FDA reviewing Merck’s experimental insomnia drug

WHITEHOUSE STATION, N.J. (AP) — Drugmaker Merck & Co. says the Food and Drug Administration is reviewing its experimental insomnia medication, suvorexant (SOO’vor-eks-ant).

The drug minimizes the morning grogginess common with many sleep aids. It could become a big seller for the Whitehouse Station, N.J., company.

If approved, it would be the first in a new class of medicines for patients with trouble falling or staying asleep. It works by temporarily blocking chemical messengers that keep people awake.

The FDA is doing a standard review, which usually takes 10 months. If approved, suvorexant would be a controlled substance like all hypnotic sleep drugs. They require additional government reviews taking four months or longer.

In studies, suvorexant’s most common side effects were tiredness and headache.

Merck also plans to seek approval for suvorexant in other countries.

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Stocks plunge after election; Europe woes deepen

The election behind them, U.S. investors dumped stocks Wednesday and turned their focus to a world of problems — tax increases and spending cuts that could stall the nation’s economic recovery and a deepening recession in Europe.

The Dow Jones industrial average plummeted as much as 369 points, or 2.6 percent, in the first two hours of trading. The average was on track for its worst decline in a year.

The Standard & Poor’s 500 index fell as much as 40 points, or 2.8 percent.

Energy companies and bank stocks took some of the biggest losses. Both industries presumably would have faced lighter and less costly regulation if Mitt Romney had won the election.

Stocks seen as benefiting from President Barack Obama‘s decisive win rose. They included hospitals, free of the threat that a Romney administration would have sought to roll back Obama‘s health care law, and renewable-energy companies.

With the election over, traders’ attention returned to an increasingly sickly European economy, dragged down by a debt crisis for more than three years. The 27-country European Union said unemployment there could remain high for years.

The European Commission, the executive arm of the EU, said that it expects the region’s economic output to shrink 0.3 percent this year. In the spring, the group predicted no change.

For next year, the commission predicted 0.4 percent growth, barely above recession territory. It predicted 1.3 percent last spring.

U.S. stock futures were higher overnight after Obama cruised to victory. They turned sharply lower after the European forecasts and discouraging comments from Mario Draghi, president of the European Central Bank. European markets turned negative as well.

Now that the U.S. election has been resolved, it’s natural for traders to focus on Europe‘s problems, said Peter Tchir, who manages the hedge fund TF Market Advisors.

What they’re tuning in to, he said, is the failure of a major European summit last week and minimal progress on the issues that are holding the region back.

“People can only digest one or two stories at a time, and people had put Europe on the back burner” before the election, he said.

Obama’s win followed a costly campaign that blanketed markets with uncertainty about possible changes to tax rates, government spending and other issues seen as crucial to the prospects of some industries and the broader economy.

As jitters about the election subsided, traders confronted an ugly reality: The so-called fiscal cliff, which will impose automatic tax increases and deep cuts to government spending at the end of the year unless the president and Congress can reach a deal.

That’s no easy task for a deadlocked government whose overall composition has barely changed — a Democratic president and Senate and a Republican House.

If Congress and the White House don’t reach a deal, the spending cuts and tax increases could total $ 800 billion next year. Some economists say that could push the economy back into recession.

“Obama‘s re-election does not change the bigger economic or fiscal picture,” Paul Ashworth of Capital Economics Ashworth, an economic research company, said in a note to clients.

Tobias Levkovich, a financial analyst at Citi Research, told clients Wednesday that a compromise on taxes and spending was likely in mid- to late January, but that stocks will probably fall in the meantime.

A deal early next year is much more likely “once the political class begins to negotiate realistically and as the consequences . . . are too costly for either party to ignore,” he wrote.

About two hours into trading, the Dow was down 345 points at 12,921, dipping below 13,000 for the first time since Sept. 4. The S&P 500 was down 37 to 1,391. The Nasdaq composite index dropped 75, or 2.5 percent, to 2,937.

As traders streamed into lower-risk investments, the yield on the 10-year Treasury note plunged to 1.64 percent from 1.75 percent late Tuesday. A bond’s yield declines as demand for it increases.

Stocks continue to hurt from lackluster third-quarter earnings reports, Tchir said.

“There’s been this whole litany of things that have been dragging down the market for a while, earnings chief among them, and that’s still out there,” he said, adding that those concerns “play as much of a role as anything to do with the election.”

Earnings have been relatively weak, with many companies reporting lower revenue and darkening expectations for the coming quarters.

With more than four-fifths of them having reported, companies in the S&P 500 index say earnings are up about 2 percent over last year, the lowest growth rate in three years, according to data from S&P Capital IQ.

Broad industries reacted to the election much as analysts had expected.

Hospital companies soared because of expectations that they will gain business under the health care law, known as ObamaCare. HCA Holdings and Tenet Healthcare leapt 7 percent, Community Health Systems 6 percent and Universal Health Services 4 percent.

With Obama seeking to restrain the growth of military spending, defense companies could struggle to win government contracts. Their stocks fell sharply: Lockheed Martin Lost 5 percent, Northrop Grumman 6 percent and General Dynamics 5 percent.

Among the 10 industry groups in the S&P 500 index, financial stocks and energy companies fell the most.

Banks figure to face tougher regulation in a second Obama term than they would have under Romney. JPMorgan Chase and Citigroup fell 4 percent, Bank of America and Goldman Sachs 6 percent and Morgan Stanley 8 percent.

The biggest losers were coal companies, which had hoped that a Romney administration would loosen mine safety and pollution rules that make it more costly for them to operate. Peabody Energy dived 9 percent, Consol Energy 7 percent, Alpha Natural Resources 13 percent and Arch Coal 11 percent.

Oil companies fell less steeply.

Alternative energy companies, especially solar manufacturers, outperformed the indexes on expectations that they will continue to enjoy generous subsidies. First Solar was roughly flat and Yingli Green Energy Holding edged slightly higher.

Trading also reflected the outcome of ballot measures decided in Tuesday’s election. After two states approved the recreational use of marijuana for the first time, Medical Marijuana Inc., a company too small to be listed on major exchanges, surged 17 percent.

___

Daniel Wagner can be reached at www.twitter.com/wagnerreports.

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Canada firms to capitalize on nuclear trade with India

NEW DELHI (Reuters) – Canadian firms will be able to export uranium and nuclear reactors to India for the first time in almost four decades under an agreement between the two nations, their prime ministers said, but more work is needed to implement the deal.

Once implemented, the agreement will end a ban on nuclear cooperation Canada imposed in 1976 after India secretly exploded its first nuclear bomb in 1974, commonly called the “Smiling Buddha”, using material from a Canadian-built reactor in India.

“Being able to resolve these issues and move forward is, we believe, a really important economic opportunity for an important Canadian industry, part of the energy industry, that should pay dividends in terms of jobs and growth for Canadians down the road,” Canadian Prime Minister Stephen Harper said on Tuesday on a visit to New Delhi.

A negotiator with the Canadian Nuclear Safety Commission (CNSC), speaking on condition of anonymity because of the delicacy of the talks, said that what remained was a careful legal review of the language; translation into French and Hindi; and then a signing.

This is not expected to take very long, he said. The two sides have set up a joint committee to liaise on nuclear issues, but he said it would not be negotiating.

India aims to lift its nuclear capacity to 63,000 MW in the next 20 years by adding nearly 30 reactors. The country currently operates 20 mostly small reactors at six sites with a capacity of 4,780 MW, or 2 percent of its total power capacity, according to the Nuclear Power Corporation of India Limited.

Canada’s ambassador to India, Stewart Beck, said on Monday his country wanted to be able to track all nuclear material, but that India felt it only needed to report to the International Atomic Energy Agency (IAEA).

It was not clear who made concessions in the talks and how effective the safeguards would be to ensure that Canadian material did not get used again for making nuclear weapons.

However, the CNSC official said India would now be required to notify Canada of any transfers to a third country and trade could only go to facilities that are safeguarded by the IAEA.

PROBABLY BEATING AUSTRALIA

Harper said the CNSC had worked to “achieve all of our objectives in terms of non-proliferation”.

Canada is in a race against Australia, its strategic ally but a commercial rival in the uranium business. Australia is also trying to nail down safeguards under which it too could sell uranium to India.

“We are effectively ahead of the Australians,” the CNSC official said, noting however that Russia and Kazakhstan were already supplying into India.

Opening up the Indian market would be a big help to Canada’s Cameco Corp, which is the world’s largest publicly traded uranium producer but which recently cut its long-term output targets due to the Fukushima disaster.

“Anytime we can reduce the roadblocks to selling our product around the world is always helpful,” Cameco chief executive Tim Gitzel told Reuters in Canada. “It opens a new market for us with the appropriate safeguards in place. So this is good news.”

Another potential beneficiary is Canadian engineering firm SNC Lavalin Group Inc, which bought the government’s commercial nuclear division, which designed the Candu reactor that is in use in numerous countries.

“As far as the sales of reactors goes, we would normally now request that Canada be accorded the same treatment as the Russians, the French and the Americans and that a site be designated in India for the implementation of at least a twin- unit Candu nuclear power station,” SNC Lavalin International President Ronald Denom, part of Harper’s delegation in India, told Reuters.

He also said it should open up the market to service the existing reactors in India.

Harper also said Canada welcomed foreign investment, after the country temporarily blocked Malaysian state oil firm Petronas’ C$ 5.17 billion ($ 5.19 billion) bid for gas producer Progress Energy Resources on October 20.

Late on Friday, Canada extended to December 10 its review of a $ 15.1 billion bid made in July by China’s CNOOC Ltd for Canadian energy producer Nexen Inc.

“Those decisions have to be taken looking at the global evolving economy in which we operate,” Harper said.

($ 1 = C$ 0.9965)

(Additional reporting by Julie Gordon in Toronto; Additional writing by Frank Jack Daniel; Editing by Jonathan Thatcher and Michael Roddy)

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News Summary: Apple-Google lawsuit dismissed

CASE CLOSED: A federal judge in Madison, Wis., has thrown out a suit by Apple Inc. claiming that Google subsidiary Motorola Mobility is seeking unreasonably high license fees for the use of patents on wireless technology.

THE BACKDROP: The suit is part of a world-spanning battle between Apple and Google, whose Android software powers the smartphones that compete with Apple’s iPhone.

THE DISPUTE: In the suit filed last year, Apple said the license fee Motorola sought was too high. The devices at issue include the iPhone and iPod Touch, as they incorporate Motorola’s patented technologies.

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“Dad’s Army” star Clive Dunn dies aged 92

LONDON (Reuters) – British actor Clive Dunn, best known as a bumbling old butcher in the popular World War Two sitcom “Dad’s Army”, has died, his agent said on Wednesday.

Dunn passed away on Tuesday, Peter Charlesworth said, adding that he believed the actor died in Portugal where he has lived for many years. He was 92.

As Lance-Corporal Jones in Dad’s Army – a hit television series in the 1960s and 1970s about a group of local volunteer members of the Home Guard – Dunn was famous for catchphrases such as “Don’t panic!” and “They don’t like it up ‘em.”

He also had a No. 1 hit song with “Grandad” in 1971, which he performed several times on TV music show “Top of the Pops”.

Dunn was born in London in 1920 and enrolled in an acting academy after leaving school.

He played several small roles in films in the 1930s before serving in the army in World War Two, ending up in prisoner-of-war and labor camps for four years.

After the war he worked in music halls before enjoying success as Jones in Dad’s Army.

Underlining his ability to play characters far older than his real age, he followed Dad’s Army with a five-year run in children’s comedy series “Grandad” as an elderly caretaker.

According to the BBC, he is survived by his wife Priscilla Morgan and two daughters, Jessica and Polly.

(Reporting by Mike Collett-White, editing by Paul Casciato)

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Obama win clears health law hurdle, challenges remain

WASHINGTON (Reuters) – President Barack Obama‘s re-election eliminates the possibility of a wholesale repeal of his signature healthcare reform law, but leaves questions about how many of the changes will be implemented as the national focus shifts to tackling the U.S. debt and deficit.

The 2010 Patient Protection and Affordable Care Act, the biggest overhaul of the $ 2.8 trillion U.S. healthcare system since the 1960s, aims to extend health coverage to more than 30 million uninsured Americans beginning in January 2014.

Republican challenger Mitt Romney had vowed to repeal the law if elected, calling it a costly government expansion despite the fact that the reforms are based on healthcare legislation he signed as governor of Massachusetts.

“There’s sort of an immediate acceptance that this law will stay in place in some meaningful way,” said Chris Jennings, a top healthcare adviser to former Democratic President Bill Clinton. “It’s sort of like a big barrier has been removed.”

Shares in hospitals and insurers that cater to Medicaid, the government insurance for the poor, rose slightly on Wednesday as markets expected the reform laws to be enacted. But health insurers with large employer-based businesses were off slightly, as the health reform law sets limits on their profits and mandates on coverage.

Obama still faces challenges in Congress. Republicans who retained control of the House of Representatives are expected to press for healthcare reform concessions, including delaying and 7scaling back a planned expansion of Medicaid, during negotiations to cut the federal deficit later this month.

But Julie Barnes, director of healthcare policy at the Bipartisan Policy Center, said Tuesday’s victory should give the president added leverage to set the healthcare segment of any deficit-cutting compromise largely on his own terms.

“President Obama has the opportunity to make bold leadership moves toward a bipartisan compromise on healthcare and the economy,” she said. “He has the standing to demand that each party see the investment all Americans have in reforming our broken healthcare system.”

DID MEDICARE HELP OBAMA?

In a related issue, Obama’s staunch defense of Medicare, the healthcare program for the elderly and disabled, may have helped his re-election, giving him an edge in close states including Ohio, Pennsylvania, Iowa, New Hampshire and Nevada.

Obama and his allies vigorously attacked Romney’s plan to convert the popular program that provides guaranteed benefits to one that gives beneficiaries a fixed payment to help them purchase their own health coverage.

Polls show older Americans oppose the idea by margins of 2-to-1, though it was unclear to what extent that opposition translated into votes.

Major provisions of the Affordable Care Act call for cooperation from individual U.S. states, including an expansion of Medicaid and the introduction of subsidized health insurance exchanges for individuals to buy their own coverage.

Governors and legislatures in as many as a half-dozen Republican-majority states oppose those plans and can refuse to act on them.

Other states may be ill-prepared for implementation but could begin to take action now that repeal is no longer a threat. States have until November 16 to say whether they intend to set up their own exchanges. Most will need to partner with the federal government to have one ready by 2014.

Soon after Obama emerged the winner, reform advocates called on his administration to encourage state support for Medicaid by assuring governors and legislatures that $ 930 billion in federal funds for financing the expansion will be pumped into struggling state budgets.

“This guarantee is essential for governors as they decide whether their programs should cover more low-income adults. It is therefore crucial that upcoming federal budget decisions give governors clear assurances that this funding is stable and won’t be reduced,” said Ron Pollack of Families USA, a Medicaid advocacy group.

The healthcare law that Republicans deride as “Obamacare” has already survived repeated attacks and emerged mostly intact.

The Supreme Court upheld the reforms in a landmark June ruling, but empowered states to opt out of the planned Medicaid expansion without losing federal funding for current programs.

The reform law is still the subject of about two-dozen lawsuits seeking to overturn a requirement that church-affiliated institutions cover birth control for employees.

(Editing by Michele Gershberg, Marilyn Thompson and David Storey)

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Asia-Europe Meeting: build growth with cooperation

VIENTIANE, Laos (AP) — Leaders from Asia and Europe called Tuesday for closer cooperation between the two continents in addressing the current global economic and financial crisis.

The president of the European Council, Herman Van Rompuy, also unequivocally affirmed the euro’s future.

A two-day Asia-Europe Meeting in Laos was attended by leaders and ministers from 51 countries, including new members Norway, Switzerland and Bangladesh.

The meeting, known as ASEM, endorsed closer economic ties between the two continents to promote stronger and sustained growth. Combined, the two regions produce half the world’s GDP and have 60 percent of the world’s population.

The crisis in Europe has affected not only most economies there but also their trading partners in Asia. But Van Rompuy said there was no sign of Asian resentment that it was being asked to carry its ailing European friends.

“There was no blame game,” he said. “Rather a clear sense that in Asia as well as in Europe, we are all on the same boat.”

The leaders also reaffirmed a commitment to fight against trade barriers that have crept in some places as a result of the crisis, European Commission President Jose Manuel Barroso said.

He said there was “a strong rejection of protectionism” and a commitment to the “importance that trade can have for strong sustainable growth.”

Although not on the ASEM agenda, the issue of financially battered Greece was on many minds at the summit.

Greece’s international bailout creditors are demanding a series of painful spending cuts and tax hikes in exchange for rescue loans. Debt inspectors from the European Central Bank, European Commission and International Monetary Fund, collectively known as the troika, are preparing a report on the state of Greece’s compliance with its bailout terms.

Van Rompuy played down fears of problems with the disbursement of Greece’s next bailout payment.

“I urge the Greek government and leading political parties to decide what is needed to reach a final agreement with the troika,” he said.

The next ASEM summit will be in Brussels in two years.

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Cautious reformers tipped for new China leadership

BEIJING (Reuters) – China‘s ruling Communist Party will this month unveil its new top leadership team, expected to again be an all-male cast of politicians whose instincts are to move cautiously on reform.

Sources close to the leadership say 10 main candidates are vying for seven seats on the party’s next Politburo Standing Committee, the peak decision-making body which will steer the world’s second-largest economy for the next five years.

Only two candidates are considered certainties going into the party’s 18th congress, which starts on Thursday: leader-in-waiting Xi Jinping and his designated deputy, Li Keqiang, who are set to be installed as president and premier next March.

Of the remaining eight contenders, only one has the reputation as a political reformer and only one is a woman.

Following are short biographies of the candidates, including their reform credentials and possible portfolio responsibilities.

XI JINPING

REFORM CREDENTIALS: Considered a cautious reformer, having spent time in top positions in Fujian and Zhejiang provinces, both at the forefront of China‘s economic reforms.

Xi Jinping, 59, is China‘s vice president and President Hu Jintao’s anointed successor. He will take over as Communist Party boss at the congress and then as head of state in March.

Xi belongs to the party’s “princeling” generation, the offspring of communist revolutionaries. His father, former vice premier Xi Zhongxun, fought alongside Mao Zedong in the Chinese civil war. Xi watched his father purged and later, during the Cultural Revolution, spent years in the hardscrabble countryside before making his way to university and then to power.

Married to a famous singer, Xi has crafted a low-key and sometimes blunt political style. He has complained that officials’ speeches and writings are clogged with party jargon and has demanded more plain speaking.

Xi went to work in the poor northwest Chinese countryside as a “sent-down youth” during the chaos of the 1966-76 Cultural Revolution, and became a rural commune official. He went on to study chemical engineering at Tsinghua University in Beijing and later gained a doctorate in Marxist theory from Tsinghua.

A native of the poor, inland province of Shaanxi, Xi was promoted to governor of southeastern Fujian province in 1999 and became party boss in neighboring Zhejiang province in 2003.

In 2007, the tall, portly Xi secured the top job in China‘s commercial capital, Shanghai, when his predecessor was caught up in a huge corruption case. Later that year he was promoted to the party’s standing committee.

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LI KEQIANG

REFORM CREDENTIALS: Seen as another cautious reformer due to his relatively liberal university experiences.

Vice Premier Li Keqiang, 57, is the man tipped to be China‘s next premier, taking over from Wen Jiabao.

His ascent will mark an extraordinary rise for a man who as a youth was sent to toil in the countryside during Mao’s Cultural Revolution.

He was born in Anhui province in 1955, son of a local rural official. Li worked on a commune that was one of the first places to quietly revive private bonuses in farming in the late 1970s. By the time he left Anhui, Li was a Communist Party member and secretary of his production brigade.

He studied law at the elite Peking University, which was among the first Chinese schools to resume teaching law after the Cultural Revolution. He worked to master English and co-translated “The Due Process of Law” by Lord Denning, the famed English jurist.

In 1980, Li, then in the official student union, endorsed controversial campus elections. Party conservatives were aghast, but Li, already a prudent political player, stayed out of the controversial vote.

He climbed the party ranks and in 1983 joined the Communist Youth League’s central secretariat, headed then by Hu Jintao.

Li later served in challenging party chief posts in Liaoning, a frigid northeastern rustbelt province, and rural Henan province. He was named to the powerful nine-member standing committee in 2007.

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WANG QISHAN

REFORM CREDENTIALS: A financial reformer and problem solver with deep experience tackling tricky economic and political problems.

Wang Qishan, 64, is the most junior of four vice premiers and an ex-mayor of Beijing. But he has a keen grasp of complex economic issues and is the only likely member of the Standing Committee to have been chief executive of a corporation, leading the state-owned China Construction Bank from 1994 to 1997. As such, he may take a leading role in shaping economic policy, including trade and foreign investment.

Wang is an experienced negotiator who has led finance and trade negotiations as well as the Strategic and Economic Dialogue with the United States. He is a favorite of foreign investors and has long been seen as a problem solver, sorting out a debt crisis in Guangdong province where he was vice governor in the late 1990s and replacing the sacked Beijing mayor after a cover-up of the deadly SARS virus in 2003.

Wang is also a princeling, son-in-law of a former vice premier and ex-standing committee member, Yao Yilin. His possible portfolio could be chairman of the National People’s Congress (China’s rubber-stamp parliament), head of parliament’s advisory body, executive vice premier (responsible for economic issues) or the party’s top anti-corruption official.

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LIU YUNSHAN

REFORM CREDENTIALS: A conservative who has kept domestic media on a tight leash.

Liu Yunshan, 65, may take over the propaganda and ideology portfolio for the Standing Committee.

He has a background in media, once working as a reporter for state-run news agency Xinhua in Inner Mongolia, where he later served in party and propaganda roles before shifting to Beijing.

As minister of the party’s Propaganda Department since 2002, Liu has also sought to control China‘s Internet, which has more than 500 million users. He has been a member of the wider Politburo for two five-year terms ending this year.

Liu has not worked directly for the Communist Youth League, but is aligned to it through his lengthy career in an inland, poor province, long ties to the party’s propaganda system and close relationship with Hu Jintao.

- – - -

LI YUANCHAO

REFORM CREDENTIALS: A reformer who has courted foreign investment and studied in the United States.

Li Yuanchao, 61, oversees the appointment of senior party, government, military and state-owned enterprise officials as head of the party’s powerful organization department. On the Standing Committee, he could head the fight against corruption.

Li, whose father was a vice-mayor of Shanghai, has risen far since his parents were persecuted and he was a humble farm hand during the Cultural Revolution.

Politically astute, Li can navigate between interest groups, from Hu’s Youth League power base to the princelings.

As party chief in his native province, Jiangsu, from 2002 to 2007, Li oversaw a rapid rise in personal incomes and economic development, attracting foreign investment from global industrial leaders such as Ford, Samsung and Caterpillar.

He earned mathematics and economics degrees from two of China‘s best universities and a doctorate in law. He also spent time at Harvard University’s Kennedy School of Government in the United States.

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ZHANG DEJIANG

REFORM CREDENTIALS: A conservative trained in North Korea.

Zhang Dejiang, 65, saw his chances of promotion boosted this year when he was chosen to replace disgraced politician Bo Xilai as Chongqing party boss. He also serves as vice premier in charge of industry, though his record has been tarnished by the downfall of the railway minister last year for corruption.

Zhang is close to former president Jiang Zemin who still wields some influence. He studied economics at Kim Il-sung University in North Korea and is a native of northeast China.

On his watch as party chief of Guangdong, the southern province maintained its position as a powerhouse of China‘s economic growth, even as it struggled with energy shortages, corruption-fuelled unrest and the 2003 SARS epidemic.

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ZHANG GAOLI

REFORM CREDENTIALS: A financial reformer with experience in more developed parts of China.

Zhang Gaoli, 65, party chief of the northern port city of Tianjin and a Politburo member since 2007, is seen as a Jiang Zemin ally but also acceptable to President Hu, who has visited Tianjin three times since 2008. Zhang is an advocate of greater foreign investment and he introduced financial reforms in a bid to turn the city into a financial center in northern China.

He was sent to clean up Tianjin, which was hit by a string of corruption scandals implicating his predecessor and the former top adviser to the city’s lawmaking body. The adviser committed suicide shortly after Zhang’s arrival.

A native of southeastern Fujian province, Zhang trained as an economist. He also served as party chief and governor of eastern Shandong province and as Guangdong vice governor.

Zhang is low-key with a down-to-earth work style, and not much is known about his specific interests and aspirations. But with his leadership experience in more economically advanced cities and provinces, including party secretary of the showcase manufacturing and export-driven city of Shenzhen, he could be named executive vice premier.

- – - – -

WANG YANG

REFORM CREDENTIALS: Seen by many in the West as a beacon of political reform.

Wang Yang, 57, is party chief of the export dependent economic hub of Guangdong province. He was not included in a list of preferred Standing Committee candidates drawn up by Xi, Hu and Hu’s predecessor, Jiang Zemin, according to sources close to the leadership, but is firmly in the running.

Born into a poor rural family in eastern Anhui province, Wang dropped out of high school and went to work in a food factory at age 17 to help support his family after his father died. These experiences may have shaped his desire for more socially inclusive policies, including his “Happy Guangdong” model of development designed to improve quality of life.

Concerned about the social impact of three decades of blistering development, he lobbied for social and political reform. However, this approach has drawn criticism from party conservatives and Wang has more recently adopted the party’s more familiar method of control and punishment to keep order.

- – - – -

YU ZHENGSHENG

REFORM CREDENTIALS: Relatively low-key but considered a cautious reformer.

Yu Zhengsheng, 67, is party boss in China‘s financial hub and most cosmopolitan city, Shanghai.

His impeccable Communist pedigree made him a rising star in the mid-1980s until his brother, an intelligence official, defected to the United States. His close ties with Deng Pufang, the eldest son of late paramount leader Deng Xiaoping, spared him the full political repercussions but he was taken off the fast track.

Yu bided his time in ministerial ranks until bouncing back, joining the Politburo in 2002. However, the princeling’s age would require him to retire in 2017 after one term.

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LIU YANDONG

REFORM CREDENTIALS: Uncertain.

Liu Yandong, who turns 67 this month, is the only woman given a serious chance to join the Standing Committee but is considered a dark horse. She is a princeling also tied to President Hu’s Youth League faction.

If promoted, she could head up parliament’s advisory body, but her age would also force her to retire after only one term.

Her bigger challenge is that no woman has made it into the Standing Committee since 1949. Not even Jiang Qing, the widow of late Chairman Mao Zedong, made it that far.

Liu, daughter of a former vice-minister of agriculture, is currently the only woman in the 25-member Politburo, a minority in China‘s male-dominated political culture. She has been on the wider Politburo since 2007 as one of five state councilors, a rank senior to a cabinet minister but junior to a vice-premier.

(Reporting by Terril Yue Jones, Ben Blanchard, Benjamin Kang Lim and Sui-Lee Wee in Beijing. Additional reporting by Chris Ip, Grace Li, Jean Lin, Young Wang, Alice Woodhouse and Julie Zhu; Editing by Raju Gopalakrishnan and Mark Bendeich)

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Whale injures three boatmen off South Africa’s coast

JOHANNESBURG (Reuters) – Three men were injured on Monday when a whale leaped out of the water and landed on their inflatable boat off South Africa’s south coast near the harbor city of Port Elizabeth, the National Sea Rescue Institute (NSRI) said on Tuesday.

The weight of animal, believed to be a humpback whale, pushed the craft underwater but the boat popped back to the surface and one of the men was able to raise the alarm with a cell phone, the NSRI said in a statement.

Illuminating flares were then used to search for the men and their stricken boat on a moonless night.

“The boat was found about one nautical mile off-shore with all three men clinging onto the hull,” said Ian Gray, NSRI Port Elizabeth station commander.

One of the men was in a stable but serious condition, having sustained suspected rib fractures, an arm and a leg injury. The other two escaped with lesser injuries, the NSRI said.

(Reporting by Sherilee Lakmidas; Editing by Ed Stoddard and Paul Casciato)

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Ivorian reggae singers bury rivalry for “peace” tour

ABIDJAN (Reuters) – As darkness falls over Ivory Coast‘s lagoon-side commercial capital a steady thumping cuts through the tropical night.

But where once the thud of heavy weapons set the Abidjan‘s residents scrambling indoors for cover, tonight it is a reggae bass line that draws them out.

Here, little over a year ago, supporters of then-president Laurent Gbagbo and his rival Alassane Ouattara were fighting a brief post-election civil war, the final deadly showdown of a decade-long political crisis.

After years teetering precariously between war and peace, the flames of division, xenophopia and anger – fanned in no small degree by some of the country’s most famous musicians – exploded into a conflict in which more than 3,000 people died.

One of Ivory Coast’s leading reggae artists, Serge Kassy, even rose to become a leader and organizer of Gbagbo’s Young Patriots street militia – a group accused of numerous atrocities during the war. Kassy is now in exile.

“When I looked at the musical scene in Ivory Coast, I realized that we ourselves went too far,” said Asalfo Traore of the zouglou band Magic System, one of the few groups that refused to take sides during the crisis years.

“It was when everything was ruined that we wanted to glue the pieces back together. But it was too late.”

Now, long-divided musicians are once again coming together, hoping to use their influence, so destructive for so long, to help Ivory Coast heal its deep wounds, and the country’s leading rival reggae artists are showing the way.

REGGAE RIVALRY

The long feud between Alpha Blondy and Tiken Jah Fakoly is a thing of legend in the reggae world, though neither has been willing to say what was behind the bad blood.

Both men come from Ivory Coast’s arid north and share a musical genre. But the similarities stop there.

Alpha, considered the father of Ivorian reggae, takes the stage in Abidjan clad in a shimmering pink suit, golden tie and Panama hat of an urban dandy. Tiken wears the traditional flowing robes of his northern Malinke tribe.

During the crisis, Alpha remained in Ivory Coast, while Tiken, a vocal critic of President Gbagbo‘s regime, went into exile in neighboring Mali.

They had so successfully avoided each other during their long parallel careers that before he picked up the phone to approach Alpha with the idea of uniting for a series of peace concerts, Tiken claimed they’d met only twice.

“Before going to the Ivorians to ask them to move towards reconciliation, it was important for us to show a major sign. That’s what we did,” Tiken told Reuters.

Out of a meeting in Paris was born a simple idea: six concerts in six towns across a country once split between a rebel north and government-held south, bringing together musicians from across the political spectrum to push for peace.

“No one’s died over the problems between Tiken and me,” said Alpha. “There are things that are more serious than our little spats, our pride and our vanities.”

Uniting the Ivorian music scene proved relatively easy in the end. Uniting the country could prove a tougher task.

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Some 18 months since the war ended, reconciliation in Ivory Coast is going nowhere.

Though Ouattara is praised by international partners for quicky turning around the economy, critics complain he has done little to foster unity. He has so far refused to prosecute those among his supporters accused of atrocities during the war.

Meanwhile Gbagbo, who lost the run-off election but garnered 46 percent of votes, is in The Hague on war crimes charges.

The leaders of his FPI political party are either dead, in jail or living in exile, from where they are accused by United Nations investigators of organizing deadly armed raids on Ivorian police, military and infrastructure targets.

“People came here for Alpha, Tiken Jah and artists they only ever see on TV, not for reconciliation,” said high school teacher Michel Loua in Gagnoa, the second stop on the tour in Gbagbo’s home region.

“The politicians have made a business of it. They talk up reconciliation when it suits them, otherwise they could care less,” he said.

Unity was never a problem, Alpha said, until politicians began to play the ethnic identity card in the struggle for power that followed the death of independence President Felix Houphouet-Boigny in 1993. And even after the violence and massacres, it is still not the problem today.

“Ivorians are not divided. That’s what I discovered,” he said on the last night of the tour. “If there are people that need reconciliation, it’s not the artists or the people. It’s the politicians,” he said.

Minutes later he was on stage singing “Course au Pouvoir”, a 16-year-old song that has found new relevance today with its lyrics: “There’s blood on the road that leads to the tower of power. Innocent blood.”

Having wrapped up their tour, Tiken, Alpha and the rest of the musicians are due to meet with President Ouattara and plan to call for the release of all pro-Gbagbo prisoners not accused of involvement and killings as a sign of good will.

The move has been called for by human rights groups as well as the FPI, who list it as one of their pre-conditions for dialogue. And though Ouattara has given no indication he is open to the possibility, many feel it is an unavoidable step towards lasting peace.

(Editing by Richard Valdmanis, editing by Paul Casciato)

Music News Headlines – Yahoo! News

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