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

Hungary homeless face winter, fear return of fines






BUDAPEST, Hungary (AP) — Homeless men and women huddle on street corners amid Budapest‘s majestic domed palaces, shivering under old blankets and cardboard boxes in frigid winter weather.


It’s an image that critics say Prime Minister Viktor Orban doesn’t want the world to see. And if he has his way, the homeless could be fined and even jailed for sleeping outside — even though some of the country’s homeless shelters are already overflowing and short of beds.






Orban’s punitive ideas for the homeless have set him up for his latest clash with the constitutional court and civil rights groups as he tries to reshape the country in a conservative image by centralizing power. Since winning power in 2010, Orban and his party have undermined independent institutions and democratic standards in a nation that was once an icon of democratic struggle for throwing off communism in 1989.


Now Orban is carrying out an informal referendum at town hall meetings around the country to gauge support for a constitutional amendment that would enshrine punishments for the homeless in the charter itself.


Hungary’s homeless policy has revived accusations by human rights groups that Orban’s ruling Fidesz party cares little about the country’s disadvantaged. In just one recent controversy, one of the party’s founding members, journalist Zsolt Bayer wrote in a newspaper column that many of the country’s Gypsies, or Roma — an impoverished minority that faces entrenched discrimination — “are animals” and “unfit for coexistence.”


Fidesz refused to distance itself from the column, saying it understood citizens’ anger about crimes committed by Roma and called on those demanding Bayer’s expulsion from the party “to refrain from standing on the side of the criminals.”


The homeless issue has been brewing for several years. At the end of 2011, Orban’s ruling right-wing Fidesz party used its overwhelming parliamentary majority to make the punitive regulations first introduced earlier that year by the Fidesz-backed mayor of Budapest — including fines of up to $ 650 for repeat offenders and the threat of up to 60 days in jail — applicable nationwide.


“This is a method to demoralize or intimidate us,” said Gyula Balog, 53, who has been homeless for nearly 20 years. “No one was jailed but quite a few had to pay fines. It’s frivolous to fine those who have nothing.”


At the time, even the United Nations expressed concerns, saying the obligation to provide shelter “cannot serve as an excuse for the criminalization or forced detention of homeless persons.”


“By a wave of the legislative pen, the Hungarian Parliament has labeled tens of thousands of homeless people in Hungary as potential criminals,” said a statement from two U.N. human rights experts. “Moreover, the law has a discriminatory impact on those living in poverty.”


At least 1,500 homeless are believed to be currently living rough in Budapest, even as temperatures are expected to remain below freezing in coming days and dozens of homeless are found frozen to death each year on the streets.


In the winter, many head to the warmest spots they can find, usually the entrance halls of subway stations, sometimes quietly holding out a paper cup for money from passersby or by selling street newspapers.


Authorities recently inaugurated two more shelters in the capital and the government spent 8.5 billion forints ($ 38.4 million, €28.9 billion) on the homeless in 2012, with a similar figure planned this year. But some of the most popular refuges, like the “Heated Street” run by the Hungarian Evangelical Brotherhood, are full far beyond capacity, with many people sleeping on mats on the floor.


The issue of the fines re-emerged in November when the constitutional court struck down the punishments, saying homelessness was a social issue that should not be handled as a criminal matter.


There are no exact figures on the number of homeless in Hungary, but the U.N. last year put the figure at between 30,000 and 35,000. A survey carried out each year on Feb. 3 in Budapest and the larger Hungarian cities by NGOs, counted 8,641 in 2012, up from 7,199 in 2011.


Many cities across the United States also ban activities such as “urban camping,” panhandling, “lodging” outdoors and similar actions, often resulting in fines or jail time for offenders.


The Hungarian government argues that it is simply acting out of concern for the dozens of homeless people who freeze to death every year, implying that fines are meant to push the displaced to seek refuge in warm shelters.


“There are more places in heated shelters than there are homeless living in Hungary,” Orban said last month in Parliament. “So no one … is forced to survive winter under the open sky.”


But social workers and the homeless themselves accuse the government of caring only about the country’s image.


“They simply want to clean up the areas frequented by tourists,” said Balog, speaking outside the department store where he sold Commodore 64 computers during communism, before losing his job and family because of his alcoholism.


Weather News Headlines – Yahoo! News





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Stock index futures point to lower open on Wall Street, Boeing in focus

LONDON (Reuters) - U.S. stock index futures pointed to a lower open on Wall Street on Wednesday, with futures for the S&P 500 down 0.3 percent, Dow Jones futures off 0.2 percent and the Nasdaq 100 contract 0.1 percent lower at 0922 GMT.


Banks <.sx7p> will be in focus, with results due from several big names, including BNY Mellon, Goldman Sachs and JPMorgan Chase & Co.


Of the S&P 500 <.spx> companies that have reported to date, 25 percent have missed fourth-quarter earnings forecasts and 29 percent have undershot on revenues, according to Thomson Reuters StarMine data.


Shares in General Motors fell after the bell on Tuesday after the automaker said it expects operating profit to rise "modestly" this year - a comment that is expected to prompt analysts to downgrade their forecasts.


Boeing will be in focus on concerns about the safety of its Dreamliner. Japan's two leading airlines grounded their fleets of 787s on Wednesday after one of the passenger jets made an emergency landing.


India will decide on whether to ground national carrier Air India's Dreamliner jets after the U.S. company submits a report on the aircraft's safety.


Global growth concerns remain in the spotlight after the World Bank slashed its economic forecasts for developed nations this year.


A plunge in European car sales in December added to the gloom.


U.S. December inflation figures are due at 1330 GMT, followed by industrial output at 1415 GMT.


The Dow Jones industrial average <.dji> added 27.57 points, or 0.20 percent, to 13,534.89 on Tuesday, while the S&P 500 <.spx> gained 1.66 points, or 0.11 percent, to 1,472.34 after stronger-than-expected retail data.


Tech heavyweight Apple dragged on the Nasdaq for a third day <.ixic>, with the index falling 0.2 percent.


Major European indexes edged lower on Wednesday, after recent gains took them to multi-month highs <.fteu3><.eu>. Profit taking also pushed Japan's Nikkei benchmark to its biggest one-day drop in eight months <.n225>.


(Reporting By Toni Vorobyova; Editing by Susan Fenton)



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EPA changed course after oil company protested






WEATHERFORD, Texas (AP) — When a man in a Fort Worth suburb reported his family’s drinking water had begun “bubbling” like champagne, the federal government sounded an alarm: An oil company may have tainted their wells while drilling for natural gas.


At first, the Environmental Protection Agency believed the situation was so serious that it issued a rare emergency order in late 2010 that said at least two homeowners were in immediate danger from a well saturated with flammable methane. More than a year later, the agency rescinded its mandate and refused to explain why.






Now a confidential report obtained by The Associated Press and interviews with company representatives show that the EPA had scientific evidence against the driller, Range Resources, but changed course after the company threatened not to cooperate with a national study into a common form of drilling called hydraulic fracturing. Regulators set aside an analysis that concluded the drilling could have been to blame for the contamination.


For Steve Lipsky, the EPA decision seemed to ignore the dangers in his well, which he says contains so much methane that the gas in water pouring out of a garden hose can be ignited.


“I just can’t believe that an agency that knows the truth about something like that, or has evidence like this, wouldn’t use it,” said Lipsky, who fears he will have to abandon his dream home in an upscale neighborhood of Weatherford.


The case isn’t the first in which the EPA initially linked a hydraulic fracturing operation to water contamination and then softened its position after the industry protested.


A similar dispute unfolded in west-central Wyoming in late 2011, when the EPA released an initial report that showed hydraulic fracturing could have contaminated groundwater. After industry and GOP leaders went on the attack, the agency said it had decided to do more testing. It has yet to announce a final conclusion.


Hydraulic fracturing — often called “fracking” — allows drillers to tap into oil and gas reserves that were once considered out of reach because they were locked in deep layers of rock.


The method has contributed to a surge in natural gas drilling nationwide, but environmental activists and some scientists believe it can contaminate groundwater. The industry insists the practice is safe.


Range Resources, a leading independent player in the natural gas boom, has hundreds of gas wells throughout Texas, Pennsylvania and other mineral-rich areas of the United States. Among them is a production site — now owned by Legend Natural Gas — in a wooded area about a mile from Lipsky’s home in Weatherford, about a half-hour drive west of Fort Worth.


State agencies usually regulate water and air pollution, so the EPA’s involvement in the Texas matter was unusual from the start. The EPA began investigating complaints about the methane in December 2010, because it said the Texas Railroad Commission, which oversees oil and gas drilling, had not responded quickly enough to the reports of bubbling water.


Government scientists believed two families, including the Lipskys, were in danger from methane and cancer-causing benzene and ordered Range Resources to take steps to clean their water wells and provide affected homeowners with safe water. The company stopped doing that after state regulators declared in March 2011 that Range Resources was not responsible. The dispute between the EPA and the company then moved into federal court.


Believing the case was headed for a lengthy legal battle, the EPA asked an independent scientist named Geoffrey Thyne to analyze water samples taken from 32 water wells. In the report obtained by the AP, Thyne concluded from chemical testing that the gas in the drinking water could have originated from Range Resources’ nearby drilling operation.


Meanwhile, the EPA was seeking industry leaders to participate in a national study into hydraulic fracturing. Range Resources told EPA officials in Washington that so long as the agency continued to pursue a “scientifically baseless” action against the company in Weatherford, it would not take part in the study and would not allow government scientists onto its drilling sites, said company attorney David Poole.


In March 2012, the EPA retracted its emergency order, halted the court battle and set aside Thyne’s report showing that the gas in Lipsky’s water was nearly identical to the gases the Plano, Texas-based company was producing.


“They said that they would look into it, which I believe is exactly what they did,” Poole said. “I’m proud of them. As an American, I think that’s exactly what they should have done.”


The EPA offered no public explanation for its change in thinking, and Lipsky said he and his family learned about it from a reporter. The agency refused to answer questions about the decision, instead issuing a statement by email that said resolving the Range Resources matter allowed the EPA to shift its “focus in this case away from litigation and toward a joint effort on the science and safety of energy extraction.”


Rob Jackson, chairman of global environmental change at Duke University’s Nicholas School of the Environment, reviewed Thyne’s report and the raw data upon which it was based. He agreed the gas in Lipsky’s well could have originated in a rock formation known as the Barnett shale, the same area where Range Resources was extracting gas.


Jackson said it was “premature” to withdraw the order and said the EPA “dropped the ball in dropping their investigation.”


Lipsky, who is still tied up in a legal battle with Range Resources, now pays about $ 1,000 a month to haul water to his home. He, his wife and three children become unnerved when their methane detectors go off. Sometime soon, he said, the family will have to decide whether to stay in the large stone house or move.


“This has been total hell,” Lipsky said. “It’s been taking a huge toll on my family and on our life.”


The confidential report relied on a type of testing known as isotopic analysis, which produces a unique chemical fingerprint that sometimes allows researchers to trace the origin of gas or oil.


Jackson, who studies hydraulic fracturing and specializes in isotopic analysis, acknowledged that more data is needed to determine for certain where the gas came from. But even if the gas came from elsewhere, Range Resources’ drilling could have contributed to the problem in Lipsky’s water because gas migrates, he added.


The company insists the gas in Lipsky’s water is from natural migration and not drilling. Range Resources’ testing indicates the gas came from a different rock formation called Strawn shale and not the deeper Barnett shale, Poole said.


In addition, he said, isotopic analysis cannot be used in this case because the chemical makeup of the gases in the two formations is indistinguishable. A Range Resources spokesman also dismissed Thyne and Jackson as anti-industry.


Range Resources has not shared its data with the EPA or the Railroad Commission. Poole said the data is proprietary and could only be seen by Houston-based Weatherford Laboratories, where it originated. It was analyzed for Range Resources by a Weatherford scientist, Mark McCaffrey, who did not respond to requests for an interview.


Gas has always been in the water in that area, Poole said. And years before Range Resources began drilling, at least one water well in the neighborhood contained so much methane, it went up in flames.


At another home with dangerously high methane levels in the water, the company insisted the gas had been there since the well was first dug many years ago. The homeowner was not aware of anything wrong until Range Resources began drilling in 2009.


Jackson said it was “unrealistic” to suggest that people could have tainted water and not notice.


“It bubbles like champagne or mineral waters,” he said. “The notion that people would have wells and have this in their water and not see this is wrong.”


___


Associated Press writers Nomaan Merchant in Dallas, Allen Breed in Raleigh, N.C., and Michael Rubinkam in Allentown, Pa., contributed to this report.


___


Plushnick-Masti can be followed on Twitter at https://twitter.com/RamitMastiAP


Energy News Headlines – Yahoo! News





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Apple drags on S&P, Nasdaq; Dell jumps after report

NEW YORK (Reuters) - The S&P 500 and Nasdaq ended lower on Monday as worries over demand for Apple products drove down its shares and investors braced for earnings disappointments.


Running counter to that was Dell Inc's stock which jumped 13 percent to about a five-month high at $12.29 after Bloomberg reported the No. 3 personal computer maker is in talks with private equity firms to go private. Dell's gains offset some tech-sector weakness.


Tech heavyweight Apple lost 3.6 percent to $501.75 and was the biggest weight on both the S&P 500 and Nasdaq 100 <.ndx> indexes after reports the company has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand. The stock hit a session low of $498.51, the first dip below $500 since February 16.


"With Apple, it seems as if the sentiment has shifted from this being the one stock that everybody wanted to own to people beginning to look at it as a company (whose) business is slowing down somewhat," said Eric Kuby, chief investment officer of North Star Investment Management Corp in Chicago.


Adding to investor unease, fourth-quarter earnings kick into high gear this week. Analyst estimates for the quarter have fallen sharply since October. S&P 500 earnings growth is now seen up just 1.9 percent from a year ago, Thomson Reuters data showed.


The Dow Jones industrial average <.dji> was up 18.89 points, or 0.14 percent, at 13,507.32. The Standard & Poor's 500 Index <.spx> was down 1.37 points, or 0.09 percent, at 1,470.68. The Nasdaq Composite Index <.ixic> was down 8.13 points, or 0.26 percent, at 3,117.50.


Apple suppliers also lost ground, with Cirrus Logic off 9.4 percent at $28.62 and Qualcomm down 1 percent at $64.24.


The Dow fared better than the other two indexes, helped in part by Hewlett-Packard shares, which rose 4.9 percent to $16.95. The stock, up early in the session after JPMorgan upgraded its rating on the shares and raised its price target to $21 from $15, added to gains following the Dell report.


Tech has "become the arena for private equity or other capital-restructuring type of maneuvers because of the way their valuations and their balance sheets are," Kuby said.


Appliance and electronics retailer Hhgregg Inc slumped 5.7 percent to $7.44 after the company cut its same-store sales forecast for the full year.


Earnings reports are due this week from Goldman Sachs , Bank of America , Intel and General Electric , among other companies. Third-quarter reports ended with a gain of just 0.1 percent, the worst for an S&P 500 profit period in three years, according to Thomson Reuters data.


President Barack Obama warned Congress at a news conference on Monday that a refusal to raise the U.S. debt ceiling next month could mean a government shutdown and trigger economic chaos.


S&P futures had little reaction to comments after the bell by Federal Reserve Chairman Ben Bernanke, who urged lawmakers to lift the country's borrowing limit to avoid a debt default.


Volume was roughly 5.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Decliners were about even with advancers on the NYSE while decliners outpaced advancers on the Nasdaq by about 12 to 11.


(Additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry, Nick Zieminski and Andrew Hay)



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NYC Museum Debuts New Shuttle Enterprise Exhibit Thursday






NEW YORK — A new museum exhibit that reveals the history of NASA‘s original space shuttle is opening in New York City this week, just as the prototype orbiter is being put under cover.


The exhibit “Space Shuttle Enterprise: A Pioneer,” which explores the history of Enterprise and its role in NASA’s development of the space shuttle, will debut to the public on Thursday (Jan. 17) at the Intrepid Sea, Air and Space Museum in Manhattan.






The temporary display is hosted on the hangar deck of the converted U.S.S. Intrepid, a World War II aircraft carrier. The exhibit celebrates the people, the pilots and engineers who contributed to the orbiter’s story, as well as made the technological innovations that helped to make Enterprise an icon of the space program.


The icon itself, the Enterprise, is mounted on the Intrepid’s flight deck. The retired prototype orbiter, which never flew in space but was used for a series of critical approach and landing tests in the 1970s, entered the Intrepid’s collection in July 2012. In October, Hurricane Sandy left the shuttle with minor damage and destroyed its display pavilion.


Scaffolding has now been raised around Enterprise and a protective cover will be placed over the orbiter this week. The Intrepid is planning to reopen its shuttle pavilion in the spring.


Until then, the new exhibition has been installed to provide visitors the chance to learn more about the historic winged spacecraft. [Space Shuttle Enterprise's Legacy (Photos)]


“While the shuttle itself is not on display, we really want to give the public what they want and what they appear to want is really interesting stories about the shuttle and new elements as well,” Elaine Charnov, Intrepid museum‘s vice president for exhibits, told collectSPACE.com in an interview.


From the cockpit to the cafeteria


“Space Shuttle Enterprise: A Pioneer” introduces visitors to the Enterprise with artifacts from its era — including wind tunnel test models and examples of where Enterprise crossed into pop culture — as well as archival images and video clips to illustrate the history and significance of the prototype orbiter.


“One of the highlights is the cockpit instrumentation panel, which gives the public a much richer and deeper sense of what the instrumentation looks like and how large that area was [on Enterprise],” Charnov said. “How remarkable it was that these instruments really helped facilitate so many pioneering space efforts.”


The display, which is built into a full scale replica of the forward instrument panel from inside the shuttle’s flight deck, provides an answer to one of the popular questions visitors have been asking since Enterprise first arrived on display at the Intrepid.


“We get a lot of questions from people, ‘How can we see the cockpit?’” explained Eric Boehm, the Intrepid‘s curator of aviation and aircraft restoration. “Future plans include a much more enhanced version of this but in the short term we are getting these instruments on display as soon as possible.” [Space Shuttle Enterprise NYC Exhibit (Video)]


Enterprise arrived in New York City with its cockpit mostly bare. The instrumentation going on display was obtained by the Intrepid through a government surplus sale.


“They could have flown on Enterprise but they may have been repurposed for a simulator at one time,” Boehm said. “There are some tags on them that date them back to that era, but the way that NASA worked, they repurposed stuff all the time.”


“We’re not going to sell [the display] as actual Enterprise instruments, but boy, it is highly likely that these came off Enterprise,” he added.


On the subject of selling, another area of the exhibit picks up where the original pavilion’s displays left off: the space shuttle Enterprise’s crossover into pop culture.


“Expanding what was presented in the original pavilion, we now have a chance to show some of the actual elements,” Charnov said. “It includes a 1977 Enterprise lunchbox and thermos. Who wouldn’t want to have that as a collectible?”


Other artifacts on display include model kits, print ads that incorporated imagery of Enterprise, and the White House briefing document that led to the prototype shuttle being renamed after the starship from “Star Trek” rather than the U.S.S. Constitution, as NASA originally planned.


“[The new exhibit] really illustrates how deeply woven the Enterprise and the shuttle’s story was into daily life and how it was reflected in so many aspects of our consumer culture,” said Charnov.


Intrepid and Enterprise: Truly connected


One other area of the 1,500 square-foot exhibition features artifacts from a pilot who shares connections with both the Intrepid and the Enterprise: Richard “Dick” Truly.


“There is a whole case devoted to Dick Truly,” Boehm told collectSPACE.com . “Dick Truly has a very special meaning for us because he was assigned to Intrepid as a young naval aviator in the early 1960s. He has over 100 ‘traps’ here on our flight deck.”


One of the four NASA astronauts who flew Enterprise’s approach and landing tests in 1977, Truly’s initial tour of duty as a naval aviator was flying F-8 Crusaders aboard the U.S.S. Intrepid and the U.S.S. Enterprise. He made over 300 carrier landings, flew the shuttle Enterprise three times (twice in free flight), and then flew twice into space on the shuttles Columbia and Challenger.


“Space Shuttle Enterprise: A Pioneer” displays the helmet and NASA flight jacket from Truly’s collection.


“He has been donating stuff to us over the past several years and now it is all coming together,” Boehm said.


The exhibition is free, included with the price of admission to the Intrepid. The museum is currently offering a “Gift of Intrepid” buy one, get one free admission ticket promotion to its Facebook and Twitter followers through Feb. 15.


The Intrepid Sea, Air and Space Museum is located at Pier 86 (46th Street and 12th Avenue) in Manhattan.


See collectSPACE.com for a list of the artifacts going on display at the Intrepid Sea, Air and Space Museum as part of “Space Shuttle Enterprise: A Pioneer.” See shuttles.collectspace.com for continuing coverage of the delivery and display of NASA’s retired space shuttles.


Follow collectSPACE on Facebook and Twitter @collectSPACE and editor Robert Pearlman @robertpearlman. Copyright 2012 collectSPACE.com. All rights reserved.


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Stock index futures trade flat to higher

LONDON (Reuters) - Stock index futures pointed to a flat to higher open on Wall Street on Monday, with futures for the S&P 500 up 0.1 percent at 0844 GMT.


Dow Jones and Nasdaq 100 futures were unchanged.


European shares were also flat, with the FTSEurofirst 300 <.fteu3> just shy of a two-year high. The pan-European index has risen almost 3 percent since the start of the year.


The U.S. economy is expected to grow by 2.5 percent in 2013, improving to 3.5 percent growth in 2014, top Fed official Charles Evans said on Monday. Evans also forecast the U.S. unemployment rate would be 7.4 percent, easing to about 7 percent in 2014. Fed Chairman Ben Bernanke speaks at 2100 GMT. [ID:nL4N0AJ1JA]


Americans are beginning to feel the pinch from austerity measures. Paychecks across the country have shrunk over the last week due to higher federal tax rates, and workers say they are cutting back on spending.


Apple Inc has almost halved its order with suppliers of LCD panels for the iPhone 5 in the current quarter due to weak demand, Japanese daily Nikkei reported on Monday.


Oracle Corp released an update to its Java software for surfing the Web on Sunday, which security experts said fails to protect PCs from attack by hackers intent on committing cyber crimes.


Transocean Ltd said billionaire activist investor Carl Icahn bought a 1.56 percent stake in the offshore rig contractor and is looking to increase his holding.


Japan Airlines Co (JAL) said on Sunday that a Boeing Co 787 Dreamliner jet undergoing checks in Tokyo following a fuel leak at Boston airport last week had leaked fuel during tests earlier in the day.


Pickup truck sales are expected to outpace the broader U.S. auto market this year helped by a recovering housing market and a slew of new models from the three big U.S. automakers, executives and analysts said on Sunday.


American International Group Inc has filed a lawsuit against a vehicle created by the Federal Reserve Bank of New York to help bail out the insurer, in a bid to preserve its right to sue Bank of America Corp and other issuers of mortgage debt that went sour.


Bank of America Corp directors have reached a $62.5 million settlement to resolve investor claims over the bank's acquisition of Merrill Lynch & Co, a person familiar with the matter said, after a federal judge expressed reservations about an earlier version of the accord.


JPMorgan Chase & Co's board is expected to dock the 2012 bonuses of Chief Executive James Dimon and another top executive because of the "London Whale" trading debacle, the Wall Street Journal reported, citing people close to the company.


The first big earnings week of 2013 features major banks Goldman Sachs and JPMorgan Chase & Co, as well as online retailer eBay on Wednesday. Thursday's reports include Citigroup, Bank of America and chip maker Intel . General Electric, the largest U.S. conglomerate, is due to post fourth-quarter earnings on Friday.


The Dow Jones industrial average <.dji> gained 17.21 points, or 0.13 percent, to 13,488.43. The Standard & Poor's 500 Index <.spx> dipped 0.07 points to 1,472.05. The Nasdaq Composite Index <.ixic> added 3.88 points, or 0.12 percent, to 3,125.64.


(Reporting By Francesco Canepa; Editing by John Stonestreet)



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NH case against 2 big oil companies gets underway






CONCORD, N.H. (AP) — The state of New Hampshire is launching its case against two major oil companies in what is expected to be the longest and most complex trial in state history.


The state’s lawyers say ExxonMobil and Citgo should pay more than $ 700 million in damages to monitor and clean up groundwater contamination caused by the gas additive MTBE — methyl tertiary butyl ether — now banned in New Hampshire.






Lawyers for the oil companies say they have cleaned up their own sites and that contamination elsewhere was caused by third parties not named in the suit.


The lawsuit — filed in 2003 — is the only one brought by a state to reach trial on the issue of MTBE groundwater contamination. Most of the other MTBE cases nationwide were brought by municipalities, water districts or individual well owners, and all but one was settled or dismissed.


The jury trial begins Monday and is expected to last four months. It is being held in a federal courtroom on loan to the state so as not to monopolize one of three courtrooms at Merrimack Superior Court.


More than 50,000 exhibits have been marked and the witness list numbers 230.


It was clear from a pretrial conference Friday that jurors will be confronted with an alphabet soup of acronyms for various funds and agencies, will have to grapple with complex statistical analyses and will hear contradictory testimony by expert witnesses.


MTBE had been used in gasoline since the 1970s to increase octane and reduce smog-causing emissions. While it was credited with cutting air pollution, it was found in the late 1990s to contaminate drinking water when gasoline is spilled or leaks into surface or groundwater. New Hampshire banned its use in 2007.


Roughly 60 percent of New Hampshire’s population gets its drinking water from wells, which drives up the estimated cost to test and treat contaminated water sources.


Energy News Headlines – Yahoo! News





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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.


The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.


Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.


An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.


"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.


"What we're looking for is demand. Demand from small business owners, from consumers."


EARNINGS AND ECONOMIC EXPECTATIONS


Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.


Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.


Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.


The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.


Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.


HOUSING, INDUSTRIAL DATA ON TAP


Next week will also feature the release of a wide range of economic data.


Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.


Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.


Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.


"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."


POLITICAL ANXIETY


Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.


The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.


Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.


The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.


"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.


The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.


"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."


(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)



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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.


The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.


Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.


An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.


"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.


"What we're looking for is demand. Demand from small business owners, from consumers."


EARNINGS AND ECONOMIC EXPECTATIONS


Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.


Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.


Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.


The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.


Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.


HOUSING, INDUSTRIAL DATA ON TAP


Next week will also feature the release of a wide range of economic data.


Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.


Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.


Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.


"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."


POLITICAL ANXIETY


Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.


The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.


Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.


The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.


"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.


The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.


"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."


(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)



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Obama’s Ambitious Second-Term Agenda Could Backfire






The White House’s ambitious agenda on gun control, immigration reform, and, perhaps, even climate change is a sign that President Obama believes he locked up precious political capital with his reelection and intends to spend it quickly. But that isn’t welcome news to many of the Democrats who need him the most in the short term–the seven Democratic senators in conservative states facing tough reelection bids.


Just one week into the new year, Obama has already hit some unpleasant stumbling blocks with his own party. On gun control, the White House is now calculating that it will be “exceedingly difficult” to pass broad measures, The New York Times reports, a sharp U-turn from its optimism heading into the new year. Senators from the president’s own party are the ones giving him trouble over his nominee for Defense secretary, former GOP Sen. Chuck Hagel, with one of the president’s most partisan backers privately expressing doubt about whether he’ll support his nomination. 






And on Friday, Sen. Jay Rockefeller, D-W.Va., announced his retirement, making it even more likely that a West Virginia Senate seat will turn Republican for the first time since 1959. Rockefeller’s decision to step down early may give him more flexibility to vote with the White House on its pet initiatives, but it creates major problems for the Democrats looking to succeed him. The White House’s planned agenda for the coming year is awfully inhospitable for a Democrat looking to keep his or her distance from the national party. (Notably, newly minted Democratic Senatorial Campaign Committee Chairman Michael Bennet, in a statement, said he is confident the party will elect an “independent-minded Democrat” to a seat.)


This is just the tip of the iceberg. To maintain their Senate majority in 2014, Democrats need to hold onto seven seats being contested on inhospitable turf–Louisiana, Arkansas, Alaska, Montana, West Virginia, North Carolina, and South Dakota. Obama holds solid approval ratings nationally but, given the state of affairs in our polarized country, is in much more tenuous shape down South. The strategic positioning of Democratic Sens. Mary Landrieu of Louisiana, Mark Pryor or Arkansas, Kay Hagan of North Carolina, and Mark Begich of Alaska will be fascinating to watch over the next year. Immigration, for example, is probably a winning issue for the president overall, but it will be a much tougher sell with Democrats in conservative states and districts. Rockefeller took the easy way out in stepping down.


My National Journal colleagues Ron Fournier and Jill Lawrence have been engaging in a debate over whether Obama is merely a good president, or a potentially great one. I disagree with the premise. I’d argue that given Democratic congressional supermajorities in his first two years and the lingering unpopularity of the Republican Party, he held the potential to accomplish a lot more–and in a more bipartisan fashion, as well. Health care reform was a costly detour from promoting a jobs-centric agenda in the president’s first year. He’s spending significant political capital on Hagel, at a time when the White House desperately needs a united Democratic front on gun control and immigration.


Obama’s predecessor, George W. Bush, learned the hard way about bragging about his mandate, seeing his own ambitious Social Security reforms blow up in his face thanks to recalcitrant Republicans, and watching his approval ratings trend downward from there. Understanding the political limits, while also recognizing strategic opportunities, is an essential part of a president’s job responsibility.


One of the biggest differences between 2012 and 2014 for down-ballot Democrats is that the president doesn’t have the same political imperative to tack to the middle, free to pursue the issues deemed most important. That might be good for the president’s legacy, certainly if he accomplishes his agenda, but the politically at-risk members of his own party are probably having different thoughts.


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World shares at eight-month high, euro rallies on ECB shift

LONDON (Reuters) - European shares consolidated close to two year highs on Friday after Europe's Central Bank expressed cautious optimism on the euro zone's prospects.


Strong Chinese trade data on Thursday also helped lift economists' expectations of a steady global recovery this year, although a pick-up in Chinese inflation on Friday prompted profit-taking on Asia shares outside Japan and dampened oil.


The FTSEurofirst 300 <.fteu3> of top European shares opened in positive territory but had returned to a near-unchanged 1164.42 by 0850 GMT, with London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> all broadly steady. <.l><.eu><.n/>


It pushed the MSCI index of world shares <.miwd00000pus> to 350.08 points, a new eight-month high.


"People are starting to come back to the stock market because they don't have any other option," said Edward Page Croft, managing director at Stockopedia.


"Equities are very overdue a rest but that shouldn't make people through in the towel in my opinion (as) they will continue to be supported by central banks' very accommodative policies."


The major news from the ECB's meeting on Thursday was that none of the bank's policymakers had pushed to cut rates. Last month some had, and the change saw markets largely price out any reduction in rates in the coming months.


It triggered a jump in the euro and the rally resumed as European trading gathered pace, pushing the single currency above $1.3270 and to an 18-month high against the yen and a four-month high versus the Swiss franc.


The dollar, meanwhile, jumped to 89.35 yen, its highest since June 2010, on strengthening speculation new Japanese Prime Minister Shinzo Abe will exert strong pressure on the Bank of Japan to pursue aggressive easing steps.


Japan's cabinet approved on Friday an economic stimulus package in the biggest spending boost since the financial crisis. Abe also said in an interview with the Nikkei newspaper the BOJ should consider maximizing employment as a monetary policy goal to help boost the economy.


In the bond market, German Bund futures extended the previous day's losses after the ECB cooled expectations of a near-term rate cut.


Expectations of a strong Italian bond auction later in the day, after Spain made a successful start to its 2013 fund raising program on Thursday, also eroded demand for low-risk Bunds.


Oil prices reacted to the faster-than-expected Chinese inflation data, with Brent crude futures falling back towards $111 a barrel.


(Additional reporting by Francesco Canepa; editing by Philippa Fletcher)



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Trapped Killer Whales Free Themselves






The killer whales trapped under ice near a remote Quebec village reached safety today after the floes shifted on Hudson Bay, according to the mayor’s office in Inukjuak.


Water opened up around the area where the orcas had been coming up for air and the winds seemed to have shifted overnight, creating a passageway to the open water six miles away.






“Two men were sent to check on the whales around 8 a.m., and they found that a passage of water had been created, all of the way to the open sea,” Johnny Williams, the town manager, told ABCNews.com. “The wind from the north shifted yesterday.


“This is great news,” Williams said.


He said the local residents are rejoicing now that they’ve learned the news.


“They’re all really happy and really celebrating,” Williams said. “They have smiles, and are saying thank you — everything!”


Williams said he was unsure how far the whales have moved, but that they were definitely not under the ice hole. The mayor, Peter Inukpuk, and others will be flying over the area as soon as a plane arrives from Montreal to see if the whales can be found, Williams said.


PHOTOS: Amazing Animals


Residents in the remote village of Inukjuak had been watching helplessly as at least 12 whales struggled to breathe out of a hole slightly bigger than a pickup truck in a desperate bid to survive.


The community had asked the Canadian government for help in freeing the killer whales, believed to be an entire family. The government denied a request to bring icebreakers Wednesday, saying they were too far away to help. Inukjuak, about 900 miles north of Montreal, was ill-equipped to jump into action.


Joe Gaydos, director and chief scientist at the SeaDoc Society in Eastsound, Wash., said that although the whales can go a long time without food, the length of time they can hold their breath, which they must do underwater, was the question.


“The challenge [was] to figure out where the next hole is,” he told ABCNews.com before the whales found freedom. “If that lake freezes over, it’s an unfortunate situation. It’s a very limited chance. It’s a matter of luck.”


Inukjuak residents posted a video online to show the whales’ struggles. In the clip, the whales are seen taking turns breathing. They can’t bend their necks so they do a “spy-hopping” maneuver, Gaydos said, in order to look for another hole in the ice.


A hunter first spotted the pod of trapped whales Tuesday. It is believed that the whales swam into the waters north of Quebec during recent warm weather.


ABC News’ Bethany Owings contributed to this report


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Stock index futures point to second day of gains

LONDON (Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500, Dow Jones and Nasdaq 100 all around 0.2 percent higher at 0920 GMT.


European shares traded in sight of recent multi-month highs, with FTSEurofirst 300 <.fteu3> flat at 1,167.51 points by 0913 GMT <.eu> while Asian markets closed higher, supported by solid Chinese data <.t>.


China's export growth rebounded surprisingly sharply in December to a seven-month high, in a strong finish to the year for an economy that had slowed for seven quarters, but the spike may not herald an enduring recovery as global demand stays subdued.


U.S. stocks rose on Wednesday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season. The Dow Jones industrial average <.dji> gained 61.66 points, or 0.46 percent, to 13,390.51. The Standard & Poor's 500 Index <.spx> rose 3.87 points, or 0.27 percent, to 1,461.02. The Nasdaq Composite Index <.ixic> gained 14.00 points, or 0.45 percent, to 3,105.81.


The nascent earnings season pauses, with no S&P 500 companies scheduled to report on Thursday.


Casual dining chain Ruby Tuesday Inc lowered the upper end of its full-year adjusted profit forecast after posting a wider-than-expected second-quarter loss. Shares fell after the bell.


U.S. asset manager BlackRock is to buy Swiss bank Credit Suisse's exchange-traded fund business for an undisclosed price.


A relatively thin U.S. data calendar features December trade data at 1330 GMT and budget figures at 1900 GMT.


Both the Bank of England and the European Central Bank are expected to announce on-hold policy ahead of U.S. market open, with the focus for the latter on the 1330 GMT press conference.


(Reporting By Toni Vorobyova; Editing by Catherine Evans)



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Indian park battles poachers targeting rhino horn






KAZIRANGA, India (AP) — Out of the early morning mists and tall grass of northeast India emerges a massive creature with a dinosaur-like face, having survived millions of years despite a curse — literally on its head. As elephant-borne riders approach, the formidable hulk sniffs the air for danger, then resumes its breakfast.


     This is Kaziranga, refuge to more than 2,200 endangered Indian rhinoceros and one of the world’s best-protected wildlife reserves. But even here, where rangers follow shoot-to-kill orders, poachers are laying siege to “Fortress Kaziranga,” attempting to sheer off the animals’ horns to supply a surge in demand for purported medicine in China that’s pricier than gold. At least 18 rhino fell to poachers in and around the park in 2012, compared to 10 in all of India in 2011.






     Insurgents eager to bolster their war chests here in India’s Assam state are also involved, according to police. Authorities are investigating a recent news report that a Chinese company offered two rebel groups a deal: weapons in exchange for horns and body parts of the one-horned species whose scientific name is rhinoceros unicornis.


     Pitted against the poachers, some armed with battlefield rifles, are 152 anti-poaching camps staffed by more than 900 rangers, guards and other personnel — almost one for every square kilometer of the reserve. These include a well-armed task force rushed in when the poaching erupted again early last year. Kaziranga also is ready to deploy drones and satellite surveillance to track the intruders.


     The rhino war is a bloody one on all counts. A number of guards have been killed along with 108 poachers since 1985 while 507 rhino have perished by gunfire, electrocution or spiked pits set by the poachers, according to the park. More than 50 poachers were arrested last year.


      “It’s highly organized crime where someone comes to buy, somebody supplies the arms, someone comes as a shooter and local field men help them,” says veteran park chief N.K. Vasu, as a nighttime operation that nets one poacher gets under way. “If mobilization had not occurred there would have been widespread killings.”   


     Reflecting the globalization of wildlife trafficking, the accelerating slaughter for China’s market occurs wherever one of the world’s oldest and largest mammals are found, especially in southern Africa. In South Africa alone, more than 630 rhinos fell to poachers last year, up from 13 in 2007, according to the country’s Department of Environmental Affairs.


       Driving the killings are soaring prices that China’s growing, moneyed class are willing to pay — up to $ 65,000 per kilogram ($ 30,000 per pound). This has even forced museums in Europe where thefts have occurred to replace real rhino horns with fakes.


      Behind it is a deeply rooted belief among many Chinese that rhino horn — basically compressed hair — can cure everything from rheumatism to cancer, despite admonitions by most medical experts that it has “about as much medicinal value as chewing one’s fingernails.” The product has been struck from the list of officially approved Chinese traditional medicines but is readily available in China and Vietnam, the second largest consumer.


     To date, experts say Asian countries have proved better at protecting their rhinos than Africa, where most of the China-bound horns originate before being smuggled mainly through Southeast Asia by air, land and sea.


     “The bosses of criminal syndicates which control the trafficking go where the cost of business is very low, and that’s now in Africa,” says Christy Williams of the World Wide Fund for Nature. ”If Africa starts to really crack down, then they’ll be moving back to Asia. People are always ready to poach rhino. They are only waiting for an opportunity, for the protection to go down.”


      Kaziranga park statistics since 1980 reflect this ebb and flow, stemming from both demand and the level of protection afforded. The 1990s saw intensive poaching with a high of 48 rhinos killed in 1992. It subsided after 1998 but shot up again this year.


      Williams, who is based in Nepal, says Asian smuggling routes run from India through Nepal to Tibet and into other regions of China or through northern Myanmar to China. “Beyond, when it heads into Tibet, it’s a black hole,” he says.


      China has in the past supported an array of insurgent groups in Assam and other areas of India’s northeast that have sought independence from India, and growing economic and transport links are facilitating wildlife trafficking.


       Last month, Seven Sisters Post, an English-language newspaper in Assam, reported that the United Liberation Front of Assam and another rebel group have been approached several times by the Longhui Pharmaceutical Company, a subsidiary of arms manufacturer Hawk Group, to supply rhino parts in exchange for weapons, something the groups claim they rejected. The web site of Longhui, based in Hainan province, says the company produces rhino horn medicine through “shaving alive rhino horn technology.”


      J.N. Choudhury, Assam’s police chief, declined to comment on the report, which the government is investigating, but said members of the Karbi Longri NC Liberation Front have been arrested in recent weeks on charges of rhino poaching in and around Kaziranga. News reports say other rebel groups are also involved.


      Despite such threats both Assam and Nepal — homes to the densest rhino populations in Asia — have notched impressive records in curbing poaching. Rhino tourism in both countries brings in considerable revenue, and the animal is an Assamese icon with the recent spate of poaching sparking a public outcry.  


      Kaziranga itself is regarded as one of the world’s great wildlife conservation victories. From some 20 rhino at the beginning of the 19th century — when maharajas and British colonials shot them by the scores — it now faces the problem of overpopulation. This Asian Eden also shelters healthy numbers of tigers, elephants, the highly endangered swamp deer and some 500 species of birds.


      To keep it that way, Vasu says it’s essential to “dominate every inch of the ground” inside the park and link up with area police and civil authorities, a weakness in the past along with continuing corruption.


      “In one hour you are set for life,” says Polash Bora, a naturalist who has worked in the park for 21 years, referring to the temptation for park guards to abet poaching. He also notes trafficking kingpins rarely get caught in India’s northeast because of their connections with police and other authorities.


       But overall, Kaziranga‘s green front line has drawn widespread praise, patrolling around the clock, living in lonely camps, until recently drawing low pay and regularly attacked, sometimes killed, by tigers, wild buffalo and rhino because they are forbidden to shoot wildlife. The poachers they encounter now wield sophisticated weapons and communications.


     ”It’s hard to catch them, especially since they come at night. You hear a gunshot and in five minutes they cut off the horn and run away into the tall grass and jungle,” says P.K. Barua, a veteran ranger at a four-man camp deep inside the park. When they use silencers on their guns, a recent development, a dead rhino may not be discovered for days.


      “You only know that one has been killed when you see the vultures circling overhead,” he says.


___


Associated Press writer Wasbir Hussain in Gauhati, India, contributed to this report.


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Shares buoyed by Alcoa earnings, dollar gains on yen

LONDON (Reuters) - European shares rose slightly on Wednesday, ending two days of losses after aluminum giant Alcoa opened the U.S. earnings season with an optimistic outlook for world demand.


But with a light data day in prospect for Europe, featuring mainly German and Greek industrial output figures, and with European and UK central banks due to meet on Thursday, market movements were expected to be limited.


Shares in Alcoa, the largest aluminum producer in the United States, rose 1.3 percent in after-hours trade after it reported a fourth-quarter profit in line with Wall Street expectations and revenues which beat forecasts.


"Alcoa's results are generally considered a bellwether for the global economy and the fact that the aluminum giant forecasts higher demand in 2013 appeased investors," Stan Shamu, a market strategist at IG, wrote in a trading note.


The results lifted Asia stock markets and saw Europe's FTSE Eurofirst 300 index <.fteu3> gain around 0.4 percent in early trade. London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were up to 0.6 percent higher.


U.S. stock futures suggested a firmer Wall Street start with a 0.15 percent gain. <.l><.eu><.n/>


Corporate profits are expected to be higher than the third quarter's lackluster results, but analysts' estimates are down sharply from where they were in October.


"Expectations are quite low going into the earnings season as we saw a lot of downward guidance in the past few months. There is potential for an upside surprise to come through," Robert Parkes, equity strategist at HSBC Securities, said.


In European fixed income markets German Bund prices dipped slightly as investors prepared for the government's auction of 5 billion euros worth of new five year bonds following successful debt sales in Austria, the Netherlands and Ireland on Tuesday.


The dollar meanwhile was stronger against the Japanese yen on expectations of a much bolder monetary easing from the Bank of Japan at its next meeting later this month.


The U.S. currency was up 0.7 percent at 87.65 yen, having hit an intraday low near 86.83 yen in Tokyo, its lowest in nearly a week and a loss of about 1.9 percent from last Friday's peak of 88.48 yen, its highest since July 2010.


The euro held steady against the dollar at $1.3080,


Brent crude oil was also steady below $112 per barrel as the market awaited the latest trade data from China, the world's biggest energy consumer, due on Thursday.


"What we're seeing in the oil markets is the cautious sentiment playing up ahead of some key economic events this week," said Ker Chung Yang, senior investment analyst at Phillips Futures in Singapore.


However, iron ore jumped to its highest since October 2011, stretching a rally that has lifted prices by more than a third since December as China replenished stockpile's and supply in the spot market remained limited.


(Additional reporting by Atul Prakash; editing by Anna Willard)



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2012 was hottest year on record in U.S., climate agency says






CHICAGO (Reuters) – The year 2012 was the warmest on record for the contiguous United States, beating the previous record by a full degree in temperature, a government climate agency said on Tuesday.


Scientists at the National Oceanic and Atmospheric Administration said the average temperature in 2012 in the contiguous United States was 55.3 degrees Fahrenheit (12.94 degrees Celsius), 3.2 degrees above the average recorded during the 20th century and 1.0 degree above 1998, until now the hottest on record. The contiguous United States excludes Alaska and Hawaii.






The agency also confirmed what many farmers in the nation’s midsection and many residents of the western part of the country already knew: 2012 was drier than average.


The year was 15th driest year on record, it said. At the peak of the heat in July 2012, 61 percent of the country was in drought, NOAA said, including the nation’s breadbasket of the Midwest, as well as the Southwest and Mountain West, where wildfires charred 9.2 million acres.


The agency’s U.S. Climate Extremes Index, which tracks volatility in temperature and precipitation as well as the number of tropical cyclones making landfall, was twice as active as normal in 2012, the agency said. Only 1998 had more extreme weather, NOAA said.


There were 11 weather-related disasters in the continental United States during 2012, with losses topping $ 1 billion, including Hurricanes Sandy and Isaac and a series of tornadoes in the Great Plains, Texas and the Ohio Valley, it said.


Among the other findings released on Tuesday:


* Every state in the contiguous U.S. experienced above-average annual temperatures in 2012. Nineteen had a record warm year and an additional 26 had one of their 10 warmest.


* Spring started off with the warmest March on record, followed by the fourth-warmest April and the second-warmest May. The season’s temperature was 5.2 degrees Fahrenheit above average, making it the warmest spring on record, surpassing the previous record by 2.0 degrees, the agency said.


* The above-average temperatures during the spring continued into summer. The heat peaked in July with an average temperature of 76.9 degrees Fahrenheit (24.94 degrees Celsius), 3.6 degrees above average, making it the hottest month ever observed in the continental United States.


* An estimated 99.1 million people – nearly one-third of the nation’s population – experienced 10 or more days during the summer when temperatures exceeded 100 degrees Fahrenheit, the agency said.


* There were fewer-than-average tornadoes in 2012. Although the season got off to a busy start with large outbreaks in March and April, May and June – typically the most active months of the year – there were fewer than half the normal number of tornados. The final tornado count for 2012 was less than 1,000, NOAA said, the smallest number since 2002.


* While Hawaii and Alaska were outside the area where the hottest weather hit last year, NOAA said those two states had unusual weather of their own during the year. Alaska was cooler and slightly wetter than average during 2012, the agency said. In Hawaii, drought conditions spread during the year, with 63.3 percent of the state experiencing drought by the end of the year.


(Reporting by James B. Kelleher; Editing by Greg McCune and Tim Dobbyn)


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Stock index futures signal lower Wall Street open

LONDON (Reuters) - U.S. stock index futures pointed to a slightly lower Wall Street open on Tuesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 down 0.1 to 0.3 percent.


Alcoa and Monsanto are two of the first large companies to report quarterly results as the earnings season begins. Wall Street expects both the companies to show improved profit from a year ago.


ICSC/Goldman Sachs release chain store sales for the week ended January 5 at 1245 GMT. In the previous week, sales rose 0.6 percent.


Samsung Electronics said it likely earned a quarterly profit of $8.3 billion as it sold close to 500 handsets a minute and as demand picked up for the flat screens it makes for mobile devices, including those for rival Apple Inc products.


Redbook releases its Retail Sales Index of department and chain store sales for January at 1355 GMT. In the previous month, sales rose 0.1 percent.


Sears Holdings Corp said late on Monday Chief Executive Louis D'Ambrosio will step down for family health reasons after the U.S. retailer reported a 1.8 percent decline in quarter-to-date sales at stores open at least a year.


National Federation of Independent Business releases small business optimism index for December at 1230 GMT. In the previous month, the index read 87.5.


The FTSEurofirst 300 <.fteu3> index of top European shares turned flat in morning session on Tuesday after opening lower, with gains in telecom stocks offsetting declines in financial and mining shares.


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


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


(Reporting by Atul Prakash; Editing by Alistair Lyon)



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Analyst cuts ratings for coal cos. on weak demand






NEW YORK (AP) — A Raymond James analyst on Monday cut his ratings for a trio of coal companies, saying that mild winter weather has driven down the price of natural gas and reduced demand for coal.


THE OPINION: James Rollyson said that after a tough 2012, he was originally optimistic about coal company prospects in 2013, as natural gas companies slowed their production growth and natural gas prices began to rise.






Rollyson thought that higher natural gas prices would prompt some utilities to switch from gas to coal, boosting demand for the coal companies.


But while natural gas prices did rise a bit, the number of heating days in in November and December ran about 13 percent below normal and 2 percent below last year’s mild winter. In addition the weather in many parts of the country is expected to remain mild, at least for the near term, further reducing heating demand, Rollyson said.


Natural gas futures prices have fallen from about $ 4 per 1,000 cubic feet in November to $ 3.27 on Monday, a drop of more than 18 percent.


Rollyson said that while natural gas prices, and demand for coal, should still be up from last year’s levels, they won’t be as high as previously expected and will probably delay a recovery in U.S. coal prices.


As a result he cut his ratings for Cloud Peak Energy Inc. and James River Coal Co. to “Market Perform” from “Outperform” and for Consol Energy Inc. to “Outperform” from “Strong Buy.”


THE SHARES: In afternoon trading, Cloud Peak shares fell 33 cents to $ 19.13; James River lost 12 cents, or 3.3 percent, to $ 3.48; and Consol dropped 60 cents to $ 31.83.


Weather News Headlines – Yahoo! News





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Global shares, oil slide, but growth outlook limits falls

LONDON (Reuters) - World equities and oil prices eased on Monday as some investors booked profits after last week's strong gains, but optimism over the global growth outlook limited the falls.


Data from the United States on Friday showed employers kept up a steady pace of hiring in December and its vast services sector was expanding at a brisk rate, while manufacturing surveys pointed to growing activity in China.


This compounded the boost to markets last week when U.S. lawmakers averted a budget crisis, at least for the moment.


"There is a lot of optimism in the market because the U.S. 'fiscal cliff' has been avoided, Europe's debt crisis has eased and the Chinese economy seems to be growing again," said Koen De Leus, senior economist at KBC Group.


The FTSE Eurofirst <.fteu3> index of top European shares was little changed near its 22-month high hit last week, while the MSCI's broad world equity index <.miwd00000pus> dipped 0.1 percent but remained close to an 18-month peak.


Financial shares outperformed the broader market after global regulators relaxed plans for tough new liquidity rules on Sunday. The STOXX 600 European banking index <.sx7p> was up by 1.2 percent.


"The move gives the banking sector some breathing space, which would be good for the economy as a whole," De Leus said.


Brent crude oil futures slipped 40 cents to $110.89 per barrel after rising 0.6 percent last week.


Investors were beginning to look to the first policy meetings of the year at the European Central Bank and Bank of England on Thursday when no rate moves are expected but new euro zone forecasts are due.


Some analysts expect the ECB to point to the chances of an easing in rates early this year, a week after the U.S. Federal Reserve indicated it may pursue less accommodative policies in future. More immediately, the Bank of Japan is set to take major steps to stimulate the country's economy as the new government aims to end deflation and recession.


The possibility of less monetary stimulus in 2013 from the Fed and more from the Bank of Japan sent the dollar to a two-and-a-half year peak against the yen last week but profit taking saw it ease on Monday by 0.5 percent to 87.75 yen.


Against the euro, the dollar gained 0.3 percent to $1.3030.


In the European bond markets German Bund futures rose 0.4 percent after their steep falls last week with investors focused on auctions by Spain and Italy later in the week.


Last week's revelation of a more cautious Fed attitude to further monetary stimulus will put much attention on 10- and 30-year U.S. Treasury debt sales this week.


(Additional reporting by Atul Prakash; editing by David Stamp)



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California storm bringing round of odd weather






The latest winter storm to move into California brought some odd weather to the region, including thunderstorms in Northern California and snow in the mountains of Southern California, forecasters said.


Thunderstorms were in the forecast Sunday for the San Mateo and Monterey County coasts, with lightning strikes reported early Sunday, the National Weather Service reported Sunday.






Snow was also expected in some of the higher elevations of the Santa Lucia Mountains, a mountain range that runs from Monterey County south to San Luis Obispo.


In Southern California, the storm dropped snow as low as 3,500 feet early Sunday, and winds with gusts topping out at 50 mph were expected in some mountain areas and in the foothills of the San Gabriel Valley. The storm could dump up to four inches of snow before moving out Southern California Monday morning, forecasters said.


Along the beaches, officials were warning about dangerous rip currents and waves as high as 15 feet from Big Sur south to Point Conception in Santa Barbara County.


A high surf advisory was in effect through Monday night for the area.


In the Sierra Nevada, forecasters said snow showers were expected throughout Sunday, with the heaviest snow falling in Mono County, where up to five inches was expected to accumulate.


Near Lake Tahoe, ski resorts in the area were expected see about two inches of new snow, on top of the one or two inches of snow that fell Saturday and early Sunday.


Officials said Sunday that tire chains were required on all vehicles except four-wheel drives on Highway 50 over Echo Summit and on Highway 88 over Carson Pass.


Tire chains or snow tires were also required on a 75-mile section of Highway 395 along the eastern Sierra between Bridgeport and Carson City, Nev.


Weather News Headlines – Yahoo! News





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