Evening Edition

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From Yahoo News Top Stories

1 Military urges halt to strikes gripping Egypt

by Jailan Zayan, AFP

58 mins ago

CAIRO (AFP) – Egypt’s military government on Monday urged a halt to widespread strikes inspired by a popular uprising that threatened to paralyse the country following Hosni Mubarak’s overthrow.

The orders came after the elderly generals now ruling the country met some of the young Internet activists who triggered the revolt against Mubarak, reportedly promising a referendum on a new constitution within two months.

European governments, meanwhile, moved on Egyptian requests to freeze the assets of several officials of the ousted regime amid accusations that they had salted away billions of dollars in ill-gotten assets.

2 Pyramid guides urge tourists to return to Egypt

by Daphne Benoit, AFP

Mon Feb 14, 1:17 pm ET

CAIRO (AFP) – Hundreds of Egyptian tour guides gathered in the shadow of the Great Pyramids on Monday to plead with tourists to return to the Land of the Pharaohs following the fall of Hosni Mubarak’s regime.

The upheaval of recent weeks and media coverage of days of violent clashes have combined to scare off visitors and stifle Egypt’s key tourism industry, threatening thousands of jobs.

Inspired by the success of political protests in bringing down the regime, workers in several public and private sector industries have launched a wave of strikes to demand pay rises.

3 Egypt military dismantles Mubarak regime

by Hania el-Malawani, AFP

Sun Feb 13, 2:42 pm ET

CAIRO (AFP) – Egypt’s new military regime dismantled ousted strongman Hosni Mubarak’s former regime on Sunday, dissolving parliament, suspending the constitution and promising a referendum on political reform.

While the civilian cabinet met for the first time since Mubarak’s downfall, the generals made it clear where authority now lies, issuing a proclamation setting a six-month timetable to prepare democratic elections.

The latest moves spelled the end of the political system that underpinned Mubarak’s 30-year rule which ended on Friday when he was driven from power after an 18-day pro-democracy uprising.

4 Palace intrigue: the last days of Mubarak’s rule

by Rana Moussaoui, AFP

2 hrs 47 mins ago

CAIRO (AFP) – The end of Hosni Mubarak’s rule was marked by bungling and confusion as he was misled by his interior minister and urged by his son to ignore the anger on the Egyptian street, according to the media.

State and private newspapers also report a heated argument between Mubarak’s two sons — Alaa, the eldest, and Gamal, the president’s presumed successor — with the former accusing the latter of “sullying the image” of their father.

On February 10, a day before Mubarak’s nearly three decades in power came to a sudden end, “there was great confusion, even impotence, at the presidential palace,” the state-owned Al-Ahram wrote.

5 Egypt activists and army discuss reforms

by Jailan Zayan, AFP

Mon Feb 14, 8:16 am ET

CAIRO (AFP) – The Internet activists who triggered Egypt’s popular uprising said Monday they have discussed reforms with the country’s new military rulers, a day after the generals dissolved Hosni Mubarak’s regime.

As the elderly generals and the youthful online campaigners sought to map out the country’s future, a wave strikes and protests swept several public and private sector industries as workers pressed demands for pay rises.

In the shadow of the Great Pyramid of Giza, hundreds of tour guides gathered to urge tourists to return to the country, holding up banners in English, French, Russian and German that: “Egypt loves you.”

6 Rocks and batons fly as Yemen protests erupt

by Jamal al-Jaberi, AFP

2 hrs 19 mins ago

SANAA (AFP) – Rocks and batons flew in central Sanaa on Monday as pro-democracy protesters clashed violently with police and supporters of President Ali Abdullah Saleh, witnesses said.

Clashes between police and protesters also erupted in the city of Taez, south of Sanaa, where thousands of people joined demonstrations against Saleh, witnesses said.

In Sanaa, around 3,000 protesters marched from Sanaa University towards Al-Tahrir square in the city centre demanding that Saleh — in power for 32 years — step down, an AFP reporter said.

7 One dead as Iran protesters clash with police

by Jay Deshmukh, AFP

38 mins ago

TEHRAN (AFP) – Iranian riot police fired tear gas and paintballs at protesters holding anti-government demonstrations in Tehran on Monday, websites and witnesses said, while an Iranian news agency reported that a gunshot killed a bystander.

The report by the Fars news agency said a number of people were also wounded by the gunfire and blamed the outlawed former rebel group, the People’s Mujahedeen.

“The illegal gathering of seditionists, Monafeghin (hypocrites), monarchists and thugs in some streets caused the riots, but the presence of the people forced the elements of sedition and Monafeghin to leave,” the news agency said, using the regime’s standard term of abuse for the People’s Mujahedeen.

8 Iran protesters clash with police in Egypt aftermath

by Jay Deshmukh, AFP

2 hrs 1 min ago

TEHRAN (AFP) – Iranian riot police fired tear gas and paintballs at protesters holding anti-government demonstrations in Tehran on Monday, websites and witnesses said, drawing a stern rebuke from Washington.

Police moved in when crowds of opposition supporters gathered in the capital’s Azadi (Freedom) Square began chanting “Death to the Dictator!” — a slogan used against President Mahmoud Ahmadinejad after disputed official results from a 2009 presidential election gave him a second term.

The website of opposition leader Mir Hossein Mousavi, kaleme.com, said that according to “unconfirmed reports, hundreds of protesters were arrested in Tehran.”

9 Iran police fire tear gas at protesters

by Jay Deshmukh, AFP

Mon Feb 14, 10:23 am ET

TEHRAN (AFP) – Riot police on Monday fired tear gas and shot paintballs at protesters who turned what they said was a Tehran rally in support of Arab uprisings into an anti-government demonstration, witnesses said.

The clashes broke out at Tehran’s prominent Azadi (Freedom) Square when crowds of opposition supporters began chanting “Death to Dictator!” — a slogan used by protesters against President Mahmoud Ahmadinejad after the disputed 2009 presidential election.

Witnesses said police fired tear gas and also shot paintballs at protesters who had gathered despite a ban by authorities.

10 Clashes in Algeria as opposition plans new protest

by Beatrice Khadige, AFP

Sun Feb 13, 3:20 pm ET

ALGIERS (AFP) – Hundreds of stone-throwing demonstrators clashed with police in the eastern Algerian city of Annaba on Sunday, as the opposition announced another major anti-government rally next weekend.

Washington meanwhile called on Algeria’s security forces to show restraint, a day after nationwide protests against President Abdelaziz Bouteflika that reportedly led to dozens of arrests and police attacks on journalists.

“We reaffirm our support for the universal rights of the Algerian people, including assembly and expression,” State Department spokesman Philip Crowley said in a statement.

11 Tunisian FM resigns as country faces migrant exodus

by Kaouther Larbi, AFP

Sun Feb 13, 5:33 pm ET

TUNIS (AFP) – As Tunisia marks Monday a month since the ousting of president Zine El Abidine Ben Ali, the interim government battled European pressure to curb an exodus of migrants and a key minister quit.

Ahmed Ounaies resigned Sunday in a blow to the new authority a day before a visit by European Union foreign policy chief Catherine Ashton to focus on democratic reforms since the removal of the strongman leader in a popular uprising.

The interim government meanwhile rushed security forces to coastal areas to stop a Europe-bound exodus of people fleeing poverty, a government source said, with thousands of immigrants flooding to Italy in recent days.

12 Experiment volunteers ‘walk on Mars’

by Laetitia Peron, AFP

1 hr 46 mins ago

KOROLEV, Russia (AFP) – Two volunteers cut off from the rest world for eight months stepped out on a mock-up of Mars on Monday, reaching the dramatic half-way point of their experimental “voyage” to the Red Planet.

Outfitted in heavy white space suits and clunky boots, the Russian and Italian volunteers left their capsule and took their first careful steps on the red sands of Mars — all without ever leaving a Moscow research centre.

Grainy footage of their space walk, replete with crackly sound interference reminiscent of trips to the Moon, was watched live by top Russian and European space officials at Russia’s real-life space control centre outside Moscow.

13 Love and money fuels global Valentine’s Day ardour

AFP

46 mins ago

BANGKOK (AFP) – Love swept around the world Monday as the amorous mixed traditional chocolates and roses with new and more determined ways to demonstrate their ardour on Valentine’s Day.

Seven enchanted but exhausted couples smooched their way to a new world record in Thailand with the longest continuous kiss lasting more than 32 hours — and kept going.

The contestants broke the previous world record of 32 hours seven minutes and 14 seconds set in Germany and were vying to become the last ones locking lips for a prize of about $3,250 cash and a diamond ring, organisers said.

14 Japan overtaken by China as No. 2 economy

by David Watkins, AFP

32 mins ago

TOKYO (AFP) – Japan lost its 42-year ranking as the world’s second-biggest economy to China in 2010, with data on Monday showing a contraction in the last quarter due to weak consumer spending and a strong yen.

While Japan was expected to fall behind a surging China in the year, the data underlined the weak state of a Japanese economy burdened by deflation, soft domestic demand and pressured by the industrialised world’s biggest debt.

“It is difficult for the deflation-plagued Japanese economy to achieve self-sustained growth,” said Naoki Murakami, chief economist at Monex Securities.

15 Obama eyes tax hikes, spending cuts to curb deficit

by Andrew Beatty, AFP

1 hr 15 mins ago

WASHINGTON (AFP) – US President Barack Obama unveiled a $3.73-trillion spending blueprint for 2012 on Monday, including a raft of tax hikes and spending cuts aimed at curbing a record budget deficit.

Kicking off what is sure to be a long and brutal political battle over election-year spending, Obama’s plan bets that economic growth can help forestall savage spending cuts that could derail the recovery.

With the country facing a projected budget shortfall of $1.65 trillion this year, the proposal — which has to be combed over and approved by Congress — relies heavily on increased tax revenues to slash the deficit next few years.

16 Europe set for landmark launch with robot freighter

by Annie Hautefeuille and Richard Ingham, AFP

Sun Feb 13, 6:25 pm ET

PARIS (AFP) – A robot freighter is poised to blast into the skies on Tuesday in the heftiest liftoff in Europe’s space programme that will also bring its tally of launches to a historic 200.

Designed to supply mankind’s outpost in orbit, the Johannes Kepler will be hoisted by an Ariane 5 ES super-rocket from Kourou, French Guiana. Liftoff is pencilled for 2208 GMT.

A successful mission will boost the case for scientists who want the ATV to be the template of a manned spacecraft, placing ESA on an equal footing with the United States, Russia and China.

17 Singapore’s casino gamble pays off one year on

by Philip Lim, AFP

Sun Feb 13, 6:10 pm ET

SINGAPORE (AFP) – Just one year after opening its first casino, Singapore has emerged as Asia’s hottest new gambling capital with a revamped cityscape and billions of dollars pouring into the economy.

“Singapore has made a dramatic entry to the casino gaming market,” financial consultancy PricewaterhouseCoopers said in a report estimating the city-state’s casino gaming market at $2.8 billion in 2010.

The first casino opened in Malaysian-controlled Resorts World Sentosa on February 14, 2010, with US-based Las Vegas Sands following two months later as the world economy was still clawing itself out of recession.

18 News on first Nokia Windows Phone within days

Sun Feb 13, 3:33 pm ET

BARCELONA, Spain (AFP) – The target release date of the first Nokia smartphone to use Microsoft’s Windows Phone operating system could be set within days, with the company aiming to have it on the market this year, senior executives said Sunday.

Speaking on the eve of the mobile phone industry’s annual get-together in Barcelona, Nokia chief Stephen Elop defended the tie-up with the US software giant, saying it would bring billions in value to the Finnish company, which has seen its market share squeezed by Apple’s iPhone and phones using Google’s Android operating system.

Nokia and Microsoft technical teams “are working together next week to solidify the timing of the first Nokia Windows Phone product,” said Jo Harlow, Nokia’s executive vice president in charge of smart devices.

19 France beat Ireland in Six Nations rugby

by Pirate Irwin, AFP

Sun Feb 13, 12:16 pm ET

DUBLIN (AFP) – France retained their hopes of defending their Six Nations Grand Slam title here on Sunday at Lansdowne Road as they beat an unlucky Irish side 25-22 in a thrilling no-holds barred contest.

The Irish will curse themselves for their ill-disciplne as the visitors landed six penalties – including five from Morgan Parra – as the hosts outscored the French three tries to one.

The hosts’ tries came from Fergus McFadden, with his first try for his country, Tomas O’Leary, who had been unable to train all week because of an injury worry, and Jamie Heaslip, who was returning from injury.

20 Obama foes slam budget, urge more cuts

by Olivier Knox, AFP

Mon Feb 14, 11:48 am ET

WASHINGTON (AFP) – President Barack Obama’s Republican foes in the US Congress slammed his 2012 budget as failing to slash spending deeply enough as they pressed for approving a far-reaching package of painful cuts.

“We need a government that finally does what every other American has to do in their households and their businesses, and that’s to live within our means,” House Republican Majority Leader Eric Cantor said in a statement.

“Instead, President Obama’s budget doubles down on the bad habits of the past four years by calling for more taxes, spending and borrowing of money that we simply do not have,” said Cantor.

21 Russia kicks off new privatisation drive

by Stuart Williams, AFP

Mon Feb 14, 9:36 am ET

MOSCOW (AFP) – Russia on Monday kicked off a new wave of major privatisations after a long hiatus, raising more than $3.0 billion from the sale of a 10 percent stake in state bank VTB.

The government said in a statement that the offer was more than two times over-subscribed by domestic and foreign investors, and the sale raised 95 billion rubles ($3.2 billion).

It said the offering was the most “successful offering of share capital in the Russian market” since the global financial crisis.

22 After rescue, Chile lures tourists with mine tours

by Roser Toll, AFP

Mon Feb 14, 9:27 am ET

LOTA, Chile (AFP) – Inspired by the rescue of 33 miners that amazed the world, Chile is offering tourists a chance to see first-hand what the workers experienced during their 69-day ordeal trapped underground.

“This is how the miners felt,” said a visitor riding down a narrow elevator shaft into the depths of the Chiflon del Diablo (Draft of the Devil) mine near the coastal city of Lota.

Visitors can venture as far as about 50 meters (160 feet) down into the coal mine, which operated from 1884 to 1997, when the government shut down less profitable mining operations.

23 Iran opposition protests, agency reports shooting

Reuters

28 mins ago

TEHRAN (Reuters) – Thousands of Iranian opposition activists rallied in support of popular uprisings in Egypt and Tunisia on Monday and a semi-official news agency said one person was shot dead and several wounded by protesters.

An opposition website said dozens were arrested while taking part in the banned protests, which amounted to a test of strength for the reformist opposition in the Islamic state.

By late evening, chants of “Allahu Akbar” (God is Greatest) echoed from Tehran rooftops in scenes reminiscent of 2009 protests against the disputed reelection of President Mahmoud Ahmadinejad. Eight people were killed in those mass street demonstrations which lasted about a month and resulted in many arrests and several executions.

24 Witness: Joy at Mubarak’s demise contrasts with tense accession

By Jonathan Wright, Reuters

Mon Feb 14, 1:07 am ET

CAIRO (Reuters) – This time people leapt for joy, hugged their neighbors and in unison cried “Freedom” and “God is Great.” They waved their Egyptian flags, beat their drums and headed downtown for the party of a generation.

It was a very different scene I witnessed 30 years ago when Egypt last lost a president with the assassination of President Anwar Sadat, which brought Hosni Mubarak to power.

On Friday, the day Mubarak bowed to popular pressure and resigned, the streets outside the presidential palace in northeast Cairo were packed with jubilant crowds, celebrating the success of the popular uprising.

25 Yemeni police block protesters’ march on palace

By Mohammed Ghobari and Mohamed Sudam, Reuters

Sun Feb 13, 1:44 pm ET

SANAA (Reuters) – Hundreds of anti-government protesters, inspired by the mass uprising in Egypt, clashed with police blocking them from marching to Yemen’s presidential palace in Sanaa on Sunday, witnesses said.

The clashes occurred while President Ali Abdullah Saleh and the main opposition group were preparing for talks that the government hoped would help avert an Egypt-style revolt in the Arabian Peninsula state, a vital U.S. ally against al Qaeda.

Saleh postponed a visit to the United States planned for later this month “due to the current circumstances in the region,” the state news agency Saba said, without elaborating.

26 G20 too divided to back tough curbs on speculators

By Huw Jones, Reuters

Mon Feb 14, 11:01 am ET

LONDON (Reuters) – French hopes for tough curbs on commodities speculation to tame soaring food prices look set to be thwarted as leading producer nations line up to oppose market interference.

France is president of the Group of 20 leading developed and developing economies this year. The group’s finance ministers meet in Paris on Friday and Saturday with commodities high on the agenda.

But as with an earlier French-backed push for a global tax on financial transactions, there is no consensus for radical measures beyond more reporting requirements for traders.

27 China trade surplus shrinks, supports government’s G20 case

By Zhou Xin and Kevin Yao, Reuters

Mon Feb 14, 4:11 am ET

BEIJING, Feb 14 (Reuters) – China’s trade surplus fell to its lowest in nine months in January after imports surged, supporting the government’s case ahead of a G20 meeting that it is doing enough to spur domestic demand without speeding up currency appreciation.

The trade surplus shrank to $6.5 billion from $13.1 billion in December, well short of forecasts for a $10.7 billion gap.

Global stocks and commodity prices climbed higher, with the surprisingly strong imports highlighting China’s massive appetite for raw materials and its solid export growth hinting at solidifying recoveries in the U.S. and European economies.

28 France seeks G20 deal on imbalances, unsure of success

By Daniel Flynn and Leigh Thomas, Reuters

Mon Feb 14, 9:57 am ET

PARIS (Reuters) – France played down hopes on Monday of clinching a deal at a meeting of G20 finance ministers this week that would push forward efforts to deal with global economic imbalances, although it said that remained its goal.

The divide over which indicators should be used to measure imbalances — a starting point for dictating what needs to be done to make the world economy work better — is the latest sign of renewed discord in the group of leading powers.

President Nicolas Sarkozy has had to scale down his ambitions to revamp the international monetary system during a year-long stewardship of the G20, instead focusing on targeted reforms like the list of indicators and commodity regulation.

29 Obama budget attacks deficit, fight looming

By Alister Bull and Jeff Mason, Reuters

2 hrs 35 mins ago

WASHINGTON (Reuters) – President Barack Obama on Monday pledged to halve the U.S. deficit by 2013 and axe $1.1 trillion over a decade through spending cuts and tax increases in a budget he called a “downpayment” on fiscal control.

But Republicans, who accuse Obama of being a tax-and-spend Democrat, said the president had not gone far enough in curbing costs.

They aim to make the 2012 presidential election a referendum on his fiscal track record and threaten fights over a legal limit on the U.S. debt and how to fund the government in the short-term.

30 Obama would end subsidies to wealthiest farmers

By Charles Abbott, Reuters

1 hr 33 mins ago

WASHINGTON (Reuters) – President Barack Obama called for the elimination of farm subsidies to the wealthiest farmers in his new budget plan on Monday, arguing that the payments distort the farm sector and even pay some farmers that grow no crops.

Lawmakers rejected an identical proposal a year ago, ahead of the mid-term elections, saying any change in farm supports should be delayed until an overhaul in 2012.

Farmers enjoy strong support from lawmakers, including from the Midwest with its strong contingent of Republicans. Despite some pressure from the Tea Party caucus to cut spending, it is unlikely Congress will have an appetite for big changes in farm supports, according to a lobbyist for a large farm group.

31 Obama revives corporate tax break cuts

By Kim Dixon, Reuters

2 hrs 4 mins ago

WASHINGTON (Reuters) – President Barack Obama revived earlier proposals to raise tens of billions of dollars by cutting tax breaks enjoyed by America’s biggest companies, ideas that have floundered in Congress for several years.

Obama’s 2012 budget request sent to Congress on Monday proposes to raise $129 billion over 10 years by limiting deferral of taxes on income earned abroad and curtailing what the White House calls abuse of foreign tax credits, among other provisions.

Last year’s budget proposal was similar, seeking to raise about $122 billion by tightening tax loopholes.

32 Obama budget has $556 billion, six-year transport plan

By John Crawley and Lisa Lambert, Reuters

2 hrs 10 mins ago

WASHINGTON (Reuters) – President Barack Obama on Monday proposed an ambitious long-term transport spending plan in his 2012 budget as a way to boost U.S. economic competitiveness and spur job growth.

While cutting other spending, Obama aggressively accelerated efforts to upgrade aging roads, bridges and introduce high-speed rail with a six-year, $556 billion package.

“It’s really about a big vision, a bold vision, an innovative vision,” Transportation Secretary Ray LaHood told reporters.

33 UPDATE 2-Obama budget targets brand name medicines

By Susan Heavey, Reuters

Mon Feb 14, 3:33 pm ET

WASHINGTON (Reuters) – Big pharmaceutical companies could face increased competition from generic drugmakers under two proposals put forth by the Obama administration on Monday despite earlier savings extracted from drugmakers as part of last year’s healthcare law.

President Barack Obama, as part of his 2012 budget proposal, called for cutting the number of years drugmakers could exclusively market brand-name biologic drugs to 7 years from 12.

He also set his sights on ending controversial “pay-for-delay” deals that affect traditional, chemical drugs by giving the U.S. Federal Trade Commission power to block them. Under such pacts, brand-name and generic drugmakers settle patent challenges with payoffs that delay lower-cost rivals from reaching the market.

34 Obama keeps Afghan war spending, Iraq costs down

By Andrew Quinn, Reuters

Mon Feb 14, 3:32 pm ET

WASHINGTON (Reuters) – President Barack Obama on Monday proposed spending almost $110 billion on Afghanistan, signaling little let-up in the U.S. war drive despite demands for tougher spending controls at home.

Obama, in his budget for the 2012 fiscal year, proposed spending just $16 billion in Iraq — a significant decrease as U.S. diplomats take over from combat troops under a security agreement between the two countries.

Obama had put total U.S. war costs in both countries at about $160 billion in budget requests for both 2010 and 2011.

35 Sen. Schumer creates waves over DB-NYSE merger plan

By Joseph A. Giannone, Reuters

Mon Feb 14, 9:46 am ET

NEW YORK (Reuters) – A top lawmaker on Sunday created waves over two key aspects of the proposed merger between Deutsche Boerse and NYSE Euronext — which management team will run the merged entity and what will be its name.

The intervention by Senator Charles Schumer, a senior Democrat and a member of the Senate Banking Committee, is the latest indication that getting approvals for a deal on both sides of the Atlantic will not be easy.

Schumer told reporters he met with NYSE Euronext Chief Executive Duncan Niederauer — who would lead the combined entity — on Friday and again on Saturday.

36 Analysis: Asian exchanges could miss M&A wave

By Rachel Armstrong, Reuters

Mon Feb 14, 5:45 am ET

SINGAPORE (Reuters) – Asia runs the risk of being left behind in the sudden wave of transatlantic stock exchange consolidation, given the tough regulatory regimes, cumbersome ownership structures and protectionist minded governments.

The proposed tie-up between NYSE Euronext and Deutsche Boerse along with the London Stock Exchange’s move for Canada’s TMX Group has prompted talk the global exchange market is set to shrink to two or three big players. But a reluctance by many Asian nations to cede control to foreign ownership and the struggle to improve capital market integration means their exchanges are unlikely to have a seat at the table.

“I just don’t think they’re ready for consolidation – all of the deals aside from ASX-SGX are happening on a transatlantic basis, in the places where people have felt competitive pressure with costs coming down and electronic trading gone up,” said London-based Niki Beattie, managing director of trading consultancy Market Structure.

37 Exclusive: Starbucks and Green Mountain in tie-up talks

By Lisa Baertlein and Mihir Dalal, Reuters

19 mins ago

LOS ANGELES/BANGALORE (Reuters) – Starbucks Corp and Green Mountain Coffee Roasters are in partnership negotiations, a source close to the talks told Reuters on Monday, sending Green Mountain shares to a lifetime high.

Starbucks, the world’s biggest coffee chain, has been looking for growth beyond its namesake cafes and wants to be a big player in the new and fast-growing single-serve coffee segment. Green Mountain dominates the U.S. single-cup market with its Keurig brewer.

Starbucks said on Sunday that it planned to announce a new product for the single-cup coffee market in the near future, reviving speculation of a tie-up between the two companies.

38 Japan economy shrinks but exports may fuel recovery

By Tetsushi Kajimoto and Leika Kihara, Reuters

Mon Feb 14, 5:37 am ET

TOKYO (Reuters) – Japan’s economy shrank slightly in the final quarter of 2010 but analysts expect a recovery this year as stronger exports to China and other parts of fast-growing Asia offset persistently weak domestic demand.

The data confirmed Japan lost its place to China last year as the world’s second-largest economy and highlighted Tokyo’s increasing reliance on its giant neighbor, which buys nearly a fifth of Japan’s exports.

Gross domestic product (GDP) shrank 0.3 percent in the October-December period from the previous quarter, slightly less than a 0.5 percent fall expected by markets but still the first contraction in five quarters.

39 EU finance ministers to discuss rescue fund

By Jan Strupczewski, Reuters

Sun Feb 13, 7:05 pm ET

BRUSSELS (Reuters) – European finance ministers will discuss on Monday how to give their euro zone rescue fund more flexibility and firepower and how to tackle debt crises after 2013, but final decisions are unlikely before March.

Finance ministers from the 17 countries that use the euro and the President of the European Central Bank Jean-Claude Trichet meet to make progress on a new, comprehensive response to the sovereign debt crisis.

They will be joined on Monday evening by ministers from the 10 non-euro zone members of the European Union to discuss the European Stability Mechanism, which is to take over crisis resolution from mid-2013.

40 Forty years on, birth of a new Boeing jumbo

By Bill Rigby, Reuters

Sun Feb 13, 6:00 pm ET

SEATTLE (Reuters) – Boeing Co rolled out a new jumbo jet on Sunday, hoping to relive the glamour of the birth of the 747 over 40 years ago and use it to boost slow sales.

The 747-8 Intercontinental will seat 467 passengers, 51 more than the current version of the 747, and burn less fuel while offering passengers more comfort, the U.S. planemaker says.

“Of all the airplanes that we’ve built, there is one that is identified more closely with Boeing than any other, and that’s the 747,” said James Albaugh, head of Boeing’s commercial airplane unit, introducing the plane to a crowd of almost 10,000 Boeing employees, their families and a select group of industry VIPs.

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