Hawks' Toews: 'Excited' to play but 'a lot of damage was done'

The NHL and NHLPA came to a tenative agreement to end the lockout early Sunday morning. The deal must still be ratified, but the regular season is expected to begin in Mid-January.

It happened while most of them were sleeping. Though for one, the news arrived right before he stepped onto the ice half a world away.

The email sent from the NHL Players' Association early Sunday morning that informed the Blackhawks and the rest of the NHL's players that a tentative agreement to end the 113-day lockout had been reached set off a whirlwind of activity — and emotions.

"I'm excited to play hockey again, although it's bittersweet because a lot of damage was done to our game," Hawks captain Jonathan Toews said via text. "As players we need to keep showing our fans we care. We might have a long road ahead of us there, but for now it's great to know we'll be back on the ice very soon."

Exactly how soon is still being determined, but barring any last-minute hiccups in the legalese included in a new collective bargaining agreement, the Hawks know they will embark on a new — albeit truncated — season within two weeks.

"For the players and the fans it's great news," center Dave Bolland said. "I got up in the morning and my phone was going crazy. It was great to see that and it will be great to get back on the ice.

"It showed it could have been done a long time ago … but you know how long these things take with lawyers and mediators. But everybody's happy right now."

Viktor Stalberg, who opted to play in Europe during the lockout, arrived at an arena in Russia and found out his regular job many times zones away was about reappear. The winger played in Atlant's 1-0 overtime loss to Minsk in the KHL before hustling to his apartment to start packing for a trip to Chicago.

"Some part of me kind of kept saying, 'It's going to get done somehow,' " said Stalberg, who plans to return Tuesday after a stop in his native Sweden. "We were not that far apart and it's not worth losing a season over it, and clearly both sides felt that too."

The next step in the process is for both the NHL's Board of Governors and union to vote for ratification of a new 10-year CBA. Once that happens, a shortened training camp will be followed by a 48- or 50-game season.

"We appreciate the fans' patience and we look forward to both the owners and players ratifying the handshake agreement," Hawks Chairman Rocky Wirtz told the Tribune in his first public statement about the lockout since it began Sept. 15.

While no snafus are expected to hold up the process, Hawks defenseman Steve Montador — a member of the NHLPA's negotiating committee — wasn't prepared to fully embrace the agreement until the ink is dry.

"(Not) until we have something that says this is what the deal is going to look like and it's in writing and signed off on both sides will I feel the lockout will have ended," Montador said. "We all want to make sure what is tentatively agreed upon is what's actually agreed upon. The process moved along pretty quickly in the last couple of days and it's gotten a lot of people excited and that's a good thing."

Added Toews: "I'm really happy this is over. A lot of credit goes to the players who were in the bargaining sessions and worked very hard to get a deal done."

If everything is signed, sealed and delivered without delay, the Hawks will have to prepare quickly for a season that likely will include a condensed schedule and an almost immediate postseason race.

"It will take one or two or three games to get the kinks out," Bolland said. "I think we'll pick it up pretty quick. Everybody's been staying fit and training and staying on the ice. The first one or two games will be a little ugly, but after that we'll get right back into it."

The next question is whether fans will fully support their teams following a prolonged lockout that without question damaged the sport in the eyes of paying customers.

"You never want these things to happen, but we have some great fans around the entire league," Bolland said. "I hope the fans don't take it the wrong way and are sticking beside us."

ckuc@tribune.com

Twitter @ChrisKuc

Read More..

Activists wary as India rushes to justice after gang rape

NEW DELHI (Reuters) - It's no surprise the Indian street wants faster, harsher justice for sexual crimes after a horrific gang rape that rocked the nation, but some activists worry the government will trample fundamental rights in its rush to be in tune with popular rage.

Last month's rape of a physiotherapy student on a moving bus and her death on December 28 in hospital triggered a national debate about how to better protect women in India, where official data shows one rape is reported on average every 20 minutes.

Many women's rights groups are cautiously hopeful the protests and outrage that followed the crime can be channeled into real change - fast-track courts for sexual offences and a plan to hire 2,500 new women police in Delhi are measures already in the works.

But legal experts and some feminists are worried that calls to make rape punishable with death and other draconian penalties will cramp civil liberties and are unconstitutional. They say India needs better policing and prosecutions, not new laws.

"If there are not enough convictions, it is not because of an insufficiency of law, but it is the insufficiency of material to base the conviction on," said retired Delhi High Court judge R.S. Sodhi.

Five men have been charged with the student's rape and murder and will appear before a New Delhi court later on Monday. They are due to be tried in a newly formed fast-track court in the next few weeks. A teenager also accused will likely be tried in a juvenile court.

Ahead of Monday's court appearance the five still had no defense lawyers - despite extensive interrogations by the police, who have said they have recorded confessions - after members of the bar association in the South Delhi district where the case is being heard vowed not to represent them.

GROUNDS FOR APPEAL

The men will be assigned lawyers by the court before the trial begins, but their lack of representation so far could give grounds for appeal later should they be found guilty - similar cases have resulted in acquittals years after convictions.

"The accused has a right to a lawyer from point of arrest - the investigations are going on, statements being taken, it is totally illegal," said Colin Gonsalves, a senior Supreme Court advocate and director of Delhi's Human Rights Law Network.

Senior leaders of most states on Friday came out in support of a plan to lower to 16 the age that minors can be tried as adults - in response to fury that the maximum penalty the accused youth could face is three years detention.

A government panel is considering suggestions to make the death penalty mandatory for rape and introducing forms of chemical castration for the guilty. It is due to make its recommendations by January 23.

"The more you strengthen the powers of the state against the people, the more the possibility you create a draconian regime," said Sehjo Singh, Programme and Policy Director with ActionAid in India and an expert on Indian women's social movements.

"We want to raise the bar of human rights in India, we want to raise the standards, not lower them."

The Indian Express newspaper warned against "knee-jerk" reaction and said any change to the juvenile law "must come after rigorous and considered debate. It cannot be a reaction to a fraught moment".

Courts are swamped with a backlog of cases in the country of 1.2 billion people and trials often take more than five years to complete, so the launch by Chief Justice Altamas Kabir of six fast-track courts in the capital to deal with sexual offences was widely greeted as a welcome move.

Several other states including Tamil Nadu and Maharashtra are now looking at following Delhi's example.

But Gonsalves says while the courts are a good idea on paper, similar tribunals in the past delivered dubious verdicts and put financial pressure on the rest of the justice system.

FAST TRACK COURTS

India set up 1,700 fast-track courts in 2004, but stopped funding them last year because they turned out to be costly. The courts typically work six days a week and try to reduce adjournments that lead to long delays in cases.

"The record of the fast-track courts is mixed," Gonsalves said. Conviction rates rose, he said, but due process was sometimes rushed, leading to convictions being overturned.

"Fast-track courts were in many ways were fast-track injustice," he said.

The real problem lie with bad policing and a shortage of judges, Gonsalves said. India has about a fifth of the number of judges per capita that the United States has.

Indian police are often poorly trained and underpaid, and have sometimes been implicated in organized crime. Rights groups complain the mostly male officers are insensitive to victims of sexual crimes.

Resources for, and expertise in, forensic science is limited in most of the country's police forces and confessions are often extracted under duress. The judiciary complains it is hard to convict offenders because of faulty evidence.

Human Rights Watch said reforms to laws and procedures covering rape and other sexual crimes should focus on protection of witnesses and modernizing support for victims at police stations and hospitals.

The rights organization has documented the continued use of archaic practices such as the "finger test" used by some doctors on rape victims to allegedly determine if they had regular sex.

"Reforms in the rape laws - these are needed. But not in terms of enhancing punishment," said Meenakshi Ganguly, South Asia Director of Human Rights Watch.

"Why they are not investigated, why there are not enough convictions, those are the things that need to be addressed."

(Additional reporting by Satarupa Bhattacharjya, Shashank Chouhan and Annie Banerji; Editing by Alex Richardson)

Read More..

"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.

Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.

That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.

Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.

In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.

"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.

Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.

U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.

Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.

"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.

Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.

REVENUE WORRIES

One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.

S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.

On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.

For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.

Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.

In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.

"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.

Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.

Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.

(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)

Read More..

Harris' TD run gas Packers up 7-3 after 1st period

GREEN BAY, Wis. (AP) — DuJuan Harris had a 9-yard touchdown run late first quarter to give the Green Bay Packers a 7-3 lead over Minnesota on Saturday night in their NFC wild-card playoff game.

Christian Ponder was inactive for the game for the Vikings because of a right elbow injury and Joe Webb started at quarterback.

Aaron Rodgers went 4 for 4 on the 82-yard scoring march for the Packers, who used their hurry-up, no-huddle scheme they weren't able to make work in the noisy Metrodome last Sunday. The Vikings won that game 37-34 to force the rematch, the third time these border rivals have met in a five-week span.

Adrian Peterson had seven carries for 33 yards in the first quarter for the Vikings, who used a 33-yard field goal by rookie Blair Walsh on the opening possession to get in front early. Webb ran for 17 yards on third-and-3 to keep the drive alive, but his underthrow to Michael Jenkins bounced well short on third down to set up the kick.

Rodgers had his top four receivers healthy together for the first time since September, with Greg Jennings, Jordy Nelson, Randall Cobb and James Jones all set to go against a Vikings secondary that had trouble keeping up in their game last week after veteran cornerback Antoine Winfield left with a broken right hand. Winfield returned for this one, but his ability to play his usual physical style was in question.

Rodgers focused more on his running backs early. Harris caught two passes for 28 yards and Ryan Grant had a 16-yard reception to put the Packers in position to take the lead. The on-field ruling on the scoring run by Harris was that he was down at the 1, but Packers coach Mike McCarthy challenged the play, and the call was reversed.

For Rodgers, this game was another benchmark in his stellar career. Despite leading the Packers to a Super Bowl championship after the 2010 season, he had yet to win a playoff game at Lambeau Field. After rolling through the regular season at 15-1 in 2011, the Packers were upset here in their first postseason game by the eventual champion New York Giants. But Rodgers, despite all the injuries to his receivers this year, posted the NFL's best passer rating for the second year in a row.

Webb became the first quarterback in 20 years to start a playoff game without starting any games during that regular season since Frank Reich did so for Buffalo, according to STATS. Reich led the Bills to their famous comeback victory over Houston that year.

These teams squared off for the second time in seven days, so there wasn't much either side could do to surprise the other -- except, perhaps, make a quarterback switch just before the game.

After preparing all week for Ponder, whose second-year struggles peaked in a loss here on Dec. 2 when he threw two interceptions inside the Green Bay 20-yard line, the Packers defense suddenly faced a totally different player in Webb.

The 6-foot-4, 220-pound sixth-round draft pick in 2010 was athletic enough to play some wide receiver at Alabama-Birmingham and even take a few turns there with the Vikings last year before becoming a full-time quarterback this season as the backup to Ponder.

He hasn't shown much accuracy in his limited NFL action, but his speed, confidence and creativity with the ball can pose problems for opponents.

Webb had three starts over his first two NFL seasons, the first coming at Philadelphia on Dec. 28, 2010. The Vikings beat the playoff-bound Eagles that night 24-14, and Webb passed for 195 yards and ran for a touchdown.

Ponder was hurt last Sunday when Packers safety Morgan Burnett delivered a jarring hit on a blitz, but he finished the game with a career-high 120.2 passer rating and three touchdowns in the 37-34 win. His elbow just didn't improve enough during the week, however, for the Vikings to put him in.

Read More..

Storm over Depardieu's 'pathetic' move

STORY HIGHLIGHTS

• Russian President Vladimir Putin has bestowed Russian citizenship on actor Gérard Depardieu


• For Depardieu, a public war of words erupted, with many in France disgusted by his move


• Depardieu more than anyone, represents the Gallic spirit, says Agnes Poirier


• Majority of French people disapprove of his action but can't help loving him, she adds

Agnes Poirier is a French journalist and political analyst who contributes regularly to newspapers, magazines and TV in the UK, U.S., France, Italy. Follow her on Twitter.

Paris (CNN) -- Since the revelation on the front page of daily newspaper Libération, on December 11, with a particularly vicious editorial talking about France's national treasure as a "former genius actor," Gérard Depardieu's departure to Belgium, where he bought a property just a mile from the French border, has deeply divided and saddened France. Even more so since, as we have learnt this week, Russian President Vladimir Putin has bestowed the actor Russian citizenship.

Back in mid-December, the French media operated along political lines: the left-wing press such as Libération couldn't find strong enough words to describe Depardieu's "desertion" while right-wing publications such as Le Figaro, slightly uneasy at the news, preferred to focus on President François Hollande's punishing taxes which allegedly drove throngs of millionaires to seek tax asylum in more fiscally lenient countries such as Belgium or Britain. Le Figaro stopped short of passing moral judgement though. Others like satirical weekly Charlie hebdo, preferred irony. Its cover featured a cartoon of the rather rotund-looking Depardieu in front of a Belgian flag with the headline: "Can Belgium take the world's entire load of cholesterol?" Ouch.

Quickly though, it became quite clear that Depardieu was not treated in the same way as other famous French tax exiles. French actor Alain Delon is a Swiss resident as is crooner-rocker Johnny Halliday, and many other French stars and sportsmen ensure they reside for under six months in France in order to escape being taxed here on their income and capital. Their move has hardly ever been commented on. And they certainly never had to suffer the same infamy.

Agnes Poirier

For Depardieu, a public war of words erupted. It started with the French Prime Minister Jean-Marc Ayrault, and many members of his government, showing their disdain, and talking of Depardieu's "pathetic move." In response the outraged actor penned an open letter to the French PM in which he threatened to give back his French passport.

The backlash was not over. Fellow thespian Phillipe Torreton fired the first salvo against Depardieu in an open letter published in Libération, insulting both Depardieu's protruding physique and lack of patriotism: "So you're leaving the ship France in the middle of a storm? What did you expect, Gérard? You thought we would approve? You expected a medal, an academy award from the economy ministry? (...)We'll get by without you." French actress Catherine Deneuve felt she had to step in to defend Depardieu. In another open letter published by Libération, she evoked the darkest hours of the French revolution. Before flying to Rome to celebrate the New Year, Depardieu gave an interview to Le Monde in which he seemed to be joking about having asked Putin for Russian citizenship. Except, it wasn't a joke.

In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit. He has been Cyrano, he has been Danton; he, better than most, on screen and off, stands for what it means to be French: passionate, sensitive, theatrical, and grandiose. Ambiguous too, and weak in front of temptations and pleasures.

In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit
Hugh Miles

For more than two weeks now, #Depardieu has been trending on French Twitter. Surveys have showed France's dilemma: half the French people understand him but there are as many who think that paying one's taxes is a national duty. In other words, a majority of French people disapprove of his action but can't help loving the man.

Putin's move in granting the actor Russian citizenship has exacerbated things. And first of all, it is a blow to Hollande who, it was revealed, had a phone conversation with Depardieu on New Year's Day. The Elysées Palace refused to communicate on the men's exchange. A friend of the actor declared that Depardieu complained about being so reviled by the press and that he was leaving, no matter what.

If, in their hearts, the French don't quite believe Depardieu might one day settle in Moscow and abandon them, they feel deeply saddened by the whole saga. However, with France's former sex symbol Brigitte Bardot declaring that she too might ask Putin for Russian citizenship to protest against the fate of zoo elephants in Lyon, it looks as if the French may prefer to laugh the whole thing off. Proof of this: the last trend on French Twitter is #IWantRussianCitizenship.

The opinions expressed in this commentary are solely those of Agnes Poirier.

Read More..

Englewood shooting victim dies

Chicago police gather at the scene of a fatal shooting near 55th Street and Loomis Boulevard. (Eric Clark for the Chicago Tribune / January 5, 2013)

Staff report

5:26 p.m. CST, January 5, 2013

A shooting Saturday afternoon in the Englewood neighborhood on the South Side left one man dead. He is at least the seventh shooting victim since 12 a.m. Saturday, police said.

At 3:10 p.m. someone shot the male victim multiple times in the abdomen in the 5500 block of South Loomis Boulevard, according to police News Affairs Officer Daniel O’Brien.

The victim, a man in his 20s, was taken to John H. Stroger Jr. Hospital of Cook County where he was pronounced dead at 3:52 p.m., according to the Cook County medical examiner's office.

A separate shooting a few hours earlier in the Back of the Yards neighborhood left another victim shot in the abdomen and seriously wounded.

Someone shot the male in the abdomen at 11:48 a.m. in the 4500 block of South Marshfield Avenue, according to Chicago Police Department News Affairs Officer Michael Sullivan.

He was taken to John H. Stroger, Jr. Hospital of Cook County in serious condition, Sullivan said.

The circumstances surrounding the shooting were not known immediately but Sullivan said no one was arrested.

Earlier Saturday, four people were shot in two separate incidents before the sun rose, and a fifth man was killed in a West Side shooting.

chicagobreaking@tribune.com

Twitter: @ChicagoBreaking

Read More..

Venezuela lawmakers elect Chavez ally as Assembly chief

CARACAS (Reuters) - Venezuelan lawmakers re-elected a staunch ally of Hugo Chavez to head the National Assembly on Saturday, putting him in line to be caretaker president if the socialist leader does not recover from cancer surgery.

By choosing the incumbent, Diosdado Cabello, the "Chavista"-dominated legislature cemented the combative ex-soldier's position as the third most powerful figure in the government, after Chavez and Vice President Nicolas Maduro.

"As a patriot ... I swear to be supremely loyal in everything I do, to defend the fatherland, its institutions, and this beautiful revolution led by our Comandante Hugo Chavez," Cabello said as he took the oath, his hand on the constitution.

He had earlier warned opposition politicians against attempting to use the National Assembly to "conspire" against the people, saying they would be "destroyed" if they tried.

Thousands of the president's red-clad supporters gathered outside parliament hours before the vote, many chanting: "We are all Chavez! Our comandante will be well! He will return!"

If Chavez had to step down, or died, Cabello would take over the running of the country as Assembly president and a new election would be organized within 30 days. Chavez's heir apparent, Maduro, would be the ruling Socialist Party candidate.

Chavez, who was diagnosed with an undisclosed form of cancer in his pelvic area in mid-2011, has not been seen in public nor heard from in more than three weeks.

Officials say the 58-year-old is in delicate condition and has suffered multiple complications since the December 11 surgery, including unexpected bleeding and severe respiratory problems.

Late on Friday, Maduro gave the clearest indication yet that the government was preparing to delay Chavez's inauguration for a new six-year term, which is scheduled for Thursday.

'CHAVEZ IS PRESIDENT'

Maduro said the ceremony was a "formality" and that Chavez could be sworn in by the Supreme Court at a later date.

The opposition says Chavez's absence would be just the latest sign that he is no longer fit to govern, and that new elections should be held in the South American OPEC nation.

Brandishing a copy of the constitution after his win in the Assembly, Cabello slammed opposition leaders for writing a letter to foreign embassies in which they accused the government of employing a "twisted reading" of the charter.

"Get this into your heads: Hugo Chavez was elected president and he will continue to be president beyond January 10. No one should have any doubt ... this is the constitutional route," he said as fellow Socialist Party lawmakers cheered.

The opposition sat stony-faced. One of their legislators had earlier told the session that it was not just the head of state who was ill, "the republic is sick."

Last year, Chavez staged what appeared to be a remarkable comeback from the disease to win re-election in October, despite being weakened by radiation therapy. He returned to Cuba for more treatment within weeks of his victory.

Should the president have to step down after 14 years in office, a new vote would probably pit Maduro, a 50-year-old former bus driver and union leader, against opposition leader Henrique Capriles, the 40-year-old governor of Miranda state.

Capriles lost to Chavez in October's presidential election.

"I don't think Maduro would last many rounds in a presidential race. He's not fit for the responsibility they have given him," Capriles said after the vice president's appearance on state television.

Chavez's condition is being watched closely by leftist allies around Latin American who have benefited from his oil-funded generosity, as well as investors attracted by Venezuela's lucrative and widely traded debt.

The country boasts the world's biggest crude reserves. Despite the huge political upheaval Chavez's exit would cause, the oil industry is not likely to be affected much in the short term, with an extension of "Chavismo" keeping projects on track, while a change in parties could usher in more foreign capital.

(Additional reporting by Deisy Buitrago; Editing by Vicki Allen)

Read More..

S&P 500 finishes at 5-year high on economic data

NEW YORK (Reuters) - The benchmark Standard & Poor's 500 index ended at a five-year high on Friday, lifted by reports showing employers kept up a steady pace of hiring workers and the vast services sector expanded at a brisk rate.

The gains on the S&P 500 pushed the index to its highest close since December 2007 and its biggest weekly gain since December 2011.

Most of the gains came early in the holiday-shortened week, including the largest one-day rise for the index in more than a year on Wednesday after politicians struck a deal to avert the "fiscal cliff."

The Dow Jones industrial average <.dji> gained 43.85 points, or 0.33 percent, to 13,435.21. The Standard & Poor's 500 Index <.spx> rose 7.10 points, or 0.49 percent, to 1,466.47. The Nasdaq Composite Index <.ixic> edged up 1.09 points, or 0.04 percent, to 3,101.66.

For the week, the S&P gained 4.6 percent, the Dow rose 3.8 percent and the Nasdaq jumped 4.8 percent to post their largest weekly percentage gains in more than a year.

The CBOE Volatility index <.vix>, a measure of investor anxiety, dropped for a fourth straight session, giving the index a weekly decline of nearly 40 percent, its biggest weekly fall ever. The close of 13.83 on the VIX marks its lowest level since August.

In Friday's economic reports, the Labor Department said non-farm payrolls grew by 155,000 jobs last month, slightly below November's level. Gains were distributed broadly throughout the economy, from manufacturing and construction to healthcare.

Also serving to boost equities was data from the Institute for Supply Management showing U.S. service sector activity expanding the most in 10 months.

With the S&P 500 index at a five-year closing high, analysts said any gains above the index's intraday high near 1,475 in September may be harder to come by.

"We are getting to a point where we need a strong catalyst, which could be earnings, it could be three months of good economic data, it could be a variety of things," said Adam Thurgood, managing director at HighTower Advisors in Las Vegas, Nevada.

"What is going on right now is this conflicting view of fundamentals look pretty good and improving, and then you've got these negative tail risks that could blow everything up," Thurgood said.

He referred to "a fiscal superstorm brewing" of issues still left unresolved in Washington, including tough federal budget cuts and the need to raise the government's debt ceiling all within a couple of months.

The rise in payrolls shown by the jobs data did not make a dent in the U.S. unemployment rate still at 7.8 percent.

A Reuters poll on Friday of economists at Wall Street's top financial institutions showed that most expect the Fed in 2013 to end the program with which it bought Treasury debt in an effort to stimulate the economy.

A drop in Apple Inc shares of 2.6 percent to $528.36 kept pressure on the Nasdaq.

Adding to concerns about Apple's ability to produce more innovative products, rival Samsung Electronics Co Ltd is expected to widen its lead over Apple in global smartphone sales this year with growth of 35 percent. Market researcher Strategy Analytics said Samsung had a broad product lineup.

Eli Lilly and Co was among the biggest boost's to the S&P, up 3.7 percent to $51.56 after the pharmaceuticals maker said it expects its 2013 earnings to increase to $3.75 to $3.90 per share, excluding items, from $3.30 to $3.40 per share in 2012.

Fellow drugmaker Johnson & Johnson rose 1.2 percent to $71.55 after Deutsche Bank upgraded the Dow component to a "Buy" from a "Hold" rating. The NYSEArca pharmaceutical index <.drg> climbed 0.6 percent.

Shares of Mosaic Co gained 3.3 percent to $58.62. Excluding items, the fertilizer producer's quarterly earnings beat analysts' expectations, according to Thomson Reuters I/B/E/S.

Volume was modest with about 6.07 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, slightly below the 2012 daily average of 6.42 billion.

Advancing stocks outnumbered declining ones on the NYSE by 2,287 to 701, while on the Nasdaq, advancers beat decliners 1,599 to 866.

(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski and Kenneth Barry)

Read More..

AP Source: Browns close to deal with Kelly

CLEVELAND (AP) — Chip Kelly is close to taking his fast-paced offense to the NFL.

A person familiar with the negotiations says the Cleveland Browns are nearing a deal with Oregon's offensive mastermind to be their next coach.

The Browns interviewed Kelly on Friday and the Ducks coach was supposed to meet with Philadelphia in Arizona. However, a person familiar with the interviews says the Eagles are "heading in another direction" because Kelly is nearing a deal with Cleveland.

That person, who spoke to The Associated Press on condition of anonymity because the team isn't discussing its negotiations publicly, said the Eagles planned to interview several other candidates regardless of any conversations with Kelly.

The Eagles were granted permission Friday to interview Colts offensive coordinator Bruce Arians and Seahawks defensive coordinator Gus Bradley and are scheduled to meet with Broncos offensive coordinator Mike McCoy on Sunday.

Following Oregon's win over Kansas State in the Fiesta Bowl on Thursday night, the 49-year-old Kelly said he wanted to get the interview process over "quickly."

He turned down an offer from Tampa Bay last year to return for his fourth season at Oregon, where he is 46-7. He has boosted the school's national profile — flashy uniforms helped — with a high-powered offense capable of turning any game into a track meet.

"It's more a fact-finding mission, finding out if it fits or doesn't fit," Kelly said after the Ducks beat No. 7 Kansas State 35-17. "I've been in one interview in my life for the National Football League, and that was a year ago. I don't really have any preconceived notions about it. I think that's what this deal is all about for me. It's not going to affect us in terms of we're not on the road (recruiting). I'll get an opportunity if people do call, see where they are.

"I want to get it wrapped up quickly and figure out where I'm going to be."

Kelly has been at the top of the Browns' list of candidates since the team fired Pat Shurmur, who went 9-23 in two seasons. Cleveland owner Jimmy Haslam and CEO Joe Banner have been conducting interviews in Arizona all week, searching for the team's sixth coach since 1999.

The Browns, who have only made the playoffs once in 14 seasons, have declined comment on any interviews.

Cardinals defensive coordinator Ray Horton confirmed he interviewed with Cleveland earlier this week. The Browns have reportedly met with former Arizona coach Ken Whisenhunt, Syracuse coach Doug Marrone and Penn State's Bill O'Brien, who removed himself from any consideration on Thursday night and intends to stay at the school.

Kelly doesn't have any NFL coaching experience, but aspects of his up-tempo offense are already being used by some teams.

Kelly wouldn't say if he was leaning one way or another following the Ducks' bowl win.

"I said I'll always listen, and that's what I'll do," he said. "I know that people want to talk to me because of our players. The success of our football program has always been about our guys. It's an honor for someone to say they'd want to talk to me about maybe moving on to go coach in the National Football League. But it's because of what those guys do. I'll listen, and we'll see."

Oregon could be facing possible NCAA sanctions for the school's use of recruiting services, but Kelly indicated he isn't running from anything.

"We've cooperated fully with them," he said. "If they want to talk to us again, we'll continue to cooperate fully. I feel confident in the situation."

Oregon's players gave Kelly a Gatorade bath as the final seconds ticked off the clock in Thursday night's game, and afterward a few of the Ducks seemed resigned to their coach moving on.

"We'll have to see," quarterback Marcus Mariota said. "Whatever he decides to do, we're all behind him. He's an unbelievable coach. He's not only a football coach, but he's someone that you can look to and learn a lot of life lessons from. Whatever happens, happens. But we're all behind him.

"We'll see where it takes us."

___

AP Football Writer Rob Maaddi in Philadelphia contributed to this report.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

Read More..

Exxon Mobil proceeds with $14 billion Canada oil field

CALGARY, Alberta (Reuters) – Exxon Mobil Corp said on Friday it is moving ahead with the next major oil project in the North Atlantic, the $ 14 billion Hebron development off the Newfoundland coast, boosting its already-large investments in Canada’s most oil-rich regions.

Exxon Mobil, the biggest U.S. oil major, said it will produce 150,000 barrels of oil a day at Hebron using a massive concrete gravity-base structure like the one employed at the nearby Hibernia project, which has been operating in the iceberg-prone region since the late 1990s.

First production of the project’s heavy crude is scheduled for 2017.

The green light for Hebron, the fourth major offshore Newfoundland oil project, encouraged owners of energy operations in harsh areas in a week during which critics pilloried the industry for an accident in the Far North.

In the United States, opponents of Royal Dutch Shell’s Arctic oil program called on the Obama administration to put offshore drilling plans in the region on hold after its oil rig broke away from tow boats in high seas and ran aground off Alaska.

In a statement, Exxon Mobil said its own experience in Arctic development would serve it well as it and its partners develop Hebron in the tough Atlantic operating conditions.

The 700 million barrel project, in the Jeanne d’Arc Basin, 350 km (200 miles) southeast of St John’s, Newfoundland, is well below the Arctic Circle. Discovered in 1980, the development follows others – Hibernia, Terra Nova and White Rose – in the region. It won regulatory approval last year.

For Exxon Mobil, Hebron is moving forward just as it is set to start production from the C$ 10.9 billion Kearl oil sands project in Northern Alberta, operated by its Canadian affiliate Imperial Oil Ltd. . The first phase will pump 110,000 barrels a day of bitumen.

The company’s investments extend a trend to bulking up on more operations in North America, where advances in technology have reignited an energy production boom, said Fadel Gheit, analyst at Oppenheimer & Co.

“Exxon has legacy assets both onshore and offshore Canada, and this project, although it’s not a company maker … it’s obviously positive. A lot of other companies in recent months have showed interest in Eastern Canada,” Gheit said.

Last January, for example, Shell won bids for four blocks of acreage off Nova Scotia, by offering to spend C$ 970 million on exploration.

In the last decade, Hebron was at the center of a debate between the Newfoundland and Labrador government and the oil industry, in which the province complained of being short-changed as huge energy developments moved forward.

In the end, they agreed to a new fiscal arrangement and the province paid C$ 110 million for a 4.9 percent interest. In 2008, the cost had been estimated at C$ 5 billion to C$ 7 billion.

Oil has since become a major driver of the economy in Newfoundland, which had long had the status of a “have-not” province due partly to the collapse of the cod fishery.

The government of Premier Kathy Dunderdale estimated that the project would mean C$ 23 billion in provincial royalties, taxes and return on investment through the government-owned energy company, Nalcor Energy.

“Our goal has been to ensure that Newfoundlanders and Labradorians are the main benefactors with respect to our natural resources, and that the development of Hebron maximizes benefits for the people of the province, Dunderdale said in a statement. “Hebron will support jobs, the economy and strengthens our province’s position as an energy warehouse.”

Exxon Mobil said the production structure, designed to hold 1.2 million barrels of the heavy Hebron crude, is being built at the Bull Arm construction site in Newfoundland. It will provide 3,500 construction jobs.

The largest logical market for the Hebron crude is the U.S. Gulf Coast, where numerous refineries have the equipment needed to process heavy oil, said Greg Haas, manager of research for Houston-based Hart Energy LLP.

Some East Coast plants, including PBF Energy’s Paulsboro, New Jersey, and Delaware City refineries, also have capacity to run such supply, Haas said.

Exxon Mobil shares were up 53 cents at $ 89.08 on the New York Stock Exchange late in the session.

The other partners in Hebron are Chevron Corp , Suncor Energy Inc and Statoil ASA .

(Editing by Gunna Dickson and David Gregorio)

Energy News Headlines – Yahoo! News

Title Post: Exxon Mobil proceeds with $14 billion Canada oil field
Url Post: http://www.news.fluser.com/exxon-mobil-proceeds-with-14-billion-canada-oil-field/
Link To Post : Exxon Mobil proceeds with $14 billion Canada oil field
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..