S&P, Nasdaq rise on last day of 2012, Apple advances

NEW YORK (Reuters) - Wall Street mostly edged higher on Monday, with the S&P 500 on track for double-digit gains for the year, as politicians bargained for a deal to avert the "fiscal cliff."

Equities are coming off a five-day streak of losses, driven by the growing concern that there wouldn't be a deal before the midnight deadline to avoid the combination of tax hikes and spending cuts that could force the U.S. economy into recession.

Taxes were set to rise for many Americans this week unless U.S. lawmakers could cut a last-minute deal, an outcome that was possible but seemed unlikely even as the Senate reconvened to continue discussions on the fiscal cliff.

The last trading session of the year is expected to be volatile on low volume and as investors keep a close eye on headlines out of Washington.

"As long as markets think there could be a deal, we should stay higher. Any agreement will be received positively, even if the final agreement is watered down," said David Katz, chief investment officer of Matrix Asset Advisors, in New York.

Despite recent declines over the stalemated budget talks, the S&P 500 is up about 11.8 percent for the year, compared with a nearly flat performance in 2011. The Dow is about 6 percent higher and the Nasdaq is up about 14 percent.

The Dow Jones industrial average <.dji> was down 9.59 points, or 0.07 percent, at 12,928.52. The Standard & Poor's 500 Index <.spx> was up 3.39 points, or 0.24 percent, at 1,405.82. The Nasdaq Composite Index <.ixic> was up 19.47 points, or 0.66 percent, at 2,979.78.

The Dow was nearly flat as consumer discretionary stocks, including McDonald's Corp and Coca-Cola Co , fell, while industrial names like Caterpillar Inc and General Electric rallied more than 1 percent.

Gains in Apple Inc , the most valuable U.S. company, helped lift the Nasdaq. The stock rose 2.6 percent to $522.71, lifting an S&P index of tech shares <.gspt> up 0.6 percent. For the year so far, Apple is up 29.1 percent.

"People are starting to position themselves for 2013, and people are buying Apple now rather than risk a higher tax rate on it next year," Katz said.

Despite the concerns about the impact that going over the fiscal cliff could have on the economy in 2013, investors may be ready to take on more risk next year, in hopes of a greater reward.

Utility stocks were the weakest sector of 2012, with the S&P utility index <.gspu> dropping 4.2 percent for the year.

Bank stocks rose after a New York Times report that U.S. regulators are nearing a $10 billion settlement with several banks that would end the government's efforts to hold lenders responsible for faulty foreclosure practices.

Bank of America Corp was up 0.7 percent at $11.44.

Financial stocks were among the strongest of the year, with the S&P financial index surging 24.5 percent for 2012 so far. Bank of America is the top-performing Dow component, with its stock price more than doubling over the past 12 months.

While midnight is the deadline for a fiscal deal, the government can pass legislation in 2013 that retroactively cancels or moderates the impact of going over the fiscal cliff.

Investors have remained relatively sanguine about the process, believing it will eventually be solved. In the past two months, markets have not shown the kind of volatility that occurred during the fight to raise the debt ceiling in 2011.

Rather, equities have largely performed well in the last two months, buoyed by signs of economic recovery, an improving housing market and monetary policy designed to stimulate growth and lower unemployment.

However, U.S. stocks dropped on Friday, with significant losses in the last minutes of trading, as prospects for a deal worsened at the beginning of the weekend.

On Sunday, President Barack Obama said on NBC's "Meet the Press" that investors could begin to show greater concerns in the new year.

(Editing by Jan Paschal)

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Letter From Washington: Lessons From the 2012 U.S. Election

WASHINGTON — The 2012 U.S. elections, though not seminal, revealed much about the nature and direction of U.S. politics.

A divided government may be ingrained: At the presidential level, Democrats start with a decided advantage. Changing demographics — more Hispanics and other minorities solidly behind the party; women and young voters moving that way and forming hard-to-break voting habits — cut the Democrats’ way.

The electoral map that decides U.S. presidential contests tilts Democratic. President Barack Obama won the national popular vote by 3.7 percentage points, and carried the electoral map — the number of electors from each state is based indirectly on population — 332 to 206. If you took 1.9 percentage points from Mr. Obama and added them to Mitt Romney’s tally, the Republican would have won the popular vote by more than 125,000 votes. Yet if that formula were then applied to every state in the country, the only ones that would change would be Florida and Ohio. Mr. Obama would have lost the popular vote but would still have won the Electoral College vote, 285 to 253, and thus the presidency.

This is why some states that are reliably Democratic at the presidential level and where Republicans now control the statehouses are trying to change the Electoral College system. Each state controls its own rules. Only two, Maine and Nebraska, award electors by congressional district; everywhere else, it’s winner-takes-all.

Republicans are pondering a shift to the approach used in Maine and Nebraska. They see a possible test case in Pennsylvania, where Mr. Obama won the popular vote by more than five percentage points, rolling up huge margins in Philadelphia and its suburbs and in Pittsburgh. Mr. Romney, however, carried 13 of the 18 congressional districts. If this new system were in effect, the Republicans would have gotten 13 of the state’s 20 electoral votes while getting trounced in the popular vote. If this occurred in mainly Republican states, it would erase the Democrats’ Electoral College advantage.

In elections for the House of Representatives, Republicans already have a structural advantage. Democratic voters, especially minorities, tend to be bunched into a relatively small number of districts.

“The high-density Democratic population makes it more difficult for Democrats to create more competitive districts,” said Nathan Gonzales, congressional analyst for the Rothenberg Political Report, a nonpartisan newsletter on U.S. politics.

It’s this bunching, more than any redistricting edge, that enabled Republicans to retain a lead of 234 seats to 201 in the House of Representatives this year even though Democrats received a million more votes over all in House races. There is little to suggest this advantage will lessen in the years ahead.

Conventions matter more than debates: The news media treat the national political conventions as irrelevant dinosaurs; the presidential debates are depicted as the Super Bowl or World Cup of politics.

It didn’t work out that way this year. The conventions mattered more. Mr. Romney and the Republicans blew a chance at the convention in Tampa, Florida, to reset his candidacy. At their convention in Charlotte, North Carolina, the Democrats stepped up to the challenge, especially with a powerful speech by former President Bill Clinton that set the basis for more positive public attitudes about the U.S. economy.

Mr. Obama’s disastrous performance in his first debate with Mr. Romney certainly mattered, though the duration of the Republican nominee’s bounce was exaggerated. Before that debate, the president was about four points ahead nationally; that was close to his final margin.

Moving to the center is tough in the media age: Richard M. Nixon advised Republicans to run to the right in the primaries and to quickly move to the center in the general election. This formula worked as recently as 1980 for Ronald Reagan. For Democrats, the formula is to run to the left in the primaries and to move to the center in the general election.

This is much harder to do today with the omnipresent news media tracking and assembling every public pronouncement and policy change. Mr. Romney tried to pivot after the primaries; there is little evidence that it worked well. He couldn’t escape earlier assertions that had alienated Hispanics (calling for undocumented workers to choose self-deportation) or women (boasting that he would end U.S. government funding for Planned Parenthood).

There are polls — and polls: Polls done on the cheap, automatic phone calls, some online surveys and partisan polls all missed the mark. More professional polls, with telephone interviews, conducted for the news media and other sources, were accurate in most instances.

Campaigns matter: Improving attitudes about the economy and, to a small degree, the president’s response to Hurricane Sandy, moved the needle in the closing weeks. Mr. Obama was indisputably a better political candidate.

The contrasting campaigns widened the margin. Post-election forums at Harvard University and the University of Pennsylvania, and the campaign e-book “The End of the Line,” by Jonathan Martin and Glenn Thrush of the Web site Politico, illustrated the Obama campaign’s supremacy on tactics: polling, the use of digital and social media, advertising, identifying voters and getting them to the polls.

The biggest advantage was overarching, strategic. “We knew who our guy was and where the country was,” said Stephanie Cutter, Mr. Obama’s deputy campaign manager. “They didn’t seem to have a sense of either.”

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Ashlee Simpson Flaunts Her Hot Bikini Body in Hawaii

By Maggie Coughlan

12/30/2012 at 11:30 AM EST

Ashlee Simpson is sending 2012 off with a bang!

The 28-year-old showed off her svelte figure in a tiny bikini as she splashed along the shores of Oahu, Hawaii on Saturday.

The singer and son Bronx (with Pete Wentz) joined pregnant big sister Jessica, her fiancé Eric Johnson and 7-month-old niece Maxwell Drew for a Hawaiian holiday.

Ashlee – who recently split from Boardwalk Empire actor Vincent Piazza after a year and a half of dating – smiled as she held hands with Bronx, 4.

This holiday season has been all about family for the Simpson clan. Tina Simpson – who filed for divorce from husband of 34 years, Joe Simpson, in October – also joined the girls in Hawaii.

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Kenya hospital imprisons new mothers with no money

NAIROBI, Kenya (AP) — The director of the Pumwani Maternity Hospital, located in a hardscrabble neighborhood of downtown Nairobi, freely acknowledges what he's accused of: detaining mothers who can't pay their bills. Lazarus Omondi says it's the only way he can keep his medical center running.

Two mothers who live in a mud-wall and tin-roof slum a short walk from the maternity hospital, which is affiliated with the Nairobi City Council, told The Associated Press that Pumwani wouldn't let them leave after delivering their babies. The bills the mothers couldn't afford were $60 and $160. Guards would beat mothers with sticks who tried to leave without paying, one of the women said.

Now, a New York-based group has filed a lawsuit on the women's behalf in hopes of forcing Pumwani to stop the practice, a practice Omondi is candid about.

"We hold you and squeeze you until we get what we can get. We must be self-sufficient," Omondi said in an interview in his hospital office. "The hospital must get money to pay electricity, to pay water. We must pay our doctors and our workers."

"They stay there until they pay. They must pay," he said of the 350 mothers who give birth each week on average. "If you don't pay the hospital will collapse."

The Center for Reproductive Rights, which filed the suit this month in the High Court of Kenya, says detaining women for not paying is illegal. Pumwani is associated with the Nairobi City Council, one reason it might be able to get away with such practices, and the patients are among Nairobi's poorest with hardly anyone to stand up for them.

Maimouna Awuor was an impoverished mother of four when she was to give birth to her fifth in October 2010. Like many who live in Nairobi's slums, Awuor performs odd jobs in the hopes of earning enough money to feed her kids that day. Awuor, who is named in the lawsuit, says she had saved $12 and hoped to go to a lower-cost clinic but was turned away and sent to Pumwani. After giving birth, she couldn't pay the $60 bill, and was held with what she believes was about 60 other women and their infants.

"We were sleeping three to a bed, sometimes four," she said. "They abuse you, they call you names," she said of the hospital staff.

She said saw some women tried to flee but they were beaten by the guards and turned back. While her husband worked at a faraway refugee camp, Awuor's 9-year-old daughter took care of her siblings. A friend helped feed them, she said, while the children stayed in the family's 50-square-foot shack, where rent is $18 a month. She says she was released after 20 days after Nairobi's mayor paid her bill. Politicians in Kenya in general are expected to give out money and get a budget to do so.

A second mother named in the lawsuit, Margaret Anyoso, says she was locked up in Pumwani for six days in 2010 because she could not pay her $160 bill. Her pregnancy was complicated by a punctured bladder and heavy bleeding.

"I did not see my child until the sixth day after the surgery. The hospital staff were keeping her away from me and it was only when I caused a scene that they brought her to me," said Anyoso, a vegetable seller and a single mother with five children who makes $5 on a good day.

Anyoso said she didn't have clothes for her child so she wrapped her in a blood-stained blouse. She was released after relatives paid the bill.

One woman says she was detained for nine months and was released only after going on a hunger strike. The Center for Reproductive Rights says other hospitals also detain non-paying patients.

Judy Okal, the acting Africa director for the Center for Reproductive Rights, said her group filed the lawsuit so all Kenyan women, regardless of socio-economic status, are able to receive health care without fear of imprisonment. The hospital, the attorney general, the City Council of Nairobi and two government ministries are named in the suit.

___

Associated Press reporter Tom Odula contributed to this report.

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Obama says failure to reach fiscal deal would hurt markets

WASHINGTON (Reuters) - Financial markets would be affected adversely if U.S. lawmakers fail to agree on a "fiscal cliff" deal before Tuesday, President Barack Obama said in an interview broadcast on Sunday, while urging Congress to act quickly to extend tax cuts for middle-class Americans.

Lawmakers are seeking a last-minute deal that would set aside $600 billion in tax increases and across-the-board government spending cuts that are set to start within days. If Congress does not make that happen, the first bill brought up in the new year would be to reduce taxes for middle-income families, Obama told NBC's "Meet the Press."

"Now I think that over the next 48 hours, my hope is that people recognize that, regardless of partisan differences, our top priority has to be to make sure that taxes on middle-class families do not go up. That would hurt our economy badly," Obama said in the interview taped on Saturday.

"We can get that done. Democrats and Republicans both say they don't want taxes to go up on middle-class families. That's something we all agree on. If we can get that done, that takes a big bite out of the 'fiscal cliff.' It avoids the worst outcomes," Obama added.

Low income tax rates first put in place under Republican former President George W. Bush are due to expire at the end of the day on Monday - the last day of 2012.

Obama said that failing to reach a deal would have a negative impact on financial markets.

"If people start seeing that on January 1st this problem still hasn't been solved, that we haven't seen the kind of deficit reduction that we could have had had the Republicans been willing to take the deal that I gave them ... then obviously that's going to have an adverse reaction in the markets," he said.

RARE SENATE SESSION ON SUNDAY

Obama met with congressional leaders at the White House on Friday and declared himself cautiously optimistic about the chances of an agreement, but he noted in the interview that nothing had materialized since then.

"I was modestly optimistic yesterday, but we don't yet see an agreement. And now the pressure's on Congress to produce," he said.

The Senate is scheduled to hold a rare Sunday session beginning at 1 p.m. EST (1800 GMT), but it was not clear whether the chamber would have fiscal-cliff legislation to act upon.

Obama sketched out what he believed to be the most likely scenarios the end the back-and-forth between both sides. Either the congressional leaders would come up with a deal, or Democrats in the Senate would bring a bill to the floor seeking an up-or-down vote to extend tax cuts for middle income earners.

"And if all else fails, if Republicans do in fact decide to block it, so that taxes on middle class families do in fact go up on January 1st, then we'll come back with a new Congress on January 4th and the first bill that will be introduced on the floor will be to cut taxes on middle class families," he said.

Obama chided Republicans for resisting his call for tax rates to go up for the top two percent of U.S. earners despite what he viewed as significant compromises on his part to cut spending and reform expensive social programs for the poor and elderly.

"They say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest Americans are protected. That seems to be their only overriding, unifying theme," Obama said.

"The offers that I've made to them have been so fair that a lot of Democrats get mad at me. I mean I offered to make some significant changes to our entitlement programs in order to reduce the deficit," he said.

(Reporting by Jeff Mason; Editing by David Brunnstrom)

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Apple still said to account for 87% of North American tablet traffic as Kindle Fire, Nexus 7 gain

Apple’s (AAPL) share of the global tablet market is in decline now that low-cost Android slates are proliferating, but the iPad still appears to be the most used tablet by a huge margin. Ad firm Chitika regularly monitors tablet traffic in the United States and Canada and in its latest report, Apple’s iPad was responsible for almost 90% of all tablet traffic across the company’s massive network.

[More from BGR: Samsung looks to address its biggest weakness in 2013]

Using a sample of tens of millions of impressions served to tablets between December 8th and December 14th this year, Chitika determined that various iPad models collectively accounted for 87% of tablet traffic in North America. That figure is down a point from the prior month but still represents a commanding lead in the space.

[More from BGR: New purported BlackBerry Z10 specs emerge: 1.5GHz processor, 2GB RAM, 8MP camera]

The next closest device line, Amazon’s (AMZN) Kindle Fire tablet family, had a 4.25% share of tablet traffic during that period, up from 3.57% in November. Samsung’s (005930) Galaxy tablets made up 2.65% of traffic, up from 2.36%, and Google’s (GOOG) Nexus 7 and Nexus 10 tablets combined to account for 1.06% of tablet traffic in early December.

“Despite these gains by some of the bigger players in the tablet marketplace, there has been a negligible impact to Apple’s dominant usage share,” Chitika wrote in a post on its blog.

This article was originally published by BGR

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Just Kidding! Shakira's Baby News Is a Prank

Mom & Babies
Celebrity Baby Blog

12/28/2012 at 11:00 AM ET

XPosure

Hold off on the congratulations — at least for now.

News and social media sites lit up on Thursday after Shakira‘s boyfriend, FC Barcelona soccer star Gerard Piqué, posted a message on Twitter, announcing the arrival of their baby boy.

“”Our son has been born!” he wrote in Spanish. “We’re very happy! Thank you all for your messages!”

But the baby buzz was short-lived after the father-to-be’s fan following started calling out the coincidental timing of it all — Dec. 28 is Dia de Los Santos Inocentes in Spain and other parts of Latin America, a holiday much like April Fools’ Day.

And all bets on baby’s birth were officially off when Piqué confessed to his prank with a follow-up message Friday morning.

“He has a name! His name is Innocence!” he Tweeted. “Happy Day of the Innocents to everyone!”

– Aaron Parsley and Anya Leon

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Kenya hospital imprisons new mothers with no money

NAIROBI, Kenya (AP) — The director of the Pumwani Maternity Hospital, located in a hardscrabble neighborhood of downtown Nairobi, freely acknowledges what he's accused of: detaining mothers who can't pay their bills. Lazarus Omondi says it's the only way he can keep his medical center running.

Two mothers who live in a mud-wall and tin-roof slum a short walk from the maternity hospital, which is affiliated with the Nairobi City Council, told The Associated Press that Pumwani wouldn't let them leave after delivering their babies. The bills the mothers couldn't afford were $60 and $160. Guards would beat mothers with sticks who tried to leave without paying, one of the women said.

Now, a New York-based group has filed a lawsuit on the women's behalf in hopes of forcing Pumwani to stop the practice, a practice Omondi is candid about.

"We hold you and squeeze you until we get what we can get. We must be self-sufficient," Omondi said in an interview in his hospital office. "The hospital must get money to pay electricity, to pay water. We must pay our doctors and our workers."

"They stay there until they pay. They must pay," he said of the 350 mothers who give birth each week on average. "If you don't pay the hospital will collapse."

The Center for Reproductive Rights, which filed the suit this month in the High Court of Kenya, says detaining women for not paying is illegal. Pumwani is associated with the Nairobi City Council, one reason it might be able to get away with such practices, and the patients are among Nairobi's poorest with hardly anyone to stand up for them.

Maimouna Awuor was an impoverished mother of four when she was to give birth to her fifth in October 2010. Like many who live in Nairobi's slums, Awuor performs odd jobs in the hopes of earning enough money to feed her kids that day. Awuor, who is named in the lawsuit, says she had saved $12 and hoped to go to a lower-cost clinic but was turned away and sent to Pumwani. After giving birth, she couldn't pay the $60 bill, and was held with what she believes was about 60 other women and their infants.

"We were sleeping three to a bed, sometimes four," she said. "They abuse you, they call you names," she said of the hospital staff.

She said saw some women tried to flee but they were beaten by the guards and turned back. While her husband worked at a faraway refugee camp, Awuor's 9-year-old daughter took care of her siblings. A friend helped feed them, she said, while the children stayed in the family's 50-square-foot shack, where rent is $18 a month. She says she was released after 20 days after Nairobi's mayor paid her bill. Politicians in Kenya in general are expected to give out money and get a budget to do so.

A second mother named in the lawsuit, Margaret Anyoso, says she was locked up in Pumwani for six days in 2010 because she could not pay her $160 bill. Her pregnancy was complicated by a punctured bladder and heavy bleeding.

"I did not see my child until the sixth day after the surgery. The hospital staff were keeping her away from me and it was only when I caused a scene that they brought her to me," said Anyoso, a vegetable seller and a single mother with five children who makes $5 on a good day.

Anyoso said she didn't have clothes for her child so she wrapped her in a blood-stained blouse. She was released after relatives paid the bill.

One woman says she was detained for nine months and was released only after going on a hunger strike. The Center for Reproductive Rights says other hospitals also detain non-paying patients.

Judy Okal, the acting Africa director for the Center for Reproductive Rights, said her group filed the lawsuit so all Kenyan women, regardless of socio-economic status, are able to receive health care without fear of imprisonment. The hospital, the attorney general, the City Council of Nairobi and two government ministries are named in the suit.

___

Associated Press reporter Tom Odula contributed to this report.

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Wall Street sags for fifth day, heads for "fiscal cliff"

NEW YORK (Reuters) - Stocks fell on Friday, putting the S&P 500 on track for a fifth straight decline, as President Barack Obama and top congressional leaders were set to make a last-ditch attempt to steer the country away from severe fiscal austerity next year.

Obama and lawmakers from both political parties will meet at the White House on Friday afternoon for talks in an effort to agree on a solution before a New Year's deadline to keep large tax hikes and spending cuts from taking effect. Economists say that combination of automatic higher taxes and lower government spending - known as the "fiscal cliff" - could push the U.S. economy into a recession.

Trading was volatile and stocks rebounded from their session lows after unconfirmed reports that President Obama was about to offer a new plan to Republicans.

But investors' pessimism about achieving anything more than a stop-gap deal by the deadline was reflected in the benchmark S&P 500's drop of 1.3 percent so far this week. The broad index was on pace for its worst weekly performance since mid-November.

A five-day decline would be the S&P 500's longest losing streak in three months.

"There's a pretty good chance that we won't have something in hand by year-end," said Jonathan Golub, chief U.S. equity strategist at UBS, in New York. "It should be pretty obvious that that is now the majority case."

Golub, however, said investors were still counting on a deal that would avoid most of the tax hikes and spending cuts next year even if it does come after the deadline.

"It is widely believed that we're going to get a deal," he said. "We are not going to go over the cliff to the extent that we have a huge economic contraction."

With time running short, members of Congress may attempt to pass a retroactive fix to neutralize tax increases and spending cuts soon after the automatic fiscal policies come into effect on January 1.

The Dow Jones industrial average <.dji> fell 65.65 points, or 0.50 percent, to 13,030.66. The Standard & Poor's 500 Index <.spx> dropped 6.03 points, or 0.43 percent, to 1,412.07. The Nasdaq Composite Index <.ixic> slipped 7.29 points, or 0.24 percent, to 2,978.62.

"It doesn't matter which side wins, but at this point, nobody wants to play a game where there aren't rules," said Joe Costigan, director of equity research at Bryn Mawr Trust, in Bryn Mawr, Pennsylvania.

"So everybody is talking about what the prospects are for changes in the rules. But at the end of the day, nothing is happening."

Highlighting Wall Street's sensitivity to developments in Washington, stocks tumbled slightly more than 1 percent on Thursday after Senate Majority Leader Harry Reid warned that a deal was unlikely before the deadline. But late in the day, the three major U.S. stock indexes rebounded and ended down just 0.1 percent after the U.S. House of Representatives said it would hold an unusual Sunday session to work on a fiscal solution.

With many investors away for the holiday-shortened week, volume is expected to remain light and that could exacerbate the stock market's swings.

Positive economic data failed to alter the market's downtrend.

The National Association of Realtors said contracts to buy previously owned U.S. homes rose in November to their highest level in 2-1/2 years, while a report from the Institute for Supply Management-Chicago showed business activity in the U.S. Midwest expanded in December.

Barnes & Noble Inc shares rose 6.2 percent to $15.24 after the top U.S. bookstore chain said British publisher Pearson Plc had agreed to make a strategic investment in its Nook Media subsidiary. But Barnes & Noble also said its Nook business will not meet its previous projection for fiscal year 2013.

Shares of magicJack VocalTec Ltd jumped 8.5 percent to $17.67 after the company, which provides VoIP or voice over Internet protocol services, forecast more than $39 million in GAAP revenue and over 70 cents per share in operating income for the fourth quarter. The company also said it has appointed Gerald Vento as president and CEO, effective January 1.

The U.S.-listed shares of Canadian drugmaker Aeterna Zentaris Inc surged 16.1 percent to $2.52 after the company said it had reached an agreement with the U.S. Food and Drug Administration on a special protocol assessment by the FDA for a Phase 3 registration trial in endometrial cancer with AEZS-108 treatment.

(Reporting by Edward Krudy; Editing by Jan Paschal)

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Bolivia Makes Inroads Toward Reducing Coca Production

Meri Pintas, 30, center, harvests coca leaves with her children in the Yungas region of Bolivia. Bolivia, the world’s third-largest cocaine producer, has advanced its own unorthodox approach toward controlling the growing of coca, which veers markedly from the wider war on drugs and includes high-tech monitoring of thousands of legal coca patches intended to produce coca leaf for traditional uses.

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