Five Steps to Fix Shadow Banking

International regulators did the world a service by reporting that shadow banking remains an enormous force in the global financial system. Firms in the sector had $ 67 trillion in assets last year, the Financial Stability Board has just reported. But given the importance of the lightly monitored companies, the regulators’ prescriptions seem cautious.

Shadow banking is lending outside the conventional banking system, done by firms such as money market mutual funds, hedge funds, and securities dealers. It’s far less regulated than lending by normal banks, which take insured deposits. Many economists and financial experts say shadow banking was responsible for triggering the global financial crisis of 2008-09.

Regulating it isn’t easy, for two very different reasons. One is that shadow banking can’t be shut down entirely because it does some real good. “Non-bank financial entities can … be sources of long-term and short-term credit to businesses and households,” the Financial Stability Board wrote in a report released on Nov. 18 (PDF). The second reason is that the sector has political muscle. “We’re already seeing a contest of wills” over attempts to tighten regulation, says Erik Gerding, a law professor at the University of Colorado, Boulder who specializes in banking regulation.

The board’s five-step plan to fix shadow banking, which was released in conjunction with the report on the sector’s size, didn’t exactly stick its neck out. The board is seeking comment on the plan and plans to publish final recommendations in September 2013. Here’s a boiled-down version:

1. Keep banks from being infected by problems in shadow banking. On this point, the board mostly just endorsed existing plans from the Basel Committee on Banking Supervision, which wants banks to keep thicker buffers of capital against potential losses on loans they make to shadow banking organizations.

2. Make money market mutual funds less vulnerable to runs. In the U.S., the new Financial Stability Oversight Council is continuing to press for making the funds let per-share values float in line with the value of the underlying securities, making them less rigid and breakable. The Financial Stability Board said funds should switch to floating net asset values “where workable”—a phrase that leaves room for funds to keep things as they are.

3. Put some teeth into the rules for other shadow banking organizations. The board lays out a long-term agenda for reducing risks, other than those posed by money market mutual funds. To make sure countries can’t simply ignore regulations they don’t like, the board said tougher policies should “eventually” become a “membership commitment subject to peer reviews.”

4. Regulate securitization. When it comes to bonds backed by assets such as credit-card receivables or mortgages, the board advocated greater disclosure and said countries should “converge” on the amount of risk that a securitizer must retain to make sure it has an incentive to sell only high-quality securities. But it didn’t give numerical targets.

5. Regulate securities lending and repo lending. Most of the recommendations on the businesses of loans backed by stock or bonds are standard-issue, such as making sure that the collateral posted is adequate. On the most controversial issue—the preferential treatment of repurchase agreements and securities loans in bankruptcy court, which has contributed to their explosive growth—the board said changes “may be viable theoretical options” but concluded, “they will not be pursued for now due to practical difficulties.”

Lena Komileva, chief economist of London-based G+ Economics, an investment advisory firm, described the balancing act regulators face. “Bringing shadow banking out of the shadows recognizes the systemic importance of non-bank finance for the health of the global economy,” she wrote in an e-mail. “But regulators need to apply a surgical scalpel not an ax, so that the benefit of avoiding another Lehman, AIG (AIG), or Reserve Primary Fund does not come at the cost of the long-term efficiency and productivity of the financial system.”

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Intel CEO Paul Otellini to retire in surprise move

SAN FRANCISCO (AP) — Intel CEO Paul Otellini dropped a bombshell on the company’s board of directors last week, telling them in private that he plans to retire from the world’s largest maker of microprocessors in May. Otellini‘s move comes at a time when Intel faces a shaky economy and a mobile gadget craze that is eating away at demand for its PC chips —and it gives the company just six months to find a new leader.

Intel‘s board expected the 62-year-old Otellini to remain chief executive until the company’s customary retirement age of 65. The company announced his impending departure on Monday.

“The decision was entirely Paul’s,” said Intel spokesman Paul Bergevin. “The board accepted his decision with regret.”

Otellini will be ending a nearly 40-year career with Intel, including an eight-year stint as CEO by the time he leaves. He joined the Santa Clara, Calif. company after graduating from the nearby University of California at Berkeley and worked his way up the ranks before succeeding Craig Barrett as CEO in May 2005.

“It’s time to move on and transfer Intel‘s helm to a new generation of leadership,” Otellini said in a statement.

In another statement, Intel Chairman Andy Bryant praised Otellini for leading the company through “challenging times and market transitions.”

Intel‘s board plans to consider candidates inside and outside the company as it searches for Otellini’s successor. Otellini will be involved in the search.

Otellini and the four other men who have been Intel‘s CEO during the company’s 45-year history have all been promoted from within. The company’s board is believed to be leaning in that direction again.

Intel identified the leading internal candidates Monday by anointing three of Otellini’s current lieutenants as executive vice presidents. They are: Renee James, head of Intel‘s software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy.

If recent history is any indication, Krzanich has the inside track to become Intel‘s CEO. Both Barrett and Otellini served as chief operating officer before becoming CEO.

Although Otellini is generally well regarded, he has faced criticism for initially underestimating the impact that smartphones and tablet computers would have on the personal computer market. It was a pivotal change that also confounded Microsoft Corp. CEO Steve Ballmer, whose software company makes the Windows operating system that runs most of the PCs relying on Intel‘s chips.

“The shift came more quickly than they expected, and when they did finally see what was happening, they were a little late to react,” said technology analyst Patrick Moorhead of Moor Insights & Strategy.

Indeed, in 2008, nearly 300 million PCs were sold and most of them were powered by Microsoft‘s Windows and Intel‘s microchips, according to Forrester Research. Some 142 million smartphones sold that year, at a time when the tablet market hadn’t really taken off. That wouldn’t happen until Apple‘s 2010 release of the iPad.

By contrast, this year, Forrester estimates 330 million PCs will be sold worldwide compared with 665 million smartphones and just over 100 million tablets. By 2016, Forrester predicts annual sales of PCs will rise only slightly to 370 million machines while more than 1.6 billion smartphones and tablets will be purchased.

The fates of Intel and Microsoft have been so tightly wound for the past 30 years that computers using a combination of their chips and software are famously known as “Wintel” machines.

Now, much of the technology industry is questioning whether Intel and Microsoft can catch up in the mobile market to ensure their products remain as essential — and profitable — in the future as they have been in the past three decades.

It’s a challenge that Ballmer, 56, is confident he can tackle. He signaled his intent to remain Microsoft‘s CEO earlier this month when he ushered out the head of the company’s Windows division because of philosophical differences over the company’s future direction. For whatever reasons, Otellini concluded it was time for new leadership at Intel — an opinion that many investors share, according to RBC Capital Markets analyst Doug Freedman.

“A shift in leadership could be welcome news to investors as Intel could be in greater position to broaden its portfolio into higher growth markets,” Freedman wrote in a Monday research note.

Intel‘s stock was unchanged at $ 20.19 shortly before the market closed Monday. The stock has fallen more than 20 percent during Otellini’s reign. Most of the decline occurred this year amid concerns about the company’s ability to adjust to mobile computing and weakening demand for its core products in countries with troubled economies, particularly in Europe and China. The company blamed the poor economy for a 14 percent drop in its earnings during its most recent quarter.

Intel‘s chips have become even more dominant in the PC computer market during Otellini’s tenure, helping to boost the company’s annual revenue from $ 39 billion in 2005 to $ 54 billion last year. Besides supplying Windows-powered PCs, Otellini also scored a coup in 2006 when he convinced Apple to start using Intel chips in Mac computers instead of IBM Corp.’s microprocessors.

But Apple‘s pioneering work in smartphones and tablet computers also muddled Intel‘s future. Both the iPhone and iPad inspired a wave of sophisticated handheld devices that are undercutting demand for desktop and laptop machines that house Intel processors.

Most tablets rely on a technology licensed from British chip designer ARM Holdings Plc. Even Microsoft has tweaked the latest version of the Windows operating system so it works on ARM chips.

Other chip makers such as Qualcomm Inc. have developed less expensive microprocessors that have eclipsed Intel in the smartphone market. Qualcomm‘s inroads in the mobile market are a key reason why its stock has soared by more than 70 percent while Otellini was running Intel.

The contrasting performances of the two companies’ stocks enabled Qualcomm to surpass Intel as the world’s most valuable chip maker. Qualcomm‘s market value now stands at about $ 106 billion versus $ 100 billion for Intel.

Even though its stock under Otellini has lagged the rest of the market, Intel‘s ongoing prosperity has enabled the company to reward shareholders in other ways. Intel has paid stock dividends totaling $ 23.5 billion under Otellini as its quarterly payments rose 8 cents per share in 2005 to 22.5 cents per share currently.

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Mitt Romney a Twihard? Candidate and Wife Take in “Twilight” Finale

LOS ANGELES (TheWrap.com) – He may have missed out on becoming leader of the free world when he lost the election to President Obama, but Mitt Romney is keeping busy – with the romantic vampires and werewolves of “Twilight.”

Saturday night, he was spotted with his wife Ann heading into a showing of “Twilight Saga: Breaking Dawn – Part 2″ at a cineplex in Del Mar, Calif., by TMZ. After the movie, they and two young men went to a nearby pizza place, where they reportedly spoke and posed for pictures with patrons.

The Saturday night out for the Romneys was in contrast to the recent movie-viewing by the man who beat him in the election. President Obama last week viewed Oscar hopeful “Lincoln” in a special White House screening with several of the cast members and filmmakers.

There was no word on whether Romney or his wife aligned with Team Edward or Team Jacob.

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New push for most in US to get at least 1 HIV test

WASHINGTON (AP) — There’s a new push to make testing for the AIDS virus as common as cholesterol checks.

Americans ages 15 to 64 should get an HIV test at least once — not just people considered at high risk for the virus, an independent panel that sets screening guidelines proposed Monday.

The draft guidelines from the U.S. Preventive Services Task Force are the latest recommendations that aim to make HIV screening simply a routine part of a check-up, something a doctor can order with as little fuss as a cholesterol test or a mammogram. Since 2006, the Centers for Disease Control and Prevention also has pushed for widespread, routine HIV screening.

Yet not nearly enough people have heeded that call: Of the more than 1.1 million Americans living with HIV, nearly 1 in 5 — almost 240,000 people — don’t know it. Not only is their own health at risk without treatment, they could unwittingly be spreading the virus to others.

The updated guidelines will bring this long-simmering issue before doctors and their patients again — emphasizing that public health experts agree on how important it is to test even people who don’t think they’re at risk, because they could be.

“It allows you to say, ‘This is a recommended test that we believe everybody should have. We’re not singling you out in any way,’” said task force member Dr. Douglas Owens, of Stanford University and the Veterans Affairs Palo Alto Health Care System.

And if finalized, the task force guidelines could extend the number of people eligible for an HIV screening without a copay in their doctor’s office, as part of free preventive care under the Obama administration’s health care law. Under the task force‘s previous guidelines, only people at increased risk for HIV — which includes gay and bisexual men and injecting drug users — were eligible for that no-copay screening.

There are a number of ways to get tested. If you’re having blood drawn for other exams, the doctor can merely add HIV to the list, no extra pokes or swabs needed. Today’s rapid tests can cost less than $ 20 and require just rubbing a swab over the gums, with results ready in as little as 20 minutes. Last summer, the government approved a do-it-yourself at-home version that’s selling for about $ 40.

Free testing is available through various community programs around the country, including a CDC pilot program in drugstores in 24 cities and rural sites.

Monday’s proposal also recommends:

—Testing people older and younger than 15-64 if they are at increased risk of HIV infection,

—People at very high risk for HIV infection should be tested at least annually.

—It’s not clear how often to retest people at somewhat increased risk, but perhaps every three to five years.

—Women should be tested during each pregnancy, something the task force has long recommended.

The draft guidelines are open for public comment through Dec. 17.

Most of the 50,000 new HIV infections in the U.S. every year are among gay and bisexual men, followed by heterosexual black women.

“We are not doing as well in America with HIV testing as we would like,” Dr. Jonathan Mermin, CDC’s HIV prevention chief, said Monday.

The CDC recommends at least one routine test for everyone ages 13 to 64, starting two years younger than the task force recommended. That small difference aside, CDC data suggests fewer than half of adults under 65 have been tested.

“It can sometimes be awkward to ask your doctor for an HIV test,” Mermin said — the reason making it routine during any health care encounter could help.

But even though nearly three-fourths of gay and bisexual men with undiagnosed HIV had visited some sort of health provider in the previous year, 48 percent weren’t tested for HIV, a recent CDC survey found. Emergency rooms are considered a good spot to catch the undiagnosed, after their illnesses and injuries have been treated, but Mermin said only about 2 percent of ER patients known to be at increased risk were tested while there.

Mermin calls that “a tragedy. It’s a missed opportunity.”

___

Online:

Task force recommendation: http://www.uspreventiveservicestaskforce.org

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Housing recovery gains traction

WASHINGTON (Reuters) – Home resales rose in October and a gauge of homebuilder sentiment climbed to a six-year high in November, signs of surprising vigor in the country’s still-struggling housing market.

The National Association of Realtors said on Monday that existing home sales climbed 2.1 percent last month to a seasonally adjusted annual rate of 4.79 million units, beating forecasts by Wall Street economists.

Separately, strengthening demand for new homes drove an increase in a monthly measure of home builder sentiment, which hit a more than six-year high in November, topping even the most optimistic forecast in a Reuters poll of analysts.

Rising home prices and a faster pace of sales have shown the housing market has finally turned the corner this year. The market collapsed when a mortgage debt bubble burst in 2006, helping trigger the 2007-09 recession.

The data on Monday suggested the recovery in housing is advancing even faster than many analysts had expected.

“The housing market is continuing to improve. It’s probably improving more than most economists were projecting earlier this year,” said Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts.

The reports also support the view that the broader economic recovery is becoming increasingly self-sustaining, with job creation helping drive home sales, which in turn are supporting economic growth. Home building is expected to add to economic growth this year for the first time since 2005.

U.S. stock prices rose sharply, with investors heartened by the housing data and signs that lawmakers are making progress in talks aimed at avoiding sharp tax hikes and government spending cuts next year. Yields on U.S. government debt also rose.

The housing data also suggested that superstorm Sandy, a mammoth storm that slammed into the U.S. East Coast on October 29, continues to distort economic data in the United States.

The Northeast was the only region in the country where the pace of sales fell. NAR economist Lawrence Yun said Sandy would likely leave a bigger mark in November and December, although he expected the impact would only be temporary.

The storm, which killed more than 130 people in the United States and left millions of homes and businesses without electricity, led U.S. factories to cut production in October. It also weighed on auto sales as consumers stayed away from showrooms.

Economists, however, think Sandy’s impact on the economy will be temporary. Indeed, not all of the impact is negative. Home improvement retailer Lowes reported higher-than-expected profits on Monday as its sales got a lift from people buying items like generators, flashlights and batteries ahead of Sandy.

The housing data showed that home prices continue to rebound. In October, the median price for an existing home was $ 178,600, up 11.1 percent from a year earlier.

Supporting prices, fewer people sold their homes under distressed conditions, which include foreclosures, compared to the same period in 2011. Also, the nation’s inventory of existing homes for sale fell 1.4 percent during the month to 2.14 million, the lowest level since December 2002.

The shrinking supply of distressed and foreclosed inventory helped push U.S. homebuilder sentiment up for a seventh consecutive month in November.

The National Association of Home Builders said its sentiment index rose to 46 — the highest since May 2006 — from 41 the month before. Economists polled by Reuters had predicted the index would remain unchanged.

However, the gauge remained below 50, a reminder that the housing market was still some way off full recovery. Readings below 50 mean more builders view market conditions as poor than favorable. The index has not been above 50 since April 2006.

The measure has made strong progress over the last year, helping to cement optimism in the sector.

“Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country,” said NAHB Chairman Barry Rutenberg.

(Additional reporting by Ed Krudy and Richard Leong in New York; Editing by Andrea Ricci and Tim Ahmann)

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Rebels in Congo reach door of Goma

GOMA, Congo (AP) — A Rwandan-backed rebel group advanced to within 3 kilometers (1.8 miles) of Goma, a crucial provincial capital in eastern Congo, marking the first time that rebels have come this close since 2008.

Congolese army spokesman Col. Olivier Hamuli said the fighting has been going on since 6 a.m. Sunday and the front line has moved to just a few kilometers (miles) outside the city. After more than nine hours of violent clashes the two sides took a break, with M23 rebels establishing a checkpoint just 100 meters (yards) away from one held by the military in the village of Munigi, exactly 3 kilometers (1.8 miles) outside the Goma city line.

Contacted by telephone on the front line, M23 rebel spokesman Col. Vianney Kazarama said the group will spend the night in Goma.

“We are about to take the town. We will spend the night in Goma tonight,” said Kazarama. “We are confident that we can take Goma and then our next step will be to take Bukavu,” he said mentioning the capital of the next province to the south.

The M23 rebel group is made up of soldiers from a now-defunct rebel army, the National Congress for the Defense of the People, or CNDP, a group made-up primarily of fighters from the Tutsi ethnic group, the ethnicity that was targeted in Rwanda‘s 1994 genocide. In 2008, the CNDP led by Rwandan commando Gen. Laurent Nkunda marched his soldiers to the doorstep of Goma, abruptly stopping just before taking the city.

In the negotiations that followed and which culminated in a March 23, 2009 peace deal, the CNDP agreed to disband and their fighters joined the national army of Congo. They did not pick up their arms again until this spring, when hundreds of ex-CNDP fighters defected from the army in April, claiming that the Congolese government had failed to uphold their end of the 2009 agreement.

Reports, including one by the United Nations Group of Experts, have shown that M23 is actively being backed by Rwanda and the new rebellion is likely linked to the fight to control Congo’s rich mineral wealth.

The latest fighting broke out Thursday and led to the deaths of 151 rebels and two soldiers. On Saturday U.N. attack helicopters targeted M23 positions in eastern Congo.

Also on Saturday, United Nations Secretary-General Ban Ki-Moon had called Rwandan President Paul Kagame “to request that he use his influence on the M23 to help calm the situation and restrain M23 from continuing their attack,” according to peacekeeping chief Herve Ladsous who spoke at the U.N. headquarters in New York on Saturday.

North Kivu governor Julien Paluku said Saturday that the Congolese army had earlier retreated from Kibumba, which is 30 kilometers (19 miles) north of Goma, after thousands of Rwandans, who he says were backing the rebels, attacked early Saturday.

“Rwandan forces bombarded our positions in Kibumba since early this morning and an estimated 3,500 crossed the border to attack us,” he said Saturday.

In downtown Goma, panicked residents had come out to try to get more information on what was happening. A 45-year-old mother of five said that she has nowhere to go.

“I don’t really know what is happening, I’ve seen soldiers and tanks in the streets and that scares me,” said Imaculee Kahindo. Asked if she planned to leave the city, she said: “What can we do? I will probably hide in my house with my children.”

Hamuli, the spokesman for the Congolese army, denied reports that soldiers were fleeing.

In 2008 as Nkunda’s CNDP rebels amassed at the gates of Goma, reporters inside the city were able to see Congolese soldiers running in the opposite direction, after having abandoned their posts. The Congolese army is notoriously dysfunctional with soldiers paid only small amounts, making it difficult to secure their loyalties during heavy fighting.

“We are fighting 3 kilometers from Goma, just past the airport. And our troops are strong enough to resist the rebels,” said Hamuli. “We won’t let the M23 march into our town,” he said. Asked if his troops were fleeing, he added: “These are false rumors. We are not going anywhere.”

U.N. peacekeeping chief Ladsous said that the rebels were very well-equipped, including with night vision equipment allowing them to fight at night.

Reports by United Nations experts have accused Rwanda, as well as Uganda, of supporting the rebels. Both countries strongly deny any involvement and Uganda said if the charges continue it will pull its peacekeeping troops out of Somalia, where they are playing an important role in pushing out the Islamist extremist rebels.

The U.N. Security Council called for an immediate stop to the violence following a two-hour, closed-door emergency meeting. The council said it would add sanctions against M23 rebels and demanded that rebels immediately stop their advance toward the provincial capital of Goma.

“We must stop the M23″ because Goma’s fall “would, inevitably, turn into a humanitarian crisis,” said France‘s U.N. Ambassador, Gerard Araud. He added that U.N. officials would decide in the coming days which M23 leaders to target for additional sanctions.

___

Associated Press writer Maria Sanminiatelli at the United Nations and Rukmini Callimachi in Dakar, Senegal, contributed to this report.

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Rebels in Congo reach door of Goma

GOMA, Congo (AP) — A Rwandan-backed rebel group advanced to within 3 kilometers (1.8 miles) of Goma, a crucial provincial capital in eastern Congo, marking the first time that rebels have come this close since 2008.

Congolese army spokesman Col. Olivier Hamuli said the fighting has been going on since 6 a.m. Sunday and the front line has moved to just a few kilometers (miles) outside the city. After more than nine hours of violent clashes the two sides took a break, with M23 rebels establishing a checkpoint just 100 meters (yards) away from one held by the military in the village of Munigi, exactly 3 kilometers (1.8 miles) outside the Goma city line.

Contacted by telephone on the front line, M23 rebel spokesman Col. Vianney Kazarama said the group will spend the night in Goma.

“We are about to take the town. We will spend the night in Goma tonight,” said Kazarama. “We are confident that we can take Goma and then our next step will be to take Bukavu,” he said mentioning the capital of the next province to the south.

The M23 rebel group is made up of soldiers from a now-defunct rebel army, the National Congress for the Defense of the People, or CNDP, a group made-up primarily of fighters from the Tutsi ethnic group, the ethnicity that was targeted in Rwanda‘s 1994 genocide. In 2008, the CNDP led by Rwandan commando Gen. Laurent Nkunda marched his soldiers to the doorstep of Goma, abruptly stopping just before taking the city.

In the negotiations that followed and which culminated in a March 23, 2009 peace deal, the CNDP agreed to disband and their fighters joined the national army of Congo. They did not pick up their arms again until this spring, when hundreds of ex-CNDP fighters defected from the army in April, claiming that the Congolese government had failed to uphold their end of the 2009 agreement.

Reports, including one by the United Nations Group of Experts, have shown that M23 is actively being backed by Rwanda and the new rebellion is likely linked to the fight to control Congo’s rich mineral wealth.

The latest fighting broke out Thursday and led to the deaths of 151 rebels and two soldiers. On Saturday U.N. attack helicopters targeted M23 positions in eastern Congo.

Also on Saturday, United Nations Secretary-General Ban Ki-Moon had called Rwandan President Paul Kagame “to request that he use his influence on the M23 to help calm the situation and restrain M23 from continuing their attack,” according to peacekeeping chief Herve Ladsous who spoke at the U.N. headquarters in New York on Saturday.

North Kivu governor Julien Paluku said Saturday that the Congolese army had earlier retreated from Kibumba, which is 30 kilometers (19 miles) north of Goma, after thousands of Rwandans, who he says were backing the rebels, attacked early Saturday.

“Rwandan forces bombarded our positions in Kibumba since early this morning and an estimated 3,500 crossed the border to attack us,” he said Saturday.

In downtown Goma, panicked residents had come out to try to get more information on what was happening. A 45-year-old mother of five said that she has nowhere to go.

“I don’t really know what is happening, I’ve seen soldiers and tanks in the streets and that scares me,” said Imaculee Kahindo. Asked if she planned to leave the city, she said: “What can we do? I will probably hide in my house with my children.”

Hamuli, the spokesman for the Congolese army, denied reports that soldiers were fleeing.

In 2008 as Nkunda’s CNDP rebels amassed at the gates of Goma, reporters inside the city were able to see Congolese soldiers running in the opposite direction, after having abandoned their posts. The Congolese army is notoriously dysfunctional with soldiers paid only small amounts, making it difficult to secure their loyalties during heavy fighting.

“We are fighting 3 kilometers from Goma, just past the airport. And our troops are strong enough to resist the rebels,” said Hamuli. “We won’t let the M23 march into our town,” he said. Asked if his troops were fleeing, he added: “These are false rumors. We are not going anywhere.”

U.N. peacekeeping chief Ladsous said that the rebels were very well-equipped, including with night vision equipment allowing them to fight at night.

Reports by United Nations experts have accused Rwanda, as well as Uganda, of supporting the rebels. Both countries strongly deny any involvement and Uganda said if the charges continue it will pull its peacekeeping troops out of Somalia, where they are playing an important role in pushing out the Islamist extremist rebels.

The U.N. Security Council called for an immediate stop to the violence following a two-hour, closed-door emergency meeting. The council said it would add sanctions against M23 rebels and demanded that rebels immediately stop their advance toward the provincial capital of Goma.

“We must stop the M23″ because Goma’s fall “would, inevitably, turn into a humanitarian crisis,” said France‘s U.N. Ambassador, Gerard Araud. He added that U.N. officials would decide in the coming days which M23 leaders to target for additional sanctions.

___

Associated Press writer Maria Sanminiatelli at the United Nations and Rukmini Callimachi in Dakar, Senegal, contributed to this report.

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Justin Bieber dominates at American Music Awards

America proved its Bieber Fever was strong: The teen singer dominated the American Music Awards on Sunday night.

Bieber‘s wins included the show’s top award, artist of the year. His mom joined him onstage as he collected the trophy, beating out Rihanna, Maroon 5, Katy Perry and Drake.

“I wanted to thank you for always believing in me,” Bieber said, looking to his mom.

The 18-year-old also won the honor in 2010. He said it’s “hard growing up with everyone watching me” and asked that people continue to believe in him.

Bieber and Nicki Minaj performed together — and separately — at the AMAs, and were both multiple winners.

But another collaboration was the night’s most colorful performance: Korean rapper PSY and MC Hammer. Hammer joined the buzzed-about pop star for his viral hit “Gangnam Style.” PSY rocked traditional “Hammer” pants as they danced to his jam and to Hammer’s “Too Legit to Quit.”

Bieber won favorite pop/rock male artist in the first award handed out at Sunday’s show and gave a shout-out to those who didn’t think he would last on the music scene.

“I want to say this is for all the haters who thought I was just here for one or two years. I feel like I’m going to be here for a very long time,” he said.

He also won favorite pop/rock album for his platinum-selling third album, “Believe.” He gave a stripped down, acoustic performance of “As Long As You Love Me,” then transitioned to the dance-heavy “Beauty and a Beat,” where Minaj joined him onstage, grinding with the teen for a few seconds.

Minaj, who wore three different wigs and four outfits throughout the night, repeated her AMAs wins from last year, picking up trophies for favorite rap/hip-hop artist and album for “Pink Friday: Roman Reloaded.” She was in an all-white get-up, including fur coat and pink hair when she performed her new song “Freedom.” The scene was ghostly and snowy, as a choir — also in white — joined her onstage. One background singer stole the performance, belting semi-high notes as Minaj looked on.

As Bieber won his second award, he was kissed on the neck by Jenny McCarthy, who presented the award.

“Wow. I feel violated right now,” he said, laughing.

“I did grab his butt,” McCarthy said backstage. “I couldn’t help it. He was just so delicious. So little. I wanted to tear his head off and eat it.”

Bieber‘s red and black outfit seemed to be the night’s theme, as Taylor Swift and Usher wore similar ensembles.

Usher kicked off the three-hour show with green laser lights beaming onstage as he performed a medley of songs, including “Numb,” ”Climax” and “Can’t Stop, Won’t Stop,” which featured a smoky floor and a number of backup dancers, as Usher jammed in all black, with the exception of his red shoes. He won favorite soul/R&B male artist.

Swift won her fifth consecutive award for favorite country female artist.

“This is unreal. I want to thank the fans. You guys are the ones who voted on this,” she said.

Swift gave a masquerade-themed performance of the pop song “I Knew You Were Trouble.” She sang onstage in a light dress while dancers wore mostly black. But then she changed into a red corset and black skirt, matching their dark mood. She even danced and sang on the floor as lights flickered throughout the performance.

Dick Clark, who created the AMAs, was remembered by Ryan Seacrest and an upbeat performance by Stevie Wonder.

“What a producer he was,” said Seacrest, as Wonder sang his hits, including “My Cherie Amour.”

Carly Rae Jepsen, who performed early in the night, won favorite new artist.

“I am floored. Wow,” she said, thanking Bieber and his manager, Scooter Braun.

Party girl Ke$ ha was glammed up on the red carpet, rocking long, flowy blonde hair and a light pink dress. She switched to her normal attire when she performed her hit single “Die Young.” It was tribal, with shirtless dancers in skin-tight pants, silver hair and skeleton-painted faces, who also played the drums. Ke$ ha was pants-less, rocking knee-high boots and rolling on the floor as she finished up the song.

Minaj and Christina Aguilera were blonde bombshells, too: Minaj’s hair was busy and full of volume and she sported a neon strapless gown to accept her first award. Aguilera wore a blonde bob in a purple dress that matched her eyeshadow.

Aguilera performed a medley of material from her new album and joined Pitbull onstage.

Kelly Clarkson also hit the stage, making a nod to her “American Idol” roots with a number on her dress and three judges looking on as she sang “Miss Independent.” Then she went into “Since U Been Gone,” ”Stronger” and “Catch My Breath.” It’s worth noting that “Idol” judge Randy Jackson introduced Clarkson, the first-ever winner of the show. He also advised people to donate through Red Cross for Superstorm Sandy victims.

Fellow “Idol” winner Carrie Underwood won best favorite country album and performed, hitting the right notes while singing “Two Black Cadillacs.” She talked about singing competition shows backstage.

“These people that go on these shows are so talented, you know? And I would love to see if so many of the other artists that are out there today would go back and try out for these shows, because they might get their behinds kicked by some of the contestants,” she said.

Luke Bryan won favorite country male artist and Lady Antebellum favorite country group.

American Music Awards nominees were selected based on sales and airplay, and fans chose the winners by voting online. At this award show, even the stars were fans: Pink said on the red carpet that she’d like to collaborate with Lauryn Hill. Cyndi Lauper said her musical playlist includes Pink and Minaj. Boy band The Wanted said they were excited to see PSY and Colbie Caillat wanted to watch No Doubt.

“What makes the American Music Awards special is the fans choose the winning artists,” said Chester Bennington of Linkin Park, who won favorite alternative rock artist and performed “Burn It Down,” as Brandy sang along and Gwen Stefani, Usher and Phillip Phillips bobbed their heads.

David Guetta won the show’s first-ever electronic dance music award. Non-televised awards went to Katy Perry for pop/rock female artist, Beyonce for soul/R&B female artist, Adele for adult contemporary artist and Shakira for Latin artist.

Along with Rihanna, Minaj was the top nominee with four nominations.

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AP Entertainment Writer Sandy Cohen contributed to this report from Los Angeles.

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Follow Mesfin Fekadu on Twitter at http://twitter.com/MusicMesfin

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Online:

http://beta.abc.go.com/shows/american-music-awards

Entertainment News Headlines – Yahoo! News

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One in 20 youth has used steroids to bulk up: study

NEW YORK (Reuters Health) – About five percent of middle and high school students have used anabolic steroids to put on muscle, according to a new study from Minnesota.

In addition to steroid use, more than one-third of boys and one-fifth of girls in the study said they had used protein powder or shakes to gain muscle mass, and between five and 10 percent used non-steroid muscle-enhancing substances, such as creatine.

Researchers said a more muscular body ideal in the media may be one factor driving teens to do anything possible to get toned, as well as pressure to perform in sports.

“Really the pressure to start using (steroids) is in high school,” said Dr. Linn Goldberg, from Oregon Health & Science University in Portland.

“You get the influence of older teens in high school, so when you’re a 14-year-old that comes in, you have 17-year-olds who are the seniors, and they can have great influence as you progress into the next stage of your athletic career.”

The new data came from close to 2,800 kids and teens at 20 different middle and high schools in the Minneapolis/St. Paul area. During the 2009-2010 school year, those students completed a survey on food and weight-related behaviors, including activities tied to muscle gain.

The majority of kids surveyed were poor or middle-class.

Almost all of them had engaged in at least one muscle-building activity in the past year, most often working out more to get stronger. But up to one-third of kids and teens used what the researchers deemed to be unhealthy means to gain muscle mass, including taking steroids and other muscle-building substances or overdoing it on protein shakes, dieting and weight-lifting.

Student-athletes were more likely than their peers to use most methods of muscle-building. Steroid use, however, was equally common among athletes and non-athletes.

According to findings published Monday in the journal Pediatrics, Asian students were three to four times more likely to have used steroids in the past year than white students. Most Asians in the study were Hmong, lead researcher Marla Eisenberg from the University of Minnesota in Minneapolis and her colleagues noted.

Their study shows higher adolescent use of steroids and other muscle-boosting substances than most other recent research and “is cause for concern,” according to the researchers. But it’s not clear whether the findings would apply to an area outside of the Twin Cities, or among wealthier students, they noted.

ROID RAGE?

Anabolic steroids are synthetic versions of testosterone, the male sex hormone. Steroids are prescribed legally to treat conditions involving hormone deficiency or muscle loss, but when they’re used for non-medical purposes, it’s typically at much higher doses, according to the National Institute on Drug Abuse.

In those cases, steroids can cause mood swings – sometimes known as roid rage – and for adolescents, stunted growth and accelerated puberty.

Anabolic steroids have become pervasive in professional sports, including baseball, football and boxing. (Another example of performance-enhancing drug use is “blood doping” with erythropoietin or EPO, which is behind the Lance Armstrong cycling controversy that caused him to be stripped of his Tour de France titles last month.)

Experts have worried that the drive to get ahead of competitors at any cost could trickle down to college and high school athletes, as well.

Goldberg, co-developer of the ATLAS and ATHENA programs to prevent steroid and other substance use on high school teams, said it’s important to give teens healthier alternatives to build muscle.

“I would stay away from all supplements, because you don’t know what’s in them,” Goldberg, who wasn’t involved in the new study, told Reuters Health.

“What’s important is to teach kids how to eat correctly,” he said. Goldberg said getting enough protein through food, eating breakfast and avoiding muscle toxins like alcohol and marijuana can all help young athletes get stronger without shakes or supplements.

Eisenberg’s team did not find clustering of steroid use and other muscle-enhancing behaviors within particular schools.

“Rather than being driven by a particular school sports team coach or other features of a school’s social landscape, this diffusion suggests that muscle-enhancing behaviors are widespread and influenced by factors beyond school, likely encompassing social and cultural variables such as media messages and social norms of behavior more broadly,” the researchers wrote.

SOURCE: http://bit.ly/jsoh2P Pediatrics, online November 19, 2012.

Health News Headlines – Yahoo! News

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PM targets ‘time-wasting’ appeals

18 November 2012 Last updated at 21:55 ET

The right to legally challenge government policies will be limited to help bolster the economy, David Cameron is expected to say later.

Opponents will have less time to apply for judicial review, face higher fees and will have their chances of appealing halved.

The minister will tell business leaders this is so “people think twice about time-wasting” to delay developments.

He will call for wartime thinking when “rules were circumvented”.

Wartime spirit

In a speech to the CBI in London on Monday, Mr Cameron will say the country is in the “economic equivalent of war” and needs the “same spirit.”

He will argue for less bureaucracy as the emphasis is put on the pursuit of economic growth.

The prime minister is expected to say the legal right to a judicial review of decisions, including major infrastructure projects, will be scaled back, insisting: “We urgently need to get a grip on this”.

It is unclear yet how much the fees would rise by for review applications or how far the three-month time limit for applications might be cut.

Continue reading the main story

When this country was at war in the 40s, Whitehall underwent a revolution”

End Quote David Cameron

But he will add that “instead of giving hopeless cases up to four bites of the cherry to appeal a decision, we will halve that to two.”

Downing Street figures show more than 11,000 applications for judicial review were made in 2011, compared to just 160 in 1975. Around one in six applications were granted.

He is expected to accept the government is “too slow in getting stuff done,” amid concern about interested parties and that civil servants in Whitehall must appreciate delays are felt in “businesses going bust, jobs being lost” and “livelihoods being destroyed.”

He will draw an analogy with how the country responded to fighting Hitler.

“When this country was at war in the 40s, Whitehall underwent a revolution.

“Normal rules were circumvented. Convention was thrown out. As one historian put it, everything was thrown at ‘the overriding purpose’ of beating Hitler.

“Well, this country is in the economic equivalent of war today – and we need the same spirit. We need to forget about crossing every ‘t’ and dotting every ‘i’ – and we need to throw everything we’ve got at winning in this global race.”

Earlier this year the government published a new planning framework designed to streamline planning.

But a draft version of the framework was amended, amid fears from countryside groups that swathes of green belt land were being put at risk.

Elsewhere at the conference Labour leader Ed Miliband is also due to make a speech in which he will warn Britain is “sleepwalking” into leaving the European Union, a move which could undermine the UK’s economy and leave it “voiceless and powerless”.

BBC News – Business

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