Bank chief house costs to be paid







Mark Carney, the next head of the Bank of England, will be paid £250,000 in housing costs in addition to his salary and pension costs.






He will receive the money on top of his annual £480,000 salary and a yearly pension allowance of £144,000.


The housing allowance will be taxed at the new top rate of tax of 45%, which will be in place by the time he takes up his post next July,


Mr Carney is currently the head of the Bank of Canada.


A housing allowance was agreed as part of the package to tempt Mr Carney, who lives with his wife and four children, from his current post in Canada, but has only just been signed off by the non-executive directors of the Bank of England.


The allowance is designed to help him maintain a similar lifestyle to his current one in Ottawa, where he has a spacious family house near the Bank of Canada’s headquarters.


Continue reading the main story

What may stir controversy is that Mr Carney’s package protects him from the kind of gyrations in the economy that it will be his role to temper”



End Quote



Mr Carney’s salary itself is well above the £305,000 paid to the current governor of the Bank of England, Sir Mervyn King.


The Bank says this reflects in part the increased role the next governor will be faced with, as the Bank is taking over most of the UK’s bank regulation from the Financial Services Authority next year.


The Chancellor, George Osborne, spent months trying to court Mr Carney to take the post as Bank chief.


Mr Carney had gone on record as saying he was not interested in the post, but was persuaded to change his mind by Mr Osborne.


Part of the deal included allowing Mr Carney to serve just five years as Bank governor, rather than the eight-year term normally served in that position.


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EU’s Almunia sets deadline for Google antitrust plan






BRUSSELS (Reuters) – The European Union set Google an ultimatum on Tuesday, giving it a month to come up with detailed proposals to resolve a two-year investigation into complaints that it used its power to block rivals, including Microsoft.


The EU’s antitrust chief, Joaquin Almunia, delivered the deadline in a meeting with Google Executive Chairman Eric Schmidt in Brussels.






If it fails to address the complaints, the world’s most popular search engine could face a lengthy battle with what is arguably the world’s most powerful antitrust authority. If found guilty, it could mean a fine of up to 10 percent of its revenue, or $ 4 billion.


“Since our preliminary talks with Google started in July, we have substantially reduced our differences regarding possible ways to address each of the four competition concerns expressed by the Commission,” Almunia said in a statement.


“On the basis of the progress made, I now expect Google to come forward with a detailed commitment text in January 2013.”


Almunia said he would seek feedback from rivals and users once he has received Google’s proposal.


Google said it continues to work co-operatively with the Commission.


The European Commission has been examining informal settlement proposals from Google since July but has not sought feedback from the complainants, suggesting it is not convinced by what Google has put on the table so far.


The EU watchdog’s two-year investigation has centered on complaints that Google unfairly favored its services over its rivals in search results, and that it may have copied material from travel and restaurant websites without permission.


The Commission is also looking into whether Google restricted advertisers from transferring their data to rivals.


The Commission’s decision to press Google to offer more far-reaching concessions comes in sharp contrast to the case U.S. regulators have against the company.


Sources told Reuters the U.S. Federal Trade Commission could drop their investigation into Google without requiring any major change in how the company does business.


(Reporting by Foo Yun Chee; Editing by Robin Emmott, Louise Heavens and Nick Zieminski)


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Ben Stiller’s Red Hour sells two more comedies to ABC Studios






LOS ANGELES (TheWrap.com) – Ben Stiller‘s Red Hour Television is continuing to pump out comedies for ABC Studios.


Following the sale of “Complikated” in October, the production company has sold network’s production division two new series – “You’re Not Doing It Right” and “Between Two Kings” – a rep for Red Hour told TheWrap on Monday.






Comedian Michael Ian Black writes, stars and produces in the former, a half-hour single-camera comedy based on his book of the same name that explores his childhood, marriage, children and career. Set “in the wilds of Connecticut,” the show takes a hard look at what happens when you wake up, look around and don’t recognize the life you’re living as your own, Red Hour said.


“Between Two Kings” is written and executive-produced by Jeff Kahn, who has written for series like “Drawn Together” and “The Ben Stiller Show.” It follows the hardships of a divorced father raising an 11-year-old son while living in his elderly father’s home.


Both are being executive-produced by Stiller, along with Red Hour’s Debbie Liebling and Stuart Cornfeld.


Since signing an overall deal with ABC Studios at the end of 2011, Red Hour also has sold “Please Knock,” written by Kevin Napier, and “The Notorious Mollie Flowers,” written by Adam Resnick.


The sale of “You’re Not Doing It Right” and “Between Two Kings” were first reported by Deadline.


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Merck, GE to collaborate on Alzheimer’s drug development






(Reuters) – Merck & Co and General Electric Co‘s healthcare unit have agreed to collaborate on an experimental drug for Alzheimer’s disease, the companies said on Tuesday.


GE Healthcare will supply Flutemetamol, an investigational imaging agent, to Merck for use with its experimental Alzheimer’s disease drug MK-8931.






The companies hope GE’s imaging agent will help identify patients who might benefit from a therapy such as Merck’s, which targets beta amyloid, a protein that can clump together and form plaques in the brain. Such plaques have been found in the brains of patients with Alzheimer’s disease.


MK-8931 is Merck’s lead Alzheimer’s drug candidate and is designed to modify progression of the disease as well as improve symptoms. Alzheimer’s robs patients of their memory and can cause other cognitive disturbances.


Based on promising results from an early-stage clinical trial of MK-8931, Merck plans to move forward with a larger trial, called EPOCH, at multiple sites around the world.


Flutemetamol is a positron emission tomography (PET) imaging agent that has been able, in clinical trials, to detect beta amyloid in the brain.


GE Healthcare will supply Flutemetamol to help select patients for clinical trials and evaluate the agent as a companion diagnostic tool. Financial and other terms of the agreement between the companies were not disclosed.


(Reporting By Toni Clarke; editing by John Wallace)


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Syrian rebels take control of Damascus Palestinian camp






BEIRUT (Reuters) – Syrian rebels took full control of the Yarmouk Palestinian refugee camp on Monday after fighting raged for days in the district on the southern edge of President Bashar al-Assad‘s Damascus powerbase, rebel and Palestinian sources said.


The battle had pitted rebels, backed by some Palestinians, against Palestinian fighters of the pro-Assad Popular Front for the Liberation of Palestine-General Command (PFLP-GC). Many PFLP-GC fighters defected to the rebel side and their leader Ahmed Jibril left the camp two days ago, rebel sources said.






“All of the camp is under the control of the (rebel) Free Syrian Army,” said a Palestinian activist in Yarmouk. He said clashes had stopped and the remaining PFLP fighters retreated to join Assad‘s forces massed on the northern edge of the camp.


The battle in Yarmouk is one of a series of conflicts on the southern fringes of Assad’s capital, as rebels try to choke the power of the 47-year-old leader after a 21-month-old uprising in which 40,000 people have been killed.


Government forces have used jets and artillery to try to dislodge the fighters but the violence has crept into the heart of the city and activists say rebels overran three army stations in a new offensive in the central province of Hama on Monday.


On the border with Lebanon, hundreds of Palestinian families fled across the frontier following the weekend violence in Yarmouk, a Reuters witness said.


Syria hosts half a million Palestinian refugees, most living in Yarmouk, descendants of those admitted after the creation of Israel in 1948, and has always cast itself as a champion of the Palestinian struggle, sponsoring several guerrilla factions.


Both Assad’s government and the mainly Sunni Muslim Syrian rebels have enlisted and armed divided Palestinian factions as the uprising has developed into a civil war.


“NEITHER SIDE CAN WIN”


Syrian Vice President Farouq al-Sharaa said in a newspaper interview published on Monday that neither Assad’s forces nor rebels seeking to overthrow him can win the war.


Sharaa, a Sunni Muslim in a power structure dominated by Assad’s Alawite minority, has rarely been seen since the revolt erupted in March 2011 and is not part of the president’s inner circle directing the fight against Sunni rebels. But he is the most prominent figure to say in public that Assad will not win.


Sharaa said the situation in Syria was deteriorating and a “historic settlement” was needed to end the conflict, involving regional powers and the U.N. Security Council and the formation of a national unity government “with broad powers”.


“With every passing day the political and military solutions are becoming more distant. We should be in a position defending the existence of Syria. We are not in a battle for an individual or a regime,” Sharaa was quoted as telling Al-Akhbar newspaper.


“The opposition cannot decisively settle the battle and what the security forces and army units are doing will not achieve a decisive settlement,” he said, adding that insurgents fighting to topple Syria’s leadership could plunge it into “anarchy and an unending spiral of violence”.


Sources close to the Syrian government say Sharaa had pushed for dialogue with the opposition and objected to the military response to an uprising that began peacefully.


In a veiled criticism of the crackdown, he said there was a difference between the state’s duty to provide security to its citizens, and “pursuing a security solution to the crisis”.


He said even Assad could not be certain where events in Syria were leading, but that anyone who met him would hear that “this is a long struggle…and he does not hide his desire to settle matters militarily to reach a final solution.”


In Hama province, rebels and the army clashed in a new campaign launched on Sunday by rebels to block off the country’s north, activists said.


The Syrian Observatory for Human Rights, an opposition-linked violence monitor, said fighting raged through the provincial towns of Karnaz, Kafar Weeta, Halfayeh and Mahardeh.


It said there were no clashes reported in Hama city, which lies on the main north-south highway connecting the capital with Aleppo, Syria’s second city.


Qassem Saadeddine, a member of the newly established rebel military command, said on Sunday fighters had been ordered to surround and attack army positions across the province. He said Assad’s forces were given 48 hours to surrender or be killed.


In 1982 Hafez al-Assad, father of the current ruler, crushed an uprising in Hama city, killing up to 30,000 civilians.


Qatiba al-Naasan, a rebel from Hama, said the offensive would bring retaliatory air strikes from the government but that the situation is “already getting miserable”.


(Additional reporting by Oliver Holmes, Erika Solomon and Dominic Evans in Beirut, Afif Diab at Masnaa, Lebanon; editing by Philippa Fletcher)


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Massachusetts fines Morgan Stanley over Facebook research






BOSTON (Reuters) – Morgan Stanley, the lead underwriter for Facebook Inc’s initial public offering, will pay a $ 5 million fine to Massachusetts to settle charges that its bankers improperly influenced its research analysts when the Internet company went public.


Massachusetts’ top securities regulator, William Galvin, charged that Morgan Stanley improperly helped Facebook disclose sensitive financial information selectively, perpetuating what he calls “an unlevel playing field” between Wall Street and Main Street.






Morgan Stanley has been under criticism since the social media company went public in May for having revealed revised earnings and revenue forecasts to select clients on conference calls before the media company’s $ 16 billion initial public offering. A Morgan Stanley spokeswoman did not immediately return a call seeking comment.


Galvin, who has been aggressive in policing how research is distributed on Wall Street ever since investment banks reached a global settlement in 2003, said the bank violated that settlement. He fined Citigroup $ 2 million over similar charges in late October.


Massachusetts says that a senior Morgan Stanley banker helped a Facebook executive release new information and then guided the executive on how to speak with Wall Street analysts about it. The banker, Galvin’s office said, rehearsed with Facebook’s Treasurer and wrote the bulk of the script Facebook’s Treasurer used when calling the research analysts.


The banker “was not allowed to call research analysts himself, so he did everything he could to ensure research analysts received new revenue numbers which they then provided to institutional investors,” Galvin said in a statement.


Retail investors were not given any similar information, Galvin said, saying this case illustrates how institutional investors often have an edge over retail investors.


(Reporting By Svea Herbst-Bayliss with additional reporting by Suzanne Barlyn in New York; Editing by Theodore d’Afflisio)


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TV network aimed at millennials set for summer






NEW YORK (AP) — Participant Media plans to launch a cable network aimed at viewers 18 to 34 years old with programming it describes as inspiring and thought-provoking.


The as-yet-unnamed network is set to start next summer with an initial reach of 40 million subscribers, the company announced Monday.






Targeting so-called millennials, Participant is developing a program slate with such producers as Brian Graden, Morgan Spurlock and Brian Henson of The Jim Henson Company.


Evan Shapiro, who joined Participant in May after serving as President of IFC and Sundance Channel, will head the new network.


Parent company Participant Media has produced a number of fiction and nonfiction films including “Charlie Wilson’s War,” ”An Inconvenient Truth” and Steven Spielberg’s current biopic “Lincoln.”


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Vivalis to buy Intercell in European biotech merger






LONDON/PARIS (Reuters) – France‘s Vivalis and Austrian vaccine specialist Intercell are linking up in a rare cross-border deal that shows the need for Europe’s fledgling biotech companies to grow in scale and produce a stronger pipeline to better compete in the quest for lucrative partnership deals.


Vivalis is set to buy Intercell in a deal valuing the Austrian vaccine maker at around 133 million euros ($ 174 million), and creating an enlarged anti-infectives specialist in the fragmented European biotech industry.






“Today it’s necessary to have critical mass in biotech,” Vivalis Chief Executive Franck Grimaud told Reuters. “Together, we will have all the know-how from drug discovery to product commercialization.”


Both companies are loss-making and the tie-up, billed as a merger of equals, will allow for cost savings of 5 million to 6 million euros a year, the companies said late on Sunday.


The combined group – to be known as Valneva, with listings in Paris and Vienna – also plans to raise 40 million euros via a rights issue to strengthen its balance sheet.


Former Vivalis shareholders will hold approximately 55 percent of the combined entity and Intercell investors 45 percent, immediately after the deal completes.


The combined company will be headquartered in Lyon, France, an establish centre for vaccines and infectious diseases research.


A number of corporate functions will remain at Intercell’s former base in Vienna and Vivalis’ offices in Nantes, north-western France.


STRATEGIC FIT


The decision to merge with Vivalis follows a difficult period for Intercell, which has a vaccine for Japanese encephalitis on the market but has been struggling to get back on track after a string of product setbacks.


For Vivalis, the acquisition offers an opportunity to accelerate its drive to establish a profitable business based on finished products.


Vivalis and Intercell first held talks over a possible combination a year ago, Franck Grimaud said.


Nomura Code analyst Gary Waanders said the two companies will benefit from merging their research and manufacturing activities as well as combined revenues from vaccines and technology licenses.


“We believe the combination of these companies, each experts in their fields, represents an excellent strategic fit which takes advantage of complementary skills and assets and provides a more resilient base for future growth than either company had alone,” Waanders said.


Intercell shares were trading 18 percent higher at 2.06 euros at 1257 GMT in Vienna, while Vivalis was over 7 percent lower at 6.83 euros on the Paris stock exchange.


A Paris-based trader attributed the Vivalis slump to a risk of dilution from the capital hike, which at 40 million is substantial for a group that will have a combined market capitalization of around 270 million.


“It’s also an interesting opportunity to get out of the stock for investors that bought it when it was worth 5 euros,” the trader added.


The French company’s primary expertise is in using technology based on stem cells from embryonic ducks. It licenses its EB66 cell line to pharmaceutical companies for the production of vaccines and drugs, including antibody-based treatments.


Thomas Lingelbach, the current chief executive of Intercell said the merger would bring together Vivalis’ technological know-how with Intercell’s product development and manufacturing experience.


Lingelbach will become CEO of Valneva, while Grimaud will become its chief business officer.


Under the terms of the deal, Intercell shareholders will receive 13 Vivalis new ordinary shares for 40 Intercell shares, representing a premium of 38.5 percent to the Austrian company’s closing share price on December 14, when the company was valued at 96 million euros, or 31.7 percent above the three-month average.


Intercell shareholders will also get 13 new preferred shares for 40 Intercell, with each preferred share to be converted into 0.481 new Valneva ordinary share in the event of successful approval of Intercell’s experimental Pseudomonas vaccine.


Societe Generale is advising Vivalis and Goldman Sachs International is working for Intercell on the deal, which is expected to be completed in May 2013.


(Reporting by Ben Hirschler and Elena Berton, editing by G Crosse)


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Only balanced plan to avoid “cliff” is Obama’s: White House






WASHINGTON (Reuters) – The only proposal that avoids the year-end U.S. “fiscal cliff” in a balanced manner is the one President Barack Obama has put forward, White House spokesman Jay Carney said on Monday.


“The only plan that we have seen that achieves the size and the balance that’s required for sustainable – for long-term deficit reduction and for putting our economy on a sustainable fiscal path, is the president’s,” Carney told reporters at a briefing.






Carney had been asked to comment on reports of a proposal from House of Representatives Speaker John Boehner, a Republican, that would allow top tax rates to rise in exchange for cuts to entitlement programs.


(Reporting By Mark Felsenthal; Editing by Eric Walsh)


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Viral Justice: Domestic Abuse Victim Calls Out Attacker on Facebook






Amber Taylor had been living in a Missouri motel with her boyfriend, Austin “Wildboi” McCauley, until this week, when he reportedly beat her unconscious with a baseball bat.


Two days later, the 23-year-old took a picture of herself recovering from her injuries and posted it to McCauley’s public Facebook page, calling him out for his abuse and prompting his arrest.






Since its posting online, the photo has accumulated almost 10,000 “Likes” and close to 1,000 comments. Its caption includes the sentence, “I’m not the only girl he’s done this to but I’m not scared anymore I’m going to speak up.”  


McCauley has since been arrested and charged with second-degree domestic assault.


MORE: Savannah Dietrich Calls Out Her Attackers, Sees Them Punished


In her interview with news station WDAF, Taylor explained she wanted to expose her boyfriend’s true nature to the people who thought they knew him best. “I just wanted his friends to actually see the true him,” she said.


The young mother reports that she’s not only received support from McCauley’s own friends, but also from people across the country. “I’m actually glad that I have people that are writing me and telling me they care. Because being with him, I didn’t get to have any friends.”


This isn’t the first time social media has provided an outlet for a victim in need of support. Earlier this year, 17-year-old Savannah Dietrich violated a court order when she announced the names of her two underage attackers on her public Twitter account. Though the maneuver had her facing contempt charges, Dietrich and her parents reported it was necessary to bring attention to what they characterized as the unfair nature of her trial.


Though public pressure on the court still didn’t result in the attackers receiving jail time, they were sentenced to harsher punishments than were originally conceived before Dietrich went public with their names. And in the melee, the teenager inadvertently rallied a nation’s support, serving as an example of how self-advocacy can facilitate healing.


That may be the take-away for Hillary Adams as well. The disabled daughter of Texas judge, William Adams, Hillary was the subject of her father’s relentless beatings and secretly videotaped one of those incidents. Seven years later, she posted the video online. Though Adams was already grown up and no longer living with her father, she claimed the posting had more to do with holding him personally accountable, even if the law wouldn’t.


Trauma sufferers often report that keeping abuse a secret is a move that backfires, creating a greater sense of personal shame, no matter how blameless they may be. But social media is an accessible avenue they can use to tell their stories, offering survivors the chance to shed their shame and reclaim their dignity.


Do you think social justice can really be achieved with social media? Would you use it to get justice? Let us know what you think in the Comments.


Related Stories on TakePart:


• Anna Breslaw’s 600-Word Sprint: The V-Word Dialogues


• Despite His ‘Legitimate Rape’ Fail, Todd Akin is Still a Senate Contender


• In U.S., a New Definition for Rape



A Bay Area native, Andri Antoniades previously worked as a fashion industry journalist and medical writer.  In addition to reporting the weekend news on TakePart, she volunteers as a webeditor for locally-based nonprofits and works as a freelance feature writer for TimeOutLA.com. Email Andri | @andritweets | TakePart.com


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