Thursday, October 27, 2011

Florida lawmakers bid for Vegas-style casinos (Reuters)

TALLAHASSEE, Fla (Reuters) ? A bill that would open the door to a multibillion-dollar expansion of Florida's gambling industry was introduced in the southeastern U.S. state's legislature on Wednesday, holding out the promise of jobs and money to a depressed economy.

The Republican-backed proposal would create a state agency called the Florida State Gaming Commission to license, regulate and enforce gambling throughout Florida.

The commission's initial responsibilities would include awarding three casino gambling licenses in south Florida's Miami-Dade and Broward counties, in return for an investment of at least $2 billion by each of the casino operators in Las Vegas-style hotel towers and glitzy resort complexes.

Successful applicants would be required to make a $50 million one-time license payment, with an annual renewal fee pegged at $2 million. They would also be subject to a 10-percent tax on gross gambling revenues.

State law now bars casinos from expanding beyond businesses operated by the Seminole Indian tribe and selected racetracks and jai alai courts.

Anti-gambling sentiment runs strong in many parts of Florida, but speculation about possible changes in its gambling laws has been mounting for months.

Gambling fever has gripped the state since Malaysia-based Genting Berhad, one of the biggest international casino developers, announced in May it was paying $236 million for a 14-acre (5.7 hectare) piece of waterfront property in downtown Miami that currently houses the Miami Herald newspaper.

The cash-rich company, which controls casino resorts in Malaysia and Singapore, has conjured up visions of Miami becoming a sort of Macau of the Americas, a palm-fringed playground for global gamblers.

'FAMILY-FRIENDLY' IMAGE AT STAKE?

Gambling titans led by the Las Vegas Sands Corp have been lobbying to persuade lawmakers to allow for full casino gambling at so-called "destination resorts" in Florida since the Seminole tribe won its right to offer blackjack, baccarat and other banked card games more than two years ago.

But a proposal to bring five destination resorts to the state died in the Republican-controlled legislature last year.

Opponents of any liberalization of Florida's gambling laws include the Chamber of Commerce and Disney World, a leading magnet of tourism dollars coming into Florida.

The Orlando-based arm of Walt Disney Co says gambling tarnishes Florida's "family-friendly" image.

No Casinos Inc, an anti-casino group, has questioned claims that expanded gambling would create tens of thousands of new jobs in Florida, which is struggling to shake off record-high unemployment.

"The fact is that when casinos are introduced into a developed economy like ours, they do little more than cannibalize existing jobs and businesses," the group said in a recent statement.

Republican Governor Rick Scott has stopped short of saying whether he supports the bill that will be debated in the 2012 legislative session starting in January.

The bill's proposed 10-percent tax rate on casino revenues is believed to be the lowest in the United States, except for Nevada's 7 percent tax.

But Nick Iarossi, a Tallahassee-based lobbyist for the Las Vegas Sands, told Reuters the low rate was in line with the $2 billion investment threshold for getting licensed under the legislative proposal.

"If you're going to require someone to spend $2 billion you have to have a low enough tax rate to justify a return on investment," Iarossi said.

(Writing by Tom Brown; Editing by Xavier Briand)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20111026/us_nm/us_usa_florida_casinos

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Wednesday, October 26, 2011

Did Karl Rove sink Herman Cain? (The Week)

New York ? The Republican strategy guru says the GOP presidential candidate's gaffe-a-thon makes him appear unfit for the Oval Office

GOP super-strategist Karl Rove says Herman Cain's series of gaffes and campaign missteps?have "created an image of him as not being up to this task." Holding up a whiteboard on Fox News Monday (see the clip here), Rove listed Cain's flubs, including his admission that he wasn't familiar with the neoconservative movement, and his suggestion during one interview that he both supported abortion rights and was also fiercely anti-abortion. Cain, a political newcomer and former Godfather's Pizza CEO, accused Rove of making "a deliberate attempt to damage me" in order to benefit "the establishment choice," Mitt Romney. Is such a slam from Rove the kiss of death for a Republican candidate?

Rove certainly made Cain look bad: No matter how Cain tries to wiggle out of this, says Michael Davis at God's Vacation, Rove's criticism, spelled out clearly on his trademark whiteboard, will raise doubts among voters about "Cain's fitness for office." In the examples Rove cited, Cain "demonstrated an embarrassing lack of understanding about key issues."
"Karl Rove: Herman Cain may not be 'up to the task'"

This is just pro-Romney propaganda:?Why are we listening to Karl Rove??asks Robert Stacy McCain at The Other McCain. He's overrated. Remember, Rove only just barely managed to engineer George W. Bush's 2000 victory over the not-exactly-formidable Al Gore. And now Rove is just a stealth cheerleader for Romney. Voters don't think Cain is unfit. If they did, he wouldn't be leading nationwide polls, or be up by double digits in Iowa.
"Karl Rove decides popular guy leading all the polls can't possibly win election"

Cain's flubs are actually closely tied to his appeal: "The great thing about Herman Cain is that he's a straight-talker who shoots from the hip," says Chris Good at The Atlantic. Sometimes it works for him ? as when he warned that "stupid people" were ruining America. "Whenever one of his zesty hip-shots misses," he doubles back. Polished politicians know how to look more presidential ? but Cain's primary appeal is that he's not a polished politician.
"The many walkbacks of Herman Cain"

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Source: http://us.rd.yahoo.com/dailynews/rss/oped/*http%3A//news.yahoo.com/s/theweek/20111025/cm_theweek/220692

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Duqu: Investing in Cyber Security

Duqu: Another Reason to Invest in Cyber Security

by Justin Dove, Investment U Research
Tuesday, October 25, 2011

As the war in Iraq finally draws to an end, there may be another war looming in an unconventional battlefield.

A newly discovered piece of Trojan malware, simply called Duqu, bring the possibility of sophisticated cyber warfare one step closer?

And this new super-trojan could lead to expanded enterprise and government spending on cyber security.

A Precursor to a Stuxnet-Like Bug

Duqu is said to bear striking similarities to Stuxnet, the infamous malware that sabotaged Iran?s nuclear enrichment centrifuges last June and may be a precursor to a similar program. According to a Forbes report, ?Roughly 99% of the Duqu software rules are the same as Stuxnet?s. The source codes and keys for encryption are the same, only Duqu is more sophisticated.?

?This is definitely a troubling development on a number of levels,? Ronald Deibert, Director of Citizen Lab told Technology Review. ?In the context of the militarization of cyberspace, policymakers around the world should be concerned.?

While Stuxnet was used to effectively control computer systems in Iran last year, Duqu is said to be more of a spying virus. According to a report published last Thursday by Symantec (Nasdaq: SYMC), ?The attackers [which utilized Duqu] were searching for information assets that could be used in a future attack.?

The code is said to be able to monitor messages and processes. It can also unlock other information, including the design of supervisory control and data acquisition (SCADA) systems. SCADA systems are the types of systems used at industrial plants and power plants to centrally control functions.

Government Backing?

According to Technology Review, Stuxnet ?went far beyond shutting down or disrupting operations.? After infecting the systems, it damaged the centrifuges so that uranium could not be separated into yellowcake. In what Technology Review dubbed ?a Hollywood touch,? Stuxnet was able to display normal information on system?s interface so that the operators wouldn?t notice anything was up.

Even more troubling is the likelihood that these bugs have been developed and implemented by government agencies. Back in January, The New York Times postulated that Stuxnet ?was designed as an American-Israeli project to sabotage the Iranian program.?

According to the Forbes report, ?While no one government came forward to claim responsibility for Stuxnet, those on the front lines of IT security say that with 100 percent certainty it was a government agency that created it, like cryptologists at the National Security Agency of the U.S. or a similar organization in Israel and the U.K.?

No Connection Found Between Targets

It appears that Duqu is more of a testing program. While Stuxnet had a clear target and objective, Duqu seems to be spread all over the globe with no clearly defined targets.

Kaspersky Lab Malware Expert Sergey Golovanov told Forbes there were no commonalities between the victims, and that the victims were cast across the globe. At least one university and multiple companies were infected by Duqu.

According to the Symantec report, ?The threat has been highly targeted toward a limited number of organizations for their specific assets.?

While there aren?t any clues that point to what assets were targeted, the important thing is that not only governments are being attacked, but enterprises. Duqu and subsequent threats are likely to spread a wave of paranoia that leads to increased spending on cyber security.

Companies to Benefit

The most obvious company standing to benefit is Symantec, which created the detailed report on Duqu. It?s an industry leader in IT security in the personal and enterprise arena.

Other possible plays include:

  • The KEYW Corporation (Nasdaq: KEYW) is a small-cap company providing ?mission-critical? cyber security for U.S. government defense and intelligence agencies. Its stock is still about half of its 52-week high after the recent sell-offs in the broad market.
  • Iron Mountain Inc. (NYSE: IRM) is a diversified play that?s unaffected by recent market fluctuations. Among many services, Iron Mountain provides data storage and recovery services. If a large company is in fear of having its database or system infected or wiped out, they may want to find services, such as Iron Mountain?s, to keep information safe.
  • SAIC, Inc. (NYSE: SAI) is another diversified play that offers cyber security services to government agencies and large enterprise, among many other services. It was battered by the market the last few months, however, it recently announced a big partnership with McAfee and has a very attractive P/E at 7.50.

As these threats become more sophisticated and more frequent, look for governments and large enterprise to continue to spend big on cyber security to secure systems and data. Investors should look at companies that offer these types of services, as growth should continue in the sector for some time.

Good investing,

Justin Dove

Any investment contains risk. Please see our disclaimer
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Source: http://www.investmentu.com/2011/October/duqu-investing-in-cyber-security.html

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Monday, October 24, 2011

evo.pen ? The Remedy for Chronic Hand Pain when Writing

Julie’s recent posts about erasable pens and mechanical pencils has woken my own office-supply love. ?I found a really unusual looking pen that’s designed to reduce hand pain when writing. ?The evo.pen is said to be the remedy for hand pain when writing due to arthritis, carpal tunnel syndrome, repetititve stress syndrome, and writer’s cramp. [...]

Source: http://the-gadgeteer.com/2011/10/24/evo-pen-the-remedy-for-chronic-hand-pain-when-writing/

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Sunday, October 23, 2011

Cain modifies '9-9-9' plan to exclude poorest Americans (Star Tribune)

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Saudi heir's death brings conservative to fore (AP)

RIYADH, Saudi Arabia ? Saudi Arabia's ruling monarchy moved into a critical period of realignment Saturday after the death of the heir to the throne opened the way for a new crown prince: most likely a tough-talking interior minister who has led crackdowns on Islamic militants but also has shown favor to ultraconservative traditions such as keeping the ban on women voting.

A state funeral is planned for Tuesday in Riyadh for crown prince Sultan bin Abdul-Aziz Al Saud, who died in New York at the age of 80 after an unspecified illness, the official Saudi Press Agency said.

Now, Saudi rulers are expected to move quickly to name the new king-in-waiting ? which royal protocol suggests will be Sultan's half brother, Prince Nayef.

Moving Nayef to the top of the succession ladder would not likely pose any risks to Saudi Arabia's pro-Western policies and, in particular, its close alliance with Washington. But Nayef cuts a much more mercurial figure than Saudi's current leader, the ailing King Abdullah, who has nudged ahead with reforms such as promising women voting rights in 2015 despite rumblings from the country's powerful religious establishment.

Nayef, 78, has earned U.S. praise for unleashing the internal security forces against suspected Islamic extremist cells in Saudi Arabia, which was home to 15 of 19 of the Sept. 11 hijackers. Yet he brought blistering rebukes in the West for a 2002 interview that quoted him as saying that "Zionists" ? a reference to Jews ? benefited from the 9-11 attacks because it turned world opinion against Islam and Arabs.

Nayef also has expressed displeasure at some of Abdullah's moves for more openness, saying in 2009 that he saw no need for women to vote or participate in politics. It's a view shared by many Saudi clerics, who follow a strict brand of Islam known as Wahhabism. Their support gives the Saudi monarchy the legitimacy to rule over a nation holding Islam's holiest sites.

"Nayef is more religious, and is closer to the Saudi groups who are very critical of the king's decisions regarding women and other steps he's taken to balance out the rigid religious practices in society," said Ali Fakhro, a political analyst and commentator in Bahrain.

But it remains doubtful that Nayef ? if ever made king ? would outright annul Abdullah's reforms, which include the establishment of a coed university where both genders can mix. More likely, Nayef would put any further changes on hold, said Abdulkhaleq Abdulla, a political affairs professor at Emirates University.

"It's not good news for Saudis or for the region," he said. "(Nayef) is the security guy. He is the mukhabarat (secret police) guy. He is the internal affairs guy."

Although it's not certain that Nayef will be selected to succeed Sultan, the signs point clearly in that direction.

After Sultan fell ill two years ago, Nayef was named second deputy prime minister, traditionally the post right behind the crown prince. For the first time, however, the mechanism of picking the next No. 2 in the royal succession is not entirely clear.

Traditionally, the king names his successor. But this time it is possible that Abdullah will put the decision to the Allegiance Council, a 33-member body composed of his brothers and cousins. Abdullah created the council as part of his reforms and gave it a mandate to choose the heir.

Abdullah formed the council in order to modernize the process and give a wider voice. When it was created, it was decided that the council would choose the heir for the first time when Sultan rose to the throne, and his crown prince would need to be named. But it was not specified whether it would be used if Sultan died before the king.

The choice of whether to convene the council now will likely be made by the 87-year-old Abdullah, who is currently recovering from his third operation to treat back problems in less than a year.

"It is with deep sorrow and grief that the Custodian of the Two Holy Mosques King Abdullah mourns the loss of his brother and Crown Prince, His Royal Highness Prince Sultan," the palace said in a statement announcing Sultan's death.

The announcement did not elaborate on his illness. According to a leaked U.S. diplomatic cable from January 2010, Sultan had been receiving treatment for colon cancer since 2009.

Sultan was the kingdom's defense minister in 1990 when U.S. forces deployed in Saudi Arabia to defend it against Iraqi forces that had overrun Kuwait. His son, Prince Khaled, served as the top Arab commander in the 1991 operation Desert Storm, in which U.S.-led troops drove the Iraqis out of Kuwait.

As defense minister, Sultan closed multibillion-dollar deals to establish the modern Saudi armed forces, including land, air, naval and air defense forces. On more than one occasion, the deals implicated several of his sons in corruption scandals ? charges they have denied.

Sultan is survived by 32 children from multiple wives. They include Bandar, the former ambassador to the United States who now heads the National Security Council, and Khaled, Sultan's assistant in the Defense Ministry.

U.S. President Barack Obama called the prince "a valued friend of the United States" in a statement of condolence. "He was a strong supporter of the deep and enduring partnership between our two countries forged almost seven decades ago."

"He will be missed," said U.S. Secretary of State Hillary Clinton during a visit to Tajikistan. "Our relationship with Saudi Arabia is strong and enduring and we will look forward to working with the leadership for many years to come."

Britain's foreign secretary, William Hague, said Sultan served his country with "great dignity and dedication."

Saudi Arabia has been ruled since 1953 by the sons of its founder, King Abdul-Aziz, who had more than 40 sons by multiple wives. Sultan was part of the aging second generation of Abdul-Aziz's sons, including Nayef, the full brother of the late King Fahd, who died in 2005.

While Nayef has taken only minor roles in foreign affairs, he has been outspoken in one of Saudi Arabia's chief regional concerns: ambitions by rival Iran to expand its influence in the Middle East.

Earlier this year, he blamed the Shiite power for encouraging protests among Saudi Arabia's minority Shiites.

Nayef also was involved in the kingdom's decision in March to send military forces into neighboring Bahrain to help crush pro-reform demonstrations led by tiny island nation's majority Shiites against its Sunni rulers ? which Gulf Arab leaders accuse of having ties to Iran.

With Yemen, he has called for Saudi Arabia to take a harder line with embattled President Ali Abdullah Saleh, who was treated in Saudi Arabia after surviving a blast in June and later returned to Yemen.

In August, Nayef accepted undisclosed libel damages from Britain's newspaper The Independent over an article which accused him of ordering police chiefs to shoot and kill unarmed demonstrators in Saudi Arabia.

Nayef has chaired Cabinet meetings in place of Abdullah and Sultan. He also draws considerable prestige from being among the sons of Abdul-Aziz's most prominent wife, known as the Sudeiri Seven. Abdullah's predecessor Fahd also was among the seven.

"Nayef's closer links to the Wahhabi establishment may see a reversal of some recent reforms, especially regarding women," said Christopher Davidson, a lecturer at Britain's Durham University and an expert on Gulf affairs. "But more likely business as usual, I think, with no further major reforms."

___

Murphy reported from Dubai, United Arab Emirates. Associated Press writers Maggie Michael in Cairo and Barbara Surk in Manama, Bahrain, contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20111022/ap_on_re_mi_ea/ml_saudi_obit_sultan

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