China to deepen economic reforms

8 November 2012 Last updated at 01:18 ET

China’s President Hu Jintao has said the country will deepen its economic reforms and boost domestic demand to spur a new wave of growth.

Opening the Communist Party congress, Mr Hu added that China needed to work towards a more “market-based” exchange rate for the yuan.

China has been trying to boost domestic consumption to offset a decline in exports.

The congress comes as China’s economic growth rate has hit a three-year low.

“We should step up efforts to transform to a new growth model and work hard to improve the quality and efficiency of the economy,” Mr Hu said.

“We will continue to deepen our economic system reform and stick to the policy of expanding domestic demand.”

Financial reforms

China has been introducing reforms in its tightly controlled financial sector, which many analysts say is the key to unlocking future growth.

Continue reading the main story

One has to wait until the new leaders take charge and start to formulate their policies and communicate them to domestic and international marke”

End Quote Tony Nash IHS Global Insight

In June this year China’s central bank gave the country’s lenders flexibility to decide the interest rates they want to offer to consumers, within a stipulated range.

Beijing also widened the range in which the yuan is allowed to trade against the US dollar to 1.0% on either side of a daily rate set by the central bank. The previous limit was 0.5%.

Meanwhile, China’s securities regulator has eased entry rules for foreign investors under its Qualified Foreign Institutional Investor (QFII) programme.

It allowed the QFII’s to hold more shares in the firms listed in China and also to invest in the country’s interbank bond market.

On Wednesday, China’s state news agency Xinhua reported that the regulator was considering speeding up QFII approvals to attract more long-term overseas investment.

It said the regulator had granted 57 new QFII licences this year.

Analysts said that it was not clear at this stage what further reforms Beijing may introduce in the sector.

“Lots has been talked about financial reforms in China over the past decade,” Tony Nash, managing director of IHS Global Insight told the BBC.

“But one has to wait until the new leaders take charge and start to formulate their policies and communicate them to domestic and international market.”

Inclusive growth

One of the areas of concern in China has been the gap between the rich and the poor.

In China’s richest places, such as Tianjin, Shanghai and Beijing, average incomes are just over $ 10,000 (£6,250) a year, comparable with some European countries, whereas in relatively poor areas such as Guizhou the average income is just over $ 2,000, more in line with countries such as Sudan.

There have been calls for China to ensure that the gap is reduced and that its economic growth is more inclusive.

Mr Hu said that to make China’s development, “much more balanced, coordinated and sustainable, we should double its 2010 gross domestic product and per capita income for both urban and rural residents [by 2020]“.

He added that to achieve that target China needs to: “increase investment at a proper pace and expand the domestic market”.

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Merkel says Germany, Britain must work together on EU

LONDON (Reuters) – Germany and Britain must cooperate to work round their differences on the European Union‘s long-term spending plans, German Chancellor Angela Merkel said on Wednesday.

“Despite differences that we have it is very important for me that the UK and Germany work together,” Merkel said through a translator before a meeting in London with Prime Minister David Cameron to discuss the EU‘s 2014-2020 budget.

“We always have to do something that will stand up to public opinion back home. Not all of the expenditure that has been earmarked has been used with great efficiency … We need to address that,” she said.

EU leaders meet in Brussels on November 22-23 to try to secure a seven-year budget for the 27-nation bloc amid signs of differences of opinion over what action should be taken.

(Reporting by Peter Griffiths; Editing by Andrew Osborn)

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Amid catcalls, Silicon Valley gets its reality TV treatment

SAN FRANCISCO (Reuters) – They have been panned by television critics and disavowed by their own industry. Even for the entrepreneurs-cum-co-stars of Bravo TV‘s “Start-ups: Silicon Valley,” it is getting hard to put on a brave face.

“It’s been a nightmare,” confessed Sarah Austin, one of the series’ six pretty twentysomethings who code, party and hustle their way to fame and riches – or at least try to – in San Francisco‘s bubbly tech fishbowl.

“I’ve had a lot of figures in Silicon Valley tell me that it was a mistake,” Austin said. “I think sometimes that it wasn’t worth it.”

That is a little surprising, coming from an Internet personality (and self-described angel investor) whose first burst of notoriety came from uploading videos of herself crashing tech parties in 2006.

But her apprehension speaks to the scorn that has piled up like rush-hour traffic on Highway 101 for the eight-episode series.

Since Bravo announced the show in April, it has been greeted with horrified tweets and Facebook updates by geeks who feared the show would portray the Valley about as faithfully as “Jersey Shore” rendered the people of New Jersey. Tech blogger Sarah Lacy seemed to sum up the Valley’s reaction with a plaintive post titled, “Randi Zuckerberg: How Could You Do This to Real Entrepreneurs?”

But with California’s youth-obsessed startup economy booming – and seeping into popular culture (think “The Social Network”) – a Valley reality show seemed like a no-brainer for Bravo. Once dedicated to arts programming, the NBCUniversal-owned cable channel is now known for series such as “Real Houswives of New Jersey” and “Top Chef” – and the “Bravo-lebrities” its shows have spawned.

Produced by Randi Zuckerberg, sister of the Facebook Inc founder, the show purports to follow six young entrepreneurs in their habitat as they write code, party and try to get venture capital funding.

‘BROGRAMMERS’ AND BLONDES

The plotline revolves around Ben and Hermione Way, a brother-and-sister duo from London who are short on original startup ideas but long on cheerfulness and good looks.

There’s also Dwight Crow, a bundle of testosterone and the quintessential “brogrammer”; Austin, who is slotted halfheartedly into the blond vixen role; and David Murray, who ostensibly has coding chops and once worked at Google but just plays the typecasted gay guy trying to peddle a weight-loss app.

In the first episode, it is clear that what little hammed-up tension there is turns on the Hermione Way-Sarah Austin axis. Austin once had a fling with Ben Way, an incident his sister describes several times as “unprofessional.”

The show’s producers tap liberally into the overgrown-child-as-entrepreneur motif that might ring a bit too familiar to Valley denizens.

Crow is seen coding for long hours in his disheveled man-cave and downing liquor shots when he is let loose at night. The cast is seen heading to a crowded toga party, a familiar sight for, say, Facebook employees, who celebrated with a similar event in 2008.

Then there is the pitch meeting with angel investor Dave McClure, who met Hermione Way when he found her hungover and asleep under his conference table.

McClure gamely listens to a pitch from the Ways and promptly rejects them – but not before dispensing a pearl of startup-pitching wisdom that he likely conceived long before the cameras arrived: “You don’t need to sweep me off my feet. You just need to be a good kisser.”

Critics say they fear the show will makes startup life seem easy and glamorous while overlooking the endless grind and frequent failures that come before the success.

“The media wants to sell this story that you can come here, spend three days coding in your basement and then succeed overnight, but we learned the hard way it’s not like that at all,” said Jonathan Chin, the founder of Gothamlist, an e-commerce site in San Francisco that has yet to take off.

Still, he acknowledged, the Bravo program is the talk of the town. “Everybody’s been talking about it, tweeting, sending Facebook messages.”

Zuckerberg, who is launching her own media company, Zuckerberg Media, this week, said the show accurately captures the experiences of her cast. She said she would continue to roll out “nonfiction” TV productions in the Bay Area.

Zuckerberg sidestepped a question about what her friends and family thought of the show, saying only that no one close to her, including her husband or her brother Mark, have seen it yet.

“It’s like doing a startup,” she said. “At some point you just have to open up the alpha and let people see it.”

‘IT’S TV’

At the show’s premiere party on Sunday night in San Francisco’s Potrero Hill neighborhood, there were few Valley luminaries to be seen but plenty of young men in slim-cut suits and designer stubble and women in gauzy gowns and stilettos. They noshed on pizzas served on vinyl records and crispy cones of kampachi tartare that came perched in the holes of DVD discs – along with slabs of sushi served on iPads, an idea conceived by Zuckerberg‘s production team, said caterer Joshua Charles.

“The party seemed reminiscent of 1999,” said Brooke Hammerling, a veteran tech industry public-relations executive who is based in New York. “None of those on the program, including Randi, were in the tech world in the first generation of the dot-com world, when we saw the lack of awareness of what was going on around us.”

Hammerling feared the women in the show would be portrayed as stereotypes, more concerned about fashion and socializing than the business of technology.

But Hermione Way made no apologies on Sunday night as she swept into the party clad in a glittery gold dress.

“It’s TV. People want to look at glamorous people, so it was a balance of finding the tech and being entertaining enough to look at,” Way told Reuters.

“I’m a 27-year-old single girl,” she added. “Do I like to party? Yeah. Do I like to look really f-ing hot? Yeah.”

Way said she was focused on bringing her fitness app and the hardware accessory to market.

And after that?

“World domination,” she replied without skipping a beat.

That, or 15 minutes of “Bravo-lebrity,” at least.

(Reporting By Gerry Shih. Editing by Jonathan Weber and Douglas Royalty)

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ABC raises $16.8 million, MTV to hold fundraiser for NJ shore

LOS ANGELES (Reuters) – A “Day of Giving” across ABC television networks raised more than $ 16.8 million for victims of Hurricane Sandy, ABC said on Tuesday.

During the event, which aired on Radio Disney, ABC Family, ESPN and other units of the Disney/ABC group, viewers were encouraged to donate to the American Red Cross.

A concert and telethon on NBC last Friday raised almost $ 23 million for those affected by the storm, which came ashore in New Jersey last week and swept up the Eastern Seaboard. Thousands were left homeless and millions were without power.

MTV, a unit of Viacom Inc, is planning a fundraiser for November 15 called “Restore the Shore”. The hour-long special will feature the cast of MTV’s reality series “Jersey Shore“.

MTV said in a statement that it was partnering with the non-profit group Architecture for Humanity to collect donations aimed at rebuilding the Seaside Heights boardwalk and local businesses and homes in the neighborhood.

(Reporting By Jill Serjeant)

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Study: Looking old may be a sign of heart risks

LOS ANGELES (AP) — Want a clue to your risk of heart disease? Look in the mirror. People who look old — with receding hairlines, bald heads, creases near their ear lobes or bumpy deposits on their eyelids — have a greater chance of developing of heart disease than younger-looking people the same age do, new research suggests.

Doctors say the study highlights the difference between biological and chronological age.

“Looking old for your age marks poor cardiovascular health,” said Dr. Anne Tybjaerg-Hansen of the University of Copenhagen in Denmark.

She led the study and gave results Tuesday at an American Heart Association conference in Los Angeles.

A small consolation: Wrinkles elsewhere on the face and gray hair seemed just ordinary consequences of aging and did not correlate with heart risks.

The research involved 11,000 Danish people and began in 1976. At the start, the participants were 40 and older. Researchers documented their appearance, tallying crow’s feet, wrinkles and other signs of age.

In the next 35 years, 3,400 participants developed heart disease (clogged arteries) and 1,700 suffered a heart attack.

The risk of these problems increased with each additional sign of aging present at the start of the study. This was true at all ages and among men and women, even after taking into account other factors such as family history of heart disease.

Those with three to four of these aging signs — receding hairline at the temples, baldness at the crown of the head, earlobe creases or yellowish fatty deposits around the eyelids — had a 57 percent greater risk for heart attack and a 39 percent greater risk for heart disease compared to people with none of these signs.

Having yellowish eyelid bumps, which could be signs of cholesterol buildup, conferred the most risk, researchers found. Baldness in men has been tied to heart risk before, possibly related to testosterone levels. They could only guess why earlobe creases might raise risk.

Dr. Kathy Magliato, a heart surgeon at St. John’s Health Center in Santa Monica, Calif., said doctors need to pay more attention to signs literally staring them in the face.

“We’re so rushed to put on a blood pressure cuff or put a stethoscope on the chest” that obvious, visible signs of risk are missed, she said.

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Online:

Heart Association: http://www.heart.org

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Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

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Obama wins second term, Romney concedes defeat

WASHINGTON (Reuters) – President Barack Obama won a second term in the White House on Tuesday, overcoming deep doubts among voters about his handling of the U.S. economy to score a clear victory over Republican challenger Mitt Romney.

Americans chose to stick with a divided government in Washington, by keeping the Democratic incumbent in the White House and leaving the U.S. Congress as it is, with Democrats controlling the Senate and Republicans keeping the House of Representatives.

Obama told thousands of supporters in Chicago who cheered his every word that “we have picked ourselves up, we have fought our way back” and that for America, the best is yet to come.

He vowed to listen to both sides of the political divide in the weeks ahead and said he would return to the White House more determined than ever to confront America’s challenges.

“Whether I earned your vote or not, I have listened to you, I have learned from you. And you have made me a better president,” Obama said.

The nationwide popular vote remained extremely close with Obama taking about 50 percent to 49 percent for Romney after a campaign in which the candidates and their party allies spent a combined $ 2 billion.

Romney, the multimillionaire former private equity executive, came back from a series of campaign stumbles to make it close after besting the president in the first of three presidential debates.

The 65-year-old former Massachusetts governor conceded in a gracious speech delivered to disappointed supporters at the Boston convention center. He had called Obama to concede defeat after a brief controversy over whether the president had really won Ohio.

“This is a time of great challenge for our nation,” Romney told the crowd. “I pray that the president will be successful in guiding our nation.”

He warned against partisan bickering and urged politicians on both sides to “put the people before the politics.”

Obama told his crowd that he hoped to sit down with Romney in the weeks ahead and examine ways to meet the challenges ahead.

The president Obama scored impressive victories in the crucial state of Ohio and heavily contested swing states of Virginia, Nevada, Iowa and Colorado. They carried the Democrat past the 270 electoral votes needed for victory in America’s state-by-state system of choosing a president, and left Romney’s senior advisers shell-shocked at the loss.

Obama, America’s first black president, won by convincing voters to stick with him as he tries to reignite strong economic growth and recover from the worst recession since the Great Depression of the 1930s. An uneven recovery has been showing some signs of strength but the country’s 7.9 percent jobless rate remains stubbornly high.

Obama’s victory in the hotly contested swing state of Ohio – as projected by TV networks – was a major step in the fight for the 270 electoral votes needed to clinch the White House and ended Romney’s hopes of pulling off a string of swing-state upsets.

Obama scored narrow wins in Ohio, Wisconsin, Iowa, Pennsylvania and New Hampshire – all states that Romney had contested – while the only swing state captured by Romney was North Carolina, according to television network projections.

Romney initially delayed his concession as some Republicans questioned whether Obama had in fact won Ohio despite the decisions by election experts at all the major TV networks to declare it for the president.

The later addition of Colorado and Virginia to Obama’s tally – according to network projections – meant that even if the final result from Ohio were to be reversed, Romney still could not reach the needed number of electoral votes.

While Obama supporters in Chicago were ecstatic, Romney’s Boston event was grim as the news was announced on television screens there. A steady stream of people left the ballroom at the Boston convention center.

THE SAME PROBLEMS

At least 120 million American voters had been expected to cast votes in the race between the Democratic incumbent and Romney after a campaign that was focused on how to repair the ailing U.S. economy.

The same problems that dogged Obama in his first term are still there to confront him again.

He faces a difficult task of tackling $ 1 trillion annual deficits, reducing a $ 16 trillion national debt, overhauling expensive social programs and dealing with a gridlocked U.S. Congress that kept the same partisan makeup.

Obama’s Democrats held their Senate majority – taking hotly contested Republican-held seats in Massachusetts and Indiana – while the Republicans kept House control.

Democrat Claire McCaskill retained her U.S. Senate seat from Missouri, beating Republican congressman Todd Akin, who stirred controversy with his comment in August that women’s bodies could ward off pregnancy in cases of “legitimate rape.

Democrats gained a Senate seat in Indiana that had been in Republican hands for decades after Republican candidate Richard Mourdock called pregnancy from rape something that God intended. Democratic congressman Joe Donnelly won the race.

In another high-profile Senate race, Democrat Elizabeth Warren, a law professor who headed the watchdog panel that oversaw the government’s financial sector bailout, defeated incumbent Massachusetts Republican Senator Scott Brown.

Former Maine Governor Angus King won a three-way contest for the Senate seat of retiring Republican Olympia Snowe. King ran as an independent, but he is expected to caucus with Democrats in what would amount to a Democratic pick-up.

Florida Democratic Senator Bill Nelson easily beat back a challenge from Republican congressman Connie Mack to win a third term, while Democratic congressman Chris Murphy beat Republican Linda McMahon, a businesswoman who had served as chief executive of a professional wrestling company.

Democrats were also cheered by several state referendums. Maryland voters approved same-sex marriage, the governor said, and a similar measure in Maine appeared on track to pass as well – marking the first time marriage rights have been extended to same-sex couples by popular vote.

In addition, Wisconsin Democratic congresswoman Tammy Baldwin became the first openly gay U.S. Senator, defeating Republican former governor Tommy Thompson.

(Additional reporting by Jeff Mason in Chicago, Patricia Zengerle in Boston, Edith Honan in New York, Brendan O’Brien in Milwaukee, Dave Warner in Philadelphia, Philip Barbara in New Jersey, Matt Spetalnick, Lisa Lambert, Susan Heavey, Thomas Ferraro, Susan Cornwell, Anna Yukhananov and Roberta Rampton in Washington; Writing by Steve Holland and John Whitesides; Editing by Claudia Parsons and Will Dunham)

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Officials: New mass graves found in Ivory Coast

ABIDJAN, Ivory Coast (AP) — Up to 10 new mass graves have been discovered near the site of a July attack on a camp for displaced people, officials said Tuesday, amid allegations that initial casualty totals were downplayed to mask killings carried out by the national army.

Rights groups claim summary executions were carried out by the Republican Forces of Ivory Coast, known by its French acronym of FRCI. Last month, officials found six bodies in a well close to the former campsite in the western town of Duekoue.

Government, army and U.N. officials toured 10 more graves in the same area on Saturday, said Paul Mondouho, vice-mayor of Duekoue. He said the graves had first been identified by civilians, and that officials did not know the number of bodies they contained because they had not yet been properly exhumed.

“People were suspecting the presence of bodies in these graves because of the smell coming out of them and because of the shoes we saw nearby,” Mondouho said.

Prosecutor Noel Dje Enrike Yahau, who is based in the commercial capital of Abidjan, confirmed that multiple new graves had been discovered but could not provide details. U.N. officials and the local prosecutor in charge of investigating the suspected killings could not be reached Tuesday.

U.N. spokeswoman Sylvie van den Wildenberg confirmed that U.N. forces helped Ivorian authorities secure a perimeter around 10 wells “similar to the one in which six bodies were found,” and that “some of those wells are suspected mass graves.”

She stressed that Ivorian authorities were leading the investigation but that the U.N. was able to provide assistance.

Army spokesmen could not be reached Tuesday. The Justice Ministry has previously vowed to investigate the discovery of the initial grave.

On the morning of July 20, a mob descended on the U.N.-guarded Nahibly camp, which housed 4,500 people displaced by violence in Ivory Coast, burning most of the camp to the ground. Officials said at the time that six people were killed.

The attack was prompted by the shooting deaths of four men and one woman on the night of July 19, according to local officials and residents. In response a mob of some 300 people overran the camp on the morning of July 20 after the perpetrators of the shootings reportedly fled there.

The victims in the July 19 attack lived in a district dominated by the Malinke ethnic group, which largely supported President Alassane Ouattara in the disputed November 2010 election. The camp primarily housed members of the Guere ethnic group, which largely supported former President Laurent Gbagbo.

Gbagbo’s refusal to cede office despite losing the election to Ouattara sparked months of violence that claimed at least 3,000 lives.

Albert Koenders, the top U.N. envoy to Ivory Coast, said one week after the attack that U.N. security forces had been inside and outside the camp at the time but that no Ivorian security forces were present. He said the U.N. forces decided not to fire at a large group of people that were attacking the camp in order to avoid “a massacre.”

Several witnesses have said soldiers and traditional hunters, known as dozos, participated in the attack on the camp. Both military and dozo leaders have denied the claims, saying they had tried to protect the camp.

In a statement released Friday, the International Federation for Human Rights, known by its French acronym of FIDH, said it had information — including the preliminary results of autopsies — confirming that the six bodies found in October were men who had been summarily executed by the army.

“The disappearance of dozens of displaced persons after the attack, as well as confirmation of cases of summary and extra-judicial executions, suggest a much higher victim rate than the official figures report,” said the organization, which counts Ivorian civil society groups among its members.

Duekoue was one of the hardest-hit towns during the post-election violence. The U.N. has established that at least 505 people were killed in and around the town, including during a notorious March 2011 massacre that claimed hundreds of lives and was allegedly carried out by fighters loyal to Ouattara.

Duekoue residents belonging to ethnic groups that supported Gbagbo have long complained about abuses carried out by the FRCI, with some pointing to the direct involvement of the local commander, Kone Daouda. FIDH said in its statement that Daouda had been transferred following the discovery of the grave in October, and called for him to be interrogated over the matter.

The group also said two FRCI members were being “actively sought” after failing to return to their barracks on Oct. 16, noting that they are believed to have fled to neighboring Burkina Faso.

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Family defends Malaysian held over Facebook insult

KUALA LUMPUR, Malaysia (AP) — The family of a Malaysian man detained for allegedly insulting a state sultan on Facebook called for his release Monday, saying the government is violating his free-speech rights.

Police arrested 27-year-old Ahmad Abdul Jalil in Kuala Lumpur and took him to southern Johor state late Friday. He was freed briefly Monday after a magistrate court in Johor refused to extend his remand order but police immediately arrested him again, said his sister Anisa Abdul Jalil.

Anisa said the family was told he was being investigated for seditious remarks against the Johor sultan.

She said the family did not know what the offensive postings were. Local media have reported that the Facebook postings at issue question Sultan Ibrahim Iskandar‘s abilities as leader of a special forces group.

Anisa said police told family lawyers they are pursuing the case under the Communications and Multimedia Act for improper use of the Internet.

“This is too much. He has a right to free speech and he should be freed immediately. There should be no charges against him,” Anisa told The Associated Press.

Fadiah Nadwa Fitri, a lawyer for the family, said the court has ruled that Ahmad’s detention was unjustifiable and that his rearrest was a “blatant abuse of power” by police in defiance of the court order.

District police chief Ruslan Hassan said the case is “highly sensitive” and should be referred to the state police headquarters. The state police chief didn’t answer his phone.

Nine Malaysian states have sultans and other royal figures. Though their roles are largely ceremonial, they command wide respect after centuries of hereditary rule.

Under Malaysian law, acts that provoke hatred against royal rulers are considered seditious. Only a few people have been charged with the crime in recent years.

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Brad Pitt turns designer for high-end furniture collection

LOS ANGELES (Reuters) – Actor Brad Pitt has turned his talents to creating furniture for a luxury design house with a high-end collection inspired by both Art Nouveau and Art Deco, according to Architectural Digest.

Pitt, who collaborated on the collection with U.S. furniture designer Frank Pollaro, discussed his inspirations for the capsule collection in the December issue of the magazine.

“I’m drawn to furniture design as complete architecture on a minor scale,” Pitt said. “I am obsessively bent on quality, to an unhealthy degree.”

Pitt said it was his obsession that introduced him to Pollaro, whom he said embodies the “same mad spirit of the craftsmen of yore, with their obsessive attention to detail.”

The dozen-piece collection, which will be unveiled by the Pollaro furniture house in New York between November 13 and 15, will include tables, chairs, an elaborate bed and a bathtub made of marble.

The 48-year-old “Fight Club” actor said he was influenced by Scottish architect Charles Rennie Mackintosh’s Glasgow Rose, drawn with a continuous line. He designed his collection with the fluidity of a single line, be it geometric or circular.

“There is something more grand at play, as if you could tell the story of one’s life with a single line — from birth to death, with all the bloody triumphs and perceived humiliating losses, even boredoms, along the way,” the actor said.

Pitt has previously worked with well-known architects for his Make It Right foundation to create affordable quality housing for the victims of Hurricane Katrina in New Orleans. He also designed a diamond ring for his partner, Angelina Jolie, when the couple got engaged earlier this year.

The actor also became the latest and first male face of Chanel’s iconic women’s fragrance Chanel No.5 last month, mystifying critics and fashionistas with an enigmatic video commercial.

(Reporting By Piya Sinha-Roy; editing by Patricia Reaney, Bernard Orr)

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Factbox: Mitt Romney, Republican U.S. presidential candidate

(Reuters) – U.S. Republican presidential candidate Mitt Romney, the former governor of Massachusetts and private equity executive, is pursuing the White House for the second time in Tuesday’s election.

Here are key facts about him.

* Romney, 65, espouses traditional Republican positions to cut taxes, reduce federal regulations, shrink government spending and bolster the U.S. military. He vows to create 12 million new jobs in his first term with a plan focused on domestic energy development, expanded free trade, improving education, reducing the deficit and championing small business.

* He lost the 2008 Republican presidential nomination to Senator John McCain but entered this year’s race with a large campaign war chest and the blessing of many in the party establishment. Conservative unease over his reputation as a moderate led to a stiff challenge in the Republican primaries.

* His net worth has been estimated at between $ 190 million and $ 250 million, making him one of the wealthiest people to ever run for the presidency. Romney has been criticized for holding money overseas and for not disclosing as many tax releases as his opponents have demanded.

* Romney proposes to lower individual income taxes across the board to 20 percent while closing some loopholes, which he says would stimulate economic growth without widening the federal deficit. He supports restructuring the Social Security retirement program and the Medicare government health insurance program for the elderly and disabled.

* He is a fifth-generation member of the Church of Jesus Christ of Latter-Day Saints, or Mormon church. He was a Mormon missionary in France for more than two years after leaving high school and later became bishop and stake president in Boston, roles akin to being a lay pastor. His faith, however, is viewed with suspicion by some conservative evangelical Christians.

* Born into a well-off family and raised near Detroit, Romney was exposed to politics early. His father, George, was chairman of American Motors Corporation and governor of Michigan from 1963 to 1969. George Romney lost a bid for the Republican presidential nomination in 1968 and served in President Richard Nixon’s Cabinet.

* In 1994, the younger Romney ran for a U.S. Senate seat in Massachusetts as a moderate Republican, but was handily defeated by incumbent Democratic Senator Edward Kennedy. Eight years later, Romney was elected governor of Massachusetts, where he instituted a statewide healthcare reform that became a model for Obama’s 2010 national healthcare overhaul.

* In 1999, Romney took over as head of the committee organizing the 2002 Winter Olympics in Salt Lake City, Utah, which had been plagued by cost overruns and scandal, and produced a successful event that helped establish his national reputation as a premier problem-solver.

* As his party moved to the right, Romney changed his positions on sensitive social issues, including abortion and gay rights. That fueled criticism that he lacked core beliefs and was motivated only by ambition. Romney referred to himself as “severely conservative” during the 2012 Republican primaries but has projected a more moderate image during the general election campaign.

* Romney met his wife, Ann, at a high school dance and they married in 1969, while they were still in college. They have five sons and 18 grandchildren. Romney has an English degree from Utah’s Brigham Young University, which is owned and run by the Mormon church, and a joint law degree and MBA from Harvard University. He speaks French.

* Romney joined the management consultancy Bain & Company in 1977 and climbed the ranks. In 1984, he co-founded the highly profitable private equity arm Bain Capital, which invested in start-ups and fledgling companies including Staples, Sports Authority and Domino’s Pizza. Critics have highlighted the number of jobs Bain cut while Romney was at its helm.

* Romney has battled a reputation for being uncomfortable and stiff when campaigning and somewhat aloof when relating to ordinary Americans. The New York Times once described his campaign persona as “All-Business Man, the world’s most boring superhero.”

* He has little foreign policy experience. He stumbled in August during a gaffe-filled trip to Britain, Israel and Poland that was meant to burnish his credentials on the world stage. He has labeled Russia as America’s “number one geopolitical foe” and said that preventing Iran from obtaining a nuclear capability should be Washington’s highest national security priority.

(Compiled by Americas Desk; Editing by Will Dunham)

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