Santander plans to invest in Spain’s bad bank

MADRID (Reuters) – Spain‘s Santander plans to invest in the country’s so-called bad bank in a sign that healthy domestic lenders are willing to support the entity created to clean up the aftermath of a 2008 property crash.

“The bank plans on investing in the bad bank,” a spokesman for Santander, Spain‘s biggest bank, told Reuters on Saturday.

Spain has set up the bad bank to siphon off toxic real estate assets from bank balance sheets that date from the property crash. The bad bank’s creation is a condition of receiving up to 100 billion euros ($ 127 billion) of aid in a European bail-out of the country’s financial sector.

Spain’s second biggest bank, BBVA , is considering investing in the vehicle, but has yet to make a decision, a BBVA spokesman told Reuters on Saturday.

Sabadell is also considering investing but has not yet made a decision, a Sabadell spokesman said.

The bad bank’s managers are currently in talks with BBVA, Sabadell and Barcelona-based Caixabank about them investing in the vehicle, a banking source said. Caixabank was not immediately available for comment.

An Economy Ministry source said on Friday the bad bank could go ahead just with backing from domestic investors but foreign investors would give it credibility.

The bad bank will initially have equity of 3.9 billion euros. But the government needs private investors to stump up 2.2 billion euros, or 55 percent of this, in December, the Economy Ministry source said on Friday.

Private sector support is key because the government wants to keep its stake in the bad bank below 50 percent to reduce the burden on state finances.

The bad bank, known as Sareb, will initially receive assets – such as soured loans to housebuilders and foreclosed property – from four state-rescued banks, including Bankia , worth 45 billion euros. It will have a maximum asset value of 90 billion euros.

The equity in the bad bank could rise to 5 billion euros after including assets from a further group of banks, aside from those taken from the state-rescued banks, the source said.

The government hopes eventually to capture 500 million euros of investment from foreign investors, or 10 percent of the final equity tranche.

The rest of the bad bank will be financed by senior state-backed bonds.

Government sources said on Friday that Spain’s bank restructuring fund, the FROB, could use part of the European aid to invest in the bad bank, and as such, would not need to tap markets.

(Reporting By Sonya Dowsett. Editing by Jane Merriman)

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Nintendo seeks to shake up gaming again with Wii U

LOS ANGELES (AP) — It can scan zombies, replace a TV remote, open a window into virtual worlds and shoot ninja stars across a living room. It’s the Wii U GamePad, the 10-by-5-inch touchscreen controller for the successor to the Wii out Sunday, and if you ask the brains behind the “Super Mario Bros.” about it, they say it’s going to change the way video games are made and played.

“You can’t manufacture buzz,” said Nintendo of America president Reggie Fils-Aime. “You can’t manufacture word of mouth. All we can do is to provide the product and the games to foster some sparks that hopefully enable that to happen. We think we have that with Wii U.”

Much like the iPad, the curvaceous GamePad features a touchscreen that can be manipulated with the simple tap or swipe of a finger, but it’s surrounded by the kinds of buttons, bumpers, thumbsticks and triggers that are traditionally found on a modern-day game controller. There’s also a camera, stylus, microphone, headphone jack and speakers.

While the Wii U can employ its predecessor’s motion-control remotes with a sensor bar that similarly detects them in front of the TV, the console’s focus on two-screen experiences makes it feel more like a high-definition, living-room rendition of the Nintendo DS and 3DS, the Japanese gaming giant’s dual-screen hand-held devices, than the original Wii.

“It’s a second screen like a tablet or a cellphone, but it’s different,” said Mark Bolas, professor of interactive media at the University of Southern California. “In addition to providing more information, the GamePad is also a second viewpoint into a virtual world. Nintendo is letting you turn away from the TV screen to see what’s happening with the GamePad.”

The touchscreen controller can also serve as a makeshift TV remote control and online video aggregator for services like Netflix and Amazon Instant Video. (Nintendo cheekily calls it TVii and announced Friday that it won’t be available until December.) Some games have the ability to flip-flop between the TV screen and the GamePad screen, allowing for non-gaming use of the TV.

There are limitations to the GamePad: it won’t work after it’s been moved 25 feet away from the Wii U console; it lasts about three to five hours after charging; and while its touchscreen is intuitive as those that have come before it, the GamePad is not quite as simple to use as the Wii controllers that had everyone bowling in their living rooms.

“Is the GamePad more complex than the Wii Remote was six years ago? Certainly,” said Fils-Aime. “On the other hand, I believe consumers will easily grasp the GamePad and what we’re trying to do with the varied experiences we’ll have not only at launch but over the next number of years in this system’s life.”

The abilities of the GamePad are most notably showcased by Nintendo Co. in the amusement park-themed mini-game collection “Nintendo Land,” which comes with the deluxe edition of the console. “Nintendo Land” turns the GamePad into several different tools, such as the dashboard of a spaceship or the ultimate advantage in a game of hide-and-seek.

In other titles, the controller mostly eliminates the need to pause the action to study a map in order to figure out where to go next or scour an inventory for just the right weapon. That can all be achieved simultaneously on the GamePad screen, which is best illustrated among the launch titles in Ubisoft’s survival action game “ZombiU.”

The GamePad acts as a high-tech scanner in “ZombiU” that can analyze a player’s surroundings in a version of London overrun by zombies. It pumps up the terror by drawing players’ attention away from the horrors lurking around them.

Will gamers who’ve grown up with their eyes glued to the TV and hands gripped on a controller adapt to glimpsing at another screen? The Wii U edition of “Call of Duty: Black Ops II,” for example, invites players to customize their arsenal on the fly on the GamePad, as well as engage in multiplayer matches without needing to split the TV in half.

Nintendo expects 50 games will be available for the Wii U by March 2013. There will be 23 games released alongside the console when it debuts Sunday, including the platformer “New Super Mario Bros. U,” karaoke game “Sing Party,” an “armored edition” of “Batman: Arkham City” and the Mickey Mouse adventure “Disney Epic Mickey 2: The Power of Two.”

“New consoles come along and nobody exploits their full capabilities for the first two to three years,” said Warren Spector, creative director at “Epic Mickey 2″ developer Junction Point Studios. “It’s only after you’ve had two or three projects that you fully understand what the hardware is capable of doing. We’re going to be experimenting with it more.”

Fils-Aime said he’s already envisioning ways that developers will innovate with future games. He pointed to some of the console’s features that aren’t on display in the launch line-up, such as the ability to play with two GamePads at once or utilize the console’s near-field communication technology to interact with other gadgets in the room.

“I think that developers and consumers are ready for new experiences,” said Fils-Aime. “More than anything else, I think that’s what is driving excitement for Wii U. They’ve experienced what this generation has to offer. They’re ready for something new.”

___

Online:

http://www.nintendo.com/wiiu

___

Follow AP Entertainment Writer Derrik J. Lang on Twitter at http://www.twitter.com/derrikjlang.

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Lady Gaga tweets some racy images before concert

BUENOS AIRES, Argentina (AP) — Lady Gaga’s tweets were getting a lot of attention ahead of her Buenos Aires concert Friday night.

The Grammy-winning entertainer has more than 30 million followers on Twitter and that’s where she shared a link this week to a short video showing her doing a striptease and fooling around in a bathtub with two other women.

She told her followers that it’s a “surprise for you, almost ready for you to TASTE.”

Then, in between concerts in Brazil and Argentina, she posted a picture Thursday on her Twitter page showing her wallowing in her underwear and impossibly high heels on top of the remains of what appears to be a strawberry shortcake.

“The real CAKE isn’t HAVING what you want, it’s DOING what you want,” she tweeted.

Lady Gaga wore decidedly unglamorous baggy jeans and a blouse outside her Buenos Aires hotel Thursday as three burly bodyguards kept her fans at bay. Another pre-concert media event where she was supposed to be given “guest of honor” status by the city government Friday afternoon was cancelled.

After Argentina, she is scheduled to perform in Santiago, Chile; Lima, Peru; and Asuncion, Paraguay, before taking her “Born This Way Ball” tour to Africa, Europe and North America.

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Gaza hospitals stretched, need supplies to treat wounded: WHO

GENEVA (Reuters) – Gaza hospitals are overwhelmed with casualties from Israel‘s bombings and face critical shortages of drugs and medical supplies, the World Health Organization (WHO) said on Saturday.

The U.N. health agency appealed for $ 10 million from donors to meet the need for drugs and supplies over the next three months.

Officials in Gaza said 43 Palestinians, nearly half of them civilians including eight children, had been killed since Israel began its air strikes. Three Israeli civilians were killed by a rocket fired from the enclave on Thursday.

Israel unleashed its massive air campaign on Wednesday with the declared goal of deterring Hamas, the Palestinian Islamist group that runs the Gaza Strip, from launching rockets that have plagued its southern communities for years.

The WHO, quoting Health Ministry officials in Gaza, said 382 people have been injured – 245 adults and 137 children.

“Many of those injured have been admitted to hospitals with severe burns, injuries from collapsing buildings and head injuries,” the WHO said in a statement issued in Geneva.

Health authorities have declared an emergency situation in all hospitals to cope with patients, it said.

“Before the hostilities began, health facilities were severely over stretched mainly as a result of the siege of Gaza,” the WHO said. Israel maintains a tight blockade on the Gaza Strip with the help of neighboring Egypt.

The Gaza Ministry of Health‘s supplies of many life-saving drugs and disposable equipment were at “zero stock”, it said.

“The Ministry of Health has postponed all elective surgeries due to the emergency and shortages in anaesthesia drugs,” it said. Non-urgent cases are being transferred to hospitals run by aid groups and health personnel have been asked to report to the nearest health facility for extended shifts, it said.

“WHO appeals to the international and regional community for urgent financial support to provide essential medicines to cover pre-existing shortages, as well as emergency supplies for treating casualties and the chronically ill,” it said.

(Reporting by Stephanie Nebehay; Editing by Alison Williams)

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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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