13 key stories to watch for in 2013




Among the few virtual certainties of 2013 is the ongoing anguish of Syria and the decline of its president, Bashar al-Assad.




STORY HIGHLIGHTS


  • Look for more unrest amid power transitions in the Middle East

  • Disputes and economic worries will keep China, Japan, North Korea in the news

  • Europe's economy will stay on a rough road, but the outlook for it is brighter

  • Events are likely to draw attention to cyber warfare and climate change




(CNN) -- Forecasting the major international stories for the year ahead is a time-honored pastime, but the world has a habit of springing surprises. In late 1988, no one was predicting Tiananmen Square or the fall of the Berlin Wall. On the eve of 2001, the 9/11 attacks and the subsequent invasion of Afghanistan were unimaginable. So with that substantial disclaimer, let's peer into the misty looking glass for 2013.


More turmoil for Syria and its neighbors


If anything can be guaranteed, it is that Syria's gradual and brutal disintegration will continue, sending aftershocks far beyond its borders. Most analysts do not believe that President Bashar al-Assad can hang on for another year. The more capable units of the Syrian armed forces are overstretched; large tracts of north and eastern Syria are beyond the regime's control; the economy is in dire straits; and the war is getting closer to the heart of the capital with every passing week. Russian support for al-Assad, once insistent, is now lukewarm.


Amid the battle, a refugee crisis of epic proportions threatens to become a catastrophe as winter sets in. The United Nations refugee agency says more than 4 million Syrians are in desperate need, most of them in squalid camps on Syria's borders, where tents are no match for the cold and torrential rain. Inside Syria, diseases like tuberculosis are spreading, according to aid agencies, and there is a danger that hunger will become malnutrition in places like Aleppo.


The question is whether the conflict will culminate Tripoli-style, with Damascus overrun by rebel units; or whether a political solution can be found that involves al-Assad's departure and a broadly based transitional government taking his place. U.N. envoy Lakhdar Brahimi has not been explicit about al-Assad's exit as part of the transition, but during his most recent visit to Damascus, he hinted that it has to be.









2012: The year in pictures










































































HIDE CAPTION





<<


<





1




2




3




4




5




6




7




8




9




10




11




12




13




14




15




16




17




18




19




20
























































>


>>












"Syria and the Syrian people need, want and look forward to real change. And the meaning of this is clear to all," he said.


The international community still seems as far as ever from meaningful military intervention, even as limited as a no fly-zone. Nor is there any sign of concerted diplomacy to push all sides in Syria toward the sort of deal that ended the war in Bosnia. In those days, the United States and Russia were able to find common ground. In Syria, they have yet to do so, and regional actors such as Turkey, Qatar, Saudi Arabia and Iran also have irons in the fire.


Failing an unlikely breakthrough that would bring the regime and its opponents to a Syrian version of the Dayton Accords that ended the Bosnian war, the greatest risk is that a desperate regime may turn to its chemical weapons, troublesome friends (Hezbollah in Lebanon and the Kurdish PKK in Turkey) and seek to export unrest to Lebanon, Iraq and Jordan.


The Syrian regime has already hinted that it can retaliate against Turkey's support for the rebels -- not by lobbing Scud missiles into Turkey, but by playing the "Kurdish" card. That might involve direct support for the PKK or space for its Syrian ally, the Democratic Union Party. By some estimates, Syrians make up one-third of the PKK's fighting strength.


To the Turkish government, the idea that Syria's Kurds might carve out an autonomous zone and get cozy with Iraq's Kurds is a nightmare in the making. Nearly 800 people have been killed in Turkey since the PKK stepped up its attacks in mid-2011, but with three different sets of elections in Turkey in 2013, a historic bargain between Ankara and the Kurds that make up 18% of Turkey's population looks far from likely.


Many commentators expect Lebanon to become more volatile in 2013 because it duplicates so many of the dynamics at work in Syria. The assassination in October of Lebanese intelligence chief Brig. Gen. Wissam al-Hassan -- as he investigated a pro-Syrian politician accused of obtaining explosives from the Syrian regime -- was an ominous portent.


Victory for the overwhelmingly Sunni rebels in Syria would tilt the fragile sectarian balance next door, threatening confrontation between Lebanon's Sunnis and Hezbollah. The emergence of militant Salafist groups like al-Nusra in Syria is already playing into the hands of militants in Lebanon.


Iraq, too, is not immune from Syria's turmoil. Sunni tribes in Anbar and Ramadi provinces would be heartened should Assad be replaced by their brethren across the border. It would give them leverage in an ever more tense relationship with the Shia-dominated government in Baghdad. The poor health of one of the few conciliators in Iraqi politics, President Jalal Talabani, and renewed disputes between Iraq's Kurds and the government over boundaries in the oil-rich north, augur for a troublesome 2013 in Iraq.


More worries about Iran's nuclear program


Syria's predicament will probably feature throughout 2013, as will the behavior of its only friend in the region: Iran. Intelligence sources say Iran continues to supply the Assad regime with money, weapons and expertise; and military officers who defected from the Syrian army say Iranian technicians work in Syria's chemical weapons program. Al-Assad's continued viability is important for Iran, as his only Arab ally. They also share sponsorship of Hezbollah in Lebanon, which, with its vast supply of rockets and even some ballistic missiles, might be a valuable proxy in the event of an Israeli strike against Iran's nuclear program.


Speaking of which, there are likely to be several more episodes in the behind-closed-doors drama of negotiations on Iran's nuclear sites. Russia is trying to arrange the next round for January. But in public, at least, Iran maintains it has every right to continue enriching uranium for civilian purposes, such as helping in the treatment of more than 1 million Iranians with cancer.


Iran "will not suspend 20% uranium enrichment because of the demands of others," Fereydoun Abbasi-Davani, head of Iran's Atomic Energy Organization, said this month.


International experts say the amount of 20% enriched uranium (estimated by the International Atomic Energy Agency in November at 297 pounds) is more than needed for civilian purposes, and the installation of hundreds more centrifuges could cut the time needed to enrich uranium to weapons-grade. The question is whether Iran will agree to intrusive inspections that would reassure the international community -- and Israel specifically -- that it can't and won't develop a nuclear weapon.


This raises another question: Will it take bilateral U.S.-Iranian talks -- and the prospect of an end to the crippling sanctions regime -- to find a breakthrough? And will Iran's own presidential election in June change the equation?


For now, Israel appears to be prepared to give negotiation (and sanctions) time to bring Iran to the table. For now.


Egypt to deal with new power, economic troubles


Given the turmoil swirling through the Middle East, Israel could probably do without trying to bomb Iran's nuclear program into submission. Besides Syria and Lebanon, it is already grappling with a very different Egypt, where a once-jailed Islamist leader is now president and Salafist/jihadi groups, especially in undergoverned areas like Sinai, have a lease on life unimaginable in the Mubarak era.



The U.S. has an awkward relationship with President Mohamed Morsy, needing his help in mediating with Hamas in Gaza but concerned that his accumulation of power is fast weakening democracy and by his bouts of anti-Western rhetoric. (He has demanded the release from a U.S. jail of Sheikh Omar Abdel Rahman, convicted of involvement in the first bombing of the World Trade Center in 1993.)


The approval of the constitution removes one uncertainty, even if the opposition National Salvation Front says it cements Islamist power. But as much as the result, the turnout -- about one-third of eligible voters -- indicates that Egyptians are tired of turmoil, and more concerned about a deepening economic crisis.


Morsy imposed and then scrapped new taxes, and the long-expected $4.8 billion loan from the International Monetary Fund is still not agreed on. Egypt's foreign reserves were down to $15 billion by the end of the year, enough to cover less than three months of imports. Tourism revenues are one-third of what they were before street protests erupted early in 2011. Egypt's crisis in 2013 may be more about its economy than its politics.


Libya threatens to spawn more unrest in North Africa


Libya's revolution, if not as seismic as anything Syria may produce, is still reverberating far and wide. As Moammar Gadhafi's rule crumbled, his regime's weapons found their way into an arms bazaar, turning up in Mali and Sinai, even being intercepted off the Lebanese coast.


The Libyan government, such as it is, seems no closer to stamping its authority on the country, with Islamist brigades holding sway in the east, tribal unrest in the Sahara and militias engaged in turf wars. The danger is that Libya, a vast country where civic institutions were stifled for four decades, will become the incubator for a new generation of jihadists, able to spread their influence throughout the Sahel. They will have plenty of room and very little in the way of opposition from security forces.


The emergence of the Islamist group Ansar Dine in Mali is just one example. In this traditionally moderate Muslim country, Ansar's fighters and Tuareg rebels have ejected government forces from an area of northern Mali the size of Spain and begun implementing Sharia law, amputations and floggings included. Foreign fighters have begun arriving to join the latest front in global jihad; and terrorism analysts are seeing signs that al Qaeda in the Islamic Maghreb (AQIM) and groups like Boko Haram in Nigeria are beginning to work together.


There are plans for an international force to help Mali's depleted military take back the north, but one European envoy said it was unlikely to materialize before (wait for it) ... September 2013. Some terrorism analysts see North Africa as becoming the next destination of choice for international jihad, as brigades and camps sprout across a vast area of desert.


A bumpy troop transition for Afghanistan


The U.S. and its allies want to prevent Afghanistan from becoming another haven for terror groups. As the troop drawdown gathers pace, 2013 will be a critical year in standing up Afghan security forces (the numbers are there, their competence unproven), improving civil institutions and working toward a post-Karzai succession.



In November, the International Crisis Group said the outlook was far from assuring.


"Demonstrating at least will to ensure clean elections (in Afghanistan in 2014) could forge a degree of national consensus and boost popular confidence, but steps toward a stable transition must begin now to prevent a precipitous slide toward state collapse. Time is running out," the group said.


Critics have also voiced concerns that the publicly announced date of 2014 for withdrawing combat forces only lets the Taliban know how long they must hold out before taking on the Kabul government.


U.S. officials insist the word is "transitioning" rather than "withdrawal," but the shape and role of any military presence in 2014 and beyond are yet to be settled. Let's just say the United States continues to build up and integrate its special operations forces.


The other part of the puzzle is whether the 'good' Taliban can be coaxed into negotiations, and whether Pakistan, which has considerable influence over the Taliban leadership, will play honest broker.


Private meetings in Paris before Christmas that involved Taliban envoys and Afghan officials ended with positive vibes, with the Taliban suggesting they were open to working with other political groups and would not resist girls' education. There was also renewed discussion about opening a Taliban office in Qatar, but we've been here before. The Taliban are riven by internal dissent and may be talking the talk while allowing facts on the ground to work to their advantage.


Where will North Korea turn its focus?


On the subject of nuclear states that the U.S.-wishes-were-not, the succession in North Korea has provided no sign that the regime is ready to restrain its ambitious program to test nuclear devices and the means to deliver them.



Back in May 2012, Peter Brookes of the American Foreign Policy Council said that "North Korea is a wild card -- and a dangerous one at that." He predicted that the inexperienced Kim Jong Un would want to appear "large and in charge," for internal and external consumption. In December, Pyongyang launched a long-range ballistic missile -- one that South Korean scientists later said had the range to reach the U.S. West Coast. Unlike the failure of the previous missile launch in 2009, it managed to put a satellite into orbit.


The last two such launches have been followed by nuclear weapons tests -- in 2006 and 2009. Recent satellite images of the weapons test site analyzed by the group 38 North show continued activity there.


So the decision becomes a political one. Does Kim continue to appear "large and in charge" by ordering another test? Or have the extensive reshuffles and demotions of the past year already consolidated his position, allowing him to focus on the country's dire economic situation?


China-Japan island dispute to simmer


It's been a while since East Asia has thrown up multiple security challenges, but suddenly North Korea's missile and nuclear programs are not the only concern in the region. There's growing rancor between China and Japan over disputed islands in the East China Sea, which may be aggravated by the return to power in Japan of Shinzo Abe as prime minister.


Abe has long been concerned that Japan is vulnerable to China's growing power and its willingness to project that power. Throughout 2012, Japan and China were locked in a war of words over the Senkaku or Diaoyu islands, with fishing and Coast Guard boats deployed to support claims of sovereignty.


In the days before Japanese went to the polls, Beijing also sent a surveillance plane over the area, marking the first time since 1958, according to Japanese officials, that Bejing had intruded into "Japanese airspace." Japan scrambled F-15 jets in response.


The islands are uninhabited, but the seas around them may be rich in oil and gas. There is also a Falklands factor at play here. Not giving in to the other side is a matter of national pride. There's plenty of history between China and Japan -- not much of it good.


As China has built up its ability to project military power, Japan's navy has also expanded. Even a low-level incident could lead to an escalation. And as the islands are currently administered by Japan, the U.S. would have an obligation to help the Japanese defend them.


Few analysts expect conflict to erupt, and both sides have plenty to lose. For Japan, China is a critical market, but Japanese investment there has fallen sharply in the past year. Just one in a raft of problems for Abe. His prescription for dragging Japan out of its fourth recession since 2000 is a vast stimulus program to fund construction and other public works and a looser monetary policy.


The trouble is that Japan's debt is already about 240% of its GDP, a much higher ratio than even Greece. And Japan's banks hold a huge amount of that debt. Add a shrinking and aging population, and at some point the markets might decide that the yield on Japan's 10-year sovereign bond ought to be higher than the current 0.77%.


Economic uncertainty in U.S., growth in China


So the world's third-largest economy may not help much in reviving global growth, which in 2012 was an anemic 2.2%, according to United Nations data. The parts of Europe not mired in recession hover close to it, and growth in India and Brazil has weakened. Which leaves the U.S. and China.


At the time of writing, the White House and congressional leadership are still peering over the fiscal cliff. Should they lose their footing, the Congressional Budget Office expects the arbitrary spending cuts and tax increases to be triggered will push the economy into recession and send unemployment above 9%.



A stopgap measure, rather than a long-term foundation for reducing the federal deficit, looks politically more likely. But to companies looking for predictable economic policy, it may not be enough to unlock billions in investment. Why spend heavily if there's a recession around the corner, or if another fight looms over raising the federal debt ceiling?


In September, Moody's said it would downgrade the U.S. sovereign rating from its "AAA" rating without "specific policies that produce a stabilization and then downward trend in the ratio of federal debt to GDP over the medium term." In other words, it wants action beyond kicking the proverbial can.


Should the cliff be dodged, most forecasts see the U.S. economy expanding by about 2% in 2013. That's not enough to make up for stagnation elsewhere, so a great deal depends on China avoiding the proverbial hard landing.


Until now, Chinese growth has been powered by exports and infrastructure spending, but there are signs that China's maturing middle class is also becoming an economic force to be reckoned with. Consultants PwC expect retail sales in China to increase by 10.5% next year -- with China overtaking the U.S. as the world's largest retail market by 2016.


Europe's economic outlook a little better


No one expects Europe to become an economic powerhouse in 2013, but at least the horizon looks a little less dark than it did a year ago. The "PIGS' " (Portugal, Ireland/Italy, Greece, Spain) borrowing costs have eased; there is at least rhetorical progress toward a new economic and fiscal union; and the European Central Bank has talked tough on defending the Eurozone.


Mario Draghi, president of the European Central Bank, fended off the dragons with the declaration in July that "Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough."



Draghi has promised the bank has unlimited liquidity to buy sovereign debt, as long as governments (most likely Spain) submit to reforms designed to balance their budgets. But in 2013, the markets will want more than brave talk, including real progress toward banking and fiscal union that will leave behind what Draghi likes to call Europe's "fairy world" of unsustainable debt and collapsing banks. Nothing can be done without the say-so of German Chancellor Angela Merkel, renowned for a step-by-step approach that's likely to be even more cautious in a year when she faces re-election.


Elections in Italy in February may be more important -- pitching technocrat Prime Minister Mario Monti against the maverick he replaced, 76-year old Silvio Berlusconi. After the collapse of Berlusconi's coalition 13 months ago, Monti reined in spending, raised the retirement age and raised taxes to bring Italy back from the brink of insolvency. Now he will lead a coalition of centrist parties into the election. But polls suggest that Italians are tired of Monti's austerity program, and Berlusconi plans a populist campaign against the man he calls "Germano-centric."


The other tripwire in Europe may be Greece. More cuts in spending -- required to qualify for an EU/IMF bailout -- are likely to deepen an already savage recession, threatening more social unrest and the future of a fragile coalition. A 'Grexit' from the eurozone is still possible, and that's according to the Greek finance minister, Yannis Stournaras.


Expect to see more evidence of climate change


Hurricane Sandy, which struck the U.S. East Coast in November, was the latest indicator of changing and more severe weather patterns. Even if not repeated in 2013, extreme weather is beginning to have an effect -- on where people live, on politicians and on the insurance industry.


After Sandy, New York Gov. Andrew Cuomo said that after "the last few years, I don't think anyone can sit back anymore and say, 'Well, I'm shocked at that weather pattern.' " The storm of the century has become the storm of every decade or so, said Michael Oppenheimer, professor of geosciences at Princeton.


"Climate change will probably increase storm intensity and size simultaneously, resulting in a significant intensification of storm surges," he and colleagues wrote in Nature.


In the U.S., government exposure to storm-related losses in coastal states has risen more than 15-fold since 1990, to $885 billion in 2011, according to the Insurance Information Institute. The Munich RE insurance group says North America has seen higher losses from extreme weather than any other part of the world in recent decades.


"A main loss driver is the concentration of people and assets on the coast combined with high and possibly growing vulnerabilities," it says.


Risk Management Solutions, which models catastrophic risks, recently updated its scenarios, anticipating an increase of 40% in insurance losses on the Gulf Coast, Florida and the Southeast over the next five years, and 25% to 30% for the mid-Atlantic and Northeastern states. Those calculations were done before Sandy.



Inland, eyes will be trained on the heavens for signs of rain -- after the worst drought in 50 years across the Midwest. Climatologists say that extended periods of drought -- from the U.S. Midwest to Ukraine -- may be "the new normal." Jennifer Francis at the Institute of Marine and Coastal Sciences at Rutgers University has shown that a warmer Arctic tends to slow the jet stream, causing it to meander and, in turn, prolong weather patterns. It's called Arctic amplification, and it is probably aggravating drought in the Northwest United States and leading to warmer summers in the Northern Hemisphere, where 2012 was the hottest year on record.


It is a double-edged sword: Warmer temperatures may make it possible to begin cultivating in places like Siberia, but drier weather in traditional breadbaskets would be very disruptive. The U.N. Food and Agriculture Organization reports that stocks of key cereals have tightened, contributing to volatile world markets. Poor weather in Argentina, the world's second-largest exporter of corn, may compound the problem.


More cyber warfare


What will be the 2013 equivalents of Flame, Gauss and Shamoon? They were some of the most damaging computer viruses of 2012. The size and versatility of Flame was unlike nothing seen before, according to anti-virus firm Kaspersky Lab.



Gauss stole online banking information in the Middle East. Then came Shamoon, a virus that wiped the hard drives of about 30,000 computers at the Saudi oil company Aramco, making them useless. The Saudi government declared it an attack on the country's economy; debate continues on whether it was state-sponsored.


Kaspersky predicts that in 2013, we will see "new examples of cyber-warfare operations, increasing targeted attacks on businesses and new, sophisticated mobile threats."


Computer security firm McAfee also expects more malware to be developed to attack mobile devices and apps in 2013.


U.S. Defense Secretary Leon Panetta is more concerned about highly sophisticated attacks on infrastructure that "could be as destructive as the terrorist attack on 9/11."


"We know that foreign cyber actors are probing America's critical infrastructure networks. They are targeting the computer control systems that operate chemical, electricity and water plants and those that guide transportation throughout this country," he said in October.


Intellectual property can be stolen, bought or demanded as a quid pro quo for market access. The U.S. intelligence community believes China or Chinese interests are employing all three methods in an effort to close the technology gap.


In the waning days of 2012, the interagency Committee on Foreign Investment in the United States said "there is likely a coordinated strategy among one or more foreign governments or companies to acquire U.S. companies involved in research, development, or production of critical technologies."


It did not name the country in its unclassified report but separately noted a growing number of attempts by Chinese entities to buy U.S. companies.


Who will be soccer's next 'perfect machine'?



There's room for two less serious challenges in 2013. One is whether any football team, in Spain or beyond, can beat Barcelona and its inspirational goal machine Lionel Messi, who demolished a record that had stood since 1972 for the number of goals scored in a calendar year. (Before Glasgow Celtic fans start complaining, let's acknowledge their famous win against the Spanish champions in November.)


Despite the ill health of club coach Tito Vilanova, "Barca" sits imperiously at the top of La Liga in Spain and is the favorite to win the world's most prestigious club trophy, the European Champions League, in 2013. AC Milan is its next opponent in a match-up that pits two of Europe's most storied clubs against each other. But as Milan sporting director Umberto Gandini acknowledges, "We face a perfect machine."


Will Gangnam give it up to something sillier?



Finally, can something -- anything -- displace Gangnam Style as the most watched video in YouTube's short history? As of 2:16 p.m. ET on December 26, it had garnered 1,054,969,395 views and an even more alarming 6,351,871 "likes."


Perhaps in 2013 the YouTube audience will be entranced by squirrels playing table tennis, an octopus that spins plates or Cistercian nuns dancing the Macarena. Or maybe Gangnam will get to 2 billion with a duet with Justin Bieber.







Read More..

List: No love for ‘fiscal cliff,’ ‘spoiler alert’






DETROIT (AP) — Spoiler alert: This story contains words and phrases that some people want to ban from the English language. “Spoiler alert” is among them. So are “kick the can down the road,” ”trending” and “bucket list.”


A dirty dozen have landed on the 38th annual List of Words to be Banished from the Queen’s English for Misuse, Overuse and General Uselessness. The nonbinding, tongue-in-cheek decree released Monday by northern Michigan’s Lake Superior State University is based on nominations submitted from the United States, Canada and beyond.






“Spoiler alert,” the seemingly thoughtful way to warn readers or viewers about looming references to a key plot point in a film or TV show, nevertheless passed its use-by date for many, including Joseph Foly, of Fremont, Calif. He argued in his submission the phrase is “used as an obnoxious way to show one has trivial information and is about to use it, no matter what.”


At the risk of further offense, here’s another spoiler alert: The phrase receiving the most nominations this year is “fiscal cliff,” banished because of its overuse by media outlets when describing across-the-board federal tax increases and spending cuts that economists say could harm the economy in the new year without congressional action.


“You can’t turn on the news without hearing this,” said Christopher Loiselle, of Midland, Mich., in his submission. “I’m equally worried about the River of Debt and Mountain of Despair.”


Other terms coming in for a literary lashing are “superfood,” ”guru,” ”job creators” and “double down.”


University spokesman Tom Pink said that in nearly four decades, the Sault Ste. Marie school has “banished” around 900 words or phrases, and somehow the whole idea has survived rapidly advancing technology and diminishing attention spans.


Nominations used to come by mail, then fax and via the school’s website, he said. Now most come through the university’s Facebook page. That’s fitting, since social media has helped accelerate the life cycle of certain words and phrases, such as this year’s entry “YOLO” — “you only live once.”


“The list surprises me in one way or another every year, and the same way every year: I’m always surprised how people still like it, love it,” he said.


Rounding out the list are “job creators/creation,” ”boneless wings” and “passion/passionate.” Those who nominated the last one say they are tired of hearing about a company’s “passion” as a substitute for providing a service or product for money.


Andrew Foyle, of Bristol, England, said it’s reached the point where “passion” is the only ingredient that keeps a chef from preparing “seared tuna” that tastes “like dust swept from a station platform.”


“Apparently, it’s insufficient to do it ably, with skill, commitment or finesse,” Foyle said. “Passionate, begone!”


As usual, the etymological exercise — or exorcise — only goes so far. Past lists haven’t eradicated “viral,” “amazing,” ”LOL” or “man cave” from everyday use.


___


Follow Jeff Karoub on Twitter: http://twitter.com/jeffkaroub


Entertainment News Headlines – Yahoo! News





Title Post: List: No love for ‘fiscal cliff,’ ‘spoiler alert’
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Wall Street up slightly in choppy trade over "cliff" worry

NEW YORK (Reuters) - Wall Street mostly edged higher on Monday, with the S&P 500 on track for double-digit gains for the year, as politicians bargained for a deal to avert the "fiscal cliff."


Equities are coming off a five-day streak of losses, driven by the growing concern that there wouldn't be a deal before the midnight deadline to avoid the combination of tax hikes and spending cuts that could force the U.S. economy into recession.


Taxes were set to rise for many Americans this week unless U.S. lawmakers could cut a last-minute deal, an outcome that was possible but seemed unlikely even as the Senate reconvened to continue discussions on the fiscal cliff.


The last trading session of the year is expected to be volatile on low volume and as investors keep a close eye on headlines out of Washington.


"As long as markets think there could be a deal, we should stay higher. Any agreement will be received positively, even if the final agreement is watered down," said David Katz, chief investment officer of Matrix Asset Advisors, in New York.


Despite recent declines over the stalemated budget talks, the S&P 500 is up about 11.8 percent for the year, compared with a nearly flat performance in 2011. The Dow is about 6 percent higher and the Nasdaq is up about 14 percent.


The Dow Jones industrial average <.dji> was down 9.59 points, or 0.07 percent, at 12,928.52. The Standard & Poor's 500 Index <.spx> was up 3.39 points, or 0.24 percent, at 1,405.82. The Nasdaq Composite Index <.ixic> was up 19.47 points, or 0.66 percent, at 2,979.78.


The Dow was nearly flat as consumer discretionary stocks, including McDonald's Corp and Coca-Cola Co , fell, while industrial names like Caterpillar Inc and General Electric rallied more than 1 percent.


Gains in Apple Inc , the most valuable U.S. company, helped lift the Nasdaq. The stock rose 2.6 percent to $522.71, lifting an S&P index of tech shares <.gspt> up 0.6 percent. For the year so far, Apple is up 29.1 percent.


"People are starting to position themselves for 2013, and people are buying Apple now rather than risk a higher tax rate on it next year," Katz said.


Despite the concerns about the impact that going over the fiscal cliff could have on the economy in 2013, investors may be ready to take on more risk next year, in hopes of a greater reward.


Utility stocks were the weakest sector of 2012, with the S&P utility index <.gspu> dropping 4.2 percent for the year.


Bank stocks rose after a New York Times report that U.S. regulators are nearing a $10 billion settlement with several banks that would end the government's efforts to hold lenders responsible for faulty foreclosure practices.


Bank of America Corp was up 0.7 percent at $11.44.


Financial stocks were among the strongest of the year, with the S&P financial index surging 24.5 percent for 2012 so far. Bank of America is the top-performing Dow component, with its stock price more than doubling over the past 12 months.


While midnight is the deadline for a fiscal deal, the government can pass legislation in 2013 that retroactively cancels or moderates the impact of going over the fiscal cliff.


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


Rather, equities have largely performed well in the last two months, buoyed by signs of economic recovery, an improving housing market and monetary policy designed to stimulate growth and lower unemployment.


However, U.S. stocks dropped on Friday, with significant losses in the last minutes of trading, as prospects for a deal worsened at the beginning of the weekend.


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


(Editing by Jan Paschal)



Read More..

Commissions banned on new sales







Financial advisers and sales staff can no longer be paid commissions by the firms whose policies they are selling.






New rules, aimed at eradicating the long-standing practice, are being imposed by the Financial Services Authority (FSA) from now.


The aim is to stop policies – such as private pensions and investments – being mis-sold by sales staff, motivated by commission payments.


Instead, customers must be quoted up-front fees, and be told about charges.


Sales staff or financial advisers will also have to state if they are really independent, or restricted to just selling the policies of particular financial groups.


The reforms form part of a series of changes in the financial services industry called the Retail Distribution Review, and which were first proposed by the FSA back in early 2010.


Linda Woodall at the FSA said: “The changes will improve customer confidence – we want people to feel that they are getting a service from their financial adviser that is relevant to their circumstances and in their best interests.


Continue reading the main story

Start Quote


d86d0   65017715 tadcaster Commissions banned on new sales


The danger here is that quality financial advice becomes something only for the wealthy”



End Quote Keith Tadhunter Independent Financial Adviser


“These changes are about making the cost of advice clearer, where else would you buy something without knowing in advance how much it costs?


“Customers will now know how much advice is costing them, the service that they are receiving and be reassured that their adviser is qualified.”


Mis-selling scandals


The changes should ensure that independent financial advisers no longer receive payment for their advice by taking a regular cut of their clients funds via commission payments, something the clients may not be aware of at all.


The new policy will apply to the sale of investments such as pensions, annuities and unit trusts, but not to some mortgages and insurance policies.


Alan Higham, an expert on annuities – a pension income for life – believes that there is also a loophole with sales of annuities.


He said that “limited pension advice” – which provides guidance, quotes and explains terms and accounts for about a third of annuity sales – is not covered by the new rules.


This is because the client has made the decision without recommended pension advice from an adviser. If anything is wrong with the choice, then it is the client’s responsibility, rather than the adviser’s.


Commission-driven sales are thought to have been at the heart of the huge mis-selling scandals of the past few decades, affecting the sale of endowment policies, personal pensions and most recently payment protection insurance (PPI).


Even apart from those scandals, the FSA estimated in 2010 that mis-selling in general was costing UK financial consumers about half a billion pounds a year.


Continue reading the main story

Suggested questions to IFAs


  • How much will your advice cost me and how is this calculated?

  • Can you explain the different ways I can pay for advice?

  • Can you explain what products you can advise me on and any areas you cannot help me with?

  • How often will you review my investments?

  • Can you show me proof that you are qualified to give advice?

Source: Financial Services Authority



A recent survey for the FSA found that 17% of adults currently take advice from a professional financial adviser and another 32% would consider doing so.


But a third of the respondents thought, wrongly, that the advice was free and that they did not have to pay a charge.


‘Danger’


Financial advisers have said that some operators in their industry have given it a bad name. However, some argue that the change in the rules could create issues for those who may not actively seek financial products, such as a pension.


“The danger here is that quality financial advice becomes something only for the wealthy, when in reality, most people need it to some degree – as poor rates of saving across the population only go to show,” said Keith Tadhunter, an independent financial adviser at Future Financial in Bath.


But Martin Wheatley, the chief executive designate of the Financial Conduct Authority, said that – although there was a savings gap in the UK – people had not trusted financial services.


“This is part of getting trust back into finance,” he said.


He expected the industry to change, with many more options explained through websites for people looking to save or invest in the long-term.


The new policies will also stop, from the end of 2013, the practice of businesses such as fund supermarkets or online discount stockbrokers accepting payments from some of the investment funds whose policies they are selling.


This is also thought to lead to biased sales, which may not be in the best interests of private investors.


Part of these payments has sometimes found its way back to the personal investor in the form of a cash rebate, but they are also used to cross-subsidise the provision of other services, such as stock and shares Isas.


BBC News – Business





Title Post: Commissions banned on new sales
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Petrolympic Announces Closing of A Private Placement






TORONTO, ONTARIO–(Marketwire – Dec 31, 2012) – Petrolympic Ltd. (TSX VENTURE:PCQ) (“Petrolympic“) announced that it has closed a private placement (the “Offering“) on Friday December 28, 2012. The Offering is a combination of 3,285,715 flow-through units (“FT Units“) at a price of $ 0.07 per FT Unit and 333,333 common share units (“Common Unit“) at a price of $ 0.06 per Common Unit for a total gross proceeds of $ 250,000.


Each FT Unit, consists of one (1) flow-through share in the capital of Petrolympic (each a “Flow-Through Share“) and one half (1/2) of one common share purchase warrant of Petrolympic (each a “Warrant“) and each Common Unit, consists of one (1) common share in the capital of Petrolympic (each a “Common Share“) and one (1) Warrant. Each full Warrant entitles the holder to acquire one Common Share at a price of $ 0.10 per Common Share for a period of 18 months from the closing date. The Warrants are subject to an acceleration clause, meaning that should the Common Shares trade at a price of $ 0.20 or higher for a minimum of 20 consecutive trading days Petrolympic may elect to accelerate the exercise period of the Warrants whereupon on the 30th day after Petrolympic announces such intention to accelerate, any Warrant that has not been exercised will expire.






No commissions or finder”s fees have been paid and no broker warrants were issued pursuant to the Offering.


The net proceeds of the Offering will be used to fund exploration at Petrolympic”s conventional oil properties located in Gaspe Peninsula. 


The private placement closed on December 28, 2012. The Common Shares to be issued under the Offering will carry a four-month hold period under Canadian securities laws from the date of issuance. Completion of the Offering remains subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.


About Petrolympic Ltd.


Petrolympic Ltd. is a Canadian junior oil and gas company actively exploring for premium light crude oil and natural gas in North America. The Company is presently focused on its near-term oil production asset in the prolific Maverick Basin of Texas, USA. The company also holds an interest in a total 754,216 hectares (1,863,668 acres) of oil and gas exploration permits in the Appalachian Basin of Quebec that include holdings in the St. Lawrence Lowlands and Gaspe Peninsula. The Company”s holdings in the St. Lawrence Lowlands are a 30% interest in 217,370 hectares (536,941 acres) through a joint venture with Resources & Energie Squatex Inc.; a 12% interest in 8,000 hectares (19,768 acres) through a Farmout Agreement with Canbriam Energy Inc., as well as a 100% interest in 56,622 hectares (139,913 acres) located over the Lowlands shallow carbonates platform on the south shore of the St. Lawrence River, less than 30 kilometers southwest of Montreal. These properties represent a major position in the Utica Lorraine and Trenton-Black River Plays. Petrolympic also maintains holdings in the Gaspé and Bas-St. Lawrence regions, including a 30% interest in 431,339 hectares (1,065,839 acres) through a joint venture with Squatex and a 100% interest in a block of exploration permits totaling 40,885 hectares (101,029 acres) located between Rimouski and Matane prospective for hydrothermal dolomite hosted light oil.


Forward-Looking Statements


This press release includes certain “forward-looking information” within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, forward-looking information addresses future events and conditions and so involves inherent risks and uncertainties, as disclosed under the heading “Risk Factors” and elsewhere in Petrolympic documents filed from time to time with the Ontario Securities Commission and other regulatory authorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Petrolympic. The forward-looking information contained herein is Petrolympic”s reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur. The reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.


Marketwire News Archive – Yahoo! Finance





Title Post: Petrolympic Announces Closing of A Private Placement
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Eagles fire Andy Reid after 14 seasons


PHILADELPHIA (AP) — Andy Reid's worst coaching season with the Philadelphia Eagles ended Monday after 14 years when he was fired by owner Jeffrey Lurie, who said it was time "to move in a new direction."


The dismissal came one day after Reid and the Eagles were humiliated 42-7 by the New York Giants and ended their season at 4-12.


"Andy leaves us with a winning tradition that we can build upon. And we are very excited about the future," Lurie said in a statement released by the team.


The team pushed back a scheduled noon EST news conference to 1 p.m.


Reid took over a 3-13 team in 1999, drafted Donovan McNabb with the No. 2 overall pick and quickly turned the franchise into a title contender.


He is the winningest coach in club history and led them to a run of four straight NFC championship games, a streak that ended with a Super Bowl trip after the 2004 season — and a loss, 24-21, to the New England Patriots.


Still, Reid cemented Philadelphia as a football town — though the Eagles have never won the NFL title — and led the team to an unmatched level of success. But the team hasn't won a playoff game since 2008 and after last season's 8-8 finish, Lurie said he was looking for improvement this year.


Instead, it was even worse.


Reid sounded like a man who knew he was going to be out of work when he addressed the media after the Giants game.


"I go in eyes wide open," Reid said, referring to his upcoming meeting Monday with Lurie. "Either way, I understand. Whatever he chooses will be the right thing. He always does things for the best interests of the Eagles."


Lurie said the search for Reid's successor begins immediately.


Reid is due to make $6 million in 2013 in the final year of his contract. He is the franchise leader in wins (140) and winning percentage (.578) and led the Eagles to six division titles and five NFC championship games.


It already had been a difficult year for Reid. He endured a devastating loss weeks before the season opener when his oldest son, Garrett, died at training camp after a long battle with drug addiction.


In October, Reid fired close friend and longtime assistant Juan Castillo, who was in his second season as defensive coordinator after coaching the offensive line for 13 years. He later fired defensive-line coach Jim Washburn.


After beating the defending Super Bowl champion Giants on Sept. 30, the Eagles lost eight straight games — their worst losing streak in 42 years.


PhiladelpiaEagles.com posted video of Lurie and Reid addressing team employees, who gave Reid a big ovation. Lurie handed him a game ball.


"I have a hard time standing before people without a few boos involved. But I'm taking it, I'm taking it all in," Reid said. "These have been the greatest 14 years of my life."


He added: "Sometimes change is good. ... I know the next guy that comes in will be phenomenal. The ultimate goal is a Super Bowl. Everybody in this room, I wish you a big ring on the finger in the near future.


"Hail to the Eagles, baby."


___


AP Pro Football Writer Rob Maaddi contributed to this report.


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


Read More..

Hot spots draw believers, but not doomsday






As the sun rose from time zone to time zone across the world on Friday, there was still no sign of the world’s end — but that didn’t stop those convinced that a 5,125-year Mayan calendar predicts the apocalypse from gathering at some of the world’s purported survival hot spots.


Many of the esoterically inclined expected a new age of consciousness — others wanted a party. But, in some places said to offer salvation from the end, fewer people showed up than officials had predicted — much to the disappointment of vendors hoping to sell souvenirs.






Here are some key places being marked by the fascination over doomsday rumors:


MEXICO


In an area of Mexico that was once the ancient Mayan heartland, spiritualists gathered in the darkness before dawn on Friday to prepare white clothes, drums, conch shells and incense. They believed the sunrise would herald the birth of a new and better age as a vast cycle in the Mayan calendar comes to an end.


Many people who came to Yucatan for the occasion were already calling it “a new sun” and “a new era.”


FRANCE


According to one rumor, a rocky mountain in the French Pyrenees will be the sole place on Earth to escape destruction. A giant UFO and aliens are said to be waiting under the mountain, ready to burst through and spirit those nearby to safety. But there is bad news for those seeking salvation: French gendarmes, some on horseback, blocked outsiders from reaching the Bugarach peak and its village of some 200 people.


Eric Freysselinard, head of local government, said the security forces had “partially stopped the new age enthusiasts as well as curious people from coming to the area.”


Meanwhile, some Bugarach residents dressed up like aliens, with tinfoil costumes and funnels and fake antenna on their heads, strolling around their village Friday to make light of the rumored UFO prophecy.


RUSSIA


Doomsday rumors have prompted some people across Russia to stock up on candles, water, canned foods and other non-perishable foods. The apocalypse has proven a good business, with some shops selling survival aid packages that include soap and vodka.


In Moscow, salvation has also been promised in the underground bunker for the former Soviet dictator Josef Stalin — with a 50 percent refund if nothing happens. An underground stay was originally priced at 50,000 rubles ($ 1,625) but dropped to 15,000 ($ 490) a week ahead of the feared end.


The bunker, located 65 meters (210 feet) below ground, was designed to withstand a nuclear attack. Now home to a small museum, it has an independent electricity supply, water and food — but no more room, because the museum has already sold out all 1,000 tickets.


BRITAIN


Hundreds of people have converged on Stonehenge for an “End of the World” party that coincides with the Winter Solstice.


Arthur Uther Pendragon, Britain’s best-known druid, said he was anticipating a much larger crowd than usual at Stonehenge this year. But he doesn’t agree that the world is ending, noting that he and fellow druids believe that things happen in cycles.


“We’re looking at it more as a new beginning than an end,” he said. “We’re looking at new hope.”


Meanwhile, end-of-days parties will be held across London on Friday. One event billed as a “last supper club” is offering a three-course meal served inside an “ark.”


SERBIA


Some Serbs are saying to forget that sacred mountain in the French Pyrenees. The place to be Friday is Mount Rtanj, a pyramid-shaped peak in Serbia already drawing cultists.


According to legend, the mountain once swallowed an evil sorcerer who will be released on doomsday in a ball of fire that will hit the mountain top. The inside of the mountain will then open up, becoming a safe place to hide as the sorcerer goes on to destroy the rest of the world. In the meantime, some old coal mine shafts have been opened up as safe rooms.


On Friday a New Age group called “The Spirit of Rtanj” was holding a conference there. Participants, however, said they expect not the end of time but the start of a new time cycle. Locals turned out to sell brandy and herbs.


“There will be no tragedy, no doomsday,” said resident Dalibor Jovic. “It was supposed to happen at 12:12 and I think that time has passed. So, we can now go on with our lives and be happy to be alive.”


TURKEY


A small Turkish village known for its wines, Sirince, has also been touted as the only place after Bugarach that would escape the world’s end. But on Friday journalists and security officials outnumbered cultists. This outcome disappointed local business people who had prepared a range of doomsday products to sell, including a specially labeled Doomsday wine and Turkish delight candy whose “best before” date was Dec. 21, 2012. One restaurant prepared a special “last meal” menu that included a “heaven kebab” and “forbidden fruit dessert.”


ITALY


Another spot said to be spared: Cisternino, a beautiful small town in southern Italy in an area of trulli, traditional dry stone huts with conical roofs. The notion that Cisternino could be a safe haven at world’s end derives from an Indian guru, Babaji, who said “Cisternino will become an island” at world’s end. His followers built a community in Cisternino centered on an ashram built in 1979. Hotel bookings are up this weekend.


Mayor Donato Baccaro told the AP that the beauty of the place has inspired many foreigners to live there. “This confirms that this place has a special energy,” he said.


CHINA


A fringe Christian group has been spreading rumors about the world’s impending end, prompting Chinese authorities to detain more than 500 people this week and seize leaflets, video discs, books and other material.


Those detained are reported to be members of the group Almighty God, also called Eastern Lightning, which preaches that Jesus has reappeared as a woman in central China. Authorities in the province of Qinghai say they are waging a “severe crackdown” on the group, accusing it of attacking the Communist Party and the government.


U.S.


Dozens of Michigan schools canceled classes for thousands of students to cool off rumored threats of violence and problems related to doomsday. The fears were exacerbated by the recent shooting at a Connecticut elementary school, which “changed all of us,” the school system in Genesee County said. “Canceling school is the right thing to do.”


___


Associated Press writers Florent Bajrami in Bugarach, France; Mansur Mirovalev in Moscow; Peppino Ciraci in Cisternino, Italy; Suzan Fraser in Ankara, Turkey; Paisley Dodds in London; and Dejan Mladenovic in Mount Rtanj, Serbia, contributed to this report.


Entertainment News Headlines – Yahoo! News





Title Post: Hot spots draw believers, but not doomsday
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Obama says failure to reach fiscal deal would hurt markets


WASHINGTON (Reuters) - Financial markets would be affected adversely if U.S. lawmakers fail to agree on a "fiscal cliff" deal before Tuesday, President Barack Obama said in an interview broadcast on Sunday, while urging Congress to act quickly to extend tax cuts for middle-class Americans.


Lawmakers are seeking a last-minute deal that would set aside $600 billion in tax increases and across-the-board government spending cuts that are set to start within days. If Congress does not make that happen, the first bill brought up in the new year would be to reduce taxes for middle-income families, Obama told NBC's "Meet the Press."


"Now I think that over the next 48 hours, my hope is that people recognize that, regardless of partisan differences, our top priority has to be to make sure that taxes on middle-class families do not go up. That would hurt our economy badly," Obama said in the interview taped on Saturday.


"We can get that done. Democrats and Republicans both say they don't want taxes to go up on middle-class families. That's something we all agree on. If we can get that done, that takes a big bite out of the 'fiscal cliff.' It avoids the worst outcomes," Obama added.


Low income tax rates first put in place under Republican former President George W. Bush are due to expire at the end of the day on Monday - the last day of 2012.


Obama said that failing to reach a deal would have a negative impact on financial markets.


"If people start seeing that on January 1st this problem still hasn't been solved, that we haven't seen the kind of deficit reduction that we could have had had the Republicans been willing to take the deal that I gave them ... then obviously that's going to have an adverse reaction in the markets," he said.


RARE SENATE SESSION ON SUNDAY


Obama met with congressional leaders at the White House on Friday and declared himself cautiously optimistic about the chances of an agreement, but he noted in the interview that nothing had materialized since then.


"I was modestly optimistic yesterday, but we don't yet see an agreement. And now the pressure's on Congress to produce," he said.


The Senate is scheduled to hold a rare Sunday session beginning at 1 p.m. EST (1800 GMT), but it was not clear whether the chamber would have fiscal-cliff legislation to act upon.


Obama sketched out what he believed to be the most likely scenarios the end the back-and-forth between both sides. Either the congressional leaders would come up with a deal, or Democrats in the Senate would bring a bill to the floor seeking an up-or-down vote to extend tax cuts for middle income earners.


"And if all else fails, if Republicans do in fact decide to block it, so that taxes on middle class families do in fact go up on January 1st, then we'll come back with a new Congress on January 4th and the first bill that will be introduced on the floor will be to cut taxes on middle class families," he said.


Obama chided Republicans for resisting his call for tax rates to go up for the top two percent of U.S. earners despite what he viewed as significant compromises on his part to cut spending and reform expensive social programs for the poor and elderly.


"They say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest Americans are protected. That seems to be their only overriding, unifying theme," Obama said.


"The offers that I've made to them have been so fair that a lot of Democrats get mad at me. I mean I offered to make some significant changes to our entitlement programs in order to reduce the deficit," he said.


(Reporting by Jeff Mason; Editing by David Brunnstrom)



Read More..

We’re Paying Off Our Debts, At Least At Home






9fb37  chris farrell Were Paying Off Our Debts, At Least At Home


Had it with the so-called fiscal cliff? Wondering what comes next now that Republicans pulled the plug on House Speaker John Boehner’s Plan B? Take a break from the frenzy in Washington and ignore for the moment the federal government’s red ink. Focus instead on another balance sheet that isn’t getting enough attention: The household balance sheet. Over the past five turbulent years, despite high unemployment rates and falling median income, American households have reduced their debts and shored up their balance sheets. “The aggregate numbers show that households are back to being in pretty good shape,” says James W. Paulsen, chief investment strategist at Wells Capital Management. Adds Susan Lund, partner at the McKinsey Global Institute: “Households continue to make very good progress at deleveraging.”






Case in point: the drop in the financial obligations ratio. It measures the ratio of household debt payments to disposable personal income. The obligation side of the ledger includes mortgage and consumer debt payments, automobile leases, rental payments on tenant-occupied property, homeowners insurance, and property taxes. In other words, the gauge captures much of the typical household’s monthly outlay for debts. The ratio hit a record high of 18.88 in the fourth quarter of 2007, according to the Federal Reserve. In the third quarter of this year it had dropped to 15.74, about the level of the early 1980s. (The series starts in 1980.) The reduced strain on household financial resources reflects the impact of low interest rates and less debt.


To be sure, about two-thirds of the gain in household balance sheets has come through mortgage foreclosures and credit-card defaults. Nevertheless, household debt as a share of gross domestic product is currently at 83 percent, far below its peak of 97 percent of GDP in 2008. At the current pace of deleveraging, households could return to their long-term borrowing trend (1950 to 2000) by the second half of 2013, calculates McKinsey’s Lund.


Households should feel wealthier next year. Their net worth plunged a record-setting 25 percent during the Great Recession. The latest readings have household net worth a mere 2 percentage points shy of reversing the loss. That figure should improve with housing market sales and prices showing definite signs of life, especially with the drag from foreclosures lessening. Yes, the current foreclosure pipeline remains full, but the future looks less dire. The rate of mortgages delinquent by 90 days or more—mortgages clearly heading toward foreclosure—fell to 3.5 percent in September 2012, according to the latest data from Foreclosure-Response.org, a joint venture between Local Initiatives Support Corp., the Urban Institute, and the Center for Housing Policy. The number is sharply lower than the December 2009 high of 5.5 percent,


The deleveraging story goes far beyond the household. Corporate America is flush with cash, and the sector has slightly reduced its debt levels. The beleaguered financial services industry has taken far more draconian actions to create a healthier margin of safety.


Such aggressive balance-sheet cleansing by the household and business sectors isn’t all good. By saving more, they are spending less, reducing demand for goods and services. That could have doomed the economy to a severe downturn if not for the big offsetting budget deficits run by the federal government.


Now even the federal government is poised to make progress. Say what? You wouldn’t know it for all the talk of fiscal crisis in Washington, yet the federal deficit as a share of GDP is shrinking as the economy recovers. Specifically, the government deficit-to-GDP ratio reached 10.4 percent of nominal GD during the Great Recession. Despite the economy expanding at a tepid 2 percent average rate, the deficit-to-GDP ratio has shrunk to 6.9 percent. Even if the economy continues to expand at a slow 2 percent pace, says Paulson, it’s likely the government debt-to-GDP ratio will peak over the next 12 to 24 months. The odds favor the lower band of that range estimate if the pace of growth picks up. “We may be at the stage where if we follow historic trends, you see government debt on a path to decline,” says Lund. Paulsen is even more optimistic: “Over the next three years the fiscal issue will fade.”


Got that, Washington? The underlying dynamics of the economy are screaming on-the-mend, including a job market that’s slowly improving, a housing market with a pulse, and healthier private sector balance sheets. Economic optimism would be the watchword of the New Year if it weren’t for the damaging drama of the fiscal cliff. Main Street has done its part.


Everyone is deeply frustrated, but considering the political blunders of recent weeks, maybe the best thing Washington can do is calm down. Stop playing political Armageddon. Realize that grand bargains can do more economic harm than fiscal good. If you must, embrace some form of face-saving, kick-the-can-down the-road compromise. Thanks to the underappreciated health in household balance sheets, the political equivalent of doing nothing will let the economy grow and deleveraging to continue. Indeed, the surprise of 2013 could be how rapid the short-term improvement in the fiscal balance sheet turns out to be.


Businessweek.com — Top News





Title Post: We’re Paying Off Our Debts, At Least At Home
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Harper Government Announces Federal Income Support for Parents of Murdered or Missing Children Grant to Be Available on January 1, 2013






OTTAWA, ONTARIO–(Marketwire – Dec 30, 2012) – Dr. Kellie Leitch, Parliamentary Secretary to the Honourable Diane Finley, Minister of Human Resources and Skills Development, announced that the new Federal Income Support for Parents of Murdered or Missing Children grant will be available as of Tuesday.


“Our government is taking action to provide more support for victims of crime and their families,” said Dr. Leitch. “This new grant will ease the financial pressure on parents struggling to cope with the death or disappearance of a child.”






As of January 1, 2013, the new Federal Income Support for Parents of Murdered or Missing Children grant will provide assistance to eligible parents who suffer a loss of income as they take time away from work to cope with the death or disappearance of a child as a result of a probable Criminal Code offence.


This new grant is expected to support an estimated 1 000 families annually. It will provide $ 350 per week in income support for up to 35 weeks. To receive this new benefit, affected parents will need to have earned a minimal level of income ($ 6,500) in the previous calendar year or the previous 52 weeks and take leave from their employment.


“Our organization is very pleased with this grant which will benefit victims of crime,” said Ms. Sharon Rosenfeldt, President of Victims of Violence/Canadian Centre for Missing Children. “We are grateful for the commitment the Government has shown in responding to the needs of victims of crime.”


In addition, through the Helping Families in Need Act, the Canada Labour Code has been amended to allow for unpaid leave and to protect the jobs of parents whose child dies or disappears as a result of a probable Criminal Code offence. This will allow parents who work in a federally regulated company to take time away from work to focus on what matters the most-their family-while knowing that their job is protected.


For more information on this new grant, please visit www.servicecanada.gc.ca/pmmc.


This news release is available in alternative formats on request. 


Follow us on Twitter


IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.


Backgrounder


Federal Income Support for Parents of Murdered or Missing Children grant


Effective January 1, 2013, the Federal Income Support for Parents of Murdered or Missing Children (PMMC) grant will provide $ 350 per week of income support for up to 35 weeks to parents of murdered or missing children (less than 18 years of age) whose death or disappearance is the result of a probable Criminal Code offence. Applicants must apply for and receive the grant within one year of the offence, and may only apply for the grant once within that one-year period. The maximum 35 weeks of benefits available may be shared by more than one eligible applicant for the same incident.


To be eligible for this taxable grant, affected parents will need to have a valid Social Insurance Number and will have to submit a PMMC Application Form showing that they meet all eligibility criteria for the grant.


A PMMC Employment Form, signed by the applicant”s employer, will be required with the application. The form must show that the applicant has earned a minimal level of income ($ 6,500) in the previous calendar year or the previous 52 weeks and is taking leave from his or her employment. For self-employed applicants, a Canada Revenue Agency Notice of Assessment from the previous tax year will need to be submitted.


Parents will also need to submit a PMMC Incident Report Form confirming that the child is missing or deceased as a result of a probable Criminal Code offence, that the crime occurred in Canada and that they have not been charged with a crime that led to the death or disappearance of the child. The PMMC Incident Report Form must be stamped by the law enforcement agency to which the incident was reported.


Parents may not receive any type of Employment Insurance or Quebec Parental Insurance Plan benefits for the same weeks as they receive PMMC payments.


If the missing child is found while the grant is being paid, the grant will continue to be paid for two weeks to allow the parents to spend time with their child. This will be contingent on meeting other entitlement criteria (for example, the recipients have not resumed working, they have not exhausted their grant payments and it has not been more than one year since the disappearance).


More information about this grant, as well as the forms and an applicant guide, are available on the Service Canada website at www.servicecanada.gc.ca/pmmc.


Amendments to the Canada Labour Code


The Canada Labour Code has been amended to introduce new provisions allowing unpaid leave for parents whose child dies or disappears as the result of a probable Criminal Code offence. Employees whose employer is a federally regulated company will be able to take up to 52 weeks of unpaid leave if their child disappears, and up to 104 weeks of unpaid leave if their child is murdered, without losing their employment as a result. These amendments to the Canada Labour Code are effective as of January 1, 2013.


Marketwire News Archive – Yahoo! Finance





Title Post: Harper Government Announces Federal Income Support for Parents of Murdered or Missing Children Grant to Be Available on January 1, 2013
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Michigan State edges TCU 17-16 in BWW Bowl


TEMPE, Ariz. (AP) — Michigan State labored on offense throughout the first half, unable to get anything going on the ground, in the air, anywhere.


For a team that had lost five games by a combined 13 points during the regular season, it was starting to feel familiar.


The Spartans changed their luck by turning to brutally effective running back Le'Veon Bell in the second half, setting up Dan Conroy for another game-winning kick in a bowl game.


Bell ran for 145 yards and a fourth-quarter touchdown, Conroy kicked a 47-yard field goal with 1:01 left and Michigan State rallied to beat Texas Christian 17-16 in the Buffalo Wild Wings Bowl on Saturday night.


"With so many close games and losing like we did during the season, to have one go our way was definitely sweet," Conroy said.


It wasn't always pretty for the Spartans.


Michigan State (7-6) managed 76 yards of offense during the first two quarters as TCU bottled up Bell.


The 237-pound junior started to wear down the Horned Frogs in the second half, grinding out 107 of his yards on a 32-carry night.


Behind Bell, the Spartans went on the longest drive in their bowl history in the third quarter, marching 90 yards to set up freshman Connor Cook's 15-yard touchdown pass to Aaron Burbridge.


Michigan State then recovered a muffed punt by TCU's Skye Dawson at the 4-yard line midway through the fourth and Bell scored two plays later by racing around left end for a 14-13 lead.


TCU (7-6) still had a little life after blowing a 13-point halftime lead, moving just far enough to set up Jaden Oberkrom for the longest field goal in the bowl's history, a 53-yarder that put the Horned Frogs up 16-14 with 2:42 left.


They just left Michigan State too much time.


Starting at their own 25-yard line, the Spartans moved 45 yards in eight plays, setting up Conroy for his second game-winner in a bowl after beating Georgia with a 28-yarder in the third overtime of the 2012 Outback Bowl.


Michigan State's defense held after that, sending the Spartans to their second straight bowl win after three consecutive losses.


"There was no doubt in my mind that after so many losses in similar fashion that we were going to come out on top in this one," Spartans linebacker Max Bullough said.


The Horned Frogs shut down Michigan State's offense in the first half and did just enough when they had the ball to put together three scoring drives.


In the second half, TCU couldn't get anything going against the Spartans' defense — 84 total yards — and its defense gave up the long scoring drive in the third quarter, along with the game-winner in the fourth.


Trevone Boykin threw for 201 yards and an interception on 13-of-29 passing for the Horned Frogs.


"A little bit empty feeling inside because we felt like we left a lot on the field," TCU coach Gary Patterson said.


TCU and Michigan State came to the desert with an awful lot of similarities.


The Horned Frogs opened their first season in the Big 12 with four straight wins before losing four of their final six games. Michigan State started 4-2, then lost four of six down the stretch.


Michigan State had the nation's fourth-best defense and was 10th in scoring defense during the regular season. TCU was 18th in total defense and 10th against the run.


Michigan State quarterback Andrew Maxwell was up-and-down in his first season as Kirk Cousins' replacement, throwing 13 touchdown passes and nine interceptions. Boykin took over after four games for Casey Pachall, who was suspended and later left the team, and threw for 15 touchdowns and nine interceptions.


The biggest difference between the teams was Bell.


He ranked third nationally with 137.3 yards rushing per game and had 1,648 on the season, second-most in Michigan State history and 242 fewer than TCU had as a team.


Early on, the Horned Frogs gave him nowhere to go.


Filling holes inside and stringing plays out toward the sidelines, TCU stuffed the bruising Bell on nearly every touch, holding him to 38 yards on 11 carries in the first half.


Of course, it didn't seem to matter what Michigan State did. The Spartans had 29 yards on 12 plays in the first quarter and weren't a whole lot better in the second, with Maxwell throwing two near-interceptions on consecutive passes and an ill-advised trick play that probably should have resulted in a turnover, too.


The Spartans still seemed to be stuck in the ruts in the third quarter before grinding out a 14-play scoring drive led by Cook, who replaced Maxwell for the second time in the game. They had their biggest play on a floating pass from Bell to fullback TyQuan Hammock (29 yards), then Cook threw his first career touchdown pass, a 15-yarder to Burbridge on a crossing route that cut TCU's lead to 13-7.


"I thought Connor did a good job on the 90-yard drive, gave us a little momentum," Spartans coach Mark Dantonio said.


TCU didn't exactly have its way with Michigan State's defense in the first half and missed some chances to build a bigger lead.


The Frogs started gashing the Spartans for decent-sized chunks with their option midway through the first quarter, setting up Matthew Tucker's 4-yard touchdown on an end-around.


Boykin had an impressive off-the-back-foot throw to freshman Kolby Listenbee for 59 yards on the last play of the first quarter and nearly had a 19-yard touchdown pass to open the second, but LaDarius Brown was bumped and dropped the ball in the end zone. Oberkrom followed with a 47-yard field goal and added another from 31 yards after Boykin hit Josh Boyce on a 61-yard pass to put TCU up 13-0 at halftime.


The Frogs couldn't keep it up in the second half.


With Michigan State clogging the running lanes and chasing Boykin around, TCU had 30 yards of offense in the third quarter and continued to struggle in the fourth. The Horned Frogs did manage the short scoring drive to set up Oberkrom's late field goal, but ended up going backward on their final drive after Conroy's kick.


"What I thought happened in the third quarter was Michigan State dialed up the heat and we didn't have an answer," Patterson said.


Michigan State did — for one of the few times this season.


Read More..

2013: A year for big issues in the courts












By Jeffrey Toobin, CNN Senior Legal Analyst


December 27, 2012 -- Updated 1445 GMT (2245 HKT)







Chief Justice John Roberts re-administers the oath of office to Barack Obama at the White House on January 21, 2009.




STORY HIGHLIGHTS


  • Jeffrey Toobin: 2013 will see pivotal decisions in several key areas of law

  • He says Supreme Court could decide fate of same-sex marriage

  • Affirmative action for public college admissions is also on Court's agenda

  • Toobin: Newtown massacre put gun control debate back in the forefront




Editor's note: Jeffrey Toobin is a senior legal analyst for CNN and a staff writer at The New Yorker magazine, where he covers legal affairs. He is the author of "The Oath: The Obama White House and the Supreme Court."


(CNN) -- What will we see in 2013?


One thing for sure: The year will begin with Chief Justice John Roberts and President Obama getting two chances to recite the oath correctly.



Jeffrey Toobin

Jeffrey Toobin



After that, here are my guesses.


1. Same-sex marriage and the Supreme Court. There are two cases, and there are a Rubik's Cube-worth of possibilities for their outcomes. On one extreme, the court could say that the federal government (in the Defense of Marriage Act) and the states can ban or allow same-sex marriage as they prefer. On the other end, the Court could rule that gay people have a constitutional right to marry in any state in the union. (Or somewhere in between.)





CNN Opinion contributors weigh in on what to expect in 2013. What do you think the year holds in store? Let us know @CNNOpinion on Twitter and Facebook/CNNOpinion


2. The future of affirmative action. In a case pending before the Supreme Court, the Court could outlaw all affirmative action in admissions at public universities, with major implications for all racial preferences in all school or non-school settings.


3. Gun control returns to the agenda. The Congress (and probably some states) will wrestle with the question of gun control, an issue that had largely fallen off the national agenda before the massacre in Newtown. Expect many invocations (some accurate, some not) of the Second Amendment.




4. The continued decline of the death penalty. Death sentences and executions continue to decline, and this trend will continue. Fear of mistaken executions (largely caused by DNA exonerations) and the huge cost of the death penalty process will both accelerate the shift.


5. Celebrity sex scandal. There will be one. There will be outrage, shock and amusement. (Celebrity to be identified later.)


Follow @CNNOpinion on Twitter


Join us at Facebook/CNNOpinion


The opinions expressed in this commentary are solely those of Jeffrey Toobin.











Part of complete coverage on







December 28, 2012 -- Updated 1356 GMT (2156 HKT)



Aaron Carroll says most of the changes in 2013 will be in preparation for 2014 when the Affordable Care Act really kicks into effect.







December 28, 2012 -- Updated 1351 GMT (2151 HKT)



Don't look for dramatic change in the troubled politics of the Middle East, says Aaron Miller.







December 28, 2012 -- Updated 1337 GMT (2137 HKT)



Sheril Kirshenbaum says natural gas fracking, climate change and renewables are likely to drive discussions of energy in the new year.







December 28, 2012 -- Updated 1354 GMT (2154 HKT)



Former CIA director Michael Hayden says the controversy over the film is one of two Washington debates in which politics obscures the real role of intelligence agencies.







December 28, 2012 -- Updated 1344 GMT (2144 HKT)



Even for someone who has written more than 2,000 columns over the last 20 years, sometimes the words come out wrong, says Ruben Navarrette.








Get the latest opinion and analysis from CNN's columnists and contributors.







December 28, 2012 -- Updated 0307 GMT (1107 HKT)



Kerry Cahill and Keely Vanacker, whose father was shot dead at Fort Hood, say the nation must address problems that lead to massacres.







December 27, 2012 -- Updated 1734 GMT (0134 HKT)



Gayle Tzemach Lemmon says it's vital that the withdrawal of NATO forces by 2014 doesn't endanger the progress Afghan women have made.







December 27, 2012 -- Updated 1445 GMT (2245 HKT)



Jeffrey Toobin says key rulings will likely be made regarding same-sex marriage and affirmative action for public college admissions.







December 28, 2012 -- Updated 0041 GMT (0841 HKT)



Frida Ghitis says that after years in which conservative views dominated the nation, there's now majority support for many progressive stances.







December 28, 2012 -- Updated 0316 GMT (1116 HKT)



John MacIntosh says gun manufacturer Freedom Group should be acquired by public-spirited billionaires and turned into a company with ethical goals.







December 26, 2012 -- Updated 1540 GMT (2340 HKT)



Dean Obeidallah says "Zero Dark Thirty" and "Promised Land" present hot button issues that fire up people from the left and right.







December 22, 2012 -- Updated 1706 GMT (0106 HKT)



David Gergen says the hope for cooperation is gone in the capital as people spar over fiscal cliff, gun control, and nominations


















Read More..