Cricket-Australia v South Africa – second test scoreboard

ADELAIDE, Nov 24 (Reuters) – Scoreboard at the close of the

third day of the second test between Australia and South Africa

at Adelaide Oval on Saturday:

Australia won the toss and chose to bat

Australia first innings 550

South Africa first innings

G. Smith c Wade b Siddle 122

A. Petersen run out 54

H. Amla st Wade b Warner 11

J. Rudolph c Quiney b Lyon 29

AB de Villiers lbw b Siddle 1

F. du Plessis c Clarke b Hilfenhaus 78

D. Steyn c Ponting b Hilfenhaus 1

R. Kleinveldt b Hilfenhaus 0

J. Kallis c Wade b Clarke 58

M. Morkel b Lyon 6

I. Tahir not out 10

Extras (b-7, lb-2, w-3, nb-6) 18

Total: (all out, 124.3 overs) 388

Fall of wickets: 1-138 2-169 3-233 4-233 5-240 6-246 7-250

8-343 9-352 10-388

Bowling: B. Hilfenhaus 19.3-6-49-3, J. Pattinson 9.1-0-41-0

(nb-4, w-1) N. Lyon 44-7-91-2, P. Siddle 30.5-6-130-2 (nb-2), M.

Clarke 7-1-22-1, M. Hussey 1-0-7-0 (w-2), D. Warner 5-0-27-1, R.

Quiney 8-3-12-0

Australia second innings

D. Warner c Du Plessis b Kleinveldt 41

E. Cowan b Kleinveldt 29

R. Quiney c De Villiers b Kleinveldt 0

R. Ponting b Steyn 16

M. Clarke not out 9

P. Siddle c De Villiers b Morkel 1

M. Hussey 5

Extras (lb-7, nb-3) 10

Total (for five wickets, 32 overs) 111

Fall of wickets: 1-77 2-77 3-91 4-98 5-103

Still to bat: M. Wade, B. Hilfenhaus, J. Pattinson, N. Lyon.

Bowling: Steyn 10-4-28-1, Morkel 9-2-24-1, Kleinveldt

6-1-14-3 (nb-2), Tahir 7-1-38-0 (nb-1)

- -

Third test: WACA, Perth Nov. 30-Dec. 4

(Compiled by Ian Ransom; Editing by Alastair Himmer)

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Facebook and volatile market still chill IPOs

Making a killing on initial public offerings used to be easy.

At the peak of the technology boom, little more than a decade ago, a plentiful supply of companies vied to sell stock on the exchanges, and investors were assured mouthwatering returns.

These days, the deals are fewer and the returns more modest.

Companies are set to raise more than $ 45 billion through IPOs this year — the most since 2007, according to data provider Dealogic. But if you scratch the surface, there are signs that the market is less healthy than it appears.

Almost a third of the money raised in IPOs this year came from one deal, Facebook‘s $ 16 billion offering in May, and the number of companies taking themselves public may end at a three-year low.

The pipeline, or backlog, of companies planning to sell stock is also thinning.

“It’s a reflection of the psychology of the market today. It’s not strong. It’s moderate to weak,” says Rob Lutts, chief investment officer at Cabot Money Management in Salem, Mass.

While 437 companies have filed for an IPO this year, 178 have withdrawn or postponed their planned listings, Dealogic data show.

The state of the IPO market matters beyond Wall Street. Besides giving investors the chance to buy into fast-growing parts of the market, offerings give companies the money to expand and hire workers.

Scott Cutler, head of global listings at NYSE Euronext, which runs the New York Stock Exchange, estimates that more than 90 percent of a public company’s employee growth comes after it has listed on an exchange.

IPO activity is dictated largely by the health of the overall stock market. Falling markets discouraging companies from going public.

The Standard & Poor’s 500 is up 11 percent this year, but the advance has been punctuated by sharp declines when investors fretted about European debt, the election and, now, a looming “cliff” of tax increases and government spending cuts.

“The general market has been real choppy this year. It really has,” says Sal Morreale, an institutional salesman at Cantor Fitzgerald in Los Angeles who tracks offerings.

Facebook’s calamitous market debut also put the brakes on IPOs.

The social networking site’s offering was the most keenly anticipated market debut at least since Google’s in 2004. But concerns about revenue from smartphone users spooked investors, and the offering was plagued by technical glitches.

The stock was priced at $ 38 and fell almost immediately, dropping as low as $ 17.55 on Sept. 4. The negative publicity helped shutter the IPO market for more than a month until EQT Midstream Partners, an energy company, sold stock June 16. Companies including American Tire Distributors and Crosair, a computer memory company, were among those withdrawing their IPOs.

“That deal has become a textbook case of how not to do a deal,” says Quincy Krosby, a market strategist with Newark, N.J.-based Prudential Financial. “That IPO really chastened investors.”

The backlog of companies planning IPOs fell to 39 in November, according to data from Ipreo, a market analysis company firm. That is the fewest since August 2009, just after the recession. The tally has been declining steadily since September 2011.

NYSE’s Cutler says that much of the decline is because of a law passed in April designed to make it easier for companies to attract funding. They can confidentially notify regulators of their intention to seek a listing.

Cutler says that if the business environment remains stable, the pace of IPO filling will be “slightly up” next year as companies become more familiar with the law.

The law allows companies to avoid disclosing competitively sensitive information and come to the market at much shorter notice. Ultimately, it will encourage more companies to seek listings, Cutler says.

Despite Facebook‘s high-profile slump, most companies have left something on the table for investors.

The average return for IPOs this year has been 11 percent, according to Dealogic data. That’s less than the average 88 percent one-year return that investors garnered in 1999 but roughly in line with the broader market.

Among the best debuts: Guidewire Software, a provider of software for the insurance industry, and Nationstar Mortgage Holdings, a Texas mortgage provider and servicer, according to data from IPO investment advisory firm Renaissance Capital.

Investors that bought Guidewire’s stock at $ 13 at its market debut in January have seen it rise to almost $ 30, while Nationstar’s stock has almost doubled from $ 14 to $ 27.35.

There are some advantages to a slow IPO market, says Lutts of Cabot Money Management. When demand is low, only the best companies are able to attract enough demand to list on the exchanges, raising the quality of companies coming to the market. And it can be an indicator that the broader market is oversold and thus offers some bargains.

“When we’re frothy, everything is coming at a premium,” Lutts says. “I’m interested in equities today because of a weak IPO market.”

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‘Dallas’ star Larry Hagman dies in Texas

J.R. Ewing was a business cheat, faithless husband and bottomless well of corruption. Yet with his sparkling grin, Larry Hagman masterfully created the charmingly loathsome oil baron — and coaxed forth a Texas-size gusher of ratings — on television’s long-running and hugely successful nighttime soap, “Dallas.”

Although he first gained fame as nice guy Capt. Tony Nelson on the fluffy 1965-70 NBC comedy “I Dream of Jeannie,” Hagman earned his greatest stardom with J.R. The CBS serial drama about the Ewing family and those in their orbit aired from April 1978 to May 1991, and broke viewing records with its “Who shot J.R.?” 1980 cliffhanger that left unclear if Hagman’s character was dead.

The actor, who returned as J.R. in a new edition of “Dallas” this year, had a long history of health problems and died Friday due to complications from his battle with cancer, his family said.

“Larry was back in his beloved hometown of Dallas, re-enacting the iconic role he loved the most. Larry’s family and closest friends had joined him in Dallas for the Thanksgiving holiday,” the family said in a statement that was provided to The Associated Press by Warner Bros., producer of the show.

The 81-year-old actor was surrounded by friends and family before he passed peacefully, “just as he’d wished for,” the statement said.

Linda Gray, his on-screen wife and later ex-wife in the original series and the sequel, was among those with Hagman in his final moments in a Dallas hospital, said her publicist, Jeffrey Lane.

“He brought joy to everyone he knew. He was creative, generous, funny, loving and talented, and I will miss him enormously. He was an original and lived life to the fullest,” the actress said.

Years before “Dallas,” Hagman had gained TV fame on “I Dream of Jeannie,” in which he played an astronaut whose life is disrupted when he finds a comely genie, portrayed by Barbara Eden, and takes her home to live with him.

Eden recalled late Friday shooting the series’ pilot “in the frigid cold” on a Malibu beach.

“From that day, for five more years, Larry was the center of so many fun, wild and sometimes crazy times. And in retrospect, memorable moments that will remain in my heart forever,” Eden said.

Hagman also starred in two short-lived sitcoms, “The Good Life” (NBC, 1971-72) and “Here We Go Again” (ABC, 1973). His film work included well-regarded performances in “The Group,” ”Harry and Tonto” and “Primary Colors.”

But it was Hagman’s masterful portrayal of J.R. that brought him the most fame. And the “Who shot J.R.?” story twist fueled international speculation and millions of dollars in betting-parlor wagers. It also helped give the series a place in ratings history.

When the answer was revealed in a November 1980 episode, an average 41 million U.S. viewers tuned in to make “Dallas” one of the most-watched entertainment shows of all time, trailing only the “MASH” finale in 1983 with 50 million viewers.

It was J.R.’s sister-in-law, Kristin (Mary Crosby) who plugged him — he had made her pregnant, then threatened to frame her as a prostitute unless she left town — but others had equal motivation.

Hagman played Ewing as a bottomless well of corruption with a charming grin: a business cheat and a faithless husband who tried to get his alcoholic wife, Sue Ellen (Gray), institutionalized.

“I know what I want on J.R.’s tombstone,” Hagman said in 1988. “It should say: ‘Here lies upright citizen J.R. Ewing. This is the only deal he ever lost.’”

On Friday night, Victoria Principal, who co-starred in the original series, recalled Hagman as “bigger than life, on-screen and off. He is unforgettable, and irreplaceable, to millions of fans around the world, and in the hearts of each of us, who was lucky enough to know and love him.”

Ten episodes of the new edition of “Dallas” aired this past summer and proved a hit for TNT. Filming was in progress on the sixth episode of season two, which is set to begin airing Jan. 28, the network said.

There was no immediate comment from Warner or TNT on how the series would deal with Hagman’s loss.

In 2006, he did a guest shot on FX’s drama series “Nip/Tuck,” playing a macho business mogul. He also got new exposure in recent years with the DVD releases of “I Dream of Jeannie” and “Dallas.”

The Fort Worth, Texas, native was the son of singer-actress Mary Martin, who starred in such classics as “South Pacific” and “Peter Pan.” Martin was still in her teens when he was born in 1931 during her marriage to attorney Ben Hagman.

As a youngster, Hagman gained a reputation for mischief-making as he was bumped from one private school to another. He made a stab at New York theater in the early 1950s, then served in the Air Force from 1952-56 in England.

While there, he met and married young Swedish designer Maj Axelsson. The couple had two children, Preston and Heidi, and were longtime residents of the Malibu beach colony that is home to many celebrities.

Hagman returned to acting and found work in the theater and in such TV series as “The U.S. Steel Hour,” ”The Defenders” and “Sea Hunt.” His first continuing role was as lawyer Ed Gibson on the daytime serial “The Edge of Night” (1961-63).

He called his 2001 memoir “Hello Darlin’: Tall (and Absolutely True) Tales about My Life.”

“I didn’t put anything in that I thought was going to hurt someone or compromise them in any way,” he told The Associated Press at the time.

Hagman was diagnosed in 1992 with cirrhosis of the liver and acknowledged that he had drank heavily for years. In 1995, a malignant tumor was discovered on his liver and he underwent a transplant.

After his transplant, he became an advocate for organ donation and volunteered at a hospital to help frightened patients.

“I counsel, encourage, meet them when they come in for their operations, and after,” he said in 1996. “I try to offer some solace, like ‘Don’t be afraid, it will be a little uncomfortable for a brief time, but you’ll be OK.’ “

He also was an anti-smoking activist who took part in “Great American Smoke-Out” campaigns.

Funeral plans were not immediately announced.

“I can honestly say that we’ve lost not just a great actor, not just a television icon, but an element of pure Americana,” Eden said in her statement Friday night. “Goodbye, Larry. There was no one like you before and there will never be anyone like you again.”

___

Associated Press writers Erin Gartner in Chicago and Shaya Mohajer in Los Angeles, and AP Television Writer Frazier Moore in New York contributed to this report.

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Four new cases of SARS-like virus found in Saudi, Qatar

LONDON (Reuters) – A new virus from the same family as SARS which sparked a global alert in September has now killed two people in Saudi Arabia, and total cases there and in Qatar have reached six, the World Health Organisation said.

The U.N. health agency issued an international alert in late September saying a virus previously unknown in humans had infected a Qatari man who had recently been in Saudi Arabia, where another man with the same virus had died.

On Friday it said in an outbreak update that it had registered four more cases and one of the new patients had died.

“The additional cases have been identified as part of the enhanced surveillance in Saudi Arabia (3 cases, including 1 death) and Qatar (1 case),” the WHO said.

The new virus is known as a coronavirus and shares some of the symptoms of SARS, or Severe Acute Respiratory Syndrome, which emerged in China in 2002 and killed around a 10th of the 8,000 people it infected worldwide.

Among the symptoms in the confirmed cases are fever, coughing and breathing difficulties.

Of the six laboratory-confirmed cases reported to WHO, four cases, including the two deaths, are from Saudi Arabia and two cases are from Qatar.

Britain’s Health Protection Agency, which helped to identify the new virus in September, said the newly reported case from Qatar was initially treated in October in Qatar but then transferred to Germany, and has now been discharged.

Coronaviruses are typically spread like other respiratory infections, such as flu, travelling in airborne droplets when an infected person coughs or sneezes.

The WHO said investigations were being conducted into the likely source of the infection, the method of exposure, and the possibility of human-to-human transmission of the virus.

“Close contacts of the recently confirmed cases are being identified and followed-up,” it said.

It added that so far, only the two most recently confirmed cases in Saudi Arabia were epidemiologically linked – they were from the same family, living in the same household.

“Preliminary investigations indicate that these two cases presented with similar symptoms of illness. One died and the other recovered,” the WHO’s statement said.

Two other members of the same family also suffered similar symptoms of illness, and one died and the other is recovering. But the WHO said laboratory test results on the fatality were still pending, and the person who is recovering had tested negative for the new coronavirus.

The virus has no formal name, but scientists at the British and Dutch laboratories where it was identified refer to it as “London1_novel CoV 2012″.

The WHO urged all its member states to continue surveillance for severe acute respiratory infections.

“Until more information is available, it is prudent to consider that the virus is likely more widely distributed than just the two countries which have identified cases,” it said.

(Editing by Alison Williams)

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Nine arrests in Walmart protest, business still brisk

CHICAGO (Reuters) – Nine people were arrested near a Walmart store in California on Friday as part of national protests for the rights of hourly workers, even as the world’s largest retailer enjoyed what it said was its best ever start to the holiday shopping rush.

Hundreds of protesters, including some Walmart workers who skipped their shifts on the retail industry’s busiest day, spoke, chanted and sang outside of Walmart stores around the United States, making pleas for higher wages and better healthcare for Walmart hourly workers.

OUR Walmart, an organization backed by the United Food & Commercial Workers (UFCW) union, said it counted 1,000 protests in 46 U.S. states, including strikes in 100 cities – figures that Walmart said were “grossly exaggerated.”

There was no evidence that such activity disrupted what appeared to be a strong start for Wal-Mart Stores Inc to the crucial holiday shopping season.

The arrest of nine people in Paramount, California, who told law enforcement they intended to be arrested, occurred at around 12 p.m. local time (3 p.m. ET), well after the rush of specials that kicked off at 8 p.m. the night before and culminated with a 5 a.m. round of deals on “Black Friday,” the unofficial start of the holiday shopping season.

Nine people, who refused to leave the street, were peacefully arrested for refusal to disperse, said Captain Mike Parker of the Los Angeles County Sheriff’s Department. Three of those arrested were striking Walmart workers, OUR Walmart said.

Other demonstrations were smaller and less disruptive. At a Walmart on Chicago‘s South side, just one employee from the store’s nearly 500 staff took part in the demonstration, according to Walmart. There, four busloads of protesters marched outside and were not stopped by police or security guards.

Many of the demonstrators were not Walmart workers, but were supporters such as Candice Justice, a retired teacher who stood with dozens of others in Chicago on Friday morning.

Walmart said it was aware of a few dozen protests on Friday, and said the number of workers that missed scheduled shifts was “more than 60 percent less than Black Friday last year.”

The team organizing the protests disagreed.

“Right now there are hundreds and hundreds currently on strike,” Dan Schlademan, director of Making Change at Walmart, a campaign anchored by the UFCW, said on Friday afternoon. He said he could not provide a specific number of striking workers.

‘SAM WALTON WAS A GOOD MAN’

Walmart said five workers of the 250 scheduled to work at the Paramount, California store skipped shifts on Friday, while OUR Walmart said 18 did so.

One shopper leaving the store with his girlfriend said that the protest might deter him from shopping at Walmart again.

“We need to put ourselves in their shoes. I probably won’t shop here; I don’t think they should take advantage of workers,” said Joe Tegue, a 30-year-old contractor.

For its part, Walmart said it recorded its best Black Friday events ever, with more shoppers than last year and nearly 10 million register transactions between 8 p.m. Thursday and 12 a.m. Friday. It said it sold more than 1.8 million towels, 1.3 million TVs and some 250,000 bicycles.

Shares of Bentonville, Arkansas-based Wal-Mart rose 1.9 percent to $ 70.20 on Friday, outpacing the gains in the broader stock market during a shortened trading session.

Rosetta Brown, who has been with the company for 15 years and works at the Sam’s Club in Cicero, Illinois, joined the protest and lamented how employees are treated now compared with the era of company founder Sam Walton.

“Sam Walton was a good man … Walmart passed away with him,” she said. Walton opened the first Walmart store in 1962 and died in 1992.

The Chicago worker who protested, Tyrone Robinson, said he earns $ 8.95 an hour working in the produce department, and that his shifts have been cut back to less than 40 hours per week.

Wal-Mart filed an unfair labor practice charge against the UFCW with the National Labor Relations Board last week in a bid to thwart the protests. Days later, OUR Walmart filed its own charge with the NLRB, saying the retailer was illegally attempting to deter workers from participating in strikes.

More allegations of violations are expected to be filed with the NLRB in the coming days, Schlademan said.

The NLRB regional office completed its investigation on Wednesday and submitted a report for further legal analysis, NLRB Director of Public Affairs Nancy Cleeland said on Friday.

“We don’t expect to have any announcements or decision today or during the weekend,” she said.

(Additional reporting by Dana Feldman in Paramount, Calif., David Morgan in Washington and Jon Nielsen in Dallas,; writing by Ben Berkowitz; editing by Jeffrey Benkoe, Matthew Lewis and Bob Burgdorfer)

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Bank of Canada keeps “over time” condition on rate hike

OTTAWA (Reuters) – Bank of Canada Deputy Governor Tim Lane repeated on Wednesday the central bank‘s message that interest rate increases will likely be needed, but only over time.

The “over time” phrase was introduced in the bank’s key guidance in its rate statement on October 23 as a way of signaling that while the next rate move is likely to be up, such a move was less imminent than it had been.

“Over time, some gradual withdrawal of monetary policy stimulus will likely be required, consistent with achieving the inflation-control target,” Lane said, according to a prepared presentation he was giving on Wednesday in Moncton, New Brunswick.

Another part of the presentation, which was posted on the central bank’s website, noted: “The Canadian economy continues to operate with a small amount of excess supply.”

The Bank of Canada is alone in the Group of Seven leading industrialized countries in signaling an intention to raise rates despite expectations of modest and unbalanced global growth.

Lane forecast “very robust growth” in emerging markets, stagnation in Europe and significant dampening of U.S. growth due to fiscal consolidation. He said Canada‘s real gross domestic product was still expected to grow at a moderate pace.

(Reporting by Randall Palmer; Editing by Jeffrey Hodgson; and Peter Galloway)

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Chevy Chase is leaving NBC’s sitcom ‘Community’

LOS ANGELES (AP) — The NBC series “Community” will finish the season without Chevy Chase.

Sony Pictures Television said Wednesday that the actor is leaving the sitcom by mutual agreement with producers.

His immediate departure means he won’t be included in the last episode or two of the show’s 13-episode season, which is still in production.

Chase had a rocky tenure playing a bored and wealthy man who enrolls in community college. The actor publicly expressed unhappiness at working on a sitcom and feuded last year with the show’s creator and former executive producer, Dan Harmon.

The fourth-season premiere of “Community” is Feb. 7, when it makes a delayed return to the 8 p.m. EST Thursday time slot. The show’s ensemble cast includes Joel McHale and Donald Glover.

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Infections linked to tainted steroid injections nears 500 cases

NASHVILLE, Tennessee (Reuters) – A deadly outbreak of infections linked to tainted steroid injections is approaching 500 cases nearly two months after it began, and health experts said on Wednesday it was unclear whether the epidemic had peaked amid new risks facing patients.

Many patients initially stricken with fungal meningitis are developing secondary infections, prompting a renewed effort to contact people who received the injections, said health officials in Tennessee and Michigan, the two hardest-hit states.

The outbreak, first detected in Nashville, Tennessee, in September, has stricken at least 490 people in 19 states, with 34 deaths, according to the U.S. Centers for Disease Control and Prevention in Atlanta.

“I wouldn’t want to characterize the epidemic as having reached a peak or (say) that we are over the worst part,” Dr. J. Todd Weber, the CDC‘s incident manager, said on Tuesday.

Weber said many patients face weeks to months of additional treatment, more people may get sick, and there is more to learn about the infections to ensure the best care for those stricken.

The CDC has estimated that 14,000 patients received potentially tainted steroids believed to have been prepared in unsanitary conditions by a Massachusetts-based compounding pharmacy and shipped to customers in 23 states from May to September.

The rate of infection, based on 500 cases out of 14,000 people exposed mainly through injections to relieve back and joint pain, has been about 3.5 percent so far, somewhat lower than the 5 percent rate Tennessee first forecast, Weber said.

Tennessee was the epicenter of the outbreak early on and through Wednesday had reported 84 infections, including 13 deaths. Michigan through Wednesday had reported 64 meningitis cases and 91 incidences of epidural abscesses among a total of 164 patients, a number of whom had both.

Most of the early cases were of meningitis, but reports more recently have been of abscesses at the injection sites, many times in patients already being treated for meningitis, officials in Michigan and Tennessee said on Wednesday.

INCUBATION TIME UNCERTAIN

That makes it hard to determine how long the outbreak of steroid-related infections might yet last, officials said.

“These are presenting well into the course and I don’t think with the epidural abscess that we’ve been able to establish a real concrete incubation time,” said Jim Collins, director of the Michigan health department’s communicable disease division.

Tennessee has seen 49 patients with localized infections, most of whom also had fungal meningitis, Dr. John Dreyzehner, the state’s health commissioner, said on Wednesday.

“While these infections are not as serious as meningitis, they need to be identified and treated to prevent them from becoming a more significant health problem,” Dreyzehner said.

Dr. Robert Latham, chief of medicine and director of the infectious diseases program at Nashville’s St. Thomas Hospital, echoed Weber’s words of caution about the outbreak.

“Because this is an ever-evolving situation, we still don’t know how long patients will need treatment and when we’ll really see the end,” said Latham, who said he has spent some time with all 45 patients the hospital has treated in the outbreak.

St. Thomas Hospital was hit with an early influx of patients and was the first facility where doctors began to realize something had gone horribly wrong with medications from the New England Compounding Center.

Healthcare officials first predicted the outbreak would run its course in roughly six weeks, based on the incubation period initially estimated for the meningitis infections.

That six-week period passed in early November, and the number of cases being reported to state health agencies and the CDC has slowed “but it has not stopped,” the CDC’s Weber said.

Some patients have seen quick onset or much longer incubation periods, so doctors and patients have been warned to keep a close watch for at least several months.

(Additional reporting by David Bailey in Minneapolis; Editing by Steve Gorman and Todd Eastham)

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Global shares rally on brighter global economic outlook

LONDON (Reuters) – World share markets extended a week-long rally on Thursday as manufacturing surveys in China and the United States boosted confidence over the growth outlook and euro zone data was not as weak as some had feared.

The single currency also touched a two-week high against the dollar, despite data indicating the euro zone’s economy is on course for its deepest downturn since early 2009, on renewed optimism of a deal emerging to provide aid payments to Greece.

“The driving factors behind euro/dollar are that the global macroeconomic backdrop seems to be improving and people are pricing out the tail risk on Greece,” said Arne Lohmann Rasmussen, head of currency research at Danske Bank.

The euro rose 0.3 percent to $ 1.2869, its highest level since November 7.

The prospects of a deal to help Athens were boosted when German Chancellor Angela Merkel said on Wednesday after the failure of overnight talks that an agreement was possible when euro zone ministers meet again on Monday.

The likelihood of a deal, combined with better economic data and a growing view that a resolution can be found to the U.S. fiscal crisis lifted the MSCI’s world equity index 0.3 percent to 325.75 points, putting it on track for its best week since mid-September.

Europe’s FTSE Eurofirst 300 index rose 0.4 percent to a two-week high of 1,101.90 points, with London’s FTSE 100, Paris’s CAC-40 and Frankfurt’s DAX between 0.3 and 0.7 percent higher.

However, trading across all markets was subdued, with U.S. markets closed for the Thanksgiving holiday.

CHINA BOOST

Confidence in the global economic outlook got its biggest lift from the HSBC flash Manufacturing Purchasing Managers Index (PMI) for China, which pointed to expansion after seven consecutive quarters of slowdown.

“There have been a lot of concerns regarding the outlook for global growth. In this context, any improvement in Chinese data is welcome, given that investors are still risk averse,” said Robert Parkes, equity strategist at HSBC Securities.

The Chinese data followed an report on Wednesday showing U.S. manufacturing grew in November at its quickest pace in five months, indicating strong economic growth in the fourth quarter.

PMI data on the manufacturing and services sectors in Europe’s two biggest economies of Germany and France added to the better tone, revealing that conditions had not worsened in November, though both economies are still contracting.

However, the PMI numbers for the wider euro zone remain extremely weak, pointing to the recession-hit region shrinking by about 0.5 percent in the current quarter – its sharpest contraction since the first quarter of 2009.

BOND DEMAND

Amid the improving appetite for riskier assets, Spain sold 3.88 billion euros ($ 4.97 billion) of new government bonds on Thursday, though it has already raised enough funds for this year’s needs.

The average yield on the three-year bonds in the auction was 3.617 percent, compared with 3.66 percent at a sale earlier in November and a 2012 average of 3.79 percent.

Ten-year Spanish yields were 6 basis points lower on the day at 5.67 percent, having traded above 6 percent at the start of the week.

German 10-year bonds yields, which tend to rise as investors’ anxiety over the euro zone outlook ease, were up slightly at 1.439 percent.

COMMODITIES STEADY

Commodity prices gained some support form the improving outlook for world demand from all the PMI data, but prospects of only modest global growth in 2013 kept gains in check.

London copper rose 0.6 percent to $ 7,740 a metric tonne, and spot gold inched up to $ 1,730 an ounce.

Brent crude oil dipped under $ 111 per barrel as a ceasefire between Israel and Gaza’s Hamas rulers eased concerns over the impact the unrest may have on supply from the region.

Brent slipped 34 cents to $ 110.52 a barrel, while U.S. crude was steady at $ 87.38.

(Reporting by Richard Hubbard; Editing by Will Waterman)

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Greek PM presses for deal on loan

ATHENS, Greece (AP) — Greece has reacted with dismay to the European Union‘s failure to agree to release vital rescue loan funds for the debt-ridden country, with the prime minister warning it was not just Greece’s future that hangs in the balance.

The delay prolongs uncertainty over the future of Greece, which faces a messy default that would threaten the entire euro currency used by 17 EU nations.

Prime Minister Antonis Samaras stressed that Greece has done what its creditors from the EU and International Monetary Fund required. “Our partners, along with the IMF, also must do what they have committed to doing,” he said.

He said that “it is not just the future of our country, but the stability of the entire eurozone” that depend on the success of negotiations in coming days.

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Republic Wireless Now Offering $19/Month Unlimited Smartphone Service to All

Prepaid wireless carrier Republic Wireless has been offering its $ 19 per month, unlimited everything, prepaid smartphone plan since about this time last year. At the time, though, there were a few catches; you had to buy a very low-end smartphone from them, you had to use its Hybrid Calling technology for most of your calls, and you could only get in if you were lucky enough to be accepted to an exclusive “beta wave.”

Since then, Republic Wireless has upgraded to the slightly more modern Motorola Defy XT as its flagship smartphone model, and has changed to allow unlimited calling, texting, and data over Sprint’s nationwide network, for the same $ 19/month price. Now the North Carolina-based startup is dropping its last restriction; the doors are open for anyone to preorder up to four Defy XT phones, “and they’ll begin shipping in mid-December.”

​The phone

The Motorola Defy XT is designed to be dustproof and waterproof, with rubber bumpers covering each port and an unlocking switch keeping the back cover sealed. Its specs are decidedly last year’s; powered by a 1 GHz, single-core processor, it often shows Kindle Fire-style lag when swiping between home screens on its 3.7 inch display. It runs 2010′s Android 2.3 Gingerbread, with no OS upgrades announced, and it doesn’t have much room to store games and apps, although it comes with a 2 GB microSD card.

​The service

Republic Wireless’ low monthly fee is partly made possible by its Hybrid Calling technology, which is basically an app that loads on startup and lets you make calls and send texts over Wi-Fi. Call quality is generally good, although it depends on how good your Wi-Fi connection is and how many people are streaming video over it while you’re trying to make your call. You can switch off Hybrid Calling by disabling Wi-Fi, if you want to make calls over Sprint’s network instead; this happens automatically if your Wi-Fi signal drops, which has the effect of hanging up your call.

​The support

“Here at Republic,” its Support page explains, “we believe in helping each other out as much as possible.” What this translates to is that there’s no number to call for questions or tech support. Instead, customers are directed to a community wiki and forums, for answers to their issues. If all else fails, you can contact Republic using an online form, and receive a response within 24 hours.

​The price

It costs close to $ 300 to begin using Republic Wireless’ service; $ 249 for the phone, a $ 10 startup fee, and $ 19 for your first monthly fee, before any applicable taxes. That $ 19 is charged once your phone ships, and if Republic’s difficulty keeping up with orders for its first beta waves is any indication, just because the phones “begin shipping in mid-December” doesn’t necessarily mean that that’s when you’ll get yours.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.
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“Rise of the Guardians” Review: Magic, but you’d better believe in Santa Claus

LOS ANGELES (TheWrap.com) – There’s a really cool idea afoot in “Rise of the Guardians,” namely that Santa Claus, the Easter Bunny, the Tooth Fairy and the Sandman aren’t merely responsible for their little corner of children’s lives but are actually a super-team of “Avengers” proportions. Taking their cues from the unseen Man in the Moon, they protect children everywhere from evildoers.

There’s also a really tired concept dragging down the film, namely that new Guardians recruit Jack Frost isn’t sure that he wants to join up, and he doesn’t know who he really is – and he’s, basically, the umpteenth Joseph-Campbell-reluctant-hero who pops up in seemingly every kids’ movie and superhero epic. (Arguably, “Guardians” is both.)

And as much as I often found myself enchanted by this 3D animated film, based on the series of books by William Joyce, I couldn’t help noticing that this movie falls into a conundrum I like to call (with a tip of the hat to playwright Christopher Durang) “You didn’t clap loud enough – Tinkerbell’s dead.”

As an atheist (albeit one who loves Christmas movies), I get a little twitchy about films where children are made to feel guilty about not believing in things and people that don’t actually exist. So even though it’s nice to get a non-cynical story aimed at kids, in which open-heartedness and wonder are celebrated as virtues, this is another movie that paints itself into a theological corner by suggesting that those of us who question the existence of the Easter Bunny are at fault for all the world’s ills.

In this tale, the Guardians assemble for two reasons: to welcome Jack Frost (voiced by Chris Pine) into their ranks and to combat Pitch Black (Jude Law), a long-suppressed boogeyman who’s out to capture the Sandman (who never speaks, but is one of the movie’s funniest characters) and to replace his golden slumbers with hideous nightmares.

Santa (Alec Baldwin) – here made out to be the jolliest Russian stevedore on Earth – welcomes Jack to the fold and assures him that he can be a hero once he figures out what he’s made of. Less convinced is the Easter Bunny (Hugh Jackman), who has ongoing resentment against Jack for all those times that wintry weather has disrupted egg hunts.

And there’s the Tooth Fairy (Isla Fisher), who subcontracts most of her gig out to her army of pixies; one of the film’s interesting twists is to explain why children’s teeth are so valuable and what she does with them.

When the Guardians are zipping around the planet, invisibly enchanting children and ribbing each other, “Rise of the Guardians” has a real lift to it; first-time director Peter Ramsey knows how to pace the big set pieces, and he understands that anytime you can make characters fly around (or extreme-sled) in a 3D movie, audiences’ spirits will soar too.

All too often, however, the good stuff is interrupted by the extremely pat plot beats of Jack and his voyage of self-fulfillment, and those aren’t the only mistakes screenwriter David Lindsay-Abaire (“Rabbit Hole”) makes along the way.

There’s a major plot development that takes place off-camera, which gives a large chunk of the movie a “Wait, what just happened?” confusion that’s too much of a distraction.

The young’uns at the screening I attended were entranced for much of “Rise of the Guardians” (terrible title!), so parents can rest assured that its target audience will leave satisfied. But the best family films truly appeal to the whole family, and adults may find themselves asking, and fending off, too many questions to take the plunge into this fantasy universe.

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In HP-Autonomy debacle, many advisers but little good advice

(Reuters) – When Hewlett Packard acquired Autonomy last year for $ 11.1 billion, some 15 different financial, legal and accounting firms were involved in the transaction — and none raised a flag about what HP said Tuesday was a major accounting fraud.

HP stunned Wall Street with the allegations about its British software unit and took an $ 8.8 billion writedown, the latest in a string of reversals for the storied company.

HP Chief Executive Meg Whitman, who was a director at the company at the time of the deal, said the board had relied on accounting firm Deloitte for vetting Autonomy‘s financials and that KPMG was subsequently hired to audit Deloitte.

HP had many other advisers as well: boutique investment bank Perella Weinberg Partners to serve as its lead adviser, along with Barclays. Banking advisers on both sides of the deal were paid $ 68.8 million, according to data from Thomson Reuters/Freeman Consulting.

Barclays pocketed the biggest banker fee of the transaction at $ 18.1 million and Perella was paid $ 12 million. The company’s legal advisers included Gibson, Dunn & Crutcher; Freshfields Bruckhaus Deringer; Drinker Biddle & Reath; and Skadden, Arps, Slate, Meagher & Flom, which advised the board.

On Autonomy‘s side of the table were Frank Quattrone‘s Qatalyst Partners, which specializes in tech deals and which picked up $ 11.6 million.

UBS, Goldman Sachs, Citigroup, JPMorgan Chase and Bank of America were also advising Autonomy and were paid $ 5.4 million each. Slaughter & May and Morgan Lewis served as the company’s legal advisers.

While regulators in the United States and the United Kingdom, as well as the Federal Bureau of Investigation, are likely to spend many months if not years investigating what happened, legal experts said on Tuesday that it wasn’t clear if any of the advisers would ultimately be held liable.

“The most logical deep pocket would be the acquired firm’s auditors, who should have allegedly caught these defalcations,” said James Cox, a professor at Duke University law school who specializes in corporate and securities law. Since both auditors missed the problems and it appeared to have taken HP a while to catch it after it took over Autonomy, the auditors may have a strong defense.

“You can have a perfectly sound audit and still have fraud exist,” he said. A Deloitte UK spokesman said the company could not comment and would cooperate with any investigations.

The law firms and the bankers will likely argue that they were not hired to review the bookkeeping and had relied on the opinion of the auditors, securities law experts said.

Multiple sources with knowledge of the HP-Autonomy transaction added that the big-name banks on Autonomy‘s side were brought in days before the final agreement was struck. These sources said the banks were brought on as favors for their long relationships with the companies, in a little-scrutinized Wall Street practice of crediting — and paying — investment banks that actually have little do with the deal.

LAWSUITS, REPUTATIONS AT STAKE

Plaintiffs lawyers said they were taking calls from investors about HP on Tuesday. Darren Robbins, a San Diego-based plaintiff lawyer who represents shareholders, said the tech icon appears to have spent billions on a shoddy company without undertaking the proper due diligence, and thus misrepresented its finances to investors.

“I think they have serious troubles,” he said.

But plaintiff lawyers may have difficulty bringing so-called derivative lawsuits against professional services firms, said Brian Quinn, an M&A professor at Boston College Law School. In those cases, plaintiff lawyers can sue third parties, such as auditors, on behalf of HP — but they must convince a judge that HP’s board is unfit to pursue those claims itself. In this situation, though, HP’s board disclosed the alleged fraud itself, Quinn said.

Even if the bankers and lawyers escape any legal problems, they could suffer a reputational hit. The scrutiny could be particularly unwelcome for Perella Weinberg: the firm advised Japanese camera maker Olympus’ acquisition of British Gyrus — a transaction that prompted investigations in the United States, United Kingdom and Japan into fees and payments made by Olympus.

Olympus had hired Perella to execute the transaction, which included a fee paid to “advisers” of $ 687 million – way beyond the usual scale for a transaction valued at only $ 2 billion. Perella was not implicated in the matter.

Meanwhile, the most controversial banker involved in the HP-Autonomy deal, Frank Quattrone of Qatalyst, represented Autonomy and played a key role in getting HP to pay a high price.

A star investment banker in the 1990s, Quattrone had worked at Morgan Stanley, Deutsche Bank and Credit Suisse, and helped arrange some of the biggest tech initial public offerings of the era, including Amazon.com Inc and Cisco Systems Inc.

But his time at the top of Silicon Valley was curtailed by charges that he blocked an investigation into IPO kickbacks. After two trials failed to resolve his case, he ultimately reached a deal with prosecutors.

His return to the Silicon Valley M&A scene has impressed many in the tech world.

“His reputation is at an all-time high right now,” said Dan Scheinman, the former head of mergers and acquisitions at Cisco who has worked with Quattrone on several deals.

Analysts almost uniformly deemed the $ 11.1 billion he got HP to pay for Autonomy as overly rich — a compliment to him at the time, but possibly a hollow success if HP’s allegations prove true.

(Reporting By Nadia Damouni and Nicola Leske in New York and Andrew Callus in London. Additional reporting by Dan Levine in San Francisco.; Editing by Peter Lauria, Jonathan Weber, Muralikumar Anantharaman, Janet McBride)

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World stocks fall after Greece aid delayed

BANGKOK (AP) — World stock markets were mostly lower Wednesday after European Union officials held off on releasing a loan to debt-mired Greece and postposed further action until next week.

European finance ministers adjourned a meeting in Brussels without granting Greece the next installment of an emergency bailout loan that has been on hold for months. The €31.5 billion ($ 40 billion) loan is needed so Athens can pay its bills and avoid running out of cash.

Britain’s FTSE 100 fell 0.1 percent to 5,741.12. Germany‘s DAX lost 0.2 percent to 7,161.27. France‘s CAC-40 dropped 0.3 percent to 3,450.24.

Futures augured losses on Wall Street. Dow Jones industrial futures fell 0.1 percent to 12,746. S&P 500 futures lost 0.2 percent to 1,383.50.

The aid for Greece is being delayed until officials can resolve a dispute over whether to give Athens an extra two years to get to a point where it can independently raise funds on bond markets. Greece has been locked out of the international long-term debt market since 2010 and thus relies on rescue loans.

The reform program attached to the bailout was to steadily reduce Greece’s debt to 120 percent of its annual gross domestic product by a 2020 deadline. But some officials say the deadline may have been too ambitious and that Greece needs two more years.

Asia stocks were mixed. Japan‘s Nikkei 225 index rose 0.9 percent to close at 9,222.52, with export shares enjoying the benefits of a weakened yen.

Hong Kong‘s Hang Seng jumped 1.4 percent to 21,524.36. Mainland China‘s Shanghai Composite Index gained 1.1 percent to 2,030.32 while the smaller Shenzhen Composite Index advanced 1.1 percent to 808.

Peng Yunliang, an analyst based in Shanghai, said the gains were likely due to expectations that manufacturing data due to be released Thursday would point toward an improvement in the Chinese economy.

South Korea‘s Kospi fell 0.3 percent to 1,884.04. Australia‘s S&P/ASX 200 fell 0.4 percent at 4,369.50. Benchmarks in Thailand, New Zealand and Taiwan also were lower.

Among individual stocks, Japanese snack food maker Calbee dropped 4.3 percent after announcing the recall of millions of bags of potato chips due to possible contamination with glass fragments.

Benchmark oil for January delivery was up 24 cents at $ 86.99 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $ 2.53 to close at $ 86.75 a barrel on Tuesday after signs that Israel and Hamas are close to putting a halt to fighting that has lasted nearly a week.

In currencies, the dollar rose to 82.18 yen from 81.71 yen late Tuesday in New York. The euro fell to $ 1.2778 from $ 1.2807.

___

AP researcher Fu Ting in Shanghai contributed.

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U.S. fiscal impact of great concern to Canada: Canada’s Harper

TORONTO (Reuters) – Any fiscal problems that would significantly slow the U.S. economy would be of great concern to Canada, Canadian Prime Minister Stephen Harper said on Monday.

The United States needed a credible medium-term fiscal plan, Harper said at a business forum in Ottawa, adding that he was following the U.S. fiscal debate with “great interest.”

(Reporting by Solarina Ho)

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‘Trapped’ on Broadway? R. Kelly is working on it

NEW YORK (AP) — Is Broadway ready for Twan, Sylvester, Pimp Lucius and “the package”? R. Kelly thinks so — and says he’s working to bring the wacky characters and plotlines in his even wackier “Trapped in the Closet” series to the Great White Way.

The superstar announced on Monday night that he’s had an offer to bring the cult classic to the stage, and he may even be in some performances.

“To transform it into a Broadway version, that’s what I’m working on,” he told a packed house at the Sunshine Theater, where he unveiled the latest chapters in “Trapped in the Closet,” which will debut on the IFC on Friday.

Kelly gave no other details about a possible Broadway adaptation of the wildly popular video opera. It got its start from a stirring series of songs Kelly debuted in 2005, which ended with a cliff-hanger. The songs captured so much attention, Kelly made an over-the-top video series about it that just got crazier and crazier as he added more chapters.

Kelly has often referred to “Trapped” as an alien, and on Monday, he said: “I’m glad to be one of the astronauts to take this thing to the unknown.”

He thanked the enthusiastic crowd for accepting the series, and admitted that he always wanted to act: “Somehow, I landed ‘Trapped in the Closet’ from being silly.”

He also joked about the ridiculous nature of the series.

“I’m just having a lot of fun. I don’t have a job so I sit in the studio all day and think of stuff to do and this is just something stupid I’ve done that’s been successful for me,” he said. “I’m having a lot of fun with it.”

The latest chapters introduce a few new faces, and like the others series, ends with a cliffhanger. While it’s taken Kelly five years to add these latest chapters to the series, Kelly says he won’t take as long to produce more.

“I want everybody to know I’ve got 85 chapters of ‘Trapped in the Closet’ waiting in the studio for y’all,” he said. “The chapters that are coming — the show, we call it — is going to exceed every chapter that you have ever seen.”

Kelly capped of the evening with a rendition of one of his biggest hits, “I Believe I Can Fly,” for the audience.

___

http://www.r-kelly.com

http://www.ifc.com

___

Nekesa Mumbi Moody is the AP’s Global Entertainment & Lifestyles Editor. Follow her at http://www.twitter.com/nekesamumbi

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Psychiatrist found accused Oakland college shooter mentally ill

OAKLAND (Reuters) – A former nursing student charged with killing seven people at a Christian college in Oakland this year has been found by a psychiatrist to suffer from schizophrenia and unfit to stand trial, his lawyer told a judge on Monday.

One Goh, 44, is charged in Alameda County Superior Court with seven counts of murder and three counts of attempted murder in the April 2 shooting spree at Oikos University, where he once attended nursing school. He has pleaded not guilty.

The shooting spree was the deadliest at an American college since 2007, when a Virginia Tech University student killed 32 people and wounded 25.

Deputy Public Defender David Klaus said at a hearing in Alameda County Superior Court that a court-ordered psychiatric report concluded that Goh was “presently incompetent to stand trial due to his longstanding paranoid schizophrenia.”

A hearing on Goh’s competency was postponed until January 7 because a second psychiatrist, who the court also ordered to issue a report, was unable to interview the Korean-born defendant until a translator could be found.

Goh, who weighed 220 pounds when he was arrested a few hours after shooting, looked emaciated as he sat in a jury box in a red jail suit, his hands and feet shackled. Klaus estimated Goh, who refused food for four weeks after his arrest, had lost up to 75 pounds.

“I’ve felt strongly since the beginning of the case that he’s severely mentally ill,” Klaus said after Goh’s brief court appearance. “I believe that mental illness is, if not the direct cause, certainly the catalyst for this terrible tragedy that he committed.”

Klaus said the confidential psychiatrist’s report found that, based on interviews with family members, Goh has suffered from paranoid schizophrenia for nine to 15 years. He never sought treatment and has refused treatment in jail.

Alameda County District Attorney Nancy O’Malley, who has not yet decided whether to seek the death penalty, declined comment.

Authorities said they believe Goh became angry after he dropped out of the nursing school last year and administrators refused to refund his tuition. A Presbyterian minister from Korea founded Oikos University as a vocational school in 2004.

(Editing by Dan Whitcomb and Todd Eastham)

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Black Friday and the Triumph of Marketing

A century ago “Black Friday” referred to the market crash of Sept. 24, 1869, which was caused by two financiers’ failed attempt to corner the gold market. Today we know Black Friday as the country’s busiest shopping day, falling right after Thanksgiving. How did that happen?

One popular but false explanation is that the name marks the day retailers end an 11-month stretch of red ink and harvest profits for the first time all year. Others say it refers to the dark day thousands of retail workers will spend greeting shoppers, stocking shelves, folding garments, and ringing registers.

In fact, factory owners in the 1950s first coined Black Friday to lament the high number of workers who wouldn’t show up for work, as linguist Ben Zimmer pointed out last year. The connection between Black Friday, crowds, and shopping came in the early 1960s from some Philadelphia cops, he explained. They used the phrase to describe the mad traffic downtown on the day holiday shoppers converged with football fans arriving for the Army-Navy game, traditionally played in Philly on the Saturday after Thanksgiving.

The name Black Friday, picked up by the press, presented a branding problem from the start. Zimmer quotes a 1961 story from Public Relations News that called the label “hardly a stimulus for good business,” and notes city spinmeister Abe Rosen’s efforts to replace it with the anodyne “Big Friday.” The Philadelphia newspapers refused, and Black Friday stuck.

It’s not exactly clear when, in the decades since, retailers across the country embraced the name. By the time they did, it came with the reassuring myth that Black Friday was the day they turned a profit to be “in the black.” (A quick look at retailers’ quarterly earnings should put that canard to rest.) The retail industry shed any queasiness it had about the Black Friday brand in recent years, as big-box stores and shopping malls embraced “door-buster” sales that got shoppers to line up for discounts before opening time.

Although Black Friday has long been called the busiest shopping day of the year, that’s only become true in the past decade, according to data from retail analyst ShopperTrak. Before 2004, holiday shopping generally peaked on the Saturday before Christmas, the International Council of Shopping Centers reported (PDF). But after enough years of retailers and reporters and shoppers repeating that Black Friday was the busiest day, the myth eventually became true.

More recently, the hoopla has spread throughout the week. Cyber Monday was invented in 2005 by the National Retail Federation’s digital division in an attempt to promote online shopping when office workers get back to their desks after the holiday; it was not the highest volume day for e-commerce sales. In 2010, American Express (AXP) made up Small Business Saturday, with promotions and rebates aimed at getting gift-seekers to swipe their AmEx cards at local merchants’ shops. Note to retailers: Three days of Thanksgiving week remain unbranded. Or four, if Thanksgiving itself is not off limits.

And, of course, it’s not. Black Friday has been creeping earlier, from dawn to midnight to Thursday evening. Wal-Mart Stores (WMT) plans to open its doors on Thanksgiving day at 8 p.m. this year, two hours earlier than last year, a decision that’s helped provoke some workers to strike. Perhaps the earlier hour is an attempt to avoid the sometimes unruly crowds that door-buster sales attract. Last year, a Wal-Mart shopper in California reportedly pepper-sprayed fellow customers to reach coveted merchandise. But even that’s not Black Friday’s darkest moment: In 2008, Jdimytai Damour, a 34-year-old Queens man who took a seasonal job at a Wal-Mart in Valley Stream, N.Y, was killed when a pre-dawn Black Friday mob broke the glass doors and trampled him to death.

Long before such deadly excess, some activists seized the symbolism of Black Friday to make people think twice about consumer culture. Since the 1990s, the day after Thanksgiving has also been dubbed Buy Nothing Day, an idea championed by Adbusters magazine and, lately, the Occupy movement. The thought of getting masses of consumers to stay home on what has become the biggest shopping day of the year may sound like a pipe dream. But Black Friday only holds its current place in our culture through miracles of marketing, spin, and rebranding. Those celebrating Buy Nothing Day, at least, don’t have to explain the name.

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Canada pledges again to balance budget by 2015

OTTAWA/NEW YORK (Reuters) – The Canadian government on Friday reiterated its intention to balance its budget by 2015, three days after projecting there would be deficits until 2016-17.

In separate appearances in Quebec City and New York, Prime Minister Stephen Harper and Finance Minister Jim Flaherty were at pains to say they still intended to end the red ink by 2015.

“It remains the government’s plan, intention, to balance the budget prior to the next federal election. The recent economic and fiscal update by the minister indicates we are actually very close to that objective,” Harper told reporters in Quebec City. The next election is in October 2015.

Flaherty’s fall fiscal update on Tuesday had pushed back the target date for eliminating the deficit by a year, to 2016-17, citing a weak global economy.

But the minister said in a speech in New York that the government was on track to balance the budget in the next two to three years, barring major external events, and he later clarified that he intended a balanced budget by 2015.

“The prime minister’s always correct,” he chuckled.

He sought to explain the discrepancy by saying the fiscal update had built in a C$ 3 billion ($ 3 billion) contingency cushion, meaning there was an underlying surplus of C$ 1.2 billion for 2015-16. He said the projection of a C$ 1.8 billion deficit amounted to about half a percent of the C$ 275 billion federal budget.

“There’s lots of water to go under the bridge between now and then,” he said.

The opposition New Democratic Party noted the discrepancy in a release headlined: “Stephen Harper makes stuff up about balancing the budget.”

It pointed out that balancing the budget by the next election was not the same as balancing it by 2016-17.

As it is, even the 2015-16 timetable is a year later than offered in the Conservative campaign for reelection in May 2011. They had promised a balanced budget by 2014-15, followed by major personal income tax relief before the 2015 election.

Flaherty’s timetable drew criticism this week from the Canadian Taxpayers Federation, which said the minister had become expert at kicking the can down the road.

The projections could be thrown out of whack if the United States goes off the fiscal cliff, a set of automatic tax hikes and spending cuts that are to be triggered on January 2 if legislators and the White House cannot agree on a more nuanced budget deal.

Flaherty said U.S. failure to avert the fiscal cliff would cause a significant and immediate decline in Canada’s gross domestic product, and he would counter it.

Referring to a possible economic shock from Europe or the United States, he said: “If that were to happen and if the Canadian economy were to be pushed back into recession with the resulting danger for higher unemployment and the danger always of a prolonged recession, then we would act.”

He added: “We would not stand by and let that happen. The kinds of measure we can take: there are various tax measures we can take, there are measures with respect to stimulus we can take, these are things that we have done before and we can do again.”

On Tuesday, Flaherty spoke of having prepared various contingency plans.

(Additional reporting by Louse Egan; Editing by David Gregorio)

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Online gaming firms urge EU to open up markets

LONDON (Reuters) – Online gaming companies have accused Belgium and Greece of keeping them out of their markets illegally and urged European competition authorities to take action.

A long-running dispute over licenses in Belgium made headlines last week when Belgian authorities questioned one of the co-chief executives of bwin.party, the world’s largest listed online gaming group.

The bwin.party case has underlined the problems faced by companies in the growing online gaming sector when they operate in countries where regulations are unclear or restrictive.

Bwin.party says it is losing 700,000 euros ($ 889,400) in gaming revenue each month after access to its websites was blocked in Belgium.

Executives from 12 gaming companies including bwin.party said the European Commission had failed to follow through on concerns over Belgian laws first raised in 2009.

“We hope that the Commission will now enforce compliance with the European treaty and do so swiftly,” they said in a letter to the Financial Times.

“Countries such as Belgium and Greece that are in clear breach of EU law and that are seeking to enforce those laws domestically are likely to be at the top of the list,” it added.

“The time for polite rhetoric is now over. It is time for deeds not words.”

Belgian rules state that a company must offer the same services both online and offline to obtain a license. Opponents say that favors companies based in Belgium and means pure online providers cannot operate.

In Greece, bookmakers including Britain’s William Hill launched a legal challenge to monopoly operator OPAP after being denied licenses.

(Writing by Keith Weir; Editing by Tom Pfeiffer)

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Bieber sweeps American Music Awards with big wins

LOS ANGELES (Reuters) – Canadian pop star Justin Bieber swept the American Music Awards on Sunday, topping strong competition from Rihanna and Nicki Minaj, and sending newcomers British boybands One Direction and The Wanted home empty-handed.

Bieber, 18, won all three categories in which he was nominated, including the night’s biggest award, artist of the year, over Rihanna, Katy Perry, Maroon 5 and Drake.

“This is for all the haters who thought that maybe I was just here for one or two years, but I feel like I am going to be here for a very long time,” Bieber said on stage, dedicating his first win of the night to his mother, Pattie Mallette, who accompanied him after his widely reported split from girlfriend Selena Gomez.

“It’s hard growing up with everything going on, with everyone watching me. I wanted to say that as long as you guys keep believing in me, I want to always make you proud,” Bieber said at the end of the night.

Bieber, who also won favorite pop/rock male artist and favorite pop/rock album for “Believe,” took to a bare stage to sing an acoustic stripped-down version of his latest single “As Long As You Love Me” before livening up the show with Nicki Minaj for “Beauty and a Beat.”

The American Music Award nominees and winners are voted online by fans, and the awards are handed out during a live three-hour broadcast featuring performances by artists.

R&B singer Rihanna, 24, and rapper Minaj, 29, led the nominees going into Sunday’s awards with four apiece.

Minaj won favorite rap/hip hop artist and rap/hip hop album of the year for “Pink Friday: Roman Reloaded.” The singer, known for her extravagant on-stage performances, sang her latest hit “Freedom” in a winter wonderland-themed set.

Rihanna came away with one win. She couldn’t make the show because she is in Berlin, midway through a seven-day tour across seven cities around the world promoting her upcoming “Unapologetic” album.

Canadian pop singer Carly Rae Jepsen, 26, picked up the coveted new artist-of-the-year award over One Direction, Australian artist Gotye, indie-pop band fun. and rapper J. Cole. She performed her hit “Call Me Maybe.”

“I am floored,” the singer said, thanking Bieber along with her fans in her acceptance speech.

ELECTRONIC DANCE MUSIC AWARD

Newcomer British-Irish boy bands One Direction, which had three nominations, and The Wanted, which had one nomination, went home empty-handed, losing out in the favorite pop/rock group category to well-established Los Angeles group Maroon 5.

French DJ David Guetta won the first-ever American Music Award for electronic dance music over DJs Calvin Harris and Skrillex.

“It’s wonderful also to see electronic music recognized at this level in the U.S.,” Guetta said in a taped acceptance speech.

Only 13 of the 20 awards were handed out during the live broadcast. Katy Perry was named favorite female pop/rock artist, Shakira was named favorite Latin artist, while Beyonce was voted favorite soul artist. None of the three attended the show.

Country-pop darling Taylor Swift, 22, scored the favorite female country artist award before performing her latest single “I Knew You Were Trouble” from her chart-topping album “Red,” on a masquerade ballroom-style stage with dancers in tuxedos, gowns and Venetian masks.

R&B star Usher kicked off the night with a medley of his hits on a laser-filled stage, while pop-rocker Pink teamed her performance of her latest single “Try” with a dramatic interpretive dance covered in paint with a male dancer on a stage filled with burning debris.

1990s ska-punk band No Doubt performed “Looking Hot” from their first album in a decade, “Push & Shove,” while rockers Linkin Park performed their latest “Burn It Down” after winning favorite alternative rock band over The Black Keys and Gotye.

Korean rapper Psy didn’t score any nominations, but he was named the AMA new media honoree for his viral hit music video “Gangnam Style,” accompanied by his trademark horse-riding dance.

The star closed out the show with his hit song, joined by surprise guest MC Hammer, one of the pioneering rappers from the 1980s, who was known for his catch phrase ‘Hammer Time.’

Singer Brandy paid tribute to the late Whitney Houston, who died suddenly at age 48 on the night before the Grammy Awards in February this year from accidental drowning.

AMA founder Dick Clark, who also passed away earlier this year, was given a touching tribute by veteran soul singer Stevie Wonder, who sang a medley of hits including “Hotter Than July” and “My Cherie Amour,” against a backdrop of pictures of Clark. Wonder was introduced by “American Idol” host Ryan Seacrest, who also paid homage to Clark’s influence.

“Dick loved the power of music and the ability to create pure joy,” Seacrest said.

The awards show, which marked its 40th anniversary this year, treated the audience to some of its greatest moments, including R&B star Beyonce performing “Single Ladies” at the 2008 show, Will Smith and DJ Jazzy Jeff at the 1989 awards show, and various clips of AMA regular, the late singer Michael Jackson.

(Additional reporting by Jill Serjeant, editing by Christine Kearney and Philip Barbara)

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One in 20 youth has used steroids to bulk up: study

NEW YORK (Reuters Health) – About five percent of middle and high school students have used anabolic steroids to put on muscle, according to a new study from Minnesota.

In addition to steroid use, more than one-third of boys and one-fifth of girls in the study said they had used protein powder or shakes to gain muscle mass, and between five and 10 percent used non-steroid muscle-enhancing substances, such as creatine.

Researchers said a more muscular body ideal in the media may be one factor driving teens to do anything possible to get toned, as well as pressure to perform in sports.

“Really the pressure to start using (steroids) is in high school,” said Dr. Linn Goldberg, from Oregon Health & Science University in Portland.

“You get the influence of older teens in high school, so when you’re a 14-year-old that comes in, you have 17-year-olds who are the seniors, and they can have great influence as you progress into the next stage of your athletic career.”

The new data came from close to 2,800 kids and teens at 20 different middle and high schools in the Minneapolis/St. Paul area. During the 2009-2010 school year, those students completed a survey on food and weight-related behaviors, including activities tied to muscle gain.

The majority of kids surveyed were poor or middle-class.

Almost all of them had engaged in at least one muscle-building activity in the past year, most often working out more to get stronger. But up to one-third of kids and teens used what the researchers deemed to be unhealthy means to gain muscle mass, including taking steroids and other muscle-building substances or overdoing it on protein shakes, dieting and weight-lifting.

Student-athletes were more likely than their peers to use most methods of muscle-building. Steroid use, however, was equally common among athletes and non-athletes.

According to findings published Monday in the journal Pediatrics, Asian students were three to four times more likely to have used steroids in the past year than white students. Most Asians in the study were Hmong, lead researcher Marla Eisenberg from the University of Minnesota in Minneapolis and her colleagues noted.

Their study shows higher adolescent use of steroids and other muscle-boosting substances than most other recent research and “is cause for concern,” according to the researchers. But it’s not clear whether the findings would apply to an area outside of the Twin Cities, or among wealthier students, they noted.

ROID RAGE?

Anabolic steroids are synthetic versions of testosterone, the male sex hormone. Steroids are prescribed legally to treat conditions involving hormone deficiency or muscle loss, but when they’re used for non-medical purposes, it’s typically at much higher doses, according to the National Institute on Drug Abuse.

In those cases, steroids can cause mood swings – sometimes known as roid rage – and for adolescents, stunted growth and accelerated puberty.

Anabolic steroids have become pervasive in professional sports, including baseball, football and boxing. (Another example of performance-enhancing drug use is “blood doping” with erythropoietin or EPO, which is behind the Lance Armstrong cycling controversy that caused him to be stripped of his Tour de France titles last month.)

Experts have worried that the drive to get ahead of competitors at any cost could trickle down to college and high school athletes, as well.

Goldberg, co-developer of the ATLAS and ATHENA programs to prevent steroid and other substance use on high school teams, said it’s important to give teens healthier alternatives to build muscle.

“I would stay away from all supplements, because you don’t know what’s in them,” Goldberg, who wasn’t involved in the new study, told Reuters Health.

“What’s important is to teach kids how to eat correctly,” he said. Goldberg said getting enough protein through food, eating breakfast and avoiding muscle toxins like alcohol and marijuana can all help young athletes get stronger without shakes or supplements.

Eisenberg’s team did not find clustering of steroid use and other muscle-enhancing behaviors within particular schools.

“Rather than being driven by a particular school sports team coach or other features of a school’s social landscape, this diffusion suggests that muscle-enhancing behaviors are widespread and influenced by factors beyond school, likely encompassing social and cultural variables such as media messages and social norms of behavior more broadly,” the researchers wrote.

SOURCE: http://bit.ly/jsoh2P Pediatrics, online November 19, 2012.

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World stocks up amid optimism over US budget

BANGKOK (AP) — World stock markets rose Monday, registering optimism after negotiations late last week between President Barack Obama and leaders of Congress raised hopes the U.S. would avoid its “fiscal cliff” before the end-of-the-year deadline.

Obama met with the top leaders of the House and Senate on Friday to discuss ways to avert a series of automatic tax increases and spending cuts scheduled to take effect Jan. 1 in the absence of intervening action. U.S. lawmakers have said a budget deal before Christmas is possible.

Economists have been warning of the consequences if no action is taken. The spending cuts and higher taxes — plus the expiration of extended unemployment benefits — would mean that $ 671 billion is sliced out of the American economy next year. That’s enough to throw the world’s biggest economy into a recession.

European stocks were mostly higher in early trading. Britain’s FTSE 100 fell 0.4 percent to 5,654.78. But Germany‘s DAX gained 1 percent to 7,0167.87. France‘s CAC-40 advanced 1 percent to 3,374.21.

Wall Street was set for a higher open. Dow Jones industrial futures rose 0.3 percent to 12,602. S&P 500 futures gained 0.3 percent to 1,363.80.

Investors looking for good deals following a global stock market slump that occurred in the aftermath of the U.S. presidential election helped push Asian stock markets higher.

Hong Kong‘s Hang Seng added 0.5 percent to 21,262.06 and South Korea‘s Kospi rose 0.9 percent to 1,878.10. Australia‘s S&P/ASX 200 gained 0.6 percent to 4,361.40. Mainland China‘s Shanghai Composite Index inched up 0.1 percent to 2,016.98. The smaller Shenzhen Composite Index rose marginally to 800.84.

“Because Hong Kong dropped for two weeks, maybe there is some bargain hunting,” said Linus Yip, strategist at First Shanghai Securities in Hong Kong. He said that the budget negotiations in the U.S. are occupying the spotlight in the near term, but the ultimate issue is the state of the global economy.

Investors were particularly concerned by data last week showing U.S. industrial output falling 0.4 percent in October and the 17-country euro area falling into another recession.

The yen’s recent weakness helped boost Japan‘s Nikkei 225 and its heavy orientation toward exporting companies. The index in Tokyo jumped 1.4 percent to close at 9,153.20, its highest close since Sept. 19.

A weak yen reduces the cost of Japanese products overseas, and that helps companies whose survival depends on sales beyond their home turf.

Toyota Motor Corp. rose 1.4 percent. Yamaha Motor Co. gained 1.9 percent. Canon Inc. surged 4.5 percent. Nikon Corp. added 4.7 percent.

Heavy industrial shares also posted gains. South Korean shipbuilder Hyundai Heavy Industries Co. rose 2.8 percent. Japanese heavy equipment maker Komatsu Ltd. rose 3.4 percent. Nippon Steel & Sumitomo Metal Corp. gained 3.4 percent.

Australian surf wear company Billabong International soared 10.1 percent after news that its U.S. business head Paul Naude was considering a leveraged buyout of the company.

Benchmark oil for December delivery was up 79 cents to $ 87.71 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $ 1.05 to finish at $ 86.92 per barrel.

In currencies, the euro rose to $ 1.2781 from $ 1.2727 late Friday in New York. The dollar was unchanged at 81.22 yen.

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Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson

Economy News Headlines – Yahoo! News

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