China's party congress wraps up

14 November 2012 Last updated at 06:36 GMT Security has been tight in Beijing for the week of the congress China's Communist Party has concluded a week-long congress, a day before unveiling its new leadership line-up.

More than 2,200 delegates met to select a new Central Committee in Beijing's Great Hall of the People.

That committee will meet on Thursday to endorse China's top decision-making body, the Politburo Standing Committee.

The new line-up will be keenly watched for signs of China's future economic and political direction.

In a closing statement, President Hu Jintao said the congress had "replaced older leaders with younger ones" and made decisions of "far-reaching historical significance", Xinhua news agency said.

China's leadership change happens every 10 years. The party congress opened on 8 November with a televised work report from Mr Hu, but since then the decision-making has been taking place behind closed doors.

Continue reading the main story Wednesday: Party congress elects 350-odd members of 18th central committeeChina's richest man, Liang Wengen, may be first private businessman on bodyThursday: Central committee meets and elects new Politburo and Politburo Standing CommitteeXi Jinping set to be named as Party General SecretaryPolitburo may be reduced from nine to sevenReformists hopes pinned on Guangdong Party boss Wang Yang and Liu YuanchaoParty will also announce whether Hu Jintao will keep charge of army, or hand power to Xi JinpingWhile votes are held, key selections are in reality decided in advance by top leaders, with the Politburo Standing Committee line-up to be revealed at 11:00 (03:00 GMT) on Thursday.

Xi Jinping and Li Keqiang are expected to become party leader and deputy respectively. Mr Xi is also expected to take over from Hu Jintao as China's president in March 2013.

Both were appointed to the Central Committee, Xinhua news agency confirmed, as were the leading contenders for inclusion in the Standing Committee.

Vice-Premier Wang Qishan, propaganda chief Liu Yunshan, party organisation chief Li Yuanchao, Tianjin party boss Zhang Gaoli and Vice-Premier Zhang Dejiang are all thought to be front-runners.

But the exact composition of the committee - which could be reduced from nine to seven members - will not be clear until it is formally announced.

New faces

The full list of Central Committee members has not yet been revealed. Members are usually leading figures of the party, government and army.

Many current members are past the retirement age, so it is widely expected that at least half of the next committee will be new faces, says the BBC's Raymond Li.

Continue reading the main story Special Communist Party meeting every 10 yearsThis time, leaders over age of 68 will be retiredNew group of seven or nine top leaders unveiledNames already decided in secret, none electedFactions more important than policies, exact selection process unclearThe committee meets every year to make decisions on major policies and is also responsible for appointing the most powerful people in China.

But, our correspondent says, sometimes decisions are made by the politburo and then sent to the committee for final approval, leading some to call it a rubber-stamp.

The party congress also approved Mr Hu's work report and added his Scientific Outlook on Development theory into the party constitution, Xinhua said.

Analysts say there has been division at the very top of the leadership in the lead-up to the congress, with two rival factions jostling for position and influence.

Recent months have also been dominated by the scandal involving former Chongqing party leader Bo Xilai. His wife has been jailed for murdering a British businessman and he looks set to face trial on a raft of corruption-related charges.

Across China, meanwhile, recent cases of official corruption have stoked public anger and there have been a series of high-profile mass protests focusing on land grabs and environmental issues.

Mr Hu, in his speech, said the party had to better tackle corruption issues or risk fatal damage, echoing a warning issued 10 years ago.

"If we fail to handle this issue well, it could prove fatal to the party, and even cause the collapse of the party and the fall of the state," he said.

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Re-elected Obama would push quickly for fiscal deal: party aides

U.S. President Barack Obama speaks at an election campaign rally in Columbus, Ohio, November 5, 2012, on the eve of the U.S. presidential elections.

Credit: Reuters/Jason Reed

By Thomas Ferraro

WASHINGTON | Mon Nov 5, 2012 9:18pm EST

WASHINGTON (Reuters) - If President Barack Obama wins re-election, he's expected to move quickly, perhaps within a day, to renew his bid for a bipartisan deal to avert a "fiscal cliff" that threatens to push the United States into recession, top Senate Democratic aides said on Monday.

A victorious Obama could reach out to Republicans as early as Wednesday and pledge that, with the election decided, it's time to find common ground to deal with the year-end expiration of Bush-era tax cuts and the launch of automatic spending cuts that would suck $600 billion out of the economy in 2013.

"He wants to get the process started immediately," one aide said. "We could move quickly," another aide said, explaining that the basic ingredients of any deal - increased tax revenues coupled with cuts in entitlement programs - have been debated thoroughly for the past two years.

"Everyone knows what needs to be done," he said.

Two Democratic aides said White House officials have discussed the matter with top Senate Democrats, though it remains unclear exactly how a re-elected Obama would proceed.

But as one aide said, the White House intends to move quickly because it "wants a big deal" before the current Congress adjourns in December. The White House had no comment.

If Republican challenger Mitt Romney wins, much of the work on a deficit-reduction deal that replaces the automatic cuts and reforms the tax code could be largely delayed until he takes office on Jan 20.

But Republicans in Congress would quickly launch an effort to delay the cuts and keep tax rates unchanged for six months to a year to buy time for a comprehensive tax reform deal.

House Speaker John Boehner said on Sunday that he would angle for a temporary "bridge" to allow the new administration and the next Congress to craft a solution.

'GRAND BARGAIN'

"I would think that would be the best you can hope for, and even that is going to be very difficult to do," Boehner, a Republican, told CNN in an interview in his home state of Ohio.

The Democratic aides said a deficit reduction deal would likely contain many elements from one that Obama and Boehner, the top U.S. Republican, came close to reaching last year as Congress wrangled over raising the federal debt limit. Both parties have talked about trying to achieve around $4 trillion in deficit reduction over 10 years.

Their elusive "grand bargain," which ultimately unraveled, would have included Democrats agreeing to cuts in entitlement programs, such as Medicare and Medicaid, in exchange for Republicans signing off on new tax revenues.

Republicans have vowed to oppose any increase in tax rates, while Obama has demanded that tax rates on income above $250,000 snap back to higher levels. Some Republicans have expressed willingness to allow increased revenues as part of tax reform by eliminating some tax credits and deductions, but these have not been identified, and they want to reduce tax rates even further.

"This thing has been litigated in Washington for two years," one of the Democratic aides said.

"The reason a compromise has been tough to come by is because Republicans have been holding back, hoping to take the Senate and the White House" on Election Day, the aide said.

On Monday, it was unclear if Obama or Romney would win the White House, with polls in a statistical dead heat. But the polls indicated an increasing likelihood that Democrats would retain the Senate, which it now holds by a 53-47 margin.

Most political experts expect the House of Representatives to remain controlled by Republicans.

"The kind of compromises that are needed are pretty much known at this point," one aide said. "It is just a matter of political will."

"I think the message of the election - if it returns the president and a Democratic Senate and a Republican House - is that voters want both sides to work together," the aide said.

"Republicans would be seen as not heeding the message of the election if they continue to refuse to compromise," one aide said.

Boehner did little to fuel hopes for such a middle-ground on Monday, reiterating his vow not to raise taxes on the wealthy and arguing that this would hurt job creation.

"Listen, our (House) majority is going to get reelected," Boehner said in an interview with Politico. "We'll have as much of a mandate as he will — if that happens — to not raise taxes."

Democrats and Republicans have until the end of December to reach a massive deficit reduction deal or see the expiration of all tax cuts enacted under former president George W. Bush for millions of Americans, both the rich and middle class.

In addition, $1.2 trillion in spending cuts would begin to kick in, delivering a blow to the economy that experts predict would lead to a recession.

The Senate Democratic aides said the administration opposes calls for a short-term fix, which would renew all tax cuts for six months or so while a comprehensive agreement is sought. "The White House is showing no sign of caving on this," an aide said.

(Additional reporting by Richard Cowan and David Lawder; Editing by Todd Eastham)

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Romney's hedge-fund backers plan to party on election night

1 of 6. Republican presidential nominee Mitt Romney and his wife Ann finish filling out their ballots while voting during the U.S. presidential election in Belmont, Massachusetts November 6, 2012.

Credit: Reuters/Brian Snyder

By Svea Herbst-Bayliss, Katya Wachtel and Lauren Tara LaCapra

BOSTON/NEW YORK | Tue Nov 6, 2012 11:34am EST

BOSTON/NEW YORK (Reuters) - There is one group of voters Mitt Romney should win in a landslide in Tuesday's U.S. presidential election: hedge fund managers.

Most of the best-known hedge fund managers threw their support and, more importantly, their dollars behind the Republican presidential hopeful long ago.

Now, some heavyweights of the $2 trillion industry plan to break out the champagne and party in style Tuesday night as they cheer on their man at events in Boston, New York and even Las Vegas, according to people familiar with the Romney campaign and some of the big contributors.

Julian Robertson, a billionaire hedge fund manager who helped launch the careers of more than a dozen other money managers, will be in Boston, where Romney and his family will be watching the results come in.

Robertson and Romney have known each other for decades, going back to when Romney was running Bain Capital and Robertson's Tiger Management was one of the largest hedge funds around. At the height of Tiger's success, the fund was overseeing more than $20 billion.

Conventional wisdom suggests that if Romney defeats President Barack Obama, he will be less likely to raise taxes on the rich and will ease off on tough regulation of Wall Street. The stock market is expected to rise as a result.

It is a scenario that appeals to many hedge fund managers, many of whom feel Obama has demonized Wall Street and the rich in general while backing tougher regulations on the financial sector.

Joining Robertson in Boston will be other big donors to the Romney campaign, including New York Jets owner Woody Johnson and controversial casino magnate Sheldon Adelson, who has emerged as one of the biggest contributors to Republican candidates this year.

Anthony Scaramucci, founder of investment firm Skybridge Capital, organizer of the popular SALT hedge fund conference in Las Vegas and a long-time Romney supporter, is also heading to Boston. Paul Singer, who runs the $20 billion Elliott Associates hedge fund and has been another strong Romney supporter, was invited to spend the evening in Boston but his plans are unknown.

People familiar with the campaign say Romney's biggest donors and fundraisers will be attending a private party at the Westin Hotel next to the Boston Convention and Exposition Center, where Romney is scheduled to speak after the election results are announced.

PAULSON

But not all of Romney's most loyal backers in the hedge fund world are traveling to Beantown.

A Republican political adviser said less prominent Wall Street fundraisers for Romney will be gathering at Brinkley's Station, a bar and restaurant on Manhattan's Upper East Side. It is unclear who will be attending that event, or what will be on the menu, but Brinkley's features a $23.75 lobster club sandwich and $12 Bloody Marys.

John Paulson, who made billions betting on the collapse of the U.S. housing market, is hosting a small election party at his Upper East Side townhouse. Paulson, whose Paulson & Co hedge funds have endured two rough years, has long been a reliable host for Romney events, throwing parties for the candidate at his summer and regular residences.

Hurricane Sandy, which has caused devastation and hardship throughout the New York metropolitan area, has caused other money managers to alter their election-night plans.

One partner at a New York-based hedge fund with more than $10 billion under management had planned to host a party for both Republicans and Democrats at his Lower Manhattan apartment. But after Sandy hit, the soiree was canceled because there was too much damage to the host's apartment, according to a person who had been invited to the event.

Money manager Jason Ader, who gained prominence as a Wall Street gaming analyst and is backing Romney, had been planning to travel to Las Vegas for an election night "watch party" at the Venetian Resort Hotel Casino.

But in the aftermath of Sandy, Ader says he has decided to stay home. The manager of Ader Investment Management, which provides funding to small hedge funds, "will vote and watch at home with my young kids and educate them about the process and the returns," he said.

The Venetian is owned by Las Vegas Sands Corp, a casino and hotel company that is led by Adelson, and Ader is a board member. The invite for the party promises "remarks" by "special guests." A company spokeswoman declined to comment on the guest list.

Representatives for a number of other prominent Romney supporters in the hedge fund industry, such as Citadel's Kenneth Griffin and Third Point's Dan Loeb, declined to comment on how they plan to spend election night.

Robertson and Griffin have each donated more than $1 million to a Romney-friendly SuperPAC called Restore Our Future, campaign records show.

On the Democratic side, the big election-night parties will be in Chicago, where the Obama campaign is based. Mark Gilbert, a director at Barclays Wealth, the private banking arm of Barclays Plc, plans to attend a big Chicago event, according to a person who knows the Florida-based banker.

The few prominent hedge fund managers backing Obama appear to be taking a low-key approach to election night, especially in New York. A person close to Marc Lasry, founder of Avenue Capital Group, who has hosted fundraisers for Obama in the past, is not planning anything special tonight.

The smaller celebrations from Democratic-leaning money managers may be a reflection of the much larger amount of support Romney is getting from the industry.

But even some who favor Romney say they see no reason to get together with friends to celebrate because they expect Obama to be reelected.

David Hinman, chief investment officer of SW Asset Management, a Newport Beach, California-based investment firm, said in an email: "100 percent Obama wins; no reason to party." (Reporting By Svea Herbst-Bayliss, Katya Wachtel and Lauren Tara LaCapra; additional reporting by Emily Flitter; Editing by Matthew Goldstein, Jennifer Ablan, Martin Howell and John Wallace)

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Romney's hedge-fund backers plan to party on election night

1 of 6. Republican presidential nominee Mitt Romney and his wife Ann finish filling out their ballots while voting during the U.S. presidential election in Belmont, Massachusetts November 6, 2012.

Credit: Reuters/Brian Snyder

By Svea Herbst-Bayliss, Katya Wachtel and Lauren Tara LaCapra

BOSTON/NEW YORK | Tue Nov 6, 2012 11:34am EST

BOSTON/NEW YORK (Reuters) - There is one group of voters Mitt Romney should win in a landslide in Tuesday's U.S. presidential election: hedge fund managers.

Most of the best-known hedge fund managers threw their support and, more importantly, their dollars behind the Republican presidential hopeful long ago.

Now, some heavyweights of the $2 trillion industry plan to break out the champagne and party in style Tuesday night as they cheer on their man at events in Boston, New York and even Las Vegas, according to people familiar with the Romney campaign and some of the big contributors.

Julian Robertson, a billionaire hedge fund manager who helped launch the careers of more than a dozen other money managers, will be in Boston, where Romney and his family will be watching the results come in.

Robertson and Romney have known each other for decades, going back to when Romney was running Bain Capital and Robertson's Tiger Management was one of the largest hedge funds around. At the height of Tiger's success, the fund was overseeing more than $20 billion.

Conventional wisdom suggests that if Romney defeats President Barack Obama, he will be less likely to raise taxes on the rich and will ease off on tough regulation of Wall Street. The stock market is expected to rise as a result.

It is a scenario that appeals to many hedge fund managers, many of whom feel Obama has demonized Wall Street and the rich in general while backing tougher regulations on the financial sector.

Joining Robertson in Boston will be other big donors to the Romney campaign, including New York Jets owner Woody Johnson and controversial casino magnate Sheldon Adelson, who has emerged as one of the biggest contributors to Republican candidates this year.

Anthony Scaramucci, founder of investment firm Skybridge Capital, organizer of the popular SALT hedge fund conference in Las Vegas and a long-time Romney supporter, is also heading to Boston. Paul Singer, who runs the $20 billion Elliott Associates hedge fund and has been another strong Romney supporter, was invited to spend the evening in Boston but his plans are unknown.

People familiar with the campaign say Romney's biggest donors and fundraisers will be attending a private party at the Westin Hotel next to the Boston Convention and Exposition Center, where Romney is scheduled to speak after the election results are announced.

PAULSON

But not all of Romney's most loyal backers in the hedge fund world are traveling to Beantown.

A Republican political adviser said less prominent Wall Street fundraisers for Romney will be gathering at Brinkley's Station, a bar and restaurant on Manhattan's Upper East Side. It is unclear who will be attending that event, or what will be on the menu, but Brinkley's features a $23.75 lobster club sandwich and $12 Bloody Marys.

John Paulson, who made billions betting on the collapse of the U.S. housing market, is hosting a small election party at his Upper East Side townhouse. Paulson, whose Paulson & Co hedge funds have endured two rough years, has long been a reliable host for Romney events, throwing parties for the candidate at his summer and regular residences.

Hurricane Sandy, which has caused devastation and hardship throughout the New York metropolitan area, has caused other money managers to alter their election-night plans.

One partner at a New York-based hedge fund with more than $10 billion under management had planned to host a party for both Republicans and Democrats at his Lower Manhattan apartment. But after Sandy hit, the soiree was canceled because there was too much damage to the host's apartment, according to a person who had been invited to the event.

Money manager Jason Ader, who gained prominence as a Wall Street gaming analyst and is backing Romney, had been planning to travel to Las Vegas for an election night "watch party" at the Venetian Resort Hotel Casino.

But in the aftermath of Sandy, Ader says he has decided to stay home. The manager of Ader Investment Management, which provides funding to small hedge funds, "will vote and watch at home with my young kids and educate them about the process and the returns," he said.

The Venetian is owned by Las Vegas Sands Corp, a casino and hotel company that is led by Adelson, and Ader is a board member. The invite for the party promises "remarks" by "special guests." A company spokeswoman declined to comment on the guest list.

Representatives for a number of other prominent Romney supporters in the hedge fund industry, such as Citadel's Kenneth Griffin and Third Point's Dan Loeb, declined to comment on how they plan to spend election night.

Robertson and Griffin have each donated more than $1 million to a Romney-friendly SuperPAC called Restore Our Future, campaign records show.

On the Democratic side, the big election-night parties will be in Chicago, where the Obama campaign is based. Mark Gilbert, a director at Barclays Wealth, the private banking arm of Barclays Plc, plans to attend a big Chicago event, according to a person who knows the Florida-based banker.

The few prominent hedge fund managers backing Obama appear to be taking a low-key approach to election night, especially in New York. A person close to Marc Lasry, founder of Avenue Capital Group, who has hosted fundraisers for Obama in the past, is not planning anything special tonight.

The smaller celebrations from Democratic-leaning money managers may be a reflection of the much larger amount of support Romney is getting from the industry.

But even some who favor Romney say they see no reason to get together with friends to celebrate because they expect Obama to be reelected.

David Hinman, chief investment officer of SW Asset Management, a Newport Beach, California-based investment firm, said in an email: "100 percent Obama wins; no reason to party." (Reporting By Svea Herbst-Bayliss, Katya Wachtel and Lauren Tara LaCapra; additional reporting by Emily Flitter; Editing by Matthew Goldstein, Jennifer Ablan, Martin Howell and John Wallace)

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Green Party presidential hopeful arrested in pipeline protest

Green Party presidential candidate Jill Stein addresses a news conference at the Green Party presidential nominating convention in Baltimore, Maryland, July 14, 2012.

Credit: Reuters/Jonathan Ernst

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