Kathlene notes

UPDATE 2-Parker Hannifin profit tops estimates

Tue, 18 Oct 2011 08:32:27 -0400

* Sees FY 2012 EPS $7.25 to $7.85NEW YORK, Oct 18 (Reuters) - Parker Hannifin Corp reported a higher-than-expected quarterly profit, lifted by sales of industrial motion-control systems and stronger margins in its aerospace segment, and the company raised its full-year profit forecast.Net earnings rose 20 percent to $298.1 million, or $1.91 per share, in the fiscal first quarter that ended Sept. 30, from $249 million, or $1.51 per share, a year earlier.Analysts, on average, expected a profit of $1.69 per share, according to Thomson Reuters I/B/E/S.Sales rose 14 percent to $3.23 billion, also ahead of Wall Street forecasts.Orders rose in three of the company’s four divisions.Citing order growth and other factors, Parker raised its fiscal 2012 profit forecast to a range of $7.25 to $7.85 per share from its August forecast of $6.70 to $7.50 a share. Analysts were expecting profit of $7 for the year.Parker, which competes with Pall Corp , Eaton Corp and Honeywell International Inc , makes fluid power systems, electromechanical controls and related components for manufacturing, transportation and aerospace industries.

Man charged in U.S. for spying on Syrian protesters

Wed, 12 Oct 2011 17:30:57 -0400

Mohamad Anas Haitham Soueid, 47, a naturalized U.S. citizen, was accused of acting as an agent of the Syrian intelligence service and collecting video and audio recordings of protesters against Syria and President Bashar al-Assad.Soueid also was accused of recruiting others to collect information about protesters and sending materials to the Syrian embassy in Washington and to Damascus, according to an indictment unsealed on Wednesday.In June, he flew to Syria where he met Assad in a group and also spoke with him privately, the 15-page indictment said. The charges did not reveal how Soueid’s alleged activities became known to U.S. authorities.The Syrian embassy in Washington issued a lengthy denial, saying that Soueid did not work for the Syrian government, never met with Assad, was never paid by Damascus and had not provided any information about U.S. protesters.He was arrested on Tuesday on charges of acting as an unregistered foreign agent operating in the United States, conspiracy, making false statements to FBI agents and lying on forms he filled out while buying a .40 caliber pistol.”The ability to assemble and protest is a cherished right in the United States,” U.S. Attorney Neil MacBride said in a statement.Soueid, who lives in Leesburg, Virginia, outside Washington, appeared briefly in federal court where a judge ordered him held pending a detention hearing slated for Friday. He had not yet retained a lawyer, according to prosecutors.FBI INVESTIGATIONThe United States has imposed sanctions on Assad and his government since the start of the crackdown that the United Nations estimates has killed at least 2,700 people.A State Department spokeswoman said that it had complained previously about harassment of Syrians in the United States. “You see here the first fruits of the FBI’s investigation,” said the spokeswoman Victoria Nuland.Starting around March 2011, Soueid worked as part of a network of operatives in the United States, sending some 20 video and audio recordings of protests and conversations with protesters, according to the indictment.In one instance, Soueid sent a coded message in April to the Syrian intelligence service via email that described a meeting of protesters in a Virginia suburb of Washington.He also sent to his contact at the Syrian embassy in Washington a website link for protesters in the United States, the indictment said.In addition, he sent contact details, including phone numbers and email addresses of the protesters, the charging document said.He returned from his trip to Syria in July and was questioned and searched at Dulles International Airport. That prompted him to tell his Syrian contacts that he had changed procedures and also said that the incident at the airport would not stop him, according to the indictment.About a month later, Soueid was confronted by FBI agents but he denied collecting information and sending it to the Syrian government, according to prosecutors. He was accused by Syrians and Syrian Americans in May in a private civil lawsuit filed in U.S. federal court of helping the Syrian government target their families back in the country.The lawsuit also accused Syria and others of violating international law including killing and torturing them.

UPDATE 1-German FinMin says may have to reduce Greek debt

Wed, 12 Oct 2011 14:31:26 -0400

* Says must not solve crisis by cheap moneyBERLIN, Oct 12 (Reuters) - Greece’s overall debt level must be reduced enough to give the country a better outlook if it is seen as unsustainable, German Finance Minister Wolfgang Schaeuble said on Wednesday.Euro zone countries may ask banks to accept losses of up to 50 percent on their holdings of Greek debt, officials said earlier on Wednesday, as part of a grand plan to avert a disorderly default and try to end a crisis that threatens the world economy.”If Greece’s debts are really unsustainable … then they must be reduced enough to give Greece a better outlook,” Schaeuble told a party meeting of his Christian Democrat party.”This can’t be left to taxpayers alone,” he added.”I know that the participation of private creditors is not welcomed by the markets, but there is no way around having the private sector contribute … if it is to be a sustainable and democratic process.”Two years into a crisis that leaders have warned could plunge western economies back into recession, the 17-nation currency zone is struggling to deliver the “big bang” crisis solution that foreign governments, economists and investors say is needed to stop the rot.Complicating their task is political turmoil in some member states. Italy is bracing for a vote of confidence in Prime Minister Silvio Berlusconi, given continuing squabbling over measures to boost economic growth and consolidate the budget.Schaeuble said “Italy cannot be spared” measures to cut debts and deficits and added: “When the ratings agencies give their negative views casting doubts on the political decision- making ability, you have a clue where the solution to the problem must be sought.”Standard & Poor’s cut Italy’s credit rating last month citing poor growth prospects and political instability. Moody’s and Fitch Ratings also lowered their ratings on Italy, this month.Schaeuble added that the euro zone’s planned permanent rescue mechanism, the ESM, must be put in place as soon as possible.Schaeuble warned however: “We must not take the route of cheap money”, said Schaeuble, adding that such policy “has reached its limits” on the other side of the Atlantic.

Chelsea can still feel positive despite Torres miss

Tue, 11 Oct 2011 12:49:25 -0400

Fernando Torres woke up to mocking headlines on Monday after his open goal howler against Manchester United but there were signs at Old Trafford that the Spaniard is beginning to rediscover the form that prompted Chelsea to sign him from Liverpool for 50 million pounds. Since joining in January he has been barely recognisable to the player who scored goals for fun while playing for Atletico Madrid and then Liverpool, managing just one goal in Chelsea blue before doubling his output with his side’s reply in the 3-1 defeat at United. That finish, a delicate flick with the outside of his right foot after an instinctive burst into the area, was the highlight of a display that, apart from his inexplicable late miss, would have offered plenty of encouragement to coach Andre Villas-Boas and Chelsea’s fans. He made some telling runs between United’s defence, one of which led to his goal, and his body language looked far more positive throughout the contest. Whether or not his fragile confidence will have been dented by his failure to find an empty net from 8 metres is another matter and it will be interesting to see if he plays in the League Cup clash with local rivals Fulham on Wednesday. While most of the attention was on the newly-highlighted Torres, Chelsea’s vibrant display despite defeat was easy to overlook. With Juan Mata’s clever range of passing offering Chelsea more midfield variety they had no trouble opening up United’s defence, as the statistic of 21 goal attempts testified. Villas-Boas also came out of his first defeat as Chelsea manager in a good light. Faced with a potential hammering at halftime when his side trailed 3-0, he refused to accept a damage limitation approach and instead hauled off the ineffective Frank Lampard and sent on striker Nicolas Anelka. It was a positive approach that paid immediate dividends with Anelka and Torres linking well. United defender Patrice Evra was clearly impressed with Chelsea’s display, suggesting that they, rather than Manchester City, will be United’s biggest title threat. “I have a lot of respect for Chelsea. People talk about City and us but I always say Chelsea are our most difficult opponents as you can see,” he said. “They didn’t come here just to defend but they attacked and looked to score goals and create chances. I couldn’t believe the goal didn’t go in from Fernando Torres. Maybe God was with us.” So while Villas-Boas may have lost his first battle with Alex Ferguson, there were clearly signs that the Portuguese is capable of keeping Chelsea hot on the heels of United this season. PHOTO: Chelsea’s Fernando Torres reacts after a missed opportunity during their English Premier League soccer match against Manchester United in Manchester, northern England Sept. 18, 2011.