Midge Turk Richardson, Ex-Nun Who Edited Seventeen Magazine, Dies at 82

Midge Turk Richardson, who spent 18 years as a nun before spending 18 years as the editor of Seventeen magazine, a redoubt of worldly concerns like clothes, makeup and dating, died last weekend at her home in Manhattan. She was 82.

Mrs. Richardson, whose body was found by family members on Monday, apparently died in her sleep sometime during the weekend, her stepson Kevin Richardson said.

A former Roman Catholic nun, Mrs. Richardson left her order in 1966, a journey she recounted in a memoir, “The Buried Life,” published in 1971. In secular life, she became a member of New York’s social set, and was married for three decades to Ham Richardson, a tennis star who later ran his own investment concern, with homes on Park Avenue and in Bridgehampton, on Long Island.

At Seventeen, which she edited from 1975 until her retirement in 1993, Mrs. Richardson was known for introducing frank discussions of delicate subjects — including sex, anorexia and suicide — from which the magazine, aimed at teenage girls and long considered a bastion of wholesomeness, had traditionally shied away.

Under Mrs. Richardson’s stewardship, certain aspects of the magazine remained comfortably familiar. “Secrets of Staying Thin,” promised one cover, from 1980; “Those Dreamy Summer Romances,” proclaimed another that year.

But other cover lines betrayed her resolve to address modern readers’ concerns: “Teen Suicide: The Danger Signals,” “What You Must Know About Herpes.”

In 1982, Mrs. Richardson instituted a regular column, “Sex and Your Body,” which explored subjects like gynecological health, sexual relations and birth control.

“We’ve been talking about it for years and trying to figure out how to go at it in a tasteful manner,” she told The Chicago Tribune in 1983. “We don’t want to be frightening to a young girl, or permissive. But the demands of the time finally brought us around to it.”

All this was a far cry from her life as Sister Agnes Marie, and from the quiet routine of her days in the convent, where she had lived from the ages of 18 to 36.

Agnes Theresa Turk, known as Midge because of her petite stature, was born in Los Angeles on March 26, 1930, the youngest daughter of a Roman Catholic family. As a girl, she worked as an extra in more than a hundred Hollywood films, sometimes appearing opposite Shirley Temple.

At 18, wanting a life of service, she forsook her lively home, her active social life and her boyfriend to enter the Sisters of the Immaculate Heart of Mary, a teaching order with a motherhouse in the Hollywood hills.

Sister Agnes Marie, as she was known in religion, earned bachelor’s and master’s degrees from Immaculate Heart College, run by her order. She embarked on a career as an educator, teaching English, French and drama in local parochial schools and later becoming the principal of a Catholic high school in a blighted, largely Latino section of Los Angeles.

She loved the life, but by the mid-1960s she had become depressed and exhausted — frustrated, she wrote, by what she saw as the failure of diocesan hierarchy to meet the needs of the impoverished community she served. She suffered two bouts of temporary blindness, brought on, her doctors told her, by strain.

In 1966, after much soul-searching, Sister Agnes Marie asked to be released from her vows. (In 1970, Anita Caspary, the mother superior of the Sisters of the Immaculate Heart, led an exodus of 300 nuns from the order in response to what they described as the failure of the diocese to lift outmoded restrictions on nuns’ lives.)

At 36, Agnes Turk found herself on her own for the first time. Carrying a single suitcase, she made for New York: it was one place, she reasoned, that offered career opportunities for women. She found a job as an assistant to a dean at New York University, sleeping on the floor of her tiny Greenwich Village apartment because she could not afford furniture.

She learned to navigate an alien social world. Once, preparing for a date, she washed her hair only to realize she did not own a hair dryer. She stuck her head pragmatically in the oven, emerging with singed hair.

After working as the college editor of Glamour magazine and at Scholastic Publications, she joined Seventeen as executive editor, becoming editor in chief in 1985.

Mrs. Richardson’s husband, whom she married in 1974, died in 2006. The No. 1-ranked tennis player in the United States in 1956 and 1958, he won 17 national titles and played on seven Davis Cup teams.

Besides her stepson Kevin, survivors include another stepson, Ken Richardson; a stepdaughter, Kit Sawers; two sisters, Gwendolyn Tighe and Marie Smith; and five step-grandchildren.

Mrs. Richardson was also the author of a children’s biography of a friend, the photographer Gordon Parks.

In an interview with The New York Times in 1970, she described the forces that led her first to take the veil and later to relinquish it:

“I entered the convent not so much because I believed in the church as that I believed in helping people,” she said. “I’d never had any great thing about dressing up in those clothes and jangling my rosary beads.”

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The Saturday Profile: In Cindy From Marzahn, an Offbeat Comedian of the People

WHEN a career counselor in the East German town of Luckenwalde asked Ilka Bessin what she wanted to be when she grew up, the teenager answered that she had always wanted to be a clown. “Cook” was also a creative job, the counselor suggested, and a lot more realistic.

It was still a few years before the fall of the Berlin Wall, and Ms. Bessin (pronounced bess-EEN) ended up an apprentice chef at a state-owned enterprise, preparing breakfast and lunch every day for more than 1,000 workers. She never could have guessed that two decades later she would be a comedy superstar in a reunified Germany, making millions of her compatriots laugh in clubs and theaters across the land, with television stations fighting over her appearances.

Audiences know Ms. Bessin, 41, as Cindy from Marzahn, her louder, ruder and more profane alter ego. With her curly peroxide wig and swathes of hot-pink eye shadow, Cindy hails from the notorious East Berlin neighborhood of Marzahn, synonymous with the enormous Communist high-rise housing estates.

An overweight 6-foot-2-inch Valkyrie of a woman in a pink velour sweatsuit, Cindy plays up the worst stereotypes of Germany’s contemporary version of the welfare queen. She wakes up at 2 o’clock in the afternoon and begins drinking. Her dream man, Enrico, stands 4-foot-10, weighs 375 pounds and works as a bouncer.

“No neck, no hair and no brain,” she says approvingly.

IN October, Ms. Bessin was named Germany’s female comedian of the year for the fourth time in a row. The daily newspaper Tagesspiegel recently called her “a phenomenon,” under the headline “Princess of the Plattenbau,” the prefabricated housing blocs built in the former East. She hosts her own television series and recently began appearing on “Wetten Dass,” the long-running variety show whose name translates loosely as “Wanna Bet?”

Yet when asked in a recent interview how it felt to be an established star, Ms. Bessin quickly replied, “As far as I’m concerned, I’m really not there yet.” Quieter than Cindy and extremely considerate, Ms. Bessin is hardly recognizable out of costume, just one of the facts that helps keep her grounded.

“I drink absolutely no Champagne, and I don’t fit in Jean Paul Gaultier’s clothes,” she said, with a toned-down version of the self-deprecation she shares with Cindy.

Germany may have more money than its neighbors on the whole, but the middle class is shrinking and much of its recent gains in economic competitiveness came from labor-market changes that cut jobless benefits and pressured people to work, sometimes for as little as an additional $1.30 an hour. Cindy brought the low-paying jobs and the secondhand stores onstage, with songs as well as monologues.

It was a language Ms. Bessin spoke fluently, having herself lived on Hartz IV welfare payments for several years. “You sleep a lot, because you don’t see the point in getting up, and you eat what’s around you,” Ms. Bessin recalled. “You go to the employment office because you have appointments, but generally you go home even more demoralized.”

Out of the crucible of humiliation emerged Cindy, crass and cagey, driven by appetites. She hides a bratwurst in a banana peel and asks the audience for chocolate, then eats what they throw onstage. “I have Alzheimer’s bulimia,” Cindy likes to say, stomach bulging under her pink sweatshirt, tiara perched atop her wig. “I eat everything in sight and then forget to throw up.”

Critics call her act offensive, lowbrow and worse, mixing high-minded attacks on her with patronizing depictions of her supposedly benighted fans. Those fans answer by buying her concert videos and turning out to her shows in droves, where they scream and applaud like mad, many wearing their own tiaras and pink sweatshirts emblazoned with the words “Alzheimer’s bulimia” on the front.

Cindy regales them with tales of her time as a member of the Socialist Children’s Television Ballet or her efforts to get adopted by Zsa Zsa Gabor’s husband Frédéric Prinz von Anhalt. Her performances are marathons with musical numbers. Fans often bring her presents and handmade cards. She is a star but also a hero, one of them, one who made it.

“I win,” Cindy sings in one of her songs, “although I’m not a winner.”

Ms. Bessin said in the interview that her act was not about East and West, which are outdated concepts in her view. Cindy happened to come from the East because Ms. Bessin did too. Her memory of the end of Communism was typically understated. “My mother was in the living room. I was in the kitchen washing dishes. She said, ‘The Wall fell,’ and I said, ‘Yeah, O.K.,’ and went back to washing dishes.”

Over the next decade she worked a dozen jobs at hotels and restaurants, including Planet Hollywood Berlin, and even did a stint on a cruise ship. She was working as a restaurant manager in 2001 and went on sick leave. When she came back she had been fired and her job had been given to someone else.

A long, demoralizing stretch on welfare followed. Between her hundreds of job applications Ms. Bessin said she ate, lay in bed and watched television, gaining weight and losing motivation. She was slowly sliding into a growing German underclass best known to the rest of the country from talk shows about paternity tests and plastic surgery. Unbeknown to Ms. Bessin, she was researching a character that had not yet found her outlet. Ms. Bessin’s break was not just lucky, it was accidental. In 2004, she called up the Quatsch Comedy Club in Berlin looking for a job as a waitress. After listening to her for a while the man on the other end of the line announced that he was not the person responsible for hiring service personnel. He was in charge of booking the acts.

“Do you have any interest in doing stand-up?” she recalled him asking. He told her about a talent competition the club was hosting. She agreed and began writing a few minutes of material. When she read through her jokes at rehearsal, people told her there was no way her act was going to work.

She decided she had nothing to lose; the wig and the costume were like a disguise and a suit of armor all at once. “No one is going to recognize me anyway, I thought,” Ms. Bessin said. On stage during the actual performance, the crowd responded immediately. Ms. Bessin talks about the similarities between her stage persona and herself, saying Cindy is “80 percent me,” but she talks about the character in the third person. Donning the costume unlocks something impish and ferocious in Ms. Bessin. She won the grueling competition, and eventually earned an appearance on the popular late-night show “TV total” in March 2006.

More offers to perform quickly followed. In 2007, Ms. Bessin won the German Comedy Prize for newcomer of the year. She has a comedy showcase, “Cindy and the Young Wild Ones,” on the private television network RTL.

The set for her first comedy special, “Schizophrenic: I Wanted to Be a Princess,” was a Communist housing bloc. The second, “Not Every Prince Comes on Horseback,” was a pink fairy castle, a home fit for Barbie.

The former welfare queen stood onstage, soaking up the audience’s applause, surrounded by men with guts, a few of them bald, but all wearing skimpy shorts and shaking pink and black pom-poms. Maybe none of them was Enrico, but it was certainly a dream come true.

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Douglas wins AP female athlete of the year honors

When Gabby Douglas allowed herself to dream of being the Olympic champion, she imagined having a nice little dinner with family and friends to celebrate. Maybe she'd make an appearance here and there.

"I didn't think it was going to be crazy," Douglas said, laughing. "I love it. But I realized my perspective was going to have to change."

Just a bit.

The teenager has become a worldwide star since winning the Olympic all-around title in London, the first African-American gymnast to claim gymnastics' biggest prize. And now she has earned another honor. Douglas was selected The Associated Press' female athlete of the year, edging out swimmer Missy Franklin in a vote by U.S. editors and news directors that was announced Friday.

"I didn't realize how much of an impact I made," said Douglas, who turns 17 on Dec. 31. "My mom and everyone said, 'You really won't know the full impact until you're 30 or 40 years old.' But it's starting to sink in."

In a year filled with standout performances by female athletes, those of the pint-sized gymnast shined brightest. Douglas received 48 of 157 votes, seven more than Franklin, who won four gold medals and a bronze in London. Serena Williams, who won Wimbledon and the U.S. Open two years after her career was nearly derailed by a series of health problems, was third (24).

Britney Griner, who led Baylor to a 40-0 record and the NCAA title, and skier Lindsey Vonn each got 18 votes. Sprinter Allyson Felix, who won three gold medals in London, and Carli Lloyd, who scored both U.S. goals in the Americans' 2-1 victory over Japan in the gold-medal game, also received votes.

"One of the few years the women's (Athlete of the Year) choices are more compelling than the men's," said Julie Jag, sports editor of the Santa Cruz Sentinel.

Douglas is the fourth gymnast to win one of the AP's annual awards, which began in 1931, and first since Mary Lou Retton in 1984. She also finished 15th in voting for the AP sports story of the year.

Douglas wasn't even in the conversation for the Olympic title at the beginning of the year. That all changed in March when she upstaged reigning world champion and teammate Jordyn Wieber at the American Cup in New York, showing off a new vault, an ungraded uneven bars routine and a dazzling personality that would be a hit on Broadway and Madison Avenue.

She finished a close second to Wieber at the U.S. championships, then beat her two weeks later at the Olympic trials. With each competition, her confidence grew. So did that smile.

By the time the Americans got to London, Douglas had emerged as the most consistent gymnast on what was arguably the best team the U.S. has ever had.

She posted the team's highest score on all but one event in qualifying. She was the only gymnast to compete in all four events during team finals, when the Americans beat the Russians in a rout for their second Olympic title, and first since 1996. Two nights later, Douglas claimed the grandest prize of all, joining Retton, Carly Patterson and Nastia Liukin as what Bela Karolyi likes to call the "Queen of Gymnastics."

But while plenty of other athletes won gold medals in London, none captivated the public quite like Gabby.

Fans ask for hugs in addition to photographs and autographs, and people have left restaurants and cars upon spotting her. She made Barbara Walters' list of "10 Most Fascinating People," and Forbes recently named her one of its "30 Under 30." She has deals with Nike, Kellogg Co. and AT&T, and agent Sheryl Shade said Douglas has drawn interest from companies that don't traditionally partner with Olympians or athletes.

"She touched so many people of all generations, all diversities," Shade said. "It's her smile, it's her youth, it's her excitement for life. ... She transcends sport."

Douglas' story is both heartwarming and inspiring, its message applicable those young or old, male or female, active or couch potato. She was just 14 when she convinced her mother to let her leave their Virginia Beach, Va., home and move to West Des Moines, Iowa, to train with Liang Chow, Shawn Johnson's coach. Though her host parents, Travis and Missy Parton, treated Douglas as if she was their fifth daughter, Douglas was so homesick she considered quitting gymnastics.

She's also been open about her family's financial struggles, hoping she can be a role model for lower income children.

"I want people to think, 'Gabby can do it, I can do it,'" Douglas said. "Set that bar. If you're going through struggles or injuries, don't let it stop you from what you want to accomplish."

The grace she showed under pressure — both on and off the floor — added to her appeal. When some fans criticized the way she wore her hair during the Olympics, Douglas simply laughed it off.

"They can say whatever they want. We all have a voice," she said. "I'm not going to focus on it. I'm not really going to focus on the negative."

Besides, she's having far too much fun.

Her autobiography, "Grace, Gold and Glory," is No. 4 on the New York Times' young adult list. She, Wieber and Fierce Five teammates Aly Raisman and McKayla Maroney recently wrapped up a 40-city gymnastics tour. She met President Barack Obama last month with the rest of the Fierce Five, and left the White House with a souvenir.

"We got a sugar cookie that they were making for the holidays," Douglas said. "I took a picture of it."

Though her busy schedule hasn't left time to train, Douglas insists she still intends to compete through the Rio de Janeiro Olympics in 2016.

No female Olympic champion has gone on to compete at the next Summer Games since Nadia Comaneci. But Douglas is still a relative newcomer to the elite scene — she'd done all of four international events before the Olympics — and Chow has said she hasn't come close to reaching her full potential. She keeps up with Chow through email and text messages, and plans to return to Iowa after her schedule clears up in the spring.

Of course, plenty of other athletes have said similar things and never made it back to the gym. But Douglas is determined, and she gets giddy just talking about getting a new floor routine.

"I think there's even higher bars to set," she said.

Because while being an Olympic champion may have changed her life, it hasn't changed her.

"I may be meeting cool celebrities and I'm getting amazing opportunities," she said. "But I'm still the same Gabby."

___

AP Projects Editor Brooke Lansdale contributed to this report.

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Alabama to End Isolation of Inmates With H.I.V.

Jamie Martin/Associated Press

The H.I.V. ward of an Alabama women's prison in 2008. The state was ordered to stop segregating inmates with the virus.

A federal judge on Friday ordered Alabama to stop isolating prisoners with H.I.V.

Alabama is one of two states, along with South Carolina, where H.I.V.-positive inmates are housed in separate prisons, away from other inmates, in an attempt to reduce medical costs and stop the spread of the virus, which causes AIDS.

Judge Myron H. Thompson of the Middle District of Alabama ruled in favor of a group of inmates who argued in a class-action lawsuit that they had been stigmatized and denied equal access to educational programs. The judge called the state’s policy “an unnecessary tool for preventing the transmission of H.I.V.” but “an effective one for humiliating and isolating prisoners living with the disease.”

After the AIDS epidemic of the 1980s, many states, including New York, quarantined H.I.V.-positive prisoners to prevent the virus from spreading through sexual contact or through blood when inmates tattooed one another. But most states ended the practice voluntarily as powerful antiretroviral drugs reduced the risk of transmission.

In Alabama, inmates are tested for H.I.V. when they enter prison. About 250 of the state’s 26,400 inmates have tested positive. They are housed in special dormitories at two prisons: one for men and one for women. No inmates have developed AIDS, the state says.

H.I.V.-positive inmates are treated differently from those with other viruses like hepatitis B and C, which are far more infectious, according to the World Health Organization. Inmates with H.I.V. are barred from eating in the cafeteria, working around food, enrolling in certain educational programs or transferring to prisons near their families.

Prisoners have been trying to overturn the policy for more than two decades. In 1995, a federal court upheld Alabama’s policy. Inmates filed the latest lawsuit last year.

“Today’s decision is historic,” said Margaret Winter, the associate director of the National Prison Project of the American Civil Liberties Union, which represented the inmates. “It spells an end to a segregation policy that has inflicted needless misery on Alabama prisoners with H.I.V. and their families.”

Brian Corbett, a spokesman for the Alabama Department of Corrections, said the state is “not prejudiced against H.I.V.-positive inmates” and has “worked hard over the years to improve their health care, living conditions and their activities.”

“We will continue our review of the court’s opinion and determine our next course of action in a timely manner,” he wrote.

During a monthlong trial in September, lawyers for the department argued that the policy improved the treatment of H.I.V.-positive inmates. Fewer doctors are needed if specialists in H.I.V. focus on 2 of the 29 state’s prisons.

The state spends an average of $22,000 per year on treating individual H.I.V.-positive inmates. The total is more than the cost of medicine for all other inmates, said Bill Lunsford, a lawyer for the Corrections Department.

South Carolina has also faced legal scrutiny. In 2010, the Justice Department notified the state that it was investigating the policy and might sue to overturn it.

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IHT Rendezvous: In London for the Holidays? Theatrical Gifts for Everyone on Your List

So who needs more possessions? The holidays afford the chance to give the gift of theatergoing, the kind of present that will be remembered (one hopes) throughout the year. With that in mind, what follows is a handful of London theater suggestions for the festive season.
Enjoy, and curtain up!

For parents (or grandparents)

“Singin’ in the Rain” at the Palace Theater should fit the bill, whether or not your grandparents (or parents, even) first saw the 1952 MGM film musical at the time of its release. Set against the backdrop of the uneasy transition in moviedom from silent pictures to the talkies, the Gene Kelly film has spawned multiple stage versions on both sides of the Atlantic, of which the director Jonathan Church’s current incarnation is by some measure the best of the three that I have seen.

Inheriting Kelly’s role as silent film star Don Lockwood, onetime Tony nominee Adam Cooper (“Swan Lake”) makes as charming and insouciant a leading man as you could wish for, and his own family must thrill at the larger-than-life facsimile of Mr. Cooper (sporting an umbrella, ‘natch) on view to passers-by in front of the playhouse. The production has time-honored songs (“Good Morning,” “Moses Supposes,” and the title number among them), nifty choreography from Andrew Wright and lashings of real rain. Go and get soaked! And I don’t just mean over that extra intermission gin and tonic.

Is that just too familiar a title, or you would you rather give the family a taste of next year’s likely Broadway biggie? In that case, the Royal Shakespeare Company’s buoyant and witty “Matilda” is a good bet, continuing strong in London at the Cambridge Theater even as its New York bow gets nearer. A child-oriented piece that possibly means even more to adults, Matthew Warchus’s production also offers a prime man-as-woman star turn, more on which below.

For lovers

“The Effect,” running in repertory at the National Theater’s Cottesloe auditorium through Feb. 23, represents an intriguing date-night theatrical prospect largely because it places the speedy bloom of passion at its feverishly pulsating heart. One frequently hears the term “meet cute” to describe (often sniffily) an adorable if unlikely impromptu meeting.

But initial concerns that this play’s Connie and Tristan might not rise above the shopworn cliché inherent in the above phrase are soon dispelled by the unexpected path forged by Lucy Prebble’s play, which lands its newfound couple in the world of pharmaceutical research where desire is not to be trusted. Is romance actually having its day, the play asks, or are such reactions merely drug-induced? Ms. Prebble seems to come down on something resembling the primacy of truly authentic feeling, but not before taking her audience on a wild emotional ride. What more could you ask from the theater – well, that and Billie Piper’s gorgeous portrayal of Connie, which ranks among the year’s best performances.

For students

You don’t have to be engaged in academia, of course, to enjoy the current Royal Court mainstage entry, “In the Republic of Happiness,” but it helps to be alive and alert to theatrical form when taking in the playwright Martin Crimp’s latest. And if students don’t fit that bill, who does? And as London’s – some would say the English-speaking theater’s – premier playhouse for new writing, the Court has the added appeal of the “cool” factor, and the further attractions of the downstairs café/bar don’t hurt, either.

Told across three scenes, the shifts between visual environments managed with characteristically easeful dazzle by the designer Miriam Buether, Mr. Crimp here anatomizes a world given over to self-obsession and self-improvement whereby our constant quest for happiness has resulted only in hollowing us out. Brainiacs in the house will enjoy making clear the connections that are implicit in writing that asks the audience to do some work and then pays off with an ending that recalls (in tone if not content) the finale to Robert Altman’s seminal film, “Nashville,” as a requiem for a benumbed society. Dominic Cooke, artistic director of the Court, has done a tricky piece proud, and those who don’t walk out – as quite a few did at the performance I caught – will stay to cheer and possibly even book to see the show again.

For gender-benders

You thought cross-dressing was confined to the British tradition of the seasonal pantomime, which demands that a leggy young woman play the principal boy and usually casts a man of some seniority as the principal dame? (Ian McKellen, of all distinguished folk, filled that latter bill for two consecutive seasonal runs of “Aladdin” at the Old Vic.)

Pantos continue to proliferate on cue across the capital, but the so-called “legit” theater, too, seems to have gone cross-dressing mad. Consider for starters Miss Trunchbull that armor-plated harridan of a headmistress in “Matilda.” David Leonard is doing the honors now, while original leading man (um, woman?) Bertie Carvel readies for his New York debut. Not to be outdone are Mark Rylance and the cast of the all-male productions of “Twelfth Night” and “Richard III,” now at the Apollo Theater following sellout engagements at Shakespeare’s Globe last summer, and Simon Russell Beale in “Privates On Parade” at the Noel Coward Theater sporting baubles, bangles and sometimes not much at all as Terri Dennis, the campest – and most irresistible – of military captains.

Too many men, what about the women? Get in line for return tickets for Phyllida Lloyd’s all-female “Julius Caesar” at the Donmar: the London play that boasts by some measure the most swagger in town.

For someone you hope never to see again

“Viva Forever!”, at the Piccadilly Theater: Gift this one, scored to the back catalog of the Spice Girls, to someone from whom you hope to part company: trust me, they’ll never speak to you again.

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Insiders steal a march in leak prone Asian markets

SINGAPORE (Reuters) – When South Korean automaker Hyundai Motor Co announced last month it had overstated the fuel efficiency levels on around one million of its cars in the United States and Canada some investors were left fuming more than others.

Some had already sold their shares before the announcement on November 2. The stock fell 4 percent on November 1 with about 2.2 million shares changing hands, the highest trading volume of the year at that point.

“This smells pretty bad,” said Robert Boxwell, director of consulting firm Opera Advisors in Kuala Lumpur who has studied insider dealing patterns.

“It would have fallen into our suspect trading category,” he added.

Boxwell spots suspect trading by looking at how much the volume diverges from the average level in the days before a market moving announcement. In the Hyundai instance, the volume was more than five standard deviations, a measure of variation, away from the daily average of 598,741 shares over the past year.

A Hyundai spokeswoman declined to comment.

Research from the Capital Markets Co-operative Research Centre (CMCRC), an academic centre in Sydney that studies financial market efficiency, found that 26 percent of price-sensitive announcements in Asia Pacific markets showed signs of leakage in the first quarter of this year, the most recent period for which data was available.

That compared with 13 percent in North American markets.

The CMCRC says it looks for suspected information leaks by examining abnormal price moves and trading volumes ahead of price-sensitive announcements.

Investors say one reason for leaks in Asia has been low enforcement rates for insider trading and breaches of disclosure rules. Enforcement in some markets is virtually non-existent.

There are also misconceptions about whether trading on non-public information is a crime.

“The idea that insider trading is wrong rather than smart is only being ingrained in the current generation of Asian players, not the older generation who are often still in the driving seat,” said Peter Douglas, founder of GFIA, a hedge fund consultancy in Singapore.

LOSS OF CONFIDENCE

Japan’s largest investment bank Nomura Holdings was embarrassed this year after regulatory investigations found it leaked information to clients ahead of three public share offerings.

Nomura has acknowledged that its employees leaked information on three share issues it underwrote in 2010. In June, it published the results of an internal investigation that found breaches of basic investment banking safeguards against leaking confidential information and announced a raft of measures to prevent recurrence.

The bank was also fined 200 million yen ($ 2.37 million) by the Tokyo Stock Exchange and 300 million yen by the Japan Securities Dealers Association.

Such leaks hurt companies’ share prices in the long run because investors put in less money if they feel they are not on a level playing field.

“It is very damaging. You may not know how much money you’ve lost but if there is not confidence that the regulators are prosecuting and enforcing the rules on this then it undermines investor confidence and liquidity,” said Jamie Allen, secretary general of the Asian Corporate Governance Association.

The issue isn’t being ignored. Many Asian markets such as Hong Kong and China have tightened their rules on insider trading over the past decade.

Indeed some investors feel that while leaks and insider dealing are unfair, regulators in the region have more serious issues they should be tackling.

“I would like to see the regulators spend more resources on investigating and prosecuting fraud against listed companies, which severely damages shareholder value,” said David Webb, a corporate governance activist in Hong Kong, arguing insider dealing as less of an impact on a company’s long-term share price.

HTC AND APPLE

A week after Hyundai’s announcement about its problems in the United States, there was an unexpected move on the Taiwan Stock Exchange.

Shares in smartphone maker HTC Corp jumped almost seven percent on Friday, November 9, hitting the daily upper trading limit. On Sunday came the surprise announcement that the company was ending its long-running patent dispute with Apple Inc , a move seen as a positive for the stock.

The Taiwan bourse announced it was investigating the trading patterns to see if there was a possible leak.

When asked for comment, HTC referred back to a November 13 statement in which the company said it had kept the Apple settlement process confidential and has strict controls on insider trading.

Michael Lin, a spokesman for the Taiwan Exchange, told Reuters on Friday that the bourse is still working with the regulator on the case.

‘ENORMOUS LOSSES’

Michael Aitken, who oversees research at the CMCRC, said many other Asian markets lack tough enough rules to force information to be released as efficiently and timely as possible, a primary reason for the prevalence of leaks.

“Poor regulation hampers enforcement efforts,” he said pointing out that few markets have the “continuous disclosure” rules used in Australia which require listed companies to release material information as soon as possible.

In Korea, when Hyundai shares started to fall, rumours began swirling that news about a problem with some of its cars was on its way, but investors say it took the company too long to disclose what exactly was happening.

“Hyundai at that time did not confirm the rumours. We suffered enormous losses because of this,” said one fund manager, who declined to be named because he was not authorised to speak to the media.

An official from Korea Exchange declined to comment on whether it was investigating this case, saying only that the exchange looks carefully into possible cases of insider trading.

Across Asia, regulators concede that many company executives and insiders still do not appreciate that leaking or trading on material, non-public information is an offence.

“People don’t even know they are engaging in insider trading, for example if their friends are talking about it on the golf course,” said Tong Daochi director-general for international affairs at the China Securities Regulatory Commission, during a regulation conference last month.

“We try to tell society, what are the criminal issues, what are the insider trading issues? For example we have held 27 press conferences to tell the public what kind of activities are involved in insider trading and to let people know that this is an active crime.” ($ 1 = 84.2600 Japanese yen) ($ 1 = 0.6147 British pounds)

(Reporting by Rachel Armstrong; additional reporting by Nishant Kumar in HONG KONG and Hyunjoo Jin in SEOUL; Editing by Emily Kaiser)

Wireless News Headlines – Yahoo! News

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Michael Phelps voted AP male athlete of year

Now that he's away from the pool, Michael Phelps can reflect — really reflect — on what he accomplished.

Pretty amazing stuff.

"It's kind of nuts to think about everything I've gone through," Phelps said. "I've finally had time to myself, to sit back and say, '... that really happened?' It's kind of shocking at times."

Not that his career needed a capper, but Phelps added one more honor to his staggering list of accomplishments Thursday — The Associated Press male athlete of the year.

Phelps edged out LeBron James to win the award for the second time, not only a fitting payoff for another brilliant Olympics (four gold medals and two silvers in swimming at the London Games) but recognition for one of the greatest careers in any sport.

Phelps finished with 40 votes in balloting by U.S. editors and broadcasters, while James was next with 37. Track star Usain Bolt, who won three gold medals in London, was third with 23.

Carl Lewis is the only other Olympic-related star to be named AP male athlete of the year more than once, taking the award for his track and field exploits in 1983 and '84. The only men honored more than twice are golf's Tiger Woods and cyclist Lance Armstrong (four times each), and basketball's Michael Jordan (three times).

"Obviously, it's a big accomplishment," Phelps said. "There's so many amazing male athletes all over the world and all over our country. To be able to win this is something that just sort of tops off my career."

Phelps retired at age 27 as soon as he finished his final race in London, having won more gold medals (18) and overall medals (22) than any other Olympian.

No one else is even close.

"That's what I wanted to do," Phelps said. "Now that it's over, it's something I can look back on and say, 'That was a pretty amazing ride.'"

The current ride isn't so bad either.

Set for life financially, he has turned his fierce competitive drive to golf, working on his links game with renowned coach Hank Haney as part of a television series on the Golf Channel. In fact, after being informed of winning the AP award, Phelps called in from the famed El Dorado Golf & Beach Club in Los Cabos, Mexico, where he was heading out with Haney to play a few more holes before nightfall.

"I can't really complain," Phelps quipped over the phone.

Certainly, he has no complaints about his swimming career, which helped turn a sport that most Americans only paid attention to every four years into more of a mainstream pursuit.

More kids took up swimming. More advertisers jumped on board. More viewers tuned in to watch.

While swimming is unlikely to ever match the appeal of football or baseball, it has carved out a nice little niche for itself amid all the other athletic options in the United States — largely due to Phelps' amazing accomplishments and aw-shucks appeal.

Just the fact that he won over James shows just how much pull Phelps still has. James had an amazing year by any measure: The league MVP won his first NBA title with the Miami Heat, picking up finals MVP honors along the way, and then starred on the gold medal-winning U.S. basketball team in London.

Phelps already had won the AP award in 2008 after his eight gold medals in Beijing, which broke Mark Spitz's record. Phelps got it again with a performance that didn't quite match up to the Great Haul of China, but was amazing in its own right.

After the embarrassment of being photographed taking a hit from a marijuana pipe and questioning whether he still had the desire to go on, Phelps returned with a vengeance as the London Games approached. Never mind that he was already the winningest Olympian ever. Never mind that he could've eclipsed the record for overall medals just by swimming on the relays.

He wanted to be one of those rare athletes who went out on top.

"That's just who he is," said Bob Bowman, his longtime coach. "He just couldn't live with himself if knew he didn't go out there and give it good shot and really know he's competitive. He doesn't know anything else but to give that kind of effort and have those kind of expectations."

Phelps got off to a rocky start in London, finishing fourth in the 400-meter individual medley, blown out of the water by his friend and rival, Ryan Lochte. It was only the second time that Phelps had not at least finished in the top three of an Olympic race, the first coming way back in 2000 when he was fifth in his only event of the Sydney Games as a 15-year-old.

To everyone looking in, Lochte seemed poised to become the new Phelps — while the real Phelps appeared all washed up.

But he wasn't going out like that.

No way.

Phelps rebounded to become the biggest star at the pool, edging Lochte in the 200 IM, contributing to a pair of relay victories, and winning his final individual race, the 100 butterfly. There were two silvers, as well, leaving Phelps with a staggering resume that will be awfully difficult for anyone to eclipse.

His 18 golds are twice as many as anyone else in Olympic history. His 22 medals are four clear of Larisa Latynina, a Soviet-era gymnast, and seven more than the next athlete on the list. Heck, if Phelps was a nation, he'd be 58th in the medal standings, just one behind India (population: 1.2 billion).

"When I'm flying all over the place, I write a lot in my journal," Phelps said. "I kind of relive all the memories, all the moments I had throughout my career. That's pretty special. I've never done that before. It's amazing when you see it all on paper."

Four months into retirement, Phelps has no desire to get back in the pool. Oh, he'll swim every now and then for relaxation, using the water to unwind rather than putting in one of his famously grueling practices. Golf is his passion at the moment, but he's also found time to cheer on his hometown NFL team, the Baltimore Ravens, and start looking around for a racehorse that he and Bowman can buy together.

Phelps hasn't turned his back on swimming, either. He's got his name attached to a line of schools that he wants to take worldwide. He's also devoting more time to his foundation, which is dedicated to teaching kids to swim and funding programs that will grow the sport even more.

He's already done so much.

"His contribution to the way the world thinks about swimming is so powerful," Bowman said. "I don't think any other athlete has transformed his sport the way he's transformed swimming."

Phelps still receives regular texts from old friends and teammates, asking when he's going to give up on this retirement thing and come back the pool as a competitor.

He scoffs at the notion, sounding more sure of himself now than he did in London.

And if there's anything we've learned: Don't doubt Michael Phelps when he sets his mind on something.

"Sure, I could come back in another four years. But why?" he asked, not waiting for an answer. "I've done everything I wanted to do. There's no point in coming back."

___

Follow Paul Newberry on Twitter at www.twitter.com/pnewberry1963

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Recipes for Health: Marinated Olives

Andrew Scrivani for The New York Times

Marinated olives.

These are inspired by Patricia Wells’ “Chanteduc Rainbow Olive Collection” in her wonderful book “The Provence Cookbook.” It is best to use olives that have not been pitted.

1/4 cup extra virgin olive oil

2 tablespoons red wine vinegar

5 bay leaves

2 large garlic cloves, peeled, green shoots removed, thinly sliced

Strips of rind from 1 lemon (preferably organic)

1 tablespoon fresh thyme leaves, coarsely chopped

1 teaspoon chopped fresh rosemary

1/2 teaspoon fennel seeds

2 cups imported olives (black, green or a mix) (about 3/4 pound)

 

1. Combine the olive oil, vinegar, bay leaves and garlic in a small saucepan and heat just until warm over low heat. Remove from the heat and stir in the lemon rind, thyme, rosemary and fennel seeds.

2. Place the olives in a wide mouthed jar and pour in the olive oil mixture. Shake the jar to coat the olives. Refrigerate for two hours or for up to two weeks. Shake the jar a few times a day to redistribute the seasonings.

Yield: 2 cups, serving 12

Advance preparation: These will keep for about two weeks in the refrigerator.

Nutritional information per ounce (does not include marinade): 43 calories; 4 grams fat; 0 grams saturated fat; 0 grams polyunsaturated fat; 3 grams monounsaturated fat; 0 milligrams cholesterol; 1 gram carbohydrates; 0 grams dietary fiber; 468 milligrams sodium (does not include salt to taste); 0 grams protein

 

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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U.S. Makes Arrest in Olympus Accounting Scandal

Federal agents arrested a former bank executive in Los Angeles on Thursday in connection with the accounting scandal that erupted last year at Olympus, the Japanese camera and medical equipment maker.

Prosecutors in New York said that the executive, Chan Ming Fon, received more than $10 million from Olympus for assisting in its accounting fraud.

The Federal Bureau of Investigation said Mr. Chan, 50, was a citizen of Taiwan living in Singapore. He was charged with conspiracy to commit wire fraud, with a maximum potential penalty of 20 years in prison. His lawyer was not disclosed.

“As alleged, Chan Ming Fon was handsomely paid to play an international shell game with hundreds of millions of dollars of assets in order to allow Olympus to keep a massive accounting fraud going for years,” said Preet Bharara, the United States attorney in Manhattan, in a news release.

The authorities did not identify the financial institutions with which Mr. Chan was affiliated.

In February, the Japanese authorities arrested seven people in connection with the accounting missteps at Olympus, including Tsuyoshi Kikukawa, the company’s former chairman. Mr. Chan was not among those seven.

The company has admitted that executives set up a scheme to cover up $1.7 billion in losses. The illicit maneuvers came to light after Olympus fired Michael C. Woodford, its British chief executive, in October 2011. Soon after, Mr. Woodford made allegations of accounting misdeeds at Olympus.

The Olympus scandal rocked the Japanese corporate sector. The case is being watched closely to gauge how serious the Japanese authorities will be in their pursuit of white-collar crime. The men arrested in February could each serve up to 10 years if found guilty.

The allegations against Mr. Chan could shed more light on Olympus’s elaborate accounting ruses. The company hid losses sustained in the 1990s, later masking them with inflated acquisitions and payments through shadowy overseas funds.

Mr. Chan was a principal at a fund that received large payments from Olympus, according to the F.B.I. The bureau contends that Mr. Chan told Olympus’s auditors in 2009 that the fund held hundreds of millions of dollars on behalf of Olympus, in the form of conservative investments like Japanese government bonds. The complaint says, however, that the money had been passed on to an entity controlled by Olympus to pay off a loan.

In the complaint, the F.B.I. said that Mr. Chan “acknowledged that it was wrong to assist Olympus in deceiving its auditor.”

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IHT Rendezvous: A New Start for the Koreas (or Not)

HONG KONG — All the countries involved in talks to wind down North Korea’s nuclear program have chosen leaders this year — Park Geun-hye won the presidency in South Korea on Wednesday — and there has been some optimism among experts in the region that a chance might be at hand to revive the moribund six-party process.

The North’s successful launching of a long-range rocket last week could complicate any new nuclear talks, but it also seemed to make them all the more urgent. As Ms. Park said at a news conference Thursday morning in Seoul, the launch “showed how grave the security reality is that we are faced with.”

During her campaign, Ms. Park, a conservative and the daughter of the late dictator Park Chung-hee, criticized the hard-line approach of the unpopular incumbent, President Lee Myung-bak. But that distancing, many analysts said, was more about election strategy than a reliable indicator of her future policies toward the North.

North Korea’s state propagandists were having none of that, however, suggesting on the eve of the election that a Park administration would merely be an extension of Mr. Lee’s.

“It is as clear as noonday that the inter-Korean relations will enter into another five years of collapse if the group of gangsters bereft of elementary ethics and morality is allowed to stay in power,” said a commentary in Rodong Sinmun, the official newspaper of North Korea’s ruling Workers’ Party.

The article, cited by the official state news agency K.C.N.A., said that North Korea “will never pardon traitors defaming the dignity of its supreme leadership but deal a sledgehammer blow at them.”

That’s overblown, inflammatory language, yes, but it’s almost boilerplate for the North — and it stops short of the regime’s usual threat to turn Seoul into a sea of fire.

“North Korea will wait a few months to see if Park Geun-hye will appease it with cash,” Andrei Lankov, a North Korea specialist at Kookmin University in Seoul, told my colleague Choe Sang-hun. “If she does not — and it looks unlikely that she will, given her statements so far and the hardliners surrounding her — then North Korea will launch provocations.”

The six-party talks, which started in 2003, were meant to persuade North Korea to shut down its nuclear weapons program in exchange for food aid, foreign investment and security assurances. The talks themselves have been hosted by Beijing.

But the fitful negotiations fully broke down in 2009, after which the North conducted various tests of missiles and nuclear devices. A series of incidents the following year put the six-party process into a deep freeze: The North was implicated in the sinking of a South Korean Navy ship that drowned 46 sailors; engaged in an artillery exchange in which four South Koreans died; revealed a new industrial-scale uranium enrichment plant; and resumed work on a light-water reactor that could be used to extract plutonium.

These incidents only served to harden Mr. Lee’s North Korean policy — and Washington’s as well — and it remains to be seen whether Ms. Park will be inclined to soften that approach.

She “prefers a cautious rapprochement,” as Sang-hun reported. “She said she would decouple humanitarian aid from politics and try to meet the new North Korean leader, Kim Jong-un.”

Mr. Kim was named “supreme leader” by the Korean Workers’ Party in April.

The other (s)elections among the six-party members this year: in Russia, in May, with the return of President Vladimir Putin; in the United States, in November, with Barack Obama’s re-election; in China, also in November, with the selection of Xi Jinping as the head of the Communist Party; and in Japan earlier this week, with the conservative Shinzo Abe expected to be sworn in as prime minister on Dec. 26.

John Delury, a professor at Yonsei University’s Graduate School of International Studies in Seoul, noted in an article for CNN that Mr. Kim’s fledgling regime “has signaled an interest in improving inter-Korean relations” while de-emphasizing military spending to focus on economic development. An excerpt from his piece:

If the next government in Seoul makes a bold, strategic decision to re-engage the North, there is good reason to expect that inter-Korean dynamics can improve markedly, reviving everything from humanitarian aid and development assistance, to family reunions and cultural exchanges, to economic cooperation and political dialogue.

If Kim Jong-un is going to engineer a shift from “military-first” to “It’s the economy, stupid,” he is going to need Seoul’s encouragement — and he doesn’t have five years to wait. It is up to the stronger power to unclench its fist first, so that the leader of the weaker state can outstretch his hand.

Which of the two Koreas is the stronger? Consider this fact — South Korea’s annual defense spending is roughly the size of the entire North Korean economy.

But what about the nukes? If Seoul, Washington and Beijing coordinate resumed engagement with Pyongyang smartly, there should be a way to build gradual denuclearization into the process of improving political and economic relations. That, after all, is the only conceivable way North Korea will give up its nuclear deterrent.

Mr. Delury, known for his trenchant political insights as well as his wry sense of humor, added: “The joke in Seoul now is that if the Koreas ever reunify, at least the South will get a viable space program.”

If you were calling the diplomatic shots, what would you do — reach out to the North with unconditional food aid and supplies, put tough conditions on future assistance, shut off the North completely, or pursue some other strategy? Do you think the North will ever willingly surrender its nuclear capabilities? And if you were Kim Jong-un, facing a newly installed roster of six-party leaders and with a successful rocket launching now on your résumé, what would be your strategy?

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This post has been revised to reflect the following correction:

Correction: December 20, 2012

A previous version of this post misstated the number of South Koreans killed in an artillery exchange with North Korea. Four South Koreans were killed -- two marines and two civilians.

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