Friday, March 19, 2004

Morley chief to head ABI's investment arm

Keith Jones, chief executive of Morley Fund Management, is to become the most powerful institutional investor in the City after agreeing to be the next chairman of the influential investment committee of the Association of British Insurers.


Mr Jones's appointment, which will be formally announced this morning, became necessary after Sandy Crombie, the committee's previous chairman, was forced to relinquish the post six months early after being promoted to be chief executive of Standard Life earlier this year.

It is understood that the ABI, a leading investor lobby group whose members control about 20 per cent of the UK stock market, was keen to appoint a "heavy-hitter" from among the 18 companies represented on the investment committee. Morley, a subsidiary of insurance giant Aviva, has assets under management of £120bn.

As well as Mr Crombie, previous chairmen of the investment committee have included David Rough of Legal & General.

Individual companies are increasingly making private visits to the ABI, seeking investor backing on thorny issues such as remuneration and corporate governance.

On Monday, senior Shell directors are scheduled to meet investors at the ABI to explain developments at the embattled oil company.

The appointment of Mr Jones, 52, to the two-year post is likely to raise concerns in UK boardrooms, where there are fears over the growing power of shareholders.

As an investment house, Morley has been at the forefront of shareholder activism and socially responsible investment.

Last April, Mr Jones signed a letter to the Financial Times backing the boardroom reforms suggested by Sir Derek Higgs. It read: "Good corporate governance is about ensuring that companies are managed in the best interests of shareholders."

Mr Jones said on Thursday: "I hope that my appointment will be well received.

"The ABI has done a tremendous job engaging with companies and my role is to keep moving that debate forward in a balanced and constructive way. I will seek to avoid a box-ticking approach."

The ABI investment committee meets once a month and Mr Jones, who will chair his first meeting in May, will join the organisation's main board as a result of his appointment.

Thursday, March 11, 2004

Clinton, Kerry discuss running mates

NEW YORK (CNN) -- Former President Bill Clinton said Wednesday he has spoken to John Kerry about choosing a running mate.


Asked after a public appearance in the Bronx if he had any advice for Kerry on the subject, Clinton said, "No, we've talked about it. He'll do a good job with that."

Clinton spokesman Jim Kennedy said later the former president called Kerry on March 3, the day after a string of primary wins effectively secured the senator from Massachusetts the Democratic nomination. Kennedy said he was not privy to the details of the conversation.

A Kerry spokesman would not discuss details of what Kerry and Clinton talked about but said Kerry is interested in what party leaders with experience in searches have to say.

Earlier, before an audience at Hosotos Community College, Clinton said Kerry should make Bush's election record topic No. 1.

"You know, I'm a Democrat, so I'm going to support our nominee for president. But somebody said to me we ought to run against what President Bush -- where he didn't keep his commitments," Clinton said.

"I said, 'No we shouldn't, we should run where he didn't keep his commitments, and people weren't paying any attention.'

"Most people in public life do what they said they're going to do when they get elected. It's just that most people don't pay attention to what they're saying when they're running," said Clinton, a two-term president and five-term governor of Arkansas.

During his afternoon appearance, Clinton criticized the Bush administration for running a $500 billion deficit on the federal budget, which had a surplus when he left office three years ago.

"The tax cut that I got has been protected against all cost," said Clinton, referring to the $1 trillion income tax cuts that primarily benefited Americans with high incomes such as the former president, who has earned millions for his forthcoming memoirs and for making speeches.

"It's the most important thing in the world to the administration and the majority party in Congress to protect my tax cut," Clinton said.

"So to protect my tax cut in this budget, they are kicking 300,000 poor children out of after-school programs, 23,000 cops off the street.

"They've already removed 83,000 students from the student loan program, depriving 140,000 unemployed workers from job training and removing child care supports to 100,000 working families," Clinton continued.

"Now that's a choice they made. They actually believe the most important thing in the world is to have less government and low taxes.

"They believe that lower taxes are good even if you have to have adverse human consequences. It's a difference of opinion."

Clinton's remarks concluded a symposium, sponsored by his foundation, to encourage youth activism.

He also taped a public service announcement targeting minority youth to register to vote.

The promotion will be broadcast on Black Entertainment Television, which has committed $1 million in free advertising time on its network between April and November.

Celebrities also appearing separately in the ads include rapper LL Cool J and singer-songwriter Alicia Keys.

Afterward, Clinton was asked about Bush's use of September 11 imagery in his re-election ads.

"I think it's up to President Bush to decide what he's going to run on, and how he's going to present it," Clinton said.

"When you raise an issue, it opens the issue in a way that we've -- all of us in our party have always tried to keep September 11 and the aftermath out of politics. And it's been put back in politics, and we'll just see what happens.

"But he has to decide that. It's not up to me to make judgments about that. I think that in the end all elections are about the future, and this one will be too," Clinton said.

Asked if Kerry spends too much talking about his Vietnam experience and not enough time talking about Republicans who accuse him of flip-flopping, Clinton said, "No, I don't think he spends too much time talking about his Vietnam experience. It's a very important part of who he is."

Clinton also commented on Kerry's nuanced opinion on same-sex marriage.

"I think Kerry's in the right place on it, and we'll just see what happens. I think the country is going through this dramatic reassessment, and we've come a very long way on this issue," said Clinton, who signed the Defense of Marriage Act in 1996.

"Keep in mind -- when I tried to get gays in the military in '93 it was one of the major reasons I lost the Congress in '94. We have come a long way," Clinton said.

"And the culture is different in different communities, different states. We'll work through it, and we'll continue broadening the circle of rights in America."

Wednesday, March 03, 2004

Hollywood finally bestows an Oscar on its most talented rebel

HOLLYWOOD (AFP) - Rebellious star Tim Robbins, who won the best supporting actor Oscar for "Mystic River," has finally been blessed by Hollywood after years of riling it with his political activism.


Robbins won the Academy Award for his role as the tragic and damaged Dave Boyle, who is struggling to emerge from the shadow of childhood abuse when he becomes embroiled in the murder of the daughter of his lifelong friend played by Sean Penn.

The Hollywood rebel's acting laureate for in Clint Eastwood's dark thriller came after a long period in which he was better known as an acclaimed and provocative director and writer rather than a movie star.

"There's a new Orson, and he's it," filmmaker Robert Altman said of the Robbins screenwriting and direction of his 1992 political satire "Bob Roberts," comparing him to another multi-talented Hollywood rebel.

In 1995 Robbins was nominated for a best director Oscar for "Dead Man Walking," a drama focusing in capital punishment, but lost the award to Mel Gibson for "Braveheart."

Some industry observers said he was too divisive a public figure to be embraced by an industry that shies away from social conflict.

Along with his longtime companion, Oscar-winning actress Susan Sarandon, Robbins, 45, has won a reputation as one of Tinseltown's most controversial social and political activists, standing out as one of the few public figures to publicly decry the US-led war in Iraq last year.

He and Sarandon scandalised Hollywood when they used their roles as presenters at the 1993 Oscars ceremony to slam the detention of several hundred Haitians with AIDS at the US naval base Guantanamo Bay.

But, while the Hollywood establishment clutch their armrests each time he rises to make a speech, Robbins insists he does not set out to fuel public polemic, but feels that he sometimes has a duty to speak out.

"If there is something that was really happening ... when people's lives are at risk and I thought it would be a worthy thing to do, I would (speak out), but I'm not trying to (cause controversy)," said the actor who was branded a "traitor" last year for his opposition to the war.

Born near Los Angeles to a devoutly Roman Catholic folk singer father in October 1958, the family moved to New York's Greenwich Village where Robbins began acting at the age of 12.

After moving back to Los Angeles to study drama, he formed an avant garde theatre troupe dubbed the Actors' Gang before going on to work in television.

Robbins won his first small movie role in 1983's "Toy Soldiers," before making his mark as baseball star "Nuke" LaLoosh in 1988's "Bull Durham," during the filming of which he began his long romance with co-star Sarandon with whom he has two children.

He won rave reviews for his role as a Vietnam War veteran in "Jacob's Ladder" (1990) before hitting international stardom as a ruthless movie executive in Altman's 1992 satire on the Hollywood cinema industry, "The Player." The role earned him the best Actor award at Cannes.

He went onto play a dullard in the comedy "The Hudsucker Proxy in 1994 and also took a role in the hit prison drama "The Shawshank Redemption" (1994) before making "Dead man walking," starring Penn and Sarandon.

In recent years he has focused less on acting, taking roles in Brian de Palma's "Mission to Mars" (2000) and in Stephen Frears "High Fidelity" (2000).

Thursday, February 26, 2004

Jay-Z, Beatles album: An unauthorized Web hit

NEW YORK (AP) -- When DJ Danger Mouse decided to combine raps from Jay-Z's "The Black Album" with music from the Beatles' legendary "White Album" to create "The Grey Album," he didn't have permission from either side to do it -- and he didn't care.


"I intended for it to be for friends and for people who knew my stuff. I figured it would get passed around, and it would be this little underground thing, but it kind of took off on its own," said the music producer, born Brian Burton.

That's an understatement. Although he only pressed up a few thousand copies on CD, it has become a hotly traded album on the Web, sparking the consternation of the Beatles' parent label and an Internet protest in support of Danger Mouse.

"This was not my intent to break copyright laws. It was my intent to make an art project," the Los Angeles-based producer said.

The ingenious album reconfigures the trippy Beatles rock to jibe with Jay-Z's rough acapella raps. It's just the latest of countless unauthorized DJ mixes that have multiplied thanks to the power of the Internet.

"It's a complete deconstruction and reconstruction," says Danger Mouse, who says he spent two weeks on the project.

Although Danger Mouse says he created the "Grey Album" only for fans and friends, he did sell some copies to record stores and promote it on his Web site, www.djdangermouse.com.

Jay-Z's label, Roc-a-fella Records, didn't take any action against Danger Mouse. While Damon Dash, head of Roc-a-fella, told The Associated Press that proper permission should have been obtained, he said, "I think it hot. It's the Beatles. It's two great legends together."

But EMI, which owns the Beatles recordings, sent Burton a cease-and-desist order. "The DJ did not ask permission at any time -- never approached us," said Jeanne Meyer, senior vice president of corporate communications for EMI.

Not that Danger Mouse could remove all the copies from the Internet, even if he wanted to.

The album's profile may have gotten even bigger Tuesday, when the music activism site downhillbattle.org urged fans to post the music on Web sites for a day to protest EMI's cease-and-desist order. Nicholas Reville, a co-founder of the site, says more than 150 sites have participated.

"What's going on is that EMI is censoring a work of art," he said. "Not only are they telling musicians the kind of music they can or cannot create, they're trying to tell the public what we can and cannot listen to. We think EMI's attempts to censor it and prevent the public from hearing it are a huge problem and we shouldn't allow that kind of corporate censorship."

However, Meyer said the issue was not about censorship, but copyright protection. She says EMI routine approves samples and remixed works (usually for a price).

"We're not against sampling, We're not against remixes, we've been really progressive in it," she said. "The work is unauthorized, and people who are hosting it or are streaming it are being advised to stop."

Burton, who has produced tracks for artists like the rapper Cee-Lo and released the album "Ghetto Pop Life" last year with artist Jemini on Lex Records, was not getting involved with the Internet protest. He says the real intent of creating the "Grey Album" wasn't to protest copyright laws, but to create a musical dialogue between fans.

"I'm getting people like high school teachers using it as a lecture," he says, adding that Beatles fans have become more appreciative of Jay-Z's work, and vice versa.

"Their kids are asking for Beatles records now. I wanted to kind of have that be passed on to other people, that such radical things can really work."
Jay-Z, Beatles album: An unauthorized Web hit

NEW YORK (AP) -- When DJ Danger Mouse decided to combine raps from Jay-Z's "The Black Album" with music from the Beatles' legendary "White Album" to create "The Grey Album," he didn't have permission from either side to do it -- and he didn't care.


"I intended for it to be for friends and for people who knew my stuff. I figured it would get passed around, and it would be this little underground thing, but it kind of took off on its own," said the music producer, born Brian Burton.

That's an understatement. Although he only pressed up a few thousand copies on CD, it has become a hotly traded album on the Web, sparking the consternation of the Beatles' parent label and an Internet protest in support of Danger Mouse.

"This was not my intent to break copyright laws. It was my intent to make an art project," the Los Angeles-based producer said.

The ingenious album reconfigures the trippy Beatles rock to jibe with Jay-Z's rough acapella raps. It's just the latest of countless unauthorized DJ mixes that have multiplied thanks to the power of the Internet.

"It's a complete deconstruction and reconstruction," says Danger Mouse, who says he spent two weeks on the project.

Although Danger Mouse says he created the "Grey Album" only for fans and friends, he did sell some copies to record stores and promote it on his Web site, www.djdangermouse.com.

Jay-Z's label, Roc-a-fella Records, didn't take any action against Danger Mouse. While Damon Dash, head of Roc-a-fella, told The Associated Press that proper permission should have been obtained, he said, "I think it hot. It's the Beatles. It's two great legends together."

But EMI, which owns the Beatles recordings, sent Burton a cease-and-desist order. "The DJ did not ask permission at any time -- never approached us," said Jeanne Meyer, senior vice president of corporate communications for EMI.

Not that Danger Mouse could remove all the copies from the Internet, even if he wanted to.

The album's profile may have gotten even bigger Tuesday, when the music activism site downhillbattle.org urged fans to post the music on Web sites for a day to protest EMI's cease-and-desist order. Nicholas Reville, a co-founder of the site, says more than 150 sites have participated.

"What's going on is that EMI is censoring a work of art," he said. "Not only are they telling musicians the kind of music they can or cannot create, they're trying to tell the public what we can and cannot listen to. We think EMI's attempts to censor it and prevent the public from hearing it are a huge problem and we shouldn't allow that kind of corporate censorship."

However, Meyer said the issue was not about censorship, but copyright protection. She says EMI routine approves samples and remixed works (usually for a price).

"We're not against sampling, We're not against remixes, we've been really progressive in it," she said. "The work is unauthorized, and people who are hosting it or are streaming it are being advised to stop."

Burton, who has produced tracks for artists like the rapper Cee-Lo and released the album "Ghetto Pop Life" last year with artist Jemini on Lex Records, was not getting involved with the Internet protest. He says the real intent of creating the "Grey Album" wasn't to protest copyright laws, but to create a musical dialogue between fans.

"I'm getting people like high school teachers using it as a lecture," he says, adding that Beatles fans have become more appreciative of Jay-Z's work, and vice versa.

"Their kids are asking for Beatles records now. I wanted to kind of have that be passed on to other people, that such radical things can really work."

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