US Dollar falls as fiscal cliff worries grow

NEW YORK: The US dollar dropped to its lowest level against the euro in three months Friday, the euro going above US$1.31 as politicians in Washington appeared no closer to averting the economy-crunching fiscal cliff.

With just over two weeks to go before the deadline, markets began to show strains from worries that US leaders will not be able to carve out a compromise deal to beat the year-end deadline to skirt the cliff's harsh mandatory budget cuts and tax hikes.

At 2200 GMT, the euro was at US$1.3161, compared to US$1.3073 late Thursday.

The US dollar has slipped steadily for a week amid cliff fears and the Federal Reserve's extension of its bond-buying easy monetary accommodation, aimed at sparking more growth in the sluggish US economy.

The yen was mixed ahead of Sunday's Japanese general election: the euro gained to 109.94 yen from 109.38 yen, while the US dollar slipped to 83.52 yen from 83.64.

"According to most reports out of Japan, former Prime Minister Shinzo Abe is well ahead in polls and his coalition government should easily take more than 60 per cent of the seats in Parliament, leading to Abe's return to the PM seat," said Neal Gilbert of GFT.

"Abe has made many declarations that he wants to become more aggressive with monetary policy by lowering interest rates to 0 per cent, increasing the inflation target to 3 per cent, and increasing the amount of QE (quantitative easing)."

Gilbert added that if Abe regains the premiership, the yen's weakness "may be much more long lasting."

The US dollar slipped against the Swiss franc to 0.9172 francs, while the British pound edged higher to US$1.6173.

- AFP/jc

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Captain Amarinder Singh gets reprieve in Amritsar Improvement Trust case

CHANDIGARH: The trial against former Punjab chief minister, Capt Amarinder Singh, in Amritsar Improvement Trust case would now be conducted by another court in Mohali. Justice K C Puri of the Punjab and Haryana high court passed these orders on Friday, while disposing off a petition filed by the Congress leader.

Justice Puri ordered that the trial against former CM would be conducted before senior most judge of the district court Mohali.

In his petition, Amarinder had sought the transfer of case trial from Mohali court to any other outside Punjab, alleging that the trial could not be held in a fair manner in the state as the public prosecutor could not be presumed to be impartial. However, later he pressed for transfer of the case to any other court of district court Mohali. Even the state government had filed its no objection on the shifting of case trial.

While apprehending pressure on Punjab vigilance bureau during the trial of cases against him, Capt had contended that the public prosecutor was under administrative control of the home department of the state government, headed by deputy chief minister Sukhbir Badal.

Amarinder was booked by the Punjab vigilance bureau on September 11, 2008 at the police station, vigilance bureau, Mohali, under sections 420, 458, 467, 471, 120-B of IPC and sections 7 and 13 of the Prevention of Corruption Act. The matter pertains to land excluded from the Amritsar Improvement Trust scheme, which was later taken by a builder. The bureau has already filed a charge sheet against Capt in this case before special court Mohali.

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Space Pictures This Week: Frosty Mars, Mini Nile, More

Photograph by Mike Theiss, National Geographic

The aurora borealis, also known as the northern lights, illuminates the Arctic sky in a recent picture by National Geographic photographer Mike Theiss.

A storm chaser by trade, Theiss is in the Arctic Circle on an expedition to photograph auroras, which result from collisions between charged particles released from the sun's atmosphere and gaseous particles in Earth's atmosphere.

After one particularly amazing show, he wrote on YouTube, "The lights were dancing, rolling, and twisting, and at times looked like they were close enough to touch!" (Watch his time-lapse video of the northern lights.)

Published December 14, 2012

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Conn. Shooter Adam Lanza; 'Obviously Not Well'

Adam Lanza, the 20-year-old who killed 20 children and six adults at Sandy Hook Elementary School in Newtown, Connecticut this morning, was "obviously not well," a relative told ABC News.

Family friends in Newtown also described the young man as troubled and described his mother Nancy as very rigid. "[Adam] was not connected with the other kids," said one friend.

Late today, police said Nancy Lanza's body was found in the family home. According to sources, Lanza shot his mother in the face, then left the house armed with at least two semi-automatic handguns and a semi-automatic rifle.

State and federal authorities believe his mother may have once worked at the elementary school where Adam went on his deadly rampage, although she was not a teacher, according to relatives, perhaps a volunteer.

As part of the investigation authorities searched the New Jersey apartment of Adam's older brother Ryan in Hoboken, New Jersey.

Police had initially identified Ryan as the killer, until he sent out a series of Facebook posts saying it wasn't him and that he was at work all day.

Sources told ABC News that Ryan, 24, works as a senior person in Ernst and Young's tax practice in Manhattan.

"He's a tax guy and he is clean as a whistle," a source familiar with his work said.

Ryan has worked at the firm 4 years.

Today the NYPD and FBI went to Ernst & Young and removed Ryan's laptop and other possessions, which is part of the normal investigative process.

Officials were interviewing Ryan and his father, but neither person was under any suspicion, multiple sources said.

MORE: 27 Dead, Mostly Children, at Connecticut Elementary School Shooting

LIVE UPDATES: Newton, Conn. School Shooting

Click Here for the Blotter Homepage.

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Rep. Loretta Sanchez’s 2012 Christmas card: Fiscal cliff, Gretzky in heaven

Here it is, ladies and gentlemen — your Rep. Loretta Sanchez Christmas card for 2012!

(Courtesy of the Office of Rep. Loretta Sanchez)
Over the past decade, the California Democrat’s wacky holiday greetings have drawn a cult following. “I’ve seen them being sold on eBay,” the congresswoman told us.

(Courtesy of the Office of Rep. Loretta Sanchez)
Nice topical theme this year! “The ‘fiscal cliff’ is a very serious situation, so we didn’t want to make light of it,” she said. “But sometimes a chuckle makes things a lot easier.” (Last year’s card tipped a hat to Occupy Wall Street and all that 99 percent talk: “May the joy of the holidays occupy 100 percent of your heart.”)

That’s husband Jack Einwechter dancing with her. Sanchez’s late beloved cat Gretzky, the star of so many cards over the years, is represented inside the card, a halo over his furry head. “Of course — Angel Gretzky,” she said. “We keep Gretzky every year because he has so many followers.”

Earlier:
Rep. Loretta Sanchez’s ‘Call Me Maybe’ parody, with summer interns, 7/2/12

Last year:
Rep. Loretta Sanchez carries on holiday card tradition, without beloved cat Gretzky, 12/9/11

Loretta Sanchez’s 2011 Christmas card, 12/16/11

Also in The Reliable Source:

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Quoted: Marco Rubio on his hair loss

D.C. power players appear in new video portrait — but is it art?

Elizabeth Kucinich becomes a real-estate agent; will keep public-affairs job, too

Albert Small buys George Washington letter for $290,000 — but don’t tell his wife

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EU leaders upbeat on euro future after deal on banks, Greece

BRUSSELS: EU leaders debated the euro's future in a bullish mood Thursday after deals on banks and Greece, despite fears that political uncertainty in Italy could cause new worries for the single currency.

As video showed the bloc's 27 leaders smiling and joking with each other at the beginning of a two-day summit, EU President Herman Van Rompuy said leaders should aim to cap a triumphant week that began with the European Union picking up the Nobel Peace Prize.

"We started the week well in Oslo. Let's finish it well here in Brussels with a further positive outcome," Van Rompuy said.

"The worst is now behind us, but of course much still needs to be done," he added as the leaders began deliberations on how to make the 17-nation eurozone more stable after a crippling three-year crisis.

The hero of the day was Italy's Prime Minister Mario Monti, hailed for tough reforms that have brought Italy back from the brink of financial collapse but who announced last weekend he would be stepping down.

"Confidence has been returning in Italy's capacity to solve problems," said European Commission chief Jose Manuel Barroso. "Let me praise Mario Monti and his government for this."

Jitters over Italy's political situation loomed over the summit, after Monti said he would soon step down and former leader Silvio Berlusconi indicated he might run for a fourth term.

But on the sidelines of the talks, Berlusconi hinted he might not put himself forward, telling Belgian television channel VRT that he had "so much to do" outside politics.

At the talks, leaders will debate a report drawn up by Van Rompuy that proposes steps towards greater economic integration in the eurozone, eventually with a common "fiscal capacity" and binding reform commitments.

Following on the heels of a summit only last month that collapsed over the EU's seven-year budget, the atmosphere was noticeably brighter after ministers sealed much-heralded agreements on supervising big banks and aid to Greece.

Greek Prime Minister Antonis Samaras exclaimed that "Grexit is dead", meaning the prospect of Greece leaving the euro currency area was no longer possible after ministers released bailout funds to avert bankruptcy.

After a buy-back programme designed to reduce Greece's debt mountain, Eurogroup head Jean-Claude Juncker said a first payment of 34.3 billion euros ($44.7 billion) would be flowing to Athens "as early as next week."

This instalment would go to help recapitalise Greece's crisis-wracked banks, to be followed by another 14.8 billion euros in the first quarter of next year.

An ecstatic Samaras, who has pushed through painful reforms demanded by creditors often in the face of violent protest, told reporters: "Greece is back on its feet. The sacrifices of the Greek people have not been in vain."

"Today is not only a new day for Greece, it is indeed a new day for Europe," he added.

"It is flying. It is happening"

Hours before the Greece deal, ministers charged the European Central Bank with monitoring banks with assets of more than 30 billion euros, or equal to 20 percent of a state's economic output from March 2014.

The agreement, which German Chancellor Angela Merkel said "cannot be valued highly enough", is the first step on the path towards a banking union and clears the way for EU bailout funds to recapitalise struggling banks directly.

Merkel called the move a "big step towards more reliability and trust in the eurozone."

The new Single Supervisory Mechanism (SSM) for the eurozone -- which Britain and Sweden will not take part in -- will mean the ECB directly supervising some 200 of the biggest banks out of the estimated 6,000 eurozone lenders.

ECB chief Mario Draghi hailed the accord as "an important step towards a stable economic and monetary union, and towards further European integration".

More excitedly, Barroso said: "You remember, when we spoke about this some time ago, people said it will not fly. It is flying. It is happening."

Merkel voiced some satisfaction as she looked back on a year of seemingly endless crisis summits, damaging market volatility and, at times, near break-up of the eurozone bloc.

"All in all, I want to state at the end of 2012 that we have achieved a lot. It was a very heavy year in terms of work but it was also a year in which we managed to make big progress," said the leader of Europe's biggest economy.

The head of the European Parliament, Martin Schulz, however complained that workers' rights had not been taken sufficiently into account.

"As the representatives of the people, we are annoyed that the social pact that we asked for has not been included in the report drawn up by Mr Van Rompuy," Schulz told reporters.

-AFP/ac

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At 100 plus, they keep 65-year-old India healthy

SURAT/BHARUCH: From East India Company to Nano, they have seen it all. They may not have had formal education, but these centurions in Gujarat set an example for those shying away from voting.

In Surat's Hirabaug polling booth, all eyes were glued on 110-year-old Ujiben Kakadia, the oldest voter in the city. She came in her grandson's car to cast her vote on Thursday morning and was accompanied by her 78-year-old daughter Laduben Borda.

Ujiben refused to say whom she voted for. For her grandson Tulsi Borda , it was a surprise on Wednesday night when Ujiben expressed her wish to exercise her franchise for the second time in the past 15 years.

It was in 1995 that Ujiben had cast her vote in Surat. A native of Panchpipla village in Palitana taluka of Bhavnagar district , she has been living in the city for the past 35 years. Borda (40) said, "Since 10 years she has not been keeping well. At present she is fine."

Voting is nothing less than festival in Rozghat village of Narmada district. And, the most excited person to reach the polling booth is none other than 117-year-old Kathudia Dada. The Election Commission had actually made him its icon to promote voting in the state.

Kathudia Dada woke up at the break of the dawn and ensured that 65 members of his family exercise their franchise.

T he 117-year-old walked for almost a kilometre from his house to reach the polling booth at a primary school. And, the scene was nothing less than a procession. They walked in two separate lines of males and females. Kathudia Dada has a family of 80 out of which 65 are registered voters. He has five sons and two daughters.

"Voting day is nothing less than a family festival for us. I have cast my vote in all post-Independence elections," he said.

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Global Checkup: Most People Living Longer, But Sicker

If the world's entire population went in for a collective checkup, would the doctor's prognosis be good or bad? Both, according to new studies published in The Lancet medical journal.

The vast collaborative effort, called the Global Burden of Diseases, Injuries, and Risk Factors Study 2010, includes papers by nearly 500 authors in 50 countries. Spanning four decades of data, it represents the most comprehensive analysis ever undertaken of health problems around the world.

It reveals that, globally, we're living longer but coping with more illness as adults. In 1990, "childhood underweight"—a condition associated with malnutrition, measles, malaria, and other infectious diseases—was the world's biggest health problem. Now the top causes of global disease are adult ailments: high blood pressure (associated with 9.4 million deaths in 2010), tobacco smoking (6.2 million), and alcohol use (4.9 million).

First, the good news:

We're living longer. Average life expectancy has risen globally since 1970 and has increased in all but eight of the world's countries within the past decade.

Both men and women are gaining years. From 1970 to 2010, the average lifespan rose from 56.4 years to 67.5 years for men, and from 61.2 years to 73.3 years for women.

Efforts to combat childhood diseases and malnutrition have been very successful. Deaths in children under five years old declined almost 60 percent in the past four decades.

Developing countries have made huge strides in public health. In the Maldives, Bangladesh, Bhutan, Iran, and Peru, life expectancy has increased by more than 20 years since 1970. Within the past two decades, gains of 12 to 15 years have occurred in Angola, Ethiopia, Niger, and Rwanda, an indication of successful strategies for curbing HIV, malaria, and nutritional deficiencies.

We're beating many communicable diseases. Thanks to improvements in sanitation and vaccination, the death rate for diarrheal diseases, lower respiratory infections, meningitis, and other common infectious diseases has dropped by 42 percent since 1990.

And the bad:

Non-infectious diseases are on the rise, accounting for two of every three deaths globally in 2010. Heart disease and stroke are the primary culprits.

Young adults aren't doing as well as others. Deaths in the 15 to 49 age bracket have increased globally in the past 20 years. The reasons vary by region, but diabetes, smoking, alcohol, HIV/AIDS, and malaria all play a role.

The HIV/AIDS epidemic is taking a toll in sub-Saharan Africa. Life expectancy has declined overall by one to seven years in Zimbabwe and Lesotho, and young adult deaths have surged by more than 500 percent since 1970 in South Africa, Botswana, Zambia, and Zimbabwe.

We drink too much. Alcohol overconsumption is a growing problem in the developed world, especially in Eastern Europe, where it accounts for almost a quarter of the total disease burden. Worldwide, it has become the top risk factor for people ages 15 to 49.

We eat too much, and not the right things. Deaths attributable to obesity are on the rise, with 3.4 million in 2010 compared to 2 million in 1990. Similarly, deaths attributable to dietary risk factors and physical inactivity have increased by 50 percent (4 million) in the past 20 years. Overall, we're consuming too much sodium, trans fat, processed meat, and sugar-sweetened beverages, and not enough fruits, vegetables, whole grains, nuts, fiber, calcium, and omega-3 fatty acids.

Smoking is a lingering problem. Tobacco smoking, including second-hand smoke, is still the top risk factor for disease in North America and Western Europe, just as it was in 1990. Globally, it's risen in rank from the third to second leading cause of disease.

To find out more and see related charts and graphics, see the Institute for Health Metrics and Evaluation, which led the collaboration.

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NASA Debunks Mayan Doom, 10 Days Early

Dec 13, 2012 2:57pm

Kukulkan pyramid, Yucatan, Mexico. Jeremy Woodhouse/Getty.

We’ll never know if they were wrong.

NASA has quietly published a web video explaining why the world did not come to an end “yesterday,” Dec. 21, 2012.

The date of its release, December 11, was no mistake, even if doomsayers would likely call it one last act of earthly hubris. NASA uploaded the four-minute “ScienceCasts” explainer, titled “Why the World Didn’t End Yesterday,” in an effort to answer hundreds of calls and emails they receive daily. It also has a dedicated website that’s received at least 4.6 million visitors — people asking if the Maya prophecy is coming true and what they should do about it.

“If there was anything out there, like a planet headed for Earth, said NASA Astrobiologist David Morrison, it would already be one of the brightest objects in the sky,” the narrator explains in a cheerfully pedantic voice. “Everybody on Earth could see it. You don’t need to ask the government, just go out and look. It’s not there.”

(Note: Still not convinced? Consider this: Even if the Maya, a declining Mesoamerican civilization wiped almost entirely off the map by 17^th century Spanish conquistadors, are to be trusted with this kind of high-stakes stuff, scientists agree that reports concerning their prediction of our collective demise have been greatly exaggerated, if not fabricated. Anthropologists say the Mayan calendar was cyclical, and frequently restarted without ending.)

As for rumors about solar flares and reports the sun is reaching the “max of its 11-year solar cycle,” well, that’s all true. But NASA calls is it the “wimpiest cycle” of the past 50 years.

Anyway, “the sun has been flaring for billions of years and it has never, once, destroyed the world.”

Dwayne Brown, a senior public affair officer at NASA, said the space agency felt a sense of duty as the date neared. People have been calling in to headquarters “who want to do harm to their families” in an effort to protect them from the unknown horrors expected to arrive with the Maya apocalypse, he said.

“As the attention on the issue is growing,” the video’s producer and director Michael Brody said, “we didn’t want the rumors growing…. The idea is to take a straight, stoic, standard [scientific] look… and give it a hook.”

“You’re the smart guys, you know what’s up in space,” Brown said, his way of distilling public sentiment toward NASA.  “Well, we do!”

READ: Apocalypse Believers Flocking Here: Why?

And what they know is quite simple. The world might end on a Friday, but it won’t be tomorrow or the one after. Most scientists agree we have about five billion years of battery life, in the form of the sun, to go before the time comes to get nervous.

Brown’s best advice: “Let’s take it day-by-day.”

SHOWS: World News

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Lobbying on taxes usually pays dividends

Business interests focused on the debate over the looming “fiscal cliff” are most concerned with making sure there’s a timely deal — any deal.

The details of the compromise are less important than getting an agreement in place that removes the danger of a one-two punch to the economy that would flow from trillions of dollars’ worth of tax increases and across-the-board spending cuts set to go into effect next year.

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