Stocks, euro gain but debt concerns linger (Reuters)

LONDON (Reuters) ? Financial stocks led European share markets higher on Thursday in thin trade, while the euro rose, on hopes the nearly half a trillion euros in three-year funds that banks have borrowed from the region's central bank will ease current funding strains.

The European Central Bank, in its first-ever three year tender, lent 523 banks a record 489 billion euros ($638 billion) on Wednesday, well above the 310 billion euro take-up forecast.

Despite the scale of the funding operation, analysts said it did not represent a fundamental fix for the debt problems facing the euro zone and any gains are likely to be limited.

"In the longer-term the liquidity provided yesterday is not going to solve the debt crisis, it is not going to help southern European countries with their problems in getting control of their public debt," said Niels Christensen, FX strategist at Nordea.

The euro rose 0.5 percent to a session high of $1.3120, holding above an 11-month low of $1.2945 hit last week with traders seeing major support around $1.30, the December 14 low. The euro briefly touched a one-week high near $1.32 on Wednesday.

"We are seeing a little bit of short-covering and equity markets are in positive territory opening up. There is a little bit of risk appetite this morning," Christensen said.

European shares started higher with the pan-European FTSEurofirst 300 index of top shares gaining around 0.7 percent in early trade while the broader Stoxx Europe 600 Index, which ended down 0.7 percent on Wednesday, was up 1.15 percent.

"This is a low volume rally, said Manoj Ladwa, a senior trader at ETX Capital.

Global stocks, as measured by MSCI world equity index (.MIWD00000PUS) were edged up 0.2 percent though still on track for a fall of about 12 percent in 2011.

Investors are winding down for year-end and trading volumes are set to dwindle but the threat of mass credit ratings downgrades for the euro zone countries is still hanging over the market.

ITALIAN CONFIDENCE VOTE

In debt markets attention was focused on Italy where a vote of confidence is due in the upper house on Prime Minister Mario Monti's government to seal approval of a 33-billion euro ($43 billion) austerity package.

The package passed in the lower house last week and is expected to succeed just as easily in the upper house. Were Monti to lose the vote, his government would collapse.

Italian 10-year bond yields were 4.5 basis points lower at 6.77 percent after the ECB was forced to step back into the secondary market on Wednesday as yields jumped higher in the wake of the ECB's three-year tender.

Equivalent Spanish paper was yielding 5.32 percent, little changed on the day.

The euro zone debt markets are expected to come under fresh pressure with some 230 billion euros of bank bonds, up to 300 billion in government bonds, and more than 200 billion euros in collateralized debt all maturing in the first quarter of 2012.

Commodities markets were muted in thinning pre-holiday trade, with London Metal Exchange copper up slightly at $7,478.25 a metric ton and Brent crude oil little changed at around $107.70 a barrel.

(Additional reporting by Nia Williams; Editing by Toby Chopra)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111222/bs_nm/us_markets_global

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Comparison of House, Senate payroll tax cut bills

Highlights of legislation renewing payroll tax cuts, jobless benefits approved by the House and Senate:

House bill, approved last Tuesday:

?Price tag over $180 billion.

?Keeps this year's 4.2 percent Social Security payroll tax rate paid by 160 million workers through the end of 2012, instead of rising to 6.2 percent on Jan. 1.

?Extends expiring benefits for the long-term jobless through 2012, but at a maximum of 79 weeks coverage, less in some cases, which is well below this year's 99-week limit. Revamps program to require beneficiaries without high school diplomas to seek an equivalent degree; lets states test applicants for illegal drug use.

?Prevents 27 percent cut in Medicare payments to doctors for 2012.

?Blocks Obama administration rule curbing pollution from industrial boilers; extends tax break for businesses buying equipment for 2012.

?Requires President Barack Obama to approve the Keystone XL oil pipeline within 60 days unless he declares the project would not serve the national interest.

?Paid for by extending current pay freeze on civilian federal workers another year through 2013 and requires them to contribute more toward their pensions; raises fee Fannie Mae and Freddie Mac charge for insuring mortgages; raises Medicare premiums paid by higher-income elderly; cuts some health care overhaul law programs; sells part of broadcast spectrum; prevents illegal immigrant parents from collecting child tax credit refund checks; bars food stamps, unemployment benefits for the wealthy.

Senate bill, approved Saturday:

?Price tag $33 billion.

?Extends 2-percentage-point cut in Social Security payroll tax through Feb. 29.

?Renews benefits for the long-term unemployed at current levels through Feb. 29, no other changes in program.

?Prevents 27 percent cut in Medicare payments to doctors; extends other health care fees through Feb. 29.

?Same provision on Keystone as House.

?Paid for by increasing home loan guarantee fees charged to mortgage lenders by Fannie Mae, Freddie Mac and the Federal Housing Administration by one-tenth of 1 percentage point. The fee is passed on to home buyers and will apply to many new purchases and refinancings starting Jan. 1.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2011-12-20-Congress-Payroll%20Tax-Bill%20Comparison/id-362ead8d0fce43e7ae14cfec23d20852

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Legal threat over Thaksin passpor | Pattaya today newspaper

DEMOCRATS, ANTI-GOVT GROUPS ON ATTACK

The Democrat Party is threatening to file a criminal lawsuit and lodge a complaint with the National Anti-Corruption Commission against those involved in issuing an ordinary passport to Thaksin Shinawatra.

Democrat spokesman Chavanond Intarakomalyasut yesterday accused Foreign Minister Surapong Tovichakchaikul of violating his ministry?s regulations and exploiting loopholes in relevant laws in favour of Thaksin.

Mr Chavanond, who was a secretary to the foreign minister during the Abhisit Vejjajiva administration, also accused Mr Surapong of lying to the public.

He said that Foreign Ministry spokesman Thani Thongpakdi had said that the ministry had approved the issuance of a passport for Thaksin on Oct 26, a day after the former prime minister made the request through the Thai embassy in Abu Dhabi in the United Arab Emirates.

Mr Surapong admitted on Friday that Thaksin?s Thai passport has been valid since Oct 26.

The Democrat spokesman said this belied Mr Surapong?s claim on Dec 2 that the ministry was still considering returning Thaksin?s passport.

The Democrat Party would explore relevant laws before filing a criminal lawsuit in the case, Mr Chavanond said.

The spokesman called for Foreign Ministry officials to reveal the truth on the issuance of the passport to Thaksin, including whether the former premier actually filed a passport application on Oct 25.

The public wanted to know if Thaksin, Mr Surapong or Mr Noppadon had lied, he said.

Mr Chavanond said issuing the passport was against ministry regulation 21(3), which prohibits the issuance of a passport to a person wanted under an arrest warrant from the Criminal Court.

Democrat leader Abhisit Vejjajiva yesterday called for Prime Minister Yingluck Shinawatra to look into the passport issuance and tell the public herself whether it was lawful.

Tul Sitthisomwong, leader of the Network of Citizen Volunteers to Protect the Land, also threatened to file a criminal lawsuit against the foreign minister.

Dr Tul said he believed Thaksin had not requested it through a Thai embassy abroad.

?The passport was issued in Thailand and the only person who has the authority to order the issuance is the foreign minister,? he said.

Mr Surapong yesterday said he was not at all worried about the moves by the Democrats and anti-Thaksin movements to take legal action against him.

He said he was ready to clarify the process and to defend himself through the judicial process. The minister said he had abided by all regulations of the Foreign Ministry and relevant laws.

Regarding reports that the Democrat Party planned to file an impeachment motion against Ms Yingluck over the passport issue, Pheu Thai spokesman Prompong Nopparit said his party would file a counter lawsuit against the Democrats if false information was cited to back the motion.

?The passport issue was the Foreign Ministry?s affair, not the prime minister?s,? said Mr Prompong.

Meanwhile, Thaksin arrived in Nepal for a private visit on Friday, Kyodo News reported yesterday.

Foreign news agencies reported yesterday that the former prime minister flew from Burma to Kathmandu?s Tribhuvan International Airport on a private plane.

Thaksin was received at the airport by Thai Ambassador to Nepal Maris Sangiampongsa.

Thaksin then took a regular scheduled flight to Lumbini, birthplace of the Buddha, 300km southwest of the Nepalese capital, the Kyodo News agency reported.

Thaksin, accompanied by around 12 people including the ambassador, was to offer prayers at a Thai monastery and Mayadevi Temple in Lumbini.

?Though we are not officially aware of his travel plans, we learned he was scheduled to fly out of Nepal late yesterday,? airport security chief Narayan Bastakoti said.

Source: http://pattayatoday.net/news/thailand-news/legal-threat-over-thaksin-passpor/

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Market ignores Europe, rises on U.S. data (Reuters)

NEW YORK (Reuters) ? U.S. stocks rose on Thursday, as signs of strength in the economy and higher-than-expected profit at FedEx outweighed more warnings about Europe.

The U.S. equity market continued its familiar back-and-forth rotation between optimism about the U.S. economy and fears that Europe's debt crisis could spark a global recession.

Lately the fear trade has been winning, as Wall Street fell to its lowest level in two weeks on Wednesday.

But FedEx Corp (FDX.N) boosted the market's sentiment. Shares shot up 8 percent to $82.47 after the package delivery company, viewed as an economic bellwether, reported stronger-than-expected quarterly profit.

The news from FedEx, along with two strong regional manufacturing surveys and other data, was welcomed after some high-profile companies recently warned about falling profits. On Thursday, Honeywell International (HON.N) said Europe's slowing economy would take a toll on orders. Honeywell's stock rose 1.7 percent to $52.41.

Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York, said the question for investors is whether the U.S. economy can grow if European economies stalled.

"Can the U.S. go it totally alone? No. But the rest of the world, with the exception of Europe, we are pretty positive about. We don't think it's going to fall apart," he said.

Data showed weekly applications for unemployment insurance fell to a 3-1/2 year low, while a gauge of New York state manufacturing activity rose to its highest level since May and another measure of factory activity in the mid-Atlantic region showed a surge in new orders.

The Dow Jones industrial average (.DJI) was up 45.33 points, or 0.38 percent, at 11,868.81. The Standard & Poor's 500 Index (.SPX) was up 3.93 points, or 0.32 percent, at 1,215.75. The Nasdaq Composite Index (.IXIC) was up 1.70 points, or 0.07 percent, at 2,541.01.

Trading was volatile ahead of Friday's quadruple witching expiration when not only equity options expire, but also stock index futures, stock index options and individual stock futures.

Earlier, stocks pared some of their gains after Christine Lagarde, the head of the International Monetary Fund, said the world economic outlook is "quite gloomy" and will require action by all countries to head off an escalating crisis that carries risks of a global depression.

The market's gains were concentrated in defensive sectors such as utilities, suggesting uncertainty was causing risk-takers to put their portfolios in neutral as the week nears an end, said Chad Morganlander, portfolio manager at Stifel, Nicolaus & Co in Florham Park, New Jersey.

"Unfortunately austerity without a plan for structural changes will cap economic growth and potentially could bleed into earnings. Going into the new year, portfolio managers are squaring their books for that scenario," Morganlader said.

"There's a continued rotation into safety and stability in a global austerity environment."

Big-cap technology shares slipped, including Apple Inc (AAPL.O) off 0.3 percent to $378.94 and International Business machines (IBM.N), which fell 0.7 percent to $187.48.

Novellus Systems Inc (NVLS.O) jumped 16.3 percent to $40.37 a day after it agreed to be bought by larger rival Lam Research Corp (LRCX.O) for $3.3 billion in stock.

Michael Kors Holdings Ltd (KORS.N) shares jumped 21 percent to $24.20 in their debut on the New York Stock Exchange after the luxury goods company went public at $20 per share on Wednesday, above the expected range. The stock climbed as much as 25 percent to a session high at $25.23.

About 6.72 billion shares changed hands on the New York Stock Exchange, NYSE Amex and the Nasdaq. On the NYSE, advancers beat decliners by a ratio of 18 to 11, and on the Nasdaq, 13 shares rose for ever 10 that fell.

(Reporting by Angela Moon; Editing by Kenneth Barry)

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/nm/20111215/bs_nm/us_markets_stocks

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Microsoft adds open standard support to Messenger, third-party clients now welcome

Windows Live Messenger may not be as popular as it used to be, but it's still accessed by 300 million users, and Microsoft is now hoping to grow that by making it a little more open. The service now supports XMPP and OAuth 2.0, paving the way for other chat software and services to connect more easily (some already do, but by using unofficial methods). XMPP is a messaging protocol (previously known as Jabber and used by Google Talk) and OAuth 2.0 is an open standard for authorization that both Google and Microsoft have stepped out with early support for. Maybe by opening Messenger up a bit, Microsoft is trying to avoid what happened with ICQ.

Microsoft adds open standard support to Messenger, third-party clients now welcome originally appeared on Engadget on Thu, 15 Dec 2011 21:58:00 EDT. Please see our terms for use of feeds.

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Spain looks safer than Italy as borrowing costs fall (Reuters)

MADRID (Reuters) ? Spain saw solid demand for its bonds on Thursday, paying more than 2 percentage points less to borrow over 5-years than Italy a day earlier as budget cuts helped ease concerns it could be among the next to fall in the euro zone's debt crisis.

But while the Treasury also paid much less to sell two 10-year bonds than a similar issue just a month ago, yields were still near euro-era highs amid doubts over leaders' ability to find a lasting solution to the bloc's debt crisis.

"A good auction ... they managed to sell quite a chunk. It won't help to calm these fears everyone in the market is having about funding in 2012, but Spain is considered a far more attractive credit than Italy," strategist at West LB, Michael Leister said.

Spain has been in the line of fire in the euro crisis since Greece was bailed out more than a year ago. But measures which have almost halved the budget deficit along with a massive banking restructuring program have taken some of the heat off.

Attention has turned instead to the euro zone's third largest economy, Italy, which has seen refinancing costs soar to unsustainable levels and its Prime Minister Silvio Berlusconi replaced by technocrat caretaker Mario Monti.

"The contrast with Italy is striking. Spain, despite its severe economic problems, is judged to be a safer credit," said Nicholas Spiro, economist at Spiro Sovereign Strategy.

"Italy is walking on very thin ice at the moment given the scale of its funding needs next year. Spain is better placed on this front and has more policy-making credibility in the eyes of investors."

The premium investors demand to hold Italian over Spanish debt rose to a new record of around 162 basis points on Thursday while Spain's spreads against German debt dropped more than 24 basis points following the auction.

SOCIALISTS TROUNCED

The centre-right People's Party (PP) trounced the Socialists in November 20 election as voters punished Prime Minister Jose Luis Rodriguez Zapatero for his handling of the economic crisis though his measures have kept Spain needing a Greek-style bailout.

Incoming Prime Minister Mariano Rajoy has said he will continue with the previous government's austerity measures and cut the budget shortfall from an expected 6.5 percent of GDP this year to 4.4 percent of GDP next year.

Pollsters say Spaniards are largely resigned to the idea of more cuts, but that sentiment could fade within a year if the economy does not bounce back from a prolonged slump.

Spain's economy stagnated in the third quarter and is widely expected to sink into its second recession in three years at the start of 2012 as domestic demand shows no sign of returning and exports are hit by the global slowdown.

Meanwhile, the burst property bubble has left the country's banks sitting on 176 billion euros ($227.94 billion) of potentially troubled real estate assets at end-June and struggling to raise capital to shore up balance sheets in a paralyzed market.

Rajoy has said his priorities when he takes office next week are to balance the public accounts, reform the labor market -- Spanish unemployment is more than double the European Union average -- and intensify bank restructuring efforts.

RISING COSTS

As market nerves rise over the future of the euro zone, Spain's government has found it increasingly expensive to issue bonds but with a debt-to-GDP ratio of around 68 percent, around 20 percentage points below the euro zone average, it has some margin.

Spain also faces a less pressing redemption calendar than Italy, with medium and long-term debt redemptions of nearly 50 billion euros in 2012 with none due until April.

Rome meanwhile faces redemption and coupon payments of around 100 billion euros between January and April, Reuters data shows.

The Spanish Treasury raised 6 billion euros from the auction on Thursday of three bonds in the primary market, far surpassing a target of 3.5 billion euros and meaning the Treasury has completed its end-of-year bond issuance goal.

The auction came as markets braced for a possible ratings downgrade after a disappointing summit of European Union leaders on Friday.

Spain sold 2.5 billion euros of a bond maturing January 31, 2016 at a yield of 4.023 percent, compared to 5.276 percent when it was last auctioned December 1. The bond was 2 times subscribed after 2.8 two weeks ago.

The bond maturing April 30, 2020, sold 2.2 billion euros at an average yield of 5.201 percent while a bond maturing April 30, 2021 sold 1.4 billion euros for 5.545 percent.

The last time Spain ran a primary auction a 10-year bill November 17, it paid an average yield of 6.975 percent, considered by most economists as unsustainable over the long term.

However, while the benchmark 10-year yield was down from recent highs during volatile trade, it was still far above prices paid from the average yields seen before June.

"These are still high levels of rates but they are a lot better than Italy's ones," strategist at Monument Securities Marc Ostwald said.

(Additional reporting by London debt desk.; Edited by Tracy Rucinski and Jeremy Gaunt)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111215/bs_nm/us_spain_bonds

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Summary Box: Commodities plunge on Europe worries (AP)

COMMODITIES PLUNGE: Energy, metals and agricultural contracts all fell sharply as new doubts surfaced about the ability of European leaders to prevent a breakup of the euro.

EUROPEAN WOES: The concerns deepened after Italy's borrowing rates rose. That caused the euro to weaken and the dollar to strengthen. Commodities are priced in dollars, so a stronger dollar makes them more expensive for buyers using other currencies.

PROFIT SEEKERS: Many traders sold appreciated commodities contracts to make up for losses in other markets, and bought relatively low-risk assets like dollars and Treasurys.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20111214/ap_on_bi_ge/us_commodities_review_summary_box

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Original offering found at Teotihuacan pyramid (AP)

MEXICO CITY ? Archaeologists announced Tuesday that they dug to the very core of Mexico's tallest pyramid and found what may be the original ceremonial offering placed on the site of the Pyramid of the Sun before construction began.

The offerings found at the base of the pyramid in the Teotihuacan ruin site just north of Mexico City include a green serpentine stone mask so delicately carved and detailed that archaeologists believe it may have been a portrait.

The find also includes 11 ceremonial clay pots dedicated to a rain god similar to Tlaloc, who was still worshipped in the area 1,500 years later, according to a statement by the National Institute of Anthropology and History, or INAH.

The offerings, including bones of an eagle fed rabbits as well as feline and canine animals that haven't yet been identified, were laid on a sort of rubble base where the temple was erected about A.D. 50.

"We know that it was deposited as part of a consecration ritual for the construction of the Pyramid of the Sun," said INAH archaeologist Enrique Perez Cortes.

Experts followed an old tunnel dug through the pyramid by researchers in the 1930s that narrowly missed the center, and then dug small extensions and exploratory shafts off it.

What they found points to the earliest days of the still largely mysterious Teotihuacan culture.

The remains of three structures that predate the pyramid were found buried at the base. Archaeologists have known that the ceremonial significance of the site, perhaps as a "link" to the underworld, predates the pyramids.

They also found seven burials, some of them infant remains.

Susan Gillespie, an associate professor of anthropology at the University of Florida who was not involved in the project, called the find "exciting and important, although I would not say it was unexpected" given that dedicatory offerings were commonly placed in MesoAmerican pyramids.

"It is exciting that what looks like the original foundation dedicatory cache for what was to become the largest (in height) pyramid in Mexico (and one of the largest in the world) has finally been found, after much concerted efforts looking for it," Gillespie wrote in an email.

She said the find gives a better picture of the continuity of religious practices during Teotihuacan's long history. Some of the same themes found in the offering are repeated in ancient murals painted on the city's walls centuries later.

George Cowgill, an anthropologist at Arizona State University, called the find "pretty important" and suggested the Tlaloc offerings may thicken the debate about whether the pyramid was linked to the sun, the underworld or Tlaloc, who was also considered a war god.

"The discovery of seven humans suggests that they were probably sacrificial victims, along with several species of fierce animals," Cowgill wrote.

The city was founded nearly 2,500 years ago and came to have a dominant influence in architecture, trade and cultural in large swaths of ancient Mexico. But the identity of its rulers remains a mystery, and the city was abandoned by the time the Aztecs arrived in the area in the 1300s and gave it the name Teotihuacan, which means "the place where men become gods."

Source: http://us.rd.yahoo.com/dailynews/rss/science/*http%3A//news.yahoo.com/s/ap/20111214/ap_on_sc/lt_mexico_pyramid_offering

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ONE Bag Adapts to Almost Anything

Like many of you, I have bag problems. Specifically, I have have enough bags to fill a small closet: Camera bags, iPad cases, courier bags and panniers. But if my first purchase in the search for the perfect “everything bag” had been the ONE bag, then I might have a little more cupboard space today. The [...]

Source: http://feedproxy.google.com/~r/GearFactor/~3/ErDZ2fyg9eo/

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Kids With Epilepsy Should Get Screened for Autism, Developmental Delays (HealthDay)

MONDAY, Dec. 5 (HealthDay News) -- Children seen in epilepsy clinics should be screened for development delay and autism because the conditions often occur together, new research suggests.

Researchers at Children's Memorial Hospital in Chicago asked parents of children under age 5 who had epilepsy to fill out screening questionnaires. The results showed that 75 percent of children also had a developmental delay, while 41 percent had autism.

More than one-third of the children had not been previously diagnosed with either autism or developmental delay, the researchers noted.

The results "support routine screening of both new onset and established cases of pediatric epilepsy," according to the researchers in a news release.

The study is slated to be presented on Monday at the American Epilepsy Society annual meeting in Baltimore. Because this study was presented at a medical meeting, the data and conclusions should be viewed as preliminary until published in a peer-reviewed journal.

More information

The U.S. National Institute of Neurological Disorders and Stroke provides more information on epilepsy.

Source: http://us.rd.yahoo.com/dailynews/rss/parenting/*http%3A//news.yahoo.com/s/hsn/20111205/hl_hsn/kidswithepilepsyshouldgetscreenedforautismdevelopmentaldelays

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