More than 350 African migrants intercepted off Italy












ROME (Reuters) – Italian coastguards said they had intercepted and picked up 358 African migrants attempting to reach Italy in two overcrowded vessels on Saturday.


Two hundred and thirty-five of the migrants from sub-Saharan Africa were travelling in a rickety wooden boat and the other 123 were spotted on a rubber dinghy, said the coastguards.












A coastguard spokesman, who was unable to give any information on where the vessels departed from, said the migrants were all in decent health and were being transported to reception centres.


Italy has borne the brunt of clandestine seaborne migration to southern Europe that has ebbed and flowed for several years. Migrants say they are attracted by the prospect of a better life in Europe.


Most migrants risk the voyage across the Mediterranean Sea in small and overcrowded fishing boats. Thousands have died as a result of shipwreck, harsh conditions at sea or a lack of food and water.


(Reporting By Catherine Hornby; Editing by Ralph Gowling)


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Defeated Sierra Leone opposition says election flawed












FREETOWN (Reuters) – Sierra Leone’s main opposition party on Saturday attacked the credibility of a poll that saw incumbent President Ernest Bai Koroma elected to a second term in an outright victory.


The dispute risks tarnishing a vote deemed free and fair by observers and that many hope will help pave the way for an economic revival of the war-scarred West African nation.












Koroma’s main challenger Julius Maada Bio, a former military junta leader, said “systemic and widespread irregularities, malpractices and injustices … undermined the credibility of the results.”


While the SLPP stopped short of rejecting the results outright, a top party official said the chances it would accept its defeat when the party’s leadership meets on Tuesday were slim.


“It’s very unlikely. Our membership are very strong-hearted about it,” the SLPP’s national secretary general Banja Tejan-Sie told Reuters.


While analysts predicted ethnic loyalties would make it hard to secure the 55 percent of votes required for a first round victory in the November 15 election, Koroma and his All People’s Congress party won outright with 58.7 percent.


Bio garnered 37.4 percent of votes in a high turnout for the election, the third national poll since the end of a 1991-2002 civil war that made Sierra Leone notorious as a “blood diamonds” battleground for rebels and child soldiers.


At stake was the job of overseeing billions of dollars of investment in a natural resources boom with the potential to lift the gold, oil and iron-rich country from poverty.


Iron-ore shipments by British companies African Minerals and London Mining are expected to help the economy achieve 20 percent growth this year, below original forecasts of more than 50 percent, but still one of the highest growth rates on the planet.


While a large European Union observer mission said the advantage of incumbency meant the electoral playing field was skewed in favour of Koroma, it and other observers called the process free and fair.


More than 9,000 polling stations catered to the country of 5.5 million voters on election day.


In a statement released before the results on Friday, electoral commission chief Christiania Thorpe said recounts took place in 173 polling stations, however over-voting was only found to have occurred in five.


“It is mathematically impossible for the number of ballots in the ballot boxes to be recounted to impact the outcome of the presidential election,” the statement read.


Koroma’s spokesman Unisa Sesay said on Saturday that the poll result was credible and the NEC had thoroughly investigated the SLPP’s complaints.


“It’s not only Sierra Leoneans who are saying it,” he said. “Don’t forget that these are the elections that have been most comprehensively observed for a very long time.”


(Editing by Joe Bavier)


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Egypt reformist warns of turmoil from Morsi decree












CAIRO (AP) — Prominent Egyptian democracy advocate Mohammed ElBaradei warned Saturday of increasing turmoil that could potentially lead to the military stepping in unless the Islamist president rescinds his new, near absolute powers, as the country’s long fragmented opposition sought to unite and rally new protests.


Egypt‘s liberal and secular forces — long divided, weakened and uncertain amid the rise of Islamist parties to power — are seeking to rally themselves in response to the decrees issued this week by President Mohammed Morsi. The president granted himself sweeping powers to “protect the revolution” and made himself immune to judicial oversight.












The judiciary, which was the main target of Morsi’s edicts, pushed back Saturday. The country’s highest body of judges, the Supreme Judical Council, called his decrees an “unprecedented assault.” Courts in the Mediterranean city of Alexandria announced a work suspension until the decrees are lifted.


Outside the high court building in Cairo, several hundred demonstrators rallied against Morsi, chanting, “Leave! Leave!” echoing the slogan used against former leader Hosni Mubarak in last year’s uprising that ousted him. Police fired tear gas to disperse a crowd of young men who were shooting flares outside the court.


The edicts issued Wednesday have galvanized anger brewing against Morsi and the Muslim Brotherhood, from which he hails, ever since he took office in June as Egypt’s first freely elected president. Critics accuse the Brotherhood — which has dominated elections the past year — and other Islamists of monopolizing power and doing little to bring real reform or address Egypt’s mounting economic and security woes.


Oppositon groups have called for new nationwide rallies Tuesday — and the Muslim Brotherhood has called for rallies supporting Morsi the same day, setting the stage for new violence.


Morsi supporters counter that the edicts were necessary to prevent the courts, which already dissolved the elected lower house of parliament, from further holding up moves to stability by disbanding the assembly writing the new constitution, as judges were considering doing. Like parliament was, the assembly is dominated by Islamists. Morsi accuses Mubarak loyalists in the judiciary of seeking to thwart the revolution’s goals and barred the judiciary from disbanding the constitutional assembly or parliament’s upper house.


In an interview with a handful of journalists, including The Associated Press, Nobel Peace laureate ElBaradei raised alarm over the impact of Morsi’s rulings, saying he had become “a new pharaoh.”


“There is a good deal of anger, chaos, confusion. Violence is spreading to many places and state authority is starting to erode slowly,” he said. “We hope that we can manage to do a smooth transition without plunging the country into a cycle of violence. But I don’t see this happening without Mr. Morsi rescinding all of this.”


Speaking of Egypt’s powerful military, ElBaradei said, “I am sure they are as worried as everyone else. You cannot exclude that the army will intervene to restore law and order” if the situation gets out of hand.


But anti-Morsi factions are chronically divided, with revolutionary youth activists, new liberal political parties that have struggled to build a public base and figures from the Mubarak era, all of whom distrust each other. The judiciary is also an uncomfortable cause for some to back, since it includes many Mubarak appointees who even Morsi opponents criticize as too tied to the old regime.


Opponents say the edicts gave Morsi near dictatorial powers, neutering the judiciary when he already holds both executive and legislative powers. One of his most controversial edicts gave him the right to take any steps to stop “threats to the revolution,” vague wording that activists say harkens back to Mubarak-era emergency laws.


Tens of thousands of people took to the streets in nationwide protests on Friday, sparking clashes between anti-and pro-Morsi crowds in several cities that left more than 200 people wounded.


On Saturday, new clashed broke out in the southern city of Assiut. Morsi opponents and members of the Muslim Brotherhood swung sticks and threw stones at each other outside the offices of the Brotherhood‘s political party, leaving at least seven injured.


ElBaradei and a six other prominent liberal leaders have announced the formation of a National Salvation Front aimed at rallying all non-Islamist groups together to force Morsi to rescind his edicts.


The National Salvation Front leadership includes several who ran against Morsi in this year’s presidential race — Hamdeen Sabahi, who finished a close third, former foreign minister Amr Moussa and moderate Islamist Abdel-Moneim Aboul-Fotouh. ElBaradei says the group is also pushing for the creation of a new constitutional assembly and a unity government.


ElBaradei said it would be a long process to persuade Morsi that he “cannot get away with murder.”


“There is no middle ground, no dialogue before he rescinds this declaration. There is no room for dialogue until then.”


The grouping seems to represent a newly assertive political foray by ElBaradei, the former chief of the U.N. nuclear watchdog agency. ElBaradei returned to Egypt in the year before Mubarak’s fall, speaking out against his rule, and was influential with many of the youth groups that launched the anti-Mubarak revolution.


But since Mubarak’s fall, he has been criticized by some as too Westernized, elite and Hamlet-ish, reluctant to fully assert himself as an opposition leader.


The Brotherhood‘s Freedom and Justice political party, once headed by Morsi, said Saturday in a statement that the president’s decision protects the revolution against former regime figures who have tried to erode elected institutions and were threatening to dissolve the constitutional assembly.


The Brotherhood warned in another statement that there were forces trying to overthrow the elected president in order to return to power. It said Morsi has a mandate to lead, having defeated one of Mubarak’s former prime ministers this summer in a closely contested election.


Morsi’s edicts also removed Abdel-Meguid Mahmoud, the prosecutor general first appointed by Mubarak, who many Egyptians accused of not prosecuting former regime figures strongly enough.


Speaking to a gathering of judges cheering support for him at the high court building in Cairo, Mahmoud warned of a “vicious campaign” against state institutions. He also said judicial authorities are looking into the legality of the decision to remove him — setting up a Catch-22 of legitimacy, since under Morsi’s decree, the courts cannot overturn any of his decisions.


“I thank you for your support of judicial independence,” he told the judges.


“Morsi will have to reverse his decision to avoid the anger of the people,” said Ahmed Badrawy, a labor ministry employee protesting at the courthouse. “We do not want to have an Iranian system here,” he added, referring to fears that hardcore Islamists may try to turn Egypt into a theocracy.


Several hundred protesters remained in Cairo’s Tahrir Square Saturday, where a number of tents have been erected in a sit-in following nearly a week of clashes with riot police.


____


Brian Rohan contributed to this report from Cairo.


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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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Secret message found with carrier pigeon may never be deciphered












 Secret message found with carrier pigeon may never be decipheredBritish man finds carrier pigeon skeleton in his fireplace with unbreakable secret code (Reuters)


Before military forces had secure cell phones and satellite communications, they used carrier pigeons. The highly trained birds delivered sensitive information from one location to another during  World War II. Often, the birds found the intended recipient. But not always.












A dead pigeon was recently discovered inside a chimney in Surrey, England. There for roughly 70 years, the bird had a curious canister attached to its leg. Inside was a coded message that has stumped the experts.


The code features a series of 27 groups of five letters. According to Reuters, nobody from Britain’s Government Communications Headquarters has been able to decipher it. The message was sent by a Sgt. W. Scott to someone or something identified as “Xo2.”


A spokesperson remarked, “Although it is disappointing that we cannot yet read the message brought back by a brave carrier pigeon, it is a tribute to the skills of the wartime code-makers that, despite working under severe pressure, they devised a code that was indecipherable both then and now.”


The bird was discovered by a homeowner doing renovations earlier this month. In an interview with Reuters, David Martin remarked that bits of birds kept falling from the chimney. Eventually, Margin saw the red canister and speculated that it might contain a secret message. And it seems as if the message will always be secret.


Carrier pigeons played a vital role in wars due to their incredible homing skills. All told, U.K. forces used about 250,000 of the birds during World War II.


Wireless News Headlines – Yahoo! News


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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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EU budget talks end without deal













The Brussels summit has ended without agreement on the 27-strong union’s next seven-year budget.












A BBC correspondent says another meeting will have to be called to sort out the difficulties but it is unclear how differences will be resolved.


European Council chief Herman Van Rompuy said he was confident a deal would be reached early next year.


Hours of talks failed to bridge big gaps between richer countries and those which rely most on EU funding.


The UK said current EU spending levels must be frozen.


Continue reading the main story

Start Quote



Angela Merkel and I both agreed that it would be better to take some time out”



End Quote Francois Hollande French president


The EU’s divisions are very clear and have become even more stark at a time of economic crisis, says the BBC’s Chris Morris in Brussels.


Mr Van Rompuy had reshuffled the allocations in his original proposed budget during the summit, but he kept in place a spending ceiling of 973bn euros (£783bn; $ 1.2tn).


With the eurozone’s dominant states, Germany and France, unable to agree on the budget, UK Prime Minister David Cameron had warned against “unaffordable spending”.


The failure to decide on a budget came just days after the finance ministers of the 17 eurozone states failed to agree on conditions for releasing a new tranche of bailout money to Greece, raising questions about the union’s decision-making process.


‘No threats’


Mr Van Rompuy’s budget had been unacceptable to a number of other countries, not just Britain, Mr Cameron told reporters.


Continue reading the main story

Analysis


The summit laid bare clear divisions between richer northern countries in the EU, and the poorer south and east. It mirrored the divide that has emerged in the eurozone between northern creditors and southern debtors.


But the uneasy relationship between France and Germany also played a role – when they don’t agree, things tend to move slowly. Germany wanted further cuts in the budget proposal – not as many as Britain and others – but cuts all the same.


France on the other hand, supported by Italy and Spain, was keen to defend the EU’s biggest spending projects.


So striking a deal at a second summit in the New Year won’t be at all easy. But there are two reasons to think that it might succeed.


One is that failure to reach an agreement would mean the EU falling back on more expensive annual budgets.


The other is that many people are keen to avoid a prolonged budget stalemate, which could divert attention from other more important issues – notably the need to take more steps to resolve the crisis in the eurozone.



“Together, we had a very clear message: ‘We are not going to be tough on budgets at home just to come here and sign up to big increases in European spending’,” he said.


“We haven’t got the deal we wanted but we’ve stopped what would have been an unacceptable deal,” he added. “And in European terms I think that goes down as progress.”


German Chancellor Angela Merkel said she was sympathetic towards Mr Cameron’s view – but no more than she was to all countries involved in the discussion.


“The discussions, both the bilateral discussions and the common discussion, have shown us that there is sufficient potential for an agreement,” she added.


French President Francois Hollande said the summit had made “progress”.


“There were no threats, no ultimatums,” he told reporters. “Angela Merkel and I both agreed that it would be better to take some time out because we want there to be an agreement.”


Without naming the UK, he also said it was time the system of budget rebates was reconsidered.


“It is a paradox, because some net contributors [EU countries that pay in more than they get back] get some of the money back even though they are in a situation where they are wealthy enough for them not to get this money back,” he said.


Lithuanian President Dalia Grybauskaite remarked that the atmosphere at the summit had been “surprisingly good because the divergence in opinions was so large that there was nothing to argue about”.


European Commission chief Jose Manuel Barroso said the talks had failed owing to “important differences of opinion – especially in overall size of the budget”.


Revisions


The Commission, which drafts EU laws, had originally called for a budget of 1.025tn euros.




UK Prime Minister David Cameron: “We still believe a deal is do-able”



Its position was supported by the European Parliament and many countries which are net beneficiaries, including Poland, Hungary and Spain.


While most EU members supported some increase in the budget, several, mostly the big net contributors, argued it was unacceptable at a time of austerity.


Germany, the UK, France and Italy are the biggest net contributors to the budget, which amounts to about 1% of the EU’s overall GDP.


Mr Van Rompuy’s revised budget would have softened the blow to the two main areas of spending: development in the EU’s poorer regions, and agriculture.


Instead, there would have been greater cuts to energy, transport, broadband and the EU’s foreign service.


His proposal, put to leaders on Thursday evening, would have made no change to the level of administrative costs – something the UK might have found unacceptable.


Speaking after the summit, Mr Van Rompuy said: “My feeling is that we can go further… It has to be balanced and well prepared, not in the mood of improvisation, because we are touching upon jobs, we are touching upon sensitive issues.”


Failure to agree on the budget by the end of next year would mean rolling over the 2013 budget into 2014 on a month-by-month basis, putting some long-term projects at risk.


Analysts say that could leave the UK in a worse position, because the 2013 budget is bigger than the preceding years of the 2007-2013 multi-year budget.


BBC News – Business


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Country singer Kristofferson looks to end of road












GENEVA (Reuters) – Kris Kristofferson — Oxford scholar, athlete, U.S. Army helicopter pilot, country music composer, one-time roustabout, film actor, singer, lover of women, three times a husband and father of eight — seems ready to meet his maker.


At least, that was the clear impression he left with an audience of middle-aged-and-upwards fans at a concert in Geneva this week, a message underscored by his 28th and latest album, “Feeling Mortal” and its coffin-dark cover.












At a frail-looking 76, his ample beard more straggly than ever and his always gravel-laden voice gasping out the familiar lyrics of his great classics from “Bobby McGee” to “Rainbow Again”, the hereafter appears at the front of his mind.


“I’ve begun to soon descend, like the sun into the sea,” runs the title song of the new CD.


On the stage without backing group in Geneva, the first leg of a solo European tour to promote the disc from his own record company, “God” trips off his lips like a punctuation mark.


Even the old songs that made him — as well as other country artists like Willy Nelson, Johnny Cash, and his one-time girl-friend Janis Joplin — internationally famous, sound shaped by the fading voice to underscore a spiritual dimension.


“Sunday Morning Coming Down” emerges less as an ode to elderly loners facing old age without family and children and more as a call to prepare for the next life.


Religiosity was never that far from Kristofferson, son of a major-general in the U.S. Air Force, grandson of a Swedish army officer and in the 1ate 1950s a Rhodes Scholar in English Literature at England’s Oxford University.


CRUCIFIXION


In the 1971 “Jesus was a Capricorn” he predicts the Christian savior would be crucified again if he came back preaching peace and love among all races and creeds.


In the new album, “Ramblin’ Jack” is semi-autobiographical — a song about a wandering singer “with a face like a tumbled-down shack” of “wild and righteous, wicked ways” who “ain’t afraid of where he’s goin’.”


Kristofferson is adored by many believers, probably the vast majority of U.S. country fans and performers. But his fans among the unreligious and the atheists were also happy just to relish the poetry of his lyrics and the idiosyncrasy of his voice.


In Geneva, despite its Calvinist past as secular today as any major European city, the ageing 1,000-odd audience in a theatre seating twice that number, were certainly ready to enjoy anything he gave them.


They cheered and applauded his political declaration, an aside injected after a song line: “nobody wins.” “But somebody has just won. Obama won, so the whole world has won!” he rasped, waving his electric guitar in the air.


SELF-MOCKERY


They loved his self-mockery when, overcome briefly by a sniffle and pulling a blue bandana — cousin of the red one in “Bobby McGee”? — from his jeans pocket, he asked them if they minded having paid $ 100 “to watch an old fart blow his nose.”


And they laughed with him when — in the full flood of lyrics on the pleasure of being around “a lot of lovely girls in the best of all possible worlds — he confided: “I wrote this song a LONG time ago.”


His 22-year-old angel-faced daughter Kelly, a banjoist and vocalist, joined him on stage for a handful of numbers, while in the hall outside son Jesse manned a stall selling the new CD and the black “Feeling Mortal Tour” t-shirts.


Children — their dreams and the dreams of their parents for them — have also long been a central theme of his music.


“I wrote this for my little girl,” he says of a father’s song pledging he will be “forever there” for a daughter through life, and after. “Spread your wings,” he tells her.


More prosaically, he recalls a rebuke from Jesse at age five over his 1970s hit: “The Silver-Tongued Devil”: “That’s a bad song. You’re blaming all your troubles on someone else.”


After the concert, the Kristofferson family left for Zurich and Vienna to continue the tour. “This may be our last goodbye,” he sang in a final song. “We may not pass this way again.”


“We’ll miss you,” called a voice from the audience.


(Reported by Robert Evans)


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Sony at greater risk than Panasonic in electronics downturn: Fitch












TOKYO (Reuters) – Panasonic Corp has a better chance than rival Sony Corp of surviving Japan‘s consumer electronics slump because of its unglamorous but stable appliance business of washing machines and fridges, credit rating agency Fitch said Friday.


Fitch cut Panasonic‘s rating by two notches to BB and Sony three notches to BB minus on Thursday, the first time one of the three major ratings agencies have put the creditworthiness of either company into junk-bond territory.












Rival agencies Moody’s and S&P rate both of Japan’s consumer electronic giants at the same level, just above junk status. Moody’s last cut its rating on Panasonic on Tuesday.


Panasonic “has the advantage of a relatively stable consumer appliance business that is still generating positive margins”, Matt Jamieson, Fitch’s head of Asia-Pacific, said in a conference call on Friday to explain its ratings downgrades.


But at Sony, he added, “most of their electronic business are loss making, they appear to be overstretched.”


Japan’s TV industry has been bested by cheaper, more innovative models from Samsung Electronics and other foreign rivals, while tablets and smartphones built by Apple Inc have become the dominant consumer electronics devices.


Investors are focusing on the fate of Sony and Panasonic after another struggling Japanese consumer electronics firm, Sharp Corp, maker of the Aquos TV, secured a $ 4.6 billion bail-out by banks including Mizuho Financial Group and Mitsubishi UFJ Financial Group.


Sony and Panasonic have chosen divergent survival paths.


Panasonic, maker of the Viera TV, is looking to expand its businesses in appliances, solar panels, lithium batteries and automotive components. Appliances amount to around only 6 percent of the company’s sales, but they generate margins of more than 6 percent and make up a big chunk of operating profit.


Sony, creator of the Walkman, is doubling down on consumer gadgets in a bid to regain ground from Samsung and Apple in mobile devices while bolstering digital cameras and gaming.


The latest downgrades will curtail the ability of both Japanese companies to raise money in credit markets to help fund restructurings of their business portfolios.


For now, however, that impact is limited, given the support Panasonic and Sony are receiving from their banks.


In October, Panasonic, which expects to lose $ 10 billion in the year to March 31, secured $ 7.6 billion of loan commitments from banks including Sumitomo Mitsui Financial Group and Mitsubishi UFJ, a financing backstop it says will help it avoid having to seek capital in credit markets.


Sony, which has forecast a full-year profit of $ 1.63 billion helped by the sale of a chemicals business to a Japanese state bank, announced plans to raise $ 1.9 billion through a convertible bond before the latest rating downgrade.


Thomson Reuters’ Starmine structural model, which evaluates market views of credit risk, debt levels and changes in asset values gives Panasonic and Sony an implied rating of BB minus. Sharp’s implied rating is three notches lower at B minus.


Standard & Poor’s rates Panasonic and Sony at BBB, the second lowest of the investment grade, while Moody’s Investors Service has them on Baa3, the lowest of its high-grade category. Moody’s has a negative outlook for both firms while S&P sees a stable outlook for Panasonic and a negative one for Sony.


Stock markets in Japan were closed on Friday for a national holiday.


(Reporting by Tim Kelly; Editing by Mark Bendeich)


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Rejected Beatles audition tape appears at auction












LONDON (Reuters) – The Beatles audition tape rejected by a record label executive in arguably the biggest blunder in pop history has resurfaced and will go on sale at a London auction next week.


Ted Owen of The Fame Bureau, an auction house specializing in pop memorabilia, said the 10-song tape was recorded on New Year’s Day, 1962, at label Decca‘s studios in north London.












Paul McCartney, John Lennon, George Harrison and Pete Best – who would later be replaced on drums by Ringo Starr – performed up to 15 songs at the session, 10 of which appear on the tape to be sold on November 27.


The band members had been driven from Liverpool to London the night before, and, despite getting lost on the way managed to get to the studios in time for the infamous session paid for by their manager Brian Epstein.


Decca’s senior A&R (artists and repertoire) representative Dick Rowe, who later became known as “the man who turned down the Beatles“, decided against signing them in favor of Brian Poole & The Tremeloes who also auditioned that day.


“Guitar groups are on their way out, Mr. Epstein,” he is widely quoted as saying.


Rowe did, however, sign the Rolling Stones, who went on to become one of the biggest acts in British rock, and experts dispute whether it was him or a more junior colleague who passed the Beatles over.


There are bootleg versions of the session in existence, but the “safety master”, or back-up tape, on offer at auction is unique, Owen said.


“The most important thing about this is the quality,” he told Reuters. “There are bootlegs out there, horrible bootlegs — some are at the wrong speed, others are crackily and taken from a cassette off an acetate (disc).


“This quality we have never heard.”


Despite its rarity, the tape has been estimated to fetch 18-20,000 pounds ($ 29-32,000), which Owen said had been set by the owner and was a “sensible” starting point.


He added that only a handful of collectors were likely to bid for the piece of pop history, and, given that the Beatles own the copyright through their company, a commercial record release based on the tape was extremely unlikely.


Marked as the “Silver Beatles”, which the “Fab Four” were briefly called, the tape comes with a hand-written track list and black-and-white photograph of the musicians posing in leather jackets that would be been used for the record sleeve.


Also on offer at the Popular Culture auction is a guitar used by Jimi Hendrix to play the bulk of his breakthrough set at the Monterey festival in California in 1967. The black Fender Stratocaster is expected to fetch 120-180,000 pounds.


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


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