“Bennifer” buried as Ben Affleck’s star soars

LOS ANGELES (Reuters) – It has taken 10 years of hard work and indie movies, but Ben Affleck finally has moved past his “Bennifer” nightmare.

Affleck, 40, once a tabloid staple who risked becoming a laughingstock during his romance with Jennifer Lopez and their movie flop “Gigli,” is back on top in Hollywood, winning accolades for his work both in front of and behind the camera.

Fifteen years after Affleck shared an Oscar with Matt Damon for their first screenplay, “Good Will Hunting,” buzz is building over a likely second Academy Award nomination next month. It would be Affleck’s first since 1997.

“Finally, people now are ready to go, ‘Wow! He’s at the very top of the food chain,’” Damon told Reuters.

Affleck’s latest film “Argo,” a part-thriller, part-comedic tale of the real-life rescue of six American diplomats from Iran in 1980, this week picked up five Golden Globe nominations and a nod from the Screen Actors Guild for its top prize of best ensemble cast.

The film, which Affleck directed, produced and stars in, has also delighted critics and brought in some $ 160 million at the worldwide box office.

In “Argo,” Affleck’s clean-cut looks are hidden under a long, shaggy 1970s hair cut and beard as he plays CIA officer Tony Mendez, who devised a fake film project to spirit six hostages out of Tehran after the Islamic revolution.

The kudos Affleck is now receiving follows the embarrassing headlines he attracted over his 2002-2004 romance with Lopez.

“It was tough to watch him get kicked in the teeth for all those years because the perception of him was so not who he actually was,” Damon said.

“It was upsetting for a lot of his friends because he’s the smartest, funnest, nicest, kindest, incredibly talented guy. … So that was tough. Now I’m just thrilled. … He deserves everything that he’s going to get,” he added.

With a huge, pink diamond engagement ring for Lopez and gossip about matching Rolls Royces, the pair dubbed “Bennifer” starred in the 2003 comedy romance “Gigli,” which earned multiple Razzie awards for the worst comedy of the year.

SELLING MAGAZINES NOT MOVIES

Damon, by contrast, was seeing his career surge with “The Bourne Identity,” “Syriana” and “The Departed.” But he recalls Affleck’s pain.

“He said (to me), ‘I am in the absolute worst place you can be. I sell magazines, not movie tickets.’ I remember our agent called up the editor of Us Weekly, begging her not to put him on the cover any more. Please stop. Just stop,” Damon said.

About a year after splitting with Lopez, Affleck married actress Jennifer Garner, had the first of three children with her, and started writing and directing small but admired movies like “Gone Baby Gone” in 2007 and 2010′s gritty crime film “The Town.”

Last month, Affleck was named Entertainment Weekly’s entertainer of the year, largely on the back of “Argo.”

The actor-turned-director said that managing the various tones of the film was his hardest challenge.

“I had to synthesize comedic elements and the political stuff and this true-life drama thriller story. … It was scary and it was daunting,” Affleck told Reuters, saying he powered through by “overworking it by a multiple of ten.”

A trip to the Oscars ceremony in February is now considered a shoo-in by awards pundits, but Affleck is not convinced that success is sweeter the second time around.

“It’s harder. On the one hand, coming from obscurity, you have a neutral starting place. Because of the tabloid press and over exposure, I was starting from a deficit,” he said.

“It can be very unpleasant to be in the midst of a lot of ugliness. But I just put my head down and decided … I was going to work as hard as I could, and I never let the possibility enter my mind that I might fail – at least consciously. Subconsciously, I knew I could fail and I was really scared, so it made me work harder.”

(Additional reporting by Zorianna Kit; Editing by Will Dunham)

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Mental health toll emerges among Sandy survivors

NEW YORK (AP) — The image of his brother trapped in a car with water rising to his neck, his eyes silently pleading for help, is part of a recurring nightmare that wakes Anthony Gatti up, screaming, at night.

Gatti hauled his brother out of the car just in time, saving his life at the height of Superstorm Sandy. The two men rode out the hurricane in their childhood Staten Island home and survived. But weeks afterward, Gatti still hasn’t moved on.

Now he’s living in a tent in the backyard, burning pieces of furniture as firewood, refusing to leave until the place is demolished. Day and night, he is haunted by memories of the storm.

“My mind don’t let me get past the fact that I can’t get him out of the car. And I know I did,” Gatti said, squeezing his eyes tightly shut at the memory. “But my mind don’t let me think that. My mind tells me I couldn’t save him, he dies.”

As communities battered by Sandy clear away the physical wreckage, a new crisis is emerging: the mental and emotional trauma that storm victims, including children, have endured. The extent of the problem is difficult to measure, as many people are too anxious to even leave their homes, wracked by fears of wind and water and parting from their loved ones. Others are too busy dealing with losses of property and livelihood to deal with their grief.

To tackle the problem, government officials are dispatching more than 1,000 crisis counselors to the worst-hit areas in New York and New Jersey, helping victims begin the long work of repairing Sandy’s emotional damage.

Counselors are assuring people that anxiety and insomnia are natural after a disaster. But when the trauma starts to interfere with daily life, it’s probably time to seek help. And in a pattern that played out in New Orleans and the Gulf Coast after Hurricane Katrina in 2005, symptoms may only get worse as victims transition from the initial shock to the disillusionment phase of the recovery.

“Folks are starting to realize that they may be in this for the long haul,” said Eric Hierholzer, a commander in the U.S. Public Health Service. “And things aren’t necessarily going to get better tomorrow or next week.”

At St. John’s Episcopal Hospital in Far Rockaway, the psychiatry department has recorded a 20 percent increase in walk-in patients since the storm hit, with residents reporting the whole gamut of stress-related symptoms. Anxiety. Insomnia. Panic attacks.

Local schools have referred 25 percent more children than usual to the hospital’s outpatient mental health programs.

“The children are very, very traumatized,” said Fern Zagor, who runs the Staten Island Mental Health Society. “They have a hard time making sense of this sudden change in their world. It’s frightening to them.”

A 5-year-old girl who was pulled from floodwaters clinging to her father hasn’t been able to attend kindergarten since the storm, Zagor said, because she’s too traumatized to be parted from him now. An 11-year-old boy is working with counselors after floating in water up to his neck on the second floor of his home for several hours before being rescued.

“This child has said he worries about rain,” Zagor said. “He worries about whether he’ll ever want to swim in a swimming pool again.”

The society is among many mental health providers who are working with Project Hope, a New York crisis counseling program funded by an $ 8.2 million Federal Emergency Management Agency grant that has just begun sending counselors to local communities. New York Gov. Andrew Cuomo’s office estimates the program will help more than 200,000 people.

Project Hope Counselor Yomira Natera has been seeking out storm victims who don’t speak English as their first language.

“We’ve seen an increase in substance with folks who may have language barriers,” she said. “Who may be frustrated with the system, who find it difficult to communicate.”

At least 20,000 people have so far made contact with counselors from the New Jersey Hope and Healing Program, which has dispatched hundreds of state-trained disaster crisis response counselors into the storm zone. The state also launched a hotline for people to call and talk to a counselor.

In Union Beach, N.J., a working-class enclave on Raritan Bay, Kathy Parsells helped coordinate deliveries volunteered at a FEMA recovery center on a recent afternoon, helping to coordinate deliveries. Her daughter and grandchildren had to be rescued during the storm.

“I’m OK,” she said, stifling tears. “My grandsons have nightmares. My grandson, the first night, was screaming: ‘It’s coming up the stairs.’”

Jeannette Van Houten, who lost her home in Union Beach, said in a telephone interview that she feels like she’s going through the same stages of grief that she endured when her niece was murdered in 2008.

“I have days that I can’t put a thought together. Like you start talking and you forget what you’re saying,” said Van Houten, who sleeps just two or three hours on a good night nowadays. “And the numbness, like you look at things that are happening around you, but you’re not part of it.”

The Rev. Matthew Dowling, a pastor at the Monmouth Church of Christ in Tinton Falls, N.J., volunteered as a crisis counselor in the days after the storm and heard a lot of survivor’s remorse from people who were more fortunate than their neighbors. But there was also a great deal of frustration.

“When FEMA arrives, they think everything is going to be fixed,” Dowling said. “The reality is it’s going to take months and months to get back to normal. Just like the steps of grief there’s anger at the new normal.”

Distress calls to LifeNet, New York City’s local crisis hotline, doubled during the first few weeks after the storm hit, averaging more than 2,000 calls per week from people who were angry and worried that basic needs — food, clothing, shelter — had not been met.

Officials are now preparing for a new wave of calls from people struggling with depression and other mental health issues, said Christian Burgess, director of the Disaster Distress Helpline, a national crisis hotline run by the federal government that provides a network of trained counselors in the aftermath of a major disaster.

Coming to grips with the loss of everything she owned has been difficult for Carol Stenquist, who stood outside borough hall in Union Beach, nervously dragging on a cigarette and crying.

“I have anxiety over it. Even when I lay down at night I feel my heart palpitating with the loss of everything,” said Stenquist, whose home was destroyed. “I was there for 20 years.”

She thinks she needs to talk to a professional counselor, but hasn’t sought one out yet.

“I’m kind of afraid that the emotional stuff I feel now is just part of what I’m going to feel when it’s over,” she said. “I’ve had my breakdowns, cries, feelings of depression. I’ve had all of that.”

On Staten Island, volunteers have been quietly stopping by Anthony Gatti’s tent to check in on him during his long vigil, dropping off boxes of cereal and cans of coffee. A volunteer therapist tried to talk him into leaving, but to no avail. He spends his days patrolling the property for looters and gazing at photos of the storm’s destruction on his laptop.

“I keep trying to make him understand. It’s a lot of wood and metal and pipes, that’s all it is,” said his mother, Marge Gatti. “You’ve got to get numb. You gotta get tough. If I’m not numb, I can’t function.”

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UBS faces $1.6 billion fine over Libor rigging: paper

ZURICH (Reuters) – UBS faces a fine of 1.5 billion Swiss francs ($ 1.63 billion) to settle interest rate rigging charges, a Swiss newspaper reported on Saturday.

Citing unnamed sources, Tages-Anzeiger daily said the bank would admit 36 traders around the globe manipulated yen Libor between 2005 and 2010. A UBS spokesman declined to comment.

People familiar with the matter told Reuters on Friday UBS could reach a $ 1-billion-plus settlement and admit to criminal wrongdoing by its Japanese arm, where one of its traders manipulated yen Libor and euroyen contracts.

Between 25 and 30 people have left UBS over the matter, the sources said. The Swiss bank had hoped for a softer touch from regulators by cooperating in industry-wide probes and was surprised by the size of the expected settlement, they added.

A 1.5 billion franc settlement would be the biggest ever paid by the bank, recovering from a $ 2.3-billion trading fraud by London-based trader Kweku Adoboli for which it was fined 30 million pounds ($ 48.36 million) last month.

A settlement would make UBS the second major bank to be sanctioned for its role in the Libor scandal. Britain’s Barclays paid a $ 450 million fine in June.

Libor is the rate used as a benchmark for pricing trillions of dollars worth of financial instruments and contracts around the globe. Tiny shifts in the rate, compiled from daily polls of bankers, could benefit dealers in complex products.

HEADING FOR LOSS

Tages-Anzeiger said the fine, together with restructuring charges of 500 million francs from plans to cut 10,000 staff as UBS winds down its fixed income business, would probably push the bank to a fourth-quarter loss.

UBS had already said costs related to the investment banking overhaul would lead to a fourth-quarter and full-year loss after it posted a third-quarter net loss of 2.172 billion francs. It is due to publish full-year results on February 5.

By admitting to a charge against its Japanese subsidiary, UBS would stop short of admitting wrongdoing at a group level, which could be fatal for a bank as it could lose its license.

Chairman Axel Weber, who joined UBS this year after stepping down as head of the German central bank, has been on a whirlwind diplomatic tour over the probe, the Tages-Anzeiger reported.

Swiss newspapers noted that Mark Branson, now responsible for overseeing big banks for Swiss financial markets regulator Finma, was chief executive of UBS Japan at the time of the alleged rate rigging.

A Finma spokesman said Branson had removed himself from Finma’s investigation into Libor to avoid any appearance of conflict of interest but declined to comment further.

In 2009, UBS paid $ 780 million to settle a messy U.S. investigation into tax evasion by admitting it had helped wealthy Americans evade and cheat on their taxes. ($ 1 = 0.9218 Swiss francs) ($ 1 = 0.6204 British pounds)

(Reporting by Emma Thomasson; editing by Jason Webb)

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Top Canada court upholds anti-terrorism law in unanimous ruling

OTTAWA (Reuters) – Canada‘s Supreme Court on Friday upheld an anti-terrorism law enacted after the September 11, 2001, attacks on the United States, ruling unanimously that those who choose to engage in terrorism must “pay a very heavy price.”

The law’s constitutionality was challenged by Mohammad Momin Khawaja, convicted in Canada of terrorism for involvement with a British group that had plotted unsuccessfully to set off bombs in London.

It was also challenged by two men accused of terrorism by the United States for trying to buy missiles or weapons technology for the Sri Lankan Tamil Tigers.

The court rejected arguments that the law’s definition of terrorism was overly broad. It upheld Khawaja’s life sentence and confirmed the orders to extradite the other two to the United States.

Khawaja, a Canadian of Pakistani descent, was the first to be convicted under the law. He was sentenced in 2008 to 10-1/2 years in prison, and his sentence was then extended to life after appeal by the government.

The trial judge noted that Khawaja referred to Osama Bin Laden as “the most beloved person to me in the … whole world, after Allah.” He was found to have participated in a terrorism training camp in Pakistan and to have designed a device dubbed the “hi fi digimonster” for detonating bombs.

“The appellant was a willing participant in a terrorist group,” Supreme Court Chief Justice Beverley McLachlin wrote in the 7-0 decision, adding that he was “apparently remorseless.”

“He was committed to bringing death on all those opposed to his extremist ideology and took many steps to provide support to the group. The bomb detonators he attempted to build would have killed many civilians had his plans succeeded.”

The law applies to any act committed for a political, religious or ideological purpose with the intention of intimidating the public by causing death or serious bodily harm, or substantial property damage, or causing serious interference with an essential service.

The court also ruled that Canada can proceed to extradite two men the United States has accused of involvement with the Tamil Tigers, which waged a bloody war for independence in Sri Lanka and is considered a terrorist organization by Washington and Ottawa.

The Canadian government declined to comment on when they would be extradited.

Piratheepan Nadarajah was alleged to have tried to purchase surface-to-air missiles and AK-47 assault rifles for the Tamil Tigers from an undercover officer posing as a black-market arms dealer on Long Island, New York.

The other man, Suresh Sriskandarajah, was alleged to have helped Tamil Tigers get electronic equipment, submarine and warship design software and communications equipment.

They surrendered to the government ahead of the court decision, their lawyers said.

BEYOND ‘LEGITIMATE EXPRESSION’

The court disagreed that the federal law’s terrorism provisions had put a chilling effect on Canadians’ freedom of expression and was disproportionately broad.

“Only individuals who go well beyond the legitimate expression of a political, religious or ideological thought, belief or opinion, and instead engage in one of the serious forms of violence – or threaten one of the serious forms of violence – listed (in the law) need fear liability under the terrorism provisions of the Criminal Code,” McLachlin wrote.

She quoted with approval the appeals court decision in the Khawaja case that faulted the Ottawa trial judge’s sentence for failing to send a “clear and unmistakable message that terrorism is reprehensible and those who choose to engage in it will pay a very heavy price.”

The original sentence of 10-1/2 years does “not approach an adequate sentence for such acts,” she concluded.

Khawaja’s lawyer, Lawrence Greenspon, said it was a “terrible day” for his client and said too often people were investigated or prosecuted for their religious or political beliefs.

“It’s a … very unfortunate ruling for minorities in this country, and we’re extremely disappointed with the result,” he told reporters in the foyer of the Supreme Court.

Justice Minister Rob Nicholson said the decision was important as Canada was not immune to the threat of terrorism. “The court sent a strong message that terrorism will not be treated leniently in Canada,” he said.

The cases are Mohammad Momin Khawaja v. Her Majesty the Queen. (Ont) (34103); Suresh Sriskandarajah v. United States of America, Minister of Justice and Attorney General of Canada (34009), Piratheepan Nadarajah v. United States of America, Minister of Justice and Attorney General of Canada (34013).

(Additional reporting by Louise Egan; Editing by Jackie Frank and Xavier Briand)

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Stars Tweet Over Gun Control Following Elementary School Shootings In Connecticut — Updated

Celebrities were outraged over the tragic elementary school shooting in Newtown, Conn. on Friday, and many immediately turned to Twitter, to share their sadness.

And some even urged America’s leaders to address gun control.

PLAY IT NOW: Edward Norton Discusses Tragic Colorado Shootings

“Gun control is our only road to freedom. Freedom from the fear of senselessly losing children. I’m so saddened. WE NEED LAWS NOW,” “Parks and Recreation” actress Rashida Jones Tweeted.

Singer Michelle Branch also touched on the topic in her Tweet, writing, “Gun control people!!! My heart is breaking. As a parent this is my worst nightmare.”

VIEW THE PHOTOS: Stars We Lost In 2012

“Two and a Half Men’s” Holland Taylor wrote, “Just heard re CT shooting coming in from a walk… MY GOD. The “right” to carry concealed weapons … this has become a truly INSANE issue.”

Michael Raymond-James, who plays Neal Cassady on “Once Upon A Time,” also tackled gun control in his Tweet, writing, “Unfortunately, we have more access to assault weapons than we do to quality mental health care. That needs to change. #HowManyMoreTimes.”

Brit Piers Morgan wrote, “Why does any civilian in America need a weapon that can fire 100 rounds of ammunition at rapid speed? Give me ONE good reason?” and added, “#GunControl.”

VIEW THE PHOTOS: General Hospital: Cast Photos & More

Filmmaker Michael Moore Tweeted, “The way to honor these dead children is to demand strict gun control, free mental health care, and an end to violence as public policy.”

“General Hospital” actress Lisa LoCicero also Tweeted about gun control, in the wake of the tragedy, writing, “anyone still not ready for us to err on the side of losing some gun rights at this point, needs to leave the country.”

VIEW THE PHOTOS: ‘Grey’s Anatomy,’ Season 5

“Raising Hope” star Martha Plimpton Tweeted, “When can we talk about it? WHEN? Ever? Never? If not now, when we are staring it in the face, then WHEN? #GunControl.”

Motley Crue singer Vince Neil wrote, “Sad day today. Prayers to all the families. Gun Control!!!”

“True Blood” star Denis O’Hare Tweeted, “When do we get to seriously talk about gun control?”

“Malibu Country” actor Jai Rodriguez also Tweeted about gun control, writing, “Sick over what happened in the world this week. We need better gun laws. My heart goes out to all those affected by the horrors.”

Eric Benet Tweeted, “Half of the U.S. will say,”How dare u bring up gun control at a time like this?!” But the sane half will say,”How dare we not!?” pls RT”

Susan Sarandon wrote, “How much more suffering & loss will it take before we better regulate the sale of arms in our country? Let @NRA know how you feel.”

Jaime King wrote, “We do not have time to wait to tighten gun control- we cannot loose anymore innocent lives. I beg the government to stop F-ing around.”

Jason Biggs Tweeted, “Hey-I love guns. I’ve shot, killed, n eaten my own food-n grown cuz of the experience. But clearly, restrictions need to be put into place.”

Hill Harper ‏Tweeted, “Can we please re-institute the assault weapons ban & a ban on selling high load gun clips.”

Ginnifer Goodwin wrote, “I just emailed my representative & it was super easy. http://m.house.gov/ #guncontrol.”

“General Hospital” star Finola Hughes Tweeted, “I believe that ‘other day’ for debating gun laws is now.”

Mehcad Brook, from the USA series “Necessary Roughness” Tweeted, “Why do we go through more scrutiny getting a driver’s license bcuz cars CAN kill than we do obtaining a gun which ONLY kills?”

Other stars shared their deep sadness over the senseless deaths in Connecticut.

“God have mercy!!!! No one deserves this! Praying for the families of the victims of the Connecticut shooting!! What a Christmas it will be,” Rihanna wrote.

“Everyone reading this PLEASE get on your knees and PRAY for the sweet babies, families, and for everyone hurting in Connecticut right now,” Lady Antebellum singer Hillary Scott Tweeted.

“There have been 31 school shootings since Columbine, 14yrs ago. This time, kindergarteners. #NoWords,” Anika Noni Rose wrote.

Jennifer Hudson Tweeted, “Yal, we need to pray! This can’t keep happening . My mama always said ” if u think you’ve seen it all just keep on living.’”

Oprah Winfrey responded to Jennifer’s Tweet, writing, “@IAMJHUD for sure . Pray and take action.. Another WAKE UP for guns.”

Here’s more of what the stars had to say on Twitter:

Katie Couric: Shocked & saddened to hear this morning’s news… My heart goes out to the families of #SandyHook Elementary children, faculty, staff

Joy Behar: My thoughts and prayers are with the families of Sandy Hook Elementary.

Maksim Chmerkovskiy: I hate the “my heart is with” this and “my prayers go out” that… We ALL need to get f***ing angry and DO something more than ‘feel sad’…

Vivica A. Fox: Wow! It seems like we r gonna have to put metal detectors everywhere and armed guards! Seems like u can’t b safe anywhere!! WTH??

Jack Wagner: OMG prayers 4 those affected by the shooting in Connecticut…so sad

Ian Somerhalder: We are sad.Our hearts,thoughts&help are w/you.Im so sorry to all affected by this.So sorry.May all thelove in the world hug you in this time

Ralph Macchio: There are no words… Prayers #Connecticut

Rachel Dratch: Our weekly mass shootings aren’t happening in other countries. And this time, children? WHEN WILL OUR “LEADERS” PUT AN END TO THIS INSANITY?

Teresa Giudice: On days like this, we should hug our children just a little bit tighter.

Steve Levitan: My thoughts and deepest sympathies are with the victims. I should have said that first, but I’m tired of these tragedies. #standuptothenra

Marlee Matlin: I am numb as the numbers of the dead – children and adults – keep ticking up. #PrayForNewtown

Christina Applegate: There are just no words. Only sorrow. We are all shedding tears today for those families.

Karina Smirnoff: We need to pray for all the families affected by the Newtown, CT school shooting. Absolutely devastating….

Kim Kardashian: These kids come to school to learn, never expecting this tragedy to happen. They didn’t deserve this. Praying for everyone involved!

Brandi Glanville: I can not believe this school shooting, what is wrong with people!!!! My heart is breakking for the kids and families.

Jackie Collins: My heart breaks for the Newtown community…for these families.

Damon Lindelof: I’m not “politicizing” squat. I’m heartbroken, angry, confused and scared and I DO NOT UNDERSTAND WHY THIS KEEPS HAPPENING.

DJ Pauly D: My Prayers Go Out To Everyone Affected By This Horrible Shooting In Connecticut

Copyright 2012 by NBC Universal, Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Shawn Levy’s 21 Laps signs new first look deal with Fox

NEW YORK (TheWrap.com) – Fox has signed a new three-year first look deal with director/producer Shawn Levy‘s 21 Laps, the production company behind “Night at the Museum” and “The Watch,” the companies announced on Wednesday.

21 Laps is already based at Fox, having supplied the studio with several comedy titles over the past few years. While its most recent, “The Watch,” disappointed at the box office, the company has otherwise provided a steady supply of hits.

The original “Night at the Museum leads the pack with $ 570 million at the global box office, while the sequel surpassed $ 400 million.

“Shawn’s boundless energy, ambition and effortless creativity make him the perfect partner,” Emma Watts, Fox’s president of production, said in a statement. “We are lucky he continues to call Fox his home.”

21 Laps has a couple of projects due for release in 2013 – “The Internship,” starring Vince Vaughn and Owen Wilson, and “The Spectacular Now,” starring Miles Teller and Shailene Woodley.

Levy directed “The Internship,” his first job since “Real Steel,” which Disney released. That film debuts June 7.

21 Laps also has several projects in development, including a third installment of “Night at the Museum” and “Project Aloha,” which Levy plans to direct from a script by Nick Stoller. It is also at work on projects beyond Fox, such as “Story of Your Life,” a sci-fi thriller that Nic Mathieu will direct.

In signing a new deal with Fox, 21 Laps also announced a series of promotions. Billy Rosenberg moves up to the Senior Vice President level from Vice President while Dan Cohen rejoins the company from Mandeville as VP.

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Wall Street dips at open on “cliff” overhang

NEW YORK (Reuters) – Stocks were little changed on Friday, with the Nasdaq weighed by a 3-percent drop in shares of tech giant Apple, amid investor worries about a lack of progress by politicians in ongoing fiscal negotiations.

Apple was down 2.8 percent at $ 515.11 as UBS cut its price target to $ 700 from $ 780. The stock has tumbled in recent months for a variety of reasons, including investors locking in profits ahead of scheduled capital-gains increases for next year.

President Barack Obama and House of Representatives Speaker John Boehner held a “frank” meeting Thursday to try to break an impasse in negotiations over the “fiscal cliff,” tax hikes and spending cuts set to kick in early in 2013.

“The uncertainty that (the fiscal talks) is creating is basically holding the markets hostage in the short term,” said Andres Garcia-Amaya, global market strategist at J.P. Morgan Funds, in New York.

Frustration has mounted over the lack of progress in the discussions, with market participants’ worries reflected in a 0.6 percent drop in the S&P 500 on Thursday. Investors are concerned that going over the cliff could tip the economy back into recession. While a deal is expected to ultimately be reached, a drawn-out debate – like the one seen over 2011′s debt ceiling – can erode confidence.

Still, expectations of an eventual agreement have helped the S&P 500 bounce back over the last month, and on Wednesday, the index hit its highest intraday level since late October. For the year, the S&P has advanced more than 12 percent.

“For the end of this year, I wouldn’t expect a lot of big decisions by investors,” Garcia-Amaya said. “It’s been a fairly good year for equities and for that reason a lot of people don’t want to be a hero going into the end of the year.”

The Dow Jones industrial average <.dji> edged up 11.05 points, or 0.08 percent, at 13,181.77. The Standard & Poor’s 500 Index <.spx> slipped 2.49 points, or 0.18 percent, to 1,416.96. The Nasdaq Composite Index <.ixic> lost 12.62 points, or 0.42 percent, to 2,979.54.</.ixic></.spx></.dji>

Best Buy Co Inc slid more than 15 percent to $ 11.90 after it agreed to extend the deadline for the company’s founder to make bid.

Consumer prices fell in November for the first time in six months, indicating U.S. inflation pressures were muted. A separate report showed manufacturing grew at its swiftest pace in eight months in December.

Meanwhile, data out of China was encouraging for its key trading partners, including the U.S., and for the prospects for global growth. It showed manufacturing in the world’s second-largest economy grew at its fastest pace in 14 months in December.

(Editing by Bernadette Baum)

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UPDATE 3-Cricket-Hughes shines as Australia reach 299-4

* Hughes falls just short of century

* Clarke and Hussey combine for 101

* Welegedera takes 3-99 (Adds quotes)

HOBART, Dec 14 (Reuters) – Phil Hughes made a solid 86 on his return to test cricket before Michael Clarke and Mike Hussey took up the running and steered Australia to 299 for four at close of play on the first day of the first test against Sri Lanka on Friday.

Hughes was the only batsmen to fall in the final session, lasting only a couple of overs after lunch before being bowled through the gate by Chanaka Welegedera, giving the Sri Lankan seamer his third wicket of the day.

Clarke, who had made 70 not out, and Hussey, unbeaten on 37, batted through the remainder of the day and if the evidence of their prolific partnerships in the recent series against South Africa is anything to go by, will take some shifting.

“Overall, 299 for four puts the ball in our court,” said Hughes. “I thought we were outstanding today. It really gives us momentum going into tomorrow.”

Sri Lanka’s bowlers, dubbed this week as the worst pace attack ever to tour Australia by former test bowler Rodney Hogg, made life uncomfortable for the batsmen at times but struggled for any real penetration under cloudy skies at Bellerive Oval.

“I think we showed we can put Australia under pressure and hopefully the bowlers will be fresh in the morning and we can get them out for less than 100 additional runs,” said Welegedera, who finished with 3-99 on his return after nine months out injured.

Clarke, who passed 1,400 runs for the year, has now put on 731 runs in partnerships with Hussey in the last four tests and will be looking to plunder a few more on Saturday despite taking a couple of painful knocks to his legs.

Friday, however, belonged to Hughes.

The lefthander was recalled to the side on the back of good domestic form following the retirement of Ricky Ponting at the end of the series against the Proteas.

The 24-year-old reached his fourth test half century with a square drive for three runs and then initially accelerated towards a century, most notably with an ugly but effective slog for six off spinner Rangana Herath.

CALAMITOUS RUNOUT

On the ground where his second spell as a test batsman ended amid questions about his technique after two failures against New Zealand last year, Hughes scored eight fours and one six in his 166-ball knock before Welegedera struck with a superb ball.

“It was nice to get a few,” he said. “It would have been nice to get a few more and get into three figures.”

Australia had lost openers Ed Cowan (four) and David Warner in the opening session, the latter run out for 57 on the stroke of lunch after a calamitous misunderstanding with Hughes.

Shane Watson, dropping down to fourth in the batting order to allow Hughes to come in at number three, followed them to the pavilion for 30 shortly before tea, the victim of an exceptional diving catch in the slips by skipper Mahela Jayawardene.

That was a second wicket for Welegedera and a measure of redemption for the bowler after he had Hughes caught behind for 77 only for the umpire to call a no ball.

Welegedera had also made the early breakthrough for the tourists when Cowan tried to pull a short delivery only for the ball to catch him high on the bat and carry to mid-on where Shaminda Eranga took a simple catch.

It could have been even better for the Sri Lankans, who were only centimetres away from the perfect start to the morning after Clarke had won the toss and elected to bat.

Cowan edged the second delivery of the day from Nuwan Kulasekara to the slips but Angelo Mathews was just unable to get his hands to it, despite an athletic dive. (Editing by Peter Rutherford)

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Online gambling companies struggle to clear EU hurdles

LONDON (Reuters) – A partnership stuck on Friday between bwin.party Digital Entertainment and a Belgian casino group has defused one of many disputes pitting online gambling companies against governments across Europe.

The agreement came a month after bwin.party’s co-CEO was questioned by Belgian authorities in an escalating license dispute the company said was costing it 700,000 euros ($ 916,000) in monthly revenue.

By joining forces with Belcasinos, a unit of local casino owner Group Partouche, bwin.party neatly met a requirement to have a presence in Belgium to win a license for online poker, casino and sports betting.

The agreement is a rare bright spot in a tough regulatory environment for online gambling companies across the continent.

Betting online on sports events or playing poker on the Internet are increasingly popular pastimes in Europe, where operators say they are held back by unfair and discriminatory rules in many European Union countries.

“It is not a European Union in any way, it is a patchwork of different countries who happen to be in the EU,” said Professor Leighton Vaughan Williams, director of the betting research unit at Nottingham Business School in central England.

“Different countries have different vested interests and different ideas they are trying to promote. Are they trying to protect consumers or to maximize their tax take?” he said.

The 27 EU member states retain the right to regulate their gambling sectors as they see fit, but rules must comply with EU law, broadly meaning they must be consistent and proportionate.

Some companies are scaling back activities in European markets where, they say, regulatory risks are too high or tax rates are punitive.

Betting exchange operator Betfair for instance said this week it was halting marketing and investment in unregulated markets, including EU members Cyprus, Germany and Greece.

William Hill, Britain‘s largest bookmaker, has joined Betfair in pulling out of Greece and has also stopped offering sports betting to German residents because of a 5 percent turnover tax.

STAKES RISE

The stakes are high. Online gambling is growing at an annual rate of almost 15 percent in the EU and will be worth an estimated 13 billion euros ($ 17 billion) by 2015, according to EU figures.

The European Commission, the EU’s executive, stepped in to the debate in October when it published a medium-term plan to clarify regulations and promote cooperation between member states, ruling out EU-wide legislation for the time being.

“All citizens must be adequately protected, money laundering and fraud must be prevented, sport must be safeguarded against betting-related match-fixing and national rules must comply with EU law,” Internal Market and Services Commissioner Michel Barnier said, setting out his approach.

The online operators accuse the European Commission of failing to follow through properly on complaints lodged about regulation in no fewer than 20 or the 27 EU member states.

Barnier has written to member states accused of breaching EU law in the way they handle gambling, seeking an update on the situation by the end of the year.

However, the industry questions whether the EU will go into battle over gambling when it is facing so many other problems.

“They will chip away at some of the most blatant ones,” said Clive Hawkswood, chief executive of trade body the Remote Gambling Association. “What we really need is for them to take some to the European Court and take enforcement action.”

BRITISH TAXES

Gambling companies themselves have taken advantage of different tax regimes where they work in their favor.

This is illustrated in Britain, historically the biggest betting market in Europe and a place with a well-developed gambling culture where bookmakers have operated in town centers for 50 years.

In recent years, most betting companies have moved their British online betting operations to Britain’s overseas territory of Gibraltar. There they are sheltered from a 15 percent tax on gross profit faced by operators based in Britain.

New legislation will close off that loophole after 2014. The shift to a taxation model based on the location of the consumer was expected to cost gambling companies as much as 270 million pounds ($ 435 million) by 2016-17.

Analyst Nick Batram at brokerage Peel Hunt said smaller players would likely be picked off because of the impact of higher tax and regulatory burdens across Europe.

“It is getting more complicated and more expensive. There is more change afoot but it should ultimately play into the hands of the better-capitalized companies.”

In that vein, William Hill has provisionally agreed a 485 million pound takeover of smaller rival Sportingbet, keen to get its hands on the company’s regulated Australian betting business.

“I think there is a lot more M&A activity to come,” said Batram.

(Additional reporting by Rosalba O’Brien; Editing by David Holmes)

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Britney Spears, Taylor Swift are top-earning women in music

NEW YORK (Reuters) – Pop star Britney Spears edged past Taylor Swift to claim the title of top-earning woman in music after bringing in an estimated $ 58 million from her album, endorsements and a perfume in the past year, Forbes said on Wednesday.

Country-pop singer Swift, 22, was a close second with an estimated $ 57 million paycheck thanks to her tour – which made more than $ 1 million each night – a contract with CoverGirl cosmetics, her own line of fragrances and her new album “Red.”

R&B star Rihanna, 24, earned an estimated $ 53 million to put her at No. 3, two places up from last year, followed by Lady Gaga, 26, who slipped from No. 1 in 2011 to fourth place with $ 52 million.

Katy Perry, 28, the only musician other than Michael Jackson to produce five No. 1 hit singles from one album, rounded out the top five with about $ 45 million in earnings.

“I think people love the comeback story – Britney never really finished her run as a superstar,” Steve Stoute, marketing expert and author of “The Tanning of America” told Forbes.

Spears, 31, who was No. 10 last year, earned most of her money from her latest album “Femme Fatale” and her tour, according to Forbes, which compiled the list with estimated earnings from May 2011 to May 2012.

In September, Spears became a judge on the reality TV singing show “The X Factor,” reportedly for $ 15 million.

Despite their huge incomes, only eight of the top women music earners were among the 25 best-paid musicians, which Forbes attributes in part to career breaks to have children.

Madonna made the list in ninth place with an estimated $ 30 million in earnings, which did not include profits from her latest tour because it was outside the time period considered for the ranking.

Forbes compiled the list after estimating pretax income based on record sales, touring information merchandise sales and interviews with concert promoters, lawyers and managers.

The full list can be found at http://www.forbes.com/sites/zackomalleygreenburg/2012/12/12/the-top-earning-women-in-music-2012/

(Reporting by Patricia Reaney; Editing by Nick Zieminski and Maureen Bavdek)

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