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July 2009
Panel pushes health care bill toward passage (AP)
WASHINGTON – After a bruising struggle, Democrats pushed sweeping health care legislation to the brink of passage in a key congressional committee on Friday, clearing the way for a September showdown in the House on President Barack Obama's top domestic priority.
As part of a last-minute series of changes, majority Democrats on the Energy and Commerce Committee agreed to limit increases in the cost of insurance sold under the bill, and also to give the federal government authority to negotiate directly with drug companies for lower prices under Medicare.
The new provisions were part of an intensive effort Democrats have made in recent days to satisfy the conflicting demands of liberals and conservatives on the panel. "We have agreed we need to pull together," said Rep. Henry Waxman, D-Calif., the committee chairman.
The measure is designed to extend health insurance to millions who now lack it, at the same time it strives to slow the growth in medical costs nationwide Obama's twin goals.
In the run-up to final approval, the panel handed the drug industry a victory, voting 47-11 to grant 12 years of market protection to high-tech drugs used to combat cancer, Parkinson's and other deadly diseases. The decision was a setback for the White House, which had hoped to give patients faster access to generic versions of costly biotech medicines like the blockbuster cancer drug Avastin.
Democrats also turned back a Republican bid to strip out a provision allowing the government to sell insurance in competition with private industry. The vote was 31-28, reflecting the narrow working majority Democrats had on a committee with 59 members.
Passage would clear the way for a vote in the full House on Obama's drive to remake the face of health care once lawmakers return from a five-week vacation.
The pace is far slower than the White House or Democratic leaders had hoped, but still faster than in the Senate.
There, Democrats said a deadline of Sept. 15 had been imposed on marathon talks aimed at producing a bipartisan compromise. Several officials said Sen. Max Baucus, D-Mont., had informed fellow senators he intends to convene his Finance Committee to begin voting by then.
Without a bipartisan bill, Baucus would presumably have to produce a measure tailored to Democratic specifications, a step he has said repeatedly he would rather avoid. It wasn't clear how much the deadline was Baucus' idea, and how much it reflected growing impatience at the White House and on the part of Senate Majority Leader Harry Reid of Nevada.
The Energy and Commerce Committee was the third of three House panels to act on the legislation, a measure that numerous lawmakers note would rearrange one-sixth of the nation's economy.
Under the bill, insurance companies would be required to sell coverage to all seeking it, without exclusions for pre-existing medical conditions. The federal government would provide subsidies for lower-income families to help them afford policies that would otherwise be out of their reach.
The bills would set up so-called exchanges, in effect national marketplaces where consumers both with and without subsidies could evaluate different policies and choose the one they wanted.
The main expansion of coverage would not come until 2013 after the next presidential election.
Even so, the political stakes are enormous for Obama and the Democrats as they strive to pass legislation that has proven elusive for years. Republicans are overwhelmingly opposed to the approach they chose, and outside groups on both sides of the issue arranged a heavy dose of television advertising over August.
"Let me assure you: There will be a health care reform bill passed and it will make a big difference in the lives of the American people," Speaker Nancy Pelosi, D-Calif., said in an interview.
But the House Republican Leader, John Boehner of Ohio, countered that "Democrats are in for a long, hot summer once they return to their congressional districts, where Americans are lining up in opposition to a government takeover of health care. "
On a vote that crossed party lines, abortion opponents failed in an attempt to bar insurance plans that offer abortion services from accepting customers with government subsidies. The vote was 31-27.
On Thursday night, the panel agreed on a provision saying the government could neither require nor prohibit abortion services in insurance plans sold in the exchange.
Waxman's announcement of a series of last-minute changes capped a tumultuous period that began more than two weeks ago when conservative and moderate Democrats on the panel sought changes.
Needing their votes, Waxman began negotiations that grew to include Pelosi and White House Chief of Staff Rahm Emanuel. An agreement at midweek excluded more businesses from a requirement to offer insurance to their workers and reduced subsidies for lower-income uninsured.
It also swiftly triggered a counter-revolt among liberals, who demanded the subsidies be restored in full.
The final deal accommodated them without sacrificing the concessions made earlier to the conservatives, and included numerous other provisions.
Insurance plans sold in the exchange would need government approval before increasing premiums by more than one and half times medical inflation. The Bureau of Labor Statistics calculated that medical prices rose at an annual rate of 3.6 percent annually for the three months ending in June.
The provision giving the federal government the right to negotiate for better drug prices under Medicare has long been a goal of Democrats who say it could lower costs for seniors. Critics argue that is unlikely unless Congress also limits the drugs than can be sold, thereby giving the government the ability to play one company off against another.
That has long been viewed as politically unfeasible under Medicare, because it would limit the choice that seniors now enjoy.
But including restrictions in the government health insurance option would place it in line with Medicaid, the government program for the poor, as well as the Department of Veterans Affairs and many private plans that limit drug choice.
___
Associated Press writer Ricardo Alonso-Zaldivar contributed to this report.
Profit reports push Dow to best July in 20 years (AP)
NEW YORK – The stock market's best July in 20 years is giving investors reason for hope about the economy.
Investors are placing big bets that the ability of companies to squeeze out surprise profits means the longest recession since World War II is finally easing its grip. But even as earnings and some economic reports suggest the economy is strengthening, the stock rally means investors will pay a bigger price if they are wrong.
The Dow surged 8.6 percent for the month, with most of the gains arriving in bursts in the final 15 days. The extraordinary run shaped July into the best month for the blue chips since October 2002 and the best July since 1989.
The broader Standard & Poor's 500 index, a benchmark for many mutual funds, also ran at a strong pace and July was its best performance since 1997. Even with the gains, the S&P is still down 37 percent from its peak in October 2007.
The companies that fared best in July were those that signaled they were patching up their businesses after a terrible winter and fall. Caterpillar Inc.'s earnings for the April-June quarter fell but the company raised its profit forecast for the year. Its stock surged 33.4 percent for the month.
Earnings reports that fueled the rally often contained a few dark spots. Many companies have been increasing their bottom line by taking a knife to costs. Eventually they will have to bring in more revenue because cost cuts can't increase profits forever.
Most companies are still making far less money than they were before the recession intensified last fall. Investors hoping for a slice of future profits are looking to the latest reports as reason to get in now.
Stu Schweitzer, global markets strategist at J.P. Morgan's Private Bank in New York, said the lower expenses means companies will be better positioned to reap big earnings when the economy does grow and revenue starts to tick higher.
Economic reports are starting to support traders' bets. The government reported Friday that the economy shrank at a pace of just 1 percent in the second quarter, better than analysts anticipated and the latest evidence that the recession is ebbing. In the first three months of the year the economy shrank at a pace of 6.4 percent, the steepest slide in nearly 30 years.
Despite the improving outlook, the economy still faces significant hurdles. Schweitzer and other analysts worry that difficulty for consumers in borrowing, unemployment and a still-weak housing market will keep growth in check. Key reports next week on manufacturing, housing, employment and the service industry could also reshape the market's view about where the economy is headed.
"I don't think this is a one-way staircase back up to where we came from. I fully expect potholes along the way," Schweitzer said.
On Friday, the Dow rose a modest 17.15, or 0.2 percent, to 9,171.61. The S&P 500 index rose 0.73, or 0.1 percent, to 987.48, while the Nasdaq composite slipped 5.80, or 0.3 percent, to 1,978.50.
For now, companies aren't hemorrhaging money like they were last fall and early this year. Traders began the latest rally July 13 when they rushed to buy stocks ahead of a strong profit report from Goldman Sachs Group Inc. Goldman's profits turned out to be huge, and a flow of strong quarterly report cards since then from companies like AT&T Inc. and microchip producer Intel Corp. confirmed that a range of companies were finding their footing.
Three of four companies in the S&P 500 index have reported results that topped analysts' expectations, according to Thomson Reuters. About 300 of the 500 companies have turned in their reports.
That unexpected bounty has pushed major market indexes to their best levels of the year. On July 23, the Dow rose above 9,000 for the first time since January. The Nasdaq topped 2,000 and the S&P 500 index neared the 1,000 mark, a level not seen since November.
"We're on the edge between recovery and speculation," said Rick Lake, portfolio manager of Aston/Lake Partners LASSO Alternatives Fund in Greenwich, Conn.
Lake said the market's ability to bounce higher in July even after getting bad news signals that many investors are looking to get into the rally.
The major stock indexes surged off 12-year lows in early March to surge almost 40 percent by mid-June before stumbling until earnings reports restored hopes for a rebound in the economy.
Investors have been putting money into areas that are expected to do well in a recovery. Materials companies in the S&P 500 index rose an average 12 percent for the month. Aluminum maker Alcoa Inc. jumped 13.8 percent for the month.
By comparison, energy stocks rose only 3.6 percent. Oil posted its first monthly drop since January as stockpiles remain high. Exxon Mobil Corp. edged up only 0.7 percent for the month.
Analysts credit some of the buying to short-covering, in which investors have to buy stock after having earlier sold borrowed shares in a bet they would fall. That can make doubts into short-term buyers and give an artificial lift to stocks.
Even good economic news can reveal lingering strains in the system. The GDP report found that consumers cut spending by 1.2 percent in the second quarter, after a 0.6 percent increase in the first quarter.
Also, consumers are still worried about their paycheck. The unemployment rate is at a 26-year high of 9.5 percent, and the Federal Reserve predicts it will top 10 percent by the end of the year.
In downturns over the past 60 years, the S&P 500 index has hit bottom an average of four months before a recession ended and about nine months before unemployment hit its peak.
In other trading Friday, bond prices rose. The yield on the benchmark 10-year Treasury note fell to 3.48 percent from 3.61 percent late Thursday.
Crude rose $2.51 to settle at $69.45 a barrel.
Three stocks rose for every two that fell on the New York Stock Exchange, where volume came to 1.5 billion shares compared with 1.4 billion Thursday.
The Russell 2000 index slipped 1.09, or 0.2 percent, to 556.71.
Leading tributes to Sir Bobby Robson (AFP)
LONDON (AFP) –
Former England manager Sir Bobby Robson passed away aged 76 on Friday and his death from cancer brought an emotional response from the football community:
"Sir Bobby was a wonderful man, a real gentleman. To manage the England national team for so long was a remarkable achievement and we all remember how close he came to leading England to the World Cup Final in Italy.
"His spirit and courage was incredible. To fight cancer so many times really showed the strength of the man."
- England manager Fabio Capello
"I was never too big or proud to ask him for advice which he gave freely and unconditionally. In my 23 years working in England there is not a person I would put an inch above Bobby Robson.
"I mourn the passing of a great friend; a wonderful individual; a tremendous football man and somebody with passion and knowledge of the game that was unsurpassed."
- Manchester United manager Sir Alex Ferguson
"We had some great times. He was just a pleasure to work with. I was with him in Portugal only a few weeks ago when I went over to play in his charity golf day which was a fantastic event.
"He was struggling with illness at the time and had been advised not to travel, but he wanted to be there. That just shows the character of the man."
- Bryan Robson, England captain under his namesake
"The death of Sir Bobby is a sad loss to football. His record in many different countries was testament to his talents as an outstanding manager, and he clearly never lost his tremendous passion and enthusiasm for the game."
- Liverpool manager Rafael Benitez
"He will be sadly missed by everyone, not just by people in the football world but from all walks of life. It's a very sad day for everyone, especially his family, his close friends and anyone who's ever worked with him."
- Alan Shearer, the former England striker who played for Robson at Newcastle
"He was a fantastic football manager, probably the most enthusiastic football man I've ever met in my life. Look at the job he did at Ipswich, and all over the world. I've never met a man with more enthusiasm and passion for football."
- Tottenham manager Harry Redknapp
"For everybody in the football world it's a very, very sad day. He's the closest we've come to winning the World Cup (since 1966) - that's how good Bobby was.
"I met up quite a few times with him when he was Newcastle manager and that passion was still there. I think that was still there to this very day. He had a genuine, refreshing love the game."
- Glenn Hoddle, a former England coach and one of Robson's players at the 1986 World Cup
"He had a tremendous enthusiasm and passion for football and life and continued to retain this right to the last days of his life.
"He will be deeply missed by everyone, especially those who played for him. I have the fondest memories of playing for him at two World Cups."
- Former England striker Gary Lineker, who played for Robson at two World Cups
"It's really sad and I am really hard put to a few words together. We came across each other many times, on TV for World Cups, and we played against each other. We go back far and we had some great times. I feel now for Bobby's family."
- Terry Venables, like Robson a former England and Barcelona coach
"Everyone had the utmost respect for him. He handled people in the right fashion and I think that was his major strength. He was a joy to be around."
- Ray Wilkins, the former Manchester United and AC Milan star who played for Robson at the 1986 World Cup
Onglyza Sanctioned for Type 2 Diabetes (HealthDay)
FRIDAY, July 31 (HealthDay News) -- Onglyza (saxagliptin) has
been approved by the U.S. Food and Drug Administration to treat type 2
diabetes in adults, the agency said Friday.
The once-daily pill is meant to be combined with proper diet and
exercise to help control blood sugar, the agency said in a news release.
It's among a class of drugs called dipeptidyl peptidase-4 (DPP-4)
inhibitors, which are designed to have the pancreas produce more insulin
after a person eats. Insulin helps the body maintain normal blood sugar
levels.
Onglyza was approved based on results from eight clinical studies.
Makers Bristol-Myers Squibb and AstraZeneca submitted their approval
application before December 2008, when the FDA imposed new clinical-study
standards designed to evaluate the cardiovascular effects of diabetes
drugs. While there's no evidence of increased risk of cardiovascular
problems among Onglyza users, the agency said it ordered a post-market
study of the drug that will concentrate on cardiovascular safety among
high-risk users.
The most common reported side effects from Onglyza include upper
respiratory infection, urinary tract infection, headache and allergic
reactions, the FDA said.
More information
To learn more about this approval, visit the FDA.
Indicted NJ mayor resigns after 3 weeks on job (AP)
HOBOKEN, N.J. – Mayor Peter Cammarano III resigned on Friday, a week after vowing to stay in office and fight federal corruption charges against him.
Cammarano, who took office just three weeks ago following a runoff election, was snared last week in a sweeping federal corruption probe that resulted in the arrests of 44 people, including rabbis and dozens of public officials.
The 32-year-old Hoboken's youngest mayor sent a letter to the city clerk on Friday saying his resignation was effective at noon.
"I apologize to the residents of Hoboken for the disruption and disappointment this case has caused," he said in the letter.
Cammarano, an election-law attorney, is accused of accepting $25,000 in bribes in exchange for help on a purported high-rise building project in the city. He is the second elected official to resign in the wake of the arrests.
In his letter and through his attorney, he reiterated his innocence and said he still intends to fight the charges.
"It became clear in the past six or seven days that, given the controversy surrounding his case, he could not perform his duties," said Cammarano attorney Joseph Hayden. "It was injurious to Hoboken government for him to stay in there, not to mention the fact that the controversy was a burden on his family."
Gov. Jon Corzine had praised Cammarano as a rising star in the Democratic Party. But that turned to disgust after Cammarano's arrest and Corzine announced on Thursday that the mayor would resign.
City Council President Dawn Zimmer, who lost a June 10 runoff election to Cammarano by 161 votes, was being sworn in as acting mayor Friday. A special election will be held in November to fill the remainder of Cammarano's term.
Cammarano's arrest came at a tough time for Hoboken, which has become a bedroom community of sorts for Manhattan professionals. Financial industry layoffs have hit the city hard, flooding the real-estate market with homes for sale or rent.
Residents seemed relieved Cammarano is leaving office. Many have protested outside the mayor's home and at City Hall with signs that said "Shame on You" and "Resign."
Dinorah Vargas, 50, a lifelong Hoboken resident, said she didn't vote for Cammarano and was hopeful his resignation would be the start of reform in the one-square-mile waterfront town that served as the setting for "On the Waterfront," the 1954 Marlon Brando film about crookedness on the docks.
"I'm glad it's over. We have to move forward, and I think it's going to be a different city," said Vargas, who didn't vote for Cammarano.
Secaucus Mayor Dennis Elwell, who was among those arrested in the corruption sweep, resigned earlier this week.
___
Beth DeFalco reported from Trenton, N.J.
Former England manager Bobby Robson dies at age 76 (AP)
LONDON – Bobby Robson, who coached England to the 1990 World Cup semifinals and won soccer trophies in four countries, has died. He was 76.
A family statement issued Friday said Robson died of cancer at home in County Durham.
Robson had appeared in a wheelchair at Newcastle's St. James' Park on Sunday when thousands of soccer fans crowded into the stadium to pay tribute to him and raise funds for his cancer charity.
The popular coach was given a knighthood in 2002 for his services to soccer. He was diagnosed with cancer five times since 1991 and had continued to work until November 2007.
As a midfielder with Fulham and West Bromwich Albion, Robson played 20 times for England, including the 1958 World Cup.
Levin: 'Cash for Clunkers' good through Friday (AP)
WASHINGTON – A lawmaker says he's been assured by Transportation Secretary Ray LaHood that the financially strapped "cash for clunkers" program will be good at least through Friday.
Michigan Sen. Carl Levin said he got the word from the Obama administration as members of the Ohio and Michigan congressional delegations huddled on Capitol Hill to discuss ways to keep the popular program going.
Levin, a Democrat, said he received assurances that cars could be purchased under the program on Friday. He also said that beyond Friday, "depends on whether the administration can find some money."
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) A lawmaker says he's been assured by Transportation Secretary Ray LaHood that the financially strapped "cash for clunkers" program will be good at least through Friday.
Michigan Sen. Carl Levin said he got the word from the Obama administration as members of the Ohio and Michigan congressional delegations huddled on Capitol Hill to discuss ways to keep the popular program going.
Levin, a Democrat, said he received assurances that cars could be purchased under the program on Friday. He also said that beyond Friday, "depends on whether the administration can find some money."
Bluebirds
Live food is living food for carnivorous or omnivorous animals kept in captivity; in other words, small animals such as insects or mice fed to larger carnivorous or omnivorous species kept in either in a zoo or as pet.
Live food is commonly used as feed for a variety of species of exotic pets and zoo animals, ranging from alligators to various snakes, frogs and lizards, but also including other, non-reptile, non-amphibian carnivores and omnivores (for instance, skunks, which are omnivorous mammals, can be technically be fed a limited amount of live food, though this is not known to be a common practice). Common live food ranges from crickets (used as an inexpensive form of feed for carnivorous and omnivorous reptiles such as bearded dragons and commonly available in pet stores for this reason), waxworms, mealworms and to a lesser extent cockroaches and locusts, to small birds and mammals such as mice or chickens.
Gift Baskets
A gift basket, or fruit basket is typically a gift that is delivered to the recipient at their home or workplace. There are different varieties of gift baskets, some which have fruit only, some with dry/canned goods only (such as tea, crackers and jam) although the standard gift basket will have have a selection of both. Gourmet gift baskets are very similar to the standard gift basket, although it will include more unusual/high end fruit, and often will have good quality cheese and wine included.
In the United States and some other countries, certain types of gifts above a certain monetary amount are subject to taxation. See gift tax for more information.
Georgia Health Insurance
When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a 'claim' against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the 'premium'. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claimsââ¬âin theory for a relatively few claimantsââ¬âand for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (i.e., reserves), the remaining margin is an insurer's profit.
In short, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100 percent subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices.