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By Mirna Sleiman
DUBAI (Reuters) - Standard Chartered is looking to acquire a bank in Egypt to ride an expected boom in one of the Middle East's largest economies, the firm's regional head said. The bank also plans to expand operations in Iraq this year.
Many European banks are under pressure to cut costs and bolster their capital in the wake of the global financial crisis, but Christos Papadopoulos said such pressures would not deter Standard Chartered from growing in the Middle East.
"The Middle East is not only a regional hub for us but a global hub given its position as a trade corridor between Asia and Africa," Papadopoulos, chief executive for the Middle East, North Africa and Pakistan, told Reuters in an interview last week.
He said of Egypt, "The foreign reserves are at critical levels. Currency is depreciating and I won't be surprised if it depreciates further."
But he added that the bank believed Egypt was in a transition towards a more stable economic and political system, making investment attractive from a long-term perspective.
"The only entrance point to Egypt is through acquisitions. We expect that there could be other banks coming to the market for sale, and we will be ready to grab the opportunity," Papadopoulos said, declining to name potential acquisition targets.
French banks Societe Generale and larger rival BNP Paribas agreed last year to sell their banking arms in Egypt to Qatar National Bank and Dubai's Emirates NBD.
France's Credit Agricole and Italy's Intesa Sanpaolo may also eventually sell Egyptian operations, banking sources in the region have said. A Credit Agricole spokeswoman in Paris declined to comment, while Intesa Sanpaolo chief executive Enrico Cucchiani said in January: "Egypt is a country to be monitored. However at the moment Bank of Alexandria is having positive results. We look at it carefully."
LENDING BOOM
In the Gulf region, Standard Chartered will focus on lending opportunities in Saudi Arabia and Qatar because of the huge infrastructure building plans of oil-rich governments there, Papadopoulos said.
The bank, which currently has a representative office in Iraq, plans to open branches this year in the cities of Baghdad, Basra and Erbil as demand for project financing booms.
Papadopoulos said, "The amount of economic activity in Iraq now is substantial. We always wanted to be onshore in Iraq. It was never a question of if but a question of when."
Companies including oil giants BP, Royal Dutch Shell and Italy's Eni have announced plans to invest in multi-billion dollar projects in the country.
"Iraq needs everything from pipelines, power generation, infrastructure and housing. All this needs financing."
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Fred W. McDarrah / Getty Images
One month after the demonstrations at the Stonewall Inn, activist Marty Robinson speaks to a crowd before the first mass march in support of gay rights in New York on July 27, 1969.
By Miranda Leitsinger, Staff Writer, NBC News
From its beginning with riots against police oppression of gays in New York City more than 40 years ago, the fight for gay rights continues today on new fronts: over marriage, therapies to ?cure? homosexuals and one of the country's most popular institutions, the Boy Scouts of America.
Next week, the U.S. Supreme Court will hear arguments in two landmark, same-sex-marriage cases.
?The swift road to marriage equality has produced millions of conversations around the dinner table and water cooler on the freedom of every American to marry the person they love. It is these conversations that have changed minds. But while we've reached the tipping point on marriage, there's still a ways to go for full LGBT equality, like ending bullying in schools and workplace discrimination,? Kevin Nix, a spokesman for the LGBT advocacy group, Human Rights Campaign, said in a statement.
Here is a look at some of the key moments in American LGBT history:
June 28, 1969: Start of the gay rights movement
The Stonewall Riots begin after police raid a popular unlicensed gay bar, the Stonewall Inn, in New York City's Greenwich?Village. The riots, which lasted for days, were triggered by police harassment of gays, according to media reports. This is considered by many to herald the start of the gay rights movement in the U.S.
June 27-28, 1970: First gay pride parades
On the anniversary of the Stonewall Riots, the nation's first gay pride parades are held in four cities ? New York, Chicago, San Francisco and Los Angeles. Fred Sergeant, who attended the NYC parade, reflected in the Village Voice: ?Back then, it took a new sense of audacity and courage to take that giant step into the streets of Midtown Manhattan. ... I stayed at the head of the march the entire way, and at one point, I climbed onto the base of a light pole and looked back. I was astonished; we stretched out as far as I could see, thousands of us.? Pride events now are held worldwide every year.
AP
San Francisco Supervisor Harvey Milk, left, and Mayor George Moscone in April 1977.
Nov. 27, 1978: Assassination of Harvey Milk
Milk became the first openly gay man elected to office in a major U.S. city when he won a seat on San Francisco's Board of Supervisors in early 1978. An outspoken advocate for gay rights, he urged gays to come out and fight for their rights. Milk and Mayor George Moscone were assassinated by former supervisor Dan White. But Milk's legacy has lived on and California has designated May 22 as a day of ?special significance? in his honor.
1981: The AIDS crisis
Gay advocacy groups form to deal with the crisis gripping the community amid a slow government response to AIDS and the linking of the disease with gay men. Over the years, the AIDS Quilt will form, and some well-known figures will succumb to AIDS, including actor Rock Hudson, or be diagnosed with it, like basketball star Magic Johnson.
Wilfredo Lee / AP
President Bill Clinton answers questions during a news conference in Taylor, Mich., in 1996.
1993: 'Don't ask, don't tell'
President Bill Clinton enacts "don't ask, don't tell," a policy preventing gays from openly serving in the military. Under it, an estimated 13,000 people were expelled from the U.S. Armed Forces. President Barack Obama repealed the policy in 2011.?
1996: Congress bars federal recognition of same-sex marriage (DOMA)
Congress passes the Defense of Marriage Act. Section 3 of the statute bars recognition of same-sex marriage, affecting more than 1,100 provisions of federal laws. It denies gay couples the right to file joint taxes and the protections of the Family Medical and Leave Act, and it blocks surviving spouses from accessing veterans? benefits, among other things. The Supreme Court will hear a challenge to DOMA on March 27, 2013. Bill Clinton, who signed the legislation, recently came out against the law and asked the Supreme Court to repeal it.
April 30, 1997: 'Yep, I'm gay' -- Degeneres comes out?
Ellen Degeneres comes out on her television show, "Ellen," in an episode that drew in 42 million viewers. Her ratings plunged, which she said was due to a lack of promotion, and the show was pulled the next season, according to The Hollywood Reporter. But she bounced back and she now hosts a popular afternoon talk show, "The Ellen Degeneres Show." Her ?coming out? heralded an era of other gay celebrities following suit, and LGBT leading ladies and men have in the last year said they felt it was unnecessary to reveal their sexual preference.
Evan Agostini / Getty Images
Candlelight vigil for slain gay Wyoming student Matthew Shepard.
Oct. 12, 1998: Matthew Shepard's beating death
Aaron McKinney and Russell Henderson rob and beat Shepherd, a 21-year-old college student, and tie him to a split-rail fence outside of Laramie, Wyo. He dies on Oct. 12, less than a week after the attack. The murder, for which the pair are each serving two consecutive life sentences, inspired "The Laramie Project," a play and later film about Laramie in the year after the murder, and federal hate crimes legislation approved in 2009, that bears Shepard's name.
2000: Boy Scouts can ban gays
The Supreme Court rules that the Boy Scouts of America can bar gay Scouts and leaders from membership, saying that as a private youth organization it has the right to do so. Under increasing pressure in recent years to change the policy, the BSA has said it will hold a vote on the controversial membership guidelines in May.
Toby Talbot / AP
Lawyers Susan Murray, left, and Beth Robinson brought a lawsuit before the Vermont Supreme Court that led to the court's decision on same-sex marriage in 2000.
2000: First state to allow same-sex civil unions
Vermont becomes the first state to allow same-sex couples to join their lives?via civil unions. The state approved same-sex marriage in 2009.
2003: Anti-sodomy law struck down
The Supreme Court strikes down a Texas anti-sodomy law, reversing an earlier decision made in another case 17 years earlier that Justice Anthony Kennedy said ?demeans the lives of homosexual persons.? Gays are ''entitled to respect for their private lives," Kennedy said for the court,?according to The New York Times. ''The state cannot demean their existence or control their destiny by making their private sexual conduct a crime.''?
2004: State same-sex marriage bans
A dozen states pass constitutional amendments banning same-sex marriage. The amendments become a popular method to attempt to block legislative acts and judicial decisions on the issue.
Rich Pedroncelli / AP
Jeff Barr, left, places a wedding ring on Wes Wilkinson at the Yolo County clerk's office in Woodland, Calif. on June 16, 2008. They were among the first gay couples to wed in Yolo County after the California Supreme Court overturned a ban on same-sex marriages.
2008 California's Prop. 8 nixes gay marriage
California?s Supreme Court rules that gays and lesbians should be allowed to wed. For a short time that year, some 18,000 same-sex couples tie the knot in the Golden State. But in November, voters approved a constitutional amendment banning same-sex marriage (Proposition 8) after a hard-fought, multimillion-dollar campaign ? one of the most expensive on this issue. The Supreme Court will hear a challenge to Prop. 8 on March 26, 2013.
Pete Souza / White House via EPA
In an interview with Robin Roberts of ABC's "Good Morning America," on May 9, 2012, President Barack Obama spoke in support of gay marriage for the first time as president.
May 9, 2012: First sitting president to support same-sex marriage
Barack Obama becomes the first sitting U.S. president to back marriage for gay and lesbian couples. It marked a reversal from his 2008 campaign, when he said he opposed same-sex marriage but favored civil unions as an alternative. His announcement came one day after voters in North Carolina passed a constitutional amendment banning same-sex marriage as well as civil unions for gay and lesbian couples.
Nov. 4, 2012: In a first, gay marriage wins at the ballot box
Voters in Maine approve same-sex marriage in the first vote brought by supporters, while voters in Maryland and Washington uphold state legislation allowing gays and lesbians to wed. And in Minnesota, voters reject ? for the second time nationwide ? a constitutional amendment to ban gay marriage.
Related:
Same-sex marriage's big day in court: What's at stake?
Once 'inconceivable,' Republican leaders sign pro-gay marriage brief
Even before Supreme Court rules, gay marriage battles rage in the states
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By Nate Raymond
NEW YORK (Reuters) - Raj Rajaratnam's younger brother was indicted on charges of conspiring in the insider-trading scheme for which the founder of the Galleon Group hedge fund was convicted nearly two years ago, U.S. prosecutors announced on Thursday.
Prosecutors said Rengan Rajaratnam, 42, conspired with his older brother to trade on non-public information concerning Clearwire Corp and Advanced Micro Devices Inc in 2008.
Rengan Rajaratnam was a portfolio manager at Galleon, and the trades for which he was charged resulted in nearly $1.2 million of illegal profit, according to U.S. Attorney Preet Bharara in Manhattan, who announced the charges.
Rengan Rajaratnam was charged with six counts of securities fraud and one count of conspiracy, and faces up to 20 years in prison on each of the fraud counts. He has not been arrested. He is not in the United States and is believed to be in Brazil, a person familiar with the matter said.
David Tobin, a lawyer for Rengan Rajaratnam, did not immediately respond to a request for comment.
The charges arise from a broad U.S. government crackdown on insider trading. Since October 2009, seventy-seven people have been charged by Bharara's office in that probe, and 71 have been convicted. The FBI and U.S. Securities and Exchange Commission are still investigating.
Raj Rajaratnam, 55, received an 11-year prison sentence in October 2011 after a jury convicted him the previous May.
He is appealing his conviction, as well as the government's use of wiretaps to obtain it. Wiretap evidence was also used in the case against Rengan Rajaratnam.
"Rengan Rajaratnam and his brother shared more than DNA," Bharara said in a statement. "They also shared a penchant for insider trading."
The SEC filed separate civil charges against Rengan Rajaratnam, whose full first name is Rajarengan.
The SEC lawsuit alleges a broader scheme that netted $3 million in illicit gains for Rengan Rajaratnam and hedge funds he managed following trades on stocks including Polycom Inc and Hilton Hotels.
The Polycom trade took place in January 2006 when Rengan Rajaratnam was a portfolio manager at Sedna Capital Management, which he founded in 2004.
Before founding the firm, he worked briefly at Steven Cohen's SAC Capital Advisors LP as an analyst, the SEC said.
'GONNA RIP'
Some of the allegations in the criminal case relate to activity that prosecutors said took place in March 2008. That made it an imperative to bring securities fraud charges on those allegations now, because of a five-year statute of limitations.
Thursday's charges focus on two particular instances of Rajaratnam obtaining inside information.
The first came in March 2008 after Rajiv Goel, then an executive at Intel Corp, told Raj Rajaratnam about Intel's plans to make a $1 billion investment in Clearwire.
After a news report describing some details of that transaction surfaced, the younger Rajaratnam allegedly said on a phone call to his brother that the "Clearwire stuff ... just hit."
"So, I don't know how much you got in today, but I think (Clearwire's share price) is gonna rip tomorrow," Rengan Rajaratnam said, referring to Raj Rajaratnam's Clearwire purchases that day and the possible direction of its stock price the next day.
Prosecutors said Rengan Rajaratnam earned $101,070 from Clearwire trades in his personal brokerage account, while two Galleon funds he oversaw earned a combined $1.08 million.
Goel cooperated with prosecutors in the probe. He pleaded guilty to conspiracy to commit securities fraud in 2010 and was sentenced in September to two years probation.
SPILLING THE BEANS
The second instance concerned information received from former McKinsey & Co director Anil Kumar, who was sentenced to two years probation last July following an earlier guilty plea to securities fraud charges.
Prosecutors said that in August 2008 Kumar told Raj Rajaratnam about a deal between McKinsey client AMD and two investment companies owned by the Abu Dhabi government, and that three hours later Raj Rajaratnam advised his brother about it.
They said that after Raj Rajaratnam bought 3 million AMD shares for a hedge fund he managed and 250,000 shares for a fund his brother managed, Rengan Rajaratnam told his brother by phone that another McKinsey partner "spilled his beans" and "volunteered the information about the investments" in AMD.
The other McKinsey partner is David Palecek, according to the SEC complaint. He died in 2010.
Catherine Redlich, a lawyer who represented Palecek in the investigation, in an email said "there is no proof David ever agreed to provide inside information to the Rajaratnams and no proof that he received money or other benefits from them for doing so."
A representative for McKinsey did not immediately respond to a request for comment.
Former McKinsey chief Rajat Gupta is separately appealing his conviction and two-year prison term for feeding information to Raj Rajaratnam that he had learned from board meetings at Goldman Sachs Group Inc, where he had been a director.
The cases are U.S. v. Rajaratnam, U.S. District Court, Southern District of New York, No. 13-cr-00211; and SEC v. Rajaratnam in the same court, No. 13-01894.
(This story is corrected in 22nd paragraph, corrects reference to what Abu Dhabi entities the indictment said entered a deal with Advanced Micro Devices Inc. An earlier version said the deal was with Abu Dhabi Investment Authority, which was incorrect.)
(Reporting by Nate Raymond in New York; Editing by Gary Hill, Richard Chang, David Gregorio and Steve Orlofsky)
Source: http://news.yahoo.com/raj-rajaratnam-brother-charged-insider-trading-135800931--sector.html
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By Nick Mulvenney
SYDNEY, March 22 (Reuters) - Socceroo young guns James Holland and Tommy Oar are hoping to put to good use the lessons they have learned the hard way in European football when Australia meet Oman in a crunch World Cup qualifier next week.
Playing thousands of kilometres from home has been the rule for top Australian footballers since former Middlesbrough and Liverpool midfielder Craig Johnston blazed the trail to England in the 1970s.
Both Holland and Oar experienced tough times in Europe after leaving Australia as teenagers but stuck it out and are now members of a band of twenty-somethings on whom the future success of their country's football rests.
Holland spent three confidence-sapping years at Dutch Eredivisie club AZ Alkmaar before finding his feet at Austria Vienna, where his performances this season have attracted interest from Bundesliga clubs.
The 23-year-old defensive midfielder, who started Australia's last match against Romania, has not quickly forgotten the years of frustration in the Netherlands.
"You are in a foreign country, you don't have that safety net or that family around you," he recalled in Sydney on Friday.
"You don't have the friends, you are adjusting to the culture, the language and the football, it's not an easy thing.
"When I left here I was, maybe not a somebody, but I was playing and I was involved, then all of a sudden I was a nobody and that was also something that was hard for me to deal with.
"Once you lose your confidence, all those things come together.
"(But) I never considered coming home ... that's my dream and I was always going to tough it out. All I ever wanted to do was play in Europe and I was going to give it everything."
Skilful left winger Oar has finally secured a regular first team place in his third season at Dutch club Utrecht, where he plays with fellow Socceroos Michael Zullo and Adam Sarota.
"It doesn't just happen overnight, it takes a lot of adjusting to the standard," the 21-year-old said of the transition.
"It's much less physical and a lot more technical so I think it's great to develop your technique and your skills.
"The Dutch style is that they value possession, it's not as direct as the Australian or the English football.
"In order to adapt to that style you have to improve your touch, your positioning, your tactical awareness. They are subtle things but they do help."
Oar played a major role in Australia's 2-1 win in their last World Cup qualifier against Iraq in Doha last October, coming off the bench to provide the cross for Archie Thompson's 83rd-minute winner.
Australia desperately need a win against Oman at Sydney's Olympic Stadium next Tuesday in their bid to secure a qualifying spot for the 2014 World Cup after a stuttering start to their campaign.
Holland, whose self-imposed exile means it is more than four years since he played on home soil, said he thought the influence of the younger players was starting to make itself felt in the national team.
"I think there's been a little bit of talk about the lack of youth coming through, but we have a lot of young players who are doing well in competitions in Europe," he said.
"We are gelling a lot, you've got the young boys coming through and the older boys and it looks good going forward, one hundred percent." (Editing by Ian Ransom)
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