UN cultural body weighing Palestinian membership

PARIS (AP) ? The U.N. cultural agency is weighing a request to admit Palestine as a full member, a highly divisive bid that's part of the Palestinians' broader push for greater international recognition.

U.S. lawmakers have threatened to withhold some $80 million in funding to UNESCO if it approves Palestinian membership.

U.S. officials oppose the Palestinian UNESCO request and say it could harm renewed efforts for Israeli-Palestinian peace talks.

Palestinian officials are seeking full membership in the United Nations, but because that effort is expected to take some time, they are separately trying to get membership at Paris-based UNESCO.

Delegates at the U.N. Educational, Scientific and Cultural Organization are debating the request Monday and expected to vote on it later in the day.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2011-10-31-UNESCO-Palestinians/id-7fa04afe9ce0429da583070ea6a46156

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NBA talks need economic move to end the lockout

FILE - In this file photo taken Oct. 4, 2011, NBA Commissioner David Stern listens during a news conference following NBA labor talks meeting between basketball players and owners in New York. Stern canceled all November games on Friday, Oct. 28, the 120th day of the lockout. (AP Photo/Bebeto Matthews, file)

FILE - In this file photo taken Oct. 4, 2011, NBA Commissioner David Stern listens during a news conference following NBA labor talks meeting between basketball players and owners in New York. Stern canceled all November games on Friday, Oct. 28, the 120th day of the lockout. (AP Photo/Bebeto Matthews, file)

NEW YORK (AP) ? Anyone who has been to a car dealership, or bought a home, understands how negotiating works.

One side offers a number, the other counters, and they meet somewhere in the middle and make a deal.

That's not the way it's working in the NBA's labor standoff ? even with potentially $2 billion at stake for each side.

Owners and players keep insisting they are ready and willing to make the necessary financial step for an agreement. Yet talks have broken down each of the last two weeks with little movement and the same type of answer: "We're here, they're there, and that's that."

That won't get players back on the court or fans in the seats.

And with both sides so entrenched, it might be a question of when, not if, another round of cancellations will be necessary.

"I don't know," Commissioner David Stern said Friday when asked about the next deadline. "We just had a difficult day. We'll go back, we'll go to the office Monday and see what to do about this big mess."

They could start with a phone call to the players' association to schedule more talks, and the sides likely will meet again soon. But it will remain pointless if neither side is prepared to offer compromise.

Owners are insistent on a 50-50 split of basketball-related income. Players have proposed reducing their guarantee from 57 percent down to 52.5, saying that will transfer more than $1.5 billion to owners over six years.

And when neither side would go further Friday, NBA officials said union executive director Billy Hunter ended the session.

"Billy said, 'My phone is ringing off the hook from agents and players telling me I cannot go under 52 percent' and he said unless you're willing to go there, we have nothing to talk about," Deputy Commissioner Adam Silver said.

The difference between 50 and 52.5 percent is about $100 million annually, based on last season's revenues, or $1 billion over the course of the 10-year agreement the NBA is seeking.

The cost of not making a deal?

"We expect there to be a $2 billion loss for us for the loss of the season, which we will then begin to dig out from under and try to get back, if there were a season's loss," Stern said. "And the players would lose $2 billion. Period."

The losses already have been piling up. Stern said wiping out the preseason schedule, which would have ended Friday, cost the league $200 million. The first month of real games adds another couple hundred million, and Hunter has said missing a month would cost the players about $350 million.

But that's not enough to make players agree to a deal they say would cost them money and limit their options in free agency.

"We think we gave more than enough, and that's what we constantly said to them: 'Look, we did what it was you said you needed, we did it,'" Hunter said. "And now all of a sudden, every time we did it, it's like their eyes got bigger and they wanted more and more and more. So finally we just had to shut it down and just say it can't be."

Stern has made it clear that owners' future proposals could be made with the losses in mind. Players eventually will get their money, just less of it, but the damage to businesses that rely on the game won't be recovered.

"I think it is hard for the average person to understand what it is they're arguing over," said Jim Taggart, the manager of The Four's, an upscale sports bar across the street from Boston's TD Garden. "A lot of the people that work concessions at the Garden come in here, and their pay is budgeted into how they pay their mortgages, how they put their kids through school.

"Events at the Garden are just absolute big business. There's a whole ancillary economy that depends on the Garden, and it's pretty far reaching, all the restaurants and parking garages."

The sides are much closer after three straight days of meetings in consecutive weeks. Besides the BRI split, the list of remaining items is down to just a handful, such as the ability of teams over the luxury tax threshold to use the midlevel exception or participate in sign-and-trade deals.

Those are important to players. The top-spending teams are mostly the ones in the biggest markets, and players want to know teams in the most desired cities won't be prevented from bidding on them.

"What we did not want to do and what we don't want to do is take taxpaying teams completely out of the market for other teams' free agents," union president Derek Fisher of the Lakers said. "We want our midlevel players to be able to sign contracts or at least have the opportunity to sign a contract wherever they would like to play."

There had been a sense of optimism going into Friday after both sides acknowledged progress on the salary cap system over the previous two days. But they hadn't talked about the split, and sure enough, once they did things fell apart again.

Wasted was the meeting room the NBA had reserved through the weekend at a top New York hotel, where it hoped to be announcing a deal by Sunday. The next talks haven't been scheduled, but the sides reconnected quickly after the last breakdown.

"Each time I come here, we've come in thinking we may be here for weeks and we're not going to leave the room," Fisher said. "But sometimes they end and you assume you won't talk again for weeks and you're back the next day."

___

AP Sports Writer Howard Ulman in Boston contributed to this report.

___

Follow Brian Mahoney on Twitter: twitter.com/Briancmahoney.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2011-10-29-NBA%20Labor/id-f104e8bd7a7f4d61bb988f6727b3a415

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YouTube Pays $100 Million to Channel Hollywood Star Power [YouTube]

In its bid to compete with traditional cable offerings on even footing, YouTube has reached agreements with more than 100 producers to provide exclusive video content to the site. YouTube is aiming to create dedicated, broadcast-quality channels from these providers—including Reuters, the WSJ, Slate, The Onion, Ashton Kutcher, and Shaquille O'Neal. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/bVQmcBT3Srk/youtube-pays-100-million-to-channel-hollywood-star-power

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Cainapalooza (talking-points-memo)

Share With Friends: | | Politics - Top Stories Stories, RSS Feeds and Widgets via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/155429211?client_source=feed&format=rss

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Redskins finish unbeaten in Batavia Youth Football B divison

The Redskins capped off a perfect season by topping the Steelers on Saturday. Despite the cold temps, a good crowd was on hand to witness the season finale of Batavia Youth Football's B division.

The Steelers backfield reacts as their qb takes the snap

Redskin's running back slips past Steeler defender.....

and breaks into the open for a long gain

much to the delight of coach A J Martino

obviously, it takes more than one tackler to bring down this guy!

Steelers offense getting set prior to the snap. The Steelers played tough, but in the end.....

They spent a great deal of time chasing down #32

Source: http://thebatavian.com/jimnigro/redskins-finish-unbeaten-batavia-youth-football-b-divison/28891

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Expert: Jackson likely addicted to pain med

LOS ANGELES?? An addiction expert testifying for the doctor charged in Michael Jackson's death told jurors Thursday he believes medical records showed the singer developed an addiction to a powerful pain medicine in the months before his death.

Dr. Robert Waldman told jurors that Jackson was receiving "above-average doses" of the painkiller Demerol in the months before his death.

"I believe there is evidence that he was dependent on Demerol, possibly," Waldman said. The witness said he also thinks Jackson had an addiction to opioids by May 2009, the month before his death.

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Waldman said a symptom of Demerol withdrawal is insomnia. Jackson complained that he couldn't sleep as he prepared for a series of comeback concerts.

Attorneys for Dr. Conrad Murray have suggested Jackson was undergoing withdrawal from Demerol before his death. None of the drug was found in the singer's system when he died.

Defense attorneys contend Jackson gave himself a fatal dose of the anesthetic propofol, which they say he was taking as a sleep aid.

Authorities found propofol throughout Jackson's body during an autopsy, and they contend Murray gave the singer a fatal dose of the drug while using it to help him sleep.

Slideshow: The face of change (on this page)

Jackson received the Demerol shots from his longtime dermatologist, Dr. Arnold Klein, who has not been accused of wrongdoing and will not be called as a witness during the trial.

Waldman said he had not treated a case of Demerol addiction in recent memory.

Murray has pleaded not guilty to involuntary manslaughter in Jackson's June 2009 death.

The Houston-based cardiologist's attorneys plan to call a propofol expert later Thursday.

Murray's attorneys have yet to show evidence of how their self-administration theory would have been possible. Several prosecution experts have said the self-administration defense was improbable, and a key expert said he ruled it out completely, arguing the more likely scenario was that Murray gave Jackson a much higher dose than he has acknowledged.

The scientific testimony of Waldman and Dr. Paul White comes a day after jurors heard from five of Murray's one-time patients, who described the cardiologist as a caring physician who performed procedures for free and spent hours getting to know them. When Ruby Mosley described Murray's work at a clinic he founded in a poor neighborhood in Houston in memory of his father, tears welled up in the eyes of the normally stoic doctor-turned-defendant.

White and Waldman do not necessarily have to convince jurors that Jackson gave himself the fatal dose, but merely provide them with enough reasonable doubt about the prosecution's case against Murray.

Prosecutors have portrayed Murray, 58, as a reckless physician who repeatedly broke the rules by giving Jackson propofol as a sleep aid. But jurors heard a different description of the doctor Wednesday.

Story: Patients' praise makes Jackson's doctor cry

Several of the character witnesses called described Murray as the best doctor they had ever seen and highlighted his skills at repairing their hearts with stents and other procedures.

"I'm alive today because of that man," said Andrew Guest of Las Vegas, who looked at Murray. "That man sitting there is the best doctor I've ever seen."

Another former patient, Gerry Causey, stopped to shake Murray's hand in the courtroom and said the physician was his best friend.

A prosecutor noted none of them were treated for sleep issues, although Causey and others said they didn't believe the allegations against Murray.

Defense attorneys have told Superior Court Judge Michael Pastor they expect their case to conclude Thursday. Pastor has said if that happens, closing arguments would occur next week.
Have the defense's witnesses changed your mind about Murray? Tell us on Facebook.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://today.msnbc.msn.com/id/45060754/ns/today-entertainment/

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Wenger sees discontent, says skepticism too high

By ROB HARRIS

AP Sports Writer

Associated Press Sports

updated 8:54 a.m. ET Oct. 27, 2011

LONDON (AP) -Arsene Wenger acknowledged that there is skepticism and discontent among Arsenal fans, but asked a stormy shareholders' meeting Thursday to continue trusting in his team despite a seven-year trophy drought.

"Not many people at the moment are behind us," Wenger said at one of the most heated annual general meetings of his 15-year reign following Arsenal's worst start to a season in more than 50 years.

But before trying to allay fears over Arsenal's lack of competitiveness, Wenger's vision did receive the full backing of Stan Kroenke in the American's first comments at an AGM since his takeover.

Wenger was described by the sports tycoon as a "wonderful manager on the pitch who makes great decisions in regard to personnel, and (has) a tremendous following with the supporters."

But even Wenger, who has won the three Premier League titles, has seen support draining in recent weeks.

"I can see a lot of fear, even discontent amongst you and I can understand that because we live in a world where we fight with people who have extremely high resources," the 62-year-old Wenger told shareholders inside the Emirates Stadium.

Arsenal's last major titles came through the Premier League in 2004 and the FA Cup in 2005 - two years before Kroenke began investing in a team he now controls.

The Gunners have been spending sparsely and seen the departure of key players including Thierry Henry and Cesc Fabregas, while the gulf with Manchester United and now Manchester City has grown.

Wenger's side is already 13 points behind leader City after nine matches.

"I would just like personally to turn around the skepticism that is surrounding this club at the moment - for me it is too high," he said. "And if I just would like to achieve one thing today it is 'Trust us, this team has qualities, this team will fight."'

Wenger said he takes "full responsibility" for Arsenal retaining its self-sufficiency model.

"The way we can compete is to try to be intelligent but as well to be united because it is very difficult to be consistent in football," he said. "We have been more consistent than anybody else in the world in the last 15 years. To stay at the top, top level, we have to be united. That doesn't mean I am not to be criticized. I accept that is part of my job and that the board has been criticized."

In fact, one shareholder called for Peter Hill-Wood to be removed as chairman - 29 years after succeeding his father - but was rejected.

"Peter has our support and we are with you," Kroenke said. "We are fans too."

There was also no appetite to bring back former vice chairman David Dein, who was instrumental in transfer negotiations, or to give the second-highest shareholder, Russian businessman Alisher Usmanov, a place on the board despite owning almost 30 percent of the club.

Kroenke has been under pressure from shareholders to speak publicly about his plans for Arsenal in recent years but he has waited until after taking control by raising his stake to more than two-thirds of the shares.

The Denver-based Kroenke, who also owns the NFL's St. Louis Rams, the NBA's Denver Nuggets, the NHL's Colorado Avalanche and Major League Soccer's Colorado Rapids, only spoke briefly.

"Arsenal has all the elements that you need to have success in this kind of business," Kroenke said.

"We are glad to be here, are happy with the direction of the club and are here for the long term," he added. "We love London, you had better get used to seeing us, because we will be around."

? 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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No saint, but no racist

Cesc Fabregas says he is no saint but he did not direct any racist abuse toward Frederic Kanoute.

Source: http://nbcsports.msnbc.com/id/45058676/ns/sports-soccer/

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Spielberg says "Crystal Skull" was Lucas' idea (Reuters)

LOS ANGELES (TheWrap.com) ? Did Steven Spielberg just pull a Shia LaBeouf?

The legendary director has a message for Indiana Jones fans: Don't blame "Kingdom of the Crystal Skull" on me.

Spielberg told Empire magazine the film's big reveal, or in Alfred Hitchcock parlance "the MacGuffin," that the skulls belonged to aliens was executive producer George Lucas's idea.

"I sympathize with people who didn't like the MacGuffin because I never liked the MacGuffin," Spielberg said. "George and I had big arguments about the MacGuffin. I didn't want these things to be either aliens or inter-dimensional beings. But I am loyal to my best friend. When he writes a story he believes in -- even if I don't believe in it -- I'm going to shoot the movie the way George envisaged it."

Of course Spielberg didn't go quite as far as LaBeouf has about his own role in the movie. At Cannes, LaBeouf said that he "dropped the ball on the legacy that people loved and cherished."

Spielberg insists that he still is happy with the film. There may even be a fifth installment in the bull-whip wielding archeologist saga if Lucas can come up with a storyline.

It sounds like Spielberg hopes that the focus remains on tomb-raiding and that Lucas will keep the interstellar stuff for "Star Wars."

Oh, and there's one controversial element of the film that Spielberg takes full blame/credit for cooking up. The director said he had come up with the idea to have Jones survive a nuclear blast by hiding in a refrigerator as part of "Kingdom of the Crystal Skull"s' opening sequence.

"Blame me," Spielberg said. "Don't blame George. That was my silly idea. People stopped saying 'jump the shark.' They now say, 'nuked the fridge.' I'm proud of that. I'm glad I was able to bring that into popular culture."

Source: http://us.rd.yahoo.com/dailynews/rss/celebrity/*http%3A//news.yahoo.com/s/nm/20111026/film_nm/us_indianajones

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Additional investments in youth needed as world population tops 7 billion, states United Nations report

ScienceDaily (Oct. 26, 2011) ? In five days, world population is projected to reach 7 billion. How we respond now will determine whether we have a healthy, sustainable and prosperous future or one that is marked by inequalities, environmental decline and economic setbacks, according to The State of World Population 2011 report, published Oct. 26 by UNFPA, the United Nations Population Fund.

"With planning and the right investments in people now -- to empower them to make choices that are not only good for themselves, but also for our global commons -- our world of 7 billion can have thriving sustainable cities, productive labour forces that fuel economies, and youth populations that contribute to the well-being of their societies," says UNFPA Executive Director Dr. Babatunde Osotimehin in the foreword of the report, entitled People and Possibilities in a World of 7 Billion.

Our record population size can be viewed in many ways as a success for humanity because it means that people are living longer and more of our children are surviving worldwide, the report shows. But not everyone has benefited from this achievement or the higher quality of life that this implies. Great disparities exist among and within countries. Disparities in rights and opportunities also exist between men and women, girls and boys. Charting a path now to development that promotes equality, rather than exacerbates or reinforces inequalities, is more important than ever.

The 7 billion milestone "is a challenge, an opportunity and a call to action," said Dr. Osotimehin at the report's launch in London. The report is also being launched in more than 100 other cities worldwide.

Of the world's 7 billion, 1.8 billion are young people between the ages of 10 and 24, Dr. Osotimehin noted. "Young people hold the key to the future, with the potential to transform the global political landscape and to propel economies through their creativity and capacities for innovation. But the opportunity to realize youth's great potential must be seized now," Dr. Osotimehin said. "We should be investing in the health and education of our youth. This would yield enormous returns in economic growth and development for generations to come."

"Today's milestone is a reminder that we must act now," said Dr. Osotimehin, adding that the Programme of Action of the 1994 Cairo International Conference on Population and Development and its call to enable individuals have the power to make their own reproductive decisions remain the best guides for the future.

"With the 2014 anniversary of the ICPD rapidly approaching, the data indeed show that the road to equitable economic and social development runs straight through the centre of our mandate at UNFPA," Dr. Osotimehin said. "But our work is far from done. Consider that there are 215 million women of childbearing age in developing countries who lack access to voluntary family planning. There are millions of adolescent girls and boys in the developing world who have too little access to sexuality education and information about how to prevent pregnancies or protect themselves from HIV. In pockets of the world where women's status is low, infant and child survival are also low. And we must tear down economic, legal and social barriers, to put women and men and boys and girls on an equal footing in all spheres of life."

The State of World Population 2011 (http://www.unfpa.org/swp/) is mainly a report from the field, where demographers, policymakers, governments, civil society and individuals are grappling with population trends ranging from aging to rapidly rising numbers of young people, from high population growth rates to shrinking populations, and from high rates of urbanization to rising international migration. The countries featured in this report are China, Egypt, Ethiopia, Finland, India, Mexico, Mozambique, Nigeria and the former Yugoslav Republic of Macedonia.

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Note: Materials may be edited for content and length. For further information, please contact the source cited above.

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Disclaimer: This article is not intended to provide medical advice, diagnosis or treatment. Views expressed here do not necessarily reflect those of ScienceDaily or its staff.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/~3/PAJP4EzIV8E/111026092151.htm

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D.Boerse urges EU regulators to take wider futures view (Reuters)

BRUSSELS (Reuters) ? Deutsche Boerse AG sought to convince EU regulators to judge its bid for NYSE Euronext by assessing over-the-counter derivatives trading and not only its impact on the smaller exchange-listed market, in its bid to win clearance for the deal.

The European Commission is reviewing the $9 billion transaction only in terms of the exchange-listed market, sources have told Reuters. Securing EU regulatory approval is seen as the biggest hurdle for the operators, whose combination would create the world's largest exchange operator.

The narrower market underlines the impact of the combination, which would have more than 90 percent of the trade in exchange-listed futures in Europe, and has put pressure on the operators to offer significant concessions to secure regulatory approval for the deal.

Andreas Preuss, chief executive of Deutsche Boerse's Eurex derivatives unit, attended a closed-door hearing with regulators in Brussels on Thursday, urging them to take the broader view.

"Today, we have pointed out that the derivatives market is a global market dominated by OTC (over-the-counter) trading," he said in a statement.

"OTC volumes are substantially bigger than exchange-traded volumes -- OTC markets are a direct competitor to regulated markets that stand for transparency and effective risk management in derivatives trading," he said.

Preuss said the combination of the operators' Eurex and Liffe derivatives operations would increase transparency and risk management in derivatives trading.

Regulators by contrast have warned the exchange operators of the near-monopoly both in existing and future products from the combined group, in a statement of objections or charge sheet sent to them on October 5, according to a person who has seen the document.

NO SUBSTITUTION

Regulators are also concerned that rival derivatives platforms may not be able to enter the market if they do not get access to the merged operator's post-trade clearing facilities, the person said.

That document also outlined the Commission's reasons for assessing the deal only in terms of exchanged-listed futures trade (ETD).

"The market investigation revealed that, depending on the category of customers, there is either no substitution between highly standardized ETD contracts or OTC contracts, or that such substitution may be limited to a small category of contract," the source said, citing the document.

Regulators pointed to a "distinguishable group of customers that have no mandates to trade OTC derivatives and hence for whom OTC derivatives are not alternatives," the person said.

NYSE Euronext Chief Executive Duncan Niederauer and Deutsche Boerse CEO Reto Francioni were also in Brussels for the hearing.

The Commission is scheduled to decide by December 22 whether to clear the deal.

Guillaume Loriot, the deputy head of EU Competition Commissioner Joaquin Almunia's cabinet, and Eliana Garces Tolon, another cabinet member in charge of financial issues, led the Commission team at the hearing.

Other participants included Bernd Langeheine, deputy director general for mergers at the Commission, Nick Banasevic, who is handling the case and Commission lawyers.

Representatives from Germany, France, Britain, Spain, Sweden, Finland, the Netherlands, Belgium, Italy and Ireland were present at the hearing.

The London Stock Exchange and its Turquoise trading platform, Nasdaq, Euroclear, ICAP, Chi-X -- the largest pan-European platform -- Bank of New York Mellon and bank lobbying group the Association for Financial Markets in Europe also sent representatives to the hearing, which continues on Friday.

(Additional reporting by Edward Taylor in Frankfurt; Editing by Rex Merrifield and David Holmes)

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/nm/20111027/ts_nm/us_dboerse_nyse_eu

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German officials: Bailout fund will top $1.4 trln (AP)

BERLIN ? The eurozone bailout fund will see its firepower increased to more than euro1 trillion ($1.39 trillion) to enable it to contain the debt turmoil that threatens to rip apart the 17-nation eurozone, according to German lawmakers briefed Monday by Chancellor Angela Merkel.

Eurozone governments hope the euro440 billion ($600 billion) European Financial Stability Fund, or EFSF, will be able to protect countries like Italy and Spain from being engulfed in the debt crisis.

To do that, however, it needs to be bigger or see its lending powers magnified.

Frank-Walter Steinmeier, parliamentary leader of the opposition Social Democrats, and Greens leaders Cem Oezdemir and Juergen Trittin said the chancellor informed them that the EFSF's lending powers will be boosted significantly.

"There will be a leveraging of the EFSF. It is clear that this leveraging will be around a level beyond one billion (euro)," Trittin told reporters outside the chancellery in Berlin.

That would be achieved through a combination of measures. The fund would insure investors against a percentage of possible losses on eurozone government bonds and the plan also involves the participation of outside organizations such as sovereign wealth funds and the International Monetary Fund, Trittin said.

The chancellor briefed lawmakers on Monday about the progress of the eurozone rescue plans following the weekend's EU summit.

Because of the move's significance, members of Merkel's party proposed that the change receive full parliamentary approval on Wednesday ? although it would have been enough for the parliament's budget committee to approve the plan.

Volker Kauder, the parliamentary leader of Merkel's conservative bloc, said the decision to seek a vote was "nothing extraordinary" because "questions of fundamental significance must be decided in parliament."

Kauder stressed that Germany's liability won't be increased by beefing up the fund's firepower and that Berlin will still be guaranteeing loans to the tune of up to euro211 billion, and no more.

The vote will also provide "a great breadth of support to the chancellor in her negotiations," he told reporters.

German lawmakers are set to receive the detailed guidelines of the EFSF later Monday.

Parliament is then to sign off on the eurozone rescue plans and the EFSF's new powers before Merkel gives the final green light at a European Union summit in Brussels later Wednesday. The change looks likely to pass by a wide margin in parliament.

Beefing up the bailout fund is one part of a three-pronged eurozone plan to solve the crisis.

The other two parts are reducing Greece's debt burden so the country eventually can stand on its own and forcing banks to raise more money so they can take losses on the Greek debt and ride out the financial storm that will entail.

Getting Greece's private bondholders to take deeper losses to lighten the country's deb load is proving particularly difficult. Experts agree that Greece needs to write off more of its debt if it is ever to make it out of its debt hole. But many also say such a deal with private creditors needs to be voluntary. Imposing sharp losses against the banks' will could trigger massive bond insurance payments that could cause panic on financial markets.

While European governments finalize their comprehensive plan, the European Central Bank has been taking on the role of fire-fighter by buying the bonds of financially weakened governments on the open market. That keeps the bond prices up and the rates down, allowing the countries to borrow on financial markets at lower rates than they otherwise could.

The ECB said it bought euro4.5 billion ($6.3 billion) in government bonds last week. That was up from euro2.2 billion the week before, bringing the total of sovereign bonds held by the ECB to euro169.5 billion.

The ECB hopes it will be able to stop the bond-buying program once the bailout fund's new powers are active.

French Finance Minister Francois Baroin said France, in a bid to "avoid tensions," has agreed to abandon its push to turn the EFSF into a sort of bank that would give it access to the ECB's unlimited source of money. The idea clashes with German traditions of economic management and fears of printing money to pay for the governments' debt.

"We know that the Germans don't want this," Baroin said.

Differences between Germany and France have been blamed in part for the failure of talks last week and an EU summit Sunday to produce a comprehensive new plan to stem the eurozone's debt crisis.

Baroin also said that "budgetary and fiscal convergence" ? a sensitive topic for some governments that fear losing control of their own spending policies ? will be inevitable as a result of the debt crisis.

French President Nicolas Sarkozy and Merkel put public pressure on Italian premier Silvio Berlusconi in Brussels on Sunday to implement new reforms, arguing that Europe's new plan to fight the debt crisis would do no good if Rome doesn't boost market confidence in its own finances.

Italy is considered to be one of the next weakest links in the eurozone after the three countries already bailed out ? Greece, Ireland and Portugal.

Italy's Cabinet will meet later Monday to discuss the new growth measures that Berlusconi promised to his EU counterparts.

___

Geir Moulson in Berlin and Angela Charlton in Paris contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/ap/20111024/ap_on_bi_ge/eu_europe_financial_crisis

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Lockdown lifted at Va. college after bomb threat (AP)

BUENA VISTA, Va. ? The lockdown at a small central Virginia college has been lifted after a bomb threat forced the evacuation of residence halls overnight.

Southern Virginia University lifted the lockdown at 5:30 a.m. Monday after police and K-9 units cleared buildings at the school in Buena Vista. About 500 students were allowed to return to their dorms around 3:45 a.m.

School spokesman Burke Olsen says a call came in through a deaf service around 10 p.m. Sunday claiming there were multiple bombs on campus that would be detonated unless the caller received an undisclosed amount of money.

Olsen said police are questioning individuals but have made no arrests. Police did not immediately return a telephone message.

The private, 750-student college embraces the values of The Church of Jesus Christ of Latter-day Saints.

Source: http://us.rd.yahoo.com/dailynews/rss/education/*http%3A//news.yahoo.com/s/ap/20111024/ap_on_re_us/us_university_bomb_threat

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Daily App Deals: Get Microsoft Visio 2010 Professional for Almost $400 Off the Retail Price in Today's App Deals [Deals]

The Daily App Deals post is a round-up of the best app discounts of the day, as well as some notable mentions for ones that are on sale.

The Best

Microsoft Visio 2010 Professional (DiscountMountain) Previously $559.99, now $167.50 + free shipping. Microsoft Visio 2010 Professional integrates with Excel, Microsoft SQL Server, and SharePoint lists to take diagramming to a whole new level. It includes vibrant graphics and the ability to share your diagrams real-time via the web, even with those who don't have Visio. Get it for $167.50 (via TechDealDigger)

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Source: http://feeds.gawker.com/~r/lifehacker/full/~3/VSfyMIRIr4g/daily-app-deals--get-microsoft-visio-2010-professional-for-almost-400-off-the-retail-price-in-todays-app-deals

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Wild night for Jackson as Cardinals lose 4-0

St. Louis Cardinals starting pitcher Edwin Jackson wipes his head as manager Tony La Russa come to the mound to take him out of the game during the sixth inning of Game 4 of baseball's World Series against the Texas Rangers Sunday, Oct. 23, 2011, in Arlington, Texas. (AP Photo/Matt Slocum)

St. Louis Cardinals starting pitcher Edwin Jackson wipes his head as manager Tony La Russa come to the mound to take him out of the game during the sixth inning of Game 4 of baseball's World Series against the Texas Rangers Sunday, Oct. 23, 2011, in Arlington, Texas. (AP Photo/Matt Slocum)

St. Louis Cardinals' Tony La Russa, right replaces pitcher Edwin Jackson with Mitchell Boggs during the sixth inning of Game 4 of baseball's World Series against the Texas Rangers, Sunday, Oct. 23, 2011, in Arlington, Texas. (AP Photo/Eric Gay)

St. Louis Cardinals catcher Yadier Molina (4) talks to starting pitcher Edwin Jackson (22) during the fourth inning of Game 4 of baseball's World Series against the Texas Rangers Sunday, Oct. 23, 2011, in Arlington, Texas. (AP Photo/Charlie Riedel)

St. Louis Cardinals starting pitcher Edwin Jackson throws during the first inning of Game 4 of baseball's World Series against the Texas Rangers Sunday, Oct. 23, 2011, in Arlington, Texas. (AP Photo/Matt Slocum)

St. Louis Cardinals' Albert Pujols is seen in the dugout during the ninth inning of Game 4 of baseball's World Series against the Texas Rangers Sunday, Oct. 23, 2011, in Arlington, Texas. (AP Photo/Matt Slocum)

ARLINGTON, Texas (AP) ? For Edwin Jackson, the mound in Texas really was the wild, wild West.

Jackson walked seven ? the most in a World Series game in 14 years ? and Mike Napoli followed the last two free passes with a three-run homer on reliever Mitchell Boggs' first pitch to give the Rangers and Derek Holland a 4-0 win over the St. Louis Cardinals on Sunday night.

"It's just a matter of time before they catch up with you," Jackson said.

Instead of sending Chris Carpenter to the mound against C.J. Wilson on Monday night with a chance to clinch their 11th title, the Cardinals find themselves in the first World Series since 2003 that's tied at two games apiece. That ensures a return to Busch Stadium for Game 6 on Wednesday.

"If you want to choose somebody from the St. Louis Cardinals to pitch that game, it's Chris," Cardinals manager Tony La Russa said. "We love playing behind him because we know he's going to compete as hard as he can. He's got a lot to compete with."

A night after piling up 16 runs and 15 hits, the Cardinals had two hits ? their fewest in the Series since Boston's Jim Lonborg one-hit them in Game 2 in 1967. Holland pitched 8 1-3 innings and Neftali Feliz finished the 19th Series two-hitter, sending the Cardinals to the biggest Series one-game drop in runs since the 1936 Yankees beat the Giants 18-4 in Game 2 at the Polo Grounds, then won 2-1 at Yankee Stadium the next day.

"It was just a great performance," said Lance Berkman, who singled and doubled for both St. Louis hits. "That's why they say momentum is only as good as the next day's starting pitcher."

A night after tying World Series records with three home runs, five hits and six RBIs, Albert Pujols was 0 for 4 ? batting with no one on base his first three times up, then flying out against Feliz with two on for the second out in the ninth.

"I thought he put a nice stroke on the ball with Feliz. He hits that ball in the gap, we might have some fun," La Russa said. "They worked us over. Nobody centered the ball except Lance."

Berkman went 2 for 3 and improved to 7 for 15 (.467) in this World Series and 12 for 28 (.429) overall in Series play, including his appearance for Houston in 2005.

Jackson has had a wild streak throughout his career. He walked eight in his third major league start, at San Francisco in 2003. He then matched that on June 25 last year, when he finished one shy of the record for walks in a no-hitter as he pitched Arizona over Tampa Bay 1-0.

Hits weren't much of a problem. Jackson allowed three in 5 1-3 innings ? including none after the second. He went to three-ball counts on four of his first 10 batters with the help of some long outs ? four flyouts at or just in front of the warning track. He threw just 59 of 109 pitches for strikes.

"I thought he pitched really well," La Russa said. "He missed a few times, walked a couple guys, but he kept making pitches. Overall I give him a huge plus for keeping us in the game."

The seven walks were three shy of the Series record, set by the New York Yankees' Bill Bevens in Game 4 in 1947 against the Brooklyn Dodgers. No one had walked seven in the Series since Florida's Livan Hernandez had eight in Game 5 in 1997 against Cleveland.

Jackson said he felt squeezed by plate umpire Ron Kulpa.

"When you're all over the place, you can't always expect to get close pitches," Jackson said.

Berkman also said the strike zone helped Holland at times.

"Especially early, he got some borderline pitches, though. If they go the other way, it might make a difference," Berkman said. "But you don't want to take anything away from the job that he did. Just a great pitching performance."

Rangers third baseman Adrian Beltre made a leaping catch on Rafael Furcal's liner to start the game. It turned out to be that kind of night for the Cardinals.

Texas, which has not lost consecutive games since Aug. 23-25 against Boston, was ahead after 10 pitches from Jackson. That ended the Cardinals' streak of scoring first in 10 straight postseason games, one short of the record set by Detroit from 1972-84.

Elvis Andrus singled sharply to left with one out and Josh Hamilton, just 1 for 12 (.083) coming in, doubled down the right field line.

Mitch Moreland, inserted at first base after Napoli's struggles on Saturday, wound up helping to save a run in the second. Berkman doubled to the right-center gap with one out and, after David Freese struck out, Yadier Molina hit a grounder off the front of the mound. Second baseman Ian Kinsler ranged to the shortstop side of the bag, gloved the ball and made an off-balance throw to first, where Moreland scooped it.

With his pitch count climbing, Jackson walked Nelson Cruz and David Murphy with one out in the sixth. Napoli greeted Boggs by sending a 95 mph fastball just inside the left-field foul pole, about 10 rows deep.

"I think he was ready to hit. I was aggressive, trying to go right at him, and one ran in on him," Boggs said. "I left it up and he was able to get out in front of it."

In their first-row seats, former President George W. Bush and Rangers CEO Nolan Ryan exchanged a high-five. On the mound, Boggs grimaced.

"Now it's a best out of three. See who can win two games," Pujols said. "At the end, that's who is going to be raising the trophy. It's not going to be easy."

NOTES: Bush, a former Rangers owner, threw the ceremonial first pitch to Ryan, the Hall of Fame pitcher. Bush stood in front of the rubber, and his ball went over the right-handed batter's box, bounced off Ryan's catcher's mitt and glanced off a photographer. Rangers manager Ron Washington and players heckled Ryan. ... Twenty-two of 40 teams to win Game 4 and tie the Series at 2 have gone on to the championship. The Series had not been 2-all since 2003, when the Marlins overcame a 2-1 deficit to beat the Yankees in six games. ... For the second time in three years, baseball and NFL teams from the same cities met on the day of a World Series game, with the Dallas Cowboys defeating the St. Louis Rams 34-7 across the street. In 2009, the Yankees won 7-4 at the Phillies as the Eagles routed the Giants 40-17 across the street in Philadelphia.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2011-10-24-BBO-World-Series-Cardinals/id-9357a121c9824bcbbc8cad9db2e3c893

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Tunisians begin voting in first "Arab Spring" vote (Reuters)

TUNIS (Reuters) ? Tunisians began voting on Sunday in the first election of the "Arab Spring" uprisings, and were expected to hand a share of power to Islamists for the first time.

The election, the first free vote in Tunisia's history, will set a standard for other Arab countries where uprisings have triggered political change or governments have tried to rush reforms to stave off unrest.

Tunisia set the "Arab Spring" in motion 10 months ago, when mass protests over poverty, unemployment and government oppression forced President Zine al-Abidine Ben Ali to flee to Saudi Arabia.

Sunday's vote is for an assembly that will draft a new constitution to replace the one Ben Ali manipulated to entrench his power. It will also appoint an interim government and set elections for a new president and parliament.

Polls opened at 7 a.m. (0600 GMT) and close at 7 p.m.

The mother of Mohamed Bouazizi, the young man whose self-immolation last December triggered the Tunisian revolt, said the election was a victory for dignity and freedom.

"Now I am happy that my son's death has given the chance to get beyond fear and injustice," Manoubia Bouazizi told Reuters. "I'm an optimist, I wish success for my country.

The Islamist Ennahda party, banned under Ben Ali who is now in exile in Saudi Arabia, is expected to gain the biggest share of votes. But it will probably not win enough to give it a majority in the assembly and will seek to lead a coalition.

The North African country's elite fear the rise of Ennahda puts their secular values under threat.

Ennahda has been at pains to assuage the concerns of secularists and Western powers, fielding several women candidates including one who does not wear the hijab, or Muslim headscarf, and promising not to undermine women's freedoms.

Fundamentalist Islamists known as Salafists have attacked a cinema and a TV station in recent months over artistic material deemed blasphemous. Ennahda says they have nothing to do with them, but liberals do not believe them.

CONTRADICTIONS

Observers says Ennahda's intentions are not clear. Its election campaign has scrupulously avoided offering policy details that mark it out as much different from its rivals.

At a final election rally on Friday, Suad Abdel-Rahim, the female candidate who does not wear a veil, said Ennahda would protect women's gains.

But illustrating the party's contradictions, many of the books on sale on the fringes of the rally were by Salafist writers who believe women should be segregated from men in public and that elections are un-Islamic.

An Ennahda victory would be the first such success in the Arab world since Hamas won a 2006 Palestinian vote. Islamists won a 1991 Algerian election the army annulled, provoking years of bloody conflict.

Ennahda's fortunes could have a bearing on Egyptian elections set for next month in which the Muslim Brotherhood, an ideological ally, also hopes to emerge strongest.

Libya hopes to hold elections next year after a protest movement that transformed into an armed rebellion with NATO backing managed to oust Muammar Gaddafi. Unresolved violent conflict continues in Syria and Yemen, and many other governments have begun reforms to avoid civil unrest.

With so much at stake, there are concerns that even the smallest doubt over the legitimacy of the Tunisian vote could bring supporters of rival parties onto the streets.

The government says 40,000 police and soldiers are being deployed to prevent any protests escalating into violence. Shopkeepers say people have been stockpiling milk and bottled water in case unrest disrupts supplies.

(Writing by Andrew Hammond; Editing by Rosalind Russell and Jon Boyle)

Source: http://us.rd.yahoo.com/dailynews/rss/world/*http%3A//news.yahoo.com/s/nm/20111023/wl_nm/us_tunisia_election

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Donald charges to stunning win at Disney

Luke Donald, of England, reacts after sinking a birdie putt on the 15th hole during the final round of the Children's Miracle Network Classic golf tournament, Sunday, Oct. 23, 2011, in Lake Buena Vista, Fla. Donald won the tournament. (AP Photo/John Raoux)

Luke Donald, of England, reacts after sinking a birdie putt on the 15th hole during the final round of the Children's Miracle Network Classic golf tournament, Sunday, Oct. 23, 2011, in Lake Buena Vista, Fla. Donald won the tournament. (AP Photo/John Raoux)

Luke Donald, of England, reacts after sinking a birdie putt on the 15th hole during the final round of the Children's Miracle Network Classic golf tournament, Sunday, Oct. 23, 2011, in Lake Buena Vista, Fla. Donald won the tournament. (AP Photo/John Raoux)

Luke Donald, of England, holds up his ball after making a birdie putt on the second hole during the final round of the Children's Miracle Network Classic golf tournament, Sunday, Oct. 23, 2011, in Lake Buena Vista, Fla. (AP Photo/John Raoux)

Webb Simpson, left, and Luke Donald, of England, wait to tee off on the third hole during the final round of the Children's Miracle Network Classic golf tournament, Sunday, Oct. 23, 2011, in Lake Buena Vista, Fla. (AP Photo/John Raoux)

Justin Leonard watches his shot from the fourth tee during the final round of the Children's Miracle Network Classic golf tournament, Sunday, Oct. 23, 2011, in Lake Buena Vista, Fla. (AP Photo/John Raoux)

LAKE BUENA VISTA, Fla. (AP) ? Under the greatest pressure, Luke Donald delivered his finest performance.

Donald felt his only chance to capture the PGA Tour money title ? and state a clear case as player of the year ? was to win at Disney in the final tournament of the year.

"It was do or die," Donald said.

That's what made his victory Sunday in the Children's Miracle Network Classic his most gratifying win of the year. Five shots behind going into the final round, and still four shots out of the lead with nine holes to play, Donald left little doubt who was No. 1 ? in the world ranking, and now on the PGA Tour.

Donald ran off six straight birdies to blow past Webb Simpson on the leaderboard and on the money list, closing with an 8-under 64 for a two-shot victory over Justin Leonard that makes him a clear favorite for PGA Tour player of the year.

"I told you guys on Wednesday that the goal was to win. Nothing was really going to be good enough other than that," Donald said. "I think this is probably one of the most satisfying wins of my career just because of that.

"It's just knowing that I had to do it, and being able to do it ... it's very, very special."

Not only was Donald four shots out of the lead at the turn, he was two shots behind Simpson, who had a $363,029 lead on the money list. His caddie for the week, Gareth Lord, had sent Donald a text Saturday night to say that "it's not over yet."

Donald's timing could not have been better. He holed four straight birdie putts inside 8 feet, took the lead with an 18-foot birdie on the par-5 14th hole, then sealed his stunning rally with a 45-foot birdie on the 15th hole.

"We gave ourselves a chance," said Simpson, who shot 69 and tied for sixth. "The fact is, playing against the best player in the world, he's going to do something great like that most of the time, and he did. Made six birdies in a row. Tough to compete against."

Donald won for the second time this year on tour, as many as anyone else. He also won the Vardon Trophy for the lowest adjusted scoring average. He finished in the top 10 in 74 percent of his starts.

And now, he has his first PGA Tour money title with $6.68 million ? along with a seven-figure bonus from sponsor Ralph Lauren.

The PGA Tour player of the year award is a vote of the players, and ballots go out next week. Simpson had been considered a front-runner going into the week, mainly because he was leading the money list.

Donald, who finished at 17-under 271 and earned $846,000, was asked to make a case for someone other than him.

"Not sure I could at the moment," he said. "I think I've answered everyone's questions. Coming into this week, I felt like Webb was probably the favorite, based on he was ahead of me on the money list and he was ahead of me in wins this year. Obviously, I've drawn level on wins and I've gotten ahead on money.

"Feels like I've answered all the questions thrown at me."

Simpson wasn't quite sure.

"I don't know yet," Simpson said, who won twice and was No. 2 on the money list and the FedEx Cup. "I think I've played great. Luke has played great. Couple other guys have played well. Still probably up in the air a little bit. But I'm sure I'll vote for myself."

Donald also kept alive his bid to become the first player to win the money title on the PGA Tour and European Tour in the same season. His lead in Europe is just over $1.8 million over Rory McIlroy with five tournaments remaining.

Leonard finished with eight pars for a 71. He already is exempt for next year, but kept alive his streak of never finishing out of the top 125 on the money list since joining the tour in 1994.

Tom Pernice Jr., a 52-year-old who refuses to give up on playing with guys half his age, closed with a 69 for a three-way tie for third, earning enough money to finish at No. 121 and earn back his PGA Tour card.

There were plenty of twists and turns at the bottom of the money list, as players were grinding to finish in the top 125 to have full status on tour next year.

Bobby Gates missed a 6-foot putt on the final hole but still appeared safe. Pernice only moved into the top 125 when Nick O'Hern bogeyed his last hole and fell out of the logjam at third place. On the other side of the Magnolia Course, D.J. Trahan knocked in a 22-foot birdie putt on his last hole at No. 9 ? the second-toughest hole.

That ultimately enabled Trahan to finish at No. 125 on the money list by $1,431 over Gates.

"I don't know what par would have done," Trahan said. "I really, honestly don't know what difference that would have made, but birdie certainly didn't hurt me. So I'm thrilled that I made that putt."

Donald, however, stole the show.

He only entered Disney after Simpson decided to play at Sea Island last week, and when Simpson was the runner-up to take the lead on the money list, Donald knew his best chance was to win.

He matched birdies with Simpson on the easy par-5 10th, and from there, Donald was in his own world. A wedge to 8 feet on the 11th. An 8-iron to 6 feet on the 12th. A lob wedge to 5 feet on the 13th.

The most meaningful shot came at the par-5 14th, where Donald had gone bogey and double bogey the previous two rounds, then pledged to reporters he would make birdie Sunday. He rolled in an 18-foot putt to get his revenge and take the lead.

"The putt on 15 was a bonus," Donald said.

So was the reaction. For a man with so little emotion, Donald crouched, let out a yell, then slammed his fist toward the round when it dropped into the center of the cup. Donald suddenly had a two-shot lead, and no one behind him was making a move.

His wife, Diane, is expecting their second child in just over a week. She was watching from home, and posted on Twitter, "I don't think this much jumping up and down is good for the baby!!!"

Kevin Chappell, the PGA Tour rookie who shared the 54-hole lead with Leonard, was tied for the lead when he missed a 3-foot birdie putt on the 10th and dropped a shot on the 11th with an approach into the bunker. Chappell closed with a 72 and was in the group at 274 that included Pernice and Sunghoon Kang, who birdied the last hole and moved into the top 125.

"I'm just dreaming right now," Kang said.

It felt that way for Donald, too, who has done nothing but prove skeptics wrong all year.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2011-10-23-GLF-Disney/id-4f52a599584c4fe28ce4a6b0a04038b3

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Madoff says feels safer in prison than in NY (Reuters)

NEW YORK (Reuters) ? Imprisoned financial scam artist Bernard Madoff boasted in a jailhouse letter that he is "quite the celebrity" and treated "like a Mafia don," ABC News said on Thursday.

ABC, which will feature an interview with Madoff's daughter-in-law on news program "20/20" on Friday, released portions of a letter provided by Stephanie Madoff Mack, whose husband committed suicide in the wake of his father's conviction in a massive Wall Street fraud.

Mack told ABC she had written Madoff a letter detailing family events he was missing due to his life sentence of 150 years behind bars, as a way of rubbing salt in the wound.

"I thought that that would really sting him," Mack said, adding that her plan backfired.

The smug-sounding reply from Madoff, whom Mack said she holds responsible for her husband's death, enraged her.

"As you can imagine, I am quite the celebrity, and am treated like a Mafia don," Madoff wrote from the North Carolina prison where he is incarcerated.

"They call me either Uncle Bernie or Mr. Madoff. I can't walk anywhere without someone shouting their greetings and encouragement, to keep my spirit up.

"It's really quite sweet, how concerned everyone is about my well being, including the staff ... It's much safer here than walking the streets of New York."

Mack described her reaction as having been "sick to my stomach," but said she didn't think she ever showed the letter to Madoff's son, Mark.

"My husband was in terrible, terrible pain," she said. "He was so deeply hurt by it all, that he just, he, he just couldn't move past it."

Mark Madoff committed suicide in December, two years to the day after Madoff's arrest in the more-than $50 billion swindle, the biggest Ponzi scheme in U.S. history.

The interview will air on "20/20" on Friday. Mack, whose autobiography "The End of Normal: A Wife's Anguish, A Widow's New Life" will be published on October 20, will also appear on "Good Morning America" next week.

(Reporting by Chris Michaud; editing by Bob Tourtellotte)

(This story adds the dropped word responsible in paragraph 5)

Source: http://us.rd.yahoo.com/dailynews/rss/celebrity/*http%3A//news.yahoo.com/s/nm/20111021/people_nm/us_bernardmadoff

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The New Libya?s First Mistake

Surrendering to a feeling of deep impotence and slight absurdity, I borrowed an iPad on Thursday afternoon and used it to send my first-ever message by this means. It was addressed to one of those distinguished Frenchmen who have been at the fore in pressing the outside world to remove Muammar Qaddafi from the obscene toadlike posture in which, for more than four decades, he has squatted on the lives of the Libyan people. Please, I wrote, intercede with your friends on the National Transitional Council, plus any other revolutionary tribunal however constituted, in order to stop the killing of the Qaddafi family and to ensure smooth passage to the dock at the Hague for those who have already been indicted for crimes against humanity.

Source: http://feeds.slate.com/click.phdo?i=d7ab6b477684bab9b0ed3220defc0511

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Factory, jobs data offer hope for economy (Reuters)

WASHINGTON (Reuters) ? Factory activity in the Mid-Atlantic region rebounded in October and the number of Americans claiming new jobless benefits fell last week in fresh signs that the economy was likely to duck a new recession.

Optimism over the economy was tempered, however, by other data on Thursday showing a drop in sales of previously owned homes and only a small rise in a gauge of future growth.

"The numbers we have seen today provide some hints that the domestic economy is doing a little bit better, even with the challenges that are unfolding in Europe," said Michael Strauss, chief economist at Commonfund in Wilton, Connecticut.

Initial claims for state unemployment benefits slipped 6,000 to 403,000 last week, the Labor Department said. A four-week average, which smoothes out weekly volatility to give a better view of trends, hit its lowest level since April.

Separately, the Philadelphia Federal Reserve Bank's business activity index rebounded to 8.7 in October, the highest reading in six months, from minus 17.5 in September.

A reading above zero indicates factory activity is expanding in the region, which covers eastern Pennsylvania, southern New Jersey and Delaware.

U.S. stocks initially rose on the data, but surrendered most gains on nagging doubts over whether European leaders would decisively deal with the euro zone debt crisis at a summit this weekend. Prices for U.S. Treasury debt were little changed while the dollar was a touch weaker against a basket of currencies.

Fears had been mounting that the sickly U.S. economy was heading back toward recession after growth wobbled in the first half of the year and after consumer confidence plunged in August amid signs both the United States and Europe were having trouble coming to terms with their huge debts.

But the recent stream of data, including figures on retail sales and trade, suggest output sped up in the third quarter.

Analysts estimate U.S. gross domestic product grew at an annual pace of anywhere between 2.3 and 2.7 percent, a sharp step up from the second quarter's tepid 1.3 percent rate.

"There is little evidence the economy is ready to enter a downturn based on the Philadelphia Fed (data)," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank in New York.

JOBS MARKET TONE IMPROVING

That view was also underscored by the four-week moving average of initial jobless claims. The claims data covered the survey week for the government's closely watched nonfarm payrolls count for October.

Initial claims dropped 25,000 between the September and October survey periods, suggesting a step-up in nonfarm employment after payrolls increased 103,000 last month.

After spiking in mid-September, jobless claims appear to have settled near the 400,000 mark that is usually associated with some improvement in the jobs market.

Weak unemployment is a thorny issue for the Federal Reserve, which is weighing further options to boost output and lower the jobless rate after slashing interest rates to near zero and pumping about $2.3 trillion into the economy.

On Thursday, St. Louis Fed President James Bullard acknowledged the improved tone in economic data but his counterpart at the Cleveland Fed, Sandra Pianalto, did not believe growth would pick up soon. For more see

While most parts of the U.S. economy are plodding along, the housing market continues to show little signs of life, however.

Sales of existing homes dropped 3.0 percent to an annual rate of 4.91 million units in September, the National Association of Realtors said.

In another report, the Conference Board said its index of leading economic indicators edged up 0.2 percent in September, pointing to continued sluggish growth. Still, it warned that the economy faced a 50 percent chance of recession whereas a month ago it said recession risks were lower than that.

Most economists, however, see a lower chance of recession, and signs of continued manufacturing expansion have bolstered hopes another downturn can be avoided.

Factories in the Mid-Atlantic region this month reported growth in order books after shrinkage for two straight months. Shipments rose too and there was an increase in unfilled orders, although employment slowed from September.

Still, manufacturers remain leery on the economic outlook.

Diversified manufacturer Danaher Corp, air conditioner maker Ingersoll Rand Plc and electrical products company Cooper Industries Plc all reported higher-than-expected earnings but were guarded about the fourth quarter.

"Clearly, we're seeing some moderation in the economy," Danaher CEO Larry Culp said. "(But) I don't think we'll see anything like an '08, '09 collapse."

(Additional reporting by Pedro da Costa and Jason Lange in Washington and Nick Zieminski in New York; Editing by James Dalgleish)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20111020/bs_nm/us_usa_economy

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