EU fails to agree bank supervisor













EU finance ministers have failed to reach agreement on setting up a single supervisor for eurozone banks after a meeting in Brussels.












Establishing a single supervisor under the European Central Bank (ECB) is seen as the first step in setting up a Europe-wide banking union.


But German and French ministers in particular clashed over the plans.


German Finance Minister Wolfgang Schauble raised concerns about the scope of ECB powers.


He warned that giving the ECB final say on the supervision of eurozone banks could compromise its independence.


Mr Schauble also reiterated his view that it was not reasonable to expect one institution to supervise all 6,000 European banks.


“It would be very difficult to get an approval from German parliament if [the deal] would leave the supervision for all the German banks to European banking supervision,” Mr Schauble said.


“Nobody believes that any European institution would be capable of supervising 6,000 banks in Europe.”


He also said there had to be a “Chinese wall” between supervision and monetary policy at the ECB.


His French counterpart Pierre Moscovici said the position of France was “steadfast” in support of the proposals.


Cypriot finance minister Vassos Shiarly, who chaired the meeting, called for another gathering to be held on December 12 in the hope of striking a deal.


EU officials are anxious that an agreement is reached before the end of the year.


The plans are seen as central to Europe’s response to the eurozone debt crisis and global financial crisis.


“It is of primordial importance that an agreement be reached by the end of the year,” said EU economic affairs commissioner Olli Rehn. “It is a test that Europe cannot afford to fail.”


BBC News – Business


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News Corp shutting down iPad newspaper ‘The Daily’ on December 15th












News Corp’s iPad newspaper “The Daily” is officially dead. Launched in February 2011, The Daily was a “ bold experiment in digital publishing and an amazing vehicle for innovation,” but like so many pioneering ideas, it “could not find a large enough audience quickly enough” to keep the publication going, according to Rupert Murdoch, the Chairman of News Corporation and Chairman and CEO of Fox Group. The Daily will officially cease publishing on December 15th and will see Jesse Angelo, its Editor-in-Chief and Executive Editor of The New York Post move into the role of Publisher for the latter. The Daily was supposed to signal a new era of app-based interactive newspapers, but alas, in a world of Flipboard, Instapaper and social media, finding a new channel to distribute and aggregate news has proven to be challenging, even for corporations with plenty of resources.


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Additional copies of ‘Lincoln’ headed to theaters












LOS ANGELES (AP) — “Lincoln” is marching to more movie theaters.


Disney, which distributed the DreamWorks film, is making additional prints of director Steven Spielberg‘s historical saga starring Daniel Day-Lewis to meet an unexpected demand that has left some moviegoers in Alaska out in the cold.












“To say that we’re encouraged by the results to date or that they’ve exceeded our expectations is an understatement,” said Dave Hollis, head of distribution at the Walt Disney Co. “We’re in the midst of making additional prints to accommodate demand and will have them available to our partners in exhibition by mid-December for what we hope will be a great run through the holiday and awards corridor.”


The film, which opened in wide release Nov. 9 and has earned $ 83.6 million in North America so far, has been unavailable at some smaller venues, such as the Gross Alaska theaters in Juneau.


But the extra prints are coming a little too late to fit the movie into the five-screen Glacier Cinemas theater during the holiday season, said Kenny Solomon-Gross, general manager of the Gross Alaska, which runs two theaters in Juneau and one in Ketchikan, Alaska.


“When we had the room for ‘Lincoln,’ Disney didn’t have a copy for us,” Solomon-Gross said Monday.


His film lineup is pretty booked through the end of the year, and he probably can’t screen “Lincoln” until after the first of the new year. Yes, the excitement over the film will have dimmed, but then the Academy Awards season will be stirring up, he said. That should kick up the buzz.


In the meantime, Solomon-Gross plans to head to Las Vegas this week and catch the film there.


___


Follow AP Entertainment Writer Derrik J. Lang on Twitter at http://www.twitter.com/derrikjlang . Associated Press writer Rachel D’Oro in Anchorage, Alaska, contributed to this report.


___


Online:


http://www.thelincolnmovie.com


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Geron drops brain cancer drug, to cut jobs












(Reuters) – Geron Corp confirmed it will discontinue development of an experimental drug to treat cancer that has spread to the brain from elsewhere in the body and also cut about 40 percent of its workforce, after patients failed to respond to the drug in a mid-stage study.


The company said it will now focus on the development of another drug candidate, imetelstat, as a treatment for blood cancers and some types of solid tumors.












The brain cancer drug, GRN1005 and imetelstat’s development in blood cancers were the only hopes that Geron‘s shareholders had after the company warned investors in September that it would stop developing imetelstat as a breast cancer treatment.


Geron now has only imetelstat in its pipeline, after dropping its brain cancer drug and exiting stem-cell research in November 2011.


The company signed a deal last month to sell its stem-cell assets to BioTime Inc.


On Monday, Geron also said Chief Financial Officer Graham Cooper will be leaving to pursue other opportunities. Treasurer and Chief Accounting Officer Olivia Bloom will replace Cooper.


Menlo Park, California-based Geron shares, which had closed at $ 1.48 on Monday on Nasdaq, fell 16 percent to $ 1.24 in extended trading.


(Reporting by Vidya P L Nathan; Editing by Joyjeet Das)


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UK economy ‘not as bad in 2012′













The British Chambers of Commerce (BCC) has increased its forecast for UK growth for 2012, but still expects the economy to shrink.












The UK will shrink by 0.1% this year, less than the 0.4% contraction it had predicted previously, the BCC said.


That is “entirely due to the stronger-than-expected” growth in the last quarter, helped by the Olympic Games.


But it now sees growth of 1% for the whole of 2013, down from the 1.2% it had forecast in September.


“As we wait in anticipation for the chancellor to deliver his Autumn Statement tomorrow, our new forecast highlights the challenges still facing the UK economy over the months and years ahead,” said John Longworth, director-general of the BCC.


“The fact remains that growth is still too weak. Thankfully, we have businesses here in the UK that are ambitious, determined and resilient.”


Chancellor George Osborne gives the Autumn Statement on Wednesday. Over the weekend, he admitted that curbing the UK’s financial deficit was “taking longer” than planned.


The BCC said that public sector borrowing would be £104.1bn for 2012/13 – more than £12bn higher that it had predicted in March.


“Many firms are expanding exports, investing, and creating jobs, but more must be done to support the aspirations of growing companies that will be the wealth creators of tomorrow,” Mr Longworth said.


Last month, it emerged that the UK economy had bounced back from recession in the three months to September.


The economy grew by 1.0%, after contracting for the previous nine months. The UK has still not recovered the levels of output seen before the financial crisis in 2008.


For 2014, the BCC cut the forecast to 1.8%, from 2.2%.


The BCC said that the lower GDP growth forecasts for 2013 and 2014 were due to the fact that the “international environment has worsened, as growth forecasts for world trade, for the eurozone, and for other major economies have been revised down in recent months” and that more spending cuts were likely in the UK.


BBC News – Business


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Euro zone crisis drags down European ad spending: report












LONDON (Reuters) – The euro zone crisis has left Western Europe the only world region to see a fall in advertising spending this year, market research group ZenithOptimedia said.


The forecasting group said advertising expenditure in Western Europe fell 2.2 percent to $ 106.8 billion this year compared with an average increase of 3.3 percent worldwide.












North American ad spending rose 4.1 percent to $ 171.9 billion and Asia’s expenditure was up 6.1 percent to $ 140.1 billion this year.


“Developing markets, social media and online video are all growing rapidly, supporting continued expansion in global ad expenditure despite stagnation in the eurozone,” said Steve King, global chief executive of ZenithOptimedia Group.


The company, part of advertising agency Publicis, also said European ad spending would be flat next year before growing by about 2 percent in 2014 and 2015.


This leaves Europe lagging faster-growing regions such North America, which will grow by 3.5 percent next year, as well as Asia (5.5 percent) and Latin America (10 percent).


“The euro zone crisis is dragging down economic growth at the moment,” ZenithOptimedia said on Monday.


“Because the eurozone is in recession, its imports from other countries are slowing down or shrinking, and the risk of eurozone collapse adds to global uncertainty, leading companies to hoard cash instead of investing in growth,” the firm said in an emailed statement.


Ad spending generally tracks economic growth, so recessions tend to hit the shares of advertising agencies, including market leaders WPP, Omnicom, Interpublic Group and Publicis.


ZenithOptimedia said global ad expenditure would rise 4.1 percent next year to reach $ 518 billion, driven largely by faster growth in the developing markets.


(Editing by Helen Massy-Beresford)


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Young down by boardwalk for benefit show












NEW YORK (AP) — Neil Young said Sunday that he couldn’t see performing in the area devastated by Superstorm Sandy without doing something to help people who were affected by it.


Young and his longtime backing band, Crazy Horse, will hold a benefit concert for the American Red Cross‘ storm relief effort Thursday at the Borgata Hotel Casino & Spa in Atlantic City. The New Jersey coastline areas were hit hard by the storm in late October.












People in the New York area who suffered damage in the storm have been supporting him for 40 years, he said.


“I couldn’t see coming back here and just playing and have it be business as usual,” he said. Young is touring in the area, with concerts scheduled for Monday in Brooklyn and Tuesday in Bridgeport, Conn.


Minimum ticket prices for the standing-room show in Atlantic City will be $ 75 and $ 150, although Young notes there’s no maximum. He hopes to raise several hundred thousand dollars for the Red Cross.


Young said he was invited to join the Dec. 12 benefit at New York’s Madison Square Garden that will feature Bruce Springsteen, Paul McCartney, the Who, Kanye West and others, but had other obligations. Besides, there’s enough star power there, he said.


“It wasn’t going to make much difference whether I was there or not, so I decided to go someplace where I could make a difference,” he said.


Young performed at a televised benefit in 2001 following the Sept. 11 terrorist attacks, memorably covering John Lennon’s “Imagine.”


Fans can expect a two-hour plus rock show on Thursday with opening band Everest. No special guests are planned, although Young issued an invitation to “anyone who wants to come in and play with us that we know and we know can play.”


It’s hard to resist wondering whether Young’s epic “Like a Hurricane” will make it onto the set list, given the occasion.


“Anything’s possible,” Young said. “We have the equipment.”


Entertainment News Headlines – Yahoo! News


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Diabetes may be linked to hearing loss: study












(Reuters) – Diabetes has already been tied to an increased risk of kidney and cardiovascular troubles, nerve damage and vision loss, and now a Japanese study finds diabetics to be more than twice as likely as those without the disease to have hearing impairment.


In a review of past research on the issue, published in the Journal of Clinical Endocrinology and Metabolism, scientists found that younger diabetics were at even higher risk than older adults, though they could not explain why.












“Current meta-analysis suggests that the higher prevalence of hearing impairment in diabetic patients compared with nondiabetic patients was consistent regardless of age,” wrote lead researcher Chika Horikawa, at Niigata University Faculty of Medicine, and colleagues.


It’s not the first time researchers have found a link between diabetes and hearing loss. In 2008, researchers from the U.S. National Institutes of Health (NIH) saw similar patterns in a sample of more than 11,000 people, with people with diabetes twice as likely to have hearing loss as those without.


It’s thought that high blood sugar levels brought on by diabetes may lead to hearing loss by damaging blood vessels in the ears, said Horikawa.


Horikawa and colleagues collected information from 13 previous studies examining the link between diabetes and hearing loss and published between 1977 and 2011. Together, the data covered 7,377 diabetes and 12,817 people without the condition.


Overall, Horikawa‘s team found that diabetics were 2.15 times as likely as people without the disease to have hearing loss. But when the results were broken down by age, people under 60 had 2.61 times the risk while people over 60 hand 1.58 times higher risk.


Some experts caution that this kind of study does not prove that diabetes is directly responsible for the greater hearing loss rates.


“It doesn’t definitively answer the question, but it continues to raise an important point that patients might ask about,” said Steven Smith, a diabetes specialist at the Mayo Clinic in Rochester, Minnesota.


The researchers note that future studies that take more factors into account, such as age and noisy environment, are needed to clarify the link between diabetes and hearing loss.


Still, Horikawa told Reuters Health in an email, people should recognize that diabetics may be at risk for hearing loss based on their results.


“Furthermore, these results propose that diabetic patients are screened for hearing impairment from (an) earlier age compared with non-diabetics,” said Horikawa, adding that hearing loss has also been linked to an increased risk of depression and dementia. SOURCE: http:.//bit.ly/RIVeeW


(Reporting from New York by Andrew Seaman at Reuters Health; editing by Elaine Lies)


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Egypt’s anti-Morsi rebellion of judges is complete












CAIRO (AP) — Egypt‘s rebellion of the judges against President Mohammed Morsi became complete on Sunday with the country’s highest court declaring an open-ended strike on the day it was supposed to rule on the legitimacy of two key assemblies controlled by allies of the Islamist leader.


The strike by the Supreme Constitutional Court and opposition plans to march on the presidential palace on Tuesday take the country’s latest political crisis to a level not seen in the nearly two years of turmoil since Hosni Mubarak‘s ouster in a popular uprising.












Judges from the country’s highest appeals court and its sister lower court were already on an indefinite strike, joining colleagues from other tribunals who suspended work last week to protest what they saw as Morsi‘s assault on the judiciary.


The last time Egypt had an all-out strike by the judiciary was in 1919, when judges joined an uprising against British colonial rule.


The standoff began when Morsi issued decrees on Nov. 22 giving him near-absolute powers that granted himself and the Islamist-dominated assembly drafting the new constitution immunity from the courts.


The constitutional panel then raced in a marathon session last week to vote on the charter’s 236 clauses without the participation of liberal and Christian members. The fast-track hearing pre-empted a decision from the Supreme Constitutional Court that was widely expected to dissolve the constituent assembly.


The judges on Sunday postponed their ruling on that case just before they went on strike.


Without a functioning justice system, Egypt will be plunged even deeper into turmoil. It has already seen a dramatic surge in crime after the uprising, while state authority is being challenged in many aspects of life and the courts are burdened by a massive backlog of cases.


“The country cannot function for long like this, something has to give,” said Negad Borai, a private law firm director and a rights activist. ‘We are in a country without courts of law and a president with all the powers in his hands. This is a clear-cut dictatorial climate,” he said.


Mohamed Abdel-Aziz, a rights lawyer, said the strike by the judges will impact everything from divorce and theft to financial disputes that, in some cases, could involve foreign investors.


“Ordinary citizens affected by the strike will become curious about the details of the current political crisis and could possibly make a choice to join the protests,” he said.


The Judges Club, a union with 9,500 members, said late Sunday that judges would not, as customary, oversee the national referendum Morsi called for Dec. 15 on the draft constitution hammered out and hurriedly voted on last week.


The absence of their oversight would raise more questions about the validity of the vote. If the draft is passed in the referendum, parliamentary elections are to follow two months later and they too may not have judicial supervision.


The judges say they will remain on strike until Morsi rescinds his decrees, which the Egyptian leader said were temporary and needed to protect the nation’s path to democratic rule.


For now, however, Morsi has to contend with the fury of the judiciary.


The constitutional court called Sunday “the Egyptian judiciary’s blackest day on record.”


It described the scene outside the Nile-side court complex, where thousands of Islamist demonstrators gathered since the early morning hours carrying banners denouncing the tribunal and some of its judges.


A statement by the court, which swore Morsi into office on June 30, said its judges approached the complex but turned back when they saw the protesters blocking entrances and climbing over its fences. They feared for their safety, it added.


“The judges of the Supreme Constitutional Court were left with no choice but to announce to the glorious people of Egypt that they cannot carry out their sacred mission in this charged atmosphere,” said the statement, which was carried by state news agency MENA.


Supporters of Morsi, who hails from the Islamic fundamentalist Muslim Brotherhood, claim that the court’s judges remain loyal to Mubarak, who appointed them, and accuse them of trying to derail Egypt’s transition to democratic rule.


In addition to the high court’s expected ruling Sunday on the legitimacy of the constitution-drafting panel, it was also expected to rule on another body dominated by Morsi supporters, parliament’s upper chamber.


Though Morsi’s Nov. 22 decrees provide immunity to both bodies against the courts, a ruling that declares the two illegitimate would have vast symbolic significance, casting doubt on the standing of both.


The Brotherhood’s political arm, the Freedom and Justice party, sought to justify the action of its supporters outside the court as a peaceful protest. It reiterated its charge that some members of the judiciary were part and parcel of Mubarak’s autocratic policies.


“The wrong practices by a minority of judges and their preoccupation with politics … will not take away the respect people have for the judiciary,” it said.


Its explanation, however, failed to calm the anger felt by many activists and politicians.


President Morsi must take responsibility before the entire world for terrorizing the judiciary,” veteran rights campaigner and opposition leader Abdel-Halim Kandil wrote in his Twitter account about the events outside the constitutional court.


Liberal activist and former lawmaker Amr Hamzawy warned what is ahead may be worse.


“The president and his group (the Muslim Brotherhood) are leading Egypt into a period of darkness par excellence,” he said. “He made a dictatorial decision to hold a referendum on an illegal constitution that divides society, then a siege of the judiciary to terrorize it.”


Egypt has been rocked by several bouts of unrest, some violent, since Mubarak was forced to step down in the face of a popular uprising. But the current one is probably the worst.


Morsi’s decrees gave him powers that none of his four predecessors since the ouster of the monarchy 60 years ago ever had. Opposition leaders countered that he turned himself into a new “pharaoh” and a dictator even worse than his immediate predecessor Mubarak.


Then, following his order, the constituent assembly rushed a vote on the draft constitution in an all-night session.


The draft has a new article that seeks to define what the “principles” of Islamic law are by pointing to theological doctrines and their rules. Another new article states that Egypt’s most respected Islamic institution, Al-Azhar, must be consulted on any matters related to Shariah law, a measure critics fear could lead to oversight of legislation by clerics.


Rights groups have pointed out that virtually the only references to women relate to the home and family, that the new charter uses overly broad language with respect to the state protecting “ethics and morals” and fails to outlaw gender discrimination.


At times the process appeared slap-dash, with fixes to missing phrasing and even several entirely new articles proposed, written and voted on in the hours just before sunrise.


The decrees and the vote on the constitution draft galvanized the fractured, mostly secular opposition, with senior leaders setting aside differences and egos to form a united front in the face of Morsi, whose offer on Saturday for a national dialogue is yet to find takers.


The opposition brought out at least 200,000 protesters to Cairo’s Tahrir Square on Tuesday and a comparable number Friday to press demands that the decrees be rescinded. The Islamists responded Saturday with massive rallies in Cairo and across much of Egypt.


The opposition is raising the stakes with plans to march on Morsi’ palace on Tuesday, a move last seen on Feb. 11, 2011 when tens of thousands of protesters marched from Tahrir Square to Mubarak’s palace in the Heliopolis district to force him out. Mubarak stepped down that day, but Morsi is highly unlikely to follow suit on Tuesday.


Middle East News Headlines – Yahoo! News


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App of the Week: Hooked












App Name: Hooked


Price: Free












Available Platforms: Android


What does this app do? Words with Friends, Angry Birds, Mahjong Connect – these are just a few of the popular apps in the Google Play Store for Android devices. For game app lovers, wading through the possibilities can be daunting.


Hooked, a game recommendation app developed by Hooked Media Group, can help.


“There are hundreds of thousands of apps out there people may really enjoy,” says Pita Uppal, CEO of the San Francisco based company.


Uppal, who recognizes people like to play with variety game apps but may have no idea what to try, likens Hooked to Netflix and Pandora rolled into one.


Once you download the app, Hooked analyses more than 40 factors, such as device type, the kinds of games a user has on his or her device, and usage statistics. By looking at what a consumer already has and how he or she is using those games, Hooked aims to offer users intelligent suggestions.


From the homescreen, select the menu button at the top and then search categories such as “Top Picks for You,” which provides a customized, star-rated list of recommendations. Press the tools key in the upper right hand corner and customize your recommendations by category, such as puzzle and racing, or by price.


Select “My Games”, and the app displays a dashboard of icons to help you understand your game activity. A folder icon, for example, shows what and how many games you have installed, and a clock icon tells you the amount of time you’ve spent playing a particular game. I spent an entire minute playing “Stupid Zombies.”


Logging in through Facebook or Google+ allows you to see what your friends and connections are playing, too.


Is it easy to set up? Yes, the 2.1MB app installs quickly. Log in with your account and go.


Should I try it? Hooked is like a personal shopper for game-loving app users, and the more you use it the more it understands what you might like. For the moment, it is only available for Android, but Uppal says the company plans to launch Hooked for iOS in the coming months.


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