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Italy Approves Tax Cuts for Businesses
International | 2007/09/29 11:20
Italy's Cabinet approved lower taxes for businesses and tax breaks for homeowners and renters Saturday, a reflection of Premier Romano Prodi's efforts to pacify disgruntled centrists and far-left parties in his fractious coalition.

The measures, part of the government's proposed package of spending and taxes for 2008, were debated at a Cabinet meeting that stretched over about 12 hours, beginning late Friday afternoon and ending early Saturday.

Prodi's center-left coalition has been struggling to stay intact virtually since it began governing in May 2006, and some of his allies have been predicting that if his coalition unravels, early elections, eagerly sought by conservative opposition leader Silvio Berlusconi, would be the consequence.

The government's popularity has been sagging in opinion polls, and Berlusconi, the media mogul and former premier who Prodi defeated in 2006 elections, has been pressing for a return to the ballot box.

Prodi's description of the proposed national budget for next year sounded both like a pep talk to keep his coalition partners enthusiastic and a campaign rally in case elections are near.

"We are proud of this outcome of team play which will help families, businesses and citizens and the weakest members" of society, Prodi told a news conference at the premier's office.

The premier boasted that the overall euro11 billion (US$15.6 billion) budget was nearly one-third less than the current year's budget.

The budget must be passed by Parliament by the end of 2007, and if past years are any guide, many of the measures approved by the Cabinet could be revised several times before becoming law.

With his often rebellious, far-left coalition partners, including Communists, balking over Prodi's aim to reform Italy's generous pension system, the Cabinet decided to put off a decision on that thorny issue until Oct. 12.

The far-left had gone into the Cabinet session threatening not to approve the budget unless welfare spending took priority over tax cuts.

Prodi told the news conference that reforms to the pension system and hiring rules would be approved at the Oct. 12 session.

Economy Minister Tommaso Padoa-Schioppa said Italy's economic growth rate was declining, "but the drop is not dramatic."

He also sounded an optimistic note, saying that mortgage crises that have hit financial institutions and consumers hard in the United States, does not seem to be hitting Italy.

The government "is keeping all its promises" and "we are operating in a context of healing" Italy's finances, Padoa-Schioppa said.

Far-left parties already have forced Prodi to briefly resign over Italy's military mission in Afghanistan, and their opposition to economic reforms has stifled or watered down attempts to liberalize the country's economy and reduce public spending.



UAW Wins Job Security Pledges in GM Deal
Labor & Employment | 2007/09/29 11:19
Local union leaders on Friday endorsed a tentative agreement between General Motors Corp. and the United Auto Workers that requires GM to pay out at least $35 billion for retiree health care, establishes lower wages for thousands of new employees and offers an unprecedented number of promises for future work at U.S. plants, according to a summary of the agreement provided by the UAW. The agreement still is subject to a vote of GM's 74,000 UAW members, which should be completed by Oct. 10. UAW President Ron Gettelfinger said he's confident members will support the agreement and that Ford Motor Co. and Chrysler LLC will match many of its terms.

"We're happy with this stuff," he said.

GM spokesman Dan Flores said both UAW workers and the company benefit from the agreement. GM didn't release any specifics of the contract Friday; the company typically waits until the contract is ratified to make detailed comments.

"Not only does this new agreement enhance the security for employees and retirees, it enables GM to close competitive gaps in our business, and the projected competitive improvements will allow us to maintain a strong manufacturing presence in the U.S. with significant future investments," Flores said.

Gettelfinger said he hadn't yet decided whether the union would negotiate with Ford or Chrysler next, but he expects to make that call next week. Both automakers have extended their contracts with the union indefinitely.

The linchpin of the deal is a trust fund for retiree health care, known as a Voluntary Employees Beneficiary Association, or VEBA. GM, which has around 340,000 retirees and spouses, wanted to form the VEBA in order to get $51 billion in retiree health care debt off its books. The VEBA will be run by an independent board overseen by the UAW.

GM will put $24.1 billion into the VEBA in January 2008 and will pay an additional $5.4 billion to cover retirees' health care costs until the VEBA takes over in January 2010. GM also will make up to 20 additional $165 million payments -- to a maximum of $1.6 billion -- to the VEBA anytime the fund's level is insufficient to provide benefits for at least 25 years.

GM also will be required to pay cash interest on a $4.37 billion convertible note for the benefit of the VEBA. The fund's trustees will be able to convert that note to GM stock, which could be a windfall for the fund if GM's share price goes up. GM's active workers also will be required to contribute a small amount of their cost-of-living increases to the VEBA.

In a two-page letter to retirees sent Friday, the UAW sought to calm retirees' fears about the VEBA, saying the union supports the fund because it protects retirees' benefits in the event of a downturn or bankruptcy. Retirees don't get to vote on the contract.

The UAW was seeking to protect jobs and slow its falling membership in this contract, and Gettelfinger said GM responded with "unprecedented product guarantees." GM committed to building current or existing products at 16 of its 18 U.S. assembly plants, according to the UAW's summary. GM already has announced the closure of a plant in Doraville, Ga., in 2008. A midsize sport utility vehicle plant in Moraine, Ohio, wasn't listed because its workers are represented by the International Electronics Workers-Communications Workers of America.

The 16 factories either will continue building their current products or, in most cases, the next generation of those products. A plant in the Detroit area is scheduled to begin producing the electric Chevrolet Volt, one of GM's most anticipated products, in 2010, while a plant in Lordstown, Ohio, is set to get a new subcompact.

"The whole thing looks fantastic," said Dave Green, president of one of two local unions in Lordstown. The agreement, he said, preserves wages and health care for active workers "and we've done creative stuff that's going to make the company profitable in North America."

But the future of some plants may be in jeopardy.

GM's Orion Township plant, which will make the Pontiac G6 mid-sized car until 2013, and the Wilmington, Del. plant, which makes the Pontiac Solstice and Saturn Sky roadsters until 2012, do not have new vehicles listed on the UAW's summary.

Eldon Renaud, head of United Auto Workers Local 2164 in Bowling Green, Ky., said production of the Pontiac Solstice and Saturn Sky will move from Wilmington to his plant, leaving Wilmington's future in doubt.

The union said assembly line workers will get economic gains totaling $13,056 over the life of the four-year contract. They will get bonuses in each year of the contract, including a $3,000 bonus when the contract is ratified, as well as cost-of-living increases.



China Targets Sexy Ads for Ban
International | 2007/09/29 11:18
China has banned TV and radio ads for push-up bras and figure-enhancing underwear in the communist government's latest move to purge the nation's airwaves of what it calls social pollution.

No examples were given, but Chinese television channels have increasingly broadcast late-night infomercials featuring scantily clad women, as well as ads for products that claim to boost sexual performance.

Regulators have already targeted ads using crude or suggestive language, behavior, and images, tightening their grip on TV and radio a few weeks ahead of a twice-a-decade Communist Party congress at which some new senior leaders will be appointed.

The latest ban by the State Administration of Radio, Film and Television, or SARFT, also bans advertisements for sexual aids including tonics and sex toys, along with "inelegant images" in ads for what it referred to simply as "adult products."

The notice indicated that regulators were concerned about both lascivious imagery and outrageous or insupportable claims about some products' benefits or effectiveness.

"Illegal 'sexual medication' advertisements and other harmful ads pose a grave threat to society," said the SAFT notice, issued last week and seen Sunday on the administration's Web site.

"They not only seriously mislead consumers, harm the people's health, pollute the social environment, and corrupt social mores, but also directly harm the credibility of public broadcasting and affect the image of the Communist Party and the government," the notice said.

China has already also issued strict rules for TV talent shows, including the banning of "American Idol"-style mass audience voting by mobile phone text message or the Internet.

A few weeks ago, SARFT ordered 11 radio shows off the air in southern and central China for talking too explicitly about sex or for broadcasting material of an "extreme pornographic nature."

Regulators have also banned television shows about cosmetic surgery and sex changes, and a talent show that they deemed coarse.



Ground Beef Recall Expanded Across U.S.
Consumer Rights | 2007/09/29 11:17
The Topps Meat Co. on Saturday expanded its recall of frozen hamburger patties to include 21.7 million pounds of ground beef that may be contaminated with E. coli bacteria that sickened more than a dozen people in eight states.

The recall of products distributed to retail grocery stores and food service institutions in the United States was a drastic increase from the 332,000 pounds recalled Tuesday.

The recall represents all Topps products with either a "sell by date" or a "best if used by date" between Sept. 25 this year and Sept. 25, 2008. The Elizabeth-based company said this information is found on a package's back panel.

All recalled products also have a USDA establishment number of EST 9748, which is located on the back panel of the package and-or in the USDA legend, the company said.

The U.S. Department of Agriculture said Friday it had suspended the grinding of raw products at the Topps plant after inspectors found inadequate safety measures at the Topps plant. The USDA declined to detail the inadequate safety measures.

"Because the health and safety of our consumers is our top priority, we are taking these expansive measures," said Geoffrey Livermore, Topps' operations vice president.

He said Topps has augmented its procedures with microbiologists and food safety experts.

"We sincerely regret any inconvenience and concerns this may cause our consumers," Livermore said.

The USDA said three people are confirmed as getting E. Coli from Topps products, with 22 other cases under investigation. Cases were found in Connecticut, Florida, Indiana, Maine, New Jersey, New York, Ohio and Pennsylvania.

E. coli causes intestinal illness that generally clears up within a week for adults but can be deadly for the very young, the elderly and people with compromised immune systems. Symptoms can include severe stomach cramps, bloody diarrhea and, in extreme cases, kidney failure.



Software Update Disables Hacked IPhones
Venture Business News | 2007/09/28 19:20
Apple Inc. has issued a software update that creates problems for iPhones modified to work with a cellular carrier other than AT&T Inc. and disables at least some unofficial programs installed on other iPhone handsets.

Apple warned earlier this week that the iPhone update -- which adds access to the iTunes Wi-Fi Music Store and fixes some security flaws -- could permanently disable phones running programs that untether phones from its exclusive partner's network.

Several gadget enthusiast Web sites, including Gizmodo and Engadget, as well as online postings from hacker communities reported that, depending on which unlocking program was used, certain modified phones no longer worked after they installed Thursday's software update. In some cases, the phones worked, but only with the original SIM card that ties the phone to AT&T.

Some sites also reported uncondoned third-party applications on the iPhones became disabled after the update.

Some hackers had characterized Apple's warning as "a scare tactic." Despite Apple's history of playing cat-and-mouse games with hackers in the past, company officials insisted they were "not proactively" trying to make hacked iPhones useless.

It was unclear how many iPhone owners had unlocked their phones, but the programs -- including several that can be downloaded for free -- appeared to be particularly popular with European consumers. Apple isn't selling the iPhone or initiating the service in Europe until November, so the unlocking software allowed Europeans who bought iPhones in the United States to use the $399 devices.

Installing Apple's latest iPhone update is optional.



FDIC Shuts Down NetBank Due to Defaults
Breaking Legal News | 2007/09/28 16:24

NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults. It was the largest savings and loan failure since the tail end of the industry's crisis more than 14 years ago. Federal regulators appointed the Federal Deposit Insurance Corp. as a receiver for Alpharetta, Ga.-based NetBank. Customers with less than $100,000 deposited with NetBank will be protected by FDIC insurance.

While dozens of mortgage companies have closed due to soaring defaults of home loans made to borrowers with weak, or subprime, credit, those problems previously had occurred among non-bank lenders such as New Century Financial Corp. NetBank, in contrast, is federally regulated.

Loose mortgage standards in recent years - especially among lenders catering to subprime borrowers - have resulted in a spike in home loan defaults.

Bert Ely, a banking consultant based in Alexandria, Va., said NetBank was in "deep trouble" before the subprime mortgage market's woes accelerated this year. Regulators, he said, "should have closed it a long time ago."

While some Internet-only banks are successful, he said, operating one without retail branches can be a difficult strategy to maintain.



Qualcomm Hires Apple Lawyer; Apple Taps Oracle Lawyer
Business | 2007/09/28 16:23
Qualcomm Inc., the second-biggest maker of chips that run mobile phones, named Apple Inc. general counsel Donald Rosenberg as its new top lawyer to help defend a series of patent and antitrust lawsuits against the company. Apple also said today it was hiring Oracle Corp.'s Daniel Cooperman to replace Rosenberg, who'd been at Apple less than a year. "It seems unusual to move so quickly and move from such a successful company to such a troubled one," said Rees Morrison, of legal consultant Hildebrandt International, of the Qualcomm hiring.

Qualcomm had been looking to fill the general counsel post, the top in-house company lawyer, after previous top lawyer Lou Lupin quit last month. The San Diego-based company, ensnarled in patent litigation with Nokia Oyj and competitor Broadcom Corp., suffered several litigation setbacks earlier this year.

In June, the International Trade Commission ordered an import ban on newer models of phones that run on Qualcomm chips because the chips infringe a Broadcom patent. The ruling, which threatened to prevent phone companies from introducing new models for the holiday season, was put on hold earlier this month by an appeals court.

In August, a federal judge ruled Qualcomm intentionally infringed Irvine, California-based Broadcom's patents and ordered Qualcomm to pay twice as much in damages as originally ordered.

Evidence

Another court ruled Qualcomm withheld evidence in a separate lawsuit and that former company attorneys could face possible fines or sanctions for what that judge called an "organized program of litigation misconduct."

Earlier this month, a federal appeals court revived a Broadcom antitrust lawsuit accusing Qualcomm of stifling competition for chips.

Qualcomm is also embroiled in nearly a dozen legal battles with Finland-based Nokia, the world's biggest maker of mobile phones, over how much Nokia must pay to license Qualcomm's patents for the newest generation of phones with faster Internet access.

Earlier this month, the ITC said it would investigate patent-infringement claims by Nokia against Qualcomm.

After Lupin resigned in August for what Qualcomm called "personal" reasons, Carol Lam, previously the San Diego U.S. attorney, replaced him on an interim basis.

Apple

Rosenberg, 56, joins Qualcomm after working at Cupertino, California-based Apple for less than a year. He joined Apple last November after former General Counsel Nancy Heinen left in May 2006. She was sued by the Securities and Exchange Commission for her alleged role in improperly backdating stock-option grants.

Rosenberg, who will join Qualcomm Oct. 8, was previously general counsel at International Business Machines Corp.

Rosenberg will be replaced by Oracle's Cooperman, who will also hold the titles of senior vice president and secretary. Cooperman joined Apple Nov. 1 from Oracle.

"He has experience as a legal strategist in so many areas, including antitrust, regulatory and IP," said Qualcomm spokeswoman Emily Kilpatrick.

Apple spokeswoman Susan Lundgren declined to comment. Oracle's Bob Wynne didn't return a call seeking comment.

Texas Instruments Inc. is the biggest mobile-phone chipmaker.

Qualcomm shares rose 3 cents to $42.26 in Nasdaq Stock Market composite trading.



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