PARIS Oct 18 (Reuters) - Japan has not ruled out the
possibility of complete closure of its nuclear power stations as
one option for the country’s future energy policy after the
world’s worst nuclear accident in 25 years, economy minister
Yukio Edano said.”I am certain that we are going to reduce nuclear power
generation but whether we are going to reduce it to zero is a
separate issue,” Edano, the economy, trade and industry minister
told Reuters on the sidelines of a ministerial meeting hosted by
the International Energy Agency in Paris.Asked whether pulling out of nuclear was being considered,
Edano said: “Yes, it is still under consideration.”Earlier Edano told a press briefing that Japan was working
on improving its energy efficiency and would promote the
development of renewable energy sources and of gas powered
generation plants to make up for lost nuclear output.Japan’s former prime minister Naoto Kan concluded in March
that nuclear power was no longer worth the risk after an
earthquake and tsunami crippled the Fukushima power plant.But his successor Yoshihiko Noda has signalled that nuclear
power could play a role for decades and pro-nuclear interests
are quietly campaigning for their sector.The government has let a panel of experts begin a debate on
Japan’s energy policy.Public concern about safety leapt after the Fukushima
accident, which forced 80,000 people from their homes and
sparked fears about food and water supply. Some 70 percent of
voters polled in July backed Kan’s call to phase out nuclear
plants.A series of scandals in which regulators and power companies
tried to sway hearings on reactors has also dented public trust.Noda has acknowledged that public safety concerns will make
it tough to build new reactors, but has stopped short of saying
atomic power would play no role at all by 2050.He said decisions on reactors already under construction
would have to be made “case-by-case”.
Cody Kretsinger, 23, entered not guilty pleas to one count each of conspiracy and unauthorized impairment of a protected computer during a brief hearing in U.S. District Court in Los Angeles.U.S. Magistrate Judge Victor Kenton set a December 13 trial date for Kretsinger, who came to court dressed in khaki pants and a blue collared shirt with the sleeves rolled up, and spoke only in response to questions from the judge.Kenton also ordered that Kretsinger be represented by a court-appointed public defender.A nine-page federal grand jury indictment unsealed in late September charges Kretsinger with obtaining confidential information from Sony Pictures’ computer systems using an “SQL injection” attack against its website, a technique commonly used by hackers to steal information.Kretsinger, who went by the moniker “recursion,” helped post information he and his co-conspirators stole from Sony on LulzSec’s website and announced the intrusion via the hacking group’s Twitter account, the indictment charges.LulzSec, an underground group also known as Lulz Security, at the time published the names, birth dates, addresses, e-mails, phone numbers and passwords of thousands of people who had entered contests promoted by Sony.”From a single injection we accessed EVERYTHING,” the hacking group said in a statement at the time. “Why do you put such faith in a company that allows itself to become open to these simple attacks.”Hackers previously had accessed personal information on 77 million PlayStation Network and Qriocity accounts, the vast majority of which were users in North America and Europe, in what was then the biggest such security breach in history.Other high-profile firms targeted by cyber attacks included Lockheed Martin and Google Inc.LulzSec is reputed to be affiliated with the international hackers collective called Anonymous, which has claimed responsibility for cyber attacks on government and private institutions around the world.Kretsinger faces a maximum sentence of 15 years in prison if convicted. He declined to comment to Reuters after the morning hearing.
* Cyclicals benefit from stronger risk appetiteBy Simon JessopLONDON, Oct 12 (Reuters) - European shares hit a nine-week
closing high on Wednesday after stronger euro zone economic data
and news that Slovakia is set to sign off on a plan to expand
the region’s sovereign bailout fund helped spur demand for
cyclical stocks.Better-than-expected August industrial output data helped
drive early gains, while the Slovakia news — though expected by
many, even after it initially rejected the plan on Tuesday —
buoyed markets into the close, particularly banks .”The under-positioning in financials plus continued rhetoric
about a unified European solution (to the debt crisis) makes
people less happy to be short,” a trader at a U.S. investment
bank said.Hopes of further action to stem the region’s debt crisis
have grown since German and French leaders pledged to unveil a
package to solve the problem this month.While a rescheduled Oct. 23 meeting of the European Council
will be the main focal point for investors, G20 finance
ministers are set for a two-day meeting starting Friday, at
which the euro zone crisis will also be discussed.Nomura strategist Alastair Newton said in a note markets
were looking for the issue of bank recapitalisations, a further
writedown of Greek debt and an even bigger boost to the region’s
bailout fund, to be dealt with in a fresh package.”We believe the first step in reaching such an agreement
involves bridging what we see as significant gaps between Berlin
and Paris over the means by which Europe’s ailing banks should
be recapitalised,” he said.”Progress with this and the other two issues is likely to
remain hampered by domestic political considerations, not only
in France and Germany but across the eurozone as a whole.”Sources said on Wednesday euro zone countries will ask banks
to book losses of up to 50 percent on their Greek debt holdings
as part of a plan to avoid a disorderly default.By the close, the broader FTSEurofirst 300 index of
leading European shares was up 1.6 percent at 977.02 points, its
highest close since Aug. 4.While the index fell 0.3 percent on Tuesday, it is up nearly
6 percent in October after losing 16.9 percent in the third
quarter.Lending weight to the bank gains was a bullish sector note
from Societe Generale, in which it said the recent sell-off —
the STOXX Europe 600 fell 28 percent in the third
quarter — had been overdone.”Our calculations suggest current valuations discount
sizeable sovereign debt haircuts, a severe double-dip recession,
and across-the-board bank recapitalisations. If all happen, then
the sector appears fairly valued,” it said.”However, we believe that politicians will eventually put in
place the necessary reforms required to unlock the valuation
potential available. Existing valuations leave significant
upside potential if current fears prove overdone.”AUTOS ACCELERATEAutos posted the biggest sectoral gain, with Fiat
up 7.8 percent in volume nearly double its 90-day daily
average after majority-owned U.S. unit Chrysler reached a
tentative pay deal with a leading union.The surge in Fiat shares came amid strong gains for a host
of Italian blue-chips as the FTSE MIB index ended up
nearly 3 percent.”Italy’s been an underperformer for obvious reasons, but
there are good global companies such as Fiat, Fiat Industrial
and Pirelli, that are so cheap versus their peers that people
are finally taking the plunge,” a trader at a European
investment bank said.The market’s structural short position, as a result of the
third-quarter sell-off and “underweight” stance of many fund
managers to European equities, meant it “doesn’t take a lot of
inflow to get that moving in the other direction”, the trader at
a U.S. investment bank said.”Historically, the last quarter is one of the best,
particularly after a poor third quarter. With hedge fund
performance also being so poor, there could be a little bit of
an environment where they’re forced to chase the market.”
* Cyclicals benefit from stronger risk appetiteBy Simon JessopLONDON, Oct 12 (Reuters) - European shares hit a nine-week
closing high on Wednesday after stronger euro zone economic data
and news that Slovakia is set to sign off on a plan to expand
the region’s sovereign bailout fund helped spur demand for
cyclical stocks.Better-than-expected August industrial output data helped
drive early gains, while the Slovakia news — though expected by
many, even after it initially rejected the plan on Tuesday —
buoyed markets into the close, particularly banks .”The under-positioning in financials plus continued rhetoric
about a unified European solution (to the debt crisis) makes
people less happy to be short,” a trader at a U.S. investment
bank said.Hopes of further action to stem the region’s debt crisis
have grown since German and French leaders pledged to unveil a
package to solve the problem this month.While a rescheduled Oct. 23 meeting of the European Council
will be the main focal point for investors, G20 finance
ministers are set for a two-day meeting starting Friday, at
which the euro zone crisis will also be discussed.Nomura strategist Alastair Newton said in a note markets
were looking for the issue of bank recapitalisations, a further
writedown of Greek debt and an even bigger boost to the region’s
bailout fund, to be dealt with in a fresh package.”We believe the first step in reaching such an agreement
involves bridging what we see as significant gaps between Berlin
and Paris over the means by which Europe’s ailing banks should
be recapitalised,” he said.”Progress with this and the other two issues is likely to
remain hampered by domestic political considerations, not only
in France and Germany but across the eurozone as a whole.”Sources said on Wednesday euro zone countries will ask banks
to book losses of up to 50 percent on their Greek debt holdings
as part of a plan to avoid a disorderly default.By the close, the broader FTSEurofirst 300 index of
leading European shares was up 1.6 percent at 977.02 points, its
highest close since Aug. 4.While the index fell 0.3 percent on Tuesday, it is up nearly
6 percent in October after losing 16.9 percent in the third
quarter.Lending weight to the bank gains was a bullish sector note
from Societe Generale, in which it said the recent sell-off —
the STOXX Europe 600 fell 28 percent in the third
quarter — had been overdone.”Our calculations suggest current valuations discount
sizeable sovereign debt haircuts, a severe double-dip recession,
and across-the-board bank recapitalisations. If all happen, then
the sector appears fairly valued,” it said.”However, we believe that politicians will eventually put in
place the necessary reforms required to unlock the valuation
potential available. Existing valuations leave significant
upside potential if current fears prove overdone.”AUTOS ACCELERATEAutos posted the biggest sectoral gain, with Fiat
up 7.8 percent in volume nearly double its 90-day daily
average after majority-owned U.S. unit Chrysler reached a
tentative pay deal with a leading union.The surge in Fiat shares came amid strong gains for a host
of Italian blue-chips as the FTSE MIB index ended up
nearly 3 percent.”Italy’s been an underperformer for obvious reasons, but
there are good global companies such as Fiat, Fiat Industrial
and Pirelli, that are so cheap versus their peers that people
are finally taking the plunge,” a trader at a European
investment bank said.The market’s structural short position, as a result of the
third-quarter sell-off and “underweight” stance of many fund
managers to European equities, meant it “doesn’t take a lot of
inflow to get that moving in the other direction”, the trader at
a U.S. investment bank said.”Historically, the last quarter is one of the best,
particularly after a poor third quarter. With hedge fund
performance also being so poor, there could be a little bit of
an environment where they’re forced to chase the market.”
* Cyclicals benefit from stronger risk appetiteBy Simon JessopLONDON, Oct 12 (Reuters) - European shares hit a nine-week
closing high on Wednesday after stronger euro zone economic data
and news that Slovakia is set to sign off on a plan to expand
the region’s sovereign bailout fund helped spur demand for
cyclical stocks.Better-than-expected August industrial output data helped
drive early gains, while the Slovakia news — though expected by
many, even after it initially rejected the plan on Tuesday —
buoyed markets into the close, particularly banks .”The under-positioning in financials plus continued rhetoric
about a unified European solution (to the debt crisis) makes
people less happy to be short,” a trader at a U.S. investment
bank said.Hopes of further action to stem the region’s debt crisis
have grown since German and French leaders pledged to unveil a
package to solve the problem this month.While a rescheduled Oct. 23 meeting of the European Council
will be the main focal point for investors, G20 finance
ministers are set for a two-day meeting starting Friday, at
which the euro zone crisis will also be discussed.Nomura strategist Alastair Newton said in a note markets
were looking for the issue of bank recapitalisations, a further
writedown of Greek debt and an even bigger boost to the region’s
bailout fund, to be dealt with in a fresh package.”We believe the first step in reaching such an agreement
involves bridging what we see as significant gaps between Berlin
and Paris over the means by which Europe’s ailing banks should
be recapitalised,” he said.”Progress with this and the other two issues is likely to
remain hampered by domestic political considerations, not only
in France and Germany but across the eurozone as a whole.”Sources said on Wednesday euro zone countries will ask banks
to book losses of up to 50 percent on their Greek debt holdings
as part of a plan to avoid a disorderly default.By the close, the broader FTSEurofirst 300 index of
leading European shares was up 1.6 percent at 977.02 points, its
highest close since Aug. 4.While the index fell 0.3 percent on Tuesday, it is up nearly
6 percent in October after losing 16.9 percent in the third
quarter.Lending weight to the bank gains was a bullish sector note
from Societe Generale, in which it said the recent sell-off —
the STOXX Europe 600 fell 28 percent in the third
quarter — had been overdone.”Our calculations suggest current valuations discount
sizeable sovereign debt haircuts, a severe double-dip recession,
and across-the-board bank recapitalisations. If all happen, then
the sector appears fairly valued,” it said.”However, we believe that politicians will eventually put in
place the necessary reforms required to unlock the valuation
potential available. Existing valuations leave significant
upside potential if current fears prove overdone.”AUTOS ACCELERATEAutos posted the biggest sectoral gain, with Fiat
up 7.8 percent in volume nearly double its 90-day daily
average after majority-owned U.S. unit Chrysler reached a
tentative pay deal with a leading union.The surge in Fiat shares came amid strong gains for a host
of Italian blue-chips as the FTSE MIB index ended up
nearly 3 percent.”Italy’s been an underperformer for obvious reasons, but
there are good global companies such as Fiat, Fiat Industrial
and Pirelli, that are so cheap versus their peers that people
are finally taking the plunge,” a trader at a European
investment bank said.The market’s structural short position, as a result of the
third-quarter sell-off and “underweight” stance of many fund
managers to European equities, meant it “doesn’t take a lot of
inflow to get that moving in the other direction”, the trader at
a U.S. investment bank said.”Historically, the last quarter is one of the best,
particularly after a poor third quarter. With hedge fund
performance also being so poor, there could be a little bit of
an environment where they’re forced to chase the market.”
* DiNapoli warns on New York City, state budget impactBy Clare Baldwin and Holly McKennaOct 11 (Reuters) - Wall Street cash bonuses are likely to
drop for the second year in a row, the New York State
Comptroller said on Tuesday.The securities industry, one of the biggest employers in
New York State, could also lose another 10,000 jobs by the end
of 2012, according to the report.The job losses would bring the total layoffs on Wall Street
since January 2008 to 32,000, according to Comptroller Thomas
DiNapoli’s office, a contraction of about 17 percent. The
industry shrank closer to 20 percent in the early 1990s and the
early 2000s.The outlook for the industry may be grim, but many
employees are optimistic about their compensation, according to
a separate survey on Monday.Recruiting website eFinancialCareers said 62 percent of
Wall Street employees think their 2011 bonuses will be the same
or better than last year.”People on Wall Street in general don’t have small egos,”
said Malcolm Polley, chief investment officer at Stewart
Capital Advisors, with $1.1 billion under management.Polley added that people on Wall Street are always
surprised when they lose their jobs, or their bonuses decline.Wall Street employees are less optimistic than they were a
year ago, when 71 percent thought their bonus would be flat to
up — but in the intervening year, there has been a significant
downturn in the industry.Trading profits have suffered as new regulations have
forced banks to scale back on their proprietary trading
activities.Banks including Bank of America Merrill Lynch have
announced layoffs, and Goldman Sachs — seen as one of
the savviest investment banks — is expected to report its
second loss ever as a public company next week. Protesters have
also taken over a park in lower Manhattan.The European sovereign debt crisis, the weak U.S. economy,
unstable stock prices and regulatory changes are weighing on
the sector, according to DiNapoli’s report.”The reality today is that trading volumes are down and
other businesses that were drivers of growth in the last decade
are less vibrant,” said Marshall Front, chairman of Front
Barnett Associates with $600 million under management.But, he added, there may be more bonus money to go around
for those who remain.RIPPLES IN NEW YORKLast year, securities-related activities accounted for 14
percent of the state’s tax revenue and almost 7 percent of the
city’s tax revenue, DiNapoli’s report found.One in eight jobs in New York City and 1 in 13 jobs in New
York State are linked to the securities industry. Given the
current weakness, tax collections are likely to fall short of
city and state targets in their current fiscal years and may
decline more the following year.”It now seems likely that profits will fall sharply, job
losses will continue, and bonuses will be smaller than last
year,” DiNapoli said in a statement.”As we know, when Wall Street slows, New York City and New
York State’s budgets feel the impact, and that is a concern,”
DiNapoli said.The average securities industry salary in 2010 was
$361,330, or 5.5 times higher than the average private sector
salary of $66,120, according to DiNapoli’s report.
The offer price of C$2.50 a share, which is at a premium of
nearly 88 percent to the company’s close on Friday, is an
“extremely low-ball bid”, Western Wind said in a statement.”A large U.S.-based corporation, with a substantial U.S. tax
appetite, is the only entity that can offer the full value to
the Western Wind shareholders,” the company said. “There is over
$300 million of tax shield available to a large taxable, U.S.
entity.”Western Wind, which signed a 20-year contract in December to
supply electricity to Southern California Edison from its
flagship Windstar project, is on the verge of going on-line with
the project in three months, it said.The company expects returns from the project to be above
Algonquin’s offer, it added.Algonquin could not be reached immediately for comments. The
company owns and operates $1.1 billion of clean renewable
electric generation and sustainable utility distribution
businesses in North America, according to Algonquin’s website.Western Wind shares rose over 68 percent to trade at C$2.24
on Tuesday on the Toronto Venture Exchange.
