Chevron appeals against freeze

















Two Argentine subsidiaries of the oil company Chevron have appealed against a court order freezing up to $ 19bn (£11.9bn) of their assets.













A judge issued the order as part of an environmental damages claim in Ecuador.


Chevron has been ordered to pay $ 19bn for polluting land in the Amazon region but because it has few assets in Ecuador the plaintiffs are trying to get the ruling enforced abroad.


Chevron said the subsidiaries had nothing to do with the judgement.


Legal quagmire


“Chevron Corp, the sole judgement debtor, has no assets in Argentina,” Chevron spokesman Kent Robertson said.


“All operations in Argentina are conducted by subsidiaries that have nothing to do with the fraudulent judgement in Ecuador,” according to Mr Robertson.


Wednesday’s court order freezing Chevron’s assets in Argentina is the latest move in a decades-long legal wrangle between Chevron and the people of the Lago Agrio region of Ecuador.


The Ecuadorean court judgement originally ordered Chevron to pay $ 8.6bn in environmental damages, but that was more than doubled because the oil company did not apologise publicly.


The Ecuadorean plaintiffs say that Texaco, which merged with Chevron in 2001, dumped toxic materials in the Ecuadorean Amazon between 1964 and 1992.


Chevron says Texaco spent $ 40m cleaning up the area during the 1990s, and signed an agreement with Ecuador in 1998 absolving it of any further responsibility.


Chevron has in the past said the original ruling against the company was a product of “bribery and fraud”.


The company has also dismissed the plaintiffs’ moves to get the ruling enforced abroad, saying that “if the plaintiffs’ lawyers believed they had a legitimate judgement, they would seek to enforce it in the United States”.


BBC News – Business



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Twin explosions strike southern Syrian city
















BEIRUT (AP) — Syria‘s state-run news agency says two large explosions have struck the southern city of Daraa, causing multiple casualties and heavy material damage.


SANA did not immediately give further information or say what the target of Saturday’s explosions was.













The Britain-based Syrian Observatory for Human Rights says the blasts went off near a branch of the country’s Military Intelligence in Daraa.


The Observatory, which relies on a network of activists on the ground, says the explosions were followed by clashes between regime forces and rebels fighting to topple President Bashar Assad.


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Icahn says has mulled Netflix takeover, no decision made
















(Reuters) – Activist investor Carl Icahn, who holds an almost 10 percent stake in Netflix, said on Thursday he has considered a hostile takeover bid for Netflix, but it was uncertain he stood a chance of acquiring the Internet streaming service.


Asked by TV network CNBC whether he would “go hostile” on Netflix, Icahn said, “The thought had certainly entered my mind. I have to admit I think about it, but we haven’t made that decision.”













While Icahn said a hostile takeover was “certainly an alternative,” he downplayed the possibility several times. He added that he would not be able to pay as much for Netflix as a “synergistic buyer” looking to acquire an Internet movie and TV subscription service.


Netflix has been the subject of periodic acquisition speculation, with potential names tossed around from Microsoft Corp to Amazon.com Inc.


Icahn last month disclosed he had amassed control of 9.98 percent of Netflix shares. Most of his purchases were in the form of call options that expire in September 2014. The billionaire, who is known for shaking up corporate management, has said Netflix was undervalued and an attractive acquisition target for a number of companies.


Netflix has since adopted a poison pill defense to prevent a hostile takeover, a move that Icahn on Thursday called “reprehensible.”


A Netflix spokesman did not immediately respond to a request for comment on Icahn’s remarks.


(Reporting By Liana B. Baker in New York; Additional reporting by Katya Wachtel and Sam Forgione in New York and Lisa Richwine in Los Angeles; Editing by Leslie Adler)


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Achilles Had Only 2 Heels
















Recently, I came across the headline “Scientists Find Achilles’ Heel of Cancer Cells”, describing the discovery of a histone deactylase (HDAC11) as a novel target for cancer therapies. I was irritated by the metaphor of Achilles’ heel, because it implied that this was the lone vulnerability of cancer. I was also embarrassed by the fact that I used the same metaphor for the press release describing our work earlier this year showing that mitochondrial network structure can be targeted in cancer. I decided to google the expressions “Achilles’ heel” and “cancer”. It turns out that every year, numerous press releases and news articles claim that researchers have finally identified the “Achilles’ heel” of cancer. In Greek mythology, Achilles only had two feet and thus two heels; only one of the two heels was vulnerable. So how can it be that hundreds of researchers have found the Achilles’ heel of cancer? Apparently, I am not the only one who has used this metaphor inappropriately and it begs the question, whether we should even be using it at all. When I was a child, Gustav Schwab‘s “Sagen des klassischen Altertums” was one of my favorite books. His gripping narrative of the ancient Greek myths has also been translated from German into English and is available as “Gods and Heroes of Ancient Greece”. It was in this book that I first encountered the legend of Achilles and the story of the Trojan War, originally relayed by the Greek poet Homer in his great epic “The Illiad“. Achilles was the son of the sea-goddess (nymph) Thetis and King Peleus and was known for his great strength and skills in battle, but I could find nothing heroic in this demigod Achilles. Even though I loved Schwab’s narration, I despised Achilles. He vacillated between fits of rage and episodes of prolonged sulking. He was rude, arrogant and violent – Anakin Skywalker on steroids. I was especially horrified by how Achilles tied the body of his enemy Hector to his chariot and dragged it around, in order to humiliate the deceased and inflicting great psychological pain on Hector’s family. Basically, Achilles was a jerk; but according to the diagnostic classification of the American Psychiatric Association, Achilles may just have had IED (intermittent explosive disorder). When Achilles was a baby, his mother Thetis stuck him in a special flame to make him invulnerable. She was interrupted by Achilles’ father, who was shocked by what he perceived as poor parenting skills shown by Thetis. The interruption prevented Thetis from making her son completely invulnerable, which is why one of Achilles’ heels remained vulnerable. Later on in the legend, this vulnerable heel is where the Greek god Apollo directs his arrow and this injury ultimately results in Achilles’ demise. I remember the relief I experienced when I first read about Achilles’ death. It was karma – he deserved to die, considering all the pain and suffering that he had caused. I also remember that I was confused by the whole invulnerability aspect of the story. In a different part of the legend, his mother Thetis helps him obtain a special armor to protect his body. If nearly all of his body was already invulnerable, why would he need such a special armor? Wouldn’t he just need a special kind of Band-Aid to cover his one vulnerable heel? But then again, these were Greek gods and goddesses and they may have had different ways of approaching problems. Perhaps the special armor was extra insurance, just like people whose personal auto insurance covers rental cars but they still get suckered into buying additional rental car insurance at the airport. Later on, I found out the Schwab had combined multiple Achilles legends. The story of Achilles being invulnerable everywhere except for his heel and Achilles’ death are not part of Homer’s Illiad. It was long after Homer that the heel story became an integral part of the Achilles legend. In one version, Thetis did not place Achilles in a flame but instead dipped him in the magical River Styx. She held him by the heel of his foot, which is why he remained vulnerable in that one area. I am not sure that I would have held my son by the heel of all places, while dipping him into a magical river. Then again, I am not a Greek god. It also begs the question why Thetis did not dip him in a second time to make sure that the previously dry heal now also became invulnerable. In one narration, it was not Apollo who shot the arrow, but the Trojan prince Paris and Apollo merely directed the arrow into Achilles’ heel, possibly because Paris was not a very good shot. Even though the heel story and Achilles’ death or not part of the Illiad, it is difficult to envision the Achilles legend without it. The idea that even strong, arrogant entities remain vulnerable is very comforting. This may explain why this aspect of the legend is so popular and why it has given rise to the commonly used metaphor of the “Achilles’ heel” to describe lone vulnerable spots. Especially when describing cancer, the metaphor seems very apt. One can easily envision a growing tumor as an Achilles – aggressive and apparently invincible. When one identifies a gene or protein that can prevent tumor growth and or even kills the tumor, it is easy to succumb to using the “Achilles’ heel” metaphor. The problem with using this metaphor is that Achilles only had one single vulnerable heel. If a researcher claims to have found an Achilles’ heel, it not only implies that it is “one” area of vulnerability of the cancer, but that it is the “only” area of vulnerability. Most researchers who work with cancer cells know that there are many different mechanisms by which cancer growth can be slowed down. There is no single vulnerable pathway that can stop all cancer progression. Therefore, when researchers use this expression, they probably just like to convey the image of the powerful Achilles being brought to his knees by a single arrow. They do not want to claim that they have found the ultimate weapon to fight cancer. However, this metaphor inadvertently does imply that the described method is the only way to arrest the tumor. This is not only a gross over-simplification, but plain wrong. Someone who is not familiar with the complexities of cancer biology and reads a press release containing this metaphor may take this to mean that the sole vulnerability of cancer has been identified. Mythology and literature can be very inspiring for scientists and it is tempting to use powerful literary or mythological metaphors when communicating science, but one also needs to think about what these metaphors truly represent. Especially metaphors that oversimplify scientific findings or convey a false sense of certainty should be used avoided. When I think about research, two other Greek legends come to mind: The legend of Sisyphus and the Odyssey. Every day, Sisyphus rolled a rock up a mountain and then had to watch how it would roll back down again. This was his punishment decreed by the Greek gods. It reminds me of a lot of experiments that we scientists perform. When we feel that we are getting close solving a scientific problem we sometimes realize that we have to start all over again. Similarly, Odysseus’ long and exhausting journey is also a metaphor that appropriately characterizes a lot of real-life scientific research. Odysseus did not know if and when he would ever reach his destination, and this is how many of us conduct our research. I googled “Odyssey” and “cancer” to see if I could find news articles that allude to the scientific Odyssey of cancer research. To my surprise, I did find a number of articles, but these were not descriptions of scientific “Odysseys”. They were reports of cancer patients who described how they had undergone numerous different cancer treatments, often with little improvement. I realize that it is easier to market scientific ideas with a simplistic Achilles metaphor than to point out that science is long-winded and at times disorienting journey, similar to the Odyssey. But if we do want to use metaphors, we should probably use ones that appropriately convey the complexity and beauty of science.  


Follow Scientific American on Twitter @SciAm and @SciamBlogs. Visit ScientificAmerican.com for the latest in science, health and technology news.
© 2012 ScientificAmerican.com. All rights reserved.













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HSBC investigates alleged loss of client data in Jersey
















LONDON (Reuters) – HSBC, Europe’s biggest bank, said on Friday it was investigating the alleged loss of data for clients in Jersey but had not been notified of any investigation by tax authorities.


The Daily Telegraph has reported that British tax authorities were examining details of more than 4,000 UK clients of HSBC in Jersey after a whistle-blower handed them a list of names, addresses and account balances.













HM Revenue & Customs (HMRC) said in a statement: “We can confirm we have received the data and we are studying it. We receive information from a very wide range of sources which we use to ensure the tax rules are being respected.”


HSBC said it was investigating the alleged loss of client data “as a matter of urgency.”


“We have not been notified of any investigation in relation to this matter by HMRC or any other authority but, should we receive notification, we will cooperate fully with the authorities,” the bank said in a statement.


This could mark another potential blow for HSBC which has been slammed by U.S. regulators for lax anti-money laundering controls in Mexico and elsewhere, and last year saw thousands of its Swiss clients probed by the UK taxman.


The bank’s London-listed shares dipped 0.2 percent by 4 a.m EDT, in line with a weak European banking index.


The Daily Telegraph report said Britain’s revenue service was combing through the list it had been given of HSBC’s Jersey clients to establish whether some used the offshore bank accounts to avoid paying UK taxes.


The list identifies 4,388 British-based people holding 699 million pounds ($ 1.1 billion) in current accounts and includes celebrities, bankers, doctors, mining and oil executives and oil workers, it the Telegraph wrote. The list also includes about 4,000 account holders with addresses outside Britain.


HSBC said earlier this week that a U.S. probe into anti-money laundering failures could result in a fine well over $ 1.5 billion and lead to criminal charges as well.


Tax authorities around the world are stepping up their efforts to uncover the identities of those who avoid taxes by hiding money in offshore accounts.


HSBC said on Friday it was “fully committed to adoption of the highest global standards including the procedures for the acceptance of clients.”


(Reporting by Natalie Huet and Steve Slater; Editing by Will Waterman and Jane Merriman)


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Assad says will live and die in Syria
















DOHA (Reuters) – President Bashar al-Assad said he would “live and die” in Syria and warned that any Western invasion to topple him would have catastrophic consequences for the Middle East and beyond.


Assad’s defiant remarks coincided with a landmark meeting in Qatar on Thursday of Syria’s fractious opposition to hammer out an agreement on a new umbrella body uniting rebel groups inside and outside Syria, amid growing international pressure to put their house in order and prepare for a post-Assad transition.













The Syrian leader, battling a 19-month old uprising against his rule, appeared to reject an idea floated by British Prime Minister David Cameron on Tuesday that a safe exit and foreign exile for the London-educated Assad could end the civil war.


“I am not a puppet. I was not made by the West to go to the West or to any other country,” he told Russia Today television in an interview to be broadcast on Friday. “I am Syrian; I was made in Syria. I have to live in Syria and die in Syria.”


Russia Today’s web site, which published a transcript of the interview conducted in English, showed footage of Assad speaking to journalists and walking down stairs outside a white villa. It was not clear when he had made his comments.


The United States and its allies want the Syrian leader out, but have held back from arming his opponents or enforcing a no-fly zone, let alone invading. Russia has stood by Assad.


The president said he doubted the West would risk the global cost of intervening in Syria, whose conflict has already added to instability in the Middle East and killed some 38,000 people.


“I think that the price of this invasion, if it happened, is going to be bigger than the whole world can afford … It will have a domino effect that will affect the world from the Atlantic to the Pacific,” the 47-year-old president said.


“I do not think the West is going in this direction, but if they do so, nobody can tell what is next.”


QATAR, TURKEY CHIDE OPPOSITION


Backed by Washington, the Doha talks underline Qatar’s central role in the effort to end Assad‘s rule as the Gulf state, which funded the Libyan revolt to oust Muammar Gaddafi, tries to position itself as a player in a post-Assad Syria.


Qatari Prime Minister Hamad bin Jassim Al Thani urged the Syrian opposition to set its personal disputes aside and unite, according to a source inside the closed-door session.


“Come on, get a move on in order to win recognition from the international community,” the source quoted him as saying.


Turkish Foreign Minister Ahmed Davutoglu delivered a similar message, saying, according to the source: “We want one spokesman not many. We need efficient counterparts, it is time to unite.”


An official text of a speech by Qatari Foreign Minister Khalid Mohamed al-Attiyah showed he told the gathering: “The Syrian people awaits unity from you, not divisions … Your agreement today will prove to the international community that there is a unity … and this will reflect positively in the international community’s stance towards your fair cause.”


Across Syria, more than 90 people were killed in fighting on Thursday, the Syrian Observatory for Human Rights said.


In Turkey’s Hatay border province, two civilians, a woman and a young man, were wounded by stray bullets fired from Syria, according to a Turkish official. Turkish forces increased their presence along the frontier, where officials have said they might seek NATO deployment of ground to air missiles.


Syria poses one of the toughest foreign policy challenges for U.S. President Barack Obama as he starts his second term.


International rivalries have complicated mediation efforts. Russia and China have vetoed three Western-backed U.N. Security Council resolutions that would have put Assad under pressure.


Syria’s conflict, pitting mostly Sunni Muslim rebels against forces dominated by Assad’s Alawite minority, whose origins lie in Shi’ite Islam, has fuelled sectarian tensions across the Middle East. Sunni Arab countries and Turkey favor the rebels, while Shi’ite Iran backs Assad, its main Arab ally.


“VICIOUS CIRCLE”


The main opposition body, the Syrian National Council (SNC), has been heavily criticized by Western and Arab backers of the revolt as ineffective, run by exiles out of touch with events in Syria, and under the sway of the Islamist Muslim Brotherhood.


British Foreign Minister William Hague said London would now talk to rebel groups inside Syria, after U.S. Secretary of State Hillary Clinton last week criticized the SNC and called for a new opposition body to include those “fighting and dying”.


But the plan for a body that could eventually be considered a government-in-waiting capable of winning foreign recognition and therefore more military backing ran into trouble almost as soon as it was proposed by SNC member Riyad Seif.


The meeting has so far been bogged down by arguments over the SNC representation and the number of seats the rival groups – which include Islamists, leftists and secularists – will have in a proposed assembly. Seif said he hoped for agreement on that on Thursday night, although the talks may continue into Friday.


Senior SNC member Burhan Ghalioun said the participants were moving towards consensus: “The atmosphere was positive. We all agree that we don’t want to walk away from this meeting in failure,” he told reporters.


Seif’s proposal is the first concerted attempt to merge opposition forces to help end the devastating conflict.


The initiative would also create a Supreme Military Council, a Judicial Committee and a transitional government-in-waiting of technocrats – along the lines of Libya’s Transitional National Council, which managed to galvanize international support for its successful battle to topple Gaddafi.


Michael Doran of the Brookings Institute in Washington told a forum in Doha it would not work for Syria. “It’s not a ridiculous idea, but it’s not going to succeed,” he said.


A diplomat on the sidelines of the talks said international divisions in the U.N. Security council did not help.


“It’s a vicious circle. They are asking the opposition to unite when they admit they are not themselves united,” he said.


(Writing by Tom Perry and Samia Nakhoul; Editing by Alistair Lyon, Alastair Macdonald and Philippa Fletcher)


World News Headlines – Yahoo! News



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DoubleLine’s Gundlach says Apple may drop to $425/share: CNBC
















NEW YORK (Reuters) – Apple shares could come under further selling pressure and drop to $ 425 a share over the next year on lack of innovation, said Jeffrey Gundlach, chief investment officer and chief executive officer of DoubleLine Capital LP.


Gundlach, who recommended betting against Apple in mid-May at the Ira Sohn Investment Conference in New York, told CNBC the company’s stock is “overbelieved” and that its recent debut of the iPad mini is not an innovation.













“The product innovator, as I’ve said over and over again, isn’t there anymore,” Gundlach said in reference to Apple’s late founder Steve Jobs.


Shares of Apple, whose latest quarterly results failed to meet Wall Street’s lofty expectations, has fallen more than 20 percent from a record high of $ 705.07 in September. Shares slid as much as 4.6 percent on Wednesday to a low of $ 555.75 before ending the day down 3.8 percent at $ 558.0019.


Wednesday, Apple shares were under pressure as investors grew more uncertain about its ability to fend off unprecedented competition and untangle a snarled iPhone 5 supply chain.


Gundlach, whose firm oversees more than $ 45 billion in assets, said that the stock could fall to around $ 425 a share.


With regard to the benchmark S&P 500′s 2 percent decline on Wednesday, Gundlach said that investors may be anticipating the impact of higher taxes on capital gains that U.S. President Barack Obama is expected to implement.


“If you’re going to think about higher tax rates, maybe you want to sell the stocks before the tax rates go up, and I think that may be pressuring stocks in general,” Gundlach said.


Gundlach said that the “fiscal cliff” of tax increases and spending cuts set to begin at the start of next year could be “punted down the road,” but that it could also prove a “monumental” shock to markets if investors doubt its potential impact.


Gundlach also said that his DoubleLine Total Return Bond Fund has roughly 15 percent of its assets in cash and that he expects markets to become more volatile.


“I really am looking for higher volatility in the market as a general theme,” he said.


(Reporting by Sam Forgione; Editing by Bernard Orr)


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Ex-oil man to be next Anglican leader: UK media
















LONDON (Reuters) – A former oil executive who went to the same exclusive school as Prime Minister David Cameron will shortly be named Archbishop of Canterbury, spiritual leader of the world’s 80 million Anglicans, British newspapers said on Thursday.


Justin Welby, 56, the Bishop of Durham, who has had a meteoric rise up the Church of England hierarchy since quitting the world of commerce in 1992, will be announced as the next archbishop as early as Friday, the reports said.













The nomination follows weeks of speculation that the Church body assigned to elect the future archbishop was split over choosing a reformer or a safe pair of hands to maintain the status quo.


Cameron’s spokesman said an announcement would come “soon”.


Welby, who went to the same exclusive school, Eton College, as Cameron, London mayor Boris Johnson and Princes William and Harry, has already accepted the position, according to the Daily Telegraph.


Bookmaker William Hill stopped taking bets on the future archbishop after a run of bets on Welby on Tuesday.


“In the space of less than an hour we had to cut the odds three times, so took the decision to close the book as we know a decision is already overdue and it seems word may have leaked out,” the bookmaker said in a statement


Welby will replace left-leaning incumbent Rowan Williams, who has said his successor as head of the global Anglican Communion will need “the constitution of an ox and the skin of a rhinoceros”.


Welby is widely reported to be against gay marriage but broadly in favor of the ordination of women bishops, two of the most divisive issues in the communion.


The new archbishop will earn about 74,000 pounds ($ 120,000) a year. He will have lodgings in the Old Palace in Canterbury, southeast England, and the historic riverside Lambeth Palace in London. His tenure will last until retirement at 70 or until he decides to move on.


(Reporting By Alessandra Prentice; editing by Steve Addison/Maria Golovnina)


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Novartis says may have 14 new blockbuster drugs by 2017
















ZURICH (Reuters) – Novartis could produce 14 or more new big-selling ‘blockbuster’ drugs within five years as it bets on cancer, heart and respiratory treatments to fill the gaps left by expiries on current patents, the Swiss firm said on Thursday.


Like many of its rivals, Novartis is facing headwinds as some of its top earners lose patent protection, particularly blood pressure drug Diovan. It is counting on its newest products, such as breast cancer drug Afinitor, to pump up sales.













But some analysts caution that recently launched drugs like multiple sclerosis pill Gilenya and eye medicine Lucentis will face growing competition next year as Biogen Idec and Regeneron bring rival products to market.


Novartis currently has 139 projects in clinical development including more than 73 new molecular entities spread across a wide area of diseases, it said in a statement published ahead of an investor event in Boston on Thursday.


Among its most promising products are serelaxin and LCZ686 to treat patients with heart failure as well as drugs for psoriasis and multiple sclerosis. It plans to file serelaxin for regulatory approval in the U.S. and Europe in early 2013.


However, the results of a late-stage study for serelaxin published on Tuesday were mixed and some analysts think Novartis may need further trials to guarantee its commercial success.


Chief Executive Joseph Jimenez did not rule out further trials but said in a conference call with reporters it would press ahead with filings using the current data.


Novartis’s shares were 1.3 percent higher at 57.30 francs by 1315 GMT, when the Stoxx 600 Europe healthcare sector index was up 0.2 percent.


“Novartis does have a very productive research engine. However we will include significant value once we see convincing data,” said Andrew Weiss, an analyst at Vontobel.


ONCOLOGY KEY


Novartis said its pharmaceuticals division aimed to file nine products for approval over the next 12 months. It expects the unit – which is responsible for more than half of sales – to return to growth from the second half of next year.


Novartis was also confident about its oncology pipeline, which it expects to contribute more than $ 1 billion in sales by 2017, while it said recently launched Afinitor could have sales of $ 2 billion in advanced breast cancer by 2017.


It is also hoping to convince doctors that they should switch patients onto Tasigna when one of its best-selling drugs Glivec loses patent exclusivity in 2015.


Novartis plans to initiate further trials in 2013 to prove that patients with chronic myeloid leukemia who have taken Tasigna may be able to stop treatment once their cancer is under control.


The company also said it planned to manage more projects but keep a lid on costs by cutting recruitment time and spending on trials. Measures include giving handheld devices to doctors to record trial data and to get pharmacy chains to undertake some of the simpler trial work.


(Editing by Greg Mahlich)


Health News Headlines – Yahoo! News



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Stock futures rise after selloff, data on tap
















NEW YORK (Reuters) – Stock index futures rose on Thursday ahead of job market data a day after major equity indexes posted their largest drops in months.


Equities slumped more than 2 percent Wednesday as investor focus returned to Europe’s economic troubles and as the electoral victory by President Barack Obama turned markets’ focus to the looming “fiscal cliff.”













Investors worry that if no deal is agreed in Congress over some $ 600 billion in spending cuts and tax increases due to kick in early next year, it could derail the U.S. economic recovery.


“To the extent we start to see some clarification of what (Congress) is thinking about, whatever it may be, it will provide some confidence,” said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.


He said the open-ended nature of what the fix may be for taxes has flooded markets with uncertainty.


Futures added to early gains as the euro slightly cut losses versus the U.S. dollar after the European Central Bank held its main interest rate at 0.75 percent, despite dovish comments Wednesday from ECB president Mario Draghi that stirred market rumors of a rate cut.


A rise in the U.S. dollar also weighed on equities Wednesday.


S&P 500 futures rose 4.8 points and were up in terms of fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 22 points and Nasdaq 100 futures rose 9 point.


Wednesday’s retreat marked the biggest daily drop for the S&P 500 since June 1; the index closed below the key 1,400 level for the first time since August 30. Despite Wednesday’s selloff, the benchmark S&P 500 is still up more than 10 percent so far this year.


The latest reading on the labor market will come with the release of weekly jobless claims, due at 8:30 a.m. (1330 GMT).


Qualcomm Inc late Wednesday reported quarterly revenue that beat expectations, sending shares up more than 7 percent in premarket trading.


Whole Foods Market Inc reported earnings that met expectations but its shares fell 3 percent before the market opened.


(Editing by Kenneth Barry)


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