RIM shares fall at the open after earnings

TORONTO (Reuters) - Research In Motion Ltd fell in early trading on Friday following the BlackBerry maker's Thursday earnings announcement, when the company outlined plans to change the way it charges for services.
RIM, pushing to revive its fortunes with the launch of its new BlackBerry 10 devices next month, surprised investors when it said it plans to alter its service revenue model, a move that could put the high-margin business under pressure.
Shares fell 16.0 percent to $11.86 in early trading on the Nasdaq. Toronto-listed shares fell 15.8 percent to C$11.74.
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Walgreen fiscal 1Q profit sinks nearly 26 pct

Walgreen's fiscal first-quarter earnings sank nearly 26 percent as costs tied to a couple big deals and Superstorm Sandy helped put a bigger-than-expected dent in the drugstore chain's performance.
CEO Greg Wasson told analysts he saw the quarter as a "turning point" for the Deerfield, Ill., company, which has been working to recapture customers it lost during a contract dispute with Express Scripts Holding Co. But investors didn't buy that message at least initially, as the stock fell deeper than broader market declines in Friday trading.
Walgreen Co. spent $4 billion in cash earlier this year to buy a stake in Alliance Boots, a Swiss company that runs the largest drugstore chain in the United Kingdom. It also spent $438 million on a drugstore chain focused on the mid-South under the USA Drug, Super D Drug and Med-X names.
Costs tied to those deals totaled $23 million in the quarter, and Walgreen said it only counted a small portion of the gains it received from Alliance Boots. It is reporting those gains a quarter after they occur to address audit and regulatory requirements.
The storm system that swept up the East Coast in late October also cost $24 million in the quarter, as it forced Walgreen to temporarily close hundreds of stores.
Overall, Walgreen earned $413 million, or 43 cents per share, in the three months that ended Nov. 30. That compares with net income of $554 million, or 63 cents per share, a year ago. Walgreen said earlier this month revenue fell nearly 5 percent to $17.34 billion.
Excluding one-time costs, adjusted earnings were 58 cents per share.
Analysts forecast, on average, earnings of 70 cents per share, according to FactSet.
Shares dropped 3.3 percent, or $1.24, to close at $36.31 Friday, while the Standard & Poor's 500 index fell 1 percent.
Walgreen runs more than 8,000 drugstores in all 50 states as the nation's largest drugstore chain. The company's revenue has slumped through 2012 after it started the year stuck in a contract squabble with Express Scripts, for which it fills prescriptions.
The companies had let a contract between them expire last December, and their new agreement didn't start until September. The split meant many Express Scripts customers migrated to new drugstores for their prescriptions.
Walgreen is trying to bring those customers back, but competitors like CVS Caremark Corp. and Rite Aid Corp. are pushing aggressively to keep them.
Walgreen said prescriptions filled at stores open at least a year fell nearly 5 percent in the quarter, a smaller decrease than the 8 percent drop it reported in the previous quarter. The drugstore chain saw that improvement as a sign that customers are returning.
"We think we can redeem significant portion of these customers over time," Wasson said.
Walgreen said prescription revenue from stores open at least a year fell 11.3 percent, while revenue from the front end, or rest of the store, dropped 2 percent. Revenue from stores open at least a year is considered a key indicator of retailer health because it excludes stores that recently opened or closed.
Generic drugs have squeezed revenue for Walgreen and other drugstores this year because they are cheaper than brand-name drugs. But they help profitability because they come with a wider margin between the cost for the pharmacy to purchase the drugs and the reimbursement it receives.
Walgreen launched a customer loyalty program called Balance Rewards during the quarter. It allows shoppers to gain points at both Walgreen and Duane Reade stores and for online purchases that translate into cash rewards they can then use at the stores.
Walgreen executives said the program will encourage customers to visit their stores more frequently and to buy more.
"We now have a new kind of currency in place that will help drive our front-end business," Wasson said.
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Nigeria's Dangote Cement expects 38 pct rise in Q1 profit

LAGOS (Reuters) - Nigeria's biggest listed company, Dangote Cement, expects pretax profit to rise 38.9 percent year-on-year to 42.09 billion naira in the first three months of next year, it said in a filing with the Nigerian Stock Exchange.
Dangote Cement, Nigeria's biggest cement producer, said it expected turnover of around 81.6 billion naira in the first quarter, compared with 64.1 billion naira it achieved in the same period in 2012.
The company which is majority owned by billionaire tycoon Aliko Dangote earlier this month shut down a fifth of its production capacity because of a glut in the market caused by imported cement from Asia.
It is yet to release its 2012 full year results.
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Falklands again? Why Argentina's Kirchner keeps pushing the issue with Britain.

Argentine President Cristina Fernández de Kirchner relaunched her offensive over the Falkland Islands today, a move that coincides with the 180th anniversary of Britain’s allegedly illegal usurpation of the South Atlantic archipelago.
President Kirchner published an open letter to British Prime Minister David Cameron in British newspapers imploring him to respect a United Nations resolution that calls on the two countries to negotiate sovereignty of the Malvinas, the name for the islands in Spanish.
Britain has repeatedly refused to enter into talks and a spokesman for Mr. Cameron responded by saying he will “do everything to protect the interests of the islanders.”
But Kirchner's move forms part of a broader leadership pattern that has seen the nationalist president take on so-called vulture funds, demonize the International Monetary Fund, and echo Hugo Chávez’s anti-neocolonial discourse.
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'NATIONAL AND POPULAR'
Though Britain may take the view that Kirchner is beating a dead horse, the Falklands are a long-standing national cause for Argentina and are written into its constitution. Today's letter represents what are described here in Argentina as "Nac & Pop" policies.
"Nac & Pop" stands for national and popular, the way Kirchner defines her government. She casts reclaiming the Falklands, over which Britain and Argentina fought a short war in 1982, as a South American struggle against neocolonialism.
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Britain recently named a slice of Antarctica over which Argentina also has a claim "Queen Elizabeth Land," a move branded by a source at the Argentine presidential palace as “provocative and childish.”
“If it occurs to the British Empire to attack the Falklands, Argentina won’t be alone this time,” Venezuelan President Hugo Chávez said last year. With President Chávez’s future uncertain due to recent health concerns, Kirchner could be trying to position herself as the leader who replaces him as the resounding voice of the South American left.
Kirchner also made a stand over the Falklands at the UN’s decolonization committee last year, and sanctioned a controversial TV commercial showing an Argentine field hockey player training for last summer’s London Olympics in Port Stanley, the islands’ capital.
The populist methods sit well among her supporters, who parade “The Malvinas are Argentine” flags at government rallies. And given that Kirchner's approval rating has dipped to roughly 35 percent – a decline of about 30 percent – in opinion polls since her reelection in October 2011, playing the Falklands card is viewed by some analysts as a way to halt that slide.
BEYOND THE FALKLAND ISLANDS
Aside from the Falklands, Kirchner’s debt reduction plan – accompanied by interventionist economic policy – and push for social inclusion are the pillars of her national and popular policies.
Next week, the Fragata Libertad – a ship embargoed in Ghana by an American-based holdout creditor that is demanding payment after having rejected debt exchanges on the back of Argentina’s 2002 default – will arrive at Mar del Plata, a city in Buenos Aires province.
Kirchner will be there to receive it. In her bid to reestablish Argentina’s economic sovereignty, she accused an American judge of “judicial colonialism” after he recently ruled that the holdout creditors should be paid.
The economy and the Falklands are both essential to Kirchner’s "Nac & Pop" strategy, and are likely to continue to be used for political gain.
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Libyan cop in Benghazi kidnapped

Abdelsalam al-Mahdawi, the head of Benghazi's criminal investigation department, was kidnapped on his way to work today by gunmen at an intersection in Libya's second largest city.
Benghazi was the heart of the uprising against Muammar Qaddafi in 2011, and since then it has failed to bring the militias that fought on the side of the revolution – some Islamist, some not – under any kind of government control. They remain armed and often a law unto themselves in the city. Criminal gangs, spawned from militias, are also at work.
The list of potential suspects is long, particularly since Mr. Mahdawi's personal background isn't immediately clear. Was he someone who served Mr. Qaddafi's regime at one point, and is being targeted for revenge? Could it be a personal or family dispute? Could his investigations of militias and/or criminals be the reason for his kidnapping? A simple matter of kidnap-for-ransom? All are possible.
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But what's likely is that sorting out what's happened to him will be confusing, subject to completing claims, and difficult for any neutral observer trying to get at the truth to figure out. That's been the pattern in violent incidents in Benghazi not just since the war ended, but before.
The attack on the US facility in Benghazi in September that left Ambassador Chris Stevens and three other Americans dead is still not fully understood. Meanwhile, today's assault is the second attack on a senior police official in Benghazi since November, when Benghazi police chief Farraj al-Dursi was assassinated outside his house. Mr. Dursi, who served under Qaddafi's government, was appointed police chief during a shuffle of security in the city after the attack on the Americans in September.
One long-standing murder in Benghazi is taking a troubling turn.
Abdel Fateh Younes, a commander of rebel forces, was abducted and murdered in the city in July 2011. Gen. Younes defected from his long-standing stalwart support of Qaddafi that February and was abducted after being called back from the front of that civil war. What happened next remains uncertain.
Shortly after his murder, Mustapha Abdel Jalil, then head of Libya's Transitional National Council and himself a former minister in Qaddafi's government, insisted Younes was killed by agents of Qaddafi. Others in the rebel government in Benghazi said Younes' arrest had been sought on suspicion he was working as a double agent for Qaddafi. In the immediate aftermath, a civil war within a civil war in Benghazi looked possible, with angry loyalists of Younes demanding justice.
Mr. Jalil was a hero of the revolution for being one of the earliest defectors from Qaddafi's regime and for successfully navigating international intrigue and competing agendas domestically in winning NATO support for the rebellion. In December, he was threatened with a military trial for allegedly ordering the murder of Younes. Among the charges against Jalil were "undermining national unity."
Is there good reason to suspect him? It's unclear, as with so much else in Libya these days. The proposal to try Jalil in a military court, however, was clearly worrying. On Dec. 19, the military tribunal organized to try Jalil resigned and the case was thrown back to prosecutors. To top it all, one of the judges investigating Jalil was murdered in Benghazi last year.
What does all this mean? Hard to say. But the ongoing chaos and bloodshed, at high political levels in Libya, is not a positive sign.
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Amid bloodshed and chaos, Syrian wages a war for neutral reporting

While Syria's state-run news outlets run a steady stream of reports about "terrorists" and international conspiracies against President Bashar al-Assad, opposition activists roll out their own endless barrage of footage highlighting atrocities and destruction by regime forces, with little in the way of context.
With media access difficult or impossible in most of the country and no tradition of balanced journalism, reliable, objective coverage of Syria is scarce. Cairo-based Syrian activist and media entrepreneur Rami Jarrah, on the cusp of launching a radio station inside Syria, is trying to fix that – but he is starting from scratch. By providing Syrians with rational, fair reporting, he hopes to help them avoid the worst of the uncertainty in the aftermath of this conflict – now in its 22nd month – when it ends.
"When someone comes in and wants to work with us, and wants to do it to help Syria, you have to convince them that the way you do that is by being neutral," says Mr. Jarrah during an interview at the Cairo headquarters of New Media Association (ANA), which he co-directs.
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One of the major problems with Syrian troops, he insists, is not that most of them are "criminals," but that they simply "don’t know what’s going on" – and the same could be said of many of those in the extreme opposition.
Meanwhile, the international community is foundering amid attempts to understand what is happening on the ground. Because reporters have an easier time accessing opposition sources and visiting opposition-controlled areas, international coverage of Syria has been skewed, Jarrah argues.
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"You aren’t seeing any media coverage of Damascus and Latakia," where the government is still strong, both because reporters are not granted access and because "those who support Assad think they should not speak to journalists, that the media is trying to weaken the country," he says.
And coverage of the opposition isn't very fair either, he says, claiming that Western reporters "are only going in with the extreme opposition," such as Al Qaeda-linked groups like Jabhat al-Nusra, which the US recently designated a terrorist organization. Jarrah says reports about the prevalence of such groups are "over-exaggerated" because they sell more copy.
PRISON, PSEUDONYMS, AND FLIGHT
Born in Cyprus to Syrian dissident parents and raised in London, Jarrah was working toward a degree in journalism in Dubai when he visited Syria for the first time in 2004. He was arrested upon landing, accused of espionage, slapped with a three-year travel ban, and forced to remain in a country where he was initially unable even to read the language, although he spoke it fluently.
During the initial protests in early 2011, he was beaten, tortured, and released only after admitting to being a "terrorist." Left jobless after refusing to attend a pro-government rally, he became well known in the dissident community under the pseudonym Alexander Page for getting information to Western media outlets through his blog. His fluent English, training in journalism, anti-regime stance, and contacts all led to frequent requests for interviews in Western media. He granted them, but never revealed his real name.
In October 2011, Jarrah was tipped off that the pseudonym had been traced to him and fled the country with his wife and young daughter through Jordan to Cairo, where he has been since, working to get media equipment into Syria and get reliable information out. Last month, Canadian Journalists for Free Expression awarded him the 2012 International Press Freedom Award for his work supporting a network of independent journalists in Syria.
Now he is in Cairo, getting a media organization off the ground that he hopes will serve as a source for balanced reporting by Syrians and for Syrians. Much bloodshed could have been avoided, but much can still be saved, if appeals are made to Syrians’ critical thinking abilities, not their fears or sectarian and religious affiliations, he says – and objective reporting can do that.
NO AGENDA OTHER THAN OBJECTIVITY
Jarrah has high hopes for Radio ANA. A trial version is already available online and it will be available on satellite in late January, although the official launch isn't until June 10. The station will broadcast out of Aleppo’s Bustan Al Qasr district and eastern Damascus.
Radio ANA has 16 reporters inside Syria, all of whom his organization has worked with over the past year and trained in technical skills – six in Damascus and one or more in other major cities. It also has a wider network of hundreds of citizen journalists it can tap for further information and on-the-ground coverage of events in cities other than those where staff reporters live.
The Cairo staff of the organization, who come from all across Syria, make every possible effort to verify the information from the citizen journalists by cross-checking information and paying close attention to location identifiers like dialects and landmarks spotted in videos, Jarrah says.
Although ANA intends to continue providing reporting on Syria to the international community, Radio ANA is setting out to be the first Syrian non-regime radio station broadcasting from within Syria without a particular agenda – other than objectivity. The ultimate aim, as Jattah stressed throughout the interview, is to produce an informed Syrian population, necessary if the country is to be rebuilt with the freedoms for which the opposition is fighting.
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Good Taliban, Bad Taliban? Pakistani commander's killing exposes blurry lines

The US drone killing of Pakistani Taliban commander Maulvi Nazir threatens to unleash new anti-government violence against the country’s weak government or civilian targets, and expose fractures in the country’s military and security forces, analysts say.
Mr. Nazir was traveling in a car in troubled South Waziristan, bordering Afghanistan, Thursday, when his vehicle was hit by a missile, according to media reports. He and six other Pakistanis believed to be militants were killed.
The attacks highlight the convoluted interconnections among insurgent factions in Pakistan, some of whom are focused on fighting US forces in Afghanistan, others of whom seek to topple Pakistan’s government. Still other groups target Indian forces. Many of the factions are backed or financed by military and intelligence agencies in Pakistan, who have differing agendas themselves.
The killing was confirmed by Pakistani intelligence officials in the nearby city of Peshawar who spoke on condition of anonymity since they were not authorized to speak to the press.
Mr. Nazir, who survived a suicide attack in November reputedly organized by rival Taliban commanders, was considered to be pro-government, a rare stance among Pakistani Taliban. He had agreed in the past to restrain his fighters from targeting Pakistani government forces, instead focusing efforts on the Taliban-led anti-US insurgency in Afghanistan. That had led some to label him a “good" Taliban.
With his killing, however, some analysts say his successor and followers may now turn their guns on civilian and military targets within Pakistan.
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“Such [drone] attacks are not the first ones to have occurred and they have definitely created rifts between the Pakistani military and the likes of Maulvi Nazir-led Taliban,” says Mehreen Zahra Malik, an Islamabad-based columnist who recently visited Wana, the town in South Waziristan where Nazir was based.
Adding to the problem is widespread outrage among most Pakistanis toward US drone strikes. The government and military have harnessed that anger to pressure Washington. The “Good Taliban” forces increasingly suspect these attacks are being carried out with the consent of the Pakistani security establishment, Ms. Malik says.
“There is nothing to say the 'Good Taliban' won't also turn their guns on the Pakistani state in the coming days, which is definitely something the Pakistan Army would like to avoid,” Malik adds.
Other experts believe targeting Nazir could be part of a larger strategic alliance between Pakistan and the US, a relationship that has been strained by the 2011 secret US raid that killed Osama bin Laden without the knowledge of the government. The 2011 “Salala Incident” in which NATO aircraft killed 24 Pakistani soldiers at a post on the Afghan border also prompted anger toward Washington.
“By taking out the leadership of those Taliban based in Pakistan and fighting in Afghanistan like Maulvi Nazir, both countries can increase the pressure on the Taliban for talks because they will be in a stronger position,” says Ayesha Siddiqa, a defense analyst who has authored two books on the Pakistani military.
Some fear the drone attacks may end up backfiring.
“This drone attack belies the conventional wisdom... Why will the US target a militant close to the Afghan Taliban and antagonize those it wants to bring on the table for peace talks in?” says Fahd Husain, a noted columnist for the several leading Islamabad newspapers.
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Could gang-rape protests mark beginning of an age of activism for India?

The large-scale protests triggered by the gang rape of a 23-year-old student in New Delhi has renewed debate over the rise of a new urban middle-class activism in India.
The strength and longevity of those protests, sustained as they were over several weeks and undeterred by police water cannons and teargas, took many by surprise. Student activism has generally been on the decline since the early 1990s, when the economy was liberalized, and the Indian urban middle-class is notorious for itspolitical apathy.
But the recent protests, coming on top of 2011’s massive anticorruption movement led by Gandhian activist Anna Hazare, has some commentators heralding a new social mobilization – one that is fueled by frustration with what is seen as an increasingly corrupt and out-of-touch political system, energized by a new generation of youth, and aided by both old and new media.
“A generation has come of age that has [previously] been linked to a class and an ethos that was supremely indifferent to anything but their own self-interest – consumption and making money,” says Aditya Nigam, a political scientist and senior fellow at the Centre for the Study of Developing Societies in New Delhi. He points out that this generation grew up in the 1990s, a period of economic liberalization that saw rising prosperity but also increased corruption – there have been several high-profile scams in recent years – that was perpetrated with impunity.
Demographics are certainly a factor in the recent protests. More Indians are entering the middle class anywhere between 70 million and 150 million, depending on the definition of middle class – and more now live in the cities.
They form the spine of support for the Aam Aadmi Party, launched in October by Hazare’s former deputy Arvind Kejriwal. This segment is believed to have contributed to the recent reelection of controversial right-wing leader Narendra Modi, who courted what he called the “neo-middle-class” in the state of Gujarat.
There is a “new force on the Indian political landscape,” wrote a commentator in a leading business daily. “The middle class has sensed that its period of political irrelevance is over, with its numbers growing at a phenomenal pace.”
India’s population is also disproportionately young, a feature that is associated with both increased productivity and social unrest. The median age in India is now 25, while the median age of a national politician is closer to 60 – a generational and cultural gap that has been on display in the past few weeks as political and civic leaders have blamed sexual violence on everything from English education to short skirts.
The generational shift is evident to Arjun Bali, a 42-year-old filmmaker who turned up with his toddler for a women’s rights protest in an upscale neighborhood in Mumbai on New Year’s Day. Mr. Bali said he was no stranger to protests – he had attended many as a college student. “The generationborn in the 1980s, they don’t know have the baggage or the fears” from, say, the Emergency, he says, referring to the period in the early 1970s when then Prime Minister Indira Gandhi suspended elections and suppressed civil liberties.
Another young protester, Pallavi Srivastava, personifies that difference. Like generations of middle-class Indians before her, the urban planner left the country to study in the United States in 2003, but unlike her predecessors, she chose to return after eight years because of improved economic opportunities and the chance to be a part of a society in the making. “Things are in flux here,” she says, holding a placard that reads, ‘I pledge to use public transport.’ “There’s a lot of energy, but what this nation is going to be, nobody knows yet.”
ROLE OF THE MEDIA
The protest she attended was organized through Facebook. Social media has been instrumental in mobilizing young outrage – Internet penetration is relatively low in India, but the bulk of the 135 million people online are under the age of 35. Still, the old media, especially English television news channels, have also played their part with wall-to-wall coverage: By contrast, a rally Tuesday of more than 1,000 slum-dwellers protesting the demolition of their homes as well as corruption in a government housing plan barely got any coverage.
In earlier years, Indian television largely presented the public as a mob, says Arvind Rajgopal, a media studies professor at New York University. “There was always this fear of law and order being violated but now the public is assumed to be on the side of the good,” he says.
“There is a simmering sense of injustice that the media is building on,” he adds, empowering "the sense that moral authority lies outside the political institutions.”
India has a history of effective social movements – the anti-Narmada dam movement of the 1980s, for example – but these have been mass movements dominated by the left.
The new activism isn’t allied to any political party, and whether it will be sustainable or effective without a unifying agenda or without reaching across caste and class barriers remains unclear.
Some have already criticized the recent protests for being incoherent and even displaying an authoritarian impulse – a charge also levied at the Anna Hazare movement.
“Their demands are very basic and undemocratic, they want immediate justice and have no understanding of democratic processes and constitutional requirements,” says Flavia Agnes, a lawyer and veteran women’s right activist with the group Majlis.
Those demands have included punishing rape with castration or the death penalty and fast track courts to try those cases – measures that women’s groups don’t necessarily support. Death penalties may deter reporting of the crime – most rapes go unreported, it is believed – and may cause the rapist to murder the victim, say many women’s activists. Ms. Agnes also opposes fast track courts, which she says is more likely to lead to “fast track acquittals.”
Only about 25 percent of rape cases resulted in convictions in 2010, and conviction rates were less than 10 percent in some states last year.
“What is needed are nonsensational, small measures,” says Agnes. “Getting women better access to the police station, getting the medical reports done sensitively.”
POTENTIAL TO BE TRANSFORMATIVE
Still, observers like Nigam believe the new movement has the potential to be transformative, even if it is temporary. Unlike the upper-caste youth protests of the late 1980s against affirmative action for lower castes in colleges, the present movement is not about “defending privilege” so much as “more general issues of governance and what is generally perceived to be a collapse of the rule of law and mechanisms of justice,” he notes. “The middle class is no homogenous and unchanging entity.”
Even Agnes believes that the protests are largely positive. Her group’s support program for rape victims has gotten new attention and a senior police officer recently called her for ideas to encourage women to walk into his police stations.
Meanwhile, one state party has pledged not to field candidates with rape charges – a third of national legislators have criminal charges against them, including two with rape charges.
“For some reason, this rape has caught the national imagination,” Agnes says. “If that means the government and police cannot ignore this issue anymore, that’s a good thing.”
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Fed split on stimulus plans nudges stocks lower

NEW YORK (AP) — Stocks are fading into the close of trading on Wall Street after the Federal Reserve revealed a split among its policymakers over how long to continue an economic stimulus program.
The market started on a weak note Thursday following mixed holiday sales reports from retailers and the prospect of another fiscal fight looming in Congress over the nation's borrowing limit.
The Dow Jones industrial average finished down 21 points at 13,391. The Dow surged 308 points the day before, its biggest gain in more than a year.
The Standard & Poor's 500 index lost three points to end at 1,459. The Nasdaq composite lost 11 to end at 3,100.
Rising stocks outnumbered falling ones on the New York Stock Exchange. Volume was 3.8 billion shares, above the recent average.
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Fed becoming worried about stimulus side effects

Federal Reserve officials are increasingly concerned about the potential risks of the U.S. central bank's asset purchases on financial markets, even if they look set to continue an open-ended stimulus program for now.
In a surprise to Wall Street, minutes from the Fed's December policy meeting, published on Thursday, showed a growing reticence about further increases in the central bank's $2.9 trillion balance sheet, which it expanded sharply in response to the financial crisis and recession of 2007-2009.
"Several (officials) thought that it would probably be appropriate to slow or to stop purchases well before the end of 2013, citing concerns about financial stability or the size of the balance sheet," the minutes said, referring to the narrower group of voting Fed members.
Investors picked up on the report's hawkish tone, with stock prices drifting lower after the announcement, while the U.S. dollar extended gains against the euro. Yields on the 30-year Treasury bond hit 3.12 percent, their highest levels since May.
"The minutes of the Federal Reserve's December monetary policy meeting revealed a somewhat surprising level of concern among the ranks of central bankers regarding the long-term impact of the bank's asset purchase program, or quantitative easing," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington D.C.
Still, the Fed appeared likely to continue buying assets for the foreseeable future, having announced in December it was extending monthly purchases of $40 billion in mortgage securities and also buying $45 billion in Treasuries each month.
A few of the voting members on the central bank's policy-setting Federal Open Market Committee thought asset buying would be warranted until about the end of 2013. A few others highlighted the need for further large-scale stimulus but did not specify an amount or time frame.
Fed officials generally agreed that the labor market outlook was not likely to improve without further nudging from the monetary authorities.
QE "HEEBIE-JEEBIES"
The U.S. economy expanded a respectable 3.1 percent in the third quarter on an annualized basis, but growth is believed to have slowed sharply to barely above 1.0 percent in the last three months of the year.
Data on Thursday showed a solid gain of 215,000 new private sector jobs for December, while analysts polled by Reuters last week were looking for a rise of 150,000 new jobs in the Labor Department's official survey, due out on Friday.
Still, the minutes indicated worries about quantitative easing policies were spreading beyond the usual regional Fed hawks who, like Richmond Fed President Jeffrey Lacker, have opposed additional Fed easing.
"What's clear from these minutes is that there is little consensus among the members of the FOMC on how long asset purchases should carry on," said Jason Conibear, trading director at Cambridge Mercantile.
"Some members want more accommodation for as long as it takes, some want more but to start winding it down while others have got the heebie-jeebies about the size of the balance sheet."
In the December meeting, the Fed also launched a new framework of policy thresholds, numerical guideposts that are supposed to give markets and the public a clearer idea of how policymakers will react to incoming economic data.
Officials say they will keep interest rates near zero until the unemployment rate falls to 6.5 percent for as long as estimates of medium-run inflation do not exceed 2.5 percent.
The minutes suggested it took officials some time to build a consensus around the idea.
"A few participants expressed a preference for using a qualitative description of the economic indicators influencing the Committee's thinking," the minutes said.
U.S. unemployment has come down steadily after hitting a peak of 10 percent in late 2009, but remains elevated at 7.7 percent.
Fed officials noted worries about the looming "fiscal cliff," which was dealt with only partly in an agreement earlier this week, were hurting the confidence of businesses and households.
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Stocks fade after Fed discloses split on stimulus

A two-day rally in the stock market came to an end Thursday afternoon when an account of the Federal Reserve's last meeting revealed a split between bank officials over how long the Fed should keep buying bonds to support the economy.
The Dow Jones industrial average and the Standard & Poor's 500 index treaded water for much of the day, then slid into the red around 2 p.m. Eastern, after the Fed released the minutes from its December meeting.
The Dow ended with a loss of 21.19 points at 13,391.36.
The S&P 500 lost 3.05 points to 1,459.37 and the Nasdaq composite fell 11.70 to 3,100.57.
At last month's meeting of the Federal Reserve's policy-making committee, the central bank pledged to buy $85 billion of Treasurys and mortgage-backed bonds and also keep a benchmark interest rate near zero until the unemployment rates drops below 6.5 percent.
On Thursday, the minutes from that meeting showed Fed officials were divided over the bond purchases. Some of its 12 voting members thought they should continue through this year, while another group thought they should be slowed or stopped much earlier. Just "a few" members saw no need for a time frame, according to the minutes.
"It's pretty surprising," said Thomas Simons, market economist at the investment bank Jefferies. "I think everybody thought there was broad agreement on policy, but now it seems like few of them really wanted to vote for it."
The stock market opened on a weak note after retailers reported mixed holiday sales and as the prospect of a new budget battle in Congress loomed. UnitedHealth Group led the Dow lower. The insurance giant's stock fell $2.55 to $51.99 after analysts at Deutsche Bank and other firms cut their ratings on the stock.
"It's natural to relax a bit after such a huge day as yesterday," said Lawrence Creatura, who manages a small-company fund at Federated Investors.
The Dow soared 308 points Wednesday, its largest point gain since December 2011. The rally was ignited after lawmakers passed a bill to avoid a combination of government spending cuts and tax increases called the "fiscal cliff."
That deal gave the market a jump start into the new year. The Dow and the S&P 500 are already up more than 2 percent.
"We're off to a very strong start," Creatura said. "The dominant reason is the resolution of the fiscal cliff. But January is usually a strong month, as investors all shift money into the market at the same time. When the calendar flips, it's as if you're allowed to begin the race anew."
Economists had warned that the full force of the fiscal cliff could drag the country into a recession. The law passed late Tuesday night averted that outcome for now, but other fiscal squabbles are likely in the months ahead. Congress must raise the government's borrowing limit soon or be forced to choose between slashing spending and paying its debts.
In other Thursday trading, prices of U.S. government bonds fell, sending their yields higher. The yield on the benchmark 10-year Treasury note rose to 1.90 percent from 1.84 percent late Wednesday, a sign that some bond traders believe the Fed minutes hinted at an early end to its bond buying.
Family Dollar Stores sank 13 percent after reporting earnings that fell short of analysts' projections. The company also forecast a weaker outlook for the current period and full year. Family Dollar's stock lost $8.30 to $55.74.
Nordstom Inc. surged 3 percent after the department-store chain reported strong holiday sales, especially in the South and Midwest. Nordstrom's stock was up $1.64 to $55.27.
Among other stocks making big moves:
— Transocean jumped $2.96 to $49.20. The owner of the oil rig that sank in the Gulf of Mexico in 2010 after an explosion killed 11 workers reached a $1.4 billion settlement with the Justice Department.
— Hormel Foods, known for making Spam and other meat products, said that it's buying Skippy, the country's No. 2 peanut butter brand, from Unilever for about $700 million. Hormel's stock jumped $1.19 to $33.20.
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How the Dow Jones industrial average fared

A two-day rally in the stock market came to an end Thursday afternoon when an account of the Federal Reserve's last meeting revealed a split between bank officials over how long the Fed should keep buying bonds to support the economy.
The Dow Jones industrial average lost 21.19, or 0.2 percent, to 13,391.36.
The Standard & Poor's 500 index lost 3.05, or 0.2 percent, to 1,459.37.
The Nasdaq composite index lost 11.70, or 0.4 percent, to 3,100.57.
For the week:
The Dow is up 453.25, or 3.5 percent.
The S&P 500 is up 56.94, or 4.1 percent.
The Nasdaq is up 140.26, or 4.7 percent.
For the year:
The Dow is up 287.22, or 2.2 percent.
The S&P 500 is up 33.18, or 2.3 percent.
The Nasdaq is up 81.06, or 2.7 percent.
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Data-feed glitch leaves some traders in dark on Nasdaq prices

NEW YORK (Reuters) - A technical glitch caused an outage of around 15 minutes on real-time prices for Nasdaq listed stocks, including Apple Inc and Google Inc , for many investors on Thursday, traders and multiple industry sources said.
Nasdaq said at 1:42 p.m. in an alert to traders that it was investigating an issue involving the Universal Trading Platform's (UTP) centralized securities information processor (SIP) data feeds, which consolidate and display market data for Nasdaq-listed securities from all trading venues.
Shortly after, Direct Edge, the No. 4 U.S. equities exchange, said it had halted trading in all Nasdaq order books. It said about 10 minutes later that all trading had resumed.
U.S. exchanges and alternative trading systems use UTP to quote and trade Nasdaq stocks. Those that do so must provide their data to the SIP for data consolidation and dissemination to traders that subscribe to the data feed.
The outage meant that continuous quotations and continuous last sale information from all market centers trading Nasdaq-listed securities was unavailable to as many as 2.5 million traders, said Eric Hunsader, founder of trading software and technology firm Nanex.
NYSE-listed securities, which are on a different data feed, were unaffected.
Hunsader said the reason behind consolidated feeds was to make market data affordable to the average investor.
Traders can also subscribe to direct data feeds from exchanges, rather than relying on the consolidated feeds. The direct feeds were unaffected by the UTP outage.
"This is a great example of the two-tiered market that we have developed," said Joe Saluzzi, co-head of trading at Themis Trading.
"There are the 'haves,' who subscribe to all of the private data feeds and various hardware and software and spend a ton of money, and then there are the 'have-nots,' which are the public who rely on the SIP," he said.
Data on quotes from the UTP SIP were stopped showing from 13:37.24 to 13:48.19, and data on trades were out from 13:36.55 to 13:51.14, said Hunsader, who maintains a blog where he posts frequently on sudden, computer-driven moves in markets.
A Nasdaq spokesman declined to comment. Spokesmen for Direct Edge and NYSE Euronext had no comment, and a spokesman for BATS Global Markets, the No. 3 U.S. equities exchange, was not immediately available.
In September, Big Board operator NYSE said it would pay $5 million to settle with the U.S. Securities and Exchange Commission after software issues and compliance failures allegedly led to some of the exchange's customers receiving access to market data faster others.
The SEC said at the time that early access to market data can lead to "a real and substantial advantage."
An SEC spokeswoman declined to comment on the UTP issue on Thursday.
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On cusp of new year, Chavez's health keeps Venezuleans fixated on future

Dec. 31 is typically a time to recap the biggest events of the year. But in Venezuela this year, news that President Hugo Chavez has suffered “new complications” after surgery on Dec. 11 has kept Venezuelans anxiously fixated on what’s to come in 2013.
In downtown Caracas, an annual free concert in Plaza Bolivar to welcome the New Year has been canceled, government officials said. They instead called on Venezuelans to unite in prayer for the prompt recuperation of President Chavez, according to the Venezuelan daily El Universal.
President Chavez underwent surgery in Cuba on Dec. 11 for a recurrence of cancer. Since then, the nation has been faced with uncertainty about his chances for recovery, whether he’ll be able to attend his Jan. 10 inauguration – after winning a fourth presidential election in October – and if not, who will be Venezuela’s new president.
Recommended: Hugo Chávez 101: a quiz about Venezuela's president
That uncertainty increased a notch after Venezuelan Vice President Nicolas Maduro went on television to say the following (translated into English by VenezuelanAnalysis): “Nineteen days after having undergone his surgical intervention, President Chavez’s state of health continues to be delicate; he has presented complications that are being attended to with treatment that is not without risk.”
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Venezuela is, of course, not alone in looking at what lies ahead in 2013. US President Barack Obama and US Congress are scrambling to avoid the so-called “fiscal cliff,” as they try to hammer out an agreement on taxes for the wealthy and budget cuts. And across the world, as the Monitor wrote in a round-up, nations are hoping that in 2013 they can bridge such political divides, some of them deadly. Venezuela, in hoping for more unity, was included on that list. But for now it is a nation holding its breath.
David Smilde, a guest blogger for the Monitor, told the Associated Press that the fact that Nicolas Maduro, the nation’s vice president, traveled to Cuba to personally meet with the president in recent days is itself telling. “The situation does not look good. The fact that Maduro himself would go to Cuba, leaving Hector Navarro in charge, only seems understandable if Chavez’s health is precarious,” said Mr. Smilde, who runs a blog on Venezuela for the Washington Office on Latin America.
The trip likely gave Mr. Maduro a chance “to be able to talk to Chavez himself and perhaps to talk to the Castros and other Cuban advisers about how to navigate the possibility of Chavez not being able to be sworn in on Jan. 10,” Mr. Smilde said. “Mentioning twice in his nationally televised speech that Chavez has suffered new complications only reinforces the appearance that the situation is serious.”
If Chavez does not recover, there are many questions about what is next for the oil-rich, Andean nation that has been dominated by Chavez since he took office in 1999.
According to the Venezuelan constitution, translated into English by the BBC, here is what should happen:
Article 231: The president-elect shall take office on January 10 of the first year of their constitutional term, by taking an oath before the National Assembly. If for any reason, (they) cannot be sworn in before the National Assembly, they shall take the oath of office before the Supreme Court.
Article 233: (...) When an elected President becomes absolutely absent prior to inauguration, a new election...shall be held within 30 days.
Article 234: When the President is temporarily unable to serve, they shall be replaced by the Executive Vice-President for a period of up to 90 days, which may be extended by resolution of the National Assembly for an additional 90 days.
But recently, a Chavez ally and head of the national assembly, Diosdado Cabello, said that the inauguration should be delayed – a move that the opposition has declared unconstitutional and casting doubt on what will happen. In the meantime, all of the problems that face Venezuela are on hold, as another guest blogger for Caracas Chronicles describes in his own personal experience here.
Chavez and his government, however, are trying to maintain a semblance of order – with Maduro sending out New Year’s greetings and avoiding mention of the radical changes that could await the nation in the year to come.
“Commander Chavez wanted us to transmit a special end of year greeting to Venezuelan families, who are gathered together over this period throughout the country; in particular he wanted to send a warm embrace to the children of Venezuela, and remind them that they are always in his heart," he said. "The embrace was extended to all of our people, so that they see in the year 2013 with love; a year which should bring the greatest of happiness to our homeland, as well as the definitive consolidation of our independence and national unity.
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Egypt's opposition still hopeful, despite many defeats

When a controversial constitutional draft went to a vote earlier this month, the Egyptian opposition was, as usual, in disarray.
It waffled for weeks between boycotting the referendum and calling for a no vote. When it finally chose the latter only days before the first round of voting on Dec. 15, it was too late to overcome the Muslim Brotherhood and their salafist allies’ strong campaign for a "yes."
But the backlash facing President Mohamed Morsi and the Muslim Brotherhood for rushing the constitution through without input from the opposition has given his opponents new hope for electoral success.
Recommended: Why is Egypt's draft constitution so controversial? (+video)
“The divisions are a thing of the past now and we have Mr. Morsi to thank for that,” says Mostafa El Guindi, who was an independent member of the now-dissolved parliament and played a role in organizing the main facets of the opposition into a new coalition, the National Salvation Front.
“The marriage between ElBaradei and Hamdeen Sabahi is now fact,” he says, referring to two politicians with often clashing policies. That the Nobel prize winner and former head of the International Atomic Energy Agency, Mohammed ElBaradei, and Hamdeen Sabahi, the leftist candidate who came in a surprising third in June’s presidential elections, have come together shows the strength of the determination to create a united front against the Brothers.
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This gives the opposition new hope heading towards parliamentary elections which, according to Egyptian law, must happen within two months of the approval of the constitution.
REJECTING POLITICAL GAMES
But there are also those who say the opposition has only itself to blame for its failure to chip away at the electoral successes of the Muslim Brotherhood.
“Many people wanted to vote no in the referendum about the constitution, but they were looking for a good reason to do so,” says Fady Ramzy, who runs the think tank Messry. “The problem is that the opposition doesn’t have a political product to sell. They should have spent their time convincing people that this constitution is [a waste] for any number of reasons, and that we should do a better job. Because what we have now is just a bunch of nice words with no mechanism to hold those in power to the promises contained in the constitution. Instead, the opposition chose to make a lot of noise about the influence of sharia in the new constitution.”
Mr. Ramzy’s assertion was echoed by voters in some of the districts in the Nile Delta last week. Most Egyptians voting "yes" cited a desire for stability as their main reason, while most "no" voters had very specific reasons to be against the constitution. Among them were the absence of a minimum wage in Egypt –wages are instead linked to productivity – or the fact that free health care is subject to a "certificate of poverty," which many see as humiliating.
Not a single voter cited the role of sharia, or Islamic law, as a reason to vote either for or against the document, despite the fact that both sides had campaigned mainly on this issue.
“The religious factor is decreasing with every election,” says Ramzy. “People realize that political games are being played with religion, and they are starting to refuse being put before the choice of voting for or against Islam.”
DISILLUSIONED BY DEMOCRACY'S SLOW PACE
There is also a growing belief that Egypt’s chaotic path since the overthrow of Mubarak in February 2011 was perhaps an inevitable one.
For all the criticism of the opposition, “it is unreasonable to expect Egypt to have a healthy political landscape just two years after the fall of a dictatorship,” political activist Alfred Raouf says.
“We need at least five years to get to that point, especially with a Muslim Brotherhood that is not really intent on having a diverse political landscape, but rather wants to take the place of the NDP,” he says, referring to Mubarak's former National Democratic Party.
Writing in the Egypt Independent this week, Mr. Raouf said that even if the revolutionaries had been the ones to assume power, they would have "quickly oppressed the people." What happened instead – military rule followed by a landslide for the Muslim Brotherhood – “seems to most people like a catastrophic outcome to a very hopeful revolution," but is actually "the best course for the revolution,” Raouf wrote.
Nevertheless, Raouf, a founding member of ElBaradei’s Dostour (Constitution) party, sees an opportunity for the opposition to make inroads in the next parliamentary elections, even if the current opposition coalition dissolves before then.
Mostafa El Guindi believes the opposition has a chance to win a majority in parliament. But Raouf is more conservative. “I think we have a good chance of getting 45 percent of the seats in parliament, up from around 30 percent, provided there is no rigging,” he says.
What worries him most is voter turnout, which is lower with every election or referendum.
“It suggests that people no longer believe in democracy because they don’t see it helping them in their daily lives.
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Happy new year, Cairo?

I'm back in Cairo after well over a year away, and my first thought was that little has changed.
Getting out of Cairo airport is still a chaotic mess of taxi and hotel touts, though easy to navigate if you know the drill. Traffic was worse than I'd have expected for midday on Saturday, but Cairo zahma hardly has a predictable rhythm anyway. Parts of the city are always one flat tire away from being turned into a parking lot.
As I pulled into my old haunts, one thing that struck me was the apparent absence of the over-the-top commercialization of Christmas I was used to when I lived here years ago. Friends agreed, saying shops and hotels had reined in their use of the holiday, on the reasoning of "why take a chance?" Referring to bearded President Mohamed Morsi from the Muslim Brotherhood as "Morsi Claus" was apparently de rigeur, however, in certain activist and secular circles.
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But enough with first impressions. Egypt had a tumultuous 2012 that was disillusioning, to put it mildly, for many of the young revolutionaries who supported the January 2011 uprising against Hosni Mubarak. While you can't see the economic pain of the past year by walking the streets of Cairo, just a few early conversations with friends and acquaintances make it clear that it's very real. In the fashionable districts of Cairo, shopkeepers say business is down. In more working class neighborhoods, the guys selling vegetables or clothing say likewise. Men who paint houses or fix plumbing say work is less steady, with customers putting off non-essential work.
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And while in my few brief conversations with Egyptian contacts the focus has been disappointment with the new Muslim Brotherhood-backed constitution, or anger at Morsi and the Brothers' apparent accommodations to a military hierarchy that has cast a shadow over Egyptian politics for a generation, it is economic conditions that will make or break the emerging new Egyptian political order in 2013.
The two, of course, are not mutually exclusive. While Morsi has spoken of a need to restore a battered Egyptian economy, neither he nor anyone else has been better able to provide stability or bread than the military was when it was running Egypt from February 2011 until June of this year.
On one level, they can be forgiven. The past year has seen certain post-Mubarak assumptions (or hopes) seriously ruptured. A popular Egyptian view of the military as protector of the nation was eroded. In February, more than 70 people died following a soccer match in Port Said at which security, the responsibility of the army, was conspicuous by its absence.
There was an elected parliament, one packed with Islamists, the results of which were later annulled. There was a presidential election that pitted President Morsi against former Mubarak Prime Minister Ahmed Shafiq that saw Morsi walk off with the spoils. Neither option was enticing to Egypt's young revolutionaries, and in Morsi's victory – which was made possible by the Brotherhood breaking a promise not to run a candidate for president – there was evidence that the Islamist movement could not be taken at its word.
And, of course, there were clashes between protesters at Tahrir and at the presidential palace in Cairo, in the industrial towns of the Nile Delta, and once again in Port Said, along the country's economically vital Suez Canal. The constitution, which Egyptians were promised would be written by a truly representative body, was rushed through by Morsi and his allies over serious opposition towards the end of the year. When it came time for Egyptians to vote on it, it passed – but with less than 40 percent of the Egyptian electorate participating, many voters having lost hope that the political process was going to deliver anything of any tangible value to them or their families.
ATTEMPTS NOT MADE
While fixing Egypt's economic problems would be the work of years under even the best of circumstances, serious attempts to address how the national budget is administered, rampant corruption that makes being either a simple wage-earner or an entrepreneur a minefield, or the heavy-hand of the military in business, were not made. The average Egyptian was financially worse off at the end of 2011, and worse off still at the end of 2012. This simple reality is how Egyptians are judging recent events, and why so many of them are so deeply worried.
Now the country is less than two months away from electing a new parliament, extending a period of political uncertainty. A new political reality will be created by that election – the fifth national vote in two years – and will lead to more political uncertainty as factions in parliament are formed, and Egyptian politicians test the new rules of the game. Local and foreign investors will stay on the sidelines for awhile yet, hoping for some clarity as to the new rules –clean ones or dirty ones, new ways of doing business or the same old rent-seeking of the past – before they put any more skin in the game.
Meanwhile, Egyptians are watching, and worried. The Egyptian pound plunged to an eight-year low against the dollar in the past month, and the Egyptian government's foreign reserves now stand at about $15 billion, less than half of what they were at the time of Mubarak's ouster. That exchange rate – and the soaring interest the Egyptian government pays on international borrowing – has a host of implications for the subsidized bread, cooking fuel, and gasoline that millions of Egyptians rely on.
A random walk through Cairo can't show how finely poised Egypt's situation is. But if you stop to talk for a few hours, you can feel it.
It's the economy, stupid, as a US political hack had it 20 years ago. And it's the economy that Egypt needs to focus on in 2013.
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Any end in sight? Syrian conflict enters third calendar year

• A daily summary of global reports on security issues.
The Syrian civil war entered its third calendar year with rebel forces displaying increased military prowess but still lacking adequate weapons and organization to gain a decisive edge over government forces.
At the outset of 2012, many observers predicted it would be President Bashar al-Assad's last year, but now in 2013 the conflict appears locked in a stalemate with alarming fatality rates.
According to UK-based opposition group the Syrian Observatory for Human Rights, 85 percent of the roughly 45,000 Syrians they estimate have been killed since the uprising began in March 2011 were killed in 2012. CNN reports that United Nations envoy to Syria Lakhdar Brahimi expects that number to climb.
Recommended: Think you know the Middle East? Take our geography quiz.
"Do not expect just 25,000 people to die next year – maybe 100,000 will die," he said earlier this week. "The pace is increasing."
The opposition Local Coordination Committees told CNN that at least 136 people were killed yesterday, the first day of the year, alone. There were clashes in eight provinces, the heaviest in and around the capital of Damascus and Aleppo.
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Aerial bombardments by the Syrian Air Force have been responsible for many of those 45,000 fatalities. In rebel-controlled northwestern Syria, a strip of land running between Aleppo and the Turkish border, rebel forces have made it a priority to take over aviation facilities to rob the Air Force of its ability to bomb the area. They consider the regime's air power its "main threat" because they can do little to stop attacks by helicopters and jets, even in territory they hold on the ground.
Today they launched an offensive against a military airbase near Taftanaz in northwestern Syria, which they have attempted to take before, Associated Press reports. Reuters reports that the base has more than 40 helicopter landing pads, a runway, and aircraft hangars.
The Syrian Observatory for Human Rights said al Qaeda-linked Jabhat al-Nusra, which the US designated a terrorist organization last month, is involved with the assault on the Taftanaz base, according to Reuters.
Yesterday, fighting near Aleppo's international airport prompted a halt to all flights in and out of the city, which is Syria's commercial hub and largest city. Rebels have also been staging assaults on three other airports in Aleppo province, according to AP, including a military helicopter airbase closer to the Turkish border.
Agence France-Presse reports that the rebel attacks forced the closure of the commercial airport in Aleppo. Rebels have warned that they consider both military and civilian aircraft legitimate targets because they believe civilian flights have been used to supply the military.
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Indian court may suspend lawmakers facing crimes

Indian lawmakers facing sexual assault charges against women could be suspended from office if the country's top court rules in favor of a petition submitted following a gang-rape and murder that shocked the country.
Six state lawmakers are facing rape prosecutions and two national parliamentarians are facing charges of crimes against women that fall short of rape, said Jagdeep S. Chhokar, an official with the Association for Democratic Reforms, which tracks political candidate's criminal records.
The petition will be heard Thursday and comes as police prepare to formally charge six suspects in the gang-rape and killing of a student in the capital two weeks ago.
The Dec. 16 rape triggered outrage across the country and sparked demands for stronger laws, tougher police action against those accused of sexual assault and a sustained campaign to change society's views on women.
As part of that campaign, Chief Justice Altamas Kabir agreed to hear a petition from retired government administrator Promilla Shanker asking the Supreme Court to suspend all lawmakers from the national and state legislatures who are facing prosecution for crimes against women.
She also asked the court to force the national government to fast-track thousands of rape cases that have languished in India's notoriously sluggish court system for years.
In the past five years, political parties across India nominated 260 candidates awaiting trial on charges of crimes against women, he said. Parties ran six candidates for the national parliamentary elections facing such charges, Chokkar said.
"We need to decriminalize politics and surely a serious effort has to be made to stop people who have serious charges of sexual assault against them from contesting elections," said Zoya Hasan, a political analyst.
On Wednesday morning, several thousand women held a silent march to Gandhi's memorial in the capital in memory of the victim, holding placards demanding "Respect" and "Justice." Delhi Chief Minister Sheila Dikshit joined the women for a prayer session for the victim. The Gandhi memorial is a common protest site.
On Tuesday, the government set up a task force to monitor women's safety in New Delhi and to review whether police were properly protecting women. The government had set up two earlier bodies to look into the handling of the rape case and to suggest changes in the nation's rape laws.
The rape of the 23-year-old university student on a bus has horrified many in the country and brought unprecedented attention to the daily suffering of women here, who face everything from catcalls and groping to rapes.
Six men arrested in the case were to be formally charged Thursday with kidnapping, rape and murder, said Rajan Bhagat, the New Delhi police spokesman. Police have said they would push for the death penalty in the case.
Police were awaiting findings on a bone test conducted on one of the suspects to confirm whether he is a juvenile or an adult, which could affect the charges against him.
The Bar Association of lawyers last week decided against defending the six suspects because of the nature of the crime, although the court is expected to appoint attorneys to defend them.
Media reports say 30 witnesses have been gathered, and the charges have been detailed in a document running more than 1,000 pages. Police also have detained the owner of the bus used in the crime on accusation he used false documents to obtain permits to run the private bus service.
The family of the victim — who died Saturday at a hospital in Singapore — is struggling to come to grips with the tragedy.
"She was a very, very, very cheerful little girl and she was peace loving and she was never embroiled in any controversies like this. I don't know why this happened to her," her uncle, Suresh Singh, told The Associated Press on Wednesday.
The family of the victim, whose name was not revealed, called for stronger rape laws to prevent such attacks from happening again and demanded swift — and harsh — justice for woman's assailants, Singh said.
"If the government can't punish them, give the rapists to the people. The people will settle the scores with them," he said.
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Wall Street ends 2012 riding high on "cliff" deal optimism

 U.S. stocks closed out 2012 with their strongest day in more than a month, putting the S&P 500 up 13.4 percent for the year, as lawmakers in Washington closed in on a resolution to the "fiscal cliff" negotiations.
The S&P 500's gain for the year marks its best performance since 2009, as stocks navigated through debt crises in Europe and the United States that dominated the headlines. Still, with numerous issues involving budget talks unresolved, markets could still be open to a shock should the deal break down unexpectedly.
Fittingly, in the last session of the year, stocks bounced back and forth on the headlines out of Washington, as both President Barack Obama and Republican Senate leader Mitch McConnell issued statements indicating a deal to avert the cliff was close.
"The worst news could have been the president coming out and saying, 'We don't have a deal and we've giving up,' and he didn't say that," said Ron Florance, managing director of investment strategy for Wells Fargo Private Bank, based in Scottsdale, Arizona.
"My personal skepticism, I don't trust anything out of Washington until it is signed, sealed and delivered, and it is not signed, sealed and delivered."
While a deal on the cliff is not yet official, investors may be ready to take on more risk next year in hopes of a greater reward.
McConnell said an agreement had been reached with Democrats on all of the tax issues in the potential deal, removing a large hurdle in the talks. An agreement is needed in order to avert a combination of tax hikes and spending cuts that many believe could push the U.S. economy into recession.
A source familiar with the matter said an emerging deal, if adopted by Congress and President Barack Obama, would raise $600 billion in revenue over the next 10 years by increasing tax rates for individuals making more than $400,000 and households earning above $450,000 annually.
Despite the uncertainty, the market encountered only occasional bouts of volatility this year. For the first time since 2006, the CBOE Volatility Index or VIX <.vix>, the market's favored indicator of anxiety, did not surpass the 30 level, a threshold that usually signals heightened worry among investors.
"Given all the threats in 2012, the VIX was relatively tranquil," said Bill Luby, the author of the VIX and More blog in San Francisco, citing the crises in Spain and Greece, along with constant intervention from the Federal Reserve.
The Dow Jones industrial average <.dji> gained 166.03 points, or 1.28 percent, to end at 13,104.14. The Standard & Poor's 500 Index <.spx> gained 23.76 points, or 1.69 percent, to finish at 1,426.19. The Nasdaq Composite Index <.ixic> gained 59.20 points, or 2.00 percent, to close at 3,019.51.
Monday's gains enabled the S&P 500 to snap a five-day losing streak, its longest skid since September.
The S&P 500 closed out 2012 with a 13.4 percent gain for the year, compared with a flat performance in 2011. The Dow rose 7.3 percent in 2012 and the Nasdaq climbed 15.9 percent.
Financials <.gspf> were the strongest of the S&P's 10 industry sectors this year, gaining more than 26 percent, led by Bank of America , which more than doubled in 2012, and was the best performer of the Dow industrials.
Of the S&P's 10 sectors, only defensively oriented utilities <.gspu> ended the year lower, falling 2.9 percent.
Gains in Apple Inc , the most valuable U.S. company, helped lift the Nasdaq. The stock rose 4.4 percent to $532.17, lifting the S&P information technology sector index <.gspt> up 2.2 percent. For the year, Apple rose 31.4 percent, ending with a market value of about $501.4 billion.
Each of the Dow's 30 components finished the session in positive territory, led by a 3.2 percent climb in Caterpillar Inc to $89.58.
Volume was modest, with about 6.06 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, slightly below the daily average of 6.42 billion.
Advancing stocks outnumbered declining ones on the NYSE by a ratio of 6 to 1, while on the Nasdaq, four stocks rose for every one that fell.
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