China worries about social fallout of soybean oil price jump

BEIJING ? Construction laborer Yi Jichun has never heard of Illinois or Iowa. But the migrant worker's favorite comfort food comes straight out of the U.S. Midwest: soybean oil.

The world's biggest consumers of edible oils, Chinese households have developed a taste for the stuff that would make a county fair fry cook proud. Be it a simple stir-fry, poached fish or deep-fried pork ribs, many Chinese diners love their grub covered in an oily sheen. Jugs of the golden liquid make popular gifts for Chinese New Year.

"Without the oil, it would taste too plain," Yi said as he tucked into a lunch of sliced cucumbers and chicken drumsticks slathered with grease. "I wouldn't want to finish it."

And that has officials in Beijing worried. The worst U.S. drought in half a century is sending global grain prices soaring. The fallout is almost certain to be felt at dinner tables across China. The No. 1 foreign buyer of American soybeans, which are pressed into cooking oil and used for animal feed, China last year purchased about half of U.S. exports, more than $10.4 billion worth, according to the American Soybean Assn. China has also stepped up purchases of U.S. corn and wheat to feed the nation's growing appetite.

Poor U.S. harvests could fuel Chinese food inflation and social discontent. China has already begun tapping its grain reserves to ensure price stability. The government has ordered the nation's biggest cooking oil producers twice in recent months to keep their prices in check. And it's scouring the globe for alternative supplies.

It won't be easy. More than two-thirds of cooking oil consumed in China comes from soybeans, and most of those soybeans are supplied by the U.S., according to Ma Wenfeng, an analyst with Beijing Orient Agribusiness Consultant Co. For now, Chinese consumers are bound to the fortunes of farmers in the American heartland.

"Soybean oil is the most important edible oil in China ... which makes us vulnerable to the drought" gripping the U.S., Ma said.

Retail prices have so far held steady. A standard 5-liter jug (1.32 gallons) of edible oil in China averages about $9.76 today, only 24 cents more than at the beginning of the year, Ma said.

But that could change if the U.S. soybean harvest proves especially weak. Prices have risen about 40% since January to more than $16 a bushel.

Expensive grain means higher costs for animal feed, which leads to pricier meat, milk and eggs. That's especially tough on people in developing countries. In China, consumers devote more than one-fifth of their monthly income to food, about three times more than their American counterparts, according to the USDA.

That's "why authorities get concerned about social stability," said Alistair Thornton, a Beijing-based analyst for IHS Global Insight. "Inflation has a long history of sparking discontent, so obviously it's on the forefront of the Chinese leadership's mind."

Rising Chinese incomes in recent years have fueled a surge in meat consumption. Ditto for cooking oil, which a few decades ago was rationed with food stamps. Fan Zhihong, a nutrition expert at China Agricultural University in Beijing, said that's leading to more obesity and heart disease.

"With economic development, people now have enough money for cooking oil. So they spoil themselves by using lots and making their food delicious," Fan said. "They'll even make a healthy dish of dark leafy greens into a fatty dish."

An artery-clogging sample of Beijing's local treats includes pai cha (crispy fried dough), xian bing (fried pancakes stuffed with pork and chives) and zha jiang mian (room temperature noodles topped with bean paste that often arrives submerged in half an inch of clear grease).

"It tastes better when it's fried," said Li Yuanying, 25, espousing a universal truth as she purchased deep-fried vegetable balls at aWal-Martcooked food counter in Beijing's central business district.

Before her was a shiny selection of fried chilies, fried peanuts, fried crullers, fried pancakes and fried sesame balls. Nearby, stacked high against a wall, was an arsenal of cooking oils that would have made Southern cooking star Paula Deen feel right at home. In addition to soybean oil, there were large jugs of peanut, corn, rapeseed, palm, tea seed and fish oils.

"I tell our board members that it reminds me of the cereal aisle in the U.S.," said Paul Burke, the Beijing-based regional director of the U.S. Soybean Export Council.

Prices ranged from $7.40 for 5 liters of soybean oil to $19.35 for a blend of olive and sunflower oils. In the U.S., such quantities might be suitable for restaurant owners or, say, someone deep-frying a turkey. But in China, they're a staple of the family grocery list.

"This may last me a little more than a month," said a senior citizen who purchased soybean oil because it was still cheaper than many of the alternatives.

Rising prices could be one way to get Chinese consumers to scale back on greasy food. But some cooks said they'll believe it when they see it.

"Everything needs oil," said a Beijing steamed bun vendor who gave only his surname, Chen. "Especially the vegetarian buns. If you don't put oil, it won't taste good."

david.pierson@latimes.com

Nicole Liu and Tommy Yang in The Times' Beijing bureau contributed to this report.

Source: http://www.latimes.com/news/science/la-fi-china-cooking-oil-20120819,0,1802902.story?track=rss

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PFT: Sanchez not ready to press 'panic button'

Jets Sanchez looks to sideline for play call during pre-season NFL football game against Giants in East RutherfordReuters

The Jets have limped through a pair of preseason games on offense, with no touchdowns generated in eight quarters of football.? But quarterback Mark Sanchez says it?s too early to get too nervous.

?It?s not time to hit the panic button,? Sanchez told the media after the 26-3 loss to the Giants, via comments transcribed and distributed by the team.? ?You have to improve and learn from this stuff.? I know we can do it.? I?ve seen this team play much better than this.? I?ve seen it in practice.? The encouraging thing is we have the right personnel.? These guys will go watch the film.? They?ll go study, understand why it happened, come out next week and play well.?

Sanchez said that coach Rex Ryan shared that same sentiment with the team:? ?Rex said it best after the game.? He said, ?Look, it?s the second preseason game. We have to score points, but there?s no reason to hit the panic button right now.??

They?re both right.? With a new offensive coordinator and several key receivers missing, it?s too early to worry.? Still, the preference would be to play well.

?Of course, that?s the plan,? Sanchez said.? ?We?re now just out here playing around.?

Some Jets fans would beg to differ, at least based on what they?ve seen in the first two weeks of the games that don?t mean anything.? And now that the Jets have eight days to get ready for the next game that doesn?t mean anything, it sounds like, to Sanchez, it means something.

?This is our last chance,? Sanchez said.? ?We need to play well.?

Though he?s talking about the preseason, the fact remains that, if the Jets don?t show anything in the games that don?t count, the fans will be more likely to revolt in the first one that does ? September 9, when the Bills come to town.

Ryan is, as usual, confident that things will be fine by then.? ?I?m 100 percent sure when we kick it off for real, we will have more production,? Ryan said.? ?There?s absolutely no doubt about that.?

That?s a fairly safe bet, given that to date there?s pretty much no way the Jets could have less production.

Source: http://profootballtalk.nbcsports.com/2012/08/19/sanchez-not-ready-to-press-panic-button/related/

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BPW Career Center: Real Estate/Property Management jobs, Fort ...

Position Summary
The Marketing Managers primary responsibility is to achieve and maintain business objectives by developing / implementing creative marketing and advertising strategies that fit the properties needs and market conditions

Position Reports To: Community Director

Essential Functions/Responsibilities

  • Responsible for designing creative marketing and advertising strategies that adhere to budgeted guidelines, including using the internet, print advertising, referrals, outreach marketing, and other tactics.
  • Determines marketing techniques that fit the propertys needs and market conditions.
  • Organizes and schedules monthly social events, classes, activities and family functions for the community residents and employees.
  • Responsible for ensuring that the Pinnacle name is synonymous with proactive approaches to great customer service, care for our military families and open, two-way communications to ensure positive recognition of Pinnacle's brand within the post community and in the local communities.
  • Coordinates the production and distribution of brochures and other marketing collateral materials by working with local vendors and suppliers, fielding requests from on-site team members, and tracking orders, deliveries, and invoices.
  • Work with Leasing Manager to obtain and maintain occupancy goals, and develop marketing strategies to increase occupancy.
  • Produces monthly newsletters, event flyers and communications to staff members and residents
  • Instrumental in maintaining a healthy working relationship with installation command and Public Affairs office to build partnership through events and communication.
  • Responsible for managing marketing activities while staying within marketing budget.
  • Performs all other duties as may be directed by manager

    Education and/or Experience.

  • Must have high-school degree or equivalent.
  • Experience in multifamily housing property management preferred.
  • Proficiency in Microsoft suite of programs to include Word, Excel, PowerPoint.

    Skills/Specialized Knowledge

  • Must possess a basic knowledge of fair housing laws and regulations.
  • Must have superior customer service skills and be able to communicate effectively with all levels and management and personnel.
  • Must be detail oriented and able to focus with frequent interruption. The position requires the ability to perform light typing duties.
  • Must be able to effectively market a property and the surrounding amenities to potential residents and conduct the appropriate follow-up through written and verbal communication.
  • Must be able to understand and relate the concepts behind specific ideas.
  • Proficiency in word processing, spreadsheet, and database management programs in order to develop and/or complete required reports, manage communication, and create and edit impactful presentations, proposals, and other collateral materials.
  • Demonstrates proficiency in using the internet as a communications and marketing tool, including website design and navigation, twitter, craigslist, Facebook, YouTube, twitter and other emerging web and internet tools.
  • Ability to operate standard office equipment.
  • Good to excellent spelling, grammar, and written communication skills.
  • Excellent telephone and oral communication skills.

    Required Licenses
    Valid drivers license if required to operate a licensed motor vehicle in order to perform the job duties.

    Other Requirements

  • Must maintain professional appearance and comply with prescribed dress code policy.
  • Ability to be at work on a regular and consistent basis; flexible work schedule including nights and weekends may be required.
  • Ability to read, write, understand, and communicate in English.
  • Strong organizational and time-management skills.
  • Ability to multi-task.
  • Ability to analyze and resolve problems.
  • Ability to set and meet goals.
  • Ability to consistently meet deadlines.
  • Ability to maintain flexibility and creativity in a variety of situations.
  • Ability to maintain confidentiality.

    Physical Demands
    The physical demands described are representative of those that must be met by an employee to successfully perform the essential functions of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The work is classified as light in physical demand. May be required to occasionally lift and carry up to twenty pounds. The employee is required to speak, hear, and comprehend the English language. Vision requirements include close and distance vision and the ability to adjust focus. Must be able to sit or stand up to eight hours a day as well as walk and reach frequently. Must use hands to finger and hold. Must be able to travel independently.

    Mental Functions
    The ability to collect and comprehend data in order to problem-solve variables in standardized situations. The ability to concentrate on work of moderate detail with some interruption and office background noise.

    Work Environment
    Normal office or administrative working conditions with little or no exposure to undesirable elements. Outdoor activities require exposure to seasonal weather and the associated temperature fluctuations. See job analysis for the conditions and environmental characteristics of the job.


  • Source: http://careers.bpwusa.org/jobs/4885064/military-marketing-manager

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    Improving water quality can help save coral reefs

    [ Back to EurekAlert! ] Public release date: 19-Aug-2012
    [ | E-mail | Share Share ]

    Contact: Glenn Harris
    G.Harris@soton.ac.uk
    44-238-059-3212
    University of Southampton

    Research from the University of Southampton and the National Oceanography Centre, Southampton has found that an imbalance of nutrients in reef waters can increase the bleaching susceptibility of reef corals.

    Corals are made up of many polyps that jointly form a layer of living tissue covering the calcareous skeletons. They depend on single-celled algae called zooxanthellae, which live within the coral polyps.

    The coral animal and the associated zooxanthellae depend on each other for survival in a symbiotic relationship, where the coral supplies the algae with nutrients and a place to live. In turn, the algae offer the coral some products of their photosynthesis, providing them with an important energy source.

    High water temperatures can block photosynthetic reactions in the algal cells causing a build-up of toxic oxygen compounds, which threaten the coral and can result in a loss of the zooxanthellae.

    Without the algae, corals appear white, a state which is often referred to as 'bleached'. Bleaching often leads to coral death and mass coral bleaching has had already devastating effects on coral reef ecosystems.

    The study of University of Southampton, published in the latest issue of the journal Nature Climate Change, has found that nutrient enrichment of the water can increase the probability of corals to suffer from heat-induced bleaching.

    Within the coral, the growth of zooxanthellae is restricted by the limited supply of nutrients. This allows the algae to transfer a substantial amount of their photosynthetically fixed carbon to the coral, which is crucial for the symbiotic relationship.

    Algal growth becomes unbalanced when the availability of a specific nutrient decreases compared to the cellular demand, a condition called nutrient starvation.

    Researchers from the University of Southampton based at the Coral Reef Laboratory in the National Oceanography Centre, Southampton, found that an increased supply of dissolved nitrogen compounds in combination with a restricted availability of phosphate results in phosphate starvation of the algae. This condition is associated with a reduction in photosynthetic efficiency and increases the susceptibility of corals to temperature and light-induced bleaching.

    Dr Jrg Wiedenmann, Senior Lecturer of Biological Oceanography at the University of Southampton and Head of the Coral Reef Laboratory, who led the study, says: "Our findings suggest that the most severe impact on coral health might actually not arise from the over-enrichment with one group of nutrients, for example, nitrogen, but from the resulting relative depletion of other types such as phosphate that is caused by the increased demand of the growing zooxanthellae populations."

    Dr Wiedenmann adds: "Our results have strong implications for coastal management. The findings suggest that a balanced reduction of the nutrient input in coastal waters could help to mitigate the effects of increasing seawater temperatures on coral reefs. However, such measures will be effective only for a short period of time, so it is important to stop the warming of the oceans, which will otherwise destroy most of the reefs in their present form in the near future.

    "Finally, our results should help the design of functioning marine reserves."

    ###


    [ Back to EurekAlert! ] [ | E-mail | Share Share ]

    ?


    AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.


    [ Back to EurekAlert! ] Public release date: 19-Aug-2012
    [ | E-mail | Share Share ]

    Contact: Glenn Harris
    G.Harris@soton.ac.uk
    44-238-059-3212
    University of Southampton

    Research from the University of Southampton and the National Oceanography Centre, Southampton has found that an imbalance of nutrients in reef waters can increase the bleaching susceptibility of reef corals.

    Corals are made up of many polyps that jointly form a layer of living tissue covering the calcareous skeletons. They depend on single-celled algae called zooxanthellae, which live within the coral polyps.

    The coral animal and the associated zooxanthellae depend on each other for survival in a symbiotic relationship, where the coral supplies the algae with nutrients and a place to live. In turn, the algae offer the coral some products of their photosynthesis, providing them with an important energy source.

    High water temperatures can block photosynthetic reactions in the algal cells causing a build-up of toxic oxygen compounds, which threaten the coral and can result in a loss of the zooxanthellae.

    Without the algae, corals appear white, a state which is often referred to as 'bleached'. Bleaching often leads to coral death and mass coral bleaching has had already devastating effects on coral reef ecosystems.

    The study of University of Southampton, published in the latest issue of the journal Nature Climate Change, has found that nutrient enrichment of the water can increase the probability of corals to suffer from heat-induced bleaching.

    Within the coral, the growth of zooxanthellae is restricted by the limited supply of nutrients. This allows the algae to transfer a substantial amount of their photosynthetically fixed carbon to the coral, which is crucial for the symbiotic relationship.

    Algal growth becomes unbalanced when the availability of a specific nutrient decreases compared to the cellular demand, a condition called nutrient starvation.

    Researchers from the University of Southampton based at the Coral Reef Laboratory in the National Oceanography Centre, Southampton, found that an increased supply of dissolved nitrogen compounds in combination with a restricted availability of phosphate results in phosphate starvation of the algae. This condition is associated with a reduction in photosynthetic efficiency and increases the susceptibility of corals to temperature and light-induced bleaching.

    Dr Jrg Wiedenmann, Senior Lecturer of Biological Oceanography at the University of Southampton and Head of the Coral Reef Laboratory, who led the study, says: "Our findings suggest that the most severe impact on coral health might actually not arise from the over-enrichment with one group of nutrients, for example, nitrogen, but from the resulting relative depletion of other types such as phosphate that is caused by the increased demand of the growing zooxanthellae populations."

    Dr Wiedenmann adds: "Our results have strong implications for coastal management. The findings suggest that a balanced reduction of the nutrient input in coastal waters could help to mitigate the effects of increasing seawater temperatures on coral reefs. However, such measures will be effective only for a short period of time, so it is important to stop the warming of the oceans, which will otherwise destroy most of the reefs in their present form in the near future.

    "Finally, our results should help the design of functioning marine reserves."

    ###


    [ Back to EurekAlert! ] [ | E-mail | Share Share ]

    ?


    AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.


    Source: http://www.eurekalert.org/pub_releases/2012-08/uos-iwq081612.php

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    European Music Streaming Service Deezer Heads to Asia; Partners With Telco dTac In Thailand

    2422v8-max-250x250European music streaming service Deezer is expanding to Asia. It's announced that it will roll out in Thailand this week, with Singapore and Malaysia to follow shortly. In addition, Indonesia and the Philippines are expected "within the coming weeks". Of note, it's Thailand launch is in partnership with dTac, one of the region?s leading telecommunications operators. This sees Deezer replicate a model it's tried elsewhere which has already seen it partner with telcos Orange, T-Mobile and Belgacom in Europe. Competitor Spotify has tried similar telco tie-ups but doesn't appear to be pursuing these quite so aggressively. It's also yet to launch in Asia, although the hiring of ex-Googler, Dan Brody, as Spotify's General Manager Asia-Pacific, nearly as year ago, suggests it still has plans to do so.

    Source: http://feedproxy.google.com/~r/Techcrunch/~3/pWkPDXskJ74/

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    Kyocera Rise coming to Sprint August 19th for $20, Virgin Mobile to follow on August 31st for $100

    Kyocera Rise coming to Sprint August 19th for $20, Virgin Mobile to follow on August 31st

    Kyocera announced the QWERTY-packing Rise at this year's CTIA without mention of any carrier support. Regardless, we had a feeling it would eventually end up on Sprint, given the lengthy partnership the two companies have enjoyed -- not to mention a few leaks. Indeed, we got official word this morning that the Kyocera Rise will be available on Sprint August 19th for $20 (after a $50 mail-in rebate and two-year commitment), with Virgin Mobile following up with a prepaid version on August 31st. The non-contract price? $100. That thirty-dollar difference makes for an incredibly tough sell when a contract is attached. For the forgetful Freds out there, the Rise features Android 4.0, a 3.5-inch HVGA display, 1GHz Qualcomm MSM8655 Snapdragon S2 processor, a 3.2MP camera and a 1,500mAh battery that claims 8.5 hours of talk time. Check out more details in the press release after the break.

    Continue reading Kyocera Rise coming to Sprint August 19th for $20, Virgin Mobile to follow on August 31st for $100

    Filed under: ,

    Kyocera Rise coming to Sprint August 19th for $20, Virgin Mobile to follow on August 31st for $100 originally appeared on Engadget on Wed, 15 Aug 2012 10:13:00 EDT. Please see our terms for use of feeds.

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    Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/15EN1Gtejoo/

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    Spain fights raging wildfires, firefighting budgets cut

    MADRID (Reuters) - Spain is facing its worst wildfires in a decade, after more than three times as much forest has burned so far this year than in the whole of 2011, while firefighting budgets have been slashed by up to a half as part of the drive to cut public spending.

    With the weather in Spain dryer and hotter than last year, it was not immediately clear whether the increase in wildfires this year was directly related to the cuts to firefighting budgets. But firefighters themselves were sure the two were linked and called for more investment in essential equipment and better compensation for the risks they face.

    "There were firefighters who could not get involved with the job of fighting the fires because they didn't even have gloves or boots," the newspaper quoted Antonio del Rio, of the Catalan firefighters' branch of the UGT trade union, as saying.

    Others complained of a shortage of breathing apparatus.

    Spain has unveiled a swathe of austerity measures to cut some 65 billion euros from its deficit in two years in an effort to avoid a full-scale sovereign bailout, but those cut-backs inevitably have consequences for public services.

    More than 132 hectares of forest have burned this year, compared with just under 40 hectares in 2011, El Pais said on Wednesday citing Ministry of the Environment figures.

    The ministry in March allocated 19 million euros for fighting fires in national parks between 2012 and 2016, but by June had cut that by nearly 4 million euros, some 20 percent, the newspaper said.

    National parks have been among the areas hardest hit by the raging fires that have driven hundreds from their homes.

    The ministry said it was the responsibility of Spain's 17 autonomous regions to set their own firefighting budgets, but it would take responsibility for fires burning in national parks until regional authorities step in.

    Catalonia, Valencia and the Canary Islands, the three regions that have been most affected by the fires that started over the last week, are among the most indebted in Spain and have been effectively shut off from the capital markets after having missed fiscal deficit targets last year.

    In late July, Catalonia said it was studying an 18 billion-euro bailout from the central government, but had yet to request aid, while Valencia is expected to ask for 3.5 billion in aid and the Canaries has so far rejected the need for a lifeline, even though it has twice as much debt falling due in the second half of this year than in the first.

    (Reporting by Amanda Cooper; Editing by Jon Hemming)

    Source: http://news.yahoo.com/spain-fights-raging-wildfires-firefighting-budgets-cut-094126795.html

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    Weather Update for Monday, August 13th

    HOT WEATHER CONTINUES, BUT SEVERAL RAIN CHANCES THIS WEEK?

    After big storms last evening, many remain in the cleanup process across Denton, Wise, Tarrant and Johnson County.? But like rain events we have seen the past month, there were a lot of people that missed out on the storms and the much needed rain.? However, there will be off and on rain chances in the forecast for the next 7 days.

    HOT TODAY!? Temperatures have climbed into the low 100s as the air has dried out behind our ?cold front? from last night.? Dry air can heat up faster than humid air, thus the heat today.

    TONIGHT will be somewhat cool as drier also cools off faster than humid air.? So by daybreak tomorrow morning temperatures will be in the 60s and low 70s!? But just like today it will heat up quickly tomorrow.

    TOMORROW? highs will be in the 100 degree range again tomorrow.? But a few strong to severe storms will be possible tomorrow evening into tomorrow night.? Just like last night, downburst winds will be the biggest threat although hail will also be a concern.? Storm coverage won?t be high and will favor areas along the Red River.? But storm chances will also continue into Wednesday morning and Wednesday afternoon./
    WEDNESDAY? storm chances will be with us thru the day but coverage will not be terribly high.? Temperatures will be in the upper 90s.
    THURSDAY? this will be a dry and warm day with highs near 100.


    COOLER WEATHER COMING FOR THE WEEKEND!!!

    FRIDAY will be the last hot day as we head into the weekend.? Temperatures will climb into the upper 90s, but a cold front will arrive late in the day.? This front will bring us some storm chances Friday night into Saturday.? The front looks to stall over the area on Saturday which will bring us cloud cover and what looks like decent rain coverage.? Some models are advertising highs staying in the 80s on Saturday with off and on storms and cloudy weather all day.? I will go with a high of 91 because if we do see any sunshine temperatures will pop into the 90s.? Lingering rain chances will continue into Sunday, but temperatures will be just below normal in the mid to low 90s.? Average high for this time of year is 97!

    Source: http://dfw.cbslocal.com/2012/08/13/weather-update-for-monday-august-13th/

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    Afghan suicide attacks 'kill 36'

    A group of suicide bombers killed at least 36 people in the capital of Afghanistan's southwestern Nimroz province on the border with Iran, the provincial governor said Tuesday.

    The attack on Zaranj city is the biggest in recent memory in the relatively peaceful province that avoids most of the bloodshed of Afghanistan's decade-long insurgency by Taliban Islamists.

    Three suicide attackers out of an original group of 11 blew themselves up in separate areas of the city, one outside a hospital, police said.

    "This was a group of 11 attackers who wanted to conduct simultaneous attacks across the city," deputy provincial police chief Mujibullah Latifi told AFP.

    "Security forces killed two of the suicide attackers last night and detained three others this morning. Three managed to detonate themselves while three others were gunned down."

    "We have confirmation that 21 civilians and 15 members of the security forces have been killed in these attacks and more than 66 others injured," provincial governor Abdul Karim Brahawi told AFP.

    There was no immediate claim of responsibility, but similar attacks are usually blamed on Taliban insurgents fighting to overthrow the Western-backed government of President Hamid Karzai.

    NATO has some 130,000 US-led troops helping the government fight the Taliban, but they are due to pull out in 2014.

    Source: http://news.yahoo.com/afghan-suicide-attacks-kill-20-officials-133904734.html

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    Iran accusations wipe $17 billion off StanChart shares

    (Please be advised that paragraph 9 contains reference to language that some readers may find offensive)

    HONG KONG/LONDON (Reuters) - The market value of Standard Chartered Plc tumbled as much as $17 billion on Tuesday after New York's bank regulator threatened to tear up its state banking license for allegedly hiding $250 billion in transactions tied to Iran.

    The New York State Department of Financial Services (DFS) slammed the London-based but Asia-focused bank as a "rogue institution" that "schemed" with the Iranian government, which is subject to U.S. sanctions over its nuclear program, and hid 60,000 secret transactions to generate hundreds of millions of dollars in fees over nearly 10 years.

    Shares in Standard Chartered were down 16.6 percent at 12.26 pounds by 10:20 a.m. EDT (1420 GMT), taking their losses to 24 percent since the news surfaced just before Monday's close. They had earlier slumped as low as 10.92 pounds, their lowest for three years.

    "Even the so-called 'safe' banks like StanChart and HSBC seem to be crumbling, with their reputation in tatters. No one, it seems, is immune," said one institutional investor, who asked not to be named.

    "Some of the language used is very disturbing. Of course, it could be that the Americans are exaggerating, but somehow that doesn't seem to be the case here," the investor said.

    The bank, which has been in talks with U.S. authorities since early 2010 over the matter, had exposed the U.S. banking system to terrorists, drug traffickers and corrupt states, the DFS said.

    The New York regulator described how officials at Standard Chartered, one of the banks least tarnished during the financial crisis thanks to its focus on emerging markets and a conservative approach to capital and liquidity, had debated whether to continue Iranian dealings.

    In October 2006, the top official for business in the Americas, whom the regulator did not name, warned in a "panicked message" that the Iranian dealings could cause "catastrophic reputational damage" and "serious criminal liability".

    A group executive director in London shot back, according to a New York branch officer: "You f---ing Americans. Who are you to tell us, the rest of the world, that we're not going to deal with Iranians."

    The reply showed "obvious contempt for U.S. banking regulations", the regulator said.

    At that time the bank had five executive directors: Peter Sands, now chief executive; Richard Meddings, now finance director; Mervyn Davies, a UK Labour Party peer; Kai Nargolwala, who was poached by Credit Suisse and left the Swiss bank last year; and Mike DeNoma, who resigned as CEO of Chinatrust Financial in August.

    Standard Chartered's Americas CEO was Ray Ferguson, who is now its Singapore CEO.

    None of the people could be reached for comment or else declined to comment.

    U.S. RULES "UNCLEAR"

    Standard Chartered said the bank "does not believe the order issued by the DFS presents a full and accurate picture of the facts".

    The loss of a New York banking license would be a devastating blow for a foreign bank, effectively cutting off direct access to the U.S. bank market. Standard Chartered processes $190 billion every day for global clients, the New York bank regulator said.

    David Proctor, who worked for Standard Chartered from 1999 until 2006 and was CEO in UAE from March to June 2006 and had the Iran business briefly report to him, said the rules on dealing with Iran were unclear.

    "At the time (in May 2006), many international banks active in Iran were trying to adjust to increased attention from the U.S. There was a lack of clarity over what was and wasn't allowed. The key question was to try and understand exactly what counted as a U-turn transaction," he said.

    The United States imposed economic sanctions on Iran in 1979, but until November 2008 U.S. banks could process some transactions for Iranian banks or individuals provided they were initiated offshore by non-Iranian foreign banks and are on the way to other non-Iranian foreign banks, known as "U-turns".

    Proctor, who now provides advice for banks with BAS Consulting in Singapore, added: "I don't think it's a matter of fighting this case; Standard Chartered just has to get to the bottom of what happened. Banks these days don't have a choice. You have to be transparent."

    Standard Chartered is the third British bank to be ensnared in U.S. law enforcement probes this summer. Barclays Plc agreed to pay $453 million to settle U.S. and UK probes that it rigged a global lending benchmark in June.

    A month later, a U.S. Senate panel issued a scathing report that criticized HSBC Holding Plc's efforts to police suspect transactions, including Mexican drug traffickers.

    STANCHART SAYS "OVERWHELMINGLY COMPLIED"

    Standard Chartered said it shared with U.S. agencies an analysis that demonstrated it "acted to comply, and overwhelmingly did comply" with U.S. regulations.

    Standard Chartered put the total value of Iran-related transactions that did not follow regulations at less than $14 million, based on its review of the issue, in stark contrast to the DFS's $250 billion estimate.

    Standard Chartered said the DFS's interpretation of the U-turn exemption "is incorrect as a matter of law". It said 99.9 percent of its transactions relating to Iran had complied with a U.S. framework.

    The figure alleged by the New York regulator would cover the equivalent of 71 percent of the $350 billion total Iranian oil export revenues for the seven years of 2001-2007, according to OPEC data.

    "The group was ... surprised to receive the order from the DFS, given that discussions with the agencies were ongoing," Standard Chartered said. "We intend to discuss these matters with the DFS and to contest their position."

    The bank has to appear before the DFS on August 15.

    "Some people were walking around under the illusion that Standard Chartered was the world's first riskless bank, and it's not. We've discovered that Standard Chartered is a mortal bank - as they all are," said Gareth Hunt, financials analyst at Canaccord Genuity, who rates the stock a "sell".

    Hugh Young, managing director in Singapore at Aberdeen Asset Management Asia, the third biggest shareholder in the bank said: "It's something to worry about, although I noticed a lot of emotive and sensational language which slightly diminishes the allegation.

    "The StanChart we recognize is not the rogue bank portrayed in the allegation," he added.

    Standard Chartered is the sixth foreign bank since 2008 to be implicated in dealings with sanctioned countries such as Iran in investigations led by federal and New York law enforcement officials.

    Four banks - Barclays, Lloyds, Credit Suisse and ING - have agreed to fines and settlements totaling $1.8 billion. HSBC currently is under investigation by U.S. law enforcement, according to bank regulatory filings.

    The New York regulator, headed by former prosecutor Benjamin Lawsky, ordered Standard Chartered to explain why the bank should not lose its state license and the ability to process dollar transactions. Lawsky also ordered the bank to bring in an outside consultant to monitor its transactions.

    "Standard Chartered Bank operated as a rogue institution," Lawsky said in the order.

    Lawsky's investigation is unusual because probes into banks' transactions tied to Iran have been primarily led by the district attorney's office in Manhattan and the U.S. Justice Department.

    The cost to buy protection for five years against Standard Chartered defaulting on its debts rose to 166,000 euros for 10 million euros' worth, up from 140,000 euros on Monday, according to Markit.

    (Additional reporting by Kevin Lim, Kelvin Soh, Denny Thomas, Rachel Armstrong and Saeed Azhar in Asia, Sarah White, Sinead Cruise, Matt Scuffham, Raji Menon, Adam Parry and Martin de Sa'Pinto in Europe and New York bureaux; Editing by Will Waterman)

    Source: http://news.yahoo.com/ny-may-pull-stanchart-license-says-rogue-bank-035904282--finance.html

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