Hurting Spaniards celebrate Christmas lottery wins






MADRID (AP) — Winners of Spain‘s cherished Christmas lottery — the world’s richest — celebrated Saturday in more than a dozen locations where the top lucky tickets were sold, a moment of uplift for a country enduring another brutal year of economic hardship.


The lottery sprinkled a treasure chest of €2.5 billion ($ 3.3 billion) in prize money around the country. Champagne corks popped and festive cheer broke out in 15 towns or cities where tickets yielding the maximum prize of €400,000 ($ 530,000), known as “El Gordo” (“The Fat One,)” had been bought.






A total of €520 million ($ 687 million) was won in the eastern Madrid suburb of Alcala de Henares alone. Among the top-prize winners were 50 former workers at metal parts factory Cametal who had formed a pool to buy tickets. Their company had filed for bankruptcy and ceased paying wages five months ago.


“I’m bursting with joy, I haven’t fully taken it in yet,” said local resident Josefina Ortega. “When others win you think to yourself it’ll never happen to you, but it has.”


Unlike lotteries that generate a few big winners, Spain’s version — now celebrating its 200th anniversary — has always shared the wealth more evenly instead of concentrating on vast jackpots, so thousands of tickets yield some kind of return.


Almost all of Spain’s 46 million inhabitants traditionally watch at least some part of the live TV coverage showing school children singing out winning numbers for the lottery


It is so popular that frequently three €20 ($ 26) tickets are sold for every Spaniard and many consider lottery day as the unofficial kickoff of the holiday season.


Before Spain’s property-led economic boom collapsed in 2008 ticket buyers often yearned to win so they could buy a small apartment by the beach or a new car. Now people said they needed money just to get by, or to avoid being evicted from their homes.


Though ticket sales were down 8.3 percent on last year, according to the National Lottery, in the days preceding the draw hundreds of people lined up to buy tickets outside outlets that have sold winning tickets before.


Dolores Perez and Teresa Palacio, two lottery outlet workers in north Madrid who sold a top-prize ticket celebrated with sparkling wine as curious neighbors gathered. The fortunate winner had yet to make an appearance.


“I had never sold a Christmas ‘Gordo’ before; I almost thought it didn’t exist,” said Perez, smiling broadly. “I’m so happy, I’ve worked here for 30 years and never before sold a ‘Gordo,’ until now.”


Since so many people chip in to buy tickets in groups, top prizes frequently end up being handed out in the same small town or in one city neighborhood.


Last year’s top winning number hit for 1,800 tickets in the northern town of Granen, population 2,000. Townspeople shared about €700 million ($ 925 million), and the rest of the €1.8 billion ($ 2.4 billion) was doled out in smaller prizes around Spain.


Spain holds another big lottery Jan. 6 to mark the Feast of the Epiphany. It is known as “El Nino” (The Child), in reference to the baby Jesus.


But the crisis will hit El Nino and all lotteries going forward. Until now, lottery winnings have been free from taxation, but now prizes above €2,000 ($ 2,640) will be liable to a 20 percent tax in 2013.


The government has imposed stinging austerity measures this year in a bid to prevent Spain from asking for a full-blown bailout like those granted to Greece, Ireland, Portugal and Cyprus. Spain’s unemployment stands at 25 percent and its economy is sinking into a double-dip recession.


___


Associated Press correspondent Alan Clendenning in Madrid contributed to this report.


Economy News Headlines – Yahoo! News





Title Post: Hurting Spaniards celebrate Christmas lottery wins
Rating:
100%

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




Read More..

Ho Ho Holy Discount: Vatican tax-free store busy






VATICAN CITY (AP) — Anyone left on your Christmas list just aching for a 65-inch Samsung 3D flat-screen television? Just your luck. The Vatican’s duty-free department store has one on sale for €2,899 ($ 3,840) — a nifty savings over the €3,799 ($ 5,032) it costs at Italy’s main electronics chain Euronics.


Or how about some new luggage for the holidays? The Vatican shop stocks a variety of Samsonite Cordoba Duo carry-ons for €123, a nice markdown from the €135 on the Samsonite website. But if a last-minute shopping splurge is in order, the Vatican can also oblige: Take this leather-bound travelling trunk from Florence’s “The Bridge” leatherworks, with its five drawers, plaid interior, six wooden hangars and shiny brass buckles.






At €5,900, it comes with a matching leather golf club bag, just what every monsignor needs under his Christmas tree.


There’s a little-known open secret in the Vatican gardens, a few paces behind St. Peter’s Basilica and tucked inside the Vatican’s old train station: a sprawling, three-story tax-free department store that rivals any airport duty free or military PX, stocking everything from Church’s custom grade shoes (€483 a pair) to Baume et Mercier watches (ladies €1,585, men’s Capeland €5,000).


There’s a hitch, however. It’s not open to the public, only to Vatican citizens, employees and their dependents, diplomats accredited to the Holy See and (unofficially) their lucky friends who, after stocking up on holiday must-haves, proceed to the checkout with their Vatican connection and the ID card that entitles them to shop there.


To be sure, Rome is no stranger to tax-free shopping. Embassies, nearby military bases and the U.N. food agencies all have commissaries for their employees, where imports of everything from American ice cream to French wine can be had minus the 21 percent sales tax included in list prices in Italy.


The Vatican has that and more, given that it’s its own sovereign state — the world’s smallest — operating in central Rome. At 44 hectares (110 acres), the Vatican city state is the physical home of the Holy See: the pope and governing structure and administration of the Catholic Church.


The Vatican Museum, with its main draw the Sistine Chapel, is the main profit-making enterprise of the Vatican city state, bringing in €91.3 million in revenue last year alone. But other smaller entrepreneurial endeavors boost the Vatican’s coffers as well, including the department store, the tax-free gas station, the stamp and coin collecting office, the Vatican pharmacy and its supermarket.


And in these days of austerity, their profits and bottom line are ever more important to the Vatican.


The Vatican is entitled to run such tax-free enterprises inside its walls based on the Lateran Treaty, the 1929 pact that regularized and regulates the Vatican’s relations with Italy. But those regulations also limit the Vatican’s customer base, lest all of Rome descend on the supermarket to stock up on Gordon’s Gin (€8.50 a liter compared to the €15 it can run in liquor stores) or Montecristo No. 3 Cuban cigars (box of 25 €84 ($ 110.95) compared to $ 164.95 on www.bestcigarprices.com). About 4,700 people are employed by the Holy See and the Vatican city state; the Vatican’s diplomatic corps — the Holy See has relations with 175 countries — adds another chunk to the customer base.


Few people outside Rome know the department store exists — there’s no evidence of it on any Vatican website, no photos of its wares, no advertising outside the Vatican walls. Those who do know it exists seem to want to pretend it doesn’t since the high-end luxury items on sale aren’t necessarily in tune with either the sobriety or the salaries of the Vatican rank-and-file.


In fact, on a recent Thursday morning, nary a collar nor religious habit was in sight as ordinary lay folk milled around the spacious store during December’s “extraordinary opening hours” — extended to accommodate bargain-hunting Christmas shoppers who were rewarded with a wine tasting in the central atrium and piles of Brooks Brothers non-iron shirts and Burbury backpacks to choose from.


“More than the prices, it’s the material,” said Luciano, a bulky Roman who refused to give his last name as he shopped for an overcoat with his wife and an obliging Vatican friend waiting at checkout. “This one I don’t like — I look like a priest,” he muttered as he put the navy blue trench coat back on a hangar.


Cardinal Edmund Szoka, the American who sought to bring some order into the Vatican’s finances as head of the Vatican city state, is credited with having made the department store what it is today, moving it into the Vatican’s underused train station, a miniature version of Washington’s Union station with a sweeping double staircase and glass-front window that frames the dome of St. Peter’s a few meters (yards) away.


Szoka said he moved it from the basement of the Vatican government building to the train station for more space, since the station wasn’t used anymore for passengers and provided the perfect, airy open space that a shop of its kind would require.


“Our principal motivation in changing the train station building into a department store was mainly for the convenience of our employees, as well as for those who could come into the Vatican and shop there,” he said in an email from his home in Michigan. “Naturally, we expected a profit, but that was not the primary motivation.”


Szoka retired in 2006, well before the global economic crisis hit. The current leadership of the “Governorato” as the city state administration is called, recently asked all department heads to come up with cost-saving or profit-making initiatives to help the Vatican get through the tough times.


“Any good administrator wants to save what can be saved,” said Monsignor Giuseppe Sciacca, the governorato’s No. 2. “It seems obvious, necessary.”


The Philatelic and Numismatic Office, for example, recently started selling a special limited-edition stamp to help pay for the €14 million restoration of the Bernini colonnade in St. Peter’s Square after corporate sponsorship dried up amid the recession.


Vatican Radio announced in July it would be saving “hundreds of thousands of euros” in energy costs by stopping short -and -medium-wave broadcasts to Europe and the Americas, using other technologies instead.


Perhaps even more than the department store, the Vatican supermarket is a much-sought after perk for Vatican employees, and a boost to the Vatican’s bottom line. And at Christmastime, it is as jammed as the department store, with lines snaking through the store and cars taking up valuable parking spaces inside Vatican City as shoppers pile their carts high with panettone, the traditional Italian Christmas cake which is the di riguer gift for Italian holiday parties. Panettone can run €25 a pop at Roman bakeries; in the Vatican supermarket, a high-end brand runs almost half that.


“The Nutella is just better here,” said Maria Grazia Mancini, a Rome municipal worker who was doing a major pre-Christmas shop with her father, a Vatican employee. “The products here are for export — the same brands but for export, so it’s better quality.”


While Sciacca is only too pleased to see the Vatican saving money where it can be saved and making it where it can be made, he was adamant that there are no plans to expand the customer base of the Vatican’s little-known discount stores. Accords with Italy don’t allow it.


“We shouldn’t. And we can’t,” he said.


He spoke on the sidelines of the presentation of the Vatican’s 2012 nativity scene, being unveiled Monday night and donated for the first time. The Vatican happily accepted the donated creche from the Italian region of Basilicata after its €550 million Christmas setup in 2009 was exposed earlier this year during the scandal over leaked Vatican documents.


___


Follow Nicole Winfield at www.twitter.com/nwinfield


Yahoo! Finance – Personal Finance





Title Post: Ho Ho Holy Discount: Vatican tax-free store busy
Rating:
100%

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




Read More..

Wall Street Week Ahead: A lump of coal for "Fiscal Cliff-mas"

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all.


A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff" will push the economy into recession.


Thursday's debacle in the U.S. House of Representatives, where Speaker John Boehner failed to secure passage of his own bill that was meant to pressure President Obama and Senate Democrats, only added to worry that the protracted budget talks will stretch into 2013.


Still, the market remains resilient. Friday's decline on Wall Street, triggered by Boehner's fiasco, was not enough to prevent the S&P 500 from posting its best week in four.


"The markets have been sort of taking this in stride," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago, which has about $38 billion in assets under management.


"The markets still basically believe that something will be done," he said.


If something happens next week, it will come in a short time frame. Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will close on Tuesday for Christmas. Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the rest of the week with scores of market participants away on a holiday break.


For the week, the three major U.S. stock indexes posted gains, with the Dow Jones industrial average <.dji> up 0.4 percent, the S&P 500 <.spx> up 1.2 percent and the Nasdaq Composite Index <.ixic> up 1.7 percent.


Stocks also have booked solid gains for the year so far, with just five trading sessions left in 2012: The Dow has advanced 8 percent, while the S&P 500 has climbed 13.7 percent and the Nasdaq has jumped 16 percent.


IT COULD GET A LITTLE CRAZY


Equity volumes are expected to fall sharply next week. Last year, daily volume on each of the last five trading days dropped on average by about 49 percent, compared with the rest of 2011 - to just over 4 billion shares a day exchanging hands on the New York Stock Exchange, the Nasdaq and NYSE MKT in the final five sessions of the year from a 2011 daily average of 7.9 billion.


If the trend repeats, low volumes could generate a spike in volatility as traders keep track of any advance in the cliff talks in Washington.


"I'm guessing it's going to be a low volume week. There's not a whole lot other than the fiscal cliff that is going to continue to take the headlines," said Joe Bell, senior equity analyst at Schaeffer's Investment Research, in Cincinnati.


"A lot of people already have a foot out the door, and with the possibility of some market-moving news, you get the possibility of increased volatility."


Economic data would have to be way off the mark to move markets next week. But if the recent trend of better-than-expected economic data holds, stocks will have strong fundamental support that could prevent selling from getting overextended even as the fiscal cliff negotiations grind along.


Small and mid-cap stocks have outperformed their larger peers in the last couple of months, indicating a shift in investor sentiment toward the U.S. economy. The S&P MidCap 400 Index <.mid> overcame a technical level by confirming its close above 1,000 for a second week.


"We view the outperformance of the mid-caps and the break of that level as a strong sign for the overall market," Schaeffer's Bell said.


"Whenever you have flight to risk, it shows investors are beginning to have more of a risk appetite."


Evidence of that shift could be a spike in shares in the defense sector, expected to take a hit as defense spending is a key component of the budget talks.


The PHLX defense sector index <.dfx> hit a historic high on Thursday, and far outperformed the market on Friday with a dip of just 0.26 percent, while the three major U.S. stock indexes finished the day down about 1 percent.


Following a half-day on Wall Street on Monday ahead of the Christmas holiday, Wednesday will bring the S&P/Case-Shiller Home Price Index. It is expected to show a ninth-straight month of gains.


U.S. jobless claims on Thursday are seen roughly in line with the previous week's level, with the forecast at 360,000 new filings for unemployment insurance, compared with the previous week's 361,000.


(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: rodrigo.campos(at)thomsonreuters.com)


(Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)



Read More..

Douglas wins AP female athlete of the year honors


When Gabby Douglas allowed herself to dream of being the Olympic champion, she imagined having a nice little dinner with family and friends to celebrate. Maybe she'd make an appearance here and there.


"I didn't think it was going to be crazy," Douglas said, laughing. "I love it. But I realized my perspective was going to have to change."


Just a bit.


The teenager has become a worldwide star since winning the Olympic all-around title in London, the first African-American gymnast to claim gymnastics' biggest prize. And now she has earned another honor. Douglas was selected The Associated Press' female athlete of the year, edging out swimmer Missy Franklin in a vote by U.S. editors and news directors that was announced Friday.


"I didn't realize how much of an impact I made," said Douglas, who turns 17 on Dec. 31. "My mom and everyone said, 'You really won't know the full impact until you're 30 or 40 years old.' But it's starting to sink in."


In a year filled with standout performances by female athletes, those of the pint-sized gymnast shined brightest. Douglas received 48 of 157 votes, seven more than Franklin, who won four gold medals and a bronze in London. Serena Williams, who won Wimbledon and the U.S. Open two years after her career was nearly derailed by a series of health problems, was third (24).


Britney Griner, who led Baylor to a 40-0 record and the NCAA title, and skier Lindsey Vonn each got 18 votes. Sprinter Allyson Felix, who won three gold medals in London, and Carli Lloyd, who scored both U.S. goals in the Americans' 2-1 victory over Japan in the gold-medal game, also received votes.


"One of the few years the women's (Athlete of the Year) choices are more compelling than the men's," said Julie Jag, sports editor of the Santa Cruz Sentinel.


Douglas is the fourth gymnast to win one of the AP's annual awards, which began in 1931, and first since Mary Lou Retton in 1984. She also finished 15th in voting for the AP sports story of the year.


Douglas wasn't even in the conversation for the Olympic title at the beginning of the year. That all changed in March when she upstaged reigning world champion and teammate Jordyn Wieber at the American Cup in New York, showing off a new vault, an ungraded uneven bars routine and a dazzling personality that would be a hit on Broadway and Madison Avenue.


She finished a close second to Wieber at the U.S. championships, then beat her two weeks later at the Olympic trials. With each competition, her confidence grew. So did that smile.


By the time the Americans got to London, Douglas had emerged as the most consistent gymnast on what was arguably the best team the U.S. has ever had.


She posted the team's highest score on all but one event in qualifying. She was the only gymnast to compete in all four events during team finals, when the Americans beat the Russians in a rout for their second Olympic title, and first since 1996. Two nights later, Douglas claimed the grandest prize of all, joining Retton, Carly Patterson and Nastia Liukin as what Bela Karolyi likes to call the "Queen of Gymnastics."


But while plenty of other athletes won gold medals in London, none captivated the public quite like Gabby.


Fans ask for hugs in addition to photographs and autographs, and people have left restaurants and cars upon spotting her. She made Barbara Walters' list of "10 Most Fascinating People," and Forbes recently named her one of its "30 Under 30." She has deals with Nike, Kellogg Co. and AT&T, and agent Sheryl Shade said Douglas has drawn interest from companies that don't traditionally partner with Olympians or athletes.


"She touched so many people of all generations, all diversities," Shade said. "It's her smile, it's her youth, it's her excitement for life. ... She transcends sport."


Douglas' story is both heartwarming and inspiring, its message applicable those young or old, male or female, active or couch potato. She was just 14 when she convinced her mother to let her leave their Virginia Beach, Va., home and move to West Des Moines, Iowa, to train with Liang Chow, Shawn Johnson's coach. Though her host parents, Travis and Missy Parton, treated Douglas as if she was their fifth daughter, Douglas was so homesick she considered quitting gymnastics.


She's also been open about her family's financial struggles, hoping she can be a role model for lower income children.


"I want people to think, 'Gabby can do it, I can do it,'" Douglas said. "Set that bar. If you're going through struggles or injuries, don't let it stop you from what you want to accomplish."


The grace she showed under pressure — both on and off the floor — added to her appeal. When some fans criticized the way she wore her hair during the Olympics, Douglas simply laughed it off.


"They can say whatever they want. We all have a voice," she said. "I'm not going to focus on it. I'm not really going to focus on the negative."


Besides, she's having far too much fun.


Her autobiography, "Grace, Gold and Glory," is No. 4 on the New York Times' young adult list. She, Wieber and Fierce Five teammates Aly Raisman and McKayla Maroney recently wrapped up a 40-city gymnastics tour. She met President Barack Obama last month with the rest of the Fierce Five, and left the White House with a souvenir.


"We got a sugar cookie that they were making for the holidays," Douglas said. "I took a picture of it."


Though her busy schedule hasn't left time to train, Douglas insists she still intends to compete through the Rio de Janeiro Olympics in 2016.


No female Olympic champion has gone on to compete at the next Summer Games since Nadia Comaneci. But Douglas is still a relative newcomer to the elite scene — she'd done all of four international events before the Olympics — and Chow has said she hasn't come close to reaching her full potential. She keeps up with Chow through email and text messages, and plans to return to Iowa after her schedule clears up in the spring.


Of course, plenty of other athletes have said similar things and never made it back to the gym. But Douglas is determined, and she gets giddy just talking about getting a new floor routine.


"I think there's even higher bars to set," she said.


Because while being an Olympic champion may have changed her life, it hasn't changed her.


"I may be meeting cool celebrities and I'm getting amazing opportunities," she said. "But I'm still the same Gabby."


___


AP Projects Editor Brooke Lansdale contributed to this report.


Read More..

Madness in the air in Washington




National Rifle Association Executive Vice President Wayne LaPierre calls on Congress to pass a law putting armed police officers in every school in America.




STORY HIGHLIGHTS


  • David Gergen: After election, there were hopes partisan tension would fade

  • He says this week we've seen a complete breakdown on the fiscal cliff

  • The NRA doubled down on its anti-gun-control rhetoric despite Newtown, he says

  • Gergen: We're seeing the character assassination of a hero, Chuck Hagel




Editor's note: David Gergen is a senior political analyst for CNN and has been an adviser to four presidents. A graduate of Harvard Law School, he is a professor of public service and director of the Center for Public Leadership at Harvard University's Kennedy School of Government. Follow him on Twitter.


(CNN) -- What in the world is gripping Washington? Everywhere one turns -- from finances to guns to nominations -- there is madness in the air.


With time rapidly running out, efforts have collapsed to reach a major agreement on federal spending and taxes before year's end, and both Congress and President are leaving town for the holidays. At best, they will return next week and construct a small bridge over the "fiscal cliff"; at worst, they won't. But who knows?



David Gergen

David Gergen



And that's a big part of the problem -- no one can be confident that our national leaders are still capable of governing responsibly. And in the process, they are putting both our economy and our international reputation at risk.


Fresh poison


President Barack Obama had rightly hoped that the elections would clear the air; they haven't. If anything, the recent squabbling over the federal budget has injected fresh poison into relationships and dimmed prospects for other bipartisan agreements in the next few years, starting with hopes for a "grand bargain"in 2013.




John Boehner and Eric Cantor, the House GOP leaders




The President insists he remains an optimist, but if he and Republicans can't agree on how to bring the nation's finances under control -- something fundamental to the welfare of the country -- why should we have faith they will succeed on other important issues like energy, education, immigration and gun safety?


As the blame game heats up, Republicans are sure to pay the biggest price with the public. It was bad enough that they lost the message fight, letting themselves be painted as protectors of the wealthy. But it was inexcusable when they revolted against House Speaker John Boehner in his search for a way forward: that only reinforced a narrative that the Grand Old Party has fallen hostage to its right wing -- a narrative that already exacted a huge price in the fall elections.


Most voters -- I am among them -- believe the country needs a center-right party but will not support an extremist party.


President Obama is certainly not blameless in these financial talks. Early on, he overplayed his hand, alienating rank-and-file Republicans. Like Boehner, he has been more accommodating recently, offering concessions on taxes and entitlement spending that narrowed the negotiating gap between the parties, even as his leftward allies fretted.












Still, Boehner has a point in arguing that what Obama now has on the table comes nowhere close to what the he was advocating in the election season: a ratio of 2.5 dollars in spending cuts to 1.0 dollars in tax increases.


The buck stops on the President's desk, so that ordinarily one would expect him to take the lead in these final days before January 1. For reasons that are still unclear, he instead chose in his press statement late Friday to toss responsibility for negotiations next week into the laps of Congressional leaders.


Perhaps he has reached a quiet understanding with Boehner and Senate Majority Leader Harry Reid that the two of them can work out a stripped-down agreement. Let's hope so. But as we enter the holidays, it appears to be a mess. And time is quickly running out.


The NRA in denial


As if Friday weren't gloomy enough, the National Rifle Association weighed in with its long-awaited response to the horrors of Newtown, Connecticut. There had been hints that the NRA would offer a more conciliatory stance. Just the opposite: they doubled down.


Incredibly, Wayne LaPierre, executive vice president of the NRA, called for putting armed police officers in every school. Isn't that what parents of every six-year old have been longing for: to have their child studying and playing under the watchful eye of an armed guard? Has LaPierre visited an elementary school classroom in recent years? If so, he would know his idea would be repulsive in most schools.


Just as strikingly, the NRA response refused to acknowledge and address the beliefs of a majority of Americans in recent polls that the U.S. needs tougher laws in favor of gun safety. Americans aren't saying no one should have guns or that the 2nd Amendment should be gutted but they are demanding a national conversation to see what can be sensibly done. It is hard to have a conversation when one side won't talk.


Character assassination


Meanwhile, in a less noticed but important saga in Washington, we are once again watching the character assassination of a public servant of honor and distinction.


Chuck Hagel served America with valor as a sergeant in the Vietnam war, earning two Purple Hearts. He was a popular Republican senator from Nebraska who paid close attention to international affairs and is now co-chair of the President's Foreign Intelligence Advisory Board, serving with another former Senator, David Boren.


Ever since Hagel's name arose as a top candidate to become the next Secretary of Defense, he has been pilloried for statements and stands he has taken in the past. Is it legitimate to question his positions on Israel, Iran, and on gays? Absolutely. But what is grossly unfair is to misstate them, saying that he is against sanctions on Iran when in fact he has argued in favor of international sanctions, not unilateral sanctions (which don't work). As someone who strongly favors Israel, I am also deeply troubled by the way he has been misrepresented as virtually anti-Semitic.


Nor is this a fair fight. Hagel is in no-man's land because his name is prominently mentioned but he hasn't been formally nominated, so the White House isn't rushing to the barricades to support him.



The signals from 1600 Pennsylvania Avenue were that the Secretary of Defense nominee would be announced in a package with the Secretary of State. The President has now gone ahead with John Kerry but the absence of a Defense nominee has now left Hagel dangling in the breeze, a piƱata.


The White House should now move early next week -- by announcement or by leak -- to settle this by making a decision. Whether or not the President nominates Hagel, he should put a stop to the defamation by recognizing Hagel as a patriot with an independent mind and a long record of honor. If selected as Secretary, Hagel would be a very fine member of the national security team.


One had hoped that the shootings at Sandy Hook would draw us together. Sadly, they haven't. Now, perhaps the blessings of the holidays and a brief moment to take a breath will lift our sights. Surely, this madness should not continue into the New Year.


Follow @CNNOpinion on Twitter


Join us at Facebook/CNNOpinion


The opinions expressed in this commentary are solely those of David Gergen.






Read More..

Rebel Wilson to host springtime MTV Movie Awards






LOS ANGELES (AP) — “Pitch Perfect” star and “Bridesmaids” scene-stealer Rebel Wilson is taking center stage.


MTV tapped the Australian actress to host its annual movie awards, set for April 14 in Culver City, Calif. The network made the announcement late Thursday during the finale of its popular “Jersey Shore” series.






Wilson is an actress and writer who rose to fame with her role as Kristin Wiig‘s nosy roommate in “Bridesmaids.” Wilson’s other credits include “Bachelorette” and “What to Expect When You’re Expecting.”


The MTV Movie Awards have traditionally been held in June, but as the summer movie season has edged into May, the network scheduled its show earlier to give film fans a peek at the season’s blockbusters. The MTV Movie Awards has often featured exclusive film previews.


___


Online:


http://www.mtv.com/ontv/movieawards/


Entertainment News Headlines – Yahoo! News





Title Post: Rebel Wilson to host springtime MTV Movie Awards
Rating:
100%

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




Read More..

Nike shares jump 6.2% on results







Sportswear giant Nike shares closed with a sharp gain on Friday after it reported a strong rise in demand in its home North American market.






Shares rose 6.2% after the company’s third quarter figures suggested steady demand for its products around the world.


Orders for delivery of its shoes and clothing for the coming months were up 14% in the home market.


Worldwide orders for the December-April period were up 6%,


Nike’s chief executive, Mark Parker, said the level of home demand was a welcome boost: “In North America, we created great momentum. This is somewhat counterintuitive to some, given this market size and assumed maturity.


“But I see tremendous growth potential in North America.”


The company’s past reported orders were lower than expected.


Profit margins were down by 30 basis points on the second quarter, but Nike said it expects margins to grow in the fourth quarter.


The company made profits of $ 384m in the third quarter, 14% higher than analysts were expecting with revenue up 7%.


Despite the positive figure, Nike’s global performance was weak in certain areas, such as China, where it had excess stock and faces strong competition from local brands.


However, the picture there is improving with inventory levels rising 9% in the quarter, a far smaller build-up of excess stock than the 35% it saw in the same quarter a year ago.


BBC News – Business





Title Post: Nike shares jump 6.2% on results
Rating:
100%

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




Read More..

Cream Minerals Re-Prices and Extends Warrants






VANCOUVER, BRITISH COLUMBIA–(Marketwire – Dec 21, 2012) – Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)(FRANKFURT:DFL) (“Cream” or the “Company”) announces further to its news release of December 7, 2012 that holders of a total of 24,114,000 common share purchase warrants previously issued in connection with a private placement conducted by the Company in December, 2010 (the “Warrants”) have been amended to reduce the exercise price to $ 0.10 and to extend the exercise period of the Warrants to December 20, 2013, provided that such exercise period will be reduced to 30 days in the event that for any ten consecutive trading days during the unexpired period the closing price of the Company”s shares on the Exchange exceeds $ 0.125.


Cream Minerals is a silver-gold exploration company. To learn more about Cream Minerals please click here www.creamminerals.com.






Christopher Hebb, LLB, Chairman, Chairman of the Board


Michael E. O”Connor, President & CEO


This release was prepared by the Company”s management.


Marketwire News Archive – Yahoo! Finance





Title Post: Cream Minerals Re-Prices and Extends Warrants
Rating:
100%

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




Read More..

U.S. budget setback hits shares, euro


LONDON (Reuters) - European and Asian shares weakened on Friday and both the euro and gold slipped, as a new setback in talks to avert a U.S. fiscal crisis stoked investor nerves.


A proposal from Republican leader John Boehner to avoid the so-called fiscal cliff failed to get support from his party on Thursday, casting fresh uncertainty over talks to avoid across-the-board tax hikes and spending cuts that could push the U.S. economy into recession in 2013.


The worries prompted selling in European shares as trading resumed, with the FTSEurofirst 300 <.fteu3> index of the top European stocks down 0.4, albeit still on course for a fifth straight week of gains.


"The market is still too complacent and the odds are increasing that a (U.S. budget) deal will not get done in the immediate future," Saxo Bank Chief Economist Steen Jakobsen said.


"That leaves European equities (in terms of earnings multiples) vulnerable to the negative exposure of the fiscal drag and even a compromised deal is going to do very little to structurally reform anything," he added.


London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were down 0.3-0.5 percent following a 0.7 percent tumble in Asian stocks <.miapj0000pus>, and futures prices pointed to sharp falls Wall Street later.


Anxiety was exacerbated by weaker-than-expected German data which showed consumer morale dropped for the fourth month running to its lowest level in more than a year.


The combined worries helped push up German government bonds and the dollar <.dxy>, both traditionally favored by risk adverse investors.


The euro eased back to just over $1.32, trimming some of the gains it has seen this week as euro zone sentiment continued to improve.


Gold was also caught up in the U.S. disappointment, slipping $1.38 to $1,645.76 an ounce, putting it near a four-month low and on track for its steepest weekly drop since June.


(Reporting by Marc Jones; editing by Philippa Fletcher)



Read More..

AP IMPACT: Big Pharma cashes in on HGH abuse


A federal crackdown on illicit foreign supplies of human growth hormone has failed to stop rampant misuse, and instead has driven record sales of the drug by some of the world's biggest pharmaceutical companies, an Associated Press investigation shows.


The crackdown, which began in 2006, reduced the illegal flow of unregulated supplies from China, India and Mexico.


But since then, Big Pharma has been satisfying the steady desires of U.S. users and abusers, including many who take the drug in the false hope of delaying the effects of aging.


From 2005 to 2011, inflation-adjusted sales of HGH were up 69 percent, according to an AP analysis of pharmaceutical company data collected by the research firm IMS Health. Sales of the average prescription drug rose just 12 percent in that same period.


___


EDITOR'S NOTE — Whether for athletics or age, Americans from teenagers to baby boomers are trying to get an edge by illegally using anabolic steroids and human growth hormone, despite well-documented risks. This is the second of a two-part series.


___


Unlike other prescription drugs, HGH may be prescribed only for specific uses. U.S. sales are limited by law to treat a rare growth defect in children and a handful of uncommon conditions like short bowel syndrome or Prader-Willi syndrome, a congenital disease that causes reduced muscle tone and a lack of hormones in sex glands.


The AP analysis, supplemented by interviews with experts, shows too many sales and too many prescriptions for the number of people known to be suffering from those ailments. At least half of last year's sales likely went to patients not legally allowed to get the drug. And U.S. pharmacies processed nearly double the expected number of prescriptions.


Peddled as an elixir of life capable of turning middle-aged bodies into lean machines, HGH — a synthesized form of the growth hormone made naturally by the human pituitary gland — winds up in the eager hands of affluent, aging users who hope to slow or even reverse the aging process.


Experts say these folks don't need the drug, and may be harmed by it. The supposed fountain-of-youth medicine can cause enlargement of breast tissue, carpal tunnel syndrome and swelling of hands and feet. Ironically, it also can contribute to aging ailments like heart disease and Type 2 diabetes.


Others in the medical establishment also are taking a fat piece of the profits — doctors who fudge prescriptions, as well as pharmacists and distributors who are content to look the other way. HGH also is sold directly without prescriptions, as new-age snake oil, to patients at anti-aging clinics that operate more like automated drug mills.


Years of raids, sports scandals and media attention haven't stopped major drugmakers from selling a whopping $1.4 billion worth of HGH in the U.S. last year. That's more than industry-wide annual gross sales for penicillin or prescription allergy medicine. Anti-aging HGH regimens vary greatly, with a yearly cost typically ranging from $6,000 to $12,000 for three to six self-injections per week.


Across the U.S., the medication is often dispensed through prescriptions based on improper diagnoses, carefully crafted to exploit wiggle room in the law restricting use of HGH, the AP found.


HGH is often promoted on the Internet with the same kind of before-and-after photos found in miracle diet ads, along with wildly hyped claims of rapid muscle growth, loss of fat, greater vigor, and other exaggerated benefits to adults far beyond their physical prime. Sales also are driven by the personal endorsement of celebrities such as actress Suzanne Somers.


Pharmacies that once risked prosecution for using unauthorized, foreign HGH — improperly labeled as raw pharmaceutical ingredients and smuggled across the border — now simply dispense name brands, often for the same banned uses. And usually with impunity.


Eight companies have been granted permission to market HGH by the U.S. Food and Drug Administration, which reviews the benefits and risks of new drug products. By contrast, three companies are approved for the diabetes drug insulin.


The No. 1 maker, Roche subsidiary Genentech, had nearly $400 million in HGH sales in the U.S. last year, up an inflation-adjusted two-thirds from 2005. Pfizer and Eli Lilly were second and third with $300 million and $220 million in sales, respectively, according to IMS Health. Pfizer now gets more revenue from its HGH brand, Genotropin, than from Zoloft, its well-known depression medicine that lost patent protection.


On their face, the numbers make no sense to the recognized hormone doctors known as endocrinologists who provide legitimate HGH treatment to a small number of patients.


Endocrinologists estimate there are fewer than 45,000 U.S. patients who might legitimately take HGH. They would be expected to use roughly 180,000 prescriptions or refills each year, given that typical patients get three months' worth of HGH at a time, according to doctors and distributors.


Yet U.S. pharmacies last year supplied almost twice that much HGH — 340,000 orders — according to AP's analysis of IMS Health data.


While doctors say more than 90 percent of legitimate patients are children with stunted growth, 40 percent of 442 U.S. side-effect cases tied to HGH over the last year involved people age 18 or older, according to an AP analysis of FDA data. The average adult's age in those cases was 53, far beyond the prime age for sports. The oldest patients were in their 80s.


Some of these medical records even give explicit hints of use to combat aging, justifying treatment with reasons like fatigue, bone thinning and "off-label," which means treatment of an unapproved condition. In other cases, the drug was used "for an unknown indication," meaning that the reason for treatment wasn't clear.


Even Medicare, the government health program for older Americans, allowed 22,169 HGH prescriptions in 2010, a five-year increase of 78 percent, according to data released by the Centers for Medicare and Medicaid Services in response to an AP public records request. And nearly half the increase came in one year: 2007.


"There's no question: a lot gets out," said hormone specialist Dr. Mark Molitch of Northwestern University, who helped write medical standards meant to limit HGH treatment to legitimate patients.


And those figures don't include HGH sold directly by doctors without prescriptions at scores of anti-aging medical practices and clinics around the country. Those numbers could only be tallied by drug makers, who have declined to say how many patients they supply and for what conditions.


The AP approached every U.S.-authorized manufacturer to ask what efforts they make to market responsibly and prevent abuse. Only one HGH supplier, Novo Nordisk, agreed to an interview.


"We're doing our level best to make sure that the right patients are getting the right medicine at the right time," said company spokesman Ken Inchausti.


He said the company is aware of the abuse issue. He said if patients apply for assistance from the company's patient-support hub, prescriptions will be flagged for review if they are missing the most rigorous test or an endocrinologist's signature. He said the company won't sell HGH directly to doctors accused of bad practices and does not deal with anti-aging clinics.


Representatives of other FDA-approved HGH makers insist they do not encourage use by bodybuilders or athletes or wealthy baby boomers trying to recapture their youth. But some said they are largely powerless to control who uses their medications or why.


"Lilly cannot restrict the actions of distributors, pharmacies or doctors," Eli Lilly spokeswoman Kelley Murphy said in a written statement.


That argument doesn't fly for critics like Dr. Peter Rost, a retired Pfizer executive who filed a whistleblower lawsuit over the HGH marketing practices of Pharmacia, which later merged with Pfizer. He said drug companies are simply looking the other way and betting that their profits will eclipse the cost of any fines.


They view it as "good business," he said.


___


PEDDLED ON INTERNET


Type "human growth hormone" into any Internet search engine, and it will spit back countless websites with overblown promises of smoother skin, better sex, weight loss and even renewed body organs.


Any doctor who actually prescribes the drug for those purposes is taking a legal risk.


FDA regulations ban the sale of HGH as an anti-aging drug. In fact, since 1990, prescribing it for things like weight loss and strength conditioning has been punishable by 5 to 10 years in prison.


Such marketing claims are routinely made at hormone clinics like Palm Beach Life Extension, whose owners are among 13 people now awaiting trial on federal charges in Florida in a steroids and HGH distribution case brought last year.


"Grow YOUNG with Us!" screamed a banner on the company's now-defunct website, which advertised that HGH can reduce body fat, improve vision, strengthen the immune system, aid kidney function, lower blood pressure and enhance memory and mood.


The clinic arranged to have its clients' prescriptions filled at Treasure Coast Pharmacy, in Jensen Beach, Fla.


In 2009, the FBI recorded a phone call between the pharmacy's owner, Peter Del Toro, and a doctor in Elkton, Md., who was cooperating with agents after being implicated in a related steroid-distribution case.


Their talk, documented in a court filing, illustrates how things often work in the networks of pharmacies and clinics that drive HGH sales.


Patients submitted a medical history form by mail and took a blood test. But in most instances, the indictment said, the evaluation was a sham: One doctor was charged with giving a clinic a pad of blank, signed prescriptions to save him the chore of signing off on each diagnosis. He got $50 for every drug order bearing his name, the indictment said.


Dr. Rodney Baltazar, the Maryland physician cooperating with the FBI, sometimes consulted briefly with patients via webcam. But he made it clear in the call that those evaluations were perfunctory at best.


Baltazar was a gynecologist, not an endocrinologist. He said he knew "a little bit" about HGH and testosterone, which are often prescribed in tandem, but he relied largely on clinic salespeople to set doses.


The pharmacist coached the doctor: Keep detailed medical charts documenting that patients are taking the drug for at least some kind of health problem, just in case the U.S. Drug Enforcement Administration ever came calling.


"Because somebody questions you, you want to be able to say, 'Here, look at his chart. You know, he's got fatigue. He's got, you know, a decreased sex drive. He's got increased body fat. He has some -- some slight depression, probably.' Whatever his signs and symptoms are."


None of these conditions is a legal reason to prescribe HGH. But the pharmacist said that most investigators will be satisfied and move on "because there's guys that are just selling stuff basically like a boiler room."


Del Toro was arrested along with 12 other people in September 2011 on charges that they distributed steroids and human growth hormone to people who had no legitimate medical need. He is awaiting trial. His lawyer declined to comment. Baltazar was sentenced to six months in prison for involvement in steroid distribution schemes.


At the height of the crackdown in 2007, the federal government went after Pfizer in a case involving anti-aging clinics. The company paid $34.7 million in fines to settle the case — 11 percent of the company's annual revenue from the drug.


___


TROUBLED HISTORY


Blockbuster U.S. sales of HGH represent the latest frustration in 25 years of government efforts to control abuse of the growth drug made infamous by sports scandals.


First marketed in 1985 for children with stunted growth, HGH was soon misappropriated by adults intent on exploiting its modest muscle- and bone-building qualities. Congress limited HGH distribution to the handful of rare conditions in an extraordinary 1990 law, overriding the generally unrestricted right of doctors to prescribe medicines as they see fit.


Despite the law, illicit HGH spread around the sports world in the 1990s, making deep inroads into bodybuilding, college athletics, and professional leagues from baseball to cycling. The even larger banned market among older adults has flourished more recently.


For years, cheaper supplies from unauthorized foreign factories, particularly in China, fed the market via direct and Internet sales that sidestepped the medical establishment.


Though such shipments were banned under other law, the imports initially attracted little attention because they were usually labeled as raw pharmaceutical ingredients, which compounding pharmacies are allowed to bring into the country.


That flow began to be curtailed in 2006, when U.S. drug authorities stepped up efforts to block shipments at the border.


A handful of pharmacies across the country were hit with criminal charges over their handling of HGH. Federal prosecutors charged China's biggest HGH maker, GeneScience Pharmaceutical, with illegally distributing its Jintropin brand in the U.S. The company's CEO pleaded guilty in 2010.


With illicit supplies crimped, many pharmacies stopped selling unauthorized HGH. But tens of thousands of adult abusers began buying pricey U.S.-approved HGH that remained available in abundant supply, the AP found in its analysis of sales data.


Thus, pushed by a powerful demand, sales of U.S.-approved brands have swelled far beyond expected levels for a drug approved in just a handful of rare conditions.


Dr. Robert Marcus, a retired hormone specialist who left HGH manufacturer Eli Lilly and Co. in 2008, said that company was bent on stopping foreign counterfeits, not on cutting off abusers. "That's where their major level of frustration was — pharmaceutical fraud — rather than focusing on people who were using growth hormone illegitimately," he said.


Dr. Jim Meehan, of Tulsa, Okla., who has used HGH to treat aging problems and sports injuries, said the federal clampdown "never seemed to affect my patients and their ability to get Omnitrope, Tev-Tropin" and other government-approved brands.


The big drug companies have applauded the foreign crackdown and urged the government to do even more to combat sales of fake or fraudulently labeled HGH. In 2004, Bruce Kuhlik, speaking for the Pharmaceutical Research and Manufacturers of America, told a federal task force that unauthorized drug importation "is inherently unsafe" and industry representatives used Chinese HGH imports as their poster child.


In 2007, as the HGH embargo gained momentum, authorized makers picked up 41 percent more HGH orders, raising their annual total from 245,000 to 345,000, according to the analysis of the IMS Health data. Similarly, most of the drug's sales boom happened in the first two years of the crackdown, with 46 percent inflation-adjusted growth in yearly sales to $1.1 billion.


Steve Kleppe, of Scottsdale, Ariz., a restaurant entrepreneur who has taken HGH for almost 15 years to keep feeling young, said he noticed a price jump of about 25 percent after the block on imports. He now buys HGH directly from a doctor at an annual cost of about $8,000 for himself and the same amount for his wife.


Despite higher prices, the business has expanded in recent years largely on the strength of sales to healthy adults who can afford to indulge their hope of retaining youthful vigor.


___


GROWING OLD


Many older patients go for HGH treatment to scores of anti-aging practices and clinics heavily concentrated in retirement states like Florida, Nevada, Arizona and California.


These sites are affiliated with hundreds of doctors who are rarely endocrinologists. Instead, many tout certification by the American Board of Anti-Aging and Regenerative Medicine, though the medical establishment does not recognize the group's bona fides.


The clinics offer personalized programs of "age management" to business executives, affluent retirees, and other patients of means, sometimes coupled with the amenities of a vacation resort.


The clinics insist there are few, if any, side effects from HGH. Mainstream medical authorities say otherwise.


A 2007 review of 31 medical studies showed swelling in half of HGH patients, with joint pain or diabetes in more than a fifth. A French study of about 7,000 people who took HGH as children found a 30 percent higher risk of death from causes like bone tumors and stroke, stirring a health advisory from U.S. authorities.


For proof that the drug works, marketers turn to images like the memorable one of pot-bellied septuagenarian Dr. Jeffry Life, supposedly transformed into a ripped hulk of himself by his own program available at the upscale Las Vegas-based Cenegenics Elite Health. (He declined to be interviewed.)


These promoters of HGH say there is a connection between the drop-off in growth hormone levels through adulthood and the physical decline that begins in late middle age. Replace the hormone, they say, and the aging process slows.


"It's an easy ruse. People equate hormones with youth," said Dr. Tom Perls, a leading industry critic who does aging research at Boston University. "It's a marketing dream come true."


Some scientific studies of HGH have found modest benefits: some muscle and bone building, as well as limited fat loss, but nothing like the claims of the anti-aging industry. And some of the value credited to HGH may instead come from testosterone, which is routinely provided with HGH by anti-aging doctors and sports suppliers.


Endocrinologists say it's natural for the body to produce less growth hormone as people age beyond their early 20s, because they aren't growing anymore. Only a tiny number of adults with extraordinarily low HGH levels — perhaps several thousand of them — are believed to suffer real deficiencies that can properly be treated with the hormone.


Still, anti-aging doctors routinely diagnose otherwise healthy middle-aged people with an HGH deficiency, simply because their levels are lower than in young adults. "Basically anyone going through midlife," can benefit from the drug, declared one prescriber, Dr. Howard Elkin, of Whittier, Calif., who has himself competed as a bodybuilder.


Dr. Kenneth Knott, of Marietta, Ga., said HGH helps his older patients feel "more vibrant" and look "more alive."


Like many anti-aging doctors, he diagnoses patients by testing for a blood component called insulin growth factor, which is indirectly tied to HGH. Endocrinologists use a more authoritative test that stimulates the pituitary gland to make HGH itself. Nearly all insurers insist on this stimulation testing, and that's why clinic patients almost always pay for HGH out of their own pockets.


Bob Vitols, a 50-year-old lab assistant at a veterinary medicine company in Lincoln, Neb., is a rare exception. His unusually generous health plan isn't allowed to challenge a doctor's prescription.


Four years ago, Vitols began feeling run down. So he Googled his symptoms on the Internet, decided he had a hormone deficiency, and sought out a clinic.


One doctor put him on testosterone replacement therapy. A second clinic added HGH after diagnosing him with osteopenia, a mild bone thinning common in aging adults. It is not, however, a condition that can properly be treated with HGH.


Despite the diagnosis, the treatments — which can cost $10,000 per year — have been covered by his health insurance, he said. He takes Genotropin, the HGH made by Pfizer. His prescriptions are filled via mail order by CVS Caremark Corp., one of the largest dispensers of prescription drugs in the U.S.


Vitols said the drug changed his life: his mood is better, and he isn't burning out every day at 2 p.m. "I feel like I could walk outside and just walk through a fence — and come out fine on the other side," he said.


His experiences with the drug haven't all been positive, though. Vitols said he initially developed elevated liver enzymes and went to a specialist, who told him to stop taking hormones immediately.


Instead, Vitols said, he adjusted his dosage, and the problem disappeared.


He also dumped the specialist:


"I could tell he was against hormones right at the start," Vitols said.


___


Associated Press Writer David Caruso reported from New York and AP National Writer Jeff Donn reported from Plymouth, Mass. AP Writer Troy Thibodeaux provided data analysis assistance from New Orleans.


___


AP's interactive on the HGH investigation: http://hosted.ap.org/interactives/2012/hgh


___


The AP National Investigative Team can be reached at investigate(at)ap.org


EDITOR'S NOTE _ Whether for athletics or age, Americans from teenagers to baby boomers are trying to get an edge by illegally using anabolic steroids and human growth hormone, despite well-documented risks. This is the second of a two-part series.


Read More..