Global shares, oil fall, but growth prospects limit falls

LONDON (Reuters) - World stocks and oil prices eased on Monday as some investors booked profits after last week's strong rally, but signs of a brightening global economic growth outlook limited the falls.

Data from the United States on Friday showed employers kept up a steady pace of hiring in December and its vast services sector was expanding at a brisk rate, while manufacturing surveys last week pointed to a pick up in China.

This compounded the boost to markets from the last-minute deal to avert a U.S. fiscal crisis reached at the start of the year, at least for the moment.

"Overall, the market's positive trend is still intact," said Lionel Jardin, head of institutional sales at Assya Capital in Paris. "The (stock) market is ripe for a pause, but with so much cash on the sidelines, there are a lot of buyers showing up each time we have a dip."

After touching a 22-month peak last week, the FTSE Eurofirst <.fteu3> index of top European shares was down 0.2 percent at 1,164 points. The UK's FTSE 100 index <.ftse> was down 0.25 percent, Germany's DAX index <.gdaxi> fell 0.4 percent, and France's CAC 40 <.fchi> eased 0.5 percent.

Asia-Pacific shares outside Japan <.miapj0000pus>, which reached their highest levels since August 2011 on Thursday, eased 0.1 percent, while Tokyo's Nikkei share average <.n225> ended down 0.8 percent, just below a 23-month high.

MSCI's broad world equity index <.miwd00000pus> had dipped 0.1 percent but wasn't far from an 18-month peak scaled when investors returned to the market after an immediate U.S. fiscal crisis was averted.

Financial shares outperformed the broader market after global regulators agreed to give banks four more years and greater flexibility to build up cash buffers so they can use some of their reserves to help economies grow.

The STOXX 600 European banking index <.sx7p> was up by 1.5 percent to 172.58 points.

"The move gives the banking sector some breathing space, which would be good for the economy as a whole," said Koen De Leus, senior economist at KBC Group.

U.S. stock index futures point to a weaker open on Wall Street later as buyers take a breather after they pushed the benchmark Standard & Poor's 500 index <.spx> to a five-year high on Friday in the wake of the jobs report. <.n/>

Brent crude oil futures slipped 40 cents to $110.89 per barrel after rising 0.6 percent last week.

ECB LOOMS

Investors were beginning to look to the first policy meetings of the year at the European Central Bank and Bank of England on Thursday, when no rate moves are expected but new euro zone forecasts are due.

Some analysts expect the ECB to point to the prospect of easier rates early this year, a week after the U.S. Federal Reserve indicated it may pursue less accommodative policies in future. The Bank of Japan is also expected to take major steps to stimulate the country's economy later this month as the new government aims to end deflation and recession.

The possibility of less monetary stimulus in 2013 from the Fed and more from the BOJ sent the dollar to a two-and-a-half year peak against the yen last week. However, profit taking saw it pull back on Monday by 0.5 percent to 87.75 yen.

The euro eased 0.2 percent to $1.3040 but was trading above a three-week low of $1.2998 hit on Friday. Analysts said it could stay around these levels until the ECB meeting.

DEBT STEADIES

In the European bond markets, investors scooped up German government bonds after their steep falls last week as expectations changed over the Fed's next move.

Ten-year German cash yields were 2.2 basis points lower on the day at 1.523 percent. Other euro zone bond yields were steady to slightly higher as traders awaited debt auctions by Spain and Italy later in the week.

U.S. Treasury 10-year notes were mostly steady at 1.90 percent after reaching 1.975 percent on Friday in a sell-off fuelled by the expectations of less easy monetary policy this year.

Further moves are likely to be limited due to sales of three-year notes on Tuesday, 10-year notes on Wednesday and 30-year bonds on Thursday.

Gold was off its lows of last week but in line with equities and oil had eased slightly. Spot gold was down 0.15 percent $1,653.50 an ounce though above Friday's $1,625.79, its lowest price since August.

(Additional reporting by Blaise Robinson and Atul Prakash,; editing by David Stamp)

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News Summary: Tablet-tailored search engine debuts

TAILORED FOR TABLETS: Izik is billed as the first search designed especially for iPads and tablet computers running on Google Inc.‘s Android software. Free Izik apps for those devices were released Friday.

CAPSULE CATERING: For the more visual format of tablets, Izik displays search results in rows of capsules that can be easily scrolled with the swipe of a finger. This contrasts to showing a stack of blue links, the industry standard for laptops and desktops.

GOODBYE GOOGLE? Blekko, the maker of Izik, hopes people will break the Google search habit as tablets supplant traditional computers for Web surfing.

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In Fields and Markets, Guatemalans Feels Squeeze of Biofuel Demand

Richard Perry/The New York Times

José Antonio Alvarado and his family harvested corn in November on a highway median in Guatemala, where farmers struggle to find land. More Photos »

GUATEMALA CITY — In the tiny tortillerias of this city, people complain ceaselessly about the high price of corn. Just three years ago, one quetzal — about 15 cents — bought eight tortillas; today it buys only four. And eggs have tripled in price because chickens eat corn feed.

Meanwhile, in rural areas, subsistence farmers struggle to find a place to sow their seeds. On a recent morning, José Antonio Alvarado was harvesting his corn crop on the narrow median of Highway 2 as trucks zoomed by.

“We’re farming here because there is no other land, and I have to feed my family,” said Mr. Alvarado, pointing to his sons Alejandro and José, who are 4 and 6 but appear to be much younger, a sign of chronic malnutrition.

Recent laws in the United States and Europe that mandate the increasing use of biofuel in cars have had far-flung ripple effects, economists say, as land once devoted to growing food for humans is now sometimes more profitably used for churning out vehicle fuel.

In a globalized world, the expansion of the biofuels industry has contributed to spikes in food prices and a shortage of land for food-based agriculture in poor corners of Asia, Africa and Latin America because the raw material is grown wherever it is cheapest.

Nowhere, perhaps, is that squeeze more obvious than in Guatemala, which is “getting hit from both sides of the Atlantic,” in its fields and at its markets, said Timothy Wise, a Tufts University development expert who is studying the problem globally with Actionaid, a policy group based in Washington that focuses on poverty.

With its corn-based diet and proximity to the United States, Central America has long been vulnerable to economic riptides related to the United States’ corn policy. Now that the United States is using 40 percent of its crop to make biofuel, it is not surprising that tortilla prices have doubled in Guatemala, which imports nearly half of its corn.

At the same time, Guatemala’s lush land, owned by a handful of families, has proved ideal for producing raw materials for biofuels. Suchitepéquez Province, a major corn-producing region five years ago, is now carpeted with sugar cane and African palm. The field Mr. Alvarado used to rent for his personal corn crop now grows sugar cane for a company that exports bioethanol to Europe.

By Jeff DelViscio

A large palm plantation and factory recently opened in the indigenous village where Ms. Quirix lives.

In a country where most families must spend about two thirds of their income on food, “the average Guatemalan is now hungrier because of biofuel development,” said Katja Winkler, a researcher at Idear, a Guatemalan nonprofit organization that studies rural issues. Roughly 50 percent of the nation’s children are chronically malnourished, the fourth-highest rate in the world, according to the United Nations.

The American renewable fuel standard mandates that an increasing volume of biofuel be blended into the nation’s vehicle fuel supply each year to reduce carbon dioxide emissions from fossil fuels and to bolster the nation’s energy security. Similarly, by 2020, transportation fuels in Europe will have to contain 10 percent biofuel.

Large companies like Pantaleon Sugar Holdings, Guatemala’s leading sugar producer, are profiting from that new demand, with recent annual growth of more than 30 percent. The Inter-American Development Bank says the new industry could bring an infusion of cash and jobs to Guatemala’s rural economy if developed properly. For now, the sugar industry directly provides 60,000 jobs and the palm industry 17,000, although the plantations are not labor-intensive.

But many worry that Guatemala’s poor are already suffering from the diversion of food to fuel. “There are pros and cons to biofuel, but not here,” said Misael Gonzáles of C.U.C., a labor union for Guatemala’s farmers. “These people don’t have enough to eat. They need food. They need land. They can’t eat biofuel, and they don’t drive cars.”

By Jeff DelViscio

Ms. Siquic and her relatives sold their land to a palm plantation and now have to buy foods that they once grew.

In 2011, corn prices would have been 17 percent lower if the United States did not subsidize and give incentives for biofuel production with its renewable fuel policies, according to an analysis by Bruce A. Babcock, an agricultural economist at Iowa State University. The World Bank has suggested that biofuel mandates in the developed world should be adjusted when food is short or prices are inordinately high.

Mike McDonald contributed reporting.

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Bethenny Frankel Divorcing Jason Hoppy

By Sarah Michaud

01/05/2013 at 05:00 PM EST

Bethenny Frankel and Jason Hoppy

Albert Michael/Startraks

It's official – Bethenny Frankel and Jason Hoppy's marriage is over.

Having announced a separation over the holidays, the reality star began the divorce process by filing earlier this week in New York, TMZ reports.

"It brings me great sadness to say that Jason and I are separating," Frankel, 42, had said in a statement Dec. 23. "This was an extremely difficult decision that as a woman and a mother, I have to accept as the best choice for our family."

The split comes after months of rumors that the pair – who married in 2010 and are parents to daughter Bryn, 2½ – were on the rocks.

"Bethenny is devastated," a friend tells PEOPLE.

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FDA: New rules will make food safer

WASHINGTON (AP) — The Food and Drug Administration says its new guidelines would make the food Americans eat safer and help prevent the kinds of foodborne disease outbreaks that sicken or kill thousands of consumers each year.

The rules, the most sweeping food safety guidelines in decades, would require farmers to take new precautions against contamination, to include making sure workers' hands are washed, irrigation water is clean, and that animals stay out of fields. Food manufacturers will have to submit food safety plans to the government to show they are keeping their operations clean.

The long-overdue regulations could cost businesses close to half a billion dollars a year to implement, but are expected to reduce the estimated 3,000 deaths a year from foodborne illness. The new guidelines were announced Friday.

Just since last summer, outbreaks of listeria in cheese and salmonella in peanut butter, mangoes and cantaloupe have been linked to more than 400 illnesses and as many as seven deaths, according to the federal Centers for Disease Control and Prevention. The actual number of those sickened is likely much higher.

Many responsible food companies and farmers are already following the steps that the FDA would now require them to take. But officials say the requirements could have saved lives and prevented illnesses in several of the large-scale outbreaks that have hit the country in recent years.

In a 2011 outbreak of listeria in cantaloupe that claimed 33 lives, for example, FDA inspectors found pools of dirty water on the floor and old, dirty processing equipment at Jensen Farms in Colorado where the cantaloupes were grown. In a peanut butter outbreak this year linked to 42 salmonella illnesses, inspectors found samples of salmonella throughout Sunland Inc.'s peanut processing plant in New Mexico and multiple obvious safety problems, such as birds flying over uncovered trailers of peanuts and employees not washing their hands.

Under the new rules, companies would have to lay out plans for preventing those sorts of problems, monitor their own progress and explain to the FDA how they would correct them.

"The rules go very directly to preventing the types of outbreaks we have seen," said Michael Taylor, FDA's deputy commissioner for foods.

The FDA estimates the new rules could prevent almost 2 million illnesses annually, but it could be several years before the rules are actually preventing outbreaks. Taylor said it could take the agency another year to craft the rules after a four-month comment period, and farms would have at least two years to comply — meaning the farm rules are at least three years away from taking effect. Smaller farms would have even longer to comply.

The new rules, which come exactly two years to the day President Barack Obama's signed food safety legislation passed by Congress, were already delayed. The 2011 law required the agency to propose a first installment of the rules a year ago, but the Obama administration held them until after the election. Food safety advocates sued the administration to win their release.

The produce rule would mark the first time the FDA has had real authority to regulate food on farms. In an effort to stave off protests from farmers, the farm rules are tailored to apply only to certain fruits and vegetables that pose the greatest risk, like berries, melons, leafy greens and other foods that are usually eaten raw. A farm that produces green beans that will be canned and cooked, for example, would not be regulated.

Such flexibility, along with the growing realization that outbreaks are bad for business, has brought the produce industry and much of the rest of the food industry on board as Congress and FDA has worked to make food safer.

In a statement Friday, Pamela Bailey, president of the Grocery Manufacturers Association, which represents the country's biggest food companies, said the food safety law "can serve as a role model for what can be achieved when the private and public sectors work together to achieve a common goal."

The new rules could cost large farms $30,000 a year, according to the FDA. The agency did not break down the costs for individual processing plants, but said the rules could cost manufacturers up to $475 million annually.

FDA Commissioner Margaret Hamburg said the success of the rules will also depend on how much money Congress gives the chronically underfunded agency to put them in place. "Resources remain an ongoing concern," she said.

The farm and manufacturing rules are only one part of the food safety law. The bill also authorized more surprise inspections by the FDA and gave the agency additional powers to shut down food facilities. In addition, the law required stricter standards on imported foods. The agency said it will soon propose other overdue rules to ensure that importers verify overseas food is safe and to improve food safety audits overseas.

Food safety advocates frustrated over the last year as the rules stalled praised the proposed action.

"The new law should transform the FDA from an agency that tracks down outbreaks after the fact, to an agency focused on preventing food contamination in the first place," said Caroline Smith DeWaal of the Center for Science in the Public Interest.

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"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.

Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.

That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.

Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.

In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.

"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.

Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.

U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.

Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.

"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.

Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.

REVENUE WORRIES

One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.

S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.

On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.

For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.

Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.

In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.

"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.

Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.

Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.

(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)

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Cricketer Herath alive and bowling despite death rumors

SYDNEY (Reuters) – As Mark Twain might have said, rumors of the death of Sri Lankan spinner Rangana Herath which spread like wildfire across social media late on Friday proved to be greatly exaggerated.

Far from lying in a Sydney morgue alongside former test bowler Chaminda Vaas after perishing in a car crash as the reports had suggested, Herath was very much alive when he pitched up for work at the Sydney Cricket Ground on Saturday.

The most prolific wicket-taker in test cricket last year, the 34-year-old leg spinner claimed two Australian wickets to seal a haul of four for 95 and then contributed nine runs with the bat.

Team mate Dimuth Karunaratne told reporters at the conclusion of the day’s play that the team had been dumbfounded by the rumors.

“I heard about it when we having breakfast but I had no idea where that came from,” he said with a laugh.

“Guys from Sri Lanka were calling us asking ‘when is the funeral?’ and stuff like that.

“Rangana is alive,” he added, somewhat unnecessarily.

Herath’s efforts were not enough to prevent Australia taking an iron grip on the third test match on Saturday and move to the brink of a 3-0 series sweep.

That could all change, however, if he and Dinesh Chandimal, who finished the third day unbeaten on 22, are able to dig in on Sunday, inflate their lead beyond the current 87 and give Sri Lanka a decent target to bowl at.

The Sydney track has traditionally offered a lot of turn for spinners in the last couple of days of a test and, as Herath’s 60 wickets last year showed, there are few better spinners operating in test cricket at the moment.

“The wicket is turning a lot now and the Aussie guys are playing the fourth innings, so I think Rangana… can do something,” said Karunaratne.

Vaas has no position with the test team and remains, also unharmed, in Sri Lanka, Sri Lankan reporters said.

(Editing by John O’Brien)

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Plane Carrying Italian Designer Lost Near Venezuela

MILAN — The Italian fashion designer Vittorio Missoni, the head of the prominent fashion house, was aboard a small plane that has disappeared off the coast of Venezuela, a company spokeswoman said on Saturday.

"The Missoni family has been informed by the Venezuelan consulate that Vittorio Missoni and his wife are missing, but we don’t know any more," the spokeswoman, Maddalena Aspes, said. "The authorities will resume their search for the plane in the morning."

Italian media reported that the plane went missing on Friday morning after takeoff from the resort of Los Roques, an island off the coast of Venezuela. Also reported to have been aboard the plane with Mr. Missoni, 58, and his wife, Maurizia Castiglioni, were another couple and two Venezuelan crew members.

Mr. Missoni is the son of the founders of the family-owned fashion house famous for its exuberantly colored knits, featuring bold stripes and zigzags. He owned the business with siblings Luca and Angela.

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Courteney Cox: I'll 'Show My Boobs' on the New Season of Cougar Town

TV Watch

01/04/2013 at 08:00 PM EST

Courteney Cox is taking the term "boob tube" literally.

The Cougar Town star, 48, whose show moves from ABC to TBS on Jan. 8, eagerly anticipates more um, revealing scenes once the program makes its way to the cable network.

"You will not see one scene that I don't show my boobs," Cox joked to reporters Friday at the Television Critics Association winter tour, according to Access Hollywood.

"You know what? I'm getting older, so I've decided at this point I'm taking less focus [on] the face, and focusing here," she added, pointing to her chest. "By the time I'm much older, I will just be absolutely nude. I think it's [going to] work for me, I hope."

The show's executive producer, Bill Lawrence, backed up Cox's comments. "There is one difference [with the show going to cable]," he said Friday. "I think I'm allowed to say … Courteney did declare this the year of her cleavage."

Still, the star isn't exactly baring it all. Although there is an episode themed "naked day" for Cox's character Jules and her on-camera hubby Grayson (Josh Hopkins), there will be no actual nudity on the show.

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FDA: New rules will make food safer

WASHINGTON (AP) — The Food and Drug Administration says its new guidelines would make the food Americans eat safer and help prevent the kinds of foodborne disease outbreaks that sicken or kill thousands of consumers each year.

The rules, the most sweeping food safety guidelines in decades, would require farmers to take new precautions against contamination, to include making sure workers' hands are washed, irrigation water is clean, and that animals stay out of fields. Food manufacturers will have to submit food safety plans to the government to show they are keeping their operations clean.

The long-overdue regulations could cost businesses close to half a billion dollars a year to implement, but are expected to reduce the estimated 3,000 deaths a year from foodborne illness. The new guidelines were announced Friday.

Just since last summer, outbreaks of listeria in cheese and salmonella in peanut butter, mangoes and cantaloupe have been linked to more than 400 illnesses and as many as seven deaths, according to the federal Centers for Disease Control and Prevention. The actual number of those sickened is likely much higher.

Many responsible food companies and farmers are already following the steps that the FDA would now require them to take. But officials say the requirements could have saved lives and prevented illnesses in several of the large-scale outbreaks that have hit the country in recent years.

In a 2011 outbreak of listeria in cantaloupe that claimed 33 lives, for example, FDA inspectors found pools of dirty water on the floor and old, dirty processing equipment at Jensen Farms in Colorado where the cantaloupes were grown. In a peanut butter outbreak this year linked to 42 salmonella illnesses, inspectors found samples of salmonella throughout Sunland Inc.'s peanut processing plant in New Mexico and multiple obvious safety problems, such as birds flying over uncovered trailers of peanuts and employees not washing their hands.

Under the new rules, companies would have to lay out plans for preventing those sorts of problems, monitor their own progress and explain to the FDA how they would correct them.

"The rules go very directly to preventing the types of outbreaks we have seen," said Michael Taylor, FDA's deputy commissioner for foods.

The FDA estimates the new rules could prevent almost 2 million illnesses annually, but it could be several years before the rules are actually preventing outbreaks. Taylor said it could take the agency another year to craft the rules after a four-month comment period, and farms would have at least two years to comply — meaning the farm rules are at least three years away from taking effect. Smaller farms would have even longer to comply.

The new rules, which come exactly two years to the day President Barack Obama's signed food safety legislation passed by Congress, were already delayed. The 2011 law required the agency to propose a first installment of the rules a year ago, but the Obama administration held them until after the election. Food safety advocates sued the administration to win their release.

The produce rule would mark the first time the FDA has had real authority to regulate food on farms. In an effort to stave off protests from farmers, the farm rules are tailored to apply only to certain fruits and vegetables that pose the greatest risk, like berries, melons, leafy greens and other foods that are usually eaten raw. A farm that produces green beans that will be canned and cooked, for example, would not be regulated.

Such flexibility, along with the growing realization that outbreaks are bad for business, has brought the produce industry and much of the rest of the food industry on board as Congress and FDA has worked to make food safer.

In a statement Friday, Pamela Bailey, president of the Grocery Manufacturers Association, which represents the country's biggest food companies, said the food safety law "can serve as a role model for what can be achieved when the private and public sectors work together to achieve a common goal."

The new rules could cost large farms $30,000 a year, according to the FDA. The agency did not break down the costs for individual processing plants, but said the rules could cost manufacturers up to $475 million annually.

FDA Commissioner Margaret Hamburg said the success of the rules will also depend on how much money Congress gives the chronically underfunded agency to put them in place. "Resources remain an ongoing concern," she said.

The farm and manufacturing rules are only one part of the food safety law. The bill also authorized more surprise inspections by the FDA and gave the agency additional powers to shut down food facilities. In addition, the law required stricter standards on imported foods. The agency said it will soon propose other overdue rules to ensure that importers verify overseas food is safe and to improve food safety audits overseas.

Food safety advocates frustrated over the last year as the rules stalled praised the proposed action.

"The new law should transform the FDA from an agency that tracks down outbreaks after the fact, to an agency focused on preventing food contamination in the first place," said Caroline Smith DeWaal of the Center for Science in the Public Interest.

Read More..