Stock futures off as investors worry about "fiscal cliff"

NEW YORK (Reuters) - Stock futures fell on Wednesday as investors grew more concerned about the lack of progress in U.S. budget talks to avoid looming spending cuts and tax hikes, setting the S&P 500 up for a third consecutive day of decline this week.

* Chief executives from top U.S. corporations, including Goldman Sachs , Deloitte LLP, and Caterpillar Inc , will meet with President Barack Obama on Wednesday to discuss U.S. fiscal problems, the White House said.

* Obama's meeting with influential leaders from the corporate world is part of his push for Congress to extend tax cuts for middle income Americans, one flashpoint in a standoff with Congress over a series of tax hikes and spending cuts that will go into effect next year if lawmakers and the president cannot come up with a deal to stop them.

* U.S. stocks slid on Tuesday in a choppy session, losing ground in the last hour before the close after Senate Majority Leader Harry Reid expressed disappointment that there has been "little progress" in dealing with the "fiscal cliff."

* S&P 500 futures were down 4.2 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 30 points, while Nasdaq 100 futures were up 6.25 points.

* Deep divisions at the Federal Reserve were on display on Tuesday, just two weeks before the U.S. central bank's next policy-setting meeting, with one top Fed official pushing for more easing, and another advocating limits. [ID:nL1E8MS0ZC] The Fed will release its Beige Book summary of regional economic conditions at 2 p.m. (1900 GMT).

* New home sales data is due at 10 a.m. Economists in a Reuters survey forecast a reading of 390,000 for October versus the previous reading of 389,000.

* U.S. retailer Costco Wholesale Corp is to pay a special dividend of $7.00, worth a total $3.0 billion to investors, it said when posting monthly same-store sales that beat forecasts.

* Microsoft Corp has sold 40 million Windows 8 licenses in the month since the launch, according to one of the new co-heads of the Windows unit, setting a faster pace than Windows 7 three years ago.

* Green Mountain Coffee Roasters Inc forecast quarterly and full year earnings well above analysts' expectations, helped by an expanded lineup of single-serve coffee makers and drinks, sending its shares up 22 percent in after-hours trade.

* Advanced Micro Devices Inc plans to sell and lease back its campus in Austin, Texas, to raise cash and fund its chipmaking business as it diversifies beyond the struggling PC industry into new markets.

* Nokia said on Wednesday that an arbitrator has ruled in its favor in a patent dispute with BlackBerry-maker Research In Motion over use of Nokia's patents related to wireless local access network technology.

* The European Commission gave the go ahead for Spain to overhaul its stricken nationalized banks on Wednesday and opened the door for nearly 40 billion euros in euro zone aid to be disbursed, offering hope for an end to Spain's banking crisis.

(Reporting By Angela Moon; Editing by Kenneth Barry)

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Egypt’s President Said to Limit Scope of Judicial Decree

Tara Todras-Whitehill for The New York Times

Egyptians at a burned-out school in Cairo on Monday before the funeral of an activist who was injured in a clash and died Sunday.

CAIRO — With public pressure mounting, President Mohamed Morsi appeared to pull back Monday from his attempt to assert an authority beyond the reach of any court. His allies in the Muslim Brotherhood canceled plans for a large demonstration in his support, signaling a chance to calm an escalating battle that has paralyzed a divided nation.

After Mr. Morsi met for hours with the judges of Egypt’s Supreme Judicial Council, his spokesman read an “explanation” on television that appeared to backtrack from a presidential decree placing Mr. Morsi’s official edicts above judicial scrutiny — even while saying the president had not actually changed a word of the statement.

Though details of the talks remained hazy, and it was not clear whether the opposition or the court would accept his position, Mr. Morsi’s gesture was another demonstration that Egyptians would no longer allow their rulers to operate above the law. But there appeared little chance that the gesture alone would be enough to quell the crisis set off by his perceived power grab.

Hundreds of opponents of Mr. Morsi protested in Tahrir Square on Tuesday, Reuters reported, with the crowd expected to grow in the late afternoon.

The presidential spokesman, Yasser Ali, said for the first time that Mr. Morsi had sought only to assert pre-existing powers already approved by the courts under previous precedents, not to free himself from judicial oversight.

He said that the president meant all along to follow an established Egyptian legal doctrine suspending judicial scrutiny of presidential “acts of sovereignty” that work “to protect the main institutions of the state.” The judicial council had said Sunday that it could bless aspects of the decree deemed to qualify under the doctrine.

Mr. Morsi had maintained from the start that his purpose was to empower himself to prevent judges appointed by former President Hosni Mubarak from dissolving the constituent assembly, which is led by his fellow Islamists of the Muslim Brotherhood’s Freedom and Justice Party. The courts have already dissolved the Islamist-led Parliament and an earlier constituent assembly, and the Supreme Constitutional Court was widely expected to rule against this one next week.

But the text of the original decree had exempted all presidential edicts from judicial review until the ratification of a constitution, not just those edicts related to the assembly or justified as “acts of sovereignty.”

Legal experts said that the spokesman’s explanations of the president’s intentions, if put into effect, would amount to a revision of the decree Mr. Morsi issued last Thursday. But lawyers said that the verbal statements alone carried little legal weight.

How the courts would apply the doctrine remained hard to predict. And Mr. Morsi’s opposition indicated it was holding out for far greater concessions, including the breakup of the whole constituent assembly.

Speaking at a news conference while Mr. Morsi was meeting with the judges, the opposition activist and intellectual Abdel Haleem Qandeil called for “a long-term battle,” declaring that withdrawal of Mr. Morsi’s new powers was only the first step toward the opposition’s goal of “the withdrawal of the legitimacy of Morsi’s presence in the presidential palace.” Completely withdrawing the edict would be “a minimum,” he said.

Khaled Ali, a human rights lawyer and former presidential candidate, pointed to the growing crowd of protesters camped out in Tahrir Square for a fourth night. “The one who did the action has to take it back,” Mr. Ali said.

Moataz Abdel Fattah, a political scientist at Cairo University, said Mr. Morsi was saving face during a strategic retreat. “He is trying to simply say, ‘I am not a new pharaoh; I am just trying to stabilize the institutions that we already have,’ ” he said. “But for the liberals, this is now their moment, and for sure they are not going to waste it, because he has given them an excellent opportunity to score.”

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Brad Pitt: Wedding Will Happen 'Soon'

By Tim Nudd

11/27/2012 at 07:50 AM EST

Brad Pitt and Angelina Jolie

Jim Ruymen/Landov

Put the champagne on ice. It appears Brad Pitt and Angelina Jolie's long-awaited wedding isn't far off – and that's from someone who would know.

"I am getting more pressure from my kids, and it is something I want to do within their lifetime, but I also feel like the time has come," Pitt said Monday night at the premiere of his new film, Killing Them Softly, in New York.

"The time is nigh," he added. "It's soon. I got a good feeling about it."

Pitt, 48, who has been in London filming World War Z this month, has been with Jolie, 37, for seven years. They have six children together – Maddox, 11, Pax, 8, Zahara, 7, Shiloh, 6, and 4-year-old twins Knox and Vivienne – and got engaged this past spring.

And yet, even with so much history together already, Pitt says the idea of tying the knot with his longtime partner is still hugely meaningful.

"We've had a family, we've raised the kids," he says. "I am surprised how much [marriage] meant to me once you had that."

• Reporting by K.C. BAKER

Brad opens up about his family, his life with Angelina and their wedding plans in the next issue of PEOPLE! Look for much more on newsstands Friday

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Bounce houses a party hit but kids' injuries soar

CHICAGO (AP) — They may be a big hit at kids' birthday parties, but inflatable bounce houses can be dangerous, with the number of injuries soaring in recent years, a nationwide study found.

Kids often crowd into bounce houses, and jumping up and down can send other children flying into the air, too.

The numbers suggest 30 U.S. children a day are treated in emergency rooms for broken bones, sprains, cuts and concussions from bounce house accidents. Most involve children falling inside or out of the inflated playthings, and many children get hurt when they collide with other bouncing kids.

The number of children aged 17 and younger who got emergency-room treatment for bounce house injuries has climbed along with the popularity of bounce houses — from fewer than 1,000 in 1995 to nearly 11,000 in 2010. That's a 15-fold increase, and a doubling just since 2008.

"I was surprised by the number, especially by the rapid increase in the number of injuries," said lead author Dr. Gary Smith, director of the Center for Injury Research and Policy at Nationwide Children's Hospital in Columbus, Ohio.

Amusement parks and fairs have bounce houses, and the playthings can also be rented or purchased for home use.

Smith and colleagues analyzed national surveillance data on ER treatment for nonfatal injuries linked with bounce houses, maintained by the U.S. Consumer Product Safety Commission. Their study was published online Monday in the journal Pediatrics.

Only about 3 percent of children were hospitalized, mostly for broken bones.

More than one-third of the injuries were in children aged 5 and younger. The safety commission recommends against letting children younger than 6 use full-size trampolines, and Smith said barring kids that young from even smaller, home-use bounce houses would make sense.

"There is no evidence that the size or location of an inflatable bouncer affects the injury risk," he said.

Other recommendations, often listed in manufacturers' instruction pamphlets, include not overloading bounce houses with too many kids and not allowing young children to bounce with much older, heavier kids or adults, said Laura Woodburn, a spokeswoman for the National Association of Amusement Ride Safety Officials.

The study didn't include deaths, but some accidents are fatal. Separate data from the product safety commission show four bounce house deaths from 2003 to 2007, all involving children striking their heads on a hard surface.

Several nonfatal accidents occurred last year when bounce houses collapsed or were lifted by high winds.

A group that issues voluntary industry standards says bounce houses should be supervised by trained operators and recommends that bouncers be prohibited from doing flips and purposefully colliding with others, the study authors noted.

Bounce house injuries are similar to those linked with trampolines, and the American Academy of Pediatrics has recommended against using trampolines at home. Policymakers should consider whether bounce houses warrant similar precautions, the authors said.

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Online:

Pediatrics: http://www.pediatrics.org

Trade group: http://www.naarso.com

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AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

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Stock futures flat on fiscal cliff, investors eye data

NEW YORK (Reuters) - Stock futures were little changed on Tuesday as worry over the threat to the economy posed by the "fiscal cliff" offset optimism from a deal to ease Greece's debt burden.

Market sentiment improved after European finance ministers and the International Monetary Fund clinched agreement late on Monday on reducing Greece's debt in a breakthrough to release urgently needed loans to keep Greece from defaulting.

But as Democrats and Republicans in Washington prepared to resume budget negotiations, futures cut gains to trade flat and the market reverted to a cautious stance.

S&P 500 futures were up 1.3 points and in line with fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 9 points, while Nasdaq 100 futures were up 5.75 points.

As of Monday's close, the S&P 500 was holding above the 1,400 level it retook last week. But volume continued to be weak as traders awaited any advance in talks between the Obama administration and Congress to avert a series of spending cuts and tax increases scheduled to begin next year. Last week, the broad index rose nearly 4 percent.

"Advancing volume trends have failed to surge during the S&P 500's 4 percent bounce from its November 16 low, suggesting recent strength can be attributed to a lack of selling pressure rather than fresh buying demand," said Ari Wald, analyst at the PrinceRidge Group in New York.

"We would like to see this spread turn positive to confirm an upward S&P 500 reversal," he said.

Government data on October durable goods orders showed a gauge of planned spending by businesses increased by the most in five months. But a fourth straight month of declines in shipments underscored the damage that fears of tighter fiscal policy next year are having on the economy. Market reaction to the Commerce Department was muted.

Standard & Poor's releases its S&P Case/Shiller Home Price Index for September at 9 a.m. (1400 GMT). Economists expect an adjusted 20 city index to rise 0.4 percent, versus a 0.5 percent increase in the previous month.

Conference Board releases November consumer confidence at 10 a.m. (1500 GMT). Economists expect a reading of 73.0, compared with 72.2 in October.

ConAgra Foods Inc will acquire Ralcorp, the largest private label food manufacturer in the U.S. for about $6.8 billion.

ConocoPhillips' partners in Kazakhstan's Kashagan field have 60 days to exercise pre-emption rights to prevent India's ONGC Videsh from buying an 8.4 percent stake in the project held by the U.S. company, the Indian firm's managing director said.

Europe is preparing to follow the United States in delaying the introduction of stricter rules on bank capital, while it lobbies for a rethink of the U.S. stance, EU sources said.

However, the head of the Basel Committee at the Bank of International Settlements told Reuters on Tuesday that the introduction of stricter capital rules for banks will go ahead as planned on January 1.

(Reporting By Angela Moon; Editing by Theodore d'Afflisio and Kenneth Barry)

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As Rebels Gain, Congo Again Slips Into Chaos

GOMA, Democratic Republic of Congo — The lights are out in most of Goma. There is little water. The prison is an empty, garbage-strewn wasteland with its rusty front gate swinging wide open and a three-foot hole punched through the back wall, letting loose 1,200 killers, rapists, rogue soldiers and other criminals.

Now, rebel fighters are going house to house arresting people, many of whom have not been seen again by their families.

“You say the littlest thing and they disappear you,” said an unemployed man named Luke.

In the past week, the rebels have been unstoppable, steamrolling through one town after another, seizing this provincial capital, and eviscerating a dysfunctional Congolese Army whose drunken soldiers stumble around with rocket-propelled grenades and whose chief of staff was suspended for selling crates of ammunition to elephant poachers.

Riots are exploding across the country — in Bukavu, Butembo, Bunia, Kisangani and Kinshasa, the capital, a thousand miles away. Mobs are pouring into streets, burning down government buildings and demanding the ouster of Congo’s weak and widely despised president, Joseph Kabila.

Once again, chaos is courting Congo. And one pressing question is, why — after all the billions of dollars spent on peacekeepers, the recent legislation passed on Capitol Hill to cut the link between the illicit mineral trade and insurrection, and all the aid money and diplomatic capital — is this vast nation in the heart of Africa descending to where it was more than 10 years ago when foreign armies and marauding rebels carved it into fiefs?

“We haven’t really touched the root cause,” said Aloys Tegera, a director for the Pole Institute, a research institute in Goma.

He said Congo’s chronic instability is rooted in very local tensions over land, power and identity, especially along the Rwandan and Ugandan borders. “But no one wants to touch this because it’s too complicated,” he added.

The most realistic solution, said another Congo analyst, is not a formal peace process driven by diplomats but “a peace among all the dons, like Don Corleone imposed in New York.”

Congo’s problems have been festering for years, wounds that never quite scabbed over.

But last week there was new urgency after hundreds of rebel fighters, wearing rubber swamp boots and with belt-fed machine guns slung across their backs, marched into Goma, the capital of North Kivu Province and one of the country’s most important cities.

The rebels, called the M23, are a heavily armed paradox. On one hand, they are ruthless. Human rights groups have documented how they have slaughtered civilians, pulling confused villagers out of their huts in the middle of the night and shooting them in the head.

On the other hand, the M23 are able administrators — seemingly far better than the Congolese government, evidenced by a visit in recent days to their stronghold, Rutshuru, a small town about 45 miles from Goma.

In Rutshuru, there are none of those ubiquitous plastic bags twisted in the trees, like in so many other parts of Congo. The gravel roads have been swept clean and the government offices are spotless. Hand-painted signs read: “M23 Stop Corruption.” The rebels even have green thumbs, planting thousands of trees in recent months to fight soil erosion.

“We are not a rebellion,” said Benjamin Mbonimpa, an electrical engineer, a bush fighter and now a top rebel administrator. “We are a revolution.”

Their aims, he said, were to overthrow the government and set up a more equitable, decentralized political system. This is why the rebels have balked at negotiating with Mr. Kabila, though this weekend several rebels said that the pressure was increasing on them to compromise, especially coming from Western countries.

On Sunday, rebel forces and government troops were still squared off, just a few miles apart, down the road from Goma.

The M23 rebels are widely believed to be covertly supported by Rwanda, which has a long history of meddling in Congo, its neighbor blessed with gold, diamonds and other glittering mineral riches. The Rwandan government strenuously denies supplying weapons to the M23 or trying to annex eastern Congo. Rwanda has often denied any clandestine involvement in this country, only to have the denials later exposed as lies.

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Facebook not so fun with a click from boss or mum

LONDON (Reuters) – Posting pictures of yourself plastered at a party and talking trash online with your Facebook friends may be more stress than it’s worth now that your boss and mum want to see it all.

A survey from Edinburgh Business School released on Monday showed Facebook users are anxious that all those self-published sins may be coming home to roost with more than half of employers claiming to have used Facebook to weed out job candidates.

“Facebook used to be like a great party for all your friends where you can dance, drink and flirt,” said Ben Marder, author of the report and fellow in marketing at the Business School.

“But now with your Mum, Dad and boss there, the party becomes an anxious event full of potential social landmines.”

On average, people are Facebook friends with seven different social circles, the report found, with real friends known to the user offline the most common.

More than four-fifths of users add extended family on Facebook, a similar number add siblings. Less than 70 percent are connected to friends of friends while more than 60 percent added their colleagues online, despite the anxiety this may cause.

Facebook has settings to control the information seen by different types of friends, but only one third use them, the report said.

“I’m not worried at all because all the really messy pics – me, drunken or worse – I detag straight away,” said Chris from London, aged 30.

People were more commonly friends with former boyfriends or girlfriends than with current ones, the report also found.

(Reporting By Dasha Afanasieva, editing by Paul Casciato)

Tech News Headlines – Yahoo! News

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Prince Charles Is Impatient to Be King - Or Is He Joking?

By Andrea Billups

11/26/2012 at 08:45 AM EST

Prince Charles and Queen Elizabeth

Indigo/Getty; Abaca

Is the man who would be king tired of waiting his turn?

Speculation reigned in Great Britain this weekend after Prince Charles spoke of his "impatience" at an event to promote his 64th birthday at Dumfries House, a once-stately residence that the royal has worked to rehabilitate and save for his country.

"Impatient? Me? What a thing to suggest! Yes, of course I am," joked the Prince who passed his great-great grandfather Edward VII as the longest-waiting heir in his nation's history. "I'll run out of time soon. I shall have snuffed it if I'm not careful."

His mother, Queen Elizabeth, has served her country for 60 years and remains in good health at 86. Her own mother lived in be 101 in a genetic predisposition for longevity that could see Prince Charles cooling his heels for years longer as his sons, Princes William and Harry, grab the spotlight.

Although the Prince made his remarks as he was commenting at the Dumfries House gathering, royal observers say while he has praised his mother's longevity, it isn't the first time the prince has quipped about ascending the throne while he's still youthful.

British newspapers, in reporting his Dumfries House comments, noted that in 1992, when Prince Charles attended a funeral for his then father-in-law Earl Spencer, he confided to his brother-in-law Charles Spencer: "You are fortunate enough to have succeeded to the title when still young."

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AP PHOTOS: Simple surgery heals blind Indonesians

PADANG SIDEMPUAN, Indonesia (AP) — They came from the remotest parts of Indonesia, taking crowded overnight ferries and riding for hours in cars or buses — all in the hope that a simple, and free, surgical procedure would restore their eyesight.

Many patients were elderly and needed help to reach two hospitals in Sumatra where mass eye camps were held earlier this month by Nepalese surgeon Dr. Sanduk Ruit. During eight days, more than 1,400 cataracts were removed.

The patients camped out, sleeping side-by-side on military cots, eating donated food while fire trucks supplied water for showers and toilets. Many who had given up hope of seeing again left smiling after their bandages were removed.

"I've been blind for three years, and it's really bad," said Arlita Tobing, 65, whose sight was restored after the surgery. "I worked on someone's farm, but I couldn't work anymore."

Indonesia has one of the highest rates of blindness in the world, making it a target country for Ruit who travels throughout the developing world holding free mass eye camps while training doctors to perform the simple, stitch-free procedure he pioneered. He often visits hard-to-reach remote areas where health care is scarce and patients are poor. He believes that by teaching doctors how to perform his method of cataract removal, the rate of blindness can be reduced worldwide.

Cataracts are the leading cause of blindness globally, affecting about 20 million people who mostly live in poor countries, according to the World Health Organization.

"We get only one life, and that life is very short. I am blessed by God to have this opportunity," said Ruit, who runs the Tilganga Eye Center in Katmandu, Nepal. "The most important of that is training, taking the idea to other people."

During the recent camps, Ruit trained six doctors from Indonesia, Thailand and Singapore.

Here, in images, are scenes from the mobile eye camps:

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Stock futures down on jitters over Greece, fiscal cliff

NEW YORK (Reuters) - Stock futures fell on Monday as investor returned to the market after a holiday-shortened trading week, focused on the meeting of euro zone finance ministers on Greece and negotiations over the U.S. "fiscal cliff."

Euro zone finance ministers and the International Monetary Fund will seek to unfreeze the second bailout package for Greece on Monday, but they first need to agree if some of the official loans to Athens might eventually be forgiven to cut Greek debt.

U.S. lawmakers have made little progress in the past 10 days toward a compromise to avoid the harsh tax increases and government spending cuts scheduled for January 1, a senior Democratic senator said on Sunday.

"On the most pressing issue for the markets into year end, that of the tax and spending issues in the U.S., the Sunday morning talk shows didn't reveal that we're on the cusp of a deal as more horse trading will go on in the weeks to come," said Peter Boocvkar, managing director at Miller Tabak & Co in New York.

S&P 500 futures lost 6.5 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 44 points, and Nasdaq 100 futures dropped 8.5 points.

Knight Capital Group Inc is in talks about possibly selling its market-making operation, its largest and most profitable business, but it is not known if a deal will happen, sources familiar with the matter said on Saturday.

Apple Inc has asked a federal court to add six more products to its patent infringement lawsuit against Samsung Electronics Co , including the Samsung Galaxy Note II, in the latest in move in an ongoing legal war between the two companies.

U.S. shoppers went to stores earlier this Thanksgiving weekend and bought online more than in years past, giving retailers a strong start to the holiday shopping season, data showed on Sunday.

Black Friday's online sales topped $1 billion for the first time ever as more consumers used the Internet do their early holiday shopping, comScore Inc said on Sunday.

European equities inched lower following last week's strong rally in morning trade on Monday while the euro hovered near a one-month peak against the dollar as investors awaited the outcome of talks to provide a new tranche of emergency loans to Greece.

Over the weekend, separatist parties from Spain's Catalonia region won almost two-thirds of seats in the local parliament, backed by voters frustrated over the country's economic crisis and a tax system seen as unfair to the wealthy region.

European banks have asked the European Commission to postpone the introduction of tougher global bank capital rules by a year to 2014 after U.S. regulators delayed application of the new requirements.

U.S.-based stock funds suffered the most outflows since late July as U.S. lawmakers inched ahead in talks to avert the "fiscal cliff" of tax hikes and spending cuts set to occur in January, data from Thomson Reuters' Lipper service showed on Friday.

U.S. stocks rose for a fifth day during a holiday-shortened, thinly traded session on Friday as investors picked up recently beaten-down shares of large technology companies.

(Editing by W Simon and Kenneth Barry)

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