Fed's Rosengren: Euro governments have "long way to go" (Reuters)

BOSTON (Reuters) ? European governments have "a long way to go" in improving their fiscal positions and solving a spreading sovereign debt crisis, said Boston Federal Reserve Bank President Eric Rosengren.

The euro zone's spreading sovereign debt crisis has spooked investors and rocked a world economy that is still recovering from the private-sector debt crisis of 2008 and 2009.

"They need to get their fiscal house more in order and there already are movements towards having more fiscal discipline among all the various countries in Europe," Rosengren told the Massachusetts Investor Conference on Friday. "There's progress in that direction but they have a long way to go yet."

European financial regulators also need to "aggressively address the fact that many of their large banks are undercapitalized," Rosengren said, adding that is a particular concern for the continent given that many of its largest banks represent a much greater share of their home nations' gross domestic product than is the case in the United States.

"Many of their banks are still paying dividends," Rosengren said. "If it were up to me, I wouldn't be paying dividends on large banks that are having financial difficulties."

European finance regulators should consider putting their banks through stress tests, similar to the exercise U.S. regulators ran during the last financial crisis, in which banks had to demonstrate how they would perform in theoretical downturns of varying severity.

Europe's crisis has already rocked Franco-German bank Dexia, which is on financial life support while it waits for Belgium, France and Luxembourg to finalize details of a guarantee package promised in October.

Volatile bank-stock prices show that investors are still worried about how well the finance sector will weather Europe's turmoil, Rosengren said. The KBW Bank Index of U.S. banks, for instance, is down some 30 percent from its year high, hit in February, and the STOXX euro zone bank index has soared 17 percent since hitting a near three-year low last Friday.

"Given the movement in the stock prices we have to be very concerned about the financial sector, primarily in Europe but also to some degree in the United States," Rosengren said.

CENBANKS INTERVENTION 'SUCCESSFUL'

The Federal Reserve and European Central Bank, along with their counterparts in Canada, Britain, Japan and Switzerland on Wednesday said they would lower the cost of dollar-swap lines starting next week. The move, aimed at keeping credit markets from seizing up due to fears related to the European sovereign debt crisis, triggered a sharp rally in world stocks.

"That operation, I would think, has been quite successful in changing people's perception about the pressures that were going to be occurring in the euro-dollar market," Rosengren said.

Rosengren, one of the Fed's most dovish members, will next be a voter on the policy-setting Federal Open Market Committee in 2013.

(Reporting by Scott Malone in Boston, Editing by Chizu Nomiyama)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20111202/bs_nm/us_usa_fed_rosengren

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A global cooling to the U.S. position on climate change

Reporting from Washington?

?

When an energized U.S. delegation arrived in Copenhagen for world climate talks two years ago, environmentalists were encouraged by its willingness to tackle global warming.

In the months before Copenhagen, the House of Representatives had passed climate change legislation, and the new Obama administration had crafted an agreement with the auto industry to cut greenhouse gas emissions, the main contributor to global warming.

But now, halfway through a two-week round of climate talks in Durban, South Africa, that excitement has disappeared. Weakened by reversals in Congress and the ailing economy as a presidential election looms, the U.S. delegation has staked out a position that has confused and frustrated environmentalists and other nations.

Doubts have arisen about Washington's willingness to cut emissions more substantially and its commitment to follow through on helping developing countries already battling climate change, people at the talks said.

The U.S. has shown up "empty-handed, with questions about whether it will be able to meet the emissions-reduction pledge President Obama put forward before Copenhagen," said Alden Meyer, director of strategy and policy at the Union of Concerned Scientists.

"The question now is whether the U.S. will facilitate progress or block it," said David Waskow, climate change program director at Oxfam America.

The administration and some allies have pushed back against the mounting criticism, pointing to new rules the U.S. adopted to cut auto emissions and progress at last year's climate talks in Cancun, Mexico, to aid developing countries.

"The United States is committed to meeting the climate challenge," said Todd Stern, U.S. special envoy for climate change. "Thanks in significant part to U.S. leadership, the Cancun agreements reached last year included commitments for the first time from all major economies, developed and developing alike, and principles for a system of transparency so that all countries can see whether others are meeting their commitments. There is, of course, much more to be done, but we have made an important start."

As representatives from the nations of the world began meeting last week in Durban at the 17th United Nations Climate Change Conference, they were confronted with increasingly dire news.

Global temperatures in the last decade were the hottest ever recorded, and greenhouse gas emissions are at their highest levels, according to a report by the World Meteorological Organization. Without more aggressive efforts to reduce emissions, the world will miss the chance to keep the global average temperature from rising to more dangerous levels, the International Energy Agency recently said.

Many countries and environmentalists contend that the incremental, voluntary efforts championed by the U.S., China and other big emitters of greenhouse gases have proved inadequate in slowing climate change.

On Wednesday, the chief executives of 16 major environmental groups sent U.S. Secretary of State Hillary Rodham Clinton a blunt letter asking that the United States abandon its negotiating positions.

"America risks being viewed not as a global leader on climate change but as a major obstacle to progress," said the letter, whose signatories include the Sierra Club, Defenders of Wildlife and the Environmental Defense Fund. "U.S. positions on two major issues ? the mandate for future negotiations and climate finance ? threaten to impede in Durban the global cooperation so desperately needed to address the threat of climate change."

Environmentalists and developing nations are pushing to begin talks that would eventually lead to the ratification of a legally binding worldwide agreement.

The only such agreement so far, the Kyoto Protocol, which was adopted in 1997 and went into effect in 2005, will expire at the end of next year. The protocol's participants committed to reducing greenhouse gas emissions to 5.2% below 1990 levels. The U.S. did not ratify the accord. The European Union did. EU members and many other nations would like to see the protocol extended as countries work to establish another agreement that would go past 2020.

The U.S. has a history of playing hardball at climate talks. But this time, participants are dismayed that the Obama administration insists on preconditions to negotiations for a legally binding agreement that major emitters such as China and India are unlikely to accept. For instance, Washington seeks unconditional commitments from developing countries to reduce emissions to certain levels, when it remains unclear whether they will get the financial or technological support to do so.

"I think the Americans are nervous that the Republicans are watching what they say and do," Meyer said from Durban. "They are being very careful so that their position can't be distorted and used against the president on this issue. That's perhaps why they're being more hard line."

Under a nonbinding accord reached in Copenhagen, participants agreed to cut emissions based on voluntary targets in order to keep the global average temperature from rising 2 degrees Celsius (3.6 degrees Fahrenheit) by 2020. That temperature has risen almost 1 degree Celsius so far.

Some environmental analysts are more sympathetic to the Obama administration's position.

"This obsession with a legally binding treaty is an obstacle for countries achieving targets they have committed to," said Paul Bledsoe, a former spokesman for the White House Climate Change Task Force under President Clinton. "What we need is national will to reach stated goals."

neela.banerjee@latimes.com

Source: http://feeds.latimes.com/~r/latimes/news/science/~3/h1TgCSdV9lg/la-fg-climate-change-20111204,0,384046.story

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Crystal Palace knocks out Man U

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updated 7:46 p.m. ET Nov. 30, 2011

MANCHESTER, England - Manchester United was knocked out of the League Cup quarterfinals by Crystal Palace, with Glenn Murray scoring in the eighth minute of overtime to give the second-tier club a 2-1 victory Wednesday night and its first win at Old Trafford since 1989.

Former Premier League midfielder Darren Ambrose put Palace ahead in the 65th minute when he scored on a 35-yard free kick. United, fielding a mostly second-string lineup, tied the score four minutes later on Federico Macheda's penalty kick.

Glenn Murray then headed Ambrose's free kick past goalkeeper Ben Amos to earn Palace a semifinal matchup against fellow League Championship club Cardiff.

Liverpool and Manchester City will meet in the other semifinal.

Crystal Palace had 10 losses and three draws against United since a 3-0 home league win in May 1991. Palace had been winless at Old Trafford since December 1989, losing eight and drawing two.

"We've had a quiet period in the season but we came here in confident mood and the spirit is fantastic," Ambrose said. "We've got a great team spirit, it's a lot different from last year: we can beat anyone, and we showed that tonight.

___

PAOK Thessaloniki scored twice in the first 13 minutes against Tottenham before defending with 10 men for almost two-thirds of the match to win 2-1 and clinch a place in the next round of the Europa League.

Dimitris Salpingidis and Stefanos Athanasiadis scored before Konstantinos Stafylidis was ejected for handball. Luka Modric converted the resulting penalty kick, but the defeat left Spurs facing elimination.

Five other clubs also progressed to the knockout rounds ahead of their final group games.

Atletico Madrid, the 2010 champion, advanced with a 1-0 win at Glasgow Celtic. Metalist Kharkiv clinched the point it needed with a 0-0 tie against Austria Vienna, Braga beat Birmingham 1-0 and Standard Liege and Hannover also qualified for the second round.

PAOK has 11 points from five Group A matches, one more than second-place Rubin Kazan. With Tottenham three points farther back, Spurs need a big win at Shamrock Rovers on Dec. 15 and for PAOK to beat Rubin.

Atletico winger Arda Turan scored with a powerful shot after half an hour in Glasgow to end Celtic's 10-game unbeaten streak and ensure progress from Group I. Udinese is in second place after a 0-0 draw at Rennes ? which is eliminated ? and can advance if it avoids defeat against Celtic in its final game.

Metalist won Group G despite failing to win for the first time in five matches, leaving AZ Alkmaar needing to win its game against the Ukrainian team to be sure of finishing in second place and progressing ahead of Austria Vienna.

AZ drew 0-0 at Malmo on Wednesday.

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

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Source: http://nbcsports.msnbc.com/id/45499468/ns/sports-soccer/

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It's mutual: Vikings, McNabb agree to part ways

FILE - In this Oct. 16, 2011, file photo, Minnesota Vikings quarterback Donovan McNabb reacts on the sideline after being sacked for a safety during the first half of an NFL football game against the Chicago Bears in Chicago. McNabb was not at practice for the Vikings during the portion that is open to the media on Thursday, Dec. 1, 2011, amid reports that the veteran quarterback has been waived. (AP Photo/Charles Rex Arbogast, File)

FILE - In this Oct. 16, 2011, file photo, Minnesota Vikings quarterback Donovan McNabb reacts on the sideline after being sacked for a safety during the first half of an NFL football game against the Chicago Bears in Chicago. McNabb was not at practice for the Vikings during the portion that is open to the media on Thursday, Dec. 1, 2011, amid reports that the veteran quarterback has been waived. (AP Photo/Charles Rex Arbogast, File)

FILE - In this Oct. 16, 2011, file photo, Minnesota Vikings quarterback Donovan McNabb walks off the field after an NFL football game against the Chicago Bears in Chicago. McNabb was not at practice for the Vikings during the portion that is open to the media on Thursday, Dec. 1, 2011, amid reports that the veteran quarterback has been waived. (AP Photo/Charles Rex Arbogast, File)

FILE - In this Oct. 16, 2011, file photo, Minnesota Vikings head coach Leslie Frazier, right, stands on the sidelines with quarterback Donovan McNabb (5) during the first half of an NFL football game against the Chicago Bears in Chicago. McNabb was not at practice for the Vikings during the portion that is open to the media on Thursday, Dec. 1, 2011, amid reports that the veteran quarterback has been waived. (AP Photo/Nam Y. Huh, File)

EDEN PRAIRIE, Minn. (AP) ? Donovan McNabb is available again. The Minnesota Vikings waived the 13-year veteran quarterback on Thursday, giving him the opportunity to sign with another team for the stretch run in a parting coach Leslie Frazier described as mutual.

Frazier pushed for the Vikings to trade a sixth-round draft pick this summer to the Washington Redskins in exchange for McNabb. He wanted stability he believed McNabb would bring to the offense after the NFL lockout kept rookie Christian Ponder from practicing with the team or working with his coaches until training camp.

Frazier and McNabb met in 1999, when the defensive backs coach and the first-round draft pick spent their first year with the Philadelphia Eagles. Friendly to the end, Frazier wished McNabb well and said part of the reason for the move was for the player's sake.

"This was the best decision for both parties," Frazier said. "He was a great player and has been a great player for our league for a long, long time. Have a lot of affection and love for Donovan."

McNabb went 1-5 as a starter, threw for only four touchdowns and completed just five passes of 25-plus yards. Frazier said he didn't regret the trade given the situation the Vikings were in this summer, and said he believes McNabb can still play in the NFL but stopped short of saying he can be an effective starter.

"I'm not certain about that. ... A lot depends on the team he goes to, if he goes to another team," Frazier said.

McNabb was benched in favor of Ponder in the fourth quarter of Minnesota's game at Chicago on Oct. 16 and hasn't played since. Frazier said he was a help to Ponder and Joe Webb in their learning process and described as "awesome" his attitude over the last few weeks.

"He's been a true pro in every sense of the word," Frazier said. "He's a class guy. Always has been, and he's done a good job in spite of the fact he wasn't our starting quarterback."

Improving the teacher-student ratio at the game's most complex position is what Frazier pointed to when asked how the move benefited the Vikings. It essentially means offensive coordinator Bill Musgrave and quarterbacks Craig Johnson will have more opportunity to work with Ponder and Webb, who is in his second year. Frazier said he wasn't sure how the open roster spot would be filled, whether with another quarterback or a player at another position.

McNabb was in the locker room, seen rather innocuously asking running back Adrian Peterson to autograph a jersey. But he was gone by the time practice began and unavailable for comment.

The question now is whether he'll catch on elsewhere or call it quits with six Pro Bowl selections and currently the third-best interception percentage of all time. Injuries have felled several quarterbacks around the league over the last month, and the Bears ? McNabb's hometown team ? are one team with an opening as Jay Cutler recovers from a broken thumb.

"When you have a guy who has been this successful in this league, he has an idea how he wants his career to continue or not to continue. That played a role in making that decision," Frazier said.

The two spoke Wednesday about the situation, but Frazier declined to characterize the discussion as McNabb requesting his release. He said McNabb didn't mention retirement or signing with another team when they talked.

"We both agreed that this was probably going to be the best thing to do," Frazier said.

McNabb enjoyed an 11-year run as the starter in Philadelphia, going to the Super Bowl with the Eagles after the 2004 season and becoming a regular fixture in the playoffs. Only Aaron Rodgers and Neil O'Donnell have a better career ratio of interceptions to pass attempts. But after he was traded by his long-time team, McNabb had a rough year with the Redskins. He got benched there, too.

The ability to avoid turnovers turned out to be part of the problem with the Vikings. He was reluctant to throw deep, and the offense lacked life and rhythm while he was in there. Playing it safe didn't wind up helping them.

"You guys watched our games that he started," Frazier said. "There were a lot of factors contributing to our not winning ballgames. As I mentioned when I made the change, it wasn't all about Donovan. That's been proven along the way. There are a lot of other areas on our team that need to be going in the right direction in order for us to have success."

___

AP Sports Writer Jon Krawczynski contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2011-12-01-FBN-Vikings-McNabb/id-5cb68198a4344243a64535967a11372f

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BP selling Canada Gas unit to Plains Midstream (AP)

LONDON ? BP PLC said Thursday it is selling its Canadian natural gas liquids business to Plains Midstream Canada, a subsidiary of Plains All American Pipeline, for $1.67 billion.

The business is involved in extracting, processing and transporting natural gas liquids across Canada and in the Great Lakes region of the United States. It includes 2,600 miles of pipelines, storage facilities, processing plants, and long-term leases on rail cars that move petroleum products. About 450 BP employees will now work for Plains as part of the agreement.

The deal is expected to close in the second quarter of 2012.

BP made the sale as it works to shed $45 billion in assets, mainly to meet the costs arising from the oil well blowout in the Gulf of Mexico last year.

Separately, Plains on Thursday announced four more recent acquisitions worth an additional $620 million.

They include:

? 120 miles of South Texas oil pipelines from Velocity Midstream Partners. The pipeline, which is under construction, is expected to be capable of transporting 150,000 barrels per day.

? A trucking operation in Canada.

? A petroleum storage and distribution terminal in Yorktown, Va., from Western Refining Inc. Plains All American plans to upgrade the facility so that it can store oil, refined products, propane, butane, ethanol and other bio-diesel fuels.

? An 82-mile oil pipeline in New Mexico from Western Refining. The pipeline can transport up to 100,000 barrels of oil per day.

Greg Armstrong, Plains All American's Chairman and CEO, said the company will invest an additional $100 million to $150 million in those additional assets over the next two years.

Because of the expansion, Plains said it expects company distributions to rise by 8 to 9 percent in 2012. Its current annual distribution is $3.98 per unit.

Source: http://us.rd.yahoo.com/dailynews/rss/energy/*http%3A//news.yahoo.com/s/ap/20111201/ap_on_bi_ge/eu_britain_bp_canada_gas

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FIFA could suspend officials under investigation

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By FRANK JORDANS

updated 11:18 a.m. ET Nov. 30, 2011

ZURICH - FIFA should consider suspending officials who are under criminal investigation as part of its effort to clean up the organization, an independent anti-corruption expert hired by the govering body said Wednesday.

Swiss professor Mark Pieth said FIFA also should examine ways to make the election of its presidents more transparent and impose term limits for officials to avoid entrenched loyalties resulting in favors being swapped.

"We are talking about serious stuff here and not everybody will like this," Pieth said at FIFA headquarters to present a preliminary report containing proposed reforms.

Pieth said the opening of an official probe against FIFA committee members or employees could become a threshold for putting their involvement at FIFA on hold.

Calls have grown for FIFA to tighten its ethics rules following allegations of bribe-taking by senior officials, including executive committee members.

Prosecutors in Brazil have said they will investigate FIFA executive member Ricardo Teixeira for money laundering and tax crimes. Teixeira is the head of the 2014 World Cup organizing committee. He's been linked to a bribery scandal at FIFA's former marketing partner ISL, which owned World Cup television rights until its 2001 bankruptcy.

Pieth said it would be up to FIFA to decide whether to accept the proposals that will be submitted before the annual members meeting in May.

FIFA President Sepp Blatter said Tuesday that he intended to honor his promise to members and governments to reform the structure of the organization and make it more transparent.

Pieth, whose previous jobs have included investigating the U.N.'s oil-for-food scandal in Iraq and advising the Swiss government on new laws to combat money laundering, said he saw his role akin to that of coaching a troubled squad.

"We are coaches in bringing them back to the road of virtue," said Pieth, adding that he wouldn't be looking too closely at the past.

Pieth told The Associated Press that claims surround the rigging of votes to host the World Cup and other allegations needed to be investigated, but not by his committee.

"I have to take a decision," Pieth said. "I either go into the past or into the future."

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

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Evangelist Billy Graham hospitalized

Evangelist Billy Graham has been admitted to a North Carolina hospital for evaluation and treatment of possible pneumonia. NBC's Brian Williams reports.

By msnbc.com staff

Evangelist Billy Graham has been admitted to a North Carolina hospital for evaluation and treatment of possible pneumonia. The 93-year-old preacher was last hospitalized in May for five days with pneumonia.

Graham served as an adviser to presidents and toured the world for his famous crusades. He now spends much of his time at home near Asheville and occasionally meets with Christian leaders and old friends.

---

?Here is the statement?from the evangelist's organization:

Asheville, NC, November 30, 2011 ?-- Evangelist Billy Graham has been hospitalized at Mission Hospital in Asheville, N.C., near his home in Montreat, for evaluation and treatment of his lungs. Upon admittance, he was alert, smiling and waving at hospital staff.

Mr. Graham's personal physician, Lucian Rice, MD, said that Mr. Graham's condition is stable. The pulmonologist treating Mr. Graham, Mark Hellreich, M.D., said that Mr. Graham is being tested for possible pneumonia.

?Mr. Graham was previously hospitalized for successful treatment of pneumonia in May, 2011. He resumed his ongoing program of physical therapy and normal activity shortly after release, according to his staff. This included finalizing his most recent book, "Nearing Home," published last month, and beginning work on a new project reaffirming the evangelistic message he has preached for more than 60 years.

While no date has been set for discharge, Mr. Graham is looking forward to returning home to spend the upcoming Christmas holidays with his family.

Gregory Bull / AP file

The Rev. Billy Graham speaks on stage at Flushing Meadows Corona Park in New York on June 25, 2005.

Source: http://usnews.msnbc.msn.com/_news/2011/11/30/9121477-evangelist-bill-graham-hospitalized

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