Euro, dollar up after G20, stocks ease on growth concern

LONDON (Reuters) - The euro and the dollar rose against the yen on Monday after the G20 decided not to criticize Japan for its expansionist policies, but shares eased as Europe's weak growth outlook weighed on sentiment.

Financial leaders from the world's 20 biggest economies promised on Saturday not to devalue their currencies to boost exports, aiming to defuse talk of currency wars that had been roiling the markets.

The euro gained 0.2 percent to 125.32 yen, edging up toward a 34-month high of 127.71 yen hit earlier this month, while the dollar rose 0.6 percent to 94 yen, closer to its highest level since May 2010 of 94.46 hit on February 11.

"Future yen direction will continue to be driven by domestic monetary policy from the Bank of Japan and improving international investor confidence, which are both driving the yen weaker," said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi UFJ.

Japanese Prime Minister Shinzo Abe is poised to nominate a new BOJ governor. Sources told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.

Abe said on Monday that buying foreign bonds was a future option for the Bank of Japan, which would entail selling of the yen by the central bank.

The euro was also rising against the dollar, gaining 0.1 percent to $1.3375 ahead of address by European Central Bank president Mario Draghi to the region's parliament which may touch on the outlook for the single currency after the G20 meeting.

In European markets, attention was also switching to the release of euro area Purchasing Managers' Indexes for February and German sentiment indices due later in the week, and the upcoming general elections in Italy.

Analysts expect Thursday's euro area flash PMI indices, which point to economic activity around six months out, to show growth stabilizing across the recession-hit region, leaving hopes for a recovery in the second half of the year intact.

Concerns over an inconclusive outcome in Italian elections at the end of the week added to the weaker sentiment as a fragmented parliament could hamper a future government's reform efforts.

The worries about the outlook for Italy were encouraging investors back into safe have German government bonds on Monday, with 10-year Bund yields easing 3.6 basis points to be around 1.63 percent.

"Political uncertainty will keep Bunds well bid this week," ING rate strategist Alessandro Giansanti said, adding that only better than expected economic data could create selling pressure on German debt near term.

EARNINGS HIT

European equity markets were taking their lead from corporate earnings reports which have been reflecting the sluggish economic conditions across the region.

Danish brewer Carlsberg , which generates just over 60 percent of its sales in western Europe, became the latest company to report a weaker-than-expected quarterly profit, sending its shares to lowest level in nearly a month.

The 5 percent drop in price for shares in the world's fourth biggest brewery helped send the FTSEurofirst 300 index <.fteu3> of top European shares down 0.4 percent in morning trade. Germany's DAX <.gdaxi>, the UK FTSE <.ftse> and France's CAC-40 <.fchi> were all also slightly weaker. <.l><.eu/>

Earlier, the effect of the G20 statement and the comments from Abe indicating a renewed drive to stimulate the economy lifted the Nikkei stock index <.n225> by 2.1 percent, near to its highest level since September 2008.

U.S. stock futures were barely changed and are expected to stay little changed as Wall Street will be closed on Monday for the Presidents' Day holiday. <.n/>

MSCI's world equity index <.miwd00000pus> was flat as markets extended two-week period of consolidation that has followed the big run up in January when demand was buoyed by the efforts of global central banks to stimulate the world economy.

Data from EPFR Global, a US-based firm that tracks the flows and allocations of funds globally, shows investors pulled $3.62 billion from U.S. stock funds in the latest week, the most in 10 weeks after taking a neutral stance the prior week.

But demand for emerging market equities remained strong, with investors putting $1.81 billion in new cash into stock funds, the fund-tracking firm said.

CHINA RETURN

In the commodity markets traders played catch up after a week-long holiday last week in China, the world's second biggest consumer of many raw materials, had kept activity subdued, with worries about the euro zone economy weighing on sentiment.

Copper, for which China is the world's largest consumer, fell 0.8 percent to $8,135 a metric ton (1.1023 tons) on the London futures market.

Gold rebounded by 0.3 percent from a six-month low to be $1,614 an ounce as jewelers in China returned to the physical market after the Lunar New Year holiday.

Crude oil markets were mostly steady after some weak U.S. industrial production data on Friday [ID:nL1N0BF44A] was seen dampening demand, while tensions in the Middle East lent some support.

U.S. crude fell 20 cents to $95.66 a barrel but Brent inched up two cents $117.86.

(Reporting by Richard Hubbard; editing by Philippa Fletcher)

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No. 2 Duke falls to Maryland 83-81

COLLEGE PARK, Md. (AP) — As the final horn sounded and Maryland fans rushed the court to celebrate a rare victory over its bitter rival, weary Duke had just enough energy left to escape the mayhem for the safety of its locker room.

Seth Allen broke a tie by making two free throws with 2.8 seconds left, and the Terrapins stunned the second-ranked Blue Devils 83-81 Saturday night to end a six-game skid in the series.

Coming off a five-day break, Maryland notched its most significant win of the season at the expense of a tired Duke playing its fourth game in 10 days.

The Blue Devils were worn out, and it showed.

Duke was outrebounded 40-20, never led in the second half and got only four points and three rebounds from 6-foot-10 senior center Mason Plumlee.

"This has been an exhausting schedule for our team," coach Mike Krzyzewski said. "We're playing on fumes and I think you could tell that with Mason. I thought he looked exhausted the whole game. He's been great. Obviously not good tonight."

The Terrapins (18-7, 6-6 Atlantic Coast Conference) did not trail after halftime but never could pull away.

Duke (22-3, 9-3) was down by 10 with 3:39 left but pulled even when Rasheed Sulaimon made three foul shots with 16.7 seconds to go. Quinn Cook then fouled Allen as the freshman guard drove through the lane, and Allen made both shots.

After a Duke timeout, Cook's desperation 30-footer bounced off the back rim. Chaos ensued as the fans immediately rushed the court.

"I thought it was in when I got it off," Cook said of his final attempt.

Alex Len had 19 points and nine rebounds for Maryland, and Allen scored 16. The Terrapins had lost 12 of 13 against Duke, including a 20-point embarrassment last month.

"I told our players before the game, there's a lot of pride in Maryland basketball," coach Mark Turgeon said. "There's also a lot of passion about Maryland basketball. We talked about playing with those two things for us and for our fans. Our fans were just tremendous."

From the end of the Star Spangled Banner to the final buzzer, the crowd never stopped shouting for the Terps, who rewarded their fans with a memorable victory in a rivalry that appears destined to end when Maryland leaves for the Big Ten in 2014.

"I have a great deal of respect for Maryland," Krzyzewski said. "If it was such a rivalry they'd still be in the ACC. Obviously they don't think it's that important or else they wouldn't be in the Big Ten."

Oh, but it's very important to Maryland and its coach.

"This win was for my family and the fans," Turgeon said. "I know what this win means for our fan base, and I really wanted to beat Duke."

The Blue Devils had their six-game winning streak end. Seth Curry scored 25 and Cook added 18. But Plumlee was completely outplayed by the 7-1 Len, who went 6 for 8 from the field and 7 for 8 at the foul line.

"There's so much pressure for Mason to play outstanding," Krzyzewski said. "That wears on you as the season goes on. He just didn't look fresh tonight."

Said Plumlee: "I didn't show up to play today and I let my teammates down. It's all on me."

Maryland committed a whopping 26 turnovers, eight by Allen. The Terrapins shot an impressive 60 percent from the floor and finished with a 40-20 rebounding advantage.

Maryland played without reserve guard Pe'Shon Howard, who was suspended for violating team rules. Despite being demoted from his starting role last month, Howard still leads the Terrapins in assists.

Maryland led 66-63 before Allen scored on a drive. Dez Wells then stole the ball from Cook and went in for a dunk for a seven-point lead with 5:20 left. After the Blue Devils closed to 71-63, James Padgett made a layup for Maryland and Wells made two foul shots for a 10-point cushion.

The crowd increased its volume with every subsequent basket by the Terrapins, whose previous win over Duke came in March 2010, when Greivis Vasquez celebrated Senior Night with a 20-point performance.

In this one, it was 80-72 before Curry made two straight 3-pointers to bring Duke to 80-78 with just under a minute left. After Wells was called for a charge, Curry had a 15-footer bounce in and out of the basket.

It was that kind of night for the Blue Devils.

This score was 39 all before Allen hit a 3-pointer to spark a 10-2 run that included five points from freshman Shaquille Cleare. It was 53-43 before Curry bagged a 3-pointer, Alex Murphy made a layup and Curry drove the lane following Maryland's third turnover in a 60-second span.

That cut the gap to three points, and seconds after a 3-pointer by Cook got the Blue Devils to 55-53.

After the Terrapins went up by six, they committed turnovers on three straight possessions. That enabled Duke to close to 59-57 on a dunk by Murphy, but four straight free throws by Len gave Maryland a 64-59 advantage with 7:20 remaining.

The first half featured two ties, 10 lead changes and ended with the Terrapins up 35-34. Curry (14 points) was one of only four Duke players to score before halftime.

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Afghanistan's future: Five questions

STORY HIGHLIGHTS

• President Obama has revealed new details about the troop withdrawal in Afghanistan


• But there are several key issues that still must be resolved in the coming months


• The Afghan military has its critics, but the U.S. has praised its progress


• There are fears that Afghanistan's advancements might be at risk after 2014

(CNN) -- In his State of the Union address, President Obama reaffirmed that the country's war in Afghanistan would be over by the end of 2014.

He also laid out more specifics.

Of the approximately 66,000 U.S. troops in Afghanistan now, more than half -- 34,000 -- will come home in the next year, Obama said.

At the same time, Afghan troops will assume most of the responsibility for combat missions.

"This spring, our forces will move into a support role, while Afghan security forces take the lead," Obama said.

It was previously expected that Afghan forces would take the lead in combat missions by the middle of this year. But a U.S. official told CNN that the military transition has accelerated and that Afghans will lead all security operations by March.

What does this news mean for Afghanistan and America's longest war? Here are some key questions that will be asked in the coming months:

1. Are the Afghan troops up to the task?

There are certainly doubts.

A Pentagon review in December claimed that only one of 23 Afghan army brigades was capable of functioning on its own.

Meanwhile, literacy rates are low, desertion rates are high, and many deserters have joined the insurgency. There also have been a troubling number of "green-on-blue" attacks: Afghan troops attacking their American comrades.

But Defense Secretary Leon Panetta has spoken positively about the progress Afghans have made in growing their army, reducing violence and becoming more self-sufficient. Afghan forces now lead nearly 90% of operations across the country.

"We're on the right path to give (Afghanistan) the opportunity to govern itself," Panetta said earlier this month.

Afghan President Hamid Karzai said he welcomes the U.S. troop withdrawal and insists his army can defend the country against the Taliban.

"It is exactly our job to deal with it, and we are capable of dealing with it," Karzai said during an interview with CNN's Christiane Amanpour.

What the army needs now, Karzai says, is more equipment and firepower. He came to the Pentagon last month with a wish list asking for more helicopters, drones and other hardware, according to a senior defense official.

"We need an air force. We need air mobility," Karzai told Amanpour. "We need proper mechanized forces. We need, you know, armored vehicles and tanks and all that."

2. What presence will the U.S. have after 2014?

The plan is to withdraw all combat troops but keep a residual force in the country to help train Afghans and carry out counterterrorism operations when needed.

The size of that force is still being discussed.

Gen. John Allen, the former commander of U.S. troops in Afghanistan, recommended between 6,000 and 15,000 troops. But that figure was lowered to a range between 2,500 and 9,000, according to a defense official.

There might not be any U.S. troops at all if the United States cannot come to an agreement over immunity with Afghanistan. There was no American presence in Iraq at the end of that war because the Iraqi government refused to extend legal protections to U.S. troops.

Karzai, who's in favor of a residual force, said he would put the immunity decision in the hands of Afghan elders, and he expressed confidence that he could persuade the elders to see things his way.

Leaving no U.S. troops at all would be a major misstep, said Peter Bergen, CNN's national security analyst. He said the U.S. has abandoned Afghanistan already, in 1989, and the decision left America with little understanding of the power vacuum that led to the Taliban's rise in the first place.

"The current public discussion of zero U.S. troop presence in Afghanistan ... will encourage those hardliner elements of the Taliban who have no interest in a negotiated settlement and believe they can simply wait the Americans out," Bergen wrote in an op-ed for CNN.com. "It also discourages the many millions of Afghans who see a longtime U.S. presence as the best guarantor that the Taliban won't come back in any meaningful way."

3. What's at stake?

The main fear among the Afghan people is that the country could revert to another civil war once the United States withdraws its combat troops. The Taliban are still "resilient and determined," according to a recent Pentagon report, and insurgents continue to carry out attacks and pose a major security threat.

"Some people we've spoken to sort of take it for granted that there's going to be a civil war when the United States leaves," said CNN's Erin Burnett on a recent trip to Afghanistan. "It happened before when the Soviet Union left (in 1989)."

For all the violence Afghanistan has seen in the past decade, it has also seen major advancements in human rights and quality of life.

"During the Taliban, basically there were thousands of girls going to school in Afghanistan. Now you have millions of girls going to school," Burnett said. "So there's been real progress on women's rights. Obviously there remain a lot of problems -- honor killings, forced marriages, domestic violence -- but there has been real progress."

Retired Army Gen. Stanley McChrystal, once America's top commander in Afghanistan, said the Afghan people are "terrified."

"They're terrified because they think they have something to lose," McChrystal said. "There has been progress made. There is a better life. There are girls in school. There are things that are better than they were and opportunities potentially ahead.

"But they're afraid that if we completely abandon them in 2014, as they perceive we did in 1989, (things) would all go back."

And in Washington, there are worries that the wrong move could put the United States right back where it started, with nothing to show for a bloody conflict that started in 2001.

Chairman of the House Armed Services Committee, Rep. Buck McKeon, R-California, expressed concern last week that a hasty withdrawal could be "needlessly fraught with risk."

"Since the president took the commendable step of deploying a surge to Afghanistan in 2009, we have known that our hard-fought gains are fragile and reversible," McKeon said. "That isn't my assessment, but the consistent opinion of experts both military and civilian."

4. Who will lead after Karzai?

Afghanistan's only president of this century won't be in charge for much longer.

Elections are scheduled for April 2014, and Karzai has reached the term limit set by his country's constitution. He told Amanpour it's "absolutely time to go."

"A new president will come to this country. A new government will come to this country. And I'll be a happily retired civil servant," he said.

So while Afghanistan oversees a major military transition, it also will have to make a political transition.

Who will lead the country during this critical moment in its history? Will the vote go smoothly, without violence and without controversy? There were reports of ballot tampering and other violations in the last one.

The answers might be just as important to Afghanistan's security as the readiness of its troops.

"The single biggest challenge for us is the political transition, the elections of 2014," said Saad Mohseni, the media mogul behind Afghanistan's Tolo Television. "(If) we have credible elections, I think we'll be OK for the next five, six years. (If) we don't, there is a real danger that we'll see instability, especially in 2014 as the U.S. troops withdraw."

5. What part will the Taliban play?

Despite the ongoing insurgency, Karzai seems eager to resume stalled peace talks with the Taliban and include them in the political process.

The Taliban pulled out of talks last year, but Karzai said last month they "are very much conveying to us that they want to have peace talks. They're also people. They're also families. They also suffer, like the rest of Afghans are suffering."

Javid Ahmad, a Kabul native now with the Asia Program of the German Marshall Fund of the United States, believes revitalized peace talks are essential to Afghanistan's future and to the legacy of America's war.

"If withdrawing responsibly in 2014 is indeed high on President Obama's agenda, then he has little choice but to prioritize and accelerate the peace talks, negotiate a cease-fire between all sides, and reach a settlement that ensures that the Taliban lay down their weapons," Ahmad wrote in a recent column.

But will the Taliban be willing to cooperate? And if they enter negotiations, how much of an influence would they have on an Afghan society that has seen so many changes in the past decade?

"There have to be some red lines," said Jawed Ludin, Afghanistan's deputy foreign minister for political affairs. "Some of the achievements that we've had in the last 10 years can't be negotiated."

Karzai sounded confident that most of the Taliban would acknowledge this.

"I think there is now a critical mass in Afghanistan of the educated, of the Afghan people who want a future of progress and stability," he said. "And I think also that the Taliban recognize that this corner has been turned, the majority of them. Some may be there among them who would not -- who would remain, you know, in the darkest of the mindset possible. But those are a few."

CNN's Chris Lawrence, Mike Mount and Jake Tapper contributed to this report.

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Al Franken’s Fanciful Post Office Fix

The U.S. Postal Service has another would-be savior: Al Franken, the U.S. senator from Minnesota and former Saturday Night Live cast member. On Thursday, he and seven Democratic colleagues introduced a bill to “modernize” the financially troubled agency, which is losing $ 25 million a day.

By “modernize,” Franken and his allies mean expand the Postal Service’s operations. This is from his press release: “The measure would let the Postal Service look for innovative new ways to generate revenue by allowing post offices to notarize documents, issue hunting and fishing licenses, and allow shipments of wine and beer—all services currently prohibited at post offices.”

There is also vague language about how the legislation would “clear the way for the Postal Service to help customers take advantage of e-mail and Internet services.”

These ideas are worth considering, but there are already plenty of reform proposals floating around Congress. The Senate passed a reform bill last April, only to have it languish in an election year. So presumably, Franken and his allies have already had their say on the matter. There are also competing bills in the House.

What Congress needs to do now is come up with a compromise that can make it though both houses. It will be difficult for Republicans and Democrats to reach such an agreement. Democrats are heavily supported by postal worker unions, which hope to protect the jobs of their members at a time when mail volume is declining. That surely has something to do with Franken’s proposal to increase the duties of clerks in rural areas. It’s job security for them.

House Republicans talk about the need to shrink the federal government. But they haven’t been able to pass an existing bill that would eliminate Saturday delivery, which the public supports to save the USPS.

When it comes down to it, Franken’s new bill is another attempt by Congress to look like it’s doing something to ease the Postal Service’s woes. But it’s really just another distraction.

Businessweek.com — Top News

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Dubai’s Nakheel in talks to extend $2.2 billion loan: report

(Reuters) – Nakheel (NAKHD.UL), builder of man-made islands in the shape of palms, is in talks to extend an 8 billion dirhams ($ 2.18 billion) loan due in 2015, the indebted developer’s chairman was quoted in a local newspaper as saying on Sunday.

Ali Rashid Lootah dismissed concerns over Nakheel’s ability to repay its debts, which also includes a 3.8-billion dirham sukuk, or Islamic bond, due in August 2016, according to Abu Dhabi-based newspaper, The National.

The government-owned developer agreed a $ 16-billion debt restructuring in 2011 and has scaled back grandiose plans, such as building a one-kilometre high tower after it was one of the most high profile corporate casualties of a Dubai property crash that sent house prices tumbling about 60 percent from 2008 peaks.

Debts held by Nakheel, owned at the time by flagship conglomerate Dubai World (DBWLD.UL) helped trigger the emirate’s 2009 debt crisis. A last-minute bailout by Abu Dhabi helped Dubai avert a bond default on a Nakheel bond in December 2009.

“We are talking to financial institutions to restructure our loan, which is a normal part of business because the original tenure is very short,” Lootah was quoted as saying.

“We have time but we are talking to them from now and engaging them from now to get a longer term. We are not worried about the sukuk. Our strategy first will be deal with the lenders. The sukuk is a secondary issue to that.”

Nakheel reported a 57-percent rise in annual profit in January. It also made interest and profit payments of around 800 million dirhams to lenders last year and has now paid around 10 billion dirhams to various trade creditors and contractors since the start of its debt restructuring.

“We have sorted all the old issues, most of the old issues,” Lootah told the newspaper.

But he ruled out re-starting work on Palm Jebel Ali, one of three man-made islands in the shape of palm fronds that Nakheel planned to build off the Dubai coast. Of these, only one – Palm Jumeirah – has been completed.

“Nakheel will grow and grow and grow in a more careful manner and with a more well-studied strategy and plan,” Lootah was quoted as saying. “Tourism is booming in Dubai so people are looking for more options, so we are looking at that.”

Last week, Dubai gave the go-ahead for a new $ 1.6 billion artificial island – not connected to Nakheel – as it again unveils extravagant developments, despite the emirate being littered with stalled or abandoned projects commissioned in the boom years of the previous decade.

(Reporting by Matt Smith; Editing by Amran Abocar)

Business & Finance News – Yahoo! Finance

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Wrestling president quits after Olympic omission

PHUKET, Thailand (AP) — The president of the international wrestling federation has quit in the wake of the IOC's decision to remove the sport from the 2020 Olympics.

Raphael Martinetti's resignation was announced Saturday at the FILA executive committee meeting in Phuket. The Swiss had been in the position since 2002.

On Tuesday, the executive board of the International Olympic Committee dumped wrestling from its guaranteed berth in future Summer games, forcing the sport to compete for a spot on the program.

U.S.A. Wrestling executive director Rich Bender said Martinetti's departure "provides international wrestling with an opportunity to change and improve," giving the sport a chance "to create a fresh new relationship" with the IOC.

Wrestling will still be on the program at the 2016 Olympics in Rio de Janeiro.

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Meteor shows need to keep eye on sky

By Colin Stuart, special for CNN

February 15, 2013 -- Updated 1512 GMT (2312 HKT)

Meteor explodes over Russia

Meteor explodes over Russia

Meteor explodes over Russia

Meteor explodes over Russia

Meteor explodes over Russia

Meteor explodes over Russia

Meteor explodes over Russia

Meteor explodes over Russia

STORY HIGHLIGHTS

• Meteor explosion above Russia left hundreds of people injured


• Meteor came on day asteroid expected to pass 27,000 kilometers from Earth


• Earth is sprinkled with around 170 craters also caused by debris falling from space


• Stuart says unexpected meteor shows importance of monitoring space for potential threats

Editor's note: Colin Stuart is an astronomy and science writer, who also works as a Freelance Astronomer for the Royal Observatory Greenwich in London. His first book is due to be published by Carlton Books in September 2013. Follow @skyponderer on Twitter.

London (CNN) -- Reports coming from Russia suggest that hundreds of people have been injured by a meteor falling from space. The force of the fireball, which seems to have crashed into a lake near the town of Chebarkul in the Ural Mountains, roared through the sky early on Friday morning local time, blowing out windows and damaging buildings. This comes on the same day that astronomers and news reporters alike were turning their attention to a 40 meter asteroid -- known as 2012 DA14 -- which is due for a close approach with Earth on Friday evening. The asteroid will skirt around our planet, however, missing by some 27,000 kilometers (16,777 miles). Based on early reports, there is no reason to believe the two events are connected.

Read more: Russian meteor injures hundreds

Colin Stuart

And yet it just goes to show how much space debris exists up there above our heads. It is easy to think of a serene solar system, with the eight planets quietly orbiting around the Sun and only a few moons for company. The reality is that we also share our cosmic neighborhood with millions of other, much smaller bodies: asteroids. Made of rock and metal, they range in size from a few meters across, up to the largest -- Ceres -- which is 1000 kilometers wide. They are left over rubble from the chaotic birth of our solar system around 5000 million years ago and, for the most part, are found in a "belt" between the orbits of Mars and Jupiter. But some are known to move away from this region, either due to collisions with other asteroids or the gravitational pull of a planet. And that can bring them into close proximity to the Earth.

Read more: Saving Earth from asteroids

Once a piece of space-rock enters our atmosphere, it becomes known as a meteor. Traveling through the sky at a few kilometers per second, friction with the air can cause the meteor to break up into several pieces. Eyewitnesses have described seeing a burst of light and hearing loud, thunderous noises. This, too, is due to the object tearing through the gases above our heads. If any of the fragments make it to the ground, only then are they called meteorites.

Such events are rare, but not unprecedented. An object entered Earth's atmosphere in 1908 before breaking up over Siberia. The force of the explosion laid waste to a dense area of forest covering more than 2000 square kilometers. It is not hard to imagine the devastation of such an event over a more highly populated region. The Earth is sprinkled with around 170 craters also caused by debris falling from space. The largest is found near the town of Vredefort in South Africa. The impact of a much larger asteroid -- perhaps as big as 15 kilometers across -- is famously thought to have finished off the dinosaurs 65 million years ago.

Opinion: Don't count 'doomsday asteroid' out yet

It is easy to see why, then, that astronomers are keen to discover the position and trajectory of as many asteroids as possible. That way they can work out where they are heading and when, if at all, they might pose a threat to us on Earth. It is precisely this sort of work that led to the discovery of asteroid 2012 DA14 last February by a team of Spanish astronomers. However, today's meteor strike shows that it is not currently possible to pick up everything.

A non-profit foundation, led by former NASA astronaut Ed Lu, wants to send a dedicated asteroid-hunting telescope into space that can scan the solar system for any potential threats. For now, astronomers will use Friday's fly-by to bounce radar beams off 2012 DA14's surface, hoping to learn more about its motion and structure. One day this information could be used to help move an asteroid out of an Earth-impacting orbit. This latest meteor over Russia just goes to show how important such work is and how crucial it is that we keep our eye on the sky.

Read more: NASA estimates 4,700 'potentially hazardous' asteroids

The opinions expressed in this commentary are solely those of Colin Stuart.

Part of complete coverage on

February 15, 2013 -- Updated 1421 GMT (2221 HKT)

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Flooding payouts broke £1bn in 2012

15 February 2013 Last updated at 06:29 ET

Insurers paid out £1.19bn for flood and storm damage in the UK in 2012 – the highest annual figure for five years, an insurance trade body has said.

Some 486,000 claims were made by homeowners, businesses and motorists, according to the Association of British Insurers (ABI).

The average payout for flood-damaged properties was £18,200, the ABI said.

Last year was the second wettest on record in the UK, according to figures from the Met Office.

The total rainfall for the UK during 2012 was 1,330.7mm (52.4in), just 6.6mm short of the record set in 2000.

However, it was the wettest on record in England and Wales.

Claim levels

The ABI, which represents 90% of the UK’s insurance industry, said that flooding struck a number of times during the year.

The total payout was slightly higher than in the year 2000, but was still dwarfed by the £3bn bill from the floods that had such a serious impact on the country in 2007.

Continue reading the main story

1. 2000 – 1,337.3mm

2. 2012 – 1,330.7mm

3. 1954 – 1,309.1mm

4. 2008 – 1,295.0mm

5. 2002 – 1,283.7mm

(Source: Met Office)

The insurance industry faced considerable criticism for its response to those floods, and insurers now often put teams in place in areas that are hit by storms or flooding.

The 1987 hurricane and the storms of 1990 also cost insurers more than last year.

In 2012, insurers received 411,300 claims totalling £690m for damage to homes as a result of floods and storms, the ABI said.

Commercial property accounted for considerably fewer claims, just 47,000, but the value of those claims amounted to £373m.

Insurers handled 26,800 claims for vehicles damaged by the extreme weather, paying out £84m, and 1,200 claims for interruption to business operations, costing them £40m, the ABI said.

“Insurers expect bad weather to strike anytime, anywhere and last year highlighted the vital role insurance plays in helping communities recover from our increasingly volatile weather,” said Nick Starling, the ABI’s director of general insurance.

Cover ‘at risk’

The ABI has been in talks with the government for months searching for a deal to avoid 200,000 homes being left without flood cover.

Many thousands more householders could see premiums rise if no deal emerges.

An existing agreement, reached in 2008, obliges insurers to provide cover for high-risk properties while the government continues to improve flood defences. This arrangement comes to an end in June.

The ABI wants the government to share the financial risk for the areas with the most homes at significant flood risk – defined as a greater than one in 75 chance of flooding in any given year.

The government said it was determined to come up with an affordable solution that did not put an unjustifiable burden on the taxpayer.

BBC News – Business

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Top Money Saving Tips for Energy Users

LONDON, UNITED KINGDOM–(Marketwire – Feb 16, 2013) – Homes across Britain suffered badly last year due to the economic crisis – and with a double-dip recession expected for 2013 there”s no silver lining in sight.

Energy bills are a particular source of bewilderment for most users as energy prices keep rising despite drops in crude-oil prices and many people across the country accepting wage freezes in order to keep their jobs. The ”big 6” energy companies are particularly responsible for this pricing issue but there may be some ways you can beat them at their own game.

With this in mind we”ve put together a few top tips for cutting down your energy bills this winter…

Proper Insulation

Adding proper wall cavity insulation could save you up to £135 per year depending on the age and state of repair of your home. This saving is further extended with proper loft insulation. As around 30% of your homes heat can be lost through the room this insulation could save you up to £175 per year.

Eco Friendly Lighting

Traditional bulbs not only give off a very harsh light they also consume huge amounts of electricity. Modern energy saving bulbs last up to 10 times longer than traditional bulbs and could save you up to £40 over the duration of their lifetime. Now imagine that saving across every bulb in your home and that”s quite a tidy packet you won”t have to spend.

Lower Your Heating

This is a slightly cheeky tip as who are we to say what”s the perfect temperature? However, most people would be quite comfortable with their heating turned down just one or two degrees – which is great news, because for every degree you turn down your heating you could be saving up to 10% off your gas bill.

Replace Your Outdated Boiler

If your boiler is older than 15 years then it almost certainly won”t conform to recent efficiency protocols and it”s probably burning up a lot of your cash. Although the initial investment can cost as much as £1500 (for the average size boiler) with potential savings of up to £230 a year this home improvement will have paid for itself in money savings in around five years. Plus many companies have a boiler exchange/scrappage scheme which might net you as much as £700 towards the cost of your new equipment.

Get a Smart Meter

Not all energy companies provide a Smart Meter but some of the best ones do. A smart meter gives much more accurate readings for your energy usage which means that you”re likely to save money as you won”t have to pay estimated costs anymore. This should certainly save you more than a few pennies in the long run.

About First Utility

First Utility is the UK”s largest independent energy supplier. It supplies gas and electricity to over 180,000 residential and business customers throughout the UK. First Utility is pioneering the use of new technology within the energy sector to empower its customers to control their energy spend. It was also the first UK energy supplier to offer smart meters to all its customers in 2008. In 2012 it launched my:energy, an online analytics service which provides households and businesses with personalised information regarding their energy usage.

Marketwire News Archive – Yahoo! Finance

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G20 defuses talk of "currency war", no accord on debt

MOSCOW (Reuters) - The Group of 20 nations declared on Saturday there would be no 'currency war' and deferred plans to set new debt-cutting targets in an indication of concern about the fragile state of the world economy.

Japan's expansive policies, which have driven down the yen, escaped criticism in a statement thrashed out in Moscow by financial policymakers from the G20, which groups developed and emerging markets and accounts for 90 percent of the world economy.

After late night talks, finance ministers and central bankers agreed on wording closer than expected to a joint statement issued last Tuesday by the Group of Seven rich nations backing market-determined exchange rates.

A draft communique seen by delegates on Friday had steered clear of the G7's call for fiscal and monetary policy not to be targeted at exchange rates but the later version included a G20 commitment to refrain from competitive devaluations and stated monetary policy would be directed at price stability and growth.

"The language has been strengthened since our discussions last night," Canadian Finance Minister Jim Flaherty told reporters. "It's stronger than it was, but it was quite clear last night that everyone around the table wants to avoid any sort of currency disputes."

The communique, seen by Reuters ahead of publication, did not single out Japan for aggressive monetary and fiscal policies that have seen the yen drop 20 percent.

The statement reflected a substantial, but not complete, endorsement of Tuesday's statement by the G7 nations - the United States, Japan, Britain, Canada, France, Germany and Italy.

"We all agreed on the fact that we refuse to enter any currency war," French Finance Minister Pierre Moscovici told reporters.

NO FISCAL TARGETS

The text also contained a commitment to credible medium-term fiscal strategy, but stopped short of setting specific goals.

A debt-cutting pact struck in Toronto in 2010 will expire this year if leaders fail to agree to extend it at a G20 summit of leaders in St Petersburg in September.

"Advanced economies will develop credible medium-term fiscal strategies ... by the St. Petersburg summit," the communique said.

The United States says is on track to meet its Toronto pledge but argues that the pace of future fiscal consolidation must not snuff out demand. Germany and others are pressing for another round of binding debt-cutting goals.

Backing in the communique for the use of domestic monetary policy to support economic recovery reflected the U.S. Federal Reserve's commitment to monetary stimulus through quantitative easing, or QE, to promote recovery and jobs.

QE entails large-scale bond buying -- $85 billion a month in the Fed's case -- that helps economic growth but creates money, much of which has leaked into emerging markets, threatening to destabilize them.

That was offset in the communique by a commitment to minimize "negative spillovers" of the resulting financial flows that emerging markets fear may pump up asset bubbles and ruin their export competitiveness.

"Major developed nations (should) pay attention to their monetary policy spillover," Vice Finance Minister Zhu Guangyao was quoted by state news agency Xinhua as saying in Moscow.

"Major developed countries' implementation of excessively relaxed currency policy has an influence on the world economy."

Russia, this year's chair of the G20, said the group had failed to reach agreement on medium-term budget deficit levels and also expressed concern about ultra-loose policies that it and other big emerging economies say could store up trouble for later.

Finance Minister Anton Siluanov said a rebalancing of global growth required more than an adjustment of exchange rates.

"Structural reforms in all countries, either with a positive or negative balance of payments, should play a bigger role," he said in an address to Saturday's talks, also highlighting the risk of spillover effects from unconventional monetary policy.

The G20 put together a huge financial backstop to halt a market meltdown in 2009 but has failed to reach those heights since. At successive meetings, Germany has pressed the United States and others to do more to tackle their debts. Washington in turn has urged Berlin to do more to increase demand.

On currencies, the G20 text reiterated its commitment last November, to move towards "exchange rate flexibility to reflect underlying fundamentals and avoid persistent exchange rate misalignments".

"The G7 made a very clear statement this week. I think you'll see the G20 echo what was said, and say that currencies should not be used as a tool of competitive devaluation," Britain's finance minister, George Osborne, said in Moscow.

"Countries shouldn't make the mistake of the past of using currencies as a tool of economic warfare."

(Additional reporting by Randall Palmer, Lesley Wroughton, Tetsushi Kajimoto, Jan Strupczewski, Lidia Kelly, Katya Golubkova, Jason Bush and Michael Martina. Writing by Douglas Busvine. Editing by Timothy Heritage/Mike Peacock)

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