Energy-Guzzling Cities Changing Weather 1,000 Miles Away

The heat released by everyday activities in energy-guzzling cities is changing the weather in far-away places, scientists report today (Jan. 27).

The released heat is changing temperatures in areas more than 1,000 miles away (1609 kilometers). It is warming parts of North America by about 1 degree Fahrenheit (0.6 degrees Celsius) and northern Asia by as much as 1.8 degrees Fahrenheit (1 degree Celsius), while cooling areas of Europe by a similar amount, scientists report in the journal Nature Climate Change.

The released heat (dubbed waste heat), it seems, is changing atmospheric circulation, including jet streams — powerful narrow currents of wind that blow from west to east and north to south in the upper atmosphere. 

This impact on regional temperatures may explain a climate puzzle of sorts: why some areas are having warmer winters than predicted by climate models, the researchers said. In turn, the results suggest this phenomenon should be accounted for in models forecasting global warming.

“There’s a tendency in climate science to overlook the effects of cities,” Brian Stone, a professor of city and regional planning at Georgia Tech, told LiveScience. “Cities occupy just a few percent of the global land surface, but the amount of energy released as waste heat is contributing downwind to pretty significant changes in climate. I hope this will encourage us to focus more on cities as important drivers of climate change,” added Stone, who was not involved in the current study. [8 Ways Global Warming Is Already Changing the World]

Hot in the city

Cities are known to be warmer than their surroundings due to what’s known as the urban heat island effect — pavement, buildings and other building materials retain heat, preventing it from reradiating into the sky.

In the new study, the researchers looked at another kind of “urban heat,” this one produced directly by transportation, heating and cooling units, and other energy-consuming activities.

“The burning of fossil fuel not only emits greenhouse gases, but also directly affects temperatures because of heat that escapes from sources like buildings and cars,” said study researcher Aixue Hu, of the National Center for Atmospheric Research (NCAR), in a statement. “Although much of this waste heat is concentrated in large cities, it can change atmospheric patterns in a way that raises or lowers temperatures across considerable distances.”

Hu and colleagues studied the energy effect using the National Center for Atmospheric Research (NCAR) model, a widely used climate model that takes into account the effects of greenhouse gases, topography, oceans, ice and global weather. The researchers ran the model with and without the input of human energy consumption, to see whether it could account for large-scale regional warming.

When man-made energy was included in the model, it led to winter and autumn temperature changes of up to 1.8 degrees F (1 degree C) in mid- and high-latitude parts of North America and Eurasia. The modeling is based on estimates, however, and more studies are needed to measure how much heat is actually released by urban areas.

Heat disrupts jet stream

Here’s how the scientists think it works: Energy-hungry metropolitan areas are located on the east and west coasts of North America and Eurasia, beneath major “hot spots” of atmospheric circulation. The waste heat from these cities creates thermal mountains, or taller-than-normal columns of heated air, which cause air jets moving eastward to deflect northward and southward.

As a result, the jet stream in upper latitudes widens and strengthens, bringing up hot air from the south and causing warming far from the urban areas (and concurrent cooling in others).

“The energy consumption in highly populated areas can cause changes in wind patterns, and that causes climate change far away from the heating source,” said meteorologist and study author Ming Cai of Florida State University.

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

Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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Exxon Mobil dethrones Apple as world’s most valuable company

Apple (AAPL) has lost its title as the word’s most valuable company to Exxon Mobil (XOM) only a year after it reached the milestone. Despite reporting strong earnings this week, expectations are high for the company and its guidance has Wall Street investors worried. Shares of Apple have been hit hard in recent weeks and have continued to fall to a 12-month low. On Friday, the company’s market cap fell below $ 416 billion, giving Exxon Mobil the title of world’s most valuable company once again. As of publication, Apple is currently trading down more than 2% at $ 441.36 a share with a market cap of $ 414.26 billion.

[More from BGR: Unlocking your smartphone will be illegal starting next week]

This article was originally published on BGR.com

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Stock index futures signal mixed Wall Street open

LONDON (Reuters) - Stock futures pointed to a mixed open on Wall Street on Friday, with futures for the S&P 500 rising 0.2 percent, the Dow Jones futures down 0.2 percent and the Nasdaq 100 futures up 0.3 percent.

Apple stepped up audits of working conditions at major suppliers last year, discovering multiple cases of underage workers, discrimination and wage problems.

Samsung Electronics turned cautious on spending for the first time since the global financial crisis, keeping its annual investment plan unchanged at 2012 levels, as demand for computer chips wanes and the smartphone market slows.

Procter & Gamble , the world's top household products maker, and smaller rival Kimberly-Clark will kick off the earnings season for U.S. household products makers. Halliburton , the world's second-largest oilfield services company, is also due to report results.

Honeywell , the diversified U.S. manufacturer, will be in focus as it reports earnings, with modest growth in demand for systems used to manage large buildings expected to be offset by declining sales to the military.

The Commerce Department releases new home sales data for December at 1500 GMT. Economists forecast a total of 385,000 annualized units, compared with 377,000 in November.

Economic Cycle Research Institute releases its weekly index of economic activity for January 18 at 1530 GMT. In the prior week the index read 130.

European shares <.fteu3> rose 0.1 percent after a survey showed German business morale improved for a third consecutive month in January.

The smallest of gains gave the Standard & Poor's 500 its seventh straight winning day on Thursday, but the index failed to hold above the 1,500 line, restrained by Apple's worst day in more than four years.

The Dow Jones industrial average <.dji> rose 0.33 percent at the close, the S&P 500 <.spx> ended flat and the Nasdaq Composite <.ixic> dropped 0.74 percent. Most of the Nasdaq's loss was due to Apple's slide of more than 12 percent after disappointing earnings.

(Reporting by Atul Prakash; Editing by Susan Fenton)

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Chilling! Arctic Air Invasion Captured in Animation

If you live anywhere within the northern two-thirds of the United States, you’ve probably noticed that it’s pretty chilly outside. The plunge in temperatures over the past few days comes courtesy of an invasion of Arctic air that has been captured in a mesmerizing new animation from the National Oceanic and Atmospheric Administration.

The animation, made with weather data from the NOAA/NCEP Real-Time Mesoscale Analysis, begins on Saturday (Jan. 19) with very cold air seen only over the Rockies, Montana, North Dakota, the northern half of Minnesota and the northern portions of New England. Much of the eastern and central parts of the country saw weekend weather that was balmier than usual for mid-January.

Thanks to a kink in the jet stream that brought it dipping down, the cold air begins plunging southward on Sunday, mostly in the northern plains states and the Midwest. On Monday it begins to surge even farther to the south, covering the Plains, the Midwest, the Northeast and even extending into some of the southern states.

The cold surge retreats a bit later in the day, then makes another push on Tuesday, fully extending into the northern parts of Mississippi, Alabama and Georgia. The pattern repeats on Wednesday, with the cold receding much farther north later in the day, before making another southward push on Thursday.

All the back-and-forth is caused by diurnal cycle of heating and cooling, a NOAA statement explains, but “the pattern is clear: much of the U.S. is pretty cold,” it notes.

The cold air is expected to retreat from the Midwest this weekend, letting warmer air force its way in, according to Accuweather.com. The collision of these air masses will bring an ice storm to the region, the site’s meteorologists predict.

Snow and icy weather could hit the eastern United States starting tomorrow (Jan. 25), with temperatures finally rising above freezing over the weekend or early next week, depending on the location.

Reach Andrea Thompson at [email protected] and follow her on twitter @AndreaTOAP. Follow OurAmazingPlanet on Twitter @OAPlanet. We’re also on Facebook and Google+.

Copyright 2013 OurAmazingPlanet, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Shares dip as investors brace for euro zone data

LONDON (Reuters) - European shares weakened on Thursday as investors braced for the year's first reading on euro zone business activity for 2013 after data showed that France, the region's second-biggest economy, may be in recession.

Markets are hoping for a modest improvement in the estimates for manufacturing and service sector activity across the euro area for January, due later, to support the recent rallies in equities and peripheral European debt markets.

"January's flash PMI data (for France) signals a very disappointing start to 2013," said Jack Kennedy, senior economist at Markit, which compiles the purchasing managers' index (PMI) data.

Europe's FTSEurofirst 300 index <.fteu3> of top company shares fell 0.3 percent to 1,164.30 points after the French data was released, still not far from a peak of 1,170.29 points hit two weeks ago, a level not seen since early 2011.

London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were down by up to 0.5 percent.

"All the major benchmarks are looking overbought, and any short-term correction will be seen as a buying opportunity, but the longer-term trend is still to the upside," said Jawaid Afsar, a sales trader at Securequity.

The euro fell 0.2 percent on the day to hit $1.3286 after Markit said its preliminary composite purchasing managers' index (PMI) for France, covering activity in the services and manufacturing sectors combined, came out at 42.7 for the month, down from 44.6 in December.

The common currency recovered slightly when German PMI data for January showed private-sector activity jumped to its highest level in a year.

APPLE BITES

The main European tech stock index <.sx8p> was down 0.85 percent after the world's largest technology company, Apple , released disappointing earnings figures after the U.S. markets had closed.

The results had earlier fanned earnings worries across the technology sector in Asia, overshadowing positive data on Chinese manufacturing activity.

China's HSBC flash purchasing managers' index (PMI) rose to 51.9 in January to a two-year high, signaling a rebound in manufacturing activity and confirming a recovery in growth in the world's second-largest economy was on track.

(Additional reporting by David Brett; Editing by Will Waterman)

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Deep freeze grips northern U.S. from Minnesota to Maine

MINNEAPOLIS (Reuters) – Frigid arctic air held the U.S. Midwest and Northeast in its icy grip on Wednesday, with the cold so dangerous that municipal emergency warming centers opened up and ski resorts shut down.

The National Weather Service warned the wind chill could make the temperature feel like 40 degrees below zero Fahrenheit(minus 40 degrees Celsius) in parts of Northern Minnesota until noon on Thursday.

Wintry conditions from Minneapolis to Washington marked the coldest conditions in many parts of the United States in four years, but were nowhere near the record lows for January, meteorologists said.

“This cold that we are experiencing right now came straight from the arctic,” said Tom Kines, an AccuWeather.com senior meteorologist.

Washington, D.C., reported its coldest weather in four years, reaching 16 degrees Fahrenheit (minus 9 degrees Celsius)at Reagan National Airport early Wednesday.

The National Weather Service issued a wind chill warning for New Hampshire until Wednesday evening, with values as low as 43 degrees below zero (minus 42 degrees Celsius) because of steady winds up to 20 miles per hour and gusts up to 30 mph.

New Hampshire’s Wildcat Mountain ski area said it would be closed to skiers on Wednesday and Thursday as temperatures, forecast to drop to 10 degrees below zero Fahrenheit (minus 23 degrees Celsius), made for “unsafe conditions” for skiers and workers.

The deep freeze had forced some Minnesota school districts to delay openings or cancel classes and activities on Tuesday, and some ski areas to close early due to the wind chills.

“It won’t take that much wind to get things a little bit colder than they really seem to be,” National Weather Service meteorologist Kevin Kraujalis said.

Temperatures in Minnesota were on par with New York state, New Hampshire, Vermont and Maine.

Connecticut’s governor Dannel Malloy urged towns and cities to open warming centers and at least four municipalities did, including Bristol, Torrington, Meriden and West Haven, said Scott DeVico, spokesman for the Connecticut Department of Emergency Services & Public Protection. At least 22 people seeking shelter called an emergency 211 phone line overnight, he said.

Warming centers were open across New York City.

In Chicago on Wednesday, a five-story warehouse, that caught fire in frigid cold on Tuesday, was covered in ice as water from the fire hoses froze.

(Additional reporting by Scott Malone in Boston and Ian Simpson in Washington; Editing by Barbara Goldberg and Bob Burgdorfer)

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Insight: Boeing 787 battery woes put FAA approval under scrutiny

SEATTLE/TOKYO (Reuters) - In 2007, U.S. regulators cleared Boeing's use of a highly flammable battery in the 787 Dreamliner, deciding it was safe to let the lithium-ion battery burn out if it caught fire mid-air as long as the flames were contained, and smoke and fumes vented properly, according to documents reviewed by Reuters.

Fire risk on planes has always been a major concern, especially given the amount of fuel they carry and the heat generated by jet engines. U.S. aviation standards require planes to have numerous on-board fire suppression systems.

But through a review of government documents and interviews with aviation and battery experts, Reuters found that the U.S. Federal Aviation Administration granted the Dreamliner special conditions and said its contain-and-vent system was sufficient to control the build-up of explosive or toxic gases, except in situations considered "extremely remote."

The FAA's 2007 decision is now coming under scrutiny after the lithium-ion batteries in two 787 planes failed within days of each other, sparking a fire in one case in Boston, and generating warnings and an acrid smell that prompted the pilots of the second plane to make an emergency landing in Japan.

A key U.S. Senate committee plans to hold a hearing in the coming weeks to examine aviation safety oversight and the FAA's certification of the 787, an aide to the Senate Commerce, Science and Transportation Committee told Reuters on Tuesday.

The FAA has grounded the Dreamliner in the U.S. pending an investigation, and other aviation regulators around the world immediately followed, stopping use of all 50 planes in service, each of which can carry about 250 passengers.

The National Transportation Safety Board is conducting the U.S. probe, with help from Boeing, the battery maker, GS Yuasa Corp of Japan, and the FAA.

The review has broad implications for other aircraft makers, including EADS unit Airbus, which also had to meet special conditions set by the FAA to use lithium-ion batteries on the A380 - a superjumbo jet that carries about 550 passengers.

A spokesperson for the FAA defended the 2007 approval, saying, "the whole aviation system is designed so that if a worst case happens, there are systems in place to prevent that from interfering with other systems on the plane."

Boeing said the 787's battery system has four layers of protection to prevent the battery from overcharging, making a fire extremely unlikely. The company said it was confident the battery could safely burn out in air because of a robust system for containing a fire and venting smoke and fumes.

The batteries were chosen "after a careful review of available alternatives because they best met the performance and design objectives of the 787," Boeing spokesman Marc Birtel said. "Based on everything we know at this point, we have not changed our evaluation."

The cause of the two 787 battery failures is not yet known and investigators are still determining how the contain-and-vent systems performed. But the incidents have revived a decades-old debate on the safety of lithium-ion batteries and raised questions over whether the FAA should have consented to their use in the 787.

Congressman Rick Larsen, who was named ranking member of the House Aviation Subcommittee on Tuesday, said it was appropriate for the FAA to impose special conditions for the 787, the world's first carbon composite aircraft, but a review of the approval "may be something we could look at in light of the current problems."

The FAA spokesperson said the agency may add new requirements for the batteries upon completion of the NTSB probe, but declined to elaborate.

Depending on the outcome of the review, Boeing could face steep costs, ranging from compensating airlines for lost use of planes to a possible major redesign and re-certification of the battery or electrical system, industry experts say.

WIDELY USED TECHNOLOGY

Lithium-ion batteries are lightweight, recharge quickly and can hold more power than conventional cells. But they have a history of safety concerns, leading some battery experts to question their use in any consumer product.

In the FAA's 2007 review, it said lithium-ion batteries were "significantly more susceptible" to fires than other types and added that those fires are tough to put out.

"Metallic lithium can ignite, resulting in a self-sustaining fire or explosion," the FAA said in granting approval.

FAA rules do not cover lithium batteries, so the agency in 2007 set nine "special conditions" Boeing had to meet to ensure their safety. A year earlier, the FAA had set similar conditions for Airbus. Special conditions are commonly used to cover new technology for which rules have not yet been written.

In both cases, the Air Line Pilots Association International, the world's largest pilot union, said airplane fire is so dangerous that the FAA should require cabin crew to have fire extinguishers and training to put out a lithium-ion battery fire. "A fire from these devices, in any situation, is unacceptable," the union said, during the 787 approval process.

The FAA said it chose not to require special fire extinguishers and training because of the four redundant systems already in the Boeing system to prevent the battery from catching fire.

The ALPA said on Tuesday it is monitoring the investigation into the 787 battery incidents, but declined to comment while the probe is going on.

"It goes back to why this was approved in the first place," said Hidetake Sakuma, an aviation safety consultant and a former safety manager at Japan Airlines Co Ltd.

"Of course there were people asking whether this was really safe, but they (the FAA) approved it and the Japanese airlines never questioned it."

Japanese airlines operate nearly half of the 787s in service.

ODD SMELL

Passengers on the Japan flight reported an odor like burning plastic soon after takeoff. All Nippon Airways Co Ltd Vice President Osamu Shinobe said in addition to a battery alert in the cockpit, "there was an odd smell detected in the cockpit and cabin."

The NTSB declined to comment, citing the ongoing probe. The Japan Transportation Safety Board, which is leading that investigation, and the NTSB so far describe it as a "battery incident," not a fire.

A photograph of the battery retrieved from the flight showed a blackened, melted interior with fused wires, a deformed lid and scorched casing.

A GS Yuasa spokesman said the company is cooperating with the investigation, but declined to comment on the details.

Boeing has not commented specifically on the battery failure in this incident. In the case of the Boston plane, Boeing said smoke got into the cabin because the 787 was on the ground without cabin pressure to redirect airflow.

Some experts cautioned against a rush to judgment about lithium-ion battery technology, saying the key was to understand failure rates and design a safe system.

"Everyone knew these dangers, but after it was designed, there were multiple tests and that's why it's in the final plane," said Yoshitomo Aoki, a Japanese aviation commentator. "It wouldn't have been approved if it wasn't safe."

Airbus plans to use lithium-ion batteries in its forthcoming A350 jet, its answer to the 787. That plane will use a different architecture that puts less stress on batteries, while expelling unwanted gases safely, Airbus says.

On Sunday, the NTSB widened its probe to include the Tucson, Arizona-based company that makes the charger for the batteries, Securaplane Technologies, a unit of Britain's Meggitt Plc. Securaplane said it is cooperating with the investigation.

"In no way would a fire like this lead me to say you should never have a lithium-ion battery on an airplane. That's just the wrong way to go," said Daniel Doughty, who helped write testing standards for electrical cars and worked on battery technology during 27 years at Sandia National Laboratory, a federally funded research center owned by Lockheed Martin Corp.

But Doughty and others said the FAA's earlier decisions deserved scrutiny.

"It's fair to ask about the approval process," Doughty said. "There needs to be some explanation and defense of whatever they did."

(Reporting by Alwyn Scott in SEATTLE and Mari Saito in TOKYO; Additional reporting by Tim Kelly, Maki Shiraki and Kentaro Sugiyama in TOKYO, Antoni Slodkowski in TAKAMATSU, Yoshiyuki Osada in OSAKA, Andrea Shalal-Esa in WASHINGTON, Bill Rigby in SEATTLE, Tim Hepher in PARIS, Peter Henderson in SAN FRANCISCO and Bernie Woodall and Deepa Seetharaman in DETROIT; Editing by Edward Tobin, Tiffany Wu and Andre Grenon)

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Democratic Senators Pass Torch to EPA on Climate Change

After years of trying—and failing—to get climate-change legislation through Congress, top Senate Democrats are publicly ready to hand over the power to President Obama and the Environmental Protection Agency.

“A lot of people don’t recognize that EPA has huge authority to reduce carbon in the air,” Senate Environment and Public Works Committee Chairwoman Barbara Boxer, D-Calif., said at a briefing Tuesday.

“A lot of you press me … on: ‘Where is the bill on climate change? Where is the bill’? There doesn’t have to be a bill,” Boxer told a group of reporters in her office in the Hart Senate Building. “There will be many approaches, but I’m telling you right now, EPA has the authority in the transportation sector, in the electricity sector, and the industrial sector under the Clean Air Act.”

Boxer’s public comments come a few months after another top Democrat, Senate Democratic Policy and Communications Center Chairman Chuck Schumer of New York, made similar comments to another group of reporters shortly after the election in November. Speaking at a Christian Science Monitor breakfast, Schumer noted the significance of EPA’s authority to regulate greenhouse-gas emissions and said that Congress could instead tackle smaller bits of policy, such as energy-efficiency legislation.

The statements by Boxer and Schumer that they won’t push big climate legislation and will defer to EPA on global warming are two of the clearest signals yet that the Democratic Party will not only defend the agency’s authority to regulate carbon emissions but that it will also follow through on the regulations, despite Republican criticism and industry pleas to slow down the rules. Boxer’s statement also came on the heels of Obama’s Inaugural Address, where he gave a full-throttled call to action on climate change.

After spending the past two years fighting over EPA and casting messaging votes on the agency’s carbon rules, Congress is poised for even more intense partisan clashes. This year’s fights will carry more weight as the agency gets closer to rolling out the regulations that will affect coal-fired power plants across the country. Senate Majority Leader Harry Reid, D-Nev., ensured during the last congressional session that no GOP-led efforts to pass legislation delaying or eliminating EPA’s climate rules can succeed. Boxer is confident Senate Democrats can beat back expected GOP efforts this Congress, too.

“We will stop it every time, let me just tell you that,” Boxer said.

A 2007 ruling from the Supreme Court is backing Boxer up. Republicans—with potential support from some moderate Democrats up for reelection in 2014—will nonetheless put up a big fight. Sen. James Inhofe, R-Okla., who has been the ranking member on the Environment and Public Works Committee during Obama’s first term, and GOP leadership in the House have vowed to keep trying to curtail EPA on a whole host of issues, especially climate change. A request for comment to the Environment panel’s new top Republican, Sen. David Vitter of Louisiana, was not returned.

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Shares hit 20-month high as Japan promises open-ended easing

LONDON (Reuters) - World shares hit a new 20-month high on Tuesday after Japan's central bank promised to pump unlimited stimulus into the country's economy to fight the threat of deflation and generate growth.

The Bank of Japan, which has been under intense political pressure to overcome deflation, hiked its inflation target to 2 percent and said that from 2014 it would adopt an open-ended commitment to buy assets.

The move surprised markets, which had expected another incremental increase in its 101 trillion yen ($1.12 trillion) asset-buying and lending program, though the delay until the easing measures kick in dulled the impact and saw the yen edge higher against the dollar.

"From 2014 onwards it's positive ... (but) from now until then, they are not doing anything more aggressive to weaken the yen," said Roy Teo, an FX strategist for ABN Amro.

Equity markets, particularly in Japan, have risen strongly in the run up to Tuesday's meeting, and the confirmation of the plans was enough to lift the MSCI world index <.miwd00000pus> 0.15 percent to a fresh 20-month high of 352.54.

European shares, which have been testing two-year highs in recent days, saw a more subdued start as investors awaited a cue from U.S. corporate earnings figures later in the day.

London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> opened between flat and down 0.1 percent, leaving the FTSEurofirst 300 <.fteu3> down 0.1 percent.

Brent crude rose 0.3 percent to $112.07 a barrel, and gold was up 0.2 percent as the BOJ's latest easing action added to recent positive data from the United States and China, while growing confidence in the strength of China's economic recovery pushed London copper up 0.7 percent to $8,111.75 a metric ton.

General market sentiment was also supported by signs of a compromise to avert a U.S. fiscal crisis.

Republican leaders in the U.S. House of Representatives have scheduled a vote on Wednesday on a nearly four-month extension of U.S. borrowing capacity, aimed at avoiding a fight over the looming federal debt ceiling.

In the European bond market, Bund futures were steady as investors eyed a new 10-year Spanish bond and waited on the ZEW investor sentiment index due at 1000 GMT for the latest gauge on the health of the euro zone's largest economy, Germany.

(Reporting by Marc Jones; Editing by Will Waterman)

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Environmentalists hail Obama climate change focus

WASHINGTON (AP) — Environmental groups hailed President Barack Obama’s warning Monday about climate change, but said the president’s words will soon be tested as he decides whether to approve the Keystone XL oil pipeline from Canada to the Gulf Coast.

Obama pledged in his inaugural speech to respond to what he called the threat of climate change, saying, “Failure to do so would betray our children and future generations.”

By singling out climate change, Obama indicated a willingness to take on an issue that he acknowledges was often overlooked during his first term. He also was setting up a likely confrontation with congressional Republicans who have opposed legislative efforts to curb global warming.

Sen. Barbara Boxer, D-Calif., chairwoman of the Senate Environment and Public Works Committee, called Obama’s comments on climate change “exactly right.”

Andrew Hoffman, director of the Erb Institute for Global Sustainable Enterprise at the University of Michigan, said Obama’s focus on climate showed political backbone.

“He finally had the courage to acknowledge the words ‘climate change,’” Hoffman said, adding that Obama and other administration officials have frequently used words such as green jobs or clean energy to describe energy policy, instead of the more politically charged term.

“I find it very interesting that in this second term he’s just coming right out and saying that climate change is exactly what we’re dealing with,” Hoffman said.

Obama, in his address, said some people “may still deny the overwhelming judgment of science” that global warming exists and has human causes, “but none can avoid the devastating impact of raging fires and crippling drought and more powerful storms.”

The president has pledged to boost renewable energy sources such as wind and solar power, along with more traditional energy sources such as coal, oil and natural gas.

“The path toward sustainable energy sources will be long and sometimes difficult. But America cannot resist this transition. We must lead it,” Obama said.

He said developing new energy technologies will lead to jobs and new industries. “That is how we will preserve our planet,” he said.

Environmental groups said the president’s first test on climate change could come early this year as he decides whether to approve the Keystone XL oil pipeline that will carry tar sands oil from Alberta, Canada, to Texas.

Obama blocked the pipeline last year, citing uncertainty over the project’s route through environmentally sensitive land in Nebraska. The State Department has federal jurisdiction because the $ 7 billion pipeline begins in Canada.

Republicans and many business groups say the project would help achieve energy independence for North America and create thousands of jobs.

But environmental groups say the pipeline would transport “dirty oil” and produce heat-trapping gases that contribute to global warming. They also worry about a possible spill.

“Starting with rejecting the Keystone XL pipeline, the president must make fighting global warming a central priority,” said Margie Alt, executive director of Environment America.

Alden Meyer, director of strategy and policy at the Union of Concerned Scientists, said Obama’s “clarion call to action” on climate change “leaves no doubt this will be a priority in his second term.”

After Hurricane Sandy and other extreme weather events, there has been more political momentum than ever to address climate change, Meyer said.

“With presidential leadership, that shift will continue and deepen over the next four years, and meaningful progress on climate change will become an important part of Barack Obama’s legacy as president,” he said.

Alt and other environmental leaders said they are counting on Obama to set tough limits on carbon pollution from coal-fired power plants and to continue federal investments in renewable energy sources such as wind and solar power.

Obama tried and failed in his first term to get a climate change bill through Congress. Some Democratic lawmakers and environmentalists have pushed for a tax on carbon pollution, but White House officials say they have no plan to propose one.

Scott Segal, an energy lobbyist who represents utilities and natural gas drillers, said Obama “missed the opportunity to remind listeners that climate change is an international phenomenon” that will require international solutions.

By imposing “inflexible” national policies to curb climate change, Obama could restrain the U.S. economy without delivering promised solutions, Segal said.

___

Follow Matthew Daly on Twitter: https://twitter.com/MatthewDaly

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European shares test two-year highs, yen volatile before BOJ

LONDON (Reuters) - European shares inched towards two-year highs and German Bund futures dipped on Monday, as a political attempt to break a budget impasse in the United States revived appetite for shares and dented appetite for safe-haven assets.

U.S. House Republican leaders said on Friday they would seek to pass a three-month extension of federal borrowing authority in the coming days to buy time for the Democrat-controlled Senate to pass a plan to shrink budget deficits.

European shares <.fteu3> were supported by the news <.eu>, but with no clear response from the Democrats and a thin session expected due to a market holiday in the United States, the impact on other assets such as Bunds is likely to be limited.

London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> opened between 0.4 and 0.5 percent higher, lifting the pan-European FTSEurofirst 300 0.3 percent and MSCI's world index 0.1 percent. <.l><.eu/>

"There's a bit of encouragement coming out of the U.S.," said Toby Campbell-Gray, head of trading at Tavira Securities in Monaco.

He added that equity markets had remained resilient in the face of an uncertain economic outlook as many investors had stepped in to buy "on the dip" on days when shares had fallen.

Ahead of the region's first finance ministers' meeting of the year the euro was steady against the dollar, while the yen firmed after touching a new low, ahead of a Bank of Japan decision expected to deliver bold monetary easing.

The dollar slipped back to a low of 89.42 yen and was last trading at 89.57 yen, while the euro also fell to a low of 119.08 and last traded at 119.27 yen.

With little in the way of economic data or debt issuance and U.S. markets shut for the Martin Luther King Jr. public holiday, it was expected to be a fairly quite market day.

Oil prices took their cues from a report in the United States at the end of last week that showed consumer sentiment at its weakest in a year as a result of the uncertainty surrounding the country's debt crisis.

Concerns about demand overshadowed supply disruption fears reinforced by the Islamist militant attack and hostage-taking at a gas plant in Algeria, a member of the Organization of Petroleum Exporting Countries.

U.S. crude futures fell 0.5 percent to $95.08 a barrel, while Brent fell 0.3 percent to $111.55 early on Monday but had recovered to almost flat as European trading gathered pace.

(Additional reporting by Sudip Kar-Gupta; Editing by Will Waterman)

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NASA’s older Mars rover notches another milestone

LOS ANGELES (AP) — All eyes are on the NASA rover Curiosity. It is poised to begin drilling into a Martian rock soon.

There’s less attention being paid to another Mars rover — Opportunity. The older rover is quietly embarking on its tenth year of exploration.

Compared to Curiosity, Opportunity is smaller and doesn’t carry the same high-tech tools. But since landing in January 2004, it has made many discoveries including that Mars was once warmer and wetter than today.

Opportunity and its twin Spirit were only supposed to explore for three months, but both outlasted their original mission. Opportunity remains healthy and is studying interesting rocks in a massive crater. Spirit lost communication with Earth in 2010 shortly after getting stuck in Martian sand.

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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.

The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.

Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.

Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.

"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.

Major technology companies also report next week, but the bar for the sector has been lowered even further.

Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.

Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.

Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.

CASH POURING IN, HOUSING DATA COULD HELP

Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.

The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.

"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."

Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.

Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.

The new home sales report on Friday is expected to show a 2.1 percent increase.

The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.

Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.

The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.

"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.

"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)

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Latest Inaugural Forecast: Bit Warmer Than in 2009

Consider it the first fact check of a Barack Obama campaign pledge for his second term: Will he, or Mother Nature, deliver on promised warmer Inauguration Day weather?

It’s shaping up as a close call.

In September, while campaigning in Colorado, Obama was talking to a potential voter who mentioned he had been one of the hundreds of thousands of people outdoors at Obama‘s bone-chilling first inaugural in 2009, when the noontime temperature was 28 degrees. Obama promised: “This one is going to be warmer.”

Scientifically, the president doesn’t have control of day-to-day weather. While his policies can lessen or worsen future projected global warming on a large scale, they cannot do anything about Washington‘s daily temperature on Jan. 21.

Still, it’s a promise that for a long time looked close to a sure thing. The history of local weather was on Obama’s side.

On average, the normal high is 43 degrees and the normal low is 28, but that’s just around dawn. There have been 19 traditional January inaugurations and only two were colder. Ronald Reagan‘s second in 1985 was a frigid 7 with subzero wind chills and John F. Kennedy‘s in 1961 was a snow-covered 22. Jimmy Carter’s 1977 inauguration also was 28.

Then there was the general warming trend Washington had been stuck in. The last time the nation’s capital stayed below freezing all day was Jan. 22, 2011. The city has gone a record 700-plus days since it had 2 inches or more of snow.

An Arctic cold front looks to be racing toward the mid-Atlantic, so it will be cooler than normal on Monday, but probably not cooler than 2009, said Nikole Listemaa, a senior forecaster at the National Weather Service office in Sterling, Va., that oversees forecasts for the capital area.

Look for highs around 40 degrees with noon temperatures in the mid- to upper 30s, Listemaa said Saturday. That would keep Obama’s pledge.

There’s also a 30 percent chance of light snow showers for Monday. But the Arctic cold front won’t arrive until Monday night into Tuesday, Listemaa added.

Extreme cold on Inauguration Day, folklore says, can be a killer.

In 1841, newly elected president William Henry Harrison stood outside without a coat or hat as he spoke for an hour and 40 minutes. He caught a cold that day and it became pneumonia and he died one month after being sworn in.

Twelve years later, outgoing first lady Abigail Fillmore got sick from sitting outside on a cold wet platform as Franklin Pierce was inaugurated and she died of pneumonia at the end of the month. Doctors now know that pneumonia is caused by germs, but prolonged exposure to extreme cold weather may hurt the airways and make someone more susceptible to getting sick.

There’s one thing Washington‘s history shows. Bad weather generally creates bad traffic jams.

Kennedy found that out in his 1961 inauguration when 8 inches of snow fell overnight and crippled the city for what at that time was Washington‘s worst traffic jam. Thousands of cars were abandoned in the snow.

———

Seth Borenstein can be followed at http://twitter.com/borenbears

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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.

The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.

Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.

Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.

"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.

Major technology companies also report next week, but the bar for the sector has been lowered even further.

Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.

Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.

Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.

CASH POURING IN, HOUSING DATA COULD HELP

Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.

The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.

"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."

Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.

Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.

The new home sales report on Friday is expected to show a 2.1 percent increase.

The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.

Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.

The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.

"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.

"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)

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‘Planetary Parks’ Could Protect Space Wilderness

It’s a wilderness out there in outer space. And as robotic surrogates set the stage for human footprints on Mars and other planetary bodies, just how much respect for other worlds should we have?

One suggested response would establish planetary parks for the solar system, an answer that ties together space science and exploration, ethics, law, policy, diplomacy and communications.

The parks would be organized under a single management system, with clear regulations for protection and use. But just what are the benefits of establishing a park system on target planets and moons before starting an intense program of exploration, and exploitation, of bodies in our solar system?

Planetary protection

A system of planetary parks fits with the ideas of such groups as the Committee on Space Research, advocates of the proposal note. COSPAR’s long list of agenda items includes an active discussion of planetary protection.

COSPAR’s objectives are to promote, on an international level, scientific research in space, with emphasis on the exchange of results, information and opinions. The organization also aims to provide a forum, open to all scientists, for the discussion of problems that may affect scientific space research.

Indeed, participants broached the planetary parks idea in June 2010 during COSPAR’s Workshop on Ethical Considerations for Planetary Protection in Space Exploration, held at Princeton University.

Why now?

“I think the concept is a useful one, and as we know more about planets like Mars, there is even more reason to think about developing planetary parks as we have the information to define where they might go,” said Charles Cockell, a professor of astrobiology at the University of Edinburgh in Scotland, and a leading proponent of the notion.

A network of parks on Mars would aim to preserve different regions on the Red Planet because of the variety of environments it contains.

Mars is home to deserts, extinct shield volcanoes, canyons and polar ice caps. By preserving representative portions of these features, a diversity of planetary parks with different features of outstanding beauty and intrinsic, natural worth could be established. The parks would also allow for maximum preservation of scientific heritage, both geologically and — perhaps — biologically. [6 Most Likely Places for Alien Life in the Solar System]

Red Planet rules

Space preservationists could apply such a system elsewhere, including the moon, and on asteroids and satellites of the giant planets. But, specifically for Martian parks, the following rules might apply:

• No spacecraft or vehicle parts to be left within the park


• No landing of unmanned spacecraft within the park


• No waste to be left within the park


• Access only on foot or via surface vehicle along predefined routes, or by landing in a rocket-powered vehicle in predefined landing areas


• All suits, vehicles and other machines used in the park to be sterilized on their external surfaces to prevent microbial shedding

As for those dismissive of the idea, Cockell told SPACE.com that he thinks such reactions occur primarily because there isn’t anyone on Mars or anywhere else beyond Earth orbit at the moment — so why would you want to set up parks?  

Partly scientific, partly ethical

A few reasons explain why parks are a good idea, even without any people on Mars, advocates say.

“I think the reasons are two-fold. It is partly scientific and partly ethical,” Cockell said, pointing out:

• One scientific argument is that it’s useful to keep areas of other planetary bodies free of human activity, to maintain pristine conditions that can be used to answer scientific questions. This may turn out to be essential if researchers discover life elsewhere. It’s also consistent with existing COSPAR planetary-protection policies that seek to prevent harmful contamination of other planetary bodies in order to preserve their scientific potential.


• One ethical argument is that it says something about our species that we think about our actions elsewhere and attempt to mitigate our impact prior to establishing a permanent presence beyond the Earth. We might want to preserve some places in pristine condition for future generations. We may also want to protect unknown benefits that could potentially be gained from places in space that human activity has not altered.

Expansion of private enterprise

“I think now is the time to do this because we are entering into a new era of both government and private exploration, which promises the possibility of many new organizations developing a spacefaring capability,” Cockell said. “It would seem then that now is a good time to think about these questions afresh.”

Cockell said that the idea is not to restrict space exploration, but rather to ensure that it is done in a thoughtful and far-sighted manner.

“By establishing parks, we might better be able to define those areas that should be left free of regulations and free for commercial development,” Cockell said. “So they can be used as an impetus to help us think about places that should be left to ensure the unfettered expansion of private enterprise into space, as well as places we might want to turn into our first planetary parks.”

Potential-use conflicts

Another leading thinker in this area is Gerda Horneck, at the Institute of Aerospace Medicine at the German Aerospace Center (DLR) in Cologne, Germany. While not expressing an official view of DLR, she sees the initiative as analogous to national park systems right here on Earth.

“A planetary park system could extend the reasons for practical protection policies beyond the utilitarian protection of scientific resources emphasized by planetary protection … into other utilitarian and intrinsic value arguments,” Horneck told SPACE.com.

She added that such planetary park systems could still allow for the development of non-park areas by commercial enterprises, while incorporating regional protection for other objectives: scientific interest and use, preservation of historic value or natural beauty, or preservation for future generations.

“Thus, a strategy of planetary parks for the solar system could help solve future potential-use conflicts, incorporate both utilitarian and intrinsic-value arguments and be organized under a single management system, with clear regulations for protection and use,” Horneck said.

Such an approach would also address considerations about moral and legal definitions of wilderness on other planetary bodies, Horneck added, “and would allow us to express a respect for other worlds.”

Leonard David has been reporting on the space industry for more than five decades. He is former director of research for the National Commission on Space and a past editor-in-chief of the National Space Society’s Ad Astra and Space World magazines. He has written for SPACE.com since 1999.

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Chinese, U.S. data push global shares to twenty-month high

LONDON (Reuters) - World shares hit a 20-month high on Friday as encouraging data from the United States and China boosted prospects for the global economy, while the yen hit new lows ahead of next week's Bank of Japan meeting.

China's economy grew at a slightly faster-than-expected 7.9 percent in the fourth quarter of 2012, the latest sign it is pulling out of a post-global financial crisis slowdown that produced its weakest year of economic growth since 1999.

The positive news came on top of strong U.S. labor and housing market reports on Thursday, providing fresh impetus to a recent strong and broad financial market rally.

MSCI's index of leading world shares <.miwd00000pus> was at it highest level since May 2011 at 551.90 points as trading got underway in Europe and after Tokyo and Hong Kong stock markets surged and the S&P 500 in New York hit a five-year high.

"We've got good numbers out of China, we had some good numbers out of U.S. yesterday ... The general sentiment is pretty good," said Neil Marsh, strategist at Newedge.

"There will probably be some phases of consolidation as we go forward, but the markets remain pretty resilient. More people are putting their cash to work now in riskier assets like equities, and there is no sign of that stopping at the minute."

European stocks opened higher, with London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> up between 0.2 and 0.3 percent <.l><.eu><.n>. The region's data highlight of the day comes from British retail figures.

Industrial commodities jumped, leaving platinum and palladium near multi-month highs hit on Thursday, while oil prices edged up, with U.S. crude up 0.1 percent at $95.61 a barrel and Brent futures adding 0.2 percent to $111.27.

YEN SLIDE RESUMES

The strong U.S. data and mounting expectations for more aggressive easing by the Bank of Japan (BOJ) next week lifted the dollar to its highest since June 2010 of 90.21 yen, and the euro to its peak since May 2011 of 120.73 yen.

The single currency was steady against the dollar at $1.3378.

Expectations that the new Japanese government will pursue massive fiscal spending and push for more aggressive BOJ easing to drive Japan out of years of deflation and economic slump have spurred heavy yen selling since November.

Sources told Reuters the BOJ will at its January 21-22 meeting consider removing the 0.1 percent floor on short-term interest rates and commit to open-ended asset buying until the 2 percent inflation target is reached.

In bond markets, German two-year government bond yields rose 0.25 percent to near their highest in nearly 10 months, with traders citing growing concerns in money markets over early bank repayments of three-year European Central Bank loans.

Banks can start making repayments on January 30, and the ECB will publish how much will be repaid then on January 25. A larger-than-expected repayment of around 400 billion euros would effectively tighten conditions and push up interbank rates.

(Reporting by Marc Jones; Editing by Will Waterman)

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Futures signal mixed Wall Street open

LONDON (Reuters) - U.S. stock futures pointed to a mixed open on Wall Street on Thursday, with futures for the S&P 500 rising 0.1 percent, Dow Jones futures down 0.2 percent and Nasdaq 100 futures falling 0.1 percent.

Airlines scrambled on Thursday to rearrange flights as Europe, Japan and India joined the United States in grounding Boeing Co's 787 Dreamliner passenger jets while battery-related problems are investigated.

Earnings reports from major U.S. companies such as Citigroup , Intel , Bank of America and BlackRock , due later in the day, will be scrutinized for hints about the market's near-term direction.

First-time claims for jobless benefits for the week ended January 12 are due at 1330 GMT. Economists forecast a total of 365,000 new filings, compared with 371,000 in the previous week.

The Commerce Department releases housing starts and permits for December at 1330 GMT. Economists in a Reuters survey forecast a total of 903,000 permits in December, compared with 900,000 in the previous month.

Top executives at Goldman Sachs have been considering deep cuts to staffing levels and pay for at least two years, but feared too many layoffs would leave the firm unprepared for an eventual pickup in business, people familiar with the bank said.

Shares in Dutch telecoms company KPN rose more than 4 percent on Thursday after a report that U.S. peer AT&T is looking at an acquisition in Europe, including KPN and UK carrier Everything Everywhere.

AT&T is considering buying a telecoms company in Europe to offset growth constraints in its home market, the Wall Street Journal reported, citing unnamed people familiar with the company's thinking.

Taiwan Semiconductor Manufacturing Co Ltd reported a 32 percent rise in fourth-quarter profit as its cutting-edge technology keeps it ahead of rivals in the mobile gadget boom.

Philadelphia Federal Reserve Bank releases its January business activity survey at 1500 GMT. Economists forecast a reading of 5.8, versus 4.6 in December.

The pan-European FTSEurofirst 300 index <.fteu3> was flat in morning trading on Thursday.

The S&P 500 ended nearly flat on Wednesday as solid earnings from two major banks and a bounceback in Apple shares offset concerns about a lower forecast for global growth in 2013.

The Dow Jones industrial average <.dji> was down 23.66 points, or 0.17 percent, at 13,511.23 on Wednesday. The Standard & Poor's 500 Index <.spx> was up 0.29 points, or 0.02 percent, at 1,472.63. The Nasdaq Composite Index <.ixic> was up 6.77 points, or 0.22 percent, at 3,117.54.

(Reporting by Atul Prakash; Editing by Catherine Evans)

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