Wall Street ends slightly higher, helped by acquisitions

NEW YORK (Reuters) - The S&P 500 eked out a small gain for a third straight session on Thursday, helped by a flurry of merger activity, though investors see no catalysts to lift the market further with major averages near multi-year highs.


The market's slowed advance took the S&P 500 to its highest intraday level since November 2007 on Wednesday. While the index notched its third straight day of gains, none was more than 0.2 percent.


Shares of H.J. Heinz Co jumped 20 percent to $72.50 after it said Warren Buffett's Berkshire Hathaway and 3G Capital will buy the food company for $72.50 a share, or $28 billion including debt. Berkshire's class B shares rose 1.3 percent to $99.21.


Also supporting the market was data showing the number of Americans filing new claims for unemployment benefits fell more than expected in the latest week. The CBOE Volatility index <.vix> fell 2.4 percent, dropping to 12.67.


"While I'm not bearish, I don't see many upside motivations at these levels," said Donald Selkin, chief market strategist at National Securities in New York, who cited the low level of the VIX as a sign the market was overbought.


Equities have struggled to break above current levels where they have been hovering for almost two weeks. The S&P 500 is up more than 6 percent so far this year.


"We need to digest some of our gains to go higher, but people are so eager to buy on the dips that we're not even seeing dips anymore. People are just chasing the market higher," said Selkin, who helps oversee about $3 billion in assets.


Stocks fell earlier after a report the euro zone's gross domestic product contracted by the steepest amount since the first quarter of 2009. In addition, Japan's GDP shrank 0.1 percent in the fourth quarter, crushing expectations of a modest return to growth.


The Dow Jones industrial average <.dji> was down 9.52 points, or 0.07 percent, at 13,973.39. The Standard & Poor's 500 Index <.spx> was up 1.05 points, or 0.07 percent, at 1,521.38. The Nasdaq Composite Index <.ixic> was up 1.78 points, or 0.06 percent, at 3,198.66.


Constellation Brands soared 37 percent to $43.75 after AB InBev's deal to take over Mexican brewer Grupo Modelo was revised to grant Constellation perpetual rights to distribute Corona and other Modelo brands in the United States. U.S. shares of AB InBev gained 5.1 percent to $92.77.


American Airlines and US Airways Group said they plan to merge in a deal that will form the world's biggest air carrier, with an equity valuation of about $11 billion. US Airways shares fell 4.6 percent to $13.99.


Weakness in Europe contributed to a 5 percent drop in revenue from the region for Cisco Systems , which nonetheless beat estimates as it reported its results late Wednesday. The company's shares dipped 0.7 percent to $20.99.


General Motors Co reported a weaker-than-expected fourth-quarter profit, also citing bigger losses in Europe alongside lower prices in its core North American market. The stock was off 3.3 percent to $27.73.


Only five more stocks rose than fell on the New York Stock Exchange, while 51 percent of Nasdaq-listed shares closed higher.


Volume was light, with about 6.36 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.48 billion shares.


(Editing by Nick Zieminski and Kenneth Barry)



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India Ink: A Volatile Brahmaputra River Will Grow Only More So

ELOPA, Arunachal Pradesh — Amid a desert of volleyball-sized boulders, Jibi Pulu bounces his Tata jeep over a trickling nullah. In his childhood, just 30-odd years ago, this stream used to irrigate his family paddy fields right here in the flatlands and provide fresh water to his ancestral village in the hills above the floodplain of the Dibang River, a major tributary of the Brahmaputra.

Today, the paddy fields are gone, and the village is abandoned, fallen prey to hillside erosion and river siltation. “This plain was once a narrow band of huge trees,” said Mr. Pulu, who heads the Idu-Mishmi tribe’s Community Resource Management Committee. “Now it’s a stony wasteland stretching for farther than the eye can see.

“As a young boy, I could sit here and watch animals come down right there to the river to drink – sambar deer, barking deer, wild boars, tigers, leopards, herds of wild elephants. It was like an African safari park. Now all you see of the animals are occasional tracks and droppings.”

Experiences like Mr. Pulu’s give vivid life to the numeric inputs that fuel Professor Subashisa Dutta’s statistical models. Together with his fellow civil engineering professor Shyamal Ghosh at the Indian Institute of Technology in Guwahati, Mr. Dutta has published the most recent climate change models of the Brahmaputra River basin. Using the known flood characteristics of the basin, they plugged in regional rainfall projections under the climate change scenario that assumes warming over the Indian subcontinent because of greenhouse gas concentrations.

The results look grim. The Brahmaputra valley will experience “longer floods and more flood events outside the monsoon period,” Mr. Dutta predicted. Not only will peak flows increase, but so will the incidence of pre-monsoon floods, which could jeopardize key production phases in the agricultural cycle.

The worst threat, he added, will not come from cataclysmic once-in-a century floods, but rather from increasing year-to-year volatility. “Five-year-period floods will have more change than the 50-year-period floods,” Mr. Dutta said. And some of the biggest impacts will happen at the tributary level, rather than on the main channel of the Brahmaputra.

“Many tributaries on the North Bank are changing course or transforming from a meandering river to a braided river,” he said. This can only make the floods “flashier, drastically changing the hazards,” he warned.

Right across the Indian Institute of Technology’s expansive academic complex, Arupjyoti Saikia, a historian, has reached much the same conclusion from a far more anecdotal, almost personalized approach. Freshly returned from a fellowship at Yale University’s Agrarian Studies program, Mr. Saikia is now writing a kind of biography of the Brahmaputra.

It’s a short biography, in geologic terms. If the Brahmaputra were a person, it would be a tempestuous teenager who frequents all-night raves during the wet season. Its youthful temperament reflects the young geology of its Himalayan catchment basin as much as the heavy monsoon rainfall it receives.

Viewed on the human time scale, on the other hand, the Brahmaputra presents an immemorial landscape that is in peril. Though the plains in Assam have been settled for thousands of years, Mr. Saikia noted that only in the last hundred have people lived so close to the river.

Population pressure on the land, he explained, has pushed people to migrate into areas vulnerable to flood. In the past, those who cultivated in the flood plains always migrated to higher land during flood season. But nowadays, Assam is much too crowded for people to make these seasonal migration shifts.

To screen the encroaching population from river hazards, the government of India went on a misguided embankment-building spree between the late 1940s through the 1970s.

People believed – and still do – that the embankments would protect them against floods. But time and again, that hope has proved false. Just this past flood season over 60 embankments broke, sending surging water into thatched-roof villages.

For at least four decades it has been clear to the technocrats that embankments spelled trouble, only compounding the hazards of the river while failing to tame it. But by the 1970s, “it was already too late; there was no going back,” Mr. Saikia lamented. “It permanently jeopardized the rhythm of the water.”

Yet “the Brahmaputra is still free,” Mr. Saikia said, sighing. Come monsoon time, “it can still play with its rhythm and it can dance as it likes.”

Jibi Pulu, who remembers the flowing waters that fed the rice paddy of his youth, knows this firsthand in his home region of the Dibang basin.

“See that plinth over there,” he said, pointing to a crumbling block of concrete atop an undercut bank. “Some Hindus tried to tame the river by building a Shiva temple there.” But just last year, the Dibang danced right over Nataraja, the lord of the cosmic dance.

Brian Orland’s dispatches will appear regularly in India Ink. Last month, he wrote about population growth along the Brahmaputra.

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Lady Gaga Cancels Born This Way Ball Tour Due to Severe Injury















02/13/2013 at 08:50 PM EST



It's a somber week for Lady Gaga – and her Little Monsters.

Following Tuesday's Facebook announcement that she was "devastated and sad" because she couldn't walk and had to postpone several Born This Way Ball concerts, the pop star, 26, has officially canceled the remaining dates of her world tour.

"After additional tests this morning to review the severity of the issue, it has been determined that Lady Gaga has a labral tear of the right hip," the singer's rep told PEOPLE Wednesday in a statement. "She will need surgery to repair the problem, followed by strict down time to recover. This unfortunately, will force her to cancel the tour, so she can heal."

Refunds for the cancelled performances will be available at point of purchase starting on Thursday.

"I hope you can forgive me, as it is nearly impossible for me to forgive myself," she wrote the previous day of postponing the dates. "I hate this. I hate this so much. I love you and I'm sorry."

Get well, Gaga!

Reporting by CHUCK ARNOLD

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Morning-after pill use up to 1 in 9 younger women


NEW YORK (AP) — About 1 in 9 younger women have used the morning-after pill after sex, according to the first government report to focus on emergency contraception since its approval 15 years ago.


The results come from a survey of females ages 15 to 44. Eleven percent of those who'd had sex reported using a morning-after pill. That's up from 4 percent in 2002, only a few years after the pills went on the market and adults still needed a prescription.


The increased popularity is probably because it is easier to get now and because of media coverage of controversial efforts to lift the age limit for over-the-counter sales, experts said. A prescription is still required for those younger than 17 so it is still sold from behind pharmacy counters.


In the study, half the women who used the pills said they did it because they'd had unprotected sex. Most of the rest cited a broken condom or worries that the birth control method they used had failed.


White women and more educated women use it the most, the research showed. That's not surprising, said James Trussell, a Princeton University researcher who's studied the subject.


"I don't think you can go to college in the United States and not know about emergency contraception," said Trussell, who has promoted its use and started a hot line.


One Pennsylvania college even has a vending machine dispensing the pills.


The morning-after pill is basically a high-dose version of birth control pills. It prevents ovulation and needs to be taken within a few days after sex. The morning-after pill is different from the so-called abortion pill, which is designed to terminate a pregnancy.


At least five versions of the morning-after pills are sold in the United States. They cost around $35 to $60 a dose at a pharmacy, depending on the brand.


Since it is sold over-the-counter, insurers generally only pay for it with a doctor's prescription. The new Affordable Care Act promises to cover morning-after pills, meaning no co-pays, but again only with a prescription.


The results of the study were released Thursday by the Centers for Disease Control and Prevention. It's based on in-person interviews of more than 12,000 women in 2006 through 2010. It was the agency's first in-depth report on that issue, said Kimberly Daniels, the study's lead author.


The study also found:


—Among different age groups, women in their early 20s were more likely to have taken a morning-after pill. About 1 in 4 did.


—About 1 in 5 never-married women had taken a morning-after pill, compared to just 1 in 20 married women.


—Of the women who used the pill, 59 percent said they had done it only once, 24 percent said twice, and 17 percent said three or more times.


A woman who uses emergency contraception multiple times "needs to be thinking about a more regular form" of birth control, noted Lawrence Finer, director of domestic research for the Guttmacher Institute, a nonprofit group that does research on reproductive health.


Also on Thursday, the CDC released a report on overall contraception use. Among its many findings, 99 percent of women who've had sex used some sort of birth control. That includes 82 percent who used birth control pills and 93 percent whose partner had used a condom.


___


Online:


CDC report: http://www.cdc.gov/nchs/


Emergency contraception info: http://ec.princeton.edu/index.html


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Asian shares gain on improving sentiment, G20 eyed

TOKYO (Reuters) - Asian shares rose on improving risk sentiment while the yen steadied ahead of the weekend meeting of G20 finance and central bank officials, whose views on global growth and differences over currencies will be scrutinized by investors.


"Asian markets have extended gains with risk sentiment remaining resilient as markets continue to push to new highs. Ahead of the European open, we are calling the major bourses relatively flat with GDP numbers in focus," Stan Shamu, market strategist at IG Markets, said in a note.


Financial spreadbetters were predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open little changed ahead of European gross domestic data. U.S. stock futures were also steady, suggesting a similarly quiet Wall Street open. <.l><.eu><.n/>


The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> extended gains, rising 0.6 percent as its materials sector <.mispjmt00pous> outperformed with a 1.6 percent increase partly on a jump in shares of top miners ahead of earnings news from Rio Tinto .


Australian shares rose 0.7 percent to their highest since September 2008, as a strong earnings season and receding fears about European and U.S. debt woes bolstered investor sentiment.


South Korean shares <.ks11> were flat after Wednesday's three-week closing high and biggest daily percentage gain since January 2 when investors cheered a pause in the yen's decline.


Market reaction was muted after monetary policy decisions from South Korea and Japan during Thursday's sessions.


The Bank of Korea held interest rates steady for a fourth straight month as expected, as global economies show signs of improvement and domestic inflation remains low. But the decision was not unanimous, its governor told a news conference.


The Bank of Japan also kept monetary policy steady and upgraded its economic assessment, as recent falls in the yen and signs of a pick-up in global growth give it some breathing space after expanding stimulus just a month ago.


A pause in the yen's rebound positively affected Japanese equities on Thursday, with the Nikkei average <.n225> advancing 0.7 percent after Wednesday's 1 percent slump when the firming yen prompted investors to take profits on exporters. <.t/>


"Usually the BOJ doing nothing causes a bit of disappointment, but since there are concerns about the flak Japan might get at the G20 this weekend for the weakening yen, standing pat will actually be a relief to the market," said Masayuki Doshida, senior market analyst at Rakuten Securities.


Markets in China and Taiwan remain shut for the Lunar New Year holiday but Hong Kong resumed trading on Thursday.


YEN IN SPOTLIGHT


The dollar recouped earlier losses to inch up 0.1 percent to 93.49 yen after marking its highest level since May 2010 of 94.465 on Monday. The euro steadied at 125.60 yen, below its peak since April 2010 of 127.71 yen touched last week.


The yen lost nearly 20 percent against the dollar between November and early February, and more than 20 percent against the euro.


The yen began its steady fall in mid-November as expectations built for a new government to take aggressive steps to bring Japan out of years of slump. Prime Minister Shinzo Abe is pushing for strong reflationary steps, pressuring the BOJ to take unprecedented expansionary measures.


The yen's rapid depreciation, after years of sharp appreciation, has drawn some criticism from overseas, with rhetoric heating up ahead of the Group of 20 nations meeting on Friday and Saturday in Moscow.


Russian Deputy Finance Minister Sergei Storchak told reporters on Wednesday in Moscow that the yen was "definitely overvalued" and that "there are no signs" that Japan's monetary authorities were intervening on the foreign exchanges.


Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo, said various interpretations this week over what the G20 may say about Japan's policy and a weak yen trend "have been used as an excuse to adjust positions ahead of the meeting, and I expect forex to be in ranges."


"Currency will be discussed but I think Russia wants the meeting to focus on broader economic issues involving emerging markets as it is the G20 gathering," he said.


Traders and analysts say 90-95 yen to the dollar appeared to be a comfortable range for now, unless upside surprises emerge in the U.S. economy or Japan quickly implements unexpectedly drastic reflationary policies, both of which will swing the dollar higher above the range.


They said the yen's upside was also capped around 87 yen, halfway between its slump from mid-November to early February.


Market reaction was muted to comments from Jack Lew, President Barack Obama's pick to run the Treasury Department, who on Wednesday said he would support a strong U.S. dollar, in line with longstanding U.S. policy.


Data published on Thursday showed Japan's economy shrank 0.1 percent in October-December from the previous quarter, falling for a third straight quarter.


U.S. crude was up 0.1 percent to $97.13 a barrel and Brent added 0.1 percent to $117.98.


London copper rose 0.2 percent to $8,240.50 a metric ton (1.1023 tons).


Gold regained some strength as recent losses attracted buying interest from Asian jewellers after the Lunar New Year break, but firmer equities could limit gains.


(Additional reporting by Joyce Lee in Seoul and Tomo Uetake in Tokyo; Editing by Eric Meijer and Richard Borsuk)



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Silenced in Israel, Spy Tale Unfolds in Australia





JERUSALEM — The story had all the trappings of a spy thriller: an anonymous prisoner linked to Israel’s secret service, Mossad, isolated in a top-security wing originally built for the assassin of a prime minister. A suicide — or was it a murder? — never officially reported. A gag order that barred journalists from even acknowledging the gag order. And a code name to rival 007: Prisoner X.




The first reports about the death of Prisoner X leaked out in 2010, both in Israel and the United States, where a blogger identified the mystery man as a former Iranian general. Government censors immediately forced an Israeli news site to remove two items related to Prisoner X — and journalists were interrogated about it by the police.


On Tuesday, after an extensive Australian television report identifying Prisoner X as an Australian father of two who became an Israeli spy, the prime minister’s office summoned Israeli editors to a rare meeting to remind them of the court order blocking publication of anything connected to the matter.


It remains unclear what Prisoner X might have done to warrant such extreme treatment — and such extreme secrecy, which human rights groups have denounced as violating international law. What is clear is that the modern media landscape makes the Israeli censorship system established in the 1950s hopelessly porous: the Australian report quickly made the rounds on social media, prompting outraged inquiries from opposition lawmakers on the floor of Parliament.


“The Israeli public will know sooner or later what happened,” declared Nahman Shai, a Parliament member from the Labor Party.


Aluf Benn, the editor of the Israeli daily Haaretz, said the government forced him and another news organization to delete items about the Australian reports from their Web sites on Tuesday. Later, Haaretz posted an article on the unusual editors meeting and the parliamentary discussion.


“They live in a previous century, unfortunately,” Mr. Benn said of the Israeli administration. “Today, whatever is blocked in news sites is up in the air on Facebook walls and Twitter feeds. You can’t just make a story disappear. I hope that they’re more updated in whatever they do professionally.”


The prime minister’s office and prison service declined on Tuesday to comment. “I can’t tell you anything; I’m not dealing with this,” said the prison spokeswoman, Sivan Weizman. “I can’t answer any question about it. Sorry.”


On Wednesday morning, Israel Radio reported that the government had partially lifted the gag order, allowing local media to publish articles quoting foreign reports but not ones based on original material.


The Australian report, a half-hour segment based on a 10-month investigation that was broadcast Tuesday on the ABC News magazine program “Foreign Correspondent,” identified Prisoner X as Ben Zygier and said he had used the name Ben Alon in Israel. Mr. Zygier immigrated to Israel about a decade before his death at age 34, married an Israeli woman and had two small children, according to the report.


“ABC understands he was recruited by spy agency Mossad,” read a post on the Australian network’s Web site. “His incarceration was so secret that it is claimed not even guards knew his identity.” Mr. Zygier “was found hanged in a cell with state-of-the-art surveillance systems that are installed to prevent suicide,” it said, adding that guards tried unsuccessfully to revive him and that he was buried a week later in a Jewish cemetery in a suburb of Melbourne.


A spokeswoman for the Australian government said in an e-mail that its embassy was unaware of the prisoner’s detention until his family asked for help repatriating the remains, and that she could not “comment on intelligence matters (alleged or actual).”


The Australian report builds on news items from 2010 that described the death of Prisoner X in solitary-confinement cell 15 in a part of Israel’s Ayalon Prison said to have been created especially for Yigal Amir, who killed Prime Minister Yitzhak Rabin in 1995. Prisoner X was not allowed visitors or a lawyer, according to those reports.


Richard Silverstein, an American blogger, claimed in 2010 that Prisoner X was Ali-Reza Asgari, a former general in Iran’s Islamic Revolutionary Guards Corps and a government minister, who had previously been reported to have defected to Israel and cooperated with Western intelligence agencies. On Tuesday, Mr. Silverstein acknowledged his error, saying his source apparently was part of “a ruse designed to throw the media off the scent of the real story.”


Bill van Esveld, a Jerusalem-based analyst with Human Rights Watch, said the reports suggested a serious violation of international law. “That’s the most basic obligation you can think of, not disappearing people,” he said. “You can’t take somebody into detention, deny any knowledge of them, and not allow their families to be in communication with them, not allow them to see a lawyer or have any due process. That’s what needs to be looked into.”


Dov Hanin, a member of Parliament from the left-wing Hadash Party, on Tuesday questioned Israel’s justice minister, Yaakov Ne’eman, about Prisoner X, asking: “Are there people whose arrest is kept a secret? What are the legal monitoring mechanisms in charge of such a situation? What are the parliamentary monitoring systems in charge of such a situation? And how can public criticism exist in cases of such a situation?”


Mr. Ne’eman replied that the matter did not fall under his jurisdiction, but said, “There is no doubt that if true, the matter must be looked into.”


Israel has long employed a military censor and refused to acknowledge certain operations, most recently its airstrike last month in Syria. Most politicians here offer only winks and nods about Israel’s well-known nuclear program, and Israeli journalists are left to quote foreign news media reports about such things. Two weeks ago, Reporters Without Borders ranked Israel 112th out of 179 countries on its annual press freedom index.


But even within that context, experts said the Prisoner X situation was extraordinary. They likened it to the case of Marcus Klingberg, a Soviet spy who was held in Israel for years under a false name.


“There are some episodes in the history of Israel that are still kept under the strongest secrecy thick veil possible,” said Ronen Bergman, an Israeli journalist and contributing writer for The New York Times Magazine who is writing a book about the Mossad. “Some of them are 40 years old, 50 years old, and are still under thick, thick secrecy, and anyone violating this secrecy would be thrown into jail himself.”


Mr. Bergman said he had information about Prisoner X but could not share it because “so far the gag order is in motion and I’m an Israeli citizen.” Three former directors of the Mossad also refused on Tuesday to comment on the case.


“This is the topic you want to talk to me about? No way,” said Danny Yatom, who headed the spy agency in the late 1990s and later served as a Labor member of Parliament. “I don’t know if it is true or not. Even if I would have known if it were true, I wouldn’t have talked about it.”


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Westminster Names Affenpinscher Banana Joe Best in Show















02/12/2013 at 11:55 PM EST



Westminster has its top dog!

After two days of meticulous primping, prizes and the less-pretty realities of any spirited championship, the 137th Annual Westminster Kennel Club Dog Show came to its finale Tuesday night, declaring Affenpinscher Banana Joe the best in show.

The competition proved fur-rocious as the pint-sized, black-haired furball bested six other finalists (and 2,721 entries total) for the honor, including Old English Sheepdog Swagger, who was named the reserve best in show. It’s the first time the breed has ever taken home the top prize in Westminster history.

Earning top marks at Westminster is the latest accolade in Banana Joe's storied run. The paw-dorable pooch, who is 5 years old, has been named best in show 86 times in his career, and his Westminster win will go down as his last.

"It's all so indescribable. It's just a wonderful thing as a tribute for a small breed with such a big heart," handler Ernesto Lara said post-victory. "The plans for him now is for him to retire back home where he was born, and that's in the Netherlands."

Describing his little buddy, Lara praised the breed for its commendable qualities as a canine companion.

"An Affenpinscher is a very human-like dog," he said. "It's definitely a breed you don’t want to tame or train, in the proper sense."

"You want to befriend it," Lara continued. "Once you gain the friendship, they're loyal just like a human friend."

As for Banana Joe's big victory, "Nobody told him he's small," said Lara, "and I don't think he'll believe that."

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Study questions kidney cancer treatment in elderly


In a stunning example of when treatment might be worse than the disease, a large review of Medicare records finds that older people with small kidney tumors were much less likely to die over the next five years if doctors monitored them instead of operating right away.


Even though nearly all of these tumors turned out to be cancer, they rarely proved fatal. And surgery roughly doubled patients' risk of developing heart problems or dying of other causes, doctors found.


After five years, 24 percent of those who had surgery had died, compared to only 13 percent of those who chose monitoring. Just 3 percent of people in each group died of kidney cancer.


The study only involved people 66 and older, but half of all kidney cancers occur in this age group. Younger people with longer life expectancies should still be offered surgery, doctors stressed.


The study also was observational — not an experiment where some people were given surgery and others were monitored, so it cannot prove which approach is best. Yet it offers a real-world look at how more than 7,000 Medicare patients with kidney tumors fared. Surgery is the standard treatment now.


"I think it should change care" and that older patients should be told "that they don't necessarily need to have the kidney tumor removed," said Dr. William Huang of New York University Langone Medical Center. "If the treatment doesn't improve cancer outcomes, then we should consider leaving them alone."


He led the study and will give results at a medical meeting in Orlando, Fla., later this week. The research was discussed Tuesday in a telephone news conference sponsored by the American Society of Clinical Oncology and two other cancer groups.


In the United States, about 65,000 new cases of kidney cancer and 13,700 deaths from the disease are expected this year. Two-thirds of cases are diagnosed at the local stage, when five-year survival is more than 90 percent.


However, most kidney tumors these days are found not because they cause symptoms, but are spotted by accident when people are having an X-ray or other imaging test for something else, like back trouble or chest pain.


Cancer experts increasingly question the need to treat certain slow-growing cancers that are not causing symptoms — prostate cancer in particular. Researchers wanted to know how life-threatening small kidney tumors were, especially in older people most likely to suffer complications from surgery.


They used federal cancer registries and Medicare records from 2000 to 2007 to find 8,317 people 66 and older with kidney tumors less than 1.5 inches wide.


Cancer was confirmed in 7,148 of them. About three-quarters of them had surgery and the rest chose to be monitored with periodic imaging tests.


After five years, 1,536 had died, including 191 of kidney cancer. For every 100 patients who chose monitoring, 11 more were alive at the five-year mark compared to the surgery group. Only 6 percent of those who chose monitoring eventually had surgery.


Furthermore, 27 percent of the surgery group but only 13 percent of the monitoring group developed a cardiovascular problem such as a heart attack, heart disease or stroke. These problems were more likely if doctors removed the entire kidney instead of just a part of it.


The results may help doctors persuade more patients to give monitoring a chance, said a cancer specialist with no role in the research, Dr. Bruce Roth of Washington University in St. Louis.


Some patients with any abnormality "can't sleep at night until something's done about it," he said. Doctors need to say, "We're not sticking our head in the sand, we're going to follow this" and can operate if it gets worse.


One of Huang's patients — 81-year-old Rhona Landorf, who lives in New York City — needed little persuasion.


"I was very happy not to have to be operated on," she said. "He said it's very slow growing and that having an operation would be worse for me than the cancer."


Landorf said her father had been a doctor, and she trusts her doctors' advice. Does she think about her tumor? "Not at all," she said.


___


Online:


Kidney cancer info: http://www.cancer.net/cancer-types/kidney-cancer


and http://www.cancer.gov/cancertopics/types/kidney


Study: http://gucasym.org


___


Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP


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Firmer yen boosts Korean shares, underpins Asia stocks

TOKYO (Reuters) - Asian shares outside of Japan rose on Wednesday, led by South Korean exporters as the yen firmed amid conflicting interpretations of G7 comments about the currency's recent weakness.


The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> gained 0.9 percent.


Seoul shares <.ks11> outperformed with a 1.5 percent jump while Australian shares jumped 0.9 percent after record first-half earnings from the Commonwealth Bank of Australia boosted sentiment.


The Nikkei stock average <.n225> slumped 1.1 percent as the firming yen prompted investors to take profits on exporters. <.t/>


China, Taiwan and Hong Kong markets remain closed for the Lunar New Year holiday.


European markets will be mixed, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open between a 0.1 percent fall and a 0.4 percent gain. U.S. stock futures were up 0.1 percent to suggest a somewhat firmer Wall Street open. <.l><.eu><.n/>


Investors continued to seek cues from currency markets before a meeting of the Group of 20 finance ministers and central bankers in Moscow on Friday and Saturday, with growing international tensions over exchange rates.


At the center of the debate is Japan, where Prime Minister Shinzo Abe's government has made it clear that it will push for aggressive policies to beat stubborn deflation through drastic monetary expansion. Anticipation of much bolder Bank of Japan monetary policy has sent the yen into a steady decline, helping boost Japanese stocks to 33-month highs.


"The Japanese stock market may have rallied too strongly on expectations alone. I don't believe the Japanese government is manipulating currency rates, but it is maybe time that an equilibrium point may be sought for the yen's level given that some other countries may see weaker currencies as beneficial to their economies," said Yuuki Sakurai, CEO at Fukoku Capital Management in Tokyo.


The yen's respite from heavy selling eased concerns for investors in South Korea.


"The main board's rebound was driven by a break in the yen's weakness, following signs that the won's strength has abated somewhat," said Lim Dong-rak, an analyst at Hanyang Securities in Seoul.


The yen rallied on Tuesday, reversing the previous day's late selloff against the dollar and euro, after an official with the Group of Seven said it is worried about excess moves in the Japanese currency.


G7 governors and ministers reaffirmed their commitment that fiscal and monetary policies would not be directed at devaluing currencies, a statement meant to reassure investors that Tokyo was not aiming to guide the yen lower with its aggressive expansion of monetary policy.


"All these comments are merely stating the obvious and are not to be taken in the context of whether they are endorsing a weaker yen or not," said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.


"What is being said is that monetary policy should be used to achieve domestic objectives and Japan is undertaking reflationary policies, not manipulating currency rates, and the result of that is a weak yen. What is asked for from Japan is to explain its policy clearly at the G20," Saito said.


The dollar dropped 0.6 percent to 92.95 yen after marking its highest level since May 2010 of 94.465 on Monday. The euro tumbled 0.6 percent to 125.01 yen, moving further away from its highest since April 2010 of 127.71 yen touched last week.


The BOJ ends a two-day policy meeting on Thursday, with markets expecting no fresh easing steps this time. But expectations are running high that further unprecedented measures will be taken under a new BOJ regime due to start next month after the terms of current top officials end.


"So far, the yen has been weakening on expectations for a bold monetary policy, and from now, Japan has to implement actual policy to justify such expectations," said Naohiko Baba, Japan chief economist at Goldman Sachs.


The euro steadied around $1.3450, keeping overnight gains made after European Central Bank President Mario Draghi said talk of a currency war was overdone, and that Spain was on the right track toward economic recovery.


In his annual State of the Union address, U.S. President Barack Obama proposed on Tuesday to hike the minimum wage by more than 20 percent, invest $50 billion on crumbling roads and bridges and spend $15 billion on a construction jobs program in a bid to boost economic growth.


U.S. crude was up 0.1 percent to $97.60 a barrel and Brent was steady around $118.61.


Palladium extended gains to a 17-month high as supply concerns sparked speculative buying, while gold edged up on demand from jewellers.


(Additional reporting by Joyce Lee in Seoul; Editing by Eric Meijer & Kim Coghill)



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IHT Rendezvous: In China, Shock and Acceptance Over Pope's Resignation

BEIJING — In China, where official relations with the Vatican are a “never-ending crisis,” as the Vatican Insider put it recently, the news of the resignation of Pope Benedict has been slow to spread. The Chinese state doesn’t recognize the Pope as the leader of China’s Catholics and has had its own “patriotic” church since the Communist Revolution in 1949.

But by noon Tuesday the news that rocked the world was arriving here, too. One priest’s reaction was accepting – even approving.

“I’m open-minded. You can retire as Pope,” said Father Yan, in a telephone interview from a Chinese province. (He can only be identified by his last name since speaking out about Roman Catholicism is politically sensitive in China.)

“When God makes us old, he doesn’t want us to work,” Father Yan said.

“People haven’t really talked about it here. It’s a sensitive issue because of relations, but it won’t impact on relations. The state church will accept it. You change a Pope and things go on for the state church,” he said. “But I think it’s very good to retire. It’s OK. He’s old.”

Another priest I called for reaction was stunned – he was hearing the news for the first time.

“I’m shocked. I don’t think I quite believe it,” said Father Dang in a telephone interview. (He too could only be identified by one name.)

“I think the reaction here won’t be too big,” was his immediate response. “But then again maybe it will be. I’m totally shocked.”

Many of China’s Catholics, who number about 12 million, “look two ways,” acknowledging the Pope’s spiritual leadership but the government’s de facto authority and, by extension the authority of the state church. In this slideshow, my colleague Sim Chi Yin presents beautiful images of a baptism at an official church, part of the Chinese Catholic Patriotic Association. Many Chinese people also worship in unofficial “underground” churches.

I explored this ongoing, modern-day “schism” in a column, finding that “many ordinary Catholics dislike the strife between Beijing and Rome and seem comfortable with a pragmatic blend of the two.”

Another reason the news of the Pope’s resignation, announced by him in Latin during what was supposed to be a routine meeting in Rome on Monday, has been slow to seep into China was because of the slowing effect of the weeklong Chinese New Year holiday, which began last Saturday. For days, Chinese, including Catholics, have been paying more attention to homegrown customs and family members than to world news.

“I haven’t actually checked the news in two days,” Father Dang said.

Chinacath.org, a Chinese language Web site for Catholics that is within the Great Firewall that blocks unwanted overseas Internet content, indicating it is officially approved, carried the news of the Pope Benedict’s pending departure on its homepage, with the text of his speech announcing his resignation, in English.

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