Shooting the Rugby World Cup



In the latest installment, South Africa-based photographer Mike Hutchings describes the gear he can’t live without and what makes shooting rugby different from his usual assignments. Reuters RWC Photographers #4 from Tim Wimborne on Vimeo. In the xxx third installment, Sydney-based photographer Tim Wimborne describes what is necessary to keep the file fresh throughout the tournament and to satisfy different client needs. Reuters RWC Photographers #3 v2.0 from Tim Wimborne on Vimeo. In the second of a series of multimedia pieces, Bucharest-based photographer Bogdan Cristel talks about the focus required to cover the Rugby World Cup. Reuters RWC Photographers #2. from Tim Wimborne on Vimeo. In the first of a series of multimedia pieces, London-based photographer Stefan Wermuth talks about the challenges he anticipates at the Rugby World Cup in New Zealand. Reuters RWC Photographers #1 from Tim Wimborne on Vimeo.

Chinalco looks to list Peru mine in $1 bln HK IPO - IFR



BNP Paribas , CICC and Morgan Stanley have been mandated by Chinalco to arrange the transaction, IFR added.The new listed unit’s main asset is the Toromocho copper mine in Peru that is on track to start mining in 2013. The mine is forecast to produce the equivalent of 250,000 tonnes of fine copper a year, and also small amounts of silver and molybdenum.Chinalco already has a unit, Aluminum Corp of China Ltd (Chalco) , that is listed in Hong Kong and Shanghai.

New Mexico fund to stick with Paulson for now



* New Mexico expected to terminate other hedge fundBy Svea Herbst-BaylissBOSTON, Oct 12 (Reuters) - New Mexico’s state pension fund is sticking with embattled hedge fund manager John Paulson for now even as his main portfolios suffer their worst-ever losses.”We don’t have any plans for action,” Joelle Mevi, chief investment officer at the Public Employees Retirement Association of New Mexico, said on Wednesday.New Mexico is among a large number of high profile investors that have entrusted millions to Paulson & Co and now face the tough task of deciding whether to stay put or ask for money back as a critical deadline looms at the end of October.”Prior to these last months, we’ve had good performance with Paulson,” said Mevi, who has invested with Paulson since 2010.On Tuesday, John Paulson, who shot to fame on a bet against subprime bets, told investors on a call that he had been wrong on the timing of a recovery and had overconfidently bet that too many stock prices would rise, according to several people who listened in.His main Advantage Plus fund has tumbled 47 percent this year while his Advantage fund cousin is off 32 percent, investors have said.Paulson said that he might be forced to return as much as one-quarter of the firm’s roughly $30 billion, the investors who listened to the call said.At the moment the Advantage Funds, Paulson’s biggest, which have been hard-hit by their exposure to financial stocks, are believed to have about 30 percent in cash, several investors said. Paulson could use this money to meet redemptions and return money after the end of the year.A spokesman for Paulson said he had no comment.New Mexico, like many other large pension funds, has been advised by consulting firm Cliffwater LLC. It is unclear how Cliffwater will advise its other clients that are invested with Paulson, but Stephen Nesbitt, Cliffwater’s chief executive, said on Tuesday that he planned to dial in to the Paulson call.At the same time that New Mexico is sticking with Paulson, its investment committee will advise its board to terminate Diamondback Capital Management, a firm which had been embroiled in the U.S. government’s insider trading case.The board will vote at the end of the month and likely ask for $40 million back from the Stamford, Connecticut-based fund, which has been under pressure since FBI agents raided it nearly one year ago.Pension fund boards traditionally agree with their investment committee’s recommendations.New Mexico was among a number of high profile clients that stuck with Diamondback as others pulled out over $1 billion in assets. But recently the fund, and Cliffwater, had a change of heart as performance sagged and concerns about the insider trading probe lingered.Diamondback has not been charged with any wrong doing and it recently settled an insider trading case by paying back roughly $1 million.A spokesman for Diamondback had no immediate comment.

US STOCKS-Wall St climbs on Slovakia talks optimism



* Pepsi gains as earnings top view* Indexes up: Dow 0.5 pct, S&P 0.7 pct, Nasdaq 0.8 pctBy Chuck MikolajczakNEW YORK, Oct 12 (Reuters) - U.S. stocks opened higher on Wednesday, putting the S&P 500 on track for its sixth winning day in the past seven on optimism that Slovakia would reach a deal to expand the euro zone rescue fund.Slovakian lawmakers were expected to ratify the rescue fund plan. The country’s parliament failed to approve a deal on Tuesday as the opposition party abstained as a way to help topple the government. Slovakia is the last country in the 17-member currency zone left to approve it.German Chancellor Angela Merkel weighed in, saying she expected full ratification by the European Union summit on Oct. 23.”It’s like no bad news, we get to go up as long as you don’t see any horror stories,” said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago. “At the moment it appears as if Europe has at least contained the crisis.”The Dow Jones industrial average gained 57.07 points, or 0.50 percent, to 11,473.37. The Standard & Poor’s 500 Index added 8.26 points, or 0.69 percent, to 1,203.80. The Nasdaq Composite Index advanced 21.68 points, or 0.84 percent, to 2,604.71.Financials were among the best performers, with the KBW Bank index up 1.3 percent. JPMorgan Chase & Co gained 2 percent to $32.95.Alcoa Inc fell 4.7 percent to $9.81 as one of the biggest drags on the Dow. The largest U.S. aluminum producer’s third-quarter profit was lower than the second quarter and fell short of already-reduced expectations due to a slump in global metals prices.But PepsiCo Inc rose 2.5 percent to $62.45 after the soft drink and snacks maker reported slightly better-than-expected earnings, helped by international growth and the acquisition of a Russian beverage company, and affirmed its full-year target.Liz Claiborne Inc surged 28 percent to $6.52 after the apparel company said it plans to sell off more of its major brands, including its namesake line, in the latest move to reduce its high debt load, and will change the company’s name as it focuses on three key brands.Later in the session, investors will also keep an eye on the Federal Open Market Committee’s minutes from its Sept. 20-21 meeting, to be released at 2 p.m. EDT. (1800 GMT)

Analysis: With clashes, Egyptians lose trust in military ruler



“Get out, get out, field marshal,” Christians chanted as they buried their dead after troops raced armored vehicles into a crowd on Sunday to disperse a Christian protest over a church attack. The clashes killed 25 people. Some were crushed.The field marshal is Mohamed Hussein Tantawi, 75, Mubarak’s defense minister for two decades and now the leader of the military council that took power in Egypt after Mubarak was driven out by February’s popular uprising.To Christians and Muslims alike, the army’s reaction during Sunday’s demonstration was as brutal as the police tactics used against anti-Mubarak protests.The clashes pose one of the military ruler’s sternest challenges, as public anger has boiled over. Politicians gathered to criticize the army’s actions. The Internet, used to devastating effect against Mubarak, has been filled with condemnation.”Egypt’s Arab Spring has led not to democracy but to another cruel dictatorship,” blogger Kareem Amer wrote.It has added to growing impatience with Tantawi, a decorated veteran of the 1956 Suez crisis and the 1967 and 1973 wars against Israel, whose role was hailed when generals took charge in February with pledges to steer the nation toward democracy.Since those early days, activists have fumed at newspaper photos of Tantawi opening a road and other projects, images that bear a striking resemblance to events attended by Mubarak.When Tantawi exchanged his army uniform for a civilian suit and chatted with citizens during a stroll in downtown Cairo, he was lampooned by Web activists who said it was a stunt to quell anger over his testimony to a court trying Mubarak for killing protesters.Despite a news blackout on publishing his testimony, lawyers said Tantawi’s remarks backed Mubarak.But what is irking activists and politicians is the slow pace of the transition that they see as a calculated bid by Tantawi and his generals to prepare for a transfer of day-to-day government without relinquishing power or submitting to civilian rule. The army denies any such intention.Voting in a parliamentary election starts on November 28 but no date has been set for a presidential poll, leaving executive power with the military as long as the post remains empty.”The revolution that happened on January 25 got rid of one person, one general, but the regime is still there, and is still operating,” said Khalil al-Anani, an Egyptian political analyst at Britain’s Durham University. “It was a half-revolution and half-coup.”Yet even as frustration mounts, the factor that may be keeping Tantawi and the Supreme Council for the Armed Forces in place is that Egypt’s fragmented political landscape offers few alternatives for steering the nation through the transition.”Now we are in a big crisis because it is very difficult to have a second wave of the revolution because of the fragmentation … in the political scene,” said Anani.FILLING THE VACUUMWhen protesters drove Mubarak out, the military was virtually the only institution of state to survive intact. Mubarak’s ruling party collapsed and political forces were too weakened or disorganized after years of repression to fill the vacuum.”Although there are many decisions and actions which give cause for concern, on balance, (Tantawi) should probably still be given the benefit of the doubt,” said one Western diplomat.”He and (the army council) remain the person and only institution still capable of navigating Egypt’s transitional path,” he said, although he added that the army needed to offer a clear timetable for handing over power.Under the process so far outlined, staggered voting for the upper and lower house of parliament lasts until March. Then a constitution will be drawn up by an assembly picked by deputies. Only then will a presidential poll be held, which may not be until the end of 2012 or early 2013.The army insists it is committed to the transition. That was repeated at a meeting of the military council on Monday, following the clashes between Christians and military police.But that commitment is increasingly being called into doubt as long as no date for a presidential poll is announced.”People are disappointed in Tantawi after they thought he might lead the country to a real democracy,” said analyst Anani.Tantawi, who said little in public during Mubarak’s rule but often appeared by his side at military parades and other events, was too close to the former president to be personally popular with protesters who led the uprising in Tahrir Square.But a desire for change and respect for the soldiers under his charge trumped concerns many may have had at the time he took power.Some Egyptians still want the army in charge to restore order to a country battered by protests, labor unrest and a lapse in security. Yet public support has eroded steadily and it took another hammering after Sunday’s violence.”The partnership between the authorities, between the Supreme Council of the Armed forces, the cabinet, and the citizens, is over. It’s over,” said Amr Hamzawy, an activist speaking at a gathering on Monday in the wake of the violence.That meeting, billed as an attempt to draw up a united response to the clashes, brought political forces together from across the spectrum but highlighted the fractious political landscape. Those involved failed to agree a final statement.