Monday, June 4, 2007

Police: N. Korean family faced sea in small boat


Police: N. Korean family faced sea in small boat


POSTED: 0553 GMT (1353 HKT), June 3, 2007
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GOSHOGAWARA, Japan (Reuters) -- Japan is likely to offer temporary protection to four people believed to have fled North Korea who are seeking asylum in the South after they arrived by boat at a Japanese port, Japanese officials said on Sunday.
The three men and a woman, who were taken into Japanese custody on Saturday, claimed to be a family, a police official said. They told authorities they had been out at sea in the small wooden boat since May 27 after leaving North Korea for the South.
They told Japanese officials they had left Chongjin on the east coast and headed south, but then changed course due to heavy security and ended up at Fukaura in Japan's Aomori prefecture, 800 kilometers (500 miles) to the east, the police official added.
"They are seeking protection and this is not a criminal case, but rather a humanitarian issue," said the official.
"We are discussing with immigration and Foreign Ministry officials towards granting them protection."
A government official in Tokyo also said Japanese authorities were holding talks over how to best serve the four's interest.
Asked about the latest case, South Korean Foreign Minister Song Min-soon said the wishes of the four should be upheld.
"I understand they will be treated according to humanitarian principles and according to their wishes," he told reporters in South Korea.
Japan can grant asylum-seekers a six-month stay permit under its immigration law, and a 2006 "North Korean human rights" law also states that the government must take measures to protect and support defectors from North Korea.
In the past North Korean defectors have fled to Japanese missions and other premises in China, and Tokyo allowed them to leave for third countries.
It is rare for North Koreans to flee to Japan, and it could worsen relations between Tokyo and Pyongyang -- which have no diplomatic ties -- if North Korea demands their return.
In 1987, Pyongyang asked Tokyo to return the crew of a North Korean boat who had sought asylum in South Korea after docking at a port in western Japan, but Tokyo allowed them to leave for the South via Taiwan.
Japan is also feuding with North Korea over the fate of Japanese citizens kidnapped decades ago by Pyongyang's agents to help train spies.
Prime Minister Shinzo Abe has said that until the abduction issue has been resolved, Japan will not provide funds for a multilateral deal clinched in February, by which Pyongyang agreed to scrap its nuclear arms program in return for energy aid.
Copyright 2007 Reuters. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.

China stocks plunge after tax hike


China stocks plunge after tax hike


POSTED: 0317 GMT (1117 HKT), June 4, 2007
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Shanghai, China (Reuters) -- China's main stock index plunged at the opening on Tuesday and then swung widely as investors continued to dump stocks after last week's hike in the share trading tax.
The Shanghai Composite Index opened down 2.89 percent, briefly rebounded into positive territory and then resumed sliding. After 15 minutes of trade it stood 2.02 percent lower at 3,596.324 points, a level not seen since April 20.
The index has now tumbled 17 percent since the tax hike, which was designed to cool rampant speculation by individual investors.
China's securities regulator has approved four new mutual funds that will invest in the stock market, sources close to the regulator told Reuters late on Monday. The approvals were widely seen as an effort by authorities to restore investor confidence.
But large-cap blue chips remained soft early on Tuesday, suggesting that not only individual speculators but also some institutional investors were selling to cut losses.
Heavyweight oil refiner Sinopec was down 0.73 percent at 13.55 yuan, after earlier plunging 4.2 percent.
Copyright 2007 Reuters. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.

US Auto CEOs To Meet With Senate Majority Leader Wed


US Auto CEOs To Meet With Senate Majority Leader Wed
June 04, 2007: 07:06 PM EST
WASHINGTON -(Dow Jones)- Senate Majority Leader Harry Reid, D-Nev., will play host Wednesday to the heads of the Big Three automakers, General Motors (GM), Ford Motor Co. (F) and DaimlerChrysler Group (DCX), to discuss the future of the U.S. auto industry, his office said Monday.
The meeting comes as the Senate is preparing to discuss next week comprehensive energy legislation that includes a measure to reform fuel efficiency standards that automakers fear may cause further economic trouble for an already distressed industry.
Reid will host the meeting with two Michigan Democrat colleagues who opposed fuel efficiency legislation that passed out of the commerce committee in early May. Sen. Debbie Stabenow, D-Mich., chair of the Democratic Steering and Outreach Committee, and Sen. Carl Levin, D-Mich., and Reid will also meet with United Auto Workers President Ron Gettelfinger.
In the face of political momentum rolling toward fuel efficiency reform in both the Senate and House, automakers are lobbying to soften the commerce committee bill that would increase fuel efficiency of the nation's combined fleets of passenger cars and light trucks to 35 miles a gallon from 2009 to 2019. They fear that not only would retooling plants and redesigning entire fleets be too costly, but the standards would put them at a disadvantage to foreign competitors such as Toyota (7203.TO) because of their fleet compositions.
Levin and Stabenow have said the new rules should not penalize U.S. manufacturers, and improvements could rather be achieved through encouraging advanced technologies such as plug-in hybrids and improved battery technology.
The floor debate is likely to be tough as senators on both sides of the issue - those for more stringent reform and those against reform altogether - have promised to modify the bill.
Reid spokesman Jim Manley said that in introducing the legislation, the Senate majority leader expressed his support for higher fuel efficiency standards.
-By Ian Talley, Dow Jones Newswires; (202) 862 9285; ian.talley@dowjones.com; (END) Dow Jones Newswires
06-04-07 1906ET
Copyright (c) 2007 Dow Jones & Company, Inc.

Friday, June 1, 2007

Economy hits the sweet spot

Economy hits the sweet spot
Solid gains in jobs, manufacturing, consumer spending offset weakness in housing; Fed seen on hold.
By Chris Isidore, CNNMoney.com senior writer
June 1 2007: 12:06 PM EDT
NEW YORK (CNNMoney.com) -- A rush of reports Friday showed the economy growing at what is widely seen by economists and investors as just the right pace.
The reports showed solid growth in the job market and surprising improvement in manufacturing. And despite some weak recent reports from retailers, consumer spending continued to grow, keeping that key driver of the economy in gear. Consumer spending fuels nearly three-quarters of the economy.

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Many small business employees say they are just fine with their jobs even if they make less money. CNN's Jennifer Westhoven reports. (May 7)
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But there was enough softness in consumer prices, home sales and income growth to calm any concerns about inflation. That should keep the Federal Reserve on hold on interest rates for some time to come.
Who's hiring: Companies with fast job growth
"If you're the Fed, the only danger right now is you might strain your arm patting yourself on the back," said David Wyss, chief economist for Standard & Poor's. "It's about as good as you can get."
The latest reports were a contrast to Thursday's government report showing the economy grew at the slowest pace in five years in the first quarter. Wyss said despite all the good news Friday, there are some clouds on the horizon, but they shouldn't cause any economic storms in the near term.
"We don't know what's going to happen with oil prices, and we're not through the housing mess yet," he said. "But it certainly suggests the second quarter will be a lot stronger than the first quarter."
Wall Street reacted positively, with stocks rising in midday trading, pushing the Dow industrials and the S&P 500 further into to record territory. Investors like steady but not explosive economic growth, which is good for corporate earnings but doesn't threaten a pickup in inflation.
The day's leading report was the Labor Department's job report, which showed employers added 157,000 jobs to payrolls in May, up from a revised 80,000 gain in April. Economists surveyed by Briefing.com had forecast 135,000 new jobs in May.
The hottest salaries
The unemployment rate stayed at 4.5 percent, in line with forecasts. While the number of those listed as unemployed crept up by 18,000, that was outpaced by the gain of those with jobs.
The report showed average hourly wages rose 6 cents, or 0.3 percent, to $17.30, also in line with forecasts. The average hourly wage is now up 3.9 percent from a year earlier, above the 2.6 percent gain in prices for the 12 months ending in April.
Most job growth was in the service sector. Education and health services payrolls grew by 54,000 while the leisure and hospitality industries added 46,000 workers. But retailers, who have seen some weak sales recently, trimmed 5,000 jobs during the month.
Manufacturing lost 19,000 jobs, while construction employment was unchanged, even in the face of the downturn in home building over the last year.
A separate government report showed personal income fell in April for the first time since August 2005. Economists had forecast a 0.3 percent rise. Spending by individuals was up by more than forecasts, though.
That report also showed that prices paid by consumers for goods other than food and energy rose less than expected, putting the so-called core PCE deflator up just 2.0 percent over the last year.
Why you still can't find a builder
The core PCE deflator is believed to be one of the Fed's favored inflation readings, and central bank policymakers are believed to want to see it between 1 and 2 percent. The Friday report marks the first time in just over a year that the reading was in the Fed's comfort zone.
Separately, a survey by the University of Michigan showed consumer confidence came in above forecasts at the end of May despite record high gasoline prices and declining home values.
And a survey of manufacturing executives showed business conditions in that sector improved modestly in May, rather than the slight decline economists had forecast.
There was more bad news for the housing sector, however, the one area of economic weakness frequently cited as a concern by the Fed.
The National Association of Realtors reported that its pending home sales index fell 3.2 percent, rather than the modest gain that had been forecast. The measure of sales that have been agreed on but not yet completed is seen as a more forward-looking reading on the state of the battered real estate market.
Construction employment bucks slumpEconomic growth slowest since '02Economy might not yet be in the clear

'American Idol' parent being sold for $1.3B

'American Idol' parent being sold for $1.3B
Executives of CKX, which licenses Elvis and owns 'American Idol' creator, are taking the firm private.
June 1 2007: 10:56 AM EDT
NEW YORK (CNNMoney.com) -- CKX Inc., the company behind the hit show "American Idol," said Friday it agreed to be acquired by a group led by its Chairman and Chief Executive Robert Sillerman for $1.3 billion.
The management group acquiring CKX, which owns rights to the Elvis Presley and Muhammad Ali names and the "American Idol" talent show, includes Idol creator Simon Fuller, the company said in a statement.
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CNN's Richard Lui speaks with our resident American Idol experts about the big winner Jordin Sparks.
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Shares of CKX (up $3.71 to $14.34, Charts) surged 42 percent in morning trading on Nasdaq.
Sillerman, a former radio and concert mogul, received a hand in the effort from Fuller, chief executive of CKX subsidiary 19 Entertainment Limited Inc., the British-based firm behind the "Pop Idol" television talent show and its hit U.S. spinoff, "American Idol."
Lewis vs. Sparks: The real competition begins
Sillerman, the company's biggest shareholder, offered to enter into a complex series of transactions that includes a cash purchase of CKX's outstanding common stock at a price of $13.75 a share, which represents a 29 percent premium over the stock's closing price of $10.63.
With 97.06 million shares outstanding, that amounts to about $1.33 billion.
According to a statement, the company's directors had been actively considering the proposal and scheduled a meeting early Friday morning to consider the bid and hear the recommendation of a special committee of independent directors.
CKX also operates Graceland, Presley's former home turned tourist attraction.
-- from staff and wire reports
Nielsen debuts TV commercials ratings Harry Potter theme park coming to Florida

CAR



Bonhams & Butterfields
Buyer's Fees: 17% on the first $100,000, plus 10% on the overage Seller's Fees: 10% to 25% Record Sale (2004): $7,480,322 for '29 Mercedes SSK Roadster (pictured) Pro: Capable of getting great venues and important cars Con: Car offerings still not as consistent as the others For Sale Dates: bonmans.com/us





RM Auctions
Buyer's Fees: 10% Seller's Fees: $1,000, plus 8% to 10% Record Sale (2007): $9,300,000 for '62 Ferrari Testa Rossa (pictured)* Pro: The biggest player - and extremely competent at getting and selling a lot of great cars Con: With such high volume, the experience can be less personal For Sale Dates: rmauctions.com






Gooding & Co.
Buyer's Fees: 10% of the hammer price Seller's Fees: $1,500, plus 10% of the hammer price Record Sale (2004): $4,455,000 for '35 Mormon Meteor (pictured) Pro: The insiders' favorite - knowledgeable, effective, and pleasant Con: A smaller staff can mean a slower call-return time For Sale Dates: goodingco.comCorrection: An earlier version of this gallery incorrectly identified the Marmon Meteor as the Mormon Meteor. CNNMoney regrets the error.

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HEALTH


Mayor casts doubt on TB patient's Greek wedding
POSTED: 5:09 p.m. EDT, June 1, 2007


DENVER, Colorado (CNN) -- An Atlanta tuberculosis patient who may have defied health officials' warnings by going on a wedding trip to Europe appears not to have gotten married, a Greek official said Friday.
Mayor Angelos Roussos of Santorini, Greece, said a clerk from the municipality office informed him that Andrew Speaker and his fiancee, Sarah Cooksey, did not have the necessary paperwork for a civil marriage.
"He made no previous contact with the town hall about arranging a civil marriage," Roussos said. "So the wedding never happened. He stayed instead at a hotel for two days, the Majestic Hotel, before setting back for the United States. It was his first time here."
Roussos said he didn't talk with Speaker.
The couple's wedding announcement in a Fulton County, Georgia, newspaper in April said, "A May wedding in Santorini, Greece, and an extended honeymoon in Europe are planned."
In an interview on ABC's "Good Morning America," Cooksey referred to Speaker as "my husband."
Speaker, 31, an Atlanta lawyer infected with a rare, often fatal form of tuberculosis, said he has a recording made before the couple flew to Europe that shows health officials told him he was not a risk to others.
In the ABC interview broadcast Friday, Speaker said his father asked health officials whether Speaker was a risk to anyone, and health officials said he was not. "My dad taped it," he said.
Fulton County health officials have said they told Speaker before his trip not to fly. (Watch Speaker say he hopes fellow airline passengers will forgive him )
Asked about the tape, Steve Katkowsky of the Fulton County Health Department told CNN, "If such a recording was made it was without the consent and without the knowledge of Fulton County Health Department officials."
Speaker said that once he was in Italy, officials with the Centers for Disease Control and Prevention in Atlanta informed him that his case was more serious than they had realized.
He had been diagnosed with multiple drug-resistant tuberculosis. But, he was told, final test results found he had an even more rare, extensively drug-resistant form, known as XDR-TB.
Officials told him not to take commercial aircraft home, he said on "Good Morning America."
"I said, 'What changed?' " Speaker related. " 'When I left I was told I wasn't a threat to anyone. When I left I was told I wasn't contagious, what changed? Why are you abandoning me like this and expecting me to turn myself over for an indefinite time? What has changed?' And they did not have an answer for that."
The CDC is tracking down airline passengers who may have come into contact with Speaker. (Watch passengers discuss their frustrations over the TB scare)
The agency has identified about 80 air passengers on two of Speaker's trans-Atlantic flights they believe are most at risk for exposure.
Speaker said he had been told before the beginning of his trip that in order to fight his illness, "I had one shot, and that was going to be in Denver," at the National Jewish Medical and Research Center, which specializes in treating drug-resistant forms of TB. If he was somewhere else and was not given the exact right mixture of drugs, he said, "That was it, they blew my last shot."
Speaker said officials wanted him to check into a treatment center in Rome indefinitely. But he feared that if he did, he might not make it to Denver. "It is a very real threat that I could have died" in Italy, he said.
He flew from Prague to Montreal, apparently in order to sidestep a no-fly order that could have stopped or delayed his return to North America. Once in Canada, Speaker and his wife drove across the border to New York, where he was treated at a hospital before being flown aboard a CDC jet to Atlanta. He was moved to Denver Thursday.
Apologizing to all those now fearing for their own health after having been on airplanes with him, Speaker said, "I just hope they understand that truly in our minds we were told that we were not a threat to the people around us, and we wanted to get home."
"I am very sorry for your fear, and putting you at risk. I don't expect those people to ever forgive me," he said tearfully.
Speaker "still does not appear to be highly infectious," and there is "no indication that his infectiousness has changed in the past few months," CDC Director Dr. Julie Gerberding said Friday.
Asked about remarks by health officials that they had been looking at another option to get him back to the United States from Italy, Speaker responded, "That is a complete lie."
Hiring a private jet would have cost $100,000, which he did not have, Speaker said.
Speaker's wife, Sarah Cooksey, told ABC she had pleaded for any kind of transportation, including a military vessel.
She said her father, who works at the CDC, had tried to help the couple get home.
"Oh he did, everybody did, our entire family, everybody was calling all day," she told ABC.
"I'm praying that nobody else tests positive," she added. That's something that I don't know that I could ever forgive myself for, if that happened."
The televised interview was the first for Speaker, a personal injury lawyer, since word of his diagnosis sparked international concern. Both he and ABC's Diane Sawyer had their mouths covered by masks, but Cooksey sat beside him with no mask on.
Thinking back on his decision to return to the United States on commercial jets, Speaker said, "In hindsight, maybe it wasn't the best decision."
Lawmaker: 'The system failed'
On Thursday, a senior House member said he wants to know how Speaker got through U.S. Customs and Border Protection even though his passport had been flagged in its computer system.
His passport was checked at the U.S.-Canada border, a Homeland Security official told CNN.
An alert that Speaker should be detained and isolated, and public health officials should be contacted, showed up on the Customs and Border Protection's computers, but he was allowed to cross into the United States at Champlain, New York, anyway, the official said.
Speaker was at the border crossing for less than two minutes. (Watch how patient slipped past authorities )
The chairman of the House Homeland Security Committee, Rep. Bennie Thompson, D-Mississippi, has scheduled a hearing for next week.
"We had two agencies that should have been in constant communication with each other, and obviously the system failed," Thompson said on CNN's "Paula Zahn Now."
People with XDR-TB are resistant to first- and second-line drugs; their treatment options are limited and the disease often proves fatal.
Between 1993 and 2006, 49 people were diagnosed with XDR-TB in the United States, said Dr. Ken Castro, director of the division of TB Elimination at the CDC.
The World Health Organization estimates that there were almost half a million cases of multiple-drug-resistant tuberculosis worldwide in 2004.