Repsol YPF ups Argentine shale deposit potential (AP)

SANTIAGO, Chile ? Repsol YPF on Wednesday raised the estimate for potentially recoverable oil and gas in its part of Argentina's "Vaca Muerta" (Dead Cow) basin to the equivalent of nearly 23 billion barrels, indicating a total shale deposit big enough to enable Argentina to challenge the United States in non-conventional petroleum production.

But it cautioned that exploiting the formation would need a huge expansion in Argentina's oil and gas industry, requiring thousands of wells, hundreds of drilling rigs and a national push to attract the necessary talent, equipment and investment at a time when other countries are competing to increase energy resources.

The company's shares traded on the Buenos Aires stock exchange jumped 8 percent after the announcement.

Repsol YPF SA, a majority-Spanish-owned company, issued the statement from Madrid shortly after its president, Antonio Brufau, returned from a series of closed-door meetings in Argentina with government officials who have been pressuring the company to increase exploration and development.

The pro-government newspaper Pagina12 in Buenos Aires said Repsol YPF has been paying out more in dividends than it has made in profits in Argentina, and suggested President Cristina Fernandez might consider nationalizing the company's Argentine operations so the money could instead be used to increase Argentina's energy capacity.

Juliette Kerr, a Latin America energy analyst at IHS in London, discounted the possibility of nationalization, saying Argentina can't afford a buyout. The idea was never openly endorsed by Fernandez or her Cabinet ministers.

Company spokesmen and government officials declined to comment on the talks this week.

But Wednesday's statement, made as a filing to Spain's securities regulator, provided a stark analysis of Repsol YPF's commitment to Argentina and how much would have to change for the country to realize its energy dreams.

"If exploration proves successful in the Vaca Muerta formation and immediate intensive development began in the area, in 10 years its capacity could double Argentina's existing gas and oil production. This would require a vast investing effort that would reach $25 billion per year in order to develop all the existing prospective resources," it said.

Repsol YPF said in November that it had discovered 927 million barrels of recoverable oil and natural gas in the shale deposit. But even 23 billion barrels ranks below Brazil's recent deep-sea oil discoveries, which experts estimated at up to 55 billion barrels, or the 296 billion barrels of proven crude reserves that Venezuela claims.

Argentina currently has only 80 drilling rigs and would need at least 100 more, along with upgrades in all sectors of its oil and gas industry, to capitalize on the potential of the deposit in western Neuquen province, the company said.

Repsol YPF currently is the leader in exploring in this area, having invested $300 million in exploration, mapping and initial development, but has claims on less than half of the formation, which stretches over 7.4 million acres. Many other companies would need to make substantial investments for the area to achieve its potential, it said.

So far, only a tiny fraction of the Vaca Muerta foundation has been developed, producing 700,000 barrels as of December, and the statement suggested that Brufau didn't give in to the pressure for huge new investments right away.

"The company aims to drill 20 wells in 2012, solely and jointly with several partners, to continue investigating prospective resources," it said.

The statement suggested international investors may be holding back until they have confidence that Argentina will guarantee government policies and labor unrest won't get in the way of eventual profits. Instead, Argentina has been withdrawing energy exploration subsidies, dealing with a punishing oil workers strike and making it more difficult for multinational companies to move their gains out of the country.

(This version CORRECTS second reference to 23 billion barrels as Repsol YPF's share, rather than estimate of overall deposit.)

Source: http://us.rd.yahoo.com/dailynews/rss/energy/*http%3A//news.yahoo.com/s/ap/20120209/ap_on_bi_ge/lt_argentina_repsol_ypf

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NY man pleads guilty over 'South Park' threat (AP)

ALEXANDRIA, Va. ? A Muslim convert from Brooklyn who ran a website that posted threats against the creators of the television show `South Park' has entered a guilty plea.

Jesse Curtis Morton, also known as Younus Abdullah Mohammad, was charged last year with communicating threats and has been in custody since his arrest in Morocco in October.

At plea hearing Thursday in federal court in Alexandria, Va., Morton pleaded guilty to conspiracy, communicating threats and using the Internet to intimidate

Another operator of the Revolution Muslim website, Zachary Chesser, was sentenced last year to 25 years in prison.

Chesser admitted he posted threats against the `South Park' creators for insulting the prophet Muhammad by airing an episode that depicted Muhammad in a bear costume.

Source: http://us.rd.yahoo.com/dailynews/rss/crime/*http%3A//news.yahoo.com/s/ap/20120209/ap_on_re_us/us_south_park_threat

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How To Maintain Married Extramarital Affairs A Secret

This article has been viewed 55 times.

There might a thousand reasons that may possess driven a person into the hands of some other gentleman. A spouse that is also active to give you whenever, the husband who will not realize your feelings and it is more concerned with their company or perhaps a partner that simply wedded you for the money or perhaps an Environmentally friendly greeting card; most likely, maintaining your hitched affair personal is vital. Should you wished to abandon your partner, it could have took place chances are. The easy proven fact that an individual having an affair and never divorce mean that you will still provide several benefit in your matrimony. It may be for cash, safety or just family members pressure but getting captured in the process could be the last straw that could conclusion your own marriage. Therefore keep some guidelines in your mind as well as perform secure!
When looking for a good event partner, make sure you keep your goals right. Never provide an impact that you want more than an everyday event. This means that another companion by no means needs a lot more than you are prepared to provide rather than attempts to contact your home or perhaps visit an individual in frustration. Keep your conditions simple and make it clear to be able to her or him that you?re not prepared to conclusion your own marriage.
A few husbands and wives can be quite sneaky. Make sure you always remove almost all messages from your event partner and also delete the phone call data as well. Many wives or girlfriends possess the behavior to endure their particular spouse?s telephone as they is incorporated in the bathroom. Whenever using a wedded affair, be smart sufficient with the idea to work with a various phone number with all communication with the affair companion or even take deliberate pains to eliminate all dialogue data regularly.
Yet another thing which brings out there many hitched affair in the broad sunshine is actually credit cards. The simple extramarital relationship guideline is actually: in no way use your charge card. Constantly have adequate cash in your pocket book any time going to satisfy the extramarital relationship spouse. This is actually the most secure setting associated with repayment as credit card bills often get inside unwanted hands. Numerous wives and husbands proceed their own balances monthly and check one anothers telephone expenses and also credit card debt. Your spouse may not notice bistro bills only one incorrect purchase, like jewelery from the store your woman knows, may conclusion your matrimony sooner than imagine.
Always have a great alibi for all those moments when you are investing a few hours together with your extramarital relationship partner. Never fake conference folks you and your husband understand in keeping as this can cause excellent difficulty. Make certain your alibis are believable, like playing golf, bumped into a vintage school buddy and also went along to have a couple of drinks or perhaps state you needed to satisfy new customers for a few refreshments. End up being wise in your dealings together with your spouse. If you are stressed inside responding to concerns, it?s going to demonstrate are usually lying.

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Source: http://articlexone.com/relationships/dating-relationships/how-to-maintain-married-extramarital-affairs-a-secret.html

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Pentax refreshes its rugged camera lineup with the Optio WG-2 series

Exactly twelve months after the unveiling of the Optio WG-1 family, Pentax is now introducing the successors to its colorful and ruggedized shooters. And while its macho design hasn't changed much, the newcomers usher in a host of predictable spec bumps. The new all-terrain shooters are sporting a 16-megapixel, back-illuminated CMOS sensor, 1080p (30fps) movie mode, micro-HDMI for when you feel like sharing your adventures and a 3-inch, 460,000 -dot LCD to help you frame your shots. Of course, this wouldn't fall under the rugged category if it couldn't handle anything you threw at it, which is why any WG-2 is waterproof up to 40 feet, shock-resistant and dustproof. If you're thinking about taking one of these on the trails with you, be ready to unleash around $350 for the unguided model or about $50 more for a GPS-enabled number. Neither will be available until March, so you'll have to wait a while, but in the meantime we've got the full PR below along with some press shots.

Gallery: Pentax Optio WG-2

Continue reading Pentax refreshes its rugged camera lineup with the Optio WG-2 series

Pentax refreshes its rugged camera lineup with the Optio WG-2 series originally appeared on Engadget on Tue, 07 Feb 2012 17:00:00 EDT. Please see our terms for use of feeds.

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Teach for China: Bringing educational equality to rural children ...

China?s rural schools have a severe shortage of teachers, resulting in crowded classrooms, sometimes numbering 80 students. Many rural teachers have only completed high school themselves and native English instructors are rare. While the government has a high commitment to raising the quality of rural education, there is a staggering amount of work to do.

That?s where Teach for China (TFC) sees its value. Now in its third year, TFC is the first alternate sourcing teaching program of its kind in China and follows existing models like Teach for America. Its mission is to eliminate the educational inequality in China by enlisting college graduates from prestigious US and Chinese Universities like Harvard, Yale, Peking and Tsinghua.

TFC sends cross-cultural teams to under-resourced primary and middle schools in Yunnan and Guangdong provinces. This school year the program has over 150 teaching fellows who are working to educate students beyond their ABCs.

Breaking the cycle of complacency
High school and college are too expensive for most rural Chinese families. Many parents (who often have lower education levels) are resigned to the fact that their children will probably follow them by becoming farmers or migrant workers after completing middle school.

According to second year fellow Hao Linshuo, ?Students receive no wholehearted confidence from their influencers. Even the local teachers don?t believe the kids can really succeed.?

To combat the complacent attitude, fellows like Linshuo and Jarlene Choy, who teach at the same school in Yunnan, work to engage students, their families and teachers.

Linshuo makes home visits to two-thirds of her students and meets with students one on one.

?Talking to them individually takes a lot of time, but I feel like it is worth it,? she said. ?They rarely get special or individual attention.?

Song and dance
Linshuo said her student Fugen was one such child. Unofficially diagnosed with Asperger?s syndrome, he had almost no friends, rarely spoke and was last in the class. Fugen?s mother had given up hope but she told Linshuo her son did enjoy one thing?dancing.

?I thought it might be a connection point with him,? said Linshuo. ?I signed him up for a performance at our school art festival and practiced a dance with him.?

In front of nearly 2000 students and faculty, Fugen performed his dance and won first prize in the dancing category. He later wrote an essay about it, saying that he had never before been so confident and he felt that someone actually cared about him. His grades have since improved and he talks more both inside and outside of the classroom. He is also applying to a high school with an art focus.

Linshuo doesn?t expect to change a child?s entire life, but she says, ?I can change a short period of his life, which might bring more to his life later on.?

Creative expansion
For TFC fellows, quelling complacency means broadening students? existing educational opportunities.

?I feel like there is a lot out there that I want to expose them to so they can have bigger goals beyond just what they can see here,? said Jarlene.

In addition to following the regular curriculum, fellows plan extracurricular activities, use songs to teach and host events. They also encourage other local teachers to incorporate creative activities into their lesson plans.

The art of teaching
Jarlene, a first year fellow, admits that mastering the classroom is a challenge. In her class of 59 she says, ?A lot of kids have been passed thru but haven't mastered the foundational skills yet.? Additionally, there is no provision for children with learning disabilities and special needs.

Linshuo and Jarlene say they receive a lot of support from TFC, beginning with an intensive training the summer before classes start. Monthly professional development conferences are held every month to further educate and support fellows.

Fellows are held to a high standard and monitored to ensure they adhere to three core values: improving students? academic achievement, developing critical thinking skills and building a culture of achievement.

Local teachers also attend trainings to provide insight into the rural Chinese education system. ?We?re not only learning from them but the local education administrators are also learning from us,? said Linshuo.

Long-term change
Fellows hope more students can accede to higher levels of education, but realize that often results in a rural brain drain as students choose to move to cities permanently. Linshuo wants to encourage her students otherwise.

?I want to build a sense of giving back so they know they?re not just learning to get a good grade but they?re learning to be able to come back in the future and build their own communities.?

Beyond the classroom, developing dialog between local education leaders and TFC fellows is an important part of the organization?s goal to create lasting change in the education system and in the lives of rural children. And while TFC fellowships are only two years, the organization hopes to build lasting partnerships with schools.

TFC also encourages fellows to continue their development as they move into other sectors, helping them find graduate school and internship opportunities. TFC expects past fellows to continue to be lifelong advocates for educational equality in China across industries.

?Teaching as leadership is the core concept?that you?re not just training the fellows to become excellent teachers, you?re training them to become excellent leaders.? said Linshuo

From the individual child to global partnerships, TFC hopes to build a community that brings the dream of equal education closer to all Chinese children.

For more information read A 5 Minute Guide to Rural Education and watch Linshuo's video on her visit to a student's home (Chinese only).

--Georgia

Source: http://blog.socialventuregroup.com/svg/2012/02/teach-for-china-bringing-educational-equality-to-rural-children.html

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In Minn., rightward drift challenges Romney

Republican presidential candidate, former Massachusetts Gov. Mitt Romney greets supporters at his Nevada caucus night victory celebration in Las Vegas, Saturday, Feb. 4, 2012. (AP Photo/Gerald Herbert)

Republican presidential candidate, former Massachusetts Gov. Mitt Romney greets supporters at his Nevada caucus night victory celebration in Las Vegas, Saturday, Feb. 4, 2012. (AP Photo/Gerald Herbert)

Republican presidential candidate, former House Speaker Newt Gingrich speaks during a news conference on Saturday, Feb. 4, 2012 in Las Vegas, Nev. (AP Photo/Evan Vucci)

On the eve of the Florida GOP primary, presidential candidate Rick Santorum campaigns on Monday, Jan. 30, 2012, in Luverne, Minn. Santorum told about 300 Minnesota voters who had gathered to hear him speak that their votes weren't paid as much attention as Iowa's, but that they were "just as important." (AP Photo/Amber Hunt)

ST. PAUL, Minn. (AP) ? Minnesota once took pride in progressive reform and political consensus.

Then last summer warring leaders shut down state government during a fierce political struggle in the Capitol. Vitriol commonly erupts during otherwise routine political discussions, and people are arguing over whether to ban gay marriage.

So much for the state's modern political heritage.

Minnesota Republicans are now "among the most conservative party activists in the country," said Chuck Slocum, who led the Minnesota Republican Party in the mid-1970s.

And that could pose problems for front-runner Romney, fresh off a commanding win in Nevada and eager to extend his winning streak. Candidates considered more conservative ? former Pennsylvania Sen. Rick Santorum and former House Speaker Newt Gingrich ? are working to impede the former Massachusetts governor's march to the nomination. For now, even the libertarian-leaning Ron Paul, long considered a gadfly, could be a player in the Minnesota caucuses.

Without recent reliable polls, gauging just where the race stands is tough.

Romney won here in 2008, and his financial edge is supplemented by a strong campaign organization. But the motivated and increasingly powerful conservative activists offer encouragement to Gingrich and Santorum, who are voicing a more strident message. A large number of these voters are expected at the caucus meetings.

"Those who attend are the hard core of the hard core of conservatives," said Ben Golnik, who managed Arizona Sen. John McCain's Minnesota campaign in 2008 and isn't backing a candidate this year. "These are truly dedicated conservatives willing to go on a weeknight in the dead of winter."

The rebellious mood in Minnesota in some ways belies the state's prosperity. The unemployment rate in January was 5.7 percent, well below the national rate of 8.3 percent. Minnesota was spared the worst of the housing foreclosure crisis, and the farm economy has been buoyed by high prices. Even the perpetually struggling Iron Range of northern Minnesota hopes to add hundreds of jobs from new mining projects.

But those positive signs haven't lightened the tone.

Conservatives continue to focus on a state government that supports some of the nation's most generous social programs and a tax structure they consider excessive.

The backlash peaked in 2010 when Republicans chose tea party favorite Tom Emmer as their candidate for governor. The staunch conservative beat several Minnesota moderates for the nomination and then narrowly lost to liberal Democrat Mark Dayton. With Republicans in control of the Minnesota Legislature, state government has one of the widest ideological splits in the nation, made plain by last spring's budget standoff and the government shutdown that followed.

What all the ferment means for the Republican race this year is a much debated question.

Romney has establishment support from the likes of former Sen. Norm Coleman and former Gov. Tim Pawlenty.

But Jennifer DeJournett, a conservative activist who's working on Gingrich's Minnesota campaign, said political developments of the last few years have demonstrated that establishment credentials now count for less than ever.

"It used to be, people could anoint you the conservative candidate and that would be fine," said DeJournett, who leads an activist group called Voices of Conservative Women. "I think that's what the establishment is really having to struggle with."

Sensing an opening for a strong social conservative, Santorum's supporters are airing ads in Minnesota including a $134,000 TV buy by one group. He visited a rural corner of the state last week. Paul and Gingrich are also expected to visit. Paul's campaign has already run TV ads. The pro-Romney group Restore Our Future had purchased more than $130,000 of air time as of Friday.

Paul's campaign has organized hard in Minnesota, a state where he finished a distant fourth in 2008.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2012-02-05-Minnesota%20Caucuses/id-b0687d20c3fb49058d81f3692197c39e

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The Romney kids' $100 million trust fund | G7Finance.com - Finance ...

NEW YORK (CNNMoney) ? Mitt Romney?s five sons ? Matt, Tagg, Craig, Ben and Josh ? are sitting pretty with a trust fund worth $100 million.

Getting there took smart tax strategies, and investments that produced great growth, according to the Romney campaign.

Romney and his wife Ann have been giving to the boys since 1995, and, according to a spokesperson for the Romney campaign, all of their contributions have been below gift-tax contribution limits.

The limit for a couple in 1995 was $20,000 and has since grown to $26,000. In addition, there?s a ?lifetime gift-tax exclusion? for all the boys that totaled $1.2 million back in 1995 and has since grown to $10 million.

Add it all up, and the Romneys could have gifted $1.3 million in 1995, and a total of $10.6 million through 2011. All tax free.

To get to $100 million, the account would have needed a 26% average annual compound rate of return, said Jonathan Bergman, chief investment officer at Palisades Hudson Asset Management. Stocks over that same time have gained about 10%.

The Romney campaign noted that winning investments, such as Apple (AAPL, Fortune 500), saw similar gains since the mid-90s. And the trust?s 2010 tax return showed it has invested in the tech giant, as well as other winning investments like Goldman Sachs (GS, Fortune 500), Target (TGT, Fortune 500) and Oracle (ORCL, Fortune 500).

Plus, there are probably many investments we don?t know about. ?Romney probably invested the trust in the same kinds of things he invested in himself, like startups and private equities ? investments with high growth,? said Tim Gagnon, assistant academic specialist of Accounting at Northeastern University.

But even that can?t account for all the gains.

While many of the key details are missing because the family hasn?t released gift-tax returns or disclosed the contributions to the trust, there were likely a few other strategies at play, tax experts said.

?You?ve got people who are paid $1 million a year to work 3,000 hours just to figure out ways to transfer money from older generations to younger generations, and Romney has the money to hire the best of the best,? said Bergman.

As the co-founder of private equity firm Bain Capital, which he left in 1999, Romney has received compensation in the form of ?carried interest?, the share of investment profits that is paid to private equity fund managers. And if Romney transferred this interest to make payments to his kids? trust, he could have received big valuation discounts of up to 40% or more. So if Romney transferred interests in Bain Capital with a net asset value of, say, $14,000, he could have reported the fair market value as only $10,000, below the gift-tax exemption in 1995.

The Romneys could also have loaned money to the trust. While interest on the loans will vary, if the trust uses the loan proceeds to make high-growth investments, it can have more than enough money to pay back the loan.

Another way he could have added money to the trust would have been through a charitable lead trust, which would make a fixed payment to a charity for a specific period of time. Once that term ends, any remaining interest gained while in the trust can flow into the trust for his kids gift-tax-free.

The Romneys could have also set up a Grantor Retained Annuity Trust. When these trusts expire, the beneficiary receives the interest earned on the assets tax-free. They could have transferred a portion of the appreciation of assets into his kids? trust with little or no gift tax.

In the end, it was likely a combination of having a top-tier tax planner who knew exactly how to work the tax code for Romney?s benefit that boosted the trust from a couple million dollars to $100 million in 17 years.

?This is an example of someone who has been very sophisticated and effective in working within the tax code to accomplish his goals,? said Darell Krasnoff, managing director at Bel Air Investment Advisors. ?But it?s not just smart planning. Unless you had a very dramatic rate of return to begin with, you would never get this kind of growth.?

As for paying income taxes on that great growth, Romney is footing the bill. According to his tax forms, the trust is set up as an ?intentionally defective grantor trust,? which means the senior generation pays income tax on the trust each year, but they don?t pay the estate tax. That means the sons won?t have to pay a dime on the trust?s earnings until the assets are distributed or the Romneys pass away.

?Say he was paying a million dollars in income tax on behalf of the trust ? that?s like another million dollar gift to the trust because it?s money the trust doesn?t have to pay,? said Bergman. ?

First Published: February 6, 2012: 1:51 PM ET

Source: http://g7finance.com/g7finance-news/the-romney-kids-100-million-trust-fund/

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