Asia stocks at five-month high as fiscal cliff crisis ends

HONG KONG (Reuters) - Asian stocks hit a five-month high and the dollar fell as a last-minute deal ended the U.S. "fiscal cliff" crisis that threatened a U.S. recession and roiled world financial markets.

The U.S. Congress approved extending lower Bush-era tax rates to all but the nation's wealthiest households in a budget deal that stops automatic implementation of $600 billion in spending cuts and tax increases.

The bill's passage in Congress allayed earlier concerns over complaints from a number of Republicans that spending cuts were still not adequately addressed.

The temporary reprieve that the deal offers the U.S. economy also sets up Wall Street for a strong start to trading which resumes later in the day.

Asian stock markets cheered the developments as a major risk for investors, namely a slump in global growth, appeared to have receded for now.

The MSCI Asia Pacific ex-Japan index of stocks <.miapj0000pus> jumped 1.8 percent. Chinese shares in Hong Kong <.hsce> jumped 3 percent as last month's rally spilled over into the new year.

"If the fog caused by the fiscal cliff disappears, there will probably be moves toward putting risk back on," said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.

In South Korea, where data showed manufacturing activity rose for the first time in seven months in December, the KOSPI index <.ks11> was up 1.6 percent while Australian shares rose to their highest level in 19 months.

Asian stocks outside Japan rose nearly 20 percent last year as a combination of improving economic data from China, easing worries about a euro zone blow-up, and global central bank easing that encouraged investors back into equity markets.

Sakthi Siva, Asia strategist for Credit Suisse, said in a note to clients that 2013 could see similar returns for Asian equities, given a solution to the fiscal crisis.

"As we move into 2013 we retain our bullish bias, and our theme is whether markets could catch up with earnings," said Siva, adding that markets in China and India could offer the most upside given the mismatch between index levels and earnings expectations.

OIL, EURO UP

Risky assets across the board got a lift with crude oil futures up 0.9 percent and copper futures in London jumping 1.7 percent.

The euro rose to $1.3261 against the U.S. dollar.

The safe-haven U.S. dollar edged lower, falling 0.4 percent against a basket of major currencies <.dxy>.

The Australian dollar, a currency that tends to benefit when optimism about the outlook for the global economy increases, rose to $1.0470.

The Japanese yen continued its slide as investors wagered the Bank of Japan would have to take ever-more aggressive easing steps to support the economy and satisfy the new government.

The yen fell to 87.17 against the dollar to its weakest level since July 2010.

The Japanese currency also dropped to depths not seen in more than four years against the Australian and New Zealand dollars.

(Additional reporting by Wayne Cole in SYDNEY and Masayuki Kitano in SINGAPORE; Editing by Eric Meijer)

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Eric Prydz Picks a New Year's Eve Playlist

By Dahvi Shira

12/31/2012 at 06:50 PM EST

Unfortunately not everyone can be in Las Vegas when the ball drops this year, but Eric Prydz is bringing the party to PEOPLE.com readers in advance.

The DJ and producer, 36 – best known for his 2004 hit single, "Call on Me" – is playing a three-hour extended set at Surrender Nightclub on Monday, and he's sharing the tracks he's most excited to spin, including songs from his album, Eric Prydz Presents Pryda.

"I love to play on New Year's Eve because it has that special tension in the air," Prydz says. "People are so excited about the new year coming, leaving the old behind and starting fresh. It's also the perfect excuse to blow off some steam after that long Christmas with family. Let's make New Year's Eve 2013 one to remember!"

Recently scoring a Grammy nomination for his remix of M83's "Midnight City," Prydz, who is relocating to Los Angeles, already predicts 2013 "is going to be an amazing year."

As for his evening playlist, he plans to "blend a lot of the highlights from the past year with classics and brand new music set to blow up in 2013."

Check out part of his planned set below:

• Jeremy Olander – "Let Me Feel"
"This tune has spring/summer of 2013 written all over it. It's such a feel good track!"
Listen here

• Fehrplay – "I Can't Stop It"
"Fehrplay had a great year in 2012 and is set to blow up in 2013. This is his forthcoming single on my Pryda Friends imprint. The first time I heard this record, it took me somewhere really nice."
Listen here

• Rone – "Parade (Dominik Eulberg Remix)"
"Every now and then there is a track that comes along and blows your mind. This is one of those tracks. Nine minutes of pure emotion."
Listen here

• Eric Prydz – "Every Day"
"This one has been huge for me this summer and fall. Enough said."
Listen here

• Pachanga Boys – "Time"
"This was the soundtrack of my summer 2012. And I'm sure I'm not alone on that one."
Listen here

• Para One – "When the Night (Breakbot Remix)"
"I've been a fan of Para One's music for many years and this one is no exception. This song has a great retro vibe with a modern touch from Breakbot on this remix."
Listen here

• Pig & Dan – "Savage"
"This is a real club stomper. I can't wait to play this one out."
Listen here

• Pryda – "The End"
"I had to throw this one in. It's one of the biggest releases on Pryda to date."
Listen here

• Green Velvet & Harvard Bass – "Lazer Beams"
"Hit me with those laser beams!"
Listen here.

• Deetron feat. Hercules & Love Affair – "Crave (Deetron cRAVE Dub)"
"This song is a dark, big room destroyer."
Listen here

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Clinton's blood clot an uncommon complication

The kind of blood clot in the skull that doctors say Hillary Rodham Clinton has is relatively uncommon but can occur after an injury like the fall and concussion the secretary of state was diagnosed with earlier this month.

Doctors said Monday that an MRI scan revealed a clot in a vein in the space between the brain and the skull behind Clinton's right ear.

The clot did not lead to a stroke or neurological damage and is being treated with blood thinners, and she will be released once the proper dose is worked out, her doctors said in a statement.

Clinton has been at New York-Presbyterian Hospital since Sunday, when the clot was diagnosed during what the doctors called a routine follow-up exam. At the time, her spokesman would not say where the clot was located, leading to speculation it was another leg clot like the one she suffered behind her right knee in 1998.

Clinton had been diagnosed with a concussion Dec. 13 after a fall in her home that was blamed on a stomach virus that left her weak and dehydrated.

The type of clot she developed, a sinus venous thrombosis, "certainly isn't the most common thing to happen after a concussion" and is one of the few types of blood clots in the skull or head that are treated with blood thinners, said neurologist Dr. Larry Goldstein. He is director of Duke University's stroke center and has no role in Clinton's care or personal knowledge of it.

The area where Clinton's clot developed is "a drainage channel, the equivalent of a big vein inside the skull — it's how the blood gets back to the heart," Goldstein explained.

It should have no long-term consequences if her doctors are saying she has suffered no neurological damage from it, he said.

Dr. Joseph Broderick, chairman of neurology at the University of Cincinnati College of Medicine, also called Clinton's problem "relatively uncommon" after a concussion.

He and Goldstein said the problem often is overdiagnosed. They said scans often show these large "draining pipes" on either side of the head are different sizes, which can mean blood has pooled or can be merely an anatomical difference.

"I'm sure she's got the best doctors in the world looking at her," and if they are saying she has no neurological damage, "I would think it would be a pretty optimistic long-term outcome," Broderick said.

A review article in the New England Journal of Medicine in 2005 describes the condition, which more often occurs in newborns or young people but can occur after a head injury. With modern treatment, more than 80 percent have a good neurologic outcome, the report says.

In the statement, Clinton's doctors said she "is making excellent progress and we are confident she will make a full recovery. She is in good spirits, engaging with her doctors, her family, and her staff."

___

Online:

Medical journal: http://dura.stanford.edu/Articles/Stam_NEJM05.pdf

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Senate vote likely on U.S. "fiscal cliff" deal

WASHINGTON (Reuters) - The White House and Senate leaders struck a bipartisan deal on Monday to try to avoid a "fiscal cliff" budget crisis, although the agreement was likely to face stiff challenges in the House of Representatives.

Senators were due to vote on the accord overnight and independent Senator Joe Lieberman said it had strong support from the Democrats who control the chamber.

The agreement came too late for Congress to meet its own deadline of New Year's Eve to pass laws halting $600 billion in tax hikes and spending cuts due to come into force on January 1.

But with Tuesday a holiday, Congress still had time to draw up legislation, approve it and backdate it to avoid the harsh fiscal measures coming into force.

That will need the backing of the House where many of the Republicans who control the chamber complain that President Barack Obama has shown little interest in cutting government spending to try to reduce the U.S. budget deficit.

House Republicans are also likely to balk at planned tax hikes on household incomes over $450,000 a year that was part of the agreement struck between Vice President Joe Biden and Senate Republican Minority Leader Mitch McConnell. The House has convened a session for Tuesday at noon (1700 GMT).

House Speaker John Boehner said the House would consider the deal if it were passed by the Senate.

"The House will honor its commitment to consider the Senate agreement if it is passed. Decisions about whether the House will seek to accept or promptly amend the measure will not be made until House members ... have been able to review the legislation," Boehner and other House Republican leaders said in a statement.

The deal would make permanent the alternative minimum tax "patch" that was set to expire, protecting middle-income Americans from being taxed as if they were rich.

Indiscriminate spending cuts for defense and non-defense spending were simply postponed for two months.

As New Year's Day approached, members were thankful that financial markets were closed, giving them a second chance to return on Tuesday to try to blunt the worst effects of the fiscal mess.

There is no major difference whether a law is passed on Monday night, Tuesday or Wednesday. Legislation can be backdated to January 1, for instance, said law firm K&L Gates partner Mary Burke Baker, who spent decades at the Internal Revenue Service.

"This is sort of like twins and one being born before midnight and one being born after. I think the date that matters is the day president signs the legislation," she said.

Republicans are pushing for savings in the Medicare and Social Security healthcare and retirement programs and threatening to block a increase in the debt limit - which caps how much debt the federal government can hold - in February unless they get their way.

(Additional reporting by Richard Cowan, Mark Felsenthal, Rachelle Younglai and David Lawder; Writing by Alistair Bell, Editing by Peter Cooney)

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Afghan Army Deaths on the Rise

KABUL, Afghanistan — The Afghan government has hit a grim record in its quest to take over the country’s security from coalition forces: more than 1,000 soldiers died in 2012, a roughly 20 percent increase from 2011.

Though the Afghan Army’s death rates have outstripped those for international forces in recent years, the new figures show the widest margin yet, as more and more Afghan units have taken the field. International forces were reported to have lost about 400 soldiers in 2012, the lowest number since 2008.

The progress of the Afghan National Army in being able to fight the insurgency is crucial to the international coalition’s exit strategy as the formal end of NATO combat operations looms in 2014. Afghan officials say that Afghan forces now plan and lead 80 percent of combat operations across the country. And as the army has filled out its ranks, the number of those killed has risen as well. Since 2008, the number of enlisted soldiers has nearly tripled, to 195,000.

Depending on how one reads the numbers, the latest figures can be both hopeful and troubling. Inasmuch as the uptick in deaths indicates a more active role for the army, the data is encouraging: Afghan-led operations would be expected to result in more Afghan casualties, after all. But for some, the statistics also raise questions about whether the army is ready to take over control of the country’s security.

“These high figures send a message to Afghans as well as the international community that the Afghan security forces are not ready to take over and that we will witness even more severe casualties in the next couple of years,” said Jawid Kohistani, a military analyst based in Kabul. “The only thing preventing the Taliban from taking over a district or a province or carrying out more audacious attacks is the presence of foreign forces who are equipped with modern and advanced technology.”

Progress has been uneven on numerous fronts. Accidents make up a significant number of the Afghan Army deaths. Almost no units can operate without assistance from coalition forces. And defections and low re-enlistment rates are also troubling — the government has to replace about a third of its troops every year.

Even the Defense Ministry acknowledged weaknesses when announcing the updated figures Sunday. Gen. Zahir Azimi, the ministry’s spokesman, said that poor equipment and training left soldiers exposed. Homemade bombs and mines caused about 85 percent of the deaths this year, a figure he said would come down with proper equipment. Intelligence gathering is also a weak spot for the national army.

“We are still heavily relying on foreigners for our intelligence,” he said. “We are hopeful that by the end of 2014 our army is equipped with intelligence capabilities and equipment.”

Among other concerns the government must consider while building the army is how to keep soldiers from being killed by the Taliban. In recent weeks, the Taliban have mounted a campaign to kidnap and kill soldiers who are on leave from their jobs. On Saturday, the Taliban killed a soldier returning from vacation to his base in Laghman Province.

“They take soldiers out of their homes and brutally execute them,” General Azimi said. “Can anyone see even a small bit of respect for human rights?”

But if the general sounded somewhat chastened by the task ahead, commanders on the ground struck a more upbeat note about the future.

“The army is getting better every day and our soldiers will not face any problem next year,” said Gen. Zamarai, commander of the second brigade of the Afghan National Army in Paktika Province, who uses only one name. “As the foreign forces leave, the army is filling the districts and bases, and so far we have managed to provide tight security for the residents of the province.”

Farooq Jan Mangal contributed reporting from Khost Province, Afghanistan.

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14 Solutions to Your New Year’s Midnight Kiss

Find a Baby

There’s got to be one crawling around somewhere. What’s cuter than kissing a baby’s fat cheek? Photo by Win McNamee/Getty Images

Click here to view this gallery.

[More from Mashable: Here’s a Depressing Look at Man’s Impact on Earth]

Do you find yourself in a panic every New Year’s Eve because everyone’s counting down and Billy Crystal has yet to explain all of the reasons why he’s madly in love with you?

No? Oh okay — me neither.

[More from Mashable: Watch the Scariest Skiing Lesson of All Time]

But the final holiday of the year can put a lot of unnecessary pressure on people. We want to end and begin each year with a bang — this often means the perfect outfit, an amazing soiree and the midnight kiss that will sweep you off your feet.

Instead of starting 2013 in a state of panic, then promising to be better later, enjoy New Year’s Eve and stop worrying about a silly superstition. We’ve come up with a couple solutions to the big smooch at the end of the night.

Photo by Ian Gavan/Getty Images

This story originally published on Mashable here.

Tech News Headlines – Yahoo! News

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Hillary Clinton Hospitalized for a Blood Clot

12/30/2012 at 08:55 PM EST

Hillary Clinton has been hospitalized.

The Secretary of State was admitted to New York Presbyterian Hospital on Sunday after doctors found a blood clot during an exam related to the concussion she suffered during a fall earlier this month, CNN reports.

"Her doctors will continue to assess her condition, including other issues associated with her concussion," Philippe Reines, deputy assistant secretary of state, said Sunday. "They will determine if any further action is required."

She's being treated with anti-coagulants and is expected to be hospitalized for 48 hours so she can be monitored.

Clinton, 65, suffered a concussion when she passed out and fell in her Washington, D.C., home. Reports at the time said dehydration suffered after a trip the former first lady took to Europe was the cause of her fall.

Clinton, who was recently named one of Barbara Walters's 10 most-fascinating people of 2012, plans to step down from her secretary post early next year.

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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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Stock futures edge higher as "cliff" talks continue

(Reuters) - Equity futures were slightly higher on Sunday night as talks continued in Washington over resolving the "fiscal cliff."

While the Senate will not vote Sunday night on any bill to avoid a series of $600 billion in tax hikes and spending cuts, as many had hoped, negotiations continued between lawmakers and the White House.

The Senate will reconvene on Monday after the open of equity trading. In order for a deal to take effect, it would also have to be passed by the House of Representatives.

Despite the gain indicated by futures, stocks still could end up falling on Monday when the cash markets open if lawmakers are unable to come to an agreement to avoid the cliff, which many fear could push the economy into recession.

"There is always a chance for a massive stalemate, and we could see a lot more volatility if we get to a point where there's no more hope. Right now there's still hope," said Adam Sarhan, chief executive of Sarhan Capital in New York.

Midnight on Monday marks the deadline for a deal, though the government can pass legislation in 2013 that retroactively prevents going over the cliff, an option that is viewed as politically easier.

"At some point, someone will have to blink, or Congress will just come in early in 2013 and vote for a tax cut," Sarhan said. "Something will be done to resolve this."

S&P 500 futures were up 5.4 points, or 0.4 percent, at 1,389 in electronic trading. Still, futures were about 7 points below the fair value level of 1,397.19. Fair value is a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Despite the rise, if futures remain below fair value, cash markets will open lower.

Dow and Nasdaq futures were also slightly higher, though below fair value.

Stocks fell sharply on Friday, with significant losses in the last minutes of trading, as prospects for a deal worsened at the beginning of the weekend.

The rise in the futures market does not necessarily augur for a rally on Monday, however. The cash market and futures markets closed with a wide gulf on Friday, by virtue of the extra 15 minutes of trading in futures.

The S&P 500 closed at 1,402.43 at 4 p.m. ET on Friday, down 1.1 percent, but futures continued to fall before closing 15 minutes later with a loss of 1.9 percent. S&P futures and the S&P cash index don't match point-by-point, but that kind of disparity points to a weak opening in stocks on Monday.

One hour before they had hoped to present a plan on Sunday, Democratic and Republican Senate leaders said they were still unable to reach a compromise.

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

"If people start seeing that on January 1st this problem still hasn't been solved ... then obviously that's going to have an adverse reaction in the markets," he said,

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

The Dow industrials and the S&P 500 each lost 1.9 percent last week, after stocks fell for five straight sessions, which marked the S&P 500's longest losing streak in three months. Equities have largely performed well in the last two months despite constant chatter about the fiscal cliff, but the last few days shows a bit of increased worry.

The CBOE Volatility Index <.vix> rose to its highest level since June on Friday, closing at 22.72.

(Additional reporting by David Gaffen; Editing by Jan Paschal)

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IHT Rendezvous: How to Blog Asia for the MSM

If you’re a close reader of IHT Rendezvous, you’re jonesing for a fix of Mark McDonald right about now. Our peripatetic Asia blogger’s last day writing was Wednesday. He’s moving on to other assignments. We’ll miss him.

Since Rendezvous launched in January, Asia has been one of the two main focuses of our coverage and our audience. Indeed, before the Great Firewall began the shutout of nearly all content from The New York Times, the International Herald Tribune and Rendezvous, China was Rendezvous’ third country by audience — we had more readers only in the United States and Canada.

Moreover, China posts dominate our Top 20 most read and most commented on posts.

The driving force behind that coverage has been Mark McDonald. From Hong Kong, he produced some of our most commented on and most read posts of 2012. Here are our Asia Top 10 of 2012.

When Rendezvous launched, our goal was to connect and engage with intelligent readers with a passionate interest in global affairs. We aimed to host the International Herald Tribune’s corner of the global conversation taking place on the Web, reporting on things that mattered to those readers — and pointing to the best of others’ reporting on them: from politics and economics to sports and the arts.

Basically, what the IHT has been doing for 125 years.

Mark has been a crucial part of our success in curating our piece of the global conversation. His news acumen, developed over nearly half a century of reporting, editing and teaching, coupled with his take-no-prisoners analysis, have made the Web pages of Rendezvous both wondrously broad and deeply provoking.

He has authored many of our most trenchant posts and, without a doubt, sparked our most intense discussions. Whether writing about Jeremy Lin, the Chinese-American N.B.A. wonder, Chinese Web censorship, the true cost of U.S. military drone strikes, China’s high-pressure annual college entrance exam or natural disasters in the Philippines, Mark has engaged and enlightened readers.

Didi Kirsten Tatlow, an insightful and well-connected journalist based in Beijing will pick up where Mark left off. In her weekly contributions to Rendezvous, Didi has already demonstrated what she can do: from telling the harrowing story of how a reporter interviews a dissident to how mainland Chinese saw — literally — November’s historic Party Congress, from the stakes in the confrontation over the East China Sea islands to the personal side of raising children or buying a puppy in Beijing.

We can’t wait to see how she will deepen our understanding of China on a daily basis.

Mark will remain in the pages and Web pages of the IHT. And occasionally visiting us here on RDV. We’ll be following him. And I suspect many of you will be too.

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