Penn State trustees fire Paterno, president Spanier amid scandal
Joe Paterno was fired by the Penn State board of trustees Wednesday night despite saying he would retire as coach after the football season ended, brought down by the growing furor over the handling of child sex abuse allegations against an assistant coach.
Penn State President Graham Spanier was also ousted.
"I am disappointed with the board of trustees' decision, but I have to accept it," the 84-year-old Paterno said in a statement. "A tragedy occurred, and we all have to have patience to let the legal process proceed."
Paterno, the winningest coach in major college football history, learned of the board's decision at the end of a day that began with his decision to finish out his 46th season and leave.
It was not to be.
The dismissal prompted thousands of students to gather about two blocks from the campus, many chanting, "We want Joe! We want Joe!" Witnesses said some rocks and bottles were thrown, a lamppost was toppled and a news van was knocked over, its windows kicked out. About 100 police wearing helmets and carrying batons were on hand. There were no reports of arrests.
"The university is much larger than its athletic teams," board vice chair John Surma said during a packed news conference.
Paterno and Spanier were informed by telephone of the unanimous decisions to remove them.
"We were unable to find a way to do that in person without causing further distraction," Surma said.
Defensive coordinator Tom Bradley will serve as interim coach while Rodney Erickson will be the interim school president. The university scheduled a news conference with Bradley for Thursday morning.
"The Penn State board of trustees tonight decided it is in the best interest of the university to have a change in leadership to deal with the difficult issues that we are facing," Surma said.
"The past several days have been absolutely terrible for the entire Penn State community. But the outrage that we feel is nothing compared to the physical and psychological suffering that allegedly took place."
Asked what Paterno did wrong, Surma said: "I can't characterize that. We thought because of the difficulties that have engulfed our university, it was necessary to make changes."
Speaking outside his home, Paterno said: "Right now, I'm not the coach. And I've got to get used to that. After 61 years, I've got to get used to it. I appreciate it. Let me think it through."
His wife, Sue, was teary-eyed as she blew kisses to about 100 students on the lawn. "You're all so sweet. And I guess we have to go beat Nebraska without being there. We love you all. Go Penn State," she said.
Paterno said in a statement earlier Wednesday that he was "absolutely devastated" by the abuse case, in which his former assistant and onetime heir apparent, Jerry Sandusky, has been charged with molesting eight boys over 15 years, with some of the alleged assaults taking place at the Penn State football complex.
"This is a tragedy," Paterno said. "It is one of the great sorrows of my life. With the benefit of hindsight, I wish I had done more."
Paterno has come under harsh criticism - including from within the community known as Happy Valley - for not taking more action in 2002 after then-graduate assistant and current assistant coach Mike McQueary came to him and reported seeing Sandusky in the Penn State showers with a young boy. Paterno notified the athletic director, Tim Curley, and a vice president, Gary Schultz.
Paterno is not a target of the criminal investigation, although Curley and Schultz have been charged with failing to report the incident to the authorities.
Source: sportsillustrated
NBA, players to talk again Thursday after meeting for nearly 12 hours
David Stern's deadline passed without a deal, though the NBA and its players will talk again Thursday.
The NBA commissioner wouldn't give any hints about what that means for hopes of ending the lockout.
"I would not read into this optimism or pessimism," he said. "We're not failing. We're not succeeding. We're just there."
Players and owners met for more than 12 hours on the 132nd day of the lockout, an important one after Stern warned that if players didn't agree to the league's latest proposal by the end of the business day, a far worse one would be coming.
Instead, he "stopped the clock" and said the backup offer would only go into play if this round of bargaining breaks down.
As usual, neither side offered many specifics, though union executive director Billy Hunter said the sides never got around to discussing the split of basketball-related income.
Besides that, there are still a handful of issues related to the salary cap system that players want addressed before they might agree to the league's demands for a 50-50 split of revenues.
"I can't characterize whether they showed flexibility or not in certain system issues," union president Derek Fisher said. "Obviously, we'd have a deal done if the right flexibility was being shown. The fact that we don't have a deal lets you know that there's still a lot of work to be done on the system."
The parties plan to return at noon Thursday to resume talks.
"We can't say there was significant progress today," Fisher said. "We'll be back tomorrow ... and we'll see if we can continue to make the efforts at least to finish this out."
Stern had set a 5 p.m. ET deadline for players to accept the league's latest proposal or have it replaced by a much harsher one that would drive the sides even farther apart.
He said the offer was not pulled at that time because the league was "trying to demonstrate our good faith. Stern added that the understanding was the offer potentially would be pulled at the end of this series of negotiations, whenever that might be.
Failure to make a deal likely would increase the calls for the union to decertify so the players can file a lawsuit against the league in court, a risky and lengthy tactic that likely would doom the 2011-12 season. Union officials have downplayed the idea, but players might have no other leverage once the more severe proposal is put into play.
The current offer calls for players to receive between 49 percent and 51 percent of basketball-related income, though the union said it would be impossible to get above 50.2 percent. Players were guaranteed 57 percent of BRI under the previous collective bargaining agreement.
Though they called this deal unacceptable, they might not see another one nearly as favorable.
The next proposal would call for a 53-47 revenue split in the owners' favor, essentially a hard salary cap and salary rollbacks, which the league originally sought but had taken off the table. Both proposals were sent to Hunter on Sunday.
Stern and Deputy Commissioner Adam Silver were joined Wednesday by Spurs owner Peter Holt, the chairman of the labor relations committee, and lawyers Rick Buchanan and Dan Rube. Besides Hunter and Fisher, vice presidents Roger Mason Jr. and Maurice Evans, economist Kevin Murphy and attorney Jeffrey Kessler represented the union.
Kessler took part just hours after saying he regretted telling the Washington Post that owners are treating players like "plantation workers" during the ongoing lockout. He said he planned to call Stern and apologize.
Besides the revenue split, the sides still are divided on elements of the salary cap system, mostly relating to the spending rules for teams that are over the luxury tax level. Players want those teams to remain options for free agents, whereas the league thinks talent would be more evenly distributed throughout the league if payrolls were more balanced.
Players indicated after their meeting Tuesday that they would be open to reducing their BRI take if owners made some changes on the system issues. Players offered to go to about 51 percent Saturday, with 1 percent going into a fund for retired player benefits.
But the league has placed as much importance on the system as the split, making it difficult to find compromise on the handful of items that remain unsettled. Owners believe there won't be the competitive balance they desire until payrolls are more equally balanced.
A month of games already has been canceled. Hunter said Tuesday he had heard Stern also planned to cancel games through Christmas without a deal Wednesday, though Stern later told NBA TV that "we have made no such plans, and we have had no such discussions."
Source-AP
Newcastle's naming rights worth up to £10m a year - Derek Llambias
Newcastle managing director Derek Llambias says the club can generate up to £10m a season by attracting a joint shirt and stadium sponsor.
The Magpies have changed the name of their St James' Park stadium to the Sports Direct Arena in an effort to attract a new naming partner.
Llambias says the club need extra funds to compete in the Premier League.
"I would hope to generate between £8m-10m a year, that will give us another player," Llambias told BBC Newcastle.
"To compete we need to go further, we've had a fantastic start."
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Newcastle are third in the Premier League, having won seven of their opening 11 matches.
Llambias added: "The fans want us to buy more players, we need a new striker in January, we'll need replacements in the summer.
"We need to give ourselves as much of a chance as possible."
Stadium sponsorship is growing in English football, with most new-build venues such as Arsenal's Emirates Stadium and Brighton's Amex Stadium utilising brands to help finance costs.
Similarly to Newcastle's plans, Chelsea are considering the option of selling the naming rights of Stamford Bridge, a venue they have been synonymous with since their formation in 1905.
"The history is always going to be there, we need to become part of the history," Llambias said.
"Chelsea have come out to say they're going to rename their present stadium. They have a lot of history as well but they actually have an owner (Roman Abramovich) who has more money than God.
"We can't compare ourselves with Abramovich, we haven't got that sort of money. If we want to compete with the big boys we have to bring more revenue in."
The club's shirt sponsorship deal with north east bank Northern Rock is to expire at the end of the season, and pressure is on to replace the branding in time for next season.
"I need to find a new shirt sponsor by the end of December - and that's the latest," added Llambias.
"Puma need to put the shirt sponsor on, they're manufacturing, and they would like it last month.
"I've got a very small window to sell the shirt and naming rights and, if I have to sell them separately, then I have to sell them separately.
"But we must give ourselves the opportunity, this is inviting people to come in."
Salman Butt appeals against 30-month jail sentence
Former Pakistan cricket captain Salman Butt has filed an appeal against his 30-month jail sentence for his part in the conspiracy to bowl deliberate no-balls in a Test match, his lawyer says.
His conviction relates to last year's match against England at Lord's.
Bowler Mohammad Asif, 28, was jailed for one year and bowler Mohammad Amir, 19, was sentenced to six months for their part.
Cricket agent Mazhar Majeed was jailed for two years and eight months.
Lawyer Yasin Patel confirmed Butt's appeal to the Associated Press on Wednesday.
In February all three players were banned from playing for five years by the International Cricket Council. All three are appealing against their suspensions.
The men were arrested after the fourth Test between Pakistan and England in August 2010.
An undercover News of the World reporter had paid Majeed £150,000 for details of the precise timing of three no-balls, which were duly delivered as promised.
Such actions can be extremely valuable on the spot-fixing betting market, which involves betting on the finer details of sporting contests.
Majeed claimed to have paid Asif £65,000, Butt £10,000 and Amir £2,500.
The judge told all the players they would be released on licence half way through their sentences if they behaved.
Tendulkar misses milestone
Sachin Tendulkar missed out on his 100th international century but India still strolled to a relatively easy five-wicket win over West Indies with a day and a half to spare in the opening Test yesterday. The batting legend, who passed 15 000 runs in Tests on Tuesday’s third day, fell for 76 after resuming the day on 33 but by then, India’s victory had been virtually assured. Tendulkar, however, was one of three wickets to fall as India, starting the penultimate day of the Test on 152 for two, reached their target of 276, half-hour after lunch.
The 38-year-old right-hander appeared en route to the astonishing milestone when he missed a pull at leg-spinner Devendra Bishoo and was lbw. His dismissal removed any further interest in the affair at the Feroz Shah Kotla Stadium as VVX Laxman carried India sedately to victory with an unbeaten 58. The win was India’s first in six Tests after being swept by England during the summer.
Requiring another 124 runs to win at the start, India had an early setback when Rahul Dravid was bowled by fast bowler Fidel Edwards in the day’s fourth over after he added just one to his overnight 30. The veteran right-hander was beaten by late in-swing from Edwards as he drove at one pitched up. Tendulkar and Laxman then scored briskly in adding 71 off 100 balls for the fourth wicket, a partnership that put India on the brink of taking a vital 1-0 lead in the three-match series.
While Tendulkar faced 148 balls and struck ten fours, Laxman hit six fours off 105 balls in 137 minutes at the crease. Tendulkar needed 24 balls on Wednesday to get his fifty but stepped up the tempo once he got there, tucking pacer Ravi Rampaul through square for four to carry India past the 200-run mark, before taking a cover-driven boundary off the same bowler.
He was moving into high gear when he fell to Bishoo, hit on the back leg essaying an ambitious pull, his dismissal plunging the crowd into an eerie silence. With just 43 runs required for victory, Yuvraj Singh (18) joined Laxman to erase the deficit before he was bowled on the back foot by captain and medium pacer Darren Sammy (2-56), with the scores level.
The second Test starts in Kolkata next Monday. (CMC)
SCOREBOARD India vs West Indies
4th day, 1st Test
WEST INDIES 1st Innings 304
INDIA 1st Innings 209
WEST INDIES 2nd Innings 180
INDIA 2nd Innings
(target: 276 runs)
(overnight 152 for two)
G Gambhir lbw b Samuels 22
V Sehwag b Sammy 55
R Dravid b F Edwards 31
S Tendulkar lbw b Bishoo 76
VVS Laxman not out 58
Yuvraj Singh b Sammy 1 8
MS Dhoni not out 0
Extras (b1, lb14, nb1) 16
TOTAL (5 wkts, 80.4 overs) 276
Did not bat: R Ashwin, I Sharma, P Ojha, U Yadav.
Wkts at: 1-51, 2-95, 3-162, 4-233, 5-275.
Bowling: F Edwards 15-3-51-1, Rampaul 10-0-34-0, Sammy 16-0-56-2, Samuels 16-0-57-1, Bishoo 22-2-56-1, Brathwaite 1.4-0-7-0.
Result: India won by five wickets.
Series: India lead the three-match series 1-0.
Man-of-the-Match: Ravi Ashwin.
Toss: West Indies.
Umpires: K Dharmasena, R Tucker; TV – S Asnani.
Italy debt worries keep European markets on edge
European markets remained jittery on Thursday after Italy's record high cost of borrowing renewed fears over the eurozone debt crisis.
After opening lower, markets in Germany and France rebounded to show slight gains in early morning trade, but the UK's FTSE index was slightly down.
Yields on Italian 10-year bonds were 6.98%, a level seen as unsustainable.
Meanwhile, an auction of Italian one-year bonds saw them pay a yield of 6.087%, up from 3.57% in October.
The full planned amount of 5bn ($6.7bn; £4.2bn) euros was placed, with the yield level, or interest rate, the highest in 14 years.
'Growth stalled'
Earlier in the day, Japan's Nikkei index had fallen by 2.9%, South Korea's Kospi shed 3.8% and Hong Kong's Hang Seng index dropped 5.3%.
Among the European markets, Germany's Dax index was up 0.22% at 5,842.16, the French Cac 40 index was 0.4% higher at 3,087.38, while the UK's FTSE 100 was down 0.5% at 5,434.06.
And there was more bad news for the beleaguered eurozone, as the European Commission cut its forecast economic growth in the area for 2012 to 0.5%, down from a prediction of 1.8% made in the spring,
"Growth has stalled in Europe, and there is a risk of a new recession," said the Vice-President for Economic and Monetary Affairs, Olli Rehn, in a statement.
The commission predicted that if there was no change in political policy then Italian public debt would remain unchanged at 120.5% of GDP next year, before falling to 118.7% in 2013.
The commission also forecast that next year Greece would see its debt level rise to 198.3% of GDP.
Commenting on the current eurozone crisis, UK Prime Minister David Cameron said that "leaders of the eurozone must act now... the longer they delay the greater the danger".
Oil issues
The continuing problems in Europe also saw the International Energy Agency cut its forecast for oil demand.
"The ever-present threat of a far-reaching financial collapse from the worsening quagmire in Greece and Italy generated a raft of daily headlines that injected a high level of trading volatility," it said.
"Market attention has shifted to Italy where a weak financial reform package has triggered a dangerous rise in 10-year government bonds (yields).
"Oil markets are inextricably linked to the deterioration in the European debt situation given the impact on financial markets, the heightened risk of global recession, and the corresponding potential loss of oil demand."
'Radical solutions'
The high interest rate on Italian bonds means that if Italy were to borrow money today, with the aim of paying it back in 10 years, it would have to pay an interest rate of just under 7%.
However, Italy has a low growth rate, which means it would be virtually impossible for it to repay what it owes.
Analysts said action needed to be taken in order to calm the markets.
"Europe has moved from a manageable crisis in Greece to a much bigger challenge in Italy," said Frederic Neumann from HSBC in Hong Kong.
"We need radical solutions at this point to backstop the markets."
Economists are concerned that the global banking system could still be affected, regardless of whether there is a resolution to the eurozone crisis.
"Whatever they come up with, it doesn't avoid a European recession," said Su-Lin Ong at RBC Capital Markets.
"Increasingly, there is a risk that it spills into the banking system and becomes an issue of credit, and the lifeline of economies freezes up again," she said.
Last month, in an attempt to ease concerns about the Greek debt crisis, eurozone leaders asked banks to raise more capital to protect themselves against any losses resulting from future defaults by Greece.
At the same time, banks also accepted a 50% loss on the money they had lent to Greece.
The fear is that if Italy's debt crisis worsens, similar measures may have to be taken by banks that are exposed to its debt.
Meanwhile, the euro continued to weaken on Thursday, touching a one-month low of $1.35 against the US dollar, and a two-week low of 105.1 yen against the Japanese currency.
As uncertainty about the outcome of the eurozone debt crisis continues, many investors have been ditching the euro and euro-based assets.
Amnesty Intl. Urges Shell to Clean Up Nigeria Oil Spill
Amnesty International released a report Thursday saying Shell Oil should commit $1 billion to start cleaning up two spills in southeastern Nigeria that have impacted the livelihoods of thousands of farmers and fishermen.
Amnesty says British lawyers representing those affected by the oil spills in the Bodo, Ogoniland area of the Niger Delta in 2008 suggested that 4,000 barrels of oil were leaked each day for 10 weeks, surpassing Alaska's Exxon Valdez spill.
Shell has admitted to the spills, but says the total spill amounted to 4,000 barrels of oil.
Amnesty says the prolonged failure of Shell Petroleum of Nigeria to clean up the Niger Delta continues to have catastrophic consequences.
The United Nations originally suggested that Shell allocate an initial $1 billion for the clean-up, claiming it will take more than 25 years for Ogoniland to recover from the spill.
Shell says criminals who sabotage oil facilities also bare responsibility for oil spills in the region.
Japan to Announce Decision on Joining Pacific Trade Pact
Japanese Prime Minister Yoshihiko Noda abruptly postponed a news conference Thursday at which he had been expected to announce that his government will join negotiations on a trans-Pacific free trade pact.
Japanese news reports say the prime minister planned to announce the decision to the Japanese people Thursday and personally notify U.S. President Barack Obama when the two meet in Hawaii on Saturday. But officials announced late Thursday that the Tokyo press conference has been pushed back to Friday.
Participation in the talks is highly controversial in Japan, where thousands of farmers and fishermen marched late last week to oppose membership in the Trans-Pacific Partnership . Politically powerful rice farmers, who have been excluded from previous Japanese free trade deals, are adamantly opposed.
A special working group of Mr. Noda's ruling Democratic Party noted the opposition in a report late Wednesday, and urged the government to be cautious in deciding whether to join the talks. But Mr. Noda has maintained that freer trade is vital to Japan's economic survival.
U.S. officials hope to use this weekend's annual meeting of the Asia Pacific Economic Cooperation forum in Honolulu to lay out a blueprint for the trade pact, which could transform economic relations between the United States and Asia.
Nine countries are already involved and analysts say it could eventually be broadened to include all APEC members, accounting for more than half the world's economic activity.
Current participants in the negotiations are Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, the United States and Vietnam.
Negotiators have set ambitious goals for the pact, including the swift removal of all tariffs among member countries and steps to reduce non-tariff trade barriers.
For the United States, the TPP presents an opportunity to cut through an elaborate network of bilateral and trilateral regional trade agreements and become a key player in the world's fastest growing economic region.
Tom Donohue, president of the U.S. Chamber of Commerce, said in Hawaii this week that the TPP presents the United States with its best chance of tapping into the world's most exciting and lucrative markets.
The TPP began in 2005 as an obscure agreement among Brunei, Chile, New Zealand and Singapore. In 2008, the United States announced its interest in joining the group and bringing in other major economies.
Anglo American sells stake in Chile mining operations
Mining giant Anglo American says it has sold a 24.5% stake in its operations in southern Chile to Japan's Mitsubishi for $5.39bn (£3.38bn).
But the deal could hit trouble after Chile's state copper miner Codelco said it would exercise an option to buy 49% of the business, Anglo American Sur.
Anglo's sale of the stake to Mitsubishi means Codelco might not be able to buy more than 24.5% of the operation.
Anglo American said it had made a "thorough assessment" of the sale.
Anglo's properties in southern Chile include the flagship Los Bronces project, El Soldado mine, the Chagres smelter and Los Sulfatos and San Enrique Monolito exploration projects.
Anglo has invested about $2.8bn to develop Los Bronces.
The company said in a statement: "Anglo American has regularly reviewed its available alternatives and, following a thorough assessment, and in the interests of its shareholders, it entered into a process to explore the potential value of the Anglo American Sur (AAS) assets."
Anglo chief executive Cynthia Carroll added: "We are free to sell any percentage of our shares in AAS at any time. We evaluated and continue to evaluate various alternatives."
But Codelco said it was ready to fight to exercise what it believed was an option to buy almost 50% of AAS.
"If this sale (to Mitsubishi) is confirmed, it does not affect Codelco's right over 49% of the shares of Anglo American Sur," Codelco said in a statement.
"Codelco will exercise all the actions that are necessary to safeguard its rights."
Jefferson County in Alabama faces bankruptcy
Leaders of the largest county in the US state of Alabama have voted to file for a $4.1bn (£2.6bn) bankruptcy, the costliest US municipal failure ever.
Jefferson County has been struggling to avoid bankruptcy since 2008, but recent talks on a deal to restructure its crippling debt broke down.
The county sunk into debt after a costly upgrade of its sewer system.
Jefferson County has about 658,000 residents and is home to Alabama's largest city, Birmingham.
The bankruptcy was approved by the Jefferson County Commission by a 4-1 vote.
Announcing the vote result, Commissioner Jimmie Stephens said filing for bankruptcy would not radically change the situation in the county.
"Jefferson County has, in effect, been in bankruptcy for three years," he told the Associated Press.
Bond problems
In September, a deal with the county's creditors, including JPMorgan Chase, saw lenders agree to forgive about $1bn in debt, with the county refinancing another $2bn, and a series of sewer rate increases.
However, the negotiations ended some $140m short as terms of the deal shifted, increasing the repayment amount from $2.05bn to $2.19bn.
Jefferson's mounting debt issues were brought on by a combination of increasing interest rates on bonds, turbulency in the derivatives market and corruption among local government officials.
At least 21 people, including four former county commissioners, have been convicted or pleaded guilty to corruption-related charges in connection with the sewer's construction and bond financing, according to Bloomberg News.
Jefferson's local government has suffered as a result - police officials cannot afford to respond to traffic accidents - all while sewer and water bills increased, reports say.
"I get tired of them dumping on the little people," Deb Passmore, a former Laundromat owner told the New York Times in July.
She closed her business after her sewer and water bills reached $500 a month.
Orange County precedent
Earlier in 2011, the Alabama Supreme Court declared a separate county tax unconstitutional, limiting Jefferson's ability to raise further income to pay off its debts.
The county's bankruptcy deal would be significantly larger than the current biggest filing, that of Orange County, California, which filed in 1994 with debts of $1.7bn.
Municipal bankruptcies are rare, but are becoming more common as the US faces continuing economic problems.
Pennsylvania's capital city, Harrisburg, filed for bankruptcy in October 2011 in the face $300m in debt arising from a costly trash incinerator program. Soon afterwards the state passed a law taking control of the city's finances.