Market rises but fiscal cliff makes for choppy session

NEW YORK (Reuters) - Stocks rose on Thursday as investors bought on sporadic dips in a market roiled by conflicting comments from Washington about high-stakes negotiations to solve the "fiscal cliff."

Wall Street reversed early gains and fell shortly after John Boehner, the top Republican in Congress, poured cold water on hopes that lawmakers were getting closer to a budget deal that would avert a possible recession next year. But the market rebounded by afternoon and the three major indexes were near the session highs.

"There is an emotional part in buying on the small dips here. Investors are more worried about missing the rally than losing money as they believe that the 'fiscal cliff' will be solved eventually," said James Dailey, portfolio manager at TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.

"Until the 'fiscal cliff' is solved, the madness of the crowd will not subside."

Discussions on Capitol Hill are aimed at avoiding big, automatic spending cuts and tax hikes, known as the "fiscal cliff," that will begin taking effect beginning in January.

Boehner's comment about a lack of progress in talks with the White House was one of a series of contrary pronouncements by lawmakers and the Obama administration over whether Washington will finally cut a deal.

There have been some signs that leaders are moving closer to a fiscal agreement. The S&P 500 has gained about 5 percent after dropping almost 8 percent since the November 6 U.S. election. But investors remain wary that ad hoc statements from politicians can spark quick reversals in the market.

The Dow Jones industrial average <.dji> was up 50.32 points, or 0.39 percent, at 13,035.43. The Standard & Poor's 500 Index <.spx> was up 7.29 points, or 0.52 percent, at 1,417.22. The Nasdaq Composite Index <.ixic> was up 19.32 points, or 0.65 percent, at 3,011.10.

U.S.-listed shares of BlackBerry maker Research In Motion surged 5 percent to $11.66 after Goldman Sachs upgraded the stock to "buy" from "neutral" on optimistic ahead of the launch of the BlackBerry 10 smartphone.

Shares of top retailers retreated in the wake of data showing a weak start to November sales after superstorm Sandy. Target fell 0.5 percent to $62.49 percent and Kohl's Corp dropped 10.4 percent to $45.83.

The U.S. economy grew faster than initially thought in the third quarter as businesses restocked, but consumer and business spending were revised lower in a sobering reminder of the economic recovery's underlying weakness.

Gross domestic product expanded at a 2.7 percent annual rate in the quarter, the Commerce Department said, as export growth helped offset the weakest consumer spending and first drop in business investment in more than a year.

Contracts to buy previously owned U.S. homes rose more than expected in October, a sign the housing market recovery advanced into the fourth quarter despite a mammoth storm and concerns over looming tax hikes.

Shares of companies that build homes rose. The PHLX housing index <.hgx> rose 0.5 percent, shedding some earlier gains in line with the pullback in the broader market.

Tiffany shares slumped 6.6 percent to $59.52 after the upscale jeweler reported quarterly results and cut its full-year sales and profit forecasts.

Although domestic events largely dominated investors' attention, the euro zone debt crisis is still on the radar. The yield on Italy's 10-year bonds fell to the lowest in two years at an auction on relief that international lenders reached agreement this week to reduce Greece's debt by more than 40 billion euros.

(Editing by Kenneth Barry)

Read More..

As Opposition Meets in Cairo, More Violence Mars Syria

The Syrian opposition pushed ahead on military and political fronts on Wednesday, as rebels shot down a government warplane in the north of Syria and a newly formed coalition started talks in Cairo on how to pick a transitional government to replace that of President Bashar al-Assad.

The coalition, whose official name is the National Coalition of Syrian Revolutionary and Opposition Forces, was formed at a meeting in Qatar earlier this month, and has already been anointed with official recognition from Britain, France, Turkey and the members of the Gulf Cooperation Council. But in order to encourage further recognition internationally, it must tackle the broader problem of uniting multiple groups in exile and rebels on the ground in Syria.

That challenge was apparent on the first day of what are expected to be two days of talks in Egypt. Disagreements emerged over the composition of the coalition when the Syrian National Council, one of its members, tried to increase the number of its representatives.

“Nothing will proceed until we work this out,” said one council member at the talks, who spoke to Reuters on condition of anonymity.

The talks took place against the backdrop of a 20-month civil war in which about 40,000 people have been killed so far in clashes between armed rebels and jihadist forces on one side and Mr. Assad’s military on the other. The conflict has flared at various times along Syria’s borders with Lebanon, Israel, Turkey and Jordan and in most of the country’s cities, including deadly car bombings on Wednesday near Damascus, the capital.

In Turkey, once an ally of the Assad government, a team of NATO inspectors visited sites on Wednesday where the alliance might install batteries of Patriot antiaircraft missiles that Turkey, a member, has requested to prevent any incursions by the Syrian air force, which has become the Assad government’s main weapon against the rebels. Patriot missiles have also been discussed as a way of enforcing a no-fly zone over rebel-held areas of Syria near the Turkish border if one is imposed.

Meanwhile, opposition politicians gathered in a Cairo hotel to shape an alternative government. Ahmad Ramadan, a member of the national council, said in an interview with Radio Sawa, an Arabic-language broadcaster sponsored by the United States government, that the talks were more likely to decide on the selection process than to choose actual candidates.

Khaled Khoja, a coalition member attending the talks, said: “I don’t think we’ll be discussing the election of a transitional government during the meeting today. We’re still discussing whether to have a government or to have committees instead.”

State media said on Wednesday that at least 34 people, and possibly many more, died in the two car bombings in Jaramana, a suburb of Damascus that is populated by minorities.

The official SANA news agency said the explosions struck at about 7 a.m. and were the work of “terrorists,” the word used by the authorities to denote rebel forces seeking the overthrow of President Assad.

The agency said the bombings were in the main square of Jaramana, which news reports said is largely populated by members of the Christian and Druse minorities. Residents said the neighborhood was home to many families who have fled other parts of Syria because of the conflict and to some Palestinian families. The blasts caused “huge material damage to the residential buildings and shops,” SANA said.

The death toll was not immediately confirmed. An activist group, the British-based Syrian Observatory for Human Rights, initially said that 29 people had died but revised the figure later to 47, of whom 38 had been identified. Of the 120 injured, the rebel group said, 23 people were in serious condition, meaning that the tally could climb higher.

There were also reports from witnesses in Turkey and antigovernment activists in Syria that for the second successive day insurgents had shot down a government aircraft in the north of the country, offering further evidence that the rebels are seeking a major shift by challenging the government’s dominance of the skies. It was not immediately clear how the aircraft, apparently a plane, had been brought down.

Video posted on the Internet by rebels showed wreckage with fires still burning around it. The aircraft appeared to show a tail assembly clearly visible jutting out of the debris. Such videos are difficult to verify, particularly in light of the restrictions facing reporters in Syria. However, the episode on Wednesday seemed to be confirmed by other witnesses.

“We watched a Syrian plane being shot down as it was flying low to drop bombs,” said Ugur Cuneydioglu, who said he observed the incident from a Turkish border village in southern Hatay Province. “It slowly went down in flames before it hit the ground. It was quite a scene,” Mr. Cuneydioglu said.

Video posted by insurgents on the Internet showed a man in aviator coveralls being carried away. It was not clear if the man was alive but the video said he had been treated in a makeshift hospital. A voice off-camera says, “This is the pilot who was shelling residents’ houses.”

The aircraft was said to have been brought down while it was attacking the town of Daret Azzeh, 20 miles west of Aleppo and close to the Turkish border. The town was the scene of a mass killing last June, when the government and the rebels blamed each other for the deaths and mutilation of 25 people. The video posted online said the plane had been brought down by “the free men of Daret Azzeh soldiers of God brigade.”

On Tuesday, Syrian rebels said they shot down a military helicopter with a surface-to-air missile outside Aleppo and they uploaded video that appeared to confirm that rebels have put their growing stock of heat-seeking missiles to effective use.

In recent months, rebels have used mainly machine guns to shoot down several Syrian Air Force helicopters and fixed-wing attack jets. In Tuesday’s case, the thick smoke trailing the projectile, combined with the elevation of the aircraft, strongly suggested that the helicopter was hit by a missile.

Rebels hailed the event as the culmination of their long pursuit of effective antiaircraft weapons, though it was not clear if the downing on Tuesday was an isolated tactical success or heralded a new phase in the war that would present a meaningful challenge to the Syrian government’s air supremacy.

Hala Droubi reported from Dubai, United Arab Emirates. Alan Cowell contributed reporting from Paris; Sebnem Arsu contributed reporting from Istanbul, and Hania Mourtada from Beirut, Lebanon.

Read More..

Italian tax police probe Google Italy again

ROME (Reuters) – Italian police launched a new tax probe into Google Italy this week after earlier investigations found the group had failed to declare income and still owed sales tax, an economy ministry document showed on Wednesday.

The earlier probe, which was launched by Italian financial police in 2007, found that Google had developed a system to transfer profits from its Italian operations to Ireland so it could benefit from a more favorable tax regime.

The investigation is the Internet search giant’s latest entanglement with European tax authorities, following problems in France and Britain over its Irish strategy.

In Italy, investigations of the years 2002-2006 found that Google had failed to declare at least 240 million euros ($ 310 million) of income to authorities and owed more than 96 million euros in sales tax, according to the ministry’s response to questions in parliament.

It said police had launched a new probe on Monday to check the company was meeting its fiscal obligations in Italy.

Google said in a statement that it complies with tax law in every country in which it operates.

“We are confident we comply with Italian law,” a spokeswoman said, adding the firm would cooperate with authorities and answer any questions for the investigation.

Italian officials have stepped up tax surveillance and collection efforts in recent months as part of government efforts to bring Italy’s huge public debt under control.

Police have also been assessing the practices of other multinational online businesses who are managing to shift profits made in Italy into countries where they can pay less tax, the ministry said.

($ 1=0.7746 euros)

(Reporting By Danilo Masoni, Giuseppe Fonte and Catherine Hornby; Editing by Mike Nesbit)

Internet News Headlines – Yahoo! News

Read More..

Is Jessica Simpson Pregnant Again?

Buzz

By Rennie Dyball

11/28/2012 at 03:00 PM EST

Is 7-month-old Maxwell Drew a big sister-to-be?

Jessica Simpson and Eric Johnson – who welcomed their daughter in May – are expecting another child, according to reports widely circulating online.

When asked about the latest baby buzz, Simpson's publicist told PEOPLE, "I'm not going to comment on this speculation."

The star and Weight Watchers spokeswoman, 32, (who showed off her 60-pound weight loss this month) called Maxwell's birth "the greatest experience of our lives."

In May, she told PEOPLE, "I don't want to have another baby right away but I do want to have more kids. Having babies back to back has to be so hard."

Having baby No. 2 is all about timing, she added during the interview about becoming a mom.

"I really want to give Maxwell all of the attention and all of the love and time that I possibly can give her," she said. "When I feel like it's the right time to bring another little one into the family, I will. I won't wait too long but I won't do it immediately."

Simpson and former NFL player Johnson, 32, started dating in May 2010 and were engaged six months later.

Tweeted Simpson this month: "I am so grateful for my new lil family! Happy Thanksgiving everyone!"

Read More..

Simple measures cut infections caught in hospitals

CHICAGO (AP) — Preventing surgery-linked infections is a major concern for hospitals and it turns out some simple measures can make a big difference.

A project at seven big hospitals reduced infections after colorectal surgeries by nearly one-third. It prevented an estimated 135 infections, saving almost $4 million, the Joint Commission hospital regulating group and the American College of Surgeons announced Wednesday. The two groups directed the 2 1/2-year project.

Solutions included having patients shower with special germ-fighting soap before surgery, and having surgery teams change gowns, gloves and instruments during operations to prevent spreading germs picked up during the procedures.

Some hospitals used special wound-protecting devices on surgery openings to keep intestine germs from reaching the skin.

The average rate of infections linked with colorectal operations at the seven hospitals dropped from about 16 percent of patients during a nine-month phase when hospitals started adopting changes to almost 11 percent once all the changes had been made.

Hospital stays for patients who got infections dropped from an average of 15 days to 13 days, which helped cut costs.

"The improvements translate into safer patient care," said Dr. Mark Chassin, president of the Joint Commission. "Now it's our job to spread these effective interventions to all hospitals."

Almost 2 million health care-related infections occur each year nationwide; more than 90,000 of these are fatal.

Besides wanting to keep patients healthy, hospitals have a monetary incentive to prevent these infections. Medicare cuts payments to hospitals that have lots of certain health care-related infections, and those cuts are expected to increase under the new health care law.

The project involved surgeries for cancer and other colorectal problems. Infections linked with colorectal surgery are particularly common because intestinal tract bacteria are so abundant.

To succeed at reducing infection rates requires hospitals to commit to changing habits, "to really look in the mirror and identify these things," said Dr. Clifford Ko of the American College of Surgeons.

The hospitals involved were Cedars-Sinai Medical Center in Los Angeles; Cleveland Clinic in Ohio; Mayo Clinic-Rochester Methodist Hospital in Rochester, Minn.; North Shore-Long Island Jewish Health System in Great Neck, NY; Northwestern Memorial Hospital in Chicago; OSF Saint Francis Medical Center in Peoria, Ill.; and Stanford Hospital & Clinics in Palo Alto, Calif.

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

Read More..

Wall Street rises as "fiscal cliff" remarks lift market

NEW YORK (Reuters) - Stocks rose in volatile trade on Wednesday after comments from the top Republican in Congress on a possible compromise to avoid the "fiscal cliff" turned the market on its head.

House Speaker John Boehner, an Ohio Republican, said he was optimistic that a budget deal to avert large tax hikes and spending cuts currently under discussion in Washington could be reached. President Barack Obama, speaking later in the day, said he hoped to get a deal done in the next four weeks.

"The fiscal cliff is dominating the discussion, and short term, we're a little bit too optimistic on it being fixed right away," said John Manley, chief equity strategist for Wells Fargo Advantage Funds in New York.

The market has been swinging on headlines from Washington for weeks now, with Wednesday's gyrations once again highlighting the importance that Wall Street is giving to finding a solution to avoid the "fiscal cliff."

Liberals want tax increases on the wealthiest Americans to help balance the budget, while conservatives make a case for deep cuts in programs for the poor and a widening of the tax base to raise revenues without raising tax rates.

"Both (Democrats and Republicans) have potential to benefit from compromise. It's just a question of not losing face in the process," Manley said.

Boehner's words triggered a comeback in stocks after the S&P 500 fell 1 percent, partly on weak data on the housing sector.

Shares of Costco Wholesale Corp jumped 5.9 percent to $102.19 after the retailer became the latest company to announce a special dividend ahead of expected tax hikes that are part of the negotiations.

The Dow Jones industrial average <.dji> rose 65.16 points, or 0.51 percent, to 12,943.29. The S&P 500 Index <.spx> gained 4.71 points, or 0.34 percent, to 1,403.65. The Nasdaq Composite <.ixic> added 10.20 points, or 0.34 percent, to 2,977.99.

Housing stocks fell after data showed new U.S. single-family home sales fell slightly in October, while September's pace of sales was revised sharply lower.

The PHLX housing index <.hgx> slipped 0.6 percent, but is still up more than 8 percent in the last eight sessions.

Knight Capital Group Inc shares jumped 13.5 percent to $3.37 on news that Getco Holding proposed a $1.4 billion merger with Knight, while Virtu Financial offered to buy Knight for at least $1.1 billion.

Apparel retailer Express Inc rose 9.8 percent to $14.26 after it forecast strong earnings for the current quarter as lower prices and easy-to-understand discounts led to robust Black Friday sales.

Green Mountain Coffee Roasters stock surged 27.3 percent to $36.86 a day after it forecast quarterly and full-year earnings well ahead of analysts' expectations.

(Reporting by Ed Krudy; Additional reporting by Gabriel Debenedetti; Editing by Jan Paschal)

Read More..

Tibetan Protesters Injured in Crackdown; Self-Immolations Continue

BEIJING — At least five Tibetans have set fire to themselves in recent days to protest Chinese rule in Tibetan regions, while at least 5 Tibetan students were in critical condition and 15 others were being treated for injuries after security forces cracked down on a large protest in western China on Monday, according to reports by Radio Free Asia and Free Tibet, an advocacy group.

The protest took place in an area of Qinghai Province that the Chinese call Hainan Autonomous Prefecture, and that Tibetans call Tsolho. More than 1,000 Tibetans, mostly students and teachers, took to the streets to demand equal rights for ethnic minorities and the freedom to study and use the Tibetan language. Several reports said the protest began after local officials distributed a booklet that condemned Tibetans who had self-immolated and belittled the Tibetan language.

With the five recent self-immolations, at least 22 Tibetans have set fire to themselves this month alone, and 86 since 2009, according to Radio Free Asia. The first case was a monk from Kirti Monastery, which became the heart of the self-immolations last year and earlier this year, though the acts have since become more widespread and now constitute one of the largest such phenomena anywhere in the world in recent memory. The latest four cases were reported Sunday and Monday in the western China provinces of Gansu, Sichuan and Qinghai, which all have significant Tibetan populations.

The students who protested Monday were from the Chabcha Sorig Lobling School, according to Free Tibet. They gathered at 5:40 a.m. and marched peacefully into the town of Chabcha. Chinese security forces began a violent crackdown at 9 a.m., the report said. “It’s still unclear what happened next, but many young students were so badly injured they were taken straight to hospital,” Free Tibet said. Security forces locked down the town, the group added. Radio Free Tibet reported that security forces fired tear gas and beat students with rifle butts, arresting four.

The events could not be independently confirmed; Chinese officials have barred foreign journalists from traveling to the sites of protests or self-immolations by Tibetans. Phone calls made on Tuesday to offices of the prefecture government and party committee went unanswered. A woman answering a call on the prefecture emergency hot line said she had not heard of any protests.

Radio Free Asia, which is financed by the United States government, said the school in Chabcha, known as Gonghe in Chinese, trained students in medicine. The offending booklet that inspired the protests was called “Ten Real Views of Tsolho Area,” and the medical students burned all the copies given to them and “called for equality among nationalities and freedom to study the Tibetan language,” according to a person who was quoted anonymously by Radio Free Asia.

Moves by officials in Qinghai to restrict the use of the Tibetan language, particularly in classrooms, have resulted in protests by students before. The northeast Tibetan region that Qinghai encompasses, generally called Amdo, is historically an area known for Tibetan scholarship and the production of cultural works. Even today, poets, writers and singers in Qinghai create works in the Tibetan language that are distributed widely across the Tibetan world.

Mia Li contributed research.

Read More..

Google Breaks All Android App Reviews, Threatens Android Fans’ Safety

“A Google User” is now the number one Android game and app reviewer on Google Play, Android’s version of Apple’s App Store. That’s because every single one of the millions of existing reviews, possibly including yours, has had its author replaced with this nameless, faceless person.

Screenshots taken by Jeremiah Rice of the Android Police blog show this prolific (but completely generic) author has taken over the Google Play store. Meanwhile, if you visit the store on your Android smartphone or tablet you won’t see a name attached to most reviews at all; just the review’s title, and the device that the game or app was run on.

Believe it or not, this is all intentional. It’s the start of a new Google policy … one which may threaten some Android fans’ safety or privacy.

​Google+, whether you like it or not

Google now requires you to have a Google+ (pronounced “Google Plus”) account in order to leave reviews on Google Play, the Chrome Web Store, and Google Maps. No reason for the switchover is given in the pop-up which explains this; you simply click “Continue” if you want your reviews tied to your Google+ account, and if you don’t want them linked you don’t write them at all. If you don’t have a Google+ account, you have to sign up for one before you can write a review.

​Why Google is Plus-ifying everything

Google’s success as a company is determined by how many ads it sells. Google’s share of the ad market is being eaten into by Facebook, which has essentially “walled off” a huge part of people’s day-to-day lives in a place Google can’t index or sell any ads on. For better or for worse, Google’s execs feel that what they need to do to compete is copy Facebook, in the form of Google+.

Why? Because if everyone is “Plusing” things instead of “Liking” them, and if everything people do shows up on Google+ instead of Facebook, then now Google (instead of Facebook) knows what you’re doing online and where you’re doing it — and that gives it a much better position from which to display and sell ads.

​Why this is a problem for many

Besides the obvious privacy concerns (although Google offers limited tools to manage how much it tracks you), Google+’s “real names” policy is dangerous to anyone whose safety is jeopardized by attaching their given name to their online activities. This includes women who are victims of stalking, minors who are victims of abuse, transgender persons in transition, and dissidents in repressive political or religious regimes. By requiring a Google+ account to use more and more of its services, Google is forcing these people to choose between excluding themselves and running the risk of having ​all​ of their Google services terminated for a “real name” policy violation, including their personal Gmail accounts.

Google+ policy allows for pseudonymous accounts, if you’re widely known by that pseudonym online. Everyone’s Google+ page, however, has a button to report what anyone feels is a suspicious name, which puts marginalized persons like those listed above at the mercy of every “troll” who comes by.

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.
Wireless News Headlines – Yahoo! News

Read More..

What Does Brad Pitt Think of the Parodies of His Chanel No. 5 Commercial?

Stylewatch
Style News Now

11/27/2012 at 11:00 AM ET

Saturday Night Live spoofed him. Several times. Heck, even dogs did it. But Brad Pitt still stands by his not-so-popular Chanel No. 5 commercial.

“I kind of liked it,” he told Access Hollywood on Monday. “I respect what [Chanel does]. They do some really quality things.”

However, he also respects the people who’ve made fun of it.

“I haven’t [seen the parodies],” he added, “but I say absolutely fair play.”

Yep — the man who made millions off the trippy 30-second spot hasn’t had the chance to catch SNL on Hulu yet. “I’ve been overseas,” he shared, “so I’ve been blissfully protected.”

But that’s not to say he won’t have a chuckle eventually; he told Extra he would probably watch the SNL spoofs (starring Taran Killam) when he wasn’t working so much. And we’ll look forward to hearing his reaction. Tell us: Are you still not so into the Chanel No. 5 ads?

PHOTOS: FIND THE BEST FALL FRAGRANCE FOR YOU!

Read More..

CDC: HIV spread high in young gay males

NEW YORK (AP) — Health officials say 1 in 5 new HIV infections occur in a tiny segment of the population — young men who are gay or bisexual.

The government on Tuesday released new numbers that spotlight how the spread of the AIDS virus is heavily concentrated in young males who have sex with other males. Only about a quarter of new infections in the 13-to-24 age group are from injecting drugs or heterosexual sex.

The Centers for Disease Control and Prevention said blacks represented more than half of new infections in youths. The estimates are based on 2010 figures.

Overall, new U.S. HIV infections have held steady at around 50,000 annually. About 12,000 are in teens and young adults, and most youth with HIV haven't been tested.

___

Online:

CDC report: http://www.cdc.gov/vitalsigns

Read More..