Bangladesh’s worst-ever factory blaze kills over 100

DHAKA (Reuters) – Fire swept through a garment factory on the outskirts of Bangladesh‘s capital killing more than 100 people, the fire brigade said on Sunday, in the country’s worst-ever factory blaze.

Working conditions at Bangladeshi factories are notoriously poor, with little enforcement of safety laws, and overcrowding and locked fire doors are common. The cause of this fire was not immediately known.

The blaze at the nine-storey Tazreen Fashion factory in the Ashulia industrial belt of Dhaka started on the ground floor late on Saturday and spread, trapping hundreds of workers.

“So far, the confirmed death toll is 109, including nine who died by jumping from the building,” Mizanur Rahman, deputy director of the fire brigade, told Reuters.

Witnesses said the workers, mostly women, ran for safety as the fire engulfed the plant but were unable to get through narrow exits.

“Many jumped out from the windows and were injured, or died on the spot,” Milon, a resident, said.

Most of the bodies were burnt beyond recognition and authorities had started burials while mourning relatives scrambled to find their loved ones, officials and witnesses said.

Unofficial sources put the number of dead at more than 120. Most of the bodies were found on the second floor, Rahman said.

Bangladesh has around 4,500 garment factories and is the world’s biggest exporter of clothing after China, with garments making up 80 percent of its $ 24 billion annual exports.

This was the highest ever death toll in a Bangladeshi factory fire. In 2006, 84 people were killed in a blaze in the southern port of Chittagong where fire exits had been blocked.

More than 300 factories near the capital shut for almost a week earlier this year as workers demanded higher wages and better working conditions.

(Editing by Nick Macfie)

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New Congress: Fewer moderates make deals harder

WASHINGTON (AP) — When the next Congress cranks up in January, there will be more women, many new faces and 11 fewer tea party-backed House Republicans from the class of 2010 who sought a second term.

Overriding those changes, though, is a thinning of pragmatic, centrist veterans in both parties. Among those leaving are some of the Senate's most pragmatic lawmakers, nearly half the House's centrist Blue Dog Democrats and several moderate House Republicans.

That could leave the parties more polarized even as President Barack Obama and congressional leaders talk up the cooperation needed to tackle complex, vexing problems such as curbing deficits, revamping tax laws and culling savings from Medicare and other costly, popular programs.

"This movement away from the center, at a time when issues have to be resolved from the middle, makes it much more difficult to find solutions to major problems," said William Hoagland, senior vice president of the Bipartisan Policy Center, a private group advocating compromise.

In the Senate, moderate Scott Brown, R-Mass., lost to Democrat Elizabeth Warren, who will be one of the most liberal members. Another GOP moderate, Richard Lugar of Indiana, fell in the primary election. Two others, Kay Bailey Hutchison of Texas and Olympia Snowe of Maine, are retiring.

Moderate Democratic senators such as Kent Conrad of North Dakota, Herb Kohl of Wisconsin, Ben Nelson of Nebraska, James Webb of Virginia are leaving, as is Democratic-leaning independent Joe Lieberman.

While about half the incoming 12 Senate freshmen of both parties are moderates, new arrivals include tea party Republican Ted Cruz of Texas, conservative Deb Fischer of Nebraska, and liberals such as Tammy Baldwin of Wisconsin and Hawaii's Mazie Hirono.

There's a similar pattern in the House, where 10 of the 24 Democratic Blue Dogs lost, are retiring or, in the case of Rep. Joe Donnelly, R-Ind., are moving to the Senate. That will further slash a centrist group that just a few years ago had more than 50 members, though some new freshmen might join.

Among Republicans, moderates like Reps. Judy Biggert of Illinois and New Hampshire's Charles Bass were defeated while others such as Reps. Jerry Lewis of California and Steven LaTourette of Ohio decided to retire.

"Congress seems to be going in the opposite direction of the country, just as the country is screaming for solutions to gridlock," said Democratic strategist Phil Singer.

Whether the changes are good is often in the eye of the beholder.

Seventy-one of the 83 House GOP freshmen of 2010 were re-elected Nov. 6, but 11 lost, including one of the group's highest profile members, conservative Rep. Allen West, R-Fla. Another faces a runoff in December.

"Some of the people who are the anti-government ideologues, some of them are gone," said House Minority Leader Nancy Pelosi, D-Calif. "And that message has been rejected by the American people."

Sal Russo, strategist for the Tea Party Express, said such departures would be balanced by newly elected conservatives, including the Senate's Cruz and GOP Reps.-elect Ted Yoho of Florida and Mark Meadows of North Carolina.

"Pretty much everybody that ran in 2012 was talking about the economic woes we face, stopping excessive spending, controlling unsustainable debt," he said.

Overall, the new House is on track for a 234-201 Republican majority, a narrowing of their 242-193 advantage today, which includes five vacancies. Democrats will control the Senate 55-45, up from 53-47.

A dozen of the 100 senators and at least 81 of the 435 House members, almost one-fifth, will be in their first term, slightly above historic averages. The Associated Press hasn't declared winners in two House races.

Many newcomers, in Washington for orientation sessions after their election, described a need to compromise. Some also made it clear there will be plenty of fuel for partisan clashes.

"I'm going in open-minded," said conservative Rep.-elect Roger Williams, R-Texas. "But I have certain core values like we all do and I'm not going to waver on that."

All together, there will be 73 women in the House and 20 in the Senate. Both are records.

For the first time, more than half of House Democrats — 105, in this case — will not be white males.

One white male will be Rep.-elect Joseph Kennedy III, a Massachusetts Democrat whose father was Rep. Joe Kennedy, D-Mass., and grandfather was New York Sen. and Democratic presidential candidate Robert Kennedy. When the newest Kennedy takes office, it will end the only two years since 1947 without a member of his family in Congress.

Those leaving include several who have been in the middle of recent years' policy battles.

Among them are Sen. Jon Kyl, R-Ariz., the GOP's No. 2 Senate leader; Indiana's Lugar, a longtime GOP power on foreign policy; North Dakota's Conrad, the Senate Budget Committee chairman and one of his party's chief deficit foes; and Jeff Bingaman, D-N.M., who heads the Senate Energy and Natural Resources Committee.

Gone from the House will be California Democratic Reps. Pete Stark, a major force on health issues, and Howard Berman, long influential in foreign affairs, plus liberal Massachusetts stalwart Barney Frank, whose name is on the new law overhauling the government's regulation of banks and other financial institutions.

Also leaving: House Rules Committee Chairman David Dreier, R-Calif., and Ron Paul, 77, who charted his own libertarian course in Congress and long-shot campaigns for the GOP presidential nomination in 2008 and 2012.

"The status quo will continue," Paul, who sees little difference between the two political parties, said of the new Congress. As for his own departure, he said, "Nobody will notice."

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Cricket-Australia v South Africa – second test scoreboard

ADELAIDE, Nov 24 (Reuters) – Scoreboard at the close of the

third day of the second test between Australia and South Africa

at Adelaide Oval on Saturday:

Australia won the toss and chose to bat

Australia first innings 550

South Africa first innings

G. Smith c Wade b Siddle 122

A. Petersen run out 54

H. Amla st Wade b Warner 11

J. Rudolph c Quiney b Lyon 29

AB de Villiers lbw b Siddle 1

F. du Plessis c Clarke b Hilfenhaus 78

D. Steyn c Ponting b Hilfenhaus 1

R. Kleinveldt b Hilfenhaus 0

J. Kallis c Wade b Clarke 58

M. Morkel b Lyon 6

I. Tahir not out 10

Extras (b-7, lb-2, w-3, nb-6) 18

Total: (all out, 124.3 overs) 388

Fall of wickets: 1-138 2-169 3-233 4-233 5-240 6-246 7-250

8-343 9-352 10-388

Bowling: B. Hilfenhaus 19.3-6-49-3, J. Pattinson 9.1-0-41-0

(nb-4, w-1) N. Lyon 44-7-91-2, P. Siddle 30.5-6-130-2 (nb-2), M.

Clarke 7-1-22-1, M. Hussey 1-0-7-0 (w-2), D. Warner 5-0-27-1, R.

Quiney 8-3-12-0

Australia second innings

D. Warner c Du Plessis b Kleinveldt 41

E. Cowan b Kleinveldt 29

R. Quiney c De Villiers b Kleinveldt 0

R. Ponting b Steyn 16

M. Clarke not out 9

P. Siddle c De Villiers b Morkel 1

M. Hussey 5

Extras (lb-7, nb-3) 10

Total (for five wickets, 32 overs) 111

Fall of wickets: 1-77 2-77 3-91 4-98 5-103

Still to bat: M. Wade, B. Hilfenhaus, J. Pattinson, N. Lyon.

Bowling: Steyn 10-4-28-1, Morkel 9-2-24-1, Kleinveldt

6-1-14-3 (nb-2), Tahir 7-1-38-0 (nb-1)

- -

Third test: WACA, Perth Nov. 30-Dec. 4

(Compiled by Ian Ransom; Editing by Alastair Himmer)

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6 ways to tweet yourself out of a job

Hate your job? Want to leave without giving two weeks notice? Thanks to Twitter, it’s never been easier to get fired, says Rob Lammie at Mental Floss

Step 1: Drunk tweet
As any Spring Break partier knows, drinking impairs your judgment. It seems to have also impaired the judgment of Major League pitcher-turned-sports-radio-host Mike Bacsik, who put on quite a show during a San Antonio Spurs and Dallas Mavericks NBA game in April 2010. While watching the game, Bacsik bragged that he was “About 12 deep and some shots.” He proceeded to unleash a string of insults aimed at NBA commissioner David Stern, accused the refs of fixing the game, and even threatened to blow up the NBA’s offices. But the one that really got people riled up came after the Mavericks lost the game, when Bacsik tweeted: 

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@MikeBacsik: “Congrats to all the dirty mexicans in San Antonio.”

After sobering up, Bacsik deleted the offending tweets and issued an apology. But it was too little, too late. Numerous people complained to his radio station, which first suspended Bacsik and later fired him. After his dismissal, he told ESPN Dallas, “When you tweet like that, it’s not a playful, harmless thing… I’m very sorry and will try my best for my actions to speak louder than my tweets.”

Step 2: Break the law (or just anger your governor)
Twitter has become a great tool for politicians to connect to the voting public. Former Mississippi Governor Haley Barbour, for one, has really embraced the technology as a way to share his opinions and views. For example, in December 2009, he sent out a tweet saying:

 @HaleyBarbour: “Glad the Legislature recognizes our dire fiscal situation. Look forward to hearing their ideas on how to trim expenses.”

Jennifer Carter, one of his Twitter followers who worked for the University of Mississippi Medical Center (UMC), read this message and offered up a suggestion on how Governor Barbour could personally save the taxpayers money:

“Schedule regular medical exams like everyone else instead of paying UMC employees overtime to do it when clinics are usually closed.” 

This “Oh, snap!” moment referred to an incident that had occurred three years earlier, when the governor requested the medical center open on a Saturday, when they were normally closed, and bring in a staff of 15-20 people who were paid overtime to administer his annual check-up. This happened before Carter worked for UMC and she was simply repeating what she had been told by other employees. 

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The governor’s office tracked down Carter and made a formal complaint to UMC, saying Carter had violated the Health Insurance Portability and Accountability Act, a privacy law that states no employee of a medical facility can reveal any information about a person’s “protected health information.” Some argued that Carter didn’t violate HIPAA, since she didn’t actually give out any information about the health of the governor. However, others believe that simply saying the governor had even visited a doctor is a violation. 

Semantics aside, UMC administrators said it was a violation, so they suspended Carter for three days without pay and strongly suggested she resign to avoid further disciplinary action, which she did.

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Step 3: Have an NSFW lifestyle
St. Louis-based blogger “The Beautiful Kind” had been writing online about her polyamorous sex life for years. Knowing that not everyone would agree with her chosen lifestyle, she was always very careful about maintaining her anonymity, especially when it came to the workplace. So when she signed up for Twitter, she wanted to be anonymous there as well. She thought that, thanks to the similarities between the two, it was like signing up for an online message board — you supplied your real name to the website privately, but could choose to be known publicly by your username only. But when she logged in for the first time and saw that, not only did it show her username (@TBK365), but also her real name on her profile, she immediately went back and removed it. 

Thinking she was now safely anonymous, she used Twitter to promote her blog and to discuss sexually explicit topics with her followers. However, when her boss at the non-profit group where she worked was told by upper management to do a Google search of all employees, TBK’s Twitter account information — with her real name still associated — came up on the Twitter tracking site topsy.com.

The next day, TBK was called into her boss’ office and fired on the spot. Afterwards, her former boss sent her a letter saying, “While I know you are a good worker and an intelligent person, I hope you try to understand that our employees are held to a different standard. When it comes to private matters, such as one’s sexual explorations and preferences, our employees must keep their affairs private.” Because Missouri is an at-will employment state, meaning employers can fire someone for just about any reason, TBK was SOL.

Step 4: Question company policy
When California Pizza Kitchen (CPK) traded in their standard white shirts for black ones, employee Tim Chantarangsu wasn’t happy with the change. So he tweeted @calpizzakitchen his opinion:

@traphik: “black button ups are the lamest s**t ever!!!”

He didn’t expect anyone to notice or care, but the next day he received a direct message from corporate asking what restaurant he worked for. He knew better than to respond, but they tracked him down anyway and he was fired. They not only referenced his tweet about the shirts, but also an earlier one where he had said he was getting ready to work at “Calipornia Skeetza Kitchen.” 

Little did they know that Chantarangsu is kind of a big deal on another social website, YouTube. Under the name TimothyDeLaGhetto2, Chantarangsu has hundreds of thousands of subscribers, accounting for over 10,500,000 views of his videos at the time. Of course he made a YouTube video telling his Twitter story and it has been viewed well more than 100,000 times. Shortly after the incident, he asked his followers to bombard CPK’s Twitter account with RTs (re-tweets) of his offending message, which they were more than happy to oblige.

Step 5: Make a celebrity look bad
During his five years on the job, Jon Barrett-Ingels had served a lot of celebrities as a waiter at Barney Greengrass, an upscale restaurant in Beverly Hills. One day, Jane Adams, star of the HBO series Hung, came in and had lunch to the tune of $ 13.44. Unfortunately, when the bill came, Adams realized she had left her wallet in the car. Ingels knew who she was, so he told her she could run out and grab it and come back. The actress left, but didn’t return. Instead, someone from her agency called the next day and paid the bill. However, they didn’t leave a tip. Ingels had recently signed up for Twitter and so, his sixth tweet to his 40 followers said:

@PapaBarrett: Jane Adams, star of HBO series “Hung” skipped out on a $ 13.44 check. Her agent called and payed the following day. NO TIP!!!” 

Over the next few weeks, Ingels started using Twitter to send out a few harmless observations about celebrities that came in to eat — mainly what they ordered or what they looked like that day. Then, out of the blue, Jane Adams came back to the restaurant. According to Ingels’ blog, she was clearly upset and begrudgingly slapped $ 3 on the bar for Ingels as a tip. Surprised, Ingels told the actress she really didn’t have to do that, but her gesture was appreciated. She allegedly replied with, “My friend read about it on Twitter!” before storming off. Adams complained about the tweet to management, so someone from Barney’s corporate started following Ingels on Twitter to see what he was up to. After reading his celebrity tweets, it didn’t take long before they gave him the boot.

Step 6: Don’t get hired in the first place
If you’ve followed steps 1 – 5 and you still have a job, here’s the ultimate way to make sure Twitter will keep you from gainful employment.

When recent college grad Skye Riley heard back from Cisco, the computer networking giant, about her job application, one of her first instincts was to tweet about it. Unfortunately, this is what she tweeted:

@theconnor: Cisco just offered me a job! Now I have to weigh the utility of a fatty paycheck against the daily commute to San Jose and hating the work.

The unfortunate part? An employee of Cisco, Tim Levad, came across her post while doing a Twitter search for Cisco. He replied to her by saying:

@timmylevad: Who is the hiring manager. I’m sure they would love to know that you will hate the work. We here at Cisco are versed in the web.

Riley’s story was the tweet heard round the world. It became a hot topic on tech blogs for weeks afterwards, with writers calling it the “Cisco Fatty” incident. She later claimed that the tweet was taken out of context — that part of her message was referring to a well-paid internship she had turned down — but it appears the damage had already been done. While only she and Cisco know what really happened, according to her online resume, she has never worked for the company.

 — Rob Lammie

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China’s ‘Beijing Blues’ wins at Taiwan film fest

TAIPEI, Taiwan (AP) — China‘s “Beijing Blues” has won the best film award at Taiwan’s Golden Horse Film Festival, an event considered the Chinese-language Oscars. Hong Kong‘s Johnnie To is taking home the best director’s award

“Beijing Blues” portrays the lives of the ordinary urban dwellers through the work of a squad of plainclothes crime-hunters.

At Saturday’s ceremony, To won the award for directing “Life Without Principle,” a movie about ordinary citizens’ struggles in hard economic times.

The film has also won veteran Hong Kong actor Lau Ching Wan the best actor’s award. Lau portrays a triad thug seeking to recover money lost in a loan shark scheme.

Taiwan’s Gwei Lun-mei won the best actress award for portraying a woman involved in a romantic triangle in “GF-BF” or “Girlfriend-Boyfriend.”

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Four new cases of SARS-like virus found in Saudi, Qatar

LONDON (Reuters) – A new virus from the same family as SARS which sparked a global alert in September has now killed two people in Saudi Arabia, and total cases there and in Qatar have reached six, the World Health Organisation said.

The U.N. health agency issued an international alert in late September saying a virus previously unknown in humans had infected a Qatari man who had recently been in Saudi Arabia, where another man with the same virus had died.

On Friday it said in an outbreak update that it had registered four more cases and one of the new patients had died.

“The additional cases have been identified as part of the enhanced surveillance in Saudi Arabia (3 cases, including 1 death) and Qatar (1 case),” the WHO said.

The new virus is known as a coronavirus and shares some of the symptoms of SARS, or Severe Acute Respiratory Syndrome, which emerged in China in 2002 and killed around a 10th of the 8,000 people it infected worldwide.

Among the symptoms in the confirmed cases are fever, coughing and breathing difficulties.

Of the six laboratory-confirmed cases reported to WHO, four cases, including the two deaths, are from Saudi Arabia and two cases are from Qatar.

Britain’s Health Protection Agency, which helped to identify the new virus in September, said the newly reported case from Qatar was initially treated in October in Qatar but then transferred to Germany, and has now been discharged.

Coronaviruses are typically spread like other respiratory infections, such as flu, travelling in airborne droplets when an infected person coughs or sneezes.

The WHO said investigations were being conducted into the likely source of the infection, the method of exposure, and the possibility of human-to-human transmission of the virus.

“Close contacts of the recently confirmed cases are being identified and followed-up,” it said.

It added that so far, only the two most recently confirmed cases in Saudi Arabia were epidemiologically linked – they were from the same family, living in the same household.

“Preliminary investigations indicate that these two cases presented with similar symptoms of illness. One died and the other recovered,” the WHO’s statement said.

Two other members of the same family also suffered similar symptoms of illness, and one died and the other is recovering. But the WHO said laboratory test results on the fatality were still pending, and the person who is recovering had tested negative for the new coronavirus.

The virus has no formal name, but scientists at the British and Dutch laboratories where it was identified refer to it as “London1_novel CoV 2012″.

The WHO urged all its member states to continue surveillance for severe acute respiratory infections.

“Until more information is available, it is prudent to consider that the virus is likely more widely distributed than just the two countries which have identified cases,” it said.

(Editing by Alison Williams)

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Crisis over president's powers exposes Egypt divisions

CAIRO (Reuters) - Youths clashed with police in Cairo on Saturday as protests at new powers assumed by President Mohamed Mursi stretched into a second day, confronting Egypt with a crisis that has exposed the split between newly empowered Islamists and their opponents.

A handful of hardcore activists hurling rocks battled riot police in the streets near Tahrir Square, where several thousand protesters massed on Friday to demonstrate against a decree that has rallied opposition ranks against Mursi.

Following a day of violence in Cairo, Alexandria, Port Said and Suez, the smell of teargas hung over the square, the heart of the uprising that swept Hosni Mubarak from power in February 2011.

More than 300 people were injured on Friday. Offices of the Muslim Brotherhood, which propelled Mursi to power, were attacked in at least three cities.

Egypt's highest judicial authority said the decree marked an "unprecedented attack" on the independence of the judiciary, the state news agency reported.

Leftist, liberal and socialist parties have called for an open-ended sit-in with the aim of "toppling" the decree which has also drawn statements of concern from the United States and the European Union. A few dozen activists manning makeshift barricades kept traffic out of the square on Saturday.

Calling the decree "fascist and despotic", Mursi's critics called for a big protest on Tuesday against a move they say has revealed the autocratic impulses of a man jailed by Mubarak, who outlawed Mursi's Muslim Brotherhood.

"We are facing a historic moment in which we either complete our revolution or we abandon it to become prey for a group that has put its narrow party interests above the national interest," the liberal Dustour Party said in a statement.

Issued late on Thursday, the decree marks an effort by the Mursi administration to consolidate its influence after it successfully sidelined Mubarak-era generals in August.

The decree reflects the Muslim Brotherhood's suspicion towards sections of a judiciary unreformed from Mubarak's days: it guards from judicial review decisions taken by Mursi until a new parliament is elected in a vote expected early next year.

It also shields the assembly writing Egypt's new constitution from a raft of legal challenges that have threatened the Islamist-dominated assembly with dissolution.

The Mursi administration has defended the decree on the grounds that it aims to speed up a protracted transition from Mubarak's rule to a new system of democratic government.

"It aims to sideline Mursi's enemies in the judiciary and ultimately to impose and head off any legal challenges to the constitution," said Elijah Zarwan, a fellow with The European Council on Foreign Relations.

"We are in a situation now where both sides are escalating and its getting harder and harder to see how either side can gracefully climb down," Zarwan said.

"INTIFADA"

A central element of Egypt's transition, the drafting of the constitution has been plagued by divisions between Islamists and their more secular-minded opponents, nearly all of whom have withdrawn from the body writing the document.

Mursi's new powers allowed him to replace the prosecutor general - a Mubarak holdover who the new president had tried to replace in October only to kick up a storm of protest from the judiciary, which said he had exceeded his authorities.

At an emergency meeting called to discuss the decree, the Supreme Judicial Council, Egypt's highest judicial authority, urged "the president of the republic to distance this decree from everything that violates the judicial authority".

Al-Masry Al-Youm, one of Egypt's most widely read dailies, hailed Friday's protest as "The November 23 Intifada", invoking the Arabic word for uprising. "The people support the president's decisions," declared Freedom and Justice, the newspaper run by the Brotherhood's political party.

The ultraorthodox Salafi Islamist groups that have been pushing for tighter application of Islamic law in the new constitution have rallied behind the decree.

The Nour Party, one such group, stated its support for the Mursi decree. Al-Gama'a al-Islamiya, which carried arms against the state in the 1990s, said it would save the revolution from what it described as remnants of the Mubarak regime.

Facing the biggest storm of criticism since he won the presidential election in June, Mursi addressed his supporters outside the presidential palace on Friday. He said opposition did not worry him, but it had to be "real and strong".

Candidates defeated by Mursi in the presidential vote joined the protests against his decision on Friday. Former Arab League Secretary General Amr Moussa was photographed linking arms with leftist Hamdeen Sabahi, liberal Mohamed ElBaradei and others.

Mursi is now confronted with a domestic crisis just as his administration won international praise for mediating an end to the eight-day war between Israel and Palestinians in the Gaza Strip.

"The decisions and declarations announced on November 22 raise concerns for many Egyptians and for the international community," State Department spokeswoman Victoria Nuland said in a statement.

The European Union urged Mursi to respect the democratic process, while the United Nations expressed fears about human rights.

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Egypt protesters attack Mursi's party offices

CAIRO (Reuters) - Protesters stormed the headquarters of the Muslim Brotherhood's party in Alexandria on Friday, throwing chairs and books into the street and setting them alight, after the Egyptian president granted himself sweeping new powers.

Supporters of President Mohamed Mursi and opponents also threw stones at each other near a mosque in the city, Egypt's second largest, a witness said.

Two cars had glass smashed as the clashes moved away from the area.

In Port Said, another port on the Mediterranean, hundreds of protesters gathered outside the Brotherhood's Freedom and Justice party headquarters and pelted it with rocks. Some tried to storm it but did not enter, another witness said.

In Cairo, thousands demonstrated against the decree issued on Wednesday night.

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Bank of Canada keeps “over time” condition on rate hike

OTTAWA (Reuters) – Bank of Canada Deputy Governor Tim Lane repeated on Wednesday the central bank‘s message that interest rate increases will likely be needed, but only over time.

The “over time” phrase was introduced in the bank’s key guidance in its rate statement on October 23 as a way of signaling that while the next rate move is likely to be up, such a move was less imminent than it had been.

“Over time, some gradual withdrawal of monetary policy stimulus will likely be required, consistent with achieving the inflation-control target,” Lane said, according to a prepared presentation he was giving on Wednesday in Moncton, New Brunswick.

Another part of the presentation, which was posted on the central bank’s website, noted: “The Canadian economy continues to operate with a small amount of excess supply.”

The Bank of Canada is alone in the Group of Seven leading industrialized countries in signaling an intention to raise rates despite expectations of modest and unbalanced global growth.

Lane forecast “very robust growth” in emerging markets, stagnation in Europe and significant dampening of U.S. growth due to fiscal consolidation. He said Canada‘s real gross domestic product was still expected to grow at a moderate pace.

(Reporting by Randall Palmer; Editing by Jeffrey Hodgson; and Peter Galloway)

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Fitch cuts Sony, Panasonic debt ratings to “junk” status

TOKYO (Reuters) – Ratings agency Fitch downgraded the debt ratings of Japan’s Sony Corp and Panasonic Corp to “junk” status citing weakness in their consumer electronics and TV operations, further diminishing the luster of the once-great Japanese brands.

The cut to below investment grade, the first by a ratings firm, comes as the floundering Japanese tech giants face weak demand and fierce competition from Apple Inc and Samsung Electronics.

A strong yen and bumps in China, where growth has slowed and Japanese goods have been targeted in sometimes violent protests recently, have also weighed on their earnings.

The two companies, along with Sharp Corp, racked up combined losses of $ 20 billion last year, leading them to axe jobs, sell assets and close facilities.

“Both Sony and Panasonic are struggling to generate operating profits, but each is restructuring and I don’t envision the current situation continuing,” said Masahi Oda, Chief Investment Officer at Sumitomo Mitsui Trust Bank.

“A collapse of their core business would be a problem, but we are not at the point yet, and to me Fitch looks too negative,” Oda added.

Fitch downgraded Sony by three notches to BB-minus from BBB- minus, saying meaningful recovery will be slow. The move came after Sony, the maker of PlayStation game consoles and Vaio laptops, last week announced plans to raise 150 billion yen ($ 1.82 billion) through the sale of convertible bonds.

“Fitch believes that continuing weakness in the home entertainment and sound and mobile products and communications segments will offset the relatively stable music and pictures segments and improvement in the devices segment which makes semiconductors and components,” it said in statement.

In a separate statement, Fitch cut Panasonic to BB from BBB-minus, a two-notch downgrade, citing weakened competitiveness in its TVs and display panels as well as weak cash generation from its operations. It has a negative outlook on both the companies.

The downgrade sent Sony’s five-year credit default swaps (CDS), insurance-like contracts against debt default or restructuring, 5 basis points wider to 382.5/402.5 basis points.

Panasonic’s CDS for the same maturity were quoted at 295/315 basis points, 15 basis points wider than in Thursday morning Asian trade.

Standard & Poor’s rates the two consumer electronics makers at BBB, the second lowest of the investment grade, while Moody’s Investors Service has Baa3 on them, the lowest of the high-grade category.

With two of the three major ratings agencies still having the two companies as investment grade, institutional investors won’t face too great a pressure to cut their debt holdings in them, analysts said.

SONY SHARES TUMBLE

Sony shares shed 4.4 percent in Frankfurt on Thursday. The shares ended 1.8 percent higher at 834 yen in Tokyo before the Fitch announcement, trading not too far from their 32-year closing low of 793 yen hit on November 15. Sony stock is down 40 percent so far this year.

Panasonic shares were down 0.6 percent in Frankfurt in low volume. The stock inched up 0.7 percent to close at 407 yen in Tokyo trading, near its 34-year closing low of 385 yen reached on November 13.

Last month, Panasonic cut its forecast and warned it will lose close to $ 10 billion in the year to March, as it writes off billions of yen in tax-deferred assets and goodwill related to its mobile phone, solar panel and small lithium battery businesses.

Ahead of its earnings revision, Panasonic won $ 7.6 billion in loan commitments in October from banks including Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group, a funding backstop it says will help it avoid having to seek capital from credit markets.

Sony made a small operating profit in the July-September quarter, helped by the sale of a non-core chemicals business, and kept its forecast for a full-year profit of $ 1.63 billion.

(Additional reporting by Dominic Lau in Tokyo and Umesh Desai in Hong Kong; Editing by Muralikumar Anantharaman)

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