Earnings Preview: News Corp 1Q earnings seen up

LOS ANGELES (AP) ? News Corp. reports its fiscal first-quarter earnings after the market closes on Tuesday. Analysts are expecting higher earnings and revenue compared to a year ago, even as viewers find the fall TV season underwhelming.

WHAT TO WATCH FOR: Management will likely discuss audience weakness at broadcast network Fox, which could hurt advertising revenue, despite an up-draft from political ad spending.

Analyst Doug Creutz said in a research note Thursday that during the prime-time weeknight viewing hours, audience ratings are down 23 percent for returning shows and down 45 percent for new shows, compared to the shows they replaced last year.

Fox's "The X Factor" is down 26 percent on Wednesday nights and down 20 percent on Thursday nights. Even as the show receives new competition from NBC's "The Voice," there are signs that the music competition genre is fading in popularity. Other shows were also underperforming compared to a year ago.

News Corp. also owns pay TV networks such as FX and Fox News Channel, which may benefit from coverage of the U.S. presidential race. Such networks also lock in annual rate increases to distributors such as DirecTV and are less affected by changes in the economy.

WHY IT MATTERS: Advertising trends are a barometer of the economy's health. Companies that are healthy and expect more consumer spending will advertise more. News Corp. is also in the midst of a plan to split in two with a smaller part owning newspapers and its for-profit education venture and the other its TV and movie properties. The performance of its different segments reflect changes in consumer habits as technology changes.

WHAT'S EXPECTED: Analysts polled by FactSet expect News Corp. to earn an adjusted 37 cents per share on revenue of $8.15 billion.

LAST YEAR'S QUARTER: Last year, News Corp. posted adjusted earnings of 32 cents per share on revenue of $7.96 billion.

Source: http://news.yahoo.com/earnings-preview-news-corp-1q-earnings-seen-215216420--finance.html

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A Conversation With: Author Aarthi Ramachandran - NYTimes.com

Rahul Gandhi often seems to be everywhere and nowhere at the same time. On the television news channels, or in the Indian print media, Mr. Gandhi is ubiquitous, popping up at staged political events across the country, including recently when he donned a blue turban for an appearance in Chandigarh

Yet Mr. Gandhi is one of the most reclusive, private public figures in India, rarely directly addressing the media and never granting one-on-one interviews. For a man that many people believe could one day become India?s prime minister, Mr. Gandhi remains a riddle, his vision for the nation unclear.

This presented a particular challenge for Aarthi Ramachandran, a journalist who covered the Congress Party for several years before deciding to write a book about Mr. Gandhi. ?Decoding Rahul Gandhi? was published in August and offers a well-reported account of Mr. Gandhi?s career as a politician that is both sympathetic to him yet also tough-minded about his failings.

I interviewed Ms. Ramachandran while researching my own article about Mr. Gandhi, which documented how his star has seemed to fade since the 2009 national elections. I also e-mailed her a list of questions, in hopes that she could offer her perspective on Mr. Gandhi for readers of India Ink. Her answers, also by e-mail, are below.

Q.

Why did you decide to write a book about Rahul Gandhi?

A.

I began covering the Congress Party as a beat around the same time Rahul Gandhi took the political plunge. Given his importance in the Congress hierarchy, it made sense to track his political progress fairly closely.

I had written several pieces on Rahul. It struck me that there is a good story to be told about an extremely reclusive young man who could one day be the prime minister. I felt it would be interesting to chronicle his early years in politics.

At around the same time in 2009, when this idea struck me, I had a chance one-on-one meeting with Rahul. This was the time when much of Rahul?s rhetoric revolved around finding solutions for urban migration and deprivation. I had written to him as a private citizen, putting aside my journalistic skepticism, urging him to do something about the issue of child beggars in Delhi. Oddly enough, his office wrote back saying he would like to discuss the issue with me. I found him to be well intentioned, yet somewhat confused about his role in politics. He kept telling me that he needed to ?focus? on fewer things.

Q.

He is one of the most private and secretive political figures in India. He does not grant interviews and rarely directly addresses the media. What do you make of this strategy? Do you think this is his decision or a decision made by party strategists?

A.

Rahul has drawn an invisible curtain around himself, just as his mother, Sonia Gandhi, has. In this aspect, he has followed his mother?s cue and cast himself in the role of the remote and inaccessible party leader.

This strategy cannot be the doing of party strategists alone because in the Congress nobody can determine how the Nehru-Gandhis choose to present themselves to the public on a sustained basis. While the strategy has worked to a certain extent in Sonia Gandhi?s case ? given her Italian roots, it has kept her from fumbling in public as she learned the ropes of Indian politics ? in Rahul?s case the strategy has boomeranged.

Rahul Gandhi comes across as an enigma, despite being in politics for over eight years. Because he does not give interviews or present his views on many issues affecting India, nobody really knows what he stands for.

People will not vote for something that they don?t know and understand. The Gandhi name is no longer enough to make it in politics.

Q.

You write about how his experiences as a management consultant have influenced his approach to party work and politics. How has this approach been effective for him? And ineffective?

A.

Rahul?s ideas for improving efficiency and accountability in the functioning of political parties are important in their place. His zeal for more inner-party democracy, while a tad ironic, is still much needed.

However, there is no evidence yet to suggest that the approach he has chosen has worked so far. Neither has it succeeded in strengthening the Congress at the grass roots by bringing in people who are genuinely not connected to the present system either through family ties or money; nor has it been able to enlist new voter support for the party or improve organizational efficiency in states where the Congress Party is in a shambles ? U.P. [Uttar Pradesh] for example.

It has not worked because a political party cannot ape a corporate/manufacturing/industry model that seeks to improve efficiency in the most mechanical of ways. It needs a political program and sustained political engagement with issues. Rahul has failed on this count. No party can function on the basis of a rule book, or to put it in corporate terminology, work as per a standard operating procedure manual.

Q.

Do you think the Gandhi name still carries resonance with Indian voters that it once did?

A.

The era is far past in Indian politics when Indira Gandhi could win her way back into the hearts of voters who had deserted her after the Internal Emergency (1975-1977), by riding on elephant back to reach Belchi in Bihar, where Dalits had been killed in a horrific caste clash.

The Gandhi family name no longer automatically evokes the same blind faith from voters it did a few decades back. People want their politicians to be able to deliver things to them now. Rahul Gandhi and his mother, Sonia, might have a head start over other politicians because of the instant recognition that the Gandhi name brings, but they still have to present voters with a sensible proposition election after election.

Rahul Gandhi?s inability to rescue the Congress in Uttar Pradesh in the 2007 and 2012 state elections shows people will no longer vote for the Congress only because a Gandhi happens to be in charge of the campaign.

Q.

In the book, you say that Rahul Gandhi is not a natural politician, as far as having an intuitive grasp of politics. Where did he go wrong in the U.P. elections this year? And do you think he has the ability to improve in this area?

A.

There were several reasons for Rahul?s defeat in the 2012 U.P. elections. To enumerate just a few, Rahul?s election strategy of accumulating noncore and peripheral castes and communities into a single solid vote bank for the Congress failed badly. The Muslims, who had voted for the Congress in the 2009 general elections, were not taken in by the Congress?s election-eve offer of a special ?sub-quota? for minorities in central government jobs and education out of the 27 percent earmarked for Other Backward Classes.

Then there was the Akhilesh Yadav factor. The Samajwadi Party leader and former chief minister Mulayam Singh Yadav?s son was seen as no less a ?yuvraj? (prince) than Rahul, but he came across as accessible and, more importantly, belonged to the state. In comparison, Rahul only came to U.P. to do his politics; he did not live it.

To answer the second part of the question, it would be impossible to write off anyone in politics. The U.P. campaign itself showed that Rahul was willing to work on his public speaking skill in order to connect better with the electorate. It won?t be easy for Rahul to shed the tag of not being a natural, but similar things were said about his grandmother, Indira Gandhi, who was famously described by the socialist Ram Manohar Lohia as ?goongi gudiya? (dumb doll).

With good advice and a reorientation of his attitude to politics, Rahul could be a different politician. The question though is, whether he wants to change.

Q.

There has always been a question of whether Rahul is animated by politics, whether he has the fire to win and succeed in this realm. Is he competitive in this way? What do you think motivates him?

A.

As I said in the previous answer, Rahul?s attitude to politics could do with reorientation. He is confused about the role he wants to play ? it is not clear yet whether he sees himself as a political activist who wants to ring in fundamental changes in the system or whether he wants to gear his politics toward keeping the Congress electable. This confusion has meant that he has not really shown a willingness to take on the risks and rewards of realpolitik.

But if the U.P. polls of 2012 is a pointer, then we have seen the first glimpses of Rahul?s competitive streak. He went all out in that campaign in a way he has not done before. That said, even that effort was not motivated by a desire for political power alone (which in itself may not be a bad thing, but that is a separate discussion). He had a point to prove there since he has been associated with U.P. since 2007. The need to prove himself motivates Rahul primarily, in my opinion. He wants to be seen as deserving of the mantle bestowed on him for no reason other than his ancestry.

Q.

There is always lots of gossip that Priyanka is the more talented politician of the pair. Is this fair?

A.

Priyanka is spontaneous, charming and appears far more at ease with politics. She has in the past displayed the ability to connect with people and party workers in Rae Bareli and Amethi, the parliamentary constituencies in U.P. which have been with the Gandhi family for years. Her biggest asset is her resemblance to her grandmother and former Indian prime minister, Indira Gandhi. Congressmen and women, especially from U.P., yearn for a Gandhi family nominee as formidable as Indira.

The Congress has been unable to reclaim the position it enjoyed in national politics after the Indira Gandhi era. Nostalgia for the Indira era, therefore, at least partly explains why Priyanka is seen as more promising of the brother-sister duo. This is accentuated by Rahul?s awkwardness as a public speaker, his inability to connect with crowds and lack of communication with party workers.

But to be fair, we don?t know what Priyanka?s ideas are. We don?t even know as much about her as we know of Rahul. The call for Priyanka is also a sign that, at least, some in the Congress are looking for a quick fix since Rahul Gandhi has not been able to meet their expectations.

Source: http://india.blogs.nytimes.com/2012/11/04/a-conversation-with-author-aarthi-ramachandran/

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California boy who shot neo-Nazi dad was abused - psychologist

RIVERSIDE, California (Reuters) - A psychologist testifying in the murder trial of a California boy who at age 10 killed his neo-Nazi father told a court on Monday that the young defendant suffered mental issues from a "long history" of physical, emotional and likely sexual abuse.

Robert Geffner was called to the witness stand by defense attorneys who concede that Joseph Hall, now 12, shot his father at point blank range in May 2011 but argue that he should not be held criminally responsible.

"It's clear that violence is the appropriate way in his world," Geffner said. "A repeated theme in conversations with him was killing. Another part of his focus was guns."

The case in Riverside County, east of Los Angeles, has drawn attention for the slain father Jeffrey Hall's neo-Nazi associations and the rarity of a parent being slain by a child as young as Joseph.

Kathleen Heide, a criminologist who specializes in juvenile offenders, has said that 8,000 murder victims over the past 32 years were slain by their offspring, but only 16 of those were committed by defendants age 10 or younger.

Since Hall is a juvenile, the purpose of the trial, now in its second week in Riverside County Superior Court, is not to determine guilt or innocence but whether certain allegations about the boy's motives are true. If he is found responsible for the crime, he could be sent to a juvenile facility until he is 23.

The outcome of the case, which is being heard without a jury, hinges in large part on the boy's understanding of right and wrong at the time. He may testify as early as this week.

Geffner, a psychologist and president of the Family Violence and Sexual Assault Institute in San Diego, told the court that Hall suffered a "long history of abuse - physical, emotional and likely sexual" that led to Child Protective Services being summoned to his home 23 times by the time he was 10.

Geffner said that such abuse, which may have included being whipped or forced to eat from the floor, can create "significant neurological and physiological problems" as well as confusing the difference between right and wrong in the child's mind.

"Children experience what's called learned helplessness, that there's nothing that can be done. They suffer internal feelings of hopelessness, helplessness," he said. "There's an unwritten message that there doesn't seem to be any consequences to these types of behaviors."

On cross-examination, prosecutors sought to attack Geffner's credibility, establishing that he was expected to be paid $30,000 for his work on the case.

In a videotaped police interview played in court last week, Hall was seen to say that he was physically abused at home and committed the shooting because he "wanted everything to stop."

Defense lawyers have said the boy was conditioned by his father's violent, racist behavior, and killed the 32-year-old man to put a halt to the physical abuse inflicted on him.

Prosecutors say Hall, who lived in a house with four siblings, committed the slaying because his father was threatening at the time to divorce his stepmother, Krista McCary. Prosecutors said he was close to McCary and considered her his true mother.

(Writing and additional reporting by Dan Whitcomb; Editing by Cynthia Johnston and Paul Simao)

Source: http://news.yahoo.com/california-boy-shot-neo-nazi-dad-abused-psychologist-015135882.html

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Hollande likely to shrug off "shock therapy" review

PARIS (Reuters) - The French government is expected to play down a review on Monday that will prescribe taking an axe to payroll taxes and softening labor laws to reverse a long slide in competitiveness that has eaten away at exports and bled factory jobs.

Any expectations that the widely-leaked government-commissioned report by industrialist Louis Gallois would bring big reforms have been snuffed out in advance by the Socialist government which has ruled out "shock therapy" proposals.

Industry leaders, who say shouldering some of the highest labor charges in the world puts them at a disadvantage against foreign rivals and is the cause of a ballooning trade deficit, have joined forces to demand a radical shake-up.

The Gallois report will suggest hacking 30 billion euros ($38.54 billion) off payroll contributions over two to three years, balancing that with public spending cuts and higher consumption taxes, according to leaks in French media.

But President Francois Hollande's aides say shifting more of the tax burden onto households is out of the question at a time when the country is grappling with its toughest austerity budget in years in order to meet deficit-cutting goals.

Hemmed in by his pledge to cut the 2013 deficit to 3 percent of economic output from 4.5 percent this year, Hollande has limited his language to promising a "competitiveness pact" to put French industry on the road to recovery.

Any immediate action is set to be limited to measures that would not affect labor costs, like fresh investment in innovation and training.

"We cannot simultaneously restore public finances and impose a competitiveness shock - a massive and immediate transfer of employer payroll taxes onto taxes," said a government source.

With growth stalled for three quarters and unemployment at a 13-year high, Gallois will recommend slicing 20 billion euros off social contributions paid by employers and 10 billion off those paid by employees.

The funds would be recouped in part by raising value-added tax and increasing a separate social levy that targets investment income as well as workers' pay. He may also suggest a green tax on diesel fuel.

The government has been cool to the idea of raising consumption taxes to reduce costs for employers. Hollande has already reversed a proposed VAT hike by predecessor Nicolas Sarkozy, which would have raised funds so charges to companies could be lowered.

The government will present its response to the report on Tuesday but is not expected to offer any action on labor costs ahead of a separate review on welfare financing in January.

Finance Minister Pierre Moscovici said last week that shifting more of the tax burden onto households too fast risked choking off domestic consumption, a key motor of French growth.

He rebuffed a call by the AFEP business association to raise VAT to 21 percent from 19.6 percent to enable lower labor charges. "We are going to work on things which are not the cost of labor, such as innovation," he said.

HOLLANDE'S HEADACHE

Finding a solution to the lag in competitiveness that has left France trailing Germany in industrial exports, putting a strain on the economic balance between the euro zone's central economies, is Hollande's biggest challenge.

Where German trade is booming, France's share of euro zone exports has slid to 13 percent from 17 percent a decade ago. German unemployment is at 6.9 percent versus 10.2 percent in France, which has lost 750,000 industrial jobs in a decade.

Operating margins at French manufacturers have slid as those in Germany have soared, and the drop in profits has impacted spending on new technologies and innovation.

Meanwhile, impatience at what voters see as a plodding approach to fixing the economy has knocked Hollande's approval ratings to as low as 36 percent from over 60 percent when he took over from the conservative Sarkozy in May.

Dealing with new layoffs in the steel and auto industry and a record trade deficit of 70 billion euros in 2011, Hollande is working with unions to find ways to increase labor flexibility.

Yet his reluctance to take the kind of radical action that Gallois, ex-chief of aerospace group EADS, may advocate means Monday's report risks ending up stuck on a shelf alongside a similar review ordered by Sarkozy when he took office in 2008.

That report, by economist Jacques Attali, also called for an overhaul of labor laws and cuts to employers' social charges.

Elie Cohen, another economist who has long recommended raising consumption taxes to ease the burden on employers, said divisions in Hollande's team risked holding back change.

"Some in the government are well aware of the fragility of our industry and are pushing for change," he said. "Others are obsessed by a growth model based on consumption, deficits and debt and cannot see how to get away from that." ($1 = 0.7785 euros)

(Writing by Catherine Bremer)

Source: http://news.yahoo.com/hollande-likely-shrug-off-shock-therapy-review-000118888--business.html

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Movie Night: The Adventures of Baron Munchausen By Brian Barrett One of the biggest commercial...

Movie Night: The Adventures of Baron Munchausen

By Brian Barrett

One of the biggest commercial flops of the late 1980s also happens to be one of the most wonderfully imaginative, whimsical, and downright silly movies of the last several decades. Not that you’d expect any less from Terry Gilliam, especially when he was in his prime.

The Adventures of Baron Munchausen is a fable within a story, a twisted romp where Leviathon and Venus and the man in the moon coalesce around a civilized, pugnacious British Baron. Robin Williams shows up, hammily. Uma Thurman disrobes. And Eric Idle gets to enjoy what’s arguably his best non-Monty-Python role.

It would be impossible to describe the plot in less than an hour. And even then you wouldn’t have a good sense of the joy that drives it. But if you have two hours to carve out of your life tonight—and if you have an age-appropriate kid to share it with—go ahead and load it up. Even when it doesn’t make sense, it makes entertaining viewing. [Amazon Prime]

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/KSI0fa9kgjU/35021159103

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There's A Reason Why All Of The Reports About ... - Business Insider

At this point it's clear that the US had something to hide at Benghazi, and that's why reports coming out of the Libyan city have been so confusing.

Two key details provided about the?the Sept. 11 attack in Benghazi that killed four Americans cannot be underestimated.

"The U.S. effort in Benghazi was?at its heart a CIA operation," officials briefed on intelligence?told the Wall Street Journal, and there's?evidence that U.S. agents?particularly murdered U.S. ambassador Chris Stevens?were at least aware of heavy weapons moving from Libya to Syrian rebels.

WSJ reports that the State Department presence?in Benghazi "provided diplomatic cover" for the?previously hidden CIA mission,?which involved finding and repurchasing heavy weaponry looted from Libyan government arsenals.?These weapons are presumably?from?Muammar Gaddafi's stock?of about 20,000 portable heat-seeking missiles, the bulk of which were SA-7?surface-to-air anti-aircraft missiles.?

What's odd is that a Libyan ship?which?reportedly?weighed 400 tons?and included SA-7s?docked in southern Turkey?on Sept. 6?and its cargo?ended up in the hands of Syrian rebels. The man who organized?that shipment,?Tripoli Military Council head?Abdelhakim Belhadj,?worked directly?with Stevens during the Libyan revolution.

Stevens' last meeting on Sept. 11 was with Turkish Consul?General Ali Sait Akin,?and?a source told Fox News?that?Stevens was in Benghazi "to?negotiate a weapons transfer in an effort to get SA-7 missiles out of the hands of Libya-based extremists."

Since Stevens and his staff served as "diplomatic cover" for the CIA?only seven of more than 30 Americans?evacuated from Benghazi worked for the State Department?the spy agency would certainly know about heavy weapons and?Libyan jihadists?flooding into Syria if Stevens did.

Given that most?of the weapons?going to?hard-line jihadists?in Syria are U.S.-made and are being?handed out by the CIA, it's not a stretch to wonder if the CIA is indirectly arming Syrian rebels with heavy weapons as well.

If President Obama's position is to refrain from arming rebels with heavy weapons, but regime change in Syria is advantageous, then a covert CIA operation with plausible deniability seems to be the only answer. It's a dicey dance, especially if it's exposed.

In an article titled "Petraeus?s Quieter Style at C.I.A. Leaves Void on Libya Furor,"?Scott Shane of the The New York Times?notes that?CIA Director David Petraeus has "managed the delicate task of supporting rebels in Syria?s civil war while trying to prevent the arming of anti-American extremists."

In regards to Benghazi, Petraeus has "stayed away in an effort to conceal the agency's role in collecting intelligence and providing security," the WSJ reported, noting that during the attack?"some officials at State and the Pentagon were largely in the dark about the CIA's role."

SEE ALSO:?How US Ambassador Chris Stevens May Have Been Linked To Jihadist Rebels In Syria >

Source: http://www.businessinsider.com/benghazi-stevens-cia-attack-libya-2012-11

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Kenya bull fight: Obama trounces Romney

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Source: http://news.yahoo.com/kenya-bull-fight-obama-trounces-romney-162252413.html

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White Collar Crime Prof Blog - Law Professor Blogs Network ...

? New Blog - Women Criminal Defense Attorneys | Main

November 4, 2012

Anti-trust

Maurice E. Stucke has a piece on SSRN titled, Is Competition Always Good?? The abstract states:

Competition is the backbone of U.S. economic policy. The U.S. Supreme Court observed, "The heart of our national economic policy long has been faith in the value of competition." Competition advocacy is also thriving internationally. Promoting competition is broadly accepted as the best available tool for promoting consumer well-being. Competition officials, who regularly try to protect the public from anticompetitive special interest legislation, are justifiably jaded about complaints of excess competition. Although the economic crisis has prompted some policymakers to reconsider basic assumptions, the virtues of competition are not among them.

Nonetheless to effectively advocate competition, officials must understand when competition itself is the problem's cause, not its cure. Market competition, while harming some participants, often benefits society. But does competition always benefit society? This is antitrust?s blind spot. After outlining the virtues of competition, and discussing some well-accepted exceptions to competition law, this Article addresses four scenarios where competition yields a suboptimal result.

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November 4, 2012 in Scholarship | Permalink

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Video: Panel analyzes last days of race

A Second Take on Meeting the Press: From an up-close look at Rachel Maddow's sneakers to an in-depth look at Jon Krakauer's latest book ? it's all fair game in our "Meet the Press: Take Two" web extra. Log on Sundays to see David Gregory's post-show conversations with leading newsmakers, authors and roundtable guests. Videos are available on-demand by 12 p.m. ET on Sundays.

Source: http://www.msnbc.msn.com/id/3032608/vp/49684613#49684613

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