Citi fined $2 million by Massachusetts over Facebook IPO
















BOSTON (Reuters) – Massachusetts top securities regulator said on Friday that his office fined a Citigroup Inc unit $ 2 million after research analysts improperly disclosed confidential information about Facebook Inc‘s initial public offering.


William Galvin, the state’s Secretary of the Commonwealth, said the bank’s Citigroup Global Markets Group violated state securities laws when one of its top analysts failed to supervise a junior colleague who emailed confidential information about the bank’s views on financials for Facebook.












Facebook, which went public on May 18, made the biggest technology company IPO ever and was heavily touted on Wall Street, but the stock flopped after its listing.


Citigroup said the bank is happy that the matter is resolved, adding: “We take our internal policies and procedures very seriously and have taken the appropriate action.”


(Reporting By Svea Herbst-Bayliss and David Henry; Editing by Gerald E. McCormick)


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Consumers boost growth despite business caution
















WASHINGTON (Reuters) – Economic growth picked up in the third quarter as a late burst in consumer spending offset the first cutbacks in investment in more than a year by cautious businesses.


Gross domestic product expanded at a 2 percent annual rate, the Commerce Department said on Friday, accelerating from the second quarter’s 1.3 percent pace.












Still, the stronger pace of expansion fell short of what is needed to make much of a dent in unemployment, and details of the report did not bode well for an acceleration in output in the fourth quarter, as a spurt in government spending was see as temporary.


A growth pace in excess of 2.5 percent is needed over several quarters to make substantial headway cutting the jobless rate. Economists polled by Reuters had expected a 1.9 percent growth pace in the third quarter.


The report offers little cheer for the White House ahead of the closely contested November 6 presidential election, in which President Barack Obama is trying to fend off Republican challenger Mitt Romney.


U.S. stock index futures pared losses after the data, while Treasuries briefly cut early price gains. The dollar trimmed losses against the yen, and cut gains against the euro.


Since climbing out of the 2007-09 recession, the economy has faced a series of headwinds from high gasoline prices to the debt turmoil in Europe and, lately, fears of U.S. government austerity.


It has struggled to exceed a 2 percent growth pace and remains about 4.5 million jobs short of where it stood when the downturn started.


Consumers, however, largely shrugged off the impending sharp cuts in government spending and higher taxes, which are due at the start of the year absent congressional action.


Indeed, they went on a bit of a shopping spree as the quarter wound down, buying a range of goods – including automobiles and Apple Inc’s iPhone 5.


Consumer spending, which accounts for about 70 percent of U.S. economic activity, grew at a 2 percent rate after increasing 1.5 percent in the prior period.


SPENDING DESPITE INCOME SQUEEZE


High stock prices and firming house values have made households a bit more willing to take on new debt, supporting consumer spending.


The faster pace of spending was achieved despite a spike in inflation pressures as gasoline prices rose. A price index for personal spending rose at a 1.8 percent rate, accelerating from the second quarter’s 0.7 percent pace.


But a core inflation measure that strips out food and energy costs slowed to a 1.3 percent rate after rising 1.7 percent in the prior quarter, suggesting the increase in overall price pressures will be temporary.


However, with about 23 million Americans either out of work or underemployed, the current pace of spending may not be sustained, especially if gasoline prices maintain their recent upward march and families get a higher tax bill in 2013.


Incomes were squeezed in the last quarter, causing households to save less to fund their purchases.


The amount of income available to households after accounting for inflation and taxes rose at a tepid 0.8 percent rate in the third quarter, slowing after a brisk 3.1 percent pace the prior period.


The saving rate slowed to 3.7 percent after increasing to 4 percent in the second quarter.


There was surprisingly good news on government spending, which snapped eight straight quarters of declines on a strong rebound in defense outlays. Government spending accounted for 0.7 percentage point of GDP growth. However, that might not be sustained given the austerity plans for next year.


Fears of the fiscal cliff fears hammered business spending, which dropped at a 1.3 percent pace in the third quarter, falling for the first time since the first three months of 2011.


The fiscal cliff refers to automatic tax hikes and government spending cuts, which will drain about $ 600 billion out of the economy next year absent congressional action.


Part of the drag in business investment, which had been a source of strength for the economy, came from equipment and software, where outlays were the weakest since the second quarter of 2009.


Spending on nonresidential structures contracted after five straight quarters of growth.


In contrast, home building surged at a 14.4 percent rate, thanks in large part to the Federal Reserve’s ultra accommodative monetary policy stance, which has driven mortgage rates to record lows.


Inventories were a drag on growth because of a drought in the country’s Midwest, which has decimated crops. Farm inventories cut 0.42 percentage point from GDP growth. Excluding inventories, the economy grew at a 2.1 percent pace.


Final sales to domestic purchasers, a measure of domestic demand, rose at a 2.3 percent pace, the fastest since the fourth quarter f 2010.


Slowing global demand, particularly weakness in Europe and China, caused U.S. exports to contract for the first time since the first quarter of 2009. That left a trade deficit that weighed on GDP growth.


(Reporting by Lucia Mutikani; Editing by Neil Stempleman)


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¿Los pacientes oncológicos depositan demasiada esperanza en la quimioterapia?
















NUEVA YORK (Reuters Health) – Una encuesta reveló que por lo


menos dos tercios de los pacientes con cáncer avanzado creen que












la quimioterapia que reciben los curará, aunque el tratamiento


sólo es paliativo.


“Sus expectativas van mucho más allá de la realidad”, opinó


la doctora Deborah Schrag, del Instituto de Oncología


Dana-Farber, en Boston.


Su equipo publica en New England Journal of Medicine que el


69 por ciento de los participantes con cáncer pulmonar terminal


y el 81 por ciento de los participantes con cáncer colorrectal


fatal no comprendían que la quimioterapia no eliminaría sus


tumores.


Irónicamente, los pacientes que más elogiaron la


comunicación con sus doctores eran los que menos comprendían la


finalidad de la quimioterapia que recibían.


“Esto no se trata de médicos malos ni de pacientes


inteligentes. Es una dinámica comunicacional compleja. No es


fácil decirle a los pacientes que no se les podrá curar el


cáncer” porque para los médicos es incómodo dar malas noticias y


los pacientes no quieren aceptarlas, sostuvo Schrag.


“Si los pacientes tienen expectativas irreales de curación


con una terapia que les administran con fines paliativos,


estamos ante un problema serio de incomunicación que hay que


resolver”, escriben los doctores Thomas Smith y Dan Longo, de la


Facultad de Medicina de la Johns Hopkins University, en un


comentario publicado sobre el estudio.


“Esto explicaría por qué dos meses antes de morir, la mitad


de los pacientes con cáncer pulmonar no había oído a sus médicos


mencionar la palabra ‘centro de cuidados paliativos’”,


agregaron.


El estudio “sugiere que debemos dedicar más tiempo” a


explicarles a los pacientes lo más difícil, dijo el doctor


Hossein Borghaei, oncólogo del Centro de Oncología Fox Chase, en


Filadelfia, quien no participó del estudio. “Los oncólogos


tendrán que reducir su optimismo y entusiasmo, pero no es


fácil”, añadió.


Los resultados surgen de una encuesta a 1.193 pacientes (o


sus representantes) con cáncer con metástasis. Todos recibían


quimioterapia.


“Que el 20-30 por ciento reconociera que la quimioterapia no


los curaría demuestra que por lo menos algunos pacientes podían


aceptar su realidad y manifestársela a un entrevistador”,


escribe el equipo.


“No son asuntos triviales. El uso de la quimioterapia cerca


del final de la vida sigue siendo una práctica común, no


prolonga la vida y es también una causa evitable del 25 por


ciento del gasto de la cobertura federal estadounidense Medicare


en el último año de vida”, escriben Smith y Longo.


Para ambos, los resultados se deben, con distinta magnitud,


a que los pacientes ignoran que la enfermedad es incurable, se


les habla de manera incomprensible, optan por no creen en lo que


se les dice o son demasiado optimistas. “Probablemente sean


todas esas causas”, señalan.


Borghaei consideró que el estudio “no tiene en cuenta qué


preguntan los pacientes cuando se les diagnostica un cáncer


incurable”. Muchos insisten en que lo superarán.


“¿Qué se supone que hagamos los médicos: que nos paremos


frente a una persona con enfermedad avanzada y empecemos a


discutir? No es productivo. Es algo que escucho siempre, en


especial de los pacientes más jóvenes”, indicó Borghaei.


“Pienso que sirve como un recordatorio para los médicos:


tomarse unos pocos minutos para darse cuenta lo duro que es.


Reconocer que no se trata de una conversación, sino una serie de


charlas para saber si los pacientes comprendieron y cómo


reaccionan”, dijo Schrag.


Cuando una cura es poco probable, “debemos asegurarnos de


tener la oportunidad de planificar y preparar todo aquello que


seguramente sucederá”, agregó la autora.


FUENTE: New England Journal of Medicine, 2012


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Swedish princess engaged to New York banker
















STOCKHOLM (AP) — Another royal wedding beckons in Europe: This time it is Sweden‘s Princess Madeleine who is getting ready to tie the knot.


Madeleine and her U.S.-British boyfriend Christopher O’Neill announced their engagement on the royal palace website on Thursday.












The 30-year-old Madeleine is the youngest of King Carl XVI Gustaf and Queen Silvia‘s three children and is fourth in line to the throne.


The tabloid Expressen reported early Thursday that O’Neill, a 38-year-old financier she met in New York, had proposed to the princess, and the couple confirmed the news in a brief video clip posted on the royal website.


“Chris proposed to me in New York at the start of October, and we are very happy,” Madeleine said in the video, which was recorded Wednesday at the Drottningholm Palace outside Stockholm.


“Madeleine and I have known each other for two years and I recently summoned up the courage to ask her to marry me. Thankfully she said yes,” O’Neill said in English with a British accent. He added a few words in Swedish, saying he was trying to learn the language “but it is difficult.”


Madeleine said the wedding would take place in Sweden in the summer of 2013, and that more details would be released later.


Madeleine lives in New York where she works for the World Childhood Foundation, a nonprofit founded by her mother.


In 2010, she broke off an earlier engagement after media reports that her then-fiancé had cheated on her.


O’Neill was born in London and holds dual American and British citizenship, according to a CV released by the royal palace. He studied at a boarding school in St. Gallen, Switzerland, and holds a bachelor’s degree in international relations from Boston University and a master’s degree from Columbia Business School in New York.


O’Neill now works as a partner and head of research at Noster Capital, a hedge fund with offices in London and New York. His interests include Alpine skiing, tennis, golf, music, arts and the Chelsea Football Club in London, the palace said.


Madeleine’s elder sister, Crown Princess Victoria married her former fitness trainer Daniel Westling at a lavish ceremony in Stockholm in 2010. The couple had a baby, Princess Estelle, this year. O’Neill accompanied Madeleine to Estelle’s baptism ceremony in May.


The Swedish royal family has only ceremonial duties, such as attending award ceremonies, promoting Swedish businesses abroad and supporting charities and foundations. As the head of state, the king also receives foreign dignitaries on formal visits to Sweden.


News of Princess Madeleine and O’Neill’s engagement comes just days after another royal union was celebrated in Europe. Prince Guillaume of Luxembourg and Belgian Countess Stephanie de Lannoy were married Saturday in the tiny duchy’s Notre Dame Cathedral.


Europe News Headlines – Yahoo! News



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