China Nabs Airplanes and Batteries in Latest U.S. Shopping Spree

China’s U.S. shopping spree continues.

On Dec. 9, Chinese auto parts and technology company Wanxiang Group won a bankruptcy auction to acquire lithium-ion battery-maker A123 Systems for $ 256.6 million, beating out competing bids by Johnson Controls, Siemens (SI), and NEC. And on Dec. 10, a consortium of Chinese financial firms agreed to purchase AIG’s aviation-leasing business for $ 4.26 billion, setting a new record for the value of a single U.S. deal by a Chinese acquirer.

The Wanxiang win follows an earlier unsuccessful bid that foundered in August over national security concerns in the U.S. Congress, and was followed by A123’s bankruptcy filing on Oct. 16. The Waltham (Mass.)-based company had supplied its automotive batteries to the U.S. military and had also secured a $ 249 million federal grant to build factories in the U.S.—both issues raised by U.S. congressional members at the time. Separately, a congressional report released Oct. 8 alleged that China’s two largest telecom equipment manufacturers, Huawei Technologies and ZTE, are a security threat and should be blocked from acquiring U.S. companies.

Now, Wanxiang is excluding all military contracts held by A123 from its planned purchase. Navitas Systems, a Woodridge (Ill.)-based company, instead will spend $ 2.25 million to purchase A123’s government business. The asset sales must first get court approval from a U.S. bankruptcy judge at a hearing on Dec. 11.

“We think we have structured this transaction to address potential national security concerns expressed during the review of our previous investment agreement with Wanxiang announced in August as well as to address concerns raised by the Department of Energy,” A123 Chief Executive Officer Dave Vieau said in a statement.

Wanxiang has already invested in some two dozen ailing factories, mainly in the Midwest, and has recently been putting money into cleantech. In May, it closed a deal to invest $ 1.25 billion in Great Point Energy, a company in Cambridge, Mass., that converts coal to natural gas. The U.S. is a “gold mine” of opportunities for Wanxiang, Pin Ni, the head of U.S. operations and president of Wanxiang America, told Bloomberg Businessweek in October. “Any Chinese company that wants to be a global company can’t miss out on the U.S. market.”

These latest deals could cap a record-setting year with Chinese companies spending more than $ 8 billion to acquire American companies, up almost 50 percent from 2011. Chinese investment has flowed into at least 37 states and most major cities and is diversifying beyond the big energy asset purchases that have defined it in the past, according to Thilo Hanemann, research director at Rhodium Group, a China-focused consultant. Now also popular: entertainment, aluminum production, and financial services, with Chinese companies already supporting close to 30,000 jobs in the U.S. (Not that energy deals are no longer happening: Sinopec (SNP) is spending $ 2.5 billion purchasing oil and gas assets of Devon Energy (DVN), for example.)

More China deals are likely imminent. After spending $ 2.6 billion to purchase Kansas City (Mo.)-based AMC Entertainment, with 4,865 screens in 338 multiplex theaters in the U.S., Beijing-based Wanda Group is now talking to several Hollywood studios about signing a joint production and financing agreement. Also possible: buying an international hotel firm, with $ 10 billion earmarked for investment in the U.S., Wanda’s chairman, Wang Jianlin, told Bloomberg Businessweek on Dec. 3.

Wanxiang’s planned purchase, as well as the Chinese consortium’s bid for the AIG aviation-leasing arm, must still be reviewed by the Committee on Foreign Investment in the U.S., a multi-agency group headed by the Treasury Department that vets foreign purchasers of U.S. assets for national security concerns. And despite Wanxiang’s decision to exclude government contracts from the A123 purchase, not everyone is convinced that resolves the potential security risks.

“There are no protections, assurances or carve-outs that Wanxiang could offer as part of its offer that would ensure this technology would not benefit Chinese industries and military—to the detriment of those in the United States,” wrote Representative Marsha Blackburn (R-Tenn.) in a Dec. 7 blog post. “The administration must review and then reject any deal involving Wanxiang. A123 Systems was born out of American innovation, and we must ensure that it stays here—for our national and economic security,” wrote Blackburn, the vice chairman of the House Energy and Commerce Committee.

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McAfee wants to return to US, ‘normal life’

BACALAR, Mexico (AP) — Software company founder John McAfee said Sunday he wants to return to the United States and “settle down to whatever normal life” he can.

In a live-stream Internet broadcast from the Guatemalan detention center where he is fighting a government order that he be returned to Belize, the 67-year-old said “I simply would like to live comfortably day by day, fish, swim, enjoy my declining years.”

Police in neighboring Belize want to question McAfee in the fatal shooting of a U.S. expatriate who lived near his home on a Belizean island in November.

The creator of the McAfee antivirus program again denied involvement in the killing during the Sunday Internet video hook-up, during which he answered what he said were reporters’ questions.

His comments were sometimes contradictory. McAfee is an acknowledged practical joker who has dabbled in yoga, ultra-light aircraft and the production of herbal medications.

The British-born McAfee first said that returning to the United States “is my only hope now.” But he later added, “I would be happy to go to England, I have dual citizenship.”

He was emphatic that “I cannot ever return to Belize …. there is no hope for my life if I am ever returned to Belize.”

“If I am returned,” he said, “bad things will clearly happen to me.”

He descibed the health problems that had him briefly hospitalized earlier this week after Guatemalan authorities detained him for entering the country illegally. He apparently snuck in across a rural, unguarded spot along the border.

“I did not eat for two days, I drank very little liquids, and for the first time in many years I’ve been smoking almost non-stop,” he said. “I stood up, passed out hit my head on the wall, came to,” though he now said he was feeling better.

McAfee praised the role his 20-year-old Belizean girlfriend, Samantha Vanegas, played in his escape from Belize, where he claims he is being persecuted by corrupt politicians. Authorities in Belize deny that they are persecuting him and have questioned his mental state.

“Sam saved the day many times” during their escape, he said, and suggested he would take her with him to the United States if he is allowed to go there.

He confirmed that journalists from Vice magazine who accompanied him on his escape after weeks of hiding in Belize had unwittingly posted photos with embedded data that revealed his exact location.

“It was an error anyone could make,” he said, noting they were under a lot of pressure at the time.

McAfee has led an eccentric life since he sold his stake in the anti-virus software company named after him in the early 1990s and moved to Belize about three years ago to lower his taxes.

He told The New York Times in 2009 that he had lost all but $ 4 million of his $ 100 million fortune in the U.S. financial crisis. However, a story on the Gizmodo website quoted him as describing that claim as “not very accurate at all.”

McAfee’s Guatemalan attorney, Telesforo Guerra, says that he has filed three separate legal appeals in the hope that his client can stay in Guatemala, where his political asylum request was rejected.

Guerra said he filed an appeal for a judge to make sure McAfee’s physical integrity is protected, an appeal against the asylum denial and a petition with immigration officials to allow his client to stay in this Central American country indefinitely.

The appeals could take several days to resolve, Guerra said. He added that he could still use several other legal resources but wouldn’t give any other details.

Fredy Viana, a spokesman for the Immigration Department, said that before the agency looks into the request to allow McAfee to stay in Guatemala, a judge must first deal with the appeal asking that authorities make sure McAfee’s physical integrity is protected.

“We won’t look into (allowing him to stay) until the other appeal is resolved,” Viana said. “The law gives me 30 days to resolve the issue.”

McAfee went on the run last month after Belizean officials tried to question him about the killing of Gregory Viant Faull, who was shot to death in early November.

McAfee acknowledges that his dogs were bothersome and that Faull had complained about them, but denies killing Faull. Faull’s home was a couple of houses down from McAfee’s compound in Ambergris Caye, off Belize’s Caribbean coast.

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MiFi With Touchscreen is a Road Warrior’s Dream

Meet the Novatel MiFi Liberate: the first mobile access point with a touchscreen, letting you configure it without connecting it to a computer.

If you’re not familiar with mobile access points, these handy gadgets allow you to hook up to the Internet via cellular networks. It’s useful, often essential, if you’re in an area that has no Wi-Fi. If you’re in range of a cellular tower, this MiFi Liberate lets you connect 10 Wi-Fi devices of any kind to the Internet.

[More from Mashable: Google Considering Wireless Network [REPORT]]

Mobile access points are ideal for frequent travelers, accommodating anyone who needs to get online wherever they are. Just the fact that you’re no longer at the mercy of hotels and their Wi-Fi price-gouging makes it worth the cost of admission.

The Novatel MiFi device we tested connects to the AT&T LTE network. That resulted in spectacular upload and download speed, rivaling that of wired broadband networks. The speed of LTE is variable — depending on how many people are using it and how close you are to one of its broadcast towers — but if you’ve been limping along with 3G connectivity, you’ll probably be astonished at the difference.

[More from Mashable: Samsung Galaxy Camera Goes on Sale Nov. 16]

How fast was this MiFi Liberate? We took multiple readings in a variety of locations. It averaged a zippy 19.70 Mbps for downloads, and a tremendous 20.66 Mbps for uploads. That kind of speed can make a big difference in your work, especially if you’re dealing with large files. In many ways, though, that’s more of a testament to the speed of AT&T’s network, rather than the alacrity of this particular device. Your mileage may vary.

Lovely Touchscreen

The best new feature of this device is its excellent 2.8-inch LCD capacitive touchscreen, the first of its kind. It responds to the slightest touch, letting you easily wander around its menus. And even while using that gorgeous screen, it still has in excess of 10 hours of battery life per charge.

That screen can come in handy in unexpected ways. For example, we were impressed with the way it indicated when a device has connected. Once it has, you can drill down farther, finding out more about that device. The screen adjusts for orientation, righting itself when you turn it upside down just like smartphones do.

If you and others are connected to this MiFi unit, it lets you share movies, photos and music via DLNA, with all of you accessing content on a microSD card inserted into the side of this versatile gadget.

It’s Expensive

All that versatility and convenience doesn’t come cheap. While the MiFi Liberate costs $ 49.99 with a two-year contract, you’ll also need to pay a monthly tariff for your LTE connectivity. Because of its blazing speed, we’re thinking you might want to spring for the 5 GB a month plan for $ 50 from AT&T. That takes the MiFi Liberate out of the value-priced category, and into one that you hope your boss will be willing to pay for.

After spending a couple of weeks with this unit, it was easy to conclude that the Novatel MiFi Liberate is the best portable access point we’ve ever tested.

If you need connectivity on the go at the fastest possible speed, this one will do the trick. And if you want to observe and adjust the unit on a bright and responsive touchscreen, look no further.

MiFi Liberate, Side View

It’s nice and small, except for that bulge, which contains a changeable lithium-ion battery.

Click here to view this gallery.

This story originally published on Mashable here.

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Factbox: Chavez’s chosen successor Nicolas Maduro

CARACAS (Reuters) – President Hugo Chavez has named Vice President Nicolas Maduro as the heir of his self-styled socialist revolution should cancer force him out of office. He urged Venezuelans to vote for Maduro in the event of a snap election.

Here are some facts about Maduro:

* A former bus driver and trade unionist with Caracas public transport, the mustachioed Maduro, 50, has been foreign minister since 2006 and also was named vice president in October.

* As foreign minister, he has been a faithful ambassador of Chavez’s views, including often radical critiques of global affairs from a hard left-wing stance.

* Maduro has won plaudits from foreign diplomats for his affable, easygoing manner. “He’s the smoothest and least prickly of all the top Chavistas to deal with,” one European envoy said.

* Maduro has been increasingly close to Chavez since his first cancer diagnosis in mid-2011, often at his side in Havana and giving brief updates to Venezuelans, although without giving away too many details of his boss’s condition.

* Maduro’s trade union background appeals to Chavez’s working-class supporters and he is highly respected among the president’s inner circle. Past polls have shown that opposition leader Henrique Capriles would beat him in an election but analysts say that could change in a new electoral scenario given that Maduro would have Chavez’s blessing.

* Maduro was elected in 2000 as a deputy to the National Assembly, where his combative defense of Chavez’s policies made him one of the president’s favored protégés.

* He rose to become president of the legislature, and upon becoming foreign minister passed his previous post to his wife, Cilia Flores, a lawyer who became the first woman to serve as National Assembly president, between 2006 and 2011.

* When Chavez was sent to prison following his failed coup attempt in 1992, it was Flores who led the legal team that won his freedom two years later. She now serves as the country’s attorney general. She and Maduro are seen as a “power couple” in government circles.

* Chavez’ endorsement of Maduro has sidelined ambitions of other powerful Socialist Party figures such as Diosdado Cabello, who was widely considered a candidate for the top job in the future. Cabello, a military man with close ties to the armed forces and business, is not as well liked as Maduro among Venezuelans. He immediately pledged loyalty to both Chavez and the vice president after Chavez made his announcement.

(This story removed extraneous word from the first paragraph)

(Editing by Bill Trott)

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As “fiscal cliff” nears, market complacency sets in

NEW YORK (Reuters) – Like many on Wall Street, investor Todd Petzel cringed when U.S. Treasury Secretary Timothy Geithner said this past Wednesday that he was ready to let the economy go over the “fiscal cliff” if Republicans would not agree to higher tax rates on the rich.

“I didn’t think good things would come out of the comment,” said Petzel, the chief investment officer at Offit Capital Advisors in New York. “But nothing happened.”

The rhetoric heated up again on Friday, when Republican House Speaker John Boehner accused President Barack Obama of “slow-walking” the economy to the edge of the cliff. Again, markets brushed it off and showed very little reaction.

Investors’ collective shrug marks a stark change from how they had behaved in the two weeks after the presidential election, when nearly every utterance from a politician about the looming budget crisis caused wild swings in stock prices.

The S&P 500 index has nearly retraced the 5.3 percent slide it suffered in the first seven sessions after the November 6 vote. Some of the rebound reflects market confidence that Democrats and Republicans, despite their rhetoric, will eventually agree on at least a short-term deal to avoid the cliff – nearly $ 600 billion of tax increases and spending cuts set to take effect in January that could bring on a new recession.

It also could be that investors have peered over the cliff and realized they are looking at a gentle slope instead.

“The sentiment has definitely changed,” said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co in New York. “The market has become somewhat desensitized to headlines out of Washington because the fear of the economy hitting a wall in 2013 if we don’t get a deal done has diminished.”

While the S&P 500 was on track to end the first week of December nearly flat, performance throughout November was far more volatile, with the index lurching from a loss of more than 2 percent one week to a gain of more than 3 percent the next. The benchmark ended the month 0.3 percent higher.

“Seasoned investors know that waiting on the sidelines for clarity about fiscal negotiations is not an option,” Carmine Grigoli, chief investment strategist at Mizuho Securities, wrote this week in a note to clients.

“In our view, the worst case outcomes are likely to be avoided and the stock market should rise by 5 percent to 7 percent once the risk of fiscal Armageddon is behind us.”

SENTIMENT HAS CHANGED

Not everyone is brushing off the risks entirely. Investors could be too sanguine and the end of the year could come without a deal. The market could yet lurch downward, repeating the big sell-offs that occurred during the 2011 debt ceiling talks.

But while chief executives have complained that not knowing what future taxes will be has suppressed investment and hiring, some investors say lawmakers still have time in early 2013 to strike a deficit-reduction deal without imperiling the economy.

Michael Fredericks, lead manager of the BlackRock Multi-Asset Income Fund, said the recent malaise may simply be “a little bit of fatigue” setting in.

“This short-termism and parsing the language that comes out of the mouths of politicians is getting a little old. People are stepping back and saying: ‘How can I possibly make an investment decision based on the next press release or TV appearance by the latest senior Republican or Democrat?’”

One indicator of the market’s reduced concern is the defense sector, which will be hit hard if the spending cuts take effect. The PHLX Defense Sector Index is up 13 percent for the year, and sits just a few points from a yearly high.

The CBOE Volatility index, Wall Street‘s so-called fear gauge that tends to move inversely to the S&P 500, has slipped about 2 percent since November 1.

“Lately, we’ve just started seeing some small upticks in VIX futures. But it’s not like someone is coming into the market to buy a whole lot. It’s just nibbling here and there, which shows that there isn’t too much concern out there about the fiscal cliff,” said J.J. Kinahan, chief derivatives strategist at the brokerage TD Ameritrade in Chicago.

A survey of 62 Wall Street money managers released on December 5 showed market losses would be manageable if the U.S. goes over the fiscal cliff, even though worries still run deep.

Conducted by the Washington-based Potomac Research Group, the survey showed more than 60 percent expected the Dow Jones industrial average to fall 10 percent or more if a deal is not reached by year end. That would put the blue chip index below the 12,000 level.

Petzel called that 10 percent estimate “plausible,” adding that the market’s newfound calm about the cliff was more to do with the “numbness that comes from watching every moment of a blow-by-blow negotiation” than with a lack of concern.

The good news is that such a sharp drop likely will convince Republicans and Democrats to find common ground. That, he said, is what happened in the past few years to European policymakers, who saw markets sell off when they were slow to address an ongoing debt crisis.

“Then they realize, ‘Oh, this is a big deal, we should get it right.’ And so they would do something – not a lot – but something that the market could hang its hat on, and that would spark a rebound.”

(Reporting by Angela Moon and Steven C. Johnson; Editing by Tiffany Wu and Bill Trott)

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Peru’s capital highly vulnerable to major quake

LIMA, Peru (AP) — The earthquake all but flattened colonial Lima, the shaking so violent that people tossed to the ground couldn’t get back up. Minutes later, a 50-foot (15-meter) wall of Pacific Ocean crashed into the adjacent port of Callao, killing all but 200 of its 5,000 inhabitants. Bodies washed ashore for weeks.

Plenty of earthquakes have shaken Peru‘s capital in the 266 years since that fateful night of Oct. 28, 1746, though none with anything near the violence.

The relatively long “seismic silence” means that Lima, set astride one of the most volatile ruptures in the Earth’s crust, is increasingly at risk of being hammered by a one-two, quake-tsunami punch as calamitous as what devastated Japan last year and traumatized Santiago, Chile, and its nearby coast a year earlier, seismologists say.

Yet this city of 9 million people is sorely unprepared. Its acute vulnerability, from densely clustered, unstable housing to a dearth of first-responders, is unmatched regionally. Peru’s National Civil Defense Institute forecasts up to 50,000 dead, 686,000 injured and 200,000 homes destroyed if Lima is hit by a magnitude-8.0 quake.

“In South America, it is the most at risk,” said architect Jose Sato, director of the Center for Disaster Study and Prevention, or PREDES, a non-governmental group financed by the charity Oxfam that is working on reducing Lima’s quake vulnerability.

Lima is home to a third of Peru’s population, 70 percent of its industry, 85 percent of its financial sector, its entire central government and the bulk of international commerce.

“A quake similar to what happened in Santiago would break the country economically,” said Gabriel Prado, Lima’s top official for quake preparedness. That quake had a magnitude of 8.8.

Quakes are frequent in Peru, with about 170 felt by people annually, said Hernando Tavera, director of seismology at the country’s Geophysical Institute. A big one is due, and the chances of it striking increase daily, he said. The same collision of tectonic plates responsible for the most powerful quake ever recorded, a magnitude-9.5 quake that hit Chile in 1960, occurs just off Lima’s coast, where about 3 inches of oceanic crust slides annually beneath the continent.

A 7.5-magnitude quake in 1974 a day’s drive from Lima in the Cordillera Blanca range killed about 70,000 people as landslides buried villages. Seventy-eight people died in the capital. In 2007, a 7.9-magnitude quake struck even closer, killing 596 people in the south-central coastal city of Pisco.

A shallow, direct hit is the big danger.

More than two in five Lima residents live either in rickety structures on unstable, sandy soil and wetlands that amplify a quake’s destructive power or in hillside settlements that sprang up over a generation as people fled conflict and poverty in Peru’s interior. Thousands are built of colonial-era adobe.

Most quake-prone countries have rigorous building codes to resist seismic events. In Chile, if engineers and builders don’t adhere to them they can face prison. Not so in Peru.

“People are building with adobe just as they did in the 17th century,” said Carlos Zavala, director of Lima’s Japanese-Peruvian Center for Seismic Investigation and Disaster Mitigation.

Environmental and human-made perils compound the danger.

Situated in a coastal desert, Lima gets its water from a single river, the Rimac, which a landslide could easily block. That risk is compounded by a containment pond full of toxic heavy metals from an old mine that could rupture and contaminate the Rimac, said Agustin Gonzalez, a PREDES official advising Lima’s government.

Most of Lima’s food supply arrives via a two-lane highway that parallels the river, another potential chokepoint.

Lima’s airport and seaport, the key entry points for international aid, are also vulnerable. Both are in Callao, which seismologists expect to be scoured by a 20-foot (6-meter) tsunami if a big quake is centered offshore, the most likely scenario.

Mayor Susana Villaran’s administration is Lima’s first to organize a quake-response and disaster mitigation plan. A February 2011 law obliged Peru’s municipalities to do so. Yet Lima’s remains incipient.

“How are the injured going to be attended to? What is the ability of hospitals to respond? Of basic services? Water, energy, food reserves? I don’t think this is being addressed with enough responsibility,” said Tavera of the Geophysical Institute.

By necessity, most injured will be treated where they fall, but Peru’s police have no comprehensive first-aid training. Only Lima’s 4,000 firefighters, all volunteers, have such training, as does a 1,000-officer police emergency squadron.

But because the firefighters are volunteers, a quake’s timing could influence rescue efforts.

“If you go to a fire station at 10 in the morning there’s hardly anyone there,” said Gonzalez, who advocates a full-time professional force.

In the next two months, Lima will spend nearly $ 2 million on the three fire companies that cover downtown Lima, its first direct investment in firefighters in 25 years, Prado said. The national government is spending $ 18 million citywide for 50 new fire trucks and ambulances.

But where would the ambulances go?

A 1997 study by the Pan American Health Organization found that three of Lima’s principal public hospitals would likely collapse in a major quake, but nothing has been done to reinforce them.

And there are no free beds. One public hospital, Maria Auxiliadora, serves more than 1.2 million people in Lima’s south but has just 400 beds, and they are always full.

Contingency plans call for setting up mobile hospitals in tents in city parks. But Gonzalez said only about 10,000 injured could be treated.

Water is also a worry. The fire threat to Lima is severe — from refineries to densely-backed neighborhoods honeycombed with colonial-era wood and adobe. Lima’s firefighters often can’t get enough water pressure to douse a blaze.

“We should have places where we can store water not just to put out fires but also to distribute water to the population,” said Sato, former head of the disaster mitigation department at Peru’s National Engineering University.

The city’s lone water-and-sewer utility can barely provide water to one-tenth of Lima in the best of times.

Another big concern: Lima has no emergency operations center and the radio networks of the police, firefighters and the Health Ministry, which runs city hospitals, use different frequencies, hindering effective communication.

Nearly half of the city’s schools require a detailed evaluation to determine how to reinforce them against collapse, Sato said.

A recent media blitz, along with three nationwide quake-tsunami drills this year, helped raise consciousness. The city has spent more than $ 77 million for retention walls and concrete stairs to aid evacuation in hillside neighborhoods, Prado said, but much more is needed.

At the biggest risk, apart from tsunami-vulnerable Callao, are places like Nueva Rinconada.

A treeless moonscape in the southern hills, it is a haven for economic refugees who arrive daily from Peru’s countryside and cobble together precarious homes on lots they scored into steep hillsides with pickaxes.

Engineers who have surveyed Nueva Rinconada call its upper reaches a death trap. Most residents understand this but say they have nowhere else to go.

Water arrives in tanker trucks at $ 1 per 200 liters (52 gallons) but is unsafe to drink unless boiled. There is no sanitation; people dig their own latrines. There are no streetlamps, and visibility is erased at night as Lima’s bone-chilling fog settles into the hills.

Homes of wood, adobe and straw matting rest on piled-rock foundations that engineers say will crumble and rain down on people below in a major quake.

A recently built concrete retaining wall at the valley’s head lies a block beneath the thin-walled wood home of Hilarion Lopez, a 55-year-old janitor and community leader. It might keep his house from sliding downhill, but boulders resting on uphill slopes could shake loose and crush him and his neighbors.

“We’ve made holes and poured concrete around some of the more unstable boulders,” he says, squinting uphill in a strong late morning sun.

He’s not so worried if a quake strikes during daylight.

“But if I get caught at night? How do I see a rock?”

___

Associated Press writer Franklin Briceno contributed to this report.

___

Frank Bajak on Twitter: http://twitter.com/fbajak

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FCC chairman urges FAA to revise in-flight iPad rules

No, it doesn’t make any sense that you have to turn off your iPad or Kindle during airplane landings, and now the chairman of the Federal Communications Commission wants to see that change. In a letter to the Federal Aviation Administration, FCC chairman Julius Genachowski urged the agency to “enable greater use of tablets, e-readers, and other portable devices” on flights, The Hill reports. Genachowski went on to say that letting passengers use their devices more during flights is important because “mobile devices are increasingly interwoven in our daily lives” and that they “enable both large and small businesses to be more productive and efficient, helping drive economic growth and boost U.S. competitiveness.”

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S.Africa’s Mandela admitted to hospital for tests

JOHANNESBURG (Reuters) – Former South African president Nelson Mandela was admitted to hospital on Saturday for medical tests, although the government said there was no cause for alarm.

A statement from President Jacob Zuma‘s office gave no details of the condition of the 94-year-old anti-apartheid leader.

“Former President Mandela will receive medical attention from time to time which is consistent with his age,” the statement said.

“President Zuma assures all that Madiba is doing well and there is no cause for alarm,” it added, referring to Mandela by his clan name.

Mandela, who became South Africa‘s first black president after the country’s first all-race elections in 1994, was admitted to hospital in February because of abdominal pain but released the following day after a keyhole examination showed there was nothing seriously wrong with him.

He has since spent most of his time in his ancestral home in Qunu, a village in the impoverished Eastern Cape province.

His frail health prevents him from making any public appearances in South Africa, although in the last few months he has continued to receive high-profile visitors, including former U.S. President Bill Clinton.

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Obama says he’s ready to work with Republicans to avoid “fiscal cliff”

WASHINGTON (Reuters) – President Barack Obama, accused by Republican House Speaker John Boehner of pushing the country toward the “fiscal cliff,” said on Saturday he was ready to work with congressional Republicans on a comprehensive plan to cut budget deficits as long it included higher taxes on the wealthy.

Obama is battling Republican lawmakers over how to avoid the combination of sharp tax hikes and spending cuts set to kick in early next year that could plunge the economy back into recession.

In his weekly radio address, the president renewed his call for Republicans to extend middle-class tax cuts while letting tax rates go up for the wealthy. He also said he would be willing to find ways to bring down healthcare costs and make additional cuts to government social safety-net programs.

“We can and should do more than just extend middle-class tax cuts,” he said. “I stand ready to work with Republicans on a plan that spurs economic growth, creates jobs and reduces our deficit – a plan that gives both sides some of what they want.”

Republicans have balked at tax rate increases, which they say would hurt small businesses and brake economic growth.

With three weeks left to avert the fiscal crunch, Boehner said on Friday the administration had adopted a “my way or the highway” approach and was engaging in reckless talk about going over the “fiscal cliff.

But Obama said his re-election last month and Democratic gains in both houses of Congress showed decisive support for his approach.

“After all, this was a central question in the election,” he said. “A clear majority of Americans – Democrats, Republicans and Independents – agreed with a balanced approach that asks something from everyone, but a little more from those who can

Boehner and the House leadership submitted their terms for a deal to the White House on Monday, after Obama offered his opening proposal last week.

The plans from both sides would cut deficits by more than $ 4 trillion over the next 10 years but differ on how to get there. Republicans want more drastic spending cuts in “entitlement programs” like the Medicare healthcare program for the elderly, while Obama wants to raise more revenue with tax increases and to boost some spending to spur the sluggish economy.

(Editing by Peter Cooney)

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Firm says first BlackBerry 10 phone to debut in March, QWERTY phone won’t launch until June

Research In Motion (RIMM) is gearing up for a series of make-or-break releases that could be considered the most important device launches in the company’s history. Everything is riding on the success of the RIM’s BlackBerry 10 platform, which will be unveiled in its finished state on January 30th next year. RIM CEO Thorsten Heins is on record confirming that BlackBerry 10 will launch in the first quarter and company COO Kristian Tear previously stated new BlackBerry devices will be available “not too long after” the platform is unveiled late next month, but exact timing is still a mystery. According to Boston-based brokerage firm Detwiler Fenton, however, RIM’s first two BlackBerry 10 handsets won’t launch until March and June, respectively.

“RIM’s stock has been on a tear recently thanks to a number of upgrades and optimism surrounding its upcoming BB10 platform,” Detwiler analysts wrote in a note to clients picked up by Forbes. “However, as we dig a little deeper, there appears to be a few issues that could set up for some disappointing numbers in the 2013 first half.”

The firm goes on state that AT&T (T) and T-Mobile will launch the first BlackBerry 10 smartphone some time in March, while Verizon Wireless (VZ) and Sprint (S) are targeting May launches. Detwiler also states that the second BlackBerry 10 smartphone, which will feature a touchscreen and a full QWERTY keyboard, might not launch until June.

“Therefore, it is possible RIMM’s February quarter may only see a very small number of BB10 sales with the May quarter also coming in light due to limited QWERTY keyboard shipments and limited shipments to Sprint and Verizon,” the firm continued. “It’s our opinion RIM will ship approximately 400,000 BB10 units in the February quarter and 2.2 million to 2.5 million units in the May quarter. While this is clearly a North American / developed market view, we think this is the right way to look at the 2013 first half because the initial BB10 handsets are higher end and not targeted for emerging markets.”

When asked to comment on the Detwiler note, RIM spokesman Nick Manning reiterated the company’s earlier position. ”Details of the commercial availability for BlackBerry 10 will be announced at the global launch events on January 30,” Manning said in a comment provided to BGR via email. “Our executives have made it clear that the touch screen device will be available shortly after launch with the physical keyboard version to follow shortly after that.”

BGR’s own sources were not able to provide details regarding the exact timing of RIM’s upcoming launches, however we are hearing from reliable sources that RIM’s QWERTY-equipped BlackBerry 10 smartphone will launch well ahead of the June timeframe mentioned by Detwiler.

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