TSX hits one-week high as RIM surges

TORONTO (Reuters) – Canada‘s main stock index hit a one-week high on Thursday as higher commodity prices boosted mining stocks and as Research In Motion Ltd shares jumped 11 percent on growing hopes for its new devices.

The market was also supported by data that showed China’s manufacturing sector was picking up steam, a signal of increased demand for Canadian resources.

Research In Motion was up 11.1 percent at C$ 11.36 after National Bank Financial raised its price target on the stock to $ 15, citing “positive sentiment building in the industry” ahead of the launch of its BlackBerry 10 devices.

The stock played the second-biggest role of any single company in leading the market higher.

“The dominant news today is the performance of RIM,” said John Ing, president of Maison Placements Canada.

“The company has had nothing but bad news over the past year, and the stock has been oversold,” he said.

At midmorning, the Toronto Stock Exchange‘s S&P/TSX composite index <.GSPTSE> was up 63.94 points, or 0.53 percent, at 12,164. Earlier in the session, the index hit 12,171.20, its highest level since November 13.

The index’s materials sector, which includes mining stocks, rose 0.7 percent, extending gains made in the previous session on higher prices for gold and other commodities.

Miner Barrick Gold Corp was up 1.2 percent at C$ 35.04. Fertilizer producer Potash Corp gained 1.4 percent to C$ 38.77, while Silver Wheaton Corp was up 1.18 percent at C$ 36.74.

The financial sector rallied for the fifth day, with investors optimistic about quarterly results from Canadian banks, which start reporting next week. The group was up 0.4 percent. Royal Bank of Canada , the country’s biggest bank, was up 0.5 percent at C$ 59.90.

In China, data showed expansion in the manufacturing sector accelerated in November for the first time in 13 months, a sign that the pace of economic growth has revived after seven consecutive quarters of slowdown.

(Reporting by John Tilak; Editing by Peter Galloway)

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Rolling Stones aim to roll back years with reunion

LONDON (Reuters) – The Rolling Stones return to the stage on Sunday for a mini-tour they hope will prove that advancing years and bad blood are no barriers to satisfaction for sellout crowds.

In a burst of activity to celebrate 50 years in business, the veteran British rockers with an average age of 68 have produced a photo book, written two songs, collaborated on a documentary, released a greatest hits album, played warm-up gigs in Paris and committed to five concerts.

They also faced questions about high ticket prices to the two gigs in London and three in the United States that have given some followers the impression they are more interested in banking cash than bashing out the hits.

Yet that has done little to dampen broad enthusiasm for their return to the big stage five years after the “A Bigger Bang” tour became the most lucrative in pop history at the time, earning nearly $ 560 million.

Adding to the sense of occasion, the full-time quartet of Mick Jagger on vocals, Keith Richards and Ronnie Wood on guitar and Charlie Watts on drums will be joined by former members Bill Wyman and Mick Taylor at London’s O2 Arena on Sunday.

Even before they step out for the first of two gigs in the British capital, the question on every Stones fan’s lips is what more they have up their sleeves, amid hints of a full tour and the possibility of a new studio album.

“It would be nice to think that wouldn’t be it,” said Paul Sexton, a music journalist who has met and interviewed the band in the run-up to the latest concerts.

“Once the machine gets fired up again, it’s hard to imagine there won’t be more live shows to come. If these dates went well, you could imagine sufficient momentum for some kind of recording project.”

BICKERING, BUT NO DIVORCE

The Stones first played at the Marquee Club in London in 1962, and with a changing lineup that settled with today’s foursome the band who had to compete with the Beatles quickly became one of the biggest groups in pop history.

Their blues-infused output slowed from the 1980s, and some critics argue they peaked in the 1960s and 70s, but the Stones’ longevity and a catalogue of hits like “(I Can’t Get No) Satisfaction”, “Jumpin’ Jack Flash” and “Honky Tonk Women” have ensured the music world still cares.

Despite the promise of a major payout and another chance to enhance their legacy, the 50th anniversary celebrations were not always a certainty.

Jagger and Richards have bickered in the past and were at it again recently with Richards calling the charismatic frontman “unbearable” amid a stream of insults in his 2010 memoir “Life”.

He eventually apologized, clearing the way for the reunion.

“If you was married to somebody for 50 years, you can have your little spats here and there, and we don’t mind having them in public occasionally,” the guitarist told Rolling Stone magazine. “We can’t get divorced – we’re doing it for the kids!”

The Stones will play two gigs at the O2 Arena, where tickets cost 95 to 950 pounds ($ 1,500) for a VIP seat, before crossing the Atlantic for a show at Barclay Center, Brooklyn on December 8 and two at the Prudential Center, Newark on December 13 and 15.

Jagger has been quick to defend the pricing, saying that the shows were expensive to stage and tickets being traded on secondary sites for greater than their face value did not mean more money for the band.

As to what the five concerts could lead to, Richards said in a recent interview: “My experience with the Rolling Stones is that once the juggernaut starts rolling, it ain’t gonna stop.”

Jagger and Richards are the only two members of the Stones who were there at its inception in 1962. Watts joined in early 1963 and Wood was recruited in the mid-1970s to replace Mick Taylor when he left.

They are widely acknowledged as the greatest rock and roll band in history, producing more than 20 studio albums, selling an estimated 200 million copies, conquering the United States and charting the social and sexual mores of their time.

Their longevity is all the more surprising given their reputation for living in the fast lane. Wood is in his third year of sobriety after struggling with alcohol addiction and Richards said he is drinking less and “gave up smack” (heroin).

(Reporting by Mike Collett-White)

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Roche, under fire, offers compromise in flu drug row

LONDON (Reuters) – Roche has offered an olive branch to scientific critics in a bid to end a bitter row over blockbuster flu drug Tamiflu that has led to calls for a boycott of the Swiss drugmaker’s products.

Tamiflu has been approved by regulators worldwide and stockpiled by many governments in case of a global outbreak – but some researchers claim there is little evidence it works and have lobbied since 2009 for Roche to hand over all its data from clinical trials.

Sales of the drug hit close to $ 3 billion in 2009, due to the H1N1 swine flu pandemic, although they have since declined.

Roche’s pharmaceuticals head said on Thursday he had written to the Cochrane Collaboration, a non-profit group that reviews trial data to assess the value of drugs, offering to set up a multi-party advisory board to review all the Tamiflu data.

The board of experts from academia and private institutions, including Cochrane critics, would then agree on what analyses were useful in assessing Tamiflu’s public health role.

“We think that would be an appropriate, fair and transparent way of handling this debate,” Daniel O’Day said in an interview.

O’Day said complete transparency had to be balanced against the need to protect patient privacy, respect commercial sensitivity and ensure the scientific merit of any statistical analysis.

He stopped short of matching a promise from rival GlaxoSmithKline to make patient-level data from all company-sponsored clinical trials available on a routine basis.

Roche said it had not handed over the full collection of data requested by Cochrane because the group refused to sign a confidentiality agreement.

Cochrane, meanwhile, has accused Roche of stonewalling and urged a boycott of the company’s products until it publishes the missing data. Its campaign to force Roche’s hand has been backed by the respected British Medical Journal.

EU AGENCY PROMISES OPENNESS

The new attempt by Roche to break the deadlock comes as regulators and healthcare experts meet in London to discuss ways to increase transparency over clinical trials.

As Reuters reported in July, the European Medicines Agency (EMA) aims to open its data vaults to systematic scrutiny, after a ruling by the European Ombudsman that keeping data secret is not compatible with the public interest.

Guido Rasi, executive director of the EMA, told the London meeting on Thursday that the question now was “how” to publish clinical trials data not “if” it should be released.

The move puts the EMA ahead of the U.S. Food and Drug Administration (FDA) in terms of data transparency.

The EMA stance is also forcing drug companies to review how far they can keep information they hold on medicines under wraps.

Most companies have committed in recent years to publishing results of clinical trials, either in journals or online, but that openness has not so far extended to the raw data that lies behind those trials.

Britain’s GlaxoSmithKline, however, broke ranks last month when it announced that patient-level data from its clinical trials of approved and failed drugs would be made available to other researchers.

Roche’s O’Day said his company responded to requests for such data on a case-by-case basis, provided scientists were prepared to sign confidentiality agreements if needed, but this did not mean all data should be released as a matter of course.

“To what level data will be shared proactively and constantly is something we need to discuss,” he said.

A Roche spokesman said Cochrane had acknowledged receipt of its proposal for a Tamiflu advisory board but had not given any immediate response.

(Reporting by Ben Hirschler; Editing by Erica Billingham)

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EU leaders begin budget battle

22 November 2012 Last updated at 09:39 ET

David Cameron, UK PM: “These are very important negotiations”

European Union leaders have begun talks on the bloc’s seven-year budget, with many urging cuts in line with the savings they are making nationally.

The UK said the latest EU proposals were “a step in the right direction” but “did not go far enough” and more must be done to cut spending.

Poland and its ex-communist neighbours want current spending maintained or raised. They rely heavily on EU cash.

The bargaining in Brussels will continue on Friday, or even longer.

UK Prime Minister David Cameron spent about half an hour talking to the President of the European Council, Herman Van Rompuy, and President of the European Commission Jose Manuel Barroso.

A Downing Street statement after the meeting said Mr Cameron had stressed the importance of the UK keeping its budget rebate, worth 3.56bn euros (£2.8bn; $ 1.3bn) in 2011. The statement called the rebate “fully justified”. The Commission and some EU governments want the rebate scrapped.

The UK statement said “it was clear that there was a long way to go before we had a deal that reflected the difficult decisions being taken by member states”.

Contrasting visions

The EU Commission, which drafts EU laws, has called for an increase of 4.8% compared with the 2007-2013 budget.

Continue reading the main story

The French have threatened to use their veto if farming subsidies are reduced. Some other countries like Denmark are fighting for a rebate of their own. So every step towards the British position creates problems elsewhere.

The Germans are not far from the Van Rompuy proposal and are prepared to compromise. They are protective of their neighbour Poland and do not want to see an important ally losing out.

But, like the British, they want to see a cut in administrative costs and want to see the budget re-balanced towards projects that enhance growth and innovation with less money for farm subsidies.

If a deal is done by Friday, when the summit is due to end, it will be a major achievement. The expectation is for the meeting to run into Saturday or to collapse.

But the UK and some other net contributors to the budget say cuts have to be made.

Negotiations are focusing on a draft budget – officially called the 2014-2020 Multi-Annual Financial Framework (MFF) – presented by Mr Van Rompuy.

He has made cuts to the Commission’s original plan, and proposed a budget worth 973bn euros (£782.5bn; $ 1,245bn).

France objects to the proposed cuts in agriculture, while countries in Central and Eastern Europe oppose cuts to cohesion spending – that is, EU money that helps to improve infrastructure in poorer regions.

They are the biggest budget items. The Van Rompuy plan envisages 309.5bn euros for cohesion (32% of total spending) and 364.5bn euros for agriculture (37.5%).

The EU budget is a small fraction of what the 27 member states’ governments spend in total.

‘Quite wrong’

German Chancellor Angela Merkel – who wants to restrain spending – says another summit may be necessary early next year if no deal can be reached in Brussels now.

In a speech to the European Parliament on Wednesday, EU Commission President Barroso complained, “No one is discussing the quality of investments, it’s all cut, cut, cut.”

Thursday’s business was beginning with short, individual meetings between national leaders and Mr Van Rompuy and Mr Barroso.

Only in the evening will they assemble for talks as a group.

Arriving in Brussels, Mr Cameron said: “These are very important negotiations.

Continue reading the main story

• A deal after intense negotiations which may continue into the weekend


• Failure to agree and a follow-up budget summit


• If no agreement is reached by the end of 2013, the 2013 budget ceilings will be rolled over into 2014 with a 2% inflation adjustment, amid uncertainty over long-term EU projects

“Clearly at a time when we are making difficult decisions at home over public spending it would be quite wrong, it is quite wrong, for there to be proposals for this increased extra spending in the EU.”

However, Belgian Prime Minister Elio di Rupo argued the EU needed greater spending, not less.

“We can’t have a European Union which demands, which imposes, and a European Union which doesn’t have the means to implement its policies,” he said on Thursday.

“For me, for Belgium, Europe is more solidarity and prosperity for all Europeans… I hope that other countries such as Italy and France will support us for the ambitious budget.”

Hurdles

Mr Cameron has warned he may use his veto if other EU countries call for any rise in EU spending. The Netherlands and Sweden back his call for a freeze in spending, allowing for inflation.

Any of the 27 countries can veto a deal, and the European Parliament will also have to vote on the MFF even if a deal is reached.

Failure to agree on the budget would mean rolling over the 2013 budget into 2014 on a month-by-month basis, putting some long-term projects at risk.

If that were to happen it could leave Mr Cameron in a worse position, because the 2013 budget is bigger than the preceding years of the 2007-2013 MFF.

So the UK government could end up with an EU budget higher than what it will accept now.

The Commission says the EU budget accounts for less than 2% of public spending EU-wide and that for every euro spent by the EU the national governments collectively spend 50 euros.

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Greek PM presses for deal on loan

ATHENS, Greece (AP) — Greece has reacted with dismay to the European Union‘s failure to agree to release vital rescue loan funds for the debt-ridden country, with the prime minister warning it was not just Greece’s future that hangs in the balance.

The delay prolongs uncertainty over the future of Greece, which faces a messy default that would threaten the entire euro currency used by 17 EU nations.

Prime Minister Antonis Samaras stressed that Greece has done what its creditors from the EU and International Monetary Fund required. “Our partners, along with the IMF, also must do what they have committed to doing,” he said.

He said that “it is not just the future of our country, but the stability of the entire eurozone” that depend on the success of negotiations in coming days.

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Facebook proposes to end voting on privacy issues

NEW YORK (AP) — Facebook is proposing to end its practice of letting users vote on changes to its privacy policies. The company says it will continue to let users comment on proposed updates.

The world’s biggest social media company plans to announce Wednesday that its voting mechanism, which is triggered only if enough people comment on proposed changes, has become a system that emphasizes the quantity of responses over the quality of discussion.

Facebook began letting users vote on privacy changes in 2009. Since then, it has gone public and its user base has ballooned from around 200 million to more than 1 billion. As part of the 2009 policy, users’ votes only count if more than 30 percent of all Facebook’s active users partake.

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Elmo left behind on ‘Sesame Street’ as actor exits

NEW YORK (AP) — Even on “Sesame Street,” where everything is famously A-OK, problems can arise for its residents.

And that includes the Muppets. Cookie Monster grapples with an eating disorder. Oscar the Grouch gets cranky. Mr. Snuffleupagus gets the blues.

But Elmo seemed immune to any of that. Since enjoying his breakout success more than two decades ago, the 3 1/2-year-old red monster has radiated good cheer, love and trilling giggles. No wonder everyone — adults as well as children — adores him.

The key to Elmo is “his innocence, his positiveness and his sweetness,” according to Kevin Clash, the man who created him and once told The Associated Press, “I would love to be totally like Elmo.”

Now Clash has been scandalously separated from Elmo and from “Sesame Street,” the TV series where he reigned behind the scenes for 28 years.

Clash spoke of “personal matters” as the cause of his resignation Tuesday after an unthinkable nine-day stretch that began with an unnamed man in his 20s claiming he had sex with Clash at age 16. That allegation was quickly recanted. But then came another accusation of sexual abuse, and a lawsuit.

That second accuser, a 24-year-old college student named Cecil Singleton, said the actor had engaged in sexual behavior with him when he was 15. He is suing Clash for $ 5 million.

“I am deeply sorry to be leaving,” said Clash in his parting statement, “and am looking forward to resolving these personal matters privately.”

But privacy may no longer be possible for Clash, the 52-year-old divorced father of a grown daughter who acknowledged last week that he is gay. Singleton’s lawyer, Jeff Herman, said he has been contacted by two other potential victims of Clash and expects additional legal action.

At a news conference Tuesday, Singleton said he and Clash met on a gay chat line and then, for a two-week period, they engaged in sexual contact, though not intercourse. Sex with a person under 17 is a felony in New York if the perpetrator is 21 or older.

Singleton said he didn’t know Clash’s profession until years later, when he Googled the man’s name.

“I was shocked when I found out what he did for a living,” said Singleton.

Now that career has ended for Clash, who, in his dream job as a puppeteer for “Sesame Street,” was assigned a little-used puppet now known as Elmo, then turned him into a star. In the process, Clash won 23 daytime Emmy awards and one prime-time Emmy. He published his 2006 autobiography, “My Life as a Furry Red Monster,” and was the subject of the 2011 documentary “Being Elmo: A Puppeteer’s Journey.”

Elmo overshadowed Big Bird and other “Sesame” Muppets in popularity and screen time, while marginalizing the cast of live actors. Since 1998, he has had his own show-within-a-show on “Sesame Street” in addition to appearances elsewhere in the hour.

He is also a major moneymaker for Sesame Workshop, the New York-based company that produces the show, and for licensees. At his merchandising height in 1996, he inspired the Tickle Me Elmo doll, which became a cultural phenomenon and that Christmas season’s hottest toy.

This year’s Elmo dolls, “LOL Elmo,” which giggles, and “Let’s Rock! Elmo,” which sings and comes with a microphone and drum set, haven’t made any of this year’s hot toy lists. Even so, Elmo toys probably account for one-half to two-thirds of the $ 75 million in annual sales the “Sesame Street” toy line generates for toy maker Hasbro, estimates BMO Capital Markets analyst Gerrick Johnson.

Johnson said he wasn’t sure how this week’s news might affect sales of Elmo toys this holiday.

“How many people are going to want to explain to their kid why they’re not getting an Elmo?” he asked.

On Tuesday, Hasbro issued a statement saying “We are confident that Elmo will remain an integral part of Sesame Street and that Sesame Street toys will continue to delight children for years to come.”

Despite his resignation, Clash will remain an integral part of “Sesame Street” for the foreseeable future. Taping of season No. 44 will wrap by mid-December and will begin airing next September, according to someone close to the show who spoke on condition of anonymity because the person was not authorized to publicly discuss details of its production. That means new episodes with Clash performing as Elmo will presumably continue well into 2014.

As for who might take over as Elmo, other “Sesame Street” puppeteers were already being trained to serve as Clash’s stand-in, Sesame Workshop said. It’s part of an understudy policy being adopted for all the major Muppet characters.

But no one knows how Elmo will fare going forward. Will the jokes spurred by Clash’s downfall leave a lasting mark on Elmo’s image? Will there be parents who see him tainted by association with the man who brought him to life?

In the wake of a personal tragedy that may still be unfolding, Elmo’s innocence, positiveness and sweetness will be put to the test.

___

AP Television Writer David Bauder and AP Retail Writer Mae Anderson contributed to this report.

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Positive Outlook Helps Seniors Heal

Older patients with positive attitudes on aging may be more likely to fully recover from severe disability compared with those who can’t see the bright side of life, a new study found.

A positive stereotype about aging was associated with a 44 percent greater likelihood of recovery from severe disability versus negative stereotypes, according to study author Becca Levy from the Yale School of Public Health and colleagues.

Holding positive stereotypes in older age was also significantly associated with a slower rate of decline in activities of daily living, the researchers wrote in a letter published in the Journal of the American Medical Association online.

“Further research is needed to determine whether interventions to promote positive age stereotypes could extend independent living in later life,” the authors noted.

Read this story on www.medpagetoday.com.

The researchers sampled patients through the Precipitating Events Project study and included 598 mostly female patients with an average age of 79, who belonged to a Connecticut health plan. All participants lived in a community, were nondisabled, and experienced at least 1 month of disability from active daily life during the follow-up period.

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The participants were interviewed monthly for up to 129 months and filled out home-based assessments every 18 months over 10 years.

The researchers established age stereotypes by asking participants for five terms or phrases they associated with older individuals and coding those descriptors on a five-point scale, with 1 being most negative (such as decrepit) and 5 being most positive (such as spry). The participants scored a mean 2.12 on this scale.

Participants’ severity of disability was based on the number of activities of daily living compromised by disability, including bathing, dressing, transferring, and walking. Three or four compromised activities were considered severely disabled; mild to severe disability required assistance with one to two activities, and mild to no disability required no assistance with activities of daily life.

The researchers grouped patients on whether they held positive or negative age stereotypes and compared rates of recovery from severe or mild injury to no or mild disability. Patients between groups were well-matched for age, sex, nonwhite ethnicity, frailty, education, chronic conditions, mental status, depression, and whether or not they lived alone. The nature of the disabling events was not described.

Patients were significantly more likely to recover from any state of injury to either no or mild disability if they fit positive age stereotypes, including from severe disability to no disability, severe disability to mild disabilit and mild disability to no disability.

The researchers also noted that the positive age-stereotyped patients “showed an advantage in the absolute risk increase percentages” in likelihood of recovery, in addition to “a significantly slower rate of [activities of daily life] decline.”

Study limitations included recruitment from a single community and an undersampling of black patients.

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UK public sector borrowing rises

21 November 2012 Last updated at 06:39 ET

The government borrowed much more than expected in October, reducing the chances that the UK will hit its deficit reduction target in 2012-13.

UK public sector net borrowing, excluding financial interventions, hit £8.6bn in October, the Office for National Statistics (ONS) said.

That marked a sharp rise from the £5.9bn borrowed in October 2011.

This is the last set of borrowing figures before the chancellor’s Autumn Statement on 5 December.

The headline figure was worse than expected – analysts had forecast borrowing of £6bn.

Corporation tax receipts fell nearly 10% in October, a month when there is usually a heavy inflow to boost the public coffers.

A rise in day-to-day departmental spending also contributed to the higher borrowing.

For the seven months of the financial year so far, borrowing has reached £73.3bn, excluding the one-off effects from the transfer of Royal Mail pension assets.

That is £5bn higher than the same time last year.

A spokesperson for the Treasury said: “The economy is healing, but it still faces many challenges.

“These numbers illustrate that, but also show the government’s plans to bring spending under control are on track for the year.”

But Labour’s shadow chief secretary to the Treasury, Rachel Reeves, said the chancellor was borrowing billions more to pay for the cost of his economic failure.

“Having failed on jobs and growth, the government is now failing on the deficit too,” she said.

‘Wrong direction’ Continue reading the main story

AAA-rating

The best credit rating that can be given to a borrower’s debts, indicating that the risk of borrowing defaulting is minuscule.

Chris Williamson, chief economist at Markit, said the low tax receipts reflected the disappointing performance of the economy, which is experiencing weak growth and weak consumer spending.

He told the BBC that he could see no chance of the government now hitting its deficit target of £120bn for 2012-13. Current projections suggest this year’s deficit would come in closer to £130bn.

“So it’s moving totally in the wrong direction,” he said.

“The longer-term prospects are looking much more disappointing than the Office for Budget Responsibility and the government were hoping when they first set these targets out back in March.”

He added that Chancellor George Osborne was likely to announce increases in taxes, further cuts in spending, or a combination of the two, when he delivers his Autumn Statement.

Chris Williamson, Chief Economist at Markit

However, analysts at Credit Suisse said the figures were disappointing but not disastrous.

“To some extent, this poor reading was mitigated by improvements in last month’s figure, which was around £0.8bn lower (less borrowing) than previously thought.

“In addition, the good news is that the poor figure appears to have been driven by expenditure rather than receipts data. This suggests that the weakness in the numbers may not be due to weaker GDP performance feeding into weaker tax receipts.”

They also pointed out that, overall, central government receipts were up 1.8% on the year to October, while expenditure was up 7.4%.

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U.S. fiscal impact of great concern to Canada: Canada’s Harper

TORONTO (Reuters) – Any fiscal problems that would significantly slow the U.S. economy would be of great concern to Canada, Canadian Prime Minister Stephen Harper said on Monday.

The United States needed a credible medium-term fiscal plan, Harper said at a business forum in Ottawa, adding that he was following the U.S. fiscal debate with “great interest.”

(Reporting by Solarina Ho)

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