Ex-RBS CEO Fred Goodwin stripped of knighthood (AP)

LONDON ? Former Royal Bank of Scotland chief Fred Goodwin, who led the bank into near collapse, has been stripped of his knighthood, the British government said Tuesday.

The Cabinet Office said the knighthood had been "canceled and annulled" because Goodwin had brought the honors system into disrepute.

Revoking knighthoods is rare, but the government said "the scale and severity of the impact of his actions as CEO of RBS made this an exceptional case."

Since he left RBS in 2008 with a multimillion-dollar pension as the bank was foundering, Goodwin has become, in the view of many Britons, a high-profile public villain of the financial crisis.

Goodwin built the Royal Bank of Scotland into one of the world's largest banks and was knighted in 2004 for services to banking. But he led the bank to disaster four years later with a takeover of the Dutch bank ABN Amro, paying a high price just as the credit crisis was starting to bite.

Goodwin resigned in October 2008 as the bank was failing, provoking the public's ire by leaving with 16 million pounds ($25 million) in pension benefits.

The British government spent 45 billion pounds bailing out and nationalizing RBS, and taxpayers now own an 82 percent stake.

The government said that under the circumstances, "the retention of a Knighthood for 'services to banking' could not be sustained."

The decision was made on the advice of the Forfeiture Committee, which usually acts only against people sentenced to more than three months in prison for a criminal offense, or who have lost their professional license or been censured by a regulatory or professional body.

A report on RBS published last year by the Financial Services Authority blamed the RBS debacle on bad decisions, rather than dishonesty or any violation of regulations.

In losing his knighthood, Goodwin joins a group that also includes the spy Anthony Blunt, Zimbabwean President Robert Mugabe and former Romanian President Nicolae Ceausescu.

Goodwin, 53, is likely to retain his other title ? "Fred the Shred," a tribute to his aggressive cost-cutting while expanding RBS.

Public and political pressure has been mounting on the current executives of the bank to renounce hefty bonuses they were awarded at a time when many Britons face painful spending cuts and tax hikes.

Goodwin's replacement, Stephen Hester, announced Sunday he would not accept a bonus of 1 million pounds in shares. The day before, RBS chairman Philip Hampton waived his own bonus of 1.4 million pounds in shares.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20120131/ap_on_bi_ge/eu_britain_rbs

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25 EU nations to sign treaty to stop overspending

France's President Nicolas Sarkozy, left, Germany's Chancellor Angela Merkel, center, and Italy's Prime Minister Mario Monti speak together prior to a meeting at the European Council in Brussels ahead of the European Union leaders summit, Monday, Jan. 30, 2012. European leaders were trying Monday to come up with ways to boost economic growth and jobs, which are being squeezed by their own governments' steep budget cuts across the continent. (AP Photo/Philippe Wojazer, pool) FRANCE MAGS OUT

France's President Nicolas Sarkozy, left, Germany's Chancellor Angela Merkel, center, and Italy's Prime Minister Mario Monti speak together prior to a meeting at the European Council in Brussels ahead of the European Union leaders summit, Monday, Jan. 30, 2012. European leaders were trying Monday to come up with ways to boost economic growth and jobs, which are being squeezed by their own governments' steep budget cuts across the continent. (AP Photo/Philippe Wojazer, pool) FRANCE MAGS OUT

British Prime Minister David Cameron, left, speaks with German Chancellor Angela Merkel, center, and European Commission President Jose Manuel Barroso during a round table meeting at an EU summit in Brussels on Monday, Jan. 30, 2012. European leaders will try to come up with ways to boost growth despite steep budget cuts across the continent when they meet in Brussels on Monday. The 27 heads of state and government will get a taste of the popular frustration with austerity and high unemployment as they try to get to the summit in a city paralyzed by strikes. (AP Photo/Geert Vanden Wijngaert)

France's President Nicolas Sarkozy, left, Germany's Chancellor Angela Merkel, center, and Italy's Prime Minister Mario Monti speak together prior to a meeting at the European Council in Brussels ahead of the European Union leaders summit, Monday, Jan. 30, 2012. European leaders were trying Monday to come up with ways to boost economic growth and jobs, which are being squeezed by their own governments' steep budget cuts across the continent. (AP Photo/Philippe Wojazer, pool) FRANCE MAGS OUT

Belgium's Prime Minister Elio Di Rupo, left, speaks with Czech Republic's Prime Minister Petr Necas during a round table meeting at an EU summit in Brussels on Monday, Jan. 30, 2012. European leaders will try to come up with ways to boost growth despite steep budget cuts across the continent when they meet in Brussels on Monday. The 27 heads of state and government will get a taste of the popular frustration with austerity and high unemployment as they try to get to the summit in a city paralyzed by strikes. (AP Photo/Geert Vanden Wijngaert)

British Prime Minister David Cameron, left, walks by German Chancellor Angela Merkel during a round table meeting at an EU summit in Brussels on Monday, Jan. 30, 2012. European leaders will try to come up with ways to boost growth despite steep budget cuts across the continent when they meet in Brussels on Monday. The 27 heads of state and government will get a taste of the popular frustration with austerity and high unemployment as they try to get to the summit in a city paralyzed by strikes. (AP Photo/Geert Vanden Wijngaert)

BRUSSELS (AP) ? All countries in the European Union, except Britain and the Czech Republic, agreed Monday to sign up to a new treaty designed to stop overspending in the eurozone and put an end to the bloc's crippling debt crisis, while also pledging to stimulate growth across the region.

The new treaty, known as the fiscal compact, was agreed at a summit of European leaders in Brussels on Monday. It includes strict debt brakes and makes it more difficult for deficit sinners to escape sanctions. The 17-country eurozone hopes that the tighter rules will convince investors that all countries will get their debts under control and restore confidence in their joint currency.

"We have a majority of 25 that will now sign up to the fiscal compact," Swedish Prime Minister Fredrik Reinfeldt said after the summit.

Although the new rules only apply to the 17 euro states, the currency union was hoping to get broad support from the other EU states, in the hope that the accord could eventually be integrated into the main EU treaty.

Britain had already said in December that it wouldn't sign the new treaty. Reinfeldt said that the Czech Republic didn't sign up because of parliamentary procedural problems.

The summit also promised Monday to stimulate growth and create jobs across the region, in a tacit acknowledgment that their exclusive focus on austerity has had painful side effects.

"Yes we need discipline, but we also need growth," said Jose Manuel Barroso, the president of the European Commission.

The leaders pledged to offer more training for young people to ease their transition to the work force, deploy unused development funds to create jobs, reduce barriers to doing business across the EU's 27 countries, and ensure that small businesses have access to credit. However there was no offer of any new financial stimulus.

"We must do more to get Europe out of the crisis," the leaders said in a statement.

Barroso said that there are still euro82 billion ($107.5 billion) in development funds that have yet to be allocated and which small and medium businesses could use as guarantees to get funding from banks.

He also said that the Commission will dispatch action teams to the eight countries where youth unemployment is the highest and help fund apprenticeships and young startups.

Europe's debt crisis has put the continent and its leaders in an almost impossible situation. While they have to slash their deficits to reassure the financial markets and investors reluctant to lend to them, the debt crisis has also sent unemployment soaring. Many analysts, politicians and trade unions think that only government spending can restart growth.

Overall, 23 million people are jobless across the EU, 10 percent of the active population. In Spain, unemployment has soared to nearly 23 percent and closed in on 50 percent for those under age 25, leaving more than 5 million people out of work as the country slides toward recession.

Even the most influential countries in Europe ? which are generally better off ? are suffering. The French government was forced Monday to revise down its growth forecast for its economy for the year from 1 percent to just 0.5 percent.

In fact, many now fear that Europe is on the verge of another recession, and leaders gathering in Brussels said that while austerity is important, more needs to be done for growth. Economists often note that cutting spending is just one way to slash deficits; another equally important method is to boost growth, which increases the amount of money pouring into government coffers.

While the leaders meeting in Brussels focused on walking the fine line between reining in spending and stimulating growth, the elephant in the room was Greece.

Greece and its bondholders have come closer to a deal to significantly reduce the country's debt and pave the way for it to receive a much-needed euro130 billion ($170 billion) bailout.

French President Nicolas Sarkozy said Monday he hoped a final agreement on Greece will be achieved "in the coming days," either at a special meeting of eurozone finance ministers or leaders.

Negotiators for Greece's private creditors said Saturday that a debt-reduction deal could become final within the next week. If the agreement works as planned, it could help Greece avoid a catastrophic default, which would be a blow to Europe's already weak financial system.

But European officials are afraid that even that deal may not be enough to fix Greece's finances, with some blaming Athens for dithering on its promise to cut spending and introduce austerity measures.

___

Associated Press writers Don Melvin, Robert Wielaard and Raf Casert contributed to this story.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-30-EU-Europe-Financial-Crisis/id-11ea3ca6f5914651b8d58d3f3d77a386

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No. 16 Indiana beats Iowa 103-89 (AP)

BLOOMINGTON, Ind. ? Iowa did a lot of things right against Indiana. Defense wasn't one of them.

Freshman Cody Zeller scored a season-high 26 points to help No. 16 Indiana defeat Iowa 103-89 on Sunday night. Indiana scored more than 100 points in a conference game for the first time since defeating Iowa 110-79 on March 12, 1995.

Iowa made 19 of 24 shots in the second half and somehow lost convincingly.

"We shot 80 percent in the second half," Iowa coach Fran McCaffery said. "You go on the road and score 89, you should be in pretty good shape. I was upset by a lot of things that happened on the defensive end of the floor."

Zeller made 11 of 12 shots and had four assists and three steals for the Hoosiers (17-5, 5-5 Big Ten),

"I've watched a lot of film, obviously, and he is as good as any freshman big man I have ever seen," McCaffery said.

It wasn't just the defense on Zeller that failed. Christian Watford scored 15 points, Verdell Jones III had 14 points and nine assists and Victor Oladipo had 12 points and six rebounds for the Hoosiers, who had lost four of five.

"We didn't help the helper enough," Iowa guard Bryce Cartwright said. "We had too many lapses."

Josh Oglesby scored a season-high 24 points and Matt Gatens added 20 for Iowa (11-11, 3-6). The Hawkeyes shot 63 percent from the field, but committed 17 turnovers. Since defeating Michigan, the Hawkeyes have lost at Purdue, at home to Nebraska and at Indiana.

Iowa and Indiana will meet again in Iowa City on Feb. 19.

Indiana was held to a season-low 50 points in a loss at Wisconsin on Thursday night, but had that many by halftime against Iowa. The Hoosiers finished with 20 assists after having four against Wisconsin.

On the rare occasion in which Indiana missed a shot against the Hawkeyes, the Hoosiers often got the rebound. Indiana scored 23 second-chance points on 20 offensive boards.

Indiana's Derek Elston hit three straight shots, including two 3-pointers, in a run that gave the Hoosiers a 26-18 lead with 11:37 left in the first half. Iowa cut the lead to one point on a basket by Aaron White, but the Hoosiers quickly regrouped. Tom Pritchard scored baskets 16 seconds apart in a run that gave Indiana a 44-36 lead.

The Hoosiers led 54-37 at halftime, their second-highest point total in a half this season. Indiana shot 54 percent and grabbed 11 offensive rebounds. Iowa shot 50 percent but committed 10 turnovers in the first half and was outrebounded 24-11.

A powerful one-handed dunk by Zeller gave the Hoosiers a 65-48 lead.

Iowa rallied and cut the deficit to 67-55 on a dunk by Nelsahn Basabe. Zeller took a break with Indiana leading 72-57. A two-handed putback dunk by Pritchard helped the Hoosiers maintain their lead, and Indiana led 81-64 when Zeller returned. His breakaway dunk increased the lead to 85-64.

The Hoosiers scored their 100th point on a free throw by Oladipo with 2:30 remaining.

Iowa might have scored 100 points too with better rebounding and effort on defense.

"It is not coming together right now," Gatens said. "Our defense on ball is bad, our pick-and-roll defense is bad. We couldn't get stops."

__

Follow Cliff Brunt on Twitter: http://www.twitter.com/cliffbruntap

Source: http://us.rd.yahoo.com/dailynews/rss/sports/*http%3A//news.yahoo.com/s/ap/20120130/ap_on_sp_co_ga_su/bkc_t25_iowa

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S. Sudan holds firm on oil production stoppage (AP)

JUBA, South Sudan ? South Sudan's minister of petroleum and mining says the nation will not restart oil production unless Sudan accepts a list of demands.

Stephen Dhieu Dau said Sunday that South Sudan was "committed to negotiations" but that Khartoum would have to accept their offer of paying $1 per barrel for using Sudan's pipelines for export and $2.4 billion dollar financial assistance package before South Sudan turns on production again.

He also says Sudan must withdraw troops from the disputed border region of Abyei and stop funding rebel groups in South Sudan. He says South Sudan wants an international treaty guaranteed by "international superpowers" to guarantee the agreement.

South Sudan shut down oil production Saturday after it accused Sudan of stealing hundreds of millions of dollars worth of oil.

Source: http://us.rd.yahoo.com/dailynews/rss/africa/*http%3A//news.yahoo.com/s/ap/20120129/ap_on_bi_ge/af_south_sudan_oil

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Police commissioner: NYPD is good with Muslims (AP)

NEW YORK ? New York's police commissioner says a film that critics say paints Muslims in a bad light wasn't officially approved for NYPD training.

At a news conference Friday, Police Commissioner Raymond Kelly called the movie "The Third Jihad" inflammatory. But he said it was shown by mistake in a side room of a training center.

He also defended the NYPD's record with the city's Muslim community. He called the relationship "excellent."

The movie uses dramatic footage to warn against the dangers of radical Islam. Muslim groups say it teaches Americans to be suspicious of all Muslims.

Kelly appears for about 30 seconds of the 72-minute movie. He originally said he was not involved but later acknowledged giving the filmmakers an interview in 2007 and apologized.

Source: http://us.rd.yahoo.com/dailynews/rss/religion/*http%3A//news.yahoo.com/s/ap/20120127/ap_on_re_us/us_nypd_intelligence_movie

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GOP Establishment Mobilizes Against Newt (ABC News)

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Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/192400158?client_source=feed&format=rss

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Qmadix Metalix Snap-On Cover for iPhone 4S, AT&T iPhone 4, Verizon iPhone 4

The Qmadix Metalix Snap-On Cover adds style, sophistication and protection to your iPhone 4S, AT&T iPhone 4, or Verizon iPhone 4.? The durable but lightweight, textured polycarbonate border helps to keep a firm grip on your device.

Aluminum alloy accents enhance the look for the iPhone 4S, AT&T iPhone 4, or Verizon iPhone 4 without adding bulk or unwanted weight.

Features:

• Form-fit design
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• Screen left exposed
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• Lightweight
  

Please Note: Product images, including color, may differ from actual product appearance.

Works with: iPhone 4S, AT&T iPhone 4, Verizon iPhone 4

Source: http://store.mobileburn.com/content/accessories/4-123--9658.htm

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Samsung 4Q profit rises 17 pct on phones, panels (AP)

SEOUL, South Korea ? Samsung Electronics Co.'s quarterly profit rose 17 percent from a year earlier on the strength of sales in smartphones and flat panels.

Samsung said Friday in a regulatory filing that its net profit reached 4 trillion won ($3.5 billion) in the three months that ended in December. The company earned 3.4 trillion won a year earlier.

The Suwon, South Korea-based company said its operating profit jumped 75.8 percent to 5.3 trillion won in the same quarter. The figure was closely in line with the company's estimate last month of a 73 percent rise.

Samsung, the world's biggest manufacturer of memory chips and liquid crystal displays, said demand for semiconductors in mobile products and servers remained solid despite weaknesses in personal computers.

The company also said it was able to consolidate its profit in smartphones and flat television sales, noting its efforts to expand electronics parts businesses to secure future growth potential.

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20120127/ap_on_bi_ge/as_skorea_earns_samsung

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SKorea staging artillery drills at border island (AP)

SEOUL, South Korea ? South Korea staged live-fire drills Thursday from a front-line island shelled by North Korea in 2010, in the first such exercise since North Korean leader Kim Jong Il died last month. The North called the maneuvers belligerent.

Marines at Yeonpyeong Island and nearby Baengnyeong Island fired artillery into waters near the disputed sea border during the two-hour-long drills, a South Korean Defense Ministry official said. North Korea's official Korean Central News Agency said later in the day that the South was "kicking up war fever" by simulating a pre-emptive strike.

Similar drills at Yeonpyeong in November 2010 triggered a North Korean artillery bombardment that killed four South Koreans.

The latest drills were routine exercises and there haven't been any suspicious activities by North Korea's military, the South Korean official said on condition of anonymity, citing department rules.

South Korea last held artillery drills at the front-line islands on Dec. 12, five days before Kim Jong Il died of a heart attack, the official said.

Ties between the two Koreas remain frosty with North Korea vowing to retaliate against South Korea over its decision to bar all of its citizens, except for two private delegations, from visiting to pay respects after Kim's death.

The two sides are still technically at war because their conflict in the early 1950s ended with an armistice, not a peace treaty.

Tension between the countries sharply rose in 2010 in the wake of North Korea's shelling of Yeonpyeong and a deadly warship sinking blamed on Pyongyang. North Korea has flatly denied its involvement in the sinking that killed 46 sailors.

South Korean and U.S. troops regularly conduct joint military drills, drawing angry responses from North Korea, which consider them as a rehearsal for a northward invasion.

On Sunday, the KCNA blasted South Korea and the United States over reports they plan a large-scale amphibious drills in March. A KCNA dispatch said the planned drills showed the allies' "wild design to stifle (North Korea) by force of arms."

Source: http://us.rd.yahoo.com/dailynews/rss/nkorea/*http%3A//news.yahoo.com/s/ap/20120126/ap_on_re_as/as_koreas_tension

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Oklahoma State hands No. 2 Mizzou 2nd loss, 79-72

Oklahoma State guard Le'Bryan Nash celebrates with fans following a 27-point performance in Oklahoma State's 79-72 win over Missouri in an NCAA college basketball game in Stillwater, Okla., Wednesday, Jan. 25, 2012. (AP Photo/Brody Schmidt)

Oklahoma State guard Le'Bryan Nash celebrates with fans following a 27-point performance in Oklahoma State's 79-72 win over Missouri in an NCAA college basketball game in Stillwater, Okla., Wednesday, Jan. 25, 2012. (AP Photo/Brody Schmidt)

Oklahoma State state fans celebrate on Eddie Sutton Court after defeating Missouri 79-72 following an NCAA college basketball game in Stillwater, Okla., Wednesday, Jan. 25, 2012. (AP Photo/Brody Schmidt)

Oklahoma State center Philip Jurick, right, shoots over Missouri forward Ricardo Ratliffe (10) during the first half of an NCAA college basketball game in Stillwater, Okla., Wednesday, Jan. 25, 2012. (AP Photo/Brody Schmidt)

Oklahoma State guard Keiton Page, bottom, and Missouri guard Phil Pressey, top, struggle for a loose ball during the first half of an NCAA college basketball game in Stillwater, Okla., Wednesday, Jan. 25, 2012. (AP Photo/Brody Schmidt)

Missouri forward Ricardo Ratliffe, left, blocks a shot from Oklahoma State guard Brian Williams, center, while Missouri guard Marcus Denmon (12) defends during the first half of an NCAA college basketball game in Stillwater, Okla., Wednesday, Jan. 25, 2012. (AP Photo/Brody Schmidt)

STILLWATER, Okla. (AP) ? Keiton Page tried to explain to his Oklahoma State teammates the sensation of fans rushing the Gallagher-Iba Arena court to celebrate a big upset.

With freshman swingman Le'Bryan Nash flashing the brilliance that made him a McDonald's All-American, they got to experience it for themselves.

Nash scored a career-high 27 points, Brian Williams added a career-best 22 and Oklahoma State knocked off No. 2 Missouri 79-72 on Wednesday night, handing the Tigers their second loss of the season.

"Le'Bryan played at a very high speed tonight, a very high gear. All of his moves were a little bit more explosive," Cowboys coach Travis Ford said.

Nash scored 13 points during a 17-4 burst that sent the Cowboys (10-10, 3-4 Big 12) into the lead in the final 4 minutes and the Tigers didn't have a response.

Nash hit a jumper and a 3-pointer to get it going, then nailed another 3 from the left side to give the Cowboys a 65-64 lead with 3:23 to play. He connected on another 29 seconds later and ran to the opposite end of the court when Missouri (18-2, 5-2) called timeout to encourage a student section that was already hopping up and down to bring it on.

When the clock hit zero, the students rushed the court and huddled around Oklahoma State's players at midcourt.

Earlier in the week, Page fielded questions from his younger teammates about his experiences from an upset of top-ranked Kansas two seasons ago, hoping for a similar result.

"A lot of them just wanted to know what it was like for the students to run on the floor," Page said. "My answer's a lot different for them. I'm 5-9. They can see, they can breathe when it happens."

Ricardo Ratliffe had 25 points and 12 rebounds to lead Missouri, which allowed the Cowboys to shoot a season-best 59 percent. They hadn't surpassed 49 percent against an NCAA opponent all season.

"I thought that our focus was not where it needed to be in order to win a game like this on the road," Tigers coach Frank Haith said.

Missouri got steals on three straight possessions to fuel a 10-2 run in the first 5 minutes of the second half, taking a 48-41 lead when Ratliffe waited out two defenders leaping prematurely to block his shot at the left block before scoring the basket.

Ratliffe's three-point play off a spinning bucket at the right block gave the Tigers their largest lead at 53-45 with 14:22 to play, but it didn't last.

"I expected it to be a hard-fought game," Haith said. "This is Big 12 basketball. There's good players.

"We didn't do what we needed to do to finish the game out once we got control of the game."

Nash had a bucket off a baseline inbounds pass and another off a post-up move against Kim English to get Oklahoma State within striking distance.

Markel Brown added another energizing play with a right-handed dunk off an alley-oop but got called for his second technical foul for getting in Matt Pressey's face and was ejected. Marcus Denmon hit the two free throws from the technical and Ratliffe added two more off a third-chance opportunity to push the lead back to 60-53, but the Cowboys didn't miss a beat.

After Nash's big spurt, Williams had a two-handed dunk in transition and a three-point play to help preserve the lead down the stretch.

Nash had scored 21 points four times this season but was coming off a rough performance when he had only four points and got himself into foul trouble.

"I was trying to get aggressive in the second half," Nash said. "I talked to my coaches and they were like, 'Don't try to let the ball come to you. Go get the ball.'

"Basically, that's what my teammates did. My teammates got me the ball in good situations and once it started rolling, the shots started falling."

Ford credited a renewed commitment from Nash, who stuck around for extra shots following shootaround instead of joining his teammates to eat.

"When he's shooting like that, give him the ball every single time. He was making big plays on the offensive end and the defensive end," Page said. "If (Nash) keeps playing like that and we keep playing as a team, we could be a dangerous team in the Big 12."

Denmon finished with 17 points but on 4-for-16 shooting. Phil Pressey, the Big 12's assists leader, matched his season low with two.

It continued a rough stretch for Top 25 Missouri teams in Gallagher-Iba Arena. The Tigers have lost six straight games while ranked in Stillwater, dating back to 1992, and may not be visiting again anytime soon with next season's move to the Southeastern Conference.

Four of those six losses have come at the hands of unranked Oklahoma State teams.

Brown provided a boost right from the start with a thunderous right-handed jam on Oklahoma State's first possession after winning the tip. He picked up a technical foul 90 seconds into the game that seemed inconsequential at the time but eventually led to his dismissal.

OSU made an uncharacteristic 57 percent of its shots while leading most of the first half. Page's step-back jumper from the left elbow provided the Cowboys a 37-36 lead at the break.

The first half marked the third-best shooting performance in a half this season for Oklahoma State, the Big 12's worst shooting team at 41 percent, only to be outdone by a 62 percent mark after halftime.

"It's a huge win for us. It's a big win," Page said. "It just shows us what we're capable of. It shows us we can play with anybody. We still have a long ways to go. ... This team's hungry. This team's hungry for wins."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-01-25-T25-Missouri-Oklahoma%20St/id-b5f2682e80d24449a0513720deff2e69

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