Monday, 10 March 2014

Michigan bill allows local stock exchanges


Michigan cities are getting behind legislation to create local stock exchanges allowing residents to invest in smaller businesses.


The bill sponsored by Republican Rep. Nancy Jenkins of Clayton is designed to complement a "crowdfunding" law Gov. Rick Snyder signed in January. Crowdfunding websites let people raise money from donors for projects.


The Michigan Municipal League says legislators have a chance to help make communities more prosperous and send a message that Michigan is pro-business to entrepreneurs.


The legislation is designed to help smaller companies not big enough to qualify for larger exchanges like the New York Stock Exchange.


Jenkins says her bill lets people "invest in Main Street rather than Wall Street" and has the potential to boost local pride.


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Online:


House Bill 5273: http://1.usa.gov/NI796m



Investigators chasing 'every angle' on missing jet


Dozens of ships and aircraft have failed to find any piece of the missing Boeing 777 jet that vanished more than two days ago above waters south of Vietnam as investigators pursued "every angle" to explain its disappearance, including hijacking, Malaysia's civil aviation chief said Monday.


Malaysian maritime officials found some oil slicks in the South China Sea and sent a sample to a lab to see if it came from the plane, the Department of Civil Aviation chief, Azharuddin Abdul Rahman, told a news conference.


Hundreds of distraught relatives were gathered in a hotel in Beijing, waiting to be flown to Malaysia. Of the 227 passengers, two-thirds were Chinese. There were also 38 passengers and 12 crew members from Malaysia, and others from elsewhere in Asia, Europe and North America, including three Americans.


"We accept God's will. Whether he is found alive or dead, we surrender to Allah," said Selamat Omar, a Malaysian whose 29-year-old son Mohamad Khairul Amri Selamat was heading to Beijing for a business trip. He said he was expecting a call from his son after the flight's scheduled arrival time at 6:30 a.m. Saturday. Instead he got a call from the airline to say the plane was missing.


Vietnamese ships working throughout the night could not find a rectangular object spotted Sunday afternoon that was thought to be one of the doors of a Malaysia Airlines passenger jet.


"We have not found anything that appears to be objects from the aircraft," Azharuddin said, adding that the search operation has involved 34 aircraft and 40 ships covering a 50-nautical mile radius from the point the plane vanished from radar screens early Saturday about one hour into a flight from Kuala Lumpur to Beijing.


He said officials from the U.S. Federal Aviation Administration and the U.S. National Safety Transportation Board have arrived to help in the investigation.


As hope faded for relatives of the 239 people who were aboard Flight MH370, attention focused on how two passengers managed to board the ill-fated aircraft using stolen passports. Interpol confirmed it knew about the stolen passports but said no authorities checked its vast databases on stolen documents before the jet departed


Warning that "only a handful of countries" routinely make such checks, Interpol secretary general Ronald Noble chided authorities for "waiting for a tragedy to put prudent security measures in place at borders and boarding gates."


Still, there was no indication that the two men had anything to do with the tragedy.


Possible causes of the apparent crash include an explosion, catastrophic engine failure, extreme turbulence, or pilot error or even suicide.


Azharuddin acknowledged many theories about the plane's disappearance, including hijacking.


"We are not discounting this. We are looking at every angle but again, we have to find concrete evidence," he said.


The baggage of five passengers who had checked in to the flight but did not board the plane were removed before it departed, he said. Airport security was strict according to international standards, surveillance has been done and the airport has been audited, he said.


On Saturday, the foreign ministries in Italy and Austria said the names of two citizens listed on the flight's manifest matched the names on two passports reported stolen in Thailand.


"I can confirm that we have the visuals of these two people on CCTV," Malaysian Transport Minister Hishammuddin Hussein said at a news conference late Sunday, adding that the footage was being examined. "We have intelligence agencies, both local and international, on board."


The thefts of the two passports — one belonging to Austrian Christian Kozel and the other to Luigi Maraldi of Italy — were entered into Interpol's database after they were stolen in Thailand in 2012 and last year, the police body said.


Electronic booking records show that one-way tickets with those names were issued Thursday from a travel agency in the beach resort of Pattaya in eastern Thailand. A person who answered the phone at the agency said she could not comment.


But no authorities in Malaysia or elsewhere checked the passports against the database of 40 million stolen or lost travel documents before the Malaysia Airlines plane took off.


A telephone operator on a China-based KLM hotline confirmed Sunday that passengers named Maraldi and Kozel had been booked on one-way tickets on the same KLM flight, flying from Beijing to Amsterdam on Saturday. Maraldi was to fly on to Copenhagen, Denmark, and Kozel to Frankfurt, Germany. She said the pair booked the tickets through China Southern Airlines.


As holders of EU passports with onward flights to Europe, the passengers would not have needed visas for China.


The Thai national police chief on Monday set up a task force to investigate the issue of the stolen passports.


Interpol said it and national investigators were working to determine the true identities of those who used the stolen passports to board the flight. White House Deputy National Security Adviser Tony Blinken said the U.S. was looking into the stolen passports, but that investigators had reached no conclusions.


Interpol has long sounded the alarm that growing international travel has underpinned a new market for identity theft: Bogus passports are mostly used by illegal immigrants, but also pretty much anyone looking to travel unnoticed such as drug runners or terrorists. More than 1 billion times last year, travelers boarded planes without their passports being checked against Interpol's database of 40 million stolen or lost travel documents, the police agency said.


Finding traces of an aircraft that disappears over sea can take days or longer, even with a sustained search effort. Depending on the circumstances of the crash, wreckage can be scattered over a large area. If the plane enters the water before breaking up, there can be relatively little debris.



Associated Press writers Chris Brummitt in Hanoi, Rod McGuirk in Canberra, Australia, Didi Tang, Gillian Wong and Louise Watt in Beijing, Joan Lowy in Washington and Scott Mayerowitz in New York contributed this report.


Oil below $102 after China, Japan data


The price of oil fell below $102 on Monday after a surprise drop in China's exports and weaker economic growth in Japan suggested demand for crude could weaken.


Benchmark U.S. crude for April delivery was down $1.18 to $101.40 per barrel at 0810 GMT in electronic trading on the New York Mercantile Exchange. On Friday, the contract rose $1.02 to close at $102.58 after strong U.S. employment figures for February. Brent crude, used to set prices for international varieties of crude, was down 90 cents to $108.11.


China's customs data showed over the weekend that exports plunged by an unexpectedly large 18 percent last month. Robust trade is crucial in helping China achieve its official economic growth target of 7.5 percent for this year. However, exports in February last year might have been overstated by exporters inflating sales figures as an excuse to evade currency controls and bring extra money into China.


Japan revised down its growth estimate for the final three months of last year after announcing a record current account deficit for January. Japan's Cabinet Office said both private and public demand was lower than its earlier estimate.


Oil prices surged last week due to severe winter in the U.S. that raised demand for hitting oil and tension over Russia's military incursion into Ukraine's Crimean peninsula.


In other energy futures trading on Nymex:


— Wholesale gasoline fell 2.5 cents to $2.949 per gallon.


— Heating oil shed 3 cents to $2.982 per gallon.


— Natural gas was down 4.7 cents to $4.571 per 1,000 cubic feet.



Gulf coast chambers of commerce merge


Two Gulf coast chambers of commerce have merged, culminating a yearlong effort that combines the boards of both groups.


The Sun Herald reports (http://bit.ly/1dCLQN3) that the merger of the Orange Grove/Lyman Chamber with the Gulfport Chamber was praised Friday night by Gulfport Mayor Billy Hewes.


Roy Mattina Jr., the 2013 president of the Orange Grove/Lyman Chamber, said the merger was inspired in part by Hewes' "One Coast" campaign.


As part of the agreement, the Orange Grove/Lyman board members will serve on the board of the Gulfport Chamber.


The Shelly Johnson Scholarship that was awarded by the Orange Grove/Lyman group will continue as will the group's regular Legislative Breakfast.


The quarterly breakfasts that honored military, first responders and businesses also will continue and will be held at locations throughout the city.


"The days of the division are over," Hewes said at a press conference Friday at the Knight Nonprofit Center, where the Gulfport Chamber has its offices. "Congratulations on this day."


Mattina said 88 percent of the Orange Grove/Lyman chamber members and 100 percent of the board members approved the merger.


The combined chambers will promote, improve and develop the economic growth of all areas of Gulfport.



Insurance agent classes offered at McNeese


A property and casualty insurance pre-licensing course will be offered April 4-5 and April 11-12 at McNeese State University.


The classes will be held from 8 a.m.-6 p.m. and are offered in partnership with by the Louisiana Consortium of Insurance and Financial Services at Louisiana State University-Shreveport.


Cost is $230 per person, which includes textbooks.


The class 40 hours of class time to prepare students for the licensing exam. Topics include basic terminology, concepts, sales, fundamentals of insurance law and an agent's responsibility.


Deadline to register is April 2.


Details can be obtained by calling McNeese State at 337-475-5075.



Survey: Uninsured rate drops; health law cited


With just three weeks left to sign up under President Barack Obama health care law, a major survey tracking the rollout finds that the uninsured rate keeps going down.


The Gallup-Healthways Well-Being Index, released Monday, found that 15.9 percent of U.S. adults are uninsured thus far in 2014, down from 17.1 percent for the last three months — or calendar quarter— of 2013.


That translates roughly to 3 million to 4 million people getting coverage.


Gallup said the share of Americans who lack coverage is on track to drop to the lowest quarterly level it measured since 2008, before Obama took office.


The survey found that almost every major demographic group made progress getting health insurance, although Hispanics lagged.


With the highest uninsured rate of any racial or ethnic group, Latinos were expected to be major beneficiaries of the new health care law. They are a relatively young population and many are on the lower rungs of the middle class, holding down jobs that don't come with health insurance.


But the outreach effort to Hispanics got off to a stumbling start. The Spanish-language enrollment website, CuidadodeSalud.gov, was delayed due to technical problems. Its name sounds like a clunky translation from English: "Care of Health." A spot check of the Spanish site on Sunday showed parts of it still use a mix of Spanish and English to convey information, which can make insurance details even more confusing.


All indications point to lackluster Latino numbers, prompting the administration to make a special pitch as the end of open enrollment season approaches on March 31. The president was on Spanish-language television networks last week to raise awareness.


Gallup found the biggest drop in the uninsured rate was among households making less than $36,000 a year — a decline of 2.8 percentage points.


Among blacks, the uninsured rate was down by 2.6 percentage points. It declined by 1 percentage point among whites. But Latinos saw a drop of just eight-tenths of a percentage point.


The Gallup poll is considered authoritative because it combines the scope and depth found in government surveys with the timeliness of media sampling. Pollsters interview 500 people a day, 350 days a year. The latest health care results were based on more than 28,000 interviews, or about 28 times as many as in a standard national poll.


The survey can be an early indicator of broad shifts in society. Gallup saw a modest decline in the uninsured rate in January, and now two full months of data indicate a trend is taking shape.


Gallup said the drop coincides with the start of coverage under the health care law on Jan. 1. The major elements of the Affordable Care Act are now in effect. Virtually all Americans are now required to get covered or risk fines. Insurers can no longer turn away people with health problems. New state-based markets are offering taxpayer-subsidized private insurance to middle-class households.


Medicaid rolls are also growing, with about half the states agreeing to the program expansion in the law. Low-income people who qualify for Medicaid are able to sign up year-round, so the uninsured rate may keep going down even after the end of open enrollment for private coverage.


The administration is citing numbers that are far higher: about 4 million people signing up for private coverage, and 9 million for Medicaid.


But those statistics also include people who already had health insurance and switched to coverage offered under the law. The government numbers also include children, while Gallup focuses on adults.


The survey was based on telephone interviews from Jan. 2-Feb. 28 with a random sample of 28,396 adults aged 18 and older in all 50 states and the District of Columbia. For results based on the total national sample, the margin of error is plus or minus 1 percentage point, larger for subgroups.



Construction crunch slows Japan tsunami rebuilding


Tens of thousands of people on Japan's northeastern coast who were left homeless in the March 2011 tsunami are shivering their way through yet another winter in cramped temporary housing, with perhaps several more to go.


Reconstruction plans are taking shape after three years of debate and red tape, but shortages of skilled workers and materials are delaying the work. In areas such as Tanohata, a fishing town of 3,800 along a scenic stretch of craggy cliffs and forests, less than a tenth of the new housing has been built. Overall, the figure is less than 8 percent completed, and less than a quarter of projects started.


As Japan's over-stretched construction industry begins gearing up to build venues and revamp aging infrastructure for the 2020 Tokyo Olympics, shortages of skilled carpenters and heavy equipment operators as well as cement and other materials, are frustrating residents and local officials.


"It's just cold, so very cold," Shio Hironai, 53, said of the hut that has served as home since the 20-meter (65-foot) wave slammed into one of the town's tiny coves. "And the roof is caving in. It has been all along."


Japan on Tuesday marks the third anniversary of the earthquake, tsunami and nuclear disasters known as 3.11 that killed 15,884 people and left 2,636 unaccounted for on its northern coast. The country has struggled to rebuild tsunami-hit towns and to clean up radiation from the nuclear crisis. It has earmarked 25 trillion yen ($250 billion) for reconstruction through to March 2016. About 50,000 people from Fukushima are still unable to return home due to concerns over radiation.


Hironai, a former fish factory worker who now helps assemble fishing lures in a workshop set up to provide jobs after the disaster, said she hopes to finally move into a new home by May. "The carpenters are just too busy. We had to find a new company to do the work."


In Tanohata and many other places in Iwate prefecture and elsewhere, groundwork is still not finished for most of the homes due to be rebuilt. Further to the south in Otsuchi, crews work until dark, rain or shine, leveling land for public housing units, a few here, a few there — wherever land can be cleared away from the most hazardous areas along the seaside.


As the 370 districts planning to resettle residents on higher ground gradually start building, competition for manpower and materials is intensifying.


The priority placed on big infrastructure such as sea walls is slowing the rebuilding of homes and communities while failing to address the region's longer term decline as younger residents leave and the population shrinks and ages, said Shun Kanda, director of the Japan 3.11 Initiative at Massachusetts Institute of Technology.


Construction has only begun at two of 10 planned sites in Otsuchi; one of eight in the nearby steel town of Kamaishi, and two of 11 in Onagawa, further down the coast.


In Rikuzentakata, which lost half of its homes in the disaster, the first 120-unit housing complex is due to open in September. Some 2,000 families still need new homes, said Takashi Kubota, the city's vice mayor.


"Many here are worried that the Olympics construction will slow work still further," Kubota said.


A flood of public works projects meant to boost the national economy is worsening delays, local officials complain.


Tokyo's successful Olympic bid is cause for rejoicing, Otsuchi mayor Yutaka Ikarigawa recently told reporters. "But I feel deeply concerned that as construction in the Kanto area (near Tokyo) shifts to preparations for the Olympics, reconstruction will suffer shortages of workers, equipment and materials."


Less than 8 percent of 6,038 public housing units that Iwate prefecture is planning are finished. Two-thirds aren't due to be ready until 2015 at the earliest.


In Fukushima, where the nuclear plant disaster forced more than 200,000 people from their homes, resettlement planning remains in limbo as authorities consider what radiation-affected areas will be safe to return to, and when.


Takumi Nemoto, minister of reconstruction, acknowledged that shortages of workers and materials are slowing reconstruction.


"Different issues and challenges are emerging one after another," Nemoto said.


Tokyo will begin Games-related construction this May, with the demolition of its National Stadium to make way for an 80,000-seat, 130 billion yen ($1.3 billion) arena that must be ready for the World Cup Rugby in 2019, a year before the games.


Apart from 10 other Olympic venues, the city needs to repair or replace 1,500 kilometers of sewage pipes and dozens of roads, bridges and tunnels, many of which were built for the Tokyo Olympics in 1964.


Meanwhile some tsunami housing projects are getting no interest from construction companies at all. That's partly because the amount budgeted for wages is below what companies need to pay to attract people into the industry. The government has subsequently mandated higher construction wages.


At the peak of Japan's construction boom 25 years ago, 7.5 million worked in the industry. In 2012, there were about 5 million, a third of them over age 55. Less than 12 percent are under age 30. There are three times as many engineering jobs available as there are workers qualified to fill them.


Japan is expanding use of foreign labor, but training workers for skilled construction work and engineering can take up to 10 years.


In Tanohata, the wait has grown too much for Takako Sato, a 62-year-old worker at Huck's House, a vocational center for the disabled that has expanded to create jobs to replace fish processing work wiped out in the disaster. She is promised a place in Huck's group home but must wait a few more weeks.


Hearing impaired, she waves her hands repeatedly to convey how her house was swept away, and holds them joined as if in prayer to express her frustrations.



Associated Press video journalist Emily Wang contributed from Higashi-Matsushima.