Coal company announces layoffs in response to Obama win

A coal company headed by a prominent Mitt Romney donor has laid off more than 160 workers in response to President Obama's election victory.
Murray Energy said Friday that it had been "forced" to make the layoffs in response to the bleak prospects for the coal industry during Obama's second term. In a prayer circulated by the company, CEO Robert Murray said Americans had voted "in favor of redistribution, national weakness and reduced standard of living and lower and lower levels of personal freedom."
"The American people have made their choice. They have decided that America must change its course, away from the principals of our Founders," Murray said in the prayer, which was delivered in a meeting with staff members earlier this week.
"Lord, please forgive me and anyone with me in Murray Energy Corporation for the decisions that we are now forced to make to preserve the very existence of any of the enterprises that you have helped us build."
Murray cited pending regulations from the Environmental Protection Agency and the possibility of a carbon tax as factors that could lead to the "total destruction of the coal industry by as early as 2030."
In August, Murray shuttered an operation in Ohio, again blaming the Obama Administration and its alleged "war on coal."
Mitt Romney echoed this line on the campaign trail, accusing Obama of undermining the country's energy security.
Administration officials responded to these attacks by affirming that Obama supports "clean coal." They also pointed out that more coal miners were on the job in the U.S. this year than at any time since 1997, and that U.S. coal exports have risen 31%.
Domestically, however, coal production has dropped sharply, falling roughly 15% in 2011 versus years prior, according to the National Mining Association.
But the industry's woes go way beyond Obama's policies.
Utility companies are increasingly ditching coal in favor of cheaper, cleaner natural gas. In addition, the recession and improved energy efficiency have crimped demand for power.
Looking ahead, the coal industry faces a rule going into effect in 2015 that tightens the amount of mercury coal plants can emit, as well as regulations on mountain-top mining. Both will make coal production and coal-fired power plants more expensive.
The rules themselves are not Obama's doing, although he has implemented them fairly quickly. Most stem from the Clean Air Act, which was signed by Richard Nixon and strengthened during the first Bush presidency.
CNNMoney's Steve Hargreaves contributed reporting.

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U.S. to Pass Saudi Arabia in Energy Production, IEA Says: Huge Foreign Policy, Economic Implications

A new report by the International Energy Association says the U.S. will become the world's largest oil producer by 2017, overtaking current leaders Saudi Arabia and Russia. U.S. energy policies initiated by the George W. Bush administration and implemented by President Barack Obama have moved the U.S. toward energy independence and away from Middle East energy sources. U.S. oil production has risen rapidly since 2008 and oil imports are at their lowest level in two decades.
"North America is at the forefront of a sweeping transformation in oil and gas production that will affect all regions of the world, yet the potential also exists for a similarly transformative shift in global energy efficiency," says IEA Executive Director Marian von der Hoeven in a statement.
The IEA also says the U.S. could become self-sufficient in energy by 2035 and a net exporter of natural gas by 2020. The Obama administration's push to develop and grow domestic natural gas capabilities has led to a natural gas drilling boom. Production has jumped 15% in four years but the glut in natural gas supplies have also caused the price of natural gas to plummet. According to the White House, the U.S. holds a 100-year supply of natural gas and domestic production is at an all-time high. The Daily Ticker's Aaron Task and Henry Blodget both agree that the explosion in domestic energy production could alter the geopolitical landscape and U.S. labor market.
"The foreign policy implications are maybe even bigger than the economic ones," says Task.
"For 50 years or more we have been just addicted and coupled to a region of the world where so many people hate us," Blodget adds.
Oil and petroleum imports have fallen an average of more than 1.5 million barrels per day and domestic crude oil production has increased by an average of more than 720,000 barrels per day since 2008. As domestic drilling has expanded so has the number of oil and gas production jobs. According to the Federal Reserve Bank of St. Louis, job growth in these industries has risen 25% since January 2010.
Related: The Fracking Revolution: More Jobs and Cheaper Energy Are Worth the "Manageable" Risks, Yergin Says
President Obama says natural gas production could support 600,000 jobs by the end of the decade. Most of these positions are highly desirable from a financial standpoint. Drilling and support jobs pay about $34.50 an hour, 50% more than the national average according to The New York Times.
Cheap natural gas and the administration's eagerness to expand U.S. energy production has shifted resources away from green energy technologies like solar and wind.
Related: Robert F. Kennedy Jr.: Renewable Energy Is Key to U.S. Growth
The method of extracting natural gas from shale rock formations has come under intense scrutiny. Many local cities and communities have already banned the practice. Hydraulic fracturing, more commonly referred to as hydrofracking or fracking, involves injecting large amounts of sand, water and chemicals into the ground at high pressures. Critics of fracking say this process produces millions of gallons of wastewater that contain highly corrosive salts and carcinogens. These radioactive elements could pollute water sources such as rivers and underground aquifers and pose serious dangers to the environment and individuals.

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Eurozone back in recession in Q3

LONDON (AP) -- The 17-country eurozone has bowed to the inevitable and fallen back into recession for the first time in three years as a sprawling debt crisis took its toll on the region's stronger economies.
And with surveys pointing to increasingly depressed conditions across the eurozone at a time of high unemployment in many countries, there are fears that the recession will deepen, and make the debt crisis even more difficult to handle.
Official figures Thursday showed that the eurozone contracted by 0.1 percent in the July to September period from the quarter before as economies including Germany and the Netherlands suffer from falling demand.
The decline reported by Eurostat, the EU's statistics office, was in line with market expectations and follows on from the 0.2 percent fall recorded in the second quarter. As a result, the eurozone is officially in recession, commonly defined as two straight quarters of falling output.
"We can dispense with the euphemisms and equivocation, and openly proclaim that the euro area economy is indeed in technical recession," said James Ashley, senior European economist at RBC Capital Markets.
Because of the eurozone's grueling three-year debt crisis, the region has the focus of concern for the world economy. The eurozone's economy is worth around €9.5 trillion, or $12.1 trillion, which puts it on a par with the U.S. economy. The region, with its 332 million population, is the U.S.'s largest export customer, and any fall-off in demand will hit order books.
While the U.S has managed to bounce back from its own savage recession in 2008-09, albeit inconsistently, and China continues to post still-strong growth, Europe's economies have been on a downward spiral — and there is little sign of any improvement in the near-term.
The eurozone has managed to avoid returning to recession for the first time since the financial crisis following the collapse of U.S. investment bank Lehman Brothers, mainly thanks to the strength of its largest single economy, Germany.
But even that country is struggling now as confidence wanes and exports drain in light of the debt problems afflicting large chunks of the eurozone.
Germany's economy grew a muted 0.2 percent in the third quarter, down from a 0.3 percent increase in the previous quarter. Over the past year, Germany's annual growth rate has more than halved to 0.9 percent from 1.9 percent.
Perhaps the most dramatic decline among the eurozone's members was seen in the Netherlands, whose economy shrank 1.1 percent on the previous quarter.
Five eurozone countries are in recession — Greece, Spain, Italy, Portugal and Cyprus. Those five are also at the center of Europe's debt crisis and are imposing austerity measures, such as cuts to pensions and increases to taxes, in an attempt to stay afloat.
As well as hitting workers' incomes and living standards, these measures have also led to a decline in economic output and a sharp increase in unemployment.
Spain and Greece have unemployment rates of over 25 percent. Their young people are faring even worse with every other person out of work. As well as being a cost to governments who have to pay out more for benefits, it carries a huge social and human cost.
Protests across Europe on Wednesday highlighted the scale of discontent and with economic surveys pointing to the downturn getting worse, the voices of anger may well get louder still.
"The likelihood is that this anger will continue to grow unless European leaders and policymakers start to act as if they have a clue as to how to resolve the crisis starting to unravel before their eyes," said Michael Hewson, markets analyst at CMC Markets.
The wider 27-nation EU, which includes non-euro countries, avoided the same fate. It saw output rise 0.1 percent during the quarter, largely on the back of an Olympics-related boost in Britain.
The EU's output as a whole is greater than the U.S. It is also a major source of sales for the world's leading companies. Forty percent of McDonald's global revenue comes from Europe - more than it generates in the U.S. General Motors, meanwhile, sold 1.7 million vehicles in Europe last year, a fifth of its worldwide sales.

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Are We Regulating Ourselves Back Into Recession?

Let us put an end to self-inflicted wounds," President Gerald Ford told Congress in 1975. "And let us remember that our national unity is a most priceless asset." While Ford was talking about the scars from the Vietnam War, his words seem relevant today. Our nation grapples with not one divisive issue, but a basket of them, each pulling and undermining our already battered confidence, while testing our resolve and straining the limits of logic.
What are we doing to ourselves, America?
In just two short weeks, instead of closing the books after a bruising election, we've not only kept the rancor alive but have doubled down on it. In this morning's papers alone, I easily counted a dozen different areas of discourse before growing tired of it all. As my colleague Mike Santoli and I discuss in the attached video, with so much going on — and with so much wrong — is it any wonder stocks are moving in reverse at a fast clip since the second quarter correction.
"It feels like a particularly heavy round of one of these anti-business — or at least calling business to task — moments," Santoli says in the face of my long and growing list of negatives, which include higher taxes, the fiscal cliff, the Benghazi aftermath, turnover at the CIA, federal probes of FedEx and UPS over mail-order medicine, BP's record fine, further investigation into banks for money laundering, as well as another round of mandatory stress testing.
Before you go off and call me some kind of zero-regulation advocate or pessimist, all I am saying is that it strikes me as slightly counterproductive to be building up and and tearing down the banks at the same time. And Santoli seems to agree, saying that it is alarming to see how much banks have to spend on compliance, legal and regulatory issues, calling it a "massive weight."
As much as we had recently been gaining some degree of comfort over the economy, housing and jobs, it suddenly seems as if we're doing everything wrong.
''Is it ever going to be a good time to cinch up tax rates?" Santoli questions. Obviously the answer is no, and yet the markets cling to the belief that our elected officials will break ranks and reach some sort of last-minute grand bargain solution.
Maybe I am just being cynical, but I am of the mind that no major changes will emerge without first going through a period of calamity. Santoli is a smidge more optimistic, however, clinging to a ''residual hope'' that the President has a ''Nixon-to-China moment" and that his second term is not about fighting individual, ideological fight. "That is the distant hope you have to hold," he says.
How about you? Have you given up hope in the face of so much negativity

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Israeli-Palestinian clashes erupt in West Bank

TAMOUN, West Bank (AP) — An arrest raid by undercover Israeli soldiers disguised as vegetable vendors ignited rare clashes in the northern West Bank on Tuesday, residents said, leaving at 10 Palestinians wounded.
Israeli army raids into Palestinian areas to seize activists and militants are fairly common. The raids are normally coordinated with Palestinian security forces, and suspects are usually apprehended without violence.
The clashes began early Tuesday after Israeli forces disguised as merchants in a vegetable truck arrested one man. Regular army forces then entered the town, prompting youths to hurl rocks to try to prevent more arrests.
Israeli forces fired tear gas, rubber bullets and live ammunition as youths set tires and bins on fire to block the passage of military vehicles. In several hours of clashes, dozens of masked youths hid behind makeshift barriers, hurling rocks and firebombs at soldiers.
Faris Bisharat, a resident of Tamoun, said 10 men were wounded, some by live fire. Bisharat said the wanted men belong to Islamic Jihad, a violent group sworn to Israel's destruction. It wasn't clear how many men Israeli forces sought to arrest. There were no immediate details on how seriously the 10 were hurt.
The Israeli military said it arrested a "terrorist affiliated with the Islamic Jihad terror group." It said two soldiers were injured during the raid.
The fighting, which broke out in several parts of the town of some 8,000 people, were a rare, angry response. It was also unusual for Israeli forces to use live fire toward Palestinian demonstrators. Israel says it uses live fire only in extremely dangerous situations.

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Ten crushed to death, 120 injured at Angola church event

Ten people were crushed to death and 120 injured in the Angolan capital Luanda as they tried to enter an overcrowded stadium for a vigil organized by a Pentecostal church, the state news agency Angop reported on Tuesday.
Angop cited an emergency services spokesman as saying the victims, including four children, were crushed at the gates of the Cidadela Desportiva stadium, where the Universal Church of the Kingdom of God (IURD) organized a vigil on Monday night.
IURD is a Pentecostal Christian church created in 1977 in Brazil, where it has over 8 million followers, according to its own website. IURD says it is present in most countries of the world.
Ferner Batalha, IURD's deputy bishop for Angola, said the vigil had been overcrowded.
"Our expectation was to have 70,000 people, but that was surpassed by far," Angop cited him as saying.

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Iraq PM warns Sunni protesters, makes small concession

BAGHDAD (Reuters) - Iraq's Shi'ite prime minister, Nuri al-Maliki, has warned he will not tolerate Sunni anti-government rallies indefinitely, but made a concession to their demands by promising to free some women prisoners.
Thousands of Sunnis have been taking to the streets of Iraq for more than a week in protest against Maliki, whom they accuse of discriminating against their sect and being under the sway of their non-Arab Shi'ite neighbor Iran.
The incident has once more threatened to plunge a delicate power-sharing deal into turmoil, just as President Jalal Talabani, a moderating influence, is in Germany for medical care after suffering a stroke.
The cradle of the protests is Anbar province, a Sunni stronghold in western Iraq, where demonstrators are blocking a key highway to Jordan and Syria.
In a televised interview late on Monday, Maliki said there were foreign agendas behind the protests, which he described as "unconstitutional".
"I say to those who follow these agendas: Don't think it's difficult for the government to take measures against you or to re-open the road and put an end to this matter," Maliki said.
"We have been very patient with you, but don't expect this issue to be open-ended."
The protesters are demanding an end to what they see as the marginalization of the Sunni minority, who dominated Iraq until the U.S.-led invasion of 2003 toppled Sunni dictator Saddam Hussein.
They want Maliki to abolish anti-terrorism laws that they say he has used to pursue political rivals such as the Sunni vice president, Tareq al-Hashemi, who fled after being accused of running death squads and was sentenced to death in absentia.
Sunni anger was re-ignited when Maliki evoked memories of that incident by detaining the bodyguards of his Sunni finance minister, Rafaie al-Esawi, hours after Talabani was flown out.
Leading Sunni cleric Khaled al-Mullah, a participant in negotiations between the protesters and the government, said Maliki had acceded to one Sunni demand.
"In our first meeting with Prime Minister Maliki, he promised us that he will write a special pardon for all women who have criminal charges," Mullah said.
He put the number of female prisoners in Iraqi jails at 920, and said around 700 of them would be eligible for release.
Shi'ite cleric Moqtada al-Sadr, a rival of Maliki's, voiced support for the protesters' demands and said Iraq was not immune to the changes transforming the region.
"I have said before: The Arab Spring is coming and Iraq's spring will come too," Sadr told a news conference in the Shi'ite holy city of Najaf.

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India paying welfare directly, aiming to end fraud

NEW DELHI (AP) — India will pay billions of dollars in social welfare money directly to its poor under a new program that aims to cut out the middlemen blamed for the massive fraud that plagues the system.
Previously officials only handed out cash to the poor after taking a cut — if they didn't keep all of it for themselves — and were known to enroll fake recipients or register unqualified people. The program inaugurated Tuesday would see welfare money directly deposited into recipients' bank accounts and require them to prove their identity with biometric data, such as fingerprints or retina scans.
Finance Minister P. Chidambaram has described the venture as "nothing less than magical," but critics accuse the government of hastily pushing through a complex program in a country where millions don't have access to electricity or paved roads, let alone neighborhood banks.
The program is loosely based on Brazil's widely praised Bolsa Familia program, which has helped lift more than 19 million people out of poverty since 2003. It will begin in 20 of the country's 640 districts Tuesday, affecting more than 200,000 recipients, and will be progressively rolled out in other areas in the coming months, Chidambaram said Monday. The country has 440 million people living below the poverty line.
"In a huge new experiment like this you should expect some glitches. There may be a problem here and there, but these will be overcome by our people," Chidambaram said.
He appealed for patience with the program, which he called "a game changer for governance."
The opposition Bharatiya Janata Party has accused the ruling Congress party of using the program to gain political mileage ahead of elections expected in 2014.
As a first step, the government has said it plans to begin directly transferring money it would spend on programs such as scholarships and pensions.
Eventually the transfers are expected to help fix much of the rest of India's welfare spending, though Chidambaram said the government's massive food, kerosene and fertilizer distribution networks — which are blamed for much of the corruption and lost money — would be exempt.
The program will eliminate middlemen and transfer cash directly into bank accounts using data from Aadhar, a government project working to give every Indian identification numbers linked to fingerprints and retina scans. Currently hundreds of millions of Indians have no identity documents.
On Monday, 208 activists and scholars published an open letter expressing concern that the government was forcing the poor to enroll in Aadhar to get welfare benefits without putting safeguards in place to protect their privacy. They also expressed fears the government planned to eventually replace the food distribution system for the poor, the largest program of its kind in the world.
"Essential services are not a suitable field of experimentation for a highly centralized and uncertain technology," they wrote.
Others said the government was trying to do too much too soon.
"A very important concern is are we ready for this sort of thing? The banking infrastructure is very poor, people are far from these banks, when they exist they are overcrowded. Sometimes people have to walk for a day to get to the bank," says Reetika Khera, a development economist with the New Delhi-based Institute for Economic Growth.
Mihir Shah, a member of India's Planning Commission accepts that the government's timeline is "unrealistic," but said many critics had confused the lack of readiness with flaws in the plan itself.
"My question to them is is it better than what is there today? That is the only way we can judge policy. I don't think there's a perfect solution to any of mankind's problems," he said.
Shah said a lot more work needed to be done before cash transfers could become a reality across the country. The identification drive needed to reach the vast majority of India's poor, and villages needed banking infrastructure and Internet connectivity.
"It is going to take time and it will happen only when it happens whatever the deadline. It will be rolled out only when these conditions are in place," he said. But if the deadline "pushes us to fix the lacunae that currently hamper the roll out of cash transfer, then we're in the right direction.

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Venezuelans on edge amid shifting news on Chavez

CARACAS, Venezuela (AP) — Supporters and opponents of President Hugo Chavez alike nervously welcomed the new year Tuesday, left on edge by shifting signals from the government about the Venezuelan leader's condition three weeks after cancer surgery in Cuba.
With rumors swirling that Chavez had taken a turn for the worse, Vice President Nicolas Maduro said in a televised interview in Cuba that he had met with the president twice, spoken with him and planned to return to Venezuela on Wednesday.
Maduro said Chavez faces "a complex and delicate situation." But Maduro also said that when he talked with the president and looked at his face, he seemed to have "the same strength as always."
"All the time we've been hoping for his positive evolution. Sometimes he has had light improvements, sometimes stationary situations," Maduro said in the prerecorded interview, which was broadcast Tuesday night by the Caracas-based television network Telesur.
"I was able to see him twice, converse with him. He's totally conscious of the complexity of his post-operative state and he expressly asked us ... to keep the nation informed always, always with the truth, as hard as it may be in certain circumstances," Maduro said.
Chavez has not been seen or heard from since the Dec. 11 operation, and officials have reported a series of ups and downs in his recovery — the most recent, on Sunday, announcing that new complications from a respiratory infection had put the president in a "delicate" state.
Speculation has grown since Maduro announced those latest troubles, which were a sharp shift from his remark nearly a week earlier that the president had been up and walking.
In Tuesday's interview, Maduro did not provide any new details about Chavez's complications. But he joined other Chavez allies in urging Venezuelans to ignore gossip, saying rumors are being spread due to "the hatred of the enemies of Venezuela."
He didn't refer to any rumors in particular, though one of them circulating online had described Chavez as being in a coma.
Political opponents of Chavez have complained that the government hasn't told the country nearly enough about his health.
Maduro's remarks about the president came at the end of an interview in which he praised his government's programs at length, recalled the history of the Cuban revolution and touched on what he called the long-term strength of Chavez's socialist Bolivian Revolution movement.
He mentioned that former Cuban President Fidel Castro had been in the hospital, and praised Cuba's government effusively. "Today we're together on a single path," Maduro said.
Critics in Venezuela sounded off on Twitter while the interview was aired, some saying Maduro sounded like a mouthpiece for the Cuban government. In their online messages, many Chavez opponents criticized a dearth of information provided by Maduro, accusing him of withholding key details about Chavez's condition. Opposition politicians have demanded that the government provide the country with a full medical report.
Even some of his supporters said on Tuesday that they wished they knew more.
"We're distressed by El Comandante's health," said Francisca Fuentes, who was walking through a downtown square with her grandchildren. "I think they aren't telling us the whole truth. It's time for them to speak clearly. It's like when you have a sick relative and the doctor lies to you every once in a while."
Chavez has been fighting an undisclosed type of pelvic cancer since June 2011. He has declined to reveal the precise location of the tumors that have been surgically removed. The president announced on Dec. 8, two month after winning re-election, that his cancer had come back despite previous surgeries, chemotherapy and radiation treatment.
"There's nothing we can do except wait for the government to deign to say how he is really," said Daniel Jimenez, an opposition supporter who was in a square in an affluent Caracas neighborhood.
Jimenez and many other Venezuelans say it seems increasingly unlikely that Chavez can be sworn in as scheduled Jan. 10 for his new term.
Venezuelans rang in 2013 as usual with fireworks raining down all over the capital of Caracas. But some of Chavez's supporters had long faces as they gathered in Bolivar Plaza on Monday night holding pictures of the president. A government-sponsored New Year's Eve celebration there had been called off, and instead his supporters strummed guitars and read poetry in Chavez's honor.
Maduro didn't discuss the upcoming inauguration plans, saying only that he's hopeful Chavez will improve.
Chavez has been in office since 1999 and was re-elected in October, three months after he announced that his latest tests showed him to be cancer-free. If he dies or is unable to continue in office, the Venezuelan Constitution says a new election should be held within 30 days.
Before his operation, Chavez acknowledged he faced risks and designated Maduro as his successor, telling supporters they should vote for the vice president if a new presidential election was necessary.
The vice president said that Chavez "has faced an illness with courage and dignity, and he's there fighting, fighting."
"Someone asked me yesterday by text message: How is the president? And I said, 'With giant strength,'" Maduro said. He recalled taking Chavez by the hand, saying "he squeezed me with gigantic strength as we talked.

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1 Indian gang rape suspect may be juvenile

NEW DELHI (AP) — A bone test is being conducted to confirm the age of a young suspect in custody in the fatal assault and gang rapeof a woman on a bus in India's capital, while prosecutors will seek the death penalty for five other men arrested with him, police said.

The six will be formally charged in court on Thursday on accusations that they kidnapped, gang raped and murdered the 23-year-old woman in New Delhi on Dec. 16, police spokesman Rajan Bhagat said Tuesday.

Media reports say some 30 witnesses have been gathered, and the charges have been detailed in a document running more than 1,000 pages.

Outraged Indians have been demanding the death penalty for the six men, holding demonstrations almost every day since the rape. Murder is punishable by death and rape by life imprisonment. But juveniles — those below 18 years of age — cannot be prosecuted for murder.

Another police officer said a bone test is being conducted to determine if the youngest suspect is indeed a juvenile. If the test determines he is 18 years or older he will be treated as an adult, said the officer, who spoke on condition of anonymity because he was not authorized to disclose sensitive information.

Doctors can confirm a person's age by evaluating X-rays and determining the maturity of the person's bones.

The brutality of the case has made Indians confront the reality that sexual violence is deeply entrenched in the society. Women face daily harassment, from catcalls on streets and groping in buses to rapes. Often police refuse to accept complaints by female victims and even accuse them of inviting unwanted male attention by dressing provocatively. Families also dissuade victims from coming forward in the belief that it will ruin their reputations.

Activists hope the savage assault on the woman, a physiotherapy student, will shake off the taboo and make authorities take such cases more seriously.

The woman and a male companion were attacked when they boarded an off-duty bus in southern New Delhi to go home. The six men, including the bus driver, allegedly took turns raping her and beat her with an iron bar which they also inserted in her body, causing severe injuries to her organs.

The woman, who has not been identified, was airlifted to Singapore for emergency treatment but died Saturday. She was cremated in New Delhi on Sunday, and the ashes were to be submerged in the holy river Ganges near her hometown in the northern Uttar Pradesh state in accordance with Hindu customs.

Protesters and politicians from across the spectrum called for a special session of Parliament to pass new laws to increase punishments for rapists — including possible chemical castration — and to set up fast-track courts to deal with rape cases within 90 days.

Thousands of Indians have lit candles and held prayer meetings and marches to express their grief and demand stronger protection for women and the death penalty for rape. The protests continued Tuesday.

On Monday, the Indian army and navy canceled their New Year's Eve celebrations, as did Sonia Gandhi, head of the ruling Congress party. Several hotels and clubs across the capital also did not hold their usual parties.

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