Joshua Tree spider species named for U2′s Bono






JOSHUA TREE NATIONAL PARK, Calif. (AP) — It appeared Bono and arachnids didn’t mix when his “Spider-Man” musical had a rough Broadway run, but that didn’t keep a biologist from naming an actual spider species after the U2 singer.


Jason Bond of Alabama’s Auburn University has identified 33 new species of trapdoor spider, including three of them in the California desert at Joshua Tree National Park. The park’s namesake is featured in the title and cover of U2′s 1987 album, “The Joshua Tree.”






The Riverside Press-Enterprise (http://bit.ly/UWsRjW ) reports that Bond named two of the spiders after Indian tribes and one, A. bonoi, after Bono.


Bond has named other spider species after Angelina Jolie, Cesar Chavez and Stephen Colbert.


The trapdoor spider, found in the Southwestern U.S., is so-named because it makes a hatch to hide from prey.


___


Information from: The Press-Enterprise, http://www.pe.com


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Caterpillar writes off most of China deal after fraud






(Reuters) – Caterpillar Inc uncovered “deliberate, multi-year, coordinated accounting misconduct” at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wiping out more than half its expected earnings for the fourth quarter of 2012.


Shares of Caterpillar fell 1.5 percent in afterhours trading following news of the fraud, which was discovered after problems were found with the Chinese company’s inventory.






Caterpillar, the world’s largest maker of tractors and excavators, said on Friday it would take a non-cash goodwill impairment charge of $ 580 million, or 87 cents per share, in the quarter.


Analysts had expected the company to report $ 1.70 per share when it reports its results on January 28, according to Thomson Reuters I/B/E/S.


Caterpillar closed the purchase of ERA Mining Machinery Ltd and its subsidiary Siwei, China‘s fourth-largest maker of hydraulic roof supports, last June, paying HK$ 5.06 billion, or $ 653.4 million. ERA had been publicly traded in Hong Kong, doing business through Siwei, which is known for making equipment to support roofs in mines.


A member of the Caterpillar board during the course of the Siwei deal told Reuters the board was distracted at the time by a larger transaction and paid relatively little attention to the Siwei acquisition.


“It came as a complete surprise to us,” the former board member said of the fraud, speaking on condition of anonymity because of the sensitivity of the situation. “It was presented to us as a pretty straightforward transaction. It’s a shame. It should have been investigated further.”


The source said the driving force behind the deal was Ed Rapp, the former Caterpillar chief financial officer who now serves as a group president with responsibility for China, among other operations. The source said it was Rapp who presented the deal to the board and pushed for its completion.


A Caterpillar spokesman declined to comment on Rapp’s role in the deal. Rapp could not be immediately located for comment.


REVERSE TAKEOVER


At the time of the Caterpillar purchase, ERA Mining was listed in the Growth Enterprise Market (GEM) of the Hong Kong stock exchange, which is “designed to accommodate companies to which a higher investment risk may be attached,” according to the offering circular filed by Caterpillar last year in Hong Kong.


The company was previously known as ERA Holdings Global Ltd. and provided “corporate secretarial services” before being acquired by Siwei in September 2010 through a reverse takeover.


Caterpillar’s write-off could revive concerns over accounting scandals and corporate governance issues of Chinese companies voiced by investors including Muddy Waters founder Carson Block.


Reverse takeovers have been of particular concern, since most of the recent accounting scandals in the United States have come from small Chinese companies who went public via a reverse takeover, including China MediaExpress Holdings Inc. A Hong Kong arbitration panel on Wednesday ruled China MediaExpress was a “fraudulent enterprise.”


‘COMPLETELY UNACCEPTABLE’


In a statement, Caterpillar said an ongoing investigation launched after the deal closed “determined several Siwei senior managers engaged in deliberate misconduct beginning several years prior to Caterpillar’s acquisition of Siwei.”


According to a question-and-answer dialog Caterpillar included in its statement, the company found discrepancies in November between the inventory in Siwei’s books and its actual physical inventory, triggering the probe.


The company also said it had replaced several senior managers at Siwei, adding that their conduct was “offensive and completely unacceptable.”


Representatives for Siwei didn’t respond to calls and requests for comment on the Caterpillar announcement. The company employs about 4,000 people in Zhengzhou and produces hydraulic roof supports used to prevent rocks from falling into a coal mine’s working area.


Siwei competes with market leader Zhengzhou Coal Mining Machinery, according to Zhengzhou Coal’s IPO prospectus filed in November.


Citigroup and law firm Freshfields Bruckhaus Deringer LLP served as financial and legal advisers to Caterpillar on the transaction. Blackstone and DLA Piper acted as ERA’s financial and legal advisers.


Freshfields said in an emailed statement that it wasn’t able to comment on client matters. Representatives for Blackstone, Citigroup and DLA Piper didn’t respond to requests for comment on Saturday.


CHINA AMBITIONS


The Siwei deal came as part of Caterpillar’s larger ambitions in China. In early 2012, it added Jon Huntsman, the former U.S. ambassador to China, to its board of directors.


The company, which already has 23 manufacturing facilities in China and four more under construction, said the Siwei episode would not change its strategy in the country.


Caterpillar’s experience with Siwei may also renew focus on the standoff between the U.S. Securities and Exchange Commission and audit firms over access to accounting documents of U.S.-listed Chinese companies suspected of fraud.


While Siwei was not U.S.-listed, the broader accounting question has been a thorny one for U.S. companies looking to grow their business in China.


($ 1=HK$ 7.75)


(Reporting by Ernest Scheyder; Additional reporting by Soyoung Kim in New York, Elzio Barreto in Hong Kong and Kevin Yao in Beijing; Writing by Ben Berkowitz; Editing by Gary Hill, Tim Dobbyn and Susan Fenton)


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Beyond Politics, Food and Fashion at the Presidential Inauguration






Jacqueline Kennedy had Oleg Cassini, Nancy Reagan James Galanos—fashion designers that dressed them for the presidential inauguration and throughout their time in the White House. Michelle Obama also wears designer clothes but she’s probably best known for popularizing the J. Crew label, wearing its sweaters and skirts and, most notably, its moss green leather gloves to accompany the lemongrass yellow outfit she wore at President Obama’s first inauguration.


No one knows yet what Michelle Obama will wear at the second inauguration but many will be watching, not only for its fashion statement but also for its potential business impact.






Michelle Obama is “probably the greatest rainmaker in the history of fashion,” says Bloomberg BusinessWeek reporter Ira Boudway. He tells The Daily Ticker that the J. Crew web site crashed from the extra traffic that followed after shoppers saw the green leather gloves Michelle Obama wore at the inauguration. J. Crew stock surged 25% the week after the event. (The company is now privately held.)


NYU Finance Professor David Yermack has calculated that the first lady’s public appearances has added $ 5 billion to the stock price of various publicly traded clothing companies.


“People will be paying attention” to what the Obamas wear at the inauguration,” says Boudway, including whether it was made in America.


Allen Edmonds is one of the few shoe companies still operating in the U.S. and it has provided shoes for every inauguration since at least Ronald Reagan’s. Boudway says the Wisconsin-based company doesn’t think President Obama wore its shoes at his first inauguration and no word yet if he’ll wear them this time around.


“The president tries to stay out of even the appearance of an endorsement,” says Boudway.


That’s not the case with New York Senator Chuck Schumer. He’s chairman of the Joint Congressional Committee on Inaugural Ceremonies which overseas the inaugural luncheon and he’s stacking the luncheon with many New York-made products, including cheese from the Cooperstown Cheese Company, in Milford, New York; Seaway Trail Honey from Rochester and several wines from the Finger Lakes Region.


Businesses will play another role in the inauguration besides product placement. Along with individuals, companies for the first time will help finance President Obama’s inauguration activities. He hopes to raise $ 50 million altogether. Among the corporate donors listed on Presidential Inauguration Committee 2013 web site are AT&T (T), Microsoft (MSFT) and Southern Company (SO).


Tell Us What You Think!


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More from The Daily Ticker


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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.


The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.


Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.


Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.


"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.


Major technology companies also report next week, but the bar for the sector has been lowered even further.


Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.


Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.


Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.


CASH POURING IN, HOUSING DATA COULD HELP


Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.


The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.


"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.


"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."


Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.


Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.


The new home sales report on Friday is expected to show a 2.1 percent increase.


The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.


Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.


The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.


"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.


"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."


(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)



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Te'o tells ESPN: Not involved in creating hoax


NEW YORK (AP) — Notre Dame linebacker Manti Te'o insisted he had no role in the bizarre hoax involving his "dead" girlfriend and told ESPN on Friday night that he was duped by a person who has since apologized to him.


In an off-camera interview Friday with ESPN, Te'o said Ronaiah Tuiasosopo, a 22-year-old acquaintance who lives in California, contacted him two days ago and confessed to the prank. Deadspin.com first exposed the scheme on Wednesday and indicated Tuiasosopo was involved in it.


"I wasn't faking it," ESPN quoted Te'o as saying during the 2 1-2 hour interview. "I wasn't part of this. When they hear the facts they'll know. They'll know there is no way I could be a part of this."


Te'o said he first met Tuiasosopo in person after the Southern California game in November. According to the linebacker, Tuiasosopo told him he was the cousin of Lennay Kekua, the woman who Te'o believed he had fallen for through Internet chats and long phone conversations. But Kekua never existed.


"Two guys and a girl are responsible for the whole thing," Te'o told ESPN. "According to Ronaiah, Ronaiah's one."


The Tuiasosopo family has declined several interview requests from The Associated Press since Wednesday.


Te'o said he never met Kekua face-to-face and when he tried to speak with her via Skype and video phone calls, the picture was blocked. Still, he didn't figure out the ruse.


He also told ESPN that he lied to his father about having met Kekua. To cover that up, he apparently lied to everyone else.


After he was told Kekua had died of leukemia in early September, Te'o admitted he misled the public about the nature of the "relationship" because he was uncomfortable saying it was purely an electronic romance.


"That goes back to what I did with my dad. I knew that. I even knew that it was crazy that I was with somebody that I didn't meet," he said. "So I kind of tailored my stories to have people think that, yeah, he met her before she passed away."


Te'o's first interview since the story broke came at the end of a day that started with Notre Dame posting a podcast of athletic director Jack Swarbrick's radio show, during which he implored the Heisman Trophy runner-up to speak publicly about the episode. Already, it had turned the feel-good story line of the college football season into a dark and strange one.


Te'o took Notre Dame's advice, but this was no Lance Armstrong-with-Oprah Winfrey made for TV mea culpa.


ESPN conducted the interview with Te'o at the IMG Academy in Bradenton, Fla., where Te'o is preparing for the NFL draft and hopes to be among the first-round picks. The network produced only still photos of the interview, with reporter Jeremy Schaap sitting at large table with the linebacker. Schaap then provided details on "Sports Center" and a story was posted on ESPN.com.


Some wondered whether Te'o had been in on the fake girlfriend scheme in an attempt to gain positive publicity and attention. Schaap said Te'o firmly denied that. The nation's best defender also said the hoax affected his play in the BCS national championship, a 42-14 loss to Alabama in which he performed poorly.


Te'o told ESPN that he wasn't entirely sure he was the victim of a hoax until earlier this week, just two days ago, when Tuiasosopo apologized. As Notre Dame officials said earlier, he did get a call from the person posing as Kekua on Dec. 6 — but it was to tell him she had not died at all, and to carry on their courtship.


Te'o was confused. He finally confided in his parents over Christmas break in his home state of Hawaii and told Notre Dame coaches what was going on Dec. 26, according to Swarbrick.


"My relationship with Lennay wasn't a four-year relationship," Te'o said. "There were blocks and times and periods in which we would talk and then it would end," but he offered her a "shoulder to cry on" when she told him her father had died.


Te'o said he was told Kekua was in a coma following an April 28 car accident, but she awoke the following month. He never made an attempt to visit her in the hospital.


"It never really crossed my mind. I don't know. I was in school," he told ESPN.


Then came the day in September when his grandmother died and the woman known as Kekua reached out to him.


"I was angry. I didn't want to be bothered," he told ESPN. "We got in an argument. She was saying, you know, I'm trying to be here for you. I didn't want to be bothered. I wanted to be left alone. I just wanted to be by myself. Last thing she told me was 'Just know I love you.'"


Te'o was told later that day Kekua had died.


ESPN did not play audio of the interview, relying instead on descriptions of Te'o and his statements from reporter Schaap. Audio clips were posted later. According to the reporter, Te'o was calm, and had no interest in going on camera.


"He was very relieved, he told me at the end of it, to have had a chance to tell his story," Schaap said.


Te'o told ESPN the relationship with Kekua dated to his freshman year at Notre Dame, the 2009-10 season, and they met via Facebook.


Te'o also provided details of just how devilish the hoax was — how Kekua spoke to his mother about Mormonism, how he could hear a supposed ventilator when she was in her coma, even how she sought his checking account number so she could send him some money (he declined).


At the Notre Dame student union early Saturday, many people didn't even seem to notice the story about Te'o playing out on television.


In the lounge section, six people watched ESPN as the report aired on TVs on opposite sides of the room and several said they weren't satisfied with what they saw and heard.


Tony Stedge, a freshman from Seattle, said he supports Te'o, but he'd still like to hear from the star player.


"I think he should be able to do it in his own time, whenever he is comfortable," he said.


Te'o's comments to ESPN though made it sound as if he is ready to put this all behind him — and Tuiasosopo.


"I hope he learns," Te'o said. "I hope he understands what he's done. I don't wish an ill thing to somebody. I just hope he learns. I think embarrassment is big enough."


He added: "I'll be OK. As long as my family's OK, I'll be fine."


___


Associated Press writer Tom Coyne in South Bend, Ind., contributed to this report.


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U.S. 'needs tougher child labor rules'




Cristina Traina says in his second term, Obama must address weaknesses in child farm labor standards




STORY HIGHLIGHTS


  • Cristina Traina: Obama should strengthen child farm labor standards

  • She says Labor Dept. rules allow kids to work long hours for little pay on commercial farms

  • She says Obama administration scrapped Labor Dept. chief's proposal for tightening rules

  • She says Labor Dept. must fix lax standards for kid labor on farmers; OSHA must enforce them




Editor's note: Cristina L.H. Traina is a Public Voices Op Ed fellow and professor at Northwestern University, where she is a scholar of social ethics.


(CNN) -- President Barack Obama should use the breathing space provided by the fiscal-cliff compromise to address some of the issues that he shelved during his last term. One of the most urgent is child farm labor. Perhaps the least protected, underpaid work force in American labor, children are often the go-to workers for farms looking to cut costs.


It's easy to see why. The Department of Labor permits farms to pay employees under 20 as little as $4.25 per hour. (By comparison, the federal minimum wage is $7.25.) And unlike their counterparts in retail and service, child farm laborers can legally work unlimited hours at any hour of day or night.


The numbers are hard to estimate, but between direct hiring, hiring through labor contractors, and off-the-books work beside parents or for cash, perhaps 400,000 children, some as young as 6, weed and harvest for commercial farms. A Human Rights Watch 2010 study shows that children laboring for hire on farms routinely work more than 10 hours per day.


As if this were not bad enough, few labor safety regulations apply. Children 14 and older can work long hours at all but the most dangerous farm jobs without their parents' consent, if they do not miss school. Children 12 and older can too, as long as their parents agree. Unlike teen retail and service workers, agricultural laborers 16 and older are permitted to operate hazardous machinery and to work even during school hours.


In addition, Human Rights Watch reports that child farm laborers are exposed to dangerous pesticides; have inadequate access to water and bathrooms; fall ill from heat stroke; suffer sexual harassment; experience repetitive-motion injuries; rarely receive protective equipment like gloves and boots; and usually earn less than the minimum wage. Sometimes they earn nothing.


Little is being done to guarantee their safety. In 2011 Secretary of Labor Hilda Solis proposed more stringent agricultural labor rules for children under 16, but Obama scrapped them just eight months later.


Adoption of the new rules would be no guarantee of enforcement, however. According to the 2010 Human Rights Watch report, the Department of Labor employees were spread so thin that, despite widespread reports of infractions they found only 36 child labor violations and two child hazardous order violations in agriculture nationwide.


This lack of oversight has dire, sometimes fatal, consequences. Last July, for instance, 15-year-old Curvin Kropf, an employee at a small family farm near Deer Grove, Illinois, died when he fell off the piece of heavy farm equipment he was operating, and it crushed him. According to the Bureau County Republican, he was the fifth child in fewer than two years to die at work on Sauk Valley farms.


If this year follows trends, Curvin will be only one of at least 100 children below the age of 18 killed on American farms, not to mention the 23,000 who will be injured badly enough to require hospital admission. According to Center for Disease Control and Prevention statistics, agriculture is one of the most dangerous industries. It is the most dangerous for children, accounting for about half of child worker deaths annually.


The United States has a long tradition of training children in the craft of farming on family farms. At least 500,000 children help to work their families' farms today.


Farm parents, their children, and the American Farm Bureau objected strenuously to the proposed new rules. Although children working on their parents' farms would specifically have been exempted from them, it was partly in response to worries about government interference in families and loss of opportunities for children to learn agricultural skills that the Obama administration shelved them.






Whatever you think of family farms, however, many child agricultural workers don't work for their parents or acquaintances. Despite exposure to all the hazards, these children never learn the craft of farming, nor do most of them have the legal right to the minimum wage. And until the economy stabilizes, the savings farms realize by hiring children makes it likely that even more of them will be subject to the dangers of farm work.


We have a responsibility for their safety. As one of the first acts of his new term, Obama should reopen the child agricultural labor proposal he shelved in spring of 2012. Surely, farm labor standards for children can be strengthened without killing off 4-H or Future Farmers of America.


Second, the Department of Labor must institute age, wage, hour and safety regulations that meet the standards set by retail and service industry rules. Children in agriculture should not be exposed to more risks, longer hours, and lower wages at younger ages than children in other jobs.


Finally, the Department of Labor and the Occupational Safety and Health Administration must allocate the funds necessary for meaningful enforcement of child labor violations. Unenforced rules won't protect the nearly million other children who work on farms.


Agriculture is a great American tradition. Let's make sure it's not one our children have to die for.


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The opinions expressed in this commentary are solely those of Cristina Traina.






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Armstrong admits doping: ‘I’m a flawed character’






CHICAGO (AP) — He did it. He finally admitted it. Lance Armstrong doped.


He was light on the details and didn’t name names. He mused that he might not have been caught if not for his comeback in 2009. And he was certain his “fate was sealed” when longtime friend, training partner and trusted lieutenant George Hincapie, who was along for the ride on all seven of Armstrong’s Tour de France wins from 1999-2005, was forced to give him up to anti-doping authorities.






But right from the start and more than two dozen times during the first of a two-part interview Thursday night with Oprah Winfrey on her OWN network, the disgraced former cycling champion acknowledged what he had lied about repeatedly for years, and what had been one of the worst-kept secrets for the better part of a week: He was the ringleader of an elaborate doping scheme on a U.S. Postal Service team that swept him to the top of the podium at the Tour de France time after time.


“I’m a flawed character,” he said.


Did it feel wrong?


“No,” Armstrong replied. “Scary.”


“Did you feel bad about it?” Winfrey pressed him.


“No,” he said. “Even scarier.”


“Did you feel in any way that you were cheating?”


“No,” Armstrong paused. “Scariest.”


“I went and looked up the definition of cheat,” he added a moment later. “And the definition is to gain an advantage on a rival or foe. I didn’t view it that way. I viewed it as a level playing field.”


Wearing a blue blazer and open-neck shirt, Armstrong was direct and matter-of-fact, neither pained nor defensive. He looked straight ahead. There were no tears and very few laughs.


He dodged few questions and refused to implicate anyone else, even as he said it was humanly impossible to win seven straight Tours without doping.


“I’m not comfortable talking about other people,” Armstrong said. “I don’t want to accuse anybody.”


Whether his televised confession will help or hurt Armstrong’s bruised reputation and his already-tenuous defense in at least two pending lawsuits, and possibly a third, remains to be seen. Either way, a story that seemed too good to be true — cancer survivor returns to win one of sport’s most grueling events seven times in a row — was revealed to be just that.


“This story was so perfect for so long. It’s this myth, this perfect story, and it wasn’t true,” he said.


Winfrey got right to the point when the interview began, asking for yes-or-no answers to five questions.


Did Armstrong take banned substances? “Yes.”


Did that include the blood-booster EPO? “Yes.”


Did he do blood doping and use transfusions? “Yes.”


Did he use testosterone, cortisone and human growth hormone? “Yes.”


Did he take banned substances or blood dope in all his Tour wins? “Yes.”


In his climb to the top, Armstrong cast aside teammates who questioned his tactics, yet swore he raced clean and tried to silence anyone who said otherwise. Ruthless and rich enough to settle any score, no place seemed beyond his reach — courtrooms, the court of public opinion, even along the roads of his sport’s most prestigious race.


That relentless pursuit was one of the things that Armstrong said he regretted most.


“I deserve this,” he said twice.


“It’s a major flaw, and it’s a guy who expected to get whatever he wanted and to control every outcome. And it’s inexcusable. And when I say there are people who will hear this and never forgive me, I understand that. I do. …


“That defiance, that attitude, that arrogance, you cannot deny it.”


Armstrong said he started doping in mid-1990s but didn’t when he finished third in his comeback attempt.


Anti-doping officials have said nothing short of a confession under oath — “not talking to a talk-show host,” is how World Anti-Doping Agency director general David Howman put it — could prompt a reconsideration of Armstrong’s lifetime ban from sanctioned events.


He’s also had discussions with officials at the U.S. Anti-Doping Agency, whose 1,000-page report in October included testimony from nearly a dozen former teammates and led to stripping Armstrong of his Tour titles. Shortly after, he lost nearly all his endorsements, was forced to walk away from the Livestrong cancer charity he founded in 1997, and just this week was stripped of his bronze medal from the 2000 Olympics.


Armstrong could provide information that might get his ban reduced to eight years. By then, he would be 49. He returned to triathlons, where he began his professional career as a teenager, after retiring from cycling in 2011, and has told people he’s desperate to get back.


Initial reaction from anti-doping officials ranged from hostile to cool.


WADA president John Fahey derided Armstrong’s defense that he doped to create “a level playing field” as “a convenient way of justifying what he did — a fraud.”


“He was wrong, he cheated and there was no excuse for what he did,” Fahey said by telephone in Australia.


If Armstrong “was looking for redemption,” Fahey added, “he didn’t succeed in getting that.”


USADA chief Travis Tygart, who pursued the case against Armstrong when others had stopped, said the cyclist’s confession was just a start.


“Tonight, Lance Armstrong finally acknowledged that his cycling career was built on a powerful combination of doping and deceit,” Tygart said. “His admission that he doped throughout his career is a small step in the right direction. But if he is sincere in his desire to correct his past mistakes, he will testify under oath about the full extent of his doping activities.”


Livestrong issued a statement that said the charity was “disappointed by the news that Lance Armstrong misled people during and after his cycling career, including us.”


“Earlier this week, Lance apologized to our staff and we accepted his apology in order to move on and chart a strong, independent course,” it said.


The interview revealed very few details about Armstrong’s performance-enhancing regimen that would surprise anti-doping officials.


What he called “my cocktail” contained the steroid testosterone and the blood-booster erythropoetein, or EPO, “but not a lot,” Armstrong said. That was on top of blood-doping, which involved removing his own blood and weeks later re-injecting it into his system.


All of it was designed to build strength and endurance, but it became so routine that Armstrong described it as “like saying we have to have air in our tires or water in our bottles.”


“That was, in my view, part of the job,” he said.


Armstrong was evasive, or begged off entirely, when Winfrey tried to connect his use to others who aided or abetted the performance-enhancing scheme on the USPS team


When she asked him about Italian doctor Michele Ferrari, who was implicated in doping-related scrapes and has also been banned from cycling for life, Armstrong replied, “It’s hard to talk about some of these things and not mention names. There are people in this story, they’re good people and we’ve all made mistakes … they’re not monsters, not toxic and not evil, and I viewed Michele Ferrari as a good man and smart man and still do.”


But that’s nearly all Armstrong would say about the physician that some reports have suggested educated the cyclist about doping and looked after other aspects of his training program.


He was almost as reluctant to discuss claims by former teammates Tyler Hamilton and Floyd Landis that Armstrong told them, separately, that he tested positive during the 2001 Tour de Suisse and conspired with officials of the International Cycling Union officials to cover it up — in exchange for a donation.


“That story wasn’t true. There was no positive test, no paying off of the labs. There was no secret meeting with the lab director,” he said.


Winfrey pressed him again, asking if the money he donated wasn’t part of a tit-for-tat agreement, “Why make it?”


“Because they asked me to,” Armstrong began.


“This is impossible for me to answer and have anybody believe it,” he said. “It was not in exchange for any cover-up. … I have every incentive here to tell you yes.”


Finally, he summed up the entire episode this way: “I was retired. … They needed money.”


Ultimately, though, it was Landis who did the most damage to Armstrong’s story. Landis was stripped of the 2006 Tour title after testing positive and wound up on the sport’s fringes looking for work. Armstrong said his former teammate threatened to release potentially destructive videos if he wasn’t given a spot on the team. That was in 2009, when Armstrong returned to the Tour after four years off.


Winfrey asked whether Landis’ decision to talk was “the tipping point.”


“I’d agree with that. I might back it up a little and talk about the comeback. I think the comeback didn’t sit well with Floyd,” Armstrong recalled.


“Do you regret now coming back?”


“I do. We wouldn’t be sitting here if I didn’t come back,” he said.


The closest Armstrong came to contrition was when Winfrey asked him about his apologies in recent days, notably to former teammate Frankie Andreu, who struggled to find work in cycling after Armstrong dropped him from the USPS team, as well as his wife, Betsy. Armstrong said she was jealous of his success, and invented stories about his doping as part of a long-running vendetta.


“Have you made peace?” Winfrey asked.


“No,” Armstrong replied, “because they’ve been hurt too badly, and a 40-minute (phone) conversation isn’t enough.”


He also called London Sunday Times reporter David Walsh as well as Emma O’Reilly, who worked as a masseuse for the USPS team and later provided considerable material for a critical book Walsh wrote about Armstrong and his role in cycling’s doping culture.


Armstrong subsequently sued for libel in Britain and won a $ 500,000 judgment against the newspaper, which is now suing to get the money back. Armstrong was, if anything, even more vicious in the way he went after O’Reilly. He intimated she was let go from the Postal team because she seemed more interested in personal relationships than professional ones.


“What do you want to say about Emma O’Reilly?” Winfrey asked.


“She, she’s one of these people that I have to apologize to. She’s one of these people that got run over, got bullied.”


“You sued her?”


“To be honest, Oprah, we sued so many people I don’t even,” Armstrong said, then paused, “I’m sure we did.”


Near the end of the first interview installment, Winfrey asked about a federal investigation of Armstrong that was dropped by the Justice Department without charges.


“When they dropped the case, did you think: ‘Now, finally over, done, victory’?”


Armstrong looked up. He exhaled.


“It’s hard to define victory,” he said. “But I thought I was out of the woods.”


___


AP Sports Writers Jim Vertuno in Austin, Texas, Eddie Pells in Denver and Dennis Passa in Melbourne contributed to this report.


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Oil falls as traders weigh China data, 2013 demand






The price of oil slipped to near $ 95 a barrel Friday but remained near four-month highs after new data showed China‘s economy rebounded in the final quarter of last year, suggesting an increase in energy demand.


By early afternoon in Europe, benchmark oil for February delivery was down 26 cents to $ 95.23 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $ 1.25 to finish at $ 95.49 a barrel. That was the highest close for crude on the Nymex since Sept. 17 and a result of the positive economic reports out of the U.S.






“Investors were prompted to some profit-taking to lock in recent gains, while the markets try to digest the Chinese economic data that slightly improved market sentiment” said a report from Sucden Financial Research in London.


China’s economy grew 7.9 percent in the fourth quarter of 2012, up from the previous quarter’s 7.4 percent. In December, retail sales and factory output growth both accelerated, the National Bureau of Statistics reported.


The figures suggest increased energy demand, a key driver of oil prices. But overshadowing markets were concerns that the U.S. could face a new economic crisis if political leaders fail to resolve discord over spending cuts and the country’s borrowing limit, which needs to be raised to avoid an unprecedented federal default.


Higher expectations for oil demand in China also contributed to an upwardly revised oil consumption forecast from the International Energy Agency.


Global oil demand is expected to rise to 90.8 million barrels a day this year, the Paris-based IEA said in its monthly oil market report released Friday. That’s 930,000 daily barrels more than in 2012 and 240,000 barrels a day higher than the agency’s previous forecast released in December.


The IEA said that economic figures for China had in recent months raised concerns about growth, but that seems to have changed. “Recent data suggest the tide may have begun to turn,” it said in the report.


The IEA described market conditions as tighter than expected, with oil production in Saudi Arabia at the end of 2012 relatively weak. Analysts described that as a call to producing nations to keep supply up.


“This IEA report is basically a message to Saudi Arabia: ‘Please, please, don’t cut further,’” said Olivier Jakob, an analyst with Petromatrix in Switzerland.


Traders were also keeping an eye on the hostage crisis in southern Algeria. Algerian forces launched a raid to free hostages being held by militants at a remote natural gas facility. Casualties were reported. Spanish, Norwegian and British oil companies have evacuated workers from energy facilities in the country, which produces both natural gas and crude oil.


Meanwhile, brent crude, used to price international varieties of oil, fell 46 cents to $ 110.64 per barrel on the ICE Futures exchange in London.


In other energy futures trading on Nymex:


— Wholesale gasoline was down 1.36 cent to $ 2.7689 a gallon.


— Natural gas added 1.9 cents to $ 3.513 per 1,000 cubic feet.


— Heating oil lost 1.01 cents at $ 3.0044 a gallon.


___


Pamela Sampson in Bangkok contributed to this report.


Economy News Headlines – Yahoo! News





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London Firefighters to Protest Against Savage Cuts






LONDON, ENGLAND–(Marketwire – Jan 18, 2013) – London firefighters will be attending a mass lobby of the London Fire and Emergency Planning Authority (LFEPA) meeting on Monday to protest at plans to close 12 fire stations, remove 18 fire engines and slash 520 firefighter posts. The lobby has been called by the London region of the Fire Brigades Union.


This follows a decision by the mayor of London, Boris Johnson to drive through £45m of cuts in the LFEPA budget.






FBU regional secretary for London, Paul Embery said: ”The proposed cuts are reckless and wrong. You can”t slash 12 fire stations, 18 fire engines and 520 firefighter posts without jeopardising public safety. The helicopter crash that occurred earlier this week showed the importance of having a properly-funded, well-resourced fire service in the capital, and it is worthy of note that the first crew at the scene was mobilised from a station – Clapham – earmarked for closure and arrived within four minutes. The safety of Londoners is playing second fiddle to crude economic considerations. We are calling on the commissioner of the London Fire Brigade, Ron Dobson, and Boris Johnson to think again. If they don”t, we will campaign as vigorously as we can, alongside the public, to defend London”s fire service.”




LOBBY OF LFEPA MEETING – 1.30pm – 21 JANUARY
LONDON BRIGADE HQ – 169 UNION ST – SE1 0LL

Marketwire News Archive – Yahoo! Finance





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Wall Street edges lower on earnings, China data


NEW YORK (Reuters) - Stocks fell modestly on Friday, a day after the S&P 500 rose to its highest level in five years, as a weak outlook from Intel was weighed against encouraging data out of China and a fourth-quarter profit at Morgan Stanley .


The Dow Jones industrial average <.dji> was down 6.68 points, or 0.05 percent, at 13,589.34. The Standard & Poor's 500 Index <.spx> was down 2.60 points, or 0.18 percent, at 1,478.34. The Nasdaq Composite Index <.ixic> was down 10.63 points, or 0.34 percent, at 3,125.37.


(Reporting by Angela Moon; Editing by Bernadette Baum)



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