Hillary: Secretary of empowerment




Girls hug U.S. Secretary of State Hillary Clinton during a 2010 tour of a shelter run for sex trafficking victims in Cambodia.




STORY HIGHLIGHTS


  • Donna Brazile: Clinton stepping down as Secretary of State. Maybe she'll run for president

  • She says as secretary she expanded foreign policy to include effect on regular people

  • She says she was first secretary of state to focus on empowering women and girls

  • Brazile: Clinton has fought for education and inclusion in politics for women and girls




Editor's note: Donna Brazile, a CNN contributor and a Democratic strategist, is vice chairwoman for voter registration and participation at the Democratic National Committee. She is a nationally syndicated columnist, an adjunct professor at Georgetown University and author of "Cooking with Grease." She was manager for the Gore-Lieberman presidential campaign in 2000.


(CNN) -- As Secretary of State Hillary Rodham Clinton steps down from her job Friday, many are assuming she will run for president. And she may. In fact, five of the first eight presidents first served their predecessors as secretary of state.


It hasn't happened in more than a century, though that may change should Clinton decide to run. After all, she has been a game changer her entire life.


But before we look ahead, I think we should appreciate what she's done as secretary of state; it's a high profile, high pressure job. You have to deal with the routine as if it is critical and with crisis as if it's routine. You have to manage egos, protocols, customs and Congress. You have to be rhetorical and blunt, diplomatic and direct.



CNN Contributor Donna Brazile

CNN Contributor Donna Brazile



As secretary of state you are dealing with heads of state and with we the people. And the president of the United States has to trust you -- implicitly.


On the road with Hillary Clinton


Of all Clinton's accomplishments -- and I will mention just a few -- this may be the most underappreciated. During the election, pundits were puzzled and amazed not only at how much energy former President Bill Clinton poured into Obama's campaign, but even more at how genuine and close the friendship was.


Obama was given a lot of well-deserved credit for reaching out to the Clintons by appointing then-Sen. Hillary Clinton as his secretary of state in the first place. But trust is a two-way street and has to be earned. We should not underestimate or forget how much Clinton did and how hard she worked. She deserved that trust, as she deserved to be in the war room when Osama bin Laden was killed.


By the way, is there any other leader in the last 50 years whom we routinely refer to by a first name, and do so more out of respect than familiarity? The last person I can think of was Ike -- the elder family member who we revere with affection. Hillary is Hillary.


It's not surprising that we feel we know her. She has been part of our public life for more than 20 years. She's been a model of dignity, diplomacy, empathy and toughness. She also has done something no other secretary of state has done -- including the two women who preceded her in the Cabinet post.


Rothkopf: President Hillary Clinton? If she wants it



Hillary has transformed our understanding -- no, our definition -- of foreign affairs. Diplomacy is no longer just the skill of managing relations with other countries. The big issues -- war and peace, terror, economic stability, etc. -- remain, and she has handled them with firmness and authority, with poise and confidence, and with good will, when appropriate.


But it is not the praise of diplomats or dictators that will be her legacy. She dealt with plenipotentiaries, but her focus was on people. Foreign affairs isn't just about treaties, she taught us, it's about the suffering and aspirations of those affected by the treaties, made or unmade.








Most of all, diplomacy should refocus attention on the powerless.


Of course, Hillary wasn't the first secretary of state to advocate for human rights or use the post to raise awareness of abuses or negotiate humanitarian relief or pressure oppressors. But she was the first to focus on empowerment, particularly of women and girls.


She created the first Office of Global Women's Issues. That office fought to highlight the plight of women around the world. Rape of women has been a weapon of war for centuries. Though civilized countries condemn it, the fight against it has in a sense only really begun.


Ghitis: Hillary Clinton's global legacy on gay rights


The office has worked to hold governments accountable for the systematic oppression of girls and women and fought for their education in emerging countries. As Hillary said when the office was established: "When the Security Council passed Resolution 1325, we tried to make a very clear statement, that women are still largely shut out of the negotiations that seek to end conflicts, even though women and children are the primary victims of 21st century conflict."


Hillary also included the United States in the Trafficking in Person report. Human Trafficking, a form of modern, mainly sexual, slavery, victimizes mostly women and girls. The annual report reviews the state of global efforts to eliminate the practice. "We believe it is important to keep the spotlight on ourselves," she said. "Human trafficking is not someone else's problem. Involuntary servitude is not something we can ignore or hope doesn't exist in our own communities."


She also created the office of Global Partnerships. And there is much more.


She has held her own in palaces and held the hands of hungry children in mud-hut villages, pursuing an agenda that empowers women, children, the poor and helpless.


We shouldn't have been surprised. Her book "It Takes a Village" focused on the impact that those outside the family have, for better or worse, on a child's well-being.


As secretary of state, she did all she could to make sure our impact as a nation would be for the better.


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The opinions expressed in this commentary are solely those of Donna Brazile.






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Roseanne Barr to Star in, Produce New Series for NBC






NEW YORK (TheWrap.com) – NBC is betting on the up-again-down-again Roseanne Barr, signing the television icon to an overall deal that calls for her to develop a show she will star in and produce for the network. She will executive produce the series with Steven Greener, with whom she collaborated on “Roseanne’s Nuts” for Lifetime.


As part of the deal, Barr also will guest star in a three-episode arc on NBC’s “The Office” as talent agent Carla Fern. She will help Andy Bernard (Ed Helms) pursue the career in show business he has always dreamed about. That arc begins filming this week.






Barr came close to scoring a new show with NBC just a year ago. The network picked up her “Downwardly Mobile” to pilot last January but never ordered it to series. A multi-camera comedy starring Barr as a trailer park operator, it would have re-teamed her with “Roseanne” co-star John Goodman.


“Roseanne” aired on ABC for close to a decade, and was one of the top TV shows in the country for most of those years, winning her an Emmy and a Golden Globe. TV Guide named it one of the 50 greatest TV shows of all time in 2002, and it helped turn Barr, at its inception a stand-up comedian, into a TV star.


In the show’s final year, she tried to launch a Roseanne Conner spin-off, but wasn’t able to pull it off. She then segued into her own talk show, which lasted two years, before returning to stand-up comedy and taking assorted TV and film roles, making her big-screen debut in 1989s “She-Devil” with Meryl Streep.


In 1990 she performed a controversial, loud and screechy “Star-Spangled Banner” before a baseball game between the San Diego Padres and the Cincinnati Reds.’


She is represented by Paradigm.


TV News Headlines – Yahoo! News





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Nasdaq rises one percent, Wall Street extends rally


NEW YORK (Reuters) - U.S. stocks hit five-year highs and the Nasdaq rose 1 percent on Friday, after jobs and manufacturing data showed the economy's sluggish recovery is still on track.


The Dow Jones industrial average <.dji> gained 135.05 points, or 0.97 percent, to 13,995.63. The Standard & Poor's 500 Index <.spx> rose 13.85 points, or 0.92 percent, to 1,511.96. The Nasdaq Composite Index <.ixic> advanced 31.27 points, or 1.00 percent, to 3,173.40.


(Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)



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Barclays chief to waive his bonus







The chief executive of Barclays bank, Antony Jenkins, is to waive his bonus for last year






He said it would be wrong for him to receive a bonus, given what had been a “difficult” year for Barclays.


It is thought Mr Jenkins was in line to receive about £1m of a potential maximum entitlement of £2.75m.


Mr Jenkins took over as chief executive last August, just as Barclays was being rocked over mis-selling scandals and other issues.


He said in a statement: “To avoid further unnecessary public debate on this matter, I wish to make clear that I concluded early this week that I do not wish to be considered for a bonus award for 2012 and I have communicated that decision to the board.


“The year just past was clearly a very difficult one for Barclays and its stakeholders, with multiple issues of our own making besetting the bank.




George Osborne says bankers need to be “sensible” about their pay



“I think it only right that I bear an appropriate degree of accountability for those matters and I have concluded that it would be wrong for me to receive a bonus for 2012 given those circumstances.”


Mr Jenkins’ total potential pay package, including pension, basic salary, and incentives, was £8.6m.


Banks are currently reviewing the size of bonuses for senior staff, and there were reports this week that Royal Bank of Scotland will set aside £250m for payments. Last year, RBS’s chief executive, Stephen Hester, waived his bonus.


Sign up, or resign


Barclays hit trouble last June, when it was fined £290m by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009.


The scandal sparked the resignations of three Barclays senior board members, including ex-chief executive Bob Diamond. He was replaced by Mr Jenkins, who was formerly head of retail and business banking.


Barclays has also set aside £2bn to compensate customers for the mis-selling of payment protection insurance.


On Friday, Barclays faced new claims that UK financial regulators were investigating the bank over money received from Qatar.


The Financial Times alleged that Barclays lent Qatar money to invest in the bank in 2008. Barclays was not immediately available for comment.


Last month, Mr Jenkins ordered all Barclays staff to sign up to a new ethical code of conduct or quit.


BBC News – Business





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Tax Time Is ID Theft Time






The Internal Revenue Service began accepting 2012 tax returns this week, sending thousands of individual taxpayers and tax professionals to their computers to fill out forms and then e-file them.


You, however, are an electronic tax-filing holdout. You’ve heard the reports about all the tax-related identity theft. So you’re still sending Uncle Sam your tax data on paper.






You might want to reconsider.


Yes, tax-time identity theft is a growing problem. A Government Accountability Office, or GAO, investigation last fall found that as of Sept. 30, 2012, the IRS had identified almost 642,000 incidents of identity theft.


Worse, according to the GAO, the IRS does not know the full extent of tax-filing ID theft. While the agency keeps count of the occurrences it discovers, it does not estimate the number of identity theft cases that go undetected.


Worst, the ID thieves are getting away with it. Unless the IRS pursues a criminal investigation, says the GAO, the feds generally do not know the real identity of the thieves.


But while the identity thieves do e-file fraudulent returns using stolen information from real taxpayers, the security breach that allowed them to get the info generally doesn’t come from the e-filing system.


“For the most part, there is not substantially more risk for e-filing,” says Denis G. Kelly, president of IDCuffs.com, an identity theft prevention and protection company. “In fact, when the check-clearing process was changed from physical checks to digital checks, the percentage of fraud decreased. The consensus for this decrease is the number of eyes that see checks in the process was significantly reduced.”


So those thieving eyes get your tax and personal financial information from other sources and then use it to file a fake tax return in your name, usually tweaking the numbers to get a large refund.


And you, the taxpayer whose ID has been stolen, don’t find out about it until you file your own 1040 and are told by the IRS that they already sent you your refund.


Jay Foley, a partner at ID Theft Info Source in San Diego, says a major problem is where a taxpayer’s personal data is stored.


Reports of former tax preparation firm employees stealing client data is not uncommon, says Foley. “If I were an identity thief, I’d find a CPA office, steal a copy of his files and dummy up tax returns and shoot them through before his clients file. Tax thieves will shoot off a thousand returns. If they only get 200 back as fraudulent refunds, that’s great. That’s still 200 more than they had to begin with.”


So what can you do to prevent tax-related identity theft? The same thing, say security experts at TrustedID, that you do at nontax time:


  • Don’t talk to strangers. File your taxes with a reputable tax professional or use legitimate tax prep software programs.

  • Don’t fall for phishing schemes. The IRS does not initiate communications with taxpayers via email or phone. So that urgent email message about a possible refund is probably a scam.

  • Do update your computer spyware and firewall. If you do open a malicious email, it could protect you from malware designed to steal your personal information.


Go ahead and e-file, and soon.

“An argument could be made that e-filing actually decreases the rate of tax identity theft,” says Kelly, in part because it reduces the number of possible criminals who handle your return and see your personal data.


Plus, says Kelly, “the absolute best tactic to prevent a criminal from stealing your tax refund is to file before them.”


Yahoo! Finance – Personal Finance | Taxes





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NBA union head Hunter placed on indefinite leave


NEW YORK (AP) — Billy Hunter is being placed on an indefinite leave of absence as executive director of the NBA players' association, following a report that was critical of his leadership and decision making.


The union is forming an interim executive committee and advisory committee, president Derek Fisher says in a statement released Friday.


Fisher pushed for the outside review of Hunter and the union, which found no illegal use of funds but cited Hunter for a number of poor choices and urged players to consider whether he should remain in charge during their All-Star weekend meetings.


Fisher says "immediate change is necessary."


Union attorney Ron Klempner was appointed acting executive director.


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Fear and loathing in Egypt's Port Said

























Behind the mask


Scales of justice


Moment of truth


Fans celebrate


Armed and ready


Rally at the club


Portrait of the dead


ACAB


Down with Morsi


Army in control


Port Said women protest


Al Masry ultras


The sound of machine guns


Aftermath


Protest


Shots fired


Empty stands


Harrowing reminder





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STORY HIGHLIGHTS


  • Chaos erupted in Egypt after 21 people were sentenced to death following a football riot

  • More than 70 people died after match in Port Said between local club Al Masry and Al Ahly

  • Egyptian league was suspended and has yet to restart due to threats of further violence

  • Verdicts for 52 other defendants who were arrested after riot is expected March 9




(CNN) -- The faces of more than 70 young men and boys bore down on the crowd of thousands outside Al Ahly's training complex in Cairo.


As many as 15,000 members of the Ahlawy, the organized ultras fan group of Egypt's most popular soccer club, had gathered here early for the news they, and the country, had been waiting almost a year to hear.


At 10 a.m. a judge was to deliver a verdict on one of the darkest moments in the history of the game.


It happened on February 1, 2012, when more than 70 -- those young men and boys whose faces now appear on a billboard high above the entrance of the club -- lost their lives after a match in the Mediterranean city of Port Said, against local club Al Masry.


Most of the dead were crushed when the Al Masry fans stormed the pitch.








The players sprinted for their lives, finding sanctuary in the dressing room. And then the floodlights went out.


When the lights came back on 10 minutes later, the dead lay piled in a tunnel, in front of a locked, metal gate that had prevented escape before it collapsed under the weight of bodies.


Direct action


Seventy-three people were arrested, many accused of murder. They were mostly Al Masry fans, but included several members of the security forces.


The man allegedly responsible for cutting the power to the lights was also arrested. The Ahlawy suspected that a hidden hand was at work.


There were conspiracy theories, many asked questions: was this just a football rivalry gone very wrong? Or did police allow the violence as payback against the ultras for their part in the revolution?


Read: Clashes erupt after Egypt court sentences


The Ahlawy had played a crucial role in the revolution. They were an organized group of tens of the thousands of young men willing to fight the police -- as they had both inside and out of Egypt's soccer stadiums for the previous four years -- to make their voices heard.


The authorities denied any collusion. It was a tragic accident, they said. Hooliganism and ineptitude, no more, no less, no hidden hand.


But many of the Ahlawy fans were not convinced. The Egyptian soccer league was canceled and the Ahlawy waged a successful direct action campaign to prevent its restart until justice had been served.


The young men waited for the verdict on Saturday. Several had come armed, in anticipation of a further postponement or, worst still, a not guilty verdict. Some carried clubs, others homemade pistols and double-barreled sawn-off shotguns.


Tear gas


At 10 a.m. the judge rose on national television and delivered his verdict. Twenty-one of the accused were sentenced to death. The verdicts for the remaining defendants are expected March 9.


The news swept through the crowd, reducing those in its path to tears of joy; teenagers who had lost friends, mothers who had lost sons, wives who had lost husbands.











Scores dead in Egypt soccer riot














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"It's a very good decision by the court," said Mihai, a member of the Ahlawy who had come to hear the verdict. As with all the ultras, he declined to give his last name.


The guns that had been brought in anticipation of violence were fired into the sky in celebration.


One fan fired an automatic pistol until it jammed. He inspected the piece of failing, unfamiliar equipment. Unable to fix it, he tucked it into his belt and jumped into the sea of celebrating men.


"We hope it will be a perfect ending for this story. We have been waiting for this for so long. For 21 to get executed is a very good decision. So now we wait for the police decision. For sure it wasn't just them that made this," Mihai said.


Back in February, with the raw memories of Port Said just a few weeks old, the Ahlawy had demanded that those responsible should be put to death.


With the court verdict, they received their wish. Justice, they believed, had been served. At least partially.


"The police will be (put to) trial on March 9," said Mohamed, a founding member of the Ahlawy.


The previous night -- on the Egyptian revolution's anniversary -- Cairo was blanketed in tear gas as protesters roamed the streets surrounding Tahrir Square, venting their anger at President Mohamed Morsy and what they see as a lack of any real reforms.


Many, including the Ahlawy, expected further confrontations after the verdict.


But as the crowd moved inside the complex, holding a rally on the club's main soccer pitch, it became clear that no fighting would take place that day.


"I feel satisfied that some of those who committed what we suffered a year ago are going to face what they deserve," said Ahmed, another founding member of the Ahlawy who believed that the right decision had been made.


"It's a strong verdict but they don't deserve less than a strong verdict. Nobody ever wants to see someone dying but when someone kills he deserves a death sentence. He deserves that his life is taken. I don't see a way the police can get away with this."


Port Said ignited


Not everyone was happy, especially those who saw the verdict as a potential springboard to challenge Morsy, whom many of the Ahlawy view as no different from Hosni Mubarak, the former dictator who ruled Egypt for almost 30 years.


"They are giving us something of a painkiller to take out the anger from the young lads -- for me it is not enough," said Hassan, an Ahly fan standing on the training ground pitch.









Egypt unstable after days of protest











































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"All the other political movements and parties were looking at what was going to happen today. Everyone had their hopes for the ultras and now they have given us this painkiller and it has lost its momentum of something really happening against the new regime," he added.


But what had -- if only temporarily -- calmed the Ahlawy, it ignited Port Said.


The verdicts were greeted with astonishment, disbelief, and anger by Al Masry's fans and the families of the 73 accused who had gathered outside the prison in Port Said where the suspects were held.


Like the Ahlawy supporters in Cairo, they too had come prepared. Two policemen were shot dead as the relatives tried to storm the prison. The police fired back. At least 30 people were killed in clashes. Among them was a former Al Masry player.


President Morsy addressed the nation and announced a 30-day curfew, from 9 p.m. until 6 a.m. in the cities worst effected by the violence.


A few hours before the first curfew was due to fall, a storm rolled into Port Said. The streets were empty, the skies dark and pregnant with rain as 9 p.m. approached.


The only sound was the faint, periodic burst of gunfire. It emanated from near the Al Arab police station by the sea.


Smoldering barricades


On approaching it, the dead streets suddenly came alive, as if the entire energy of the city had been focused on one point. Barricades made from burning tires separated the police from groups of young men, exchanging rocks for gunfire.


The clashes had followed the funeral of more protesters, killed the day after the violence outside the prison.


"There are some injuries here," a member of the Red Crescent said as he sheltered from the gunfire in a side street. Ambulances flew by, their sirens blaring.


"We've seen gun bullets from the government. In four days we have seen more than 450 (injured)."


The prospects of a hastily arranged march to defy Morsy's curfew, looked bleak.


But at 8.30 p.m. a crowd of thousands gathered near the same spot the Red Crescent had been waiting to ferry the injured to hospital. They marched through the smoldering barricades towards where the gunfire had previously come from.


Now the army, not the police, was in charge.


Armored personnel carriers and armed troops were stationed on street corners and outside important military and civilian buildings.


At its core were the fans of Al Masry ultras group the Green Eagles. But they were by no means alone. The marchers had come from all sections of Port Said. Several hundred women marched together, denouncing Morsy and Cairo.


The curfew came and went, the crowd mocking its passing. "It's 9 o'clock!" they chanted as they passed the stationed troops.


But there was no animosity towards the army. The police was the enemy. Protesters took it in turns to hug and kiss the young soldiers.


Few would readily admit to being Al Masry fans, nor say whether they were there on that fateful night almost a year ago that set in motion this chain of deadly events.


Vendetta


What they would say is that they believed a miscarriage of justice had taken place, that Morsy had sacrificed Port Said to prevent chaos in Cairo, that traditional antipathy towards Port Said was at play.


"People are truly sure that these people (the 21 sentenced to death) didn't kill anyone. We didn't do it and they (the Ahlawy) don't believe we didn't do this," said Tariq Youssef, a 32-year-old accountant who was on the march with a friend.


"Al Masry will not be back for five years. I'm a big Masry fan. But I can't go anywhere. All the supporters for the big teams in Cairo or anywhere believe that Al Masry supporters did this."


For Tariq, admitting to being an Al Masry supporter outside of Port Said was impossible.


"They say, 'You killed them the Ahly supporters. You are like a terrorist.' Nobody believes us we didn't do anything here. There will be no football in the next five years."


As the march moved back towards the place it had started, machine gun fire rang out once again.


This time it was all around the march, front and back. The crowd scattered. A protester had been shot dead at the back of the march, next to the Al Arab police station.


"In three days we have lost 21 people, judged to be executed, and also about 39 murdered and many injured so there is no family which have not lost a friend, a colleague, a neighbor.


"You can consider this a sort of vendetta between the people and the police," said Muhammad el Agiery, an English tutor who had stayed until the end.


"People are going to stay out all of the night, every day for a month. They reject and refuse the curfew imposed by Morsy," he added.


The next morning the storm was gone and the sun was shining. But the cycle of violence continues. Another funeral march will begin, another barricade will likely be set on fire, and another curfew broken.







Read More..

ABC orders pilots for “Big Thunder” drama, Gothic soap opera






LOS ANGELES (TheWrap.com) – ABC has ordered pilots for the dramas “Big Thunder” and “Gothica,” the network said Tuesday.


“Big Thunder,” which is written by “Ice Age” writer Jason Fuchs (pictured) and executive produced by Chris Morgan (“Wanted,” “The Troop”) follows a brilliant doctor in late 19th century New York whose family is given a once-in-a-lifetime opportunity to relocate to a frontier mining town run by a powerful, but mysterious tycoon. However, they quickly realize that not everything in Big Thunder is as it seems.






ABC Studios is producing the pilot, which is based on the Big Mountain Thunder Railroad ride at several Disney-owned theme parks.


“Gothica,” meanwhile, is described as a “sexy gothic soap opera set in present day” that “weaves together a mythology that incorporates the legends of Dracula, Jekyll and Hyde, Frankenstein and Dorian Gray among others.”


The project, written by Matt Lopez, comes from ABC Studios and the Mark Gordon Company.


TV News Headlines – Yahoo! News





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Wall Street flat after mixed data; Qualcomm lifts Nasdaq

NEW YORK (Reuters) - Stocks were little changed on Thursday as investors mulled a mixed bag of economic data, though earnings from Qualcomm helped lift the Nasdaq.


Data showed the labor market improved modestly; the number of Americans filing new claims last week for unemployment benefits rose, beating expectations and bouncing off five-year lows in the prior week.


That comes ahead of Friday's payrolls report, which is expected to show employers added 160,000 jobs in January after an increase of 155,000 in December.


A separate report showed incomes climbed in December by the most in eight years, in an encouraging sign that the economy may be propelled forward through consumer spending.


A gauge of business activity in the U.S. Midwest showed a pick up in January from a more than three-year low in December as new orders jumped. The report followed a disappointing survey from the mid-Atlantic and New York regions.


Qualcomm Inc gained 5.9 percent to $67.25 as the top boost to the Nasdaq 100 <.ndx> after the world's leading supplier of chips for cellphones beat analysts' expectations for quarterly profit and revenue, and raised its targets for the year.


The worst performer on the Nasdaq was Facebook Inc , which lost 5.9 percent to $29.39. The social network company said Wednesday it doubled its mobile advertising revenue in the fourth quarter; however, that growth trailed some of Wall Street's most aggressive estimates.


The Dow Jones industrial average <.dji> gained 22.88 points, or 0.16 percent, to 13,933.30. The Standard & Poor's 500 Index <.spx> gained 0.21 points, or 0.01 percent, to 1,502.17. The Nasdaq Composite Index <.ixic> gained 8.43 points, or 0.27 percent, to 3,150.73.


The S&P 500 <.spx> has gained 5.3 percent in January, after legislators in Washington temporarily sidestepped a "fiscal cliff" of automatic tax increases and spending cuts that could have derailed the economic recovery, and amid improving economic data and better-than-expected corporate earnings.


But the benchmark index has stalled recently and is virtually flat for the week, hovering near the 1,500 mark, as investors look for fresh trading incentives to justify further gains.


"Unfortunately it's still a mixed picture, it appears we are just getting a lot of conflicting data right now," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.


"There is certainly a lot of information coming out this week - a lot of economic data, a lot of earnings and of course we have the employment number looming Friday, so with 1,500 right here, my guess is there is just not enough conviction to push us substantially higher yet."


United Parcel Service Inc lost 1.6 percent to $79.95 after the world's largest parcel delivery reported fourth-quarter earnings below analysts' estimates on Thursday and forecast weaker-than-expected profit for 2013.


But the Dow Jones Transportation average <.djt> gained 0.5 percent as Kirby Corp added 7.6 percent to $71.57 and Ryder Systems Inc climbed 4.7 percent to $56.79 after posting quarterly results.


Thomson Reuters data through Thursday morning shows that of the 231 companies in the S&P 500 that have reported earnings this season, 69.3 percent have exceeded expectations, a higher proportion than over the past four quarters and above the average since 1994.


Overall, S&P 500 fourth-quarter earnings are forecast to have risen 3.7 percent. That's above a 1.9 percent forecast at the start of the earnings season, but well below a 9.9 percent profit growth forecast on October 1, the data showed.


WMS Industries Inc surged 52.5 percent to $24.96 after the company agreed to be acquired by Scientific Games Corp for $26 per share in cash. Scientific Games jumped 19 percent to $10.63.


(Editing by Bernadette Baum)



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Banks pay for ‘swap’ mis-selling







Four banks will now compensate tens of thousands of small businesses who were mis-sold complex insurance deals, says the Financial Services Authority.






In a pilot study, the FSA found that 90% of deals sold to “unsophisticated” customers broke at least one rule.


Some 40,000 “interest rate hedging products” (IRHPs) have been sold to small businesses since 2001.


Last summer, the FSA said several banks were guilty of mis-selling and decided that compensation should be paid.


Following last June’s initial announcement that redress was due, the FSA ordered the banks to carry out the study to see precisely how it should be calculated.


The FSA says the four big banks involved – Barclays, HSBC, Lloyds and the Royal Bank of Scotland – will now have to work out how much their customers lost.


It is not yet clear how many businesses are likely to receive compensation.


“It depends whether a business would have bought that product anyway,” says Martin Wheatley, the incoming chief executive of the new Financial Conduct Authority (FCA), which will replace the FSA later this year.


“In such cases, it’s a case of ‘caveat emptor’ ['let the buyer beware'], but in other cases, the contract should be ripped up,” he told the BBC.


Who will get compensation?


The idea behind the original deals mis-sold to bank customers was to swap the variable interest rates on their loans for fixed rates, thus insuring the businesses if interest rates rose.


But in recent years, interest rates have fallen to record low levels, leaving many businesses paying an excessive interest rate on their loans, which many did not understand would happen when they took out their loans.


In some cases, there were also expensive fees to get out of the deals.



As a result of the pilot review, the FSA has now decided exactly how the banks should proceed, and has also revised the criteria for who can claim.


For instance, it was concerned that some companies, which might not have understood the complexity of the products they were being sold, might have been excluded from any redress.


For example, a bed and breakfast business may, on paper, look like a large operation, purely because it employs a large number of seasonal staff.


But it still may not have been sophisticated enough to fully understand the hedging policies it was sold.


The Federation of Small Businesses (FSB) has welcomed the decision to broaden the compensation criteria, but it is still concerned that payments to the banks have not been automatically suspended.


It is also worried that there is no clear way for businesses to appeal if they are refused compensation by their banks.


“With the pilot showing such a significant level of mis-selling, we are concerned that the FSA has not mandated that all payments are suspended when a firm enters into the scheme,” said John Walker, the FSB’s national chairman.


Principles of redress


The FSA has now established how compensation should be calculated.


Continue reading the main story

There is a lack of clarity on what full redress looks like, with banks determining what constitutes consequential losses, and how an appeals process will work”



End Quote John Walker Federation of Small Businesses


It says redress “should aim to put customers back in the position they would have been in, had the breach of regulatory requirements not occurred”.


For full compensation, customers will have to show that they would not have bought an IRHP, had the sales rules not been broken.


If they would have bought a different kind of product from the one recommended, they might be offered partial compensation, depending on the losses they suffered.


But if the business suffered no loss, or if they would have bought the product anyway, had it not been improperly sold to them, they will be offered no compensation.


The British Bankers’ Association (BBA), which represents all of the UK’s banks, says that where customers have been treated unfairly, they will be compensated.


“Banks will be contacting those companies affected shortly, prioritising those with the greatest need,” said BBA chief executive Anthony Browne.


“Any business which is currently facing financial distress and is seeking a suspension of payments should get in touch with their bank immediately.”


“Consequential” losses


Some small business have complained of making huge losses beyond the money they were paying out on their loans.


Some said they had ended up having to sack staff, or sell assets, in order to save money to make the loan repayments.


These costs, known as “consequential losses,” might also include overdraft charges or additional borrowing costs.


The banks will have to ask whether these losses were directly caused by their rule breaches and whether such losses were foreseeable at the time.


But John Walker, of the FSB, was sceptical about the process.


“There is a lack of clarity on what full redress looks like, with banks determining what constitutes consequential losses and how an appeals process will work,” he said.


The FSA review only covers mis-selling by the first four banks identified.


A report on a further six banks will follow in the next few weeks.


BBC News – Business





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