Wall Street protesters enter 3rd week

An Occupy Wall Street protestor rests Sunday in Zucotti park the morning after police arrested over 700 marchers on the Brooklyn bridge for blocking traffic and disorderly conduct, Sunday, Oct. 2, 2011, in New York. Protestors have occupied the financial district park for three weeks in opposition of corporate greed. (AP Photo/John Minchillo)

An Occupy Wall Street protestor rests Sunday in Zucotti park the morning after police arrested over 700 marchers on the Brooklyn bridge for blocking traffic and disorderly conduct, Sunday, Oct. 2, 2011, in New York. Protestors have occupied the financial district park for three weeks in opposition of corporate greed. (AP Photo/John Minchillo)

Demonstrators with Occupy Boston gather near the entrance to their encampment on the Rose Kennedy Greenway across the street from the Federal Reserve building, in Boston, Sunday, Oct. 2, 2011. The group is part of a nationwide grassroots movement in support of the ongoing Wall Street protests in New York. (AP Photo/Josh Reynolds)

In this Oct. 1, 2011 photo, protesters sit with arms linked on New York's Brooklyn Bridge before police began making arrests during Saturday's march by Occupy Wall Street. Protesters speaking out against corporate greed and other grievances attempted to walk over the bridge from Manhattan, resulting in the arrest of more than 700 during a tense confrontation with police. The majority of those arrested were given citations for disorderly conduct and were released, police said. (AP Photo/Stephanie Keith)

In this Oct. 1, 2011 photo, police make their way a crowd of protesters who were the front line on New York's Brooklyn Bridge when police began making arrests during Saturday's march by Occupy Wall Street. Protesters speaking out against corporate greed and other grievances attempted to walk over the bridge from Manhattan, resulting in the arrest of more than 700 during a tense confrontation with police. The majority of those arrested were given citations for disorderly conduct and were released, police said. (AP Photo/Stephanie Keith)

A pedestrian takes copies of the Occupy Wall Street protest's self-published newspaper "The Occupied Wall Street Journal," in the financial district's Zuccotti park, Sunday, Oct. 2, 2011, in New York. The newspaper is paid for by funds gathered online via crowd-sourcing websites. (AP Photo/John Minchillo)

NEW YORK (AP) ? The arrests of 700 people on Brooklyn Bridge over the weekend fueled the anger of anti-Wall Street protesters camping in a Manhattan park and sparked support elsewhere in the country as the campaign entered its third week Sunday.

Occupy Wall Street started with fewer than a dozen college students spending days and nights in Zuccotti Park, a plaza near the city's financial center. But a day after Saturday's mass arrests, hundreds of protesters were resolute and like-minded groups in other cities had joined in.

New York City officials "thought we were going to leave and we haven't," 19-year-old Kira Moyer-Sims of Portland, Ore., said. "We're going to stay as long as we can."

Police said the department will continue its regular patrols of the area. And "as always, if it is a lawful demonstration, we help facilitate and if they break the law we arrest them," NYPD spokesman Paul Browne said.

A map of the country displayed on the plaza identified 21 places where other protests were organized.

Wall-Street style demonstrations with names like Occupy Los Angeles, Occupy Chicago, and Occupy Boston were staged in front of Federal Reserve buildings in those cities. A group in Columbus, Ohio, also marched on the capital city's street. And signs of support were rearing up outside the U.S. In Canada, a Wall Street rally is planned for later this month in Toronto.

"It was chaos here" two weeks ago, said Jackie Fellner, a marketing manager from Westchester County, north of the city.

Now campers take turns organizing a "general assembly" on the plaza where they divide tasks among themselves. They have "a protocol for most things," Moyer-Sims said, including a makeshift hospital and getting legal help for people who are arrested. They rally around a website called OccupyWallSt.org, and they even started printing a newspaper ? the Occupied Wall Street Journal.

Police watched Sunday as activists awoke in their makeshift beds. Later, members of the NYPD moved in and ordered some of them to dismantle what police said were "dwellings."

"A dozen officers came walking toward us with NYPD video cameras pointed at us," said John Dennehy, who was back in the park after spending hours in police custody.

He flashed a police desk appearance ticket charging him with disorderly conduct and prohibited use of a roadway. On Saturday, the 29-year-old United Nations employee joined thousands of protesters who tried to cross the bridge after marching through Manhattan's Financial District.

Dennehy and three others had built what they called their "box castle" using cardboard mailing boxes to delineate their space on the plaza. But police told them to remove the structure, they said. Plastic tarps they were using to stay dry in a pouring rain also were not acceptable, they said.

Under clear skies Sunday afternoon, protesters could help themselves to food that unnamed supporters donated to keep the encampment running. Some ate pizza they said was ordered for them by a man in Egypt who phoned a local shop to have the pies delivered.

The campers also have been fueled by encouraging words from well-known figures, the latest actor Alec Baldwin, who posted videos on his Twitter page that had already been widely circulated. One appeared to show police using pepper spray on a group of women, another a young man being tackled to the ground by an officer.

"This is unsettling," Baldwin wrote. "I think the NYPD has a PR problem."

Fellner said she has an issue with "big money dictating which politicians get elected and what programs get funded."

But "we're not here to take down Wall Street," she insisted. "It's not poor against rich."

Still, the protesters chose Wall Street as their physical rallying point, speaking against corporate greed, social inequality, global climate change and other concerns.

School teacher Denise Martinez said most of the children she teaches in Brooklyn live at or below the poverty level, and her classes are jammed with up to about 50 students.

"These are America's future workers, and what's trickling down to them are the problems ? the unemployment, the crime," she said. She blamed Wall Street for causing the country's financial problems and said it needed to do more to solve them.

Beside the mass arrest Saturday, police arrested about 100 people Sept. 24 when protesters marched to other parts of the city and got into a tense standoff with officers.

Some said protesters on the Brooklyn Bridge were lured onto the roadway by police, or they didn't hear the calls from authorities to head to the pedestrian walkway. Police said no one was tricked into being arrested, and that those in the back of the group who couldn't hear were allowed to leave.

The NYPD released video footage Sunday to back up its stance. In one of the videos, an official uses a bullhorn to warn the crowd. Marchers can be seen chanting, "Take the bridge."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-10-03-Wall%20Street%20Protest/id-03eeb876cee84647bfb30f6d10c290f8

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Finance And Business | Sources of Taxes in Less and More ...

Personal Income and Property Taxes: Personal income taxes yield much less revenue as a proportion of GDP in-less developed than more developed nations. People with higher incomes theoretically pay a larger percentage of that income in taxes. It would be administratively too costly and economically regressive to attempt to collect substantial income taxes from the poor. But the fact remains that most LDC governments have not been persistent enough in collecting taxes owed by the very wealthy. Moreover, in countries where the ownership of property is heavily concentrated and therefore represents the major determinant of unequal incomes (e.g., most of Asia and Latin America), property taxes can be an efficient and administratively simple mechanism both for generating public revenues and for correcting gross inequalities in income distribution. But in a World Bank survey, in only one of the 22 countries surveyed did the property tax constitute more than 4.2% of total public revenues. Moreover, in spite of much public rhetoric about reducing income inequalities, the share of property taxes as well as overall direct taxation has remained roughly the same for the majority of developing countries over the past two decades. Clearly, this phenomenon cannot be attributed to government tax-collecting inefficiencies as much as to the political and economic power and influence of the large landowning and other dominant classes in many Asian and Latin American countries. The political will to carry out development plans must therefore include the will to extract public revenue from the most accessible sources to finance development projects. If the former is absent, the latter will be too.

Corporate Income Taxes: Taxes on corporate profits, of both domestically and foreign-owned companies, amount to less than 3% of GDP in most developing countries, compared with more than 6% in developed nations. LDC governments tend to offer all sorts of tax incentives and concessions to manufacturing and commercial enterprises. Typically, new and foreign enterprises are offered long periods (sometimes up to 15 years) of tax exemption and thereafter take advantage of generous investment depreciation allowances, special tax write-offs, and other measures to lessen their tax burden. In the case of multinational foreign enterprises, the ability of LDC governments to collect substantial taxes is often frustrated. These locally run enterprises are frequently able to shift profits to partner companies in countries offering the lowest levels of taxation through transfer pricing.

Indirect Taxes on Commodities: The largest single source of public revenue in developing countries is the taxation of commodities in the form of import, export, and excise duties. These taxes, which individuals and corporations pay indirectly through their purchase of commodities, are relatively easy to assess and collect. This is especially true in the case of foreign-traded commodities, which must pass through a limited number of frontier ports and are usually handled by a few wholesalers. The ease of collecting such taxes is one reason why countries with extensive foreign trade typically collect a greater proportion of public revenues in the form of import and export duties than countries with limited external trade. For example, in open economies with up to 40% of gross national income (GNI) derived from foreign trade, an average import duty of 25% will yield a tax revenue equivalent of 10% of GNI. By contrast, in countries like India and Brazil with only about 7% of GNI derived from exports, the same tariff rate would yield only 2% of GNI in equivalent tax revenues. One further point about these taxes, often overlooked, must be mentioned. Import and export duties, in addition to representing a major source of public revenue in many LDCs can also be a substitute for the corporate income tax. To the extent that importers are unable to pass on to local consumers the full costs of the tax, an import duty can serve as a proxy tax on the profits of the importer (often a foreign company) and only parity a tax on the local consumer. Similarly, an export duty can be an effective way of taxing the profits of producing companies, including locally based multinational firms that practice transfer pricing. But export duties designed to generate revenue should not be raised to the point of discouraging local producers from expanding their export production to any significant extent.

In selecting commodities to be taxed, whether in the form of duties on imports and exports or excise taxes on local commodities, certain general economic and administrative principles must be followed to minimize the cost of securing maximum revenue. First, the commodity should be imported or produced by a relatively small number of licensed firms so that evasion can be controlled: Second, the price elasticity of demand for the commodity should be low so that total demand is not choked by the rise in consumer prices that results from the tax. Third, the commodity should have a high income elasticity of demand so that as incomes rise, more tax revenue will be collected. Fourth, for equity purposes, it is best to tax commodities like cars, refrigerators, imported fancy foods, and household appliances, which are consumed largely by the upper-income groups, while forgoing taxation on items of mass consumption such as basic foods, simple clothing, and household utensils, even though these may satisfy the first three criteria. The conventional wisdom in recent years has been that switching to a broad-based value-added tax (VAT) would improve economic efficiency; encouraged by development agencies, such tax reforms have accordingly been undertaken in several LDCs. However, this approach has been challenged recently. In particular, welfare may be worsened when the ability of the informal economy to remain effectively untaxed introduces new distortions in the economy. The impact on human capital accumulation raises further complexities.

Article Source:?http://www.BharatBhasha.com
Article Url: http://www.bharatbhasha.com/finance-and-business.php/326260

Article Added on Sunday, October 2, 2011
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China calls for talks over shelved Myanmar dam (Reuters)

BEIJING (Reuters) ? China called on Saturday for talks with Myanmar after the government there suspended a controversial $3.6 billion, Chinese-led dam project.

After weeks of rare public outrage against the Myitsone dam, Myanmar's largest hydropower project, President Thein Sein told parliament his government had to act "according to the desire of the people".

Myanmar's then military government proposed the dam in 2006 and signed a contract in 2009 with the Myanmar military-backed Asia World Company and China Power Investment Corp to build it.

China's Foreign Ministry said "relevant countries should guarantee the legal and legitimate rights of Chinese companies".

"The Myitsone dam is a jointly invested project between China and Myanmar, and has been ... thoroughly examined by both sides," ministry spokesman Hong Lei said in a statement on the ministry's website (www.mfa.gov.cn)

"Both sides should appropriately deal with matters related to the progress of this project through friendly consultations," he added.

The northern Myanmar dam would have flooded an area about the size of Singapore, creating a 766-square-km reservoir, mainly to serve growing energy needs in neighbouring China, which would have imported about 90 percent of its power.

In recent years, Myanmar's leaders have embraced investment from China as a deep and lucrative market for the former British colony's energy-related resources and to counterbalance the impact of Western sanctions imposed in response to human rights abuses.

But in recent weeks, the dam had become a symbol of resentment over China's growing influence and revealed a stark divide between cabinet ministers and parliamentary leaders, making it the first real public test over whether reformers or hard-liners had more sway over the country's direction.

While China and Myanmar have close economic and political ties, including the building of oil and gas pipelines into southwestern China, there are also deep mutual suspicions.

China has frequently expressed its concern at instability along their often mountainous and remote border, where rebel groups deeply involved in the narcotics trade have been fighting Myanmar's central government for decades.

Myanmar in turn looks warily at its vast neighbour, and has tried forging closer ties with India to offset China's influence.

(Reporting by Ben Blanchard; Editing by Robert Birsel)

Source: http://us.rd.yahoo.com/dailynews/rss/india/*http%3A//news.yahoo.com/s/nm/20111001/india_nm/india596525

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It?s Been A Week Without All My Children?Sniff Sniff

It’s been a whole week since All My Children signed off last Friday, and let me tell you, I’m going through some major withdrawals. My life has centered around this show for so long, and this week I’ve felt lost without it. I know, it’s just a TV show right? Get over it, you say? Well, that’s easier said than done. Many have told me, oh come on, you can watch it online in January. Um, without the amazing Erica Kane? Susan Lucci has reportedly declined to take part in Prospect Park’s online AMC show. While some cast members have agreed to move on to the online endeavor, it simply will not be the same. Other central characters to Pine Valley have already jumped ship and signed contracts with other shows, notably Debbi Morgan (Angie), who will now appear on The Young and the Restless, and Jacob Young (J.R.), who has gone back to a role he originated on The Bold and the Beautiful. Last week’s cliffhanger finale saw J.R. wielding a gun at the Chandler mansion, where a party is being held to welcome Stuart (who was thought to be dead) home. J.R. fires off the gun, but we [...]

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Recovery next year for world stocks: poll (Reuters)

LONDON (Reuters) ? World stock markets will recover next year from a nightmarish 2011 that has wiped trillions of dollars off share prices, according to a Reuters poll that showed almost all major stock indexes ending 2011 in the red.

Darkening economic prospects and fears the euro zone debt crisis will unravel into financial catastrophe sent global stocks plummeting around 14 percent since the last quarterly poll of equity strategists in June.

Only the Dow Jones Industrial Average and South Korea's KOSPI are expected to finish the year with gains compared with 2010's closing levels, among the 19 major stock indexes covered by Reuters polls over the last week.

Still, despite the dire performance of stock markets so far this year, most respondents were stuck in their usual habit of predicting big gains, no matter what real risks face the world economy.

According to the consensus, only one index -- Taiwan's TAIEX -- is expected to finish 2011 at a significantly lower level than its close on Thursday.

The last three months have seen an enormous spike in stock market volatility, to the point that several of the survey's usual sample of around 350 analysts refused to give forecasts this time.

While analysts are waiting for clear signs either way of progress or failure in fixing the euro zone debt crisis, stalling economic growth in major Western economies will restrain share prices in coming months.

"The global slowdown will still drive economic growth and earnings lower," said Philippe Gijsels, head of research at BNP Paribas Fortis in Brussels.

"Obstacles to a new bull market are still formidable... there is a lot of political uncertainty. This will take time to clear."

World equities have already lost around $3.7 trillion dollars in market capitalization since the start of this year -- more than the nominal gross domestic product of Germany.

Even by midway through next year, analysts expect only a handful of stock indexes -- seven out of 18 -- to top their closing 2010 levels. By comparison, world stocks rose around 30 percent in 2009 and around 10 percent last year.

TOP PERFORMERS

There is at least some support for the notion that equity markets should start rising again, other than the perennial bullishness of equity market analysts.

For one thing, global shares look undervalued compared with historical averages. The MSCI World Index is currently trading a little over 10 times 12-month forward earnings, the lowest since December 2008, and considerably below the average of 14.3 over the past decade.

Investors too are entering the fourth quarter with a slightly raised exposure to shares and holding high reserves of cash that could quickly be used to fuel a stock rally, a Reuters poll showed on Thursday.

Russia's RTS index, long the darling of the poll's equity bulls, again topped the chart among indexes expected to yield the biggest returns with a 32 percent gain expected between now and mid-2012.

The Shanghai Stock Exchange should rise smartly next year after a torrid two years of heavy losses, the poll showed, while Brazil's Bovespa is expected to rally about as strongly as Russia.

"Even with the sovereign debt crisis in Europe worsening and discouraging U.S. data, we see the Brazilian economy as plenty resilient," said Paulo Esteves of Gradual Investimentos.

The survey also suggested strong gains lie ahead on some rich-world bourses, with bourses in the United States, Australia, France, Germany and Japan expected to yield double-digit returns from now until mid-2012.

"The recent sell-off in stock markets around the world, especially in Europe, has been the result of a lack of confidence, not growth," Markus Huber, head of German sales trading at ETX Capital, said.

Even so, the near-term outlook is very uncertain. The Dow Jones Industrial Average is the only developed-world index that analysts expect to finish the year in the black, with a modest gain of around 2 percent over the course of 2011.

LAGGARDS

Taiwan's TAIEX is expected to be by far the worst performing market out of the 19 indexes in the Reuters poll.

Having already lost around 20 percent of its value so far this year, analysts see the TAIEX falling a further 5 percent from now until the end of the year and almost 9 percent by mid-2012, as the tech-heavy index suffers badly from slowing exports to struggling Western economies.

The other most notable laggard was Britain's FTSE 100, one of the world's largest by capitalization, which respondents expect will register a full-year loss of around 11 percent.

The poll showed the FTSE gaining marginally between now and the end of the year, and only about 6 percent between now and mid-2012 -- considerably less than forecast for its U.S. and European peers.

"I would say that there is potential for upside on the FTSE, but I think the likelihood of any economic growth has been stunted severely by what's happening in the euro zone," said Martin Dobson, head of trading at Westhouse Securities.

(Additional reporting from reporters in London, Paris, New York, Tokyo, Shanghai, Sydney, Hong Kong, Johannesburg, Frankfurt, Milan, Sao Paulo, Toronto, Seoul, Moscow and Mumbai. Polling by Ruby Cherian and Shaloo Shrivastava in Bangalore, Analysis by Sumanta Dey and Yati Himatsingka. Editing by Ross Finley and Jon Loades-Carter)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20110929/bs_nm/us_markets_stocks_poll

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Diabetes and cancer: A shared biological basis

Public release date: 29-Sep-2011
[ | E-mail | Share ]

Contact: Lisa Lyons
elyons@cell.com
617-386-2121
Cell Press

Contrary to what you might think, cancer and diabetes appear to have some biology in common. According to a report in the September 30th issue of the Cell Press journal, Cell, a pathway that initially drew attention for its role in embryonic stem cells and cancer also influences the odds that mice develop or resist diabetes.

Mice with high levels of the cancer-promoting proteins Lin28a or Lin28b become more sensitive to insulin and less prone to diabetes when on a high-fat diet, the new study shows.

"This highlights the overlap in the biology of these disorders," said George Daley of Harvard Medical School. "It may be the same kinds of metabolic shifts that allow cancer cells to grow are also related to [whole-body] glucose metabolism."

In fact, there were clues about such a connection, but "no obvious mechanism," he says. For instance, studies have shown that cancer cells within a tumor are able to grow more rapidly by shifting the way they use glucose. Genome-wide association studies for type 2 diabetes have also pinpointed several susceptibility genes with known links to cancer or the cell cycle.

Daley's team, including first authors Hau Zhu and Ng Shyh-Chang, had noticed earlier that an immature form of the microRNA (tiny bits of RNA that silence genes by targeting messenger RNA) known as let-7 is abundant in stem cells. "It allows stem cells to be stem cells," Zhu says.

Let-7 is also important in preventing cancer, Zhu explained, and its activity is blocked by the cancer-promoting RNA-binding protein Lin28. Lin28 is also known as an ingredient that can help turn skin cells into embryonic stem cell-like cells.

"Mice with too much Lin28 grow really large," Zhu said based on their earlier work. "They are giant mice and they soak up glucose really efficiently." The new study shows that Lin28 transgenic mice are also resistant to diabetes and obesity. That resistance holds even as the mice grow older, said Shyh-Chang.

Mice lacking Lin28a or that have increases in let-7 become insulin resistant and have impaired glucose tolerance. These metabolic changes occurred in part through effects linked to the insulin-PI3K-mTOR pathway, which is important in cancer and basic metabolism.

Importantly, the researchers also found that let-7 acts on many genes with apparent links to type 2 diabetes and glucose control in humans. This may prove to be good news for those in search of new ways to tackle complex conditions like diabetes, which have many genetic drivers, each with relatively small effects.

"MicroRNAs touch multiple targets in subtle ways," Shyh-Chang said. "Our findings suggest that let-7 and perhaps other microRNAs may help to unify the picture of how type 2 diabetes develops."

###

---

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?

AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.

Public release date: 29-Sep-2011
[ | E-mail | Share ]

Contact: Lisa Lyons
elyons@cell.com
617-386-2121
Cell Press

Contrary to what you might think, cancer and diabetes appear to have some biology in common. According to a report in the September 30th issue of the Cell Press journal, Cell, a pathway that initially drew attention for its role in embryonic stem cells and cancer also influences the odds that mice develop or resist diabetes.

Mice with high levels of the cancer-promoting proteins Lin28a or Lin28b become more sensitive to insulin and less prone to diabetes when on a high-fat diet, the new study shows.

"This highlights the overlap in the biology of these disorders," said George Daley of Harvard Medical School. "It may be the same kinds of metabolic shifts that allow cancer cells to grow are also related to [whole-body] glucose metabolism."

In fact, there were clues about such a connection, but "no obvious mechanism," he says. For instance, studies have shown that cancer cells within a tumor are able to grow more rapidly by shifting the way they use glucose. Genome-wide association studies for type 2 diabetes have also pinpointed several susceptibility genes with known links to cancer or the cell cycle.

Daley's team, including first authors Hau Zhu and Ng Shyh-Chang, had noticed earlier that an immature form of the microRNA (tiny bits of RNA that silence genes by targeting messenger RNA) known as let-7 is abundant in stem cells. "It allows stem cells to be stem cells," Zhu says.

Let-7 is also important in preventing cancer, Zhu explained, and its activity is blocked by the cancer-promoting RNA-binding protein Lin28. Lin28 is also known as an ingredient that can help turn skin cells into embryonic stem cell-like cells.

"Mice with too much Lin28 grow really large," Zhu said based on their earlier work. "They are giant mice and they soak up glucose really efficiently." The new study shows that Lin28 transgenic mice are also resistant to diabetes and obesity. That resistance holds even as the mice grow older, said Shyh-Chang.

Mice lacking Lin28a or that have increases in let-7 become insulin resistant and have impaired glucose tolerance. These metabolic changes occurred in part through effects linked to the insulin-PI3K-mTOR pathway, which is important in cancer and basic metabolism.

Importantly, the researchers also found that let-7 acts on many genes with apparent links to type 2 diabetes and glucose control in humans. This may prove to be good news for those in search of new ways to tackle complex conditions like diabetes, which have many genetic drivers, each with relatively small effects.

"MicroRNAs touch multiple targets in subtle ways," Shyh-Chang said. "Our findings suggest that let-7 and perhaps other microRNAs may help to unify the picture of how type 2 diabetes develops."

###

---

[ | E-mail | Share ]

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Source: http://www.eurekalert.org/pub_releases/2011-09/cp-dac092311.php

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