ECB to ring in New Year with rates on hold






FRANKFURT: The European Central Bank will usher in 2013 with steady interest rates at its first policy meeting this year to keep up the pressure on governments to solve the debt crisis, analysts predict.

With ECB interest rates currently at record lows and its latest anti-crisis weapon ready and primed for action, central bank chief Mario Draghi will not pass up the opportunity to insist once again that only governments can resolve the long-running crisis, economists said.

"Whilst a (rate) cut cannot be entirely ruled out, we do not expect the governing council to change interest rates at its meeting on Thursday," said Commerzbank economist Michael Schubert.

"On the one hand, ECB executive board members have tried to dampen rate cut speculation over recent weeks, and on the other, important sentiment indicators have increased once again," he said.

On Friday, the closely watched Purchasing Managers Index (PMI) for the entire euro area hit a nine-month high, offering hope the single currency area could be moving out of its deep double-dip recession.

Recent data for Germany, Europe's biggest economy, have also come in better than expected.

And German Finance Minister Wolfgang Schaeuble even went so far as to say he believed the embattled eurozone was now past the peak of its three-year-long debt crisis.

Market tensions have indeed eased since the ECB unveiled its anti-crisis bazooka in September, the so-called OMT bond-purchase programme.

The scheme is credited with marking a turning point in financial market sentiment towards the crisis-wracked euro even though it has not actually been used.

With markets now calmer, the ECB has been able to keep its gunpowder dry, keeping interest rates at their all-time low of 0.75 per cent and holding fire on other emergency anti-crisis measures as well, after pumping vast amounts of liquidity into the markets at the beginning of last year.

Nevertheless, at last month's meeting, ECB chief Draghi appeared to open the door to further rate cuts, crucially revealing that there had been "wide discussion" of such a move on the decision-making governing council and that the decision to keep rates on hold was anything but unanimous.

Commerzbank's Schubert pointed out, however, that top board members -- such as Yves Mersch, Peter Praet and Joerg Asmussen -- have all sought to play down possible rate cuts recently.

Deka Bank chief economist Ulrich Kater was similarly convinced that Draghi would not announce any monetary easing at his first press conference of the year.

"The policy of low interest rates is finally making itself felt in the periphery countries, thereby taking the pressure off the monetary policy actors to come up with new stimulus measures," he said.

"For the time being, there is no immediate need to act," he said.

In the United States, the US Federal Reserve hinted last week that its own huge programme of stimulus measures was under review and could be brought to an end sometime this year.

Capital Economics economist Jonathan Loynes cautioned, however, that "having prevented catastrophe in 2012 by pledging to do whatever it takes to save the euro, the ECB will have to follow words with actions in 2013".

While Loynes said he was expecting no policy changes to be announced on Thursday, "the pressure for action may soon be irresistible".

Postbank economist Thilo Heidrich said the likelihood of a rate cut was "wide open", but that he was betting on a further quarter-point reduction in the key refi rate to 0.5 per cent in the early months of this year and the ECB would keep it there "for some time to come".

Loynes at Capital Economics said that "despite the sizeable challenges facing the ECB (in 2013), it appears unlikely that it will take any steps towards meeting them at its meeting in January.

"No doubt Draghi will reaffirm that the ECB is ready to implement OMTs... and he may even show signs of warming to the idea of a cut in interest rates," Loynes said.

"Either way, though, he is likely to keep the onus on governments by stressing once again that the ECB cannot solve the region's debt crisis single-handedly," he concluded.

- AFP/fa



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Minor girl raped repeatedly, pregnant

SHIMLA: A 13-year-old pregnant rape victim's life is at risk as doctors have ruled out abortion in Himachal Pradesh's Kullu district.

The orphaned girl was allegedly raped repeatedly by her maternal uncle and medical examination found she is 29-week pregnant.

The elder sister of the girl had approached the Manali police on December 25 after she found out her sister was raped. After the death of their parents, they had been living with their 85-year-old maternal grandfather where the incidents occurred.

Police had registered a case but failed to arrest the accused so far. The victim was shifted to Shimla on December 28 where her medical examination was done.

As poor health and delayed detection have wiped out the chances of abortion, medical experts now say that delivering the child too will not be an easy task as her body is not ready to deliver a baby putting her life at risk.

According to sources, victim has slipped into depression.

A gynecologist from a prominent Shimla hospital said the victim would face complications during pregnancy as her body is not developed. "She would face problems related to anemia, bone and calcium besides undergoing mental trauma." She said as the minor cannot go through normal delivery so she would have to undergo delivery by a cesarean operation which will also be risky.

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Gun Show Near Newtown Goes on Despite Anger













A little more than 40 miles from Sandy Hook Elementary School, where last month 20 first graders and six staff members were massacred, gun dealers and collectors alike ignored calls to cancel a gun show, and gathered for business in Stamford, Conn.


Four other gun shows with an hour of Newtown, Conn., recently cancelled their events in the wake of the shootings, when 20-year-old Adam Lanza broke in to the elementary school with a semi-automatic assault rifle and three other guns.


The organizers in Stamford emphasized their show only displayed antique and collectible guns, not military style assault weapons like the one used by Lanza in Sandy Hook.


Still, Stamford Mayor Michael Pavia had called for the show to close its doors, calling it "insensitive" to hold so close to the murders.


Gun show participant Sandy Batchelor said he wasn't sure about whether going ahead with the show was "insensitive," but said the shooter should be blamed, not the weapons he used.


"I don't have a solid opinion on [whether it is insensitive]," Batchelor said. "I'm not for or against it. I would defend it by saying it wasnt the gun."


In nearby Waterbury, the community cancelled a show scheduled for this weekend.


"I felt that the timing of the gun show so close to that tragic event would be in bad taste," Waterbury Police Chief Chief Michael J. Gugliotti said.












National Rifle Association News Conference Interrupted by Protesters Watch Video





Gugliotti has halted permits for gun shows, saying he was concerned about firearms changing hands that might one day be used in a mass shooting.


Across the state line in White Plains, N.Y, Executive Rob Astorino also canceled a show, three years after ending a had that had been in place since the 1999 Columbine High School shooting in Colorado. He said he felt the show would be inappropriate now.


But across the country, farther away from Connecticut, attendance at gun shows is spiking, and some stores report they can hardly keep weapons on their shelves with some buyers fearful of that the federal government will soon increase restrictions on gun sales and possibly ban assault weapons altogether.


"We sold 50-some rifles in days," said Jonathan O'Connor, store manager of Gun Envy in Minnesota.


President Obama said after the Sandy Hook shooting that addressing gun violence would be one of his priorities and Rep. Nancy Pelosi, D-Calif., said she would introduce an assault weapons ban this month.


But it is not just traditional advocates of gun control that have said their need to be changes in gun laws since the horrific school shooting.


Republican Sen. Kay Bailey Hutchison of Texas and Virginia Sen. Mark Warner, a Democrat but a long-time opponent of gun control who like Hutchison has received an A rating from the NRA, have both come out in support of strengthening gun laws.


In Stamford, gun dealer Stuart English said participants at the gun show there are doing nothing wrong.


"I have to make a living. Life goes on," gun dealer Stuart English said.


ABC News asked English, what he thought about the mayor of Stamford calling the show "insensitive."


"He's wrong," English said. "This is a private thing he shouldn't be expressing his opinion on."


If you have a comment on this story or have a story idea, you can tweet this correspondent @greenblattmark.


The Associated Press contributed to this report.



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Al Gore stands to gain about $70 million after selling Current TV to al-Jazeera



Al-Jazeera will pay about $500 million for Current TV, including the stake held by Gore, 64, according to two people with knowledge of the deal. The network is one of dozens of investments made by the former vice president since he lost the 2000 presidential race by a slim margin.


“It’s reeking with irony,” said Jeffrey Sonnenfeld, senior associate dean at the Yale School of Management, who studies corporate governance. “It seems to be at least a paradox in terms of his positions on sustainability and geopolitics.”

The deal highlights Gore’s makeover from career politician to successful businessman. His take from the Current TV sale is many times the maximum net worth of $1.7 million he reported while running for president in 1999. Besides investing in start-ups, Gore is on the board of Apple, an adviser to Google and a partner at Kleiner Perkins Caufield & Byers, according to his Web site biography.

“The green of money knows no political boundaries,” said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware. “When you are running investments, your priority needs to be maximizing return.”

Gore’s holdings also include investments in Amazon.com, eBay and Procter & Gamble through his Generation Investment Management.

Gore holds a 20 percent stake in Current TV, according to those with knowledge of the deal, who spoke on the condition of anonymity because the sale terms are not public. His proceeds are difficult to pin down because the company had $41.4 million in debt, as well as preferred stock entitled to $99.5 million in the event of a sale or liquidation, according to a 2008 regulatory filing.

The Current TV price represents a sevenfold increase from the $71 million that Gore and his partners paid for the predecessor company in 2004, according to the filing. Gore, chairman, and Joel Hyatt, a co-founder and chief executive officer, announced the sale on Wednesday, without providing financial terms.

Kalee Kreider, a spokeswoman for Gore, didn’t respond to a phone call or e-mail request for comment.

The network’s investors included funds controlled by Los Angeles billionaire Ron Burkle and San Francisco money manager Richard Blum, according to the 2008 filing, when the company unsuccessfully sought to sell stock to the public. Blum is married to Sen. Dianne Feinstein (D-Calif.).

The Raine Group advised Current TV on the sale. The owners introduced Current TV in 2005 after purchasing the network from Vivendi.

Al-Jazeera is closely held and receives some funding from the government of Qatar, a small country on the eastern side of the Arabian Peninsula that gets almost half of its gross domestic product from oil and gas, data compiled by Bloomberg show.

“Under Qatari law, Al Jazeera Media Network is incorporated as a private, non-profit company,” Charlotte Fouch, a spokeswoman, said in an e-mail. “Al Jazeera receives funding from the State of Qatar, much like other publicly funded broadcast networks.”

Last February, Gore said investors in oil and gas companies that ignore the cost of carbon dioxide emissions and other greenhouse gases are making a mistake similar to those who invested in subprime mortgages.

Most of Gore’s investments are made through Generation Investment Management, which he co-founded with former Goldman Sachs Group executive David Blood. The most recent regulatory filing lists about $3.6 billion under management in 29 publicly traded companies.

In addition, Generation Investment Management also has stakes in private ventures such as Nest Labs, a company formed by Apple alumni to create a thermostat that adapts to user behavior and saves money. The fund also backed Elon Musk’s SolarCity, a developer of rooftop solar power systems that went public last month.

In April, Gore’s fund was part of $110 million in venture capital invested in Harvest Power, a closely held company that produces renewable energy from waste such as food scraps.

He is also the author of the climate-change-focused best-sellers “Earth in the Balance,” “An Inconvenient Truth,” “The Assault on Reason” and “Our Choice: A Plan to Solve the Climate Crisis.” Gore was the co-recipient, with the Intergovernmental Panel on Climate Change, of the 2007 Nobel Peace Prize for “informing the world of the dangers posed by climate change,” according to his official biography.

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Singapore, Turkey reaffirm excellent bilateral ties






ANKARA: The foreign ministers of Singapore and Turkey reaffirmed the excellent state of relations between their countries during talks in the Turkish capital, Ankara on January 4.

Singapore's Foreign Affairs and Law Minister K Shanmugam and his Turkish counterpart, Professor Ahmet Davutoglu, also discussed ways to further broaden and deepen bilateral cooperation.

In particular, they looked forward to enhancing trade and investment flows, as well as more high-level exchanges, between their countries.

Mr Shanmugam welcomed Turkey's interest to step up its engagement of ASEAN.

Mr Shanmugam, who is on an official visit to Turkey from January 3 to 5, also welcomed the opening of Singapore's embassy in Ankara.

- CNA/fa



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Himachal: 2 brothers of murder-accused MLA booked for harbouring him


PANCHKULA: Himachal police on Friday booked two brothers of HP Congress MLA, Ram Kumar Chaudhary, a suspect in the murder case of 24-year-old Jyoti, for allegedly harboring him with the motive of avoiding his arrest.

Panchkula police have failed to arrest Chaudhary and 3 others during the 14-day validity of arrest warrant against them. The warrants were issued on December 20.

The case was registered under section 216 (harbouring offender who has escaped or whose apprehension has been ordered) of IPC in Baddi police station.

Baddi SP Arul Kumar said, "Madan Chaudhary and Harbhjan Chaudhary were harbouring MLA Chaudhary for a long time. Whenever police questioned them, they negatively replied, despite having full knowledge about the suspect's whereabouts."

Meanwhile, Baddi police have also informed Kangra police about the absconding status of Chaudhary and requested them to inform if he appears during the oath-taking ceremony of new MLAs to be held in Dharamshala on January 8.

Doon MLA Chaudhary is absconding ever since 24-year old Jyoti Devi of Hoshiarpur was found murdered in Sector 21, Panchkula, on November 22. Arrest warrants were issued against him along with three others by a local court here on December 20.

Haryana police have failed to arrest Chaudhary and his four accomplices even as a Panchkula court had rejected the anticipatory bail application of Chaudhary last month.

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Quadruple Amputee Gets Two New Hands on Life













It's the simplest thing, the grasp of one hand in another. But Lindsay Ess will never see it that way, because her hands once belonged to someone else.


Growing up in Texas and Virginia, Lindsay, 29, was always one of the pretty girls. She went to college, did some modeling and started building a career in fashion, with an eye on producing fashion shows.


Then she lost her hands and feet.


Watch the full show in a special edition of "Nightline," "To Hold Again," TONIGHT at 11:35 p.m. ET on ABC


When she was 24 years old, Lindsay had just graduated from Virginia Commonwealth University's well-regarded fashion program when she developed a blockage in her small intestine from Crohn's Disease. After having surgery to correct the problem, an infection took over and shut down her entire body. To save her life, doctors put her in a medically-induced coma. When she came out of the coma a month later, still in a haze, Lindsay said she knew something was wrong with her hands and feet.


"I would look down and I would see black, almost like a body that had decomposed," she said.


The infection had turned her extremities into dead tissue. Still sedated, Lindsay said she didn't realize what that meant at first.










"There was a period of time where they didn't tell me that they had to amputate, but somebody from the staff said, 'Oh honey, you know what they are going to do to your hands, right?' That's when I knew," she said.


After having her hands and feet amputated, Lindsay adapted. She learned how to drink from a cup, brush her teeth and even text on her cellphone with her arms, which were amputated just below the elbow.


"The most common questions I get are, 'How do you type,'" she said. "It's just like chicken-pecking."


PHOTOS: Lindsay Ess Gets New Hands


Despite her progress, Lindsay said she faced challenges being independent. Her mother, Judith Aronson, basically moved back into her daughter's life to provide basic care, including bathing, dressing and feeding. Having also lost her feet, Lindsay needed her mother to help put on her prosthetic legs.


"I've accepted the fact that my feet are gone, that's acceptable to me," Lindsay said. "My hands [are] not. It's still not. In my dreams I always have my hands."


Through her amputation recovery, Lindsay discovered a lot of things about herself, including that she felt better emotionally by not focusing on the life that was gone and how much she hated needing so much help but that she also truly depends on it.


"I'm such an independent person," she said. "But I'm also grateful that I have a mother like that, because what could I do?"


Lindsay said she found that her prosthetic arms were a struggle.


"These prosthetics are s---," she said. "I can't do anything with them. I can't do anything behind my head. They are heavy. They are made for men. They are claws, they are not feminine whatsoever."


For the next couple of years, Lindsay exercised diligently as part of the commitment she made to qualify for a hand transplant, which required her to be in shape. But the tough young woman now said she saw her body in a different way now.






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Federal agencies bracing for cuts after ‘fiscal cliff’ deal



The eleventh-hour agreement to avoid a “fiscal cliff” of higher taxes put off the major cuts known as a sequester until March 1, when another showdown is expected over the federal debt limit and how much to reduce the size of government.


Congress and the White House agreed to find $24 billion to pay for the delay, divided between spending cuts and a tax change that allows Americans holding traditional retirement plans to convert more of them to Roth IRAs, a process that requires tax payments up front.

The remaining $12 billion in cuts to domestic and defense agencies will not take effect until at least March 27, when the stopgap budget funding the government expires. The first $4 billion in cuts must come by Sept. 30, the end of the fiscal year, and the remaining $8 billion in fiscal 2014, which will start Oct. 1.

The cuts will be rolled into budget deliberations on Capitol Hill, and no one knows what agencies and programs they will affect. Out of a discretionary spending budget of $1.04 trillion, $12 billion is relatively small. But it’s not a rounding error.

“There will be a few select cuts that will be painful,” said Patrick Lester, fiscal policy director at the Center for Effective Philanthropy (formerly OMB Watch). “We won’t know for months what those cuts are, which makes them easy to do.”

William R. Dougan, president of the National Federation of Federal Employees, said $12 billion “spread across the government doesn’t sound like a lot of money, but it depends on how it’s spread out.”

Even if each agency took a hit, some “will still be looking at furloughs and even [reductions in force] as a possible solution,” he said. Those are some of the near-certain actions many agencies have said they would take if they had to make the across-the-board cuts Congress imposed in 2011 to force itself to reckon with the federal deficit.

On Wednesday, government and union leaders said that threat, just two months away, is making them nervous.

Defense Secretary Leon E. Panetta said Congress has “prevented the worst possible outcome by delaying sequestration for two months.”

But he warned that the “the specter of sequestration” threatens national security.

“We need to have stability in our future budgets,” Panetta said in a statement. “We need to have the resources to effectively execute our strategy, defend the nation, and meet our commitments to troops and their families after more than a decade of war.”

Several officials said they are still sorting out what the two-month delay means.

“We are working hard with [the Office of Management and Budget] to understand the impact, but we’re just not there yet,” said Army Lt. Col. Elizabeth Robbins, a Defense Department spokeswoman.

Defense consultant Jim McAleese said the deal to raise taxes on families with income above $450,000 and individuals earning more than $400,000 will bring in so much less revenue than the $250,000 threshold President Obama proposed that steep defense cuts are inevitable.

Instead of the $10 billion in cuts a year over 10 years that the Defense Department could have expected to see under Obama’s most recent deficit reduction plan, McAleese said the reductions could be more in the range of $15 billion to $20 billion a year over 10 years.

“People were talking before about defense cuts of $10 billion per year, but the sheer size of the disagreement is going to bring about an immediate, aggressive reaction that will impact the final outcome of the spending cuts,” he said.

Colleen M. Kelley, president of the National Treasury Employees Union, said of the $12 billion in cuts, “I would hope agencies could find these savings without impacts on front-line employees and without impacts on services to the public. We have more questions than answers right now.”

Steve Vogel contributed to this report.

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