news blog from Adina

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Ask Jeffrey Immelt

Reuters Digital Editor Chrystia Freeland interviews General Electric CEO Jeffrey Immelt on the U.S. economy, the jobs crisis and GE’s future on Monday October 17 beginning at 8:30am EDT. What would you like to ask Immelt? Post your questions as comments on this post or tweet them to #newsmaker.

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AUDIO SLIDESHOW: Two Decades, One Somalia

In the 20 years since dictator Mohamed Siad Barre was toppled, Somalia has faced hunger, flooding, fighting, suicide attacks, piracy and insurgency. Prevailing violent conflict inside Somalia makes it difficult if not impossible for aid agencies to reach people. AlertNet brings you special coverage of the country which has struggled without a strong central government ever since. Here is a selection of Reuters pictures from 1993 to 2011 on this war-torn country and failed state.

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Blame the weather for your energy bill

Drought, freezing weather and heavy clouds can all hit household budgets as they restrict output from renewable energy plants."It gives the utility companies an easy excuse now, they don't have to blame speculators, it's the weather," said Mark Stephens-Row in an interview on the sidelines of WSI's winter weather outlook presentation, while Britain's energy regulator Ofgem pushed ahead with plans to force suppliers to make energy bills more transparent.As European governments pursue legally binding targets to cut carbon emissions, renewable energy accounts for a bigger slice of energy production.In Europe's biggest economy, Germany, power producers are already relying on renewable energy more than ever after the government imposed the immediate closure of eight nuclear power plants with a combined capacity of nearly 9 gigawatts (GW) in the aftermath of Japan's Fukushima nuclear disaster."The weather is an even bigger driver now because Germany is relying so much more on its renewables than it used to," Stephens-Row said.Renewable energy accounted for 20.8 percent of all German power production in the first half of 2011. Solar capacity is forecast to grow strongly, adding another 5 gigawatts (GW) to the market next year, according to figures from German transmission grids.Prices in the German power market, also Europe's largest, act as a benchmark for many other European electricity markets, which means volatile trading patterns are reflected in neighboring markets the Czech Republic, France, Austria, Switzerland and the Benelux countries.Stephens-Row said weather which brings drought, sunshine and high temperatures also comes with low wind -- combining factors which restrict hydro storage and boost energy demand with weak wind power output."It's a double whammy. You've got no wind and no rain so all of a sudden you're not generating anything from those resources," he said.In these cases power suppliers see rising wholesale prices (because demand is high but renewable output low), which are eventually reflected in customer bills, but suppliers can use weather phenomena as a reason for hiking retail prices.Higher volatility in the energy markets is also likely to attract higher liquidity and growing competition which, in theory, helps keep prices low for consumers."Going forward all these countries dashing for renewables is going to produce more volatility," he said."Ultimately it does bring more players into the market because there's more opportunities to make more money."

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UPDATE 1-Daily Mail parent to merge online property unit with Zoopla

Oct 14 (Reuters) - British media group Daily Mail & General Trust (DMGT) said it agreed to merge its online property business with Zoopla Ltd, a property search and information firm, as it looks to gain market share from Rightmove , Britain's most visited property website.As part of the deal, the consumer media business of DMGT, A&N Media, will retain a 55 percent stake in the newly-formed company, with Zoopla holding the rest. Zoopla operates the property search website Zoopla.co.uk."In a market that has had a single dominant player in Rightmove for many years, this will create a viable and effective alternative for estate agents and housebuilders across the UK," DMGT said in a statement.The company, whose flagship Daily Mail newspaper is Britain's top-selling mid-market tabloid, warned last month that it expected full-year earnings to be at the lower end of forecasts after weak advertising, particularly in travel and retail, hit its consumer business.In August, the company agreed to sell its U.S. retail trade show management business for about 106 million pounds to private equity firm Providence Equity Partners.DMGT's shares, which are down almost 30 percent since the beginning of the year, were trading up about 1 percent at 398.8 pence by 0956 GMT on Friday on the London Stock Exchange, outperforming a 0.7 percent rise in the FTSE mid-cap index .

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UPDATE 1-Sony Ericsson to shift fully to smartphones in 2012

* No comment on reports of Sony taking 100 pct controlSTOCKHOLM, Oct 14 (Reuters) - Mobile handset maker Sony Ericsson said on Friday it would in future focus entirely on the fast-growing smartphone market as it posted in-line quarterly profits, making no reference to a report electronics giant Sony would take full ownership.Pretax profit at the company, currently owned jointly by Sony and mobile network gear maker Ericsson, was 31 million euros ($42 million), just higher than the mean forecast of 27 million euros in a Reuters poll and a swing back from a loss of 42 million in the previous quarter.Last week, a source with direct knowledge of the matter told Reuters that Sony is in talks to buy Ericsson's 50 percent stake in the joint venture.Sony Ericsson, facing strong competition from Apple's iPhone as well as the likes of Samsung and HTC, has been losing market share -- and money -- for a while. A recent focus on smartphones based on Google's Android platform has been gaining traction, pulling the company back into the black.The company, which stuck to its outlook for modest growth in the handset market this year, said that it would shift all its production to smartphones during 2012."Android-based Xperia(TM) smartphone sales now account for more than 80 percent of sales and we have shipped 22 million Xperia smartphones to date," the company said in a statement."We will continue to invest in the smartphone market, shifting the entire portfolio to smartphones during 2012."

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Harrisburg, Pa., files for chapter 9 bankruptcy: report

The Pennsylvania state capital faces a $300 million debt crises tied to a project to revamp its incinerator and has been plagued with cash flow problems.Mark Schwartz, the council's attorney in this matter, said on Wednesday that the bankruptcy filing would give the city "bargaining power" with its creditors and with the state, which is considering a takeover plan."They were tired of being humiliated and denigrated," he said of the council members who voted for bankruptcy on Tuesday.Chapter 9 is "a much better forum if you really want to address the financial problems of the city," he added.The bankruptcy court for the middle district of Pennsylvania confirmed on Wednesday they have received a faxed bankruptcy petition from Harrisburg, but that it has not been filed yet.The state legislature is considering a bill that would call for an eventual takeover of the city and the forced implementation of a fiscal rescue plan.In July, the City Council rejected a state-approved rescue plan, which called on it to renegotiate labor deals, cut jobs, and sell or lease its most valuable assets, including the incinerator and parking garages.In August, the council rejected a similar plan that had been crafted by Mayor Linda Thompson, saying that both plans were overly burdensome for Harrisburg residents and did not ask enough of the county, bondholders and the bond insurer, Assured Guaranty.On Wednesday, a spokesman for Thompson said that the council's actions could accelerate the state approving a takeover of Harrisburg."(The bankruptcy) is hugely unpopular, but the council...is an independent body," said mayoral spokesman Robert Philbin.He also said the city's solicitor had raised questions about the legality of the vote during the meeting on Tuesday. The solicitor, Jason Hess, was not immediately available for comment.However, City Controller Dan Miller said on Wednesday the filing was the right move for Harrisburg."I think it's the only real option that we had," said Miler, adding that the previous plans rejected by city council would have benefited creditors at the expense of the city."They wanted to sell all of our assets and make Harrisburg destitute for decades to come," he said.