Alexander: No triple dip slump

9 December 2012 Last updated at 07:36 ET

Chief Secretary to the Treasury Danny Alexander: “It is a longer and harder road… but we are making progress”

Britain is not heading for a triple dip recession, Chief Secretary to the Treasury Danny Alexander has said.

Last week, the Office for Budget Responsibility (OBR) forecast that the economy was set to shrink in the final three months of 2012.

Mr Alexander said he accepted this, but added “steady growth” in 2013 meant the UK would avoid another recession.

He said the road to economic recovery was being “longer and harder” than expected, but progress had been made.

The OBR growth forecasts show that despite the UK economy’s return to growth in the three months from July to September, in the final quarter the economy will shrink again by 0.1%, before growth returns in 2013.

The UK would experience a triple dip recession if it had two quarters or more of negative growth before the economy had fully recovered from the 2008 recession.

It experienced a double dip recession earlier this year, with three quarters of negative growth between the end of 2011 and the middle of 2012.

‘Uncertain world’

Asked on the BBC’s Andrew Marr Show whether he thought the UK would face a triple dip recession, Mr Alexander said: “The OBR forecast that the final quarter of this year would be negative, but that we would see positive growth slowly returning in every quarter of next year.

“That would suggest that we’re not going to have that happening. But it is an uncertain world out there.

“We’re seeing continuing problems in the eurozone, but I’m happy to rest on the OBR’s forecast, which is a bounce-back from the Olympic boost we saw in the third quarter causing a small negative in the final quarter of this year, but then steady growth slowly starting to return next year and the year after that.”

However, Mr Alexander’s Liberal Democrat colleague Business Secretary Vince Cable was more cautious.

He told the Observer there was “certainly a risk” of the UK going back into its third recession since 2008, although it is more likely the economy will “continue bumping along the bottom”.

Mr Alexander said slow growth in the eurozone and the “weight of the broken banking system in the United Kingdom” were weighing down the economy.

This meant the economic recovery was “a longer and harder road” than expected, but he said: “We are making progress and I think we are going to get there”.

Spending review

He said he would continue to protect the NHS budget and schools spending, as he looks to save an additional £10bn before the next election.

It follows a warning from the Institute for Fiscal Studies (IFS) that unprotected government departments could face could cuts of more than 30% following the Autumn Statement.

It said further welfare cuts and tax rises “must be on the cards” to make the government’s numbers add up if the NHS and welfare continue to be protected.

Mr Alexander said additional savings to be made in 2015-16 will be “at the same pace” as departments have had in recent years.

“I think we’re right not to chase our debt target, but instead to continue to do this in a steady way,” he added.

Decisions on spending for after the next election, and whether to continue to protect the NHS budget, would be set out in party manifestos, he said.

The next spending review, which will set out future departmental spending, is expected to be announced in the first half of next year.

BBC News – Business

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Election underscores Ghana’s democratic reputation

ACCRA, Ghana (AP) — Voters in Ghana selected their next president Friday in a ballot expected to mark the sixth transparent election in this West African nation, known as a beacon of democracy in a tumultuous region.

Proud of their democratic heritage, residents of this balmy, seaside capital trudged to the polls more than four hours before the sun was even up, standing inches apart in queues that in some places stretched 1,000-people deep.

By afternoon, some voters were getting agitated, after hitches with the use of a new biometric system caused delays at numerous polling stations.

Each polling station had a single biometric machine, and if it failed to identify the voter’s fingerprint, or if it broke down, there was no backup. At one polling station where the machine had broken down, a local chief said he’d barely moved a few inches: “I’m 58 years old, and I’ve been standing in this queue all day,” Nana Owusu said. “It’s not good.”

Late Friday, when it became clear that large numbers of people had not been able to vote, the election commission announced it would extend voting by a second day. This nation of 25 million is, however, deeply attached to its tradition of democracy, and voters were urging each other to remain calm while they waited their turn to choose from one of eight presidential contenders, including President John Dramani Mahama and his main challenger, Nana Akufo-Addo. The election commission

“Elections remind us how young our democracy is, how fragile it is,” said author Martina Odonkor, 44. “I think elections are a time when we all lose our cockiness about being such a shining light of democracy in Africa, and we start to get a bit nervous that things could go back to how they used to be.”

Ghana was once a troubled nation that suffered five coups and decades of stagnation, before turning a corner in the 1990s. It is now a pacesetter for the continent’s efforts to become democratic. No other country in the region has had so many elections deemed free and fair, a reputation voters hold close to their hearts.

The incumbent Mahama, a former vice president, was catapulted into office in July after the unexpected death of former President John Atta Mills. Before becoming vice president in 2009, the 54-year-old served as a minister and a member of parliament. He’s also written an acclaimed biography, recalling Ghana’s troubled past, called “My First Coup d’Etat.”

Akufo-Addo is a former foreign minister and the son of one of Ghana’s previous presidents. In 2008, Akufo-Addo lost the last presidential election to Mills by less than 1 percent during a runoff vote. Both candidates are trying to make the case that they will use the nation’s oil riches to help the poor.

Besides being one of the few established democracies in the region, Ghana also has the fastest-growing economy. But a deep divide still exists between those benefiting from the country’s oil, cocoa and mineral wealth and those left behind financially.

A group of men who had just voted gathered at a small bar a block away from a polling station in the middle class neighborhood of South Labadi. Danny Odoteye, 36, who runs the bar, said that the country’s economic progress is palpable and that the ruling party, and its candidate, are responsible for ushering in a period of growth.

“I voted for John Mahama,” he said. “Ghana is a prosperous country. Everything is moving smoothly.”

Administrator Victor Nortey, sitting on a plastic chair across from him, disagreed, saying the country’s newfound oil wealth should have resulted in more change.

“I voted for Nana Akufo-Addo,” He said. “Now we have oil. What is Mahama doing with the oil money?” Nortey said. “We can use that money to build schools.”

In an interview on the eve of the vote, Akufo-Addo told The Associated Press that the first thing he will do if elected is begin working on providing free high school education for all. “It’s a matter of great concern to me,” he said, adding that he plans to use the oil wealth to educate the population, industrialize the economy and create better jobs for Ghanaians.

Policy-oriented and intellectual, Akufo-Addo is favored by the young and urbanized voters. He was educated in England and comes from a privileged family. The ruling party has depicted him as elitist.

“The idea that merely because you are born into privilege that automatically means you are against the welfare of the ordinary people, that’s nonsense,” he said.

Ghana had one of the fastest growing economies in the world in 2011. Oil was discovered in 2007 and the country began producing it in December 2010.

Throughout the capital, new condominiums are rising up next to slums and luxury cars creep along narrow alleys lined with open sewers. A mall downtown features a Western-style cinema and is packed on weekends with middle class families. At the same time shantytowns are cropping up, packed with the urban poor.

Polls show that voters are almost evenly split over who can best deliver on the promise of development.

Kojo Mabwa said that he is voting for Akufo-Addo, because he is impressed by his promise of free education. He dismissed critics that say the project is too ambitious. “There is money,” he said. “(The ruling party) has done nothing for us. They are misusing our money.”

Paa Kwesi, a 30-year-old systems analyst, said he doesn’t think Akufo-Addo is making promises he can keep.

“He says he can do free education, but you have to crawl before you can walk. It’s not possible,” he said.

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Associated Press writer Francis Kokutse contributed to this report from Accra, Ghana.

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Red Hat divulgará los resultados del tercer trimestre del año fiscal 2013 a través de un webcast

Red Hat Inc. (NYSE: RHT), proveedor líder mundial de soluciones de código abierto, analizará los resultados del tercer trimestre del año fiscal 2013 el jueves, 20 de diciembre de 2012, a partir de las 5:00 p. m., hora del Este.

Se puede acceder a un webcast en vivo en la página de Relaciones con los Inversores de Red Hat en http://investors.redhat.com y la reproducción se encontrará disponible a partir de aproximadamente dos horas luego de finalizados los eventos en vivo.

Acerca de Red Hat, Inc.

Red Hat es el proveedor líder mundial de soluciones de software de código abierto; utiliza un enfoque basado en la comunidad para tecnologías confiables y de alto rendimiento en la nube, Linux, middleware, almacenamiento y virtualización. Red Hat también ofrece servicios galardonados de consultoría asistencia y capacitación. Como centro de conectividad de una red global de empresas, socios y comunidades de código abierto, Red Hat ayuda a crear tecnologías relevantes e innovadoras que liberan recursos para el crecimiento y preparan a los clientes para el futuro de la tecnología de la información. Obtenga más información en: http://www.redhat.com.

Declaraciones a futuro

Ciertas declaraciones del presente comunicado de prensa pueden constituir “declaraciones a futuro” dentro del significado de la Ley de Reforma de Litigios Sobre Valores Privados (Private Securities Litigation Reform Act) de los EE. UU. de 1995. Las declaraciones a futuro ofrecen expectativas actuales de eventos futuros en base a determinados supuestos e incluyen cualquier declaración que no se relaciona directamente con cualquier hecho actual o histórico. Los resultados reales pueden diferir sustancialmente de los indicados por dichas declaraciones a futuro, como resultado de varios factores importantes, incluso: riesgos relacionados con retrasos o reducciones en el gasto en tecnología de la información; los efectos de la consolidación del sector; la capacidad de la Compañía de competir en forma eficaz; la incertidumbre y los resultados adversos en litigios y acuerdos relacionados; la integración de adquisiciones y la capacidad de comercializar en forma exitosa las tecnologías y productos adquiridos; la incapacidad de proteger adecuadamente la propiedad intelectual de la Compañía y el posible incumplimiento o violación de reclamaciones de licencia o relacionadas con la propiedad intelectual de terceros; la capacidad de entregar y estimular la demanda de nuevos productos e innovaciones tecnológicas en forma oportuna; los riesgos relacionados con la vulnerabilidad de la seguridad de datos y de información; la gestión ineficaz de, y control sobre las operaciones internacionales y el crecimiento de la Compañía; las fluctuaciones en las tasas de cambio; y cambios en el personal clave y una dependencia del mismo, así como otros factores presentes en nuestro más reciente Informe Trimestral en el formulario 10-Q (copias del cual se encuentran disponibles en el sitio Web de la Comisión de Bolsa y Valores en http://www.sec.gov), incluidos los que se encuentran en el título “Factores de riesgo” y “Análisis y Discusiones de la Gerencia sobre Condiciones Financieras y Resultados de Operaciones”. Además de estos factores, el desempeño futuro real, y los resultados pueden diferir sustancialmente debido a más factores generales que incluyen (entre otros) las condiciones generales del mercado y de la industria y las tasas de crecimiento, las condiciones económicas y políticas, los cambios en las políticas públicas y gubernamentales y el impacto de los desastres naturales como terremotos e inundaciones. Las declaraciones a futuro incluidas en este comunicado de prensa representan las opiniones de la Compañía a la fecha de este comunicado de prensa y estas ideas podrían cambiar. Sin embargo, si bien la Compañía puede elegir actualizar estas declaraciones a futuro en algún momento, la Compañía en forma específica renuncia a cualquier obligación de hacerlo. No debe confiar en estas declaraciones a futuro como si representaran las opiniones de la empresa a partir de cualquier fecha posterior de la fecha de este comunicado de prensa.

Red Hat y JBoss son marcas comerciales de Red Hat, Inc. registradas en los EE. UU. y en otros países. Linux® es la marca comercial registrada de Linus Torvalds en los EE. UU. y en otros países.

El texto original en el idioma fuente de este comunicado es la versión oficial autorizada. Las traducciones solo se suministran como adaptación y deben cotejarse con el texto en el idioma fuente, que es la única versión del texto que tendrá un efecto legal.

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Singer James Taylor suggested for lead role in “Lincoln”

WASHINGTON (Reuters) – Singer-songwriter James Taylor says he doesn’t see the resemblance, but he was pitched – without success – to play the role of U.S. President Abraham Lincoln in the new film.

Taylor told a packed audience at the National Press Club on Friday that Oscar-winning musician John Williams – who composed the soundtrack for “Lincoln” – had pushed for Taylor to play the lead role in Steven Spielberg‘s new film.

The role of Lincoln in the historical drama ultimately went to Oscar winner Daniel Day-Lewis.

“John wanted me to play that part. He actually stood up for me there and suggested me at one point,” said Taylor, 64, adding, “It was never going to happen.”

The “Fire and Rain” singer, who has no professional acting experience, said he was flattered that some people thought Day-Lewis’ portrayal of Lincoln reminded them of him. But he did not see much resemblance aside from the fact that they were “tall and somewhat skinny.”

“He doesn’t look like me to me, but I live in here, so I’m apt to notice the difference,” Taylor said.

British-born actor Day-Lewis, who already has two Oscars, is seen as a front runner to take home another golden statuette at the Academy Awards in February.

Taylor said he had no ambitions to go into acting after what he called “an interesting ride” of a performance career in which he essentially played himself.

“This is fine. I’ve spent my life being myself for a living,” said Taylor, a five-time Grammy Award winner.

“There are performers who develop and assume a character that they then play for the public. But I don’t know anyone who is as much themselves publicly for a living as I am,” he said.

Taylor and his third wife, Kim Taylor, campaigned actively for then-candidate Barack Obama in 2008 and again in 2012. The singer performed in Washington on Thursday evening at the 90th annual lighting of the National Christmas Tree, presided over this year by President Obama and his family.

(Reporting by Andrea Shalal-Esa; Editing by Jill Serjeant and Lisa Shumaker)

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Relationship Ranch: Couples’ Therapy with Horses

It’s fascinating to watch a man trying to win back the love of his life by talking to a horse.

Horse therapy has been used for decades to help treat people with physical disabilities or learning disorders, but now they are also being used in an unconventional form of couples counseling.

Watch the full story on “Nightline” tonight at 11:35 p.m. ET

Nancy Hamilton and Lottie Grimes are marriage therapists who run Relationship Ranch in Louisville, Colo. They are convinced that horses can help feuding couples make peace.

“You wouldn’t think they would have any role in marriage therapy,” Hamilton said. “But because horses are so exquisitely sensitive, they can help us determine what a couple is actually, really feeling.”

For three weekends, “Nightline” followed one couple’s last-ditch effort to save their crumbling relationship and attended their equine therapy sessions.

Justin and Lyz, both 30 and never married, have been together for nine years and have two sons. But lately, they said, the bickering and fighting at home got so bad that Justin reluctantly agreed to move out.

“We have piled problem on top of problem on top of problem for years,” Lyz said. “Who knows what’s at the bottom of that?”

Although he was skeptical about the healing powers of horses, he said he was willing to try just about anything to make his family whole again.

On their first day of therapy, the couple was introduced to the ranch’s herd of horses. Justin was magnetically drawn to the newest and most aggressive horse, Danny, who came to the ranch after surviving a grizzly bear attack. Danny wasn’t fitting in with the other horses, which hit home for Justin, who felt exiled from his own herd. Hamilton said horses can sense and read people’s emotions.

“They’re almost like a Rorschach projective test with a mane and a tail, where people can project onto them their feelings, their thoughts and their fears,” she said.

Hamilton said she believes those fears can stem from what she called unresolved childhood wounds, which plague adult relationships. That was the case with Justin. When he was 9 years old, his sister was brutally murdered by an ex-boyfriend and young Justin saw the murder scene.

“He chased her down and cut her throat,” he said. “We went back several days later and they hadn’t cleaned anything up.”

After working with Justin and Lyz, Hamilton said Lyz saw Justin as controlling, but those tendencies are rooted in his childhood trauma.

“Trauma survivors are very concerned with being able to control their present environment because they were not able to control their environment when they were traumatized,” she said.

Hamilton had Justin go through a blind trust exercise with Danny to force Justin to surrender control to his partner. The goal was to expose Justin’s old wounds. Hamilton instructed him to talk to Danny about what had happened when his sister was killed. Danny, the trauma-surviving horse, set the stage for a major breakthrough.

“It seemed so stupid at first, and then it was actually helpful,” Justin said. “Therapeutic.”

Watching Justin talk to the horse, Lyz said she never saw him so vulnerable. After the session, the two apologized for hurting each other.

Two weeks later, Justin went through a final exercise to fully cope with his past. In a pen, surrounded by the herd, Justin became 9 years old again. He was instructed to confront his absent father through a role-playing exercise, while Lyz acted as a stand-in for his dad.

“You abandoned all of us,” he said aloud. “I had to be the man of the family and I think that you’re a coward.”

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Starbucks tax protest ‘under way’

8 December 2012 Last updated at 08:07 ET

Danni Wright, UK Uncut: “Starbucks should be paying the appropriate amount”

Tax avoidance campaigners say they are protesting at Starbucks cafes across the UK, despite the firm’s pledge to pay millions of pounds of extra corporation tax for the next two years.

The organisers, UK Uncut, say the coffee company’s promise to pay £20m is “a desperate attempt to deflect public pressure” from itself.

Starbucks said it had offered to meet protesters to “discuss their concerns”.

Starbucks’ “flagship” store in central London was said to be virtually empty.

UK Uncut said it was also highlighting the impact of government cuts on women, and planned to transform at least 40 Starbucks stores into “refuges, crèches and homeless shelters”.

BBC political correspondent Ben Geoghegan said the Starbucks “flagship” store in Conduit Street, central London, had been “virtually empty” following protests.

He said about 60 or so protesters were now thought to be heading to another Starbucks branch nearby.

UK Uncut said it had already heard from demonstrators gathering at ten outlets in London, Birmingham, Oxford and Nottingham.

Staff at the coffee chains were not being targeted, they added.

‘Tip of the iceberg’

UK Uncut spokeswoman Anna Walker said: “What Starbucks has done is offer a £20m PR stunt that’s coming straight out of their marketing budget.

“They haven’t offered or committed in any way to change the way they deal with their tax affairs in the UK or globally.”

“Starbucks is the tip of the iceberg when it comes to multinational companies tax avoidance – what we want to do is see the government clamping down on tax avoidance in a very real way.”

She added the government’s failure to recoup tax from such companies was leading to harmful austerity.

In a statement, a Starbucks spokesperson said: “Our highest priority is and remains the safety of our customers and employees. We trust that UK Uncut will respect it.

“We offered to meet with UK Uncut to discuss their concerns and make the protest a safe event for all involved. This invitation remains open.”

It added the company had “listened to our customers” and was “making a number of changes in our business to ensure we pay corporation tax in the UK” – something it urged UK Uncut and other concerned parties to “carefully consider”.

‘Unprecedented’

On Thursday, Starbucks revealed it would pay “a significant amount of tax during 2013 and 2014 regardless of whether the company is profitable during these years”.

The company has faced increasing public anger over its tax affairs, with some calling for a boycott of its outlets.

The company paid just £8.6m in corporation tax in its 14 years of trading in the UK, and nothing in the last three years – despite UK sales of nearly £400m in 2011.

Starbucks now says it expects to pay around £10m in corporation tax for each of the next two years, a move described by tax experts as unprecedented.

Speaking to BBC Radio 4′s Today programme, Exchequer Secretary to the Treasury David Gauke said HM Revenue and Customs must deal with all tax payers even-handedly.

He said: “If a taxpayer wants to pay more than is required under the law then that is really a matter for them. It’s a voluntary donation really rather than tax.”

BBC News – Business

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Ghana election, test of democratic reputation

ACCRA, Ghana (AP) — Voters in Ghana were selecting their next president and a 275-seat parliament in elections Friday, solidifying the West African nation‘s reputation as a beacon of democracy in the region.

Some 14 million people are expected to turn out. President John Dramani Mahama, in office for only five months, is running against seven contenders. A former vice president, Mahama became president in July after the unexpected death of former President John Atta Mills. The 54-year-old is also a former minister and parliamentarian and has written an acclaimed biography, “My First Coup d’Etat.”

His main challenger is Nana Akufo-Addo, a former foreign minister and the son of one of Ghana’s previous presidents. The contender lost the 2008 election to Mills by less than 1 percent. Both men are trying to make the case that they will use the nation’s newfound oil wealth to help the poor.

Ghana, a nation of 25 million, is one of the few established democracies in the region as well as the fastest-growing economy. But a deep divide still exists between those benefiting from the country’s oil, cocoa and mineral wealth and those left behind financially.

In an interview on the eve of the vote, Akufo-Addo told The Associated Press that the first thing he will do if elected is begin working on providing free high school education for all. “It’s a matter of great concern to me,” he said, adding that he plans to use the nation’s oil wealth to educate the population, industrialize the economy and create better jobs for Ghanaians.

Policy-oriented and intellectual, Akufo-Addo is favored by the young and urbanized voters. He was educated in England and comes from a privileged family. The ruling party has depicted him as elitist, which Akufo-Addo calls “a little PR construct.”

“The idea that merely because you are born into privilege that automatically means you are against the welfare of the ordinary people, that’s nonsense,” he said.

Ghana had one of the fastest growing economies in the world in 2011. Allegations of corruption against the ruling party are rife.

Akufo-Addo said that if elected, he would not be able to weed out corruption in the government overnight.

“It’s a long fight,” he said. “But we build the institutions that can fight it.”

He said that in 30 years in politics he has never been accused of corruption.

Many analysts believe Mahama and Akufo-Addo are neck-and-neck.

Results are expected to be announced by Sunday, but could be delayed. If no one wins an absolute majority, a second round of voting will be held on December 28.

All candidates have signed a peace pact and have promised to accept the results of Friday’s poll.

Ghana, a nation of 25 million, has previously held five transparent elections in a row. Nearby Mali, which was also considered a model democracy, was plunged into chaos this March following a military coup.

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Associated Press writer Francis Kokutse contributed to this report from Accra, Ghana.

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H&R Block, Zynga, Akamai are big market movers

NEW YORK (AP) — Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

H&R Block Inc., up 89 cents at $ 18.26

The tax preparer’s quarterly loss narrows, helped by cost cuts. It thinks earnings will grow in the upcoming U.S. tax season.

SAIC Inc., down 41 cents at $ 11.26

The defense contractor’s quarterly earnings fall short of Wall Street expectations, and it’s eliminating 700 jobs to cut costs.

Men’s Wearhouse Inc., down 84 cents at $ 30.51

The men’s clothing store chain cuts its outlook, saying traffic dropped in November and it was more cautious about the rest of the year.

Safeway Inc., up 42 cents at $ 17.88

The grocery store chain moves up payment of its quarterly dividend to December from January to avoid potentially higher taxes.

Nasdaq

Zynga Inc., up 17 cents at $ 2.49

The troubled online games maker’s filing with a Nevada regulator could pave the way for it to enter the lucrative U.S. gambling market.

Vera Bradley Inc., down $ 3.07 at $ 23.14

The handbag maker’s forecast for the current quarter comes in short of Wall Street analysts’ average estimate.

Akamai Technologies Inc., up $ 3.56 at $ 39.06

The company, whose products help deliver online content, strikes a deal to provide services to AT&T customers.

Epoch Investment Partners Inc., up $ 5.78 at $ 27.69

Canada’s TD Bank plans to buy the U.S. asset manager for $ 668 million, a 28 percent premium from Wednesday’s closing price.

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“Star Trek Into Darkness” trailer sports a very vengeful Benedict Cumberbatch

LOS ANGELES (TheWrap.com) – Benedict Cumberbatch carries a galactic grudge in the new trailer for “Star Trek Into Darkness.”

The first look at what’s next for Capt. Kirk and crew is an explosion-rich one, but the best special effect on display in the J.J. Abrams-directed sequel is Cumberbatch‘s Shakespearean-infused threats of global devastation.

“You think your world is safe,” he says in a voice dripping with Coriolanus-like fury. “It is an illusion, a comforting lie told to protect you. Enjoy these final moments of peace. For I have returned to have my vengeance.”

Cue scenes of mayhem and pyrotechnics.

It’s not clear who Cumberbatch – best known his for take on the legendary Baker Street sleuth on the British television show “Sherlock” – will play (Khan?), but he evidently isn’t a fan of Starfleet.

Most of the cast of 2009′s well-received “Star Trek” reboot are returning, including Chris Pine as Kirk and Zachary Quinto as Mr. Spock. “Star Trek Into Darkness” hits theaters on May 17, 2013.

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Brazil government denies media reports of 2010 mad cow case

SAO PAULO (Reuters) – Brazil‘s Agriculture Ministry said on Friday that the country had registered no cases of mad cow disease, denying reports on some local media websites that said the disease had cropped up in the southern state of Parana two years ago.

In a statement on its website, the ministry said a cow that died in Parana in 2010 had tested positive for prions, the proteins believed to cause bovine spongiform encephalopathy, as the disease is formally called.

But the statement went on to say that the animal did not die of BSE and did not have symptoms of the disease.

“The World Animal Health Organization (OIE) in an official communication maintains the classification of Brazil as a country with insignificant risk of BSE,” the statement said.

In 2010, the ministry had also denied reports of a case of mad cow disease after news agencies picked up on the story. The government said it would provide further details on the case later on Friday at a news conference.

A story posted on the website of financial newspaper Valor Economico early on Friday said the cow in Parana had probably died of mad cow disease.

The outbreak of mad cow disease in Europe, North America and Japan a decade ago prompted beef importers to embargo shipments and caused temporary chaos in the industry. Brazil is the world’s largest beef exporter.

(Reporting by Reese Ewing and Gustavo Bonato; Editing by Lisa Von Ahn)

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