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Wednesday, April 11, 2012

Reuters: Market News: CORRECTED-Valero Quebec refinery finds, cleans small spill

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Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
CORRECTED-Valero Quebec refinery finds, cleans small spill
Apr 11th 2012, 17:55

Wed Apr 11, 2012 1:55pm EDT

NEW YORK, April 11 (Reuters) - Valero Energy Corp. said on Wednesday a small spill near its 265,000-barrel-per-day Jean Gaulin refinery in Quebec City, Montreal has been cleaned up and all material has been recovered, although it is not clear if the refinery was the cause of the spill Refinery employees at the plant noticed a sheen on Tuesday on the St. Lawrence, which runs by the plant and alerted officials. The sheen was contained by booms and all product was estimated at 3 gallons, according to a spokesman for Valero.

"The cause is under investigation, and there is no indication whether the product came from the refinery or another nearby source," said Bill Day,, a spokesman for the company.

Day said refinery production was not affected.

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Reuters: Market News: UPDATE 1-US seeks voluntary antibiotic limits in livestock

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Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
UPDATE 1-US seeks voluntary antibiotic limits in livestock
Apr 11th 2012, 17:53

Wed Apr 11, 2012 1:53pm EDT

By Anna Yukhananov

WASHINGTON, April 11 (Reuters) - U.S. regulators on W ednesday asked food producers to voluntarily stop using antibiotics in livestock to promote growth, as part of an effort to prevent the rise of drug-resistant "superbugs."

The FDA said antibiotics should only be used under the supervision of a veterinarian to prevent or treat illnesses in animals used for food production. It asked companies to start phasing out the use of antibiotics for non-medical purposes, and said that process could take three years.

The move to limit antibiotics could affect large meat producers like Tyson Foods Inc, Cargill Inc and Hormel Foods Corp. Chickens, for example, are usually raised in large numbers indoors, and anbiotics are often used in their feed.

Environmental advocacy groups have long argued that using common antibiotics like tetracyclines and penicillin in animal feed has contributed to the rise of antibiotic-resistant bacteria, known as "superbugs." Some groups said the FDA should make limits on antibiotics mandatory, not voluntary.

Scientists say overuse of antibiotics -- whether in people or animals -- can lead to bacterial resistance as resistant strains become dominant. Perhaps the most publicized antibiotic-resistant bacteria are the methicillin-resistant staphylococcus bugs known as MRSA.

"The new strategy will ensure farmers and veterinarians can care for animals while ensuring the medicines people need remain safe and effective," FDA Commissioner Margaret Hamburg said in a statement.

Michael Taylor, deputy FDA commissioner for foods, said veterinary oversight should ensure that antibiotics are used properly and only when necessary, limiting resistance. Food producers have not had to consult veterinarians, since common antibiotics have long been available without a prescription.

A federal judge last month ordered the FDA to start proceedings to withdraw approval for the non-therapeutic use of common antibiotics in animal feed, based on a lawsuit filed by environmental groups.

Wednesday's announcement was based on draft rules for antibiotics that the FDA issued in May 2010, and was unrelated to the court ruling, the agency said.

The court's decision would have made the withdrawal mandatory, and some groups criticized the FDA for trusting companies to stop overusing antibiotics on their own.

"This is not an issue where trust should be the measure," said Richard Wood, chair of a coalition of environmental and other groups called Keep Antibiotics Working that pushes for measures to combat antibiotic resistance.

"This is an issue where the measure is whether or not the FDA has fulfilled its authority of protecting public health."

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Reuters: Market News: UPDATE 2-Telus dual-share merger opposed by big shareholder

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UPDATE 2-Telus dual-share merger opposed by big shareholder
Apr 11th 2012, 16:56

Wed Apr 11, 2012 12:56pm EDT

TORONTO, April 11 (Reuters) - A plan by Telus Corp, Canada's third largest wireless carrier, to discard its dual-share structure faces opposition from its largest shareholder.

Mason Capital Management LLC, a New York-based investor, said on Tuesday it has advised Telus that it intends to vote against the proposal.

Shareholders will vote on the proposal to convert Telus's non voting shares into voting shares on a one-for-one basis at the company's annual meeting on May 9. Two-thirds of shareholders in each class must vote in favor for the proposal to be adopted.

An affirmative vote would lead to Telus listing its shares on the New York Stock Exchange in addition to the Toronto Stock Exchange.

Announcing the proposal in February, Telus said the move would increase liquidity and remove a historical discount on the non-voting shares, which are entitled to the same dividend payout as the voting shares.

It also said it was good corporate governance to allow all shareholders to get one vote for one share.

A source at Telus said on Wednesday that the company believes that Mason's opposition stems from its strategy of trading on the spread between the two types of shares, an arbitrage that would be eliminated if the proposal goes through.

Mason was not immediately available to comment. In a filing to Canadian regulators on Tuesday, It said it held 18.7 percent of Telus's outstanding common shares at the end of March as well as a much smaller share of the non voting stock.

Mason also said it had also borrowed a much larger number of non voting shares.

The hedge fund stands to benefit if it can block the proposal, which would likely lead to a fall in the price of the non voting stock, which Mason could then buy cheaply to pay back the borrowed non voting shares.

Telus's dual share structure was designed to comply with laws limiting foreign control of Canadian telecom companies at a time when U.S.-based Verizon Communications Inc was a major investor.

Foreign investors cannot own more than one-third of Telus's voting shares. In March, the company said foreigners owned 24 percent of its voting shares, but that if it fulfilled all pending orders the level would exceed the legal limit.

The rules blocking foreign ownership in Canadian telecoms were modified in March to allow foreign control of smaller operators, but that move does not directly affect Telus.

Telus's common shares fell slightly on Wednesday to C$57.18. They have gained more than 13 percent in the last six months but are only up 1.2 percent since the start of the year. The non voting shares were at C$55.79, up 2.8 percent since the start of the year.

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Reuters: Market News: US Cash Crude-West Texas grades up, Gulf Coast weaker

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Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
US Cash Crude-West Texas grades up, Gulf Coast weaker
Apr 11th 2012, 17:01

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Wed Apr 11, 2012 1:01pm EDT

 * LLS, Mars weaken on narrower transatlantic spread     * WTS up $1 at $7 under, and at $5.05 under for June     * Analysts cited new pipelines to Gulf Coast      By Bruce Nichols         HOUSTON, April 11 (Reuters) - U.S. Gulf Coast cash crude premiums weakened on Wednesday as the transatlantic spread narrowed an additional dollar, but West Texas grades bounced back from recent lows.       A draw in U.S. fuel stocks reported by the government on Wednesday d rove futures up, with Brent up less than U.S. crude on concern about the strength of global demand, analysts said.              Gulf Coast cash crudes weakened on the narrower arb, but West Texas crudes rebounded amid news of another pipeline connection to the Gulf Coast. [ID: nL2E8FB5N8]       The transatlantic spread has narrowed to less than $18 in favor of Brent from more than $20 last Thursday.         Light Louisiana Sweet sold for $20 a barrel over West Texas Intermediate, 55 cents weaker than late deals Tuesday. Mars sour t raded for a premium of $12.80, down 90 cents.            West Texas Sour sold for a discount to WTI of $7 for May and $5.05 for June, and traders said WTI at Midland  also was bidding and offering. WTS sold for $8 under Tuesday.        Sunoco Logistics announced another pipeline realignment to bring Permian Basin crude to the Coast, this one to Nederland, Texas, after another to Houston started last week.             "The West Texas grades are a lot stronger the second half of the year, so some of it has to be these new pipeline links to Gulf Coast refineries," sa id trading consultant John Troland.       Other market sources said the weakness in Midland grades, which hit $9 under WTI and lower, was overdone and due for a rebound.             On futures markets at about 12:30 p.m. CDT (1630 GMT), May WTI was up more than $1.50 at about $102.50 a barrel. May Brent had climbed about 50 cents to about $120.30.           The transatlantic spread narrowed to about $17.80 in favor of Brent from $18.86 at settlement Tuesday. Stronger WTI against Brent tends to weaken Gulf Coast crudes. 
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Reuters: Market News: WRAPUP 6-Syria pledges dawn truce, if rebels hold fire

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Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
WRAPUP 6-Syria pledges dawn truce, if rebels hold fire
Apr 11th 2012, 17:01

Wed Apr 11, 2012 1:01pm EDT

* Syria promises ceasefire by dawn deadline on Thursday

* West says Assad is flouting international peace plan

* Mortars pound Homs district, troops raid homes in Deraa

By Mariam Karouny and Douglas Hamilton

BEIRUT, April 11 (Reuters) - Syria promised to observe a U.N.-backed ceasefire starting on Thursday, but its forces kept up fierce attacks on opposition neighbourhoods in the hours before the deadline.

A Syrian defence ministry source quoted on state television on Wednesday said the army would halt operations on Thursday morning, but would confront "any assault" by armed groups.

The report made no mention, however, of withdrawing troops from urban areas - something that was supposed to start on Tuesday under a peace plan agreed with international envoy Kofi Annan. And even as the ceasefire pledge was being broadcast, activists were reporting more tanks moving in to a major city.

A spokesman for Annan, mandated by the United Nations and Arab League, said the Syrian government had given the former U.N. secretary general an assurance it would stop fighting by the dawn deadline he has set for a cessation of hostilities.

But he also stressed that troops should pull back.

Quoting from a letter to Annan from the Syrian foreign ministry, the envoy's spokesman Ahmad Fawzi said the government had undertaken "to cease all military fighting throughout Syrian territory as of 6 a.m. (0300 GMT) tomorrow, Thursday, 12 April, 2012, while reserving the right to respond proportionately to any attacks carried out by armed terrorist groups against civilians, government forces or public and private property".

Russia, a powerful defender of President Bashar al-Assad against Western and Arab pressure, pointedly said that the rebels battling to oust him must honour the ceasefire too.

Insurgents, who lack a clearly coordinated command structure, have previously said they will stop shooting if Syrian forces pull back and observe the truce as promised. But few in the Syrian opposition believe Assad has any intention of complying with Annan's plan to end 13 months of bloodshed.

"Annan, this is your ceasefire," ran the sarcastic voiceover on an activist video that showed a shopping mall engulfed in flames after it was hit in bombardment of the Juret al-Shayah district of Homs. Sniper fire cracked out in the background.

At least 12 people were killed on Wednesday, activists said.

Western powers, too, have scorned Assad's truce pledges, but so far lack an effective policy to curb the bloodshed, given their own aversion to military intervention and the resistance of Russia and China to any U.N. Security Council action.

"Far from fulfilling their commitment, the regime has cynically exploited the window of diplomatic negotiations to crack down even harder on its own people," British Prime Minister David Cameron said during a visit to Indonesia.

MORTAR BARRAGE

Activist videos posted on YouTube showed bombs crashing into the Khalidiya district of Homs.

Spouts of pulverised debris burst high into the air with each impact and plumes of dust and smoke drifted over the rooftops. The videos could not be verified and the Syrian government bars most independent media from the country.

The Syrian Observatory for Human Rights (SOHR) said three people were killed in Homs. Shelling killed a man, woman and child in Qusair near the border with Lebanon. Three people were killed near Damascus, the British-based opposition group said.

"Mortar fire started at 7 this morning. I can hear one explosion every five minutes," said activist Waleed al-Fares in Homs, where bombardment killed at least 26 people on Tuesday.

If Assad fails to respect a ceasefire, the world should unite against him, using an arms embargo and other sanctions, the main opposition group said, hours before the truce deadline.

"The chances that by tomorrow the regime will implement or abide by the ceasefire are weak, as we all know," Syrian National Council spokeswoman Basma Kodmani said.

"We would like to see a unanimous decision by members of the Security Council that sends an ultimatum to the regime with a deadline that is not too far down the road that says on such and such a date enforcement measures will intervene," she said.

U.N. action would need the support of Russia and China, which have blocked previous Security Council draft resolutions on Syria, citing concerns about a Libya-style intervention that would breach Syrian sovereignty.

U.S. Secretary of State Hillary Clinton said she would meet Russian Foreign Minister Sergei Lavrov on Wednesday to seek a policy change from one of Assad's few foreign friends.

"We will have another go at trying to persuade the Russians that the situation is deteriorating and the likelihood of regional conflict and civil war is increasing," she said.

China expressed "deep worries" about the violence in Syria and called for all sides to respect a ceasefire.

Turkey, hosting nearly 25,000 Syrian refugees, said Foreign Minister Ahmet Davutoglu would speak with counterparts from the Group of Eight major nations on Wednesday by telephone.

Ankara has urged the Security Council to adopt a resolution that would protect the Syrian people, saying Damascus had not kept its troop withdrawal pledge and had increased the violence.

Annan said his plan, endorsed by the Council, must be given a chance to work: "If everyone respects it, I think by 6 in the morning on Thursday we shall see improved conditions on the ground," he said in Tehran, where he was asking Syria's staunchest regional ally to support his efforts.

But the Syrian military has stayed on the offensive, pursuing assaults on several anti-Assad strongholds, instead of pulling back, as Annan's plan required them to do on Tuesday.

His spokesman Fawzi said on Wednesday the envoy would continue to press for all six points of his plan to be honoured, including "Item 2" - requiring troops to leave towns and cities.

An activist in the city of Hama said at least 20 armoured vehicles had newly moved into two central neighbourhoods, while an opposition supporter in Rastan, between Hama and Homs, said heavy shelling of the town began after the announcement by the Syrian government that it would respect the ceasefire.

The SOHR said two people were killed in army raids in Deir al-Zor in the Euphrates river valley far to the east. Artillery shelled the Jebel Akrad area in the coastal province of Latakia.

In Deraa, cradle of the revolt against four decades of Assad family rule, activists said troops backed by armoured vehicles had flooded the city and were making house-to-house raids.

Activist Omar al-Hariri said he had never seen so many troops: "The army is exploiting the ceasefire to arrest more dissidents than ever and security forces are burning houses."

"PART OF THE SOLUTION"

Annan, at a news conference with Iranian Foreign Minister Ali Akbar Salehi, urged Iran to help resolve the violence and warned of "unimaginable consequences" if it worsened further.

Salehi said Syrians should be able to have free elections contested by political parties, but reiterated Iran's opposition to any outside interference in Syria's affairs and made clear the Islamic Republic wanted Assad to stay in charge.

"The opportunity must be given to the Syrian government to make changes, under the leadership of Bashar al-Assad," he said.

Iran has unstintingly backed Syria, the only Arab nation to support Iran in its 1980-88 war with Iraq and the conduit for Iranian arms to Lebanon's Shi'ite Muslim Hezbollah movement.

Syria, where Assad's Shi'ite-rooted Alawite minority dominates a Sunni Muslim majority, has become an arena for a sectarian-tinged regional contest between Shi'ite Iran and Sunni Arab rivals aligned with the West and led by Saudi Arabia.

For now, no end to Syria's agony is in sight.

Assad's forces have killed more than 9,000 people in the past year, according to a U.N. estimate. Damascus says rebels have killed more than 2,600 soldiers and security personnel.

"This is a decisive moment," Cameron said, adding - in remarks clearly pointed at Moscow and Beijing - that the Security Council now had "a clear responsibility" to throw its weight behind Annan's plan and insist it is implemented.

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