Wall Street Week Ahead: Attention turns to financial earnings

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


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


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


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


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


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


EARNINGS AND ECONOMIC EXPECTATIONS


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


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


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


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


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


HOUSING, INDUSTRIAL DATA ON TAP


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


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


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


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


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


POLITICAL ANXIETY


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


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


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


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


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


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


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


(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)



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Researchers: NFL's Seau had brain disease


When he ended his life last year by shooting himself in the chest, Junior Seau had a degenerative brain disease often linked with repeated blows to the head.


Researchers from the National Institutes of Health said Thursday the former NFL star's abnormalities are consistent with chronic traumatic encephalopathy, or CTE.


The hard-hitting linebacker played for 20 NFL seasons with San Diego, Miami and New England before retiring in 2009. He died at age 43 of a self-inflicted gunshot in May, and his family requested the analysis of his brain.


"We saw changes in his behavior and things that didn't add up with him," his ex-wife, Gina, told The Associated Press. "But (CTE) was not something we considered or even were aware of. But pretty immediately (after the suicide) doctors were trying to get their hands on Junior's brain to examine it."


The NIH, based in Bethesda, Md., studied three unidentified brains, one of which was Seau's, and said the findings on Seau were similar to autopsies of people "with exposure to repetitive head injuries."


"It was important to us to get to the bottom of this, the truth," Gina Seau added, "and now that it has been conclusively determined from every expert that he had obviously had CTE, we just hope it is taken more seriously. You can't deny it exists, and it is hard to deny there is a link between head trauma and CTE. There's such strong evidence correlating head trauma and collisions and CTE."


In the final years of his life, Seau had wild behavioral swings, according to Gina and to 23-year-old son, Tyler, along with signs of irrationality, forgetfulness, insomnia and depression.


"He emotionally detached himself and would kind of 'go away' for a little bit," Tyler Seau said. "And then the depression and things like that. It started to progressively get worse."


He hid it well in public, they said, but not when he was with family or close friends.


Seau joins a list of several dozen football players who were found to have CTE. Boston University's center for study of the disease reported last month that 34 former pro players and nine who played only college football suffered from CTE.


The NFL faces lawsuits by thousands of former players who say the league withheld information on the harmful effects of concussions. According to an AP review of 175 lawsuits, 3,818 players have sued. At least 26 Hall of Famer members are among the players who have done so.


The National Football League, in an email to the AP, said: "We appreciate the Seau family's cooperation with the National Institutes of Health. The finding underscores the recognized need for additional research to accelerate a fuller understanding of CTE.


"The NFL, both directly and in partnership with the NIH, Centers for Disease Control and other leading organizations, is committed to supporting a wide range of independent medical and scientific research that will both address CTE and promote the long-term health and safety of athletes at all levels."


NFL teams have given a $30 million research grant to the NIH.


The players' union called the NIH report on Seau "tragic."


"The only way we can improve the safety of players, restore the confidence of our fans and secure the future of our game is to insist on the same quality of medical care, informed consent and ethical standards that we expect for ourselves and for our family members," the NFLPA said in a statement.


"This is why the players have asked for things like independent sideline concussion experts, the certification and credentialing of all professional football medical staff and a fairer workers compensation system in professional football," it said.


Seau is not the first former NFL player who killed himself and later was found to have had CTE. Dave Duerson and Ray Easterling are the others.


Before shooting himself, Duerson, a former Chicago Bears defensive back, left a note asking that his brain be studied for signs of trauma. His family filed a wrongful-death suit against the NFL, claiming the league didn't do enough to prevent or treat the concussions that severely damaged his brain.


Easterling played safety for the Falcons in the 1970s. After his career, he suffered from dementia, depression and insomnia, according to his wife, Mary Ann. He committed suicide last April.


Mary Ann Easterling is among the plaintiffs who have sued the NFL.


Tyler Seau played football through high school and for two years in college. He says he has no symptoms of brain trauma.


"I was not surprised after learning a little about CTE that he had it," Tyler said. "He did play so many years at that level. I was more just kind of angry I didn't do something more and have the awareness to help him more, and now it is too late."


Gina Seau's son Jake, now a high school junior, played football for two seasons but has switched to lacrosse and has been recruited to play at Duke.


"Lacrosse is really his sport and what he is passionate about," she said. "He is a good football player and probably could continue. But especially now watching what his dad went through, he says, 'Why would I risk lacrosse for football?'


"I didn't have to have a discussion with him after we saw what Junior went through."


Her 12-year-old son Hunter has shown no interest in playing football.


"That's fine with me," she said.


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Why global labor reforms are vital






STORY HIGHLIGHTS


  • Saudi authorities beheaded Rizana Nafeek, a Sri Lankan woman

  • She was convicted of killing a baby of the family employing her as a housemaid

  • This was despite Nafeek's claims that the baby died in a choking accident

  • Becker says her fate "should spotlight the precarious existence of domestic workers"




Jo Becker is the Children's Rights Advocacy Director for Human Rights Watch and author of 'Campaigning for Justice: Human Rights Advocacy in Practice.' Follow Jo Becker on Twitter.


(CNN) -- Rizana Nafeek was a child herself -- 17 years old, according to her birth certificate -- when a four-month-old baby died in her care in Saudi Arabia. She had migrated from Sri Lanka only weeks earlier to be a domestic worker for a Saudi family.


Although Rizana said the baby died in a choking accident, Saudi courts convicted her of murder and sentenced her to death. On Wednesday, the Saudi government carried out the sentence in a gruesome fashion, by beheading Rizana.



Jo Becker

Jo Becker



Read more: Outrage over beheading of Sri Lankan woman by Saudi Arabia


Rizana's case was rife with problems from the beginning. A recruitment agency in Sri Lanka knew she was legally too young to migrate, but she had falsified papers to say she was 23. After the baby died, Rizana gave a confession that she said was made under duress -- she later retracted it. She had no lawyer to defend her until after she was sentenced to death and no competent interpreter during her trial. Her sentence violated international law, which prohibits the death penalty for crimes committed before age 18.


Rizana's fate should arouse international outrage. But it should also spotlight the precarious existence of other domestic workers. At least 1.5 million work in Saudi Arabia alone and more than 50 million -- mainly women and girls -- are employed worldwide according to the International Labour Organization (ILO).


Read more: Indonesian maid escapes execution in Saudi Arabia






Again according to the ILO, the number of domestic workers worldwide has grown by more than 50% since the mid-1990s. Many, like Rizana, seek employment in foreign countries where they may be unfamiliar with the language and legal system and have few rights.


When Rizana traveled to Saudi Arabia, for example, she may not have known that many Saudi employers confiscate domestic workers' passports and confine them inside their home, cutting them off from the outside world and sources of help.


It is unlikely that anyone ever told her about Saudi Arabia's flawed criminal justice system or that while many domestic workers find kind employers who treat them well, others are forced to work for months or even years without pay and subjected to physical or sexual abuse.




Passport photo of Rizana Nafeek



Read more: Saudi woman beheaded for 'witchcraft and sorcery'


Conditions for migrant domestic workers in Saudi Arabia are among some of the worst, but domestic workers in other countries rarely enjoy the same rights as other workers. In a new report this week, the International Labour Organization says that nearly 30% of the world's domestic workers are completely excluded from national labor laws. They typically earn only 40% of the average wage of other workers. Forty-five percent aren't even entitled by law to a weekly day off.


Last year, I interviewed young girls in Morocco who worked 12 hours a day, 7 days a week for a fraction of the minimum wage. One girl began working at age 12 and told me: "I don't mind working, but to be beaten and not to have enough food, this is the hardest part."


Many governments have finally begun to recognize the risks and exploitation domestic workers face. During 2012, dozens of countries took action to strengthen protections for domestic workers. Thailand, and Singapore approved measures to give domestic workers a weekly day off, while Venezuela and the Philippines adopted broad laws for domestic workers ensuring a minimum wage, paid holidays, and limits to their working hours. Brazil is amending its constitution to state that domestic workers have all the same rights as other workers. Bahrain codified access to mediation of labor disputes.


Read more: Convicted killer beheaded, put on display in Saudi Arabia


Perhaps most significantly, eight countries acted in 2012 to ratify -- and therefore be legally bound by -- the Domestic Workers Convention, with more poised to follow suit this year. The convention is a groundbreaking treaty adopted in 2011 to guarantee domestic workers the same protections available to other workers, including weekly days off, effective complaints procedures and protection from violence.


The Convention also has specific protections for domestic workers under the age of 18 and provisions for regulating and monitoring recruitment agencies. All governments should ratify the convention.


Many reforms are needed to prevent another tragic case like that of Rizana Nafeek. The obvious one is for Saudi Arabia to stop its use of the death penalty and end its outlier status as one of only three countries worldwide to execute people for crimes committed while a child.


Labor reforms are also critically important. They may have prevented the recruitment of a 17 year old for migration abroad in the first place. And they can protect millions of other domestic workers who labor with precariously few guarantees for their safety and rights.


Read more: Malala, others on front lines in fight for women


The opinions expressed in this commentary are solely those of Jo Becker.






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BRIT Awards hand posthumous nomination to Winehouse






LONDON (Reuters) – Scottish singer Emeli Sande joined folk act Mumford and Sons and indie rockers Alt-J with three BRIT Award nominations apiece on Thursday, but the biggest surprise was a posthumous nod for Amy Winehouse 18 months after she died.


Winehouse was included in the “British female solo” category, in which she was up against Sande, Jessie Ware, Paloma Faith and Bat for Lashes.






She was shortlisted for “Lioness: Hidden Treasures”, an album of unreleased songs and demos dating back to 2002 which hit stores in December, 2011 and topped the British charts.


The “Back to Black” singer’s father Mitch Winehouse said he was “delighted” with what he called the first ever posthumous BRIT nomination, adding in a statement:


“It proves that her music still has an enormous effect on the public now and for the generations to come.”


The other surprise package in a list some critics said largely upheld the BRITs’ reputation for rewarding commercial success over musical originality, veteran rockers the Rolling Stones were nominated for British live act.


The ageing quartet returned to the stage for a short, sellout tour at the end of 2012 in London and the United States to mark 50 years in business.


Despite criticism of high ticket prices, the band won critics and audiences over with hit-laden performances that belied their age.


“We all had such a blast, everyone was at the top of their game & the hometown audiences at The O2 were just fantastic…” lead singer Mick Jagger wrote on Twitter. “It’s great to be nominated … we will see you soon.”


The last time the group was nominated was in 1996 and it is the only act to be nominated in both this year’s awards and at the first BRIT Awards in 1977.


OLYMPIC BOOST


Sande took part in the opening and closing ceremonies at the London Olympics, helping to boost sales of her debut album “Our Version of Events” which sold an estimated 1.4 million copies in Britain last year.


She was nominated for best British female, best British single for “Next to Me” and the coveted Mastercard British album of the year prize. Sande also features on another contender for the single prize, Labrinth’s “Beneath Your Beautiful”.


Among the best album contenders are the other acts who each picked up three nominations – Mumford and Sons, who have enjoyed success both in Britain and the United States, and Alt-J, the former for “Babel” and latter for “An Awesome Wave.”


Alt-J walked away with the prestigious Mercury Prize for the same record in November.


Rounding out the album category are rapper Plan B for “Ill Manors” and Paloma Faith for “Fall to Grace”.


Boyband sensation One Direction received a nomination for best British group, and are up against Alt-J, Mumford and Sons, Muse and The xx.


A new award will be introduced at the ceremony on February 20 at London’s O2 Arena.


The BRITs Global Success Award will go to the British act with the highest international sales during the 2012 calendar year excluding the domestic market.


Confirmed to perform on the night were Muse, Robbie Williams, Sande, Mumford and Sons, Ben Howard and One Direction.


This year’s statuettes were designed by artist Damien Hirst and feature his trademark spots on a white background.


(Reporting by Mike Collett-White; Editing by Jason Webb)


Music News Headlines – Yahoo! News





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American Express cuts 5,400 jobs







American Express has announced plans to cut 5,400 jobs worldwide from its total workforce of 63,500 by the end of 2013.






The credit card provider said it took almost $ 600m (£370m) in after-tax charges in the fourth quarter of 2012.


The company said that these charges would halve its net profit for the quarter from $ 1.2bn to $ 637m.


It said the majority of the job losses would be in its travel business, which is being “fundamentally reinvented as a result of the digital revolution”.


American Express said it was having to adapt parts of the business as more customers make payments online or via mobile.


It added that the job losses would be spread proportionally between the US and international markets.


The charges include restructuring costs of $ 287m mostly related to redundancy payments, $ 212m for Membership Rewards expenses and $ 95m for card member reimbursements


In the fourth quarter, spending by card members was 8% higher than a year ago, the company said, “despite a brief dip in late October/early November reflecting the impact of Hurricane Sandy on consumers and businesses in the north-eastern United States”.


Total revenues rose 5% on the year to $ 8.1bn.


“Against the backdrop of an uneven economic recovery, these restructuring initiatives are designed to make American Express more nimble, more efficient and more effective in using our resources to drive growth,” said chief executive Kenneth Chenault.


“For the next two years, our aim is to hold annual operating expense increases to less than 3%. The overall restructuring programme will put us in a better position as we seek to deliver strong results for shareholders and to maintain marketing and promotion investments at about 9% of revenues,” he said.


BBC News – Business





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2013 home equity rates forecast






Interest rate forecast


If you are lucky enough to have equity in your home, you should be able to obtain a home equity loan with a low rate in 2013.


These rates should remain stable this year, says John Walsh, president of Total Mortgage Services, in Milford, Conn.






“I don’t see that changing much in 2013,” Walsh says.


Rate movement in 2012


The average rate for the typical $ 30,000 home equity loan — which is a second mortgage and generally carries higher rates than first mortgages — was 6.41 percent in 2012. For the typical $ 30,000 home equity line of credit, or HELOC — which works like a credit card, except it is secured by the equity in your home — the average rate in 2012 was 5.21 percent.


4189a  home equity rates forecast 2013 home equity rates forecast


What’s a consumer to do?


Remember that HELOCs and home equity loans are still difficult to qualify for, and many lenders haven’t offered these types of loans since the financial crisis of 2008. But these loans are slowly returning to the market.


“A lot of people don’t have equity, but we are seeing more (home equity loans) getting done than two years ago,” Walsh says. “That product will come back.”


More From Bankrate.com


Yahoo! Finance – Personal Finance | Loans





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Stock index futures point to flat open

LONDON (Reuters) - Stock index futures indicated a flat-to-slightly lower open on Wall Street on Friday, with some traders citing nervousness ahead of results from financial group Wells Fargo due later in the day.


Futures for the S&P 500 and Nasdaq 100 were flat by 04.30 EST, while futures for the Dow Jones were 0.1 percent lower.


"There's maybe a little bit of nervousness ahead of Wells Fargo's results," said Darren Easton, director of trading at London-based firm Logic Investments.


Boeing Co's 787 Dreamliner jet suffered a cracked cockpit window and an oil leak on separate flights in Japan on Friday - the latest in a series of incidents to test confidence in the sophisticated new aircraft.


Infosys Ltd posted flat third-quarter net profits, beating analyst expectations, as the second-largest Indian software services provider maintained margins despite higher operating costs. It also raised revenue forecast for the full year to end March.


Credit card company American Express Co said it would cut about 5,400 jobs, or 8.5 percent of its workforce, as it restructures its business and pays legal bills.


SAC Capital Advisors expects client withdrawals of at least $1 billion in 2013 as the hedge fund battles intense regulatory scrutiny over insider trading allegations, the Wall Street Journal reported on Friday.


Unsecured creditors of MF Global Holdings Ltd on Thursday proposed a liquidation plan that could pay the brokerage's former customers in full.


Exxon Mobil Corp reported flaring at its 344,500 barrel-per-day (bpd) Beaumont, Texas, refinery, according to a message posted on a community information line.


Tycoon Carlos Slim's retail unit said it plans to relist on the Mexican stock exchange, offering a 15.2 percent stake to raise some $720 million to fund expansion plans, including possible acquisitions.


Supervalu Inc struck a $3.3 billion deal to reduce its burdensome debt by selling five of its supermarket chains to an investor group led by Cerberus Capital Management LP .


The Federal Reserve's policy of zero interest rates and asset purchases is appropriate and perhaps even insufficient, said Narayana Kocherlakota, president of the Minneapolis Fed.


European shares were flat on Friday although the pan-European FTSEurofirst 300 index <.fteu3> remained within sight of two-year highs.


Asian shares and Brent crude futures fell as a pick-up in Chinese inflation prompted profit taking, although an improving outlook for global economies curbed losses.


U.S. stocks rose on Thursday and the S&P 500 <.spx> ended at a fresh five-year high as stronger-than-expected exports from China spurred optimism about global growth prospects.


The Dow Jones industrial average <.dji> gained 80.71 points, or 0.60 percent, to 13,471.22. The Standard & Poor's 500 Index rose 11.10 points, or 0.76 percent, to 1,472.12. The Nasdaq Composite Index <.ixic> added 15.95 points, or 0.51 percent, to 3,121.76.


(Reporting by Sudip Kar-Gupta; Editing by Susan Fenton)



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Steroids fallout: No BB Hall for Bonds, Clemens


NEW YORK (AP) — No one was elected to the Hall of Fame this year. When voters closed the doors to Barry Bonds, Roger Clemens and Sammy Sosa, they also shut out everybody else.


For only the second time in four decades, baseball writers failed to give any player the 75 percent required for induction to Cooperstown, sending a powerful signal that stars of the Steroids Era will be held to a different standard.


All the awards and accomplishments collected over long careers by Bonds, Clemens and Sosa could not offset suspicions those feats were boosted by performance-enhancing drugs.


Voters also denied entry Wednesday to fellow newcomers Craig Biggio, Mike Piazza and Curt Schilling, along with holdovers Jack Morris, Jeff Bagwell and Lee Smith.


Among the most honored players of their generation, these standouts won't find their images among the 300 bronze plaques on the oak walls in Cooperstown, where — at least for now — the doors appear to be bolted shut on anyone tainted by PEDs.


"After what has been written and said over the last few years I'm not overly surprised," Clemens said in a statement he posted on Twitter.


Bonds, Clemens and Sosa retired after the 2007 season. They were eligible for the Hall for the first time and have up to 14 more years on the writers' ballot.


"Curt Schilling made a good point, everyone was guilty. Either you used PEDs, or you did nothing to stop their use," Hall of Famer Mike Schmidt said in an email to The Associated Press after this year's vote was announced. "This generation got rich. Seems there was a price to pay."


Biggio, 20th on the career list with 3,060 hits, appeared on 68.2 percent of the 569 ballots, the highest total but 39 votes shy. The three newcomers with the highest profiles failed to come close to even majority support, with Clemens at 37.6 percent, Bonds at 36.2 and Sosa at 12.5.


Other top vote-getters were Morris (67.7), Jeff Bagwell (59.6), Piazza (57.8), Tim Raines (52.2), Lee Smith (47.8) and Schilling (38.8).


"I'm kind of glad that nobody got in this year," Hall of Famer Al Kaline said. "I feel honored to be in the Hall of Fame. And I would've felt a little uneasy sitting up there on the stage, listening to some of these new guys talk about how great they were. ... I don't know how great some of these players up for election would've been without drugs. But to me, it's cheating."


At ceremonies in Cooperstown on July 28, the only inductees will be three men who died more than 70 years ago: Yankees owner Jacob Ruppert, umpire Hank O'Day and barehanded catcher Deacon White. They were chosen last month by the 16-member panel considering individuals from the era before integration in 1947.


"It is a dark day," said Jose Canseco, the former AL MVP who was among the first players to admit using steroids. "I think the players should organize some type of lawsuit against major league baseball or the writers. It's ridiculous. Most of these players really have no evidence against them. They've never tested positive or they've cleared themselves like Roger Clemens."


It was the eighth time the BBWAA failed to elect any players. There were four fewer votes than last year and five members submitted blank ballots.


"With 53 percent you can get to the White House, but you can't get to Cooperstown," BBWAA secretary-treasurer Jack O'Connell said. "It's the 75 percent that makes it difficult."


There have been calls for the voting to be taken away from the writers and be given to a more diverse electorate that would include players and broadcasters. The Hall says it is content with the process, which began in 1936.


"It takes time for history to sort itself out, and I'm not surprised we had a shutout today," Hall President Jeff Idelson said. "I wish we had an electee. I will say that, but I'm not surprised given how volatile this era has been in terms of assessing the qualities and the quantities of the statistics and the impact on the game these players have had."


Bonds, baseball's only seven-time Most Valuable Player, hit 762 home runs, including a record 73 in 2001. He was indicted on charges he lied to a grand jury in 2003 when he denied using PEDs but a jury two years ago failed to reach a verdict on three counts he made false statements and convicted him on one obstruction of justice count, finding he gave an evasive answer.


"It is unimaginable that the best player to ever play the game would not be a unanimous first-ballot selection," said Jeff Borris of the Beverly Hills Sports Council, Bonds' longtime agent.


Clemens, the only seven-time Cy Young Award winner, is third in career strikeouts (4,672) and ninth in wins (354). He was acquitted last year on one count of obstruction of Congress, three counts of making false statements to Congress and two counts of perjury, all stemming from his denials of drug use.


"To those who did take the time to look at the facts," Clemens said, "we very much appreciate it."


Sosa, eighth with 609 home runs, was among those who tested positive in MLB's 2003 anonymous survey, The New York Times reported in 2009. He told a congressional committee in 2005 that he never took illegal performance-enhancing drugs.


Since 1961, the only years the writers didn't elect a candidate had been when Yogi Berra topped the 1971 vote by appearing on 67 percent of the ballots cast and when Phil Niekro headed the 1996 ballot at 68 percent — both got in the following years. The other BBWAA elections without a winner were in 1945, 1946, 1950, 1958 and 1960.


Morris will make his final ballot appearance next year, when fellow pitchers Greg Maddux and Tom Glavine are eligible for the first time along with slugger Frank Thomas.


"Next year, I think you'll have a rather large class, and this year, for whatever reasons, you had a couple of guys come really close," Commissioner Bud Selig said at the owners' meetings in Paradise Valley, Ariz. "This is not to be voted to make sure that somebody gets in every year. It's to be voted on to make sure that they're deserving. I respect the writers as well as the Hall itself. This idea that this somehow diminishes the Hall or baseball is just ridiculous in my opinion."


Players' union head Michael Weiner called the vote "unfortunate, if not sad."


"To ignore the historic accomplishments of Barry Bonds and Roger Clemens, for example, is hard to justify. Moreover, to penalize players exonerated in legal proceedings — and others never even implicated — is simply unfair. The Hall of Fame is supposed to be for the best players to have ever played the game. Several such players were denied access to the Hall today. Hopefully this will be rectified by future voting."


The BBWAA election rules say "voting shall be based upon the player's record, playing ability, integrity, sportsmanship, character, and contributions to the team(s) on which the player played."


An Associated Press survey of 112 eligible voters conducted in late November after the ballot was announced indicated Bonds, Clemens and Sosa would fall well short of 50 percent. The big three drew even less support than that as the debate raged over who was Hall worthy.


Voters are writers who have been members of the BBWAA for 10 consecutive years at any point.


BBWAA president Susan Slusser of the San Francisco Chronicle said she didn't vote for Bonds, Clemens or Sosa.


"The evidence for steroid use is too strong," she said.


As for Biggio, "I'm surprised he didn't get in."


Mark McGwire, 10th on the career home run list with 583, received 16.9 percent on his seventh try, down from 19.5 last year. He got 23.7 percent in 2010 — a vote before he admitted using steroids and human growth hormone.


Rafael Palmeiro, among just four players with 500 homers and 3,000 hits along with Hank Aaron, Willie Mays and Eddie Murray, received 8.8 percent in his third try, down from 12.6 percent last year. Palmeiro received a 10-day suspension in 2005 for a positive test for performance-enhancing drugs, claiming it was due to a vitamin vial given to him by teammate Miguel Tejada.


MLB.com's Hal Bodley, the former baseball columnist for USA Today, said Biggio and others paid the price for other players using PEDs.


"They got caught in the undertow of the steroids thing," he said.


Bodley said this BBWAA vote was a "loud and clear" message on the steroids issue. He said he couldn't envision himself voting for stars linked to drugs.


"We've a forgiving society, I know that," he said. "But I have too great a passion for the sport."


NOTES: There were four write-in votes for career hits leader Pete Rose, who never appeared on the ballot because of his lifetime ban that followed an investigation of his gambling while manager of the Cincinnati Reds. ... Two-time NL MVP Dale Murphy received 18.6 percent in his 15th and final appearance. ... At the July 28 ceremonies, the Hall also will honor Lou Gehrig and Rogers Hornsby among a dozen players who never received formal inductions because of restrictions during World War II. ... Piazza has a book due out next month that could change the view of voters before the next election.


___


AP Sports Writers Dan Gelston, Mike Fitzpatrick, John Marshall and Ben Walker contributed to this report.


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Terror group fills Syria rebels' space






STORY HIGHLIGHTS


  • U.S. declared a key opposition group in Syria a terrorist organization

  • New report says it is the most effective group in the opposition, with 5,000 fighters

  • Nada Bakos: The group has ties to al Qaeda but also seeks to provide social services

  • She says the chances are slim that it could be persuaded to give up radical goals




Editor's note: Nada Bakos is a former Central Intelligence Agency analyst.


(CNN) -- In the midst of the struggle against Bashar al-Assad's government stands Jabhat al-Nusra, recently designated by the U.S. State Department as a foreign terrorist organization.


A new report by the Quilliam Foundation in London says the organization is the most effective arm of the Syrian insurgency and now fields about 5,000 fighters against the Assad regime.


Practically speaking, the terrorist designation means little that is new for the immediate struggle in Syria. Shortly after al-Nusra claimed credit for one of its early suicide bombings in January 2012, the Obama administration made known al-Nusra's connection to al Qaeda in Iraq, a group with which I was intimately familiar in my capacity as an analyst and targeting officer at the Central Intelligence Agency.



Nada Bakos

Nada Bakos



The administration's position was reinforced when Director of National Intelligence James Clapper one month later testified in front of the Senate Armed Services Committee that "...we believe al-Qaeda in Iraq is extending its reach into Syria."


Analysis: Study shows rise of al Qaeda affiliate in Syria


Al-Nusra is filling a power vacuum through charitable efforts to galvanize local support and generating influence among Syrians. In light of al-Nusra's influence in Syria, the real question is not so much about the scope and scale of al-Nusra currently, but rather how should the United States respond to its rise, particularly after al-Assad's eventual exit?



Historically, the U.S. government seemed to believe that as soon as people are given the chance, they will choose and then create a Jeffersonian democracy. Then we are surprised, if not outraged, that people turn to organizations such as Hamas, Hezbollah or the Muslim Brotherhood in electoral contests. These organizations often provide the basic necessities that people need to survive: food, water, medical care, education and security.


As ideologically distasteful as we might find them, they are often doing things corrupt, weak or failing governments do not: providing the basic necessities that people need to survive (let alone create the conditions that enable people to aspire to thrive).


Why does al-Nusra keep quiet about its ties to al Qaeda in Iraq? The documents pulled from the Abottabad raid that killed Osama bin Laden shed light on his awareness that the al Qaeda brand had been deteriorating.








Bin Laden urged regional groups, "If asked, it would be better to say there is a relationship with al Qaeda, which is simply a brotherly Islamic connection, and nothing more," according to CNN. Bin Laden and Ayman al-Zawahiri had criticized the Jordanian-born founder and leader of al Qaeda in Iraq, Abu Musab al-Zarqawi, for his killing of civilians and lack of political acumen to win public support.


Talk about al Qaeda seems distant. It was a bogeyman made real in 1993 when it unsuccessfully attacked the World Trade Center and terrifyingly tangible in 2001 when its operatives succeeded in destroying the twin towers and expanded their attacks to the Pentagon and the air over Pennsylvania. Its looming shadow has since faded from the public eye, particularly with the death of bin Laden. Its vision and ideology, however, continue to have a strong appeal.


Now that al Qaeda central has a less visible role, what makes players like al-Nusra and al Qaeda in Iraq threats? Even today, after Zarqawi's death, al Qaeda in Iraq has managed to continue to wreak havoc in Iraq and in the region through an autonomous, adaptable structure.


Al-Nusra has declared itself a player in the fight for a global jihad, a bold statement for what is today a localized group . Even small groups, however, have the potential to disrupt regional stability and complicate America's pursuit of its national security objectives—a fact I learned firsthand tracking and trying to stem the rise, influence and efficacy of al Qaeda in Iraq in the aftermath of the U.S. invasion of Iraq.


Zarqawi, until his death in 2006, was able to confound U.S. forces and attack Jordan by attracting recruits from North Africa (including Libya), Central Europe, Jordan and Syria.


Some of Zarqawi's earliest recruits were veterans of the Syrian Muslim Brotherhood, an organization that lashed out against the Syrian government during the 1980s. Captured records from a raid near the city of Sinjar, Iraq, indicated that during the 2006-2007 time frame, 8% of al Qaeda in Iraq operatives were Syrians. The percentage likely ebbed and flowed as the group formed, became influential and waned, but it suggests that there was no shortage of recruits amenable to engage in religious conflict in Syria as recently as 5-10 years ago.


The most striking thing about the captured records, however, is that it appears almost every foreign fighter entering Iraq to join al Qaeda in Iraq came through Syria. As a targeter, I can tell you that facilitation networks are key: they are the means by which groups such as al Qaeda in Iraq are funded, supplied and sustained. During the Iraq war, Zarqawi's top aides in Syria played a critical role in recruiting, funding and operational planning outside Iraq.


One of the things U.S. officials and the international media should watch for is how al-Nusra uses its terrorist designation: If it seeks to use the declaration to burnish its jihadist credentials, it might be able to bolster the image of the organization in the eyes of the extremist community and parlay that recognition into larger, or steadier, streams of funding—a development that will make the group more viable over the long-term or allow it to expand its operations or influence in the short- to mid-term.


An important differentiator between al Qaeda in Iraq and al-Nusra is one of its tactics: Zarqawi made a practice of indiscriminately killing Iraqi civilians, effectively terrorizing the Iraqi population, especially the Shiite minority. Zarqawi, despite identifying with al Qaeda, had a much thinner theological basis than al Qaeda central.


Key figures at al Qaeda central such as bin Laden and Zawahiri argued with Zarqawi over his tactics, complaining that alienating mainstream Muslims would not help achieve the over-arching goal of instilling Sharia law.


Al-Nusra is using some of the same tactics as al Qaeda in Iraq (e.g., suicide bombings, kidnappings and car bombs), but it appears to be trying to strike a balance Zarqawi was unwilling to make: Not only does it seem to be avoiding alienating—if not antagonizing—the larger population, but it also is providing the people of Syria with a range of goods and services such as food, water and medical care—basic necessities that people need to survive in the best of times, let alone when their country is in the throes of a civil war.


If this becomes a trend, it might signal that al-Nusra aspires to be more like Hezbollah or Hamas, organizations that defy neat categorization based on the range of social, political and military activities they engage in and the resultant legitimacy they have in the eyes of their constituencies.


In the Syrian uprising, the opportunity for meaningful U.S. intervention might have passed: Exhaustion from operations in Iraq and Afghanistan have taken their toll on the U.S. military, have taxed the national treasury, and sapped political will, especially as the state of the economy remains at the center of the debate in Washington.


Our absence from the fight is going to cost us if the al-Assad regime fails, leaving rebel groups like al-Nusra dictating the direction, pace and scope of a new Syria.


Given that managing affairs in the Middle East has never been one of our strong suits, the question at this point should be how can the United States, particularly the Department of State, best engage groups that might be inimical to U.S. values but necessary to our interests in the Middle East? For that, I am not sure there is a clear or simple answer.


One opportunity would be if the United States uses its designation of al-Nusra as both a stick and carrot, cajoling and encouraging it to enter into mainstream politics when (or if) the Assad regime falls.


My read of al-Nusra, however, is that, like Zarqawi, it does not aspire to be a political player and is unlikely to settle for a political role in the new government. Instead, it may aim to play the spoiler for any transitional government and use its resources and political violence to empower and encourage other like-minded extremists. With time and opportunity, al-Nusra could not only add to regional instability in the Middle East, but also rekindle global jihad.



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The opinions expressed in this commentary are solely those of Nada Bakos.






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“Aladdin” coming to Broadway in overhauled version with new creative team






LOS ANGELES (TheWrap.com) – “Aladdin” is taking those three magical wishes to Broadway in a new stage show that will be substantially overhauled from an earlier version that premiered two years ago in Seattle.


The new version of the 1992 Disney animated hit will hit the Great White Way in spring 2014, according to an individual with knowledge of the production plans. It will replace “Mary Poppins” at the Disney-owned New Amsterdam Theater, the individual said. The stage version of P.L. Travers‘ children’s book will close in March 2013 after more than 2,600 performances.






A stage show of “Aladdin” that integrated the movie’s original score by Alan Menken, Tim Rice and Howard Ashman premiered on stage at Seattle’s 5th Avenue Theatre in 2011. Chad Beguelin (“The Wedding Singer”) wrote the book for that production and Casey Nicholaw (“The Book of Mormon”) directed and choreographed the show.


However, the version of “Aladdin” that hits Broadway next year will be substantially overhauled and will not be a transfer of the 5th Avenue production, the individual said. That show was seen as a pilot production, designed to test the new book and additional score material. The Broadway production will involve a major new key player on the creative team, the individual said.


A spokesman for The Disney Theatrical Group did not immediately respond to requests for comment.


Although “Mary Poppins” is closing to make way for “Aladdin,” it remains a moneymaker for Disney. Every year since it opened in 2006, it has ranked among the 10 highest grossing shows and among the five best attended. By the time it closes, it will have grossed more than $ 300 million, putting it on the level of other hits like “Jersey Boys” and “Wicked.” It has also earned more than $ 835 million worldwide.


The North American tour of “Mary Poppins” will end in June 2013 in Anchorage.


The New York Post first reported that “Mary Poppins” will close and be replaced by “Aladdin.”


Music News Headlines – Yahoo! News




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