Wall Street rises in thin trade day before election

NEW YORK (Reuters) – Stocks advanced modestly on Monday in light trading in one of the year’s quietest sessions on the day before the presidential election.

Whatever the outcome of the race between incumbent President Barack Obama and Republican challenger Mitt Romney, the election’s resolution will finally end the uncertainty that has kept the market stagnant for the past few weeks.

“No one’s going to make big bets today,” said Perry Piazza, director of investment strategy at Contango Capital Advisors in San Francisco.

Just 5.16 billion shares changed hands on the New York Stock Exchange, the Nasdaq and the NYSE MKT on Monday, below this year’s average daily volume of 6.5 billion.

” has been directionless over the last few weeks because of what fiscal and tax policy looks like next year. You could argue that just having the uncertainty behind us could lead to a bit of a relief rally,” Piazza said.

The Nasdaq was the strongest of the three major U.S. stock indexes, helped by a rally in Apple Inc , the most valuable publicly traded U.S. company. Apple‘s stock rose 1.4 percent to close at $ 584.62. The stock has fallen 17 percent from its closing high of $ 705.07 on September 21.

Once the election is over, the market will turn to the “fiscal cliff,” the $ 600 billion worth of tax hikes and spending cuts that could hit the economy hard in 2013 unless Congress comes to an agreement that will soften the blow.

“I guess, academically, you could convince yourself a president doesn’t generally doesn’t have that much influence over the economy near-term, but the fact remains, they could impact the market,” said Jack Ablin, chief investment officer of Harris Private Bank in Chicago.

A budget crisis in the United States could hamper growth around the world. On Sunday, economic leaders pressed the United States to avert the fiscal cliff in the interest of avoiding a large-scale economic slowdown.

Another drag on trading volume was the residual impact of Hurricane Sandy, which has left about 30,000 to 40,000 Americans homeless. The superstorm wreaked havoc on infrastructure and housing in the Northeast.

“I think Sandy is still affecting volume a little bit,” Piazza said. “Folks we deal with in New York seem to be back at work now, but they were out most of the week last week, and still have other things on their minds.”

The Dow Jones industrial average <.DJI> advanced 19.28 points, or 0.15 percent, to end at 13,112.44. The Standard & Poor’s 500 Index <.SPX> rose 3.06 points, or 0.22 percent, to 1,417.26. The Nasdaq Composite Index <.IXIC> gained 17.53 points, or 0.59 percent, to close at 2,999.66.

The CBOE Volatility Index <.VIX> or VIX, Wall Street’s favorite barometer of investor anxiety, rose 4.72 percent – a relatively big move compared with the S&P 500 – to end Monday’s session at 18.42.

“It’s just a few people taking positions ahead of the election, to protect themselves against a pullback,” said Randy Frederick, managing director of trading and derivatives at Charles Schwab. “I think this will go on tomorrow as well,” adding that he believes the market will be flat while the VIX is likely to show “a bigger move, as it’s just the nature of hedging ahead of big news like the election.”

The PHLX semiconductor index <.SOX> rose 1.6 percent and bolstered the Nasdaq.

An index of housing-related shares <.HGX> gained 1.8 percent.

In the energy sector, the S&P energy index <.GSPE> gained 0.7 percent following a gain in crude oil futures prices and third-quarter earnings from two major energy companies.

Transocean Ltd , which operates the world’s largest offshore oil drilling fleet, gained 5.6 percent to $ 48.64, a day after the company reported a higher-than-expected adjusted profit for the third quarter.

Shares of Southern Co , the second-largest U.S. power company, fell 2.5 percent to $ 44.62 after Southern posted third-quarter earnings.

The S&P utilities index <.GSPU>, down 1.66 percent, was the worst performing of the 10 major S&P 500 sectors a week after superstorm Sandy hit New York City and surrounding areas.

Shares of Time Warner Cable , the second-largest U.S. cable operator, lost 6.4 percent to $ 91.93 after the company reported a quarterly profit that missed estimates as it lost more video subscribers than expected.

BioMarin Pharmaceutical Inc surged 31.2 percent to $ 49.07 after the company said a late-stage trial of its experimental drug for a rare genetic disorder could improve patients’ walking ability when the medicine is administered weekly. The rally in BioMarin’s stock helped drive the Nasdaq biotech index <.NBI> up 1.7 percent.

Despite the light volume on Monday, the market’s breadth was positive. Advancers slightly outnumbered decliners on the New York Stock Exchange by a ratio of 15 to 14. On the Nasdaq, about three stocks rose for every two that fell.

(Reporting by Atossa Araxia Abrahamian; Additional reporting by Chuck Mikolajczak and Angela Moon; Editing by Jan Paschal)

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Newspaper discloses new Cameron text messages

LONDON (AP) — A British lawmaker says he’s asked the country’s media ethics inquiry to consider newly disclosed text messages sent between Prime Minister David Cameron and Rebekah Brooks, the ex-chief executive of Rupert Murdoch‘s British newspaper division.

The Mail on Sunday newspaper on Sunday published two previously undisclosed messages exchanged between the pair, who are friends and neighbors.

Brooks is facing trial on conspiracy charges linked to Britain’s phone hacking scandal, which saw Murdoch close down The News of The World tabloid.

In one newly disclosed message, Cameron thanked Brooks in 2009 for allowing him to borrow a horse, joking it was “fast, unpredictable and hard to control but fun.”

Opposition lawmaker Chris Bryant has asked a judge-led inquiry scrutinizing ties between the press and the powerful to examine the messages.

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Bulgarians use Facebook to expose slipshod police

SOFIA (Reuters) – Fed up with ineffective law enforcement, thousands of Bulgarians have flocked to a Facebook page showcasing images of police breaking rules or failing to do their duty.

The “Photograph a Policeman” group includes pictures of badly parked patrol cars, including one in a disabled spot and another on a pedestrian crossing, and a police motorcyclist pulling a “wheelie” – on the wrong side of the road.

In another image, a uniformed policeman holds an open bottle of beer while sitting at the wheel of a patrol car.

It highlights frustration among many Bulgarians with a justice system that is subject to special monitoring by the European Union and a country where corruption and organized crime remain major problems five years after joining the bloc.

Created only this week, the group already has nearly 6,500 followers, including several well-known local politicians, journalists and businessmen.

It started after Boyan Maximov, from the Black Sea city of Varna, took a picture of three policemen apparently asleep in a patrol car and posted it on social networks.

Police then questioned Maximov, who complained of harassment and fines for petty offences like taking the rubbish out without an ID card, which under Bulgarian law must be carried in public at all times.

Last week police spokeswoman Kalinka Pencheva called Maximov “a red neck idiot, who has nothing to do and is bored” on local channel bTV. Pencheva has since been sacked but the Facebook page – and the number of pictures – continues to grow.

The interior ministry said it was aware of the page and most of the pictures were old.

“The Interior Ministry’s inspectorate obtained information about the creation of this group and is checking the photos and the comments that have been published,” a spokeswoman said.

(Reporting by Angel Krasimirov, editing by Paul Casciato)

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CBS making $1 million donation to Sandy, announces employee match

NEW YORK (TheWrap.com) – CBS is making a $ 1 million dollar donation to Hurricane Sandy recovery as part of a wider effort that includes PSAs and matching employee contributions through the end of the year, TheWrap has learned.

CEO Les Moonves announced the company’s Red Cross donation in a letter to employees obtained by TheWrap, in which he thanks CBS staff working in hurricane-stricken parts of the Northeast and details its charitable plans.

Other networks are pitching in as well: ABC is devoting its programming day Monday to fundraising, and its corporate parent, Disney, has donated $ 2 million. Fox’s parent, News Corp., has donated $ 1 million. And NBC is holding a telethon tonight. All of the networks are also making viewers aware of the recovery efforts through means ranging from crawls to PSAs.

Moonves singled out employees from all corners of the company who worked through tough conditions to keep its television and radio stations going.

“I am announcing today that November, the month of Thanksgiving, will be dedicated at all our operations to supporting the Hurricane Sandy relief efforts of the American Red Cross, with whom CBS has a long partnership in times of crisis,” he wrote. “Our local TV and radio stations, and their online counterparts, will work both individually and together… to employ our unique resources to lend additional support to those relief efforts through telethons, phone banks and comprehensive PSA campaigns. Those efforts have already begun, and are expanding as you read this.”

CBS, he noted, is producing special PSAs featuring its stars. The first, with Gary Sinise, aired during “The Big Bang Theory” on Thursday. More will air during football over the weekend.

Additionally, “Entertainment Tonight” is enlisting stars to appear in PSAs that will run in syndication on affiliates of all networks airing the show. CBS will also dedicate billboards to the relief effort.

“There will not be one division of our company that does not contribute to this effort, each in its own way, and in ways to be determined by each,” Moonves wrote.

“As a cornerstone of this month-long drive, CBS Corporation will make a $ 1 million contribution to the American Red Cross,” he added. “In addition, we are also making a commitment to match your individual contributions to any Sandy-related relief efforts by making corresponding additional gifts to the American Red Cross. The match will apply to contributions that may have already been made as well as to new donations through the end of the year.”

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Young doctors: fewer hours means they’re less tired, less prepared

(Reuters) – Orthopedic surgeons-in-training said they were tired less often after rules regulating how much they could work went into place, according to a U.S. survey.

But the results published in the Annals of Surgery found the trainee doctors didn’t actually get any more sleep under the limited work hours policy, and also said they felt less prepared as doctors and were less satisfied with their education.

In July 2003, the U.S. Accreditation Council for Graduate Medical Education implemented new policy limiting the on-duty hours of notoriously sleep-deprived residents to 80 per week, with a minimum of ten hours off between shifts. Those changes were further updated in 2011.

The main goal was to ease young doctors’ fatigue and fatigue-related medical errors.

The work limits seem to have been somewhat successful, but they also come at a cost, according to Debra Weinstein from Massachusetts General Hospital and Brigham and Women’s Hospital in Boston, who worked on the study.

“The extent to which we restrict residents’ time in the hospital does risk (affecting) their skill and sense of preparedness,” she said.

“Continuing to further limit duty hours may not be the best way to address the goals of patient safety, resident well-being and excellent medical education.”

Some past studies have suggested that work limits improve quality of life for residents, but have a negative impact on their education. One survey published last year found that the majority of surgery residents worked more hours than the current regulations allowed.

In the new study, researchers analyzed surveys completed by a total of 216 residents at the Harvard Orthopedic Combined Residency Program between 2003 and 2009.

Compared to pre-2003 residents, orthopedic trainees in 2009 reported working fewer hours per week, about 66 hours versus 75. But they didn’t get any more sleep. Throughout the study period, they reported sleeping for about five hours every night, on average.

Residents rated their own preparedness to make clinical decisions under stress and their ability to perform the range of skills expected of them slightly lower in later years, the researchers said.

After the work-hour policies went into place, residents did say they spent fewer days feeling very tired, and a smaller proportion of them said their fatigue had a negative impact on patient care and safety.

Forty-six percent of residents said their fatigue affected the quality of care they provided in 2003, compared to 26 percent on the 2004 through 2009 surveys.

“There’s a general assumption that reducing work hours will result in more sleep for tired residents, and clearly out findings challenge that,” Weinstein said.

However, it’s possible that having more time to decompress and relieve psychological stress may improve residents’ sense of well-being, even if they’re not getting more sleep, she added.

Weinstein and her colleagues noted that their study didn’t include objective measures of residents’ performance, so they couldn’t tell whether they actually did better or worse on exams, or made more or fewer errors. SOURCE: http://bit.ly/TcFx66

(Reporting by Elaine Lies)

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Asian shares ease on caution before U.S. elections

TOKYO (Reuters) – Asian shares fell on Monday, tracking a sell-off in global shares late last week, as investors continued to shed risk ahead of the closely fought U.S. presidential election and looked past a strong U.S. jobs data to fragile economic growth worldwide.

The MSCI index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> fell 0.3 percent after climbing to its highest since October 23 on Friday.

Australian shares <.AXJO> were down 0.4 percent and South Korean shares <.KS11> opened down 0.7 percent.

“There is an absence of upward momentum, but economic data such as U.S. jobs were better than forecast last week, so the main index is expected to remain boxed in range before the U.S. elections,” Cho Sung-joon, an analyst at NH Investment & Securities, said of Seoul shares.

Japan’s Nikkei average <.N225> opened down 0.6 percent after closing at a one-week high on Friday. <.T>

The political uncertainty in the world’s largest economy made investors wary of holdings risk assets, and their safe-haven bids buoyed the U.S. dollar to two-month highs against a basket of major currencies <.DXY> on Monday.

U.S. President Barack Obama and Republican challenger Mitt Romney were neck-and-neck in opinion polls in the final 48 hours before Tuesday’s vote.

Obama’s re-election is perceived as negative for equities, while markets see Romney as stock-friendly, analysts have said.

After the U.S. election, Congress must deal with a “fiscal cliff” – up to $ 600 billion in expiring tax cuts and spending reductions that are set to kick in next year – which threatens to hurt the U.S. economy.

“Investors hate uncertainty, so there will be a sigh of relief when the election is over. Provided there is a clear election result and no change in the divided Congress, then traders and investors will see it as ‘business as usual’,” said Craig James, chief economist at CommSec.

Other key events this week include the Chinese congress starting November8 that will usher in a generational leadership change and policy decisions by the Reserve Bank of Australia and the European Central Bank.

The dollar was also bolstered by a report showing U.S. employers added 171,000 people to their payrolls last month, far above forecasts, and 84,000 more jobs were created in August and September than previously estimated.

Demand for U.S. factory goods also rose in September by the most in over a year, but a gauge of business investment plans showed lacklustre momentum.

The dollar steadied at 80.50 yen, near a more-than-six-month high of 80.68 yen scaled on Friday.

Bullion was undermined by the strong dollar. Spot gold ticked up 0.3 percent to $ 1,680.54 an ounce on Monday after a 2 percent plunge to a two-month low of $ 1,673.94 on Friday.

“For now, the liquidation in gold is likely to leave investors licking gaping wounds rather than focus on the benefits of a gently growing economy especially as it is currently set back in the shadows of the fiscal cliff,” Andrew Wilkinson, chief economic strategist at Miller Tabak & Co said in a note to clients.

Hedge funds and other big speculators shed U.S. commodities by $ 8 billion last week, the biggest weekly drop in nearly six month, with gold seeing the largest outflow of net long money for a second week running.

U.S. crude futures eased 0.1 percent to $ 84.82 a barrel and Brent was down 0.2 percent to $ 105.48.

The euro edged up 0.1 percent to $ 1.2823. It hit a one-month low of $ 1.2816 early in Asia on Monday, undermined by not only the U.S. data but also Friday’s survey showing euro zone October manufacturing shrank for the 15th straight month as output and new orders fell.

Finance chiefs of leading economies gathering in Mexico urged the United States on Sunday to avert a series of spending cuts and tax hikes that could hurt global output, though some countries saw Europe’s debt crisis as the No. 1 danger.

China offered some comforting news on Saturday, with an official survey showing the country’s services sector rebounded in October from a two-year low in September on stronger activity in the construction and retail sectors.

(Additional reporting by Joyce Lee in Seoul and Ian Chua in Sydney; Editing by Michael Perry)

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News Summary: Android dominates in 3Q

DOMINANCE: Google‘s Android software for mobile devices was running on 75 percent of smartphones shipped in the third quarter.

DISTANT SECOND: Apple‘s iOS system, used in iPhones, was second with a market share of 15 percent, according to an IDC study. Apple’s new iPhone didn’t come out until late in the quarter.

SIGNIFICANCE: Google makes its operating system software available to phone makers to use in their devices for free. In doing so, Google wins prime placement for its online services, including search and maps. Apple does not license its iOS system to others.

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Full house in Toon Town: Oscars get 21 animated submissions

NEW YORK (TheWrap.com) – “Wreck-It Ralph,” “Frankenweenie” and “Hotel Transylvania” are among the 21 animated films submitted for the 2013 Oscars, the Academy announced on Friday.

The record number of submissions all but guarantees that the category will have a full slate of five nominees for only the fourth time in its 11-year existence, but the third time in the last four years. A field of 16 or more eligible films means five nominations; while the Academy’s Short Films and Feature Animation Branch still has to rule on the eligibility of the submitted films, there is little question that at least that many will make the cut.

Last year, 18 films were submitted and only one, “The Smurfs,” was disqualified.

The list includes several of the year’s most successful films at the box office, such as DreamWorks Animation‘s “Madagascar 3: Europe’s Most Wanted” and Fox’s “Ice Age Continental Drift,” as well as critical darlings like “ParaNorman” and “Ralph.”

Disney and Pixar, which have won a combined six trophies, boast a bevy of nominees, including Tim Burton‘s “Frankenweenie,” Pixar’s “Brave” and the new critical favorite “Wreck-It Ralph.”

The small New York-based company GKIDS, which shocked the bigger animation studios by landing a pair of nominations last year, has entered four films in competition: the French-made “The Painting,” “The Rabbi’s Cat” and “Zarafa,” and the Japanese film “From Up on Poppy Hill.”

Also entered: the offbeat and freewheeling “A Liar’s Autobiography: The Untrue Story of Monty Python’s Graham Chapman,” along with several films that had been on the radar of few awards-watchers, “Walter & Tandoori’s Christmas,” “The Mystical Laws” and “Hey Krishna” among them.

Several of the films, such as “Rise of the Guardians,” have yet to make their qualifying runs in Los Angeles.

In 2009, a then-record 20 films competed in the category.

The full list:

“Adventures in Zambezia”

“Brave”

“Delhi Safari”

“Dr. Seuss‘ The Lorax”

“Frankenweenie”

“From Up on Poppy Hill”

“Hey Krishna”

“Hotel Transylvania”

“Ice Age Continental Drift”

“A Liar’s Autobiography: The Untrue Story of Monty Python’s Graham Chapman“

“Madagascar 3: Europe’s Most Wanted”

“The Mystical Laws”

“The Painting”

“ParaNorman”

“The Pirates! Band of Misfits”

“The Rabbi’s Cat”

“Rise of the Guardians”

“Secret of the Wings”

“Walter & Tandoori’s Christmas”

“Wreck-It Ralph”

“Zarafa”

The Academy will announce the nominees January 10. Animated films are eligible for nominations in other categories, though none has ever won Best Picture. “Up” was nominated for Best Picture in 2009 while “Wall-E” earned four nominations beyond the animated category in 2008.

The Oscars will take place February 24 at the Dolby Theater in Hollywood.

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Nurses Who Saved NICU Babies Remember Harrowing Hurricane Night

Nurses at the Neonatal Intensive Care Unit at New York University’s Langone Medical Center have challenging jobs, even in the best of times. Their patients are babies, some weighing as little as 2 pounds, who require constant and careful care as they struggle to stay alive.

On Monday night, as superstorm Sandy bore down on Manhattan, the nurses’ jobs took on a whole new sense of urgency as failing power forced the hospital’s patients, including the NICU nurses’ tiny charges, to evacuate.

“20/20″ recently reunited seven of those nurses: Claudia Roman, Nicola Zanzotta-Tagle, Margot Condon, Sandra Kyong Bradbury, Beth Largey, Annie Irace and Menchu Sanchez. They described how they managed to do their jobs – and save the most vulnerable of lives – under near-impossible circumstances.

On Monday night, as Sandy’s wind and rain buffeted the hospital’s windows, the nurses were preparing for a shift change and the day nurses had begun to brief the night shift nurses. Suddenly, the hospital was plunged into darkness. The respirators and monitors keeping the infants alive all went silent.

For one brief moment, everyone froze. Then the alarms began to ring as backup batteries kicked in. But the coast wasn’t clear – the nurses were soon horrified to learn that the hospital’s generator had failed, and that the East River had risen to start flooding the hospital.

Vanishing America: Jersey Shore Boardwalks Washed Away Watch Video

“Everybody ran to a patient to make sure that the babies were fine,” Nicola Zanzotto-Tagle recalled. “If you had your phone with a flashlight on the phone, you held it right over the baby.”

For now, the four most critical patients – infants that couldn’t breathe on their own – were being supplied oxygen by battery-powered respirators, but the clock was ticking. They had, at most, just four hours before the machines were at risk of failing.

Annie Irache tended to the most critical baby — he had had abdominal surgery just the day before – as an evacuation of 20 NICU babies began.

“[He] was on medications to keep up his blood pressure,” Irache said, “and he also had a cardiac defect, so he was our first baby to go.”

One by one, each tiny infant, swaddled in blankets and a heating pad, cradled by one nurse and surrounded by at least five others, was carried down nine flights of stairs. Security guards and secretaries pitched in, lighting the way with flashlights and cell phones.

The procession moved slowly. As nurses took their careful steps, they carefully squeezed bags of oxygen into the babies’ lungs.

“We literally synchronized our steps going down nine flights,” Zanzotto-Tagle said. “I would say ‘Step, step, step.”

With their adrenaline pumping, the nurses said, it was imperative that they stay focused.

“We’re not usually bagging a baby down a stairwell … n the dark,” said Claudia Roman. “I was most worried about, ‘Let me not trip on this staircase as I’m carrying someone’s precious child, because that would be unforgivable.”

When the medical staff and the 20 babies emerged, a line of ambulances was waiting. A video of Margot Condon cradling a tiny baby as she rode a gurney struck a chord worldwide. But Condon said she had a singular goal.

“I was making sure the tube was in place, that the baby was pink,” she said. “I was not taking my eyes off that baby or that tube.”

Like other nurses, she did not feel panic. Her precious patient helped keep her calm.

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Nadir must pay £5m compensation

2 November 2012 Last updated at 14:38 ET

Former tycoon Asil Nadir has been ordered to pay £5m compensation in two years or face six more years in prison.

The 71-year-old was jailed for 10 years in August for stealing £28.8m from his Polly Peck empire in the 1980s.

He claimed he had no assets after prosecutors demanded £60m in compensation to administrators.

But trial judge Mr Justice Holroyde said it was not true that Nadir had not received any significant income after fleeing to Cyprus in 1993.

He left the UK for northern Cyprus while awaiting trial but returned in 2010 saying he wanted to clear his name.

‘Systematically disbelieved’

Former Stock Exchange listed company Polly Peck International [PPI] collapsed in 1990 owing £550m and Nadir was declared bankrupt two years later.

PPI began as a small fashion company but expanded into the food, leisure and electronics industries under Nadir’s ownership, growing into a business empire with more than 200 subsidiaries worldwide.

Continue reading the main story

Clive Coleman Legal correspondent, BBC News

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Why is Asil Nadir being made to pay £5m in compensation when he was found guilty of stealing £29m?

In fact the prosecution had sought a compensation order in the sum of £60m covering the £29m that he had stolen, plus the interest that would have accrued since the thefts which took place between 1987-90.

The judge found that, in the absence of any help from Nadir about the true nature of his finances, he was having to do the best that he could on the evidence available, and was erring on the side of generosity in fixing upon £5m.

Nadir now has two years to pay the money. If he fails to do that, he will be brought before a magistrates’ court. It can normally only sentence a person to six months, so the judge Mr Justice Holroyde has enlarged its powers to enable it to sentence Nadir to anything up to an additional six years’ imprisonment.

By 1990 it was on the FTSE 100 index and was one of the stock exchange’s best performing companies but the share price collapsed after the Serious Fraud Office raided its offices.

BBC legal affairs correspondent Clive Coleman said Nadir’s case had been “systematically disbelieved by the judge”.

Nadir had argued in the 17 years he lived in Cyprus he had engaged in no commercial activity and filed a document saying he had no assets or means, living on the generosity of his mother and a girlfriend.

But the judge said: “It is not true that Mr Nadir received no significant income or owned no significant assets since 1993.”

Mr Justice Holroyde, sitting at the Old Bailey, also said he found Nadir’s sister to be “evasive and untruthful” in her evidence.

‘Side of caution’

It was argued on his behalf that Nadir had not taken part in business during his years in exile.

But the judge said he could not accept that “such a proud and talented man” would have lived off handouts from his mother and a girlfriend.

He added: “Why would he have impoverished and demeaned himself in such a way?”

Nadir had not helped in revealing his finances but the judge said he did not think he could make an order for the full amount.

He said: “Conscious that I am probably erring on the side of caution and being more generous to the defendant than he deserves, I believe he has the means to pay compensation of £5m.”

Nadir thanked the judge from the dock before being taken away to Belmarsh prison. He may be released after serving half of both sentences.

The judge also ruled that Turkish airline boss Hamit Cankut Bagana could apply for the return of the £250,000 security he paid to allow Nadir bail.

Clare Whitaker, of the Serious Fraud Office, said outside court it was pleased that the victims of the collapse of Polly Peck had been given the opportunity for compensation.

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