Wall Street Week Ahead: Political wrangling to pinch market's nerves

NEW YORK (Reuters) - Volatility is the name of this game.

With the S&P 500 above 1,400 following five days of gains, traders will be hard pressed not to cash in on the advance at the first sign of trouble during negotiations over tax hikes and spending cuts that resume next week in Washington.

President Barack Obama and U.S. congressional leaders are expected to discuss ways to reduce the budget deficit and avoid the "fiscal cliff" of automatic tax increases and spending cuts in 2013 that could tip the economy into recession.

As politicians make their case, markets could react with wild swings.

The CBOE Volatility Index <.vix>, known as the VIX, Wall Street's favorite barometer of market anxiety that usually moves in an inverse relationship with the S&P 500, is in a long-term decline with its 200-day moving average at its lowest in five years. The VIX could spike if dealings in Washington begin to stall.

"If the fiscal cliff happens, a lot of major assets will be down on a short-term basis because of the fear factor and the chaos factor," said Yu-Dee Chang, chief trader and sole principal of ACE Investments in Virginia.

"So whatever you are in, you're going to lose some money unless you go long the VIX and short the market. The 'upside risk' there is some kind of grand bargain, and then the market goes crazy."

He set the chances of the economy going over the cliff at only about 5 percent.

Many in the market agree there will be some sort of agreement that will fuel a rally, but the road there will be full of political landmines as Democrats and Republicans dig in on positions defended during the recent election.

Liberals want tax increases on the wealthiest Americans while protecting progressive advances in healthcare, while conservatives make a case for deep cuts in programs for the poor and a widening of the tax base to raise revenues without lifting tax rates.

"Both parties will raise the stakes and the pressure on the opposing side, so the market is going to feel much more concerned," said Tim Leach, chief investment officer of U.S. Bank Wealth Management in San Francisco.

"The administration feels really confident at this point, or a little more than the Republican side of Congress may feel," he said. "But it's still a balanced-power Congress so neither side can feel that they can act with impunity."

THE MIDDLE EAST AND EUROPE

Tension in the Middle East and unresolved talks in Europe over aid for Greece could add to the uncertainty and volatility on Wall Street could surge, analysts say.

An Egypt-brokered ceasefire between Israel and Hamas came into force late on Wednesday after a week of conflict, but it was broken with the shooting of a Palestinian man by Israeli soldiers, according to Palestine's foreign minister.

Buoyed by accolades from around the world for mediating the truce, Egyptian President Mohamed Mursi assumed sweeping powers, angering his opponents and prompting violent clashes in central Cairo and other cities on Friday.

"Those kinds of potential large-scale conflicts can certainly overwhelm some of the fundamental data here at home," said U.S. Bank's Leach.

"We are trying to keep in mind the idea that there are a lot of factors that are probably going to contribute to higher volatility."

On a brighter note for markets, Greece's finance minister said the International Monetary Fund has relaxed its debt-cutting target for Greece and a gap of only $13 billion remains to be filled for a vital aid installment to be paid.

Still, a deal has not been struck, and Greece is increasingly frustrated at its lenders, still squabbling over a deal to unlock fresh aid even though Athens has pushed through unpopular austerity cuts.

HOUSING DATA COULD CONFIRM RECOVERY

Next week is heavy on economic data, especially on the housing front. Some of the numbers have been affected by Superstorm Sandy, which hit the U.S. East Coast more than three weeks ago, killing more than 100 people in the United States alone and leaving billions of dollars in damages.

The housing data, though, could continue to confirm a rebound in the sector that is seen as a necessary step to unlock spending and lower the stubbornly high unemployment rate.

Tuesday's S&P/Case-Shiller home price index for September is expected to show the eighth straight month of increases, extending the longest continuous string of gains since prices were boosted by a homebuyer tax credit in 2009 and 2010.

New home sales for October, due on Wednesday, and October pending home sales data, due on Thursday, are also expected to show a stronger housing market.

Other data highlights next week include durable goods orders for October and consumer confidence for November on Tuesday and the Chicago Purchasing Managers Index on Friday.

At Friday's close, the S&P 500 wrapped up its second-best week of the year with a 3.6 percent gain. Encouraging economic data next week could confirm that regardless of the ups and downs that the fiscal cliff could bring, the market's fundamentals are solid.

Jeff Morris, head of U.S. equities at Standard Life Investments in Boston, said that "it's kind of noise here" in terms of whether the market has spent "a few days up or down. It has made some solid gains over the course of the year as the housing recovery has come into view, and that's what's underpinning the market at these levels.

"I would caution against reading too much into the next few days."

(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: rodrigo.campos(at)thomsonreuters.com)

(Reporting by Rodrigo Campos; Editing by Tim Dobbyn and Jan Paschal)

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White House Presses for Drone Rule Book

WASHINGTON — Facing the possibility that President Obama might not win a second term, his administration accelerated work in the weeks before the election to develop explicit rules for the targeted killing of terrorists by unmanned drones, so that a new president would inherit clear standards and procedures, according to two administration officials.

The matter may have lost some urgency after Nov. 6. But with more than 300 drone strikes and some 2,500 people killed by the Central Intelligence Agency and the military since Mr. Obama first took office, the administration is still pushing to make the rules formal and resolve internal uncertainty and disagreement about exactly when lethal action is justified.

Mr. Obama and his advisers are still debating whether remote-control killing should be a measure of last resort against imminent threats to the United States, or a more flexible tool, available to help allied governments attack their enemies or to prevent militants from controlling territory.

Though publicly the administration presents a united front on the use of drones, behind the scenes there is longstanding tension. The Defense Department and the C.I.A. continue to press for greater latitude to carry out strikes; Justice Department and State Department officials, and the president’s counterterrorism adviser, John O. Brennan, have argued for restraint, officials involved in the discussions say.

More broadly, the administration’s legal reasoning has not persuaded many other countries that the strikes are acceptable under international law. For years before the Sept. 11, 2001, attacks, the United States routinely condemned targeted killings of suspected terrorists by Israel, and most countries still object to such measures.

But since the first targeted killing by the United States in 2002, two administrations have taken the position that the United States is at war with Al Qaeda and its allies and can legally defend itself by striking its enemies wherever they are found.

Partly because United Nations officials know that the United States is setting a legal and ethical precedent for other countries developing armed drones, the U.N. plans to open a unit in Geneva early next year to investigate American drone strikes.

The attempt to write a formal rule book for targeted killing began last summer after news reports on the drone program, started under President George W. Bush and expanded by Mr. Obama, revealed some details of the president’s role in the shifting procedures for compiling “kill lists” and approving strikes. Though national security officials insist that the process is meticulous and lawful, the president and top aides believe it should be institutionalized, a course of action that seemed particularly urgent when it appeared that Mitt Romney might win the presidency.

“There was concern that the levers might no longer be in our hands,” said one official, speaking on condition of anonymity. With a continuing debate about the proper limits of drone strikes, Mr. Obama did not want to leave an “amorphous” program to his successor, the official said. The effort, which would have been rushed to completion by January had Mr. Romney won, will now be finished at a more leisurely pace, the official said.

Mr. Obama himself, in little-noticed remarks, has acknowledged that the legal governance of drone strikes is still a work in progress.

“One of the things we’ve got to do is put a legal architecture in place, and we need Congressional help in order to do that, to make sure that not only am I reined in but any president’s reined in terms of some of the decisions that we’re making,” Mr. Obama told Jon Stewart in an appearance on “The Daily Show” on Oct. 18.

In an interview with Mark Bowden for a new book on the killing of Osama bin Laden, “The Finish,” Mr. Obama said that “creating a legal structure, processes, with oversight checks on how we use unmanned weapons, is going to be a challenge for me and my successors for some time to come.”

The president expressed wariness of the powerful temptation drones pose to policy makers. “There’s a remoteness to it that makes it tempting to think that somehow we can, without any mess on our hands, solve vexing security problems,” he said.

Despite public remarks by Mr. Obama and his aides on the legal basis for targeted killing, the program remains officially classified. In court, fighting lawsuits filed by the American Civil Liberties Union and The New York Times seeking secret legal opinions on targeted killings, the government has refused even to acknowledge the existence of the drone program in Pakistan.

But by many accounts, there has been a significant shift in the nature of the targets. In the early years, most strikes were aimed at ranking leaders of Al Qaeda thought to be plotting to attack the United States. That is the purpose Mr. Obama has emphasized, saying in a CNN interview in September that drones were used to prevent “an operational plot against the United States” and counter “terrorist networks that target the United States.”

But for at least two years in Pakistan, partly because of the C.I.A.’s success in decimating Al Qaeda’s top ranks, most strikes have been directed at militants whose main battle is with the Pakistani authorities or who fight with the Taliban against American troops in Afghanistan.

In Yemen, some strikes apparently launched by the United States killed militants who were preparing to attack Yemeni military forces. Some of those killed were wearing suicide vests, according to Yemeni news reports.

“Unless they were about to get on a flight to New York to conduct an attack, they were not an imminent threat to the United States,” said Micah Zenko, a fellow at the Council on Foreign Relations who is a critic of the strikes. “We don’t say that we’re the counterinsurgency air force of Pakistan, Yemen and Somalia, but we are.”

Then there is the matter of strikes against people whose identities are unknown. In an online video chat in January, Mr. Obama spoke of the strikes in Pakistan as “a targeted, focused effort at people who are on a list of active terrorists.” But for several years, first in Pakistan and later in Yemen, in addition to “personality strikes” against named terrorists, the C.I.A. and the military have carried out “signature strikes” against groups of suspected, unknown militants.

Originally that term was used to suggest the specific “signature” of a known high-level terrorist, such as his vehicle parked at a meeting place. But the word evolved to mean the “signature” of militants in general — for instance, young men toting arms in an area controlled by extremist groups. Such strikes have prompted the greatest conflict inside the Obama administration, with some officials questioning whether killing unidentified fighters is legally justified or worth the local backlash.

Many people inside and outside the government have argued for far greater candor about all of the strikes, saying excessive secrecy has prevented public debate in Congress or a full explanation of their rationale. Experts say the strikes are deeply unpopular both in Pakistan and Yemen, in part because of allegations of large numbers of civilian casualties, which American officials say are exaggerated.

Gregory D. Johnsen, author of “The Last Refuge: Yemen, Al Qaeda and America’s War in Arabia,” argues that the strike strategy is backfiring in Yemen. “In Yemen, Al Qaeda is actually expanding,” Mr. Johnsen said in a recent talk at the Brookings Institution, in part because of the backlash against the strikes.

Shuja Nawaz, a Pakistan-born analyst now at the Atlantic Council in Washington, said the United States should start making public a detailed account of the results of each strike, including any collateral deaths, in part to counter propaganda from jihadist groups. “This is a grand opportunity for the Obama administration to take the drones out of the shadows and to be open about their objectives,” he said.

But the administration appears to be a long way from embracing such openness. The draft rule book for drone strikes that has been passed among agencies over the last several months is so highly classified, officials said, that it is hand-carried from office to office rather than sent by e-mail.

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15 Cheesy Christmas Music Videos on YouTube

1. “Last Christmas” – Wham!

What would a cheesy Christmas music video roundup be without George Michael — and his mullet, covered by a furry, snow-covered hood? If you like this video, just wait until you see the a cappella Norwegian version.

Click here to view this gallery.

[More from Mashable: 10 Adorable Animals Feeding Other Animals [VIDEOS]]

Now that the turkey has been picked apart and you’ve survived another Black Friday, it is now officially acceptable to listen to Christmas music. If you’ve been secretly listening to “Rudolph the Red-Nosed Reindeer” since early November, crank it up!

One of the best — or worst, depending on your perspective — parts about the holidays is how we embrace corniness. The lyrics are cheesy, the wardrobe is tacky and some traditions are silly.

[More from Mashable: Rebecca Black Shows Off Hidden Talent in New Music Video]

To kick off the season, here are the 15 cheesiest holiday music videos we could find on YouTube. Which is your favorite? Share your pick in the comments below.

Image courtesy of Flickr, ronnie44052

This story originally published on Mashable here.

Tech News Headlines – Yahoo! News

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AP PHOTOS: Simple surgery heals blind Indonesians

PADANG SIDEMPUAN, Indonesia (AP) — They came from the remotest parts of Indonesia, taking crowded overnight ferries and riding for hours in cars or buses — all in the hope that a simple, and free, surgical procedure would restore their eyesight.

Many patients were elderly and needed help to reach two hospitals in Sumatra where mass eye camps were held earlier this month by Nepalese surgeon Dr. Sanduk Ruit. During eight days, more than 1,400 cataracts were removed.

The patients camped out, sleeping side-by-side on military cots, eating donated food while fire trucks supplied water for showers and toilets. Many who had given up hope of seeing again left smiling after their bandages were removed.

"I've been blind for three years, and it's really bad," said Arlita Tobing, 65, whose sight was restored after the surgery. "I worked on someone's farm, but I couldn't work anymore."

Indonesia has one of the highest rates of blindness in the world, making it a target country for Ruit who travels throughout the developing world holding free mass eye camps while training doctors to perform the simple, stitch-free procedure he pioneered. He often visits hard-to-reach remote areas where health care is scarce and patients are poor. He believes that by teaching doctors how to perform his method of cataract removal, the rate of blindness can be reduced worldwide.

Cataracts are the leading cause of blindness globally, affecting about 20 million people who mostly live in poor countries, according to the World Health Organization.

"We get only one life, and that life is very short. I am blessed by God to have this opportunity," said Ruit, who runs the Tilganga Eye Center in Katmandu, Nepal. "The most important of that is training, taking the idea to other people."

During the recent camps, Ruit trained six doctors from Indonesia, Thailand and Singapore.

Here, in images, are scenes from the mobile eye camps:

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Shoppers welcome early start to "Black Friday"

NEW YORK/BLOOMINGTON, Minnesota (Reuters) - Retailers declared their experiment with earlier store openings to kick off the holiday shopping season a success on Friday, with those new hours expected to be a Thanksgiving night staple for more retailers next year.

Stores such as Target Corp opened hours before midnight on Thursday to try to capture a bigger piece of the retail pie. The move seemed to bring out a different type of shopper than the usual one who grabs the "Black Friday" deals, analysts said.

That meant by Friday morning, some shoppers, like Christian Alcantara, 18, at a J.C. Penney Co Inc store in Queens, New York, had already made a lot of their purchases. J.C. Penney stuck to a more traditional 6 a.m. EST (1100 GMT) Friday opening.

"They should open earlier. I've been everywhere else and I've already shopped," he said.

Shoppers like Alcantara are likely to force holdouts like J.C. Penney to move their post-Thanksgiving sales into Thursday night next year, said Liz Ebert, retail lead at consulting firm KPMG LLP.

"There will be pressure on them. There'll be an expansion of it next year," Ebert said.

Hard data on "Black Friday" store traffic will not come in until this weekend. But analysts said retailers who opened early brought in a non-traditional Black Friday shopper, with more families coming in together and buying more than just the "doorbuster" sale items.

"I've never seen parents bring so many kids on Black Friday," Toys R Us Chief Executive Jerry Storch said.

The National Retail Federation expects sales during November and December to rise 4.1 percent this year, below last year's 5.6 percent increase. That made store operators' strategy important as they battled each other, rather than seeing a growing pie in a season when U.S. retailers can make a third of their annual sales and 40 to 50 percent of their profits.

"Retailers want them to buy now, they want to get that share of wallet early," said Michael Appel, a director at consulting firm AlixPartners. He noticed that the Galleria Mall in White Plains, New York, was busy from midnight to 3 a.m., but that traffic, while still brisk, was less heavy by midmorning.

Shoppers used smartphones and tablets and a lot of research as they hit stores, a mobile phenomenon that started last year and seemed to be more prevalent this year.

Thom Blischok, chief retail strategist and a senior executive adviser with Booz & Company's Retail practice, was waiting on line with one woman in Phoenix, who was shopping for a refrigerator. Using her mobile device, she found the appliance online for the same price and left the store without. She intended to buy it online instead.

"There's a fundamental transformation of shopping," he said.

Mobile devices account for 45 percent walmart.com traffic and online traffic coming from Walmart's mobile app was three times bigger than last year, Joel Anderson, chief executive of Walmart.com, said.

Overall, online sales were up 20 percent versus the same period last year, through 3 p.m. EST (2000 GMT) on Friday, IBM said.

The National Retail Federation said 147 million people would shop Friday through Sunday, when deals are at their most eye-catching - down from 152 million the same weekend last year.

The NRF estimate did not account for Thursday shoppers and anecdotal evidence suggested retailers opening earlier may have cut into traffic on "Black Friday", the traditional start of the holiday season that denotes the point when retailers in the past would turn a profit for the year.

"People seemed to be shopping quite a bit, although in talking to mall management, it seemed that traffic was not as busy as last year," Deloitte retail analyst Ramesh Swamy said.

Retailers were also using technology better, allowing sales staff to match prices customers found online and having them use tablets as mobile "checkout stands" so buyers did not have to wait in line, a service consumers were quickly coming to expect.

"I even heard customers complaining about a retailer that didn't have mobile checkout," he said.

SAVING UP FOR CHRISTMAS SPREE

According to a Reuters/Ipsos poll, two-thirds of shoppers were planning to spend the same amount of money as last year or were unsure about plans, while 21 percent intended to spend less, and 11 percent planned to spend more.

"I definitely have more money this year," said Amy Balser, 26, at the head of the line outside the Best Buy store in the Mall of America in Bloomington, Minnesota. "I definitely don't think (the economy) has bounced back anywhere near as much as it needs to, but I see some improvement," she said.

For others, Christmas is the focal point of their annual shopping.

"We cut back spending on birthdays and anniversaries so we'd have more for Christmas. We've adapted," said Cheri Albus, 58, of Papillion, Nebraska, after shopping at J.C. Penney at Westroads Mall in Omaha.

Retail stocks rose in holiday-shortened trading on Friday, in line with gains across the market. Among the leaders, Wal-Mart ended up 1.9 percent and Macy's Inc rose 1.8 percent.

STARTING EARLY

Across the country, store lines were long - in the hundreds or more in many places - with the move toward earlier opening hours appearing to help. By sunrise on Friday, it was commonplace, even at large stores in the major cities, to find many more staffers than shoppers.

While the shift to earlier openings was criticized by store employees and traditionalists because it pulled people away from families on the U.S. Thanksgiving holiday, many shoppers welcomed the chance to shop before midnight or in the early morning hours.

Some workers used the day to send a message.

OUR Walmart - a coalition of current and former Wal-Mart staff seeking better wages, benefits and working conditions - targeted Black Friday for action across the country after staging protests outside stores for months.

Nine protesters were arrested on misdemeanor charges after blocking a street outside a Walmart near Los Angeles, police said. Three of those arrested were Walmart workers, OUR Walmart said.

Wal-Mart Stores Inc's U.S. discount stores, which have been open on Thanksgiving since 1988, offered some Black Friday deals at 8 p.m. on Thursday and special deals on certain electronics, such as Apple Inc iPads, at 10 p.m.

At the Macy's store in Herald Square in Manhattan, the line at the Estee Lauder counter was four deep shortly after its midnight opening. The cosmetics department's "morning specials" included free high-definition headphones with any fragrance purchase of $75 or more, and a set of six eye shadows for $10.

But for some people, cheap wasn't cheap enough - like the Macy's shopper who bought Calvin Klein shoes at 50 percent off but was still not satisfied.

"I was hoping for deeper discounts," said Melissa Glascow, 35, of Brooklyn, New York.

That could actually be an intentional strategy to help retailers' profits.

"It appears that manufacturers and retailers are making concerted efforts to drive margins, which may take some of the sales sizzle out of a traditionally big selling day/period, but should be positive to gross margins," Credit Suisse analyst Gary Balter said in a note to clients.

Lines at Best Buy stores were similar to last year but the traffic to its website was "significantly" higher, Shawn Score, head of the company's U.S. retail business, told Reuters.

(Additional reporting by Martinne Geller and Jochelle Mendonca in New York, Jessica Wohl and Nivedita Bhattacharjee in Chicago, Brad Dorfman in Milwaukee, Paul Ingram in Tucson, Arizona, Jason McLure in Littleton, New Hampshire, and Barbara Liston in Orlando, Florida; Writing by Brad Dorfman and Ben Berkowitz; Editing by Nick Macfie, David Holmes, Jeffrey Benkoe, Dale Hudson and Leslie Gevirtz)

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World Briefing | The Americas: Geidar Aliyev Statue Loses Fight in Mexico City

A commission of experts said Mexico City’s government should remove a life-size statue of Azerbaijan’s former president that was recently erected along the city’s main boulevard. The bronze, Stalinesque statue of Geidar Aliyev was erected by the Azerbaijan Embassy, which paid for the renovation of part of the city park where it sits. Protesters have said they are offended by a monument to an authoritarian figure like Mr. Aliyev, who led Azerbaijan first as Communist Party boss during Soviet times and then as president from 1993 to his death in 2003. Azerbaijan officials have said that removal of the statue could affect diplomatic relations with Mexico. The committee had been named by city officials to seek a solution.

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Research In Motion shares climb

TORONTO (AP) — Shares of Research in Motion Ltd. Jumped nearly 14 percent Friday as investors seemingly grew more optimistic about a February launch of the Canadian company’s much-delayed BlackBerry 10 smartphones.

RIM will release the latest version of its smartphone “not too long” after a Jan. 30 launch event, Kristian Tear, the company’s chief operating officer, has said.

The new phones are seen as critical to RIM’s survival as the smartphone pioneer struggles in North America to hold on to customers who are abandoning BlackBerrys for flashier iPhones and Android phones.

The Waterloo, Ontario, company seems to be preparing for a February global launch, a month earlier than many analysts were expecting, according to an analyst with National Bank Financial, a Canadian bank. Kris Thompson raised his shipments forecast for RIM for fiscal 2014 in a research note from Wednesday.

Thompson also increased his price target for the BlackBerry maker to $ 15 from $ 12.

RIM shares on the Nasdaq closed up $ 1.41, or nearly 14 percent, to $ 11.67 Friday in an abbreviated trading session on Wall Street.

The spike in the BlackBerry maker’s shares came after a week of steady gains amid more positive sentiment.

On Wednesday, shares in Research In Motion gained almost 5 percent on the Toronto Stock Exchange even though it was reported that the U.S. National Transportation Safety Board had dropped the BlackBerry maker in favor of Apple’s iPhone 5.

Thompson, the National Bank Financial analyst, was bolstered by RIM’s new management team, which he said is maintaining the BlackBerry smartphone subscriber base, managing costs and cash, and seemingly readying a February 2013 BB10 global product release, a month earlier than expected.

He said certification of the new BlackBerrys by wireless carriers is the key risk to his prediction and estimate of BlackBerry shipments. Carrier certification, which tests the new devices, can take time.

The new BlackBerry 10 system is designed for the touch screen, Internet browsing and apps experience that customers now expect. RIM’s current software is still focused on email and messaging and is less user-friendly, agile and robust than iPhone or Android.

Earlier this week, a prominent tech analyst gave RIM’s new operating system a small but improved chance of success. Analyst Peter Misek of New York-based Jefferies & Company said he’s still giving the BlackBerry 10 operating system only a 20 to 30 percent probability of success.

RIM was once Canada‘s most valuable company with a market value of more than $ 80 billion in 2008, but the stock has plummeted since, from over $ 140 per share. Its decline evokes memories of Nortel, another former Canadian tech giant, which declared bankruptcy in 2009.

Wireless News Headlines – Yahoo! News

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What Made Jessica Biel Want to Steal a Girdle?

Stylewatch
Style News Now

11/21/2012 at 11:00 AM ET

Suzanne Tenner

Her wedding gown was dreamy, pink and modern, but while filming Hitchcock, Jessica Biel found herself taken with her character’s muted — and binding — mid-century costumes.

“I would have stolen that girdle, and pretty much everything that I could have,” the actress joked to PEOPLE at the film’s Los Angeles premiere on Tuesday. “But I literally think that they would have hunted me down.”

In fact, while many actors are free to keep a memento from the project that they have worked on, Biel quickly got the sense that playing Vera Miles would be a labor of love steeped in authenticity — without the benefit of a fashion souvenir.

“Those costumes came from an amazing old costume house, and I really don’t know how many women wore the same costumes [on prior films],” Biel explained. “They have so much history, and they were not allowed to be taken away, so I didn’t actually take anything.”

That’s not to say that the stunning newlywed walked away completely empty-handed; Biel admitted that the experience, while sometimes uncomfortable, altered the way in which she views both fashion and femininity.

“I think every time that I step back into that period and really explore those beautiful, feminine shapes, especially where it’s all about the waist, I try to take that and bring that into my personal fashion and life,” she shared. “I try to do a little bit more of the feminine thing.” Tell us: Do you plan to see Hitchcock?

–Reagan Alexander

PHOTOS: SEE STARS ON SET IN ‘LIGHTS! CAMERA! FASHION!’

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AP PHOTOS: Simple surgery heals blind Indonesians

PADANG SIDEMPUAN, Indonesia (AP) — They came from the remotest parts of Indonesia, taking crowded overnight ferries and riding for hours in cars or buses — all in the hope that a simple, and free, surgical procedure would restore their eyesight.

Many patients were elderly and needed help to reach two hospitals in Sumatra where mass eye camps were held earlier this month by Nepalese surgeon Dr. Sanduk Ruit. During eight days, more than 1,400 cataracts were removed.

The patients camped out, sleeping side-by-side on military cots, eating donated food while fire trucks supplied water for showers and toilets. Many who had given up hope of seeing again left smiling after their bandages were removed.

"I've been blind for three years, and it's really bad," said Arlita Tobing, 65, whose sight was restored after the surgery. "I worked on someone's farm, but I couldn't work anymore."

Indonesia has one of the highest rates of blindness in the world, making it a target country for Ruit who travels throughout the developing world holding free mass eye camps while training doctors to perform the simple, stitch-free procedure he pioneered. He often visits hard-to-reach remote areas where health care is scarce and patients are poor. He believes that by teaching doctors how to perform his method of cataract removal, the rate of blindness can be reduced worldwide.

Cataracts are the leading cause of blindness globally, affecting about 20 million people who mostly live in poor countries, according to the World Health Organization.

"We get only one life, and that life is very short. I am blessed by God to have this opportunity," said Ruit, who runs the Tilganga Eye Center in Katmandu, Nepal. "The most important of that is training, taking the idea to other people."

During the recent camps, Ruit trained six doctors from Indonesia, Thailand and Singapore.

Here, in images, are scenes from the mobile eye camps:

Read More..

Asia shares set for best week in 2 months as outlook improves

SINGAPORE (Reuters) - Asian shares ambled higher on Friday and were on course for a weekly gain of more than 2 percent, their best in two months, after manufacturing surveys from China and the United States raised hopes that the global growth outlook is improving at last.

The euro was also enjoying a positive week, despite data on Thursday pointing to the euro zone sliding into its deepest recession since 2009, with the currency standing up more than 1 percent on last Friday's close on optimism that a funding deal for debt-choked Greece will ultimately be agreed.

Activity was subdued across financial markets on Friday, with a public holiday in Japan and U.S. trading curtailed by the long Thanksgiving weekend.

MSCI's broadest index of Asia Pacific shares outside Japan <.miapj0000pus> rose 0.4 percent, with shares in South Korea <.ks11> and Hong Kong <.hsi> both posting modest gains while Australian stocks <.axjo> slipped 0.1 percent. <.ks><.ax><.hk/>

"I suspect profit-taking will probably be a dominant factor at play in the market today," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

The MSCI index was up around 2.3 percent on the week, its best weekly performance since mid-September.

Confidence in the global economic outlook got its biggest boost from Thursday's HSBC flash manufacturing Purchasing Managers Index (PMI) for China, which showed expansion in the factory sector accelerating for the first time in 13 months, broadly lifting riskier assets such as stocks and commodities.

The Chinese data followed a report on Wednesday showing U.S. manufacturing grew in November at its quickest pace in five months, indicating strong economic growth in the fourth quarter.

PMI data on the manufacturing and services sectors in Europe's two biggest economies, Germany and France, added to the better tone, revealing that conditions had not worsened in November, though both economies were still contracting.

However, the PMI numbers for the wider euro zone remained extremely weak, pointing to its recession-hit economy shrinking by about 0.5 percent in the current quarter - its sharpest contraction since the first quarter of 2009.

GREEK RISKS

The euro was steady against the dollar around $1.2884, within sight of Thursday's three-week high of $1.2899.

The single currency was boosted by expectations that international lenders will soon reach a deal to release the next tranche of aid for Greece, although some market players remained cautious about the risks still posed by Europe's debt crisis.

"Greek exit (from the euro zone) is very unlikely this weekend, but I don't want to go into this weekend holding any risky positions," said RBS strategist Greg Gibbs in a note.

"In fact, while much ink has been spilled on the U.S. fiscal cliff, the bigger risk is still cracks appearing again in Europe."

The euro dipped 0.1 percent versus the yen to 106.11 yen, backing away from a six-and-a-half-month high of 106.585 yen set on Thursday.

The dollar eased 0.1 percent versus the yen to 82.39 yen, pulling away from Thursday's high of 82.84 yen, the dollar's strongest level since early April.

The dollar has climbed roughly 3.6 percent against the yen in the last two weeks, with the yen weakened by market expectations that the likely next Japanese government would push the Bank of Japan to implement more drastic monetary stimulus.

Commodity markets were quiet, with oil and copper easing a little but staying on course to end the week higher than they started.

Gold was flat around $1,730 an ounce.

(Editing by Eric Meijer)

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