London Market Report

31 December 2012 Last updated at 08:23 ET

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Continue reading the main story

(Close): London’s leading shares fell in Monday trading, amid fears that budget talks would not stop the US sliding over the “fiscal cliff”.

In a truncated New Year’s Eve session, the benchmark FTSE 100 index dropped by 0.47%, or 27.56 points, to 5,897.81.

However, the index still ended the year nearly 6% higher, having fallen by 5.6% during 2011.

Engineering firm Melrose Industries did worst on the day, down 3.5%. Capital Shopping Centres Group shed 2.1%.

Leading the day’s winners, B&Q owner Kingfisher bucked the downward trend with a rise of 0.8%.

The broader-based FTSE 250 index had an even better year, notching up record annual gains of 22%.

The 250-share index is seen as more representative of the British economy as a whole, since it contains a greater proportion of firms that are actually based in the UK.

BBC News – Business

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France counts 1,193 cars torched on New Year’s Eve

PARIS (AP) — A New Year’s Eve tradition for some in France of torching empty, parked cars has continued.

Interior Minister Manuel Valls said Tuesday that 1,193 vehicles were burned overnight around the country, where the stunt began in the 1990s.

There was no way to compare this figure to recent ones because the conservative government of former President Nicolas Sarkozy stopped making the numbers public while he was in office. But the rate of burned cars was apparently steady. On Dec. 31, 2009, 1,147 vehicles were burned.

For some, the decision of France’s current Socialist government to resume making public figures of New Year’s Eve’s torched cars is unwise.

Bruno Beschizza, a security chief for Sarkozy’s UMP party, said on iTele TV that publishing the numbers motivates youths to commit such crimes.

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Thieves stole more than $1 million worth of Apple products during a New Years Eve heist

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Is Tom Cruise still a go-to action hero? Hollywood, “Jack Reacher” say yes

LOS ANGELES (TheWrap.com) – Given his age and the tough year he’s had in the tabloids, is Tom Cruise still a go-to guy when Hollywood is looking for an action hero?

The answer is yes, based on the performance of his current movie, Paramount‘s “Jack Reacher.” It’s taken in $ 45 million in the 10 days since opening with $ 15.6 million in a very crowded and competitive holiday market. Its second week was a solid $ 14 million, and it’s added $ 22 million from overseas.

Holiday movies tend to have legs and “Reacher” has yet to roll out in the majority of major foreign territories, so both of those numbers, particularly the international, will be growing. All signs point to it surpassing $ 200 million at the worldwide box office. That’s not a blockbuster figure, and Paramount is staying mum on a sequel, but with a $ 60 million budget, “Jack Reacher” will make money for Paramount.

There were questions coming in. With his divorce from Katie Holmes and subsequent custody battle, Cruise is carrying plenty of public relations baggage. His foray earlier this year into musicals with “Rock of Ages” was critically applauded but proved a box-office dud. That’s on top of his well-known support for Scientology.

He’s 50 now, which might be the new 40 in the real world, but is starting to get on in years in the realm of action heroes. Daniel Craig is 44. Jeremy Renner is 41. We are a long way from “Top Gun” – that was 1986 – so it probably won’t be too, too long until “The Expendables” franchise comes calling for Cruise.

But in the meantime, “Reacher” is going to be profitable for Paramount and Cruise’s portrayal of the tough, ex-military drifter has drawn critical kudos, so there’s a bit of momentum now. And it’s clear from his upcoming schedule that Hollywood is still convinced he can carry an action film.

Next for Cruise will be two sci-fi movies: Universal’s “Oblivion” is due in April and “All You Need is Kill” is set for March 2014 from Warner Bros. After that, there’s a potential “Van Helsing” remake at Universal and “Mission: Impossible 5″ is on Paramount‘s 2015 slate.

His recent track record at the box office, particularly when you look at his performance in the action genre, suggests the studios are making a pretty good bet.

“Rock of Ages” may have crumpled, but “Mission: Impossible – Ghost Protocol” was a huge hit for Paramount, taking in nearly $ 700 million worldwide in 2011. “Knight & Day,” from Fox in 2010, and “Valkyrie,” from United Artists in 2008, both made over $ 200 million worldwide.

Supporting roles in “Tropic Thunder” and “Lions for Lambs” preceded those, but those came on the heels of two Paramount movies: “Mission Impossible 3,” which made nearly $ 400 million worldwide in 2006, and “War of the Worlds,” which did $ 592 million in the previous year.

The bottom line: Hollywood is still convinced you can still take Tom Cruise, movie action hero, to the bank.

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Texas judge OKs ban on Planned Parenthood funding

AUSTIN, Texas (AP) — Texas can cut off funding to Planned Parenthood‘s family planning programs for poor women, a state judge ruled Monday, requiring thousands to find new state-approved doctors for their annual exams, cancer screenings and birth control.

Judge Gary Harger said that Texas may exclude otherwise qualified doctors and clinics from receiving state funding if they advocate for abortion rights.

Texas has long banned the use of state funds for abortion, but had continued to reimburse Planned Parenthood clinics for providing basic health care to poor women through the state’s Women’s Health Program. The program provides preventive care to 110,000 poor women a year, and Planned Parenthood clinics were treating 48,000 of them.

Planned Parenthood’s lawsuit to stop the rule will still go forward, but the judge decided Monday that the ban may go into effect for now. In seeking a temporary restraining order, Planned Parenthood wanted its patients to be able to see their current doctors until a final decision was made.

“We are pleased the court rejected Planned Parenthood’s latest attempt to skirt state law,” attorney general spokeswoman Lauren Bean said. “The Texas Attorney General’s office will continue to defend the Texas Legislature‘s decision to prohibit abortion providers and their affiliates from receiving taxpayer dollars through the Women’s Health Program.”

Ken Lambrecht, president and CEO of Planned Parenthood of Greater Texas, said he brought the lawsuit on behalf of poor women who depend on its clinics.

“It is shocking that once again Texas officials are letting politics jeopardize health care access for women,” Lambrecht said. “Our doors remain open today and always to Texas women in need. We only wish Texas politicians shared this commitment to Texas women, their health, and their well-being.”

Planned Parenthood has brought three lawsuits over Texas’ so-called “affiliate rule,” claiming it violates the constitutional rights of doctors and patients while also contradicting existing state law.

Republican lawmakers who passed the affiliate rule last year have argued that Texas is an anti-abortion state, and therefore should cut off funds to groups that support abortion rights. Gov. Rick Perry, who vehemently opposes abortion, has pledged to do everything legally possible to shut down Planned Parenthood in Texas and welcomed the court’s ruling.

“Today’s ruling finally clears the way for thousands of low-income Texas women to access much-needed care, while at the same time respecting the values and laws of our state,” Perry said. “I applaud all those who stand ready to help these women live healthy lives without sending taxpayer money to abortion providers and their affiliates.”

The Texas Health and Human Services Commission has spent the last nine months preparing to implement the affiliate rule. But federal officials warned it violated the Social Security Act and cut off federal funds for the Women’s Health Program, prompting the commission to start a new program using only state money.

State officials have also scrambled to sign up new doctors and clinics to replace Planned Parenthood. Women who previously went to Planned Parenthood clinics will now have to use the agency’s web site to find a new state-approved doctor. HHSC officials acknowledged Monday they are unsure whether the new doctors can pick up Planned Parenthood’s caseload in all parts of the state.

Any capacity issues will become clear in the next few weeks as women try to make appointments with new clinics and doctors, with problems anticipated in South Texas and other impoverished areas. Texas already suffers from a shortage of primary care physicians willing to take on new patients who rely on state-funded health care.

Linda Edwards Gockel, a spokesman for the Texas Health and Human Services Commission, said Monday that the new state program will launch as planned on Tuesday.

“We have more than 3,500 doctors, clinics and other providers in the program and will be able to continue to provide women with family planning services while fully complying with state law,” she said. “We welcome Planned Parenthood’s help in referring patients to providers in the new program.”

Democratic lawmakers continued to question whether women will have to wait longer for appointments and services.

“I vehemently disagree with the state’s efforts to blacklist a qualified provider and, thereby, interfere with a woman’s right to choose her own provider,” said state Rep. Donna Howard, D-Austin. “I will be submitting a letter to the Texas Health and Human Services Commission, requesting a list of approved providers to gauge the outreach of the new program, and ensure that all qualified women throughout the state have access to its services.”

Another hearing is scheduled with a different judge for Jan. 11, where Planned Parenthood will again ask for an injunction to receive state funding.

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The Cliff Is Not a Credit-Rating Crisis

(Updates Dow Jones industrial average’s closing figure)

To quote the 1980s Soviet-dissing comedian Yakov Smirnoff: “What a Country!” That punch line seems terribly appropriate when you consider that America is uniquely positioned to explore true fiscal profligacy.

In August 2011, you’ll recall, amid the debt-ceiling debacle, Standard & Poor’s (MHP) did the unthinkable and downgraded the U.S. credit rating. Did the dollar collapse? Treasuries plunge? Bond vigilantes with pitchforks maraud down the corridors of Wall Street? Just the opposite: By dint of the dollar being the global reserve-currency of choice—and Treasuries being the ultimate redoubt of safety and liquidity—U.S. bond prices rose and yields fell while our printing presses went full-tilt. Risk on or risk off, creditors the world over can’t seem to get enough of American debt.

Now there’s a sequel to the debt ceiling drama: the Fiscal Cliff, a budgetary tragedy entirely of lawmakers’ creation.

So how will the credit-raters and debt markets react to this surreal state of affairs?

S&P put out a Dec. 28 bulletin, “Congressional Impasse On Fiscal Cliff Does Not Affect U.S. Sovereign Rating.” The ratings giant cited its 2011 downgrade language—when it called out “the political brinkmanship of recent months [that] highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable”—to reiterate that it “believes that this characterization still holds.”

But this time a political impasse means the deficit would be cut. “If lawmakers reach no agreement,” says S&P, “the Congressional Budget Office estimates that the government will receive additional revenue and will forgo additional expenses of upwards of $ 500 billion (3% of 2013 GDP) a year.”

As for Moody’s (MCO), the firm remarked on Dec. 27 that its “Aaa rating of the U.S. government is based on an assessment of very high economic strength, very high institutional strength, very high government financial strength, and low susceptibility to event risk. The rating carries a negative outlook, which was assigned primarily due to the rapid increase in federal government debt during the past five years and the uncertain debt trajectory in the medium term. … The statutory debt limit will be reached soon if Congress does not act to raise it. … Our view is that the probability of a missed interest payment on bonds resulting from a failure to raise the debt limit is extremely low.”

And then there’s Fitch Ratings. We’ll spare you the riveting boilerplate.

Point is, for all the Big Three’s codified importance to investors, not many seem seem to be waiting with bated breath for their reaction to what ultimately emerges from Washington’s cliff impasse. “S&P downgrading the U.S. last year was meaningless, because people don’t rely on S&P to tell them the credit quality of the U.S. government,” says Donald Steinbrugge, managing partner of Agecroft Partners, a broker-dealer that serves hedge funds. He says if Congress does not reach an agreement on the budget and the fiscal cliff is implemented, the markets will be the primary judge of the ripple effect on the broader economy and corporate profits. “This will result in a sell-off,” he says, “where the degree of decline will depend on how long investors believe the cliff will be in place.”

On the last day of the year, with an hour of trading left, no resolution from the Beltway, and the U.S. Treasury Department hitting up against its debt ceiling, the Dow Jones Industrial average rose 166 points.

Meantime, since the U.S. downgrades of 2011, the Standard & Poor’s 500-stock index has returned a total of 23 percent (it has been up for the year every day of 2012); volatility, as measured by the VIX, has plunged; and government bonds have been in clover. In fact, the 10-year Treasury yield averaged 1.79 percent this year, its lowest yield since 1941.

Makes you wonder how badly America will fare—if and when its debt ever gets upgraded.

Businessweek.com — Top News

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Pope marks end of difficult year, notes God’s good

VATICAN CITY (AP) — Pope Benedict XVI marked the end of a difficult year Monday by saying that despite all the death and injustice in the world, goodness prevails.

Benedict celebrated New Year’s Eve with a vespers service in St. Peter’s Basilica to give thanks for 2012 and look ahead to 2013. He appeared tired during the service and used a cane afterward — an indication that the busy Christmas season may be taking a toll on the 85-year-old Benedict.

In his homily, Benedict said it’s tough to remember that goodness prevails when bad news — death, violence and injustice — “makes more noise than good.” He said taking time to meditate in prolonged reflection and prayer can help “find healing from the inevitable wounds of daily life.”

This past year was full of highs and lows for the pope, including a successful trip to Mexico and Cuba but also the betrayal of his butler, convicted in October of stealing Benedict’s personal papers and leaking them to a journalist.

After the service, Benedict was brought out in a covered car to pray before the Vatican’s main nativity scene in St. Peter’s Square. Walking with a cane in the chilly piazza, Benedict chatted animatedly with the artist who crafted the scene, which recreated an entire village from the poor, southern Italian region of Basilicata which donated this year’s crèche.

The Vatican gladly accepted Basilicata’s donation after the €550,000 price tag the Vatican paid for the 2009 nativity scene was revealed in the documentation leaked by Benedict’s ex-butler Paolo Gabriele.

Gabriele was convicted of aggravated theft by a Vatican tribunal and sentenced to 18 months in prison. He received a pre-Christmas papal pardon and is expected to soon leave his Vatican City apartment for a new home and job elsewhere.

On Tuesday morning, Benedict celebrates a New Year’s Day Mass, which the Catholic Church celebrates as its world day of peace.

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Zynga carries out planned games shutdown, including “Petville”

SAN FRANCISCO (Reuters) – Social games publisher Zynga Inc confirmed on Monday that it has carried out 11 of the planned shutdowns of 13 game titles, with “Petville” being the latest game on which it pulled the plug.

Zynga in October said it would shut down 13 underperforming titles after warning that its revenues were slowing as gamers fled from its once-popular titles published on the Facebook platform in large numbers and sharply revised its full-year outlook.

The San Francisco-based company announced the “Petville” shutdown two weeks ago on its Facebook page. All the 11 shutdowns occurred in December.

The 11 titles shut down or closed to new players include role-playing game “Mafia Wars 2,” “Vampire Wars,” “ForestVille” and “FishVille.”

“In place of ‘PetVille,’ we encourage you to play other Zynga games like ‘Castleville,’ ‘Chefville,’ ‘Farmville 2,’ ‘Mafia Wars’ and ‘Yoville,’” the company told players on its ‘PetVille’ Facebook page. “PetVille” players were offered a one-time, complimentary bonus package for virtual goods in those games.

“Petville,” which lets users adopt virtual pets, has 7.5 million likes on Facebook but only 60,000 daily active users, according to AppData. About 1,260 users commented on the game’s Facebook page, some lamenting the game’s shutdown.

Zynga has said it is shifting focus to capture growth in mobile games. It also applied this month for a preliminary application to run real-money gambling games in Nevada.

Zynga is hoping that a lucrative real-money market could make up for declining revenue from games like “FarmVille” and other fading titles that still generate the bulk of its sales.

Zynga shares were up 1 percent at $ 2.36 in afternoon trade on Monday on the Nasdaq.

(Reporting By Malathi Nayak; Editing by Leslie Adler)

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Comedian Katt Williams arrested in LA

LOS ANGELES (AP) — Katt Williams, the comedian who has repeatedly found himself on the wrong side of the law, is out on bail after being arrested in Los Angeles on suspicion of child endangerment and possession of a stolen gun.

Police Officer Norma Eisenman says Williams was taken into custody Friday after the LA County Department of Children and Family Services did a welfare check at his home. Authorities found more than one firearm, one of which had been reported stolen.

Eisenman says the DCFS did not specify how many children lived at the home or whether they were removed.

The 41-year-old was arrested this month on a felony warrant related to a police chase. In November, he was accused of hitting a man on the head with a bottle during a fight.

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New Year’s Resolutions For Better Health

New Year’s resolutions are typically so singular, self-focused and private. How about making a resolution or two this year that has benefits beyond yourself? Here are some suggestions with lots of links to get you started.

You can help stop the spread of disease. Resolve to get up-to-date on your vaccines. While children have a full slate of vaccines, many adults don’t realize they have regular immunization obligations, too. Getting flu, pertussis, human papillomavirus and other vaccines can protect you and help stop the spread of diseases that harm others. Here’s a great guide to adult immunizations from the federal government. If the cost of vaccines is an issue, check into free or low-cost immunizations through your county’s public health department. Here’s a guide to finding your local office. Volunteer with an organization that needs your help. A group called Catchafire matches professionals who wish to volunteer their skills to organizations that need the help — including many important health organizations. The idea is to give great organizations access to top talent while respecting the professionals’ schedules and making their volunteer work meaningful. Here’s the link. Influence a healthier food climate. Americans spend about half of their food budgets eating out. So we had better demand thorough nutritional information about what we’re getting. Under healthcare reform, many restaurant chains will soon carry nutritional information. But the law has loopholes. If you don’t see the information you’re looking for on salt, fat, calories or other nutrients, ask the restaurant’s manager where you can find it. Nutritional information should be easy to access. Until it is, speak up and ask for it. Do your part to keep down healthcare costs. The Affordable Care Act will bring many consumers into the insurance healthcare system for the first time. But that doesn’t mean we can ignore the cost of care. Rising healthcare costs remain a huge issue that could drag down the economy and bedevil some reform efforts. You can help by being a wise healthcare consumer. Read your insurance policy and know what it does and doesn’t cover. Take advantage of free preventive care services and screening tests under the ACA. Shop around for prescriptions to find the cheapest prices. Ask your doctor for generic equivalents. Finally, use your health savings account if your employer offers one. These accounts provide incentives for using your money wisely, shopping around to find the best healthcare prices and weighing the costs and benefits of certain drugs, tests or procedures.  Here’s a guide to understanding how HSAs work. Be responsible about the prescription drugs you store at home. You can reduce your own risk of addiction and lower the risk for others, too, if you are careful about medications kept in your home. This year marked a turning point in the nation’s epidemic of prescription-drug abuse and addiction.  Admissions to addiction treatment centers for use of narcotic painkillers rose 569 percent in the past decade, according to the federal government. More people now die from drug overdoses than from traffic accidents. More than six million Americans abuse prescription drugs, and more than 70 percent of addicts get their drugs through family or friends or by raiding a home medicine cabinet. Dispose of unused medications. The Drug Enforcement Agency operates a National Prescription Drug Take-Back Day a few times a year (the next one is in April), that makes it easy to dispose of dangerous substance.  Go through your home today and collect unused medications. You can take them to a pharmacy for disposal or even flush them down the toilet. Some drugs carry disposal instructions on the label. Here’s information on how to dispose of prescription medications. Be a safe driver. One of the biggest safety issues on the nation’s roads these days is driver distraction. A large share of the distractions come from talking on a hand-held cell phone or text messaging while driving. You’re 23 times more likely to crash if you text while driving. Most states now prohibit texting while driving, but there are still many people who do it while knowing it’s unsafe. Break yourself of this terrible habit. The federal government has a website that provides people with information and tools to discourage distracted driving. Included in this package is a simple pledge sheet you can print out, sign and post on your refrigerator door or bathroom to help you make the commitment. There are a couple of other things you can do, too. Speak out if the driver you’re riding with is distracted. Encourage family and friends to drive phone-free. Run a race for the greater good. Who doesn’t love a good 5K walk or run? You benefit from the exercise and, if you choose a charity race, others reap rewards, too. There are thousands of charity races each year. Pick one and invite your friends to participate with you. Here’s a website to help you find a race.  Apply for a grant. There’s money out there for doing good. Saucony’s Run for Good Foundation aims at preventing child obesity by promoting running as part of a healthy lifestyle for kids. The foundation issues grant money to organizations that want to organize a kids’ running group. You can find information on how to apply at the foundation website. Sign a petition. Concerned about flame retardants in consumer products? Gun safety? Funding for research to fight a particular disease? There’s probably a petition for that. It’s an easy way to make your voice heard. Both change.org and thepetitionsite.com are good places to look to find a petition close to your heart.

Question: What resolutions can you make to help others? Tell us what you think in the comments.

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Shari Roan is an award-winning health writer based in Southern California. She is the author of three books on health and science subjects.

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