Borrowing grows more than expected









ONS chief economist Joe Grice: “There are straws in the wind that look promising”



The government had to borrow slightly more than expected in November.


It borrowed £17.5bn, £1.2bn higher than a year earlier, official figures show. Economists had predicted borrowing would fall slightly to about £16bn.


However, the Office for National Statistics said a 0.1% growth in the all-important services sector of the economy was “promising”.


It also revised down its estimate for growth between July and September to 0.9% from 1%.


The UK’s official statistics authority regularly revises its data on the value of the output of the economy as more information is collected from businesses.


Economists were divided as to what the different figures said about the state of the UK economy.


“All in all, the UK appears to be ending 2012 not in particularly great shape,” said James Knightly from ING.


However, for Alan Clarke from Scotiabank, the growth in services “makes it all the more likely that the UK did not slip into a triple-dip recession at the end of the year”.


The Bank of England said earlier this week that it thought the UK economy would contract again in the last three months of the year following the strong growth between July and September, when the economy received a boost from Olympic ticket sales.


Continue reading the main story
‘Significant’ investment


The services sector grew 1.2% over the period and “held on” to those gains in October, the Office for National Statistics said.


Joe Grice, chief economist at the ONS, described the service sector gains as “promising straws in the wind” for the UK economy.


He also described a £1.1bn rise in business investment to £31.5bn as “significant”.


But the economy as whole still remains 3% below its pre-recession 2008 peak, he said.


Meanwhile consumer confidence remains volatile, according to a survey by research firm GfK on Friday showing a “dramatic” fall in confidence in December, contrasting strongly with an equally sharp rise in November.


Public borrowing




The BBC’s Declan Curry explains just what GDP stands for, and why we should care



The bigger-than-expected increase in government borrowing adds to the problems faced by Chancellor George Osborne as he struggles to reduce public borrowing in the face of a stuttering economy.


November’s figure takes total borrowing so far this financial year to £92.7bn, £8.3bn more than the same period in 2011.


Danny Alexander, Chief Secretary to the Treasury said: “These figures reflect the fact that this country continues to be on a hard and difficult road back to economic prosperity.


“We’re making real progress getting public spending down; we’ve reduced the deficit by a quarter over the last couple of years and a million jobs have been created in the private sector.”


“But these figures today on borrowing and on growth reflect the fact that this country continues to face tough economic challenges, and that will continue to be the main priority for the coalition as we go into the new year.”


Rachel Reeves MP, Labour’s shadow chief secretary to the Treasury, said: “For all the chancellor’s smoke and mirrors in the autumn statement, these figures show that borrowing is rising and is up by almost 10% so far this year.


“The failure of David Cameron and George Osborne’s policies on jobs and growth means they are now even failing on the one test they set themselves – to get the deficit and debt down.”


BBC News – Business





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Belgium may hand Arnault tax file to Paris: press






PARIS (Reuters) – Belgian tax authorities may hand French tycoon Bernard Arnault’s file to their Paris counterparts for closer scrutiny of Brussels-based companies linked to his LVMH (MC.PA) luxury empire, according to media reports.


John Crombez, Belgium’s minister for fraud prevention, said any information on local “mailbox companies” held by France’s richest man should be shared with Paris, newspaper De Tijd reported on Saturday.






Belgian legal and government officials did not immediately return calls seeking comment. LVMH said in a statement that its Belgian companies complied with all applicable laws.


Arnault, 63, caused an outcry in France earlier this year when it emerged that he was seeking Belgian citizenship, while insisting that the move was not tax-related.


Other wealthy figures, including actor Gerard Depardieu, have blamed France’s high tax rates and recent increases for their decisions to leave the country. Soon after taking office in May, Socialist President Francois Hollande introduced a new 75 percent rate on income above 1 million euros ($ 1.3 million).


According to L’Echo, a Belgian daily, Arnault’s holdings in the country include several companies registered at the same Brussels address with combined assets of 7 billion euros.


“If Bernard Arnault is working with pure mailbox companies in Belgium we should signal this to French tax authorities,” the anti-fraud minister was quoted as saying.


LVMH said it was “surprised” by the press reports and denied any wrongdoing.


“The companies of Groupe Arnault and LVMH have very real economic activities in Belgium, where some of them have been based for several decades,” the company said in an emailed statement.


“All of their activities are fully compliant with Belgian tax legislation as well as international law.”


($ 1 = 0.7590 euros)


(Reporting by Laurence Frost and Barbara Lewis; Editing by John Stonestreet)


Business & Finance News – Yahoo! Finance





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Wall Street Week Ahead: A lump of coal for "Fiscal Cliff-mas"

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all.


A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff" will push the economy into recession.


Thursday's debacle in the U.S. House of Representatives, where Speaker John Boehner failed to secure passage of his own bill that was meant to pressure President Obama and Senate Democrats, only added to worry that the protracted budget talks will stretch into 2013.


Still, the market remains resilient. Friday's decline on Wall Street, triggered by Boehner's fiasco, was not enough to prevent the S&P 500 from posting its best week in four.


"The markets have been sort of taking this in stride," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago, which has about $38 billion in assets under management.


"The markets still basically believe that something will be done," he said.


If something happens next week, it will come in a short time frame. Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will close on Tuesday for Christmas. Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the rest of the week with scores of market participants away on a holiday break.


For the week, the three major U.S. stock indexes posted gains, with the Dow Jones industrial average <.dji> up 0.4 percent, the S&P 500 <.spx> up 1.2 percent and the Nasdaq Composite Index <.ixic> up 1.7 percent.


Stocks also have booked solid gains for the year so far, with just five trading sessions left in 2012: The Dow has advanced 8 percent, while the S&P 500 has climbed 13.7 percent and the Nasdaq has jumped 16 percent.


IT COULD GET A LITTLE CRAZY


Equity volumes are expected to fall sharply next week. Last year, daily volume on each of the last five trading days dropped on average by about 49 percent, compared with the rest of 2011 - to just over 4 billion shares a day exchanging hands on the New York Stock Exchange, the Nasdaq and NYSE MKT in the final five sessions of the year from a 2011 daily average of 7.9 billion.


If the trend repeats, low volumes could generate a spike in volatility as traders keep track of any advance in the cliff talks in Washington.


"I'm guessing it's going to be a low volume week. There's not a whole lot other than the fiscal cliff that is going to continue to take the headlines," said Joe Bell, senior equity analyst at Schaeffer's Investment Research, in Cincinnati.


"A lot of people already have a foot out the door, and with the possibility of some market-moving news, you get the possibility of increased volatility."


Economic data would have to be way off the mark to move markets next week. But if the recent trend of better-than-expected economic data holds, stocks will have strong fundamental support that could prevent selling from getting overextended even as the fiscal cliff negotiations grind along.


Small and mid-cap stocks have outperformed their larger peers in the last couple of months, indicating a shift in investor sentiment toward the U.S. economy. The S&P MidCap 400 Index <.mid> overcame a technical level by confirming its close above 1,000 for a second week.


"We view the outperformance of the mid-caps and the break of that level as a strong sign for the overall market," Schaeffer's Bell said.


"Whenever you have flight to risk, it shows investors are beginning to have more of a risk appetite."


Evidence of that shift could be a spike in shares in the defense sector, expected to take a hit as defense spending is a key component of the budget talks.


The PHLX defense sector index <.dfx> hit a historic high on Thursday, and far outperformed the market on Friday with a dip of just 0.26 percent, while the three major U.S. stock indexes finished the day down about 1 percent.


Following a half-day on Wall Street on Monday ahead of the Christmas holiday, Wednesday will bring the S&P/Case-Shiller Home Price Index. It is expected to show a ninth-straight month of gains.


U.S. jobless claims on Thursday are seen roughly in line with the previous week's level, with the forecast at 360,000 new filings for unemployment insurance, compared with the previous week's 361,000.


(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: rodrigo.campos(at)thomsonreuters.com)


(Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)



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Douglas wins AP female athlete of the year honors


When Gabby Douglas allowed herself to dream of being the Olympic champion, she imagined having a nice little dinner with family and friends to celebrate. Maybe she'd make an appearance here and there.


"I didn't think it was going to be crazy," Douglas said, laughing. "I love it. But I realized my perspective was going to have to change."


Just a bit.


The teenager has become a worldwide star since winning the Olympic all-around title in London, the first African-American gymnast to claim gymnastics' biggest prize. And now she has earned another honor. Douglas was selected The Associated Press' female athlete of the year, edging out swimmer Missy Franklin in a vote by U.S. editors and news directors that was announced Friday.


"I didn't realize how much of an impact I made," said Douglas, who turns 17 on Dec. 31. "My mom and everyone said, 'You really won't know the full impact until you're 30 or 40 years old.' But it's starting to sink in."


In a year filled with standout performances by female athletes, those of the pint-sized gymnast shined brightest. Douglas received 48 of 157 votes, seven more than Franklin, who won four gold medals and a bronze in London. Serena Williams, who won Wimbledon and the U.S. Open two years after her career was nearly derailed by a series of health problems, was third (24).


Britney Griner, who led Baylor to a 40-0 record and the NCAA title, and skier Lindsey Vonn each got 18 votes. Sprinter Allyson Felix, who won three gold medals in London, and Carli Lloyd, who scored both U.S. goals in the Americans' 2-1 victory over Japan in the gold-medal game, also received votes.


"One of the few years the women's (Athlete of the Year) choices are more compelling than the men's," said Julie Jag, sports editor of the Santa Cruz Sentinel.


Douglas is the fourth gymnast to win one of the AP's annual awards, which began in 1931, and first since Mary Lou Retton in 1984. She also finished 15th in voting for the AP sports story of the year.


Douglas wasn't even in the conversation for the Olympic title at the beginning of the year. That all changed in March when she upstaged reigning world champion and teammate Jordyn Wieber at the American Cup in New York, showing off a new vault, an ungraded uneven bars routine and a dazzling personality that would be a hit on Broadway and Madison Avenue.


She finished a close second to Wieber at the U.S. championships, then beat her two weeks later at the Olympic trials. With each competition, her confidence grew. So did that smile.


By the time the Americans got to London, Douglas had emerged as the most consistent gymnast on what was arguably the best team the U.S. has ever had.


She posted the team's highest score on all but one event in qualifying. She was the only gymnast to compete in all four events during team finals, when the Americans beat the Russians in a rout for their second Olympic title, and first since 1996. Two nights later, Douglas claimed the grandest prize of all, joining Retton, Carly Patterson and Nastia Liukin as what Bela Karolyi likes to call the "Queen of Gymnastics."


But while plenty of other athletes won gold medals in London, none captivated the public quite like Gabby.


Fans ask for hugs in addition to photographs and autographs, and people have left restaurants and cars upon spotting her. She made Barbara Walters' list of "10 Most Fascinating People," and Forbes recently named her one of its "30 Under 30." She has deals with Nike, Kellogg Co. and AT&T, and agent Sheryl Shade said Douglas has drawn interest from companies that don't traditionally partner with Olympians or athletes.


"She touched so many people of all generations, all diversities," Shade said. "It's her smile, it's her youth, it's her excitement for life. ... She transcends sport."


Douglas' story is both heartwarming and inspiring, its message applicable those young or old, male or female, active or couch potato. She was just 14 when she convinced her mother to let her leave their Virginia Beach, Va., home and move to West Des Moines, Iowa, to train with Liang Chow, Shawn Johnson's coach. Though her host parents, Travis and Missy Parton, treated Douglas as if she was their fifth daughter, Douglas was so homesick she considered quitting gymnastics.


She's also been open about her family's financial struggles, hoping she can be a role model for lower income children.


"I want people to think, 'Gabby can do it, I can do it,'" Douglas said. "Set that bar. If you're going through struggles or injuries, don't let it stop you from what you want to accomplish."


The grace she showed under pressure — both on and off the floor — added to her appeal. When some fans criticized the way she wore her hair during the Olympics, Douglas simply laughed it off.


"They can say whatever they want. We all have a voice," she said. "I'm not going to focus on it. I'm not really going to focus on the negative."


Besides, she's having far too much fun.


Her autobiography, "Grace, Gold and Glory," is No. 4 on the New York Times' young adult list. She, Wieber and Fierce Five teammates Aly Raisman and McKayla Maroney recently wrapped up a 40-city gymnastics tour. She met President Barack Obama last month with the rest of the Fierce Five, and left the White House with a souvenir.


"We got a sugar cookie that they were making for the holidays," Douglas said. "I took a picture of it."


Though her busy schedule hasn't left time to train, Douglas insists she still intends to compete through the Rio de Janeiro Olympics in 2016.


No female Olympic champion has gone on to compete at the next Summer Games since Nadia Comaneci. But Douglas is still a relative newcomer to the elite scene — she'd done all of four international events before the Olympics — and Chow has said she hasn't come close to reaching her full potential. She keeps up with Chow through email and text messages, and plans to return to Iowa after her schedule clears up in the spring.


Of course, plenty of other athletes have said similar things and never made it back to the gym. But Douglas is determined, and she gets giddy just talking about getting a new floor routine.


"I think there's even higher bars to set," she said.


Because while being an Olympic champion may have changed her life, it hasn't changed her.


"I may be meeting cool celebrities and I'm getting amazing opportunities," she said. "But I'm still the same Gabby."


___


AP Projects Editor Brooke Lansdale contributed to this report.


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Will media stay on gun story?






STORY HIGHLIGHTS


  • Howard Kurtz: Conventional wisdom is that media will lose interest in guns

  • He says that's been the pattern of media behavior after Columbine, other shootings

  • This time seems like it might be different, he says

  • Kurtz: Reporters profoundly shaken by story, should stay on it




Editor's note: Howard Kurtz is the host of CNN's "Reliable Sources" and is Newsweek's Washington bureau chief. He is also a contributor to the website Daily Download.


(CNN) -- The conventional wisdom is that Newtown has just a few more days to run as a major media story.


The reporters are pulling out of the grief-stricken Connecticut town, which means no more live shots every hour. The White House press corps responded to President Obama's announcement Wednesday of a task force on gun control with the first three reporters asking about the impending fiscal cliff. And after every previous mass shooting, from Columbine to Aurora, the media's attention has soon drifted away.


But I believe this time will be different.



Howard Kurtz

Howard Kurtz




I believe the horror of 20 young children being gunned down has pricked the conscience of those in the news business, along with the rest of America.


I could be wrong, of course. The press is notorious for suffering from ADD.


But every conversation I've had with journalists has quickly drifted to this subject and just as quickly turned intense. Most have talked about how their thoughts have centered on their children, and grandchildren, and the unspeakable fear of anything happening to them. All have spoken about how hard it is to watch the coverage, and many have recalled crying as they watch interviews with the victims' families, or even when Obama teared up while addressing the nation.


Watch: Blaming Jon Stewart for the Newtown Shootings?


I've watched Fox's Megyn Kelly choke back tears on the air after watching an interview from Newtown. I've heard CNN's Don Lemon admit that he is on the verge of crying all the time. I've seen MSNBC's Joe Scarborough, a former Republican congressman, say that day in Connecticut "changed everything" and prompted him to rethink his longstanding opposition to gun control, which earned him top ratings from the NRA.


Maybe Newtown will be the 9/11 of school safety.


Watch: Media Fantasy: Touting Ben Affleck (Uh Huh) for the Senate








The media paid scant attention to gun control in the past, in part because of a conviction that the NRA would block any reform on Capitol Hill. At the same time, they took their cue from the fact that officeholders in both parties were avoiding the issue at all costs—Republicans because they mainly support the status quo, Democrats because they mostly deem it political poison.


But since when is it our job solely to take dictation from pols? When it comes to subjects like climate change and same-sex marriage, the press has been out ahead of the political establishment. Given the carnage in Newtown as the latest example, journalists should demand whether we can do better. The fact that Obama now promises to submit gun legislation to Congress will help the narrative, but it shouldn't be a mandatory requirement for coverage.


Watch: From Joe Scarborough to Rush Limbaugh, the conservative media meltdown


This is not a plea for a press-driven crusade for gun control. In fact, it's imperative that journalists be seen as honest brokers who are fair to all sides. MSNBC anchor Thomas Roberts, in an interview with Republican Rep. Jack Kingston of Georgia, who opposes gun restrictions, said: "So we need to just be complacent in the fact that we can send our children to school to be assassinated." That is demonization, just as some conservative pundits are unfairly accusing liberal commentators who push for gun control of "politicizing" a tragedy or of pushing God out of the public schools.


The question of school safety extends beyond guns to mental illness and societal influences. With even some NRA supporters asking why law-abiding hunters need automatic rifles with high-capacity magazines, it's time for a nuanced debate that goes beyond the usual finger-pointing. Bob Costas got hammered for using an NFL murder-suicide to raise the gun issue during a halftime commentary, but he was right to broach the subject.


Here is where the media have not just an opportunity but a responsibility. The news business has no problem giving saturation coverage to such salacious stories as David Petraeus' dalliance with Paula Broadwell. Isn't keeping our children safe from lunatics far more important by an order of magnitude?


I think the press is up to the challenge. Based on what I've heard in the voices of people in the profession, they will not soon forget what happened in Newtown. And they shouldn't let the rest of us forget either.


Follow @CNNOpinion on Twitter


Join us at Facebook/CNNOpinion


The opinions expressed in this commentary are solely those of Howard Kurtz.






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‘Walking Dead’ Showrunner Glen Mazzara Leaving






NEW YORK (TheWrap.com) – Glen Mazzara, who led AMC‘s “The Walking Dead” to ratings highs after the exit of Frank Darabont, is leaving the show.


The announcement came with the unsurprising news of a fourth-season pickup for the series. It continues AMC’s rocky record with its showrunners, but the network said the decision was mutual.






While AMC has clashed with showrunners before over money, a person familiar with the situation told TheWrap that this time the issue is “100 percent not about money or contracts.”


Rather, it is about a difference of opinion over where the show should go in the fourth season and beyond. It involves AMC, Mazzara and the show’s writers and producers, who include Robert Kirkman, creator of the comics that provide the basis of the series.


Kirkman might be the fans’ choice to take over as showrunner, given that most of its characters were born on his pages. But he also has a busy career writing comics and novels.


In a statement, Kirkman said he believes Mazzara and AMC came to the decision “in the best interest of the future of the show.”


In an interview with TheWrap in October, Mazzara said he would love to remain with the show until the end, “if AMC and the fans would have me.”


“I would love to be the guy shutting the lights off,” he said at the time.


It didn’t work out that way, even though Mazzara has made “The Walking Dead” this season’s top-rated drama — even beating network shows. It also has a legitimate shot at ending the season as TV’s top scripted show overall.


“Both parties acknowledge that there is a difference of opinion about where the show should go moving forward, and conclude that it is best to part ways,” AMC said in a statement.


AMC also said the decision is “amicable” and that Mazzara will remain showrunner for the remainder of the third season, which resumes airing in February. The episodes have already been filmed, and Mazzara will oversee postproduction.


He is also looking for his next project.


“My time as showrunner on ‘The Walking Dead’ has been an amazing experience, but after I finish season 3, it’s time to move on,” said Mazzara. “I have told the stories I wanted to tell and connected with our fans on a level that I never imagined. It doesn’t get much better than that. Thank you to everyone who has been a part of this journey.”


Mazzara took over the show after Darabont parted ways with it after its first season. Darabont was just one of several showrunners to have issues with AMC.


Jason Horwitch left “Rubicon” during its lone season. The third season of “Hell on Wheels” was briefly put on hold last month when showrunner John Shiban left.


“Mad Men” creator Matthew Weiner nearly walked from the show during a contract dispute last year. And “Breaking Bad” briefly looked into leaving AMC before creator Vince Gilligan’s contract was renewed.


Kirkman’s full statement included his thanks to Mazzara and the show’s fans.


“I am in full support of both AMC and Glen Mazzara in the decision they have come to and believe the parties came to this decision in the best interest of the future of the show,” Kirkman said. “I thank Glen for his hard work and appreciate his many contributions to ‘The Walking Dead’ and look forward to working with him as we complete post production on Season 3. I am also excited to begin work on another spectacular season of this show that I know means so much to so many people. This show has always been the result of a wide range of extremely talented men and women working tirelessly to produce their best work collectively. I believe the future is bright for ‘The Walking Dead.’ Thank you to the fans for your continued support.”


Executive producer Gale Anne Hurd also expressed her thanks.


“I am appreciative and grateful to Glen for his hard work on ‘The Walking Dead,’” she wrote. “I am supportive of AMC and Glen’s decision and know that the series is in great hands with one of the most talented and dedicated casts and crews in the business. I look forward to the show’s continued success.”


TV News Headlines – Yahoo! News





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Two Reasons Fiscal Cliff Chaos Is Actually Terrific






Immediately after House Speaker John Boehner’s Plan B fell apart Thursday night, Dow futures plummeted and the media freaked out (Huffington Post headline: “END OF THE WORLD“). Boehner and his deputies skulked out of the Capitol, humiliated. His Hail Mary plan to create leverage for Republicans in the fiscal cliff negotiations with Republicans lay in tatters. Soon, his speakership may, too.


But Plan B’s demise doesn’t ensure we’re going over the cliff—it simply narrows the options. And two bits of good news are embedded in the failure. First, if we do go over the cliff, a resolution will arrive sooner than it would have otherwise. That’s because Plan B’s biggest effect, had it passed, would have been to inoculate Republicans against the charge that they blew up the economy to protect “millionaires and billionaires” from tax hikes. Now that they’re vulnerable to that charge, public pressure will be much more intense and likely to elicit a quick concession.






Second, it’s now clear that the only way to avoid the cliff is through a bipartisan bill that can pass the House, probably with substantial Democratic support. The GOP’s self-defeating revolt will shift the center of gravity to the left. Here’s where things get tricky: Boehner has said he won’t bring a bill to the floor unless it has the support of the majority of his caucus. Lost in Thursday night’s disarray was that the overwhelming majority of House Republicans—all but 30 or so of his 241 members—supported Plan B’s tax hike on millionaires. So it’s not impossible to imagine him gaining the support of 121 Republicans (he may need fewer because of vacancies) for a deal that raises taxes on households earning, say, $ 400,000 or $ 500,000, especially if that deal also contains cuts to entitlement programs and removes the dreaded sequester.


But gaining that support is far from a sure thing. It’s what Republicans and Democrats are now frantically trying to gauge. If Boehner can’t get a majority of his caucus on board, then he’ll truly be facing the end of the world—or at least the end of his speakership. The conservatives I polled Thursday night agreed (contra some media chatter) that Plan B’s failure doesn’t threaten Boehner’s job. But they also thought that if Boehner were to pass a cliff bill without a majority of his caucus, he’d be doomed.


In a drama Aaron Sorkin might have scripted, Boehner may soon be faced with the choice of holding firm and hurtling everyone into the abyss or saving the country from chaos by passing a Democratic-friendly bill with only a minority of Republicans—at the cost of his speakership, which (more Sorkin drama) is up for a vote on Jan. 3.


Either way, though, there’s a little more certainty this morning that things will end sooner rather than later. So despite the hyperbole and market turmoil, last night’s vote actually brought some good news.


Businessweek.com — Top News





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Wall Street slides as fiscal deal unlikely before 2013

NEW YORK (Reuters) - Stocks lost more than 1 percent on Friday after a Republican proposal for averting the "fiscal cliff" failed to pass, diminishing hopes that a deal would be reached soon in Washington.


Trading is expected to be volatile as investors view a fiscal agreement between the White House and Republicans before the end of the year as increasingly unlikely. Lower volume heading into next week's Christmas holiday could increase volatility. The CBOE Volatility Index, or VIX, <.vix> was up 10 percent.


Late on Thursday, Republican House Speaker John Boehner conceded there were insufficient votes from his party to pass a tax bill, dubbed "Plan B," to help avert the so-called fiscal cliff - $600 billion of tax hikes and spending cuts due to start in January. The fear is that failure to come up with a solution to avoid the cliff could tip the U.S. economy into recession.


Plan B had called for tax increases on those who earn $1 million or more a year, and the bill's failure suggested it would be difficult to get Republican support for the more expansive tax increases that Obama has urged, making it less likely an agreement will be reached between the White House and Republicans before the end of the year.


While Friday's slide reflected investors' anxiety, it was not a large enough drop to suggest they believed a deal would be reached too late to avoid damage to the economy, said Mark Lehmann, president of JMP Securities, in San Francisco.


"You could have easily woken up today and seen the market down 300 or 400 points, and everyone would have said, 'That's telling you this is really dire,'" Lehmann said.


"I think you get into mid-January and (the talks) keep going like this, you get worried, but I don't think we're going to get there."


Banking shares, which outperform in times of economic expansion and have led the market on signs of progress with resolving the fiscal impasse, were among the laggards. Citigroup Inc sank 2.7 percent to $39.10, while Bank of America slid 2.5 percent to $11.22. The KBW Banks index <.bkx> lost 1.7 percent.


The Dow Jones industrial average <.dji> dropped 185.38 points, or 1.39 percent, to 13,126.34. The Standard & Poor's 500 Index <.spx> tumbled 20.88 points, or 1.45 percent, to 1,422.81. The Nasdaq Composite Index <.ixic> lost 46.64 points, or 1.53 percent, to 3,003.74.


Even with the declines, the S&P 500 is up nearly 1 percent for the week and about 13 percent for the year, though uncertainty over the cliff may prompt many traders to lock in gains as the year draws to a close.


The day's round of data indicated that the economy showed surprising signs of resilience in November as consumer spending rose by the most in three years and a gauge of business investment jumped.


But separate data showed consumer sentiment slumped in December. The S&P Retail Index <.spxrt> fell 1.5 percent.


U.S.-listed shares of Research in Motion sank 17 percent to $11.72 after the Canadian company, which makes the BlackBerry, reported its first-ever decline in its subscriber numbers late on Thursday.


(Reporting by Leah Schnurr; Editing by Jan Paschal)



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Douglas wins AP female athlete of the year honors


When Gabby Douglas allowed herself to dream of being the Olympic champion, she imagined having a nice little dinner with family and friends to celebrate. Maybe she'd make an appearance here and there.


"I didn't think it was going to be crazy," Douglas said, laughing. "I love it. But I realized my perspective was going to have to change."


Just a bit.


The teenager has become a worldwide star since winning the Olympic all-around title in London, the first African-American gymnast to claim gymnastics' biggest prize. And now she has earned another honor. Douglas was selected The Associated Press' female athlete of the year, edging out swimmer Missy Franklin in a vote by U.S. editors and news directors that was announced Friday.


"I didn't realize how much of an impact I made," said Douglas, who turns 17 on Dec. 31. "My mom and everyone said, 'You really won't know the full impact until you're 30 or 40 years old.' But it's starting to sink in."


In a year filled with standout performances by female athletes, those of the pint-sized gymnast shined brightest. Douglas received 48 of 157 votes, seven more than Franklin, who won four gold medals and a bronze in London. Serena Williams, who won Wimbledon and the U.S. Open two years after her career was nearly derailed by a series of health problems, was third (24).


Britney Griner, who led Baylor to a 40-0 record and the NCAA title, and skier Lindsey Vonn each got 18 votes. Sprinter Allyson Felix, who won three gold medals in London, and Carli Lloyd, who scored both U.S. goals in the Americans' 2-1 victory over Japan in the gold-medal game, also received votes.


"One of the few years the women's (Athlete of the Year) choices are more compelling than the men's," said Julie Jag, sports editor of the Santa Cruz Sentinel.


Douglas is the fourth gymnast to win one of the AP's annual awards, which began in 1931, and first since Mary Lou Retton in 1984. She also finished 15th in voting for the AP sports story of the year.


Douglas wasn't even in the conversation for the Olympic title at the beginning of the year. That all changed in March when she upstaged reigning world champion and teammate Jordyn Wieber at the American Cup in New York, showing off a new vault, an ungraded uneven bars routine and a dazzling personality that would be a hit on Broadway and Madison Avenue.


She finished a close second to Wieber at the U.S. championships, then beat her two weeks later at the Olympic trials. With each competition, her confidence grew. So did that smile.


By the time the Americans got to London, Douglas had emerged as the most consistent gymnast on what was arguably the best team the U.S. has ever had.


She posted the team's highest score on all but one event in qualifying. She was the only gymnast to compete in all four events during team finals, when the Americans beat the Russians in a rout for their second Olympic title, and first since 1996. Two nights later, Douglas claimed the grandest prize of all, joining Retton, Carly Patterson and Nastia Liukin as what Bela Karolyi likes to call the "Queen of Gymnastics."


But while plenty of other athletes won gold medals in London, none captivated the public quite like Gabby.


Fans ask for hugs in addition to photographs and autographs, and people have left restaurants and cars upon spotting her. She made Barbara Walters' list of "10 Most Fascinating People," and Forbes recently named her one of its "30 Under 30." She has deals with Nike, Kellogg Co. and AT&T, and agent Sheryl Shade said Douglas has drawn interest from companies that don't traditionally partner with Olympians or athletes.


"She touched so many people of all generations, all diversities," Shade said. "It's her smile, it's her youth, it's her excitement for life. ... She transcends sport."


Douglas' story is both heartwarming and inspiring, its message applicable those young or old, male or female, active or couch potato. She was just 14 when she convinced her mother to let her leave their Virginia Beach, Va., home and move to West Des Moines, Iowa, to train with Liang Chow, Shawn Johnson's coach. Though her host parents, Travis and Missy Parton, treated Douglas as if she was their fifth daughter, Douglas was so homesick she considered quitting gymnastics.


She's also been open about her family's financial struggles, hoping she can be a role model for lower income children.


"I want people to think, 'Gabby can do it, I can do it,'" Douglas said. "Set that bar. If you're going through struggles or injuries, don't let it stop you from what you want to accomplish."


The grace she showed under pressure — both on and off the floor — added to her appeal. When some fans criticized the way she wore her hair during the Olympics, Douglas simply laughed it off.


"They can say whatever they want. We all have a voice," she said. "I'm not going to focus on it. I'm not really going to focus on the negative."


Besides, she's having far too much fun.


Her autobiography, "Grace, Gold and Glory," is No. 4 on the New York Times' young adult list. She, Wieber and Fierce Five teammates Aly Raisman and McKayla Maroney recently wrapped up a 40-city gymnastics tour. She met President Barack Obama last month with the rest of the Fierce Five, and left the White House with a souvenir.


"We got a sugar cookie that they were making for the holidays," Douglas said. "I took a picture of it."


Though her busy schedule hasn't left time to train, Douglas insists she still intends to compete through the Rio de Janeiro Olympics in 2016.


No Olympic champion has gone on to compete at the next Summer Games, but Douglas is still a relative newcomer to the elite scene — she'd done all of four international events before the Olympics — and Chow has said she hasn't come close to reaching her full potential. She keeps up with Chow through email and text messages, and plans to return to Iowa after her schedule clears up in the spring.


Of course, plenty of other athletes have said similar things and never made it back to the gym. But Douglas is determined, and she gets giddy just talking about getting a new floor routine.


"I think there's even higher bars to set," she said.


Because while being an Olympic champion may have changed her life, it hasn't changed her.


"I may be meeting cool celebrities and I'm getting amazing opportunities," she said. "But I'm still the same Gabby."


___


AP Projects Editor Brooke Lansdale contributed to this report.


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Goodbye, U.S. Postal Service?




This Christmas could be the Post Office's last, says John Avlon.




STORY HIGHLIGHTS


  • The U.S. Postal Service is bleeding money and heading toward insolvency

  • John Avlon: Congress can save the postal service in deal on the fiscal cliff

  • He says the urgency is clear, let's hope for a Christmas miracle

  • Avlon: But be prepared that Washington dysfunction can doom the postal service




Editor's note: John Avlon is a CNN contributor and senior political columnist for Newsweek and The Daily Beast. He is co-editor of the book "Deadline Artists: America's Greatest Newspaper Columns." He is a regular contributor to "Erin Burnett OutFront" and is a member of the OutFront Political Strike Team. For more political analysis, tune in to "Erin Burnett OutFront" at 7 ET weeknights.


(CNN) -- It's the time of year for dashing through the snow to the crowded post office, with arms full of holiday gifts for family and friends.


Not to break the atmosphere of holiday cheer, but this Christmas could be the last for the U.S. Postal Service. It is losing $25 million dollars a day and staring down insolvency -- unless Congress steps in to pass a reform package that reduces its costs.


With just a few days left in the congressional calendar, there is still some small hope for a Christmas miracle -- maybe the Postal Service can be saved as part of a deal on the fiscal cliff. But with even Hurricane Sandy relief stalled, skepticism is growing.



John Avlon

John Avlon



The real question is, what's taken them so long? After all, back in April the Senate passed an imperfect but bipartisan bill by 62-37. It would have saved some $20 billion, cut some 100 distribution centers, and reduced head count by an additional 100,000 through incentives for early retirement, while reducing red tape to encourage entrepreneurialism and keeping Saturday delivery in place for at least another two years. At the time, Sen. Tom Carper of Delaware said, "The situation is not hopeless; the situation is dire. My hope is that our friends over in the U.S. House, given the bipartisan steps we took this week, will feel a sense of urgency."



To which the House might as well have replied, "Not so much."


In August, the Postal Service defaulted for the first time, unable to make a $5.5 billion payment to fund future retirees' health benefits. The headline in Government Executive magazine said it all: "Postal Service defaults, Congress does nothing."


The usual suspects were at fault -- hyperpartisan politics and the ideological arrogance that always makes the perfect the enemy of the good.


House Oversight Committee Chairman Darrell Issa greeted the news of the Senate bill by calling it a "taxpayer-funded bailout." His primary complaint was that the Senate bill did not go far enough. He was not alone -- Postmaster General Patrick Donahoe also expressed disappointment at the scope of the Senate bill, saying that it fell "far short of the Postal Service's plan."






But Issa's alternative couldn't even get to a vote in the Republican-controlled House. And so nothing happened. Even after the USPS defaulted on a second $5.5 billion payment, the response was crickets.


Washington insiders said that action would be taken after the election, when lawmakers would be free to make potentially unpopular decisions. But despite a series of closed-door meetings, nothing has been done.


It's possible that the nearly $20 billion in savings could be part of a fiscal cliff deal. Sen. Joseph Lieberman has suggested that ending Saturday delivery, except for packages, could be part of a compromise that could save big bucks down the road. Another aspect of a savings plan could be suspending the USPS' onerous obligation to fully fund its pension costs upfront, a requirement that would push many businesses into bankruptcy. And last fiscal year, the post office posted a record $15.9 billion loss.


"As the nation creeps toward the 'fiscal cliff,' the U.S. Postal Service is clearly marching toward a financial collapse of its own," says Carper. "The Postal Service's financial crisis is growing worse, not better. It is imperative that Congress get to work on this issue and find a solution immediately. ... Recently key House and Senate leaders on postal reform have had productive discussions on a path forward, and while there may be some differences of opinion in some of the policy approaches needed to save the Postal Service, there is broad agreement that reform needs to happen -- the sooner the better."


The urgency couldn't be clearer -- but even at this yuletide 11th hour, signs of progress are slim to none. If Congress fails to pass a bill, we'll be back to square one in the new year, with the Senate needing to pass a new bill which will then have to be ratified by the House. There is just no rational reason to think that lift will be any easier in the next Congress than in the current lame duck Congress, where our elected officials are supposedly more free to do the right thing, freed from electoral consequences.


So as you crowd your local post office this holiday season, look around and realize that the clock is ticking. The Postal Service is fighting for its life. And Congress seems determined to ignore its cries for help.


"Neither rain nor snow nor sleet nor gloom of night" can stop the U.S. Postal Service from making its appointed rounds -- but congressional division and dysfunction apparently can.


Follow us on Twitter @CNNOpinion.


Join us on Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of John Avlon.






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“Les Miserables” movie relies on close-ups for emotional punch






NEW YORK (Reuters) – For British director Tom Hooper, the key to turning “Les Miserables” from the wildly popular stage musical to a cinematic experience both sweeping and intimate, was all in the close-up.


The stage musical has left audiences around the world wiping away tears with its themes of justice, redemption and romantic and familial love. So bringing it to life on screen for fans and filmgoers was “hugely daunting,” Hooper says.






Still, the Oscar-winning director of “The King’s Speech,” was ambitious, wanting to offer even more of the “intense emotional experience” that has kept fans returning to various stage productions since “Les Miserables” made its English language debut 27 years ago.


“I felt very aware of the fact that so many millions of people hold this close to their hearts and would probably sit in the cinemas in complete fear,” Hooper told reporters about his big screen take on the tale of French revolutionaries rising up against powerful forces.


Movie stars Hugh Jackman, Russell Crowe and Anne Hathaway were all put through an intense audition and rehearsal process, to make sure they could sing take after take, live, with cameras positioned right in their face.


It also features a large ensemble including Amanda Seyfried and Eddie Redmayne, as well as Sacha Baron Cohen and Helena Bonham Carter who lead the comic relief song, “Master of the House.”


“I thought the great weapon in my arsenal was the close up, because the one thing on stage that you can’t enjoy is the detail of what is going on in people’s faces as they are singing,” Hooper said. “I felt (that) having to do a meditation on the human face was by far the best way to bring out the emotion of the songs.”


That tactic may or may not have paid off for a movie that is seen as one of the front runners for Oscar awards in February. Early screenings of the film that opens on Christmas Day have moved some audiences. Critics have praised the performances, but given the movie as a whole less than top marks.


The movie reunites the same team that worked on the original musical, including French composer Claude-Michel Schonberg, lyricist Alain Boublil, and English language adapter Herbert Kretzmer. It adds one original song to the existing show, which includes the well-known “I Dreamed a Dream”.


Jackman plays petty thief Jean Valjean, the protagonist of the story based on French writer Victor Hugo’s epic 1862 historical novel “Les Miserables.” Valjean transforms himself into a respected businessman but struggles for decades to escape the clutches of his nemesis, police inspector Javert (Russell Crowe), and along the way encounters factory worker Fantine (Anne Hathaway).


TIMELY MESSAGE


Inspired by films such as 1991′s “The Commitments,” singing was filmed live rather than later recorded in a studio to give the movie a more authentic feel.


Hathaway lost 25 pounds (11.3 kg) for the role and cut her long brown hair. She spent six months perfecting the task of crying and singing at the same time for “I Dreamed a Dream” and is a hot favorite for a best supporting actress Oscar.


In a twist of fate, Hooper had initially seen Hathaway singing to Jackman a boisterous version of the “Les Miserables” song “On My Own” at the 2011 Academy Awards ceremony, just when he was trying to decide whether to direct the film and was thinking about casting.


“I was sitting there, going: ‘There is something very strange happening’,” he joked. “Whatever happened, it certainly worked, because I ended up casting both of them.”


Hooper said he took his inspiration mostly from Hugo’s novel rather than any one stage production, and thus saw Crowe’s Javert more as a “deeply honorable” character than a simplistic “bad guy” as portrayed in some productions.


The time also felt right, he said, to bring the story to a larger audience on the big screen.


“There are so many people hurting around the world because of social, economic, inequality and inequity. There is such anger against the system,” he said, “whether it’s the protests on Wall Street or in London at St Paul’s, or the seismic shifts happening in the Middle East.”


“‘Les Miserables’ is the great advocate of the dispossessed,” Hooper said. “It teaches you the way to collective action is through passionate engagement with the people around you. It starts with love for the person next to you.”


(Editing by Jill Serjeant and David Storey)


Movies News Headlines – Yahoo! News





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Economic impact of Canada retail sales jump seen small






OTTAWA (Reuters) – Canada retail sales in October jumped by a stronger-than-expected 0.7 percent from September to hit a record, but analysts said the figures were less impressive than they seemed and would not do much to boost recent sluggish economic growth.


Statistics Canada said on Thursday that retail sales in October reached C$ 39.45 billion ($ 39.85 billion), the third consecutive all-time high. Sales have now grown for four straight months.






But analysts, who had expected a month-over-month increase of 0.2 percent, noted that in volume terms sales were only up by 0.3 percent.


This, they predicted, would not have a major effect on October gross domestic product data due out on Friday. The consensus forecast is for a 0.1 percent increase.


“It’s volume that matters to GDP such that while the (October) gain was positive, it will translate into GDP much less powerfully than the headline would suggest,” Scotiabank economists Derek Holt and Dov Zigler said in a note to clients.


Canada’s economy grew at a sluggish 0.6 percent pace, annualized, in the third quarter. Although the Bank of Canada is predicting fourth-quarter growth of 2.5 percent, annualized, that looks to be too optimistic given exporters’ problems with weak markets and the strong Canadian dollar.


The retail sales data helped push the Canadian dollar up to a session high of C$ 0.9875 versus the U.S. dollar, or $ 1.0127, compared with C$ 0.9890, or $ 1.0111, before the release. It later slipped back and at 10:05 a.m. (1505 GMT) was trading at C$ 0.9893, or $ 1.0111.


In October, gains were reported in eight of 11 subsectors, representing 92 percent of retail trade.


On annualized terms, fourth-quarter retail sales growth so far is an anemic 0.6 percent, compared with the 2.2 percent rise recorded in the third quarter.


Benjamin Reitzes, senior economist at BMO Capital Markets, also noted sales growth from October 2011 was just 1.7 percent, matching June’s figure and the second-lowest since Canada emerged from recession.


“Underlying sales continue to slow, which has been the story for much of the past year, as modest job growth, warnings about over-indebtedness and the allure of cross-border shopping weigh on retailers,” he said in a note to clients.


Sales at motor vehicles and parts dealers grew by 1.6 percent on the back of a 1.6 percent increase in sales by new car dealers, who posted a fifth consecutive monthly gain. Sales at gasoline stations also advanced by 1.6 percent.


Food and beverage store sales were up by 0.5 percent. Furniture and home furnishings store sales fell by 2.0 percent while electronics and appliance stores recorded a decline of 1.6 percent.


(Editing by Nick Zieminski)


Economy News Headlines – Yahoo! News





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Talking Cars Will Allow Aging Baby Boomers to Focus Like Young Drivers, Agero Study Finds






DALLAS, Dec. 20,  2012 /PRNewswire/ – Within the next 10 years, retiring Baby Boomers over the age of 65 will constitute more than one-third of the registered drivers on U.S. roads. A majority of those individuals behind the wheel will be driving vehicles increasingly loaded with digital connectivity and content designed to lure a generation of buyers accustomed to smartphones and tablets.


With mounting concern in recent years about driver distraction resulting from the increased use of in-vehicle technology, will the risk of driver distraction only escalate as these newly-retired drivers, faced with changing sensory perceptions, adapt to their digital environments?






Not to worry. Senior citizens on average may not be as technology savvy as their Gen Y counterparts, but a recent study measuring driver distraction finds that interactive speech technology can help them interface with navigation systems while driving just as safely as younger drivers.


Agero Connected Services, a leading provider of cloud-delivered content, services, and driver interfaces to global automobile manufacturers, and the Virginia Tech Transportation Institute (VTTI) teamed up to conduct the research. They found seniors aged 65 to 75 closely maintained driving performance comparable to drivers aged 18 to 30 when cloud-based speech recognition technology was used to access directions and other destination information. In contrast, when asked to perform the same task using a visually and manually dependent navigation device common in today’s market, senior drivers were six times more likely to veer out of their driving lane.


“Using either a speech-only interface or a speech interface combined with brief glances to a display screen helped senior drivers improve their driving and leveled the performance gap between the two generations,” said Tom Schalk, Agero’s vice president of Voice Technology.


Similar results were recorded when both age groups were required to detect perepheral events while driving and searching for information. Peripheral sight engagement is an important element in driver distraction. Using the aftermarket navigation device, Gen Y drivers detected 95% of the peripheral signals while the seniors detected only 74%. When speech solutions were introduced, seniors were able to spot 94% of the signals, just slightly below the younger drivers’ percentage.


Vehicle connectivity and infotainment content are often introduced or enhanced in high-end vehicles purchased by middle-aged and senior drivers. Findings from the Agero/VTTI study indicate that integrating natural language speech technology with vehicle infotainment systems diminishes the general safety concern that seniors are vulnerable to distractions from new technology.


Seniors participating in the test indicated a preference for speech systems in their personal vehicles, which also contradicts the common notion that technology-averse drivers will avoid its use, even if the interface is simple and easy to use.


About Agero


Agero Connected Services (ACS) is a leading provider of private-labeled, connected vehicle services for the automotive, insurance, and aftermarket industries. Based in Dallas, Texas, ACS launched the connected car market over 15 years ago and has led the development and management of systems for over 11 global automotive brands. ACS is a division of Medford, Mass.-based Agero, Inc., the leader in roadside assistance, claims management, and emergency services in the automotive and insurance industries. For more information, visit www.agero.com. 


Yahoo! Finance – Personal Finance | Insurance





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Wall Street flat amid stalemate in fiscal talks

NEW YORK (Reuters) - U.S. stocks were little changed on Thursday as investors fretted that a deal on the U.S. budget wouldn't come as soon as they had hoped after President Barack Obama threatened to veto a controversial Republican plan.


NYSE Euronext was the star of the day, surging more than 30 percent as the S&P 500's top percentage gainer, after IntercontinentalExchange Inc said it would buy the operator of the New York Stock Exchange for $8.2 billion.


NYSE was up 32.8 percent at $31.95, while ICE shares vacillated between gains and losses. The stock was last down 0.8 percent at $127.22.


The market barely reacted to a round of strong data, including an upward revision of gross domestic product growth and stronger-than-expected home sales, suggesting talks to avert the "fiscal cliff," steep tax hikes and spending cuts due in 2013, remain the primary focus for markets.


Republicans in the U.S. House of Representatives pushed ahead with their own fiscal plan in a move that muddles negotiations with the White House. Obama has vowed to veto the plan.


While investors have hoped for an agreement to come soon between policy makers, this seems unlikely as wrangling continues over the details.


"At least in the posturing it looks as if there are ultimatums put on the table, which tends to box either side in," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.


Still, the absence of a significant sell-off shows "the market still believes that there will be an announcement of some sort. But as the clock is ticking, the most you're going to get is a stop-gap measure," said Krosby.


The Dow Jones industrial average <.dji> edged down 3.77 points, or 0.03 percent, at 13,248.20. The Standard & Poor's 500 Index <.spx> added 1.12 points, or 0.08 percent, to 1,436.93. The Nasdaq Composite Index <.ixic> slipped 3.58 points, or 0.12 percent, to 3,040.78.


Stocks rallied earlier in the week on signs of progress in the negotiations, led by banking and energy shares, which tend to outperform in times of economic expansion. On signs of complications, however, many have turned to hedging their bets through options and exchange-traded funds.


Herbalife fell 5.3 percent to $35.35 in the wake of news that hedge fund manager Bill Ackman was betting against the company as part of his big end-of-the-year short.


The U.S. economy grew 3.1 percent in the third quarter, faster than previously estimated, while the number of Americans filing new claims for jobless benefits rose more than expected in the latest week.


"It is great to see this kind of growth, but investors know it could all disappear if there's no deal on the cliff," said Todd Schoenberger, managing partner at LandColt Capital in New York. "Macro data may be on the back burner for a while."


Existing home sales jumped 5.9 percent in November, more than expected, and by the fastest monthly place in three years. Housing shares <.hgx> gained 0.4 percent.


But KB Home slid 5.5 percent to $15.75 as the company reported higher homebuilding costs and expenses in the fourth quarter.


(Additional reporting by Ryan Vlastelica; Editing by Bernadette Baum and Nick Zieminski)



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Michael Phelps voted AP male athlete of year


Now that he's away from the pool, Michael Phelps can reflect — really reflect — on what he accomplished.


Pretty amazing stuff.


"It's kind of nuts to think about everything I've gone through," Phelps said. "I've finally had time to myself, to sit back and say, '... that really happened?' It's kind of shocking at times."


Not that his career needed a capper, but Phelps added one more honor to his staggering list of accomplishments Thursday — The Associated Press male athlete of the year.


Phelps edged out LeBron James to win the award for the second time, not only a fitting payoff for another brilliant Olympics (four gold medals and two silvers in swimming at the London Games) but recognition for one of the greatest careers in any sport.


Phelps finished with 40 votes in balloting by U.S. editors and broadcasters, while James was next with 37. Track star Usain Bolt, who won three gold medals in London, was third with 23.


Carl Lewis is the only other Olympic-related star to be named AP male athlete of the year more than once, taking the award for his track and field exploits in 1983 and '84. The only men honored more than twice are golf's Tiger Woods and cyclist Lance Armstrong (four times each), and basketball's Michael Jordan (three times).


"Obviously, it's a big accomplishment," Phelps said. "There's so many amazing male athletes all over the world and all over our country. To be able to win this is something that just sort of tops off my career."


Phelps retired at age 27 as soon as he finished his final race in London, having won more gold medals (18) and overall medals (22) than any other Olympian.


No one else is even close.


"That's what I wanted to do," Phelps said. "Now that it's over, it's something I can look back on and say, 'That was a pretty amazing ride.'"


The current ride isn't so bad either.


Set for life financially, he has turned his fierce competitive drive to golf, working on his links game with renowned coach Hank Haney as part of a television series on the Golf Channel. In fact, after being informed of winning the AP award, Phelps called in from the famed El Dorado Golf & Beach Club in Los Cabos, Mexico, where he was heading out with Haney to play a few more holes before nightfall.


"I can't really complain," Phelps quipped over the phone.


Certainly, he has no complaints about his swimming career, which helped turn a sport that most Americans only paid attention to every four years into more of a mainstream pursuit.


More kids took up swimming. More advertisers jumped on board. More viewers tuned in to watch.


While swimming is unlikely to ever match the appeal of football or baseball, it has carved out a nice little niche for itself amid all the other athletic options in the United States — largely due to Phelps' amazing accomplishments and aw-shucks appeal.


Just the fact that he won over James shows just how much pull Phelps still has. James had an amazing year by any measure: The league MVP won his first NBA title with the Miami Heat, picking up finals MVP honors along the way, and then starred on the gold medal-winning U.S. basketball team in London.


Phelps already had won the AP award in 2008 after his eight gold medals in Beijing, which broke Mark Spitz's record. Phelps got it again with a performance that didn't quite match up to the Great Haul of China, but was amazing in its own right.


After the embarrassment of being photographed taking a hit from a marijuana pipe and questioning whether he still had the desire to go on, Phelps returned with a vengeance as the London Games approached. Never mind that he was already the winningest Olympian ever. Never mind that he could've eclipsed the record for overall medals just by swimming on the relays.


He wanted to be one of those rare athletes who went out on top.


"That's just who he is," said Bob Bowman, his longtime coach. "He just couldn't live with himself if knew he didn't go out there and give it good shot and really know he's competitive. He doesn't know anything else but to give that kind of effort and have those kind of expectations."


Phelps got off to a rocky start in London, finishing fourth in the 400-meter individual medley, blown out of the water by his friend and rival, Ryan Lochte. It was only the second time that Phelps had not at least finished in the top three of an Olympic race, the first coming way back in 2000 when he was fifth in his only event of the Sydney Games as a 15-year-old.


To everyone looking in, Lochte seemed poised to become the new Phelps — while the real Phelps appeared all washed up.


But he wasn't going out like that.


No way.


Phelps rebounded to become the biggest star at the pool, edging Lochte in the 200 IM, contributing to a pair of relay victories, and winning his final individual race, the 100 butterfly. There were two silvers, as well, leaving Phelps with a staggering resume that will be awfully difficult for anyone to eclipse.


His 18 golds are twice as many as anyone else in Olympic history. His 22 medals are four clear of Larisa Latynina, a Soviet-era gymnast, and seven more than the next athlete on the list. Heck, if Phelps was a nation, he'd be 58th in the medal standings, just one behind India (population: 1.2 billion).


"When I'm flying all over the place, I write a lot in my journal," Phelps said. "I kind of relive all the memories, all the moments I had throughout my career. That's pretty special. I've never done that before. It's amazing when you see it all on paper."


Four months into retirement, Phelps has no desire to get back in the pool. Oh, he'll swim every now and then for relaxation, using the water to unwind rather than putting in one of his famously grueling practices. Golf is his passion at the moment, but he's also found time to cheer on his hometown NFL team, the Baltimore Ravens, and start looking around for a racehorse that he and Bowman can buy together.


Phelps hasn't turned his back on swimming, either. He's got his name attached to a line of schools that he wants to take worldwide. He's also devoting more time to his foundation, which is dedicated to teaching kids to swim and funding programs that will grow the sport even more.


He's already done so much.


"His contribution to the way the world thinks about swimming is so powerful," Bowman said. "I don't think any other athlete has transformed his sport the way he's transformed swimming."


Phelps still receives regular texts from old friends and teammates, asking when he's going to give up on this retirement thing and come back the pool as a competitor.


He scoffs at the notion, sounding more sure of himself now than he did in London.


And if there's anything we've learned: Don't doubt Michael Phelps when he sets his mind on something.


"Sure, I could come back in another four years. But why?" he asked, not waiting for an answer. "I've done everything I wanted to do. There's no point in coming back."


___


Follow Paul Newberry on Twitter at www.twitter.com/pnewberry1963


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Is Newtown tipping point for change?









By Piers Morgan, CNN


December 20, 2012 -- Updated 1627 GMT (0027 HKT)









STORY HIGHLIGHTS


  • Piers Morgan: Past gun-related tragedies haven't led to any action

  • He says that must change, and he hosted a debate on the issue

  • Morgan: Laws must be changed to limit weapons, ammunition and enforce background checks

  • Rights of Americans who use guns for hunting and sport must be respected, he says




(CNN) -- On Wednesday night, I hosted a town hall-style debate on guns in America, talking to lawmakers, mass shooting survivors, lawyers, gun lobbyists -- anyone, basically, who has a strong opinion about what I consider to be the single biggest issue facing America today.


Since I joined CNN two years ago, there have been a series of gun-related tragedies, including the attack on U.S. Rep. Gabrielle Giffords and the Aurora, Colorado, movie theater massacre.


Each sparked a short-term debate about guns. Yet each debate fizzled out with zero action being taken to try and curb the use of deadly weapons on the streets of America.



Piers Morgan

Piers Morgan



Now, following the grotesque slaughter of 20 innocent young children at Sandy Hook Elementary School in Newtown, Connecticut, I sense that the mood has changed.


We have reached a crucial moment in this debate, and I intend to use my platform to continue this conversation on Wednesday night and going forward. The media have previously been quick to move on to other stories after these tragic acts of gun violence. That must change.


Opinion: Don't let this moment pass without acting on gun control






I've made my own views clear on my show -- the senseless killing has to stop. High-powered assault rifles of the type used at Aurora and Newtown belong in the military and police, not in civilian hands. High-capacity magazines, too, should be banned. And background checks on anyone buying guns in America should be comprehensive and stringently enforced.


As President Barack Obama said, doing nothing is no longer an option.


But, at the same time, law-abiding Americans who want to protect themselves under the Second Amendment right to bear arms must be respected. As should the rights of Americans to use guns for hunting and sport.


This is a vital debate for the country. Some 12,000 people are murdered in the United States with guns every year, compared with just 35 in Britain, where there are strong gun laws.


Analysis: Guns and the law


Sandy Hook should, and must, be a tipping point for real action to bring this number down.


Follow @CNNOpinion on Twitter.


Join us at Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of Piers Morgan.



Watch Piers Morgan Tonight weeknights 9 p.m. ET. For the latest from Piers Morgan click here.









Part of complete coverage on







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Get the latest opinion and analysis from CNN's columnists and contributors.







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Rebecca Buckwalter-Poza says the vice president, who shepherded the 1994 Violent Crime Control and Law Enforcement Act through the Senate, is the right man to lead new gun control efforts.







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Nissan to invest £250m in the UK












Nissan says it is investing £250m in Sunderland to make a small luxury car, creating “hundreds of jobs” in the UK.


“The Sunderland factory is very competitive,” said Nissan’s chief performance officer Colin Dodge.


The Infiniti model was penned by Nissan’s design team in London and engineered at its technical centre in Bedfordshire.


Their brief was to appeal to buyers in Europe, where the marque’s sales are weak.


Business Secretary Vince Cable visited the Sunderland plant on Wednesday for the investment announcement.


“Today’s news is a strong endorsement of the quality of Britain’s car industry, which is creating jobs, taking on apprentices and contributing to building a stronger economy,” he said.


“The auto sector is living up to being one of the great success stories of our industrial strategy and a testimony to government and private sector working together in close partnership.”


‘Pivotal car’




Business Secretary Vince Cable: “It’s a tremendous vote of confidence in the British car industry”



Mr Dodge said it was too early to be specific about how many jobs would be created as a result of the fresh investment.


It was suggested, however, that it could be about 280 directly at the factory, with a further 700 or so created with suppliers.


However, to make space for the Infiniti, a previously announced investment of £127m to build a hatchback, involving some 125 jobs, will now be moved from Sunderland to another Nissan factory in Europe, for instance in Spain or Russia, an Infiniti spokesman said.


The Infiniti investment will be made during the next two years and the new Infiniti will start rolling off the assembly line in 2015, Mr Dodge said.


Nissan said it would produce up to 60,000 Infiniti cars per year.


The new car has not yet been named, beyond an announcement that it will be called something starting with Q followed by a digit and ending with 0, but it will be based on the Ethera concept vehicle that was displayed at the Geneva motor show in 2011.


“It is a pivotal car for Europe,” Mr Dodge said.


Ambitious target


Infiniti has made little headway since it was first launched in Europe in 2008 with a series of large, thirsty cars with powerful V6 and V8 petrol engines.


“The Infiniti brand has been very American-centric for years,” Mr Dodge said, “but the new, smaller model is the size of car for Europe rather than for the US.”


Infiniti has set itself an ambitious sales target in Europe of 100,000 cars by 2016, compared with 16,700 cars sold in 2011.


Between a third and half the sales of the new Infiniti are expected to come in Europe, said Mr Dodge.


The car will be the first Infiniti to be offered with a diesel engine, an option seen as crucial to win over European drivers, Mr Dodge said, though he declined to reveal further details about the engine options for the car.


The Ethera concept was a petrol-electric hybrid with a 2.5-litre four-cylinder engine. Nissan is developing engines jointly with Mercedes-owner Daimler, it works closely with alliance partner Renault, and in March this year it unveiled a high performance petrol-electric hybrid model, the Emergenc-e, that will use a three-cylinder petrol engine made by Hethel, Norfolk-based Lotus.


Efficient factory


Sunderland was awarded the model thanks to its reputation for efficiency, both in terms of quality and cost as well as ability to deliver, said Mr Dodge, who worked at the plant from 1984 until 2007 before he was promoted and moved to the Nissan headquarters in Japan.


Nissan used to claim that its Sunderland plant, which currently employs more than 6,000 people, was the most efficient car factory in Europe, though these days it tends not to mention this.


“But it is,” said Mr Dodge. “We just don’t keep chest-beating about it year in, year out.”


Nissan said Sunderland is on schedule to become the first car factory in the UK to have produced more than 500,000 cars in one calendar year. “Even during British Leyland times, they didn’t do that,” said Mr Bolt.


Global production


The decision to produce the new Infiniti outside Japan was based on a number of factors.


“Historically, we’ve made Infiniti in Japan,” said Mr Dodge, though in recent years, he explained, the yen has been very strong, thus making it difficult to make money from cars exported from Japan.


In response, the carmaker is shifting production to the UK, the US and China.


It is “heartbreaking” for Nissan’s Japanese staff to see production moved out of the country, Mr Dodge said.


“They can make cars as well as anybody,” he said, “but they’re at a significant disadvantage when compared with rivals selling cars in dollars, euros or pounds.”


But the strong yen is not the only reason why Nissan makes ever more cars abroad.


Investment and production in growth markets around the world would probably continue even if the yen was to fall in value, as it is expected to do under the country’s next prime minister, Shinzo Abe.


“If you’ve got a manufacturing base and a supply base set up, it is best to produce and sell in one currency,” said Mr Dodge.


BBC News – Business





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