All eyes in City on US employment data, which is expected to show 150,000 jobs added in December

8.08am: The FTSE 100 has opened up 0.2%. Germany's DAX is up 0.3%, France's CAC up 0.6%, Spain's IBEX up 0.6% and Italy's FTSE MIB up 0.2% 8.00am: Michael Hewson, market analyst at CMC Markets, reckons the euro could fall to the lowest point of 2010.

The 2010 lows at 0.8065 remain some way off but are by no means out of the question at this stage. Pullbacks are likely to find resistance around the 0.8305/10 area and old December lows, while above here re-targets 0.8370. The key resistance remains around the highs for the last three weeks at 0.8425, and only a move beyond here would target a move back towards 0.8450 and even the 200 week MA at 0.8567.

7.53am: Oh dear. The euro has fallen to another fresh low against sterling. The euro is now worth 82.39p - the lowest level since (earlier in) September 2010. (more...)

Opponents of controversial gas drilling method condemn plan as environmental agency sounds alarm bells over staffing levels

A former staffer at a state government agency responsible for regulating hydraulic fracturing, or fracking, has warned that allowing the controversial gas drilling method in New York would lead to contamination of the state's aquifers and would poison its drinking water.

These stark warnings, issued by Paul Hetzler in a letter to an upstate newspaper, came as a current employee and union representative at the Department for Environmental Conservation (DEC) sounded alarm bells over the under-staffed agency's ability to monitor the industry and to deal with any emergencies if the plan goes ahead.

Fracking is the process of injecting a high-pressure mixture of sand, water and chemicals thousands of feet into hard shale rocks to shatter them and release the natural gas inside.

• Click here for a Guardian explainer on fracking

Plans to remove a statewide ban on fracking advanced by New York governor Andrew Cuomo and the DEC have sparked a wave of opposition from environmental, health and activist groups.

The New York state DEC released its recommendations in July, saying that proposals to remove the ban "struck the right balance between protecting our environment, watersheds and drinking water and promoting economic development."

But opponents of the plans, which would allow thousands of new wells to be drilled across the state with the exception of New York City and Syracuse, have criticised the DEC for not properly assessing health risks and for failing to include measures to protect water supplies.

In his December 13 letter to the Watertown Daily Times, Hetzler, a former technician responsible for investigating and managing groundwater contamination at the DEC, said: "I'm familiar with the fate and transport of contaminants in fractured media, and let me be clear: hydraulic fracturing as it's practised today will contaminate our aquifers.

"Not might contaminate our aquifers. Hydraulic fracturing will contaminate New York's aquifers. If you were looking for a way to poison the drinking water supply, here in the north-east you couldn't find a more chillingly effective and thorough method of doing so than with hydraulic fracturing."

The publication of Hetzler's letter last month coincided with a report from the US Environmental Protection Agency, which linked fracking with water pollution for the first time.

Hetzler calles the proposals for hydraulic fracturing in New York state "insane", adding: "I'm not saying anywhere you drill will cause a huge catastrophe. There might be a location where geological conditions are favourable, where contaminants don't travel. But the Marcellus shale is not a homogeneous layer. You can't predict what is going to happen."

The Marcellus shale is a black shale rock formation between 2,000 and 7,000ft underground that extends from Ohio and West Virginia into Pennsylvania and New York. Indeed, recent earthquakes in Ohio have widely been presumed to have been caused by the disposal of wastewater generated by fracking there.

Hugh MacMillan, of Food and Water Watch, said: "Hetzler's letter exposes the shortsightedness of opening up New York to shale gas development. The inherent, long-term risks to the state's vital water resources cannot be mitigated."

A byproduct of fracking, according to MacMillan, is the trapping of millions of gallons of fluid underground indefinitely. Once subjected to geological forces over years or decades, that fluid could move about under the earth's surface in unpredictable ways.

"The dubious economic and environmental benefits of shale gas do not justify these risks," he told the Guardian.

The DEC's own environmental impact statement identifies a "significant number of contaminants" in fluids associated with fracking that could reach surface water or aquifers.

It also concludes that releases could have "significant adverse impacts" on water resources and proposes a number of mitigration measures. These include a ban on fracking in the New York City and Syracuse watersheds where the drinking water is unfiltered, and not allowing it in or around "primary aquifers."

The mitigation measures also include requirements governing spills and releases.

However, union representatives at the DEC have warned that the already-depleted department has too few staff to take on the additional monitoring and inspection fracking would require.

In a statement submitted to the DEC, Wayne Bayer, an executive for the Public Employees Federation union, which represents over half of the state's DEC 3000 employees, said: "The 25% reduction in existing staff at DEC has crippled our ability to carry out all existing federal and state regulatory and statutory responsibilities."

He continued: "DEC would also be hard-pressed to adequately provide emergency remedial response and clean up assistance for a major accident of any kind. The moratorium should be extended until there are adequate staffing levels."

Wes Gillingham, the programme director of Catskill Mountainkeeper, one of a large number of environmental groups active in opposing fracking in New York state, echoed Bayer.

"It is not just a matter of numbers of personnel. We need people overseeing the industry and inspecting the cement around the casings," he told the Guardian.

"There are not enough inspectors out in the field across the state of New York. At the moment in New York there are only 15 or 17 inspectors for hundreds of existing wells. What's going to happen when there are thousands of wells being added to every year?"

The DEC did not return multiple requests for comment.

Its public consultation period on its draft regulations, which was extended by a month due to high demand, will close on 11 January, and it will produce a final impact statement and regulations sometime this year.

Robert F Kennedy Jr, who sits on the New York State's high-volume hydraulic fracking advisory panel, recently alleged that the debate has been hampered by a campaign of "intimidation and obfuscation" by key industry players.

A prominent environmentalist, Kennedy said he was an early optimist on natural gas, but the worst of the industry had battled regulation, stifled public discourse, and persuaded regulators to grant exceptions to existing rule.

ADP poll shows December jobs growth was the largest monthly gain in a year, but numbers may be inflated

The US job market appeared to make a dramatic improvement in December, according to a widely watched poll of employers. The US added 325,000 private-sector jobs in December, according to the latest survey by payroll giant Automatic Data Processing and consultancy firm Macroeconomic Advisers. The number was much better than economists were expecting. A Bloomberg survey prior to the report's release put estimates at 125,000 to 230,000. The US Labour Department will releases its latest jobs figures on Friday amid further signs of steady improvement in US employment. On Thursday it said initial jobless claims fell by 15,000 to a seasonally adjusted 372,000 in the week ending December 31. ADP's figures to not always tally with the government's, but the improving picture will be a major boost for president Barack Obama as unemployment and the economy emerge as the key issues of the 2012 election. "December's advance was the largest monthly gain since December 2010, reflecting strong job creation across most industries," said Carlos Rodriguez, president and chief executive officer of ADP. "Small and medium-sized businesses were hiring at a similar pace. Job creation among large employers was also encouraging." Economists cautioned that seasonal factors may have boosted ADP's figures and Friday's official government figures may not show such a dramatic improvement. Paul Ashworth, chief US economist at Capital Economics, said last December's ADP survey had similarly shown an outsized rise that was followed by a more modest uptick in the government's figures. But he added that there was clear evidence that conditions were improving. Last December, ADP reported initially that employment increased by 297,000. The official private payroll employment numbers increased by a more modest 113,000 when they were released a few days later. "The upshot is that while other indicators do suggest that labour market conditions are improving, we would be very wary of reading too much into this ADP release. We continue to expect that the non-farm payroll figures will show a 150,000 increase in employment for December when the report is released this Friday," he said.

Internet supervisor Icann has since final capitulation to a origination of an internet domain dedicated to pornography.

The pierce to emanate a tip turn “.xxx” domain – identical to “.com” as well as “.org” – ends a 10-year conflict over a practical red-light district.

Icann gave primary capitulation final year, though carried out serve conference checks over a application.

It is right away staid to pointer an agreement with a ICM Registry, that is subsidy a domain, to have .xxx a reality.

Supporters contend a domain will have it simpler to filter out inapt content.

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Starbucks, a world’s largest sequence of coffee shops, has denounced a code code new trademark which it says indicates a goal to pierce over a core product.

The US giant’s code code new trademark does divided with a difference “Starbucks” as well as “coffee”, withdrawal only a firm’s white upon immature picture of a twin-tailed siren.

Starbucks pronounced which in a destiny “it’s probable we’ll have alternative products with a name upon it as well as no coffee in it”.

However, a little code experts have criticised a move.

“I consider it’s nuts,” pronounced James Gregory, arch senior manager of code consulting organisation Core Brand.

“What’s it starting to be – a coffee before well known as Starbucks?”

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Facebook has reportedly lifted supports from Goldman Sachs as well as a Russian financier in a understanding valuing a amicable networking site during $50bn (£32.3bn).

The New York Times pronounced which Goldman was investing $450m in Facebook, as well as Digital Sky Technologies an additional $50m.

The paper, citing unnamed sources, pronounced a conditions of a understanding pragmatic a worth for Facebook of only over $50bn.

Goldman’s impasse could additionally lift conjecture which Facebook competence boyant upon a batch market.

The Financial Times additionally reported which Goldman was investing $375m in Facebook, with Digital Sky putting in $75m.

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Site Power Balance unexpected flooded visitors today. As a result, a site of a manufacturer of costly ornament upon a arm change is formidable to open. There is what in a world?

Is a improvement upon page ad contains powerbalance, that was flooded with links from everywhere, similar to a Gizmodo site, Reddit, by assorted forums in assorted countries. The reason, in a courtyard, Power Balance have a admission that claims enchanting ornament upon a arm that palm is a lie.

“In a ad, we settled that a hands of Power Balance ornament upon a arm enlarge strength, change as well as coherence you. We commend that there is no convincing systematic justification that supports a claim,”said a matter upon a site, that was one after another by noticing violations of traffic practices legislation.

Power Balance additionally offers a choice of repatriation of income has been paid for their products. Way, revisit their site (which is still formidable to access), or hit numbers. “Offer (refund) is current until Jun 30, 2011.”

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By Victor Simpson as well as Nicole Winfield (independent.co.uk)

This is no typical bank. The ATMs have been in Latin, priests have make have use of of of a in isolation entrance, as well as a life-sized mural of Pope Benedict XVI hangs upon a wall. Nevertheless, l’Istituto per le Opere di Religione (the Institute for Religious Works) is a bank, as well as it is underneath oppressive brand brand brand brand new scrutiny, together with money-laundering allegations that led military to seize ¤23m (£19.5m) in Vatican resources in September. Critics contend a box shows that a “Vatican Bank” has never strew a gusto for privacy as well as scandal.

The Vatican calls a physical condition of resources a “misunderstanding” as well as expresses confidence that it will be privileged up quickly. But justice writings uncover that prosecutors contend a Vatican Bank upon purpose flouted anti-laundering laws “with a target of stealing a ownership, end as well as start of a capital”. The writings additionally exhibit investigators’ suspicions that preaching might have acted as fronts for hurtful businessmen as well as a Mafia. The writings pinpoint dual exchange that have not been reported: a single in 2009 involving a have make have use of of of of a fake name, as well as an additional in 2010 in that a Vatican Bank withdrew ¤650,000 from an Italian bank criticism yet abandoned bank requests to divulge where a income was headed.

The brand brand brand brand new allegations of monetary incorrectness could not have come during a worse time for a Vatican, already strike by revelations that it easeful paedophile priests. The crime examine has additionally since brand brand brand brand new goal to Holocaust survivors who attempted unsuccessfully to sue a Vatican in a US, alleging that Nazi rob was stored in a bank.

Yet a liaison is frequency a primary for a centuries-old bank. In 1986, a Vatican monetary confidant died after celebration cyanide-laced coffee in prison. Another was found swinging from a wire underneath London’s Blackfriars Bridge in 1982, his pockets pressed with income as well as stones. The incidents blackened a bank’s reputation, lifted suspicions of ties with a Mafia, as well as price a Vatican hundreds of millions of dollars in authorised clashes with Italian authorities.

On twenty-one September, monetary military seized resources from a Vatican Bank criticism during a Rome bend of Credito Artigiano. Investigators pronounced a Vatican had unsuccessful to allow report upon a start or end of a funds, as compulsory by Italian law. The bulk of a money, ¤20m, was unfailing for a American JP Morgan’s Frankfurt bend in Germany, with a residue starting to Banca del Fucino, an Italian bank. Prosecutors purported a Vatican abandoned regulations that unfamiliar banks contingency promulgate to Italian monetary authorities where their income has come from. All banks have declined to comment.

In an additional case, monetary military in Sicily pronounced in late Oct that they had unclosed income laundering in- volving a have make have use of of of of a Vatican Bank criticism by a clergyman in Rome whose uncle was convicted of organisation with a Mafia. Authorities contend a small ¤250,000, illegally performed from a informal supervision of Sicily for a fish-breeding company, was sent to a clergyman by his father as a “charitable donation”, afterwards sent behind to Sicily from a Vatican Bank criticism regulating a array of home-banking operations to have it formidable to trace.

The prosecutors’ bureau settled in justice writings final month that whilst a bank has voiced a “generic as well as settled will” to heed to general standards, “there is no pointer that a institutions of a Catholic Church have been relocating in that direction”. It pronounced a review had found “exactly a opposite”.

Legal waters have been ghastly since of a Vatican’s special standing as an eccentric state inside of Italy. This time, Italian investigators were means to pierce opposite a Vatican Bank since a Bank of Italy classifies it as a unfamiliar monetary establishment handling in Italy. However, in a single of a 1980s scandals, prosecutors could not detain a afterwards bank conduct Paul Marcinkus, an American archbishop, since Italy’s top justice ruled he had immunity. Marcinkus, who died in 2006 as well as regularly admitted his innocence, was a impulse for Archbishop Gilday in Francis Ford Coppola’s The Godfather: Part III.

The Vatican has affianced to imitate with EU monetary standards as well as emanate a watchdog authority. Gianluigi Nuzzi, writer of Vatican SpA, a 2009 book surveying a bank’s dealings, pronounced it is probable a Vatican is critical about entrance clean, yet he is not optimistic. “I do not certitude them,” he said. “After a prior large scandals, they pronounced ‘we’ll change’ as well as they didn’t. It’s happened as well many times.” He pronounced a make up as well as enlightenment of a establishment is such that absolute criticism holders can strive vigour upon management. In addition, a small managers have been simply resistant to change.

The list of criticism holders is secret, yet bank officials contend there have been a small 40,000-45,000 between eremite congregations, clergy, Vatican officials, as well as lay-people with Vatican connections. The bank chairman, Ettore Gotti Tedeschi, who is additionally authority of Santander’s Italian operations, was brought in final year to move a Vatican Bank in line with Italian as well as general regulations. Mr Gotti Tedeschi has been upon a open vocalization debate extolling a benefits of a morality-based monetary system. “He went to sell a brand brand brand brand new picture … not meaningful that inside a same things were still happening,” Mr Nuzzi said. “They one after an additional to do these transfers though a names, not indispensably in bad faith, yet out of habit.”

It does not assistance that Mr Gotti Tedeschi himself as well as a bank’s series two, Paolo Cipriani, have been underneath review for purported violations of money-laundering laws. Both were questioned by Rome prosecutors upon thirty September, nonetheless no charges have been filed. In his testimony, Mr Gotti Tedeschi pronounced he knew small about a bank’s day-to-day operations, observant that he had been in a pursuit reduction than a year.

According to a prosecutors’ inquire transcripts, Mr Gotti Tedeschi deflected many questions about a think exchange to Mr Cipriani. He in spin pronounced that when a Holy See eliminated income though identifying a sender, it was a Vatican’s own money, not a client’s. Mr Gotti Tedeschi deserted a ask for an talk yet has settled that he questions a motivations of prosecutors. In a debate in October, he described a wider tract opposite a church, decrying “personal attacks upon a Pope” as well as “the contribution related to paedophilia”. As a Vatican proclaims a innocence, a courts have been land firm. An Italian justice has deserted a Vatican interest opposite a sequence to seize assets.

The Vatican Bank was founded in 1942 by Pope Pius XII to conduct resources unfailing for eremite or free works. The bank, located in a building of Niccolo V, is not open to a public. There have been about 100 staffers, 10 bank windows, a safe for safe-deposit boxes, as well as ATMs that open in Latin yet can be accessed in complicated languages. In an additional benefaction to complicated times, a bank not long ago began arising credit cards.

During a scandals 3 decades ago, a Sicilian landowner Michele Sindona, who had been allocated by a Pope to conduct a Vatican’s unfamiliar investments, brought in Roberto Calvi, a Catholic landowner in northern Italy. After Sindona’s promissory note sovereignty collapsed in a mid-1970s, his links to a host were exposed, promulgation him to jail in 1980 as well as his contingent genocide from tainted coffee 6 years later. Calvi, who hereditary his role, headed Banco Ambrosiano, that collapsed in 1982 after a disappearance of $1.3bn in loans done to manikin companies in Latin America. The Vatican had supposing letters of credit for a loans.

Calvi was found a reduced time after unresolved from scaffolding upon Blackfriars Bridge, his pockets installed with bricks as well as $11,700 in assorted currencies. After an primary statute of suicide, attempted murder charges were filed opposite 5 people, together with a vital Mafia figure, yet all were clear after being tried. While denying wrongdoing, a Vatican Bank paid $250m to Ambrosiano’s creditors. Both a Calvi as well as Sindona cases sojourn unsolved.

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