Italy upbeat at end of 2012 after year of market tension

ROME: Italy is ending 2012 on an upbeat note, with renewed financial market confidence and optimism among analysts that the worst of the financial crisis is over, despite expectations of political uncertainty in the run-up to a general election in February.

The Treasury's borrowing rates were slightly higher at short, medium and long-term debt auctions last week, but were well below levels seen at the end of 2011, when Prime Minister Mario Monti took over from Silvio Berlusconi as Italy teetered on the brink amid the eurozone debt crisis.

In late November 2011, the country was paying a 7.56 per cent rate for its benchmark ten-year bonds, sparking widespread concerns it might have to ask for a bailout.

On Friday, that rate stood at 4.48 per cent.

As 2012 draws to a close, "even if public debt has breached the two trillion euros mark, Italy's ability to finance itself is no longer in doubt," said Enrico Marro in Italy's Il Sole 24 Ore financial daily.

"For 2013, optimism reigns," he concluded.

The turnaround is principally the result of two factors: the European Central Bank's promise to buy sovereign debt issued by eurozone member states without limit if necessary if they meet certain strict conditions, and Monti's decisive reforms which have restored Italy's credibility internationally.

Experts have forecast a couple of months of volatility on the markets in the lead up to the February 24 and 25 elections, but the worst appears to be over.

Italian bank Intesa Sanpaolo said "the fever should drop off in 2013 compared with 2012."

The bond spread -- a key measure of the difference between Italian and German 10-year bond yields -- has also dropped sharply over the year, dipping below 300 basis points in early December from double that figure at its peak.

While European leaders congratulated Monti on restoring calm to the markets, Berlusconi's announcement at the start of December that he is running again for prime minister sparked panic and the spread began to inch up again.

The media magnate has dismissed the spread measure as "a trick and an invention" used to bring down his government.

Investors will be watching closely in the coming weeks to see if Berlusconi's large-scale media campaign for re-election wins him potential votes from Italians tired of Monti's austerity packages and record unemployment levels.

Renewed confidence in financial markets contrasts sharply with official forecasts for economic growth over the coming year, as Italy struggles to pull itself out of a recession.

Despite Monti's "Grow Italy" plan, the economy is not expected to return to growth before the end of 2012 or the beginning of 2014.

"Business and household sentiment does not appear to have benefited from the easing market tension," Intensa Sanpaolo said.

The government has forecast a 0.2 per cent contraction of the country's gross domestic product in 2013 -- an outlook considered overly optimistic by Italy's business association Confindustria, which expects GDP to shrink by 1.1 per cent next year.

One figure is on the rise however: the number of people on Twitter following Monti, who is drumming up support for a reform-led electoral campaign.

Monti, who resigned last week after Berlusconi's People of Freedom party pulled support from the government, has said he is keen to lead the country again after the elections -- a message welcomed by the markets, European leaders and Italy's Catholic Church alike.

- AFP/ck

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July blasts in Valley a terror strike: Cops

SRINAGAR: The Jammu & Kashmir police have claimed that two Lashkar-e-Taiba terrorists killed in an encounter on Friday in Pulwama were responsible for a blast on a bus that had killed four tourists in Anantnag in July. The claim contradicts their statement that ruled out a terror angle to the blast then and had said that an LPG cylinder inside the bus had exploded and killed the four women from Mumbai.

ADG S M Sahai said the two terrorists had thrown a grenade at the bus."... it seemed to be a gas cylinder blast at that time. However, after forensic examinations, it was termed as a grenade attack," he said.

The surviving tourists had then said "something" was tossed into the bus, which was followed by the explosion. Doctors at Srinagar's Sher-e-Kashmir Institute of Medical Sciences had said that none of the victims had burn injuries, which a cylinder explosion can cause. "It could be splinter injuries of a grenade," a doctor had said.

Separately, separatist leader Mirwaiz Umar Farooq blamed security forces for firing on people after the Pulwama encounter. The separatists have called a bandh on Monday to protest the firing.

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How to Banish That New Year's Eve Hangover

For those of us who enjoy the occasional cocktail, the holiday season would be incomplete without certain treats of the liquid variety. Some look forward to the creamy charms of rum-laced eggnog; others anticipate cupfuls of high-octane punch or mugs of warm, spiced wine.

No matter what's in your glass, raising one as the year winds down is tradition. What could be more festive? The problem is, one drink leads to two, then the party gets going and a third is generously poured. Soon, the music fades and the morning arrives—and with it, the dreaded hangover. (Explore a human-body interactive.)

Whether it's a pounding headache, a queasy stomach, sweating, or just general misery, the damage has been done. So now it's time to remedy the situation. What's the quickest way to banish the pain? It depends who you ask.

Doctors typically recommend water for hydration and ibuprofen to reduce inflammation. Taking B vitamins is also good, according to anesthesiologist Jason Burke, because they help the body metabolize alcohol and produce energy.

Burke should know a thing or two about veisalgia, the medical term for hangover. At his Las Vegas clinic Hangover Heaven, Burke treats thousands of people suffering from the effects of drinking to excess with hydrating fluids and medications approved by the U.S. Food and Drug Administration.

"No two hangovers are the same," he said, adding that the unfavorable condition costs society billions of dollars-mostly from lost productivity and people taking sick days from work.

Hot Peppers for Hangovers?

So what's the advice from the nonmedical community? Suggestions range from greasy breakfasts to vanilla milkshakes to spending time in a steamy sauna. A friend insists hot peppers are the only way to combat a hangover's wrath. Another swears by the palliative effects of a bloody mary. In fact, many people just have another drink, following the old "hair of the dog that bit you" strategy.

Whether such "cures" actually get rid of a hangover is debatable, but one thing's for sure: the sorry state is universal. The only people immune to hangovers are the ones who avoid alcohol altogether.

So for those who do indulge, even if it's just once in awhile, see our interactive featuring cures from around the world (also above). As New Year's Eve looms with its attendant excuse to imbibe, perhaps it would be wise to stock your refrigerator with one of these antidotes. Pickled herring, anyone?

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Woman Charged With Murder in NYC Subway Push

A woman who allegedly told New York City police she pushed a man onto the subway tracks because she hated Hindus and Muslims has been charged with murder as a hate crime.

Erica Menendez, 31, allegedly told police that she "pushed a Muslim off the train tracks because I hate Hindus and Muslims ever since 2001 when they put down the twin towers I've been beating them up."

Menendez was taken into custody this morning after a two-day search, and when detectives were interviewing her she allegedly made the statements implicating herself in Thursday night's subway-platform death.

"The defendant is accused of committing what is every subway commuter's worst nightmare -- being suddenly and senselessly pushed into the path of an oncoming train," Queen District Attorney Richard A. Brown said. "The victim was allegedly shoved from behind and had no chance to defend himself. Beyond that, the hateful remarks allegedly made by the defendant and which precipitated the defendant's actions can never be tolerated by a civilized society."

Menendez was due to be arraigned this evening. She could face 25 years to life in prison if convicted of the second degree murder charge.

On Thursday night, a woman shoved a man from a subway platform at Queens Boulevard, and the man was crushed beneath an oncoming train. Police had searched the area for her after the incident.

New York City Subway Pusher Charged With Murder Watch Video

The victim was Sunando Sen, identified by several media outlets as a graphic designer and Indian immigrant who opened a print shop, Amsterdam Copy, on Manhattan's Upper West Side. Sen was struck by the No. 7 train after the unidentified woman allegedly pushed him from the northbound platform at 40th Street and Queens Boulevard at 8:04 p.m. on Thursday.

Witnesses told police they had seen the woman mubling to herself, pacing along the platform. She gave Sen little time to react, witnesses said.

"Witnesses said she was walking back and forth on the platform, talking to herself, before taking a seat alone on a wooden bench near the north end of the platform. When the train pulled into the station, the suspect rose from the bench and pushed the man, who was standing with his back to her, onto the tracks into the path of the train," NYPD Deputy Commissioner Paul J. Browne said earlier today. "The victim appeared not to notice her, according to witnesses."

READ: What to Do If You Fall on the Subway Tracks

Police released brief surveillance video of the woman fleeing the subway station, and described the suspect as a woman in her 20s, "heavy set, approximately 5'5" with brown or blond hair."

It was New York's second death of this kind in less than a month. On Dec. 3, 58-year-old Ki-Suck Han of Queens was shoved onto the tracks at New York's Times Square subway station. Two days later, police took 30-year-old Naeem Davis into custody.

On Friday, New York City Mayor Michael Bloomberg was asked whether the attack might be related to the increase of mentally ill people on the streets following closures of institutions over the past four decades.

"The courts or the law have changed and said, no, you can't do that unless they're a danger to society. Our laws protect you," Bloomberg said on his weekly radio show.

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Agreement within reach on ‘fiscal cliff’ deal, officials say

President Obama and Senate leaders were on the verge of an agreement Friday that would let taxes rise on the wealthiest households while protecting the vast majority of Americans from historic tax hikes set to hit in January.

The development marked a breakthrough after weeks of paralysis. After meeting with Obama at the White House, Senate Majority Leader Harry M. Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) said they would work through the weekend in hopes of drafting a “fiscal cliff” package they could present to their colleagues on Sunday afternoon.

As the Senate began haggling over critical details, the emerging deal faced an uncertain fate in the House, where Speaker John A. Boehner (R-Ohio) failed just one week ago to persuade his adamantly anti-tax caucus to let taxes rise even for millionaires.

Still, on Friday, Obama pronounced himself “modestly optimistic” at a brief news conference at the White House. The ordinarily dour McConnell said he was “hopeful and optimistic.” And Reid immediately began preparing Senate Democrats for what could be a difficult vote.

“Whatever we come up with is going to be imperfect. Some people aren’t going to like it. Some people will like it less,” Reid said on the Senate floor before dozens of silent and attentive senators from both parties. But “we’re going to do the best we can for . . . the country that’s waiting for us to make a decision.”

According to people briefed on the talks, the developing package would protect nearly 30 million taxpayers from paying the alternative minimum tax for the first time and keep unemployment benefits flowing to 2 million people who otherwise would be cut off in January.

The deal also would likely halt a steep cut in Medicare reimbursements set to hit doctors in January and preserve popular tax breaks for both businesses and individuals, such as those for research and college tuition.

But the two sides were still at odds over a crucial issue: how to define the wealthy. Obama has proposed letting tax rates rise on income over $250,000 a year. Senate Republicans have in recent days expressed interest in a compromise that would lift that threshold to $400,000 a year, an offer Obama made to Boehner before the speaker abruptly broke off negotiations last week.

In addition to its political appeal, the $400,000 threshold has practical benefits, Republican aides said: It would limit tax increases to the very top tax bracket rather than the top two brackets. And it would avoid a quirk of the tax code that would cause rates to rise more dramatically for those earning between $250,000 and $400,000 than for households with much larger incomes.

The two sides also had yet to agree on another politically sensitive issue: how to tax inherited estates. Republicans — and many Senate Democrats from states with large family farms — want to maintain the current tax structure, which exempts estates worth up to $5 million and taxes those above that level at 35 percent. Obama has proposed a $3.5 million exemption and a tax rate of 45 percent, a proposal that is far more acceptable to liberal Democrats.

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Gang-rape victim's body to be flown back home later Saturday

SINGAPORE: The body of an Indian woman who died in a Singapore hospital after a brutal gang-rape in New Delhi will be flown back on a chartered plane later Saturday, India's ambassador said.

"The requisite formalities (including the issue of the death certificate) for sending the body to India are being completed," Indian High Commissioner T.C.A. Raghavan told reporters, hours after the woman died of multiple organ failure at the Singapore hospital where she was being treated.

"The deceased and her family members will be flown back to India in a chartered aircraft later this afternoon," Raghavan said.

The flight is expected to arrive in Singapore around 3:00 or 4:00pm. It's understood that the body has been moved to a morgue.

When asked to provide more details on the identity of the victim, Dr Raghavan said the family has asked for their privacy.

Dr Raghavan, however, revealed that her family lives in Delhi and are Hindus. It's understood that those who are in Singapore include her parents and brothers.

He said: "It is natural the family is deeply affected by the loss they have suffered. At the same time, I will say that they have borne this loss with a great deal of fortitude and understanding. They have repeatedly asked me to say how inspired they are by the many messages of support and condolences they have received. And also this reinforces their view that the death of their child will lead to a better future for all women in India and Delhi."

Questions were raised on whether the victim's condition was affected by the flight to Singapore and whether it was the right decision.

Dr Raghavan said that the decision to move to Singapore followed consultations between doctors in India and Singapore, and that it was done with the intention to give the patient the best possible medical care.

- AFP/CNA/ck

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Delhi gang rape victim dies: Cerebral edema or swelling of the brain proved fatal

NEW DELHI: A swollen brain finally got better of the fighting spirit of the 23-year-old gang-rape victim Nirbhaya (a name given to her by TOI) as she succumbed to her injuries at Singapore's Mount Elizabeth hospital at 2:15am (IST) on Saturday.

Cerebral edema - serious swelling of the brain, which resulted from the cardiac arrest on Tuesday night when Nirbhaya was still in India, along with severe infections, finally proved fatal.

A CT scan that was conducted after Nirbhaya reached Singapore showed that blood loss to her brain caused during the three-minute period when doctors at Safdarjung hospital in Delhi had failed to find a pulse or blood pressure, led to the brain edema - a dangerous condition where the brain's water content rises, causing the pressure to rise in the skull.

This cuts off oxygen supply as the blood vessels become squeezed. Cerebral edema is a medical emergency that can even lead to death as brain cells become damaged and die.

Prime minister Manohan Sngh said he was "deeply saddened to learn that the unfortunate victim of the brutal assault that took place on December 16 in New Delhi had succumbed to the grievous injuries she suffered following that attack. "I join the nation in conveying to her family and friends my deepest condolences at this terrible loss."

Singh said: "I want to tell them and the nation that while she may have lost her battle for life, it is up to us all to ensure that her death will not have been in vain. We have already seen the emotions and energies this incident has generated. These are perfectly understandable reactions from a young India and an India that genuinely desires change. It would be a true homage to her memory if we are able to channelize these emotions and energies into a constructive course of action."

According to Singh, the need of the hour is a dispassionate debate and inquiry into the critical changes that are required in societal attitudes.

He said that the government is examining, on priority basis, the penal provisions that exist for such crimes and measures to enhance the safety and security of women.

"I hope that the entire political class and civil society will set aside narrow sectional interests and agenda to help us all reach the end that we all desire - making India a demonstrably better and safer place for women to live in," Singh said.

Nirbhaya's health started to slide from Friday evening (6.30 pm IST) when she suffered multiorgan failure.

Doctors informed her family members that Nirbhaya's condition had seriously deteriorated as she was put on maximum artificial ventilation support, optimal antibiotic doses as well as stimulants which would help maximise her body's capability to fight infections.

In the early hours of Saturday, Mount Elizabeth hospital issued a fresh statement announcing the worst.

The hospital said: "In relation to the young female patient from Delhi who was assaulted in a bus, and who was transferred from a hospital in India to receive further treatment at Mount Elizabeth Hospital in Singapore on December 27, we are very sad to report that the patient passed away peacefully at 4.45am (Singapore time) on December 29. Her family and officials from the high commission of India were by her side. The patient had remained in an extremely critical condition since admission to Mount Elizabeth hospital in the morning of Dec 27."

According to the hospital, despite all efforts by a team of eight specialists at Mount Elizabeth hospital to keep her stable, her condition continued to deteriorate and she suffered from severe organ failure following serious injuries to her body and brain.

"She was courageous in fighting for her life for so long against the odds but the trauma to her body was too severe for her to overcome," Dr Kelvin Loh, CEO of the hospital said.

Critical care specialist Dr Yatin Mehta from Medanta hospital, who had accompanied Nirbhaya to Singapore, told TOI on his return to India on Saturday morning that the swelling of the brain finally took her life.

"A fresh episode of cardiac arrest resulted in multiorgan dysfunction syndrome. Her injuries were too severe. While being transported to Singapore, her oxygen requirements increased by 70%. We had carried 8 oxygen cylinders as standby, each capable of running for two hours. Six additional batteries were taken to ensure the machines ran fine during the flight. Her blood pressure fell to around 80 on route which we finally managed to bring back to normal. The injuries were horrendous," said Dr Mehta, who left for India from Singapore on Friday night when Nirbhaya was still alive, told TOI on his return.

Dr Mehta also added that Nirbhaya's organs weren't fit for donation as they were seriously infected.

"We spoke to the family very frankly last night. We told her father and brothers that she is critical and might not pull through. Her family was stoic and handled the eventuality i a very mature way," Dr Mehta said.

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How to Banish That New Year's Eve Hangover

For those of us who enjoy the occasional cocktail, the holiday season would be incomplete without certain treats of the liquid variety. Some look forward to the creamy charms of rum-laced eggnog; others anticipate cupfuls of high-octane punch or mugs of warm, spiced wine.

No matter what's in your glass, raising one as the year winds down is tradition. What could be more festive? The problem is, one drink leads to two, then the party gets going and a third is generously poured. Soon, the music fades and the morning arrives—and with it, the dreaded hangover. (Explore a human-body interactive.)

Whether it's a pounding headache, a queasy stomach, sweating, or just general misery, the damage has been done. So now it's time to remedy the situation. What's the quickest way to banish the pain? It depends who you ask.

Doctors typically recommend water for hydration and ibuprofen to reduce inflammation. Taking B vitamins is also good, according to anesthesiologist Jason Burke, because they help the body metabolize alcohol and produce energy.

Burke should know a thing or two about veisalgia, the medical term for hangover. At his Las Vegas clinic Hangover Heaven, Burke treats thousands of people suffering from the effects of drinking to excess with hydrating fluids and medications approved by the U.S. Food and Drug Administration.

"No two hangovers are the same," he said, adding that the unfavorable condition costs society billions of dollars-mostly from lost productivity and people taking sick days from work.

Hot Peppers for Hangovers?

So what's the advice from the nonmedical community? Suggestions range from greasy breakfasts to vanilla milkshakes to spending time in a steamy sauna. A friend insists hot peppers are the only way to combat a hangover's wrath. Another swears by the palliative effects of a bloody mary. In fact, many people just have another drink, following the old "hair of the dog that bit you" strategy.

Whether such "cures" actually get rid of a hangover is debatable, but one thing's for sure: the sorry state is universal. The only people immune to hangovers are the ones who avoid alcohol altogether.

So for those who do indulge, even if it's just once in awhile, see our interactive featuring cures from around the world (also above). As New Year's Eve looms with its attendant excuse to imbibe, perhaps it would be wise to stock your refrigerator with one of these antidotes. Pickled herring, anyone?

Read More..

Epic Journey: Did Moses' Exodus Really Happen?

In the Bible, he is called Moses. In the Koran, he is the prophet Musa.

Religious scholars have long questioned whether of the story of a prophet leading God's chosen people in a great exodus out of Egypt and the freedom it brought them afterwards was real, but the similarities between a pharaoh's ancient hymn and a psalm of David might hold the link to his existence.

Tune in to Part 2 of Christiane Amanpour's ABC News special, "Back to the Beginning," which explores the history of the Bible from Genesis to Jesus, on Friday, Dec. 28 at 9 p.m. ET on ABC.

Christian scripture says Moses was content to grow old with his family in the vast deserted wilderness of Midian, and 40 years passed until the Bible says God spoke to him through the Burning Bush and told him to lead his people, the Israelites, out of Egypt. According to tradition, that miraculous bush can still be seen today enclosed within the ancient walls of St. Catherine's Monastery, located not far from Moses' hometown.

But there was another figure in the ancient world who gave up everything to answer the call from what he believed was the one and only true God.

Archaeologists discovered the remains of the ancient city of Amarna in the 1800s. Egyptologist Rawya Ismail, who has been studying the ruins for years, believes, as other archaeologists do, that Pharaoh Akhenaten built the city as a tribute to Aten, the sun.

G.Sioen/De Agostini/Getty Images

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She said it was a bold and unusual step for the pharaoh to leave the luxurious trappings of palace life in Luxor for the inhospitable landscape of Amarna, but it might have been his only choice as the priests from the existing religious establishment gained power.

"The very powerful Amun-Ra priests that he couldn't stand against gained control of the whole country," Ismail said. "The idea was to find a place that had never been used by any other gods -- to be virgin is what he called it -- so he chose this place."

All over the walls inside the city's beautiful tombs are examples of Akhanaten's radical message of monotheism. There is the Hymn to the Aten, which translates, in part, to: "The earth comes into being by your hand, as you made it. When you dawn, they live. When you set, they die. You yourself are lifetime, one lives by you."

PHOTOS: Christiane Amanpour's Journey 'Back to the Beginning'

Some attribute the writing of the hymn to Akhanaten himself, but it bears a striking resemblance to a passage that can be found in the Hebrew Bible: Psalm 104.

"If you compare the hymns from A to Z, you'll find mirror images to it in many of the holy books," Ismail said. "And if you compare certain parts of it, you'll find it almost exactly -- a typical translation for some of the [psalms] of David."

Psalm 104, written a few hundred years later, references a Lord that ruled over Israel and a passage compares him to the sun.

"You hide your face, they are troubled," part of it reads. "You take away your breath, they die, And return to dust. You send forth your breath, they are created, And you renew the face of the earth."

Like the psalm, the Hymn to Aten extols the virtues of the one true God.

"A lot of people think that [the Hymn to Aten] was the source of the [psalms] of David," Ismail said. "Putting Egypt on the trade route, a lot of people traveled from Egypt and came back to Egypt, it wasn't like a country living in isolation."

Ismail believes it is possible that the message from the heretic pharaoh has some connection to the story of Moses and the Exodus, as outlined in the Hebrew Bible.

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As ‘fiscal cliff’ deadline nears, OPM updates furlough guidelines

With talks on averting the “fiscal cliff” apparently stalled, the Office of Personnel Management posted new guidance to federal workers for administrative furloughs on its Web site Thursday afternoon.

“We wanted to take some prudent steps to keep federal employees informed in case of an order for sequestration,” said Thomas Richards, OPM’s communications director.

He added that the guidelines were not issued as “a reaction to any specific action” involving the talks between President Obama and congressional leaders.

“It’s nothing more than that,” Richards said.

Nonetheless, after months of the White House expressing confidence that the standoff would be resolved before a crisis hit and that furloughs would be unnecessary, the guidance reflects the reality that little time remains on the calendar to avert the automatic cuts that will be triggered by a failure to reach a deal by the year’s end.

Obama returned to Washington from Hawaii on Thursday in an effort to keep the talks alive. As the deadline approaches, federal workers have grown increasingly worried about the potential threat to their jobs.

The guidance notes that “agencies are responsible for identifying the employees affected by administrative furloughs based on budget conditions, funding sources, mission priorities (including the need to perform emergency work involving the safety of human life or protection of property), and other factors.”

Employees will be given a minimum 60-day notice before any furlough of longer than 22 days takes place, according to the document. A 30-day notice will be given for shorter furloughs.

The guidance also specifies that employees may not take other forms of paid time off, including annual or sick leave, in lieu of being furloughed. Nor is an employee allowed to volunteer to do his or her job for free, unless otherwise authorized by law.

The guidelines are updated from a previous version issued in April by OPM in response to the possibility of a government shutdown at the time.

“The policy folks are diving down deep into the weeds,” Richards said. “We wanted to make sure the guidelines were up to date to reflect the possibility of sequestration.”

Richards said the OPM will soon post answers to frequently asked questions on the agency’s Web site (opm.gov/furlough).

“It will be questions like, ‘Do I need to show up for work on January 2nd? Yes, you do,’ ” Richards said.

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