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U.N.'s nuclear report on Iran may not be all bad news for West

VIENNA (Reuters) - Iran is believed to have increased the number of centrifuges in an underground nuclear plant by nearly a third in three months, diplomats say, underlining the tough task facing major powers pressing Tehran to curb its atomic activity.

But despite a major expansion of its capacity to refine uranium at the Fordow facility, buried deep inside a mountain, Iran does not appear to have switched on its newly installed enrichment centrifuges yet, although this could happen soon, they said.

A U.N. report on Iran's nuclear program is also likely to show this week that it continues to use some of its most sensitive material for reactor fuel, at least temporarily making it unavailable for any quick atom bomb bid.

This could help in "buying more time for dialogue", a Western diplomat said, referring to international efforts to seek a diplomatic solution to the decade-old dispute and avert the threat of a new Middle East war.

It may also explain why Israel, assumed to be the region's only nuclear-armed state, recently signaled that an attack on the Islamic Republic's nuclear sites was not imminent, after months of speculation that it might be.

But another Western envoy said the fact that Iran was converting some of its higher-grade uranium gas, a short technical step from weapons-grade material, into oxide powder for fuel should not distract from its bigger nuclear defiance.

"They haven't addressed the (U.N. nuclear agency's) questions, they haven't suspended their enrichment as required by the U.N. Security Council, so anything else they are doing around the margin is beside the point," this diplomat said.

The conversion of uranium refined to a fissile concentration of 20 percent into fuel is also reversible as long as it has not been introduced into a working reactor, although it would take a few months to turn it back into gas form, security experts say.

Tehran denies U.S. and Israeli allegations that it is seeking a nuclear weapons capability, saying its program is entirely peaceful. But U.N. inspectors suspect past, and possibly ongoing, military-related nuclear work.

IRAN SENDING SIGNAL?

The question of when and how quickly Iran might be able to assemble a nuclear weapon if it chose to do so is hotly debated in the West because it could influence any decision by Israel to launch military strikes against the country.

The U.N. International Atomic Energy Agency (IAEA) is expected to submit its next quarterly Iran report to member states on Friday, 10 days after U.S. President Barack Obama's re-election raised hope of a revival of diplomacy on the issue.

It is expected to show a defiant Iran pressing ahead with expanding its controversial nuclear program, despite harsh Western sanctions targeting its vital oil sector, and continuing to sanitize a military site the IAEA wants to visit.

Iran's rial has slid against the U.S. dollar over the past year as sanctions on oil exports have slashed dollar-denominated sales, but experts say there is no sign as yet that this has changed the leadership's position on the nuclear program.

At talks in Tehran next month, the Vienna-based IAEA will make a new attempt to persuade Iran to let it resume a long-stalled investigation into suspicions that it may have worked on developing a nuclear-armed missile.

At Fordow, located under rock and soil to protect it against any enemy attacks, diplomats say Iran has now put in place the nearly 2,800 centrifuges it was built for, up from about 2,140 in the previous IAEA report issued in late August.

It is unclear whether the necessary piping and other infrastructure have been completed for all of them. It is also not known why Iran may be holding back from expanding output there, even though the equipment for doing that is installed.

"It is politically driven but to what end is still a big mystery," a third diplomat in the Austrian capital said. "It is not necessarily a sign that there is a solution to be reached."

Iran started producing uranium enriched to 20 percent fissile purity at Fordow, compared with the 3.5 percent level needed for nuclear energy plants, in late 2011 and has been operating 700 centrifuges there since January this year.

World powers want Iran to halt the 20 percent enrichment, close down Fordow and ship out its stockpile of the material.

Iran has signaled it may be ready to suspend the higher-grade enrichment but says sanctions imposed on the major oil producer must be lifted in return, a demand the West rejects.

(Editing by Louise Ireland)

Source: http://news.yahoo.com/u-n-nuclear-report-iran-may-not-bad-125441715.html

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With TV and film production heading overseas, should Uncle Sam get into showbiz?

LOS ANGELES (TheWrap.com) - Is it time for Uncle Sam to go Hollywood?

With the exodus of film and TV production to foreign shores - and with the states' incentives plans frequently out-gunned by countries outside the U.S. - there is some thought that it may be time for the federal government to step in.

The idea of the federal government helping out Hollywood while it is drowning in red ink is sure to raise hackles in some quarters. But filmmaker Michael Moore, for one, thinks it's an idea whose time has come. And he's not alone.

"That is one good thing the government can do in terms of being helpful and supportive, whether it's filmmaking or other artistic endeavors," Moore told TheWrap.

And he added, it's also time for the states to stop fighting each other with differing tax-incentive plans. "I've always opposed New Mexico against North Carolina, or Michigan against L.A. I don't like that. It's not right. We're Americans."

Moore is not alone.

There are reasons to keep TV and film production from going abroad. The industry provides more than 2.4 million American jobs and adds nearly $180 billion to the U.S. economy annually and $15 billion in federal and state taxes, according to the Motion Picture Association of America.

Joe Chianese, executive VP at showbiz payroll giant Entertainment Partners Financial Solutions, believes the idea of getting the feds involved makes sense.

"You watched the debates and heard both President Obama and Gov. Romney talking about how it's all about jobs, and they talked about how the manufacturing industry has basically been lost to overseas," Chianese told TheWrap. "Well, we're looking at the same sort of situation with the TV and film industry if something isn't done."

As he spoke to TheWrap, Chianese was about to set off for Japan, where government and film-industry officials were considering an incentive program that would align them with the more than 30 foreign countries trying to lure U.S. entertainment productions.

"You can't blame filmmakers for taking their business elsewhere," he said. "They're taking their work overseas for the same reasons manufacturers are: It's cheaper."

Until recently, the federal government provided some help. Section 181 of the current tax code lowered the cost of capital for domestic film and TV production by providing immediate expensing on the first $15 million of production costs. To be eligible, 75 percent of the production had to occur in the U.S.

But it expired at the end of 2011.

California Republican Congressmen David Dreier has co-authored legislation to bring 181 back for another two years, but it is mired in Congress, along with a number of other tax-law extensions.

"Jobs are our No. 1 priority, and this bill will help more people find good jobs in California and across the U.S.," said Dreier, who represents much of the San Gabriel Valley. "We need to create an environment that will keep entertainment productions here so that caterers, makeup artists and other small businesses that support them can create jobs too."

Amy Lemistch, executive director of the California Film Commission, shares the world view on keeping show business here.

"We see California's runaway production problem as a global issue," she told TheWrap "not a state vs. state issue. People are going to the U.K. and Canada as much as they are going to other states."

Smaller nations like Sri Lanka have begun offering breaks, and others like New Zealand have ramped up state-of-the-art production infrastructures. Even Iceland recently lured the HBO series "Game of Thrones" and the feature films "Noah" and "Prometheus."

Particularly galling to California Film Commission officials is when productions set in the state are lured overseas. Recent examples would be the now-canceled Fox TV series "Alcratraz" and the L.A.-set movie "This Means War," both of which shot in Vancouver.

Unlike Moore, Chianese, a tax specialist who worked with the commission when it was crafting its credits program, sees the federal incentives coming on top of state credits, rather than replacing them.

"You add, say, a 15 percent jobs credit, where companies would get 15 percent of the salary of every hire they make," he said. "Add that on top of, say, the 25 percent credit California offers, and you're up to 40 percent credit. That would make a real difference when it comes to keeping entertainment jobs here."

Chianese said he'd be willing to see Section 181 go away in favor of more direct and immediate incentives. But with Obama and Congress focused on cutbacks and new taxes to pare down the national debt before the end of the year, the timing's not good now.

It will always be an uphill fight, particularly with the House of Representatives controlled by the budget-conscious GOP.

"You'd face the same question you always do with incentives, which is: Why favor one industry over another?" Chianese said.

Not to mention major blowback from the segments of the right, which see liberal politicians as too tied to Hollywood already.

As for state credits, Hollywood breathed a sigh of relief in late September when California Gov. Jerry Brown signed a two-year extension of the state's film and TV production-tax credit program. But no one expects it to be a game-changer when it comes to California's fight to remain the world's production capital.

New York, for example, is offering 30 percent tax credits, has $420 million available and recently added a 25 to 30 percent credit for post-production work. By comparison, California offers a 25 percent credit, has just $100 million available and has tougher eligibility rules.

Still, Lemisch said, the extension was critical.

"It sends a signal to the production community that California is committed in the short and long term," she said. That's vital, she pointed out, especially for the producers of TV dramas, which are the most desirable shows to land because they're typically an hour long and shoot multiple episodes.

California's output of TV dramas fell more than 11 percent last year, while While New York was hitting record production levels.

California does have some built-in advantages that aren't going away. If you're based in Hollywood, staying here can be cheaper than going out of state even with incentives, because you're not paying to ship equipment and transport crews. The state's infrastructure of studios and post-production facilities is still the most extensive.

But that doesn't mean other states aren't beating California to the production punch.

North Carolina - which made headlines when it enticed the feature film "Battlefield Los Angeles" to shoot there instead of in L.A. - is very busy these days. The first "Hunger Games" was filmed there, as was "Iron Man 3.' NBC's new drama "Revolution" and Showtime's "Homeland" are in production there now.

Georgia, too, has seen a recent surge in feature filming. Paramount's "Flight," Fox's "Parental Guidance" and Warner Bros.' "Trouble With the Curve" all shot there.

(Steve Pond contributed to this report)

Source: http://news.yahoo.com/tv-film-production-heading-overseas-uncle-sam-showbiz-195939647.html

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Skype Disables Password Reset Function After Security Scare

Skype is the latest tech company with security problems. The popular video chat service said it's investigating an issue involving its password-reset function, which could allow hackers to overtake user accounts. Skype has disabled the password reset in the meantime.

[More from Mashable: Apple Knocks Out Android in Mobile Security [INFOGRAPHIC]]

The vulnerability could allow a hacker to sign up for a Skype account using the same email address as an existing user. The cybercriminal can then reset the password for not just the new Skype account but all that use the same master email address.

The company has already reached out to those with possibly affected accounts.

[More from Mashable: Skype for Windows Phone 8 Preview Now Available]

"Early this morning we were notified of user concerns surrounding the security of the password-reset feature on our website," Skype said in a statement on its official blog. "This issue affected some users where multiple Skype accounts were registered to the same email address. We suspended the password-reset feature temporarily this morning as a precaution and have made updates to the password-reset process today so that it is now working properly."

SEE ALSO: Is Your Mobile Device Safe From Hackers?

The news comes about two months after the security issue was first uncovered by a team of Russian hackers and posted to forum site Xeksec, according to The Next Web.

While Skype continues its investigation, it has also issued an apology: "We apologize for the inconvenience but user experience and safety is our first priority,? Skype said.

Are you concerned about Skype's security problems? Let us know in the comments below.

1. Change the Font and Text Size

Skype's default text size for chat is teeny. However, you can easily make it larger ? and even change the type of font used. Go to the Tools menu at the top of your Skype screen and select Options. On the left-hand side menu, click on IM & SMS, then IM appearance. Now hit the Change font button and you can customize to your preference.

Click here to view this gallery.

This story originally published on Mashable here.

Source: http://news.yahoo.com/skype-disables-password-reset-function-security-scare-113805619.html

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UNESCO to honor opera singers Domingo and Florez

PARIS (Reuters) - Renowned Spanish tenor Placido Domingo will be named a UNESCO goodwill ambassador in recognition of his singing career and support for young opera singers, the United Nations' cultural agency said on Wednesday.

Domingo, 71, who has sung in the world's most prestigious opera houses from La Scala to the Metropolitan Opera and also conducts, will be recognized at a ceremony on November 21, UNESCO said.

He was chosen for "his exceptional artistic career, his inestimable support for young opera musicians through the Operalia competition, and his dedication to the values and ideals of UNESCO," the body said in a statement.

Also to be recognized on November 16 as a goodwill ambassador will be Peruvian tenor Juan Diego Florez, 39. Scheduled to attend the ceremony is Peruvian President Ollanta Humala.

A virtuoso singing the bel canto arias of Rossini, Diego Florez is president of the social and education foundation, "El Sistema de Orquestas Infantiles y Juveniles del Peru," which develops youth orchestras and choruses targeted at underprivileged children.

Goodwill ambassadors for UNESCO help focus attention on the cultural body's work in education, science, culture and communication.

(Reporting By Alexandria Sage, editing by Paul Casciato)

Source: http://news.yahoo.com/unesco-honor-opera-singers-domingo-florez-172050942.html

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Staples sales miss estimates

(Reuters) - Staples Inc , the largest U.S. office supply chain, reported lower-than-expected quarterly revenue, weighed down by weak sales in Europe and Australia.

The company posted a net loss of $596.3 million, or 89 cents per share, for the third quarter, compared with a profit of $326.4 million, or 47 cents per share, a year earlier.

Excluding items, the company earned 46 cents per share.

Sales fell about 2 percent to $6.35 billion.

Analysts on average were looking for a profit of 45 cents per share on revenue of $6.45 billion, according to Thomson Reuters I/B/E/S.

Office supply chains are a good gauge of economic health because demand for their products is closely tied to white-collar employment rates.

Staples shares, which have fallen 21 percent this year, closed at $11.25 on the Nasdaq on Tuesday. (Reporting by Ranjita Ganesan and Chris Peters in Bangalore; Editing by Don Sebastian)

Source: http://news.yahoo.com/office-supply-chain-staples-swings-loss-112646639--sector.html

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UPworld :: In Plain English - How Commercial Real Estate ...

There is something of a mystery surrounding the mechanics of Senior Construction Loans. Here?s our plain-English attempt to provide better clarity.

1. The Senior Construction Loan is not drawn down in a lump sum at Time 0 as is the case with an Acquisition loan for an existing income-producing property. Rather, it is drawn down from the Lender monthly in amounts to match costs incurred over the prior month. The rationale behind the Borrower making piecemeal monthly?draws is to incur interest costs on only those funds that they have had a need to draw down.?The rationale for the Lender is to only disburse funds for which there is existing collateral (e.g., land purchased, construction work put in place to date) upon which a lien can be placed.

The other main distinction between a construction loan and an acquisition loan is that Construction Loan Interest will?accumulate?rather than be paid current each month. This is often referred to as having interest that??accrues? or is??capitalized? (tracked cumulatively in addition to the cumulative funds actually disbursed to the Borrower, and charged against the total loan size; see point 3 below).?The rationale for the Borrower not having to pay interest current is that the asset that would generate the funds to pay the debt service does not yet exist.

2. Some development costs are not?eligible for Senior Loan funding (e.g., Loan fees for a Mezzanine loan). The Senior Lender will only lend against items that have some potential liquidation value to them in the instance of a foreclosure. If a Senior Lender has to foreclose on a development project, they have no claim to the origination costs paid to another Lender, thus there is no collateral value that can be liquidated.

3. The Senior Loan Principal Amount?(the loan size) is comprised of

• Dollar amounts that will be used to fund eligible land, hard and soft costs (?Direct Project Costs?)
• Dollar amounts that will be set aside for Interest that is generated by the Senior Loan but not paid current (?Funded Interest Reserve?)
• Dollar amounts that will be set aside for Senior Loan Fees that are generated but not paid current (?Funded Fees?)

In other words, the Borrower does?not have access to the entire nominal Loan Amount for funding of Direct Project Costs. This is because ALL dollar amounts, whether funded towards Direct Project Costs, or set aside, represent?financial exposure of the lender (i.e., their Loan-To-Cost %, or ?LTC?) to this development project. See the example below.

Illustrative ?Uses of Funds? of a $65MM Senior Construction Loan

The Senior Loan Principal Amount is $65MM, but the amount available to pay towards Direct Project Costs is only $62MM. The higher the interest rate and the fee amounts, the smaller the amount that is available to pay towards Direct Project Costs.

4. Once the Senior Lender?s total financial exposure to the project equals the $65MM Loan Principal Amount, the funding and setting aside of dollar amounts will cease, and the Borrower will likely need to make cash interest payments from that point forward.

5. The entire $65MM Loan Principal Amount is repaid to the Lender through asset sale net proceeds, or through a refinancing with a Permanent Loan.

Source: http://www.upworld.com/blog/real-estate/in-plain-english-how-commercial-real-estate-development-senior-construction-loans-work

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