The deal averting a government shutdown: Who achieved what? (The Week)

New York ? Congress reached an 11th-hour deal to keep federal agencies running. But the horse-trading isn't over

Just 27 hours before a deadline that could have shut down the federal government at midnight Friday, Democrats and Republicans reached an agreement on a $1 trillion spending bill that will keep the lights on through the end of the fiscal year in September, 2012. They still have to work out the particulars of another sticking point ? a separate measure extending a temporary payroll tax cut and jobless benefits. So what did both parties gain, and give up, to break the impasse? Here, a brief guide:

So, the parties settled their differences?
Not exactly. They still have to work out how to pay for the $120 billion payroll tax cut extension for 160 million workers, to keep it from expiring on Dec. 31. But they got close enough that the White House and Senate Democrats figured it was safe to detach the payroll-tax issue from the spending bill, which they were delaying in an attempt to force the GOP to negotiate. Now Congress can approve the spending bill, and focus on settling lingering differences over the payroll tax.

SEE MORE: Congress' 'wild final month': 5 predictions for December

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Who caved?
Both sides gave up a little on the spending measure. "The final bill strips out a Republican amendment to the Treasury budget to reinstate Bush-era restrictions on travel to Cuba" ? something President Obama opposed, says David Rogers at Politico. But it also includes some GOP provisions that are hard for Democrats to swallow, such as one blocking new, greener standards for light bulbs.

Will extending the payroll tax be easy now?
Both sides say a deal is near, although anything can happen. Democrats have reportedly dropped their insistence on offsetting the cost with a surtax on people making more than $1 million a year, which was a dealbreaker for the GOP. But Republicans haven't budged on one provision Democrats have described as a poison pill ? a controversial proposal to expedite the review of the Keystone XL oil pipeline.

SEE MORE: The super committee's 'epic' failure: What now?

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What happens if they can't agree?
Both sides want to extend the payroll tax holiday. If they let it expire, the portion of Americans' paychecks withheld for Social Security and Medicare will rise 2 percent ? from 4.2 percent to 6.2 percent. In such a scenario, someone making $50,000 would have to pay $1,000 more in payroll taxes. To avoid that, Congress is likely to pass a two-month extension if no long-term agreement is in sight. That way members will be able to head home for the holidays, and put off a final showdown until February.

Sources: CNN, NY Times, Politico, Washington Post

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Tunisia lifts warrant summoning Arafat's widow (AP)

TUNIS, Tunisia ? The Justice Ministry says Tunisia has lifted a warrant summoning the widow of late Palestinian leader Yasser Arafat over a corruption scandal.

Ministry spokesman Kadhem Zine El Abidine said Friday that the investigating judge who had issued the warrant against Suha Arafat in October has since reversed that order.

The case centered on alleged embezzlement linked to the creation of The International School of Carthage outside Tunis, which she founded in 2006 with Leila Trabelsi ? the wife of former longtime Tunisia President Zine El Abidine Ben Ali.

The warrant was not for arrest, but only a summoning for questioning. Yasser Arafat's Palestinian Liberation Organization was long headquartered in Tunis.

Source: http://us.rd.yahoo.com/dailynews/rss/mideast/*http%3A//news.yahoo.com/s/ap/20111216/ap_on_re_mi_ea/ml_tunisia_arafat_s_widow

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Family Photo: The Wilkinson-Basketts ? A Merry Mood

Kendra Wilkinson, husband Hank Baskett and son Hank IV peruse the seasonal selections while Christmas tree shopping on Thursday in Los Angeles.

Source: http://feeds.celebritybabies.com/~r/celebrity-babies/~3/1-g9pcML3XA/

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Inquiry: Thousands abused in Catholic institutions (AP)

THE HAGUE, Netherlands ? Thousands of children suffered sexual abuse in Dutch Catholic institutions, and church officials failed to adequately address the abuse or help the victims, according to a long-awaited investigation released Friday.

The report by the an independent commission said Catholic officials failed to tackle the widespread abuse "to prevent scandals."

Based on a survey among more than 34,000 people, the commission estimated that one in 10 Dutch children suffered some form of abuse. The number doubled to 20 percent of children who spent some of their youth in a Catholic institution.

The commission said it received some 1,800 complaints of abuse at Catholic schools, seminaries and orphanages and that the institutions suffered from "a failure of oversight."

The commission was set up last year under the leadership of former government minister Wim Deetman to investigate allegations of abuse dating from 1945.

The investigation followed allegations of repeated incidents of abuse at one cloister that quickly spread to claims from Catholic institutions across the country, echoing similar scandals around the world.

The Dutch branch of the Catholic church agreed last month to launch a compensation system that clears the way for victims of abuse by priests and other church workers to receive payments.

The new compensation system has a scale starting at euro5,000 ($6,500) and rising to a maximum of euro100,000 ($130,000) depending on the nature of the abuse.

According to the Dutch Central Bureau for Statistics, 29 percent of the Dutch population of 16 million identified themselves as Catholics in 2008, making it the largest religion in the country.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20111216/ap_on_re_eu/eu_netherlands_church_abuse

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Zynga falters in debut, sheds doubt on IPO market (Reuters)

NEW YORK/SAN FRANCISCO (Reuters) ? Online games developer Zynga Inc scored badly as it went public on Friday, dashing hopes for the year's hottest tech IPO, as investors frowned on its over-reliance on Facebook, dimming growth prospects, and outsized control by CEO Mark Pincus.

Zynga's stock fell 5 percent below its $10 initial public offering price to close at $9.50 on Nasdaq on Friday, dealing losses to IPO buyers used to racking up gains on a stock's first day of trading.

Investors had eagerly awaited the IPO as a way to get a slice of Facebook's growth before the leading social networking website goes public, possibly in 2012. Zynga makes money on Facebook by selling virtual items such as jewelry and poker chips in its games such as "FarmVille" and "CityVille."

At least one analyst said on Friday that some investors may have been turned off by Chief Executive Mark Pincus' large voting stake and control over the company. He has a special class of shares that grants him 37 percent voting power even though his equity stake is much lower, and public shareholders will have less than 2 percent of votes.

"We believe that having a CEO/owner-controlled board is particularly dangerous for investors in young companies," said Cowen and Co analyst Doug Creutz.

Creutz, who has a neutral rating on the stock, added that history is full of examples of CEOs who have built young companies but cannot manage them when they mature.

Asked about his voting shares, Pincus told Reuters he decided to retain such huge control over Zynga because he believed from the start that he was the best person to lead the company.

"Investors who want to see the company deliver long-term value are going to be better served by the fact that I can continue to ensure the company keeps its focus on the long term and we don't let short-term swings and opportunities reduce that," he said in an interview.

Based on Friday's closing share price, the value of Pincus' holdings fell to $1.05 billion from $1.1 billion at the IPO price.

Friday's flop stunned investors who had expected a strong showing because the company is profitable, unlike other recent high profile Internet IPOs such as Groupon and Pandora.

"I was stunned when I saw this. This is a disaster for them. The way you're supposed to price deals is to give investors a 15 percent IPO discount to compensate them for the risk of backing a relatively new company," said Dan Niles, chief investment officer of AlphaOne Capital Partners, who did not buy shares.

"It makes me wonder about the underlying health of the market. IPOs like this can change the whole tenor of the market," he added.

Investors said Zynga's stock performance could hurt other private companies in the pipeline such as Yelp and even Facebook. Some investors regard Zynga's IPO as a proxy for Facebook, because 95 percent of its $828 million in revenue in the past nine months comes from Mark Zuckerberg's social network.

"Now we have an exciting IPO and people don't want it and that's a big concern for when Facebook comes out," said Jeff Sica, president and chief investment officer of SICA Wealth Management.

The cooling off in the IPO markets could hurt Facebook's estimated $100 billion valuation, BGC analyst Colin Gillis said.

Zynga's reliance on the platform was supposed to attract investors looking to bet on Facebook's growth. With Facebook's IPO expected to be at least several months away, Zynga is one of the few indirect ways to bet on the website's future.

Facebook takes a 30 percent cut of the revenue Zynga derives from the social network, which features more than 222 million monthly active Zynga users.

Zynga CEO Pincus said he was looking beyond the share price drop and said the company went public at the right time.

"We're going to focus on the products and business results we deliver in the next four to eight quarters and hope the stock market values and appreciates that as they see us deliver it," he said.

In San Francisco, hundreds of employees got to work early to watch Pincus ring the bell to open Nasdaq trading and wore T-shirts saying "I love play" featuring the ZNGA trading symbol printed on the sleeves. Cinnamon buns and hot cocoa were served before the ceremony.

CONCERNS WEIGH

The company, which competes with Electronic Arts, sold 100 million shares of Class A common stock at $10 per share in the IPO, roughly 11 percent of its shares on a diluted basis, at the top end of the $8.50 to $10 indicative range.

The IPO values Zynga at $8.9 billion. In November, the company had been valued at roughly $14 billion, according to an internal estimate in a regulatory filing.

But that lowered valuation may still have been too rich for some, said Sterne Agee analyst Arvind Bhatia.

Zynga's near $9 billion valuation is less than videogame maker Activision Blizzard Inc's $13.6 billion and higher than Electronic Arts Inc's $6.7 billion. In the last four quarters, Activision and Electronic Arts generated more revenue than Zynga.

Analysts and investors have also expressed concern over how it profits from less than 3 percent of its players who buy items in its free games.

Plus, its reliance on Facebook appears unhealthy to investors who want to see Zynga diversify its revenue sources. Pincus on Friday said the company's 13 million daily users of its mobile games is a good start, and doesn't trail its daily users on Facebook as much as people assume. Zynga had 50.5 million daily users on Facebook on Friday, according to AppData, a website which tracks Facebook applications.

Yet Zynga's growth rate of bookings - the money it makes up front when users buy items, is slowing - which most analysts said is a red flag and could hurt Zynga's future revenue.

Zynga is the second online games company selling virtual items to slip in its trading debut this week. On Wednesday, Nexon Co shares fell following its $1.2 billion IPO, which was Japan's biggest offering this year.

At $1 billion in proceeds, Zynga's IPO is still the largest from a U.S. Internet company since Google Inc raised $1.9 billion in 2004.

(Reporting By Liana B. Baker in New York and Alistair Barr in San Francisco)

Source: http://us.rd.yahoo.com/dailynews/rss/videogames/*http%3A//news.yahoo.com/s/nm/20111216/bs_nm/us_zynga

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Buying Bathing Suits in Winter ? Investing Caffeine

December 17, 2011 at 3:06 pm

Buying fire insurance when your neighbor?s house is on fire or flood insurance as your car floats down your driveway can be a very expensive proposition. Stuffing money under the mattress in money market accounts, savings accounts, CDs, and low-yielding bonds can be a very expensive proposition too, as inflation eats away at the value and the auspice of higher interest rates looms. However, buying things when they are out of favor, like bathing suits in the winter, is an opportunistic way of cashing in on bargains when others are uninterested.

Speaking of uninterested, CNBC recently conducted a survey regarding the attractiveness of stock investing, and according to the participants, there has never been a worst time to invest (as long as the survey has been conducted). Despite consumers planning to spend +22% more on gifts this year, the national mood has not been worse since the financial crisis began in earnest during 2008. Specifically, as it pertains to stocks, 53% of Americans believe it is a bad time to invest in the stock market (SEE VIDEO BELOW).

If that is not proof enough, check out this cool picture posted by Paul Kedrosky showing a mood hedonometer with the lowest reading since the 2008 market disintegration:

?

CLICK TO TO ENLARGE

Not a very happy picture. The study filtered through 4,600,000,000 expressions posted by 63 million unique Twitter social media users and graphically displayed people?s happiness (or lack thereof).

Endless Number of Concerns

There is no shortage of concerns, whether one worries about the collapse of Europe, declining home values, or an uncertain employment picture. But is now the time to give up and follow the scared herd? The best time to follow the herd is never. As the old saying goes, ?the herd is led to the slaughterhouse.? Investing is game like chess where one has to anticipate and be forward looking multiple moves in advance ? not reacting to every shift and move of your competitor.

Certainly, investing in stocks may not be appropriate for those investors needing access to liquid funds over the next year or two. Also, retirees needing steady income may not be in a position to handle the volatility of equities. However, for many millions of investors who are planning for the next 5, 10, or 20+ years, what happens over the next few months or next few years in Italy, Greece, or Spain is likely to be meaningless. As far as our economy goes, the U.S. averages about two recessions a decade, and has done quite well over the long-run despite that fact ? thank you very much. Investors need to understand that investing is a marathon, and not a sprint.

December may not be the best time to head the beach in your swim trunks, bikini, or thong, but winter is now upon us and incredible deals abound (see deals for women?& men). It may also be windy outside with frigid conditions in the water for stock investors too, but with winter beginning this week, the amount of bargains for long-term investors continue to heat up no matter how chilly the sentiment remains.

Wade W. Slome, CFA, CFP?

Plan. Invest. Prosper.

www.Sidoxia.com

DISCLOSURE: Sidoxia Capital Management (SCM) and some of its clients own certain exchange traded funds, but at the time of publishing SCM had no direct position in?Twitter, or?any other security referenced in this article. No information accessed through the Investing Caffeine (IC) website constitutes investment, financial, legal, tax or other advice nor is to be relied on in making an investment or other decision. Please read disclosure language on IC ?Contact? page.

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Entry filed under: Behavioral Finance, Themes - Trends. Tags: cnbc, investor mood, Paul Kedrosky, sentiment, sentiment survey, Stocks.

Source: http://investingcaffeine.com/2011/12/17/buying-bathing-suits-in-winter/

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NFL reaches nine-year broadcast deal with CBS, Fox, NBC (Reuters)

(Reuters) ? The National Football League (NFL) said it has agreed with broadcasters CBS Corp, FOX and NBC for a new nine-year broadcast rights agreement that runs through the 2022 season.

As per the new deal, CBS will televise the American Football Conference package of Sunday afternoon games that it acquired in 1998.

Fox will continue with the National Football Conference package of Sunday afternoon games that it acquired in 1994.

NBC will again carry the Sunday Night Football package of primetime games that it acquired in 2006. NBC will continue to televise the Thursday night NFL season Kickoff game to open each season and will add the annual Thanksgiving primetime game starting in 2012.

The nine-year terms are the longest for NFL's television agreements with over-the-air broadcasters.

The NFL in September announced an eight year, $15.2 billion extension with Walt Disney Co's ESPN for Monday Night Football. The deal, which included additional rights beyond just the TV broadcast, represented a roughly 73 percent increase over the previous contract.

(Reporting by Soham Chatterjee in Bangalore; Editing by Sriraj Kalluvila)

Source: http://us.rd.yahoo.com/dailynews/rss/tv/*http%3A//news.yahoo.com/s/nm/20111214/tv_nm/us_nfl_deal

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Perry double dips state salary and pension (The Arizona Republic)

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Bombs targeting pilgrims kill 22 in Iraq's Hilla (Reuters)

BAGHDAD (Reuters) ? Three bombs tore through crowds of Shi'ite pilgrims celebrating a major ritual in Iraq's Hilla city on Monday, killing least 22 - mostly women and children - and wounding 60 more, local police and witnesses said.

The attacks, at the height of Ashura, which commemorates the death of Prophet Mohammad's grandson Imam Hussein and defines Shi'ite Islam, underscored Iraq's fragile security as the last U.S. troops withdraw from the country by the end of the year.

In the first attack, a car bomb blasted the end of one Shi'ite procession, killing 16 mainly women and children, wounding 45 others and leaving bloody pools, shoes and tore clothes scattered across the street, police and witnesses said.

"A powerful and horrible explosion went off behind us, smoke filled the area," said Hadi al-Mamouri, who was taking part in the ritual. "I could only hear the screams of women and I could only see the bodies of women and children on the street."

A second attack involving two roadside bombs killed at least six more people at another procession in Hilla and wounded 15 more, police sources said.

The attacks came as the last 10,000 American troops prepare to withdraw by the end of 2011, more than eight years after the invasion that ousted Sunni dictator Saddam Hussein and allowed the country's Shi'ite majority to ascend.

On Monday, an Iraqi Sunni Muslim insurgent group with links to Hussein's banned Baath party vowed to continue attacks on U.S. personnel staying in Iraq even after troops withdraw.

Sunni Islamist insurgents often target Shi'ite shrines and ceremonies in an attempt to inflame sectarian tensions still simmering close to the surface in Iraq.

Violence has eased sharply since its worst years in 2006-2007 when Sunni and Shi'ite armed groups killed thousands in intercommunal assassinations and bombings. But Sunni insurgents and Shi'ite militias still carry out deadly attacks.

Iraq's security forces say they are generally ready to contain the stubborn insurgencies, but they acknowledge gaps in their abilities such as air defense and intelligence gathering once the American military depart.

(Reporting by Baghdad newsroom; Writing by Patrick Markey; Editing by Louise Ireland)

Source: http://us.rd.yahoo.com/dailynews/rss/iraq/*http%3A//news.yahoo.com/s/nm/20111205/wl_nm/us_iraq_violence

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Penn State's legal, PR bills could run into the millions - KansasCity ...

STATE COLLEGE, Pa.One of the first things Penn State University did after learning that former football coach Jerry Sandusky and two university administrators had been charged in a sex abuse scandal was to hire a public relations firm.

It quickly added a second PR firm and two law firms to its payroll.

Despite requests from McClatchy, the university so far hasn't released information about how much it could end up paying those firms for their work, whether there are any specific agreements in place regarding those costs, what such agreements cover or how long they would remain in effect.

A back-of-the-envelope calculation shows the lawyers' fees could run into millions of dollars.

The board of trustees has retained the law firm Reed Smith and the public relations firm Ketchum.

The trustees' special investigative committee - which is spearheading the internal investigation into how the university handled the allegations that Sandusky sexually abused eight boys - has retained former FBI Director Louis Freeh and his law firm, Freeh, Sporkin & Sullivan, to conduct the investigation and determine what changes need to be made at the university.

Freeh and Kenneth Frazier, the trustee heading the committee, said at a Nov. 21 news conference that they didn't know how long the investigation could last or how much it would end up costing.

Penn State spokeswoman Lisa Powers said Friday that the chairman and vice chairman of the board can enter into contracts without a vote at a public meeting.

Craig Staudenmaier, a Harrisburg, Pa., attorney who is general counsel to the Pennsylvania Freedom of Information Coalition, noted that the university is the subject of a number of investigations. He said generally law firms charge by the hour for work done by senior attorneys, law clerks and paralegals. That adds up to hundreds, if not thousands of hours.

"I think it will be in the millions of dollars by the time all is said is done," Staudenmaier said.

According to the Legal Intelligencer, Reed Smith is the largest law firm in Pennsylvania, with gross revenue of nearly $1 billion in 2010. The median hourly fee in Pennsylvania for partners with 11 to 20 years of experience was $330 in 2010.

Nationally, a 2010 survey by the National Law Journal of the 250 largest law firms showed a wide variation in billable rates, some coming in as high as $950 and $1,035 an hour.

The question of how much the university may have to pay as a result of any lawsuit stemming from the scandal - and for legal fees to defend against such suits - was raised this week by a member of the Pennsylvania Senate.

Sen. Mike Stack, a Philadelphia Democrat and minority chairman of the Senate Banking and Insurance Committee, sent Penn State President Rod Erickson a letter Thursday asking whether the university has enough liability insurance to cover those costs, and warning against the use of tax dollars to cover such costs.

"We appreciate your cooperation as we grapple with an understanding of the sexual assault allegations and where to go from here," Stack wrote. "I'm sure you would agree, my heart and sympathies lay with those who have been affected by these terrible acts. With that said, I have concerns about the financial future of the (u)niversity that I'd like to bring into question. I am not alone in my concern."

During a town hall meeting with students Wednesday night, Erickson said that Penn State, like its peer universities, is insured for the actions of directors and officers and has general liability insurance. He did not provide further details.

Keith Trivitt, associate director of public relations at the Public Relations Society of America, said monthly retainers for PR firms can run from $10,000 to $20,000. In a situation like Penn State's, he said, a PR agency would likely receive a project fee rather than an ongoing retainer.

He said hiring outside public relations agencies is generally something that is done in a corporate environment. It's becoming more common in this digital age, he said, when crises can quickly snowball.

He said it's probably good practice in the case of Penn State "because the situation has gone so far beyond what Penn State or anyone else thought was possible."

(Anne Danahy reports for the Centre Daily Times of State College, Pa.)

Source: http://www.kansascity.com/2011/12/04/3300721/penn-states-legal-pr-bills-could.html

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On Baseball: In Free-Agent Shopping, Temptation and Remorse

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Source: www.nytimes.com --- Saturday, December 03, 2011
Some free agents pile up awards and titles throughout their contracts, like Randy Johnson and Greg Maddux. But typically, the quick-fix free agent becomes a bloated reminder of a broken dream. ...

Source: http://feeds.nytimes.com/click.phdo?i=12cd813e777f9742fe40ea4ba272c084

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Engadget Distro Issue 16 examines the Galaxy Nexus, Audi's R18 prototype and Fanatec's sim-racing gear

Finally pulled yourself out of last week's turkey coma? Awesome. You've managed to regain consciousness just in time for a freshly baked edition of Engadget Distro. In this installment we discuss the nearly perfect Samsung Galaxy Nexus, talk up terrible product names and take a Fanatec Forza gaming duo for a test drive. Speaking of cars, we also have an exclusive look at the Audi R18 prototype and it's tech savvy pit crew, Ross Rubin offers his take on Apple's TV in Switched On and you'll get a another peek into our messenger bags with IRL. Pretty sweet, eh? Go on, hit that download now because it's Friday, and you all deserve a little pre-weekend leisurely reading.

Continue reading Engadget Distro Issue 16 examines the Galaxy Nexus, Audi's R18 prototype and Fanatec's sim-racing gear

Engadget Distro Issue 16 examines the Galaxy Nexus, Audi's R18 prototype and Fanatec's sim-racing gear originally appeared on Engadget on Fri, 02 Dec 2011 09:12:00 EDT. Please see our terms for use of feeds.

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Video: Cain campaign comes down to money (cbsnews)

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Unemployment aid applications up 2nd straight week (AP)

WASHINGTON ? The number of people applying for unemployment benefits rose for the second straight week, a sign the hiring market is recovering at a slow and uneven pace.

Weekly applications for unemployment benefits rose by 6,000 last week to a seasonally adjusted 402,000, the Labor Department said Thursday. Applications had been below 400,000 for three straight weeks.

The four-week average, a less volatile measure, was mostly unchanged at slightly below 400,000.

The average fell to a seven-month low two weeks ago. Weekly applications had been declining for two months.

The recent increases aren't enough to suggest things are getting worse, economists said.

"The overall trend in claims is still friendly," said Jennifer Lee, an economist at BMO Capital Markets in a note to clients. "Don't be too overly concerned with the ups and downs of each week as this is a volatile report."

The report covered the Thanksgiving holiday week, when applications usually fall sharply. That can make seasonal adjustment of the figures difficult.

Applications would need to stay below 375,000 consistently to push down the unemployment rate significantly. They haven't been at that level since February.

The figures come one day before the government reports on job growth in November. Economists project that employers added a net 125,000 jobs, while the unemployment rate stayed at 9 percent for the second straight month.

While the job growth would be an improvement from October, when the economy added just 80,000 jobs, it's still barely enough to keep pace with population growth,

Some economists are more optimistic after payroll provider ADP said Wednesday that companies added 206,000 workers last month, the most this year. That survey doesn't include government agencies, which have been cutting jobs.

Paul Ashworth, an economist at Capital Economics, said on Wednesday he expects the government to say employers added 140,000 net jobs last month.

Recent data suggest the economy is picking up. Retailers reported a strong start to holiday sales over the Thanksgiving weekend, consumer confidence surged in November to the highest level since July and Americans' pay rose in October by the most in seven months.

Many economists say that is driving stronger growth in the final three months of the year. They forecast a 3 percent annual rate for the October-December quarter. That would be an improvement from the 2 percent rate in the July-September quarter.

But the outlook is darker in Europe, which is struggling to contain its two-year old debt crisis and is on the verge of another recession.

Europe's problems led the Federal Reserve and other major central banks on Wednesday to take steps to ease the strain on global financial markets. They made it easier for banks in Europe and elsewhere to obtain dollars to fund more loans. That could support economic growth by making it easier for banks to lend to each other and to businesses.

Most economists expect Europe to slip into recession soon. That would cool demand for U.S. exports and slow growth next year.

The number of people receiving benefits rose by 35,000 to 3.74 million, the department said. That doesn't include several million more laid-off workers who are receiving extended benefits under an emergency program put in place during the recession.

All told, 7 million people received benefits in the week ending Nov. 12, the most recent data available.

The extended benefits program, which provides up to 99 weeks of aid in states with the highest unemployment rates, is set to expire at the end of this year. Some Democratic lawmakers are pushing to renew the program. The Labor Department estimates about 2 million people will lose benefits by mid-February if the program isn't extended.

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

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Stock futures rise on Merkel talk; jobs data eyed (AP)

NEW YORK ? U.S. stocks appear headed for gains after overseas markets welcomed German Chancellor Angela Merkel's call for stronger rules to enforce fiscal discipline in the European Union.

Less than two hours before the start of trading, Dow Jones industrial futures are up 1.2 percent to 12,142, and S&P 500 futures up 1.3 percent to 1,260.

Whether that optimism is still present at the opening could depend on the strength of U.S. jobs data, set for release at 8:30 a.m. EST. Economists expect an increase of about 125,000 jobs. The unemployment rate is forecast to remain at 9 percent.

In a closely scrutinized speech to Germany's parliament, Merkel said the 17 nations that use the euro currency must move quickly to restore market confidence, making financial controls stricter and more binding.

Merkel and French President Nicolas Sarkozy are meeting Monday to discuss treaty changes that can restore confidence in the euro's future. The talks will culminate in a Dec. 9 summit of EU leaders, where the proposals are expected to be debated and detailed.

Investors are hoping if eurozone governments agree to longer-term changes in the way they control their finances, the European Central Bank will agree to step up its interventions in the bond markets. Those interventions keep borrowing rates down for debt-troubled nations like Italy.

Whether the ECB will agree to step up its bond purchases is not clear, although its President Mario Draghi hinted Thursday that it was a possibility.

"Expectations have been growing that a `Grand Plan' will be delivered next week," said Frederik Ducrozet, analyst at Credit Agricole CIB.

European stocks rose, as did bonds for Italy and Spain. Britain's FTSE 100 gained 1.5 percent to 5,572.03 while Germany's DAX added 1.78 percent to 6,140.5. France's CAC-40 climbed 1.9 percent to 3,187.87.

Italy's 10-year bond yield continued to drop, to 6.48 percent, almost a full percentage lower than Wednesday, an indication investors have high hopes of next week's talks to save the euro. Spain's 10-year yield was down to 5.50 percent.

In Asia, Japan's Nikkei 225 index rose 0.5 percent to end at 8,643.75, its highest closing in three weeks. Hong Kong's Hang Seng rose 0.2 percent to 19,040.39. Australia's S&P/ASX 200 added 1.4 percent to 4,288.

Benchmark oil for January delivery was up 56 cents to $100.76 per barrel in electronic trading on the New York Mercantile Exchange on Friday. The contract lost 16 cents to end at $100.20 per barrel on the Nymex on Thursday.

In currency trading, the euro rose to $1.3519 from $1.3460 late Thursday in New York. The dollar rose to 77.89 yen from 77.76 yen.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20111202/ap_on_bi_st_ma_re/us_wall_street

amber rose