Hamas Strengthens as Palestinian Authority Weakens

RAMALLAH, West Bank — In the daily demonstrations here of solidarity with Gaza, a mix of sympathy and anguish, there is something else: growing identification with the Islamist fighters of Hamas and derision for the Palestinian Authority, which Washington considers the only partner for peace with Israel.

“Strike a blow on Tel Aviv!” proclaim the lyrics of a new hit song blasting from shops and speakers at Monday’s demonstration, in a reference to Hamas rockets that made it nearly to Israel’s economic and cultural capital. “Don’t let the Zionists sleep! We don’t want a truce or a solution! Oh Palestinians, you can be proud!”

Pop songs everywhere are filled with bravado and aggression. But this one reflects a widespread sentiment that does not augur well for President Mahmoud Abbas and his Palestinian Authority, which is rapidly losing credibility, even relevance. The Gaza truce talks in Cairo, involving Egypt, Turkey and Qatar, offer a telling tableau. The Palestinian leader seen there is not Mr. Abbas, but Khaled Meshal, the leader of the militant group Hamas, who seeks to speak for all Palestinians as his ideological brothers in the Muslim Brotherhood rise to power around the region.

Israel is also threatening Mr. Abbas, even hinting that it may give up on him, as he prepares to go to the United Nations General Assembly on Nov. 29 to try to upgrade the Palestinian status to that of a nonmember state. The Israelis consider this step an act of aggression, and even some Palestinians say it is somewhat beside the point at this stage.

“His people are being killed in Gaza, and he is sitting on his comfortable chair in Ramallah,” lamented Firas Katash, 20, a student who took part in the Ramallah demonstration.

For the United States, as for other countries hoping to promote a two-state solution to this century-old conflict, a more radicalized West Bank with a discredited Palestinian Authority would mean greater insecurity for Israel and increased opportunity for anti-Western forces to take root in a region where Islamism is on the rise.

Since Hamas, which won parliamentary elections in 2006, threw the Fatah-controlled authority out of Gaza a year later, Mr. Abbas has not set foot there. Yet he will be asking the world to recognize the two increasingly distinct entities as a unified state.

Manar Wadi, who works in an office in Ramallah, put the issue this way: “What is happening in Gaza makes the Palestinian Authority left behind and isolated. Now we see the other face of Hamas, and its popularity is rising. It makes us feel that the Palestinian Authority doesn’t offer a path to the future.”

In Cairo on Monday, Mr. Meshal seemed defiant and confident in his new role, daring the Israelis to invade Gaza as a sixth day of Israeli aerial assaults brought the death toll there to more than 100 people, many of them militants of Hamas and its affiliates. Rockets launched from Gaza hit southern Israel, causing some damage and panic, but no casualties, leaving the death toll there at three.

“Whoever started the war must end it,” he said at a news conference. “If Israel wants a cease-fire brokered through Egypt, then that is possible. Escalation is also possible.”

Officials in the authority have been holding leadership meetings, staying in close touch with the talks in Cairo and issuing statements of solidarity. They have also sent a small medical delegation to Gaza and argue that there is a new opportunity to forge unity between the two feuding movements. But they are acutely aware of their problem.

“The most dangerous thing is the fact that what we could not do in negotiations, Hamas did with one rocket,” one official said, speaking on the condition of anonymity. “The people had such excitement seeing the occupiers run in panic. It’s a very dangerous message.”

Mr. Abbas, whose popularity has been on the decline as the Palestinian Authority faces economic difficulty and growing Israeli settlements, also ran into trouble not long before the Gaza fighting began when he seemed to give up on the Palestinian demand of a right of return to what is now Israel.

Many Palestinians believe that Israel launched its latest operation in Gaza to block the Palestinian Authority’s United Nations plans by embarrassing it. Israeli officials say that is ridiculous: the operation’s purpose is to stop the growing number of rockets being fired at their communities, and Israelis interrupted their deliberations over the United Nations bid to wage the military campaign.

But Israel says anything that does not involve direct negotiations is a waste of time. The government of Prime Minister Benjamin Netanyahu has repeatedly threatened to take severe retaliatory steps against the Palestinian Authority, including cutting off badly needed tax receipts to Palestinian coffers, should Mr. Abbas go ahead at the United Nations.

In a speech here on Sunday night at a Palestinian leadership meeting, Mr. Abbas repeated his determination to go to New York and ask for a change in status to that of nonmember state. He has chosen the symbolically significant date of Nov. 29, when the General Assembly voted in 1947 to divide this land into two states, one Jewish and the other Palestinian Arab.

The United States has asked Mr. Abbas not to do so but instead to resume direct negotiations with Israel, which have essentially been frozen since 2008.

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Man demoted for Facebook comments wins case

LONDON (AP) — Britain‘s High Court ruled Friday that a Christian was unfairly demoted for posting his opposition to gay marriage on Facebook.

Adrian Smith was stripped of his management position with the Trafford Housing Trust in northwest England and had his salary cut by 40 percent after posting that gay weddings in churches were “an equality too far.”

The trust said Smith broke its code of conduct by expressing religious or political views that might upset co-workers.

But High Court judge Michael Briggs ruled Friday that Smith had been “taken to task for doing nothing wrong” and found his employer guilty of breach of contract.

Smith said he was glad the court had backed the principle that “Britain is a free country where people have freedom of speech.”

And he received support from veteran gay rights and civil liberties campaigner Peter Tatchell, who said Smith’s employer had overreacted.

“In a democratic society, Adrian has a right to express his point of view, even if it is misguided and wrong,” Tatchell said.

Trafford Housing Trust chief executive Matthew Gardiner, said he “fully accepted” the court’s decision and had apologized to Smith, though it was not clear whether he would be reinstated.

In Britain, same-sex couples can currently form civil partnerships, which carry the same legal rights as marriage. The government wants to change the law to include gay marriage, a move opposed by many religious groups.

Social Media News Headlines – Yahoo! News

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Tom Cruise & George Clooney Sign On to Sci-Fi Films & More Casting News

By Julia Haskins

11/18/2012 at 06:30 PM EST

George Clooney and Tom Cruise

Daniel Deme/EPA/Landov; Jackson Lee/Splash News Online

Get ready to squirm!

Tom Cruise, George Clooney and Ashley Greene have all signed on to star in some creepy film projects.  

Cruise takes on aliens in the sci-fi war flick All You Need Is Kill, Zimbio reports. After dying in battle, the alien-fighting soldier Cruise must relive the day again and again until he can escape the cycle. The movie is scheduled for a March 2014 release.

Meanwhile, Clooney is in talks to play the lead in 1952, a sci-fi flick about a man who contacts extra-terrestrial life on Earth, Variety reports. 

After starring in the Twilight saga, Greene is no stranger to the supernatural. She's been tapped for Satanic, a horror movie that follows a group of college students who spend Thanksgiving break in their dorm, only to battle a mysterious gang and try to survive what they thought would be a relaxing week, TheWrap reports.

Also coming soon: 

• A third season is in the works for American Horror Story, Deadline reports. Jessica Lange is one of several actors set to return in different roles for the new installment. Production will begin in summer 2013 and premiere in the fall of 2013.

• It's a family affair for Jack Nicholson and Robert Downey Jr., who will play father and son in The Judge, Ace Showbiz reports. The courtroom drama follows a lawyer who comes home after his mother's death only to discover that his father is a suspect in the murder.

• After endless rumors, Michael Bay has made it official on his website: Mark Wahlberg will star in Transformers 4, The Hollywood Reporter confirms. "Mark is awesome," Bay said. "We had a blast working on Pain and Gain and I'm so fired up to be back working with him. An actor of his caliber is the perfect guy to re-invigorate the franchise and carry on the Transformers' legacy.” Transformers 4 hits theaters June 27, 2014.

• Legos are getting the Hollywood treatment with the help of some big name talent. Liam Neeson, Will Ferrell, Elizabeth Banks and Morgan Freeman have all joined the cast of Lego: Piece of Resistance, THR confirms. Chris Pratt, Alison Brie, Nick Offerman and Will Arnett are also on board for the 3D animated movie. The movie comes to theaters February 7, 2014.

• Two Steve McQueen biopics are in the works, Ace Showbiz reports.
Brothers Chris Hemsworth and Liam Hemsworth are slated to star in the film Triumph AKA 40 Summers Ago, while Jeremy Renner has signed on to a different untitled Steve McQueen flick.

• Chris Hemsworth will also star in the crime thriller Candy Store, Ace Showbiz reports. The film revolves around an operative who must start over after losing everything.

• One Direction may sing "They Don’t Know About Us," but fans will get a behind-the-scenes look at the world of the powerhouse group in their new movie, AceShowbiz reports. "We are going to do our first-ever movie and it's going to be in 3D and it's coming to cinemas near you on the 30th of August, 2013," Niall Horan said on the band's appearance on Today.

Read More..

EU drug regulator OKs Novartis' meningitis B shot

LONDON (AP) — Europe's top drug regulator has recommended approval for the first vaccine against meningitis B, made by Novartis AG.

There are five types of bacterial meningitis. While vaccines exist to protect against the other four, none has previously been licensed for type B meningitis. In Europe, type B is the most common, causing 3,000 to 5,000 cases every year.

Meningitis mainly affects infants and children. It kills about 8 percent of patients and leaves others with lifelong consequences such as brain damage.

In a statement on Friday, Andrin Oswald of Novartis said he is "proud of the major advance" the company has made in developing its vaccine Bexsero. It is aimed at children over two months of age, and Novartis is hoping countries will include the shot among the routine ones for childhood diseases such as measles.

Novartis said the immunization has had side effects such as fever and redness at the injection site.

Recommendations from the European Medicines Agency are usually adopted by the European Commission. Novartis also is seeking to test the vaccine in the U.S.

Read More..

Wall Street Week Ahead: Going off "cliff" with a bungee cord

NEW YORK (Reuters) - The 1987 crash. The Y2K bug. The debt ceiling debacle of 2011.

All these events, in the end, turned out to be buying opportunities for stocks. So will the "fiscal cliff," some investors say as they watch favorite stocks tumble during the political give-and-take happening in Washington.

The first round of talks aimed at avoiding the "fiscal cliff" caused a temporary rise in equities on Friday, signaling Wall Street's recent declines could be a buying opportunity. The gains were small and sentiment remains weak, but it suggests hope for market bulls.

Though shares ended moderately higher on Friday, it was not enough to offset losses for the week. The S&P was down 1.5 percent, while both the Dow and the Nasdaq fell 1.8 percent.

The S&P 500 is down more than 5 percent in the seven sessions that followed President Barack Obama's re-election. Uncertainty arose as attention turned to Washington's task of dealing with mandated tax hikes and spending cuts that could take the U.S. economy back into recession.

Some see the market's move as an overreaction to hyperbolic headlines about policy gridlock in Washington, believing stocks may start to rebound in what should be a quiet few days ahead of the Thanksgiving holiday next Thursday.

"It just doesn't seem to make any sense that you suddenly wake up the day after the election and realize we've got a fiscal cliff," said Krishna Kumar, partner at New York hedge fund Goose Hollow Alpha Advisors.

Not long ago the S&P was on target for its second-best year in the last 10, riding a 17 percent advance in 2012. That's been halved to about 8 percent, which isn't bad but disappointing compared with just a month ago.

Investors have been selling the year's winners. Apple is down 25 percent from its peak above $700. General Electric is down 14 percent; Google has lost 16 percent. Overall, the stocks that make up the top 10 percent of performers in the month prior to Election Day have been the worst performers since, according to Bespoke Investment Group of Harrison, New York.

"I think it's a good opportunity to be long stocks at these levels," said Kumar.

Hikes on capital gains and dividend taxes are on the line, and Obama has dug in his heels on what he sees as a mandate to make the tax code more progressive.

He seems to have the upper hand in dealings with Congress because Republican lawmakers don't want to see tax rates increase, which is what will happen if no solution is found by the beginning of 2013. Republicans don't want to take the blame for driving the economy over the cliff.

The current crisis is similar to last year's fight to raise the U.S. debt ceiling, which led to the downgrade of the United States' top credit rating in early August 2011.

During the dealings, the S&P 500 lost 18.8 percent between its peak in July 2011 and its bottom in August. As the market slid, the political standoff badly hurt investors' confidence in Washington, setting off a spike in volatility.

In the end a deal was announced that raised the ceiling and put off longer-term fiscal decisions until January 1, 2013, setting the stage for today's "fiscal cliff" crisis.

After staying flat through September 2011, the S&P 500 jumped 31 percent between its October low and the end of March.

BUY THE DIP?

Gridlock in Washington and all that could possibly go wrong with the economy if a deal is not reached have grabbed the headlines, but the negotiations leave room for stock market gains. Congressional leaders said Friday they will work through the Thanksgiving holiday recess to find a solution.

"The debate over how to solve (the fiscal cliff) may be more productive than is commonly recognized," said Brad Lipsig, senior portfolio manager at UBS Financial Services in New York.

"The U.S. is facing a major debt overhang, and serious steps toward addressing it might ultimately be viewed as a positive for future growth," he said. "The market may recognize this and, after a time of hand wringing, recover from the concerns with a renewed sense of optimism."

The recent selling took the S&P 500's relative strength index - a technical measure of internal strength - below 30 this week, indicating the benchmark is oversold and due for a rebound.

The RSI in four of the 10 S&P sectors - utilities, telecoms, consumer staples and technology - is below 30 and the highest RSI reading, for the consumer discretionary sector, is below 40, suggesting a bounce is in store.

"What I want to do is what we did during the decline following the budget negotiations in the summer of 2011: The lower the stock market goes, the more I want to own stock," said Brian Reynolds, chief market strategist at New York-based Rosenblatt Securities.

"If we go off the cliff it will be with a bungee cord attached," he said.

KEEP CALM AND HEDGE

Volatility is expected to rise through the end of November and to spike in late December if no agreement on the fiscal cliff is reached in Congress. Alongside comes opportunity for those with high risk tolerance.

"Recently, volatility has increased in the market overall. You can't really pick it up in the VIX yet, but I think as we get through November, I think you're likely to see the VIX be at a relatively higher level," said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.

In 2011, the VIX averaged 19.2 in July and 35 in August. So far this month the average is 17.8 and it is expected to spike if negotiations on the cliff drag into late next month.

"Looking at the range of possibilities, I would say any of them would be better than sitting here waiting. I would even put going off the fiscal cliff in that category," said Jill Cuniff, president of Seattle-based Edge Asset Management Inc, which manages about $20 billion.

"But we don't believe Congress will let that happen; there's going to be some middle ground here."

(Reporting by Rodrigo Campos and Jonathan Spincer, additional reporting by Caroline Valetkevitch; Editing by Kenneth Barry)

Read More..

Gaza Violence Is Unabating as Outsiders Push for a Truce

GAZA CITY — Israeli forces killed at least 11 people, including several children, in a single airstrike that destroyed a home here on Sunday, as Israel pressed its bombardment of the Gaza Strip for a fifth day, deploying warplanes and naval vessels to pummel the coastal enclave.

The airstrike, which the Israeli military said was meant to kill a Palestinian militant involved in the recent rocket attacks, was the deadliest operation to date and would no doubt weigh on negotiations for a possible cease-fire. Among the dead were five women and four small children, The Associated Press reported, citing a Palestinian health official.

Two media offices were also hit on Sunday, and Prime Minister Benjamin Netanyahu of Israel warned of a “significant” expansion in the onslaught, which has already killed over 50 people, many of them civilians.

Speaking on Sunday from Bangkok, President Obama condemned missile attacks by Palestinian fighters in Gaza and defended Israel’s right to protect itself.

“There’s no country on earth that would tolerate missiles raining down on its citizens from outside its borders,” Mr. Obama said in his first public comments since the violence broke out. “We are fully supportive of Israel’s right to defend itself.”

The president also said that efforts were under way to address Israel’s security concerns and end the violence. “We’re going to have to see what kind of progress we can make in the next 24, 36, 48 hours,” Mr. Obama said.

Even as the diplomacy intensified on Sunday, the attacks continued in Gaza and Israel.

Mr. Netanyahu made his warning as militants in Gaza aimed at least one rocket at Tel Aviv, a day after Israeli forces broadened the attack beyond military targets, bombing centers of government infrastructure in Gaza, including the four-story headquarters of the Hamas prime minister.

“We are exacting a heavy price from Hamas and the terrorist organizations, and the Israel Defense Forces are prepared for a significant expansion of the operation,” Mr. Netanyahu told his cabinet at its routine Sunday meeting, referring directly to the of thousands of reservists who have been called up and the massing of armor on the Gaza border that many analysts have interpreted as preparations for a possible invasion.

“I appreciate the rapid and impressive mobilization of the reservists who have come from all over the country and turned out for the mission at hand,” Mr. Netanyahu said. “Reservist and conscript soldiers are ready for any order they might receive.”

His remarks were reported shortly after a battery of Israel’s Iron Dome defense shield, hastily deployed near Tel Aviv on Saturday in response to the threat of longer-range rockets, intercepted at least one aimed at the city on Sunday, Israeli officials said. It was the latest of several salvos that have illustrated Hamas’s ability to extend the reach of its rocket attacks.

Since Wednesday, when the escalation of the conflict began, Iron Dome has knocked 245 rockets out of the sky, the military said Saturday, while 500 have struck Israel.

The American-financed system is designed to intercept only rockets streaking toward towns and cities and to ignore those likely to strike open ground. But on Sunday a rocket fired from Gaza plowed through the roof of an apartment building in the southern Israeli city of Ashkelon. There were no immediate reports of casualties there.

In Gaza City, the crash of explosions pierced the quiet several times throughout the early morning.

Before the latest deadly strike involving civilians on Sunday, Hamas health officials had said the Palestinian death toll had risen to 53. One of the latest victims was a 52-year-old woman whose house in the eastern part of Gaza City was bombed around lunchtime.

A few hours earlier, a Hamas militant was killed and seven people were wounded in an attack on the Beach Refugee Camp, where Ismail Haniya, the Hamas prime minister, has a home. Those killed on Sunday included three children ages 1 through 5, the health officials said.

In Israel, 3 civilians have died and 63 have been injured. Four soldiers were wounded on Saturday.

The onslaught continued despite talks in Cairo that President Mohamed Morsi of Egypt said Saturday night could soon result in a cease-fire. Mr. Netanyahu said he would consider a comprehensive cease-fire if the launchings from Gaza stopped.

The attack on Mr. Haniya’s office, one of several on government installations, came a day after he hosted his Egyptian counterpart in the same building, a sign of Hamas’s new legitimacy in a radically redrawn Arab world.

Jodi Rudoren and Fares Akram reported from Gaza City. Reporting was contributed by Isabel Kershner, Carol Sutherland and Iritz Pazner Garshowitz from Jerusalem; Tyler Hicks from Gaza, Peter Baker from Bangkok, Alan Cowell from London, Michael Schwirtz from New York and David D. Kirkpatrick and Mayy El Sheikh from Cairo.

Read More..

Nintendo seeks to shake up gaming again with Wii U

LOS ANGELES (AP) — It can scan zombies, replace a TV remote, open a window into virtual worlds and shoot ninja stars across a living room. It’s the Wii U GamePad, the 10-by-5-inch touchscreen controller for the successor to the Wii out Sunday, and if you ask the brains behind the “Super Mario Bros.” about it, they say it’s going to change the way video games are made and played.

“You can’t manufacture buzz,” said Nintendo of America president Reggie Fils-Aime. “You can’t manufacture word of mouth. All we can do is to provide the product and the games to foster some sparks that hopefully enable that to happen. We think we have that with Wii U.”

Much like the iPad, the curvaceous GamePad features a touchscreen that can be manipulated with the simple tap or swipe of a finger, but it’s surrounded by the kinds of buttons, bumpers, thumbsticks and triggers that are traditionally found on a modern-day game controller. There’s also a camera, stylus, microphone, headphone jack and speakers.

While the Wii U can employ its predecessor’s motion-control remotes with a sensor bar that similarly detects them in front of the TV, the console’s focus on two-screen experiences makes it feel more like a high-definition, living-room rendition of the Nintendo DS and 3DS, the Japanese gaming giant’s dual-screen hand-held devices, than the original Wii.

“It’s a second screen like a tablet or a cellphone, but it’s different,” said Mark Bolas, professor of interactive media at the University of Southern California. “In addition to providing more information, the GamePad is also a second viewpoint into a virtual world. Nintendo is letting you turn away from the TV screen to see what’s happening with the GamePad.”

The touchscreen controller can also serve as a makeshift TV remote control and online video aggregator for services like Netflix and Amazon Instant Video. (Nintendo cheekily calls it TVii and announced Friday that it won’t be available until December.) Some games have the ability to flip-flop between the TV screen and the GamePad screen, allowing for non-gaming use of the TV.

There are limitations to the GamePad: it won’t work after it’s been moved 25 feet away from the Wii U console; it lasts about three to five hours after charging; and while its touchscreen is intuitive as those that have come before it, the GamePad is not quite as simple to use as the Wii controllers that had everyone bowling in their living rooms.

“Is the GamePad more complex than the Wii Remote was six years ago? Certainly,” said Fils-Aime. “On the other hand, I believe consumers will easily grasp the GamePad and what we’re trying to do with the varied experiences we’ll have not only at launch but over the next number of years in this system’s life.”

The abilities of the GamePad are most notably showcased by Nintendo Co. in the amusement park-themed mini-game collection “Nintendo Land,” which comes with the deluxe edition of the console. “Nintendo Land” turns the GamePad into several different tools, such as the dashboard of a spaceship or the ultimate advantage in a game of hide-and-seek.

In other titles, the controller mostly eliminates the need to pause the action to study a map in order to figure out where to go next or scour an inventory for just the right weapon. That can all be achieved simultaneously on the GamePad screen, which is best illustrated among the launch titles in Ubisoft’s survival action game “ZombiU.”

The GamePad acts as a high-tech scanner in “ZombiU” that can analyze a player’s surroundings in a version of London overrun by zombies. It pumps up the terror by drawing players’ attention away from the horrors lurking around them.

Will gamers who’ve grown up with their eyes glued to the TV and hands gripped on a controller adapt to glimpsing at another screen? The Wii U edition of “Call of Duty: Black Ops II,” for example, invites players to customize their arsenal on the fly on the GamePad, as well as engage in multiplayer matches without needing to split the TV in half.

Nintendo expects 50 games will be available for the Wii U by March 2013. There will be 23 games released alongside the console when it debuts Sunday, including the platformer “New Super Mario Bros. U,” karaoke game “Sing Party,” an “armored edition” of “Batman: Arkham City” and the Mickey Mouse adventure “Disney Epic Mickey 2: The Power of Two.”

“New consoles come along and nobody exploits their full capabilities for the first two to three years,” said Warren Spector, creative director at “Epic Mickey 2″ developer Junction Point Studios. “It’s only after you’ve had two or three projects that you fully understand what the hardware is capable of doing. We’re going to be experimenting with it more.”

Fils-Aime said he’s already envisioning ways that developers will innovate with future games. He pointed to some of the console’s features that aren’t on display in the launch line-up, such as the ability to play with two GamePads at once or utilize the console’s near-field communication technology to interact with other gadgets in the room.

“I think that developers and consumers are ready for new experiences,” said Fils-Aime. “More than anything else, I think that’s what is driving excitement for Wii U. They’ve experienced what this generation has to offer. They’re ready for something new.”

___

Online:

http://www.nintendo.com/wiiu

___

Follow AP Entertainment Writer Derrik J. Lang on Twitter at http://www.twitter.com/derrikjlang.

Gaming News Headlines – Yahoo! News

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Rose McGowan's Dating Deal-Breaker: Sloppy Kisses

By Lilly Workneh

11/17/2012 at 05:25 PM EST

No need to find a secret spell on how to kiss Rose McGowan: The former Charmed star will tell you what she likes – and what she doesn't.

"Don't be sloppy!" McGowan, 39, tells PEOPLE. "That's the worst. You could find the hottest guy on the planet and if he's a bad kisser, it just doesn't work."

The actress hosted Cosmopolitan and Maybeline's Kisses for the Troops event on Monday in New York City and spilled the beans on what she considers to be a sexy smooch.

"I like the man to be medium aggressive, not somebody who's going to shove his tongue down your throat," she says. "That's not sexy."

Smooching comes with the territory for an actress says McGowan, who previously dated rocker Marilyn Manson and was engaged to filmmaker Robert Rodriguez.

"I had to kiss a lot of people on Charmed and I would kiss people I wouldn't even know. I'd say 'Hi, you're Ted? Let's make out Ted. Okay, Ted, it was really nice to meet you. I'll never see you again.' "

As far as kissing skills go, McGowan says guys shouldn't bother trying to learn too much. "I don't think you can teach somebody [to kiss]," she says. "You either just know how to do it or you don't."

Read More..

EU drug regulator OKs Novartis' meningitis B shot

LONDON (AP) — Europe's top drug regulator has recommended approval for the first vaccine against meningitis B, made by Novartis AG.

There are five types of bacterial meningitis. While vaccines exist to protect against the other four, none has previously been licensed for type B meningitis. In Europe, type B is the most common, causing 3,000 to 5,000 cases every year.

Meningitis mainly affects infants and children. It kills about 8 percent of patients and leaves others with lifelong consequences such as brain damage.

In a statement on Friday, Andrin Oswald of Novartis said he is "proud of the major advance" the company has made in developing its vaccine Bexsero. It is aimed at children over two months of age, and Novartis is hoping countries will include the shot among the routine ones for childhood diseases such as measles.

Novartis said the immunization has had side effects such as fever and redness at the injection site.

Recommendations from the European Medicines Agency are usually adopted by the European Commission. Novartis also is seeking to test the vaccine in the U.S.

Read More..

Wall Street Week Ahead: Going off "cliff" with a bungee cord

NEW YORK (Reuters) - The 1987 crash. The Y2K bug. The debt ceiling debacle of 2011.

All these events, in the end, turned out to be buying opportunities for stocks. So will the "fiscal cliff," some investors say as they watch favorite stocks tumble during the political give-and-take happening in Washington.

The first round of talks aimed at avoiding the "fiscal cliff" caused a temporary rise in equities on Friday, signaling Wall Street's recent declines could be a buying opportunity. The gains were small and sentiment remains weak, but it suggests hope for market bulls.

Though shares ended moderately higher on Friday, it was not enough to offset losses for the week. The S&P was down 1.5 percent, while both the Dow and the Nasdaq fell 1.8 percent.

The S&P 500 is down more than 5 percent in the seven sessions that followed President Barack Obama's re-election. Uncertainty arose as attention turned to Washington's task of dealing with mandated tax hikes and spending cuts that could take the U.S. economy back into recession.

Some see the market's move as an overreaction to hyperbolic headlines about policy gridlock in Washington, believing stocks may start to rebound in what should be a quiet few days ahead of the Thanksgiving holiday next Thursday.

"It just doesn't seem to make any sense that you suddenly wake up the day after the election and realize we've got a fiscal cliff," said Krishna Kumar, partner at New York hedge fund Goose Hollow Alpha Advisors.

Not long ago the S&P was on target for its second-best year in the last 10, riding a 17 percent advance in 2012. That's been halved to about 8 percent, which isn't bad but disappointing compared with just a month ago.

Investors have been selling the year's winners. Apple is down 25 percent from its peak above $700. General Electric is down 14 percent; Google has lost 16 percent. Overall, the stocks that make up the top 10 percent of performers in the month prior to Election Day have been the worst performers since, according to Bespoke Investment Group of Harrison, New York.

"I think it's a good opportunity to be long stocks at these levels," said Kumar.

Hikes on capital gains and dividend taxes are on the line, and Obama has dug in his heels on what he sees as a mandate to make the tax code more progressive.

He seems to have the upper hand in dealings with Congress because Republican lawmakers don't want to see tax rates increase, which is what will happen if no solution is found by the beginning of 2013. Republicans don't want to take the blame for driving the economy over the cliff.

The current crisis is similar to last year's fight to raise the U.S. debt ceiling, which led to the downgrade of the United States' top credit rating in early August 2011.

During the dealings, the S&P 500 lost 18.8 percent between its peak in July 2011 and its bottom in August. As the market slid, the political standoff badly hurt investors' confidence in Washington, setting off a spike in volatility.

In the end a deal was announced that raised the ceiling and put off longer-term fiscal decisions until January 1, 2013, setting the stage for today's "fiscal cliff" crisis.

After staying flat through September 2011, the S&P 500 jumped 31 percent between its October low and the end of March.

BUY THE DIP?

Gridlock in Washington and all that could possibly go wrong with the economy if a deal is not reached have grabbed the headlines, but the negotiations leave room for stock market gains. Congressional leaders said Friday they will work through the Thanksgiving holiday recess to find a solution.

"The debate over how to solve (the fiscal cliff) may be more productive than is commonly recognized," said Brad Lipsig, senior portfolio manager at UBS Financial Services in New York.

"The U.S. is facing a major debt overhang, and serious steps toward addressing it might ultimately be viewed as a positive for future growth," he said. "The market may recognize this and, after a time of hand wringing, recover from the concerns with a renewed sense of optimism."

The recent selling took the S&P 500's relative strength index - a technical measure of internal strength - below 30 this week, indicating the benchmark is oversold and due for a rebound.

The RSI in four of the 10 S&P sectors - utilities, telecoms, consumer staples and technology - is below 30 and the highest RSI reading, for the consumer discretionary sector, is below 40, suggesting a bounce is in store.

"What I want to do is what we did during the decline following the budget negotiations in the summer of 2011: The lower the stock market goes, the more I want to own stock," said Brian Reynolds, chief market strategist at New York-based Rosenblatt Securities.

"If we go off the cliff it will be with a bungee cord attached," he said.

KEEP CALM AND HEDGE

Volatility is expected to rise through the end of November and to spike in late December if no agreement on the fiscal cliff is reached in Congress. Alongside comes opportunity for those with high risk tolerance.

"Recently, volatility has increased in the market overall. You can't really pick it up in the VIX yet, but I think as we get through November, I think you're likely to see the VIX be at a relatively higher level," said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.

In 2011, the VIX averaged 19.2 in July and 35 in August. So far this month the average is 17.8 and it is expected to spike if negotiations on the cliff drag into late next month.

"Looking at the range of possibilities, I would say any of them would be better than sitting here waiting. I would even put going off the fiscal cliff in that category," said Jill Cuniff, president of Seattle-based Edge Asset Management Inc, which manages about $20 billion.

"But we don't believe Congress will let that happen; there's going to be some middle ground here."

(Reporting by Rodrigo Campos and Jonathan Spincer, additional reporting by Caroline Valetkevitch; Editing by Kenneth Barry)

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