Markets rally after forecast-busting US jobs data (AP)

LONDON ? Stocks spiked sharply higher on Friday after forecast-busting U.S. jobs figures reinforced hopes that the recovery in the world's largest economy is gathering pace at a time when other regions, notably Europe, may be heading back into recession.

Figures from the Labor Department showed that employers in the U.S. added 243,000 jobs in January. As well as being the highest in nine months, the gain was around 100,000 more than anticipated.

The advance also contributed to a fifth straight fall in the U.S. unemployment rate. At 8.3 percent, it's the lowest in three years.

The January jobs report was filled with other encouraging data and revisions. Hiring was widespread across many high-paying industries and pay increased, too.

"In terms of the broader outlook, one report does not a trend make but there is little doubt that U.S. economic data continues to surprise on the upside," said Dan Greenhaus, chief global strategist at BTIG.

"We'll have to wait until February's report to see if this continues but for now, the risk rally is clearly on and from an economic perspective, it is most certainly warranted," Greenhaus added.

In Europe, the FTSE 100 index of leading British shares was up 1.4 percent at 5,875 while Germany's DAX rose 1.3 percent to 6,743. The CAC-40 in France was 0.8 percent higher at 3,405.

In the U.S., the Dow Jones industrial average was up 0.9 percent at 12,819 while the broader Standard & Poor's 500 index rose 1 percent to 1,338.

The dollar also garnered some strength from the jobs figures as traders scaled back their expectations that the Federal Reserve would be pumping more money into the economy, evidenced also by a fall in Treasuries. The euro was trading 0.3 percent lower at $1.3097 while the dollar was 0.6 percent higher at 76.61 yen.

Andrew Wilkinson, chief economic strategist at Miller Tabak & Co., said the Fed would need more evidence before it is comfortable about the durability of the U.S. recovery, especially with the housing market still in a fragile state.

"It will take a series of repeat reports like today's to deliver meaningful improvements to the unemployment rate before the Fed will feel confident that any improvement in employment prospects will replace the need for it to massage yields lower," Wilkinson said.

Market sentiment has been fairly upbeat so far in 2012, partly on the back of a run of fairly strong U.S. economic data, which has convinced investors that the U.S. economy is over its soft patch from last summer.

The state of the U.S. economy contrasts with that of Europe, which appears headed for recession.

Official figures showed retail sales in the 17-nation eurozone dropped 0.4 percent during December, in contrast to expectations for an increase of the same amount.The data reinforced expectations that the eurozone contracted during the fourth quarter of the year. Eurostat is due to publish its first estimate for the quarter on Feb. 15.

The focus on the U.S. has proved a welcome diversion for some traders from monitoring the daily grind of Europe's debt crisis, where much hinges on whether Greece can secure a deal with its private creditors, as is anticipated. A deal is expected soon, though that has been the official line for a few weeks.

Earlier in Asia, the picture was mixed.

Japan's Nikkei 225 index fell 0.5 percent to close at 8,831.93 but Hong Kong's Hang Seng ended marginally higher at 20,756.98.

Mainland Chinese shares extended gains fueled by news of fresh support for the farming and small-business sectors, with the benchmark Shanghai Composite Index rising 0.8 percent to 2,330.41 while the Shenzhen Composite Index added 1.5 percent to 878.29.

Oil markets were relatively subdued. Benchmark oil for March delivery was up 39 cents at $96.75 per barrel in electronic trading on the New York Mercantile Exchange.

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Pamela Sampson in Bangkok contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/ap/20120203/ap_on_bi_ge/world_markets

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Debunking the 401(k) Myth! Jim Hitt, CEO of American IRA, A ...

Fayetteville, NC (PRWEB) December 21, 2011

The December 14 edition of USA Today included a letter headlined, ?Stay Away From 401(k)?. Jim Hitt, CEO of American IRA, shares his knowledge on this subject to let everyone know that a self-directed 401(k) is actually like a self-directed IRA on steroids!

Lots has been written about the tremendous benefits of the self-directed IRA. IRAs have terrific upsides for the investor, including tax deferral (for traditional IRAs), asset protection of up to $ 1 million under federal law, and higher in some states, and the flexibility to invest in a wide variety of assets not typically available in an employer?s 401(k) plan.

There?s one drawback to self-directed IRAs, though: They can?t contribute enough. At best, they can contribute $ 5,000 to an IRA, plus another $ 1,000 in catch-up contributions for those over age 50.

If they like the idea of taking control of their retirement assets with a self-directed IRA, though, then they?ll love the idea of doing the same thing with a 401(k).

Solo 401(k) Basics

About a decade ago, the financial industry responded to a lot of popular demand from sole proprietors and owner-operators of very small businesses ? often with just one owner and employee, or managed solely by the owner and his or her spouse, and introduced the Solo 401(k). This plan had all the same advantages of traditional 401(k) plans, but stripped down some of the administrative requirements to make them realistic for very small companies.

If they are a small business owner with some free cash flow, they can invest far more in a Solo 401(k) ? self-directed or otherwise ? than they can in an IRA. Specifically the 2012 pre-tax contribution limit for Solo 401(k) plans is $ 17,000, plus another $ 5,500 for contributors over age 50, compared with a maximum of $ 5,000 ($ 6,000 for those over age 50) for IRA investors. Furthermore, there is no income threshold to meet when it comes to contributing to a Solo 401(k). They can contribute to a Solo 401(k) no matter how much income they earn. And if they are the only employee, there are no ?top hat? concerns they need to worry about that would restrict their contributions if some of their employees didn?t contribute. Their contribution ensures they have a participation rate of 100 percent!

Depending on the circumstances, and whether they are an owner-employee of their own corporation or whether they are technically self-employed, they may be able to contribute even more in a Solo 401(k) than to a SEP-IRA, because of the way self-employment taxes are calculated.

Self-Directed Solo 401(k)s

Because they own the company, they can also set up the plan the way they see fit ? and draw up the plan rules to suit their own style of investing and their own expertise. Many small-business owners don?t realize that by using a self-directed Solo 401(k), they can avail themselves of the same flexibility and investment choices as they can get in a self-directed IRA.

This means that they can use their Solo 401(k) to invest in any of these investment options on a pre-tax basis:

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Tags: 401k, 401ks, American, Debunking, Debunks, Directed, Hitt, IRAs, Myth, National, Provider, Self, SelfDirected

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Iraq court agrees execution of Baghdad church attackers (Reuters)

BAGHDAD (Reuters) ? Iraq's highest court ratified death sentences on Thursday for three men convicted of a 2010 attack on a Syrian Catholic cathedral in Baghdad, the bloodiest attack on Iraqi Christians after the 2003 invasion.

Gunmen linked to al Qaeda seized hostages during Sunday mass at the Our Lady of Salvation church in Baghdad on October 31, 2010. Around 52 hostages and police were killed and 67 wounded in the attack, which ended when security forces stormed the church.

Al Qaeda's Iraqi affiliate, Islamic State of Iraq, claimed responsibility for the attack.

"There are three convicted criminals. All of them are Iraqis and they were convicted based on the terrorism law," said Abdul-Sattar al-Birqdar, spokesman for the Supreme Judicial Council.

"The sentence is final and it will be sent to the presidency to issue a decree to the Justice Ministry to execute it."

Last week, U.N. High Commissioner for Human Rights Navi Pillay criticized Iraq for carrying out a large number of executions and questioned the fairness of its judicial proceedings. On Wednesday, Iraq executed 17 people.

While most of the sectarian fighting that followed the 2003 U.S.-led invasion was between Sunni and Shi'ite Muslims, attacks on Christians in Iraq have increased in recent years.

The brazen assault on Our Lady of Salvation struck fear into the Christian community, prompting hundreds of families to flee to Iraq's northern Kurdish region or overseas. Pope Benedict condemned the attack.

Iraq once had about 1.5 million Christians but the number has fallen sharply in recent years, according to church reports. Iraq's total population is estimated at about 30 million.

One of the alleged leaders of the church attack, Huthaifa al-Batawi, known as al Qaeda's "Emir of Baghdad," was killed in an attempted jailbreak last May, officials said.

Violence in Iraq has fallen sharply since the height of the 2006-2007 fighting between majority Shi'ites and once dominant Sunni Arabs, but bombings and shootings by insurgents and militias remain a daily occurrence.

(Reporting and writing by Suadad al-Salhy; Editing by Jim Loney and Sophie Hares)

Source: http://us.rd.yahoo.com/dailynews/rss/religion/*http%3A//news.yahoo.com/s/nm/20120202/wl_nm/us_iraq_violence_church

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Jose Suarez: Politicians Should Stop Sipping Cortaditos and Wake up and Smell the Real Miami

This past weekend, Mitt Romney did what every politician does when they campaign in South Florida, take advantage of our Cuban American hospitality and give us empty rhetoric in return. Sometimes, it is stopping by Versailles and drinking a cortadito; other times, it is eating an empanada, while telling us that if we vote for them they will deliver a free Cuba (yeah, like we never heard that one before). Sometimes, it is trying to flatter our abuelitas with their tacky Spanish -- as if none of us speak English. Almost never do these pandering politicians think they can talk to us about something substantive happening to us right here in Miami, where we live.

Mitt's trip to Hialeah on Sunday was no different. Warm hospitable reception -- check! Posing for the cameras while eating some Latin delicacy (this time it was lechon) -- check! A predictable pitch to do something about the Cuban dictator that has outlasted nine U.S. presidents -- check! Having a close family member address the crowd in Spanish, another check. What was missing? A real conversation about what is really happening to all Miamians and our friends around the country? Mitt will have to get back to us on that one.

Mitt might not notice, but Miamians are still struggling to recover from the recession. In fact, according to a recent study from the Brookings Institute, Miami is one of cities hardest hit by the recession... in the world. At 1Miami, we know how hard the recession has hit our city because our members experience the economic challenge every day. Last week, while Mitt and Newt were circling the state looking for hands to shake and cortaditos to sip, our members hit the streets by the hundreds to demand an economy with good jobs for our hardworking people. We know what won't work because Miami has tried Mitt's solutions before. We've already given the super rich bailouts and blank welfare checks with the promise of good jobs. What did we get in return?

We have a big bank like Wells Fargo in downtown Miami. The same bank that got a multi-billion dollar bailout and pays -1.4% in taxes. But instead of good jobs and vibrant small businesses, Wells became one of the most frequent plaintiffs in foreclosures cases in Miami Dade County. That means more families on the street, less property taxes, and more layoffs of workers that do the jobs that make the city run.

We have two big stadiums, the American Airlines Arena (home of the Miami Heat) and the Miami Marlins stadium. Together they have received over $800 million dollars in taxpayer handouts. Miami Heat owner Micky Arison promised taxpayers that we would see a share of the profits, but we have yet to see a dime. Marlins owner Thomas Loria forgot to mention that taxpayers would have to pay $2 million a year in property taxes for the stadium's parking garage. Both deals are under investigation, one by the County and the other by the Feds.

We have big ships in our harbor, owned by Carnival cruise lines, which is owned by Micky Arison. Carnival Cruise Lines is based in Miami, except when it is based in Panama. Being based in a bunch of places means that it pays a global tax rate of 1% and avoids most U.S. labor and tax laws. Carnival does employ about 3,500 South Floridians. Which is a lot until you factor in that the company has 85,000 employees in total (most of them low paid foreign workers) and 45 ships. It could fit every single person it employs in South Florida on one of its ships.

As you can see, all we have to show for all the pampering of the super rich is an economy were hardworking people can barely afford to take the bus to work. We all know that you can put lipstick on a pig, but it's still a pig. That's exactly what Mitt's offering us -- the same ol' greedy pig that got us where we're at today.

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Source: http://www.huffingtonpost.com/jose-suarez/miami-primary-campaigning_b_1245331.html

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Australian Mom & Home Birth Advocate Dies After Home Birth ...

Australian mom and home birth advocate Caroline Lovell died on Tuesday after her own home birth. The tragedy has re-ignited discussion about safety in out-of-hospital births.

It?s unclear what happened? Lovell was 36, low-risk; this was her second baby and she was assisted by trained midwives. At some point after the birth she suffered cardiac arrest and was rushed to the hospital where she died the next day. Details about the cause of death will be forthcoming.

Conversations among birth experts in my Facebook circle of friends have speculated that the cardiac arrest may have been caused by an amniotic fluid embolism, something that is rare, tragic and can happen at home or in the hospital.?

A spokeswoman for Australia?s Midwives in Private Practice said that Lovell?s death was ?an issue about birth, not so much about home birth.?

Homebirth Australia issued a statement via Facebook stating, ?In Australia our maternal mortality rate is one of the lowest in the world at 8.4 in every 100,000 women. The latest statistics, from 2003-05, show only 65 maternal deaths occurred in Australia. None of these were related to home births.?

Most news coverage seems to focus on the horrible tragedy, the deep irony and the ongoing question of home birth safety.

I?ll follow-up when we learn more about the cause of death and whether that might have been prevented or resolved in a hospital setting.

How very sad and shocking. Many remember Lovell as a wonderful, caring and charismatic person. My condolences to her family and loved-ones.

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Read ?Home Birth Up 29% Since 2004, Why Is That??

Follow Ceridwen?s pregnancy & birth blogging? on Facebook

Source: http://blogs.babble.com/being-pregnant/2012/02/01/australian-mom-home-birth-advocate-dies-after-home-birth/

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Scientists puzzled by region outside solar system

This undated artist rendering provided by NASA shows NASA's Interstellar Boundary Explorer spacecraft. NASA announced Tuesday, Jan. 31, 2012 that new findings from IBEX reveal the space just outside the solar system looks different than within the solar system. (AP Photo/NASA)

This undated artist rendering provided by NASA shows NASA's Interstellar Boundary Explorer spacecraft. NASA announced Tuesday, Jan. 31, 2012 that new findings from IBEX reveal the space just outside the solar system looks different than within the solar system. (AP Photo/NASA)

LOS ANGELES (AP) ? A glimpse beyond our solar system reveals the neighborhood just outside the sun's influence is different and stranger than expected, scientists reported Tuesday.

One oddity is the amount of oxygen. There are more oxygen atoms floating freely in the solar system than in the immediate interstellar space, or the vast region between stars.

Scientists were unsure why, but they said it's possible some of the life-supporting element could be hidden in dust or ice.

"We discovered this big puzzle ? that the matter just outside of our solar system doesn't look like the material inside," said David McComas of the Southwest Research Institute in San Antonio, Texas.

The discovery came from NASA's Interstellar Boundary Explorer spacecraft, which launched in 2008 to study the chaotic boundary where the solar wind from the sun clashes with cold gases from interstellar space.

Circling 200,000 miles (321,854 kilometers) above Earth, the Ibex spacecraft spots particles streaming into the solar system. A protective bubble surrounding the sun and planets prevents dangerous cosmic radiation from seeping through, but neutral particles can pass freely, allowing Ibex to map their distribution.

The presence of less oxygen outside the solar system should not have any bearing on the search for Earth-like planets, scientists involved in the exoplanet hunt said.

There's plenty of oxygen in all the stars in the galaxy and in the material out of which stars and planets form, Geoff Marcy of University of California, Berkeley said in an email.

While Ibex probes the edge of the solar system from Earth orbit, NASA's long-running, nuclear-powered twin Voyager spacecraft are at the fringes. Launched in 1977, the spacecraft have been exploring the solar system boundary since 2004.

Scientists have said it'll be months or years before Voyager 1 exits the solar system and becomes the first manmade probe to cross into interstellar space.

___

Follow Alicia Chang's coverage at http://www.twitter.com/SciWriAlicia

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-01-31-Solar%20System%20Probe/id-259f64aff4524381aba9f2d460e75125

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Video: RNC chairman faces heated backlash

Passengers sue cruise line for $460 million

Calling an initial compensation offer ?insulting,? an attorney representing Costa Concordia passengers announced Tuesday details of a $460 million civil lawsuit against the owner of the wrecked cruise ship, The Guardian reports.

Source: http://www.msnbc.msn.com/id/3036697/vp/46195653#46195653

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