Italy parties seek way out of election stalemate

ROME (Reuters) - Italy's stunned political parties searched for a way forward on Tuesday after an inconclusive election gave none of them a parliamentary majority and threatened prolonged instability and a renewal of the European financial crisis.

The results, notably the dramatic surge of the anti-establishment 5-Star Movement of comic Beppe Grillo, left the center-left bloc with a majority in the lower house but without the numbers to control the upper chamber, the Senate.

Financial markets fell sharply at the prospect of a stalemate that reawakened memories of the crisis that pushed Italy's borrowing costs toward unsustainably high levels and brought the euro zone to the brink of collapse in 2011.

"The winner is: Ingovernability," ran the headline in Rome newspaper Il Messaggero, reflecting the deadlock the country will have to confront in the next few weeks as sworn enemies are forced to work together to form a government.

Ratings agency Standard & Poor's said on Tuesday that policy choices of the next Italian government would be crucial for the country's creditworthiness, underlining the need for a coalition that can agree on new reforms.

Pier Luigi Bersani, head of the center-left Democratic Party (PD), has the difficult task of trying to agree a "grand coalition" with former prime minister Silvio Berlusconi, the man he blames for ruining Italy, or striking a deal with Grillo, a completely unknown quantity in conventional politics.

The alternative is new elections either immediately or within a few months, although both Berlusconi and Bersani have indicated that they want to avoid a return to the polls if possible: "Italy cannot be ungoverned and we have to reflect," Berlusconi said in an interview on his own television station.

For his part, Grillo, whose movement won the most votes of any single party, has indicated that he believes the next government will last no more than six months.

"They won't be able to govern," he told reporters on Tuesday. "Whether I'm there or not, they won't be able govern."

He said he would work with anyone who supported his policy proposals, which range from anti-corruption measures to green-tinted energy measures but rejected suggestions of entering a formal coalition: "It's not time to talk of alliances... the system has already fallen," he said.

The election, a massive rejection of the austerity policies applied by Prime Minister Mario Monti with the backing of international leaders from U.S. President Barack Obama to German Chancellor Angela Merkel, caused consternation across Europe.

German Finance Minister Wolfgang Schaeuble put a brave face on it, saying "that's democracy".

Spanish Foreign Minister Jose Manuel Garcia-Margallo was more pessimistic.

"This is a jump to nowhere that does not bode well either for Italy or Europe," he said.

A long recession and growing disillusionment with mainstream parties and tax-raising austerity fed a bitter public mood and contributed to the massive rejection of Monti, whose centrist coalition was relegated to the sidelines.

Projections by the Italian center for Electoral Studies showed that the center-left will have 121 seats in the Senate, against 117 for the center-right alliance of Berlusconi's PDL and the regionalist Northern League. Grillo would take 54.

That leaves no party with the majority in a chamber which a government must control to pass legislation.

"THE BELL IS RINGING"

On a visit to Germany, President Giorgio Napolitano said he would not comment until the parties had consulted with each other and Bersani called on Berlusconi and Grillo to "assume their responsibilities" to ensure Italy could have a government.

He warned that the election showed austerity policies alone were no answer to the economic crisis and said the result carried implications beyond Italy.

"The bell is ringing for Europe as well," he said in his first public comments since the election.

He said he would present a limited number of reform proposals to parliament, focusing on jobs, institutional reform and European policy.

However forming an alliance may be long and difficult and could test the sometimes fragile internal unity of the mainstream parties.

"The idea of a majority without Grillo is unthinkable. I don't know if anyone in the PD is considering it but I'm against it," said Matteo Orfini, a member of Bersani's PD secretariat.

"The idea of a PD-PDL government, even if it's backed by Monti, doesn't make any sense," he said.

For his part, Berlusconi won a boost when his Northern League ally Roberto Maroni won the election to become regional president of Lombardy, Italy's economic heartland and one of the richest and most productive areas of Europe.

For Italian business, with an illustrious history of export success, the election result brought dismay that there would be no quick change to what they see as a regulatory sclerosis that has kept the economy virtually stagnant for a decade.

"This is probably the worst possible scenario," said Francesco Divella, whose family began selling pasta under its eponymous brand in 1890 in the southern region of Puglia.

Berlusconi's campaign, mixing sweeping tax cut pledges with relentless attacks on Monti and Merkel, echoed many of the themes pushed by Grillo and underlined the increasingly angry mood of the Italian electorate.

But even if the next government turns away from the tax hikes and spending cuts brought in by Monti, it will struggle to revive an economy that has scarcely grown in two decades.

Monti was widely credited with tightening Italy's public finances and restoring its international credibility after the scandal-plagued Berlusconi, who is currently on trial for having sex with an under-age prostitute.

However, Monti struggled to pass the kind of structural reforms needed to improve competitiveness and lay the foundations for a return to economic growth. A weak center-left government may not find it any easier.

The view from some voters, weary of the mainstream parties, was unrepentant: "It's good," said Roger Manica, 28, a security guard in Rome, who voted for the center-left PD.

"Next time I'll vote 5-Star. I like that they are changing things, even if it means uncertainty. Uncertainty doesn't matter to me, for me what's important is a good person who gets things done," he said. "Look how well they've done."

(Additional reporting by Barry Moody, Gavin Jones, Lisa Jucca, Steven Jewkes, Steve Scherer, Catherine Hornby and Massimiliano Di Giorgio, Annika Breidthardt in Berlin. Writing by Philip Pullella and James Mackenzie; Editing by Peter Graff)

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Dollar edges higher as Bernanke confirms stimulus

NEW YORK: The dollar edged higher Tuesday against the euro after Ben Bernanke confirmed the US Fed's stimulus program would continue, while the yen traded flat ahead of the nomination of a new Bank of Japan chief.

At 2200 GMT the euro was at $1.3061, compared to $1.3065 late Monday. The euro remained under pressure after Italy's inconclusive election, which some fear could lead to more political trouble and policy stalemate in the country.

"Political uncertainty has increased in Italy following the election results weighing upon the euro and risk assets," said Lee Hardman, currency analyst at the Bank of Tokyo-Mitsubishi UFJ in London.

In Washington, Federal Reserve Chairman Bernanke quelled speculation of an early end to quantitative easing when he told a Senate panel that the Fed's stimulus program was having an impact and was still needed.

He said inflation remained subdued and the Fed was keeping its eye on any potentially risky behavior in the market due to low-interest rates.

The Fed policy board "remains confident that it has the tools necessary to tighten monetary policy when the time comes to do so," he added.

The yen was barely changed against the dollar at 91.93, and the euro was at 120.08 yen compared to 120.12 yen late Monday.

Markets were waiting for confirmation of who would be named to head the bank of Japan, after newspapers reported Monday that Asian Development Bank chief Haruhiko Kuroda, an advocate of a lower yen, would be named.

The British pound fell further, to $1.5126 from $1.5166 late Monday. The dollar was little changed on the Swiss franc, at 0.9315 francs.

-AFP/ac

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Rail Budget 2013: Raising funds an uphill journey

When he hiked passenger fares in late January, railway minister Pawan Kumar Bansal had argued that the extent to which freight earnings had been used to subsidise passenger operations was unsustainable. On Tuesday, however, he said he would not affect any changes in passenger fares while imposing an across-the-board 5.8% increase in freight rates.

According to Bansal, losses on passenger operations are estimated to have risen from Rs 4,955 crore in 2001-02 to about Rs 24,600 crore in 2012-13. Considering that the earnings from passengers were Rs 32,500 crore in 2012-13, that suggests that the railways recover only about 55% of their costs on carrying passengers, the rest coming from the surplus generated in freight operations.

That explains why Bansal has bucked the trend of over a decade in recent weeks and announced measures that will yield him an estimated Rs 7,000 crore plus from passengers. Despite such a sizeable mop-up, Railway finances as projected for 2013-14 look only somewhat better than in the last couple of years.

The operating ratio - a measure of what percentage of revenues is used up in running expenses - is pegged at 88.8% for the current year and 87.8% for the coming year. In other words barely 12% of what the Railways earn will be available for investing in building future assets. While this is significantly better than the situation in the last couple of years when the OR had touched 95%, it is still a far cry from the 2007-08 scenario in which nearly 25% of earnings were available for investment.

The squeeze on resources was evident in the minister's lament that the 12th Plan target of investing Rs 5.19 lakh crore on the Railways with Rs 1.05 lakh crore coming from internal resources was beginning to look like an increasingly tall order. He pointed out that only Rs 10,000 crore had been contributed by internal resources in the first year. Yet, the budget for 2013-14 does not do very much better with Rs 14,260 crore of internal accruals contributing to an annual Plan size of Rs 63,363 crore.

Put together, therefore, the first two years of the Plan are now estimated to add up to investments of Rs 1.16 lakh crore with internal resources contributing just over Rs 24,000 crore. That means the Railways will have to invest over Rs 4 lakh crore in the remaining three years of the Plan and find nearly Rs 81,000 crore of that internally, clearly a tall order.

Budget 2013 > Rail Budget 2013 > Economic Survey 2013

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Koop, who transformed surgeon general post, dies

With his long silver beard and uniform with braided trim, former Surgeon General C. Everett Koop became one of the most recognizable figures of the Reagan era — and one of the most unexpectedly enduring.

His nomination in 1981 met a wall of opposition from women's groups and liberal politicians, who complained President Ronald Reagan selected Koop, a pediatric surgeon and evangelical Christian from Philadelphia, only because of his conservative views, especially his staunch opposition to abortion.

Soon, though, he was a hero to AIDS activists, who chanted "Koop, Koop" at his appearances but booed other officials. And when he left his post in 1989, he left behind a landscape where AIDS was a top research and educational priority, smoking was considered a public health hazard, and access to abortion remained largely intact.

Koop, who turned his once-obscure post into a bully pulpit for seven years during the Reagan and George H.W. Bush administrations and who surprised both ends of the political spectrum by setting aside his conservative personal views on issues such as homosexuality and abortion to keep his focus sharply medical, died Monday at his home in Hanover, N.H. He was 96.

An assistant at Koop's Dartmouth College institute, Susan Wills, confirmed his death but didn't disclose its cause.

Although the surgeon general has no real authority to set government policy, Koop described himself as "the health conscience of the country" and said modestly just before leaving his post that "my only influence was through moral suasion."

A former pipe smoker, Koop carried out a crusade to end smoking in the United States; his goal had been to do so by 2000. He said cigarettes were as addictive as heroin and cocaine. And he shocked his conservative supporters when he endorsed condoms and sex education to stop the spread of AIDS.

"A lot of people don't realize what an important role he played in the beginning of the AIDS epidemic. At the time, he really changed the national conversation, and he showed real courage in pursuing the duties of his job," said Chris Collins, a vice president of amFAR, the Foundation for AIDS Research.

Even after leaving office, Koop continued to promote public health causes, from preventing childhood accidents to better training for doctors.

"I will use the written word, the spoken word and whatever I can in the electronic media to deliver health messages to this country as long as people will listen," he promised.

In 1996, he rapped Republican presidential hopeful Bob Dole for suggesting that tobacco was not invariably addictive, saying Dole's comments "either exposed his abysmal lack of knowledge of nicotine addiction or his blind support of the tobacco industry."

Although Koop eventually won wide respect with his blend of old-fashioned values, pragmatism and empathy, his nomination met staunch opposition.

Foes noted that Koop traveled the country in 1979 and 1980 giving speeches that predicted a progression "from liberalized abortion to infanticide to passive euthanasia to active euthanasia, indeed to the very beginnings of the political climate that led to Auschwitz, Dachau and Belsen."

But Koop, a devout Presbyterian, was confirmed after he told a Senate panel he would not use the surgeon general's post to promote his religious ideology. He kept his word.

In 1986, he issued a frank report on AIDS, urging the use of condoms for "safe sex" and advocating sex education as early as third grade.

He also maneuvered around uncooperative Reagan administration officials in 1988 to send an educational AIDS pamphlet to more than 100 million U.S. households, the largest public health mailing ever.

Koop personally opposed homosexuality and believed sex should be saved for marriage. But he insisted that Americans, especially young people, must not die because they were deprived of explicit information about how HIV was transmitted.

Koop further angered conservatives by refusing to issue a report requested by the Reagan White House, saying he could not find enough scientific evidence to determine whether abortion has harmful psychological effects on women.

Koop maintained his personal opposition to abortion, however. After he left office, he told medical students it violated their Hippocratic oath. In 2009, he wrote to Senate Majority Leader Harry Reid, urging that health care legislation include a provision to ensure doctors and medical students would not be forced to perform abortions. The letter briefly set off a security scare because it was hand delivered.

Koop served as chairman of the National Safe Kids Campaign and as an adviser to President Bill Clinton's health care reform plan.

At a congressional hearing in 2007, Koop spoke about political pressure on the surgeon general post. He said Reagan was pressed to fire him every day, but Reagan would not interfere.

Koop, worried that medicine had lost old-fashioned caring and personal relationships between doctors and patients, opened his institute at Dartmouth to teach medical students basic values and ethics. He also was a part-owner of a short-lived venture, drkoop.com, to provide consumer health care information via the Internet.

Koop was born in the New York City borough of Brooklyn, the only son of a Manhattan banker and the nephew of a doctor. He said by age 5 he knew he wanted to be a surgeon and at age 13 he practiced his skills on neighborhood cats.

He attended Dartmouth, where he received the nickname Chick, short for "chicken Koop." It stuck for life.

Koop received his medical degree at Cornell Medical College, choosing pediatric surgery because so few surgeons practiced it.

In 1938, he married Elizabeth Flanagan, the daughter of a Connecticut doctor. They had four children — Allen, Norman, David and Elizabeth. David, their youngest son, was killed in a mountain climbing accident when he was 20.

Koop was appointed surgeon-in-chief at Children's Hospital in Philadelphia and served as a professor at the University of Pennsylvania School of Medicine.

He pioneered surgery on newborns and successfully separated three sets of conjoined twins. He won national acclaim by reconstructing the chest of a baby born with the heart outside the body.

Although raised as a Baptist, he was drawn to a Presbyterian church near the hospital, where he developed an abiding faith. He began praying at the bedside of his young patients — ignoring the snickers of some of his colleagues.

Koop's wife died in 2007, and he married Cora Hogue in 2010.

He was by far the best-known surgeon general, and for decades afterward was still a recognized personality.

"I was walking down the street with him one time" about five years ago, recalled Dr. George Wohlreich, director of the College of Physicians of Philadelphia, a medical society with which Koop had longstanding ties. "People were yelling out, 'There goes Dr. Koop!' You'd have thought he was a rock star."

___

Ring reported from Montpelier, Vt. Cass reported from Washington. AP Medical Writer Lauran Neergaard in Washington contributed to this report.

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Arias Had No Remorse: Prosecutor

Prosecutor Juan Martinez hammered alleged murderer Jodi Arias today with accusations that she felt no remorse when she lied over and over again about killing her ex-boyfriend, Travis Alexander.

"Ma'am you have a problem with telling the truth don't you?" Martinez asked as his first question today, the 11th day Arias has been on the stand explaining her role in Alexander's death.

"Not typically," Arias responded.

Martinez then took Arias through a series of lies she admittedly told in the days after she stabbed and shot Alexander to death on June 4, 2008, lying to friends, investigators and even Alexander's grandmother, going so far as to send a dozen irises to his grandmother expressing her sympathy.

See the Evidence in the Jodi Arias Murder Trial

Arias, 32, has testified that she killed Alexander in self-defense during a violent argument and lied about it out of "shame."

But prosecutors say that the 27 stab wounds, a slashed throat, and two bullets she fired at Alexander's head prove that she murdered him. She could face the death penalty if convicted.

Catching Up on the Trial? Check Out ABC News' Jodi Arias Trial Coverage

Today Martinez tried to raise doubts about Arias' earlier testimony in which she depicted Alexander as an increasingly menacing and sexually demanding lover by grilling her about the lies she told after she killed Alexander.

Martinez pointed out that Arias lied to Detective Esteban Flores of the Mesa, Ariz., police department as he investigated Alexander's death. She initially denied to the detective that she was at Alexander's Mesa, Ariz., home when he was killed, and later said he was murdered by a pair of masked intruders.

Jodi Arias Testimony: Prosecution's Cross-Examination Watch Video

Jodi Arias Remains Calm Under Cross-Examination Watch Video

Jodi Arias Doesn't Remember Stabbing Ex-Boyfriend Watch Video

"You told (Flores) you would help him, but that was a lie right? You weren't there to tell the truth. You were there for another purpose: to make sure he didn't get the truth.... You were hoping, ma'am, that (Flores) would believe what you were saying so you could walk out of jail," Martinez said.

Arias argued with Martinez, claiming that she lied to investigators out of shame, and lied to friends immediately after the death out of confusion.

"My mind wasn't right during all that period," Arias said referring to the hours immediately following the killing when she drove through the Arizona desert and made phone calls to ex-boyfriend Matthew McCartney and new love interest Ryan Burns.

"It's like I wasn't accepting it in my mind... because I never killed anyone before," she said.

Martinez also suggested that Arias tried to find out the status of the investigation into Alexander's death so that she could know if she were about to be arrested. When a friend of Alexander's called her to report the news about Alexander's death, Arias asked about details into the investigation, the prosecutor said. She also called Alexander's Mormon bishop and asked him what he knew about the case, and then asked friends and family members what they knew, according to Martinez.

"You needed to see what you needed to know to make sure you weren't charged. What purpose would there be for that information other than to benefit you?" Martinez asked. "You called [the bishop] at 3 a.m. You call him and spoke to him because you wanted to get the information about what he knew about the investigation. That was going to help you."

Timeline of the Jodi Arias Trial

Martinez also went over lies that Arias told to her friend, Leslie Udy, and Ryan Burns, both of whom she saw in Utah the day after killing Alexander. She talked to both about Alexander as if he were still alive. Martinez pointed out that Arias even made out with Burns in his bedroom during their visit.

But Arias claimed that it was Burns who lied about their encounter.

"And with Mr. Burns, didn't you get on top of him and grind on him?" Martinez asked.

Arias said she was on top of Burns at one point, but they did not "grind."

"Well, when you were romantic kissing, he did put his hand between your legs, didn't he?" Martinez said, referring to Burns' own testimony in court weeks earlier.

"No," Arias said. "It could be that he's full of crap...when he says he got near my vaginal area."

"This is the person who lied to him, to (friends), to Detective Flores, and yet you're telling us someone else is full of crap," Martinez asked incredulously.

"When it comes to that, yes," she said.

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Huge protest vote pushes Italy towards deadlock

ROME (Reuters) - A huge protest vote by Italians enraged by economic hardship and political corruption pushed the country towards deadlock after an election on Monday, with voting projections showing no coalition strong enough to form a government.

With more than two thirds of the vote counted, the projections suggested the center left could have a slim lead in the race for the lower house of parliament.

But no party or likely coalition appeared likely to be able to form a majority in the upper house or Senate, creating a deadlocked parliament - the opposite of the stable result that Italy desperately needs to tackle a deep recession, rising unemployment and a massive public debt.

Such an outcome has the potential to revive fears over the euro zone debt crisis, with prospects of a long period of uncertainty in the zone's third largest economy.

Italian financial markets took fright after rising earlier on hopes for a stable and strong center-left led government, probably backed by outgoing technocrat premier Mario Monti.

The projected result was a stunning success for Genoese comic Beppe Grillo, leader of the populist 5-Star Movement, who toured the country in his first national election campaign hurling obscenity-laced insults against a discredited political class.

With vague election promises and a team of almost totally unknown candidates, the shaggy haired comedian channeled pure public anger against what many see as a sclerotic and useless political system.

The likely result was also a humiliating slap in the face for colorless center-left leader Pier Luigi Bersani, who appeared to have thrown away a 10-point opinion poll lead less than two months ago against Silvio Berlusconi's center right.

Berlusconi, 76, who staged an extraordinary comeback from sex and corruption scandals since diving into the campaign in December, appeared to be leading in the Senate race, but Grillo's projected bloc of Senators would leave him well short of a majority.

Projections gave Bersani's center-left alliance a lead of less than one percentage point in the lower house. If confirmed, that would be enough to control the chamber because of election laws that guarantee a 54 percent majority to the party with the largest share of the vote.

In the Senate the picture was different. The latest projection from RAI state television showed Berlusconi's bloc winning 112 Senate seats, the center-left 105 and Grillo 64, with Monti languishing on only 20 after a failed campaign which never took off. The Senate majority is 158.

Berlusconi, a master politician and communicator, wooed voters with a blitz of television appearances and promises to refund a hated housing tax despite accusations from opponents that this was an impossible vote buying trick.

Grillo has attacked all sides in the campaign and ruled out a formal alliance with any group although it was not immediately known how he would react to his stunning success or how his supporters would behave in parliament.

DANGER OF NEW ELECTION

A bitter campaign, fought largely over economic issues, made some investors fear a return of the kind of debt crisis that took the euro zone close to disaster and brought the technocrat Monti to office, replacing Berlusconi, in 2011.

The projected results showed more than half of Italians had voted for the anti-euro platforms of Berlusconi and Grillo.

Officials from both center and left warned that the looming deadlock could make Italy ungovernable and force new elections.

A center-left government either alone or ruling with Monti had been seen by investors as the best guarantee of measures to combat a deep recession and stagnant growth in Italy, which is pivotal to stability in the currency union.

The benchmark spread between Italian 10-year bonds and their German equivalent widened from below 260 basis points to above 300 and the Italian share index lost all its previous gains after projections of the Senate result.

"These projections suggest that we are heading for an ungovernable situation", said Mario Secchi, a candidate for Monti's centrist movement.

Stefano Fassina, chief economic official for Bersani's center-left, said: "The scenario from the projections we have seen so far suggests there will be no stable government and we would need to return to the polls."

If the results are confirmed the only possibility looks like a "grand coalition" combining right and left, like the one Monti led for a year. But politicians said before the vote this could not work for long and would struggle to work decisively.

Monti helped save Italy from a debt crisis when Rome's borrowing costs were spiraling out of control, but few Italians now see him as the savior of the country, in its longest recession for 20 years.

Grillo's movement rode a huge wave of voter anger about both the pain of Monti's austerity program and a string of political and corporate scandals. It had particular appeal for a frustrated younger generation shut out of full-time jobs.

"I'm sick of the scandals and the stealing," said Paolo Gentile, a 49-year-old Rome lawyer who voted for 5-Star.

"We need some young, new people in parliament, not the old parties that are totally discredited."

Berlusconi, a billionaire media tycoon, exploited anger against Monti's austerity program, accusing him of being a puppet of German Chancellor Angela Merkel, but in many areas Grillo was a bigger beneficiary of public discontent.

Italy desperately needs a strong, reform-minded government to revive growth after two decades of stagnation and address problems ranging from record youth unemployment to a dysfunctional justice system and a bloated public sector.

Italians wrung their hands at prospects of an inconclusive result that will mean more delays to these reforms.

"It's a classic result. Typically Italian. It means the country is not united. It is an expression of a country that does not work. I knew this would happen," said 36-year-old Rome office worker Roberta Federica.

Another office worker, Elisabetta Carlotta, 46, shook her head in disbelief. "We can't go on like this," she said.

(Additional reporting by Stefano Bernabei, Steve Scherer, Gavin Jones, Naomi O'Leary and Giuseppe Fonte in Rome and Lisa Jucca in Milan; Writing by Barry Moody; Editing by Peter Graff)

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Berlusconi's vote gains hit euro; yen rebounds

NEW YORK: The strong election showing in Italy of former premier Silvio Berlusconi's party battered the euro Monday, amid worries a new coalition government could weaken Rome's commitment to reforms.

The euro rose in early trade amid the first exit polls from the two-day election, which suggested the center-left was on its way to a firm victory.

But later, data showed Berlusconi's party, and another rightist party, were neck-and-neck with rivals in the Senate race, suggesting it could end up part of a fractious coalition that could roll back Italy's deficit-cutting efforts.

At 2200 GMT, the euro was at $1.3065, down from $1.3189, after having risen to $1.3316 early in the day as European markets read the early poll results as keeping Berlusconi out of power.

Beyond Italy's election results, "the single currency remains poised to face additional headwinds over the near-term as the fundamental developments coming out of Europe point to a deepening recession," said David Song of DailyFX.

But commitment to the dollar was hanging on the testimony to Congress on Tuesday by Federal Reserve Chairman Ben Bernanke, with hopes he will clarify the Fed's direction amid some clear differences among policy-makers over how long to keep in place policies aimed at holding interest rates down.

Reports that the pro-stimulus Haruhiko Kuroda, currently head of the Asian Development Bank, would be nominated as Bank of Japan governor weakened the Japanese currency in early trade, with the dollar buying more than 94 yen.

But without official backup for those reports, the yen snapped back, the dollar dropping to 91.92 yen.

The euro also fell, to 120.12 yen from 123.18 late Friday.

"Mr. Kuroda's appointment would no doubt turn the BOJ policy to a much more accommodative stance," said Boris Schlossberg of BK Asset management.

"But the rally quickly fizzled... as there was no official confirmation from the government and traders took quick profits on the run-up."

The British pound held steady near where it dropped following Friday's sovereign downgrade by Moody's, which stripped London of its coveted AAA rating.

That sent the pound down to $1.5131, and on Monday it slipped beneath the $1.51 line before pulling back to trade at $1.5162 at 2200 GMT.

The dollar meanwhile rose to 0.9318 Swiss francs, compared to 0.9290 francs on Friday.

-AFP/ac

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94% women feel unsafe travelling alone in India, survey finds

NEW DELHI: The Delhi gang-rape incident has not just bruised the image of the national Capital, but the country as well. A travel survey has found that 94% women feel unsafe traveling alone, while 84% voted for Delhi as the most unsafe metro. The findings come at a time when an increasing number of women admitted that they preferred to travel alone both for work and leisure.

TripAdvisor, a leading travel site, surveyed 500 women to find that 84% women claimed to have travelled alone for leisure, business or both. The respondents were a mix of working women, including a number of self employed, as well as homemakers.

The survey also brings to light the disturbing fact that 94% women worry about their safety — always or at least sometimes — when they travel alone within India. Among women who said they travel alone on work, 37% agreed that they don't mind travelling alone but worry about their safety.

Even more dismal is the fact that more women travelers have a better sense of safety overseas than in India. Around 24% respondents said they worry when they travel within India but not when they travel to international destinations, while only 6% suggested otherwise.

Despite the fear and worry, only 33% women said they carry any item for self defense when travelling to a new or unfamiliar city.

Due to the recent spate of crime against women, Delhi has gained notoriety with 84% women claiming it to be the most unsafe metro in the country. Mumbai came out on top as the city considered safest by 34% women. Ahmedabad and Bangalore were tied at a distant second with 12% each.

Among the states, Delhi NCR again topped the hall of shame with 60% women voting it as the most unsafe. At a distant second is Bihar (18%), followed by Uttar Pradesh (8%). A majority of 27% respondents said they considered Maharashtra to be the safest state, followed by Gujarat (15%) and Karnataka (10%).

According to TripAdvisor country manager Nikhil Ganju, "The rise in women travelling alone on business is understandable fallout of the increase in the number of working women. The real surprise is the significant number of Indian women who are choosing to travel solo on vacation. Another interesting insight that highlights a latent opportunity for the hospitality sector is that 78% respondents said they would prefer to stay in an all women's hotel or on a women exclusive floor in a hotel, when travelling alone."

In a break from tradition, Indian women enjoy traveling alone for leisure. Among women who travel alone, 41% respondents said they actually enjoyed travelling alone for work. In addition, 76% said they enjoy going solo on holidays.

And lack of company is definitely not a complaint. In fact, majority (58%) said their biggest incentive for solo vacations was that they could do all the things they want without having to worry about what someone else wants. Around 34% women indicated they loved travelling alone as it was adventurous and exciting. Another 32% claimed the thrill of managing everything by themselves was a motivator as well.

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FDA approves new targeted breast cancer drug

WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.

The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.

Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.

"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."

Cobleigh helped conduct the key studies of the drug at the Chicago facility.

The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.

The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.

Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.

FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.

Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.

FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer

Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.

Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.

Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.

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Pistorius' Brother Facing Own Homicide Trial

The attorney for Oscar Pistorius' family said today that the Olympian's brother is facing a culpable homicide charge relating to a 2008 road accident in which a motorcyclist was killed.

Carl Pistorius, who sat behind his younger brother, Oscar, every day at his bail hearing, will now face his own homicide trial for the accident five years ago, which his attorney, Kenny Oldwage, said he "deeply regrets."

Carl Pistorius is charged with culpable homicide, which refers to the unlawful negligent killing of another person. The charges were initially dropped, but were later reinstated, Oldwage said in a statement.

Full Coverage: Oscar Pistorius Case

Pistorius quietly appeared in court on Thursday, one day before his Paralympic gold-medalist brother was released on bail, Oldwage said. His next appearance is scheduled for the end of March.

Liza van Deventer/Foto24/Gallo Images/Getty Images

'Blade Runner' Murder Charges: Oscar Pistorius Out on Bail Watch Video

Oscar Pistorius Granted Bail in Murder Case Watch Video

It was the latest twist in a case that has drawn international attention, after 26-year-old Oscar Pistorius, a double amputee who ran in both the 2012 Olympic and Paralympic games, was charged with the premeditated murder of his model girlfriend, Reeva Steenkamp.

On Saturday, Carl Pistorius' Twitter handle was hacked, according to a family spokeswoman, prompting the Pistorius family to cancel their social media accounts.

Steenkamp's parents speak about the Valentine's Day shooting that ended their daughter's life in a sit-down interview on South African television tonight.

On Saturday, the model's father, Barry Steenkamp, told the Afrikaans-language Beeld newspaper that Pistorius will have to "live with his conscience" and will "suffer" if his story that he shot Steenkamp because he believed she was an intruder is false.

RELATED: Oscar Pistorius Case: Key Elements to the Murder Investigation

After a four-day long bail hearing, Pistorius was granted bail Friday by a South African magistrate.

The court set bail at about $113,000 (1 million rand) and June 4 as the date for Pistorius' next court appearance.

Pistoriuis is believed to be staying at his uncle's house as he awaits trial. As part of his bail conditions, Pistorius must give up all his guns, he cannot drink alcohol or return to the home where the shooting occurred, and he must check in with a police department twice a week.

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