Senate negotiators yet to reach ‘fiscal cliff’ deal as clock winds down

Vice President Joseph Biden and Sen. Mitch McConnell were locked in urgent talks late Sunday over the “fiscal cliff” after Democrats offered several significant concessions on taxes, including a proposal to raise rates only on earnings over $450,000 a year.

With a New Year’s Eve deadline hours away, Democrats abandoned their earlier demand to raise tax rates on household income over $250,000 a year, as President Obama vowed during the recent presidential campaign.

They also relented on the politically sensitive issue of the estate tax, according to a detailed account of the Democratic offer obtained by The Post, promising to stage a vote in the Senate that would guarantee that taxes on inherited estates remain at their current low levels, a key GOP demand.

Still, McConnell (R-Ky.) was holding out to set the income threshold for tax increases even higher, at $550,000, according to people close to the talks in both parties. And he was protesting a Democratic proposal to raise taxes on investment profits for households with income above $250,000.

The two sides were also sharply at odds over automatic spending cuts set to decimate budgets at the Pentagon and other federal agencies next month. Democrats were seeking to delay the cuts, known as the “sequester,” until 2015, without identifying other savings to compensate. They were also pressing to extend unemployment benefits, farm subsidies and Medicare payments to doctors, again without offsetting cuts as Republicans demand.

Unless the two sides can reach agreement, historic tax hikes are set to hit virtually every American on Jan. 1, potentially driving the nation back into recession. An impasse would also throw the coming tax filing season into chaos, as nearly 30 million unsuspecting taxpayers would be required to pay the costly alternative minimum tax for the first time.

As Biden and McConnell traded phone calls deep into the night, lawmakers waited anxiously for news. Though members of both parties received lengthy briefings from their respective leaders about the status of the talks, senators were just as likely to predict that the nation was on the verge of a self-inflicted economic crisis as they were to predict that salvation was at hand.

“I think we’re going over the cliff,” Sen. Lindsey O. Graham (R-S.C.) wrote on Twitter in the middle of the day.

“The two parties are so close that they can’t afford to walk away,” Sen. Mike Johanns (R-Neb.) countered hours later. “I continue to be optimistic.”

Biden, a veteran dealmaker who served in the Senate for 36 years, entered the talks Sunday at McConnell’s request after the Republican leader said he had grown “frustrated” by the pace of negotiations with Senate Majority Leader Harry M. Reid (D-Nev.).

Personal relations between the two Senate leaders have deteriorated after two years of draining battles over the budget. On Sunday, their antagonism produced a confusing day when talks seemed to be collapsing even as the two sides were moving closer to agreement on several fundamental issues.

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Singapore rigbuilders set for strong 2013: analysts

SINGAPORE : Singapore rigbuilders Keppel Offshore & Marine (O&M) and Sembcorp Marine have secured a slew of contracts this year.

Analysts have said the two companies could see another strong set of orders in 2013, driven by robust demand for ultra-deepwater rigs.

Keppel O&M booked about US$8 billion worth of contracts this year - its second highest on record.

This follows a record S$10 billion worth of contracts which Keppel O&M secured in 2011.

Keppel O&M said over 65 per cent (US$5.36 billion) of the orders in 2012 came from Brazil.

Looking ahead, Keppel said it is developing a new product that will enable drilling in deeper and harsher environments.

Tong Chong Heong, chief executive officer of Keppel Offshore & Marine, said: "There are also new frontiers, new areas where more rigs are required, and with the emergence of areas such as the Caspian, Black Sea, Mexico and many parts of Southeast Asia, demand for rigs has gone up."

Keppel O&M along with Sembcorp Marine are big players in the offshore rig building industry, accounting for some 70 per cent of the global market share for jack-up rigs.

Analysts said the growing demand for ultra-deepwater drilling vessels and equipment will continue to support business growth.

Low Pei Han, investment analyst at OCBC Investment Research, said: "O&M companies have seen very good order books, Keppel and Sembcorp Marine each secured about 10 billion dollars worth of orders this year.

"About 50 per cent of each came from Sete Brasil and Petrobras, which is what the market had more or less anticipated. Going into 2013, we expect Sete Brasil and Petrobras orders to remain about the same level as this year, which will be about S$4 billion to S$5 billion."

But the Singapore rigbuilders are likely to face stiffer competition from Korean and Chinese companies.

Analysts said some Chinese shipbuilders are offering similar products at a 20 per cent discount.

For example, earlier this month, Yangzijiang secured a US$170 million order for a jack-up rig, while a similar contract at Keppel O&M cost US$205 million.

According to the China Association of the National Shipbuilding Industry, China hopes to capture 20 per cent of the global market for rigs, production facilities and offshore products by 2015.

But some analysts said Singapore rig builders are not likely to lose their competitive edge anytime soon.

Janice Chua, head of equity research (Singapore) at DBS Vickers, said: "It is a tall order for the Chinese yards to try and get the global market share for rigs.

"In order for the Chinese yards to have a bigger market share globally, what is more important is the soft skills of project management, engineering, design expertise, as well as ensuring that they can deliver the projects on time and according to the clients specification. That will take at least three years to build for any of these offshore structures."

Increasing shale gas production in the US could also present a new competitive landscape for rigbuilders.

Jason Waldie, associate director at Douglas Westwood, said: "The wild card here is whether the US is going to export, or how much the US is going to export. Certainly I know the US government is planning to export a very good share of its gas to the market. Now what impact does that have for the yards?"

Analysts expect the demand for rigs to come under some pressure should the US decide to export a substantial amount of shale gas.

- CNA/ms

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AIADMK to go it alone in LS polls: Jayalalithaa

CHENNAI: Slamming the Congress and BJP in Karnataka for being "determined" in denying Cauvery water to Tamil Nadu, AIADMK chief Jayalalithaa on Monday said her party would go it alone in the next Lok Sabha polls and secure all 40 seats in order to assert its rights in Delhi.

Both parties were "united" and "determined" not to give Tamil Nadu its due share of water from Cauvery river, a combative Jayalalithaa said in her address to partymen at the AIADMK general council near here.

"To ensure Tamil Nadu's rights and prevent (Cauvery) delta regions from turning into a desert, we have to independently fight the coming Lok Sabha polls and win all 40 seats" (39 in Tamil Nadu and one in Puducherry), the Tamil Nadu Chief Minister said, virtually sounding the election bugle.

"We have to work out our path. We can't be dependent on anyone as such a situation has been created. Some parties may have to depend on national parties like BJP or Congress which lead respective coalitions, but that depends on their situation," she said in an apparent reference to her main rival, the DMK.

But her party was in a situation where it cannot depend on anyone. "We have to decide our future, chalk out our path. We cannot depend on BJP or Congress," she said in an impassioned appeal, observing she had all along in her life taken decisions for herself and not depended on others.

She neither had a family to fall back on and this was not out of choice but it was her "fate," she said.

Hitting out at the Congress and BJP, she recalled that Congress leaders SM Krishna and M Veerappa Moily had accompanied the Karnataka BJP chief minister Jagadish Shettar to impress upon the Prime Minister on Karnataka's reluctance to release water.

Taking a dig at the DMK on the issue, Jayalalithaa said "it is learnt that DMK MPs had during their meeting with the Prime Minister sought not to notify the final award of the Cauvery tribunal," reiterating her earlier similar remarks made in this matter.

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How to Banish That New Year's Eve Hangover

For those of us who enjoy the occasional cocktail, the holiday season would be incomplete without certain treats of the liquid variety. Some look forward to the creamy charms of rum-laced eggnog; others anticipate cupfuls of high-octane punch or mugs of warm, spiced wine.

No matter what's in your glass, raising one as the year winds down is tradition. What could be more festive? The problem is, one drink leads to two, then the party gets going and a third is generously poured. Soon, the music fades and the morning arrives—and with it, the dreaded hangover. (Explore a human-body interactive.)

Whether it's a pounding headache, a queasy stomach, sweating, or just general misery, the damage has been done. So now it's time to remedy the situation. What's the quickest way to banish the pain? It depends who you ask.

Doctors typically recommend water for hydration and ibuprofen to reduce inflammation. Taking B vitamins is also good, according to anesthesiologist Jason Burke, because they help the body metabolize alcohol and produce energy.

Burke should know a thing or two about veisalgia, the medical term for hangover. At his Las Vegas clinic Hangover Heaven, Burke treats thousands of people suffering from the effects of drinking to excess with hydrating fluids and medications approved by the U.S. Food and Drug Administration.

"No two hangovers are the same," he said, adding that the unfavorable condition costs society billions of dollars-mostly from lost productivity and people taking sick days from work.

Hot Peppers for Hangovers?

So what's the advice from the nonmedical community? Suggestions range from greasy breakfasts to vanilla milkshakes to spending time in a steamy sauna. A friend insists hot peppers are the only way to combat a hangover's wrath. Another swears by the palliative effects of a bloody mary. In fact, many people just have another drink, following the old "hair of the dog that bit you" strategy.

Whether such "cures" actually get rid of a hangover is debatable, but one thing's for sure: the sorry state is universal. The only people immune to hangovers are the ones who avoid alcohol altogether.

So for those who do indulge, even if it's just once in awhile, see our interactive featuring cures from around the world (also above). As New Year's Eve looms with its attendant excuse to imbibe, perhaps it would be wise to stock your refrigerator with one of these antidotes. Pickled herring, anyone?

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Hillary Clinton Hospitalized With Blood Clot

(MICHAL CIZEK/AFP/Getty Images)

By DANA HUGHES and DEAN SCHABNER

Secretary Hillary Clinton was hospitalized today after a doctors doing a follow-up exam discovered a blood clot had formed, stemming from the concussion she sustained several weeks ago.

She is being treated with anti-coagulants and is at NewYork-Presbyterian Hospital so that they can monitor the medication over the next 48 hours, Deputy Assistant Secretary Philippe Reines said.

Her doctors will continue to assess her condition, including other issues associated with her concussion. They will determine if any further action is required, Reines said.

Clinton, 65, originally fell ill from a stomach virus following a whirlwind trip to Europe at the beginning of the month, which caused such severe dehydration that she fainted and fell at home, suffering a concussion. No ambulance was called and she was not hospitalized, according to a state department official.

The stomach virus had caused Clinton to cancel a planned trip to North Africa and the United Arab Emirates, and also her scheduled testimony before Congress at hearings on the attack on the U.S. consulate in Benghazi, Libya.

According to a U.S. official, the secretary had two teams of doctors, including specialists, examine her after the fall.  They also ran tests to rule out more serious ailments beyond the virus and the concussion. During the course of the week after her concussion, Clinton was on an IV drip and being monitored by a nurse, while also recovering from the pain caused by the fall.

Medical experts consulted by ABC News said that it was impossible to know for sure the true nature or severity of Clinton’s condition, given the sparse information provided by the State Department. However, most noted that the information available could indicate that Clinton had a deep venous thrombosis,which is a clot in the large veins in the legs.

“A concussion (traumatic brain injury) in itself increases risk of this clot. Likely the concussion has increased her bed rest,” said Dr. Brian D. Greenwald, Medical Director JFK Jonson Rehabilitation Center for Head Injuries. “Immobility is also a risk for DVT. Long flights are also a risk factor for DVT but the recent concussion is the most likely cause.

“Anticoagulants are the treatment,” he said. “If DVT goes untreated it can lead to pulmonary embolism (PE). PE is a clot traveling from veins in legs to lungs which is life threatening. Many people die each year from this.

“Now that she is being treated with blood thinners her risks of PE are decreased,” he said. “Blood thinners carry risk of bleeding but are common and can be safely used.”

Dr. Allen Sills, associate professor of Neurological Surgery at Vanderbilt University Medical Center, said it was most likely that the clot was not located in Clinton’s brain, since she is being treated with anticoagulants.

“This is certainly not a common occurrence after a concussion, and is most likely related to either inactivity or some other injury suffered in the fall,” he said.

Dr. Neil Martin, the head of Neurovascular Surgery at the University of California, Los Angeles, Medical Center, said blood thinners are often given for blood clots in the legs, and it is “very unusual” for anticoagulants to be given for blood clots in the head.

But he cautioned about speculating too much about Clinton’s condition before more information is available.

“If we don’t know where it is, there is the possibility of several different indications,” he said. “I don’t know if there is any connection between what she’s got now and the concussion. All I can tell you is, at this point, it’s almost impossible to speculate unless we know what’s going on there.”

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Senators trade proposals into night to avoid ‘fiscal cliff’

Senate negotiators labored late into Saturday over a last-ditch plan to avert the “fiscal cliff,” struggling to resolve key differences over how many wealthy households should face higher income taxes in the new year and how to tax inherited estates.

As the clock ticked toward a Jan. 1 deadline, the halls of the Capitol were dark and silent. The House and the Senate are shuttered until Sunday afternoon, in part to avoid distractions as the talks over averting sharp tax increases for most American taxpayers entered their final hours.

While Senate Majority Leader Harry M. Reid (D-Nev.) monitored developments by telephone, Minority Leader Mitch McConnell (R-Ky.) arrived at the Capitol shortly after noon. Asked whether he and Reid would be able to strike a deal, McConnell smiled and replied: “I hope so.”

As nightfall approached, top Democratic and Republican aides continued shuttling paperwork with the latest proposals back and forth between the two leaders’ offices, about 60 steps apart.

Under negotiation is a deal that would extend George W. Bush-era tax cuts for nearly all taxpayers but increase rates on top earners. It also would extend unemployment benefits set to expire in January for 2 million people and prevent about 30 million Americans from having to pay the alternative minimum tax for the first time.

McConnell left the Capitol shortly before 7 p.m, revealing few details. “We’ve been in discussions all day, and they continue,” he said. He added, “We’ve been trading paper all day and talks continue into the evening.”

Reid and McConnell have set a deadline of about 3 p.m. on Sunday for cinching a deal. That’s when they’re planning to convene caucus meetings of their respective members in separate rooms just off the Senate floor. At that point, the leaders will brief their rank and file on whether there has been significant progress and will determine whether there is enough support to press ahead with a proposal.

“They both know the clock ends Sunday,” said Sen. Mark Begich (D-Alaska).

If all goes according to plan, the leaders would roll out the legislation Sunday night and hold a vote by at least midday Monday, giving the House the rest of New Year’s Eve to consider the measure.

In the House, Speaker John A. Boehner (R-Ohio) huddled Saturday with his senior staff for two hours but remained on the periphery of the negotiations. Passage in the unpredictable chamber is anything but certain. Boehner told President Obama and congressional leaders Friday that he could commit only to considering a Senate-passed bill and suggested that the House may amend that bill and send it back to the Senate.

House consideration of the measure could become another white-knuckle moment. Boehner would like the eventual deal to be passed by a bipartisan coalition that is roughly equally divided between Republicans and Democrats, GOP aides said. Republicans have not supported tax increases since 1990, and conservative activists were already criticizing any deal to raise taxes on the wealthy.

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French paper to publish comic book on life of Mohammed

PARIS: A French weekly known for publishing cartoons of the prophet Mohammed to the ire of conservative Muslims said on Sunday it plans to release a comic book biography, that will be researched and educational.

Satirical newspaper Charlie Hebdo has on several occasions depicted Islam's prophet in an effort to defend free speech and defy the anger of Muslims who believe depicting Mohammed is sacrilegious.

"It is a biography authorised by Islam since it was edited by Muslims," said Charlie Hebdo's publisher and the comic's illustrator, who goes by the name Charb.

"I don't think higher Muslim minds could find anything inappropriate," Charb said.

The biography will be published on Wednesday and was put together by a Franco-Tunisian researcher known only as Zineb, Charb said.

The publisher said the idea for the comic book came to him in 2006 when a newspaper in Denmark published cartoons of Mohammed, later republished by Charlie Hebdo, drawing angry protests across the Muslim world.

"Before having a laugh about a character, it's better to know him. As much as we know about the life of Jesus, we know nothing about Mohammed," Charb said.

In September Charlie Hebdo published cartoons of Mohammed as violent protests were taking place in several countries over a low-budget film made in the United States that insults the prophet.

In 2011 Charlie Hebdo's offices were hit by a firebomb and its website pirated after publishing an edition titled "Charia Hebdo" featuring several Mohammed cartoons.

Charb, who has received death threats, lives under police protection.

- AFP/xq

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AP Express from Hyderabad to Delhi cancelled tomorrow

HYDERABAD: The Hyderabad-New Delhi AP Express, scheduled to depart Hyderabad at 6.25am on Monday, has been cancelled by the railways.

A spokesman of South Central Railway (SCR) said train no. 12723 Hyderabad-New Delhi AP Express was cancelled in view of abnormal late running of the incoming pairing train due to heavy fog in northern India.

"Full refund of fare will be given to the passengers on cancellation of their tickets, which have already been booked," said a statement from SCR.

The AP Express has been running late by six to 12 hours for last few days. The train left at 3pm on Sunday.

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How to Banish That New Year's Eve Hangover

For those of us who enjoy the occasional cocktail, the holiday season would be incomplete without certain treats of the liquid variety. Some look forward to the creamy charms of rum-laced eggnog; others anticipate cupfuls of high-octane punch or mugs of warm, spiced wine.

No matter what's in your glass, raising one as the year winds down is tradition. What could be more festive? The problem is, one drink leads to two, then the party gets going and a third is generously poured. Soon, the music fades and the morning arrives—and with it, the dreaded hangover. (Explore a human-body interactive.)

Whether it's a pounding headache, a queasy stomach, sweating, or just general misery, the damage has been done. So now it's time to remedy the situation. What's the quickest way to banish the pain? It depends who you ask.

Doctors typically recommend water for hydration and ibuprofen to reduce inflammation. Taking B vitamins is also good, according to anesthesiologist Jason Burke, because they help the body metabolize alcohol and produce energy.

Burke should know a thing or two about veisalgia, the medical term for hangover. At his Las Vegas clinic Hangover Heaven, Burke treats thousands of people suffering from the effects of drinking to excess with hydrating fluids and medications approved by the U.S. Food and Drug Administration.

"No two hangovers are the same," he said, adding that the unfavorable condition costs society billions of dollars-mostly from lost productivity and people taking sick days from work.

Hot Peppers for Hangovers?

So what's the advice from the nonmedical community? Suggestions range from greasy breakfasts to vanilla milkshakes to spending time in a steamy sauna. A friend insists hot peppers are the only way to combat a hangover's wrath. Another swears by the palliative effects of a bloody mary. In fact, many people just have another drink, following the old "hair of the dog that bit you" strategy.

Whether such "cures" actually get rid of a hangover is debatable, but one thing's for sure: the sorry state is universal. The only people immune to hangovers are the ones who avoid alcohol altogether.

So for those who do indulge, even if it's just once in awhile, see our interactive featuring cures from around the world (also above). As New Year's Eve looms with its attendant excuse to imbibe, perhaps it would be wise to stock your refrigerator with one of these antidotes. Pickled herring, anyone?

Read More..

Woman Charged With Murder in NYC Subway Push

A woman who allegedly told New York City police she pushed a man onto the subway tracks because she hated Hindus and Muslims has been charged with murder as a hate crime.

Erica Menendez, 31, allegedly told police that she "pushed a Muslim off the train tracks because I hate Hindus and Muslims ever since 2001 when they put down the twin towers I've been beating them up."

Menendez was taken into custody this morning after a two-day search, and when detectives were interviewing her she allegedly made the statements implicating herself in Thursday night's subway-platform death.

"The defendant is accused of committing what is every subway commuter's worst nightmare -- being suddenly and senselessly pushed into the path of an oncoming train," Queen District Attorney Richard A. Brown said. "The victim was allegedly shoved from behind and had no chance to defend himself. Beyond that, the hateful remarks allegedly made by the defendant and which precipitated the defendant's actions can never be tolerated by a civilized society."

Menendez was due to be arraigned this evening. She could face 25 years to life in prison if convicted of the second degree murder charge.

On Thursday night, a woman shoved a man from a subway platform at Queens Boulevard, and the man was crushed beneath an oncoming train. Police had searched the area for her after the incident.

New York City Subway Pusher Charged With Murder Watch Video

The victim was Sunando Sen, identified by several media outlets as a graphic designer and Indian immigrant who opened a print shop, Amsterdam Copy, on Manhattan's Upper West Side. Sen was struck by the No. 7 train after the unidentified woman allegedly pushed him from the northbound platform at 40th Street and Queens Boulevard at 8:04 p.m. on Thursday.

Witnesses told police they had seen the woman mubling to herself, pacing along the platform. She gave Sen little time to react, witnesses said.

"Witnesses said she was walking back and forth on the platform, talking to herself, before taking a seat alone on a wooden bench near the north end of the platform. When the train pulled into the station, the suspect rose from the bench and pushed the man, who was standing with his back to her, onto the tracks into the path of the train," NYPD Deputy Commissioner Paul J. Browne said earlier today. "The victim appeared not to notice her, according to witnesses."

READ: What to Do If You Fall on the Subway Tracks

Police released brief surveillance video of the woman fleeing the subway station, and described the suspect as a woman in her 20s, "heavy set, approximately 5'5" with brown or blond hair."

It was New York's second death of this kind in less than a month. On Dec. 3, 58-year-old Ki-Suck Han of Queens was shoved onto the tracks at New York's Times Square subway station. Two days later, police took 30-year-old Naeem Davis into custody.

On Friday, New York City Mayor Michael Bloomberg was asked whether the attack might be related to the increase of mentally ill people on the streets following closures of institutions over the past four decades.

"The courts or the law have changed and said, no, you can't do that unless they're a danger to society. Our laws protect you," Bloomberg said on his weekly radio show.

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