.S. Marshals Service plans to put the 4,000-square-foot (371-sq. meter) duplex in a 12-story doorman building on the Upper East Side up for sale this week, betting that exclusivity outweighs notoriety.

…

PLUS NEWS

2012-03-14T14:58:00.000-07:00

HEALTH CARE REFORM: A bipartisan bloc of senators neared completionof a proposal to break the deadlock on health reform by scaling backproposed benefits and bureaucracy. President Clinton said he wasencouraged by their work and urged Congress keep at it until theyresolve the issue. The bipartisan group of about 15 senators wasexpected to put cost containment ahead of the goal of universalcoverage. Their proposals were expected to fall short of the SenateDemocratic leaders' plan to have 95 percent of Americans covered bythe turn of the century. INSURANCE REFUNDS: Millions of California drivers and homeownerswill get refunds after the state Supreme Court backed rules onvoters' …

Decision to suspend Quran-burning met with relief

2012-03-14T12:38:00.000-07:00

LHOKSEUMAWE, Indonesia (AP) — Religious and political leaders across the Muslim world welcomed a decision by a small American church to suspend its plans to torch copies of their holy book — but some said Friday the damage has already been done.

The Rev. Terry Jones from the Dove Outreach Center in Gainesville, Florida triggered international outrage when he announced he would burn the Quran on the anniversary of the 9/11 attacks, with hundreds of angry protesters in Afghanistan and Pakistan burning U.S. flags and chanting "Death to the Christians."

His decision to hold off, made overnight when many in Asia were sleeping, was met with relief.

"Quran burning plan aborted! …

Maple Leafs-Senators Sums

2012-03-14T10:18:00.000-07:00

Toronto 1 2 1_4
Ottawa 0 1 0_1
First Period_1, Toronto, Kessel 26 (Kulemin, Bozak), 11:20. Penalties_Winchester, Ott (elbowing), 3:02	Phaneuf, Tor (roughing), 5:51	Foligno, Ott (roughing), 5:51	Exelby, Tor, major (fighting), 14:20	Neil, Ott, major (fighting), 14:20	Grabovski, Tor (tripping), 19:22.
Second Period_2, Toronto, Mitchell 5 (Hanson, Schenn), 4:33. 3, Toronto, Grabovski 9 (Caputi, Stalberg), 4:52. 4, Ottawa, Sutton 5 (Alfredsson, Cullen), 18:26. Penalties_Stalberg, Tor (hooking), …

In a quandary; Will firing talent and cutting costs help Q101 reverse dismal ratings?

2012-03-14T07:57:00.000-07:00

On the eve of another dismal ratings report, alternative rockWKQX-FM (101.1) fired its afternoon and overnight personalities, andreplaced them by shuffling a few insiders.

Whether the move is the latest case of ill-advised cost-cutting(as cynics believe) or a shrewd redeployment of staff in response tochanging times, it underscores the quandary faced by owner EmmisCommunications.

Forced out last week were Todd Fooks, who used the name "Fook" asafternoon host, and James VanOsdol, veteran overnight host and oneof the city's most respected rock jocks.

How respected? As soon as word spread about his firing, Van Osdolwas grabbed by Bonneville International to …

Usain Bolt reaches 100-meter final at worlds

2012-03-14T05:37:00.000-07:00

DAEGU, South Korea (AP) — Usain Bolt won his heat Sunday in 10.05 seconds and qualified for 100-meter final at the world championships. The final is set for later Sunday.

Bolt, who set world records …

GE vows vigorous defense against federal lawsuit

2012-03-14T03:06:00.000-07:00

NEW YORK (AP) — General Electric Co. said Wednesday that it will vigorously defend itself against a lawsuit filed by the Federal Housing Finance Agency over $549 million in mortgage-backed securities the company sold to Freddie Mac in 2005.

The federal agency sued 17 financial institutions including GE and some of the nation's largest banks on Sept. 2. The agency oversees Fannie Mae and Freddie Mac, the agencies that buy mortgages and mortgage securities issued by lenders.

GE and the others are accused of making inaccurate statements in documents when selling Fannie Mae and Freddie Mac mortgage-backed securities, which are bundled pools of mortgages. Many turned toxic when the housing market collapsed.

The lawsuit against GE involves two mortgage-backed securities backed by loans originated by WMC Mortgage Corp., a business GE sold in 2007.

European stocks steady ahead of Obama inauguration

2012-03-14T00:14:00.000-07:00

European stock markets were steady Tuesday as the upbeat inauguration of Barack Obama helped offset gloom in the banking sector, while Asian markets tumbled as financial stocks took a beating.

With good news so thin on the ground, investors were scratching around for any crumbs of comfort they could find. At the moment, the only glimmer of hope appears to be that the incoming Obama administration will engineer a swifter recovery in the world's largest economy through its massive fiscal stimulus.

"Expectations both in the U.S. and the rest of the world are high that its knight in shining armour has arrived and armed with a huge stimulus package will rescue both the U.S. and global economy from the clutches of recession," said Stuart Bennett, an analyst at Calyon Credit Agricole.

That tentative hope helped the FTSE 100 index of leading British shares climb 11.14 points, or 0.3 percent, to 4,119.61, while Germany's DAX was little changed, down 0.40 point at 4,315.74. France's CAC-40 was down 9.78 points, or 0.3 percent, to 2,979.91.

Sentiment in Europe's banks remained fragile despite Tuesday's modest 12 percent recovery in the share price of Royal Bank of Scotland Group PLC. On Monday, frenzied selling caused a 67 percent collapse in the share price of Royal Bank of Scotland after it forecast a record 28 billion pound ($41.3 billion) loss for 2008.

Other British financial stocks were being heavily sold again, with newly-merged Lloyds Banking Group PLC down another 18 percent, and Barclays PLC 5 percent lower.

"The banks led Asian markets lower overnight and although given the pummeling taken by the likes of RBS yesterday it's getting difficult to imagine much more value being taken out here, the scene does seem to be set for the blood-bath to continue in the near term," said Matt Buckland, a dealer at CMC Markets.

Earlier, Asian stocks suffered as investors in the region digested the previous session's European banking rout. Wall Street was closed Monday for the Martin Luther King holiday.

Japan's Nikkei 225 stock average lost 2.3 percent to 8,065.79, paring losses in the afternoon after dipping under the key 8,000-level during the morning session.

Elsewhere, Hong Kong's Hang Seng index lost 2.9 percent and Australia's S&P/ASX200 fell 3.1 percent. Benchmarks in South Korea, Taiwan and Singapore also retreated.

Financial issues sank across Asia, with Sumitomo Mitsui Financial Group Inc. down 3.8 percent, and Mizuho Financial Group Inc. 6.2 percent lower.

Chinese shares bucked the trend in Asia on hopes the government would soon release its stimulus plan for the petrochemical sector. The benchmark Shanghai Composite Index closed up 1.4 percent, buoyed by steel producers and medical issues, which surged after China reported several bird flu death cases recently.

U.S. stock futures suggested a weaker return for Wall Street. Dow futures were down 82 points, or 1.0 percent, at 8,161, while the broader Standard & Poor's 500 futures fell 9 points, or 1.1 percent, to 839.60.

Oil prices fell $2.76 to $33.75 a barrel Tuesday as traders sold the expiring front-month Nymex contract due to a lack of space at a key U.S. storage facility.

Meanwhile, the dollar fell 0.4 percent to 903.35 yen, while the euro bounced 1 percent to $1.2956.

The strongest focus was on the British pound, which slumped to a seven and a half year low against the dollar amid fears that Britain's credit rating could be downgraded if the government has to take over ailing banks.

The pound was 3.3 percent lower at $1.3972, having earlier fallen to $1.3936, its lowest since July 2001. As recently as July 2008, the pound was trading as high as $2 before concerns about the banking system and the wider economy as a whole prompted a sharp reverse.

The selling of the pound gathered pace in the wake of Monday's announcement from the British government that it was bailing out the banking sector for the second time just over three months.

___

Associated Press Writer Tomoko A. Hosaka in Tokyo contributed to this report.

Mickelson falters on Open moving day

2012-03-13T21:22:00.000-07:00

There was no other choice: Lefty had to play righty.

And that choice on the ninth hole almost became a footnote to Phil Mickelson's wild third round on Saturday.

Lefty went home Saturday night seven shots out of the lead after a chaotic 2-over 73 that included right-handed shots, some remarkable saves and a trip to the beach on the 18th.

Unable to find any consistency, Mickelson did his best to give back much of what he accomplished a day earlier when his 5-under 66 got himself back near the top of the leaderboard.

Now he enters the final round needing to post a low number and hoping for the leaders to falter.

"I'm quite a few shots back, probably a few more shots back than I thought I would be ... but anything can happen on Sunday," Mickelson said.

Unable to continue the magic of a day earlier when the perpetual U.S. Open runner up raced back into contention, Mickelson tried taking multiple steps backward on Saturday.

He missed putts that dropped a day earlier. He tried questionable shots. Worst of all, Mickelson failed to take advantage of Pebble Beach's front nine that was ripe for scoring.

"I just gave back shots here and there," he said.

The result: a shaky round only buoyed by a trio of remarkable shots on the final three holes that left Mickelson in the chase position entering Sunday's final round.

That's not a bad place for Mickelson. His last two titles _ the Masters and '09 Tour Championship _ were in come-from-behind fashion. But those weren't seven-shot deficits and on courses being primed to prevent low rounds.

Mickelson will go off with Ernie Els at 1:55 p.m. local time on Sunday, just before the leaders.

"Yeah, Sunday at the Open a lot of things can happen. And I'll be off with the leaders, and I need to get hot in those first seven holes that you can make birdies," Mickelson said. "You can makeup a lot of ground if you make birdies Sunday at the U.S. Open. It will be challenging to make up that many shots."

Saturday was the erratic Mickelson, spraying shots all over Pebble Beach, scrambling to avoid imploding and making a handful of key shots to keep hope alive.

He rolled in a birdie putt at the 16th to get back to 1 over, only to pull his tee shot on the 17th near the grandstand well right of the green. Mickelson avoided bogey by getting relief from the grandstand, then deftly dropping a wedge within gimme range.

Then came the 18th. His tee shot leaked to the left and danced along Pebble's perilous seawall before bounding into the rocks and beach below. Mickelson climbed down and momentarily thought about playing from the beach before taking a penalty.

It might have been his best decision of the day. From 242 yards Mickelson hit a long iron to about 30 feet then two-putted for a most unlikely par.

"I fought hard. I made some ridiculous up and downs out there today," Mickelson said, noting par saving shots on the 10th from the fescue and out of a bunker on the 14th. "It was fortunate to keep me in the round and in striking distance."

Like many others on moving day, for every step forward, Mickelson took one, and sometimes two steps back.

The USGA gave the players the blueprint: get your shots early, because we're going to take them from you late. Tees were moved forward on No. 3, giving players the chance to cut the dogleg and leave a wedge into the green. The fourth hole was shortened to 284 yards, meaning long hitters could use a long iron to reach the par 4 from the tee.

Mickelson failed to do that. He bogeyed his first two holes with careless mistakes. He rallied with a birdie at the fifth before an adventure on the ninth.

Mickelson pulled his tee shot on the 505-yard, downhill par 4 that hugs the Pacific coastline, finding a fairway bunker. He tried to make sure he blasted free with an 8 iron from more than 200 yards, but caught the lip of the bunker and went all of 20 yards into thick rough. His third from a twisted patch of rough was pulled into a thatch of long fescue on the cliff edge, forcing Mickelson to hit his fourth shot right handed.

But Mickelson didn't let the double bogey on the ninth or his other miscues completely derail his round.

"I don't feel like I got myself out of trouble. I put myself in trouble a lot and maybe I escaped a little bit," Mickelson said. "It still got me."

(This version CORRECTS Updates Mickelson's pairing on Sunday. Corrects to 'Tour Championship' in 11th graf.)

Syrians Fight Off Attack on U.S. Embassy

2012-03-13T18:31:00.000-07:00

DAMASCUS, Syria - Syrian guards foiled an attempt by suspected al-Qaida-linked militants to blow up the U.S. Embassy on Tuesday, exchanging fire outside the compound's walls with gunmen who shouted "God is great" and tried to storm in with automatic weapons and hand grenades.

The brazen, midmorning assault in a heavily guarded neighborhood of the capital could highlight the Syrian regime's weakening grip on militants, who have battled Syrian security forces repeatedly in recent years.

The attack, which left at least 10 civilians and a Chinese diplomat wounded, came amid high tension between Washington and Damascus.

The rapid response by Syrian guards won rare praise from the United States, which accuses President Bashar Assad's government of supporting terrorism in its backing of Hezbollah guerrillas and Palestinian militants.

"I do think that the Syrians reacted to this attack in a way that helped to secure our people, and we very much appreciate that," Secretary of State Condoleezza Rice said. No Americans were hurt, and the embassy was not damaged.

White House spokesman Tony Snow also thanked Syrian officials and called for Damascus to "become an ally and make the choice of fighting against terrorists."

But Syria responded with a sharp criticism of the United States, blaming its policies in Lebanon, Iraq and the Palestinian territories for increasing Islamic militancy.

"It is regrettable that U.S. policies in the Middle East have fueled extremism, terrorism and anti-U.S. sentiment," the Syrian Embassy in Washington said in a statement. "The U.S. should ... start looking at the root causes of terrorism and broker a comprehensive peace in the Middle East."

It curtly said that Syria "performed its duties" under the Geneva Conventions to protect the embassy.

Anti-American sentiment has been rising across the Middle East since Israel's 34-day blitz of Hezbollah in Lebanon that ended nearly a month ago, on top of turmoil in Iraq that many here blame on the United States.

There was no immediate claim of responsibility for Tuesday's attack, but suspicion immediately fell on a little-known al-Qaida offshoot called Jund al-Sham, Arabic for Soldiers of Syria.

Syria's ambassador to the U.S., Imad Moustapha, told The Associated Press it was too early to say but "it's logically possible" Jund al-Sham was responsible.

If confirmed, it would be the boldest and most sophisticated attack yet by Jund al-Sham.

At the State Department, deputy spokesman Tom Casey said: "Clearly, it was an organized terrorist attack on our embassy. But exactly who was responsible for it and who they might be affiliated with and what their motives are, are things that we'll just have to look at as the days go on."

Three attackers and a Syrian guard were killed in the attempted bombing of the embassy, located in the same neighborhood as Assad's office and residence. A fourth attacker was wounded and arrested.

The attackers came in two cars, one of them an explosives-laden pickup truck. The first car pulled up in front of the embassy's entrance and three gunmen burst out. Shouting "Allahu akbar" - "God is great" - they threw hand grenades and fired automatic weapons toward the gate and a Syrian guard post, sparking a 15-minute gunbattle.

At the same time, the truck - filled with pipe bombs rigged to gas canisters - pulled up to another gate on the other side of the triangle-shaped compound. But when the shooting erupted, the driver ran away without detonating it. The driver was shot and arrested, and the truck did not explode.

The three attackers tried to throw their grenades over the embassy's white 15-foot-high walls, but none made it over. One blast peppered the wall with pockmarks.

Three Syrian security agents were wounded as well as the 10 civilians and the Chinese diplomat who was watching the gunbattle from the rooftop of the Chinese Embassy across the street.

After the attack, blood was splattered on the sidewalk outside the embassy, along with the burned-out car used by the gunmen.

The U.S. Embassy has about 40 staffers, but no ambassador. The United States withdrew its ambassador several days after the Feb. 14, 2005, assassination of former Lebanese Prime Minister Rafik Hariri in a Beirut car bomb - an attack his supporters blamed on Syria. Damascus has denied any role, but the Hariri's killing further soured U.S.-Syrian ties.

Tuesday's attack raised the question of how strong militant groups have grown in Syria - where the highly closed government rarely releases information on security issues, making assessing the terror threat difficult.

Sunni Muslim extremists such as al-Qaida fiercely despise Assad's regime because of its secular ideology and because his father, the late President Hafez Assad, led a crackdown on Muslim fundamentalists that killed thousands in the city of Hama in 1982. They also reject Assad's rule because he belongs to the Shiite Alawite sect of Islam.

Assad has warned of an increasing Islamic threat against his country, saying al-Qaida militants are taking refuge in neighboring Lebanon.

But some opponents of his regime have claimed he is hyping the threat to score support with the United States, defuse international pressure and provide a pretext for Syrian meddling in Lebanon.

Syrian security forces have battled several times in the past two years with gunmen believed to belong to Jund al-Sham.

In June, anti-terrorism police fought militants near the Defense Ministry in central Damascus in a clash that killed five people and wounded four. In 2004, four people were killed in a gunfight between police and a team of militants believed to plotting to bomb the Canadian Embassy.

Jund al-Sham was established in Afghanistan by Syrians, Palestinians and Jordanians with links to slain al-Qaida in Iraq leader Abu Musab al-Zarqawi.

Syria is a major crossing point for militants from around the Arab world - including Syria and Lebanon - to slip into Iraq to fight in the insurgency. In the face of U.S. pressure, Damascus has insisted it is doing all it can to stop the infiltrations but that the long desert border is too difficult to seal.

US mob suspect pleads guilty in federal court

2012-03-13T15:36:00.000-07:00

PROVIDENCE, Rhode Island (AP) — A bookkeeper arrested earlier this year in a nationwide mob sweep has changed his plea in exchange for a promise from prosecutors to recommend a lighter sentence.

Thomas Iafrate pleaded guilty Thursday to racketeering conspiracy in U.S. District Court in Providence.

Under the arrangement, prosecutors say they will recommend a prison term at the low end of federal sentencing guidelines for the 70-year-old Iafrate. Prosecutors also say they will seek to dismiss extortion and extortion conspiracy charges.

The maximum prison penalty for racketeering conspiracy is 20 years.

Iafrate and reputed former New England mob boss Luigi "Baby Shacks" Manocchio were arrested in a January sweep that netted more than 120 suspected Northeast mobsters and mob associates.

Iran begins installing 6,000 new centrifuges

2012-03-13T12:41:00.000-07:00

State television is quoting Iranian President Mahmoud Ahmadinejad saying that Iran has begun installing 6,000 centrifuges at its uranium enrichment plant in Natanz.

Iran already has about 3,000 centrifuges operating in Natanz and the new announcement is seen as a show of defiance of international demands to halt a nuclear program. The U.S. and its allies say the program is aimed at building nuclear weapons.

Proposals call for sweeping tax changes: Governor's panel says current code too complex, unfair

2012-03-13T09:40:00.000-07:00

Gov. Cecil Underwood today received a proposal to overhaul WestVirginia's tax code, calling the 129-page document a "monumentalpiece of work."

The year-long study by the governor's Commission on Tax Fairness"goes more deeply into the philosophy of our tax system than we'veever done," Underwood told an audience of more than 50 state taxofficials, lobbyists, members of the tax review panel and others whogathered at the governor's Capitol office.

The 14-member panel proposed consolidating numerous personal andbusiness taxes and tying income tax exemptions to the poverty rate.

The study also recommended that the Legislature approve aconstitutional amendment transferring authority from the courts tothe Legislature to decide how much is spent for education.

Amendments to the constitution must be approved by two-thirds ofthe Legislature and a majority of West Virginia voters.

Underwood said after the 90-minute presentation that he will placethe recommendations on the agenda of the 1999 session of theLegislature.

Asked if he is prepared to fight for enactment of the proposals,he said, "I certainly am."

Sen. Oshel Craigo, chairman of the Senate Finance Committee and amember of the panel, said Wednesday that the recommendations willlikely be approved by the Legislature, but only after lawmakers get achance to make changes.

Neither Craigo, D-Putnam, nor other members of the legislativeleadership attended the presentation.

Lawmakers will look closely at revenue projections that will bematched with recommended tax changes.

Tax Secretary Robin Capehart promised that the proposed taxchanges will not disrupt revenue.

"We don't want to run into the problems we had in the '80s when wehad serious revenue shortages," he said. The Legislature in the mid-1980s phased out the business and occupation tax.

Revenue projections, which are being drawn up at MarshallUniversity's Center for Business and Economic Research, are expectedto be completed by December.

Capehart, who headed the commission, said legislative changescould derail significant tax reform.

Calling the set of recommendations a balance to achieve taxfairness, he said, "If you remove a part, you will disrupt thatbalance."

As he presented the study, Capehart criticized the current taxcode for its "number of taxes, tax breaks, twists and turns."

"There has to be a better way," he said.

Among the commission's recommendations is a general excise tax onthe purchase, sale or use of personal property and services toreplace sales and service taxes.

A broad excise tax would replace as many as 50 sales taxexemptions with seven untaxed categories.

Commission members criticized current sales and service taxes for"their myriad, often arbitrary exemptions and exceptions."

The 6 percent sales tax raised $775.1 million in the fiscal yearthat ended June 30, 1997. It was outstripped only by the personalincome tax, which pumped $786.2 million into state coffers.

Similarly, the commission recommended a single business tax thatwould replace up to 10 business taxes that raised about $525 millionin 1996-97.

Current business taxes have led to a "more complex system,administrative inefficiency and cases of double taxation," the reportsaid.

The commission also linked tax changes to economic development,criticizing personal property taxes as a "serious impediment tocapital investment and economic growth."

The recommendations do not call for abolition of racing and bingofees and taxes on gasoline, cigarettes, liquor and wine, lotteryproceeds, mining of minerals and coal and estate inheritance.

Commission members held the line on proposed changes by keepingsin taxes, levies on extraction of natural resources and state taxesthat draw federal revenue, Capehart said.

The report also proposed to increase the personal income taxexemption to reflect, though not match, the federal poverty rate.

A family of four now receives $8,000 in state income taxexemptions. That would more than double if the federally definedpoverty level of $16,800 is applied to the state income tax liabilityof a family of four, Capehart said.

The proposal would add a progressive feature to the tax code,particularly to help poor families who may be hit hard by regressivesales taxes, he said.

Commission members suggested that the Legislature, not the stateSupreme Court, be the "sole and final arbiter" of how to best financeschools.

The tax panel also recommended that the Legislature abolishproperty taxes as a way to pay for public education and increasestate aid.

The commission will present its final report in December,providing details on changes in revenue, the proposed constitutionalamendment, standardized tax rates and a review of fees and licenses.

Stephen Singer can be reached at 348-4872.

Victor Piturca again to become Romania coach

2012-03-13T06:01:00.000-07:00

BUCHAREST, Romania (AP) — Victor Piturca says he has accepted an offer to coach Romania for a second time.

Piturca will replace Razvan Lucescu, who resigned on June 4, hours after Romania beat Bosnia 3-0 in a 2012 European Championship qualifier.

Lucescu was widely criticized in recent months because of Romania's poor qualifying performances.

Piturca was fired as Romania coach in 2009 after the team failed to qualify for the 2010 World Cup, but he says he is looking forward to returning. Final details about his contract will be decided Wednesday, before he is officially presented as coach.

The team is fourth in Group D in Euro 2012 qualifying.

GM rides cost cuts, new model sales to 1Q profit

2012-03-13T02:26:00.000-07:00

General Motors Co. rode expense cuts from its bankruptcy and strong sales of redesigned models to its first quarterly net income in nearly three years, drawing the company closer to a stock offering that would repay at least part of its government aid.

The Detroit automaker said it made money because debt and other expenses were slashed by its stay in bankruptcy court last year, and because of strong new-model sales. It also generated higher revenue from growth in Asia and South America.

GM reported net income of $865 million, or $1.66 per share, in the first quarter. That compared with a loss of $6 billion loss, or $9.78 per share, a year earlier, as it skidded into bankruptcy protection. First-quarter revenue soared 40 percent to $31.5 billion.

New models such as the Chevrolet Equinox small sport utility vehicle and the Buick LaCrosse luxury sedan lifted GM's North American operations to a $1.2 billion profit, compared with a $3.4 billion loss in the year-earlier quarter. North America had been a continual drain on GM's profits before its bankruptcy filing last year.

Chief Financial Officer Chris Liddell said it may be difficult to sustain the same level of profit for the remainder of the year because first-quarter production is usually higher than other quarters, with automakers ramping up for the spring selling season.

"I'd still be reasonably cautious about the rest of the year," he said.

CEO Ed Whitacre has predicted a full-year profit as U.S. auto sales continue their slow recovery. That could lead to a public sale of GM's stock and full repayment of the $50 billion in U.S. government aid that stopped GM from going under last year. The U.S. government now owns 61 percent of the company.

The automaker has repaid a total of $6.7 million to the government. The Obama administration hopes to get back the remaining $43 billion by selling its stake.

For taxpayers to break even by selling the government's remaining investment, the total dollar value of GM's outstanding shares, or market capitalization, would have to reach about $70 billion after an IPO. That's nearly double the size of Ford Motor Co.'s current market cap.

GM has said that it hopes to make an initial public offering, or IPO, late this year.

GM has lost more than $86 billion since 2005, even though it had a few profitable quarters along the way. Before heading into bankruptcy protection it had almost $53 billion in debt, but it ended last quarter at $14 billion. GM paid $5.8 billion to the U.S. and Canadian governments in April, reducing its debt further to $8.4 billion.

GM, once a symbol of U.S. industrial might, would have disappeared late in 2008 or early last year without help from the government. The company cut 10,000 workers last quarter and now employs 205,000 people across the globe, including 77,000 in the U.S.

The company has cut worldwide employment by nearly half in the past decade.

In bankruptcy court, GM was split into two companies, the old one carrying unprofitable assets and much of its debt, while the new one moved forward with a much stronger balance sheet. Based on the trading price of Old GM's bonds, the U.S. government could get back $40 billion, former Obama administration auto czar Steven Rattner said last week.

GM lost $3.4 billion in the fourth quarter of 2009 on revenues of $32.3 billion, the company's first full quarter out of bankruptcy protection. The last time the largest U.S. automaker made a quarterly profit was the second quarter of 2007, when it earned $891 million.

On Monday, GM said it paid $203 million in dividends to its preferred stockholders, the U.S. and Canadian governments and a United Auto Workers union retiree health care trust.

The company reported $35.7 billion in cash at the end of the quarter, including a final installment in April of $6.6 billion in aid from the U.S. government. That money had been held in a GM escrow account that required Treasury Department approval to release and is included in the $50 billion aid total.

National League Standings

2012-03-12T23:26:00.000-07:00

All Times EDT
East Division
W L Pct GB
Atlanta 43 31 .581 _
New York 42 31 .575 1/2
Philadelphia 39 32 .549 2 1/2
Florida 35 38 .479 7 1/2
Washington 33 40 .452 9 1/2
Central Division
W L Pct GB
Cincinnati 41 33 .554 _
St. Louis 40 33 .548 1/2
Milwaukee 32 40 .444 8
Chicago 32 41 .438 8 1/2
Houston 28 45 .384 12 1/2
Pittsburgh 25 47 .347 15
West Division
W L Pct GB
San Diego 43 30 .589 _
San Francisco 39 32 .549 3
Los Angeles 39 33 .542 3 1/2
Colorado 38 34 .528 4 1/2
Arizona 29 45 .392 14 1/2
___
Thursday's Games
Tampa Bay 5, San Diego 3
Philadelphia 12, Cleveland 3
Houston 7, San Francisco 5
Chicago White Sox 2, Atlanta 0
Milwaukee 5, Minnesota 0
Chicago Cubs 3, Seattle 2, 13 innings
Baltimore 11, Florida 5
Toronto 5, St. Louis 0
Detroit 6, N.Y. Mets 5
Texas 6, Pittsburgh 5
Boston 13, Colorado 11, 10 innings
L.A. Dodgers 10, L.A. Angels 6
Friday's Games
Chicago White Sox 6, Chicago Cubs 0
Philadelphia 9, Toronto 0
N.Y. Mets 5, Minnesota 2
San Diego 3, Florida 0
Arizona 1, Tampa Bay 0
Cincinnati 10, Cleveland 3
Atlanta 3, Detroit 1
Kansas City 4, St. Louis 2
Washington at Baltimore, 7:05 p.m.
Houston at Texas, 8:05 p.m.
Seattle at Milwaukee, 8:10 p.m.
Colorado at L.A. Angels, 10:05 p.m.
Pittsburgh at Oakland, 10:05 p.m.
N.Y. Yankees at L.A. Dodgers, 10:10 p.m.
Boston at San Francisco, 10:15 p.m.
Saturday's Games
Minnesota at N.Y. Mets, 1:10 p.m.
St. Louis at Kansas City, 2:10 p.m.
Houston at Texas, 3:05 p.m.
Arizona at Tampa Bay, 4:05 p.m.
Philadelphia at Toronto, 4:05 p.m.
Washington at Baltimore, 4:05 p.m.
Detroit at Atlanta, 4:10 p.m.
Seattle at Milwaukee, 4:10 p.m.
Boston at San Francisco, 7:10 p.m.
San Diego at Florida, 7:10 p.m.
N.Y. Yankees at L.A. Dodgers, 7:10 p.m.
Cleveland at Cincinnati, 7:10 p.m.
Chicago Cubs at Chicago White Sox, 7:10 p.m.
Colorado at L.A. Angels, 10:05 p.m.
Pittsburgh at Oakland, 10:05 p.m.
Sunday's Games
Minnesota at N.Y. Mets, 1:10 p.m.
San Diego at Florida, 1:10 p.m.
Cleveland at Cincinnati, 1:10 p.m.
Detroit at Atlanta, 1:35 p.m.
Philadelphia at Toronto, 1:35 p.m.
Washington at Baltimore, 1:35 p.m.
Arizona at Tampa Bay, 1:40 p.m.
Chicago Cubs at Chicago White Sox, 2:05 p.m.
Seattle at Milwaukee, 2:10 p.m.
St. Louis at Kansas City, 2:10 p.m.
Colorado at L.A. Angels, 3:35 p.m.
Boston at San Francisco, 4:05 p.m.
Pittsburgh at Oakland, 4:05 p.m.
Houston at Texas, 8:05 p.m.
N.Y. Yankees at L.A. Dodgers, 8:05 p.m.

NIU's Anderson uncertain about making the grade

2012-03-12T20:31:00.000-07:00

Northern Illinois comes off a 13-day break for semester examstonight still not knowing the status of forward Burton Anderson.

The junior-college transfer was the Huskies' No. 3 scorer lastseason, then switched majors. Though his grade-point average washigh enough to maintain athletic eligibility, Anderson was short onacademic hours in his major to play at the start of the season.Semester exams are over, but Anderson's grades won't be in whenMid-American Conference rival Ohio University visits DeKalb tonight.

"He's in industrial technology now, and he's got to passeverything," coach Brian Hammel said. "We probably won't know if hedid until Wednesday. He could just as easily be eligible asineligible."With T.J. Lux done for the season because of shin splints,Anderson's return would provide a big boost to the Huskies. Lastseason he averaged 9.2 points and 4.7 rebounds, playing his bestafter cracking the starting lineup for the last 17 games."He may be undersized (6-4), but he's strong and can scoreinside," Hammel said. "We're really in a holding pattern. Once weknow about Burton, hopefully we can put the pieces together and getmoving again."NIU (3-4) is 0-2 since Lux opted to sit out the season. Hammelhas moved sophomore Steve Determan to center and alternated freshmenMatt Nelson and Leon Rodgers at Determan's forward spot. Andersonlikely would take that position if he returns.Flames seek recovery at home If any team needs some home games,it's Illinois-Chicago. The Flames (3-4) played six of their firstseven on the road, and the last was about as bad as it gets.In losing 77-33 Sunday at Michigan State, UIC committed aseason-high 27 turnovers, and its 22 percent field-goal shooting wasthe worst in school history. The point output was the lowest since a56-28 loss to the University of Chicago in the 1948-49 season. Themargin of defeat was the worst since a 110-66 drubbing at Syracuse in1990. The nine field goals matched UIC's low, set vs. the DePaul Bteam in 1947.Then there's rebounding. Thor Solverson, Anton Collins andTarrie Monroe combined for 35 minutes at center. Between them, theycouldn't come up with a rebound.Things likely can only get better when Florida International andNorth Carolina-Wilmington visit the Pavilion on Thursday andSaturday, respectively.Bradley's Dye ready for WIU Bradley's visit to Western Illinoislast season was special to Braves guard Rob Dye. His father, Bobby,was WIU's leading scorer, averaging 18.3 points in 1973-74 and 17.5in 1974-75. Rob didn't have his father's scoring touch that night inMacomb, hitting 1-of-10 from the field as Bradley was upset 56-50.Bradley (4-2) and Western (3-4) meet again Saturday in Peoria,and Dye's shooting is coming around just in time for the rematch. InBradley's first five games, Dye made just 12 of 40 shots and was3-of-23 from behind the three-point arc. After being switched topoint guard last week, he led Bradley's 63-54 upset of Penn Statewith 20 points. The output included 6-of-11 shooting (3-of-7 onthree-pointers), and the position switch with Eric Roberson mighthave been a factor."The coaches, my dad and Eric's dad had been telling me to slowdown and let the game come to me," Dye said. "I had been trying toshoot all threes. I like to handle the ball, but I don't know if itmade a difference in my shot. In our system, it doesn't matter ifyou're the point or the two-guard, other than the point guard bringsthe ball up. After that, everybody cuts."In addition to Dye's revival, Bradley had more good news.Roberson left after the Penn State game on crutches, but the injuryturned out to be only a sprained ankle. He is expected to playSaturday.ISU finds new ways to win The personnel has changedsignificantly from Illinois State's Missouri Valley Conferencechampions of the last two seasons and the Redbirds who visit Drake onSaturday in their first MVC road game. This year's rebuilt team hasmore turnovers (171) than assists (123), but there are somesimilarities with the previous powerhouses.Last year's team and this one both started 7-3. Coach KevinStallings again has gotten solid minutes from his reserves. KyleCartmill's 16 points off the bench Saturday against Wichita Statemarked the seventh time a backup has scored in double digits.The biggest difference in the teams might be in their scoringleaders. With Rico Hill turning pro early, ISU turned to sophomoreTarise Bryson, and he has been impressive."He's a Big Ten-type player," Purdue star Jaraan Cornell said."He reminds me of A.J. Guyton (of Indiana). He's got a quick firststep, and he might be a little better shooter than Guyton."

Bush Volunteer: Staff Ordered 3 Ousted

2012-03-12T16:40:00.000-07:00

DENVER - A volunteer said Friday he was acting on orders from White House staffers when he helped eject three people from a taxpayer-funded event President Bush was attending, according to the man's attorney.

The volunteer, Michael Casper, said in a deposition that two White House employees told him to throw out the three after Casper saw them behaving suspiciously, attorney Sean Gallagher said.

Gallagher was present for Casper's deposition in a federal lawsuit brought by Leslie Weise and Alex Young, two of the three people who were thrown out. They claim they were told to leave because of their political views, and that the White House had a policy of ejecting dissenters from the president's appearances.

Gallagher said the two people Casper named were Steve Atkiss, the White House deputy director for travel, and Jamie O'Keefe, the White House's lead advance staffer for the 2005 event.

White House spokesman Blair Jones said he could not comment on pending litigation.

Bush spoke at the 2005 event to promote his proposal to revamp Social Security.

The plaintiffs said they arrived in a car with a bumper sticker reading "No blood for oil" and had T-shirts saying "Stop the lies" under their clothes but did not show them.

The lawsuit names Casper and Jay Bob Klinkerman, who were both volunteers with the event's host committee. Klinkerman, former chairman of the Colorado Federation of Young Republicans, also gave a deposition Friday.

His attorney, John Zakhem, said his client had little involvement in running the event and couldn't identify any officials who might have issued directives.

Martha Tierney, an American Civil Liberties Union attorney representing the plaintiffs, said Atkiss and O'Keefe would be added as defendants.

The original lawsuit said Young and Weise believed Casper was a Secret Service agent because he wore a radio earpiece, a dark suit and a lapel pin that gave the appearance of authority.

A Secret Service investigation into allegations that Casper was impersonating one of its agents determined he was a staff member with the host committee, and federal prosecutors declined to press charges.

Pros and cons of the Finnish harvester-forwarder combo: in Canada, the combination harvester-forwarder could be a viable option in commercial thinning or in the harvesting of scattered cut blocks, as well as for contractors with annual volumes too small to justify the cost of a full two-machine system

2012-03-12T12:55:00.000-07:00

In an effort to reduce the costs of first thinnings in Finland, the S. Pinomaki Ky company has developed a concept that combines the harvesting and forwarding functions on the same machine. This concept could be of interest in situations with low annual volume requirements, scattered and small harvest blocks, and limited capital. This study compared the productivity, cost, and operational feasibility of this concept with those of a traditional two-machine cut-to-length (CTL) system based on a harvester and a forwarder.

Machine & working method

To operate within a first thinning prescription using a single machine, the machine design includes the ability to open the forwarding trail ahead of the machine and to work on both sides of the machine; the goal was to enable a spacing of at least 20 m between trails. To achieve this, a Pika 728T forwarder was modified to enable its loader to reach over the cab; the result was 4 m of reach ahead of the machine and 10 m to each side (Figure 1).

A Pika 300 harvester head was modified to enable both processing and loading functions with the same attachment. The head features continuous 360[Symbol Not Transcribed] rotation and a loading grapple that does not interfere with the delimbing and bucking functions when fully opened. The head is small (350 kg, 35-cm capacity) and is thus limited to thinnings of stands with small stems. An optional remote-control measuring system controls the length of the logs produced. (This device was not present on the head during the study.)

The harvester-forwarder works in two phases (Figure 2). First, the machine travels into the block, harvesting trees in its path and opening up a 4-m-wide trail. Some selective harvesting to the sides can also be done. In this phase, no logs are loaded into the bunk, although a small base load can be picked up to make the machine more stable. When the machine reaches the end of the block, it turns around and returns to roadside. As it moves, it harvests selectively on both sides of the trail and deposits processed logs on top of existing piles. When processing is complete, the operator loads the piled material into the forwarder's bunk. When the bunk is full, the forwarder proceeds to roadside, where it unloads the logs in the same way as traditional forwarders.

Productivity studies

Metsateho studied the combination machine working in first thinnings of pine stands and mixed woods in Finland in early 1997. Tree size during the study ranged between 0.041 and 0.134 m[Symbol Not Transcribed]3, and averaged 0.081 m[Symbol Not Transcribed]3. Volume removal varied between 40 and 89 m[Symbol Not Transcribed]3/ha, with a residual basal area of between 13 and 19 m[Symbol Not Transcribed]2.

During the productivity study, the harvester-forwarder spent 42% of its time harvesting, 46% of its time forwarding, and the remaining 12% of its time performing miscellaneous activities. Reduced travel times represent one benefit of this approach, as travel time for the harvesting phase is combined with some of the forwarding travel. However, loading times were slightly longer than with standard forwarders because the harvester head was somewhat less effective than a standard forwarder grapple-loader.

In addition, the combination machine required 19% more harvesting time per tree (for the same stem size) than a standard single-grip harvester. This difference resulted from the smaller capacity of the Pika 300 head, the lower output capacity of the machine's hydraulics, and the reduced visibility afforded by a forwarder cab compared with that from a harvester cab. With larger stems (15 cm DBH or greater), the productivity difference between the traditional harvester head and the modified Pika head increased.

As is the case with most harvesting machines, stem volume had the biggest impact on productivity of the harvester-forwarder; stand density and extraction distance had a smaller effect. Figure 3 illustrates the overall productivity of the machine as a function of tree size for a standardized extraction distance of 250 m and a stand density of 888 stems/ha. The productivity curve is flatter than would be expected with conventional single-grip harvesters, mainly because about half of the productive time was dedicated to forwarding functions, and this phase was relatively unaffected by tree size.

Total direct harvesting and extraction costs were compared for the harvester-forwarder and the traditional two-machine system. Since the harvester-forwarder is not yet a proven system, conservative estimates were used throughout the comparison to underscore the uncertainty associated with its new technology (for example, a 70% utilization rate was used). The total cost for the two systems as a function of tree size is illustrated in Figure 4.

The results showed that with tree sizes of less than 0.15 m[Symbol Not Transcribed]3, the combination machine was a cheaper alternative than the two-machine system in thinning operations. This advantage comes from reduced travel requirements and the more efficient utilization of boom movements that results from combining processing and loading functions. With larger trees, the greater processing capability of traditional heads makes the two-machine system more competitive.

Conclusions

Pinomaki's combination machine appears to represent a promising option for thinning operations with stem sizes below 0.15 m[Symbol Not Transcribed]3. Some development is still needed, such as increasing the capacity of the head and the boom, and improving visibility from the cab to facilitate opening the stand ahead of the machine. The contractor enjoyed operating the machine during the study. The variability of the tasks to be performed increases job satisfaction and motivation, which in turn probably increases productivity.

In Canada, the combination machine could represent an interesting alternative to the conventional two-machine system in commercial thinning or in the harvesting of scattered cut blocks, as well as for contractors working with annual volumes that are too low to cover the capital costs of a full two-machine system.

Risto Lilleberg is a researcher with Metsateho in Helsinki, Finland. Jean-Francois Gingras is supervisor of FERIC's Wood Harvesting Group in Pointe Claire, Que.

* This article summarizes a report by Risto Lilleberg of Metsateho in Helsinki (Metsateho is FERIC's counterpart in Finland) on the Pika 728T combination harvester-forwarder machine. This new version of an old concept is under development in Finland, and may have some applications in Canada. In fact, one North American forwarder, the Timbco TF815, is already well suited to this application, as it has a full 360-degree loader operating range. The concept was introduced by feature writer Bruce McCallum in an earlier issue of Canadian Forest Industries.

Figure 1. Loading times were slightly longer, as the harvester head was less effective than a dedicated forwarder loader.

Figure 2. The two work phases with the combination machine.

Figure 3. Harvester-forwarder productivity (m[Symbol Not Transcribed]3/hour) as a function of stem size.

Figure 4. Comparison of direct harvesting costs for the harvester forwarder and a conventional harvester plus forwarder system. (Note: 1 FIM = C$.27)