Saturday, December 31, 2011

Italy's Monti warns of ongoing market turbulence (AP)

ROME ? Italy saw its borrowing rates fall for the second day running on Thursday but the country's new premier said his government had a lot more to do to convince nervous financial markets that it had a plan to deal with its debt mountain.

Mario Monti said he was encouraged by two days of bond auctions and that his government of technocrats, in office for just a month and a half following the resignation of Silvio Berlusconi's government, was working intensively on preparing a package of measures to get the Italian economy moving again, including efforts to boost competition and liberalize the labor market.

"We absolutely don't consider the market turbulence to be over," he said in a press conference just after the Bank of Italy reported that the country had tapped investors to the tune of around euro7 billion ($9.2 billion) in a range of auctions.

The most keenly-awaited result from Thursday's batch of auctions was the euro2.5 billion ($3.3 billion) sale of ten-year bonds at an average yield of 6.98 percent. That's lower than the 7.56 percent it had to pay at an equivalent auction last month, when investor concerns over the ability of the country to service its massive debts became particularly acute.

However, the country's borrowing rate on the key 10-year bond remains uncomfortably close to the 7 percent level widely considered to be unsustainable in the long run. Greece, Ireland and Portugal all had to request financial bailouts after their 10-year bond yields pushed above 7 percent. In the secondary markets, Italy's yield continues to hover around the 7 percent mark.

Markets had grown fearful over the past few months that Italy will find it difficult to pay off its massive debts, which stand at around euro1.9 trillion ($2.5 trillion). Next year alone, Italy has some euro330 billion ($431 billion) of debt to refinance.

Italy, which is the eurozone's third-largest economy, also sold euro2.54 billion ($3.3 billion) of 3 year bonds at an average interest rate of 5.62 percent, far lower than the 7.89 percent rate it had to pay last month. It also raised euro803 million ($1.05 billion) in the 7-year auction at a rate of 7.42 percent and euro1.18 billion ($1.54 billion) in nine-year bonds at a yield of 6.7 percent.

Thursday's results come a day after Italy raised euro10.7 billion ($14 billion) in a pair of auctions, again at sharply lower rates than those it was forced to pay just a month ago.

The sharp decline in Italy's borrowing costs over the past couple of days suggests that commercial banks from the 17 countries that use the euro may have diverted some money they tapped from emergency loans from the European Central Bank last week to buy the bonds of heavily indebted governments.

It may also suggest rising investor confidence in Italy's recent efforts to reduce its long-term debt through a variety of austerity measures.

Monti's technocratic government got parliamentary approval last week for more spending cuts and tax increases intended to save the country from financial disaster. One of the most controversial aspects of the austerity package is reform of Italy's bloated pension system.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20111229/ap_on_bi_ge/eu_italy_financial_crisis

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Friday, December 30, 2011

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Community Event - Anne-Marie and Dwight host Ontario Black History Society's 16th Annual Brunch

Join CBC News Toronto hosts Anne-Marie Mediwake and Dwight Drummond at the 16th Annual Ontario Black History Society Kick-Off Brunch marking the official recognition by the Province of Ontario designating the month of February as Black History Month.

The Ontario Black History Society is a non-profit registered Canadian charity, dedicated to the study, preservation and promotion of Black History and heritage. The OBHS successfully initiated the formal celebration of February as Black History Month in our city, the province and across the country in cooperation with The Honourable Jean Augustine.

What: Ontario Black History Society's annual brunch
When: Sunday, January 29, 2012, 12 - 4 pm
Where: Liberty Grand Entertainment Complex, Governor's Room
Admission: This is a ticketed event.

For more information, visit blackhistorysociety.ca

Source: http://www.cbc.ca/toronto/community/mt/2012/01/anne-marie-and-dwight-host-ontario-black-history-societys-16th-annual-brunch.html

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Thursday, December 29, 2011

China: Rotten Feed Behind Toxin in Milk

China: Rotten Feed Behind Toxin In Milk
OfficialWire - 102 Minutes ago
Chinese safety regulators say rotten feed fed to cows caused the high levels of a cancer-causing toxin found in milk at two dairy companies, including the country's biggest. It is the troubled dairy industry's latest scandal. A statement posted late Monday on the quarantine and safety administration

Mildew-affected feed behind toxin in milk
South China Morning Post - 4 Hours ago
Feed affected by mildew caused the high levels of a cancer-causing toxin in milk produced by the mainland???s biggest dairy company, according to a government safety agency.

Rotten feed behind toxin in milk
North Korea Times - 5 Hours ago
Source: The Miami Herald BEIJING -- Chinese safety regulators say rotten feed fed to cows caused the high levels of a cancer-causing toxin found in milk at two dairy companies, including the country's biggest. It is the troubled dairy industry's latest scandal.A statement posted late Monday on the q

China: Mildewed feed behind toxin in...
KRLA 870 - 6 Hours ago
Mildewed feed given to cows caused the high levels of a cancer-causing toxin found in milk from China's biggest dairy company and a smaller one, according to a government safety agency investigating the troubled dairy industry's latest scandal. An expert review identified the mildewed feed as the ca

Source: http://www.congoo.com/news/addstorycomment.aspx?st=174885889&Channel_ID=1&Category_ID=-1

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TV Guide's Best TV Episodes of 2011

TV Guide:

From Oprah's surprisingly low-key farewell to the year's most soul-crushing break-up on "The Good Wife" (Kalicia, no!), the year was packed with fantastic hours of television -- pretty much all of which we watched. There were teary goodbyes ("Friday Night Lights's" Texas forever! "Smallville's" tights and flights!), tense face-offs (why can't all CIA interrogations take place on the front porch of a cabin, like on "Homeland"?) and of course we made room for a little "Glee" (because certain underdogs deserved it).

Read the whole story: TV Guide

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Source: http://www.huffingtonpost.com/2011/12/26/best-tv-episodes-of-2011_n_1170113.html

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Chinese banks under pressure to raise cash next year: source (Reuters)

SHANGHAI (Reuters) ? China's listed banks are expected to raise over 100 billion yuan ($15.78 billion) through equity financing next year as they face pressure to replenish capital due to rapid loan growth and tighter regulation, the China Securities Journal reported on Tuesday.

Citing analysts, the official paper said banks facing such pressure included Agricultural Bank of China (601288.SS) (1288.HK), Industrial Bank Co Ltd (601166.SS) and Bank of Communications (601328.SS) (3328.HK).

Banks are also expected tap the debt market for funding, it said.

The bulk of the expected equity financing would be funded by government shareholders, the paper said. Listed banks raised more than 270 billion yuan via equity financing in 2010 and nearly 290 billion yuan worth of debt this year, according to the article.

Chinese banks will be under fundraising pressure because new lending next year is expected to exceed 8 trillion yuan -- a level necessary to support economic expansion -- potentially weakening lenders' balance sheets, the newspaper said.

Major Chinese banks, or systematically important ones, would be required to have minimum capital adequacy ratio (CAR) of 11.5 percent, while smaller banks must have at least 10.5 percent, according to rules published by the banking regulator in August.

However it is still unclear when they will be implemented.

China International Capital Corp estimates banks' assets to expand by around 14 percent next year and that would reduce the average CAR of listed domestic banks to around 10.7 percent, meaning some lenders would be under pressure to raise money, the paper said.

(Reporting by Samuel Shen and Kazunori Takada)

Source: http://us.rd.yahoo.com/dailynews/rss/china/*http%3A//news.yahoo.com/s/nm/20111227/bs_nm/us_china_bank_fundraising

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Wednesday, December 28, 2011

Oil eases after Iran threat, Italy gets debt boost

By Mike Peacock and Ikuko Kurahone

LONDON (Reuters) - Crude prices broke a six-day rally on Wednesday after Iran's threat to stop the flow of oil from the Gulf was written off as no more than rhetoric, while a strong short-term Italian debt sale eased stress in European markets.

Tehran said on Tuesday it would stop oil transiting through the Strait of Hormuz if sanctions were imposed on its crude oil exports because of its nuclear ambitions. Washington said it saw "an element of bluster" in the threat.

Brent fell 0.9 percent to $108.28 a barrel by 1150 GMT after climbing more than a dollar in the previous session. Prices have surged over 5 percent since December 16.

European shares reversed early losses to add 0.5 percent <.fteu3>, while Asian stocks slipped, leaving the MSCI world equity index <.miwd00000pus> flat on the day. Futures pointed to a slightly lower open on Wall Street.<.n/>

"The threat by Iran to close the Strait of Hormuz supported the oil market yesterday, but the effect is fading today as it will probably be empty threats as they cannot stop the flow for a longer period due to the amount of U.S. hardware in the area," said Thorbjoern bak Jensen, oil analyst with Global Risk Management.

It has been an ugly year for equities outside the United States.

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> fell 0.7 percent, keeping it on course for a 2011 loss of 18 percent, underperforming a 12 percent decline in European shares <.fteu3> and a 9 percent drop in world stocks.

Japan's Nikkei stock average <.n225> ended down 0.2 percent, on track for a 17.6 percent drop this year. <.t/>

Naohiro Niimura, a partner at research and consulting firm Market Risk Advisory Co, said the chances of a violent confrontation with Iran were remote for now but added the tensions would be a major source of volatility in 2012 along with the unresolved euro zone debt crisis.

EURO CURBED

The euro held above an 11-month low against the dollar after Italian short-term debt costs halved at auction, helped by a new government austerity package and cheap liquidity from the European Central Bank.

The country faces the more difficult task of selling long-term debt on Thursday where there will be a greater reliance on international investors to buy 8.5 billion euros of debt with maturities of up to 10 years.

Analysts said market tensions could easily reignite. Italy faces almost 150 billion euros of debt refinancing in February-April alone.

"Tomorrow's auction is more important and will give more insight into general sentiment. Today was a warm-up," said Neil Mellor, currency strategist at Bank of New York Mellon.

The euro was last marginally higher on the day at $1.3071.

Safe-haven German Bund futures were barely changed while yields on Italian 10-year bonds dropped to 6.8 percent, just below the 7 percent rate that is widely seen as unsustainable in the long term for the country's finances.

Banks deposited a record 452 billion euros ($538 billion) at the European Central Bank overnight, giving no sign that interbank lending is reviving, although the nearly half a trillion euros of 3-year liquidity handed out by the ECB last week pushed bank-to-bank lending rates lower.

In the United States, data suggested the economy was on track for a moderate recovery, with improving labor market conditions lifting U.S. consumer confidence to an eight-month high in December although U.S. single-family home prices fell more than expected in October.

Wall Street ended flat on Tuesday following a five percent rally last week which pushed the S&P 500 into positive territory for the year.

Gold edged lower, tracking falls in industrial metals and equities.

The 19-commodity Reuters-Jefferies CRB index <.crb> -- largely influenced by U.S. crude oil -- is set for a 7 percent drop in 2011, faring slightly better than equities.

U.S. crude oil has been among the best performers this year with a 10 percent increase, while gold has gained 12 percent as a loss of confidence in the euro zone accelerated investor flight to bullion.

(Additional reporting by Valentina Za in Milan, Nia Williams and William James in London, Chikako Mogi in Tokyo, editing by John Stonestreet)

Source: http://www.publicbroadcasting.net/kcur/news.newsmain/article/0/5/1889372/Business/Oil.eases.after.Iran.threat..Italy.gets.debt.boost

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LG's 55-inch 'world's largest' OLED HDTV panel is official, coming to CES 2012

We only have a few more days left until the festivities truly kick off at CES 2012 in Las Vegas, but LG has already tipped its hand with a press release promising the "world's largest" OLED panel for the show. We've seen smaller screens from LG before and it had already promised a 55-inch OLED HDTV for mid-2012, so this news is just another sign the company is ready to take its technology mainstream. LG's tech uses white OLEDs overlaid with colors, which it claims makes for a lower error rate and clearer "ultra definition" screen, with more colors than standard LCDs. Check after the break for one more promo pic of LG's super skinny 5mm prototype, we'll get a better look at it (and the inevitable competition from Korean rival Samsung) at the company's booth January 9th.

Continue reading LG's 55-inch 'world's largest' OLED HDTV panel is official, coming to CES 2012

LG's 55-inch 'world's largest' OLED HDTV panel is official, coming to CES 2012 originally appeared on Engadget on Sun, 25 Dec 2011 21:37:00 EDT. Please see our terms for use of feeds.

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Tuesday, December 27, 2011

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Monday, December 26, 2011

Black Women Enlisting at Higher Rates in U.S. Military

Amanda Marcotte on Pandagon: "PZ Myers has a really cool blog post up now about a new theory of menstruation put out in a paper by Emera, Romero, and Wagner, who appear to be actual biologists.... It's one of those things I want to flag for feminists particularly, because I think really understanding the scientific discourse around human female biology can go a long way to chilling some of the uglier debates that go on about 'nature' and things like reproduction, menstruation, etc."

Read More...

Source: http://www.now.org/news/readthis/index.html/2011/12/22/black-women-enlisting-at-higher-rates-in-u-s-military

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Paw Pree, once refugee from Myanmar, is now lifeline for others: Community Heroes 2011

CLEVELAND, Ohio -- At age 16, Paw Pree was separated from her family and on the run, fleeing an oppressive military regime in her homeland, Burma.

A member of the minority Karen tribe, Pree joined 15 other runaways and worked her way through jungles and safe houses, eventually finding shelter in a refugee camp in Thailand, where she lived for seven years.

Now she lives in a Lakewood apartment, attends Cuyahoga Community College, plans to go to nursing school and works as a social worker at Asian Services in Action.

Because of her language skills -- she speaks Thai, Burmese, English and her native tongue, Karen -- and her commitment to helping people, Pree is a lifeline for other Southeast Asian refugees being resettled in the Cleveland area.

"I love working with people," Pree, 25, said in a recent interview. "As a Christian, Jesus is my role model. He helped and cured a lot of people."

Between 400 and 500 refugees, Muslims and Christians, from Burma (now known as Myanmar) are living in Greater Cleveland, Pree said. "I'm the one who can talk to them," she said. "I'm their voice."

But she is more than just an interpreter. And she helps non-Asians as well, mentoring preschool to high school kids through an Asian Services program.

"She might get a call at 2 a.m. from someone saying, 'I'm in the hospital,' and she will go there," said her supervisor, Kitty Leung. "People generally rely on her a lot."

While living in the camp, Pree studied English and was an outreach worker for the American Refugee Committee, which was providing services there and working to resettle the more than 4,000 residents of the camp.

Year after year, Pree hoped to get free, but she knew that those who got out usually had family or political connections in the Western world.

It was a sad life, she said, watching people come and go and checking a board every day to see whether her name was posted for a departure, only to be let down over and over again.

"I felt no hope, no future living in the camp," she said. "You live to die."

Finally, in 2008, Pree saw her name posted. "I was so happy," she said. "I ran to my supervisor and said, 'I found my name. I'm going to be leaving you soon.' "

Thirty minutes later, she said, she was told she was going to Cleveland. "I said, 'Where's Cleveland? Do you have a map?' "

More heroes

Every year The Plain Dealer highlights people in Greater Cleveland who saw a need and stepped up to answer it -- sometimes risking injury to save lives, sometimes risking time and effort to make a change in the community. Here are the heroes of the past three years and a link to all of this year's stories.

Two days later -- July 16, 2008 -- she landed in Cleveland. "I'm all by myself all the way," she said. "I don't even know who's going to pick me up."

A person from Catholic Charities met her at the airport and shuttled her to a new life in a strange new world.

"You have to have hope," Pree said. "And be willing to work hard."

Pree, who has two brothers and one sister, has not seen her family since she fled her homeland. And her father and mother, rice farmers, have no phone.

When she got to Cleveland, it was arranged for her to call her mother who had to walk an hour and a half to a phone.

But Pree didn't want to say too much in their conversation because she believed the phones could be tapped and her family fears the majority's regime.

"I said, 'Hi mom,' " Pree said, recalling her first contact with her mother in seven years. "She was quiet. I said, 'Are you there?' "

Pree said she deeply misses her family, but her faith, she said, tempers the pain of separation.

"Even if we don't see each other one more time," she said. "We have hope that we will see each other in Heaven."

Plain Dealer news researcher Jo Ellen Corrigan contributed to this story. To reach this Plain Dealer reporter: momalley@plaind.com, 216-999-4893

Source: http://blog.cleveland.com/metro/2011/12/paw_pree_once_a_refugee_is_now.html

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Sunday, December 25, 2011

Rick Perry Will Not Appear on Virginia GOP Primary Ballot

More problems for Rick Perry's floundering presidential campaign -- Perry ballot petition rejected in Virginia:

Texas Gov. Rick Perry will not appear on the Virginia primary ballot after submitting a petition that didn't meet the commonwealth's requirements, the Virginia Republican Party announced Friday.

In an announcement on their Twitter feed, the Virginia GOP wrote, "After verification, RPV has determined that Rick Perry did not submit the required 10k signatures and has not qualified for the VA primary."

Perry was one of four candidates who submitted ballot petitions Thursday to the Virginia State Board of Elections. Former Massachusetts Gov. Mitt Romney, Texas Rep. Ron Paul and former House Speaker Newt Gingrich also submitted petitions.

That left three current candidates, Minnesota Rep. Michele Bachmann, former Utah Gov. Jon Huntsman and former Pennsylvania Sen. Rick Santorum, without a place on the Virginia ballot. Read on...

Source: http://crooksandliars.com/heather/rick-perry-will-not-appear-virginia-gop-pr

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Video: Let Me Finish with a Merry Christmas?

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Saturday, December 24, 2011

North Korea to loom large in Japan-China summit

Japanese Prime Minister Yoshihiko Noda heads to Beijing on Sunday as the first foreign leader to meet the Chinese leadership after the death of North Korean strongman Kim Jong-Il.

President Hu Jintao could use the occasion to assure the international community that Beijing was working to ensure a stable transition of power in its reclusive and impoverished partner, Japanese experts said.

"It is unlikely that China will reveal everything it knows. It is more likely that Chinese leaders will give assurances that they are calling on Pyongyang to ensure stability and order," said Shin Kawashima, associate professor at the University of Tokyo.

Noda's overnight visit was set for December 12 and 13 but rescheduled to Sunday and Monday at China's request, apparently for domestic reasons, which some suggested were to do with its falling on the Nanjing Massacre anniversary.

Noda, who came to power in September, will welcome the chance of more face time with Chinese leaders, as Beijing readies to promote younger leaders, with Vice President Xi Jinping seen as the most likely replacement for Hu.

Noda met with Hu in November on the sidelines of the APEC meeting in Honolulu and agreed to make "reciprocal efforts" to enhance ties, often dogged by economic and territorial disputes.

But Kim's death has shifted the agenda from bilateral issues to global worries about nuclear-armed North Korea, where Kim's untested young son Kim Jong-Un appears to be taking the reins of the Stalinist state.

Almost nothing is known about him, including his grasp on the North's military and how he might respond to global calls to open up the country.

"China holds the key for assuring stability in North Korea," said Takehiko Yamamoto, professor at Waseda University.

Japan, having no ties with the North, can do little other than support China's engagement with Pyongyang, he said.

"You might call it an achievement if Japan and China only confirm their joint resolve to work together to protect peace and stability in northeast Asia including on the Korean peninsula," he said.

On the bilateral front, the two Asian giants will go over a list of touchy issues, including territorial and energy field disputes in the East China Sea as well as China's increasingly assertive naval posture in the region.

Japan will urge China towards a framework dialogue to set rules for the development of gas fields in the East China Sea, near disputed islands called Senkaku in Japanese and Diaoyu in Chinese.

The two are still trying to heal diplomatic wounds inflicted a year ago when China reacted in fury over the arrest of one of its fishermen near the islands after he rammed his ship into Japanese coastguard vessels.

An irate Beijing cut or seriously reduced trade, diplomatic and cultural exchanges until Japan climbed down and released the trawlerman.

The leaders are expected to agree to hold periodic meetings of senior diplomats and defence officials in a bid to avoid similar confrontations.

China is expected to be fairly placatory ahead of the 40th anniversary of the normalisation of diplomatic ties in September, an event it wants to pass off smoothly.

"China wants the celebration to end with no troubles. Perhaps China will not offer anything new, but it should be seen as a reflection of their caution," Kawashima said.

Noda and Hu will likely agree on a plan for Japan to purchase Chinese government bonds, a first for an industrial power, in a move that would strengthen financial ties and diversify Tokyo's forex holdings.

From Tokyo's point of view, this will help hedge against exposure to the dollar at a time the yen has remained stubbornly high.

It will also mark a victory for Beijing as it seeks to internationalise its currency.

Noda is also expected to outline his decision to join negotiations on the US-led trans-Pacific partnership (TPP), a potential rival to China's push for a trade pact with ASEAN states and their neighbors, including Japan.

Japan, whose biggest trade partners are China followed by the US, is trying to keep its feet in both camps and maintain access to all key markets in the greater Asia-Pacific region.

Among diplomatic niceties, Noda is also expected to thank China for its assistance in the aftermath of the march earthquake and tsunami, and to ask that Beijing send a pair of pandas to hard-hit Sendai to boost morale.

Source: http://www.spacewar.com/reports/North_Korea_to_loom_large_in_Japan-China_summit_999.html

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Limit Cold Medications During Pregnancy, Experts Advise (HealthDay)

WEDNESDAY, Dec. 21 (HealthDay News) -- It's prudent to limit the use of over-the-counter cold and flu medications during pregnancy, experts say.

This is because some medications may contain substances that are potentially harmful to developing fetuses, or that have not been well-studied for use in pregnant women.

"Every year around this time, we get a significant number of calls from pregnant and breast-feeding women in California who are battling colds and are worried about which meds they can and can't take," said Christina Chambers, professor of pediatrics at University of California, San Diego and program director at the California Teratogen Information Service.

To help expectant mothers who are sick this holiday season, Chambers offered these cold medicine safety tips:

  • Take as little as possible. Over-the-counter cold remedies could contain up to six ingredients for a wide array of symptoms, such as a cough, runny nose or headache. Choose medications that contain just the ingredients you need for your specific symptoms.
  • Avoid oral decongestants in early pregnancy. When taken during the first trimester, these medications have been linked to a slightly heightened risk of abdominal wall defects in fetuses. Saline drops or nasal sprays may be good short-term alternatives.
  • Be cautious about herbal ingredients. Many over-the-counter medications may contain herbal ingredients that have not been evaluated for use during pregnancy.
  • Don't overdo it with lozenges. These drops may soothe a sore throat but they often contain mostly sugar. Lozenges may also contain zinc and vitamin C, which should be taken only in limited daily doses (80 to 100 milligrams per day for vitamin C and 11 milligrams per day for zinc) during pregnancy.
  • Choose alcohol-free cough syrups. Opt for cough remedies that do not contain alcohol.

More information

The U.S. Centers for Disease Control and Prevention has more about medication use during pregnancy.

Source: http://us.rd.yahoo.com/dailynews/rss/parenting/*http%3A//news.yahoo.com/s/hsn/20111222/hl_hsn/limitcoldmedicationsduringpregnancyexpertsadvise

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Friday, December 23, 2011

Republicans want Volcker rule delay (Reuters)

WASHINGTON (Reuters) ? Republicans in the House of Representatives are pressuring regulators to delay implementation of the controversial Volcker rule, which bans banks from trading with their own funds.

On Thursday Texas Republican Randy Neugebauer released a letter signed by 121 lawmakers, including four Democrats, that seeks the delay and requests that regulators ask for more public comment before issuing a final rule.

Under the 2010 Dodd-Frank financial oversight law, enacted in response to the 2007-2009 financial crisis, the Volcker rule is supposed to go into effect in July 2012. The letter does not specify how far beyond this date regulators should delay implementing the trading crackdown.

"Initial reports from asset managers, mutual funds, pension plans and other stakeholders suggest that the rule, as drafted, would result in higher borrowing costs for American businesses, thereby impacting economic growth and job creation," the lawmakers wrote in a December 20 letter addressed to the heads of the Federal Reserve, Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency.

These agencies, with the exception of the CFTC, in October released a proposed framework for implementing the Volcker rule and are seeking public comment through January 13.

The lawmakers asked that this comment period be extended and that before a final rule is issued regulators release a second proposal for comment.

PRESSURING REGULATORS

The Volcker rule was one of the most intensely lobbied parts of Dodd-Frank as it moved through Congress and those efforts have now shifted to the regulators who are responsible for putting it into practice.

The Volcker rule would prevent banks that receive government backstops like deposit insurance from making risky trades with their own funds in securities, derivatives and other financial products. It was named for former Fed Chairman Paul Volcker, who championed the measure.

The rule would also prohibit banks from investing in or sponsoring, beyond a small amount, hedge funds or private equity funds.

It would have the most impact on large banks such as Goldman Sachs and Morgan Stanley.

Neugebauer heads the House Financial Services Committee's oversight subcommittee. Earlier this month the full committee's chairman, Spencer Bachus, asked regulators to provide more time for feedback and to appear at a January 18 hearing on the rule.

Banks, through their lobbying groups, are also pressuring regulators to extend the period for comments.

Republicans and banks have both seized on the CFTC's failure so far to release a proposal as a reason for delaying implementation of the rule.

The agency is expected to unveil its proposal next month and CFTC Chairman Gary Gensler has said it will be similar to what the group of other regulators released in October.

Republicans and the banks have argued the delays are needed because the Volcker rule is complex and could wreak havoc on markets and the economy if enacted in a haphazard way.

Supporters of the rule have dismissed this argument as an attempt by banks to weaken the rule before it goes into effect.

"Industry's claims that the Volcker Rule will 'reduce market liquidity, capital formation and credit availability, and thereby hamper economic growth and job creation' disregard the fact that the financial crisis did more damage to those concerns than any rule or reform possibly could," Dennis Kelleher, president of Better Markets, wrote in a December 9 letter to regulators.

His group is a nonprofit organization that supports the Volcker rule.

(Reporting By Dave Clarke, editing by Matthew Lewis)

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/nm/20111222/pl_nm/us_financial_regulation_volcker

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Ballot order for Sheboygan Mayor Bob Ryan recall election revealed

Ballot order for Sheboygan Mayor Bob Ryan recall election revealed

In the upcoming battle for mayor, Mark Hermann is the first to claim victory, no matter how small, from among the eight vying to be the city?s top elected official.

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Source: http://www.sheboyganpress.com/article/20111221/SHE0101/111221085/1973&located=rss

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Thursday, December 22, 2011

House GOP to reject stopgap payroll tax cut

House Speaker John Boehner at a news conference on Capitol Hill in Washington, Monday, Dec. 19, 2011, as Majority Whip Kevin McCarthy, R-Calif., listens at right. (AP Photo/Jose Luis Magana)

House Speaker John Boehner at a news conference on Capitol Hill in Washington, Monday, Dec. 19, 2011, as Majority Whip Kevin McCarthy, R-Calif., listens at right. (AP Photo/Jose Luis Magana)

(AP) ? With the Senate adjourned for the holidays, House Republicans are moving to shelve a bipartisan two-month extension of the Social Security payroll tax cut that cleared the Senate over the weekend and are demanding instead that their fellow lawmakers return to the Capitol for negotiations.

After a spate of bipartisanship last week, the combatants are back in full-throated warfare over President Barack Obama's payroll tax initiative and other expiring measures, including jobless benefits for almost 1.8 million people who will lose them next month if Congress doesn't act.

Instead of accepting a two-month stopgap Senate measure that would ensure fighting continues into February, Republicans said they would move Tuesday to set up an official House-Senate negotiating panel known as a conference committee. The Senate's top Democrat said he would refuse to negotiate until the House passes the short-term version.

Both sides insist they want to extend the provisions before a Dec. 31 deadline, but that will prove difficult. After overwhelmingly passing a two-month extension Saturday, senators raced for the exits in the belief that the House would see no alternative but to go along. The Senate isn't scheduled to resume legislative work until Jan. 23.

The Senate's short-term, lowest-common-denominator approach would renew a 2 percentage point cut in the Social Security payroll tax, plus jobless benefits for the long-term unemployed, and would prevent a huge cut in Medicare payments to doctors.

But House Republicans quickly erupted in frustration at the Senate measure, which drops changes to the unemployment insurance system pressed by conservatives, along with cuts to Obama's health care law. Also driving their frustration was that the Senate, as it so often does, appeared intent on leaving the House holding the bag ? leaving it no choice but to go along.

"With millions of Americans struggling to make ends meet, it would be unconscionable for Speaker (John) Boehner to block a bipartisan agreement that would protect middle-class families from the thousand-dollar tax increase looming on January 1st," said Senate Majority Leader Harry Reid, D-Nev., who negotiated the two-month extension with Senate GOP leader Mitch McConnell of Kentucky. The 2 percentage point tax cut provides about a $1,000 annual tax cut for a typical earner making about $50,000 a year.

Both sides were eager to position themselves as the strongest advocates of the payroll tax cut, with House Republicans accusing the Senate of lollygagging on vacation and Senate Democrats countering that the House was seeking a partisan battle rather than taking the obvious route of approving the stopgap bill to buy more time for negotiations.

Just a couple of weeks after many Republicans made it plain they thought that the payroll tax cut ? the centerpiece of Obama's autumn jobs agenda ? hadn't worked and that renewing it was a waste of money, Republicans emerged from a closed-door meeting touting their support for the president.

"Do you want to do something for 60 days that kicks the can down the road?" said Rep. Jeb Hensarling, R-Texas. "Or do you want to do what the president asked us to do? And we're people who don't agree with the president all that often."

"I've never seen us so unified," Rep. Louie Gohmert, R-Texas, said as he left a two-hour, closed-door meeting Monday night where Republicans firmed up their plans. He said the payroll tax cut that has been in effect this year failed to create any jobs, but he favored extending it for another 12 months because "it's tough to raise taxes when you're in a down economy."

Congress' approval ratings are in the cellar, in part because of repeated partisan confrontations that brought the Treasury to the brink of a first-ever default last summer, and more than once pushed the vast federal establishment to the edge of a partial shutdown.

This time, unlike the others, Republican divisions were prominently on display.

The two-month measure that cleared the Senate, 89-10, on Saturday had the full support of McConnell, the Republican leader, who also told reporters he was optimistic the House would sign on. Senate negotiators had tried to agree on a compromise to cover a full year, but were unable to come up with enough savings to offset the cost and prevent deficits from rising.

The two-month extension was a fallback, and officials say that when McConnell personally informed Boehner and House Majority Leader Eric Cantor of the deal at a private meeting, they said they would check with their rank and file.

But on Saturday, restive House conservatives made clear during a telephone conference call that they were unhappy with the measure.

Ironically, until the House rank and file revolted, it appeared that Republicans had outmaneuvered Democrats and Obama on one point.

The two-month measure that cleared the Senate required the president to decide within 60 days to allow construction on a proposed oil pipeline that promises thousands of construction jobs. Obama had threatened to veto legislation that included the requirement, then did an about-face.

The president recently announced he was delaying a decision on the pipeline until after the 2012 elections, meaning that while seeking a new term, he would not have to choose between disappointing environmentalists who oppose the project and blue-collar unions that support it.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-12-20-US-Congress-Payroll-Tax/id-89b41ffc9c514a41aef8dcbddc9a4f49

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Monday, December 19, 2011

Egypt's military, activists vie for public support

An Egyptian young protester brandishes blood on his hands, near Tahrir Square in Cairo, Egypt, Sunday, Dec. 18, 2011. Troops and protesters are clashing for the third straight day in Cairo, pelting each other with rocks in skirmishes near parliament in the heart of the Egyptian capital. (AP Photo)

An Egyptian young protester brandishes blood on his hands, near Tahrir Square in Cairo, Egypt, Sunday, Dec. 18, 2011. Troops and protesters are clashing for the third straight day in Cairo, pelting each other with rocks in skirmishes near parliament in the heart of the Egyptian capital. (AP Photo)

An Egyptian military solider throws a rock toward protesters near Tahrir Square in Cairo, Egypt, Sunday, Dec. 18, 2011. Troops and protesters are clashing for the third straight day in Cairo, pelting each other with rocks in skirmishes near parliament in the heart of the Egyptian capital. (AP Photo/Ahmed Ali)

Protesters throw rocks toward Egyptian military in front of the former building of the American University of Cairo, left, near Tahrir Square in Cairo, Egypt, Sunday, Dec. 18, 2011. Troops and protesters are clashing for the third straight day in Cairo, pelting each other with rocks in skirmishes near parliament in the heart of the Egyptian capital. (AP Photo/Ahmed Ali)

A man walks inside the recently burnt research center set up during the three-year occupation of Egypt by France in the late 18th century near Tahrir Square in Cairo, Egypt, Sunday, Dec. 18, 2011. Troops and protesters are clashing for the third straight day in Cairo, pelting each other with rocks in skirmishes near parliament in the heart of the Egyptian capital. (AP Photo)

Egyptian protesters protect themselves as they throw stones during clashes with army troops near Tahrir Square in Cairo, Egypt, Sunday, Dec. 18, 2011. Troops and protesters are clashing for the third straight day in Cairo, pelting each other with rocks in skirmishes near parliament in the heart of the Egyptian capital. (AP Photo/Mohammed Abu Zaid)

(AP) ? Egypt's ruling military and the revolutionaries who demand they immediately step down battled for a third day in the streets ? and competed fiercely for the support of a broader public that has grown tired of turmoil since the fall of Hosni Mubarak 10 months ago.

The generals appear to be winning the fight for the public, despite a heavy-handed crackdown on protesters around Cairo's Tahrir Square using a roughness that rivaled even that of Mubarak's widely hated police force.

Before dawn Monday, security forces mounted a charge and cleared hundreds of demonstrators away from the area, according to videos posted on the internet. Earlier, a man died in custody, a lawyer said.

The protesters have tried to drum up Egyptians' anger at the military by spreading videos and photos of military police savagely beating young men and women to the ground with sticks and truncheons ? and the resonant scene of a woman in a conservative headscarf being stripped half naked by soldiers who stomp on her chest.

But so far their efforts to win public sympathy don't seem to be gaining traction in the face of the military's campaign to depict the crowds of hundreds in the streets as hooligans and vandals, not the idealistic activists who succeeded in bringing down Mubarak. At least 10 protesters have been killed and 441 others wounded in the three days of violence, according to the Health Ministry.

"The military has failed in everything except for its stunning success in making people hate the revolution, its history and its revolutionaries," prominent columnist Ibrahim Eissa wrote in an editorial in the independent pro-revolution newspaper, Al-Tahrir.

Led by a general who served for 20 years as Mubarak's defense minister, the military has been methodically seeking to discredit the revolutionaries, accusing them of illegally receiving foreign funds and being part of a plot hatched abroad to destabilize Egypt. The generals have in the meantime sought to portray themselves as key players in the 18-day revolt that toppled Mubarak's 29-year rule and hence have earned the right to rule.

In a statement posted on its Facebook page, the ruling military council on Sunday called the clashes part of a "conspiracy" against Egypt. It said its forces had the right to defend the "property of the great people of Egypt."

Seeking to depict the protesters as hooligans ? and apparently to counter the widely published images of protesters being beaten or dragged on the ground ? it also posted on the page footage of young men throwing rocks at a basement window of the parliament building and of at least one man trying to set the place ablaze.

The generals' campaign plays on Egyptians' frustration with continued instability and economic woes since Mubarak's fall. Many are now more focused on the multistage parliamentary elections that began last month and continue through March. Islamist parties have so far overwhelmingly dominated the vote, with liberals and secular parties far behind.

That trend continued with the announcement Sunday of results from the second of three rounds of voting, held last week. Out of around 160 seats up for grabs in the second round, the Muslim Brotherhood won 29 and another more conservative Islamic party, Al-Nour, won 23. Two liberal groups ? the Wafd Party and the Egyptian Bloc ? won nine and seven seats, respectively. The rest will be determined in a run-off vote to be held later this week.

The Islamists have been staying clear of the recent violence, fearing that they could jeopardize their electoral gains by taking part in the protests. Their stance has prompted many activists to accuse them of political opportunism.

The military has meanwhile been using the state media and sympathetic private TV stations to market an image of itself as the protector of the nation, filling its statements with patriotic rhetoric and grave warnings if turmoil persists.

The revolutionaries who led the protests against Mubarak accuse the military of mismanaging the transition since then, of seeking to hold on to power and of using the same autocratic ways as the ousted leader. They demand that the military hand over power to civilians immediately ? and some have begun demanding that presidential elections scheduled for the middle of next year be moved up to January to pick a civilian head of state to take the generals' place.

"The military is looking down at us and handling everything from a security perspective," said Shady el-Ghazali Harb, a prominent activist and an icon of the anti-Mubarak uprising. "It is trying to make the point that its way of handling things is what will be applied and nothing else."

The latest deadly clashes began Friday, when one of several hundred peaceful protesters staging a sit-in outside the Cabinet offices near parliament was detained and beaten by troops. The protesters began their sit-in three weeks ago to demand that the military immediately step down.

In Sunday's clashes, protesters and troops battled on two main streets off Tahrir Square, trading volleys of stones and firebombs around barriers that the military set up to block the two central avenues. The army also used water canons.

Human rights lawyer Ahmed Ragheb said the man who died Sunday, Mohammed Mohie Hussein, was among some 200 people being held in a Cairo court after being arrested at the clashes. Within an hour of his interrogation in the presence of several defense lawyers, he died, Ragheb said.

"His condition deteriorated in custody. He was already wounded when he got there," he said.

Activists have flooded social network sites and sympathetic media with photos and video from the troops' brutal assaults the past two days.

The photo of the woman protester half-stripped by soldiers ran on the front page of the Al-Tahrir newspaper, emblazoned with a headline in red, "Liars," referring to repeated denials by the military council and military-appointed Prime Minister Kamal el-Ganzouri that no force or live ammunition were used against the protesters.

The presenter of a political talk show on a private TV station sarcastically praised the soldiers for their bravery in wrestling the woman down.

"She is more of a man than 300,000 men put together, including me," said Youssef al-Hussein on ONTV.

Other widely circulating footage show an army officer firing a pistol at protesters ? though it is not clear whether he was using live ammunition ? and soldiers dragging women by the hair and ferociously beating, kicking and stomping on protesters cowering on the ground.

Still, many Egyptians complain the revolutionaries have gone too far and that, almost a year after ousting Mubarak, they should now go home and let the military run the country or wait for the next parliament to decide the country's future.

Such sentiments are not surprising given that the military has been the most powerful institution in Egypt since army officers seized power in a 1952 coup that toppled the monarchy.

Nearly 60 years later, the military continues to have the last word on policies, a position of power that has left many activists not entirely certain that the generals who succeeded Mubarak would voluntarily return to their barracks.

"The military council uses every opportunity to show itself as the land's strongest institution," said Mohammed Abbas, an activist who defected from the Muslim Brotherhood to side with youth groups more active in protests. "We are making it easier for the generals by our divisions and isolation."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2011-12-19-Egypt/id-5ac1077a10a24293bf8aca8c9657665f

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Sunday, December 18, 2011

AP-GfK Poll: More than half say Obama should lose (The Arizona Republic)

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Murphy, police chief who urged restraint, dies

FILE - This May 22, 1972 file photo shows New York City Police Commissioner Patrick V. Murphy at a news conference in New York. Murphy, who was born in Brooklyn and became a police patrolman after serving as a Navy pilot in World War II, has died of a heart attack at a hospital in Wilmington, N.C., at age 91. (AP Photo/Jim Wells, File)

FILE - This May 22, 1972 file photo shows New York City Police Commissioner Patrick V. Murphy at a news conference in New York. Murphy, who was born in Brooklyn and became a police patrolman after serving as a Navy pilot in World War II, has died of a heart attack at a hospital in Wilmington, N.C., at age 91. (AP Photo/Jim Wells, File)

(AP) ? Former New York Police Commissioner Patrick Murphy is being remembered as the embodiment of police reform after his death at age 91.

Gerard Murphy says his father died of a heart attack Friday at a hospital in Wilmington, N.C.

Murphy was chief of police in Detroit, Washington and Syracuse, N.Y., as well as the nation's largest city during the turbulent '60s and '70s.

In 1968, he ordered police to use restraint in controlling riots in Washington after the killing of Martin Luther King Jr. In New York in 1972, he instituted rules restricting the use of deadly force to situations in which police needed to defend a life.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2011-12-16-Obit-Murphy/id-23fe50d0b40247a0a269423239ac6cba

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Saturday, December 17, 2011

Man United to face Ajax in Europa League

By GRAHAM DUNBAR

updated 7:53 a.m. ET Dec. 16, 2011

NYON, Switzerland - Former European champions Manchester United and Ajax will meet in the last 32 of the Europa League.

The two were drawn to face each other Friday.

Defending champion FC Porto will take on Manchester City, while 2010 Europa League champion Atletico Madrid will face Lazio.

In other matches, it's: Stoke vs. Valencia; Udinese vs. PAOK; and Locomotiv Moscow vs. Athletic Bilbao.

The first legs will be played Feb. 16, with the return matches scheduled for Feb. 23.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Man U eyes top spot

LONDON (AP) -Manchester United could briefly forget about injury problems, Champions League elimination and its resurgent neighbor on Sunday.

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Source: http://nbcsports.msnbc.com/id/45695539/ns/sports-soccer/

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Football underdog "Rudy" sacked for stock fraud (Reuters)

(Reuters) ? Daniel Ruettiger, the legendary Notre Dame football underdog who inspired the 1993 movie "Rudy," couldn't do an end run around the U.S. Securities and Exchange Commission.

The SEC on Friday charged Ruettiger and 12 others with running a stock scam associated with Rudy Nutrition - a company Ruettiger founded to try to compete against Gatorade in the sports drink market.

The company sold modest amounts of the sports drink "Rudy" with the tagline "Dream Big! Never Quit!", but the company was primarily a pump-and-dump stock scheme that created more than $11 million in illicit profits, the SEC said.

The SEC said Rudy Nutrition, which is no longer in business, provided false and misleading statements to investors.

For example, the company said that "Rudy outsold Gatorade 2 to 1!" in a major U.S. Southwest test, and boasted that the drink outperformed Gatorade and Powerade by 2 to 1 in a blind taste test, the SEC said. Both claims were false, it said.

Ruettiger agreed to pay $382,866 to settle the case, without admitting or denying the charges.

"Investors were lured into the scheme by Mr. Ruettiger's well-known, feel-good story but found themselves in a situation that did not have a happy ending," SEC enforcement lawyer Scott Friestad said in a statement.

Ruettiger was an undersized walk-on football player for Notre Dame who in 1975 was called off the bench during his last chance to play for Notre Dame at home. In a dramatic turn for the underdog, he recorded a sack, and was carried off the field by his teammates.

An attorney for Ruettiger could not immediately be reached for comment.

The SEC said Ruettiger ran the company with a college friend out of South Bend, Indiana, until October 2007 when Rocky Brandonisio became the company's president and moved the company's operations to Las Vegas.

As the company struggled financially, Ruettiger and Brandonisio recruited Ruettiger's neighbor in Las Vegas, an experienced penny stock promoter, to orchestrate a public distribution of the company stock in late 2007, the SEC said.

The promoter, Stephen DeCesare, identified a shell corporation quoted on the Pink Sheets that Rudy could merge with in order to become a public firm.

The company hired a business consultant who was a disbarred California lawyer, Kevin Quinn, to execute the deal.

It began trading in February 2008 under the ticker symbol

RUNU.

Through false or misleading statements about the company, the team pumped up its stock price from 25 cents to $1.05 per share, the SEC said.

The agency said the scheme ended when the SEC issued a trading suspension against Rudy Nutrition on September 12, 2008, for delinquent regulatory filings.

Lawyers for Brandonisio and DeCesare did not immediately respond to a request for comment. A lawyer for Quinn had no immediate comment.

(Reporting By Aruna Viswanatha; Editing by Karey Wutkowski, Gerald E. McCormick and Richard Chang)

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/nm/20111216/us_nm/us_sec_rudy

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Friday, December 16, 2011

Wistar receives $4.7 million to develop drug against Epstein-Barr virus-related cancers

Wistar receives $4.7 million to develop drug against Epstein-Barr virus-related cancers [ Back to EurekAlert! ] Public release date: 15-Dec-2011
[ | E-mail | Share Share ]

Contact: Greg Lester
glester@wistar.org
215-898-3943
The Wistar Institute

The Wistar Institute today announced that it has signed a funding agreement with the Wellcome Trust, a United Kingdom-based charity, to support the development of a new drug to treat cancers associated with Epstein-Barr virus (EBV). The Seeding Drug Discovery Award of up to $4.7 million will support on-going translational research in the laboratory of Wistar Professor Paul M. Lieberman, Ph.D. If successful, the new therapeutic could be the first to treat EBV-related cancer by attacking the virus as it remains dormant in a patient's cells.

The project is a three-year, multi-stage effort where funding is based on the achievement of defined research milestones, outlined by Lieberman and Troy Messick, Ph.D., a staff scientist in the Lieberman laboratory and co-leader on the project.

"On behalf of The Wistar Institute, I would like to thank the Wellcome Trust for seeing the potential for this project to save countless lives across the globe," said Russel E. Kaufman, M.D., CEO and president of The Wistar Institute. "This effort reflects translational research at its finest by combining a visionary charitable foundation, a promising line of research, and a solid plan for transforming basic science into practical medicine."

Epstein-Barr Virus (EBV) is classified by the World Health Organization as a Class I carcinogen, and it is estimated to cause a small but significant portion of all human cancers. The virus may persist in the human body for decades and cause infected cells to become cancerous. It is estimated that EBV causes nearly 400,000 cases of cancer each year, including Burkitt's lymphoma, Hodgkin's lymphoma, non-Hodgkin's lymphoma, gastric carcinoma and certain oral and throat cancers.

According to Lieberman, EBNA1, a protein produced by EBV, is a prime target for therapeutic intervention. The protein acts as the master switch that regulates viral gene activity and guides the ability of EBV to remain dormant in the body.

"EBNA1 is expressed consistently in all EBV-related cancer and is essential for the virus to reproduce," said Lieberman. "Knocking out EBNA1, therefore, could likely eliminate latent Epstein-Barr virus and control the growth of EBV-associated cancer."

Lieberman heads Wistar's Center for Chemical Biology and Translational Medicine, a team of researchers whose mission is to develop promising basic research findings into new therapeutics to fight disease, particularly cancer.

To develop an anti-EBV drug, the researchers began a complex screening process to find a small molecule that could chemically bind to EBNA1 and inhibit its ability to function. They began with a library of 600,000 molecular compounds, eventually narrowing the pool down through a series of tests to a handful of leading candidate molecules that have the most potential to serve as the basis of new anti-EBV drug.

With funds from the Wellcome Trust, the Wistar researchers will further optimize their candidate small molecule inhibitors, with the aim of developing at least one chemical compound into a viable drug candidate. This drug candidate could then be used in clinical trials designed to determine its safety and effectiveness for humans.

"This is an investment in drug discovery, enabling a small team of experts to do the type of translational research typically seen in large drug companies," said Messick. "If successful with the translational research funded by the Wellcome Trust, the program will be in a position to attract a commercial partner to undertake further clinical development."

###

The Wistar Institute is an international leader in biomedical research with special expertise in cancer research and vaccine development. Founded in 1892 as the first independent nonprofit biomedical research institute in the country, Wistar has long held the prestigious Cancer Center designation from the National Cancer Institute. The Institute works actively to ensure that research advances move from the laboratory to the clinic as quickly as possible. The Wistar Institute: Today's Discoveries Tomorrow's Cures. On the Web at http://www.wistar.org

The Wellcome Trust is a global charitable foundation dedicated to achieving extraordinary improvements in human and animal health. It supports the brightest minds in biomedical research and the medical humanities. The Trust's breadth of support includes public engagement, education and the application of research to improve health. It is independent of both political and commercial interests. http://www.wellcome.ac.uk



[ Back to EurekAlert! ] [ | E-mail | Share Share ]

?


AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.


Wistar receives $4.7 million to develop drug against Epstein-Barr virus-related cancers [ Back to EurekAlert! ] Public release date: 15-Dec-2011
[ | E-mail | Share Share ]

Contact: Greg Lester
glester@wistar.org
215-898-3943
The Wistar Institute

The Wistar Institute today announced that it has signed a funding agreement with the Wellcome Trust, a United Kingdom-based charity, to support the development of a new drug to treat cancers associated with Epstein-Barr virus (EBV). The Seeding Drug Discovery Award of up to $4.7 million will support on-going translational research in the laboratory of Wistar Professor Paul M. Lieberman, Ph.D. If successful, the new therapeutic could be the first to treat EBV-related cancer by attacking the virus as it remains dormant in a patient's cells.

The project is a three-year, multi-stage effort where funding is based on the achievement of defined research milestones, outlined by Lieberman and Troy Messick, Ph.D., a staff scientist in the Lieberman laboratory and co-leader on the project.

"On behalf of The Wistar Institute, I would like to thank the Wellcome Trust for seeing the potential for this project to save countless lives across the globe," said Russel E. Kaufman, M.D., CEO and president of The Wistar Institute. "This effort reflects translational research at its finest by combining a visionary charitable foundation, a promising line of research, and a solid plan for transforming basic science into practical medicine."

Epstein-Barr Virus (EBV) is classified by the World Health Organization as a Class I carcinogen, and it is estimated to cause a small but significant portion of all human cancers. The virus may persist in the human body for decades and cause infected cells to become cancerous. It is estimated that EBV causes nearly 400,000 cases of cancer each year, including Burkitt's lymphoma, Hodgkin's lymphoma, non-Hodgkin's lymphoma, gastric carcinoma and certain oral and throat cancers.

According to Lieberman, EBNA1, a protein produced by EBV, is a prime target for therapeutic intervention. The protein acts as the master switch that regulates viral gene activity and guides the ability of EBV to remain dormant in the body.

"EBNA1 is expressed consistently in all EBV-related cancer and is essential for the virus to reproduce," said Lieberman. "Knocking out EBNA1, therefore, could likely eliminate latent Epstein-Barr virus and control the growth of EBV-associated cancer."

Lieberman heads Wistar's Center for Chemical Biology and Translational Medicine, a team of researchers whose mission is to develop promising basic research findings into new therapeutics to fight disease, particularly cancer.

To develop an anti-EBV drug, the researchers began a complex screening process to find a small molecule that could chemically bind to EBNA1 and inhibit its ability to function. They began with a library of 600,000 molecular compounds, eventually narrowing the pool down through a series of tests to a handful of leading candidate molecules that have the most potential to serve as the basis of new anti-EBV drug.

With funds from the Wellcome Trust, the Wistar researchers will further optimize their candidate small molecule inhibitors, with the aim of developing at least one chemical compound into a viable drug candidate. This drug candidate could then be used in clinical trials designed to determine its safety and effectiveness for humans.

"This is an investment in drug discovery, enabling a small team of experts to do the type of translational research typically seen in large drug companies," said Messick. "If successful with the translational research funded by the Wellcome Trust, the program will be in a position to attract a commercial partner to undertake further clinical development."

###

The Wistar Institute is an international leader in biomedical research with special expertise in cancer research and vaccine development. Founded in 1892 as the first independent nonprofit biomedical research institute in the country, Wistar has long held the prestigious Cancer Center designation from the National Cancer Institute. The Institute works actively to ensure that research advances move from the laboratory to the clinic as quickly as possible. The Wistar Institute: Today's Discoveries Tomorrow's Cures. On the Web at http://www.wistar.org

The Wellcome Trust is a global charitable foundation dedicated to achieving extraordinary improvements in human and animal health. It supports the brightest minds in biomedical research and the medical humanities. The Trust's breadth of support includes public engagement, education and the application of research to improve health. It is independent of both political and commercial interests. http://www.wellcome.ac.uk



[ Back to EurekAlert! ] [ | E-mail | Share Share ]

?


AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.


Source: http://www.eurekalert.org/pub_releases/2011-12/twi-wr121511.php

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