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BUENOS AIRES, Argentina -- Argentina is asking a US appeals court to reverse an order for the country to pay $1.33 billion to "holdout" creditors who refused to join two swaps for the country's defaulted debt.
Argentine government lawyers said in papers filed late Friday that the order violates the country's sovereignty. The lawyers said the order also threatens service on at least $24 billion of the county's restructured sovereign debt, impairs the rights of third parties and puts global debt markets at risk.
"The Amended Injunctions have no basis in law, are inequitable, and threaten to wreak havoc on countless innocent third parties, which have already suffered losses due to the plunge in their bonds' value provoked by the insecurity that the Amended Injunctions have created in the market for Argentina's New York law-governed bonds," the briefing said.
"This harm to private and sovereign creditors, as well as to New York law and New York as a place to do business, will only grow if the Amended Injunctions are affirmed. "
The U.S. 2nd Circuit Court of Appeals in New York ordered the country on Oct. 26 to pay the holdouts an equal amount whenever it makes payments on other debt that has been restructured since the country's economic collapse 11 years ago.
It agreed with U.S. District Judge Thomas Griesa, who ruled that with more than $40 billion in foreign reserves, Argentina can afford to pay. The ruling gave Argentina a difficult choice: pay all bondholders equally, or pay none of them and risk going into default.
The court then returned the case to Griesa who ordered Argentina to pay the $1.33 billion into escrow for holders of its defaulted debt and banned banks and other third parties from intervening. Griesa based his ruling on the principle of "pari passu," or equal footing, which says debtors can't pick and choose between creditors.
President Cristina Fernandez called Griesa's ruling "judicial colonialism," and Argentina sidestepped the impending economic chaos when the order was suspended by the appeals court on Nov. 28.
But just the threat of the payment deadline set by Griesa had harsh outcomes. In the week after he issued his order, the cost of maintaining Argentina's overall debt soared in trading on U.S. and European bond markets and the cost of insuring those debts spiked.
"A court can arguably enjoin a foreign state from engaging in a commercial activity within the United States. But it cannot issue an order to force or preclude a foreign sovereign to act or not act within the limits of that sovereign's own territory," Argentina's brief said.
"By dictating to Argentina that it cannot pay moneys it owes to the exchange bondholders in a funds transfer in its own country, and commanding that it make a payment (including via escrow) to holdout creditors that it is precluded from paying under its own laws, the Amended Injunctions violate this fundamental principle."
Argentina, however, said it's willing to make concessions. To end the lengthy dispute, government lawyers said the country is willing to ask Congress to give holdout creditors the same treatment as those who joined a 2010 debt swap.
"The only definitive and equitable solution to pari passu claims that would bring legal and economic certainty is to treat plaintiffs and all other similarly situated claimants equitably on the same terms as participants in (Argentina's) 2010 Exchange Offer," the brief said.
Source: http://www.miamiherald.com/2012/12/29/3160281/argentina-to-court-revert-order.html
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BEIRUT (AP) ? Syrian rebels stepped up their siege of a military base in north of the country Friday as government warplanes bombed surrounding areas to support the defenders, activists said.
The fighting around Mannagh airbase near the Turkish border came as foreign ministry officials in Ankara said two Syrian air force generals had defected and crossed the border.
Rebels have been advancing in different areas in northern Syria, capturing several bases in and around the embattled city of Aleppo in recent weeks.
"The fighting did not stop all night around Mannagh airport," said Aleppo-based activist Mohammed Saeed. He added that Syrian military warplanes bombed rebel positions around the camp in an attempt to take the pressure off the base.
The Britain-based Syrian Observatory for Human Rights said rebels reached the edge of the air base late Thursday and that heavy fighting continued into Friday.
The Observatory and Saeed also reported heavy clashes between troops and rebels in an around the Palestinian refugee camp of Handarat in Aleppo, Syria's largest city and commercial center, which opposition fighters have been trying for six months to capture.
Meanwhile, Russia's foreign minister said Moscow has proposed talks with the main Syrian opposition coalition, even though it had previously criticized Western countries for recognizing the group.
Sergey Lavrov told reporters that Russia has contacted the Syrian National Coalition for Opposition and Revolutionary Forces through the Russian Embassy in Egypt and "we expressed readiness to conduct a meeting" with coalition leader Mouaz al-Khatib.
The opposition leader al-Khatib quickly delivered an apparent snub: "If we don't represent the Syrian people why is he inviting us?" He called on Russia to demand that President Bashar Assad step down, "a main condition in any negotiations."
"The Syrian people haven't heard one fair word from Russia to the Syrian people, especially to the children, innocent people and civilians who are killed every day with Russian weapons," al-Khatib said in an interview with Al-Jazeera TV.
Russia has been one of Assad's strongest supporters and used its veto right alongside China at the U.N. Security Council to protect its old ally from international sanctions.
It has increasingly sought to distance itself from the Syrian strongman with top Russian officials, including President Vladimir Putin, making comments that suggest Russia is resigned to Assad losing power.
However, Russia continues to oppose calls for Assad's ouster, and has criticized Western countries for recognizing the opposition coalition, formed in November, as the legitimate representatives of the Syrian people. Moscow says this runs counter to agreements seeking to promote political transition in Syria.
In Beirut, airport officials said the U.N. envoy for Syria Lakhdar Brahimi left Lebanon to Dubai on his way to Moscow where is expected to discuss the Syria civil war with Russian officials later this week.
In Turkey, foreign ministry officials said Friday that the two defecting generals were "regional Syrian Air Force commanders" and are now in a camp where army defectors stay in the country.
They refused to give the generals' identities or say how they escaped from Syria. They spoke anonymously as they were not authorized to talk to the press.
The defection comes days after the commander of Syria's military police Maj. Gen. Abdul-Aziz Jassem al-Shallal defected to Turkey. Al-Shallal is among the most senior members of Assad's military to defect.
Dozens of Syrian generals have defected since the country's crisis began in March 2011.
In other parts of the country, the Observatory reported fighting and shelling in areas including some neighborhoods of the capital Damascus, its suburbs, the central province of Hama and Homs and the region of Quneitra on the edge of the Israeli-occupied Golan Heights.
The Observatory reported heavy clashes in the southern province of Daraa, mostly in the town of Busra al-Harir, and the Tel Shehab area near the border with Jordan.
Syrian rebels are fighting a 21-month-old revolt against President Bashar Assad's regime. Activists say more than 40,000 people have been killed in the crisis, which began with pro-democracy protests but has morphed into a civil war.
____
Associated Press Suzan Fraser contributed to this report from Ankara, Turkey.
Source: http://news.yahoo.com/syrian-rebels-step-siege-northern-airbase-131159989.html
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Innovation is a common topic of debate and strategies in most businesses (be they new or well established). In the current economic climate, and with the huge potential of the likes of social media data, brands are increasingly looking at innovation (large and small) as a way to beat the competition.
But innovation is often misunderstood. After a recent event debating the topic at the Open University Business School, I left with some insights into what the attendees thought that innovation was, and some misconceptions about what it has to be (but doesn?t):
Ultimately, innovation seems to depend on persistence, belief, adaptability, and relevance to customers and the market. While its success relies on people, behaviour and skills, and spotting and pursuing the opportunity before it?s too late. Undoubtedly money and resources help, but perhaps more of a barrier exists in the minds of employees and cultures of organisations?
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NEW YORK (Reuters) - As Marvell Technology Group Ltd embarks on a legal process to void a $1.17 billion damages verdict in a patent dispute with Carnegie Mellon University, it has some reasons to be optimistic.
The verdict was delivered on Wednesday by a jury in Pittsburgh, which found that Marvell had infringed two patents owned by Carnegie Mellon related to how accurately hard-drive circuits read data from high-speed magnetic disks.
On Thursday, Marvell said that it would seek to overturn the verdict through post-trial motions at the district court.
Marvell also said that, if necessary, it would appeal to the U.S. Court of Appeals for the Federal Circuit. That court, which oversees appeals in patent infringement cases, has proven willing to throw out large verdicts in the recent past.
Brian Love, a professor at Santa Clara University School of Law who specializes in patent law, said damages awards are reversed about 20 percent of the time on appeal. Further, he said, "the larger a damages award is, the more susceptible it is to attack." The award is one of the largest by a U.S. jury in a patent infringement case.
Other large verdicts have not held up on appeal. In February 2011, Abbott Laboratories, for example, succeeded in overturning a $1.67 billion verdict against it in a patent infringement verdict won by a Johnson & Johnson unit.
That verdict, the largest ever by a jury in U.S. patent infringement litigation, was delivered in 2009 by a jury in Texas which found that Abbott's arthritis drug Humira had infringed the Johnson & Johnson unit's patent. But the Federal Circuit ruled that the patents at issue were invalid and thus could not be infringed.
Microsoft Corp has also successfully cut down big patent infringement verdicts delivered against it. In 2007, it was hit with a $1.52 billion verdict in a case brought by Alcatel-Lucent SA over patents related to digital music technology.
But, after post-trial motions, the judge who oversaw the case set aside the verdict, finding that Microsoft's Windows Media Player did not infringe the patents held by Alcatel-Lucent. The Federal Circuit affirmed his decision.
It's unclear which issues Marvell will raise in its post-trial motions and appeals. In a statement on Thursday the company said it did not infringe Carnegie Mellon's patents and that those patents could not have practically been used in its products.
Legal experts said Marvell's lawyers could attack the jury's damages calculation. Love of Santa Clara Law noted that the award exceeds Marvell's annual profits and is more than one quarter of the company's market capitalization.
"The law of patent damages is fuzzy, and leaves parties leeway to argue for damages amounts that differ drastically, often by 100-fold and sometimes much more," he said.
Because it received precisely what it requested, an amount calculated by an outside expert based on assumptions that could later be questioned, this award may be in "greater jeopardy than usual," Love said.
Marvell may contest the jury's finding that it willfully infringed the patents, which allows Judge Nora Barry Fischer to treble the damages owed to Carnegie Mellon.
In a decision issued in June, the Federal Circuit gave judges discretion in determining whether infringement was willful. Before that decision, willfulness was often left entirely up to juries.
"Typically that is a focal point of post-trial motions," said Donald Dunner, a patent attorney who is not involved in the case.
Marvell may also renew arguments it made in a motion seeking a mistrial earlier this month based on allegedly improper arguments made by Carnegie Mellon's lawyers during closing arguments. Judge Fischer denied the motion, but said she would consider it at the conclusion of the trial "in light of the entire record, argument, and legal authority." (Reporting by Andrew Longstreth; Editing by Phil Berlowitz)
Source: http://news.yahoo.com/marvell-options-faces-1-billion-patent-verdict-235631166--finance.html
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Dec. 27, 2012 ? Researchers from the University of Vigo, in collaboration with the Environmental Services Unit at the Alejandro de Humboldt National Park (Cuba), have discovered two new species of Caribbean orchid.
The Caribbean islands have been natural laboratories and a source of inspiration for biologists for over two centuries now. Suffice to say that the studies by Charles Darwin and Alfred Russel Wallace in the tropical archipelagos contributed to the emergence of the theory of evolution.
In this case, a Spanish research team from the University of Vigo has discovered two new species belonging to the orchid family (Orchidaceae: Laeliinae) in Cuba. They have been called Tetramicra riparia and Encyclia navarroi. The two plants were found in the eastern and western zones of the island respectively.
"The first species described, Encyclia navarroi, is an orchid with considerably large flowers. A year later we discovered the Tetramicra riparia species, with very small flowers. The latter is so named because it grows on the banks of stony streams in the mountains of Baracoa, one of the rainiest and least explored areas in Cuba," as ?ngel Vale explained. Vale is a researcher at the University of Vigo and co-author of the studies published by the journals Systematic Botany and Annales Botanici Fennici.
Darwin was very much drawn to the orchid family, and used it to propose certain hypotheses about the importance of the relations between flowers and pollinators for biodiversity. Between 25,000 and 30,000 species of these plants are estimated to exist. However, the mechanisms that explain this amazing variety are only now being discovered.
"We could highlight their extraordinary capacity to interact with different types of pollinators. Contrary to most plants, many orchids do not produce nectar or other substances to compensate insects and birds that visit them," explained the researcher.
Orchids' deceit pollination
Despite this, floral visitors are attracted by orchids' colours and shapes, which enables the plants' sexual reproduction. This is known as deceit pollination.
The University of Vigo Plant Ecology and Evolution research team, which Vale belongs to, is studying the ecological and evolutionary consequences of deceit pollination in orchids that are endemic to the Greater Antilles: Cuba, Jamaica, Hispaniola and Puerto Rico. One of the mysteries they aim to solve is if the deceit orchids have a greater taxonomic and genetic diversity than other nectar-producing species.
Vale and his team are drawing up studies in the Antilles not only to reconstruct the evolutionary history of orchids but also to analyse the effect of pollinators in the reproduction of plants, and how this interaction has modelled the colourful aspect of these Caribbean flowers.
"Despite the fact that T. riparia's flowers have a complete central petal, just like other species that make up a subgenre endemic to Cuba; the way they grow is very similar to a more widespread group that seems to have diverged on the neighbouring island of Hispaniola. Our work provides molecular evidence of the greater relationship of T. riparia with these species on the neighbouring island. This is in consonance with the geological history of the Caribbean islands, according to which the eastern end of Cuba was in close contact with that land," pointed out Vale.
Scientists are currently trying to estimate how many millions of years ago this and other Caribbean species saw the light of day. This will enable them to test whether the ancestor of this species was already in Cuba, or if on the contrary, it evolved from an ancestor that colonised the island from neighbouring archipelagos.
"Just as with most orchids, which offer no compensation to their pollinators, Encyclia navarroi and Tetramicra riparia receive very few visits from bees. This is one of the basic reasons that guarantee the survival of these plants, and also help protect the populations of their pollinators," explained the scientist.
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MIAMI, Dec. 26, 2012 (GLOBE NEWSWIRE) -- Automotive Sales Trainer Grant Cardone announced today that Jon Lamb has joined Cardone Training Technologies, Inc. as Chief Marketing Officer. Mr. Lamb will be working with Mr. Cardone in the creation and implementation of automotive marketing strategies to assist automobile dealers and personnel in successfully converting Internet, phone and walk-in traffic utilizing Cardone ON-Demand.
Cardone ON-Demand is the auto industry's leading cloud based conversion solution providing new and used car operations and their personnel with real time strategies to assist them in converting direct mail, radio, TV and print opportunities.
"Jon Lamb has a great understanding of the challenges auto dealers face today and we share a passion for working with dealerships and OEM's to ensure that dealers are more successfully converting advertised traffic into sold and satisfied customers," said Grant Cardone, CEO, Cardone Training Technologies, Inc.
Mr. Lamb was most recently president at Moore & Scarry Advertising guiding the company?from a regional mid-sized?agency into one of North Americas largest firms with over 90 million in capitalized billings and 93 employees. With over ten years of industry experience, he has established relationships with automotive titans including Dealer.com, Asbury, AutoTrader, Google Automotive, Haystack, Cobalt and almost every manufacturer.
"The two biggest expenses for the dealer are ad spend and personnel and we have created a solution for both," said Jon Lamb. "It is a privilege to be working with Grant Cardone and his organization to continue the company's tradition of bringing the most innovative and effective training solutions to the automotive industry."
About Grant Cardone
Grant Cardone?is a?New York Times?best-selling author, star and executive producer of the reality TV show?Turnaround King,?host of the Cardone Zone radio show?and is regularly seen on?Fox Business,?NBC and?Business Insider. He was named the Top Sales Expert and a Top 10 Business Coach?to follow?on Twitter. He is a regular contributor to a wide variety of publications including Huffington Post, Entrepreneur, Business Insider, and INC Magazine.
A self-made multi-millionaire that literally created himself from nothing, Mr. Cardone is the founder and CEO of three multi-million dollar companies who first hit the sales scene in the car industry by revolutionizing automotive sales and marketing training approaches and dealership processes. He quickly expanded his business consulting and sales training services to a wide range of organizations including Fortune 500 companies, small and medium-sized businesses as well as success minded individuals and entrepreneurs.
Mr. Cardone has written five books (Sell to Survive, The Closer's Survival Guide, If You're Not First You're Last, The 10X Rule, and Sell or Be Sold) since the 2008 financial crisis which provide the principles and techniques individuals must follow to flourish and win.
Follow him on Twitter @grantcardone.
Contact information:
Fred Tanaka
323-246-7468
fred@grantcardone.com
This information was brought to you by Cision http://www.cisionwire.com
http://www.cisionwire.com/cardone-enterprises/r/grant-cardone-hires-auto-marketing-and-advertising-veteran-jon-lamb-as-chief-marketing-officer,c9352782
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