Saturday, November 30, 2013

Colleague Letter: The Division of Earth Sciences (EAR) Employment Opportunity (Open Until Filled)

EAR 12-002

Dear Colleague Letter: The Division of Earth Sciences (EAR) Employment Opportunity

DATE: April 25, 2012

The Division of Earth Sciences (EAR), within the Directorate for Geosciences (GEO) at the National Science Foundation (NSF), announces a nationwide search for a geologist professional to fill the following positions:

Associate Program Director and Program Director positions for the following programs: Continental Dynamics, EarthScope, Education and Human Resources, Geobiology and Low-temperature Geochemistry, Geomorphology and Land Use Dynamics, Geophysics, Hydrologic Sciences, Instrumentation and Facilities, Petrology and Geochemistry, Sedimentary Geology and Paleobiology, and Tectonics.

Formal consideration of interested applicants will begin June 1, 2012 and will continue until selections are made.

NSF Program Directors bear the primary responsibility for carrying out the Foundation's overall mission to support innovative and merit-evaluated activities in fundamental research and education that contribute to the nation's technological strength, security and welfare. As an Associate Program Director and Program Director, you will play an instrumental role in NSF's mission to support innovative and merit-reviewed activities in basic research and education. To fulfill these responsibilities in the Division of Earth Sciences, requires knowledge in one or more of the areas of geobiology, geochemistry, the geologic environmental record, geomorphologic process analysis, geophysics, geosciences education, environmental systems, hydrology or tectonics and a commitment to high standards; receptivity to a breadth of new ideas; and good judgment. In this process, you will get unique opportunities to influence, and help lead, your scientific field.

Qualifications of a successful candidate include a Ph.D degree or equivalent in a relevant Geosciences discipline, an established record of research and education in a field appropriate to the position, and managerial experience in academe, industry or government, plus at least four years (Associate Program Director) / six years (Program Director) of successful research and research administration. The position requires effective oral and written communication skills; familiarity with NSF EAR programs and activities is highly desirable. The incumbent is expected to function effectively, both as an individual within specific NSF Programs, and as a member of crosscutting and interactive team in the Division of Earth Sciences and more broadly with other parts of the NSF. The applicant must also demonstrate a capability to work across government agencies to promote NSF activities and to leverage program funds through interagency collaborations.

Associate Program Director and Program Director positions recruited under this announcement may be filled with one of the following appointment options:

Intergovernmental Personnel Assignment (IPA) Act: Individuals eligible for an IPA assignment with a Federal agency include employees of State and local government agencies or institutions of higher education, Indian tribal governments, and other eligible organizations in instances where such assignments would be of mutual benefit to the organizations involved. Initial assignments under IPA provisions may be made for a period up to two years, with a possible extension for up to an additional two-year period. The individual remains an employee of the home institution and NSF provides the negotiated funding toward the assignee's salary and benefits. Initial IPA assignments are made for a one-year period and may be extended by mutual agreement. Under the provisions of the Intergovernmental Personnel Act (IPA), non-citizens may be considered as long as the individual is employed at an IPA-eligible institution.

Visiting Scientist Appointment: Appointment to this position will be made under the Excepted Authority of the NSF Act. Visiting Scientists are on non-paid leave status from their home institution and placed on the NSF payroll. NSF withholds Social Security taxes and pays the home institution's contributions to maintain retirement and fringe benefits (i.e., health benefits and life insurance), either directly to the home institution or to the carrier. Appointments are usually made for a one-year period and may be extended for an additional year by mutual agreement.

Temporary Excepted Service Appointment: Appointment to this position will be made under the Excepted Authority of the NSF Act. Candidates who do not have civil service or reinstatement eligibility will not obtain civil service status if selected. Candidates currently in the competitive service will be required to waive competitive civil service rights if selected. Usual civil service benefits (retirement, health benefits, and life insurance) are applicable for appointments of more than one year. Temporary appointments may not exceed three years.

For additional information on NSF's rotational programs please visit: https://www.nsf.gov/about/career_opps/rotators/

Applications will be accepted from U.S. Citizens. Due to a recent change in Federal Appropriations Law, only Non-Citizens who are permanent U.S. residents and actively seeking citizenship can be considered. Therefore, you are required to provide documentation that confirms you are actively seeking citizenship at the time you submit your application. Non-citizens who do not provide documentation will not be considered.

Individuals interested in applying for these positions should send a current CV and statement of interest to:

Dr. Wendy Harrison
Division Director
Division of Earth Science, Suite 785S
National Science Foundation
4201 Wilson Blvd.
Arlington, VA 22230
Fax: (703) 292-8571
Email: weharris@nsf.gov

NSF IS AN EQUAL OPPORTUNITY EMPLOYER COMMITTED TO EMPLOYING A HIGHLY QUALIFIED STAFF THAT REFLECTS THE DIVERSITY OF OUR NATION.


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Biological Science Administrator (Program Director), Division of Biological Infrastructure, Directorate for Biological Sciences, AD-0401-04 (Closes: 1/13/2014)

The responsibilities of the NSF Program Director are constantly evolving. The Program Director is guided by the goals of NSF's Strategic Plan: (1) enable the United States to uphold a position of world leadership in all aspects of science, mathematics, and engineering, (2) promote the discovery, integration, dissemination, and employment of new knowledge in service to society, and (3) achieve excellence in U.S. science, mathematics, engineering, and technology education at all levels. The core strategies NSF staff employ include developing intellectual capital, strengthening the physical infrastructure, integrating research and education, and promoting partnerships.

Responsibilities of the Program Director include, for example, long-range planning and budget development for the areas of science represented by the program or program cluster, the administration of the merit review process and proposal recommendations, the preparation of press releases, feature articles and material describing advances in the research supported, and coordination and liaison with other programs in NSF, other Federal agencies and organizations.

Additional duties and responsibilities include the following:

PROGRAM PLANNING AND MANAGEMENT
Maintains a healthy balance of support for all the needs of the research and education enterprise through program, division, directorate, Foundation, or interagency activities. Manages program resources to provide optimal appropriate scientific judgment to insure integrity and consistency in the grant/declination process without conflicts of interest, and with balance among appropriate sub-fields and institutions, and participation of all qualified scientists. Manages an effective, timely merit review process, with attention to increasing the size and quality of the reviewer pools and insuring participation by women, minorities and disabled scientists.Provides scientific expertise, evaluation and advice for other programs in NSF, including international programs, and other research programs, and cross-directorate programs.Advises and assists in the development of short-and-long range plans, establishing goals and objectives for support of research programs. Plans the budget for the program considering past, present and future fiscal years, allocates resources within the budget by distributing scarce resources among competitive projects, and manages post-award evaluation.Controls waste, fraud and abuse. REPRESENTATION, COMMUNICATION AND LEADERSHIP Represents the Program, Division and the Foundation within the scientific community, with other NSF Divisions, with other appropriate agencies and organizations, and with the public, accurately reflecting NSF policy and positions.Creates and maintains linkages to other NSF units and other Federal agencies in pursuit of the overall NSF mission.Participates in staff, panel, committee and other meetings, providing input relevant to program area and/or Division.Pursues affirmative action and Equal Employment Opportunity (EEO) goals.Pursues and/or is responsive to assignment on special projects and temporary function teams across the Foundation to solve problems, improve staff communication, and effect coordination for special programs.Contributes ideas and effort to improving the quality of policies and NSF's performance of the overall mission. Prepares and disseminates a variety of informational documents which may include data on progress being made toward NSF goals, trends and opportunities papers, and budget plans.PROFESSIONAL DEVELOPMENT Establishes contacts and maintains active involvement in Program and related areas through participation in professional activities.Maintains familiarity with salient current research developments. Pursues individual research as workload and travel funds permit.Expands administrative capabilities through training courses or assumption of new management.

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Dear Colleague Letter - Employment Opportunity for Broadening Participation in Engineering Program Director, Engineering Education and Centers Division (EEC)

EEC 13-001

Dear Colleague Letter - Employment Opportunity for Broadening Participation in Engineering Program Director, Engineering Education and Centers Division (EEC)

Date: March 14, 2013

The Engineering Education and Centers Division (EEC) in the Directorate for Engineering (ENG), announces a nationwide search for an individual to serve as Program Director for the Broadening Participation in Engineering Program (BPE). The rotational assignment will be made for one year, and it may be extended for additional years by mutual agreement. Formal consideration of interested applicants will begin April 1, 2013 and will continue until a selection is made. The selected applicant is expected to start between July 1, 2013 and September 30, 2013.

Through its funding portfolio, the BPE Program focuses on effective means of creating diverse pathways to engineering careers for all members of society, particularly those currently under-represented in the engineering workforce. The objective of the program is to improve the quality and diversity of the engineering workforce through targeted, systemic investments that achieve demonstrable short term and long term impact. The selected individual is expected to:

Develop the ENG broadening participation strategy to maximize the impact of ENG investments.Solicit, review, and effectively manage a portfolio of awards in broadening participation.Work with other experts internal and external to NSF to evaluate the long term impact of ENG’s broadening participation portfolio.Serve as a resource for ENG through their expertise on current scholarship and research for effective broadening participation strategies.Work closely with other program officers and administrative staff across the Engineering Directorate on methods to improve existing review, outreach, and other efforts to meet NSF goals of broadening participation.Participate in intra- and inter-agency broadening participation workgroups, as appropriate, to effectively leverage ENG investments

NSF Program Directors bear the primary responsibility for carrying out the overall mission of the agency. To discharge this responsibility requires not only knowledge in the appropriate disciplines, but also a commitment to high standards, a considerable breadth of interest and receptivity to new ideas, a strong sense of fairness, good judgment, and a high degree of personal integrity.

Required qualifications include a Ph.D. degree or equivalent professional experience in an engineering discipline, plus six or more years of successful research, research administration, and/or managerial experience in academe, industry, or government. The appointee is expected to have knowledge of research in an engineering discipline as well as the scholarship of broadening participation as evidenced by leading research efforts, scholarly publications in this area or other relevant measures. Experience in managing programs that enhance the recruitment, retention and successful career development of underrepresented groups in engineering and related disciplines is highly desirable. Leadership experience in engineering education or broadening participation efforts (departmental, college, university, societies, journals, etc.) is required. In addition, demonstrated achievements in classroom teaching and student advising are important attributes for the successful applicant. Also desirable are knowledge of the general scientific and engineering community and strong skills in written and oral communication. The appointee is expected to function effectively both within specific programs and as part of a team, contributing to and coordinating with offices throughout NSF and with other Federal and state government agencies and private sector organizations. The National Science Foundation especially encourages applications from women, persons with disabilities, and underrepresented minorities, as well as individuals from Minority Serving Institutions.

This position may be filled through one of the following appointment options:

Intergovernmental Personnel Assignment (IPA) Act: Individuals eligible for an IPA assignment with a Federal agency include employees of State and local government agencies or institutions of higher education, Indian tribal governments, and other eligible organizations in instances where such assignments would be of mutual benefit to the organizations involved. Initial assignments under IPA provisions may be made for a period up to two years, with a possible extension for up to an additional two-year period. The individual remains an employee of the home institution and NSF provides the negotiated funding toward the assignee's salary and benefits. Initial IPA assignments are made for a one-year period and may be extended by mutual agreement.

Visiting Scientist Appointment: Appointment to this position will be made under the Excepted Authority of the NSF Act. Visiting Scientists are on non-paid leave status from their home institution and placed on the NSF payroll. NSF withholds Social Security taxes and pays the home institution's contributions to maintain retirement and fringe benefits (i.e., health benefits and life insurance), either directly to the home institution or to the carrier. Appointments are usually made for a one-year period and may be extended for an additional year by mutual agreement.

Temporary Excepted Service Appointment: Appointment to this position will be made under the Excepted Authority of the NSF Act. Candidates who do not have civil service or reinstatement eligibility will not obtain civil service status if selected. Candidates currently in the competitive service will be required to waive competitive civil service rights if selected. Usual civil service benefits (retirement, health benefits, and life insurance) are applicable for appointments of more than one year. Temporary appointments may not exceed three years.

For additional information on NSF's rotator programs, please visit http://www.nsf.gov/about/career_opps/rotators/.

Applications will be accepted from US Citizens. Due to a recent change in Federal Appropriations Law, only Non-Citizens who are permanent US residents and actively seeking citizenship can be considered for Federal appointments (i.e., Visiting Scientists, Engineers and Educators (VSEE) program, Temporary Excepted Service). Therefore, you are required to provide documentation that confirms you are actively seeking citizenship at the time you submit your application. Non-citizens who do not provide documentation will be considered only for the IPA program.

Individuals interested in applying for this Program Director position should send a current CV and statement of interest to:

Engineering Education and Centers Division
National Science Foundation
4201 Wilson Blvd., Suite 585
Arlington, VA 22230
Phone: 703-292-8380
Attn: Dr. Theresa Maldonado, Division Director
Email: tmaldona@nsf.gov

NSF IS AN EQUAL OPPORTUNITY EMPLOYER COMMITTED TO EMPLOYING
A HIGHLY QUALIFIED STAFF THAT REFLECTS THE DIVERSITY OF OUR NATION.

View the original article here

Thursday, November 21, 2013

Champlain Ranked in Top Tier of Online Colleges by US News

We are very excited to announce that US News & World Report has ranked us in the top 25% of online colleges in the country!

It means that of the 237 colleges participating in the survey we ranked 54th.  

They ran the gamut from

·      private to public;

·      for-profit and non-profit;

·      small and large;

·      and all are regionally accredited.

US News considered the following factors:

·      Retention rates;

·      Graduation rates;

·      Indebtedness of students upon graduation.

And then ranked each college in three different categories:

·      Student engagement

·      Faculty credentials and training

·      Student services and technology.

We are so proud of our hard working staff, faculty and students who helped make this ranking a reality.

You can see the entire ranking, including the subcategories in each of those three main categories, at usnews.com/online-education.


View the original article here

A Degree PATHe As Unique As You Are

Every student wants to hear "graduate earlier" and "save money".

Two of the greatest challenges adult students face are time and money. To help reduce these barriers Champlain has developed PATHe (Personalized Access To Higher education). 

PATHe allows students to earn up to 90 credits toward a bachelor's degree through prior college learning and life experience; leaving potentially only ten upper-level courses (30 credits) to complete and earn their bachelor's degree.

For student John Clingerman of D4 eDiscovery, the new PATHe program is already paying off. "With PATHe, I'll graduate six months earlier - which will also save me thousands of dollars. My job often requires I put in long hours, gathering and interpreting digital forensic evidence for lawyers, so Champlain's online courses have been a godsend, allowing me to study whenever I have some quiet moments available"

To learn more about how PATHe can help you save time and money visit us at online.champlain.edu/pathe.


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EHR: Benefit or Bust?

The best healthcare decisions require the best clinical information.  Clearly, we have excellent computer technology.  We have excellent clinicians.  So why are the outcomes of EHR implementation so blurred ?
Creating systems that can utilize data to produce information that results in the best clinical outcomes is a complex process, requiring deep understanding of not only the capabilities of the technology, but also of the requirements of the clinicians.  So far, it has been difficult to align these related, yet distinct components of the HIT landscape to produce consistent, measurable results.

We need HIT leaders to sort this out, and provide a clear vision for the future. Following are two excellent articles about why you should be working in Health IT, and why doctors are divided over the benefit of electronic health records.


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Laugh, Smile, and Register...Maybe?

The summer heat can inspire a little wackiness at Champlain College, especially in the online division.

As we brainstormed ways to reach students not yet registered for fall we felt like nothing was really standing out. There was nothing "new" to catch their attention in this steamy summer weather. Then the idea for a parody of Carly Rae Jepsen's song "Call Me Maybe" was born, and the creative juices started flowing.

Enjoy the artistic stylings of some of our fun, creative staff as they bring you "Register, Maybe". Look out American Idol, there's a new show in town. Maybe.

And don't forget to register. Definitely.

If you have questions about our programs, or for more information about registering, or getting started with an application, contact us via email or 888-545-3459.

Quick! Do not Delay! Register NOW, before we make another video!


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VT Is Tops in Digital Forensics!

Thanks to DFI News for alerting us to this blog post about the “Top 5 States for Computer Forensics”. The post ranks Vermont as #2 in the country because of Champlain College. According to the blog:

2. Vermont

Vermont makes the list as it is home to Champlain College. This small, liberal arts institution was founded in 1878 and offers a Bachelor of Science in Computer and Digital Forensics, as well as a Master of Science in Digital Investigation Management. Both programs are highly ranked, and offer students real-world experience, and intensive training techniques.

Not only educating students, Champlain's Patrick Leahy Center for Digital Investigation provides computer forensics and digital investigation operational training, support and research, as well as other technical services that assist law enforcement in Vermont, and throughout the nation.

Read more here to see the entire piece, including who was ranked #1, and why.


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Champlain: Best Cyber Security Higher Ed Program in the U.S.A.

We have been waiting anxiously for this moment since December, and we are excited and proud to announce that we won!

SC Magazine named Champlain College the Best Cyber Security Higher Education Program in the United States last night at their annual awards ceremony in San Francisco, CA.

We originally wrote about this award in December when we received word we were one of four finalists. The other three finalists were the University of Maryland University College, Kennesaw State University, and Iowa State University.

Congratulations to all our faculty, staff, students and graduates who have made our programs a national leader in this field!

This national award is given to "The best cyber security undergraduate or higher education program which currently has a cyber security degree program. These are for schools throughout the United States and qualification is based on the quality of instruction, programs and how well these prepare students for the marketplace."

Champlain College has been educating digital forensics and information security students since 2002. The college was one of the first colleges in the country to offer a bachelor’s degree in digital forensics and information security, it was also one of the first (if not the very first) to offer that degree 100% online. Since that time we have expanded our portfolio to include two Master’s degree programs in Digital Forensics, also available 100% online. Champlain also has a partnership with ISFCE which allows us to offer a CCE Bootcamp to our students, online or on our campus, prepping them to sit for the CCE exam upon completion.

Champlain College is recognized by the National Institute of Justice, which identified our digital forensics degrees as Model Electronic Crime and Digital Investigation Programs, and the National Security Agency (NSA) and Department of Homeland Security which designated Champlain as a Center of Academic Excellence in Information Assurance Education. Champlain has proudly held those honors since 2004 and 2007 respectively.

Now in its 16th year, the SC Awards showcase the best solutions, services and professionals while recognizing achievement and technical excellence. SC Magazine distinguishes the achievements of the security professionals in the field, the innovations happening in the vendor and service provider communities and the fervent work of government, commercial and nonprofits. 


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Finalist for Best Cyber Security Higher Education Program!

We are VERY proud, and very excited, to announce that Champlain College has been named a 2013 SC Awards finalist in SC Magazine's Best Cyber Security Higher Education Program category. The winner will be announced on February 26; it is going to be a long 2 1/2 months!

This national award is given to "The best cyber security undergraduate or higher education program which currently has a cyber security degree program. These are for schools throughout the United States and qualification is based on the quality of instruction, programs and how well these prepare students for the marketplace."

Champlain College has been educating digital forensics and information security students since 2002. The college was one of the first colleges in the country to offer a bachelor’s degree in digital forensics and information security, it was also one of the first (if not the very first) to offer that degree 100% online. Since that time we have expanded our portfolio to include two Master’s degree programs in Digital Forensics, also available 100% online. Champlain also has a partnership with ISFCE which allows us to offer a CCE Bootcamp to our students, online or on our campus, prepping them to sit for the CCE exam upon completion.

Champlain College is recognized by the National Institute of Justice, which identified our digital forensics degrees as Model Electronic Crime and Digital Investigation Programs, and the National Security Agency (NSA) and Department of Homeland Security which designated Champlain as a Center of Academic Excellence in Information Assurance Education. Champlain has proudly held those honors since 2004 and 2007 respectively.

Now in its 16th year, the SC Awards showcase the best solutions, services and professionals while recognizing achievement and technical excellence. SC Magazine distinguishes the achievements of the security professionals in the field, the innovations happening in the vendor and service provider communities and the fervent work of government, commercial and nonprofits.

Congratulations to all our faculty, staff, students and graduates who have made our programs a national leader in this field!


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New Face of Higher Education

In a recent Huffington Post blog our own Jayson Boyers, executive director of the division of continuing professional studies, talks about the increasing focus in higher-ed on competency-based credits and online learning.

In his blog, Jayson discusses the value of both, but also cautions about focusing too much on them. "A college experience - whether taken in person or online - must include ways for students to connect with one another, offering opportunities to interact and relate through shared experiences."

Read the post in its entirety, "The New Face of Higher Education: Why "College-Lite" Simply Will Not Cut It."


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Program Director Named Fellow of ACHE

Michael has been named a Fellow of the American College of Healthcare Executives (ACHE), the nation's leading professional society for healthcare leaders.

Michael is program director and assistant professor of the healthcare administration and technology programs in the Division of Continuing Professional Studies. In his role Michael oversees the online bachelor's and master's degree programs in healthcare administration and health information technology.

What is a Fellow? According to ACHE "Fellow status represents achievement of the highest standard of professional development. In fact, only 6,500 healthcare executives hold this distinction. To obtain Fellow status candidates must fulfill multiple requirements, including passing a comprehensive examination, meeting academic and experiential criteria, earning continuing education credits and demonstrating professional/community involvement. Fellows are also committed to ongoing professional development and undergo recertification every three years."


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Tuesday, November 19, 2013

Private equity firm Advent offers $1.58 billion cash for UNIT4

AMSTERDAM Mon Nov 18, 2013 7:54am EST

AMSTERDAM (Reuters) - Advent International offered 1.2 billion euros ($1.6 billion) to take UNIT4 (UNI4.AS) private, which the Dutch business software firm said would help it speed up expansion without the pressures of being listed on the stock market.

UNIT4 shares jumped more than 8 percent to a high of 38.18 euros on Monday, just short of the 38.75 euro per share cash offer from Advent, a private equity firm that invests in technology and software businesses.

Advent's offer represents a 32 percent premium to UNIT4's shares on October 11, before the company said it had been approached by potential buyers.

The Dutch company, which competes with firms such as Germany's SAP (SAPG.DE) and U.S.-based Oracle Corp (ORCL.N), and Workday Inc (WDAY.N), provides cloud computing and other business software services - known as SaaS - for private and public-sector customers.

UNIT4 counts utility EDF Energy (EDF.PA), the City of Oslo and SEUR, the leading express courier firm in Spain and Portugal among its clients, according to its website.

"UNIT4 has the opportunity to become a global leader in mid-market ERP (enterprise resource planning)," Fred Wakeman, Managing Partner of Advent, said in a statement.

The company has more than 4,300 employees in Europe, North America, Asia and Africa, and reported EBITDA (earnings before deduction of interest, taxation, depreciation and amortization) of 86.2 million euros on revenue of 469.8 million euros last year.

UNIT4 said Advent's offer values it at 18.1 times EBITDA adjusted for capitalized research and development costs and investments in FinancialForce.com, a cloud applications company.

Similar deals in the sector were done at lower multiples of between 11 and 15, said Oppenheimer Managing Director and head of EMEA Technology & Telecoms Investment Banking, Xavier Moreels. Oppenheimer advised UNIT4.

SHORT-TERM PAIN

Advent has been investing in technology and software businesses for more than 20 years, and its current portfolio includes KMD, one of Denmark's largest IT and software companies.

Last month it also acquired U.S.-based P2 Energy Solutions, a provider of software and data to the oil and gas industry.

UNIT4 said it needed more investment to expand its cloud computing and Saas business, a move that would initially hit revenue and profitability and would be easier to carry out away from the stock market where pressure from investors for short-term results would likely hurt its shares.

Companies are increasingly turning to cloud computing - an umbrella term for technology services offered remotely via the Internet instead of on-site - to cut costs and add flexibility to their IT departments.

The billing structure for cloud computing is basically subscription-based, Chris Ouwinga, UNIT4 founder and co-chief executive, told reporters on a conference call.

"That would defer a large part of our revenue and as a result the profitability would be hit in the shorter term, in the first couple of years. In order to make that transition, it is easier to work in a private setting," he said.

While UNIT4 recommended Advent's offer to shareholders, it also left the door open to substantially higher offers. But some analysts said a rival bid was unlikely.

"The likelihood for a higher bid is ... small, as there has already been a structured sale process," said Rabobank analysts Hans Slob and Frank Claassen in a note to clients, describing Advent's offer as fair.

ING and Oppenheimer are financial advisors to UNIT4, while ABN AMRO is independent financial advisor to UNIT4's supervisory board, and Goldman Sachs is financial advisor to Advent.

($1 = 0.7421 euros)

(Reporting by Sara Webb, additional reporting by Kylie MacLellan in London; Editing by Erica Billingham)


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SAC Capital's Steinberg faces insider trading trial

By Nate Raymond

NEW YORK Mon Nov 18, 2013 1:08am EST

Michael Steinberg leaves Manhattan Federal Court in New York March 29, 2013. REUTERS/Keith Bedford

Michael Steinberg leaves Manhattan Federal Court in New York March 29, 2013.

Credit: Reuters/Keith Bedford

NEW YORK (Reuters) - A trial starting this week will provide a window into what prosecutors have called a decade-long insider trading scheme at Steven A. Cohen's once-powerful SAC Capital Advisors hedge fund.

Michael Steinberg, a top portfolio manager at SAC, faces charges he illegally traded in technology stocks. His trial, set to start on Tuesday, comes just two weeks after Cohen's firm agreed to pay a record $1.2 billion to settle insider trading charges.

Steinberg, who is on leave from SAC, became the highest-level employee at Cohen's firm to face criminal charges after he was arrested at his home on New York's Park Avenue on Good Friday this year.

A verdict for prosecutors in New York would continue their winning streak at trial in a broad crackdown on insider trading on Wall Street. Since the first charges were announced in October 2009, 76 people have been convicted.

Barry Berke, Steinberg's lawyer, declined to comment on the case, but in the past has said his client did "absolutely nothing wrong" and his "trading decisions were based on detailed analysis."

While several SAC employees have been charged, most have pleaded guilty. Steinberg is the first to fight his case before a jury. Another SAC manager, Mathew Martoma, is set to follow to trial in January.

Both cases are expected to highlight not just the conduct of the individual traders but also the extent SAC Capital's culture and compliance failures encouraged insider trading.

SAC, once a $14 billion hedge fund, agreed November 4 to cease acting as an investment adviser as part of a plea deal. A federal judge is weighing whether to accept SAC's subsequent guilty plea to fraud charges.

"CIRCLE OF FRIENDS"

In the trial of Steinberg, 41, the prosecution's case is expected to turn in part on the testimony of a star witness, Jon Horvath, who has been cooperating with prosecutors since pleading guilty in September 2012, on the eve of his own trial.

Prosecutors have said Horvath, an SAC analyst, was part of a "corrupt circle of friends" who swapped inside information for the benefit of their hedge fund employers.

The case focuses on trades involving the stocks of Dell Inc and Nvidia Corp in late 2007 through 2009 at Sigma Capital Management, an SAC hedge fund focused on technology stocks that Steinberg oversaw.

In the case of Dell, prosecutors say that in 2008 and 2009, Horvath received non-public information in advance of Dell's quarterly earnings announcements from Jesse Tortora, an analyst at Diamondback Capital Management.

Tortora, in turn, got his information from another analyst, Sandeep Goyal at Neuberger Berman, prosecutors say. Goyal got his information from Rob Ray, an employee in the investor relations department at Dell, where he previously worked, according to the charges and testimony in a previous trial.

Among the trades outlined by prosecutors is one made in advance of Dell's earnings report on August 28, 2008.

After receiving a tip, Tortora talked on the phone with Horvath on August 18. Four minutes after that call ended, Horvath called Steinberg. A minute after that call ended, Sigma began shorting Dell shares.

In an email to Steinberg after the call, Horvath asked to "keep the DELL stuff especially on the down low" and said Tortora "asked me specifically to be extra sensitive with the info," according to the indictment.

The bet, along with a further short sale on Dell's stock made on August 28, allowed Sigma to earn about $1 million, the indictment said.

Both Tortora and Goyal pleaded guilty to conspiracy to commit securities fraud and securities fraud charges in 2011 and are cooperating with the investigation. Ray was not charged.

Tortora is expected to be the second witness called at Steinberg's trial, prosecutor Antonia Apps said at a hearing Thursday.

NVIDIA TRADES

The Nvidia trades also resulted from information that passed through many hands before reaching Steinberg, prosecutors have said.

It started with Chris Choi, who worked in Nvidia's finance unit, who gave details about the company's financial results to Hyung Lim, a family and church friend, according to court records and testimony in the earlier trial.

Lim then circulated details on to Danny Kuo, a manager at Whittier Trust Co, who in turn provided the information to Horvath, prosecutors say. Horvath then told Steinberg, the indictment said.

The information provided insight into the fact that Nvidia's gross margins were lower than expected. Prosecutors say that as a result of the tip, Steinberg sold off Sigma's entire Nvidia position, earning over $400,000.

Lim and Kuo pleaded guilty to insider trading charges in 2012. Choi was not charged.

Prosecutors have said they also intend to introduce evidence of other trades Steinberg made in Dell and Nvidia in 2008 and 2009.

They have received a judge's permission to demonstrate how Steinberg's trading patterns mirrored those of other hedge fund managers who similarly received Dell and Nvidia tips from Horvath's circle of analysts.

Among those managers were Todd Newman, a former portfolio manager at Diamondback Capital Management, and Anthony Chiasson, a co-founder of Level Global Investors.

Trades in Dell and Nvidia figured in their trial, and a jury convicted them in December 2012. Newman was sentenced to 4-1/2 years in prison and Chiasson to 6-1/2 years. They are out on bail pending appeal.

Jury selection in Steinberg's trial is set for Tuesday. Trial before U.S. District Judge Richard Sullivan, the same judge who oversaw the trials of Newman and Chiasson, is expected to last up to four weeks.

The case is USA v. Steinberg, U.S. District Court, Southern District of New York, No. 12-cr-00121.

(Reporting by Nate Raymond; Editing by Leslie Adler)


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U.S. Fed's Rosengren advocates streamlining bank capital rules

ABU DHABI Mon Nov 18, 2013 2:11am EST

The Federal Reserve Bank of Boston's President and CEO Eric S. Rosengren speaks during the ''Hyman P. Minsky Conference on the State of the U.S. and World Economies'', in New York, April 17, 2013. REUTERS/Keith Bedford

The Federal Reserve Bank of Boston's President and CEO Eric S. Rosengren speaks during the ''Hyman P. Minsky Conference on the State of the U.S. and World Economies'', in New York, April 17, 2013.

Credit: Reuters/Keith Bedford


ABU DHABI (Reuters) - U.S. regulators should consider streamlining rules now being adopted that force big banks to hold more capital, a top Federal Reserve official said on Monday.


Eric Rosengren, president of the Boston Federal Reserve Bank, in remarks prepared for delivery at a conference, suggested the Fed and other Wall Street regulators focus on the narrower definition of capital under the global Basel III framework. He did not comment on monetary policy or the U.S. economy.


The Fed in July adopted the global Basel III rules, pledging to draft tough capital requirements for the largest banks. The accord, named after the Swiss city that is home to its overseer, the Bank for International Settlements (BIS), was drawn up to make banks more stable in the wake of the worst financial crisis since the Great Depression.


"It would be beneficial to look for ways to streamline discussions in order to focus investors and the public on those factors most relevant to the financial solvency of the firm," Rosengren said in remarks for delivery to a conference hosted by the Financial Stability Institute of the BIS.


The Basel pact, which will be phased in starting next year, will force most banks to hold about three times as much top-quality capital as is required under existing rules, to reduce their risk and protect taxpayers from costly bailouts.


Rosengren, an influential voice at the Fed on financial regulation and a strong supporter of the post-crisis U.S. Dodd-Frank Wall Street reform law, suggested that "one potential simplification" would be to focus on only the so-called Tier 1 definition of capital: common equity.


"Potentially de-emphasizing the reporting of the broader measures of capital would simplify financial statements and would create more focus on the capital base with the best loss absorption capability - where investors and regulators should likely concentrate," he said.


"Now that many of the regulations are being implemented," Rosengren added, "there should be thoughtful consideration as to whether streamlining the rules could maintain the same level of capital adequacy assurance with lower cost to banking organizations, regulators, and investors."


(Reporting by Martin Dokoupil; Writing by Jonathan Spicer; Editing by Leslie Adler)


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Airbus signs parts deal with Abu Dhabi fund

DUBAI Mon Nov 18, 2013 2:40am EST

An A380 aircraft is seen through a window with an Airbus logo during the EADS / Airbus 'New Year Press Conference' in Hamburg January 17, 2012. REUTERS/Morris Mac Matzen

An A380 aircraft is seen through a window with an Airbus logo during the EADS / Airbus 'New Year Press Conference' in Hamburg January 17, 2012.

Credit: Reuters/Morris Mac Matzen


DUBAI (Reuters) - Airbus (EAD.PA) on Monday agreed a new deal to expand its partnership agreement with Mubadala MUDEV.UL, the Abu Dhabi investment fund with a mandate to develop the emirate's local economy.


The new agreement, signed at the Dubai Airshow, is "for further composite and metallic aero structure production in the United Arab Emirates, in addition to procurement of composite raw materials, worth $2.5 billion," Mubadala said in a statement on Monday.


Reuters reported on Sunday that the two parties were close to signing a strategic deal.


(Writing by Rania El Gamal; Editing by Dinesh Nair)


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ANA replaces 787 battery charger after fault warning

TOKYO Sun Nov 17, 2013 9:46pm EST

An All Nippon Airways' (ANA) Boeing Co's 787 Dreamliner plane, which flew from Sapporo in Northern Japan, lands at Haneda airport in Tokyo May 26, 2013. REUTERS/Yuya Shino

An All Nippon Airways' (ANA) Boeing Co's 787 Dreamliner plane, which flew from Sapporo in Northern Japan, lands at Haneda airport in Tokyo May 26, 2013.

Credit: Reuters/Yuya Shino


TOKYO (Reuters) - Japan's ANA Holdings Inc (9202.T), which operates the world's biggest fleet of Boeing Co (BA.N) 787 Dreamliners, said it had to replace a main battery charger on one of the composite jets after maintenance crews detected a possible fault.


The problem was discovered during regular maintenance of the aircraft on Saturday, with a replacement charger installed the next day, a company spokesman said. ANA, which operates 23 Dreamliners, sent the faulty charger to maker Thales SA (TCFP.PA) in France.


Boeing's state-of-the-art jet, has two large lithium-ion batteries that provide backup power to aircraft systems. The meltdown of two of those batteries, one on an ANA flight in Japan and one on a Japan Airlines (9201.T) jet in Boston, prompted aviation authorities to ground the 787 fleet for more than three months.


While minor faults are not uncommon with aircraft, aviation industry watchers nonetheless remain sensitive to any new glitches with the 787, particularly any related to the batteries.


After the earlier battery incidents, Boeing redesigned the power pack and charger system, adding insulation and a steel box to contain any further meltdowns and a specialized vent to eject any smoke outside the aircraft.


Investigators in the United States and Japan have yet to discover the root cause of the overheating.


(Reporting by Tim Kelly; Editing by Stephen Coates)


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Aberdeen buys Scottish Widows from Lloyds for $1 billion

By Chris Vellacott and Matt Scuffham


LONDON Mon Nov 18, 2013 4:37am EST

A pedestrian is seen passing the head office of the Lloyds Banking Group in central London in this August 5, 2009 file photograph. REUTERS/Stefan Wermuth/Files

A pedestrian is seen passing the head office of the Lloyds Banking Group in central London in this August 5, 2009 file photograph.

Credit: Reuters/Stefan Wermuth/Files


LONDON (Reuters) - Aberdeen Asset Management (ADN.L) bought Lloyds' (LLOY.L) fund management arm Scottish Widows for about 660 million pounds ($1.1 billion) on Monday, making it Europe's No. 1 listed stand-alone fund manager.


Aberdeen will pay with shares worth about 560 million pounds, or 9.9 percent of the company, Lloyds said, and assets under management will rise to 336 billion from 200 billion. Lloyds has agreed a one-year lock-up on the shareholding.


It will also pay 100 million pounds in cash over five years depending on how well Aberdeen manages various Lloyds assets.


Aberdeen shares rose more than 13 percent.


Analysts at Numis said the deal looked well priced for Aberdeen but they want to "seek clarity" on how much of Scottish Widow's assets will stay put and on the lock-up.


For Lloyds, the deal lifts its Core Tier 1 capital by 11 basis points from the 9.9 percent reached in the third quarter to a 10-percent target set by Britain's financial watchdog. Lloyds shares rose 0.9 percent.


"We are confident that this transaction will deliver considerable additional value to our expanded client base and this will therefore benefit our shareholders. I am delighted to welcome Lloyds as a major shareholder," Aberdeen Chief Executive Martin Gilbert said in a statement.


Led by Gilbert, Aberdeen has enjoyed a sharp rise in its assets since the financial crisis, buoyed by demand for its global emerging market equities funds and a flurry of acquisitions. Adding Scottish Widow's strength in fixed-income will provide diversification to its equities business.


Lloyds, which is 33 percent state owned, is selling off non-core assets to strengthen its balance sheet and focus on lending to British households and businesses.


It needs to plug an 8.6 billion pound shortfall identified by Britain's financial regulator in June to persuade the regulator to let it start paying dividends again next year.


Aberdeen also released full-year earnings on Monday slightly ahead of market forecasts. Net revenue jumped 24 percent in the year to September 30 to 1.08 billion pounds.


Underlying pre-tax profits came in 39 percent higher, and Aberdeen said it would pay a full year dividend of 16 pence per share, up from 11.5 pence last year.


(Additional reporting by Tommy Wilkes; Editing by Louise Ireland)


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Markets reward China's reform ambition, await follow-up

By Clement Tan and Xiaoyi Shao


HONG KONG/BEIJING Mon Nov 18, 2013 4:07am EST

Paramilitary policemen stand in formation as they pay tribute to the Monument to the People's Heroes on Tiananmen Square in Beijing, November 17, 2013. REUTERS/Stringer

Paramilitary policemen stand in formation as they pay tribute to the Monument to the People's Heroes on Tiananmen Square in Beijing, November 17, 2013.

Credit: Reuters/Stringer


HONG KONG/BEIJING (Reuters) - Investors rewarded Beijing on Monday for its ambitious reform plan, sustaining a stocks rally led by consumer goods shares seen as direct beneficiaries of the promised easing of China's one-child policy and efforts to boost consumption.


Key onshore China stock indexes rose the most in more than two months, while China shares listed in Hong Kong were heading for their biggest daily percentage gains in almost two years in high volume trade.


A reported record spike in home prices last month underlined, however, the challenges faced by China's new leadership in charting a steady course for the world's second-largest economy and the urgency of tackling some of its inherent imbalances.


The initial outline published early last week at the end of a four-day plenary session of China's top leadership disappointed markets with its lack of detail and ambiguity, but a more elaborate account released on Friday won praise for its ambition and scope.


Leaked documents already sparked buying of mainland stocks on Friday and that rally picked up on Monday.


Still, UBS equity analysts said the real test would be whether Beijing turns its words into action so that the initial market euphoria would translate into sustained market gains.


"Our answer is optimistic," they said in a client note. "We expect the newly created central leading group of reform to deliver tangible progress within 12 months, and thus turn bullish on 2014 China market outlook."


The CSI300 of the leading Shanghai and Shenzhen A-share listings closed up 3.3 percent, while the Shanghai Composite Index ended 2.9 percent higher - their biggest gains in more than two months.


Hong-Kong's index of mainland China stocks rose more than 5 percent to its highest level in six months. It was heading for its strongest daily percentage rise in close to two years.


Besides plans to give markets a decisive role in key areas such as resource pricing or finance, the reforms also included steps to boost China's urban population. Beijing considers helping millions move to cities as an essential part of a transition to economic growth that is more balanced, less investment-intensive and more consumption-driven.


The easing of the one-child policy has already buoyed shares of stroller maker and distributor Goodbaby International and dairy products makers Mengniu Dairy and Yashili International.


Chinese brokerages and insurers saw some of the biggest gains after the central bank governor pledged soon after the reform details were released to "pull out all stops" to deepen financial sector reforms.


China's biggest-listed brokerage Citic Securities jumped more than 12 percent and was heading for its biggest daily percentage gain on record.


Analysts and commentators suggested the plans were the most significant since Deng Xiaoping's reforms in the late 1970s and the early 1980s that opened up the country to the outside world and set it on course to become the world's factory floor.


"The government will withdraw from its intervention in the market," said Ding Yifan, deputy head of the Institute of World Development, a government-linked think tank, in describing the new approach in an interview with official news agency Xinhua.


He said that while state-owned enterprises would remain the backbone of China's economy they would be exposed to more competition and less protected than in the past.


"We will try to make them compete on an equal footing, which means the government will not continue to provide some fiscal or financial advantage to state-owned enterprises."


President Xi Jinping and Premier Li Keqiang, appointed in March, also announced several breakthroughs in social policy. Besides relaxing the one-child policy, they also pledged to unify rural and urban social security systems and to abolish controversial labor camps.


Moody's Investors Service rating agency welcomed Beijing's reform plans as potentially positive for its sovereign debt rating, local government finances, plus property developers and big strategic state-owned firms.


It also welcomed greater focus on tackling social strains.


"In our view, the leadership recognizes that economic growth alone will not address China's social challenges this decade."


The 60-point plan eased concerns that Xi would need months, if not years, to take full charge of China's vast party and government bureaucracy.


But the sheer ambition of the plans and the new focus on letting market forces play a greater role bring new challenges and risks, economists say.


Beijing got a taste of that in June, when a money market squeeze engineered by the central bank to rein in overly risky lending practices, sparked a brief spell of panic and a financial market rout that spread well beyond China's borders.


Economists also point out that many reforms will take years to implement because of their sheer complexity and the need to balance the sweeping changes with the need for stability, which remains the watchword for all Beijing administrations.


JPMorgan China strategists, less optimistic than some of their peers, even said they saw no major change in policies or how markets would view Chinese shares next year.


"Our base case for 2014 is no major breakthroughs in structural reforms and thus no market re-rating."


Xi and his team gave themselves until 2020 to achieve "decisive" results - a tacit acknowledgement of the risks involved in Beijing's balancing act between letting market forces eventually take over and preserving financial and social stability and the Communist Party's political monopoly.


The experience of the past decade is also a reason why optimism about Beijing's bold reform plans is guarded.


Just like Xi and Li, the previous leadership promised to overhaul China's economy and kick its addiction to rapid, investment and credit-fuelled growth, but left it saddled with more debt, industrial overcapacity, pollution and financial strains.


(Writing by Tomasz Janowski; editing by Neil Fullick)


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New Libyan airline orders seven Airbus jets

A visitor looks at a miniature Airbus A350-900 passenger aircraft at Aviation Expo China 2013 in Beijing September 25, 2013.

Credit: Reuters/Kim Kyung-Hoon


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Spain's bad loans ratio rises to 12.7 percent in Sept

MADRID Mon Nov 18, 2013 4:22am EST

A Spanish flag flies next to the headquarters of Bankia bank in Madrid July 24, 2012. REUTERS/Susana Vera

A Spanish flag flies next to the headquarters of Bankia bank in Madrid July 24, 2012.

Credit: Reuters/Susana Vera

MADRID (Reuters) - Spanish banks' bad loans as a percentage of total lending rose to 12.7 percent in September from 12.1 percent in August, marking a new high, Bank of Spain data showed on Monday.

The ratio has been steadily climbing as households and small companies struggle with debts and as banks, fighting to improve their own capital quality ahead of new stress tests, rein in lending.

Spain's economy emerged from a two-year recession in the third quarter, although many analysts and bankers forecast that bad loans will not peak until 2014.

Bad debts rose by 6.9 billion euros ($9.3 billion) to 187.8 billion euros in September, while total credit fell by 8.9 billion euros to 1.5 trillion euros, the data showed.

(Reporting by Paul Day; Editing by Tracy Rucinski)


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Wal-Mart finds safety issues at Bangladesh factories

The Wal-Mart company logo is seen outside a Wal-Mart Stores Inc company distribution center in Bentonville, Arkansas June 6, 2013.

Credit: Reuters/Rick Wilking


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Euro zone rebound weaker than hoped: ECB's Nowotny

VIENNA Mon Nov 18, 2013 4:08am EST

European Central Bank Governing Council member Ewald Nowotny listens to questions at ''Gewinnmesse'' retail investor conference in Vienna October 18, 2013. REUTERS/Heinz-Peter Bader

1 of 2. European Central Bank Governing Council member Ewald Nowotny listens to questions at ''Gewinnmesse'' retail investor conference in Vienna October 18, 2013.

Credit: Reuters/Heinz-Peter Bader


VIENNA (Reuters) - The economic situation in the euro zone has started to improve but is still weaker than the European Central Bank had hoped, ECB Governing Council member Ewald Nowotny said on Monday.


"The economic situation in Europe and in the euro area in particular has started to improve over the last months or even the last year," Nowotny told an economics conference.


But "one has to say that this improvement is not as strong as we would have expected it perhaps some time ago, and at the same time inflation rates are clearly below the price stability level that we set at the ECB."


A plunge in euro zone inflation to just 0.7 percent in October prompted the European Central Bank to deliver a surprise interest rate cut this month, though not with unanimous support from its members.


(Reporting by Georgina Prodhan and Michael Shields; Editing by John Stonestreet)


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Letta says confident Italy can reduce deficit in 2014

Italian Prime Minister Enrico Letta takes part in a joint news conference with Malta's Prime Minister Joseph Muscat (not pictured) at Muscat's office at the Auberge de Castille in Valletta November 11, 2013.

Credit: Reuters/Darrin Zammit Lupi


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U.S. Fed's Rosengren says bank lending is robust

ABU DHABI Mon Nov 18, 2013 2:29am EST

The Federal Reserve Bank of Boston's President and CEO Eric S. Rosengren speaks during the ''Hyman P. Minsky Conference on the State of the U.S. and World Economies'', in New York, April 17, 2013. REUTERS/Keith Bedford

The Federal Reserve Bank of Boston's President and CEO Eric S. Rosengren speaks during the ''Hyman P. Minsky Conference on the State of the U.S. and World Economies'', in New York, April 17, 2013.

Credit: Reuters/Keith Bedford


ABU DHABI (Reuters) - Capital ratios at U.S. banks have strengthened and bank lending is quite strong, a top U.S. central banker said on Monday.


"I think what we're seeing in the U.S. is that capital ratios have improved. We're now seeing pretty robust lending," Boston Federal Reserve President Eric Rosengren told reporters on the sidelines of a conference in the United Arab Emirates on financial regulation.


Asked where U.S. bank loans were going, he replied: "It's going both to the C&I, commercial and industrial, sector - it's also going to the consumer sector. That's exactly what you'd want to get with what we're doing with monetary policy, with the banks providing lending to both the households and the firms."


Rosengren declined to comment further on economic conditions or U.S. monetary policy. In an earlier speech at the conference, he said U.S. regulators should consider streamlining rules now being adopted that force big banks to hold more capital.


(Reporting by Martin Dokoupil and Regan Doherty; Editing by Andrew Torchia)


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RBS in talks to sell equity derivatives business


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Bidders for AIG unit ILFC in talks with financiers - Bloomberg

The American International Group, Inc. (AIG) stock ticker is seen on a monitor as traders work on the floor of the New York Stock Exchange after the opening bell February 11, 2013.

Credit: Reuters/Brendan McDermid


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Google, Microsoft tighten online searches to combat child porn

LONDON Mon Nov 18, 2013 7:49am EST

A Google search page is seen through the spectacles of a computer user in Leicester, central England July 20, 2007. REUTERS/Darren Staples

A Google search page is seen through the spectacles of a computer user in Leicester, central England July 20, 2007.

Credit: Reuters/Darren Staples


LONDON (Reuters) - Google and Microsoft unveiled measures to block online searches for child sex abuse images on Monday as part of a bid by British authorities to crackdown on Internet pedophiles.


The companies said as many as 100,000 search terms will now fail to produce results and trigger warnings that child abuse imagery is illegal while offering advice on where to get help.


The world's two largest search engine operators' move was a rare display of unity ahead of an Internet safety summit on Monday hosted by Prime Minister David Cameron.


Cameron welcomed the progress to block illegal content but said far more still needed to be done.


"If more isn't done to stop illegal child abuse content being found, we will do what is necessary to protect our children," he tweeted ahead of the summit that will announce a new trans-Atlantic task force to tackle online child abuse.


The summit comes after Cameron this summer called on Internet firms to do more to stop access to illegal images.


Now both companies have introduced new algorithms that will prevent searches for child abuse imagery.


Google executive chairman Eric Schmidt wrote in Britain's Daily Mail newspaper that these changes had cleaned up the results for over 100,000 queries that might be related to the sexual abuse of children.


"As important, we will soon roll out these changes in more than 150 languages, so the impact will be truly global," he wrote, adding the restrictions would be launched in Britain first then expanded to other languages in the next six months.


Both Google and Microsoft, who were due to join other Internet companies at the summit on Monday, have also agreed to use their technological expertise to help in the identification of abuse images.


Schmidt said Google planned to provide engineers to give technical support to the Internet Watch Foundation in Britain and the U.S. National Center for Missing and Exploited Children, and to fund internships for engineers at these organizations.


Conservative parliamentarian Claire Perry, who is Cameron's adviser on childhood, said British and U.S. law enforcement agencies would back up this effort by tracking pedophiles using the "hidden Internet" or so-called "dark web" of encrypted networks to distribute images of child abuse.


(Reporting by Belinda Goldsmith, editing by William Hardy)


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Washington Post Co to change name to Graham Holdings Co

Washington Post (R) and Washington Times newspaper boxes are pictured outside the entrance to the Washington Post headquarters in Washington, August 5, 2013.

Credit: Reuters/Stelios Varias


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Qatar Airways to launch Saudi services early next year

By Praveen Menon


DUBAI Mon Nov 18, 2013 9:36am EST

Qatar Airways Chief Executive Akbar Al Baker (3rd R), Qatar's Prime Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani (4th R), Qatar's Minister of Energy and Industry Mohammed Saleh al-Sada (2ndR) and other delegates pose in front of a Qatar Airways Boeing 777-300 aircraft during a ceremony to mark the alliance of Qatar Airways with the oneworld grouping at the Hamad International airport in Doha October 29, 2013. REUTERS/Fadi Al-Assaad

Qatar Airways Chief Executive Akbar Al Baker (3rd R), Qatar's Prime Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani (4th R), Qatar's Minister of Energy and Industry Mohammed Saleh al-Sada (2ndR) and other delegates pose in front of a Qatar Airways Boeing 777-300 aircraft during a ceremony to mark the alliance of Qatar Airways with the oneworld grouping at the Hamad International airport in Doha October 29, 2013.

Credit: Reuters/Fadi Al-Assaad


DUBAI (Reuters) - Qatar Airways will launch domestic operations in Saudi Arabia in the first half of 2014, the chief executive of the airline said on Monday.


Akbar Al Baker said the Saudi domestic services carrier will be called Al Maha Airways and will start with the main cities of the kingdom including Riyadh and Jeddah, and then move to the second-tier cities.


"We have chosen the name of the Saudi carrier ... Al Maha Airways. We hope to start operations in the first half of next year," Baker told Reuters at the Dubai Airshow.


Qatar Airways and Bahrain's national carrier Gulf Air became the first foreign airlines to obtain carrier licenses in Saudi, following the opening of the country's aviation market last December.


Currently, only national carrier Saudi Arabian Airlines and budget airline National Air Services serve a domestic market of about 27 million people. Foreign carriers can only fly in and out of Saudi Arabia, not within the country.


With Saudi Arabia's price cap on domestic flights, private airlines have struggled with their profit margins.


Saudi Airlines, which is undergoing a slow privatization process, receives fuel at subsidized prices unlike private carriers, allowing it to offset the limits of the ticket cost ceiling.


"There is huge potential but also many challenges in the Saudi market," Baker said.


"We have an undertaking from the Saudi authorities that they will resolve the two contentious issues of price cap and fuel subsidies," Baker said.


NO OVERCAPACITY


Gulf airlines splashed out around $150 billion on the opening day of the airshow, as they ordered hundreds of passenger jets to expand a common ambition to turn the region into a global aviation hub.


Qatar Airways ordered 50 of Boeing's new 777 in an order worth $19 billion.


"We are not overdoing it," said Baker on the spree of plane order announcements. "We are all growing in this region ... and if we are growing, we must be doing something right."


He said the airline would deploy its fleet on new growth markets and would look to expand further. However, he denied media reports that the carrier was close to taking an equity stake in an Indian airline.


"We are talking to Go Air, Indigo, SpiceJet and Air India but we are talking about codeshares," said Baker.


"So we are not getting into bed with somebody. When we want to do it we will say that we are interested."


(Editing by Mark Potter)


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Russian potash saga brings new owner into Uralkali

By Polina Devitt


MOSCOW Mon Nov 18, 2013 10:11am EST

A general view of a Uralkali potash mine near the city of Berezniki in the Perm region close to Russia's Ural mountains August 25, 2013. REUTERS/Sergei Karpukhin

A general view of a Uralkali potash mine near the city of Berezniki in the Perm region close to Russia's Ural mountains August 25, 2013.

Credit: Reuters/Sergei Karpukhin


MOSCOW (Reuters) - Tycoon Mikhail Prokhorov agreed to buy a stake in Uralkali (URKA.MM), the world's largest potash miner, as Russia seeks to ease tensions over the collapse of a potash sales cartel with Belarus that drove down global prices.


The deal was blessed by President Vladimir Putin, sources familiar with the matter said, in a bid to repair ties with Belarus President Alexander Lukashenko. Russia's ally had arrested Uralkali's boss after the Russian firm quit the marketing pact.


Prokhorov's investment firm, Onexim, said on Monday it expected to quickly complete the purchase of Suleiman Kerimov's 21.75 percent stake in Uralkali.


Talks continued on the sale of stakes held by Kerimov's partners to other buyers in side deals, which linked together would secure Prokhorov and his allies strategic control over the business.


Lukashenko, riled by the Uralkali gambit which hit a major export earner for Belarus, has demanded that Kerimov sell out as a precondition for freeing Uralkali Chief Executive Vladislav Baumgertner from house arrest in Minsk.


Uralkali shares gained 3 percent but were still down 4 percent from levels in July, when it quit the Belarusian Potash Company (BPC) joint venture, which controlled two-fifths of the $20 billion world market.


"If this helps to stabilize the market and to reach global peace, we would be glad," BPC representative Irina Savchenko told Reuters. She declined to comment on the possible re-creation of the joint trading venture with Russia.


Uralkali's dash for market share triggered a 20 percent drop in prices of potash, a fertilizer ingredient, leading farmers to hold off on purchases in anticipation of further falls.


Analysts doubt that the cartel can quickly be restored in an industry plagued by overcapacity.


"A shift to a joint distribution is not as likely as many market participants believe," Bank of America Merrill Lynch analyst Eduard Faritov said a note, adding that Prokhorov would be reluctant to cede sales volumes to Belarus.


TYCOON-TURNED-POLITICIAN


Prokhorov, a long-time former business partner of Kerimov, has launched a political career in Russia. He ran against Putin in last year's presidential election, placing second, and remains a leading figure in the Russian business establishment.


"The purchase of the stake in Uralkali is a long-term investment in a company that is unique from the standpoint of its position in its industry and its role in the world economy," Onexim Chief Executive Dmitry Razumov said in a statement.


Sources on both sides of the talks said Kerimov's asking price was based on a $20 billion equity valuation but that the final price was flexible and would probably be slightly lower. Uralkali was worth $15.8 billion at Friday's market close.


"There is still quite a lot of wood to chop in terms of negotiating it and funding," said one financial source familiar with talks on the deal.


Prokhorov, who owns the Brooklyn Nets basketball team and is estimated to have a fortune of $13 billion, is flush with cash after selling his stake in gold miner Polyus (PGIL.L) a year ago to Kerimov and partners for $3.6 billion.


State-controlled banks Sberbank (SBER.MM) and VTB (VTBR.MM), and possibly a European bank, may back the deal, the sources said.


Kerimov, the Dagestani-born owner of top-flight Russian soccer club Anzhi Makhachkala, was a reluctant seller but was willing to do so to secure Baumgertner's release, the sources said.


Baumgertner was arrested in Minsk and has been charged with exceeding his powers and embezzlement. He faces up to 12 years in jail if convicted. The Belarusian investigative committee declined to comment on Monday.


TALKS CONTINUE


At the same time, Kerimov's partners - Filaret Galtchev with 7 percent of Uralkali and Anatoly Skurov with 4.8 percent - continued talks on the possible sale of their stakes.


Dmitry Mazepin, co-owner of fertilizer producer Uralchem, and Russian state arms-to-technology group Rostec are interested in the stakes of Kerimov's partners, the sources said.


Belarus-born Mazepin could help Prokhorov manage Uralkali and its relations with Minsk, one source said. Rostec, run by Putin's colleague at his KGB posting in 1980s East Germany, Sergei Chemezov, would serve as a "minder" for the Kremlin if it was brought into the deal, the source added.


Asked whether the Kremlin had given the deal a green light, Putin's spokesman Dmitry Peskov said: "This is totally a business issue, and one doesn't need approval from the Kremlin."


Russian state company Rostec does not plan to buy Uralkali, a Rostec representative said. Uralkali declined to comment.


Uralkali holds around 12 percent of its shares in treasury, and these are expected to be cancelled within six months. Should Kerimov's partners also sell, the buyers' combined stake would rise to 38 percent, ensuring de facto control over the business.


(This story has been refiled to to fix the syntax in lede)


(Additional reporting by Darya Korsunskaya, Alexei Anishchuk, Gleb Stolyarov, Vladimir Soldatkin, Megan Davies in Moscow, and Andrei Makhovsky in Minsk; Editing by Douglas Busvine and Jane Baird)


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Fairfax agrees to acquire majority stake in The Keg

n">(Reuters) - Fairfax Financial Holdings Ltd has agreed to acquire a majority interest in privately held Keg Restaurants Ltd (KRL), which owns over 100 steak house restaurants in Canada and parts of the United States.


The terms of the deal, which is expected to close early next year, were not disclosed.


Canadian restaurateur David Aisenstat will retain a minority 49 percent stake in the Keg and will remain head of operations, as president and chief executive.


KRL, in a statement on Monday, said the transaction will benefit The Keg Royalties Income Fund, which owns certain trademarks and other related intellectual property used by KRL. In exchange for use of those trademarks, KRL pays the fund a royalty of 4 percent of gross sales of Keg restaurants, KRL said.


"Fairfax is a well-known and proven investor in the Canadian market. With the addition of Fairfax to the Keg team, The Keg is well positioned and has a solid foundation for continued growth, which will benefit the fund and its unitholders," Kip Woodward, chairman of the fund, said in a statement.


Toronto-based Fairfax, headed by Canadian value investment guru Prem Watsa, is the largest shareholder of BlackBerry Ltd. The firm has been in the spotlight this year as, in September, it made a tentative bid to take the struggling smartphone maker private. However that deal was aborted earlier this month, and Fairfax opted to lead a $1 billion debt financing deal to help BlackBerry turn around its fortunes.


(Reporting by Euan Rocha; Editing by Chris Reese)



NEW YORK - U.S. homebuilder confidence stabilized in November after falling for two straight months, though steady home demand was tempered by worries about further fiscal battles in Washington, the National Association of Home Builders said on Monday.


NEW YORK - New media websites from BuzzFeed to Business Insider are on a roll lately, showered with dollars from venture capitalists betting that they will crack an advertising market that has stymied traditional media companies.


BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.

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After huge plane orders, Airbus and Boeing sign Gulf supplies deals

By Rania El Gamal and Praveen Menon


DUBAI Mon Nov 18, 2013 10:43am EST

A visitor speaks on his phone in the shade of unmanned drone during the Dubai Airshow November 18, 2013. REUTERS/Caren Firouz

1 of 8. A visitor speaks on his phone in the shade of unmanned drone during the Dubai Airshow November 18, 2013.

Credit: Reuters/Caren Firouz


DUBAI (Reuters) - Airbus and Boeing signed deals to buy some $5 billion of parts and materials from Abu Dhabi on Monday, in a sign Gulf states are seeking a reciprocal boost to their economies from the huge orders they have placed with the planemakers.


Gulf airlines, led by Dubai's Emirates and Abu Dhabi's Etihad, struck plane deals worth almost $150 billion - or more, including options - on the first day of the Dubai Airshow on Sunday.


The buying spree underscored a shift in power in the aviation industry, as oil-rich, fast-growing economies of the Gulf take advantage of their strategic position between East and West to draw more travelers from hubs in Europe and Asia.


While the orders are a big boost to Airbus (EAD.PA) and Boeing (BA.N), the world's dominant civil aircraft manufacturers, suppliers in Europe and the United States are worried they will suffer from the growing globalization of the aircraft supply chain, in which Gulf firms are playing a part.


Airbus agreed a new deal on Monday with Abu Dhabi's state investment fund Mubadala MUDEV.UL to expand their partnership "for further composite and metallic aerostructure production in the United Arab Emirates, in addition to procurement of composite raw materials, worth $2.5 billion," Mubadala said.


Reuters reported on Sunday the two parties were close to an agreement.


Separately, Boeing said it had also signed a new deal with Mubadala for Abu Dhabi to supply as much as $2.5 billion in advanced composites and machine metals to the U.S. planemaker.


In addition, Boeing said it had reached an agreement with Abu Dhabi's Tawazun Precision Industries, a state-owned manufacturing company, to set up a facility in the United Arab Emirates for producing aerospace parts.


The facility will be up and running by 2016 and will produce parts for other aircraft manufacturers as well as Boeing, the two parties said, without disclosing financial details.


"SERIOUS CONSEQUENCES"


Airbus shares jumped more than 3 percent on Monday following Sunday's slew of orders, which boost its A380 - the world's biggest passenger jet, which had been struggling for orders. Boeing's orders boost its new version of the 777 jet.


The hub cities in the Gulf - Dubai, Abu Dhabi and Doha - are spending billions on infrastructure in a bid to attract travelers and diversify their oil-based revenues, at a time when faltering Western economies are struggling to invest.


Mubadala, which has a mandate to develop the emirate's local economy, has sought to play a major role in the production of composite tail sections for passenger jets.


A group representing U.S. airline pilots warned on Saturday the sale of hundreds of planes to Gulf airlines that compete with U.S. carriers would have "serious consequences for the U.S. economy and U.S. airline workers.


Both Airbus and Boeing have already established partnerships with Strata, the composites manufacturing unit of Mubadala Aerospace which produces parts at Al-Ain near Oman.


(Additional reporting by Tim Hepher; Writing by Mark Potter; Editing by Sophie Walker)


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BMW launches fuel-efficient, 'still cheeky', new Mini

By Rhys Jones


OXFORD Mon Nov 18, 2013 10:54am EST

Members of the media and guests view the new Mini at BMW's plant in Oxford, southern England November 18, 2013. REUTERS/Suzanne Plunkett

1 of 5. Members of the media and guests view the new Mini at BMW's plant in Oxford, southern England November 18, 2013.

Credit: Reuters/Suzanne Plunkett


OXFORD (Reuters) - BMW (BMWG.DE) unveiled a more fuel efficient, third-generation version of its iconic Mini on Monday, as the world's biggest luxury carmaker looks to retain its leadership in the lucrative high-end compact car market.


The launch of the three-door hatchback took place at the Mini's production plant in Cowley, Oxford, on the 107th anniversary of the birth of the Mini's founding father Alex Issigonis. Prices will start at about 13,500 pounds ($21,700).


"It's a brand new car under the skin and it retains that go-kart feel to drive," said BMW board member Peter Schwarzenbauer, who was driven on to stage to the music of British band Blur in a Mini adorned with the Union Jack flag.


Describing the new Mini as "original and still cheeky," he said it would appeal to "young people with their finger on the pulse" and older Mini fans. The previous Mini generation was launched in 2007.


Production of the new Mini will start later this week and it will go on sale in Britain early next year. It will be based on a brand new BMW-engineered platform called UKL1.


The small, fast and affordable original Mini was hugely popular when it first went on sale in 1959 and has been a big success story for BMW since it revived the brand in 2001, growing sales volumes by 21 percent to more than 285,000 cars last year.


It has also seen an influx of competitors into the high-end compact car sector in recent years such as Fiat's (FIA.MI) 500 and Opel's (GM.N) Adam, which are courting environmentally-conscious city dwellers in want of easy-to-park vehicles.


FURTHER INVESTMENT


The new range, which will be displayed later this week at the Los Angeles and Tokyo motor shows, will continue to include a basic MINI One, mid-range MINI Cooper and MINI Cooper D diesel, as well as a top-spec MINI Cooper S version. They are taller, longer and wider than the previous generation.


The car features a new grille, LEDs on the front lights, a steeper windscreen and a lower rear bumper. It will come with a choice of three new 3 or 4 cylinder engines with fuel consumption reduced by about 27 percent, Schwarzenbauer said.


The new MINI One will be the entry-level model and prices should start at around 13,500 pounds, with the MINI Cooper, which comes with more equipment and a more powerful engine as standard, coming in at around 15,000 pounds, a source close to BMW said.


There will also be a 16,000 pound diesel version of the Cooper, called the MINI Cooper D, which will be the most economical model in the range. The MINI Cooper S, costing 18,500 pounds, will be the fastest and most powerful model.


The MINI Cooper and Cooper D will be around 400 pounds more expensive than current models, the source said.


BMW also said it would invest 750 million pounds at its three British plants in the coming years, with 500 million of that being pumped into the plant in Oxford, where a new body assembly arena has been built featuring 1,000 robots, more than double the amount used on previous versions.


It said the investment would support its international growth plans for the Mini, which will expand its current line-up of seven models to include up to 10 different body styles in the medium term.


"Mini is in good hands with BMW," British transport secretary Patrick McLoughlin said.


"The success of the Mini proves Britain's manufacturing sector is good enough to compete and win on the global stage."


($1 = 0.6215 British pounds)


(Writing by Brenda Goh; Editing by Mark Potter)


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China reform plans lift shares, Dow, S&P 500 at new highs

By Herbert Lash


NEW YORK Mon Nov 18, 2013 11:06am EST

An employee of a foreign exchange trading company looks at monitors in Tokyo November 15, 2013. REUTERS/Toru Hanai

1 of 8. An employee of a foreign exchange trading company looks at monitors in Tokyo November 15, 2013.

Credit: Reuters/Toru Hanai


NEW YORK (Reuters) - Global equity markets climbed on Monday, riding economic reform plans in China, while the dollar slipped and benchmark U.S. stock indices rose to record highs, buoyed by the prospect of continued Federal Reserve stimulus.


Chinese shares listed in Hong Kong posted their biggest gain in nearly two years, while the Dow and S&P 500 surged past the psychological barriers of 16,000 and 1,800, respectively. Both U.S. indices pared some gains soon after markets opened.


The safe-haven dollar and Japanese yen fell after China announced its most sweeping economic and social reforms in nearly three decades, boosting investor appetite for higher-yielding currencies such as the Australian and New Zealand dollars.


The growth-linked currencies outperformed as a flood of global liquidity and promises to keep interest rates low continue to weigh on low-yielding currencies such as the dollar and the yen.


"Risk appetite is strong... after details of China's reform prove more dramatic than expected, suggesting a focus on market liberalization and reforms in both the government role and the broader corporate structure," said Camilla Sutton, chief currency strategist at Scotiabank in Toronto.


The China Enterprises Index .HSCE of the top Chinese listings in Hong Kong soared 5.7 percent for its biggest daily gain since December 1, 2011.


Germany's DAX .GDAXI hit a record high as European shares resumed their rally on an improving outlook for the region's economy.


MSCI's all-country world stock index .MIWD00000PUS rose 0.53 percent, while the pan-European FTSEurofirst 300 index .FTEU3 rose 0.46 percent.


The Dow Jones industrial average .DJI was up 49.70 points, or 0.31 percent, at 16,011.40. The Standard & Poor's 500 Index .SPX was up 1.66 points, or 0.09 percent, at 1,799.84. The Nasdaq Composite Index .IXIC was up 1.98 points, or 0.05 percent, at 3,987.95.


U.S. Treasury debt prices made narrow gains, supported by the prospect of the Fed's continued "easy" monetary policy, but limited by investors' clear preference for riskier assets in light of that accommodation.


The dollar index .DXY, a measure of the greenback against a basket of currencies, slipped 0.24 percent to 80.661.


The euro drew some support after data showed the euro zone's trade surplus grew more than expected in September. The euro was up 0.29 percent at 1.3534.


The Australian dollar rose 0.33 percent to US$0.9399, while the New Zealand dollar gained 0.34 percent to US$0.8369.


Brent crude oil fell toward $108 a barrel after a week of sharp gains ahead of talks between Iran and the West that could lead to an increase in Iranian crude oil exports.


January Brent crude was down 16 cents at $108.34 a barrel, while U.S. crude for December delivery was up 16 cents at $94.00.


Trading in the U.S. Treasury market was comparatively subdued, with the benchmark 10-year Treasury note up 8/32, leaving its yield at 2.6765 percent.


Bund futures rose 15 ticks to 141.78, while 10-year German yields fell to 1.69 percent.


Germany's ZEW business sentiment indicator on Tuesday and the minutes from the Federal Reserve's October policy meeting on Wednesday may provide hints to future monetary policy moves.


(Additional reporting by Marc Jones in London; Editing by Dan Grebler)


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U.S. home builder sentiment stabilizes in November: NAHB

NEW YORK Mon Nov 18, 2013 10:56am EST

A completed house (rear) is seen behind the earthworks of a home currently under construction at the Mid-Atlantic Builder's 'The Villages of Savannah' development site in Brandywine, Maryland May 31, 2013. REUTERS/Gary Cameron

A completed house (rear) is seen behind the earthworks of a home currently under construction at the Mid-Atlantic Builder's 'The Villages of Savannah' development site in Brandywine, Maryland May 31, 2013.

Credit: Reuters/Gary Cameron


NEW YORK (Reuters) - U.S. homebuilder confidence stabilized in November after falling for two straight months, though steady home demand was tempered by worries about further fiscal battles in Washington, the National Association of Home Builders said on Monday.


The NAHB/Wells Fargo Housing Market Index came in at 54 in November. The October figure was downwardly revised to 54 from the originally reported 55.


Economists polled by Reuters had predicted a November reading of 55.


"Given the current interest rate and pricing environment, consumers continue to show interest in purchasing new homes, but are holding back because Congress keeps pushing critical decisions on budget, tax and government spending issues down the road," the Washington-based industry group's chairman Rick Judson said in a statement.


Home builders sentiment were also pressured by rising construction costs and low appraisals, Judson said.


Still, the index has held above 50 for a sixth straight month. Readings below 50 mean more builders view market conditions as poor than favorable.


"The fact that builder confidence remains above 50 is an encouraging sign, considering the unresolved debt and federal budget issues cause builders and consumers to remain on the sideline," NAHB Chief Economist David Crowe said in the same statement from the group.


Though tension over fiscal issues remains, the jump in mortgage rates this summer has been the main culprit behind the disruption in the housing recovery.


Mortgage rates climbed to two-year highs in August on fears the Federal Reserve might consider reducing its $85 billion monthly purchases of Treasuries and mortgage-backed securities in September as the labor market had shown signs of gaining traction earlier this year.


U.S. central bank officials decided against tapering its bond-purchase stimulus two months ago, and have since downplayed the chances of such a move until sometime in 2014.


"In short, the report still implies net improvement in sales relative to before mortgage rates started to rise in May, but activity has stalled in the last few months," Jim O'Sullivan, chief U.S. economist at High Frequency Economics wrote in a research note.


The survey's index on homebuilders' views on current sales conditions held steady for a second month at 58, the industry group said.


The gauge of expectations for single-family home sales for the next six months fell for a third straight month to 60 from a downwardly revised 61 in October, which was initially reported at 62.


The component on prospective buyer traffic dipped to 42, which was the lowest since June, from a downwardly revised 43 last month. The October reading was initially reported at 44.


On a regional basis, home builders in the Midwest reported the most severe deterioration in confidence. The reading on that region's sentiment fell to 54 points in November from 62 in October. The index's three-month average fell to 60 from 63.


The Northeast showed the biggest improvement in sentiment. The NAHB index for that region rose to 44 from an 11-month low of 30, lifting its three-month average to 39 from 38.


(Reporting by Richard Leong; Editing by Meredith Mazzilli)


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