Tuesday, April 16, 2013

Wall Street posts worst day since November 7 on gold's drop, Boston blasts

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks posted their worst day since November 7 on Monday as big declines in the price of gold, oil and other commodities fed a broad selloff in equities.

Weaker-than-expected data from China sparked the initial decline, but selling accelerated late in the session as reports of two explosions in Boston near the finish line of the Boston Marathon unnerved investors.

Commodity-related shares led stocks' losses, with gold suffering its worst two-day sell-off in 30 years as the China data fueled worries about the strength of the global economy. The SPDR Gold Shares ETF lost 8.8 percent to $131.31 on record volume.

Total trading volume was the second highest of the year, with about 8.5 billion shares changing hands on U.S. exchanges.

Analysts said the stock market had been vulnerable to a pullback, given the sharp gains since the start of the year as well as the Dow's and the S&P 500's recent record highs. The S&P 500 is still up 8.8 percent for the year.

"I don't think the market has much tolerance for bad news," said Uri Landesman, president of Platinum Partners in New York.

"There was a bad Chinese GDP number, which I think spooked people to start, and technical factors. Profit-taking started taking over. Late in the day, we were getting hit by reports that there were explosions in Boston. That gets people nervous."

At least two were killed and dozens were injured from the blasts.

The Dow Jones industrial average sank 265.86 points, or 1.79 percent, to close at 14,599.20. The Standard & Poor's 500 Index fell 36.49 points, or 2.30 percent, to 1,552.36. The Nasdaq Composite Index lost 78.46 points, or 2.38 percent, to end at 3,216.49.

It was the biggest daily percentage drop for all three indexes since November 7, when the market sold off following the U.S. presidential election.

The biggest declining sectors were energy and materials. The S&P energy sector index lost 3.9 percent. The S&P materials sector index <.splrcm> also fell 3.9 percent.

Exxon Mobil fell 2.8 percent to $86.49 and led the S&P 500's decline, while shares of miner Freeport-McMoRan Copper & Gold Inc tumbled 8.3 percent to $29.27.

Data showed China's annual rate of growth eased back to 7.7 percent from the 7.9 percent rate of the previous quarter and below economists' forecast for an 8.0 percent expansion.

"The adverse feedback loop of all these things, particularly margin calls perhaps with gold, that's spilling over to stocks, and that's something most investors don't want to get in front of, so we've seen selling really dominate the day today," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

The CBOE Gold ETF Volatility Index <.gvz>, which measures the market's expectation of 30-day volatility of gold prices by applying the VIX methodology to options on SPDR Gold Shares, shot up 61.7 percent - its largest percentage gain in its history. The index, often called the Gold VIX, hit a fresh 52-week high at 35.39.

Other stock decliners included Dish Network , which fell 2.3 percent to $36.77 after the No. 2 U.S. satellite television provider offered to buy Sprint Nextel Corp for $25.5 billion in cash and stock. Sprint shares jumped 13.5 percent to $7.06.

The offer could thwart the proposed acquisition of Sprint by Japan's SoftBank Corp .

Among the day's gainers, Citigroup shares edged up 0.2 percent to $44.87 after reporting a higher-than-expected gain of 31 percent in first-quarter profit.

First-quarter reports are expected to show only a small year-over-year gain in overall earnings since growth has slowed in recent quarters. S&P 500 earnings growth is estimated at 1.7 percent, based on results from 34 companies that have reported results so far and estimates for the rest, Thomson Reuters data showed.

Decliners outnumbered advancers by a ratio of more than 7 to 1 on both the NYSE and the Nasdaq.

(Additional reporting by Leah Schnurr and Doris Frankel; Editing by Kenneth Barry, Nick Zieminski and Jan Paschal)

Source: http://news.yahoo.com/nasdaq-drops-2-percent-wall-street-extends-losses-192157746--finance.html

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Monday, April 15, 2013

Non-profit hunts for Earth-killing asteroids

With the dangers of rogue asteroids made clear by the surprise explosion of a meteor over Russia in February, a non-profit organization is ramping up its effort to search for potentially hazardous space rocks near Earth.

The B612 Foundation?was started in 2002 by former NASA astronauts Ed Lu and Rusty Schweickart with colleagues. The organization aims to launch a space telescope called Sentinel in 2017 to catalog near-Earth asteroids, including those that may pose a danger to Earth.

To date, about 90 percent of near-Earth asteroids large enough to destroy the entire planet (about 1 kilometer, or 0.6 miles wide) have been discovered, but far fewer of the smaller, city-killing size (roughly 140 meters, or 460 feet, in diameter) have been found. [Photos: The Sentinel Space Telescope]

"We are essentially flying blind in a cosmic shooting gallery," Scott Hubbard, B612 program architect, told reporters on Tuesday (April 9) at the 29th annual National Space Symposium in Colorado Springs, Colo.

This reality was starkly illustrated on Feb. 15, when a 55-foot-wide (17 meters) meteor exploded over Chelyabinsk, Russia, just hours before an asteroid almost three times its size called 2012 DA14 flew uncomfortably close to Earth.

Sentinel's goal is to detect about 90 percent of this city-killing class of asteroids over a period of 6.5 years.

The $450 million mission is to be privately funded, though the foundation has partnered with NASA to share its data and use the agency's Deep Space Network of satellites to facilitate communications between Sentinel and the ground. NASA and lawmakers have said they enthusiastically support the mission and the B612 Foundation's efforts.

"We must better recognize what the private sector can do to aid our efforts to protect the world," Rep. Lamar Smith, R-Texas, chairman of the House Committee on Science, Space and Technology, said during a Congressional hearing on the asteroid issue Wednesday (April 10).

B612 is also looking to partner with other private organizations, such as the solar system exploration non-profit organization The Planetary Society.

"We are hoping in the future to partner with B612, and we will find the asteroid that could have our name on it," said Bill Nye, the CEO of The Planetary Society. "We will ? this sounds extraordinary ? we will save humankind. It sounds like science fiction, but it's real."

B612's presentation at the National Space Symposium came one day before the group's CEO, former astronaut Ed Lu, spoke before the?House Science, Space, and Technology Committee Wednesday (April 10) on the importance of searching for potentially dangerous asteroids before they hit Earth.

Sentinel will fly in a Venus-like orbit around the sun, closer in than Earth. The observatory use an infrared telescope to search for space rocks as they near the sun, absorbing some of its light and re-radiating it as heat.

"If we build sophisticated night-vision goggles, we can see it," said John Troeltzsch, program manager for the Sentinel mission at Ball Aerospace, which has been contracted to build the spacecraft.

Ball was the primary contractor for NASA's infrared Spitzer Space Telescope, as well as the agency's planet-hunting Kepler spacecraft, which, like Sentinel, required a large camera and the ability to point precisely at a given spot in the sky.?

"We have a lot of experience with very cold things observing very faint signals," Troeltzsch said. "If you take what we learned on Spitzer and what we learned on Kepler, you can derive Sentinel."

So far, B612 has raised about $2 million for the mission over the past eight months. It hopes to continue to raise $30 million to 40 million per year to keep the project on track.

Follow Clara Moskowitz on Twitterand Google+. Follow us @Spacedotcom, Facebookand Google+. Original article on SPACE.com.

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://news.yahoo.com/non-profits-private-space-telescope-hunt-dangerous-asteroids-101050029.html

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Venezuelans vote on future of "Chavista" socialism

By Daniel Wallis and Todd Benson

CARACAS (Reuters) - Venezuelans went to the polls on Sunday to vote whether to honor Hugo Chavez's dying wish for a longtime loyalist to continue his self-proclaimed socialist revolution or hand power to a young challenger vowing business-friendly changes.

Acting President Nicolas Maduro had a double-digit lead over opposition challenger Henrique Capriles in most polls heading into election day, buoyed by Chavez's public blessing before he died from cancer last month. But the gap narrowed in recent days, with one survey putting it at 7 percentage points.

Maduro supporters mobilized voters in the rough barrios of Caracas, where Chavez is revered as a hero of the poor, sounding pre-dawn bugle calls to rouse citizens to get out to vote. Lines formed under blistering sunshine at some voting centers, but many were notably shorter than they were at last October's election, when an ailing Chavez trounced Capriles.

Political strategists said that could mean there will be a surge in voting late in the day, or a smaller turnout than last year. Then, a record 80 percent of registered voters cast ballots following an aggressive get-out-the-vote campaign by the Chavista camp.

"We're going to elect Maduro president because he's following the path set by Chavez," Morelia Roa, a 58-year-old nurse, said after casting her ballot in the same working class Caracas district where Maduro voted.

Maduro, a 50-year-old former bus driver, has promised to deepen Chavez's "21st century socialism" if he triumphs. Capriles, an athletic 40-year-old who has generated widespread enthusiasm among the opposition, wants to take Venezuela down a more centrist path.

Whoever wins will inherit control of the world's biggest oil reserves in an OPEC nation, where stark political polarization is one of Chavez's many legacies. Also at stake is the generous economic aid Chavez showered on left-leaning Latin American governments from Cuba to Bolivia.

Following opposition complaints that some people were illegally helping elderly voters cast their ballots, Capriles urged his followers to report any violations of election laws. But he also stressed he would respect the outcome of the vote, whatever it might be.

"Today, all Venezuelans are reporters. If you see something irregular, take a picture, air it on social media," Capriles said after voting. "But let there be no doubt, we will respect the will of the people."

Electoral authorities said voting was going smoothly and that there was no evidence of irregularities. Given the deep mutual mistrust on both sides, some worry that a close or contested result could spark unrest.

Some 170 international observers were on hand, many from left-leaning political parties across Latin America. Polls are due to close at 6 p.m. (6:30 p.m. ET/2230 GMT), though voting could run longer if there are still lines.

Sunday's vote is the first presidential election in two decades without Chavez on the ballot. In many ways, though, it is all about the late president, who was viewed by the poor as a messiah for giving them a political voice and for funneling billions of dollars of oil revenue into social programs.

Maduro campaigned as a loyal disciple of Chavez, repeatedly calling himself an "apostle" and "son" of the late president. Chavez gave Maduro a huge boost by publicly endorsing him in his final speech in December before heading to Cuba for his last cancer operation.

True to form, Maduro dedicated his vote on Sunday to his political mentor.

"The last 21 years of my life have revolved around the dreams of a man, of a giant," an emotional Maduro said. "I never thought I'd be here. But here I am ... And I'm going to be president of the republic for the next six years."

POST-CHAVEZ CHALLENGES

If Maduro wins, he will immediately face big challenges as he tries to stamp his authority on a disparate ruling coalition while lacking his mentor's charisma, or the healthy state finances that Chavez enjoyed in last year's race.

It is hard to predict how he might do things his own way. Like many senior officials, Maduro was passionately loyal to Chavez and never voiced a different opinion in public.

Supporters say he could use his background as a union negotiator-turned-diplomat to build bridges, perhaps even with the United States after tensions during Chavez's 14-year rule.

But there was little sign of his softer side on the campaign trail. Maduro's rhetoric veered from outraged - alleging opposition plots to kill him using mercenaries - to light-hearted, such as poking fun at his often-cited tale of how he was visited by Chavez's spirit in the form of a bird.

More often he sounded indignant, accusing the "far right" of plotting a repeat of a short-lived coup against Chavez a decade ago if the opposition loses Sunday's vote.

Capriles will have an even tougher time if he pulls off an upset. One of the biggest challenges will be to win over suspicious supporters of Chavez and Maduro. Both repeatedly derided the opposition candidate as nothing more than a pampered rich kid, a traitor, and a puppet of "U.S. imperialism."

In last year's campaign, Capriles carefully avoided disparaging Chavez, in a bid to woo the poor. He has not afforded Maduro the same respect, denouncing him and his "coterie" as phony socialists who have enriched themselves while paying only lip service to Chavez's deeply held ideology.

Capriles touts a Brazilian-style model that mixes pro-business policies with heavy state spending on the poor, a recipe that made Brazil one of the world's hottest emerging economies in the past decade.

The opposition hopes bubbling discontent over daily problems such as rampant crime, high inflation, chronic power outages and occasional shortages of food staples and medicines will tip the vote in favor of Capriles.

"Capriles is our only hope. He's the best leader the opposition has had and could be a great president," Alberto Gomez, a 55-year-old bakery owner, said after voting in an upscale district of Caracas.

"The country is a mess," he added. "It's time to forget Chavez and create a new Venezuela outside of his shadow."

(Additional reporting by Deisy Buitrago and Andrew Cawthorne; Editing by Kieran Murray, Jackie Frank and David Brunnstrom)

Source: http://news.yahoo.com/pro-chavez-venezuelans-mark-coup-anniversary-eve-election-001310986.html

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'Arrow' Opening, 'Friends'-Style (VIDEO)

Arrow Opening Friends

'Arrow' credits, 'Friends'-style.

Oliver Queen will be there for you when the rain stars to pour. "Arrow" is the latest show to have its opening credits re-done "Friends"-style by the internet, and the results are excellent.

The CW's superhero show gets the "Friends" opening credit treatment after a web genius put the The Rembrandts' "I'll Be There For You" into the "Battlestar Galactica" intro last week.

"Arrow" star Stephen Amell is a fan of the mashup. He posted the video on his Twitter page Thursday with the message, "This might be my favorite thing."

"Arrow" airs Wednesdays at 8 p.m. EST on The CW.

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 19: "Unfinished Business"

  • Episode 18: "Salvation"

  • Episode 18: "Salvation"

    Celina Jade as Shado.

  • Episode 18: "Salvation"

  • Episode 18: "Salvation"

  • Episode 18: "Salvation"

  • Episode 18: "Salvation"

  • Episode 18: "Salvation"

  • Episode 18: "Salvation"

  • Episode 18: "Salvation"

  • Episode 18: "Salvation"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 17: "The Huntress Returns"

  • Episode 16: "Dead to Rights"

    The CW

  • Episode 16: "Dead to Rights"

    The CW

  • Episode 16: "Dead to Rights"

    The CW

  • Episode 16: "Dead to Rights"

    The CW

  • Episode 16: "Dead to Rights"

    The CW

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Source: http://www.huffingtonpost.com/2013/04/13/arrow-opening-friends_n_3076844.html

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Sunday, April 14, 2013

Little Girl Adorably Confused By Migrating Birds

Source: http://www.thehollywoodgossip.com/2013/04/little-girl-adorably-confused-by-migrating-birds/

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Pope faces tough decisions as Vatican reforms loom

Pope Francis, right, meets with Mozambique's Prime Minister Alberto Vaquina on the occasion of their private audience in the pontiff's library, at the Vatican, Thursday, April 11, 2013. (AP Photo/Alessandro Di Meo, pool)

Pope Francis, right, meets with Mozambique's Prime Minister Alberto Vaquina on the occasion of their private audience in the pontiff's library, at the Vatican, Thursday, April 11, 2013. (AP Photo/Alessandro Di Meo, pool)

Pope Francis waves to faithful as he is driven through the crowd with his popemobile in St. Peter's Square prior to the start of his weekly general audience at the Vatican, Wednesday, April 10, 2013. (AP Photo/Alessandra Tarantino)

Pope Francis blesses faithful as he is driven through the crowd with his popemobile in St. Peter's Square prior to the start of his weekly general audience at the Vatican, Wednesday, April 10, 2013. (AP Photo/Gregorio Borgia)

Cardinals line up to salute Pope Francis, not pictured, at the end of his weekly general audience in St. Peter's Square, at the Vatican, Wednesday, April 10, 2013. (AP Photo/Alessandra Tarantino)

Pope Francis's skull cap is blown away in a gust of wind as he leaves with his popemobile St. Peter's Square after his weekly general audience at the Vatican, Wednesday, April 10, 2013. (AP Photo/Alessandra Tarantino)

VATICAN CITY (AP) ? Pope Francis has spent much of his first month as pope charming ordinary Catholics with his ordinary yet extraordinary papal ways and making clear he is very much the boss when it comes to decisions as small as the shoes he wears to where he rests his head at night.

In the coming months, he'll face decisions of far greater import as he responds to demands from cardinals in far-flung dioceses and Vatican officials at home for an overhaul of the Holy See bureaucracy, the dysfunctional family business he inherited one month ago Saturday.

Given Francis' governing style and track record, it's likely he'll make these choices with an eye to efficiency, and very much alone.

Prelates are demanding term limits on Vatican jobs to prevent priests from becoming career bureaucrats. They want consolidated financial reports to remove the cloak of secrecy from the Vatican's murky finances. And they want regular Cabinet meetings where department heads actually talk to one another to make the Vatican a help to the church's evangelizing mission, not a hindrance.

"It just doesn't work either very quickly or very efficiently," U.S. Cardinal Francis George, the archbishop of Chicago, said. "Take marriage cases: People shouldn't have to be asked to wait three, four, five, six years to get a response" for a request for an annulment.

Francis is meeting daily with department heads and on Friday made an impromptu visit to the secretariat of state, getting a handle on a government that was last reformed by Pope Paul VI a half-century ago and was shown by the leaks of papal documents last year to be infected by power struggles, incompetence and sheer ungovernability.

He has made one Vatican appointment so far, naming a member of his namesake Franciscan order to the important No. 2 spot at the Vatican's congregation for religious orders. His most eagerly-watched appointment has yet to come: that of the Vatican secretary of state, who runs the day-to-day administration of the Holy See. Currently, the position is held by Cardinal Tarcisio Bertone, a 78-year-old canon lawyer whose administrative shortcomings have been blamed for many of the Vatican's current problems today.

George Weigel, a papal biographer who interviewed then-Cardinal Jorge Mario Bergoglio last May for his new book "Evangelical Catholicism," said Francis understands well the problems of the Curia, or Vatican bureaucracy. He said Bergoglio "displayed a shrewd, but not cynical, grasp of just what was wrong with the church's central bureaucratic machinery, and why."

"I think we can expect the new pope to lead the church in a purification and renewal of the episcopate, the priesthood, the religious life, and the curia, because he understands that scandal, corruption, and incompetence are impediments" to the mission of spreading the faith, Weigel wrote in a recent essay.

Francis' austere style and track record governing the Jesuit order in his native Argentina and then the archdiocese of Buenos Aires has given reformers hope: Several cardinals have cited Francis' record as evidence that he has what it takes to make tough, unpopular decisions when necessary.

Bergoglio was named provincial of the Jesuits in Argentina in 1973 at the very young age of 36, and by all indications clashed with more left-leaning members of the order who were increasingly taking up the call of liberation theology, the belief that Christ's teachings justify fights against social injustices. His six-year term also spanned the initial years of the 1976-1983 military junta, which kidnapped and killed thousands of people in a "dirty war" to eliminate leftist opponents. Two of Bergoglio's own priests were kidnapped, but later freed after his intervention.

"He knows how to govern," George said. "He's done all those in very difficult circumstances."

In the 2010 book "The Jesuit," written by his authorized biographer, Bergoglio explained his decision-making process, saying he always discounts his first ideas because they're "always wrong."

"One can ask for advice but, in the end, one must decide alone," he said. Doing so means making mistakes, and Bergoglio acknowledged he had made plenty in his lifetime.

"That's why the important thing is to ask God," he said.

Cardinal Timothy Dolan of New York, who has become something of the ringleader of the reform group, said he had high hopes that Francis would turn the Holy See into a model of good governance given his background and no nonsense style.

"Sometimes in the past the curia has been an example of what not to do, instead of what to do," Dolan said in an interview. "We need to look to the Holy See and the Roman Curia as a model of good governance, of honesty, of simplicity, of frugality, of transparency, of candor, of raw Gospel service, of a lack of careerism, of people who are driven by virtue."

Dolan suggested that one crucial area of reform would be imposing term limits on Vatican bureaucrats to prevent them from becoming lifers. Such a move would both reduce the "careerism" that afflicts many a Vatican bureaucrat while also encouraging bishops around the world to lend Rome their best men knowing that they would be gone for only a few years, not life.

"You need a change in philosophy, in the guiding spirit," Dolan said.

Dolan said there was also no reason why more laymen and women couldn't be brought into the Vatican bureaucracy, particularly in the Vatican's offices for families or laity. And there's no reason not to trim back a government that has "mushroomed" over the years, he said. Already, Italian news reports have said Francis is mulling a reorganization and streamlining of the Vatican secretary of state.

Archbishop Claudio Mario Celli, who heads the Vatican's social communications office, wants greater communication within the various Vatican departments, including regularly scheduled meetings of department heads.

"We need a more synergetic activity," Celli said in an interview. "If we want to have a more effective service in the church, we need to have a symphonic approach."

George, the archbishop of Chicago, is seeking greater financial transparency. He is on the board of 15 cardinals who meet regularly to go over the Vatican's budget.

"The little bit I know comes from finding out what goes on during those meetings," George said. He called for greater financial transparency within the Vatican itself, including instituting consolidated financial reporting.

"How do you run an efficient government if the right hand doesn't know what the left hand is doing?" George said.

George dismissed speculation in the Italian media that the Vatican bank, the Institute for Works of Religion, might be closed as part of Francis' reform, as it's long been a source of scandal.

Doing so would be financial suicide for the Vatican, since it currently provides the pope with about 50 million euros ($65 million) a year in investment income using, among other things, assets of its account holders.

The Vatican spokesman, the Rev. Federico Lombardi, said any speculation about the IOR's possible closure "is purely hypothetical and isn't based on any believable or concrete facts."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2013-04-13-Vatican-Francis'%20Challenge/id-fbd3e27f78d245209ae16910e1bcc4fc

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