Britain’s first Oscar-winning animator Bob Godfrey dies at 91

LONDON (Reuters) – Britain’s first Oscar-winning animator Bob Godfrey, whose work ranged from the children’s TV cartoon “Roobarb” to mock-erotic movies like “Kama Sutra Rides Again”, has died aged 91, his family told the BBC on Friday.

Godfrey, often referred to as “The Godfather of British Animation“, was born in Australia but educated in England and started his career as a graphic artist in London in the 1930s before gaining work in the film industry.

He was the first British animator to win an Academy Award for Best Animated Short Film for his 1975 musical comedy “Great”, about civil engineer Isambard Kingdom Brunel.

Godfrey was nominated three other times for Oscars, including for his 1971 short film “Kama Sutra Rides Again”, one of his mock-erotic exploitation films that focused on the hypocrisy of British attitudes towards sex.

Filmmaker Stanley Kubrick so admired the film that he screened it alongside UK showings of “A Clockwork Orange”.

“Much of Godfrey’s work has been predicated on satirizing the foibles and minutiae of what it means to be ‘British’,” said his biography on the British Film Institute website.

For nearly 50 years Godfrey worked with some of animation’s biggest names including Monty Python’s Terry Gilliam, poking fun at orthodoxy and establishment thinking. He retired in 1999.

His work ran along two tracks – adult material and quirky children’s cartoons which he wanted to appeal to adults too.

He was known for his children’s cartoons “Roobarb”, about a warring cat and dog, and “Henry’s Cat”.

His death comes after the death on Sunday of veteran actor Richard Briers, aged 79, who narrated “Roobarb” and also the character of Brunel in Godfrey’s film “Great”.

Aardman Animations studio founder Peter Lord tweeted: “Dear old Bob Godfrey is no more. A great influence and inspiration to me and my generation of animators. Also a lovely bloke.”

In an interview with the Guardian in 2001, Godfrey said he had one professional regret.

“I’d love to have done a full-length feature but I can’t seem to stretch myself to that length,” he told the newspaper.

“When you look at my films, they appear to be a series of 30-second commercials cut together. I’m a short distance man whether I like it or not.”

(Reporting by Belinda Goldsmith; editing by Andrew Roche)

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Investors face another Washington deadline

NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.

Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.

Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.

"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.

Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.

But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.

National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.

"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

OPTIONS BULLS TARGET GAINS

The spending cuts, if they go ahead, could hit the defense industry particularly hard.

Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.

Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.

"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.

The stock ended up 0.6 percent at $88.12 on Friday.

If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.

General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.

EYES ON GDP DATA, APPLE

The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.

U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.

Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.

Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.

On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.

(Additional reporting by Doris Frankel; Editing by Kenneth Barry)

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Best Tax Tip? Readers Spill

A winter storm tore across the country this past week, but the vernal equinox is close at hand. That means crocuses and hyacinths should begin popping up soon, Easter Peeps and chocolate bunnies will begin lining store shelves (if they’re not there already), and baseball stats will begin crowding out basketball scores in the sports pages. The proximity to the spring season also means that tax day–April 15–will be here before you know it.

In anticipation of the upcoming tax-filing deadline, which is also your deadline for making IRA contributions, Morningstar.com will be featuring plenty of tips for managing your tax burden as part of our Tax Relief Week, starting Monday, Feb. 25. (Limiting your investment-related tax bills will be a particular focus.)

To kick things off, I asked Morningstar.com readers to share their best tax tips, and they were eager to comply, swapping tips on reducing taxes during retirement, managing tax-sheltered and taxable accounts, and good record-keeping. Poster ennnius wrote, “This is a great thread–I am learning much here.”

To read the complete conversation or share your own best tax tip, click here (http://socialize.morningstar.com/NewSocialize/forums/p/320977/3384789.aspx).

‘Essential to Our Long-Term Plans’
Several posters touted the virtues of tax-sheltered accounts.

BMWLover wrote, “For our retirement accounts I do my best to max out our contributions to our 401(k)s and Roths. The tax benefits of both are essential to our long term plans.”

Meanwhile, Dragonpat is partial to her traditional 401(k), with pretax dollar contributions. “Contribute the max to your 401(k),” she advised. “Until you max that out, I would not even bother with Roth contributions. It is the one big deduction I have that the alternative minimum tax allows me to have. The AMT has stripped me of my deductions for my children, state income tax (I live in a high tax state), and my property taxes.”

On the flip side, Retiredgary, like others who fret that taxes could go up, is a true believer in Roth vehicles, to which you make aftertax contributions in exchange for tax-free withdrawals in retirement. “Get everything into a Roth that you can,” this poster urged. “Things with regard to taxes are likely to get worse before they get better.”

Lengrav also likes Roths, but for a different reason. “While funding IRAs favor a Roth simply because you will probably save more! Most people that put $ 5,000 into a traditional IRA fail to save the tax savings this generates. But if you save $ 5,000 into a Roth you must pay the taxes currently. Therefore as time passes most people would see the same balance in either IRA. But those with a Roth have already paid the tax.”

For those inclined to convert traditional IRA balances to Roth, Dennis offered up the following nifty idea. “When you convert to a Roth IRA convert three to five times what you target as your conversion and put each multiple into a separate Roth account. When you file your income tax return in October under an extension, recharacterize back all but the best-performing Roth account. Two caveats: Make sure you are with an IRA sponsor that allows this. Recharacterize by mid-September. It can take the IRA sponsor a long time to process the recharacterization as this technique is popular.” (This article (http://news.morningstar.com/articlenet/article.aspx?id=540741) includes more details on recharacterizations.)

‘Tax-Efficient Funds That Can Be Held Forever’
Posters also shared tips for limiting Uncle Sam’s cut of taxable accounts.

The always sagacious Taylor Larimore advised, “In taxable accounts, except for short-term goals, hold only tax-efficient funds that can be held ‘forever.’”

Tax-managed funds fit the bill for Chief K, who urged, “For investments outside of IRAs/401(k)s, hold tax-managed funds that are near-clones of index funds (for example, Vanguard Tax-Managed Small Cap (VTSIX) or Vanguard Tax-Managed International (VTMNX)).”

Harvesting losses, which can be used to offset up to $ 3,000 in ordinary income or an unlimited amount of capital gains, is on Dragonpat’s to-do list each year. “I harvest capital losses against gains in my taxable account in an effort to minimize my tax bill,” this poster wrote.

Retiredgary noted that careful selling of long-term holdings can keep taxes down or limit them altogether. “If you are in the 15% bracket and in a state that does not tax capital gains,” he advised, “consider taking gains up to the top of that bracket each year as they will be taxed at a rate of 0%.”

Although most of the comments focused on limiting one’s federal tax burden, artsdoc noted that it’s worth plugging into state tax laws, too, especially if you live in a high-tax state. “One tax tip that I would give everyone living in a high personal income tax state is to familiarize yourself with state tax laws. I had always paid attention to federal tax laws and planned accordingly. Only within the past couple of years have I paid more attention to the California tax laws and it was pretty eye-opening. And now that our state personal income tax increased an amazing 30% for top earners, it does make an even bigger difference in tax planning. It truly does change your fixed income calculation comparisons (tax-equivalent yield becomes an even more important tool) and even those qualified dividends from (federally) tax-efficient mutual funds can become more expensive than you once thought.”

On the importance of tax management in taxable accounts, BMWLover was a rare contrarian, writing, “I don’t worry much about the tax consequences of my investment decisions in my taxable accounts. The way I look at it, if I have to pay more in taxes it just means that I’ve made more money. The only times I will look at tax consequences are when I am selling a stock and I’m just about to hit the demarcation point between short term gain and long term. The other is if I am deciding between two investments and one has qualifying dividends and the other does not.”

‘You Can Be Free of the Feds’
Posters also shared valuable advice about carefully managing income sources in an effort to limit their tax bills in retirement; that type of tax management simply isn’t available to those who are earning a paycheck.

Dennis’ post illustrates why tax diversification–a topic I discussed in this article (http://news.morningstar.com/articlenet/article.aspx?id=584823)–can be so valuable in retirement. “If you leave work well before 65, try to have significant retirement account balances and substantial taxable accounts. Living off the taxable accounts may result in low taxes if you have high basis in the securities. Create income to offset your deductions and to bring you up to your projected post 65 marginal tax rate by converting your retirement accounts to Roth accounts while you are in your first years of retirement living off the taxable accounts. Try to maximize your tax savings over your entire retirement period and not just for the current year. That maximization effort should take into account higher Medicare premiums based upon adjusted gross income and, if you are well off, Medicare taxes on your investment income.”

Frrries is also a believer in diversifying across multiple vehicles and carefully managing income sources on a year-by-year basis. “Set yourself up for an income tax free retirement,” this poster advised. “First, keep modified adjusted gross income below $ 25,000 and Social Security is tax free. Then build a taxable IRA account, a Roth IRA and a Health Savings Account. For example, a married couple might get about $ 30,000 in social security. Add $ 18,000 out of the taxable IRA, $ 18,000 out of the Roth and $ 12,000 out of the HSA. Total income is $ 78,000 per year 100% tax free in any state in the union (taking the standard deduction and two exemptions).”

Trial-running your planned income stream can help you manage your tax burden or even avoid taxes altogether, according to Darwinian. He walked readers through the process in this detailed post. “Take a blank 1040 form and work from the bottom up, on the second page. Enter any tax credits, and scan down your column in the tax table to find how much taxable income you can have that will be completely offset by this credit. Then, move up to the deductions and personal exemptions, and add these in. You will end up at the top of the page, with a zero-tax adjusted gross income. Next, turn back to the first page and fill in any taxable pensions and other income. If these are less than your zero-tax adjusted gross income, and if you have enough Roth/unsheltered assets to provide the remaining income you need, you can be free of the Feds, and will probably have only minimal state income tax. You only need to limit your IRA withdrawals for the coming year to the difference you just calculated. Be careful if you are taking Social Security income; the tax rate depends on how much other taxable income you decide to have, which makes it hard to figure. Do successive approximations on the SS worksheet, or call in a tax professional. And make sure you add any capital gains resulting from sales of assets for income.”

Chief K, meanwhile, noted that delaying Social Security has a tax silver lining, in addition to helping boost benefit size. “Deferring collecting Social Security means spending down ‘other cash’ instead of spending the benefits. In the meantime those benefits increase at 8% per year–without any taxes being due on the increase (plus inflation adjustments).”

TraderBob’s strategy won’t be for everyone, but could appeal to those with mobility in mind. “Buy an RV and set your residence in a state that does not tax Social Security or pension income and has otherwise low taxes (for example, South Dakota maybe).”

‘Behold With Amazement the Long List of Tax Benefits’
In addition to sharing tips for managing their income streams, posters also discussed how to make the most out of credits and deductions.

“Bunching” deductions–itemizing in some years and not others–has worked well for Texasboy, who wrote, “In entering retirement I had the pleasure of making my last mortgage payment. That basically left me with itemized deductions of property taxes and contributions. So we’ve begun alternating years of bunching the payments for two years allowing us to take the standard deduction the off year, thereby reducing taxable income for combined period. It may not be significant but [is] worth the effort, which is minimal.”

More deductions are available to small-business owners, noted Dennygal. “Start a small or very small business and put it in a limited liability corporation. Fill out your own Form 1065 and behold with amazement the long list of tax benefits available to small business owners–for example, deducting your Medicare insurance premiums as a business expense.”

Making charitable contributions carries multiple benefits in FidlStix’s book. “Channel as much into eligible nonprofits as you can afford,” he advised. “You’ll not only gain the satisfaction of helping out the causes you like, but you’ll enjoy a substantial tax deduction (assuming you’re not squirming under the alternative minimum tax burden).”

Dennis advised the following strategy for charitably minded seniors. “If you want to support charities while in retirement and have substantial taxable accounts, contribute as much as you can to a charitable gift fund before you retire, when your marginal tax rate may be at its highest. Then make your future gifts from the fund. This will keep your adjusted gross income under control and help avoid the higher Medicare premiums. The reduction of your income in retirement by pre-giving through the charitable gift fund and by converting to a Roth account may save your Social Security and Medicare if those benefits are ever means-tested.”

Posters also shared some intriguing outside-the-box ideas for limiting tax bills.

“Carry adequate insurance,” Chief K sensibly advised. “An accident or illness that requires you to raise large amounts of cash quickly can play havoc with any tax planning you’ve done.”

Meanwhile, Retiredgary urged other retirees to “go off the grid,” figuratively speaking. “Do things that increase your wealth but do not show up in the money economy such as growing a garden, painting your house yourself, working with friends to do repair and remodeling work on each other’s property, growing fruit trees, doing sewing or woodwork, and so on. The government has not yet figured out how to tax a freezer full of fruit and vegetables you grew or a deck chair you built. As a side benefit, many of these things are good hobbies and offer particularly retired people opportunities to get outside and stay physically active. It also makes a person fell a bit more competent and secure to have some of those basic skills.”

‘Don’t, I Repeat, Don’t Wait Until April to Start’
Posters differed in their attitudes toward doing their own returns or hiring a certified public accountant or other tax professional to handle their taxes.

In the “hire out” camp was EasyAsItGoes, who urged, “Hire a first-rate accountant to do your taxes. This is no time to go to the guy in the mall if your return is anything more than ‘simple.’ The really good CPAs know the tax code inside and out and they’ll play out a half dozen scenarios to find you the best return and give you advice about the coming year. See them midyear for a tune-up. My accountant says it every year, ‘Your job is to pay taxes . . . our job is to make sure you pay only what you should pay and not a penny more. ‘”

But Rule72 disagreed. “Learn how to do your own taxes!!! This is not rocket science,” this poster noted. “I agree it takes extra time and effort to do this yourself, but it really makes investing and estate-planning decisions a lot easier. You will know for yourself exactly the effects of various choices with traditional IRAs, Roth IRAs, 401(k)s, and so on. Each subsequent year gets easier.

Within the do-it-yourself contingent, posters shared valuable tips for getting it done.

Bnorthrop wrote, “My top tip for self-preparers is to use tax software. It allows one to run different scenarios to minimize tax obligation. I do this throughout the year, not just at tax time. Trying this with paper forms would be an insane amount of work. I’ve also used the software to do ‘what-ifs’ to calculate state taxes in those states I may wish to relocate to in the future. And for those who avoid direct ownership of MLPs due to their K-1 instead of 1099, tax software allows importing K-1 data. Even manually entering the data is basically a paint-by-numbers exercise.”

Others emphasized the importance of starting your tax preparation season early–ideally before the tax year is through. The benefit? Having time to actually affect your return.

MBAFBA wrote, “In early December calculate an estimate of year-end income and an estimate of next year’s taxes. Then review investments to see if there are capital losses to be captured, capital gains to be considered, and any other opportunities to reduce taxes. In some years, like 2012, this will put you in a knowledgeable position to take advantage of new opportunities like the (late) extension of the charitable IRA rollover.”

Rule72 was emphatic about not procrastinating. “Don’t, I repeat, don’t wait until April to start!” This poster went on to make working on taxes sound downright appealing. “Start in January. Get a favorite beverage, some soothing music and spend two to three hours about once a week. You’ll be less stressed, smarter and richer for it. [I spent] my time during [last week's] snowstorm with a glass of wine, jazz, and double-checking my tax forms that I completed a week ago. Bottom line–put yourself in a position to take advantage of opportunities before it is too late.”

Several posters noted that, whether you’re doing your taxes yourself or outsourcing to an accountant, keeping good records is essential to a smooth tax season.

EasyAsItGoes wrote, “Your accountant (or tax software) is only as good as the information you give him/her/it. Start the year by keeping good records.”

Good record-keeping is also a must for Rule72, who shared, “The most difficult part of doing your taxes is finding and sorting all the necessary documents. Do this year-round; simply throw receipts into a folder or box as you get them.”

See More Articles by Christine Benz

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Daytona ready for race, willing to relocate fans

DAYTONA BEACH, Fla. (AP) — Fans feeling unsafe after the horrific crash at Daytona International Speedway can change seats for NASCAR's biggest race.

Track President Joie Chitwood says workers successfully repaired a section of fence — 54 feet wide and 22 feet high — that was shredded Saturday when Kyle Larson's car went airborne on the final lap of a second-tier race and crashed through the barrier that separates cars from fans. Large pieces of debris, including a tire, sprayed into the upper and lower section of the stands.

The crash injured more than 30 people, raising more questions about fan safety at race tracks. NASCAR President Mike Helton said "most everybody" had been released from local hospitals, but there are a "few still being treated."

Chitwood says if any fans are uncomfortable with their up-close seating for Sunday's Daytona 500, officials will work to move them.

"If fans are unhappy with their seating location or if they have any incidents, we would relocate them," Chitwood said Sunday. "So we'll treat that area like we do every other area of the grandstand. If a fan is not comfortable where they're sitting, we make every accommodation we can."

Track workers finished repairs about 2 a.m. Sunday, having installed a new fence post, new metal meshing and part of the concrete wall.

Officials decided not to rebuild the collapsed cross-over gate, which allows fans to travel between the stands and the infield before races.

Daytona has a grandstand remodel planned. Chitwood said the injuries could prompt a redesign that might include sturdier fences or stands further away from the on-track action.

"It's tough to connect the two right now in terms of a potential redevelopment and what occurred," Chitwood said. "We were prepared yesterday, had emergency medical respond. As we learn from this, you bet: If there are things that we can incorporate into the future, whether it's the current property now or any other redevelopment, we will.

"The key is sitting down with NASCAR, finding out the things that happened and how we deal with them."

Daytona reexamined its fencing and ended up replacing the entire thing following Carl Edwards' scary crash at Talladega Superspeedway in Alabama in 2009. Edwards' car sailed into the fence and spewed debris into the stands.

"We've made improvements since then," Chitwood said. "I think that's the key: that we learn from this and figure out what else we need to do."

NASCAR plans to take what remained of Larson's sheared car along with debris back to its research and development center in Charlotte, N.C., for testing.

"We'll bring in the best and brightest," said Steve O'Donnell, NASCAR's senior vice president for racing operations. "Anything we can learn will be put in place. ... Fans are our first priority. Obviously we want everybody to be safe at an event. We've talked to the speedway. We're confident in what's in place at today's event. Certainly still thinking about those affected, but we're confident to move forward for this race."

The 12-car crash began as the front-runners approached the checkered flag. Leader Regan Smith attempted to block Brad Keselowski for the win, triggering a pileup that could have been much worse.

Larson's burning engine wedged through a gaping hole in the fence. Parts and pieces of his car sprayed into the stands, including a tire that cleared the top of the fence and landed midway up the spectator section closest to the track.

The 20-year-old Larson stood in shock a few feet from his car as fans in the stands waved frantically for help. Smoke from the burning engine briefly clouded the area, and emergency vehicles descended on the scene.

Ambulance sirens could be heard wailing behind the grandstands at a time the race winner would typically be doing celebratory burnouts.

"It was freaky. When I looked to my right, the accident happened," Rick Harpster of Orange Park said. "I looked over and I saw a tire fly straight over the fence into the stands, but after that I didn't see anything else. That was the worst thing I have seen, seeing that tire fly into the stands. I knew it was going to be severe."

In 1987, Bobby Allison's car lifted off the track at Talladega while running over 200 mph, careening into the steel-cable fence and scattering debris into the crowd. That crash led to the use of horsepower-sapping restrictor plates at Talladega and its sister track in Daytona, NASCAR's fastest layouts.

As a result, the cars all run nearly the same speed, and the field is typically bunched tightly together — which plenty of drivers have warned is actually a more dangerous scenario than higher speeds.

"That's one of the things that really does scare you," Allison said Sunday. "But it's always a possibility because of the speeds, where they are."

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Analysis: Italian election explained

Austerity-hit Italy chooses new leader

Austerity-hit Italy chooses new leader

Austerity-hit Italy chooses new leader

Austerity-hit Italy chooses new leader

STORY HIGHLIGHTS

• Silvio Berlusconi is campaigning to win his old job back for the fourth time


• The eurozone's third largest economy is hurting, with unemployment surpassing 11%


• Pier Luigi Bersani of the center-left Democratic Party is expected to narrowly win


• Italy's political system encourages the forming of alliances

(CNN) -- Little more than a year after he resigned in disgrace as prime minister, Silvio Berlusconi is campaigning to win his old job back -- for the fourth time.

Berlusconi, the septuagenarian playboy billionaire nicknamed "Il Cavaliere," has been trailing in polls behind his center-left rival, Per Luigi Bersani.

But the controversial media tycoon's rise in the polls in recent weeks, combined with widespread public disillusionment and the quirks of Italy's complex electoral system, means that nothing about the race is a foregone conclusion.

Why have the elections been called now?

Italian parliamentarians are elected for five-year terms, with the current one due to end in April. However in December, Berlusconi's People of Freedom Party (PdL) withdrew its support from the reformist government led by Mario Monti, saying it was pursuing policies that "were too German-centric." Monti subsequently resigned and the parliament was dissolved.

Berlusconi -- the country's longest serving post-war leader -- had resigned the prime ministerial office himself amidst a parliamentary revolt in November 2011. He left at a time of personal and national crisis, as Italy grappled with sovereign debt problems and Berlusconi faced criminal charges of tax fraud, for which he was subsequently convicted. He remains free pending an appeal. He was also embroiled in a scandal involving a young nightclub dancer - which led him to be charged with paying for sex with an underage prostitute.

MORE: From Venice to bunga bunga: Italy in coma

He was replaced by Monti, a respected economist and former European Commissioner, who was invited by Italy's President Giorgio Napolitano to lead a cabinet of unelected technocrats. Monti's government implemented a program of tax rises and austerity measures in an attempt to resolve Italy's economic crisis.

Who are the candidates?

The election is a four-horse race between political coalitions led by Bersani, Berlusconi, Monti, and the anti-establishment movement led by ex-comedian Beppe Grillo. Polls are banned within two weeks of election day, but the most recent ones had Bersani holding onto a slender lead over Berlusconi, followed by Grillo in distant third.

READ MORE: Will Monte Paschi banking scandal throw open Italy's election race?

The center-left alliance is dominated by the Democratic Party, led by Bersani. He is a former Minister of Economic Development in Romano Prodi's government from 2006-8 -- and has held a comfortable lead in polls, but that appears to be gradually being eroded by Berlusconi.

Italy's political system encourages the forming of alliances, and the Democratic Party has teamed with the more left-wing Left Ecology Freedom party.

The 61-year-old Bersani comes across as "bluff and homespun, and that's part of his appeal -- or not, depending on your point of view," said political analyst James Walston, department chair of international relations at the American University of Rome.

He described Bersani, a former communist, as a "revised apparatchik," saying the reform-minded socialist was paradoxically "far more of a free marketeer than even people on the right."

Bersani has vowed to continue with Monti's austerity measures and reforms, albeit with some adjustments, if he wins.

At second place in the polls is the center-right alliance led by Berlusconi's PdL, in coalition with the right-wing, anti-immigration Northern League.

Berlusconi has given conflicting signals as to whether he is running for the premiership, indicating that he would seek the job if his coalition won, but contradicting that on other occasions.

In a recent speech, he proposed himself as Economy and Industry Minister, and the PdL Secretary Angelino Alfano as prime minister.

Roberto Maroni, leader of the Northern League, has said the possibility of Berlusconi becoming prime minister is explicitly ruled out by the electoral pact between the parties, but the former premier has repeatedly said he plays to win, and observers believe he is unlikely to pass up the chance to lead the country again if the opportunity presents itself.

Berlusconi has been campaigning as a Milan court weighs his appeal against a tax fraud conviction, for which he was sentenced to four years in jail last year. The verdict will be delivered after the elections; however, under the Italian legal system, he is entitled to a further appeal in a higher court. Because the case dates to July 2006, the statute of limitations will expire this year, meaning there is a good chance none of the defendants will serve any prison time.

He is also facing charges in the prostitution case (and that he tried to pull strings to get her out of jail when she was accused of theft) -- and in a third case stands accused of revealing confidential court information relating to an investigation into a bank scandal in 2005.

Despite all this, he retains strong political support from his base.

"Italy is a very forgiving society, it's partly to do with Roman Catholicism," said Walston. "There's sort of a 'live and let live' idea."

Monti, the country's 69-year-old technocrat prime minister, who had never been a politician before he was appointed to lead the government, has entered the fray to lead a centrist coalition committed to continuing his reforms. The alliance includes Monti's Civic Choice for Monti, the Christian Democrats and a smaller centre-right party, Future and Freedom for Italy.

As a "senator for life," Monti is guaranteed a seat in the senate and does not need to run for election himself, but he is hitting the hustings on behalf of his party.

In a climate of widespread public disillusionment with politics, comedian and blogger Beppe Grillo is also making gains by capturing the protest vote with his Five Star Movement. Grillo has railed against big business and the corruption of Italy's political establishment, and holds broadly euro-skeptical and pro-environmental positions.

How will the election be conducted?

Italy has a bicameral legislature and a voting system which even many Italians say they find confusing.

Voters will be electing 315 members of the Senate, and 630 members of the Chamber of Deputies. Both houses hold the same powers, although the Senate is referred to as the upper house.

Under the country's closed-list proportional representation system, each party submits ranked lists of its candidates, and is awarded seats according to the proportion of votes won -- provided it passes a minimum threshold of support.

Seats in the Chamber of Deputies are on a national basis, while seats in the senate are allocated on a regional one.

The party with the most votes are awarded a premium of bonus seats to give them a working majority.

The prime minister needs the support of both houses to govern.

Who is likely to be the next prime minister?

On current polling, Bersani's bloc looks the likely victor in the Chamber of Deputies. But even if he maintains his lead in polls, he could fall short of winning the Senate, because of the rules distributing seats in that house on a regional basis.

Crucial to victory in the Senate is winning the region of Lombardy, the industrial powerhouse of the north of Italy which generates a fifth of the country's wealth and is a traditional support base for Berlusconi. Often compared to the U.S. state of Ohio for the "kingmaker" role it plays in elections, Lombardy has more Senate seats than any other region.

If no bloc succeeds in controlling both houses, the horse-trading begins in search of a broader coalition.

Walston said that a coalition government between the blocs led by Bersani and Monti seemed "almost inevitable," barring something "peculiar" happening in the final stages of the election campaign.

Berlusconi, he predicted, would "get enough votes to cause trouble."

What are the main issues?

There's only really one issue on the agenda at this election.

The eurozone's third largest economy is hurting, with unemployment surpassing 11% -- and hitting 37% for young people.

Voters are weighing the question of whether to continue taking Monti's bitter medicine of higher taxation and austerity measures, while a contentious property tax is also proving a subject of vexed debate.

Walston said the dilemma facing Italians was deciding between "who's going to look after the country better, or who's going to look after my pocket better."

He said it appeared voters held far greater confidence in the ability of Monti and Bersani to fix the economy, while those swayed by appeals to their own finances may be more likely to support Berlusconi.

But he said it appeared that few undecided voters had any faith in Berlusconi's ability to follow through on his pledges, including a recent promise to reverse the property tax.

What are the ramifications of the election for Europe and the wider world?

Improving the fortunes of the world's eighth largest economy is in the interests of Europe, and in turn the global economy.

Italy's woes have alarmed foreign investors. However, financial commentator Nicholas Spiro, managing director of consultancy Spiro Sovereign Strategy, says the European Central Bank's bond-buying program has gone a long way to mitigating investors' concerns about the instability of Italian politics.

Why is political instability so endemic to Italy?

Italy has had more than 60 governments since World War II -- in large part as a by-product of a system designed to prevent the rise of another dictator.

Parties can be formed and make their way on to the political main stage with relative ease -- as witnessed by the rise of Grillo's Five Star Movement, the protest party which was formed in 2009 but in local and regional elections has even outshone Berlusoni's party at times.

Others point to enduringly strong regional identities as part of the recipe for the country's political fluidity.

READ MORE: Italian Elections 2013: Fame di sapere (hunger for knowledge)

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Pop singer Jermaine Jackson changes last name to Jacksun

LOS ANGELES (Reuters) – Pop singer Jermaine Jackson officially has changed his name to Jermaine Jacksun for “artistic reasons,” Los Angeles court officials said on Friday.

The Jackson 5 member and older brother of pop stars Michael and Janet Jackson filed a petition to change his name in Los Angeles Superior Court in November 2012. The change became official on Wednesday after a hearing, a court spokeswoman said.

The 58-year-old singer, who is on tour in Europe with his three surviving brothers, Jackie, Marlon and Tito, did not attend.

“If Prince and P Diddy can do it, why can’t and shouldn’t Jermaine?” Jacksun’s attorney, Bret D. Lewis, said when the petition originally was filed.

Jermaine Jackson unofficially adopted the name Mohammad Abdul Aziz after converting to Islam in 1989.

(Reporting by Eric Kelsey; Editing by Jill Serjeant and Paul Simao)

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Investors face another Washington deadline

NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.

Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.

Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.

"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.

Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.

But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.

National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.

"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

OPTIONS BULLS TARGET GAINS

The spending cuts, if they go ahead, could hit the defense industry particularly hard.

Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.

Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.

"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.

The stock ended up 0.6 percent at $88.12 on Friday.

If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.

General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.

EYES ON GDP DATA, APPLE

The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.

U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.

Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.

Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.

On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.

(Additional reporting by Doris Frankel; Editing by Kenneth Barry)

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4 Handy Apps for Maintaining a Budget

In the age of smartphones, users have come to learn there is nothing you can’t do with the right app. For those looking to budget and track expenses, mobile apps are a good idea because phones are ubiquitous and makes logging easy and quick. If the apps are already connected to your bank accounts, even better.

Expense-tracking apps are aplenty, so here are four highly-recommended ones that will help you sift through your financial life electronically:

Saver. Saver is an attractive and effective app that helps you log your expenses easily. The app aggregates your expenses and creates pie charts to show you how your monthly expenses divide up amongst various major categories.

It costs $ 5, but the app is straightforward and easy to use. You enter your expenses and assign a category there are 15 available purchase categories, which you can further tag with subcategories. You can view your purchase totals by day, week, month or year, and the pie charts can be viewed by week, month or year as well.

Toshl Finance. This app is a little bit more basic. You enter your expenses similar to the way you would for Saver, but there are no preset categories and you have full control over how to categorize your purchases and expenses. Toshl organizes your expenses so you can view the total amount you spend by day or by category. You can also customize the time frame for which you want to view your expenses.

Toshl places a bigger emphasis on budgeting. Through the app, you can budget for all expenses, or pick a category that you want to budget for. You can set the budget to last varying time intervals (monthly, weekly or one-time). You also have the option to let any remaining money in the budget roll over to another.

Expensify. Expensify caters predominantly to the business crowd for those who need to track their work expenses, but it can also be useful for managing personal expenses.

In this free app, there are options to log expenses, hours, and vehicle mileage, which make this app attractive for those who often take business trips, making purchases for require reimbursement, and those who bill for services by the hour. Users can generate expense reports and file either hours, purchases, or miles to various reports, which streamlines the expense-report process.

However, the app doesn’t have an option to view your purchases by category; just by chronology.

Mint. One of the original personal finance management tools, Mint is for those who want a tried-and-true budget management experience. Mint’s biggest advantage is that it can link to a variety of bank accounts as well as mortgage and loan accounts, so it’s easy to see your entire financial life congregated in one portal.

All transactions, incomes, and debts are listed in one place and it’s easy to budget based on all the information. Mint’s budgets are easy to set up, though there aren’t as many options as offered by Toshl Finance. The app’s budget charts are fancier and more interactive for easy viewing.

Mint is a good all-in-one app if you’re not interested in tracking expenses manually, since all your bank transactions are tracked for you if they’re linked to your Mint account.

Amy He is a staff writer and columnist for MyBankTracker.com, where she covers personal finance, banking, and credit cards.

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Grief besets family of Pistorius' slain girlfriend

JOHANNESBURG (AP) — Far from the courtroom drama that has gripped South Africa, the family of Oscar Pistorius' slain girlfriend has struggled with its own private deluge of grief, frustration and bewilderment.

The victim's relatives also harbor misgivings about efforts by the Olympian's family to reach out to them with condolences.

Pistorius, meanwhile, spent Saturday at his uncle's home in an affluent suburb of Pretoria, the South African capital, after a judge released him on bail following days of testimony that transfixed South Africa and much of the world. He was charged with premeditated murder in the shooting death of girlfriend Reeva Steenkamp in the early hours of Valentine's Day, but the athlete says he killed her accidentally, opening fire after mistaking her for an intruder in his home.

"We are extremely thankful that Oscar is now home," his uncle, Arnold Pistorius, said in a statement that also acknowledged the law must run its course. "What happened has changed our lives irrevocably."

The Pistorius family took steps to lower its profile on social media after someone hacked into the Twitter account of his older brother, Carl, family spokesman Janine Hills said.

"Carl did not tweet this afternoon, out of respect to Oscar and Reeva," Hills said in a statement. "We are busy cancelling all the social media sites for both Oscar's brother and his sister."

Mike Steenkamp, Reeva's uncle, told The Associated Press that the family of the double-amputee athlete initially did not send condolences or try to contact the bereaved parents, but had since sought to reach out in what he described as a poorly timed way. After Pistorius was released on bail in what amounted to a victory for the defense, Arnold Pistorius said the athlete's family was relieved but also in mourning "with the family" of Reeva Steenkamp.

"Everybody wants to jump up with joy," Mike Steenkamp said, speculating on the mood of Pistorius' family after the judge's decision. "I think it was just done in the wrong context, completely."

A South African newspaper, the Afrikaans-language Beeld, quoted the mother of Reeva Steenkamp, a 29-year-old model, law school graduate and participant in a television reality show, as saying the family had received a bouquet of flowers and a card from the Pistorius family.

"Yes, but what does it mean? Nothing," June Steenkamp said, according to the Saturday edition of Beeld. She also said Pistorius' family, including sister Aimee, a somber presence on the bench behind the Olympian during his court hearings in the past week, must be "devastated" and had done nothing wrong.

"They are not to blame," June Steenkamp said. According to Beeld, she said she had hoped to plan a wedding for her daughter one day.

In an affidavit, 26-year-old Oscar Pistorius said he was "absolutely mortified" by the death of "my beloved Reeva," and he frequently sobbed in court during the several days during which his bail application was considered. However, prosecutor Gerrie Nel, suggested in a scathing criticism that Pistorius was actually distraught because his vaunted career was now in peril and he was in grave trouble with the law.

"It doesn't matter how much money he has and how good his legal team is, he will have to live with his conscience if he allows his legal team to lie for him," Barry Steenkamp, Reeva's father, told Beeld.

"But if he is telling the truth, then perhaps I can forgive him one day," the father said. "If it didn't happen the way he said it did, he must suffer, and he will suffer ... only he knows."

Barry Steenkamp suffered "heavy trauma" at the loss of his daughter and his remarks to the newspaper partly reflect how he is working through it, said his brother, Mike Steenkamp.

Steenkamp was cremated in a funeral ceremony on Feb. 19 in her family's hometown of Port Elizabeth on South Africa's southern coast. Mike Steenkamp delivered a statement about the family's grief to television cameras, at one point breaking down in tears.

The three-story house where Pistorius is staying with his aunt and uncle lies on a hill with a view of Pretoria. It has a large swimming pool and an immaculate garden.

Pistorius was born without fibula bones due to a congenital defect and had his legs amputated at 11 months. He has run on carbon-fiber blades and was originally banned from competing against able-bodied peers because many argued that his blades gave him an unfair advantage. He was later cleared to compete. He is a multiple Paralympic medalist, but he failed to win a medal at the London Olympics, where he ran in the 400 meter race and on South Africa's 4x400 relay team.

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Can Bersani-Monti work for Italy?

Austerity-hit Italy chooses new leader

Austerity-hit Italy chooses new leader

Austerity-hit Italy chooses new leader

Austerity-hit Italy chooses new leader

STORY HIGHLIGHTS

• Bersani wins he may be forced to form a coalition with incumbent PM Mario Monti


• Center-left leader Bersani says he plans to make the property tax "more progressive"


• Berlusconi is using his showman charm to mount a comeback for his PDL party

London (CNN) -- Italy's electoral run-off between an ex-communist and a former cruise ship singer threatens to throw the country back into the spotlight of the European debt crisis.

The enigmatic leader of the center-left Democratic Party, Pier Luigi Bersani, goes head-to-head with scandal-laden former Prime Minister Silvio Berlusconi -- back from the political grave following his resignation in November 2011.

Incumbent technocrat premier and eurozone darling Mario Monti, meanwhile, is lagging behind in the polls.

The cigar-chomping Bersani is favorite for Italy's top job and proposes to steer the country's battered economy through a debt crisis that is still plaguing the eurozone three years on.

Following six consecutive quarters of recession and with unemployment at 11.2%, Bersani is pursuing the euro area's latest fad to revive Italy's ailing economy; a pro-growth agenda.

Read more: Can the anti-Berlusconi pull Italy out of the mire?

Such policies are a stark contrast to Monti's cocktail of cuts and taxes served up to woo policymakers in Brussels and Frankfurt.

Read more: Berlusconi renaissance would be 'disaster' for Italian economy

Growth will be the "golden rule" to attract foreign investment, according to Democratic Party number two Enrico Letta. A similar sentiment was key in sweeping socialist French President Francois Hollande into the Elysee Palace in 2012.

But Letta stresses that Bersani will not follow Hollande's lead by proposing a 75% income tax for the country's wealthiest residents.

Read more: Beppe Grillo: Clown prince of Italian politics

Speaking to CNN, Letta said: "It will be different, we already have a very high level of taxation...the main point is not to increase taxes."

Bersani -- who promises to stick to the outgoing government's plans for pension and labor market reform -- will also keep Monti's reviled property tax, known as IMU. It's a policy that Berlusconi pledges to scrap if elected.

In an interview with CNN, Bersani says he plans to make the tax "more progressive" and focus on the owners of large properties if his party wins.

But for all Bersani's talk of change, bond strategist Nicholas Spiro dismisses the 71-year-old as no reformer and says he is "not up to the task" of hauling the Italian economy out of a "knee deep" recession.

Spiro, managing director of Spiro Sovereign Strategy, says "Bersani could very well go for taxes on the rich, but Italy has a massive tax evasion and compliance problem, that could be difficult."

Can a political marriage survive?

Politics in Italy is complicated and outright victory for any party is unlikely. If Bersani wins he may be forced to form a coalition.

An alliance with the flamboyant center-right leader Silvio Berlusconi is unthinkable -- which leaves Monti the most likely candidate to support a Bersani-lead government.

But Monti is viewed with suspicion Bersani's far-left partners, Left Ecology Freedom, who believe the technocrat would pull a left government too far to the economic right.

If the parties can strike a deal Monti would be offered "an important role" to be discussed "Monday afternoon," Letta told CNN. He refused to say if the technocrat would be appointed finance minister.

Monti, a former European Commissioner in financial services, wields the power to reassure European leaders that Italy is on the right track and can act as a counterbalance to a leftist government.

Bersani, by contrast, is a mystery on the international stage, according to Paola Subacchi, an economist at London-based think tank Chatham House.

"He is not known abroad and he doesn't speak English... But his whole agenda is pro-Europe and pro-euro."

A Bersani-Monti marriage is unlikely to be smooth. The two could clash over unpopular austerity measures implemented by Monti as part of a European agreement.

Filippo Cavazzuti, former Italian senator and economist at the University of Bologna, believes Bersani will be forced to maintain Monti's policies under the European fiscal compact.

He said: "Otherwise Monti leaves [the coalition], the spread [on bond yields] rises and the credibility with the eurozone will immediately disappear."

A coalition agreement is crucial to stifling a power-grab by Italy's political bad boy, Berlusconi, is gaining on Bersani's seemingly unassailable lead in the polls.

Berlusconi is using his showman charm to mount a comeback for his People of Freedom party and holds key regions in Veneto and Lombardy that could prove crucial, particularly in the battle for the Senate.

The election will hand down a "damning verdict" to the policymakers of northern Europe that Italians are fed up with austerity, according to Spiro.

The electoral campaign, Spiro added, has been: "Very ugly, devoid of substance and purely based on personalities."

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