Work programme ‘to miss targets’

27 November 2012 Last updated at 04:11 ET

Government figures assessing the success of its welfare-to-work programme are expected to show a crucial target has been missed.

Firms and charities are paid to help find jobs for the long-term unemployed in the hope of helping 2.4m people.

But the first set of official figures, due out at shortly, are expected to show they are getting less than 5% of jobseekers into “sustainable” work.

Ministers argue the programme will help cut welfare payments and change lives.

But critics say only those in already economically successful areas will benefit.

The figures will show how many people are still in employment six months after joining the Work Programme, which was launched by the coalition in June last year.

BBC political editor Nick Robinson says the figures are expected to show that only around 3% of jobseekers meet this criteria.

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The work programme was part of what ministers called a revolution in welfare ”

End Quote

And failing to hit the 5% target will mean “as many unemployed are getting sustainable jobs as if the work programme had never existed”, he said.

He added that the government will not accept the scheme is a failure and will claim the work programme is taking longer than expected to succeed and the next set of figures will be better.

Under the scheme – replacing the New Deal, Employment Zones and Pathways to Work – approved providers in England, Scotland and Wales, mostly private companies, try to find work for claimants on a payment-by-results basis.

‘Still early days’

People aged over 25 become eligible when they have been out of work for a year and under-25s after nine months. Some younger people in certain circumstances, like young offenders, are eligible after a shorter period of time.

Ahead of the release of the government’s figures, the Employment Related Services Association, the trade body for the welfare-to-work industry, said 20,000 jobseekers were being helped each month. More than 200,000 have found employment since the scheme’s launch, it added.

But these figures do not show how many have remained in a job for six months after being helped off long-term unemployment, unlike the official ONS figures.

Employment minister Mark Hoban said: “The Work Programme has already helped more than 200,000 of the hardest-to-help unemployed people into jobs. This is great news.

He added: “It’s still early days, but it’s a welcome sign that one year in providers are getting more and more people into sustained jobs.”

The Centre for Economic and Social Inclusion think-tank predicted that the official data would show performance targets missed as a result of the poor state of the UK’s economy.

Under the programme, providers can earn between £3,700 and £13,700 per person helped into work, depending how hard it is to give support to an individual, with an initial payment of between £400 and £600.

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Mexican beauty queen killed in shootout

CULIACAN, Mexico (AP) — A 20-year-old state beauty queen died in a gun battle between soldiers and the alleged gang of drug traffickers she was traveling with in a scene befitting the hit movie “Miss Bala,” or “Miss Bullet,” about Mexico’s not uncommon ties between narcos and beautiful pageant contestants.

The body of Maria Susana Flores Gamez was found Saturday lying near an assault rifle on a rural road in a mountainous area of the drug-plagued state of Sinaloa, the chief state prosecutor said Monday. It was unclear if she had used the weapon.

“She was with the gang of criminals, but we cannot say whether she participated in the shootout,” state prosecutor Marco Antonio Higuera said. “That’s what we’re going to have to investigate.”

The slender, 5-foot-7-inch brunette was voted the 2012 Woman of Sinaloa in a beauty pageant in February. In June, the model competed with other seven contestants for the more prestigious state beauty contest, Our Beauty Sinaloa, but didn’t win. The Our Beauty state winners compete for the Miss Mexico title, whose holder represents the country in the international Miss Universe.

Higuera said Flores Gamez was traveling in one of the vehicles that engaged soldiers in an hours-long chase and running gun battle on Saturday near her native city of Guamuchil in the state of Sinaloa, home to Mexico’s most powerful drug cartel. Higuera said two other members of the drug gang were killed and four were detained.

The shootout began when the gunmen opened fire on a Mexican army patrol. Soldiers gave chase and cornered the gang at a safe house in the town of Mocorito. The other men escaped, and the gunbattle continued along a nearby roadway, where the gang’s vehicles were eventually stopped. Six vehicles, drugs and weapons were seized following the confrontation.

It was at least the third instance in which a beauty queen or pageant contestants have been linked to Mexico’s violent drug gangs, a theme so common it was the subject of a critically acclaimed 2011 movie.

In “Miss Bala,” Mexico’s official submission to the Best Foreign Language Film category of this year’s Academy Awards, a young woman competing for Miss Baja California becomes an unwilling participant in a drug-running ring, finally getting arrested for deeds she was forced into performing.

In real life, former Miss Sinaloa Laura Zuniga was stripped of her 2008 crown in the Hispanoamerican Queen pageant after she was detained on suspicion of drug and weapons violations. She was later released without charges.

Zuniga was detained in western Mexico in late 2010 along with seven men, some of them suspected drug traffickers. Authorities found a large stash of weapons, ammunition and $ 53,300 with them inside a vehicle.

In 2011, a Colombian former model and pageant contestant was detained along with Jose Jorge Balderas, an accused drug trafficker and suspect in the 2010 bar shooting of Salvador Cabanas, a former star for Paraguay‘s national football team and Mexico’s Club America. She was also later released.

Higuera said Flores Gamez’s body has been turned over to relatives for burial.

“This is a sad situation,” Higuera told a local radio station. She had been enrolled in media courses at a local university, and had been modeling and in pageants since at least 2009.

Javier Valdez, the author of a 2009 book about narco ties to beauty pageants entitled “Miss Narco,” said “this is a recurrent story.”

“There is a relationship, sometimes pleasant and sometimes tragic, between organized crime and the beauty queens, the pageants, the beauty industry itself,” Valdez said.

“It is a question of privilege, power, money, but also a question of need,” said Valdez. “For a lot of these young women, it is easy to get involved with organized crime, in a country that doesn’t offer many opportunities for young people.”

Sometimes drug traffickers seek out beauty queens, but sometimes the models themselves look for narco boyfriends, Valdez said.

“I once wrote about a girl I knew of who was desperate to get a narco boyfriend,” he said. “She practically took out a classified ad saying ‘Looking for a Narco’.”

The stories seldom end well. In the best of cases, a beautiful woman with a tear-stained face is marched before the press in handcuffs. In the worst of cases, they simply disappear.

“They are disposable objects, the lowest link in the chain of criminal organizations, the young men recruited as gunmen and the pretty young women who are tossed away in two or three years, or are turned into police or killed,” Valdez said.

___

Associated Press Writer E. Eduardo Castillo contributed to this report

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Dog bite sidelines ‘Dirty Dozen’ trumpeter Towns

NEW ORLEANS (AP) — Dirty Dozen Brass Band trumpeter Efrem Towns is recovering at home in New Orleans from a vicious attack by a Rottweiler at an Atlanta motel.

He missed performances in Colorado and New Orleans after the attack on Nov. 18, and doesn’t know if he’ll make the band’s next scheduled gig on Dec. 28, The Times-Picayune (http://bit.ly/XOJoNr) reported.

He and baritone sax player Roger Lewis said the dog surged from an open motel room door after Towns knocked on the door of Lewis’ room.

“I didn’t know if it was a dog, wolverine, bear, mongoose or what. I just knew something had me,” Towns said.

He said the dog‘s owner came out of the next room, and they were able to subdue it.

At Atlanta’s Grady Hospital, he received 30 stitches in his groin. Towns, who has health insurance through his wife, Tracie, said he will be seeing a urologist this week.

The Dirty Dozen Brass Band formed in 1977, and is credited with creating the contemporary, funk-infused brass band sound. It’s been featured on albums with David Bowie, Elvis Costello and the Black Crowes.

Towns said he probably could practice while convalescing. “But I’m very uncomfortable right now,” he said Friday evening. “I’m basically immobilized — it’s hard getting around. I’m kind of miserable.”

The experience hasn’t soured Towns on dogs. He and his wife own three miniature schnauzers, a standard schnauzer and a mixed breed. On Friday, his daughter’s dachshund was visiting.

“I’m a dog person,” he said. “And even though I got bit, I hope they don’t put that dog to sleep.”

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Information from: The Times-Picayune, http://www.nola.com

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UBS fined £29.7m for Adoboli case

26 November 2012 Last updated at 06:09 ET

The Financial Services Authority (FSA) has fined UBS £29.7m ($ 47.6m) for failings that led to trader Kweku Adoboli losing £1.4bn.

The fine, the third largest imposed by the FSA, was for “system and control failings” that allowed him to trade in London well beyond authorised limits.

The trader was last week convicted of two counts of fraud and sentenced to seven years in prison.

UBS said it was “pleased that the chapter has been concluded”.

The FSA, which conducted the investigation into failings at the bank with its Swiss counterpart, Finma, said there were serious weaknesses at the Swiss bank.

It said in a statement: “UBS failed to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems, and failed to conduct its business from the London Branch with due skill, care and diligence.”

The FSA’s director of enforcement and financial crime, Tracey McDermott, said faulty controls had allowed the losses to mount to what was the largest trading loss in the country.

“UBS’s systems and controls were seriously defective,” she said.

“As a result, Adoboli, a relatively junior trader, was allowed to take vast and risky market positions, and UBS failed to manage the risks around that properly.”

‘Gambler’

Adoboli, the 32-year-old Ghana-born son of a diplomat, joined UBS in 2003, becoming a trader in 2006.

He worked in UBS’s global synthetic equities division (GSE), buying and selling exchange traded funds (ETFs), which track stocks, bonds and commodities.

He was arrested in September last year.

Southwark Crown Court was told that he was “a gamble or two away from destroying Switzerland’s largest bank”.

The judge said there was “a strong streak of the gambler” in him.

But, during evidence, Adoboli said everything he had done was aimed at benefiting the bank, where he viewed his colleagues as “family”.

He said he had “lost control in the maelstrom of the financial crisis”, but had been doing well until he changed from a conservative “bearish” position to an aggressive “bullish” stance under pressure from senior managers.

He told the jury that staff were encouraged to take risks until they got “a slap on the back of the wrist”.

The fine was set at 15% of the revenue of the division where Adoboli worked and takes account of the revenue generated by the business area where the weak controls occurred.

‘Serious deficiencies’

UBS said it had made a number of substantial changes since discovering the losses, including fixing the weakness in its financial reporting.

The bank added it was retraining staff on the importance of risk management and had changed the way it evaluated and compensated employees.

UBS is changing its own structure to make itself a simpler organisation.

The bank’s chief executive, Oswald Gruebel, left the company in the aftermath of the scandal.

His successor, Sergio Ermotti, announced a major restructuring last month to run down the large, risky parts of the investment banking division.

UBS said it had fully co-operated with the regulators’ investigations and that it accepted their findings and the penalties incurred.

UBS’s fine was discounted from the original level of £42.4m for early settlement.

Switzerland’s financial regulator Finma said in a statement that it would also check whether UBS had adequate capital backing for its operational risks.

Finma said it had identified “serious deficiencies in risk management controls” and that it would appoint a third party to make sure proper measures were introduced.

UBS has been banned by regulators from making new acquisitions and it also needs to get prior approval from Finma for any new business initiatives.

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GSK to raise India unit stake in $940 million deal

MUMBAI (Reuters) – GlaxoSmithKline Plc plans to buy up to an additional 31.8 percent stake in its Indian consumer products arm for about $ 940 million, as Britain’s biggest drugmaker deepens its emerging markets and non-prescription consumer health footprint.

The move is the latest in a series of deals by GSK to increase its presence in fast-growing economies and reduce its reliance on traditional pharmaceuticals in Western countries where sales are slower.

GSK aims to raise its stake in GlaxoSmithKline Consumer Healthcare Ltd to 75 percent from 43.2 percent, paying 3,900 rupees ($ 70.16) per share through an open offer, it said in a statement.

The price represents a premium of 28 percent to the stock’s Friday close.

The news sent shares of GSK Consumer Healthcare to a record high. The shares were locked at 3,659.20 rupees, up 20 percent, their maximum daily trading limit, while the Mumbai market was up 0.2 percent, by 2 a.m ET.

“This transaction represents a further step in GSK’s strategy to invest in the world’s fastest growing markets,” said David Redfern, chief strategy officer at GSK in London.

The company, however, has “no current plans” to launch an open offer for its Indian drugs unit GlaxoSmithKline Pharmaceuticals Ltd, he added.

GSK said the transaction – to be funded through existing cash resources – would be earnings neutral for the first year and boost earnings thereafter. It will not impact expectations for the group’s long-term share buyback program.

HORLICKS PLAN

Tough market conditions in Europe have hampered GSK’s hopes for a return to sales growth this year, although the company’s growing business in emerging markets and its large consumer healthcare operation are both doing well.

In India, for example, sales of the consumer unit’s flagship Horlicks brand stood at 270 million pounds ($ 432 million) in the year that ended December 2011, contributing to nearly three-quarters of its total revenues.

“A lot of the current business of Horlicks is in the south and the east of India. So there is still a great opportunity to increase the penetration to the north and the west,” Redfern told Reuters in an interview, adding that the company intended to introduce new variants of the brand in the country.

GSK does not plan to delist the unit.

Securities regulations in India require a minimum public shareholding of 25 percent for a company to maintain a public listing.

The offer period is expected to begin in January 2013.

($ 1 = 55.5850 Indian rupees)

($ 1 = 0.6246 British pounds)

(Additional reporting and writing by Aradhana Aravindan and Ben Hirschler; Editing by Muralikumar Anantharaman)

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Betfair pulls out of Greece over permits row

LONDON (Reuters) – Online gambling exchange Betfair said it would withdraw from the Greek market until there was greater clarity on gaming regulation in the country.

Betfair, which has not yet applied for a permit to operate in Greece, questioned the cost and conditions attached to permits required by gaming firms to trade in the country.

“According to legal advice received, the value of these permits is unclear and we consider the gambling legislation in the country to be inconsistent with European law,” Betfair said on Monday.

“The associated fiscal conditions attached to these permits, which may include payment of taxes on historical revenues, make the market economically unattractive.”

Earlier this month the Greek Gaming Commission said gambling firms operating in Greece without a permit would face financial penalties and criminal sanctions.

Betfair said it believes there are “significant issues with the legality of this decision” by the Greek Gaming Commission.

It added that it was disappointed the European Commission had not moved to prevent what Betfair calls “protectionist behavior.”

Earlier this month Betfair, which launched 12 years ago and operates an exchange system that allows gamblers to bet against each other rather than the bookmaker, withdrew its online sports betting exchange in Germany because of a tax levied on stakes on sports events from July 2012.

The European Commission last month said it was not proposing EU-wide legislation to regulate online gambling.

Prior to Betfair’s decision to withdraw from the market, it had been expected to generate 13 million pounds ($ 20.81 million) of revenue from the Greek market in the current financial year.

($ 1 = 0.6246 British pounds)

(Reporting by Rhys Jones; editing by James Davey)

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UN climate talks open in Qatar

DOHA, Qatar (AP) — U.N. talks on a new climate pact resumed Monday in oil and gas-rich Qatar, where negotiators from nearly 200 countries will discuss fighting global warming and helping poor nations adapt to it.

The two-decade-old talks have not fulfilled their main purpose: reducing the greenhouse gas emissions that scientists say are warming the planet.

Attempts to create a new climate treaty failed in Copenhagen three years ago but countries agreed last year to try again, giving themselves a deadline of 2015 to adopt a new treaty.

A host of issues need to be resolved by then, including how to spread the burden of emissions cuts between rich and poor countries. That’s unlikely to be decided in the Qatari capital of Doha, where negotiators will focus on extending the Kyoto Protocol, an emissions deal for industrialized countries, and trying to raise billions of dollars to help developing countries adapt to a shifting climate.

“We all realize why we are here, why we keep coming back year and after year,” said South Africa Foreign Minister Maite Nkoana-Mashabane, who led last year’s talks in Durban, South Africa. “We owe it to our people, the global citizenry. We owe it to our children to give them a safer future than what they are currently facing.”

The U.N. process is often criticized, even ridiculed, both by climate activists who say the talks are too slow, and by those who challenge the scientific near-consensus that the global temperature rise is at least partly caused by human activity, primarily the burning of fossil fuels like coal and oil.

The concentration of greenhouse gases such as carbon dioxide has jumped 20 percent since 2000, according to a U.N. report released last week.

A recent projection by the World Bank showed temperatures are on track to increase by up to 4 degrees C (7.2 F) this century, compared with pre-industrial times, overshooting the 2-degree target that has been the goal of the U.N. talks.

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‘Gangnam Style’ most watched YouTube video ever

SEOUL, South Korea (AP) — South Korean rapper PSY‘s “Gangnam Style” has become YouTube’s most viewed video of all time.

YouTube says in a posting on its Trends blog that “Gangnam Style” had been viewed 805 million times as of Saturday afternoon, surpassing Justin Bieber‘s “Baby,” which has had 803 million views.

The blog says the “velocity of popularity for PSY’s outlandish video is unprecedented.”

PSY’s video featuring his horse-riding dance was posted on YouTube in July, while “Baby” was uploaded in February 2010.

PSY’s video has become a global sensation, with many people around the world mimicking his “Gangnam Style” dance. In their October meeting, U.N. Secretary-General Ban Ki-moon, a South Korean, joked that he had to relinquish his title as “the most famous Korean,” and tried a few of PSY’s dance moves.

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Greece Waits for the Next Check From Europe

Given the way the euro crisis has played out during the past three years, it was no great surprise that euro-zone finance ministers were not able to agree in the early hours of Wednesday morning on a formula to reduce Greece’s unwieldy public debt. That is of little comfort, though, for an increasingly anxious Greek government that faces further financial and political pressure as a result of the latest delay.

Despite about 11 hours of talks, starting on Tuesday and ending at around dawn on Wednesday, the 17 ministers and International Monetary Fund managing director Christine Lagarde were not able to bridge differences on how to bring Greece’s debt down from a projected 189 percent of gross domestic product next year to 120 percent by 2020. In fact, there was no indication that the two sides had even agreed on the deadline, as the euro zone had been pushing for 2022 to be used as the watershed.

Greek Prime Minister Antonis Samaras, who has invested in efforts to rebuild trust with Greece’s lenders by adopting the austerity measures and structural reforms they have demanded, could hardly hide his frustration at the fact that the euro group had failed for a second time in eight days to reach a conclusion and would be meeting again on Monday.

“Greece did what it had to and what it had committed to,” said Samaras in an unusually terse statement. “Our partners, along with the IMF, have a duty to carry out their commitments.”

The new delay means Greece has yet to receive approval for the disbursement of as much as €44 billion ($ 56 million) from its bailout package, which it is expecting to receive by next month. The largest chunk of this, €31.5 billion, was due to be released in the summer, but lenders held off as Greece went through two tumultuous national elections. The bulk of that tranche, about €25 billion, is needed to complete the recapitalization of the country’s faltering banks. Some of the remaining money is intended to go toward paying €8 billion in arrears that the cash-strapped government owes to suppliers, social security funds, hospitals, pharmaceutical companies, and other organizations.

The longer Greece goes without this money, the more liquidity dries up and the more difficult it becomes for the state to carry out its basic functions. Earlier this month, Finance Minister Yannis Stournaras warned politicians in the European Parliament that there was a growing chance of a Greek default if Athens did not get the funding promptly. “The risk of an accident is very high,” he said.

The vicious circle in which the Greek government finds itself financially is underlined by the fact that it had to raise €5 billion through the sale of Treasury bills last week, at a yield of 3.9 percent to 4.2 percent, in a rollover of T-bills issued in August to pay a maturing bond that the European Central Bank had bought via the Securities Markets Program (SMP). The ECB had to first give permission to Athens to go beyond its T-bill limit. The paper was mostly bought by Greek banks, which are short of cash themselves.

The delay in finding a solution to Greece’s immediate liquidity problem and its longer-term debt concerns, however, are also ratcheting up the political pressure on the ruling coalition. The three-party coalition’s representation in the 300-seat Parliament fell from 177 MPs to 167 after a stormy vote this month on the latest austerity package demanded by the EU and IMF. In an effort to convince doubting lawmakers, and voters, to support the measures, Samaras had argued that approval of the package would pave the way for the release of new bailout installments and a solution regarding Greece’s debt sustainability. As long as this fails to materialize, the prime minister’s opponents will have a growing arsenal of ammunition to fire at Samaras.

“The prime minister stubbornly refuses to use the negotiating power he is being granted by the disagreement between our partners,” said Alexis Tsipras, the leader of the main, anti-austerity, opposition Syriza. “Clearly not up to the job, he is blaming the holdup on technical difficulties.”

Another Syriza MP, Dimitris Papadimoulis, claimed the coalition had been humiliated by the failure of the euro group to arrive at a decision.

Samaras and his government will now hope for an agreement between the euro zone and the IMF on Monday to avoid further political damage at home. The Greek prime minister was due in Brussels on Wednesday before an EU leaders’ summit the next day, when he will have the chance to discuss his concerns with his counterparts.

“It is not just the future of our country that depends on the successful outcome of the effort over the next few days but the stability of the whole euro zone,” Samaras warned in his statement.

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