Petronas said to re-submit Progress bid

For a president who rarely shows emotion, Barack Obama?s surprisingly personal blast at Republican critics of Susan Rice, his U.N ambassador, suggested two things. One, Obama genuinely admires Rice and thinks she?s being unfairly criticized for giving an controversial explanation of the Sept. 11 Benghazi attack that later didn?t hold up. And two, he may well intend to name her his second-term secretary of State, as some reports indicate.

Source: http://news.yahoo.com/petronas-said-submit-progress-bid-164800211--finance.html

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Wormy Monkeys Had Healthier Intestines

Infecting monkeys with helminth worms lessened the symptoms of their version of inflammatory bowel disease. Christopher Intagliata reports

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In developed countries, we've mostly eliminated freeloaders like parasitic worms from our guts. But we also have the highest rates of inflammatory bowel disease, or IBD?when the immune system mistakenly attacks intestinal cells and friendly gut bacteria.

For years, docs suspected there might be a connection between IBD and our worm-free lifestyle. And a handful of studies have actually shown that infecting human patients with worms can reduce symptoms of the disease. But how?

To find out, researchers fed parasitic worm eggs to monkeys with chronic diarrhea and gut inflammation?similar to IBD. After infection, the monkeys' immune systems kicked into high gear, pumping out more mucus than usual to fight the worms. But that response also helped heal the monkeys' intestines?restoring healthy, diverse populations of gut bacteria and decreasing the diarrhea. Those results appear in the journal PLoS Pathogens. [Mara Jana Broadhurst et al., Therapeutic Helminth Infection of Macaques with Idiopathic Chronic Diarrhea Alters the Inflammatory Signature and Mucosal Microbiota of the Colon]

The researchers already have FDA approval to study the worms in human subjects. Interested patients can go to clinicaltrials.gov to sign up?and hopefully worm their way out of intestinal distress.

?Christopher Intagliata

[The above text is a transcript of this podcast.]

Source: http://rss.sciam.com/click.phdo?i=0d5c7a23f641ccb5a1c9e7ce9c23cc2b

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Eurozone slides back into recession

A protestor sits in front of the riot police riot to stop the clashes during a general strike in Madrid, Spain, Wednesday, Nov. 14, 2012. Spain's main trade unions stage a general strike, coinciding with similar work stoppages in Portugal and Greece, to protest government-imposed austerity measures and labor reforms. The strike is the second in Spain this year. (AP Photo/Andres Kudacki)

A protestor sits in front of the riot police riot to stop the clashes during a general strike in Madrid, Spain, Wednesday, Nov. 14, 2012. Spain's main trade unions stage a general strike, coinciding with similar work stoppages in Portugal and Greece, to protest government-imposed austerity measures and labor reforms. The strike is the second in Spain this year. (AP Photo/Andres Kudacki)

Riot police charge during clashes with protestors in Lisbon during a general strike Wednesday, Nov. 14 2012. The second general strike in eight months in Portugal, where the government intends to intensify austerity measures next year, left commuters stranded as trains ground to a virtual halt and the Lisbon subway shut down. (AP Photo/Francisco Seco)

European Central bank President Mario Draghi delivers his speech during the opening ceremony of the academic year of the Bocconi University in Milan, Italy, Thursday, Nov. 15, 2012. The 17-country eurozone has fallen back into recession for the first time in three years as the fallout from the region?s financial crisis was felt from Amsterdam to Athens. And with surveys pointing to increasingly depressed conditions across the eurozone at a time of high unemployment in many countries, there are fears that the recession will deepen, and make the debt crisis _ calmer of late _ even more difficult to handle. (AP Photo/Antonio Calanni)

Italian Prime minister Mario Monti, left, and European Central bank President Mario Draghi meet as they attend the opening ceremony of the academic year of the Bocconi University in Milan, Italy, Thursday, Nov. 15, 2012. The 17-country eurozone has fallen back into recession for the first time in three years as the fallout from the region?s financial crisis was felt from Amsterdam to Athens. And with surveys pointing to increasingly depressed conditions across the eurozone at a time of high unemployment in many countries, there are fears that the recession will deepen, and make the debt crisis _ calmer of late _ even more difficult to handle.(AP Photo/Antonio Calanni)

LONDON (AP) ? The 17-country eurozone has fallen back into recession for the first time in three years as the fallout from the region's financial crisis was felt from Amsterdam to Athens.

And with surveys pointing to increasingly depressed conditions across the 17-member group at a time of austerity and high unemployment, the recession is forecast to deepen, and make the debt crisis ? which has been calmer of late ? even more difficult to handle.

Official figures Thursday showed that the eurozone contracted by 0.1 percent in the July to September period from the quarter before as economies including Germany and the Netherlands suffer from falling demand.

The decline reported by Eurostat, the EU's statistics office, was in line with market expectations and follows on from the 0.2 percent fall recorded in the second quarter. As a result, the eurozone is technically in recession, commonly defined as two straight quarters of falling output.

The eurozone economy shrank at annual rate of 0.2 percent during the July-September quarter, according to calculations by Capital Economics.

"The eurozone economy will continue its decline in Q4 and probably well into 2013 too ? a good backdrop for another debt crisis," said Michael Taylor, an economist at Lombard Street Research.

Because of the eurozone's grueling three-year debt crisis, the region has been the major focus of concern for the world economy. The eurozone economy is worth around ?9.5 trillion, or $12.1 trillion, which puts it on a par with the U.S.. The region, with its 332 million people, is the U.S.'s largest export customer, and any fall-off in demand will hit order books.

While the U.S has managed to bounce back from its own recession in 2008-09, albeit inconsistently, and China continues to post strong growth, Europe's economies have been on a downward spiral ? and there is little sign of any improvement in the near-term. Last week, the European Union's executive arm forecast the eurozone's economy would shrink 0.4 percent this year. Then only a meager 0.1 percent growth in 2013.

The eurozone had avoided returning to recession since the financial crisis following the collapse of U.S. investment bank Lehman Brothers, mainly thanks to the strength of its largest single economy, Germany.

But even that country is now struggling as exports drain in light of the economic problems afflicting large chunks of the eurozone.

Germany's economy grew 0.2 percent in the third quarter, down from a 0.3 percent increase in the previous quarter. Over the past year, Germany's annual growth rate has more than halved to 0.9 percent from 1.9 percent.

Germany's Chancellor, Angela Merkel, tried to strike a positive note when she spoke to reporters in Berlin Thursday.

"I think we all are working on getting back on our feet again rapidly," she said.

"We see that economic growth is slowing, that overall we have a small drop in the eurozone but I'm also very optimistic that if we do our political homework ... we will again have growth after this small decline."

Perhaps the most dramatic decline among the eurozone's members was seen in the Netherlands, which has imposed strict austerity measures. Its economy shrank 1.1 percent on the previous quarter.

Five eurozone countries are in recession ? Greece, Spain, Italy, Portugal and Cyprus. Those five are also at the center of Europe's debt crisis and are imposing austerity measures, such as cuts to wages and pensions and increases to taxes, in an attempt to stay afloat.

As well as hitting workers' incomes and living standards, these measures have also led to a decline in economic output and a sharp increase in unemployment.

Spain and Greece have unemployment rates of over 25 percent. Their young people are faring even worse with every other person out of work. As well as being a cost to governments who have to pay out more for benefits, it carries a huge social and human cost.

Protests across Europe on Wednesday highlighted the scale of discontent and with economic surveys pointing to the downturn getting worse, the voices of anger may well get louder still.

"The likelihood is that this anger will continue to grow unless European leaders and policymakers start to act as if they have a clue as to how to resolve the crisis starting to unravel before their eyes," said Michael Hewson, markets analyst at CMC Markets.

Europe has no doubt made some progress this year in allaying some of the worst fears in the markets, notably through the announcement of new bond-buying program from the European Central Bank. However, with Greece still teetering on the edge and the eurozone in recession, the economic storms are never far away.

Mario Draghi, the ECB's president has been widely credited for helping foster the more optimistic tone in the markets but he admits there's still a long way to go.

"The year that is about to end will be remembered not only for the effects the European sovereign debt crisis has had on the euro and for the significant weakening of the European economy, but also for the responses to these challenges by the ECB, national governments and the European Union," he said in a speech at Univerisita Bocconi in Milan.

"Ultimately, it is up to governments to dispel once and for all the persistent uncertainties that markets perceive and citizens fear," Draghi added.

The wider 27-nation EU, which includes non-euro countries, avoided the same recession fate as the eurozone. Eurostat said the EU's output rose 0.1 percent during the third quarter, largely on the back of an Olympics-related boost in Britain.

The EU's output as a whole is greater than the U.S. It is also a major source of sales for the world's leading companies. Forty percent of McDonald's global revenue comes from Europe - more than it generates in the U.S. General Motors, meanwhile, sold 1.7 million vehicles in Europe last year, a fifth of its worldwide sales.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2012-11-15-Europe-Economy/id-6b5d3023ce7842fda462c57fcda2add5

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Anne Hathaway Confirmed for Robopocalypse

Still early in its casting process, Steven Spielberg's Robopocalypse now has a lead actress in the shape of Anne Hathaway. Recently linked with the blockbuster - now firmly in pre-production even as Spielberg attends to his Lincoln publicity duties - Hathaway has officially confirmed her involvement in the movie.

"If Robopocalypse happens I will be in it," she tells Empire, "and I believe it?s quite real, though you never want to hang your hat on anything."

Keeping mum on her character ("I'm back in Secretville"), Hathaway elaborated on the allure of the project. "Whenever I?m taking time off, I always joke to my team that I?m on vacation unless Steven Spielberg calls. And I was on vacation and Spielberg called. So I was like, ?OK, put my money where my mouth is?."

If you're familiar with Daniel H. Wilson's sci-fi novel, you'll know that there are only two substantial adult female characters on the page - a US senator and a grunt - although it's thought that Drew Goddard's script will deviate significantly from the source material. What we do know if that when humanity wakes up to a robot revolution orchestrated by a malevolent artificial intelligence known as 'Archos', things turn War Of The Worlds very quickly indeed.

Hathaway joins humanity's last hope against the robotic overlords alongside Ben Whishaw and possibly Chris Hemsworth, a trifecta that could, all being well, boast Q, Thor and Catwoman. Hey, it's not Arnie, but it's a start.

Robopocalypse is scheduled for an early 2013 start. Watch this space for more soon.

Source: http://www.rottentomatoes.com/m/1926244/news/1926244/

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Exclusive: Schulze's Best Buy bid seen in December, below range

NEW YORK (Reuters) - An eventual bid for Best Buy Co Inc by founder Richard Schulze could come in under his initially proposed $8 billion range and will likely not occur before December, sources familiar with the matter said, in a new twist to the months-long saga at the struggling electronics retailer.

The former chairman has done most of his due diligence on Best Buy and has formed a business plan to turn around the world's largest consumer electronics chain, with his efforts now focused on lining up financing for a deal, the sources said.

At least three private equity firms - Apollo Global Management LLC , TPG Capital LP and Leonard Green & Partners LP - are considering joining Schulze in the bid, the sources said. Cerberus Capital Management LP, which was among the buyout firms that weighed joining the bidding group, is no longer working on the deal, one of the four sources said.

The sources declined to be identified because the information is not public.

The Richfield, Minnesota-based company has been grappling with tough competition from online retailers and the aftermath of a boardroom drama that led to Schulze's departure and the ouster of his onetime protege.

Schulze said in August he could acquire Best Buy for $24 to $26 per share, valuing the deal between $8.16 billion and $8.84 billion and, if debt is included, as much as $10.9 billion.

But Best Buy's shares have since fallen more than 20 percent to trade just above $15. The stock was up 1.6 percent at $15.50 on Friday afternoon on the New York Stock Exchange.

While a final decision on the offer price has not been made, the drop in shares has raised the likelihood that Schulze's bid could be below $24 per share, the sources said.

Schulze is expected to take a 30-day extension to mid-December for submitting a final proposal to Best Buy's board, they said.

The founder's efforts to clinch equity and debt commitments for what could be one of the largest leveraged buyouts of the year were delayed by superstorm Sandy which disrupted operations at several major Wall Street banks.

An extension will also give Schulze and the buyout firms a chance to see how Best Buy is performing in the crucial Christmas holiday season, the sources said.

There are no guarantees, however, that Schulze will ultimately be able to secure financing for the proposed buyout. Schulze has said he plans to fund any deal through a combination of private equity and debt financing, as well as the reinvestment of some of his own equity in the company.

Best Buy and Apollo declined to comment. The other private equity firms could not be reached for comment.

EYES ON INVESTOR DAY

Best Buy has seen its fortunes falter over the years, as consumers increasingly use its big box stores as showrooms for products they end up buying online at Amazon.com Inc and other websites. To add to its troubles, the company forced out Schulze's protege, Brian Dunn, as CEO earlier this year amid allegations the executive was having an inappropriate relationship with a female employee.

That scandal also led to the ouster of Schulze, who founded the company in 1966, from the board, and to Best Buy hiring turnaround expert Hubert Joly as its CEO to come up with its own restructuring plan.

Joly will have more of a chance to distance the company from its founder next week, when he unveils more details of his own turnaround plan to Best Buy investors in New York.

Barclays analyst Alan Rifkin expects Joly to reinforce the retailer's commitment to its brick-and-mortar stores and talk about his plans to win shoppers from online and discount rivals with better service and a wider product assortment, both in stores and online. Rifkin, however, does not expect Joly to announce any significant store closures next week.

"I don't think they have gotten their arms around the entire real estate portfolio just yet. We do think they need to rationalize their domestic square footage," said Rifkin.

Analysts also think Best Buy needs to do something soon to address consumer perceptions that its prices are higher than those of online giant Amazon's.

"Mr. Joly needs to balance cost cuts which can prop up earnings. But by the same token, he needs to outline investments and initiatives that will make the stores and the brand compelling to the American consumer," said Bradley Thomas, an analyst with KeyBanc Capital Markets. "The challenge will be finding that right balance."

Best Buy, which has now posted declines in same-store sales in eight of the last nine quarters, has said it planned to match online prices on some items this holiday season.

One analyst has said that Best Buy's declining fortunes could make a buyout more attractive for some investors.

"We are starting to believe that current shareholders may be more receptive to Schulze's previously disclosed offer of $24-$26 per share than we previously believed," Morningstar analyst R.J. Hottovy said late last month.

(Reporting by Soyoung Kim, Olivia Oran and Dhanya Skariachan; editing by Paritosh Bansal, Edwina Gibbs and Matthew Lewis)

Source: http://news.yahoo.com/exclusive-schulzes-best-buy-bid-seen-december-below-180243287--sector.html

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Storm-lashed New York, New Jersey scramble as weather threatens

NEW YORK (Reuters) - Storm-battered New York and New Jersey ordered the evacuation of some areas devastated by deadly Superstorm Sandy as strong wind, rain and sleet threatened to lash the region on Wednesday, closing parks and beaches and halting outside construction work.

The looming bad weather has New York and New Jersey on edge again as the U.S. Northeast struggles to recover from former hurricane Sandy, which killed at least 120 in the United States and Canada when it struck on October 29 as a rare hybrid storm.

New York City has ordered the evacuation of some low-lying hard-hit areas, including the Rockaways section of Queens and the south shore of Staten Island - home to nearly half of the 40 people killed in New York City by Sandy - while residents of at least two New Jersey towns have also been told to leave.

Outside construction in New York will stop at noon and parks and beaches will also close then for 24 hours.

"High winds are likely to bring down more limbs or entire trees," New York City Mayor Michael Bloomberg said on Tuesday. "The waves are very dangerous and we don't need to send first responders into the ocean to save somebody who's being foolish."

The new storm was forecast to bring an inch of rain possibly mixing with sleet, winds gusts up to 50 miles per hour (80 km per hour), and a surge of up to 4.5 feet, with coastal flooding expected late on Wednesday.

Authorities were scrambling to clear tens of thousands of tons of debris from Superstorm Sandy amid fears it could produce deadly projectiles as the National Weather Service issued high wind and coastal flood warnings.

"I'm really concerned these freak weather events are going to become a permanent feature in this new world of climate change," said Corey Birtles, 37, an analyst who lost power in his Manhattan apartment for four days after Sandy. "These events do seem to be more severe and more regular in recent times."

Bloomberg endorsed President Barack Obama for a second term after Sandy struck, citing his record on climate change. He said whether climate change was to blame for a rise in severe weather events, it should compel leaders to act on the issue.

Sandy struck one week before the U.S. elections, leading New Jersey to take the uncommon step of allowing storm-displaced voters to cast ballots by email or fax, while New Yorkers were able to vote at any polling place by presenting an affidavit.

Makeshift polling places were also set up, but some voters still faced chaotic scenes and long lines. Obama, who won New York and New Jersey, won re-election for a second term over Republican rival Mitt Romney.

NEAR-FREEZING TEMPERATURES

On the devastated New Jersey shore, a summer tourist haven where Sandy's storm surge swallowed whole neighborhoods and pushed entire homes across the street, the town of Brick issued a mandatory evacuation order for waterfront neighborhoods ahead of Wednesday's storm. Middletown also ordered evacuations.

Bloomberg ordered the evacuation on Tuesday of more than 600 people from four healthcare centers in the ravaged Rockaways.

"These four facilities are in the most heavily-impacted area of the Rockaways and have been successfully operating on generator power. A Nor'easter storm surge could compromise their generators, putting elderly residents at risk," Bloomberg said.

But he stressed that the evacuations around the city on Wednesday, which were designed to coincide with high tides when the storm surge would be highest, would not be as widespread as the mandatory evacuations around the city before Sandy struck.

The Federal Emergency Management Agency said it was working with state and local authorities and was "ready to deploy additional resources if needed to respond to the Nor'easter."

More than half a million homes and businesses in New Jersey and also 91,000 households in New York City that lost power during Sandy are were still waiting for it to be restored.

With overnight temperatures dropping to near freezing, the city said it would deliver 1,500 space heaters on Wednesday to elderly residents in the Rockaways who have power, but no heat.

Many gas stations still lacked electricity or gasoline, and motorists endured long lines at the stations that were open. Fuel rationing was in force in New Jersey, where some residents hired school children to stand in line with gas cans.

Authorities were due to reopen the Holland Tunnel linking Manhattan to New Jersey under the Hudson River, which will help alleviate massive traffic jams and overwhelming crowds on public transport systems that have yet to fully recover from Sandy.

(Editing by Lisa Shumaker)

Source: http://news.yahoo.com/sandy-disrupts-voting-northeast-braces-storm-032835270--sector.html

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