TSX boosted by conciliatory U.S. budget comments
















TORONTO (Reuters) – Canada‘s benchmark stock index jumped on Friday, led by financial and resource-related shares, as investors cheered conciliatory statements from U.S. politicians after they held talks on avoiding the “fiscal cliff” that threatens to drive the U.S. economy into recession.


The index had fallen in morning trade, weighed down by signs of global economic weakness, but swung higher after U.S. legislators vowed to find common ground to help the world’s largest economy avoid what could be debilitating tax hikes and spending cuts.













“We’ve definitely seen a swing up today on more promising talk from the Democrats,” said Youssef Zohny, portfolio manager at Stenner Investment Partners, a unit of Richardson GMP.


“We’ve seen a fairly sharp selloff in the last week or so and you’re definitely starting to see a few bargain hunters come in today. As well, oil’s up today so that’s helping lift some of the commodity sector,” Zohny said.


Oil rose as a fire on a Gulf of Mexico platform and the escalating conflict between Israel and Palestinians stoked supply concerns.


The Toronto Stock Exchange‘s S&P/TSX composite index <.GSPTSE> closed up 66.34 points, or 0.56 percent, at 11,877.72, with broad gains across nine of its 10 main sectors. It nevertheless notched a 2.6 percent drop for the week, its sharpest weekly fall since May.


“It shows you how low our expectations are right now that you can get that kind of a rally just by coming up to a microphone and saying ‘hey, we all understand each other’,” said Mike Newton, portfolio manager at Macquarie Private Wealth, referring to the comments from congressional Democrats and Republicans.


“What could be exciting about it is, imagine the rally that will occur when they come out with something very concrete,” he said.


STRONG RALLY POTENTIAL


Rick Hutcheon, president and chief operating officer at RKH Investments, said valuations have become so cheap that it would take little for the index to bounce higher in coming weeks.


“If there is any glimmer of good news the market has a very strong rally potential,” he said, speaking before the U.S. legislators made their comments.


Royal Bank of Canada led the index’s rise, adding 1 percent to C$ 55.62, while pipeline operator TransCanada Corp jumped 1.7 percent to C$ 45.05 as a bipartisan group of U.S. senators urged President Barack Obama to allow the company to proceed with the Keystone XL project.


Those companies played the biggest role of any two stocks in leading the market higher.


Miner Barrick Gold Corp gained 1.5 percent to C$ 33.77, while BCE Inc also moved 1.5 percent higher, to C$ 41.99 after confirmation that it is continuing to work with acquisition target Astral Media Inc to get a deal past regulators. Astral rose 5 percent to C$ 44.


Fertilizer company Potash Corp was the most heavily weighted decliner, dropping 0.8 percent to C$ 37.37, while Niko Resources Ltd skidded to a 52-week low, closing down 9.3 percent at C$ 8.44 after the oil company announced stock and convertible debt offerings.


(Editing by Jeffrey Hodgson; and Peter Galloway)


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Israel moves on reservists after rockets target cities
















GAZA/JERUSALEM (Reuters) – Israeli ministers were on Friday asked to endorse the call-up of up to 75,000 reservists after Palestinian militants nearly hit Jerusalem with a rocket for the first time in decades and fired at Tel Aviv for a second day.


The rocket attacks were a challenge to Israel‘s Gaza offensive and came just hours after Egypt‘s prime minister, denouncing what he described as Israeli aggression, visited the enclave and said Cairo was prepared to mediate.













Israel’s armed forces announced that a highway leading to the Gaza Strip and two roads bordering the enclave would be off-limits to civilian traffic until further notice.


Tanks and self-propelled guns were seen near the border area on Friday, and the military said it had already called 16,000 reservists to active duty.


Prime Minister Benjamin Netanyahu convened senior cabinet ministers in Tel Aviv after the rockets struck to decide on widening the Gaza campaign.


Political sources said ministers were asked to approve the mobilization of up to 75,000 reservists, in what could be preparation for a possible ground operation.


No decision was immediately announced and some commentators speculated in the Israeli media the move could be psychological warfare against Gaza’s Hamas rulers. A quota of 30,000 reservists had been set earlier.


Israel began bombing Gaza on Wednesday with an attack that killed the Hamas military chief. It says its campaign is in response to Hamas missiles fired on its territory. Hamas stepped up rocket attacks in response.


Israeli police said a rocket fired from Gaza landed in the Jerusalem area, outside the city, on Friday.


It was the first Palestinian rocket since 1970 to reach the vicinity of the holy city, which Israel claims as its capital, and was likely to spur an escalation in its three-day old air war against militants in Gaza.


Rockets nearly hit Tel Aviv on Thursday for the first time since Saddam Hussein’s Iraq fired them during the 1991 Gulf War. An air raid siren rang out on Friday when the commercial centre was targeted again. Motorists crouched next to cars, many with their hands protecting their heads, while pedestrians scurried for cover in building stairwells.


The Jerusalem and Tel Aviv strikes have so far caused no casualties or damage, but could be political poison for Netanyahu, a conservative favored to win re-election in January on the strength of his ability to guarantee security.


“The Israel Defence Forces will continue to hit Hamas hard and are prepared to broaden the action inside Gaza,” Netanyahu said before the rocket attacks on the two cities.


Asked about Israel massing forces for a possible Gaza invasion, Hamas spokesman Sami Abu Zuhri said: “The Israelis should be aware of the grave results of such a raid and they should bring their body bags.”


Officials in Gaza said 28 Palestinians had been killed in the enclave since Israel began the air offensive with the declared aim of stemming surges of rocket strikes that have disrupted life in southern Israeli towns.


The Palestinian dead include 12 militants and 16 civilians, among them eight children and a pregnant woman. Three Israelis were killed by a rocket on Thursday. A Hamas source said the Israeli air force launched an attack on the house of Hamas’s commander for southern Gaza which resulted in the death of two civilians, one a child.


SOLIDARITY VISIT


A solidarity visit to Gaza by Egyptian Prime Minister Hisham Kandil, whose Islamist government is allied with Hamas but also party to a 1979 peace treaty with Israel, had appeared to open a tiny window to emergency peace diplomacy.


Kandil said: “Egypt will spare no effort … to stop the aggression and to achieve a truce.”


But a three-hour truce that Israel declared for the duration of Kandil’s visit never took hold. Israel said 66 rockets launched from the Gaza Strip hit its territory on Friday and a further 99 were intercepted by the Iron Dome anti-missile system.


Israel denied Palestinian assertions that its aircraft struck while Kandil was in the enclave.


Israel Radio’s military affairs correspondent said the army’s Homefront Command had told municipal officials to make civil defence preparations for the possibility that fighting could drag on for seven weeks. An Israeli military spokeswoman declined to comment on the report.


The Gaza conflagration has stoked the flames of a Middle East already ablaze with two years of Arab revolution and a civil war in Syria that threatens to leap across borders.


It is the biggest test yet for Egypt’s new President Mohamed Mursi, a veteran Islamist politician from the Muslim Brotherhood who was elected this year after last year’s protests ousted military autocrat Hosni Mubarak.


Egypt’s Muslim Brotherhood are spiritual mentors of Hamas, yet Mursi has also pledged to respect Cairo’s 1979 peace treaty with Israel, seen in the West as the cornerstone of regional security. Egypt and Israel both receive billions of dollars in U.S. military aid to underwrite their treaty.


Mursi has vocally denounced the Israeli military action while promoting Egypt as a mediator, a mission that his prime minister’s visit was intended to further.


A Palestinian official close to Egypt’s mediators told Reuters Kandil’s visit “was the beginning of a process to explore the possibility of reaching a truce. It is early to speak of any details or of how things will evolve”.


Hamas fighters are no match for the Israeli military. The last Gaza war, involving a three-week long Israeli air blitz and ground invasion over the New Year period of 2008-2009, killed more than 1,400 Palestinians, mostly civilians. Thirteen Israelis died.


Tunisia’s foreign minister was due to visit Gaza on Saturday “to provide all political support for Gaza” the spokesman for the Tunisian president, Moncef Marzouki, said in a statement.


The United States asked countries that have contact with Hamas to urge the Islamist movement to stop its rocket attacks.


Hamas refuses to recognize Israel’s right to exist. By contrast, Palestinian President Mahmoud Abbas, who rules in the nearby West Bank, does recognize Israel, but peace talks between the two sides have been frozen since 2010.


Abbas’s supporters say they will push ahead with a plan to have Palestine declared an “observer state” rather than a mere “entity” at the United Nations later this month.


(Additional reporting by Maayan Lubell, Jeffrey Heller and Crispian Balmer in Jerusalem; Writing by Jeffrey Heller; Editing by Giles Elgood)


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Pittsburgh airport to offer free ‘cell phone’ lot
















IMPERIAL, Pa. (AP) — Pittsburgh International Airport is offering free parking for folks who want to sit in their cars and wait for arriving passengers to call on cell phones to say they’ve arrived.


Allegheny County Airport Authority officials are hoping the plan will prevent motorists from congesting the curb near the airport’s terminal or the access roads around it by driving around in circles waiting for cell phone calls from arrivals.













Drivers can now park free for an hour in the extended term lot farthest from the terminal, and pay only $ 1 for a second hour of parking. After two hours, the spots will cost $ 8.


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Robert Pattinson looks for danger after “Twilight”
















LOS ANGELES (Reuters) – Robert Pattinson has set young hearts aflutter as the teen vampire Edward Cullen in the “Twilight Saga” films, but as the sun sets on the franchise that launched his career, the actor is looking for more grown-up and “dangerous” roles.


“Breaking Dawn – Part 2,” released this week, is the fifth and final in the series, and Edward’s character shifts from brooding, tormented lover to a contented husband and father who must protect his family from an ancient vampire clan.













But Pattinson, 26, still has those rakish good looks that drew a screaming fan base and made him a tabloid fixture. While the avid fan excitement around the “Twilight” series overwhelms him, the British actor hopes his audience will follow him as he moves on.


“It’s all about control. Now, I don’t feel like I have any control whatsoever,” he told Reuters with a laugh.


“They’re a very ardent fan base, so to figure out a way to harness that vehement audience, it’s definitely an important thing.”


Pattinson became a pinup as the angst-ridden Edward, but said he wasn’t worried he might be typecast as the perpetual brooding hero. “I’m not particularly brooding in my real life,” he said.


The actor has already been laying the ground for a career beyond “Twilight.” He played a 19th century French gigolo in “Bel Ami” and a billionaire with an existential crisis in David Cronenberg‘s “Cosmopolis,” although both films fared poorly at the box office earlier this year.


Next up is a drama, “Map to the Stars,” again with Cronenberg, and “The Rover,” a Western-style action movie set in the Australian desert.


“Everything I’ve signed up for now is very physical, because I feel like I’ve done quite a few things where I’m quite still. I’m trying to find people that are doing things that feel dangerous,” Pattinson said.


ROMANCE ON AND OFF SCREEN


Away from the series with its apple motif, symbolizing forbidden love, Pattinson’s fame has also been fueled by his off-screen romance with “Twilight” co-star Kristen Stewart, 22, who plays Bella Swan.


Their relationship was thrust into the spotlight in the summer when Stewart publicly admitted she had an affair with her married “Snow White and the Huntsman” director, Rupert Sanders.


The actress apologized in a rare, heartfelt public statement but the affair shocked “Twilight” fans. Pattinson and Stewart have since reconciled, and the paparazzi have spotted them together, but they have stayed mum on their relationship.


“I just try and avoid it,” Pattinson said when asked about the scrutiny of his personal life.


“I don’t think it’s good in terms of a career as an actor. I think being in gossip magazines – I don’t like the whole industry, I think it’s a lazy industry, and it’s a weird media consumer culture,” the actor said.


“(Success) is so much based on luck as an actor. No one knew that the audience would connect to the ‘Twilight’ series the way that they did … it’s just luck, you’ve got to do the things that interest you.”


For now, Pattinson is coming to terms with saying goodbye to the franchise.


“It sounds cheesy, but it’s been such a life-changing experience where you share a bond with people, it’s weird. I remember hearing about ‘Lord of the Rings,’ they all got tattoos … that’d be so funny, maybe we could get a little apple, a ‘tramp stamp’ with an apple,” the actor mused, laughing.


(Reporting by Piya Sinha-Roy, Editing by Jill Serjeant, Gary Hill)


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EU drug regulator OKs Novartis’ meningitis B shot
















LONDON (AP) — Europe‘s top drug regulator has recommended approval for the first vaccine against meningitis B, made by Novartis AG.


There are five types of bacterial meningitis. While vaccines exist to protect against the other four, none has previously been licensed for type B meningitis. In Europe, type B is the most common, causing 3,000 to 5,000 cases every year.













Meningitis mainly affects infants and children. It kills about 8 percent of patients and leaves others with lifelong consequences such as brain damage.


In a statement on Friday, Andrin Oswald of Novartis said he is “proud of the major advance” the company has made in developing its vaccine Bexsero. It is aimed at children over two months of age, and Novartis is hoping countries will include the shot among the routine ones for childhood diseases such as measles.


Novartis said the immunization has had side effects such as fever and redness at the injection site.


Recommendations from the European Medicines Agency are usually adopted by the European Commission. Novartis also is seeking to test the vaccine in the U.S.


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Gold prices fall on growing economic uncertainty
















The price of gold fell Thursday on growing worries about global economic growth with pending U.S. budget issues and Europe’s recession.


Gold for December delivery dropped $ 16.30 Thursday to finish at $ 1,713.80 per ounce.













President Barack Obama and congressional leaders are scheduled to meet Friday to discuss the budget. Obama and Republican congressional leaders are at odds over the best way to resolve budget disagreements before tax hikes and spending cuts take effect Jan. 1. Many economists believe that without a compromise, the U.S. could wind up back in a recession.


Meanwhile, European Union statistics showed that the 17 countries that use the euro are in recession for the first time in three years as the region struggles with a three-year-old debt crisis. A recession is defined as two consecutive quarters of economic contraction.


Gold has a reputation as a relatively safe asset to hold during economic turmoil but investors are “in a quandary and conserving cash,” George Gero, vice president at RBC Global Futures, wrote in an email.


In other metals trading, December silver fell 20.6 cents to end at $ 32.674 per ounce, December copper rose 0.9 cent to $ 3.4625 per pound, January platinum dropped $ 18.30 to $ 1,573.30 per ounce and December palladium fell $ 10.35 to $ 631.20 per ounce.


The economic uncertainty also pressured energy products. Benchmark oil dropped 87 cents to end at $ 85.45 per barrel, heating oil fell 1.47 cents to $ 2.9735 per gallon, gasoline futures rose 1.72 cents to $ 2.6962 per gallon and natural gas fell 5.7 cents to $ 3.703 per 1,000 cubic feet.


In agricultural contracts, orange juice futures rose 3.1 percent as traders bought contracts to get in position for the winter months, said Jack Scoville, vice president Price Futures Group. Florida crops are in good shape and the freeze season won’t begin for several weeks. Frozen orange juice concentrate for January delivery rose 3.45 cents to end at $ 1.1625 per pound.


December wheat fell 3.25 cents to end at $ 8.455 per bushel, December corn fell 4.5 cents to $ 7.2125 per bushel and January soybeans fell 17 cents to end at $ 14.02 per bushel.


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France urges Mali to step up talks with rebels
















PARIS (AP) — France‘s president called Thursday for stepped-up talks between Mali’s government and any leaders from its breakaway north “who reject terrorism,” even as African nations geared up for a possible military operation against Islamic extremists there.


President Francois Hollande‘s comments suggested a growing openness to dialogue with the extremists, but he remained committed to supporting the military planning effort.













Northern Mali fell to Islamic extremists in April, after coup leaders toppled the government in Bamako, Mali‘s capital. Fearing that northern Mali could become the latest hotbed of terrorism, France has been a driving force in international efforts to bolster Mali’s army to drive the Islamists from power.


Hollande spoke with interim Mali President Dioncounda Traore by phone on Thursday, partly to detail European efforts to help strengthen Mali’s army.


In recent days, representatives from the most moderate of three al-Qaida-linked groups that control northern Mali have been meeting with Burkina Faso‘s president, appointed as a mediator.


“France reiterates its wish that political dialogue will intensify between Malian authorities and representatives of northern populations who reject terrorism,” Hollande’s office said in a statement. “The acceleration of this dialogue must accompany the progress in African military-planning efforts.”


Earlier this week, the African Union approved a plan that calls for 3,300 African troops to be deployed in order to win back Mali’s north. European countries including France and Germany have expressed a willingness to provide military trainers and logistics support, but have stopped short of committing combat troops.


France, like many European countries, fears that the arid, northern Sahel region of Mali could become a breeding ground for terrorism, where al-Qaida and its allies could plot hostage-takings and attacks in Europe or beyond.


France has millions of people whose families hail from former French colonies in north and west Africa. Authorities have long been concerned that French-born militants could travel abroad for terrorism training and return home later to possibly carry out attacks.


French authorities are already investigating two French citizens who were arrested in Mali and neighboring Niger and are suspected of seeking to join up with the al-Qaida-linked extremists, a judicial official told The Associated Press.


Ibrahim Ouattara, a 24-year-old native of the northern Paris suburb of Aubervilliers who has dual French and Malian nationality, was arrested inside Mali this month and remains in custody there, the official said.


Separately, a 27-year-old Frenchman was arrested in August in Niger and has since been handed over to authorities in France, the official said, speaking on condition of anonymity because she was not authorized to discuss terrorism cases publicly.


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Sina’s profit beats on Weibo; co forecasts weak 4th-quarter revenue
















(Reuters) – Chinese internet company Sina Corp eked out a profit in the third quarter that beat analysts’ estimates as strong advertising sales on its microblogging platform offset weaker website advertising but it forecast current-quarter revenue below expectations.


Shares of the company fell 6 percent to $ 49.72 in extended trading. They closed at $ 53.10 on the Nasdaq on Thursday.













Sina expects adjusted net revenue to range between $ 132 million and $ 136 million in the fourth quarter, with advertising revenues forecast to increase between 6 percent and 8 percent from a year earlier.


Analysts on average were expecting revenue of $ 151.9 million, according to Thomson Reuters I/B/E/S.


Sina, which makes most of its revenue from online advertising both on its website and through its microblogging platform, Weibo, is facing stiff headwinds this year as firms slash advertising budgets due to a worsening economic outlook.


Analysts said the spat between Japan and China over a few uninhabited islands in the East China Sea may have affected Sina’s website advertising sales as Japanese automakers cut back on advertising in China.


Net profit was $ 9.9 million for the September quarter, compared to a loss of $ 336.3 million a year earlier. The profit beat analysts’ expectations of $ 7.5 million.


Sina’s advertising revenue rose 19 percent to $ 120.6 million in the third quarter, while non-advertising revenue rose 9 percent to $ 31.8 million. Overall net revenue was $ 152.4 million, up from $ 130.3 million, a year earlier.


The company started monetizing Weibo by offering special services to business accounts and selling VIP memberships to regular users earlier this year.


Weibo contributed about 10 percent to total advertising revenue in the second quarter and had 368 million registered accounts.


(Reporting By Melanie Lee in Shanghai & Aurindom Mukherjee in Bangalore; Editing by Sriraj Kalluvila)


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Drug charges dropped against Jon Bon Jovi’s daughter
















(Reuters) – Drug charges against the daughter of rock star Jon Bon Jovi were dropped on Thursday, a day after she suffered a suspected heroin overdose, officials in New York said.


Oneida County District Attorney Scott D. McNamara said in a statement that Stephanie Bongiovi could not be charged because New York law prohibits the prosecution of people who had overdosed and were in possession of small amounts of drugs.













Bongiovi, 19, was found unresponsive in a dormitory room at Hamilton College in Clinton, New York, early on Wednesday and was later booked on misdemeanor charges of possession of a controlled substance (heroin), marijuana possession and criminal use of drug paraphernalia, which were found in the room.


A message left with the singer’s representative was not immediately returned.


Heroin and marijuana charges against fellow student Ian S. Grant, 21, in connection with Bongiovi’s case were also dropped as a witness or victim to a drug or alcohol overdose cannot be prosecuted in New York.


Bongiovi is the oldest of four children of Bon Jovi and wife Dorothea Hurley.


(Reporting By Eric Kelsey, editing by Jill Serjeant and Andre Grenon)


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People overestimate benefits of prevention
















NEW YORK (Reuters Health) – Patients asked to estimate how many lives would be saved through cancer screening or how many hip fractures can be prevented with bone-building medication mostly overestimate the benefits of these preventive measures, according to a survey of New Zealanders.


Annette O’Connor of the University of Ottawa, who studies how patients weigh risk and make decisions, said she would expect that people would overvalue any given prevention effort.













“Most people would overestimate because they’re told about their benefits, but with no numbers…so why would you think that it’s going to be really low?” said O’Connor, who was not involved in the new study.


Doctors, nurses and others who communicate health information often don’t detail how much a given test or drug can help, but only say that people ought to have it, O’Connor told Reuters Health.


“I think it’s led to more people taking part in screening or availing themselves of preventive medication than would have been the case if they were presented the information in more meaningful terms,” said Dr. Ben Hudson, the new study’s lead author and a professor at the University of Otago in Christchurch, New Zealand.


“I would also be concerned that it’s led to people having over-heightened expectations of what these things can achieve, and that may lead to disappointment when the inevitable breast cancer happens despite screening,” he added.


Hudson said that in talking with his patients about screening, he found they were surprised by how small the benefits were.


To get a broader sense of patients’ expectations for preventive measures, Hudson and his colleagues asked 354 people about the benefits of breast cancer screening with mammography, bowel cancer screening with stool testing, taking antihypertension medication and taking bone-strengthening medication.


Specifically, participants were asked to imagine scenarios in which 5,000 people between ages 50 and 70 undergo one of these preventive interventions for 10 years, then asked how many “events” the participants thought would be avoided as a result of the measure.


For three of the four interventions in the survey, the event to be avoided was death and in the case of bone drugs, it was hip fracture.


For breast cancer screening, only seven percent of the participants answered in the correct range of one to five lives being saved with screening, whereas 90 percent overestimated how many lives would be saved. Fully a third thought that 1,000 deaths would be averted.


The numbers were similar for bowel cancer screening, which is thought to save five to 10 lives for every 5,000 people tested, Hudson’s group reports in the Annals of Family Medicine.


Eighty-two percent of participants overestimated the number of fractures prevented by bone-strengthening medication, which in reality is about 50 for every 5,000 patients given the drug.


And 69 percent of participants reported that 500 or more lives would be saved if 5,000 people took blood pressure medication, when the correct range should have been 50 to 100.


“It’s probably unreasonable to expect people to make an accurate guess at the absolute number (of lives saved or fractures prevented), but what we found was a consistent trend toward higher levels,” Hudson told Reuters Health.


“I don’t think most patients are likely to have access to good numerical data presented in a simple and informative way. I think that’s part of the problem here,” he said.


The U.S. Preventive Services Task Force (USPSTF) issues screening recommendations and other guidelines for disease prevention, which doctors, nurses and public health groups often consult when counseling patients.


A survey of U.S. physicians found that most of them don’t fully grasp what the numbers mean when it comes to cancer screening (see Reuters Health story of March 5, 2012).


O’Connor said that when health care professionals repeat these guidelines to patients, they often don’t include the numbers when talking about benefits or they only refer to something called the “relative risk.”


The relative risk describes the change in a person’s chances of developing a disease, but it does not give any sense of how much risk that person had to begin with.


For example, a “50 percent reduction in risk” may be less significant than it sounds if a person’s absolute risk for a condition – how likely they are to develop it at some point in life – was originally five percent, and drops to 2.5 percent.


“Professionals and people who provide health information need to know absolute benefits,” O’Connor said.


The relative risk of dying from breast cancer is 17 percent lower among a population of women aged 50 to 69 who get screened, compared to women who do not get screened, for instance.


But in absolute terms, that means that instead of 23 in 100,000 women dying of breast cancer, screening would reduce that number to 19 in 100,000 women.


Hudson said that one of the potential problems that can arise when people overvalue a test is that if recommendations are scaled back because of insufficient benefits, people get upset.


In 2009, for instance, the USPSTF changed its guidelines for regular mammograms from beginning at age 40 to beginning at 50, because the number of lives saved through screening during that extra decade of life was too small compared to the potential harms from the screening itself and follow-up procedures.


A survey of women at the time found that most of them considered the new guidelines to be “unsafe,” at least in part because they feared that insurers would no longer cover screening for women in their 40s who wanted it.


“The other thing that happens when you have an established screening program for which people have heightened expectations, it becomes very politically difficult to make any changes insofar as recommending reduced access, even when the evidence is pretty convincing that the outcomes are better,” said Hudson.


Hudson advocated for better informing patients of the benefits and harms of any preventive intervention.


“I have a feeling this would all be easier if we could present (patients) with this information, trust them with their decisions and support them in doing so,” he said.


SOURCE: http://bit.ly/XINd5u Annals of Family Medicine, November/December 2012.


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