Bank of Canada keeps “over time” condition on rate hike

OTTAWA (Reuters) – Bank of Canada Deputy Governor Tim Lane repeated on Wednesday the central bank‘s message that interest rate increases will likely be needed, but only over time.

The “over time” phrase was introduced in the bank’s key guidance in its rate statement on October 23 as a way of signaling that while the next rate move is likely to be up, such a move was less imminent than it had been.

“Over time, some gradual withdrawal of monetary policy stimulus will likely be required, consistent with achieving the inflation-control target,” Lane said, according to a prepared presentation he was giving on Wednesday in Moncton, New Brunswick.

Another part of the presentation, which was posted on the central bank’s website, noted: “The Canadian economy continues to operate with a small amount of excess supply.”

The Bank of Canada is alone in the Group of Seven leading industrialized countries in signaling an intention to raise rates despite expectations of modest and unbalanced global growth.

Lane forecast “very robust growth” in emerging markets, stagnation in Europe and significant dampening of U.S. growth due to fiscal consolidation. He said Canada‘s real gross domestic product was still expected to grow at a moderate pace.

(Reporting by Randall Palmer; Editing by Jeffrey Hodgson; and Peter Galloway)

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“Price Is Right” model wins $7.7 million in discrimination suit

LOS ANGELES (Reuters) – A former model on the U.S. daytime television game show “The Price is Right” was awarded $ 7.7 million in punitive damages by a Los Angeles court on Wednesday after suing the show for not letting her return to work after giving birth.

The amount was in addition to $ 775,000 in compensatory damages awarded to 41-year-old Brandi Cochran on Tuesday, after the jury in the case ruled that the producers of the show had acted with malice by not taking her back after her pregnancy.

The jury rejected Cochran’s claim for mental hardship she said she had suffered.

“I hope my case will help other women in the same situation,” Cochran told reporters outside the courtroom after the trial.

Producers for “The Price is Right” said they planned to appeal.

Cochran, who is married to soap-opera actor Dean Cochran, told the Los Angeles Superior Court the show’s producers began treating her poorly after she told them in December 2008 that she was expecting twins.

The former Miss USA and Miss Teen USA told the court that once she was pregnant, producers made disparaging remarks about her eating habits and weight, and removed her from the show’s website.

The show’s comedian host Drew Carey backed the producers in testimony earlier this month.

Cochran worked as model on the show from 2002 until January 2009. Her son was stillborn in February 2009 and her daughter was born prematurely the following month. Cochran said she asked to return to the show, but was turned down in February 2010.

Cochran said she was encouraged to sue by actress Hunter Tylo’s successful 1997 pregnancy discrimination suit against the producers of the TV show “Melrose Place,” who fired Tylo after she announced she was expecting a child.

(Reporting By Eric Kelsey, Editing by Piya Sinha-Roy and David Brunnstrom)

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S&P 500 gains for fourth session on light volume

NEW YORK (Reuters) – Stocks finished modestly higher on Wednesday, with the S&P 500 up for a fourth session, although volume was one of the year’s lowest on the day ahead of the Thanksgiving holiday.

Investors welcomed news that a ceasefire was declared to end the flare-up in violence between Israel and the Palestinians, though the lack of a deal to release emergency aid for Greece limited the market’s advance.

Investors also remained anxious about the mandatory tax increases and spending cuts that would go into effect in the new year if a deal is not reached to prevent it – known as the “fiscal cliff” – though policymakers are not expected to get back to negotiations until after Thursday’s Thanksgiving holiday.

About 4.76 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with year-to-date daily average volume of 6.5 billion shares. On Thursday, the U.S. stock market will be closed for the Thanksgiving holiday, and on Friday, it will close early at 1 p.m. (1800 GMT).

“Usually on patriotic holidays, which I think Thanksgiving is one, we often see a rally on a light volume. So I wouldn’t be surprised if we see that on Friday, if there is no major news,” said J.J. Kinahan, chief derivatives strategist at TD Ameritrade in Chicago.

“So far this week, we have heard good news in terms of (the) fiscal cliff. Both sides seem to be playing nice, but we will start to see big day-to-day swings (in the market) from next week, when we get more details.”

Greece’s international lenders failed again to reach a deal to release emergency aid to the debt-saddled country. Lenders will try again next Monday, but Germany signaled that significant divisions remain.

A truce between Israel and Hamas gave stocks some support around midday after Egypt announced a ceasefire would come into effect later in the day.

Fears that the fiscal cliff discussions in Washington could be drawn out or yield no resolution have been at the forefront of investors’ minds in recent weeks. Combined with concerns about the euro zone’s continued debt problems, the worries had driven a sell-off that has taken more than 5 percent off the S&P 500 since Election Day in early November.

Positive comments from U.S. politicians that they will work to find common ground have helped the S&P 500 recoup some of that loss in recent sessions.

The Dow Jones industrial average <.DJI> gained 48.38 points, or 0.38 percent, to end at 12,836.89. The Standard & Poor’s 500 Index <.SPX> added 3.22 points, or 0.23 percent, to finish at 1,391.03. The Nasdaq Composite Index <.IXIC> rose 9.87 points, or 0.34 percent, to close at 2,926.55.

St Jude Medical shares tumbled 12.2 percent to $ 31.37 after an inspection report from health regulators raised new safety concerns about one of the company’s leads that are used with implantable defibrillators, analysts said.

A modest gain in International Business Machines helped the Dow outperform the other indexes. IBM rose 0.6 percent to $ 190.29.

Dow component Hewlett-Packard Co climbed 2 percent to close on Wednesday at $ 11.94, recouping a small slice of Tuesday’s loss, when the stock slid to a 10-year low after the computer and printer maker reported a $ 5 billion charge related to “accounting improprieties” at Autonomy, a British software company that HP bought last year. At least two brokerages have cut their ratings on HP’s stock, while analysts at several firms lowered their price targets.

Salesforce.com Inc jumped 8.8 percent to $ 158.78 a day after the business software provider reported results that beat Wall Street‘s expectations for the third quarter and maintained its outlook for the rest of the year.

But Deere & Co dragged on the S&P 500 after the world’s largest farm equipment maker reported a weaker-than-expected quarterly profit. Its stock lost 3.7 percent to $ 82.83.

The market did not derive much direction from the day’s economic data, with initial jobless claims falling last week, as expected.

Other data showed manufacturing picked up at its quickest pace in five months in November, while the Thomson Reuters/University of Michigan’s final reading for November showed the consumer sentiment index improved only slightly from the previous month.

The focus will likely turn to retailers on Friday as analysts try to assess how strong the holiday shopping season will be this year, according to Kurt Brunner, portfolio manager at Swarthmore Group in Philadelphia.

The S&P 500 retail sector index <.SPXRT> was up 0.6 percent.

Holiday shopping traditionally kicks off the day after Thanksgiving, known as Black Friday, as stores offer deals and discounts to lure consumers.

Advancers beat decliners by a ratio of about 2 to 1 on both the New York Stock Exchange and the Nasdaq.

(Editing by Jan Paschal)

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Cameron set for EU budget battle

22 November 2012 Last updated at 02:29 ET

David Cameron is set to press for a minimum real-terms freeze in the EU’s budget as European leaders gather ahead of a crunch summit to determine its spending between 2014 and 2020.

The UK PM is seeking to build alliances in Brussels ahead of what is expected to be two days of intense negotiations.

Germany is among the UK’s main allies but other nations support the European Commission’s call for higher spending.

The UK Parliament recently urged the EU to cut its total expenditure.

Ahead of the special budget summit, UK Deputy Prime Minister Nick Clegg said the government’s position was “tough but realistic”.

He said most people would think it was “perfectly reasonable” for the EU to tighten its belt.

Spending ceiling

The EU’s 27 member states must set a ceiling for what they are prepared to spend in total over the 2014-2020 period, as well as discuss how much will be set aside for specific areas such as business, agriculture and security.

The European Commission has proposed a ceiling of 1,033 billion euros (£831bn), which would be 5% higher than the current 2007-2013 period. The UK, Germany, Sweden and the Netherlands are among those who have said such a rise would be unacceptable at a time of austerity across the continent.

Continue reading the main story

Both the prime minister and I have spent, whatever our other differences on Europe, a lot of time working together to make sure the British voice is heard”

End Quote Nick Clegg Deputy Prime Minister

The UK has described a separate proposal from European Council President Herman van Rompuy for a 973 billion euro (£782bn) threshold as a step in the right direction.

But the UK believes that further cuts, potentially of up to 80bn euros, can be achieved as Mr van Rompuy’s plan anticipates substantial increases in certain areas such as infrastructure spending.

Mr Cameron has said he is prepared to veto any budget deal that is bad for the UK and argued that any above-inflation rise would be unjustified when many countries are cutting spending at home.

MPs voted last month to back a real-terms cut in spending, saying it would strengthen the UK’s negotiating position.

But UK officials have acknowledged this will be difficult to achieve given many of the EU’s poorer nations – unlike the UK, Germany and France – are net beneficiaries of the budget and unlikely to countenance any cuts.

‘British voice’

Although countries’ individual contributions are not up for discussion at the summit, Mr Cameron has also vowed to defend the UK’s multi-billion pound rebate first secured by the Thatcher government in the 1980s.

Who wants what from the EU budget deal?

Mr van Rompuy is expected to hold one-on-one meetings with EU leaders on Thursday to establish what their “red lines” are ahead of general negotiations, which officials admit could slip into Saturday or even Sunday.

German Chancellor Angela Merkel has said she is not sure the summit will come up with a “definitive deal” and EU leaders may have to reconvene early in the new year.

Mr Clegg said the UK was looking for “just common sense”.

“A common sense approach, which says look there’s not enough money to go around at the moment… let’s make sure that’s reflected in the European Union budget and that’s why we’re saying that it shouldn’t increase by more than inflation.”

If the opportunity arose to cut the budget, the UK would seize it, he added.

“We have had to cut out many budgets here at home. We’ve got a tough approach but it’s a realistic approach and both the prime minister and I have spent, whatever our other differences on Europe, a lot of time working together to make sure the British voice is heard.”

But UK Independence Party leader Nigel Farage said Mr Cameron would be unable to get a “good deal” for the UK and that the European Commission and MEPs believed the state could “create wealth”.

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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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Republic Wireless Now Offering $19/Month Unlimited Smartphone Service to All

Prepaid wireless carrier Republic Wireless has been offering its $ 19 per month, unlimited everything, prepaid smartphone plan since about this time last year. At the time, though, there were a few catches; you had to buy a very low-end smartphone from them, you had to use its Hybrid Calling technology for most of your calls, and you could only get in if you were lucky enough to be accepted to an exclusive “beta wave.”

Since then, Republic Wireless has upgraded to the slightly more modern Motorola Defy XT as its flagship smartphone model, and has changed to allow unlimited calling, texting, and data over Sprint’s nationwide network, for the same $ 19/month price. Now the North Carolina-based startup is dropping its last restriction; the doors are open for anyone to preorder up to four Defy XT phones, “and they’ll begin shipping in mid-December.”

​The phone

The Motorola Defy XT is designed to be dustproof and waterproof, with rubber bumpers covering each port and an unlocking switch keeping the back cover sealed. Its specs are decidedly last year’s; powered by a 1 GHz, single-core processor, it often shows Kindle Fire-style lag when swiping between home screens on its 3.7 inch display. It runs 2010′s Android 2.3 Gingerbread, with no OS upgrades announced, and it doesn’t have much room to store games and apps, although it comes with a 2 GB microSD card.

​The service

Republic Wireless’ low monthly fee is partly made possible by its Hybrid Calling technology, which is basically an app that loads on startup and lets you make calls and send texts over Wi-Fi. Call quality is generally good, although it depends on how good your Wi-Fi connection is and how many people are streaming video over it while you’re trying to make your call. You can switch off Hybrid Calling by disabling Wi-Fi, if you want to make calls over Sprint’s network instead; this happens automatically if your Wi-Fi signal drops, which has the effect of hanging up your call.

​The support

“Here at Republic,” its Support page explains, “we believe in helping each other out as much as possible.” What this translates to is that there’s no number to call for questions or tech support. Instead, customers are directed to a community wiki and forums, for answers to their issues. If all else fails, you can contact Republic using an online form, and receive a response within 24 hours.

​The price

It costs close to $ 300 to begin using Republic Wireless’ service; $ 249 for the phone, a $ 10 startup fee, and $ 19 for your first monthly fee, before any applicable taxes. That $ 19 is charged once your phone ships, and if Republic’s difficulty keeping up with orders for its first beta waves is any indication, just because the phones “begin shipping in mid-December” doesn’t necessarily mean that that’s when you’ll get yours.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.
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Singer Fiona Apple cancels tour dates to be with ailing dog

LOS ANGELES (Reuters) – Grammy award-winning singer Fiona Apple said in a handwritten letter posted on her website on Tuesday that she has canceled upcoming tour dates in North and South America to be with her ailing dog.

Apple, who vowed to make up the concerts, called off three shows in Brazil between November 27 and 30, a Buenos Aires festival appearance on December 1-2 and a December 9 performance in Mexico City, according to her record label, Epic.

The “Criminal” singer and pianist said her 13-year-old pit bull Janet has been suffering from a tumor in her chest among other ailments and appears to be dying.

“She’s my best friend and my mother and my daughter, my benefactor and she’s the one who taught me what love is,” Apple wrote in the four-page letter she penned last week but did not release until Tuesday. “I can’t come to South America. Not now.”

Apple, 35, said that she wants to appreciate the final days with her dog. “I will not be the woman who puts her career ahead of love and friendship,” Apple wrote.

The singer-songwriter, who is touring in support of “The Idler Wheel … ” album, was arrested in September in Texas and charged with felony drug possession for having four grams of hashish, a form of cannabis.

(Reporting By Eric Kelsey; editing by Patricia Reaney and Todd Eastham)

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Pharmacy owners had no hand in meningitis outbreak: lawyers

BOSTON (Reuters) – Lawyers for New England Compounding Center‘s owners told a federal judge on Tuesday there is no evidence that any of them directly participated in the events that led to a deadly U.S. meningitis outbreak.

“Due process should not be washed away in a sea of newspaper articles and conjecture,” defense attorney Alan Winchester said.

Winchester made his remarks during a two-hour courtroom battle in Boston, where defense lawyers for the family that owns the specialty pharmacy sought to put distance between their clients and an outbreak that has killed 34 and injured nearly 500 people.

Barry Cadden, part owner and NECC‘s chief pharmacist, had not compounded any drugs at the pharmacy for several years before the meningitis outbreak, defense lawyer Bruce Singal said. Cadden’s wife, Lisa Cadden, also a part owner, has not worked as a pharmacist for seven years, Singal told the court.

The defense lawyers also argued to block a motion by meningitis victims to freeze the assets of NECC and its owners. U.S. District Judge Dennis Saylor took the matter under advisement and suggested a ruling could come by next week.

But Thomas Sobol, a lawyer for plaintiffs, disagreed with the assertions of the defense lawyers. He said Lisa Cadden, for example, cannot claim to be a soccer mom and then be one of the key people answering the questions of investigators about NECC’s operations.

“This woman shouldn’t be entitled to sell her house, her cars and dissipate her assets,” Sobol argued. He wants the judge to freeze the assets of NECC and its owners so they are not concealed or put under the protection of bankruptcy or a receivership.

Sobol said his motion would not preclude the Caddens or the other owners of NECC to buy a Thanksgiving turkey or gas for their cars. But he did ask the judge not to let the Caddens sell their luxury home in Rhode Island and then put the money in an account in the Cayman Islands.

Defense lawyers said there is no evidence that NECC’s owners have tried to conceal anything regarding their assets.

Defense lawyer Daniel Rabinovitz said there’s nothing to show that Greg Conigliaro, the recycling entrepreneur and co-owner who helped his brother-in-law, Barry Cadden, launch NECC, participated in any conduct related to the outbreak. U.S. authorities say NECC shipped thousands of vials of fungus-tainted methylprednisolone acetate to medical facilities throughout the United States.

At one point during the hearing, Judge Saylor talked about how a passive shareholder cannot be held liable for even the most outrageous acts of a corporation.

Singal suggested the outbreak was an isolated incident and told the judge how NECC had been compounding methylprednisolone acetate, which is typically used to ease back pain, for a number of years without incident. He said half a million vials had been shipped without incident over a period of several years.

But Sobol said that was not true, because authorities investigated an incident involving NECC and the drug several years ago.

“My clients are under legal siege,” Singal said, referring to the number of government agencies investigating NECC. “Almost anybody you can think of, except for NASA, has showed up so far.”

(Reporting By Tim McLaughlin; Editing by Maureen Bavdek and Dan Grebler)

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Map: Where the Emotionally Challenged Live

U.S. pollster Gallup conducted a survey in 152 countries to compare how people feel about their lives. Singapore ranks as the world’s most emotionless society, behind Georgia, Lithuania, and Russia. Singaporeans are unlikely to report feelings of anger, physical pain, or other negative emotions. They’re not laughing a lot, either. “If you measure Singapore by the traditional indicators, they look like one of the best-run countries in the world,” says Jon Clifton, a Gallup partner in Washington. “But if you look at everything that makes life worth living, they’re not doing so well.”

Some of Gallup’s questions are straightforward. Evaluate your life on a scale of zero to 10: ­Danes are the most satisfied and people from Togo in West Africa are the least. No surprises, too, when Gallup asked people to say whether life would be better or worse five years from now. The award for most pessimistic goes to the inhabitants of Greece, ground zero of the euro debt crisis. Last year, the people most likely to report feeling stress, anger, sadness, worry, or pain were Iraqis. The most emotional nation? The Philippines.

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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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