Wall Street ends sour week with fifth straight decline

NEW YORK (Reuters) - Stocks fell for a fifth straight day on Friday, dropping 1 percent and marking the S&P 500's longest losing streak in three months as the federal government edged closer to the "fiscal cliff" with no solution in sight.


President Barack Obama and top congressional leaders met at the White House to work on a solution for the draconian debt-reduction measures set to take effect beginning next week. Stocks, which have been influenced by little else than the flood of fiscal cliff headlines from Washington in recent days, extended losses going into the close with the Dow Jones industrial average and the S&P 500 each losing 1 percent, after reports that Obama would not offer a new plan to Republicans. The Dow closed below 13,000 for the first time since December 4.


"I was stunned Obama didn't have another plan, and that's absolutely why we sold off," said Mike Shea, managing partner at Direct Access Partners LLC in New York. "He's going to force the House to come to him with something different. I think that's a surprise. The entire market is disappointed in a lack of leadership in Washington."


In a sign of investor anxiety, the CBOE Volatility Index <.vix>, known as the VIX, jumped 16.69 percent to 22.72, closing at its highest level since June. Wall Street's favorite fear barometer has risen for five straight weeks, surging more than 40 percent over that time.


The Dow Jones industrial average <.dji> dropped 158.20 points, or 1.21 percent, to 12,938.11 at the close. The Standard & Poor's 500 Index <.spx> lost 15.67 points, or 1.11 percent, to 1,402.43. The Nasdaq Composite Index <.ixic> fell 25.59 points, or 0.86 percent, to end at 2,960.31.


For the week, the Dow fell 1.9 percent. The S&P 500 also lost 1.9 percent for the week, marking its worst weekly performance since mid-November. The Nasdaq finished the week down 2 percent. In contrast, the VIX jumped 22 percent for the week.


Pessimism continued after the market closed, with stock futures indicating even steeper losses. S&P 500 futures dropped 26.7 points, or 1.9 percent, eclipsing the decline seen in the regular session.


All 10 S&P 500 sectors fell during Friday's regular trading, with most posting declines of 1 percent, but energy and material shares were among the weakest of the day, with both groups closely tied to the pace of growth.


An S&P energy sector index <.gspe> slid 1.8 percent, with Exxon Mobil down 2 percent at $85.10, and Chevron Corp off 1.9 percent at $106.45. The S&P material sector index <.gspm> fell 1.3 percent, with U.S. Steel Corp down 2.6 percent at $23.03.


Decliners outnumbered advancers by a ratio of slightly more than 2 to 1 on the New York Stock Exchange, while on the Nasdaq, two stocks fell for every one that rose.


"We've been whipsawing around on low volume and rumors that come out on the cliff," said Eric Green, senior portfolio manager at Penn Capital Management in Philadelphia, who helps oversee $7 billion in assets.


With time running short, lawmakers may opt to allow the higher taxes and across-the-board federal spending cuts to go into effect and attempt to pass a retroactive fix soon after the new year. Standard & Poor's said an impasse on the cliff wouldn't affect the sovereign credit rating of the United States.


"We're not as concerned with January 1 as the market seems to be," said Richard Weiss, senior money manager at American Century Investments, in Mountain View, California. "Things will be resolved, just maybe not on a good timetable, and any deal can easily be retroactive."


Trading volume was light throughout the holiday-shortened week, with just 4.46 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT on Friday, below the daily average so far this year of about 6.48 billion shares. On Monday, the U.S. stock market closed early for Christmas Eve, and the market was shut on Tuesday for Christmas. Many senior traders were absent this week for the holidays.


Highlighting Wall Street's sensitivity to developments in Washington, stocks tumbled more than 1 percent on Thursday after Senate Majority Leader Harry Reid warned that a deal was unlikely before the deadline. But late in the day, stocks nearly bounced back when the House said it would hold an unusual Sunday session to work on a fiscal solution.


Positive economic data failed to alter the market's mood.


The National Association of Realtors said contracts to buy previously owned U.S. homes rose in November to their highest level in 2-1/2 years, while a report from the Institute for Supply Management-Chicago showed business activity in the U.S. Midwest expanded in December.


"Economic reports have been very favorable, and once Congress comes to a resolution, the market should resume an upward trend, based on the data," said Weiss, who helps oversee about $125 billion in assets. "All else being equal, we see any further decline as a buying opportunity."


Barnes & Noble Inc rose 4.3 percent to $14.97 after the top U.S. bookstore chain said British publisher Pearson Plc had agreed to make a strategic investment in its Nook Media subsidiary. But Barnes & Noble also said its Nook business will not meet its previous projection for fiscal year 2013.


Shares of magicJack VocalTec Ltd jumped 10.3 percent to $17.95 after the company gave a strong fourth-quarter outlook and named Gerald Vento president and chief executive, effective January 1.


The U.S.-listed shares of Canadian drugmaker Aeterna Zentaris Inc surged 13.8 percent to $2.47 after the company said it had reached an agreement with the U.S. Food and Drug Administration on a special protocol assessment by the FDA for a Phase 3 registration trial in endometrial cancer with AEZS-108 treatment.


(Reporting by Ryan Vlastelica; Editing by Jan Paschal)



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The Saturday Profile: Maria Bashir, Afghan Prosecutor, Faces New Line of Attack Over Her Pursuit of ‘Moral Crimes’


Bryan Denton for The New York Times


“It is very difficult for a woman to work in Afghanistan, especially if you have an important position.”





MARIA BASHIR, the only woman serving as chief prosecutor in any of Afghanistan’s 34 provinces, does more than just walk the line between the progressive and the conservative — she has, uncomfortably, come to personify it.


Ms. Bashir, 42, is used to personal and even physical attacks from traditionalists because of her role as one of the country’s most senior female public officials and her work promoting women’s rights.


The outside world recognizes the ideal she represents as well as the dangers. Last year, in Washington, Michelle Obama and Secretary of State Hillary Rodham Clinton lauded her with a State Department International Women of Courage award.


“For uneducated men, but also even educated men, it is still very difficult to accept that a woman should be in a position of making decisions,” Ms. Bashir said, talking in her office tucked behind a gantlet of metal detectors and glowering security guards at the government compound in the western province of Herat.


But recently, Ms. Bashir has had to endure criticism of a less-familiar kind — that she has hurt women with her own conservatism.


Ms. Bashir’s office is jailing women for so-called moral crimes — like adultery, or even attempted adultery, an accusation that opens the door to being jailed merely for being alone with a man who is not in the family — at nearly the highest pace in Afghanistan, according to government records.


The country’s laws, though they have been changing over the past decade, are still criticized by human rights groups as being particularly harsh for women. And many women are languishing in jail on adultery convictions even though they were the victims of rape, forced into prostitution, or simply ran away from abusive homes.


Ms. Bashir insists that she must uphold the law of the land, even as she works to improve opportunities for Afghan women. But concern over her prosecution statistics this fall sent ripples through the human rights community in Afghanistan.


Most rights advocates express respect for her. Still, she has become the focus of a whole body of disquieting questions for international officials working here: How far should you support a woman who personally represents change but also consistently enforces customs that the West sees as discriminatory? How far and how long can you push another society to change, and when do you accept it and compromise?


In its way, too, her case restates the questions dogging the entire American involvement in Afghanistan: Is the United States here merely to fight the Taliban or rebuild the country along Western lines? And now that the United States has said it is leaving, what progress has really been won, and what will endure when it is gone?


Ms. Bashir knows how discrimination feels personally. She was a prosecutor in Herat, her husband’s home province, but had to give up her job when the Taliban came to power in the 1990s.


She went underground, furtively teaching women and girls from her neighborhood in her home.


AFTER the Taliban fell, she got her job back and has been the chief prosecutor in Herat for the past five years, and a focus of attention for the international community.


She has worked with the United Nations, giving lectures at high schools and universities titled, “If I Did It, You Can Do It, Too.” In those speeches, and in other settings both public and private, she urges Afghan girls and young women to expand their ambitions and strive for jobs outside the home as lawyers or doctors.


For many in this country, hers is an unwelcome message.


During a recent interview in her office, Ms. Bashir was methodical, even understated, as she discussed much of her work. But when the talk turned to the patriarchal society that dominates here, her eyes showed the fire that distinguishes her — and has helped her survive — in a place where women in powerful posts are rare.


“We have the mullahs, we have the former jihadis,” she said. “They don’t spare any effort to weaken or defame you. They talk about your clothes; they talk about the fact you have been talking to foreigners and talking to men.”


Habib Zahori and Jawad Sukhanyar contributed reporting from Kabul, Afghanistan.



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Android-powered Ouya console now shipping to 1,200 developers [video]









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Matthew McConaughey & Wife Camila Welcome Baby No. 3















12/28/2012 at 06:10 PM EST







Camila and Matthew McConaughey


Gary Miller/FilmMagic


It's a very merry holiday week for Matthew McConaughey and his wife Camila.

The couple welcomed their third child together in Austin, Texas, on Friday, sources confirm to PEOPLE.

The pair, who are also parents to Vida, who turns 3 next month, and Levi, 4, announced the pregnancy just one month after their June nuptials in Texas.

Camila, 29, joked that even as she put on pregnancy pounds, her actor husband, 43, was losing weight – dramatically – for The Dallas Buyers Club, in which he plays the real-life Ron Woodruff, who contracted HIV.

"We have gone the complete opposite direction eating wise, but we're navigating it," she said last summer. "But I don't really have cravings yet."

McConaughey's latest movie, Mud, will be released April. 26,

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Kenya hospital imprisons new mothers with no money


NAIROBI, Kenya (AP) — The director of the Pumwani Maternity Hospital, located in a hardscrabble neighborhood of downtown Nairobi, freely acknowledges what he's accused of: detaining mothers who can't pay their bills. Lazarus Omondi says it's the only way he can keep his medical center running.


Two mothers who live in a mud-wall and tin-roof slum a short walk from the maternity hospital, which is affiliated with the Nairobi City Council, told The Associated Press that Pumwani wouldn't let them leave after delivering their babies. The bills the mothers couldn't afford were $60 and $160. Guards would beat mothers with sticks who tried to leave without paying, one of the women said.


Now, a New York-based group has filed a lawsuit on the women's behalf in hopes of forcing Pumwani to stop the practice, a practice Omondi is candid about.


"We hold you and squeeze you until we get what we can get. We must be self-sufficient," Omondi said in an interview in his hospital office. "The hospital must get money to pay electricity, to pay water. We must pay our doctors and our workers."


"They stay there until they pay. They must pay," he said of the 350 mothers who give birth each week on average. "If you don't pay the hospital will collapse."


The Center for Reproductive Rights, which filed the suit this month in the High Court of Kenya, says detaining women for not paying is illegal. Pumwani is associated with the Nairobi City Council, one reason it might be able to get away with such practices, and the patients are among Nairobi's poorest with hardly anyone to stand up for them.


Maimouna Awuor was an impoverished mother of four when she was to give birth to her fifth in October 2010. Like many who live in Nairobi's slums, Awuor performs odd jobs in the hopes of earning enough money to feed her kids that day. Awuor, who is named in the lawsuit, says she had saved $12 and hoped to go to a lower-cost clinic but was turned away and sent to Pumwani. After giving birth, she couldn't pay the $60 bill, and was held with what she believes was about 60 other women and their infants.


"We were sleeping three to a bed, sometimes four," she said. "They abuse you, they call you names," she said of the hospital staff.


She said saw some women tried to flee but they were beaten by the guards and turned back. While her husband worked at a faraway refugee camp, Awuor's 9-year-old daughter took care of her siblings. A friend helped feed them, she said, while the children stayed in the family's 50-square-foot shack, where rent is $18 a month. She says she was released after 20 days after Nairobi's mayor paid her bill. Politicians in Kenya in general are expected to give out money and get a budget to do so.


A second mother named in the lawsuit, Margaret Anyoso, says she was locked up in Pumwani for six days in 2010 because she could not pay her $160 bill. Her pregnancy was complicated by a punctured bladder and heavy bleeding.


"I did not see my child until the sixth day after the surgery. The hospital staff were keeping her away from me and it was only when I caused a scene that they brought her to me," said Anyoso, a vegetable seller and a single mother with five children who makes $5 on a good day.


Anyoso said she didn't have clothes for her child so she wrapped her in a blood-stained blouse. She was released after relatives paid the bill.


One woman says she was detained for nine months and was released only after going on a hunger strike. The Center for Reproductive Rights says other hospitals also detain non-paying patients.


Judy Okal, the acting Africa director for the Center for Reproductive Rights, said her group filed the lawsuit so all Kenyan women, regardless of socio-economic status, are able to receive health care without fear of imprisonment. The hospital, the attorney general, the City Council of Nairobi and two government ministries are named in the suit.


___


Associated Press reporter Tom Odula contributed to this report.


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Yen hits two-year low, Asian shares rise on U.S. fiscal hopes

TOKYO (Reuters) - The yen fell to its lowest level in more than two years on Friday, lifting Japanese stocks to 21-month highs on expectations of drastic monetary easing, while shares in the rest of Asia rose as Washington races to avoid a fiscal crisis.


U.S. President Barack Obama and lawmakers are launching a last round of budget talks before a New Year deadline to reach a deal or watch the economy go off a "fiscal cliff," that economists fear will push the United States back into recession and stamp out fragile signs of recovery elsewhere.


"A big issue is being made of it, but eventually they'll do something to kick the can down the road," said Steven Robinson, senior investment manager at Alleron Investment Management in Sydney.


European shares were seen flat to higher, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open little changed to as much as 0.3 percent higher. U.S. stock futures suggested a steady Wall Street start. <.l><.eu><.n/>


MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rose 0.5 percent, hovering around a near 17-month high. It has gained about 18.7 percent this year, a sharp turnaround from an 18 percent plunge in 2011.


Australian shares <.axjo> rode iron ore stocks up to finish at a 19-month high, with a recovery in battered mining shares driving the market to its strongest annual gain since 2009. Hong Kong shares <.hsi> hovered near a 17-month high with a 0.1 percent gain and Shanghai shares <.ssec> jumped 0.8 percent.


Oil prices rose on hopes the United States would resolve the fiscal cliff, easing concerns about weakening demand.


Brent crude was up 0.4 percent to $111.25 a barrel and on course to post a full-year increase of about 3.6 percent, which would be its smallest gain in four years. U.S. crude rose 0.5 percent to $91.30, set for its first yearly loss in four years.


"The U.S. fiscal cliff will continue to direct crude prices until it's resolved," said Natalie Rampono, a commodities analyst at ANZ in Melbourne.


As well as being deadline day for the fiscal cliff, December 31 is the date the federal government is set to reach its $16.4 trillion debt limit. The Treasury will have to take measures to buy time for the government to approve a rise in the debt ceiling.


A similar political stalemate over raising the federal debt limit in the summer of 2011 raised fears over a U.S. default, and prompted Standard & Poor's to strip the U.S. of its top-notch credit rating, causing turmoil in financial markets.


Asian bond issuance jumped to $133.8 billion so far this year, eclipsing the previous year's tally of $76.34 billion, as retail investors stepped up purchases of the region's corporate bond. Those bonds have returned nearly 20 percent this year, outshining Asian equities.



Asset returns in 2012: http://link.reuters.com/nyw85s


Asian 2012 bond issuance: http://r.reuters.com/xyz93t


Japan industrial output: http://link.reuters.com/xyt65s


SE Asia foreign inflows: http://link.reuters.com/byr84t


^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>


JAPAN REMAINS IN FOCUS


Under the leadership of Prime Minister Shinzo Abe, who took office earlier in the week, Japan is speeding up efforts to turn around its economy, battered for decades by its strong currency and persistent deflation.


A survey on Friday showed Japanese manufacturing activity contracted in December at its fastest pace in more than three years while core consumer prices fell last month and industrial output plunged 1.7 percent in November from October.


Abe's repeated calls for "unlimited" monetary easing and policies aimed at reducing the yen's strength have bolstered expectations of a sustained period of yen weakness. This has lifted the mood in Japanese stocks as a weaker yen improves earnings prospects for the country's exporters.


The benchmark Nikkei average <.n225> closed up 0.7 percent at a 21-month high, ending 2012 with the sharpest yearly gain since 2005. Japanese markets will be closed for New Year's holidays and will resume trading on January 4. <.t/>


"The Japanese equity market has turned positive, providing good sentiment for global investors, with many making money and putting the money into commodity markets such as oil market," said Tetsu Emori, a commodity fund manager at Astmax in Tokyo.


The dollar climbed to its highest since August 2010 of 86.64 yen on Friday. The yen is on track for a drop of more than 12 percent this year, its steepest since 2005. The yen also fell to a 17-month low against the euro at 114.675 yen on EBS on Thursday.


The Australian dollar hit a 20-month peak against the yen of around 89.83 yen, according to Reuters data.


The Japanese government will compile spending requests for a stimulus package on January 7 and finalize the proposal shortly thereafter as Abe tries to quickly enact his agenda of increased public works spending to boost the economy.


(Additional reporting by Umesh Desai in Hong Kong, Jessica Jaganathan in Singapore and Victoria Thieberger and Sonali Paul in Melbourne; Editing by Sanjeev Miglani and Eric Meijer)



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India Ink: Delhi Gang Rape Patient Has Brain Injury and Is Fighting For Life, Doctors Say

The medical condition of the 23-year-old woman who was raped by several men and thrown off a moving bus on Dec. 16 is worse than previous reports had indicated, according to the Singapore hospital where she is being treated.

Dr. Kevin Loh, chief executive of Mount Elizabeth Hospital, said in a statement Friday:

“As at 28 Dec, 11am (Singapore time) the patient continues to remain in an extremely critical condition. She is still receiving treatment at Mount Elizabeth Hospital’s Intensive Care Unit.

“Our medical team’s investigations upon her arrival at the hospital yesterday showed that in addition to her prior cardiac arrest, she also had infection of her lungs and abdomen, as well as significant brain injury. The patient is currently struggling against the odds, and fighting for her life.

“A multi-disciplinary team of specialists has been working tirelessly to treat her since her arrival, and is doing everything possible to stabilize her condition over the next few days.”

On Thursday afternoon, hours after the patient arrived in Singapore from New Delhi, Dr. Loh described her condition as “extremely critical,” and said she had had three abdominal surgeries and a cardiac arrest before arrival.

In an interview Thursday evening, Dr. Mahesh Chandra Misra, professor and head of the department of surgical disciplines at the All India Institute of Medical Sciences, who was part of the team caring for the patient in New Delhi, described her initial injuries as the worst he’d ever seen.

“As doctors, we’ve never witnessed anything like this,” he said.

The patient was “practically dead” when she was brought in to Safdarjung Hospital on the morning of Dec. 17, and had to be resuscitated, he said. Then, the doctor’s immediate focus was on damage control, he said, and her small and large intestines were removed because they were gangrenous.

“Her intestines were hanging out” when she arrived at the hospital, Dr. Misra said, adding that her injuries indicated that an iron rod had been used to attack her. The young woman was taken off a ventilator last Friday, when was reported to have spoken to her family, but then put back on a ventilator on Sunday.

She has had three surgeries so far, which were extensive operations, Dr. Misra said, noting that her health was critical when she was shifted to Singapore Wednesday night.

“Right now, her heart needs to be stabilized,” Dr. Misra said Thursday night. The doctors’ task in Singapore is “bringing her back from this condition,” he said.

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Leaked BlackBerry 10 slides show video calling and screen sharing for BBM









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Gen. Norman Schwarzkopf, Commander in Persian Gulf War, Dies at 78















12/27/2012 at 08:10 PM EST



H. Norman Schwarzkopf, the Army general who commanded coalition forces in the Persian Gulf War against Saddam Hussein, died Thursday in Tampa, Fla., at age 78.

The cause of death was not immediately known. His death was confirmed to the Associated Press by a source.

Known as "Stormin' Norman" for his volcanic temper, the decorated Vietnam War combat soldier became a familiar face from his many press conferences during Operation Desert Storm in 1991.

Under his leadership during the presidency of George H.W. Bush, coalition forces drove Hussein's troops out of Kuwait, which Iraq had invaded, with relatively few coalition casualties, but the Iraqi leader remained in power.

Hussein would ultimately be left for Bush's presidential son, George W. Bush, to contend with.

After the Gulf War, Schwarzkopf became a television military analyst and went into a quiet retirement in Florida to write his memoirs.

The elder Bush, now hospitalized in intensive care, said in a statement that Schwarzkopf was a "true American patriot and one of the great military leaders of his generation."

"More than that, he was a good and decent man – and a dear friend," says Bush. "Barbara and I send our condolences to his wife Brenda and his wonderful family."

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Kenya hospital imprisons new mothers with no money


NAIROBI, Kenya (AP) — The director of the Pumwani Maternity Hospital, located in a hardscrabble neighborhood of downtown Nairobi, freely acknowledges what he's accused of: detaining mothers who can't pay their bills. Lazarus Omondi says it's the only way he can keep his medical center running.


Two mothers who live in a mud-wall and tin-roof slum a short walk from the maternity hospital, which is affiliated with the Nairobi City Council, told The Associated Press that Pumwani wouldn't let them leave after delivering their babies. The bills the mothers couldn't afford were $60 and $160. Guards would beat mothers with sticks who tried to leave without paying, one of the women said.


Now, a New York-based group has filed a lawsuit on the women's behalf in hopes of forcing Pumwani to stop the practice, a practice Omondi is candid about.


"We hold you and squeeze you until we get what we can get. We must be self-sufficient," Omondi said in an interview in his hospital office. "The hospital must get money to pay electricity, to pay water. We must pay our doctors and our workers."


"They stay there until they pay. They must pay," he said of the 350 mothers who give birth each week on average. "If you don't pay the hospital will collapse."


The Center for Reproductive Rights, which filed the suit this month in the High Court of Kenya, says detaining women for not paying is illegal. Pumwani is associated with the Nairobi City Council, one reason it might be able to get away with such practices, and the patients are among Nairobi's poorest with hardly anyone to stand up for them.


Maimouna Awuor was an impoverished mother of four when she was to give birth to her fifth in October 2010. Like many who live in Nairobi's slums, Awuor performs odd jobs in the hopes of earning enough money to feed her kids that day. Awuor, who is named in the lawsuit, says she had saved $12 and hoped to go to a lower-cost clinic but was turned away and sent to Pumwani. After giving birth, she couldn't pay the $60 bill, and was held with what she believes was about 60 other women and their infants.


"We were sleeping three to a bed, sometimes four," she said. "They abuse you, they call you names," she said of the hospital staff.


She said saw some women tried to flee but they were beaten by the guards and turned back. While her husband worked at a faraway refugee camp, Awuor's 9-year-old daughter took care of her siblings. A friend helped feed them, she said, while the children stayed in the family's 50-square-foot shack, where rent is $18 a month. She says she was released after 20 days after Nairobi's mayor paid her bill. Politicians in Kenya in general are expected to give out money and get a budget to do so.


A second mother named in the lawsuit, Margaret Anyoso, says she was locked up in Pumwani for six days in 2010 because she could not pay her $160 bill. Her pregnancy was complicated by a punctured bladder and heavy bleeding.


"I did not see my child until the sixth day after the surgery. The hospital staff were keeping her away from me and it was only when I caused a scene that they brought her to me," said Anyoso, a vegetable seller and a single mother with five children who makes $5 on a good day.


Anyoso said she didn't have clothes for her child so she wrapped her in a blood-stained blouse. She was released after relatives paid the bill.


One woman says she was detained for nine months and was released only after going on a hunger strike. The Center for Reproductive Rights says other hospitals also detain non-paying patients.


Judy Okal, the acting Africa director for the Center for Reproductive Rights, said her group filed the lawsuit so all Kenyan women, regardless of socio-economic status, are able to receive health care without fear of imprisonment. The hospital, the attorney general, the City Council of Nairobi and two government ministries are named in the suit.


___


Associated Press reporter Tom Odula contributed to this report.


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