Showing posts with label World. Show all posts
Showing posts with label World. Show all posts

Wall Street edges off five-year high, awaits earnings

NEW YORK (Reuters) - Stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.


Shares of financial companies dipped after a group of major U.S. banks agreed to pay a total of $8.5 billion to end a government inquiry into faulty mortgage foreclosures. The KBW bank index <.bkx>, a gauge of U.S. bank stocks, was down 0.3 percent.


Other sectors were hit as well, most notably energy and utilities. The S&P 500 energy sector index <.gspe> fell 0.8 percent and the utilities sector <.gspu> was off 1.1 percent.


The day's decline came a session after the S&P 500 finished at a five-year high, boosted by a budget deal and strong economic data. The S&P 500 rose 4.6 percent last week, the best weekly gain in more than a year.


"It's a little bit of taking some risk off the table ahead of profit season, you're not going to see anything all that great" on earnings, said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston.


Earnings are expected to be only slightly better than the third-quarter's lackluster results, and analysts' current estimates are down sharply from where they were in October. Fourth-quarter earnings growth is expected to come in at 2.8 percent, according to Thomson Reuters data.


Aluminum company Alcoa Inc begins the reporting season by announcing its results after Tuesday's market close. Alcoa shares fell 1.7 percent at $9.10.


The Dow Jones industrial average <.dji> dropped 50.92 points, or 0.38 percent, to 13,384.29. The Standard & Poor's 500 Index <.spx> fell 4.58 points, or 0.31 percent, to 1,461.89. The Nasdaq Composite Index <.ixic> lost 2.84 points, or 0.09 percent, to 3,098.81.


Ten mortgage servicers - including Bank of America , Citigroup , JPMorgan , and Wells Fargo - agreed on Monday to pay $8.5 billion to end a case-by-case review of foreclosures required by U.S. regulators.


In a separate case, Bank of America also announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans.


The bank also entered into agreements with Nationstar Mortgage Holdings and Walter Investment Management to sell about $306 billion of residential mortgage servicing rights.


Bank of America shares lost 0.2 percent at $12.09 while Nationstar Mortgage Holdings jumped 16.8 percent to $38.83.


Citigroup shares were up 0.09 percent to $42.47, and Wells Fargo shares fell 0.5 percent to $34.77.


"The financials probably have the wind behind them now with a lot of the regulations coming out ... the market has to absorb a lot of the gains, and for that reason there's a pullback from this level," said Warren West, principal at Greentree Brokerage Services in Philadelphia.


Shares of U.S. jet maker Boeing Co dropped 2 percent after a Boeing 787 Dreamliner aircraft with no passengers on board caught fire at Boston's Logan International Airport on Monday morning.


Amazon.com shares hit their highest price ever at $269.22 after Morgan Stanley raised is rating on the stock. Shares were up 3.6 percent at $268.46.


Video-streaming service Netflix Inc shares gained 3.4 percent to $99.20 after it said it will carry previous seasons of some popular shows produced by Time Warner's Warner Bros Television.


Walt Disney Co stock fell 2.3 percent to $50.97. The company started an internal cost-cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters.


Volume was lower than average, as 4.78 billion shares were traded on the New York Stock Exchange, NYSE MKT and Nasdaq. This is well below the 2012 average of 6.42 billion per session.


Declining stocks outnumbered advancing ones on the NYSE by 1,629 to 1,363, while on the Nasdaq decliners beat advancers 1,438 to 1,066.


(Reporting By Gabriel Debenedetti; Editing by Kenneth Barry and Nick Zieminski)



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AAA Mich.: Gas prices down 9 cents from last week






DEARBORN, Mich. (AP) — AAA Michigan says gasoline prices have fallen roughly 9 cents during the past week to a statewide average of about $ 3.24 per gallon.


The auto club said Monday the average is about 28 cents per gallon less than last year at this time.






Of the Michigan cities it surveys, AAA Michigan said the cheapest price for self-serve unleaded fuel is in the Saginaw and Bay City areas, where it’s about $ 3.11 a gallon. The highest average is in the Ann Arbor area at about $ 3.29.


Dearborn-based AAA Michigan surveys 2,800 Michigan gas stations daily.


Energy News Headlines – Yahoo! News





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Asian shares drift, Basel ruling supports banks

SINGAPORE (Reuters) - Asian stocks drifted on Monday as investors booked profits from a New Year rally that had pushed markets to multi-month highs, but financial stocks gained after global regulators decided to relax draft plans for tough new bank liquidity rules.


Commodity prices mostly held firm, supported by data showing the U.S. economy continuing on a path of slow but steady recovery that propelled Wall Street stocks to a five-year high.


The dollar sat close to a two-and-a-half-year high against the yen as investors adjusted to the possibility of more monetary stimulus in 2013 from the Bank of Japan and less from the U.S. Federal Reserve.


MSCI's broadest index of Asia Pacific shares outside Japan <.miapj0000pus>, which had reached its highest level since August 2011 on Thursday, was flat, while Tokyo's Nikkei share average <.n225> retreated after touching a 23-month high in early trade to stand down 0.2 percent. <.t/>


"Investors have been carefully waiting for the timing to take profits as they believed the market can't keep rising," said Yutaka Miura, a senior technical analyst at Mizuho Securities.


CASH BUFFERS


The MSCI benchmark's financial sector sub-index <.miapjfn00pus> gained 0.5 percent after the Basel Committee of banking supervisors agreed on Sunday to give banks four more years and greater flexibility to build up cash buffers so they can use some of their reserves to help struggling economies.


HSBC Holdings Hong Kong shares rose 1.3 percent, while Australia and New Zealand Banking Corp gained 0.6 percent. <.hk><.ax/>


Shares in Japanese exporters were supported by a weaker yen, which traded around 88.05 to the dollar, a little firmer on the day, after the U.S. currency rose as far as 88.40 yen, its highest in nearly two-and-a-half years, on Friday.


The dollar posted a gain of around 2.7 percent against the yen last week, its biggest weekly rise in more than a year. Its gains had accelerated after minutes from the Federal Reserve's December meeting showed some policymakers has mulled ending the Fed's bond-buying program as early as this year.


By contrast, many investors are now betting that Japan's new government, led by Prime Minister Shinzo Abe, will push to weaken the yen and drive through aggressive fiscal stimulus, and pressure the Bank of Japan to do the same on the monetary side.


The dollar ticked up slightly against the euro, which traded around $1.3060.


The U.S. benchmark S&P 500 index <.spx> closed at its highest level since December 2007 on Friday after data showed a steady pace of jobs growth and brisk expansion of the services sector in the world's biggest economy.


That offered support to growth-sensitive commodities, with copper edging up 0.2 percent to around $8,100 a tonne, while Brent crude oil gained 0.2 percent to around $111.50 a barrel and U.S. crude stood flat just above $93.


(Editing by Eric Meijer)



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Biofuels cause pollution, not as green as thought – study






OSLO (Reuters) – Green schemes to fight climate change by producing more bio-fuels could actually worsen a little-known type of air pollution and cause almost 1,400 premature deaths a year in Europe by 2020, a study showed on Sunday.


The report said trees grown to produce wood fuel – seen as a cleaner alternative to oil and coal – released a chemical into the air that, when mixed with other pollutants, could also reduce farmers’ crop yields.






“Growing biofuels is thought to be a good thing because it reduces the amount of carbon dioxide in the atmosphere,” said Nick Hewitt, who worked on the study with colleagues from England’s Lancaster University.


“What we’re saying is ‘yes, that’s great, but biofuels could also have a detrimental effect on air quality’,” he added.


The report, in the journal Nature Climate Change, looked into the impact of a European Union scheme to slow climate change by producing more biofuels.


Hewitt told Reuters there would be a similar impact wherever biofuels were produced in large quantities in areas suffering air pollution, including the United States and China.


Poplar, willow or eucalyptus trees, all used as fast-growing sources of renewable wood fuel, emit high levels of the chemical isoprene as they grow, the study said. Isoprene forms toxic ozone when mixed with other air pollutants in sunlight.


“Large-scale production of biofuels in Europe would have small but significant effects on human mortality and crop yields,” said Hewitt.


“As far as we know, no one has looked at the air quality of growing biofuel crops before,” he added.


The report estimated that ozone from wood-based energy to meet the European Union’s 2020 goal would cause nearly 1,400 premature deaths a year, costing society $ 7.1 billion.


The European plan would also would reduce the annual value of wheat and maize production by $ 1.5 billion since ozone impairs crop growth, the study added.


LUNG PROBLEMS


Siting new biofuel plantations far away from polluted population centres would help limit ozone formation, the study suggested. Genetic engineering might be used to reduce isoprene emissions, it said.


Ozone can cause lung problems and is blamed for killing about 22,000 people a year in Europe. Overall air pollution, mainly from fossil fuels, causes about 500,000 premature deaths in Europe a year, according to the European Environment Agency.


Sunday’s study did not compare the potential damage caused by biofuels to the impact on human health from producing coal, oil or natural gas as part of policies to slow global warming. “We’re not in a position to make that comparison,” Hewitt said.


He noted that the main reason to shift to biofuels was to cut emissions of carbon dioxide, mainly from fossil fuels, that U.N. studies project will become ever more damaging this century.


The United Nations’ World Health Organization estimates global warming has caused more than 140,000 deaths annually worldwide since the 1970s.


The biggest impact was recorded in developing nations where the floods, droughts and other disasters blamed on climate change left millions suffering from diarrhea, malnutrition, malaria and dengue fever.


Burning biofuels is viewed as neutral for climate change because plants soak up carbon when they grow and release it when they burn or rot. Fossil fuels, on the other hand, add carbon to the atmosphere from underground stores millions of years old.


Biofuels are often blamed for causing food price spikes by competing for cropland. Responding to such criticisms, the European Commission said last year it aimed to limit crop-based biofuels – such as from maize or sugar – to five percent of transport fuels.


(Editing by Andrew Heavens)


Green News Headlines – Yahoo! News





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"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.


Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.


That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.


Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.


In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.


"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.


Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.


U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.


Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.


"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.


Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.


REVENUE WORRIES


One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.


S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.


On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.


For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.


Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.


In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.


"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.


Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.


Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.


(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)



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Here, Bella! Top Pet Names for 2012






Move over, Rover, there’s a new top dog in town, and her name is Bella. For 2012, the “Twilight Saga”-inspired moniker was the most popular for dogs and second-most popular for cats, according to a survey by one veterinary organization. For dogs, Max took second place.


The survey gathered names of 2.5 million dogs and cats at the Banfield Pet Hospital, a veterinary network in Portland, Ore.






The top names resemble those from years past, said Laura Wattenberg, a baby-name expert and the creator of babynamewizard.com


“Max in particular has been the top name for male dogs for a number of years now,” Wattenberg told LiveScience. 


Cuddly fur babies


In general, pets have been given much more humanlike names over the past generation, Wattenberg said. That reflects a change in society, in which owners see their fur babies more as family members than animals, she said. [What Your Dog's Breed Says About You]


The names people choose for their pets also reflect a sweet, nostalgic innocence.


“There’s a particular slice of human names that have risen for baby names as well, but they’re particularly popular for pets. That’s the cute, cuddly names of the early 20th century.”


These names, such as Max and Lucy, tend to crop up frequently as heroes or heroines in kids’ picture books, Wattenberg said. For instance, the hero in “Where the Wild Things Are” was named Max. These names may reflect how people see their pets.


“They’re like children who never have to grow up,” she said.


Old and new


Pop-culture trends also influenced the popularity of pet names found in the survey. Aside from the top-ranked Bella, Katniss also saw wide use, becoming 18 times more popular for dogs and 14 times more popular for cats, compared with 2011, following the release of the “Hunger Games” in March.  Reality TV stars also got their due, with Honey Boo Boo (a 6-year-old beauty pageant star of “Here Comes Honey Boo Boo“) and Purrfect (the name of Cee Lo Green’s cat on “The Voice”) rising in the ranks.


Still, for dog and cat names alike, familiar can still win out over hip. Perennial favorites like Max and Buddy took the second and third slots for dogs, while the perhaps unimaginative Kitty was the most popular name for cats.


Cats vs. dogs


Interestingly, more humanlike names, such as Charlie or Lucy, were popular for dogs, while unisex monikers like Smokey, Shadow and Tigger describing physical traits like color ranked high for felines in 2012.


That may reflect how much people project a human role onto their pets. For instance, one study showed that animals kept in the house are more likely to get human names, Wattenberg said.


“You could infer from this that people feel a little bit more attached or feel like they have a more personal relationship with their dogs,” she said. “Obviously cat lovers will howl at that, but that’s what the names say.”


In general, pet names overlapped very little with baby names. While the trend toward nostalgic, 20th century names carried over from baby naming trends, formal names ruled for human tots. But cuddly, affectionate nicknames took precedence for pets. From the list of pet names, only Chloe made the list of most popular girl names in 2011.


For instance, pet names like Coco or Rocky are more intensely retro than Ava or Jacob (which are more likely to be given to babies). That suggests, as a society, “we’re more willing to push the style to the extreme with pets and maybe even live out the naming fantasies that we wouldn’t quite be able to give to our children,” Wattenberg said.


Here are the top ten names for dogs and cats in order of more to less popular:


Top Dog Names:


  1. Bella

  2. Max

  3. Buddy

  4. Daisy

  5. Bailey

  6. Coco

  7. Lucy

  8. Charlie

  9. Molly

  10. Rocky

Top Cat Names:


  1. Kitty

  2. Bella

  3. Tiger

  4. Max

  5. Smokey

  6. Shadow

  7. Tigger

  8. Lucy

  9. Chloe

  10. Charlie

Follow LiveScience on Twitter @livescience. We’re also on Facebook & Google+


Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Science News Headlines – Yahoo! News





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S&P 500 finishes at 5-year high on economic data

NEW YORK (Reuters) - The benchmark Standard & Poor's 500 index ended at a five-year high on Friday, lifted by reports showing employers kept up a steady pace of hiring workers and the vast services sector expanded at a brisk rate.


The gains on the S&P 500 pushed the index to its highest close since December 2007 and its biggest weekly gain since December 2011.


Most of the gains came early in the holiday-shortened week, including the largest one-day rise for the index in more than a year on Wednesday after politicians struck a deal to avert the "fiscal cliff."


The Dow Jones industrial average <.dji> gained 43.85 points, or 0.33 percent, to 13,435.21. The Standard & Poor's 500 Index <.spx> rose 7.10 points, or 0.49 percent, to 1,466.47. The Nasdaq Composite Index <.ixic> edged up 1.09 points, or 0.04 percent, to 3,101.66.


For the week, the S&P gained 4.6 percent, the Dow rose 3.8 percent and the Nasdaq jumped 4.8 percent to post their largest weekly percentage gains in more than a year.


The CBOE Volatility index <.vix>, a measure of investor anxiety, dropped for a fourth straight session, giving the index a weekly decline of nearly 40 percent, its biggest weekly fall ever. The close of 13.83 on the VIX marks its lowest level since August.


In Friday's economic reports, the Labor Department said non-farm payrolls grew by 155,000 jobs last month, slightly below November's level. Gains were distributed broadly throughout the economy, from manufacturing and construction to healthcare.


Also serving to boost equities was data from the Institute for Supply Management showing U.S. service sector activity expanding the most in 10 months.


With the S&P 500 index at a five-year closing high, analysts said any gains above the index's intraday high near 1,475 in September may be harder to come by.


"We are getting to a point where we need a strong catalyst, which could be earnings, it could be three months of good economic data, it could be a variety of things," said Adam Thurgood, managing director at HighTower Advisors in Las Vegas, Nevada.


"What is going on right now is this conflicting view of fundamentals look pretty good and improving, and then you've got these negative tail risks that could blow everything up," Thurgood said.


He referred to "a fiscal superstorm brewing" of issues still left unresolved in Washington, including tough federal budget cuts and the need to raise the government's debt ceiling all within a couple of months.


The rise in payrolls shown by the jobs data did not make a dent in the U.S. unemployment rate still at 7.8 percent.


A Reuters poll on Friday of economists at Wall Street's top financial institutions showed that most expect the Fed in 2013 to end the program with which it bought Treasury debt in an effort to stimulate the economy.


A drop in Apple Inc shares of 2.6 percent to $528.36 kept pressure on the Nasdaq.


Adding to concerns about Apple's ability to produce more innovative products, rival Samsung Electronics Co Ltd is expected to widen its lead over Apple in global smartphone sales this year with growth of 35 percent. Market researcher Strategy Analytics said Samsung had a broad product lineup.


Eli Lilly and Co was among the biggest boost's to the S&P, up 3.7 percent to $51.56 after the pharmaceuticals maker said it expects its 2013 earnings to increase to $3.75 to $3.90 per share, excluding items, from $3.30 to $3.40 per share in 2012.


Fellow drugmaker Johnson & Johnson rose 1.2 percent to $71.55 after Deutsche Bank upgraded the Dow component to a "Buy" from a "Hold" rating. The NYSEArca pharmaceutical index <.drg> climbed 0.6 percent.


Shares of Mosaic Co gained 3.3 percent to $58.62. Excluding items, the fertilizer producer's quarterly earnings beat analysts' expectations, according to Thomson Reuters I/B/E/S.


Volume was modest with about 6.07 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, slightly below the 2012 daily average of 6.42 billion.


Advancing stocks outnumbered declining ones on the NYSE by 2,287 to 701, while on the Nasdaq, advancers beat decliners 1,599 to 866.


(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski and Kenneth Barry)



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Giant Sun Eruption Could Swallow 20 Earths






A massive eruption on the surface of the sun this week blasted out a wave of super-hot plasma so high that it could tower over 20 Earths, NASA officials say.


The New Year’s Eve solar eruption occurred Monday (Dec. 31) and was captured on camera by NASA’s powerful Solar Dynamics Observatory, a sun-watching spacecraft that constantly records high-definition video of our star. The result: an eye-popping video of the New Year’s Eve sun storm.






Despite its size, the solar eruption was not the most powerful example of the sun’s stormy wrath, NASA officials said.


“Magnetic forces drove the flow of plasma, but without sufficient force to overcome the sun’s gravity much of the plasma fell back into the sun,” NASA officials wrote in an image description today (Jan. 4). “The length of the eruption extends about 160,000 miles [257,495 kilometers] out from the sun. With Earth about 7,900 miles [12,714 km] in diameter, this relatively minor eruption is about 20 times the diameter of our planet.”


Some NASA officials described Monday’s sun eruption, which occurred over a four-hour period, as a solar ballet. The Solar Dynamics Observatory is one of several spacecraft that keep a constant watch on the sun for flare and storm activity.


The sun is currently in an active phase of its 11-year solar activity cycle  and is expected to reach its peak level later this year. However, NASA scientists have said that the peak of the current cycle, known as Solar Cycle 24, may be the lowest of its kind in a century.


Solar flares and eruptions can have a significant impact on Earth when they are aimed at the planet. The most powerful solar flares can interfere with satellite communications, pose a safety risk for astronauts in orbit and damage power system infrastructure on the planet’s surface.


Minor solar storms can also trigger amazing geomagnetic storms above Earth that supercharge the planet’s aurora displays above its poles.


Follow SPACE.com on Twitter @Spacedotcom. We’re also on Facebook & Google+.


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Space and Astronomy News Headlines – Yahoo! News





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Asian shares drop on Fed minutes, dollar extends gain

TOKYO (Reuters) - Asian shares fell on Friday, tracking overnight weakness in global equities after senior Federal Reserve officials expressed concerns about continuing to expand stimulative bond buying, but the dollar extended gains as U.S. debt yields rose.


Minutes from the Fed's December policy meeting released on Thursday showed some voting members of the Federal Open Market Committee were increasingly concerned about the potential risks of the Fed's asset purchases on financial markets, even if it looked set to continue an open-ended stimulus program for now.


The Fed's asset-buying policy has been pivotal in underpinning investor risk appetite and supporting global equities, so the more hawkish Fed minutes unnerved financial markets on Thursday, driving benchmark U.S. Treasury yields up to a near eight-month high and weighing on equities and oil, while lifting the dollar.


The dollar was also bolstered by data showing U.S. private-sector hiring improved in December, raising hopes for a strong monthly payrolls report due later in the day, a key gauge to the U.S. economy and the Fed's future policy course.


The rise in the dollar hit precious metals and oil on Friday as a firmer dollar makes dollar-based assets more expensive for non-dollar holders.


The Fed's minutes prompted investors to book profits from rallies immediately after U.S. lawmakers earlier this week narrowly avoided falling off the "fiscal cliff" of automatic taxes increases and spending cuts, which risked derailing the economy.


"Market moves largely reflect positioning after the recent rallies and before the nonfarm payrolls, which could tip the markets either way," said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.


MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> slid 0.8 percent, after scaling its highest since August 2011 on Thursday.


Australian shares <.axjo> slipped 0.4 percent, retreating from a two-day rally which took shares to their highest in more than 19 months on Thursday. Hong Kong shares <.hsi> tumbled 0.8 percent but Shanghai shares <.ssec> inched up 0.2 percent.


The dollar hit its highest since July 2010 against the yen at 87.78 while the euro fell to a three-week low of $1.3019 on Friday. The U.S. dollar <.dxy> also touched a near four-week high against a basket of major currencies.


"Dollar-positive momentum is solid as the fiscal cliff was averted, the overnight data was good and yields were rising. I won't be surprised to see the dollar rise to 90 yen soon," said Hiroshi Maeba, head of FX trading Japan for UBS in Tokyo.


"Despite repeated Japanese intervention, the dollar had refused to strengthen in the past, but now, it's advancing without any action, suggesting the direction has completely changed to support continued dollar buying," Maeba said.


The yen's tumble pushed Japan's benchmark Nikkei stock average <.n225> up 2.6 percent to its highest since March 2011, outshining the Asian regional bourses. Japanese markets were closed from December 31 to January 3 for the new year's holidays. <.t/>


Japanese government bonds skidded on their first trading day of 2013, with benchmark yields hitting a 3 1/2-month high in line with surging Japanese equities and a drop in U.S. Treasuries prices.


FISCAL CLIFF VS DATA


U.S. President Barack Obama and congressional Republicans face tough talks on spending cuts and an increase in the nation's debt limit as the hard-fought deal to avert the fiscal cliff covered only taxes and delayed decisions on expenditures until March 1.


But investor sentiment was supported by recent data showing activity in China's services sector and at U.S. factories expanded in December, which brightened the outlook for global growth.


"The minutes have added a fresh degree of uncertainty into the investment climate, which is likely to mean a steeper yield curve. But equity investors should take heart from the fact that the Fed's perception is qualified on an improving economy," Andrew Wilkinson, chief economic strategist at Miller Tabak & Co in New York, said in a note to clients.


China's services sector saw its slowest rate of expansion in nearly a year and a half in December, a private sector survey showed on Friday, but underlying growth revival remained intact, even if it were modest.


The U.S. economy likely added 150,000 jobs in December, according to a Reuters survey, up from 146,000 in November. The unemployment rate is expected to hold steady at 7.7 percent.


Resolution of the U.S. fiscal cliff crisis could spell trouble for some Asian assets as investors could start to shift some money out of overpriced Asian investments in favor of the U.S. on brightening prospects for American stocks.


U.S. crude fell 0.8 percent to $92.17 a barrel while Brent shed 0.7 percent to $111.38.


U.S. gold futures for February dropped more than 1 percent to around $1,645 an ounce on Friday while spot gold also fell 1 percent to around $1,645, dragging silver down more than 2 percent to $29.48.


Despite the decline in equities markets, sentiment in Asian credit markets remained upbeat, with the spread on the iTraxx Asia ex-Japan investment-grade index narrowing by two basis points.


(Editing by Eric Meijer)



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Congress members seek investigation of Shell barge






ANCHORAGE, Alaska (AP) — Calls for federal scrutiny of Royal Dutch Shell PLC drilling operations in Arctic waters swelled Thursday with a request for a formal investigation by members of Congress.


The House Sustainable Energy and Environment Coalition called on the Interior Department and the Coast Guard to jointly investigate the New Year’s Eve grounding of the Shell drilling vessel Kulluk on a remote Gulf of Alaska island, and a previous incident connected to Arctic offshore drilling operations in 2012.






The coalition is made up of 45 House Democrats.


“The recent grounding of Shell‘s Kulluk oil rig amplifies the risks of drilling in the Arctic,” they said in a joint statement. “This is the latest in a series of alarming blunders, including the near-grounding of another of Shell’s Arctic drilling rigs, the 47-year-old Noble Discoverer, in Dutch Harbor and the failure of its blowout containment dome, the Arctic Challenger, in lake-like conditions.”


The coalition believes these “serious incidents” warrant thorough investigation, the statement said.


Shell Alaska spokesman Curtis Smith said in an email that the company is in full support of, and is providing resources for, the investigation of the grounding by the Unified Incident Command, made up of federal, state and company representatives. Smith said the findings will be available to the public.


Shell incident commander Sean Churchfield said at an Anchorage news conference later Thursday that two more salvage crews had boarded the vessel and found damage to emergency and service generators, and to the Kulluk’s upper deck.


The vessel is upright and stable, and the Coast Guard has said there is no indication of a fuel leak.


“Findings include some wave damage to the top sides of the vessel, and a number of watertight hatches have been breached, causing water damage inside,” Churchfield said. The team has secured some of the open hatches, he said.


Damage to the generators means salvagers may have to bring external generators on board or work without power, Churchfield said. He confirmed salvagers heard “breathing” from a vent but said they couldn’t immediately determine whether it was a breech or natural venting.


Salvage is in the assessment stage, Churchfield noted, and options are being developed. He wouldn’t speculate on whether the Kulluk is seaworthy or when it might be moved.


An emergency towing system was deposited on deck, and spill response equipment has been staged.


“I want to reiterate there is no limitation on resources, personnel or equipment being deployed as part of the response and recovery activities,” Churchfield said.


Coast Guard Capt. Paul Mehler said the top concern remains the safety of responders working in what continues to be hazardous flying and marine conditions.


The Kulluk is a non-propelled, 266-foot diameter barge with a reinforced funnel-shaped hull designed to operate in ice. It is carrying more than 140,000 gallons of diesel and about 12,000 gallons of lube oil and hydraulic fluid. Centered on the vessel is a 160-foot derrick. It drilled during the short open-water season in the Beaufort Sea.


A 360-foot anchor handler, the Aiviq, was towing the Kulluk from Dutch Harbor to Seattle last week for maintenance and upgrades when the tow line snapped south of Kodiak. Lines were reattached at least four times but could not be maintained. A lone tugboat still attached Monday night in a vicious storm couldn’t control the vessel and cut it loose as it neared land.


After the grounding, critics quickly asserted it has foreshadowed what will happen north of the Bering Strait if drilling is allowed.


Environmentalists for years have said conditions are too harsh and the stakes too high to allow industrial development in the Arctic, where drilling sites are 1,000 miles or more from the closest Coast Guard base.


Two national organizations kept up the drumbeat Thursday by calling for a halt to all permitting for Arctic offshore drilling in the wake of the grounding.


“This string of mishaps by Shell makes it crystal clear that we are not ready to drill in the Arctic,” said Chuck Clusen of the Natural Resources Defense Council. “Shell is not Arctic-ready. We have lost all faith in Shell, and they certainly don’t have any credibility left.”


Lois Epstein, a civil engineer who works for The Wilderness Society in Anchorage, said Shell has made troubling, non-precautionary decisions that put workers and the Coast Guard at risk.


“These ongoing technical and decision-making problems and their enormous associated costs and risks taken by our military personnel once there were problems should lead the federal government to reassess its previous permitting decisions regarding Shell,” Epstein said.


In the short term, she said, damage to the Kulluk may prevent it from being ready for the 2013 open water season. Besides drilling in the Beaufort, the barge was supposed to be on hand for drilling a relief well if Shell’s drill vessel in the Chukchi Sea, the Noble Discoverer, experienced a wellhead blowout and was damaged, Epstein said.


Shell has maintained it has taken a heads-up approach to anticipating and reacting to problems.


Shell Alaska spokesman Smith said Wednesday the Kulluk had been towed more than 4,000 miles and had previously experienced similar storm conditions. Shell staged additional towing vessels along the route in case there were problems, he said.


“We know how to work in regions like this,” Smith said. “Having said that, when flawless execution does not happen, you learn from it, and we will.”


Science News Headlines – Yahoo! News





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Asia stocks eke out gains on China hopes, oil eases

HONG KONG (Reuters) - Most Asian stock markets edged higher on Thursday on hopes of a steady economic revival in China although oil gave back some of the previous session's strong gains as investors took some money off the table and braced for more U.S. budget battles.


The MSCI Asia Pacific ex-Japan index of stocks <.miapj0000pus> was up 0.3 percent following Wednesday's 2 percent jump on relief that U.S. politicians had averted the "fiscal cliff". Japan's Nikkei 225 <.n225> rose 0.7 percent.


Data from China showing the services sectors expanded in December continued to underpin expectations of an economic recovery that has helped spur a strong rally in Hong Kong-listed Chinese shares <.hsce> over the past month.


The China Enterprises index <.hsce> rose 0.4 percent while Hong Kong's Hang Seng index <.hsce> was up 0.2 percent and hovered near its highest since June 2011.


"China looks like its improving at the margin and the market has momentum that could last for at least a few months," said Christian Keilland, head of trading at BTIG in Hong Kong.


"Investors seem to have accepted that reforms are underway but they're going to happen at a slower pace," said Keilland.


Onshore Chinese markets will resume trading in the new year on Friday.


Australian stocks <.axjo> rose for a second straight day and were up 0.6 percent at a 19-month high, with mining giants Rio Tinto up 2 percent and BHP Billiton up 0.5 percent, among the top boosts on the benchmark index.


But South Korea's Kospi <.ks11> underperformed the region, falling 0.4 percent as automakers and exporters slumped on a stronger Korean won, which hit a 16-month high against the dollar overnight.


In other currency markets, the Japanese yen bounced after hitting a 29-month low versus the dollar earlier in the day but analysts warned that any strength is likely to be short-lived.


"Technically dollar/yen looks somewhat overbought here. It's gone a long way in a very short time," said Callum Henderson, global head of FX research for Standard Chartered Bank in Singapore, adding that the dollar could see some consolidation in the near term before heading higher.


The euro which in overnight trading was close to a 8-1/2 month high against the dollar, slipped 0.1 percent.


The U.S. dollar rose 0.3 percent <.dxy> against a basket of major currencies.


President Barack Obama and congressional Republicans face even bigger budget battles in the next two months after the hard-fought deal halted a round of automatic fiscal tightening that threatened to push the world's largest economy into recession.


Strength in the dollar and profit-taking pushed oil prices lower with Brent crude slipping below $112 a barrel and U.S. crude futures down 57 cents to $92.55.


"After the initial excitement, reality sets in," said Victor Shum, oil consultant at IHS Purvin & Gertz. "There will be other negotiations and the deal is a compromise."


(Reporting by Vikram Subhedar; Editing by Kim Coghill)



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Asia stocks at five-month high as fiscal cliff crisis ends

HONG KONG (Reuters) - Asian stocks hit a five-month high and the dollar fell as a last-minute deal ended the U.S. "fiscal cliff" crisis that threatened a U.S. recession and roiled world financial markets.


The U.S. Congress approved a rare tax increase on Tuesday that will hit the nation's wealthiest households in a bipartisan budget deal that stops the world's largest economy from falling into recession.


Early on Tuesday the U.S. Senate passed a bill that aims to avoid the cliff's automatic implementation of $600 billion in spending cuts and tax increases.


The bill's passage in Congress allayed earlier concerns over complaints from a number of Republicans that spending cuts were still not adequately addressed.


Asian stock markets cheered the developments as a major risk for investors, namely a slump in global growth, appeared to have receded for now.


The MSCI Asia Pacific ex-Japan index of stocks <.miapj0000pus> jumped 1.7 percent. Chinese shares in Hong Kong <.hsce> jumped 2.9 percent as last month's rally spilled over into the new year.


"If the fog caused by the fiscal cliff disappears, there will probably be moves toward putting risk back on," said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.


In South Korea, where data showed manufacturing activity rose for the first time in seven months in December, the KOSPI index <.ks11> was up 1.5 percent.


Asian stocks outside Japan rose nearly 20 percent last year as a combination of improving economic data from China, easing worries about a euro zone blow-up, and global central bank easing that encouraged investors back into equity markets.


Sakthi Siva, Asia strategist for Credit Suisse, said in a note to clients that 2013 could see similar returns for Asian equities, given a solution to the fiscal crisis.


"As we move into 2013 we retain our bullish bias, and our theme is whether markets could catch up with earnings," said Siva, adding that markets in China and India could offer the most upside given the mismatch between index levels and earnings expectations.


OIL, EURO UP


Risky assets across the board got a lift with crude oil futures up 0.8 percent and copper futures in London jumping 1.7 percent.


The euro rose to $1.3267 against the U.S. dollar.


The safe-haven U.S. dollar edged lower, falling 0.4 percent against a basket of major currencies <.dxy>.


The Australian dollar, a currency that tends to benefit when optimism about the outlook for the global economy increases, rose to $1.0470.


The Japanese yen continued its slide as investors wagered the Bank of Japan would have to take ever-more aggressive easing steps to support the economy and satisfy the new government.


The yen fell to 87.17 against the dollar to its weakest level since July 2010.


The Japanese currency also dropped to depths not seen in more than four years against the Australian and New Zealand dollars.


(Additional reporting by Wayne Cole in SYDNEY and Masayuki Kitano in SINGAPORE; Editing by Eric Meijer)



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Europe Tackling Big Space Projects in 2013






LONDON — The European Space Agency has some ambitious resolutions for the New Year. The year 2013 will include the agency’s first spaceflight for its newest class of astronauts, the launch of its latest robot cargo ship Albert Einstein, and the development of new rockets and spacecraft, including a reusable space plane and work on NASA’s new Orion spacecraft.


January and February should see agreements and contracts signed for the new rockets, Ariane 5 Mid-Life Evolution (ME) and Ariane 6, and for ESA’s participation in NASA’sOrion space capsule. ESA is providing the service module for the Orion capsule, which NASA plans to use to fly astronauts on future deep-space missions.  






With deadlines in 2014 for the rocket work, and 2017 for an unmanned Orion test flight, ESA officials know 2013 will see lots of activity right from the start.


“The Orion service module funding has been approved, so now the usual work process starts. I think [the NASA-ESA agreement signing] is in January. It should be rather early from what I’ve heard, it is something to be done towards the beginning of the year,” Franco Bonacina, spokesman for ESA’s director-general, Jean-Jacques Dordain, told SPACE.com. [Meet the European Space Agency (Video)]


Powerhouse for NASA’s Orion


ESA will provide one service module for Orion’s 2017 test launch. The module’s preliminary design review, or PDR, is planned for July 2013. The PDR is a major milestone for spaceflight projects, allowing managers to check a spacecraft’s design progress.


The ESA service module’s previous review, the system design review, occurred in September 2012, and the next major design review is not until 2015. The service module will provide propulsion, avionics, heat control and energy from solar arrays. It will also store water, oxygen and nitrogen for life support.


ESA’s Orion module is being delivered as an in-kind contribution for International Space Station (ISS) operations, for the period 2017 to 2020. The module is expected to cost ESA several hundred million dollars.


Europe’s new rockets


Before the Orion work shifts into gear, a pair of two-year studies is due to begin at the start of 2013 for the agency’s Ariane 5ME and Ariane 6 rockets. This is so ESA can make a decision about the future of its launchers in late 2014.


Operated by the company Arianespace, the workhorse Ariane 5 rocket launches ESA missions and commercial satellites. The rocket launches from the South American territory of French Guiana and is able to launch two spacecraft at a time. It first flew in 1997 and can launch up to 22,000 pounds (10,000 kilograms) into orbit.


The new Ariane 5 version, the Ariane 5ME, has already been in development for many years and it had been planned to be operational from 2016. It will be the same height, excluding the nose cone, and weight as its predecessor, but will be able launch an additional 2,540 pounds (1152 kg) of payload, with a maximum payload of 24,640 pounds (11,176 kg) for geostationary orbits.


The Ariane 5ME will use a new upper stage and rocket engine, the Vinci, and has a larger nose cone. If approved in 2014, the Ariane 5ME could be operational towards the end of this decade.


However, ESA has concluded that it needs a simpler rocket that can launch more frequently with only one payload onboard. This is the planned Ariane 6, which was originally called Next Generation Launcher (NGL).


The Ariane 6 rocket has been the subject of numerous studies that have evaluated NGL versions that either only have solid rocket motors or only liquid fuel engines. According to Bonacina, for Ariane 6, the two year studies will determine, “what shape and configuration it will have and what kind of money will be needed over what timeframe”. Neither Ariane 5ME nor Ariane 6 will launch astronauts.


A decision on Ariane 6 was supposed to take place in 2012, but disagreement between France and Germany, the largest ESA budget contributors, saw a compromise. France was in favor of Ariane 6, while Germany wanted Ariane 5ME to go ahead.


“It was a heavy compromise between Germany and France. They all had their interesting points of view and a solution has been found,” Bonacina said. “The good thing is that Ariane 6 has started and Ariane 5ME continues in parallel.”


In April of this year, ESA expects to hit two rocket milestones. They include second launch of its latest rocket, Vega, which uses solid rocket motors for its first, second and upper stages. The Vega rocket will launch the Earth observation satellite, Proba-V. The V in Proba-V stands for vegetation because the satellite will monitor the Earth’s plant life. [Europe’s Vega Rocket 1st Launch (Photos)]


Then in mid or late April, the latest version of the Ariane 5 — the Ariane 5 ES — is due make its next launch. The Ariane 5 ES has an upper stage whose engine can reignite. This allows it to launch ESA’s robotic Automated Transfer Vehicle cargo ships.


Europe’s ATV spacecraft deliver supplies to the International Space Station and propellant to raise the station’s orbit when needed. The ATV to be launched in April, called Albert Einstein, will be the fourth ESA’s five planned ATV missions to the space station.


Satellites galore


Europe’s other launches in the second half of 2013 include satellites for the European Union’s space-based navigation system, Galileo. The Galileo satellites will be launched by a Russian Soyuz 2 rocket from the Soyuz launch site in French Guiana.


Also launched in the latter half of 2013 by Soyuz rockets will be ESA’s Gaia mission and the Sentinel-1A satellite. The Gaia spacecraft will operate beyond the Moon, over 600,000 miles (965,606 kilometers) from Earth, and its goal is to create the largest and most precise three-dimensional map of the galaxy.


The Sentinel-1A is a polar orbit satellite that uses synthetic aperture radar. It is the first dedicated satellite for the Global Monitoring for Environment and Security constellation, a joint venture between ESA and the European Union. A constellation of two satellites, GMES’ Sentinel-1B is expected to launch in 2015.


An Ariane 5 will also launch Alphasat this year. This high bandwidth telecommunications satellite will provide commercial services and test various communications technologies including lasers.


Europe’s astronauts and robot arm


In May, a Russian Soyuz spacecraft will launch ESA’s Italian born astronaut Luca Parmitano from Baikonur Cosmodrome in Kazakhstan. Parmitano is launching on a six-month mission to the International Space Station and is slated to return to Earth in November.


Parmitano was selected to join ESA’s astronaut corps in May 2009 as one of six candidates. The five others hailed from France, Germany, Italy, Denmark and the United Kingdom. Of those, Parmitano is the first bound for the space station.


The 35-year old former Italian Air Force test pilot will be a flight engineer on the station crew. While Albert Einstein and Parmitano are headed to the orbiting laboratory in 2013, a new robotic arm for the orbiting laboratory will likely slip to 2014.


The station’s new European Robotic Arm, or ERA, will launch on a Proton rocket from Baikonur Cosmodrome, ESA’s ERA will be attached to Russia’s multipurpose laboratory module.


The robotic arm consists of two end-effectors, two wrists, two limbs and one elbow joint, together with electronics and cameras. Both end-effectors act as either a hand or the base from which it can operate. ERA will be used in the assembly and servicing of the Russian segment of the station, and its infrared cameras will allow it to carry out inspections of the station’s exterior.


The arm will also be able to transport astronauts, like a cherry picker crane, from one external location to another. This saves time and effort during spacewalk activities. ERA is also compatible with the new Russian airlock, so it can transfer small payloads between the station’s interior and the vacuum of space quickly. This will also reduce the crew’s space walk set-up time and allow ERA to work with astronauts outside the station.


Space plane under development


Like ERA, ESA’s space plane prototype, the Intermediate Experimental Vehicle (IXV), was to have been launched in 2013. It will now fly on ESA’s Vega rocket in 2014. The IXV vehicle is designed to test re-entry technologies during a suborbital flight launching from French Guiana and splashing down in the Pacific Ocean using parachutes.


ESA has now approved funds for IXV’s possible follow-on, Innovative Space Vehicle (ISV), under the Program for Reusable In-orbit Demonstrator in Europe.


The ISV would be Europe’s civilian equivalent of the U.S. Air Force’s unmanned X-37B Orbital Test Vehicle, a robotic miniature space shuttle that has flown on three missions since 2010. The unmanned European space plane would be much smaller than the Air Force vehicle, however.


Giorgio Tumino, IXV program manager told SPACE.com: “We did not get all what we asked, but enough to go ahead and keep the planning.”


Follow SPACE.com @Spacedotcom. We’re also on Facebook and Google+.


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Senate vote likely on U.S. "fiscal cliff" deal


WASHINGTON (Reuters) - The White House and Senate leaders struck a bipartisan deal on Monday to try to avoid a "fiscal cliff" budget crisis, although the agreement was likely to face stiff challenges in the House of Representatives.


Senators were due to vote on the accord overnight and independent Senator Joe Lieberman said it had strong support from the Democrats who control the chamber.


The agreement came too late for Congress to meet its own deadline of New Year's Eve to pass laws halting $600 billion in tax hikes and spending cuts due to come into force on January 1.


But with Tuesday a holiday, Congress still had time to draw up legislation, approve it and backdate it to avoid the harsh fiscal measures coming into force.


That will need the backing of the House where many of the Republicans who control the chamber complain that President Barack Obama has shown little interest in cutting government spending to try to reduce the U.S. budget deficit.


House Republicans are also likely to balk at planned tax hikes on household incomes over $450,000 a year that was part of the agreement struck between Vice President Joe Biden and Senate Republican Minority Leader Mitch McConnell. The House has convened a session for Tuesday at noon (1700 GMT).


House Speaker John Boehner said the House would consider the deal if it were passed by the Senate.


"The House will honor its commitment to consider the Senate agreement if it is passed. Decisions about whether the House will seek to accept or promptly amend the measure will not be made until House members ... have been able to review the legislation," Boehner and other House Republican leaders said in a statement.


The deal would make permanent the alternative minimum tax "patch" that was set to expire, protecting middle-income Americans from being taxed as if they were rich.


Indiscriminate spending cuts for defense and non-defense spending were simply postponed for two months.


As New Year's Day approached, members were thankful that financial markets were closed, giving them a second chance to return on Tuesday to try to blunt the worst effects of the fiscal mess.


There is no major difference whether a law is passed on Monday night, Tuesday or Wednesday. Legislation can be backdated to January 1, for instance, said law firm K&L Gates partner Mary Burke Baker, who spent decades at the Internal Revenue Service.


"This is sort of like twins and one being born before midnight and one being born after. I think the date that matters is the day president signs the legislation," she said.


Republicans are pushing for savings in the Medicare and Social Security healthcare and retirement programs and threatening to block a increase in the debt limit - which caps how much debt the federal government can hold - in February unless they get their way.


(Additional reporting by Richard Cowan, Mark Felsenthal, Rachelle Younglai and David Lawder; Writing by Alistair Bell, Editing by Peter Cooney)



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NC man accused of stealing meteorites






BREVARD, N.C. (AP) — Authorities in southern North Carolina have made one arrest following the theft of 100 meteorites from a science education center and are searching for a second suspect.


The Asheville Citizen-Times (http://avlne.ws/VrunOi ) reports that 29-year-old Brian Koontz of Balsam Grove is charged with breaking and entering, larceny and injury to personal property. He’s being held at the Transylvania County jail.






Video surveillance shows two thieves breaking into the Pisgah Astronomical Research Institute near Rosman around 3 a.m. on Christmas Eve.


The thieves took meteorites that were on loan to the institute. They also took television monitors, overhead video projectors, a microscope and other scientific instruments.


Sheriff’s detective Wade Abram says most of the stolen items were recovered from one of the suspect’s homes. He declined to say which suspect.


___


Information from: The Asheville Citizen-Times, http://www.citizen-times.com


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Stock futures edge higher as "cliff" talks continue

(Reuters) - Equity futures were slightly higher on Sunday night as talks continued in Washington over resolving the "fiscal cliff."


While the Senate will not vote Sunday night on any bill to avoid a series of $600 billion in tax hikes and spending cuts, as many had hoped, negotiations continued between lawmakers and the White House.


The Senate will reconvene on Monday after the open of equity trading. In order for a deal to take effect, it would also have to be passed by the House of Representatives.


Despite the gain indicated by futures, stocks still could end up falling on Monday when the cash markets open if lawmakers are unable to come to an agreement to avoid the cliff, which many fear could push the economy into recession.


"There is always a chance for a massive stalemate, and we could see a lot more volatility if we get to a point where there's no more hope. Right now there's still hope," said Adam Sarhan, chief executive of Sarhan Capital in New York.


Midnight on Monday marks the deadline for a deal, though the government can pass legislation in 2013 that retroactively prevents going over the cliff, an option that is viewed as politically easier.


"At some point, someone will have to blink, or Congress will just come in early in 2013 and vote for a tax cut," Sarhan said. "Something will be done to resolve this."


S&P 500 futures were up 5.4 points, or 0.4 percent, at 1,389 in electronic trading. Still, futures were about 7 points below the fair value level of 1,397.19. Fair value is a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Despite the rise, if futures remain below fair value, cash markets will open lower.


Dow and Nasdaq futures were also slightly higher, though below fair value.


Stocks fell sharply on Friday, with significant losses in the last minutes of trading, as prospects for a deal worsened at the beginning of the weekend.


The rise in the futures market does not necessarily augur for a rally on Monday, however. The cash market and futures markets closed with a wide gulf on Friday, by virtue of the extra 15 minutes of trading in futures.


The S&P 500 closed at 1,402.43 at 4 p.m. ET on Friday, down 1.1 percent, but futures continued to fall before closing 15 minutes later with a loss of 1.9 percent. S&P futures and the S&P cash index don't match point-by-point, but that kind of disparity points to a weak opening in stocks on Monday.


One hour before they had hoped to present a plan on Sunday, Democratic and Republican Senate leaders said they were still unable to reach a compromise.


Earlier in the day, President Barack Obama, appearing on NBC's "Meet the Press," said investors could begin to show greater concerns in the new year.


"If people start seeing that on January 1st this problem still hasn't been solved ... then obviously that's going to have an adverse reaction in the markets," he said,


Investors have remained relatively sanguine about the process, believing that it will eventually be solved. In the past two months markets have not shown the kind of volatility that was present during the fight to raise the debt ceiling in 2011.


The Dow industrials and the S&P 500 each lost 1.9 percent last week, after stocks fell for five straight sessions, which marked the S&P 500's longest losing streak in three months. Equities have largely performed well in the last two months despite constant chatter about the fiscal cliff, but the last few days shows a bit of increased worry.


The CBOE Volatility Index <.vix> rose to its highest level since June on Friday, closing at 22.72.


(Additional reporting by David Gaffen; Editing by Jan Paschal)



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Nobel scientist Levi-Montalcini dies in Rome, 103






ROME (AP) — Rome‘s mayor says biologist Rita Levi-Montalcini, who conducted underground research in defiance of Fascist persecution, and went on to win a Nobel Prize for helping unlock the mysteries of the cell, has died at her home in the city. She was 103.


Italy’s so-called “Lady of the Cells,” who died on Sunday, lived through anti-Semitic discrimination and Nazi invasion, becoming one of her country’s leading scientists and sharing the medicine prize for her groundbreaking research in the United States.






Her research increased the understanding of many conditions, including tumors, developmental malformations, and senile dementia.


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Look Up! 13 Must-See Stargazing Events in 2013






As 2012 comes to a close, some might wonder what is looming sky-wise for 2013.What celestial events might we look forward to seeing? 


I’ve selected what I consider the top 13″skylights” (get it?) for the coming year, and have listed them in chronological order. Not all these night sky events will be visible from any one locality (you may have to travel to catch all the eclipses), but you can observe many of them from the comfort of your backyard, weather permitting.






The next year also promises two potentially bright comets: PANSTARRS and ISON. As any astronomer can tell you, comets are notoriously capricious; we can only guess at how bright they will get and how long their respective tails will be. We’ll just have to wait and see.


In general, 2013 promises an action-packed 12 months for stargazers. Hopefully, your local weather will cooperate on most, if not all of these dates. The following list below includes some of the most promising night sky events of the upcoming year! [100 Best Space Photos of 2012]


Jan. 21: Very Close Moon/Jupiter Conjunction


For North Americans, this is a real head-turner, one easily visible even from brightly lit cities. A waxing gibbous moon, 78-percent illuminated, will pass within less than a degree to the south of Jupiter, the largest planet in our solar system. (For reference, your closed fist held out at arm’s length covers 10 degrees of the sky.)


These two bright luminaries will make their closest approach high in the evening sky for all to see. What’s even more interesting is that this will be the closest moon-Jupiter conjunction until the year 2026! [Amazing Photos: Jupiter and the Moon]


Feb. 2 to 23: Best Evening View of Mercury


Mercury, the “elusive” innermost planet, will travel far enough from the glare of the sun to be readily visible in the western sky, soon after sunset. On the evening of Feb. 8, Mercury will skim within less than 0.4 degrees of the much-fainter planet, Mars. 


Mercury will arrive at its greatest elongation from the sun on Feb.16. It will be quite bright (-1.2 to -0.6 magnitude) before this date and will fade rapidly to +1.2 magnitude thereafter.(Astronomers measure the brightness of sky objects using magnitude, a reverse scale in which lower numbers correspond to brighter objects. Negative magnitudes denote exceptional brightness.)


March 10 to 24: Comet PANSTARRS at Its Best! 


Comet PANSTARRS, discovered in June 2011 using the Pan-STARRS 1 Telescope at Haleakala, Hawaii, is expected to put on its best show during this two-week period. During this time, the comet will also be near its closest approaches to the sun (28 million miles, or 45 million kilometers) and Earth (102 million miles, or 164 million km).


While Comet PANSTARRS was a very dim and distant object at the time of its discovery, it has brightened steadily since then. It still appears on target to reach at least first magnitude and should be visible low in the west-northwest sky shortly after sunset. On the evening of March 12, the comet will be situated 4 degrees to the right of an exceedingly thin crescent moon.


April 25: Partial Lunar Eclipse


This will be a very minor partial lunar eclipse, with the moon’s uppermost limb merely grazing the Earth’s dark, umbral shadow. At mid-eclipse, less than 2 percent of the moon’s diameter will be inside the dark shadow. The Eastern Hemisphere (Europe, Africa, Australia and most of Asia) will have the best view.


This lunar eclipse will not be visible from North America.


May 9: Annular Eclipse of the Sun


During annular solar eclipse (also known as a “Ring of Fire” eclipse), the long, umbral shadow cone of the moon is too short to reach the Earth. In angular size, the moon’s disk appears about 4.5 percent smaller than the disk of the sun. So, the effect is like placing a penny atop a nickel: a ring of sunlight remains visible surrounding the moon. 


The shadow path from where the ring can be seen runs for thousands of miles, but will get no wider than 107 miles (172 km) at the point of greatest eclipse. Much of the path falls over the Pacific Ocean, but at or soon after local sunrise, it will slice across a part of northern Australia (where it will be the morning of May 10) and the extreme eastern tip of Papua New Guinea, along with some of the nearby Solomon Islands. 


At the point of greatest eclipse, the ring phase will last 6 minutes, 4 seconds. Hawaiians will see a partial eclipse when, at 3:48 p.m. Hawaii time, the moon will obscure about 32 percent of the sun’s disk.


May 24 to 30: Dance of the Planets


Mercury, Venus and Jupiter will provide a fascinating show low in the west-northwest twilight sky soon after sunset. They will seemingly shuffle around each other, changing their positions noticeably from one evening to the next. The two brightest planets, Venus and Jupiter,will be separated by just over 1 degree on May 28, with Venus passing to the northwest (upper right) of Jupiter and shining more than six times brighter than Jupiter.


June 23: Biggest Full Moon of 2013


On June 23, the moon turns full at 7:32 a.m. EDT(1132 GMT),and just 32 minutes earlier it will arrive at its closest point to the Earth in 2013 at a distance of 221,824 miles (356,991 km), making it a so-called supermoon.Expect a large range in ocean tides (exceptionally low to exceptionally high) for the next few days. 


Aug. 12: The Perseid Meteor Shower


The annual Perseid meteor shower is considered among the best of the annual displays thanks to its high rates of up to 90-meteors-per-hour for a single observer, as well as its reliability. The shower is beloved by summer campers and often discovered by city dwellers who might be spending time in the country under dark, starry skies. 


This past summer, the moon was a fat waning crescent and presented a minor nuisance during the meteor shower. But in 2013, the moon will be a couple of days before first quarter and will set during the evening hours, leaving the rest of the night dark for prospective observers.


Oct. 18: Penumbral Eclipse of the Moon


The moon slides through the northern part of the Earth’s penumbral shadow during this lunar eclipse event.


At mid-eclipse, 76 percent of the moon’s diameter will be immersed in the penumbra, probably deep enough to cause a faint, yet discernible darkening of the moon’s lower limb. The region of visibility includes much of Asia, Europe and Africa. The central and eastern portion of North America will get a view of the slightly darkened Hunters’ Moon during the early evening hours.


Nov. 3: Hybrid Eclipse of the Sun


This is a rather unusual solar eclipse in that, along its track, which runs for 8,450 miles (13,600 km) across the Earth’s surface, the eclipse quickly morphs from annular to total; it is therefore known to astronomers as a “hybrid eclipse.”


Truth be told, along most of the track, the eclipse appears as a total, with a very thin annulus (or ring) of sunlight visible near the very beginning of the track. The track of the central line of this eclipse begins in the Atlantic about 545 miles (875 km)southwest of Bermuda. So, along North America’s Atlantic Coast, interested viewers (using proper viewing devices, such as pinhole projection or #14 welders glass) will only see the dark disk of the moon exiting the sun’s face at sunrise.


The eclipse track will pass south of the Cape Verde Islands, then curve southeastward parallel to the African coastline. The greatest eclipse, with 100 seconds of totality and the path width reaching a maximum of just 36 miles (58 km), occurs approximately 250 miles (402 km) off the coast of Liberia. The shadow track will then sweep across central Africa, passing over sections of Gabon, Congo, Democratic Republic of the Congo, Uganda and Kenya, before ending at sunset at the Ethiopia-Somalia border.  


Mid-November Through December: Comet ISON


On Sep. 21, 2012, two amateur astronomers (Vitali Nevski of Belarus and Artyom Novichonok of Russia)used a telescope owned by the International Scientific Optical Network to discover a new comet that was christened using the acronym of the instrument used to find it: Comet ISON.


Orbital calculations indicate that comet ISON will travel closest to the sun, less than 750,000 miles (1.2 million km) above the sun’s surface, making it a true “sungrazer,” on Nov. 28 (Thanksgiving Day in the United States).


The comet could eventually be bright enough to be visible in broad daylight around the time of its nearest approach to the sun. It will then travel toward Earth, passing within 40 million miles (64 million km) of our planet a month later.


Since comet ISON will become very well placed for viewing in the morning and evening sky from the Northern Hemisphere during the following weeks, it could become one of the most watched comets of all time. 


December (all month): Dazzling Venus


Venus, the brightest of all the planets, puts on a holiday show all month long, and what a spectacular one it is! Venus is the showiest it will be for all of 2013 and 2014 either in the evening or morning sky. It adorns the southwestern evening sky as much as three hours after sundown at the beginning of the month, and 1.5 hours after sundown by New Year’s Eve. A lovely, crescent moon passes well above and to the right of the planeton Dec. 5, and the next night Venus will reach the pinnacle of its brilliance; Venus won’t be as bright an “evening star” again until 2021. 


Dec. 13 to 14: Geminid Meteor Shower


If there is one meteor display guaranteed to put on a very entertaining show, it is the Geminid meteor shower. Most meteor experts now place it at the top of the list, as it surpasses in brilliance and reliability even August’s Perseids. 


Unfortunately, in 2013, the moon will be several days before full phase and will light up the sky for much of the night, hiding many of the fainter meteors. But around 4:30 a.m. (your local time), the moon will have finally set, leaving the sky completely dark for about an hour. That will be your chance to make as many as two meteor sightings per minute, or 120 per hour!


So stargazers mark your calendars: 2013 promises to be a great year for skywatching, and if you take an impressive photo of the night sky, let us know!


Editor’s Note: If you snap an amazing night-sky photo and would like to share it with SPACE.com for a possible story or gallery, please send images and comments (including your name and the photo’s location) to managing editor Tariq Malik at: [email protected]


Joe Rao serves as an instructor and guest lecturer at New York’s Hayden Planetarium. He writes about astronomy for The New York Times and other publications, and he is also an on-camera meteorologist for News 12 Westchester, New York. Follow SPACE.com on Twitter @Spacedotcom. We’re also on Facebook & Google+


Copyright 2012 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Consumer sentiment weakens as fiscal crisis looms


WASHINGTON (Reuters) - U.S. consumer confidence fell more than expected in December, hitting a four-month low as a looming fiscal crisis sapped what had been a growing sense of optimism about the economy.


The report heightened concerns that a failure by Washington to avert planned tax hikes and spending cuts could lead households to close their wallets, threatening an economic recovery that has been steady albeit lackluster.


Other data on Thursday highlighted the positive momentum building in the economy, with the number of Americans filing new claims for jobless benefits falling to a nearly 4-1/2 year low and new home sales hitting their highest level since April 2010.


But gauges of business sentiment have weakened recently on worries Washington will go forward with plans to slash the federal deficit by about $600 billion in 2013.


Now consumers also appear apprehensive, a sign worries about the so-called "fiscal cliff" could bite into household spending.


The Conference Board, an industry group, said its index of consumer attitudes fell to 65.1 from 71.5 in November.


A sub-index measuring how consumers feel about their present situation rose to its highest level in more than four years, but a gauge of sentiment about the future plunged to its lowest point in more than a year.


"Consumers are increasingly preoccupied with the potential damage the fiscal cliff will cause to the economy and to their wallets if a deal is not reached soon," economists at RBS in Stamford, Connecticut, wrote in a research note.


Separately, the Labor Department said initial claims for state unemployment benefits dropped 12,000 last week to a seasonally adjusted 350,000, the Labor Department said.


"This recent improvement in the claims data is potentially a favorable signal for the labor market," said Daniel Silver, an economist at JPMorgan in New York.


After spiking in the wake of a mammoth storm that ravaged the East Coast in late October, new claims have dropped to their lowest levels since the early days of the 2007-09 recession. The four-week moving average fell 11,250 last week to 356,750, the lowest since March 2008.


The claims data has no direct relation to the government's monthly employment report, but it suggests the surge in layoffs since the recession has at least run its course.


Still, many economists think hiring may remain sluggish even as the pace of layoffs ease.


Companies in recent months have been adding to their payrolls at a lackluster pace, and analysts expect the employment report due on January 4 will show 143,000 jobs were created in December, down from 146,000 in November.


"A significant improvement in labor market conditions ahead of any resolution to the fiscal cliff is unlikely," said Michael Gapen, an economist at Barclays in New York.


U.S. stocks opened flat but turned lower as the Senate Democratic leader derided Republicans for the lack of progress in budget talks and warned that a fall off the "cliff" appeared inevitable. Investors sought safety by buying U.S. Treasury debt and the dollar, which rose against the euro.


Following a truncated holiday break in Hawaii, U.S. President Barack Obama returned to Washington to restart talks to avoid the brunt of the fiscal cliff's impact, which would likely put the U.S. economy back into recession if not lessened.


HOLIDAY CAVEAT


The signs of progress in the claims data also included a caveat, at least for the latest week.


Obama declared Monday a holiday for federal workers and many state offices followed suit and were unable to provide complete data for last week's jobless claims. Data for 19 states was estimated, although 14 of those states submitted their own estimates, which tend to be fairly accurate.


The holiday season can make it more difficult to adjust the claims data for normal seasonal fluctuations, another reason to be cautious about the report for last week.


Separately, the Commerce Department said new U.S. single-family home sales rose in November to a 377,000-unit annual rate, while the median sales price jumped 14.9 percent from the same month in 2011, the latest signs the U.S. housing recovery is gaining some steam.


In a fourth report, the Chicago Federal Reserve Bank said its index of factory activity in the U.S. Midwest increased in November to 93.7 from a revised 92.2 in October.


(Reporting by Jason Lange; Additional reporting by Richard Leong and Ryan Vlastelica in New York; Editing by Neil Stempleman)



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