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Wednesday, September 26, 2012

Billionaire Adelson sets new U.S. political donation record: report

Billionaire casino owner Sheldon Adelson (C) attends a fundraiser for Republican presidential candidate and former Massachusetts Governor Mitt Romney (2nd R) at Red Rock Casino Resort Spa in Las Vegas, Nevada September 21, 2012. REUTERS/Brian Snyder

Billionaire casino owner Sheldon Adelson (C) attends a fundraiser for Republican presidential candidate and former Massachusetts Governor Mitt Romney (2nd R) at Red Rock Casino Resort Spa in Las Vegas, Nevada September 21, 2012.

Credit: Reuters/Brian Snyder

WASHINGTON | Mon Sep 24, 2012 3:29pm EDT

WASHINGTON (Reuters) - U.S. billionaire casino magnate Sheldon Adelson has set a new record in political donations by giving $70 million to help Republicans in the 2012 elections, nearly triple the previous highest amount, according to news outlet Politico on Monday.

Adelson, 79-year-old chairman of Las Vegas Sands Corp (LVS.N), has come to symbolize a new era in U.S. campaign finance that affords great power to individual wealthy donors through unlimited-spending outside "Super PAC" groups. These groups finance millions of dollars worth of advertising on candidates' behalf.

In a rare interview with a mainstream media outlet, Adelson told Politico he planned to spend up to $100 million -- "whatever it takes" -- to defeat President Barack Obama on November 6, a stance he also made to Forbes magazine in June.

According to disclosures filed with the Federal Election Commission, Adelson and his wife, Miriam, have contributed about $37 million, almost all of it to Super PACs backing Republican presidential candidate Mitt Romney, primary rival Newt Gingrich and party peers running for seats in the U.S. Senate and House of Representatives.

The rest of the $70 million presumably went into tax-exempt organizations that are not required to disclose donors. Politico reported that tax-exempt groups received $20 million to $30 million of Adelson's money but did not give further details.

Forbes magazine estimates Adelson's fortune to be $20.5 billion, much of it thanks to the exploding casino operations in Macau in China -- which are focus of a series of lawsuits and investigations in the United States and Macau.

The previous election-spending record was held by liberal billionaire financier George Soros, who has estimated he spent $27.5 million in 2004, giving to outside groups in a failed effort to defeat Republican President George W. Bush.

Adelson is credited with almost single-handedly propping up the failed presidential run of former House Speaker Gingrich as he and his various family members fed some $20 million into Winning Our Future, a Super PAC that aired attack ads against Romney and other Republicans vying for the party nomination.

Sheldon and Miriam Adelson have given $10 million to the pro-Romney Super PAC Restore Our Future; $5 million to YG Action Fund, run by former aides of House Majority Leader Eric Cantor; and another $5 million to Congressional Leadership Fund, linked to House Speaker John Boehner, among other donations disclosed to the FEC.

(Reporting by Alina Selyukh and Alexander Cohen; Editing by Cynthia Osterman)


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Management Tip of the Day: The art of company apologies

BOSTON | Wed Dec 14, 2011 8:26pm EST

BOSTON (Reuters) - - People can see right through the half-hearted, half-baked mea culpa apology, so when your company needs to apologize, do it right, says Harvard Business Review.

The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (http:\\www.hbr.org). Any opinions expressed are not endorsed by Reuters.

"When your company messes up, avoid the half-hearted, half-baked apology. Instead craft a clear, strategic message that explains what went wrong and how you're rectifying the situation. Here are three tips for doing that:

1. Keep it simple. Get to the point and don't deviate. Don't include any veiled attempts to shirk responsibility or appease investors. You'll just upset customers and muddle the message.

2. Mean what you say, and say what you mean. If you're truly sorry for your company's actions, say so and leave it at that. Avoid clarifying phrases and long, self-lauding explanations.

3. Reaffirm your company's core values. Reaffirm what your company stands for and communicate how you intend to bring the company back to the values that guided it to success in the first place."

- Today's management tip was adapted from "Smart Apologies Should Be Strategic" by Rosanna M. Fiske.

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Tuesday, September 25, 2012

Obama should call China a currency manipulator: Romney aide

WASHINGTON | Mon Sep 24, 2012 7:36pm EDT

WASHINGTON (Reuters) - President Barack Obama's administration should formally declare China a currency manipulator in a semi-annual report due to be released by the U.S. Treasury on October 15, a spokesman for Republican presidential nominee Mitt Romney said on Monday.

"Governor Romney believes China should be labeled a currency manipulator - without delaying the report - and he will move to label them as such on Day One," Romney spokeswoman Andrea Saul said in an emailed reply to a query.

A spokeswoman for the U.S. Treasury Department declined to say whether the Obama administration would release the politically sensitive report on time or delay it until after the November 6 election.

The Obama administration has frequently delayed the currency report, which examines the foreign exchange practices of major U.S. trading partners, as did the Republican administration of President George W. Bush.

Many U.S. manufacturers and lawmakers complain that China deliberately undervalues it currency to give its companies an unfair price advantage in international trade.

The Obama administration has pressed China diplomatically on currency issue and can point to a significant rise in the value of China's yuan since it took office.

But it has disappointed supporters by failing to formally declare China a currency manipulator in seven consecutive Treasury reports.

U.S. law calls for the reports to released on Oct 15 and April 15. The last two reports came out on Dec. 27 and May 25.

Romney has seized on the issue to try to sway votes in union-heavy industrial states like Ohio, which could play a decisive role in the outcome of the election. He has promised to declare China a currency manipulator on his first day in office.

"China's currency manipulation has taken hundreds of thousands of jobs from the U.S. and, just like he has on so many other issues, President Obama is leading from behind on taking on China," Saul said.

The White House has taken a variety of actions against Chinese trade practices that threaten U.S. jobs, including imposing temporary tariffs on Chinese-made tires and filing cases at the World Trade Organization.

The tire tariffs, which the Obama administration says saved about 1,000 U.S. jobs, are set to expire later this week after being in force for three years. (Reporting By Doug Palmer; editing by Mohammad Zargham and Christopher Wilson)


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Obama should call China a currency manipulator: Romney aide

WASHINGTON | Mon Sep 24, 2012 7:36pm EDT

WASHINGTON (Reuters) - President Barack Obama's administration should formally declare China a currency manipulator in a semi-annual report due to be released by the U.S. Treasury on October 15, a spokesman for Republican presidential nominee Mitt Romney said on Monday.

"Governor Romney believes China should be labeled a currency manipulator - without delaying the report - and he will move to label them as such on Day One," Romney spokeswoman Andrea Saul said in an emailed reply to a query.

A spokeswoman for the U.S. Treasury Department declined to say whether the Obama administration would release the politically sensitive report on time or delay it until after the November 6 election.

The Obama administration has frequently delayed the currency report, which examines the foreign exchange practices of major U.S. trading partners, as did the Republican administration of President George W. Bush.

Many U.S. manufacturers and lawmakers complain that China deliberately undervalues it currency to give its companies an unfair price advantage in international trade.

The Obama administration has pressed China diplomatically on currency issue and can point to a significant rise in the value of China's yuan since it took office.

But it has disappointed supporters by failing to formally declare China a currency manipulator in seven consecutive Treasury reports.

U.S. law calls for the reports to released on Oct 15 and April 15. The last two reports came out on Dec. 27 and May 25.

Romney has seized on the issue to try to sway votes in union-heavy industrial states like Ohio, which could play a decisive role in the outcome of the election. He has promised to declare China a currency manipulator on his first day in office.

"China's currency manipulation has taken hundreds of thousands of jobs from the U.S. and, just like he has on so many other issues, President Obama is leading from behind on taking on China," Saul said.

The White House has taken a variety of actions against Chinese trade practices that threaten U.S. jobs, including imposing temporary tariffs on Chinese-made tires and filing cases at the World Trade Organization.

The tire tariffs, which the Obama administration says saved about 1,000 U.S. jobs, are set to expire later this week after being in force for three years. (Reporting By Doug Palmer; editing by Mohammad Zargham and Christopher Wilson)


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Analysis: For Romney, some troubling signs among older voters

U.S. Republican presidential nominee and former Massachusetts Governor Mitt Romney greets supporters at a campaign rally in Sarasota, Florida, September 20, 2012. REUTERS/Jim Young

U.S. Republican presidential nominee and former Massachusetts Governor Mitt Romney greets supporters at a campaign rally in Sarasota, Florida, September 20, 2012.

Credit: Reuters/Jim Young

By David Morgan

WASHINGTON | Mon Sep 24, 2012 1:36am EDT

WASHINGTON (Reuters) - Even before his running mate was booed by a lobbying group for older Americans on Friday, Republican presidential nominee Mitt Romney was losing support among such voters, whose backing is crucial to his hopes of winning the November 6 election.

New polling by Reuters/Ipsos indicates that during the past two weeks - since just after the Democratic National Convention - support for Romney among Americans age 60 and older has crumbled, from a 20-point lead over Democratic President Barack Obama to less than 4 points.

Romney's double-digit advantages among older voters on the issues of healthcare and Medicare - the nation's health insurance program for those over 65 and the disabled - also have evaporated, and Obama has begun to build an advantage in both areas.

Voting preferences among seniors could change in the final six weeks of the campaign, but the polling suggests that a series of recent episodes favoring Obama and the Democrats could be chipping away at Romney's support among older Americans.

Romney's selection of Wisconsin congressman Paul Ryan as his vice presidential running mate put the federal budget and Medicare at center stage in the campaign. But the debate over spending and entitlement programs that Romney seemed to be seeking has not unfolded the way Republicans wanted.

At the Democratic convention in Charlotte, North Carolina, on September 5, former President Bill Clinton gave a folksy but blistering critique of Ryan's plan to revamp Medicare, warning that it could leave seniors unprotected from escalating healthcare costs.

Meanwhile, Democrats' efforts to portray Romney as a wealthy former private equity executive with little sympathy for the less fortunate got a boost last week, from Romney himself.

On a secretly recorded video released by the liberal magazine Mother Jones, Romney was shown telling supporters at a $50,000-a-person fundraiser that 47 percent of Americans would never vote for him because they do not pay federal income taxes, feel they are "victims," and depend on government benefits.

Democrats accused Romney of dismissing a range of Americans, including elderly people who depend on government programs such as Medicare and Social Security.

Romney's campaign rejected that, but the recent polls suggest that such claims may be resonating with Americans aged 60 and older, who for months had been the only age group to consistently support Romney over Obama.

Analysts say that if Romney cannot reverse the trend among older voters, he won't win on November 6.

"If Romney loses seniors, he loses this election, period," said Jonathan Oberlander, a health policy specialist at the University of North Carolina. "A bad showing nationally (among older voters) does not bode well for Florida and other states with big senior populations."

THE RYAN PLAN

Ryan's plan for Medicare would limit the program's costs by converting it from a provider of popular benefits to a system that would give future beneficiaries a financial stipend to help pay for private insurance or traditional Medicare.

Obama and fellow Democrats say Ryan's approach, which largely has been embraced by Republicans including Romney, would further expose seniors to rising healthcare costs and hasten Medicare's financial instability.

Republicans argue that their plan would preserve Medicare for future generations.

Medicare serves nearly 50 million retired and disabled Americans, and polls show stiff public resistance to the Ryan plan, with older voters opposing it by a 2-to-1 ratio.

Until now, however, there have been few tangible signs that opposition to Ryan's plan would translate into a preference for president.

A TURNAROUND FOR DEMOCRATS?

Pollsters say Obama's recent rise in popularity among older Americans could signal that Democrats are winning the advertising battle over Medicare.

That would be something of a turnaround for Democrats.

For much of the past two years, Republicans have helped to sway public opinion against Obama's signature legislative achievement, his overhaul of the healthcare system, by casting it as a government overreach that will kill jobs by raising costs for employers.

Republicans also said Obama would cut $716 billion from Medicare, an allegation rejected by Democrats and independent analysts. Even so, the Republican claims of Medicare cuts drew large numbers of seniors to the polls in the 2010 elections, when Republicans won control of the U.S. House of Representatives.

AARP, a grass-roots lobbying group with 37 million members aged 50 and up, backed Obama's healthcare plan against Republican critics. So it wasn't too surprising last week when Ryan, speaking at an AARP convention in New Orleans, faced a tough audience.

Less than five minutes into Ryan's speech, there were boos and cries of "No!" as he laid out the Republican message on Medicare and vowed to repeal "Obamacare."

But the data from Reuters/Ipsos polling - along with similar results from survey data of older voters by the Pew Research Center - indicate that the crowd's response in New Orleans could symbolize more than just one large group's discomfort with the Romney-Ryan ticket.

A Pew poll, conducted September 12-16 and released last week, showed Romney with only a 47 to 46 percent lead among registered voters aged 65-plus. He also trailed Obama by 7 points among people aged 45 to 64 - a huge potential voting bloc that analysts say is increasingly concerned about retirement security.

To illustrate the challenge that Romney could face in November, analysts note that Republican John McCain won 53 percent of the vote among those 65 and older in 2008, and lost to Obama with 46 percent of the overall vote.

"This is certainly a bit of a game changer," Ipsos pollster Julia Clark said of the increasing support for Obama among older Americans. "Older individuals vote. They're the ones who turn up on Election Day, for sure."

Romney and Ryan are likely to need a clear victory among older voters to win the election, given Obama's advantages among other important voting groups such as women, minorities and young adults, analysts said.

"For Romney to win the election, he has to have the majority of the vote from people over 50," said Robert Blendon, a political analyst at the Harvard School of Public Health. "If they share voters over 50, Romney's really going to take a loss here."

(Editing by David Lindsey and Eric Beech)


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Obama to address unrest over video, Iran at UN-White House

1 of 2. U.S. President Barack Obama speaks at a campaign rally at the Henry Maier Festival in Milwaukee, Wisconsin September 22, 2012.

Credit: Reuters/Kevin Lamarque


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Analysis: For Romney, some troubling signs among older voters

U.S. Republican presidential nominee and former Massachusetts Governor Mitt Romney greets supporters at a campaign rally in Sarasota, Florida, September 20, 2012. REUTERS/Jim Young

U.S. Republican presidential nominee and former Massachusetts Governor Mitt Romney greets supporters at a campaign rally in Sarasota, Florida, September 20, 2012.

Credit: Reuters/Jim Young

By David Morgan

WASHINGTON | Mon Sep 24, 2012 1:36am EDT

WASHINGTON (Reuters) - Even before his running mate was booed by a lobbying group for older Americans on Friday, Republican presidential nominee Mitt Romney was losing support among such voters, whose backing is crucial to his hopes of winning the November 6 election.

New polling by Reuters/Ipsos indicates that during the past two weeks - since just after the Democratic National Convention - support for Romney among Americans age 60 and older has crumbled, from a 20-point lead over Democratic President Barack Obama to less than 4 points.

Romney's double-digit advantages among older voters on the issues of healthcare and Medicare - the nation's health insurance program for those over 65 and the disabled - also have evaporated, and Obama has begun to build an advantage in both areas.

Voting preferences among seniors could change in the final six weeks of the campaign, but the polling suggests that a series of recent episodes favoring Obama and the Democrats could be chipping away at Romney's support among older Americans.

Romney's selection of Wisconsin congressman Paul Ryan as his vice presidential running mate put the federal budget and Medicare at center stage in the campaign. But the debate over spending and entitlement programs that Romney seemed to be seeking has not unfolded the way Republicans wanted.

At the Democratic convention in Charlotte, North Carolina, on September 5, former President Bill Clinton gave a folksy but blistering critique of Ryan's plan to revamp Medicare, warning that it could leave seniors unprotected from escalating healthcare costs.

Meanwhile, Democrats' efforts to portray Romney as a wealthy former private equity executive with little sympathy for the less fortunate got a boost last week, from Romney himself.

On a secretly recorded video released by the liberal magazine Mother Jones, Romney was shown telling supporters at a $50,000-a-person fundraiser that 47 percent of Americans would never vote for him because they do not pay federal income taxes, feel they are "victims," and depend on government benefits.

Democrats accused Romney of dismissing a range of Americans, including elderly people who depend on government programs such as Medicare and Social Security.

Romney's campaign rejected that, but the recent polls suggest that such claims may be resonating with Americans aged 60 and older, who for months had been the only age group to consistently support Romney over Obama.

Analysts say that if Romney cannot reverse the trend among older voters, he won't win on November 6.

"If Romney loses seniors, he loses this election, period," said Jonathan Oberlander, a health policy specialist at the University of North Carolina. "A bad showing nationally (among older voters) does not bode well for Florida and other states with big senior populations."

THE RYAN PLAN

Ryan's plan for Medicare would limit the program's costs by converting it from a provider of popular benefits to a system that would give future beneficiaries a financial stipend to help pay for private insurance or traditional Medicare.

Obama and fellow Democrats say Ryan's approach, which largely has been embraced by Republicans including Romney, would further expose seniors to rising healthcare costs and hasten Medicare's financial instability.

Republicans argue that their plan would preserve Medicare for future generations.

Medicare serves nearly 50 million retired and disabled Americans, and polls show stiff public resistance to the Ryan plan, with older voters opposing it by a 2-to-1 ratio.

Until now, however, there have been few tangible signs that opposition to Ryan's plan would translate into a preference for president.

A TURNAROUND FOR DEMOCRATS?

Pollsters say Obama's recent rise in popularity among older Americans could signal that Democrats are winning the advertising battle over Medicare.

That would be something of a turnaround for Democrats.

For much of the past two years, Republicans have helped to sway public opinion against Obama's signature legislative achievement, his overhaul of the healthcare system, by casting it as a government overreach that will kill jobs by raising costs for employers.

Republicans also said Obama would cut $716 billion from Medicare, an allegation rejected by Democrats and independent analysts. Even so, the Republican claims of Medicare cuts drew large numbers of seniors to the polls in the 2010 elections, when Republicans won control of the U.S. House of Representatives.

AARP, a grass-roots lobbying group with 37 million members aged 50 and up, backed Obama's healthcare plan against Republican critics. So it wasn't too surprising last week when Ryan, speaking at an AARP convention in New Orleans, faced a tough audience.

Less than five minutes into Ryan's speech, there were boos and cries of "No!" as he laid out the Republican message on Medicare and vowed to repeal "Obamacare."

But the data from Reuters/Ipsos polling - along with similar results from survey data of older voters by the Pew Research Center - indicate that the crowd's response in New Orleans could symbolize more than just one large group's discomfort with the Romney-Ryan ticket.

A Pew poll, conducted September 12-16 and released last week, showed Romney with only a 47 to 46 percent lead among registered voters aged 65-plus. He also trailed Obama by 7 points among people aged 45 to 64 - a huge potential voting bloc that analysts say is increasingly concerned about retirement security.

To illustrate the challenge that Romney could face in November, analysts note that Republican John McCain won 53 percent of the vote among those 65 and older in 2008, and lost to Obama with 46 percent of the overall vote.

"This is certainly a bit of a game changer," Ipsos pollster Julia Clark said of the increasing support for Obama among older Americans. "Older individuals vote. They're the ones who turn up on Election Day, for sure."

Romney and Ryan are likely to need a clear victory among older voters to win the election, given Obama's advantages among other important voting groups such as women, minorities and young adults, analysts said.

"For Romney to win the election, he has to have the majority of the vote from people over 50," said Robert Blendon, a political analyst at the Harvard School of Public Health. "If they share voters over 50, Romney's really going to take a loss here."

(Editing by David Lindsey and Eric Beech)


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