Saturday, January 26, 2013

Texas, New Mexico tangle over water

ALBUQUERQUE ? The muddy Rio Grande isn't much to look at as it meanders through southern New Mexico to the Texas border, but its waters are a high-stakes prize in a new legal row unfolding between the neighboring states.

This month, Texas asked the U.S. Supreme Court to hear its complaint that New Mexico has been diverting water it is obligated to send downstream under the 75-year-old Rio Grande Compact.

By allowing its residents to sink nearby wells and pump water from the river, "New Mexico has changed the conditions that existed in 1938 when the compact was executed," the Texas complaint charges.

The dispute centers on the Rio Grande Project, a system of dams and canals that impounds water at the Elephant Butte and Caballo reservoirs in New Mexico and delivers it to farmers in southern New Mexico and West Texas. The compact among Colorado, New Mexico and Texas settled years of litigation by establishing a formula for allocating the river's water to various users.

"All we're trying to do is protect the project and its users," says Pat Gordon, Texas' representative on the Rio Grande Compact Commission. "There's been a lot of tension for a lot of years. It seems that it's gotten progressively worse."

For one thing, he says, more than 2,500 wells have been drilled below Elephant Butte since the compact was signed. The wells cause water to flow from the river into the adjoining underground aquifer, he says, reducing the amount of water available for the irrigation network.

Meanwhile, Gordon says, New Mexico has "taken a very aggressive stance regarding what water would belong to the project" in a federal lawsuit it brought against the U.S. Bureau of Reclamation, which operates the project.

That stance has "greatly affected the state of Texas and had an impact on the action Texas had to take," he says.

Sarah Bond, an assistant New Mexico attorney general, denied that her state had changed its interpretation of the accounting and delivery of water under the compact.

"We are in compact compliance," Bond said in emailed comments. Referring to Texas' request pending before the high court, she added, "We would not speculate on any 'true motives' for the Supreme Court action. It would appear they want more water delivered to them than their compact entitlement."

Southern New Mexico farmers have long turned to pumping groundwater under drought conditions, as has the nearby city of El Paso and others in Texas, Bond said. Those drawing water from the river have been found to have water rights that predate the Rio Grande Project, she said.

"None of the actions of New Mexico farmers or river pumpers have been in violation of the compact," she said.

Charles DuMars, a prominent water law specialist and former University of New Mexico law professor, says the dispute "has been brewing for a long time." For years, New Mexico did not regulate groundwater pumping below Elephant Butte and only stopped issuing new well permits in 1980, he says.

Though the wells may be depleting the river's flow, the compact only requires that New Mexico deliver a set amount of water into Elephant Butte Reservoir, DuMars says. As to what happens to the river between there and Texas, New Mexico's water law probably applies, not the compact, he says.

But Carlos Rubinstein, a member of the Texas Commission on Environmental Quality, contends that the Supreme Court should handle the dispute because the compact "is an agreement between states and it was approved by Congress."

Should the high court decide to step in, it would probably appoint a special master to take evidence, he says. Texas has prevailed in similar actions against New Mexico involving the Canadian and Pecos rivers, Rubinstein notes.

Water issues are taking on added urgency as hotter, drier conditions afflict Western states with their burgeoning urban populations. The Supreme Court agreed this month to hear another lawsuit from Texas over water ? by a water district against Oklahoma. At issue is whether the Tarrant Regional Water District in northeastern Texas can use water supplies in Oklahoma.

In New Mexico, years of drought have left Elephant Butte water levels perilously low, and the mountains in northern New Mexico and southern Colorado are seeing lower-than-normal snowpack. Flow in the Rio Grande near Santa Fe this spring is projected to be just 47% of the 1981-2010 average.

DuMars predicts the case will drag on for years. Meanwhile, he says, "it's really up to Mother Nature. If there is adequate snowpack for two or three years in a row and they can fill Elephant Butte, then it's OK. But all the injunctions in the Supreme Court are not going to create snow."

nation@latimes.com

Source: http://feeds.latimes.com/~r/latimes/news/science/~3/2DBYO5AQ-3s/la-na-texas-water-20130126,0,1999420.story

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Video: Microsoft Higher on Q2 Earnings

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Source: http://video.msnbc.msn.com/cnbc/50587733/

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Exclusive: ECB rejects Irish bid on promissory note - sources

(Reuters) - The European Central Bank has rejected Ireland's preferred solution to a dispute over the cost of servicing money borrowed to rescue a failed bank, EU sources familiar with the talks said on Saturday.

Dublin wants to avoid having to pay 3.1 billion euros a year until 2023 to service a promissory note it issued to underwrite failed Anglo Irish Bank during a meltdown of the main Irish lenders after a real estate bubble burst in 2008.

Irish Finance Minister Michael Noonan had proposed converting the note into long-term government bonds that would be taken up by the Irish Central Bank with the intention of keeping the bonds in its portfolio for a long period.

The sources said the ECB's Governing Council discussed the plan for the first time at a meeting on Wednesday and Thursday and agreed that it amounted to "monetary financing" of the Irish government, banned under article 123 of the EU treaty.

"The ball is now back in the Irish court," one source involved in the deliberations said.

"This is an issue of principle. There is a real concern in the Governing Council because you can create precedents when you do things for one country. Then others may say 'why not for us?'," the source said.

"We must be sure the solution doesn't open a window in terms of monetary financing."

A spokesman for Ireland's finance department declined to comment. Officials from the central bank and government were not immediately available for comment.

Avoiding the hefty interest charge that kicks in with this year's payment would help reduce Ireland's budget deficit, still among the highest in Europe, by more than one percentage point, according to finance department estimates.

The source said everybody involved in Ireland, the European Commission, euro zone finance ministers and the ECB wanted to find a solution by the end of March, when the next payment is due.

Ireland had raised other ideas that were less problematic, he said, declining to go into detail.

Irish Prime Minister Enda Kenny told Reuters Insider television in an interview on Friday that getting relief on the promissory note was a crucial part of his country's path to returning to full market funding this year after its EU-IMF bailout program expires.

"We've made no secret of the fact that it's unfair. We are the only people who have had to put up with that," Kenny said, calling the talks with the ECB technical and complex.

The aim was to re-engineer, restructure the note and extend the maturity over a much longer period, he said.

Relations between Dublin and the European monetary authority have been tense since the ECB refused during the bailout negotiations to allow Ireland to make senior bondholders of Irish banks take a share of the losses incurred in the rescue.

Kenny said his government remained "confident that we'll have a deal concluded by the end of March when the next payment is due".

Another EU source said one of the outstanding issues was whether the ECB could accept the swapped Irish bonds as collateral in its refinancing operations.

Irish central bank governor Patrick Honohan, who represents Ireland on the ECB's board, described Dublin's proposal last week as a "novel" solution to reach a deal which would not take policymakers too far out of their comfort zone.

Honohan said a solution was not yet "done and dusted" but ministers have been far more confident with Finance Minister Michael Noonan repeating last week that a deal was likely, although he cautioned that significant outstanding matters could derail it.

Dublin postponed last year's 3.1 billion euro cash payment by issuing a 13-year bond and had floated the idea of replacing the rest of the payments with loans backed by euro zone bailout cash, but have concentrated their efforts on settling the issue with a long-term bond.

European Economic and Monetary Affairs Commissioner Olli Rehn told Reuters that euro zone governments were looking at ways to help Ireland back to full market access that could include extending the maturity of the bailout loans it received in late 2010 or possibly extending a precautionary credit line to Dublin from the euro zone's ESM rescue fund.

The latter option could open the way for the European Central Bank to buy short-term Irish bonds on the secondary market to help bring down its borrowing costs under the ECB's Outright Monetary Transactions policy.

However, a source familiar with ECB thinking said the Governing Council would rather hold its OMT weapon in reserve as a deterrent and not use it, noting that Irish borrowing costs had already fallen substantially and the spread over German 10-year bonds reflected market assessment of the credit risk.

He also said he did not expect Spain to request a precautionary credit line to trigger ECB intervention this year since its spread too had fallen to a level that reflected credit risk rather than any market premium due to a perceived risk of the euro zone breaking up or Spain exiting.

(Additional reporting by Padraic Halpin; writing by Paul Taylor; editing by Jason Neely)

Source: http://news.yahoo.com/exclusive-ecb-rejects-irish-bid-promissory-note-sources-152427166--sector.html

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Friday, January 25, 2013

Moviehole.Net :: Movie, TV & Entertainment News | Film, DVD & Blu ...

Various sources, including TheWrap (who had it first), are reporting that J.J Abrams (?Star Trek?) is in final talks to helm the next ?Star Wars? movie.

Abrams had previously said he had rejected the offer to helm ?Star Wars Episode VII?, the first of three new installments in the long-running science-fiction series, but seems he was either a) lying b) about to be lured by way of some big bucks c) covering his ass so Paramount, who he does the ?Star Trek? movies with, didn?t find out. Not then, anyway. And that way.

Abrams and Ben Affleck were apparently the two contenders for the job .

Michael Arndt is writing the first installment in the new trilogy, due 2015.

Here?s what TheWrap has :

Lucasfilm Chief Kathleen Kennedy has been courting Abrams, one of the most successful directors and producers in Hollywood ? and a man beloved by fanboys.?He runs one of the industry?s top production companies, Bad Robot, and created or co-created television franchises like ?Lost,? ?Fringe? and ?Alias.? He has also directed film spectacles ?Mission: Impossible III,? ?Star Trek? and ?Super 8.?

The lure of the Jedi was too strong, and it will no doubt complicate his relationship with Paramount, where Bad Robot is a top supplier.?Abrams has been feverishly working?on ?Star Trek Into Darkness,? his second?Star?Trek film since he rebooted the franchise in 2009. ?Into Darkness,? still in post-production, opens May 18.

Though he has several producing jobs in front of him, Abrams?had been uncommitted as a director. He will have to jump right into ?Star Wars,? which Disney has slated for a 2015 release. ?Little Miss Sunshine? screenwriter Michael Arndt is penning the script.

Reached by TheWrap, Lynne Hale, spokeswoman for Lucasfilm, declined to comment immediately. Neither CAA, which represents Abrams, nor Bad Robot immediately responded to requests for comment.

Exciting times!

Source: http://moviehole.net/201361414j-j-abrams-to-direct-star-wars-episode-vii

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Thawing 'dry ice' drives groovy action on Mars

Jan. 25, 2013 ? Researchers using NASA's Mars Reconnaissance Orbiter see seasonal changes on far-northern Martian sand dunes caused by warming of a winter blanket of frozen carbon dioxide.

Earth has no naturally frozen carbon dioxide, though pieces of manufactured carbon-dioxide ice, called "dry ice," sublime directly from solid to gas on Earth, just as the vast blankets of dry ice do on Mars. A driving factor in the springtime changes where seasonal coverings of dry ice form on Mars is that thawing occurs at the underside of the ice sheet, where it is in contact with dark ground being warmed by early-spring sunshine through translucent ice. The trapped gas builds up pressure and breaks out in various ways.

Transient grooves form on dunes when gas trapped under the ice blanket finds an escape point and whooshes out, carrying out sand with it. The expelled sand forms dark fans or streaks on top of the ice layer at first, but this evidence disappears with the seasonal ice, and summer winds erase most of the grooves in the dunes before the next winter. The grooves are smaller features than the gullies that earlier research linked to carbon-dioxide sublimation on steeper dune slopes.

Similar activity has been documented and explained previously where seasonal sheets of frozen carbon dioxide form and thaw near Mars' south pole. Details of the different northern seasonal changes are newly reported in a set of three papers for the journal Icarus. A video showing some of the changes is online at http://www.jpl.nasa.gov/video/index.php?id=1184 .

The findings reinforce growing appreciation that Mars today, however different from its former self, is still a dynamic world, and however similar to Earth in some respects, displays some quite unearthly processes.

"It's an amazingly dynamic process," said Candice Hansen of the Planetary Science Institute, Tucson. She is lead author of the first of the three new reports. "We had this old paradigm that all the action on Mars was billions of years ago. Thanks to the ability to monitor changes with the Mars Reconnaissance Orbiter, one of the new paradigms is that Mars has many active processes today."

With three Martian years (six Earth years) of data in hand from the Mars Reconnaissance Orbiter's High Resolution Imaging Science Experiment (HiRISE) camera, the researchers report on the sequence and variety of seasonal changes. The spring changes include outbursts of gas carrying sand, polygonal cracking of the winter ice blanketing the dunes, sandfalls down the faces of the dunes, and dark fans of sand propelled out onto the ice.

"It is a challenge to catch when and how those changes happen, they are so fast," said Ganna Portyankina of the University of Bern in Switzerland, lead author of the second report. "That's why only now we start to see the bigger picture that both hemispheres actually tell us similar stories."

The process of outrushing gas that carves grooves into the northern dunes resembles the process creating spider-shaped features in far southern Mars, as seen in an image at http://photojournal.jpl.nasa.gov/catalog/PIA12249, but the spiders have not been seen in the north. The seasonal dry-ice sheets overlie different types of terrain in the two hemispheres. In the south, diverse terrains include the flat, erodible ground where the spiders form, but in the north, a broad band of sand dunes encircles the permanent north polar ice cap.

Another difference is in brightening on parts of the ice-covered dunes. This brightening in the north results from the presence of water-ice frost, while in the south, similar brightening is caused by fresh carbon dioxide. The third paper of the Icarus set, by Antoine Pommerol of the University of Bern and co-authors, reports distribution of the water frost using the Compact Reconnaissance Imaging Spectrometer for Mars (CRISM). The light water frost is blown around by spring winds.

The University of Arizona, Tucson, operates the HiRISE camera, which was built by Ball Aerospace & Technologies Corp., Boulder, Colo. The Johns Hopkins University Applied Physics Laboratory, Laurel, Md., provided and operates CRISM. NASA's Jet Propulsion Laboratory, a division of the California Institute of Technology in Pasadena, manages the Mars Reconnaissance Orbiter for NASA's Science Mission Directorate in Washington. Lockheed Martin Space Systems, Denver, built the orbiter. For more about the mission, visit: http://www.nasa.gov/mro .

A slide show of Martian icy scenes is online at: http://1.usa.gov/ZoAO8I .

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Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_science/~3/Bl0tO9lJq3g/130125095328.htm

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Thursday, January 24, 2013

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The Company?s growth requires the addition of specialized legal
resources

MONTREAL, Jan. 24, 2013 /CNW Telbec/ ? Ivanho? Cambridge announced today
the appointment of Claude Gendron as Executive Vice President, Legal
Affairs and General Counsel.

Ivanho? Cambridge?s fast-growing national and international investment
program made necessary the creation of this position, which will enable
a detailed execution of complex transactions.

Mr. Gendron will hold overall responsibility for legal affairs and will
focus, among other things, on aspects related to acquisitions and asset
sales, as well as on partnerships and other investments, financing,
investment funds and real estate development. Lorna Telfer , whose
previous responsibilities included the duties of General Counsel, will
be appointed Executive Vice President, Legal Affairs and Corporate
Secretary. Ms. Telfer?s responsibilities will include, among others,
legal aspects related to operations, governance, compliance, corporate
social responsibility and the Corporate Secretariat.

A seasoned lawyer specializing in real estate, Mr. Gendron was
previously a Senior Partner at Fasken Martineau Dumoulin and has been
acknowledged by his peers on many occasions.

Mr. Gendron was involved in many property acquisition and sales
transactions in downtown Montreal, as well as nationally and
internationally. He also participated actively in the sales or
acquisitions of several industrial and commercial property portfolios
and played a leading role in the development and financing of numerous
office building and infrastructure projects. In addition, Mr. Gendron
took part in many important national and international financings and
as such worked on Ivanho? Cambridge files on many occasions.

?We are particularly pleased to welcome Claude to lead our Legal Affairs
team at Ivanho? Cambridge,? declared Daniel Fournier , Chairman and
Chief Executive Officer of Ivanho? Cambridge. ?His impressive
background, leadership abilities and real estate expertise will be
assets for our company, our people and our partners. I would like to
wish him the warmest welcome to our firm. His arrival will add a
significant measure of transactional expertise on the global scene
within our Legal Affairs team. At a time of accelerated growth, there
is a pressing need for support on investment transactions. I am
convinced that Lorna and Claude will form a very high-calibre team.?

Mr. Gendron will sit on Ivanho? Cambridge?s Executive Committee and
Investment Committee. He will assume his new duties on February 11,
2013
.

About Ivanho? Cambridge
Ivanho? Cambridge is one of the 10 largest real estate companies in the
world, with assets in more than 20 countries valued at over Cdn$30
billion
as at December 31, 2011. Ivanho? Cambridge is a real estate
subsidiary of the Caisse de d?p?t et placement du Qu?bec (lacaisse.com), one of Canada?s leading institutional fund managers. For more
information, visit ivanhoecambridge.com.

Biographical notes ? Claude Gendron

Claude Gendron?s fields of legal specialization are real estate,
infrastructure and corporate financing. Having started his career with
one of the major Canadian banks, his main clients were large real
estate developers and investors, financial institutions, pension funds
and governmental agencies.

Mr. Gendron was involved in a great many of the real estate acquisition
and sales transactions in downtown Montreal as well as in numerous
national and international transactions. He also participated actively
in several sales and acquisitions of industrial and commercial property
portfolios and played a leading role in the development and financing
of numerous office building and infrastructure projects.

In the infrastructure sector, Mr. Gendron served as the lead external
legal counsel to Infrastructure Qu?bec for the completion of the new
Centre hospitalier de l?Universit? de Montr?al and the McGill
University
Health Centre, and also for the Centre Hospitalier Universitaire Sainte-Justine modernization project. Mr. Gendron also participated in many important
national and international financings.

Mr. Gendron was named Lawyer of the Year in Real Estate (Montreal) in
2010 by The Best Lawyers in Canada and is also recognized in the field of real estate by the prestigious Chambers Global Directory. He is also cited for his real estate experience in the Guide to the World?s Leading Real Estate Lawyers, published by the Legal Media Group/Euromoney Publications, as well as in
the Guide to the Leading 500 Lawyers in Canada, published by American Lawyer Media Group in conjunction with LEXPERT.

Called to the Quebec Bar in 1975, Mr. Gendron holds a B.Adm. (1971) from
the University of Ottawa, and earned his Licence in Law (LL.L) and his
Master?s Degree in Law (LL.M) from Universit? de Montr?al.

SOURCE Ivanho? Cambridge

Image with caption: ?Ivanho? Cambridge appoints Claude Gendron as Executive Vice President, Legal Affairs and General Counsel (CNW Group/Ivanho? Cambridge)?. Image available at: http://photos.newswire.ca/images/download/20130124_C8414_PHOTO_EN_23002.jpg

Source: http://www.redliontrader.com/streamingnews/food-bloggers-compete-in-game-day-recipe-challenge-highlight-how-sports-fans-can-celebrate-with-less-waste/

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