North Korea mourns Kim Jong Il; son is 'successor' (AP)

PYONGYANG, North Korea ? North Koreans marched by the thousands Monday to their capital's landmarks to mourn Kim Jong Il, many crying uncontrollably and flailing their arms in grief over the death of their "Dear Leader."

North Korean state media proclaimed his youngest son, Kim Jong Un, a "Great Successor," while a vigilant world watched for any signs of a turbulent transition to the untested leader in an unpredictable nation known to be pursuing nuclear weapons.

South Korea's military went on high alert in the face of the North's 1.2 million-strong armed forces following news of Kim's death after 17 years in power. North Korea said Kim died of a heart attack on Saturday while carrying out official duties on a train trip. President Barack Obama agreed by phone with South Korean President Lee Myung-bak to closely monitor developments.

On the streets of the North Korean capital, Pyongyang, people wailed in grief, some kneeling on the ground or bowing repeatedly. Children and adults laid flowers at key memorials.

A tearful Kim Yong Ho said Kim Jong Il had made people's lives happier. "That is what he was doing when he died: working, traveling on a train," he said.

Other North Koreans walked past a giant painting of Kim Jong Il and his late father, national founder Kim Il Sung, standing together on Mount Paektu, Kim Jong Il's official birthplace. Wreaths were neatly placed below the painting.

"How could the heavens be so cruel? Please come back, general. We cannot believe you're gone," Hong Son Ok shouted, her body shaking wildly during an interview with North Korea's official television.

A foreigner who teaches at a university in Pyongyang told The Associated Press that students told about Kim's death looked very serious but didn't show any outward emotion.

"There was a blanket of silence," said the teacher, who spoke on condition of anonymity because of worries about his security. "People were going about their business. Lots of people were lining up to lay flowers at official portraits. People looked a little stunned and very serious, but composed and respectful."

"He passed away too suddenly to our profound regret," said a statement carried by the North's official Korean Central News Agency. "The heart of Kim Jong Il stopped beating, but his noble and august name and benevolent image will always be remembered by our army and people."

He was 69, according to official records, though some reports indicate he was 70.

North Korean state media fell short of calling Kim Jong Un the country's next leader, but gave clear indications that Kim Jong Il's third son, who is believed to be in his late 20s, would succeed his father.

The North said in a dispatch that the people and the military "have pledged to uphold the leadership of comrade Kim Jong Un" and called him a "Great Successor" of the country's revolutionary philosophy of juche, or self reliance.

The death could set back efforts by the United States and others to get Pyongyang to abandon its nuclear weapons ambitions, because the untested successor may seek to avoid any perceived weakness as he moves to consolidate control.

"The situation could become extremely volatile. What the North Korean military does in the next 24-48 hours will be decisive," said Bill Richardson, a former U.S. ambassador to the United Nations who has made several high-profile visits to North Korea.

The death comes at a sensitive time for North Korea as it prepares for next year's 100th anniversary of the birth of Kim Il Sung. The preparations include massive construction projects throughout the city as part of Kim Jong Il's unfulfilled promise to bring prosperity to his people.

Seoul and Washington will worry that Kim Jong Un "may feel it necessary in the future to precipitate a crisis to prove his mettle to other senior leaders," said Bruce Klingner, an Asia analyst at The Heritage Foundation think tank in Washington.

North Korea conducted at least one short-range missile test Monday, a South Korean official said. South Korea's military sees the firing as part of a scheduled routine drill, instead of a provocation, said the official, speaking on condition of anonymity because of a policy that bans commenting on intelligence matters.

However, Konstantin Makienko of the Moscow-based Center for Analysis of Strategies and Technologies said the test "undoubtedly is connected to the death of North Korean leader Kim Jong Il."

"Its goal is to show the world that ... the armed forces of this country now are completely battle-ready and will react to any development," he told the Russian news agency RIA-Novosti.

North Korea conducted two nuclear tests in 2006 and 2009 and is thought to have enough plutonium for at least a half-dozen weapons. But experts doubt the North has mastered the technology needed to mount a nuclear warhead on a missile.

In Seoul, residents worried about instability in the North. A parliamentary official, Lee Kyu-yun. said he was thinking of stocking up food in case of soaring military tensions.

Lee Byung-joon, 27, feared South Korea might have to fight a war against the North if high-ranking officials challenge the inexperienced Kim Jong Un.

"I definitely think the chance of war breaking out between the South and the North is higher now than before," Lee said.

Some analysts, however, said Kim's death was unlikely to plunge the country into chaos because it already was preparing for a transition. Kim Jong Il indicated a year ago that Kim Jong Un would be his successor, putting him in high-ranking posts.

"There won't be any emergencies in the North, at least in the next few months," said Baek Seung-joo of the state-run Korea Institute for Defense Analyses in South Korea.

Another analyst said an internal power struggle could break out between Kim Jong Un and his uncle, Jang Song Thaek, who was elevated in the government last year and likely will be given a caretaker role in the new administration

"Tension will arise between Jang and Kim Jong Un, because Kim will have no choice but to share some power with Jang," said Ryoo Kihl-jae, a professor at the University of North Korean Studies, which is in South Korea.

The North said it would place Kim's body in the Kumsusan memorial palace in Pyongyang and that his funeral would be Dec. 28. No entertainment will be allowed during an 11-day mourning period, and the country will accept no "foreign delegations hoping to express condolences," it said.

South Korea's President Lee urged his people to remain calm while his Cabinet and the parliament convened emergency meetings. The Defense Ministry said the South Korean military and the 28,500 U.S. troops stationed in South Korea bolstered reconnaissance and were sharing intelligence on North Korea. Lee also talked with the leaders of Japan and Russia.

The Obama administration called Monday for a peaceful and stable leadership transition in North Korea.

The United States is still looking for better relations with the North Korean people despite the "evolving situation" there, said U.S. Secretary of State Hillary Rodham Clinton. "We both share a common interest in a peaceful and stable transition in North Korea as well as ensuring regional peace and stability," she said.

However, U.S. officials said Kim's passing and assumption of power of his son, Kim Jong Un, will likely delay anticipated developments on resuming nuclear disarmament talks with the North and supplying the nation with food aid.

The administration had been expected to decide on both issues this week. The officials said the U.S. was particularly concerned about any changes that Kim's death might spark in the military postures of North and South Korea, but were hopeful that calm would prevail.

In a special broadcast Monday from the North Korean capital, state media said Kim died on a train due to a "great mental and physical strain" during a "high intensity field inspection." It said an autopsy was done Sunday and "fully confirmed" the diagnosis. Kim suffered a stroke in 2008.

___

Associated Press writers Jean H. Lee in Pyongyang, Foster Klug, Hyung-jin Kim, Sam Kim and Jiyoung Won in Seoul and Matthew Lee in Washington contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/nkorea/*http%3A//news.yahoo.com/s/ap/20111220/ap_on_re_as/as_nkorea_kim_s_death

blue bloods temple grandin texas rangers marie osmond st louis cardinals josh hamilton beavis and butthead

Flash floods kill more than 500 in Philippines (AP)

ILIGAN, Philippines ? Tropical Storm Washi blew away Sunday after devastating a wide swath of the southern Philippines with flash floods that killed at least 521 people as they slept and turned two coastal cities into a muddy wasteland filled with overturned cars and uprooted trees.

With nearly 500 people missing, Defense Secretary Voltaire Gazmin and top military officials were to fly to the worst-hit city of Cagayan de Oro to help oversee search-and-rescue efforts and deal with thousands of displaced villagers, as the weather began to clear and floodwaters receded. Among the items urgently needed are coffins and body bags, said Benito Ramos, who heads the government's disaster-response agency.

"It's overwhelming. We didn't expect these many dead," Ramos said.

Edmund Rubio, a 44-year-old engineer, said he, his wife and two children scrambled to the second floor of their house in Iligan city as raging floodwaters engulfed the first floor, destroying his TV set and other appliances and washing away his car and motorcycle.

Amid the panic, he heard a loud pounding on his door as his neighbors living in nearby one-story houses pleaded with him to allow them into one of his second-floor rooms. He said he brought 30 of his neighbors into the safety of the second floor of his house, which later shook when a huge, floating log slammed into it.

"It's the most important thing, that all of us will still be together this Christmas," Rubio told The Associated Press. "There was a nearby shantytown that was smashed by water. I'm afraid many people there may not have been as lucky as us."

Army officers reported unidentified bodies piled up in morgues in Cagayan de Oro, where electricity was restored in some areas, although the city of more than 500,000 people remained without tap water.

Philippine Red Cross Secretary General Gwendolyn Pang told the AP that at least 521 people had died in the floods, mostly children and women, and that 458 others were reported missing.

The death toll will most likely rise because many villages remain isolated and unreached by overwhelmed disaster-response personnel. The worst-hit cities were Cagayan de Oro, where at least 239 people died, and nearby Iligan, where Red Cross aid workers reported 195 dead, Pang said.

"Our fear is there may have been whole families that perished so there's nobody to report what happened," Pang said. "Many areas remain isolated and strewn with debris and unreached by rescue teams."

Tropical Storm Washi started to blow away toward the South China Sea on Sunday after slamming into the western province of Palawan, allowing the weather to clear and disaster-response contingents to intensify search-and-rescue work.

Most of the victims were asleep Friday night when raging floodwaters cascaded from the mountains with logs and uprooted trees after 12 hours of rain from the late-season tropical storm in Mindanao. The region is unaccustomed to the typhoons that are common to the north of the Philippine archipelago.

Both Iligan, a bustling industrial center about 485 miles (780 kilometers) southeast of Manila, and Cagayan de Oro were filled with scenes of destruction and desperation.

A swollen river sent floodwaters gushing through neighborhoods that do not usually experience flooding. A man floated in an inner tube in muddy water littered with plastic buckets, pieces of wood and other debris. Ten people in one home stood on a sloping roof, waiting for rescuers even as water still flooded the lower floors.

Local television footage showed muddy water rushing in the streets, sweeping away all sorts of debris. Thick layers of mud coated streets where the waters had subsided. One car was thrown over a concrete fence and others were crushed and piled atop each other in a flooded canal.

Benito Ramos, who heads the government's Office of Civil Defense, attributed the high casualties in Mindanao "partly to the complacency of people because they are not in the usual path of storms" despite four days of warnings by officials that one was approaching.

Thousands of soldiers and hundreds of local police, reservists, coast guard officers and civilian volunteers were mobilized for rescue efforts, but they were hampered by the flooded-out roads and lack of electricity.

Authorities recovered bodies from the mud after the water subsided. Parts of concrete walls and roofs, toppled vehicles and other debris littered the streets.

Rescuers in boats rushed offshore to save people swept out to sea. In Misamis Oriental province, 60 people were plucked from the ocean off El Salvador city, about six miles (10 kilometers) northwest of Cagayan de Oro. Coast guard boats and other rescuers were scouring the waters off Iligan for survivors or bodies that may have been swept away to sea.

In just 12 hours, Washi dumped more than a month of average rains on Mindanao. Forecaster Leny Ruiz said records show that storms that follow the same path as Washi come only once in about every 12 years.

U.S. Secretary of State Hillary Rodham Clinton said in a statement that the Obama administration offered its "deepest condolences" for the devastation in the southern Philippines.

"The U.S. government stands ready to assist Philippine authorities as they respond to this tragedy," the statement said. "Our thoughts and prayers are with all of those affected."

___

Jim Gomez reported from Manila. Associated Press writers Oliver Teves and Hrvoje Hranjski contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20111218/ap_on_re_as/as_philippines_storm

newt gingrich chicago bears margarito margarito horton hears a who horton hears a who cotto margarito

No brakes on breast cancer cells

Friday, December 16, 2011

MicroRNAs or miRNAs are tiny RNA molecules that have only about 20 nucleotides and do not code for proteins. They regulate many important processes in cells by binding to target messenger RNAs ? the instructions for protein production ?, thus blocking production of the respective protein. In cancer, the production of some miRNAs is often reduced or amplified. This particularly affects miRNAs that regulate the activity of cancer-promoting genes.

A key molecule in the development of cancer is a transcription factor called NFkappaB, which is an important switch for many genes with inflammation-promoting effects. At DKFZ, Professor Dr. Stefan Wiemann and collaborators have now investigated whether microRNAs that affect NFkappaB production are deregulated in breast cancer. Jointly with colleagues at Heidelberg and Tuebingen University Hospitals, the DKFZ team studied over 800 miRNAs and discovered a family of RNA molecules known as miR-520, which particularly strongly reduce the production of NFkappaB. "If the cells produce less NFkappaB, the production of inflammation-promoting signaling molecules is reduced. This puts a brake on cancer growth, because these signaling molecules promote invasive capacity, formation of new vessels and metastasis," says Ioanna Keklikoglou, a doctoral student Wiemann's department, explaining this mechanism.

However, miR-520 does not only act like a cancer brake by suppressing NFkappaB. In addition, Wiemann's team discovered that this microRNA also blocks another cancer-promoting signaling pathway that is triggered by growth factor TGF-beta. TGF-beta signals cause malignant cells to be less firmly anchored in the tissue and, thus, better able to invade surrounding organs ? a characteristic feature of cancer cells.

Subsequently, the DKFZ researchers studied the question of whether the findings obtained in cancer cells in the culture dish are also involved in breast cancer. Studying tumor tissue samples of 76 patients, the team discovered that tumors which have already spread to the lymph nodes produce less miR-520 than those which have not yet spread. However, this connection was only found in tumors that do not produce receptors for the female sexual hormone, estrogen (ER-negative tumors).

"Our findings clearly demonstrate that miR-520 is a genuine cancer brake that suppresses the malignant behavior of tumor cells in two different ways at once," said Stefan Wiemann, commenting on the findings reported in his now published work. "This cancer brake appears to fail in many ER-negative breast tumors ? and also in cells of other types of cancer, as colleagues have now demonstrated." ER-negative breast cancer is particularly difficult to treat in many cases. Developing a microRNA therapy that blocks several cancer-promoting signaling pathways at once may therefore be an interesting option.

###

I Keklikoglou, C Koerner, C Schmidt, JD Zhang, D Heckmann, A Shavinskaya, H Allgayer, B G?ckel, T Fehm, A Schneeweiss, ? Sahin, S Wiemann and U Tschulena: MicroRNA-520/373 family functions as a tumor suppressor in estrogen receptor negative breast cancer by targeting NF-kappaB and TGF-b signaling pathways. Oncogene 2011, DOI: 10.1038/onc.2011.571

Helmholtz Association of German Research Centres: http://www.helmholtz.de/en/index.html

Thanks to Helmholtz Association of German Research Centres for this article.

This press release was posted to serve as a topic for discussion. Please comment below. We try our best to only post press releases that are associated with peer reviewed scientific literature. Critical discussions of the research are appreciated. If you need help finding a link to the original article, please contact us on twitter or via e-mail.

This press release has been viewed 131 time(s).

Source: http://www.labspaces.net/116107/No_brakes_on_breast_cancer_cells

justin bieber baby credit unions tower heist reviews recursion amy schumer amy schumer ascii art

Take Vacations When You're in the Middle of a Project, Not When You're Finished [Vacation]

Conventional wisdom dictates that the best time to take a vacation is after you've finished a project, and you can relax with a clear head. Stepcase Lifehack explains that this isn't always best: in fact, you're better off taking vacations in the middle of that big project, when you're feeling discouraged.

Finishing a project, they say, gives you momentum. Having a "win" under your belt motivates you to keep going strong, and taking a vacation can kill all the benefits that success brought you. Instead, they say, you should take those vacations when you're mentally tired and really need it:

Entrepreneurs don't need vacations to stay motivated, but we do need to manage our energy level, and vacations are a big part of that; it's important for us to take breaks, breath some fresh air, and get some perspective on what we're doing. In other words, even though we don't need vacations as rewards, they're great for resting and recharging?just so long as we don't take one at a time that will take away our momentum, or kill an opportunity.

For an entrepreneur (or anyone who is in charge of their own income), vacations don't come when projects are complete. On the contrary ? they should come when the projects are still in progress, but you're tired, and need to recharge to carry the ball the rest of the way.

See the diagram to the right for an example of what they say this would look like. It's obviously a bit more complicated than that, but it's a fairly interesting philosophy. Hit the link to read more, and if you've had any experience with this, let us know about your optimal vacation time in the comments.

Photo by Mandolin Davis.

The Absolute WORST Day to Take a Vacation (It's Not When You Think!) | Stepcase Lifehack

Source: http://feeds.gawker.com/~r/lifehacker/full/~3/FW2O0wqyZoM/take-vacations-in-the-middle-of-projects-not-after-youre-finished

thanksgiving crafts matt cassel snowman google music willis mcgahee willis mcgahee 2013 ford escape

Why 2011 Was Jennifer Aniston's Best Year Ever! (omg!)

After years of heartache and series of box office bombs, Jennifer Aniston finally got her groove back.

The 42-year-old actress dated a handful of men following her 2005 split with Brad Pitt, but it wasn't until she began romancing her Wanderlust costar Justin Theroux, 40, that she really found love again.

PHOTOS: JENNIFER ANISTON'S BEST YEAR EVER

"Jen hasn't felt this way about anyone since Brad," an insider told Us Weekly in August. Added another pal: "They are moving quickly, but they know the feelings they have about [each other] are different from past romances."

Aniston's new romance wasn't the only cause for celebration in 2011. In addition to starring in two hit movies (Just Go With It and Horrible Bosses), the actress expanded her social circle. She grew closer to Reese Witherspoon (who played her sister Jill on Friends) and vacationed with E!'s Chelsea Handler.

PHOTOS: Jennifer Aniston's hair history

"Jennifer Aniston makes me laugh," Handler, 36, has raved. "She's irreverent and hilarious, and she sends me really, really funny e-mails."

Aniston surrounded herself with more strong women when she got behind the lens as part of Lifetime's Five anthology. Joined by Demi Moore, Alicia Keys, Penelope Spheeris and Patty Jenkins, first-time director Aniston helped viewers empathize with five women's battle with breast cancer.

VIDEO: Ouch! Jennifer Aniston kicks a Chelsea Lately staffer in the crotch

Aniston's talents were recognized in July when she received the ultimate honor: taking part in the iconic hand and footprint ceremony at Grauman's Chinese Theatre in Hollywood.

"Man, I have to tell you, I never thought in my wildest dreams that I'd be sticking my body in cement for a good reason," Aniston joked.

PHOTOS: Jen's amazing bikini body through the ages

Making the event more special? Theroux and Handler joined Aniston for the momentous occasion.

For more on Jennifer Aniston's landmark year -- including her unforgettable hair makeover, her renovated NYC apartment, her first fragrance launch, and much more -- click through the Jennifer Aniston's Best Year Ever gallery now!

Get more Us! Follow us on Twitter, Friend us on Facebook, Subscribe to Us Weekly

Source: http://us.rd.yahoo.com/dailynews/rss/entertainment/*http%3A//us.rd.yahoo.com/dailynews/external/omg_rss/rss_omg_en/news_why2011_jennifer_anistons_best_ever_150253040/43927298/*http%3A//omg.yahoo.com/news/why-2011-jennifer-anistons-best-ever-150253040.html

ucla usc ucla usc sean taylor usc football cybermonday kansas city chiefs coach outlet

Senate OKs short-term extension of payroll tax cut

WASHINGTON?? The Senate voted Saturday to temporarily avert a Jan. 1 payroll tax increase and benefit cutoff for the long-time unemployed, but forcing a reluctant President Barack Obama to make an election-year choice between unions and environmentalists over whether to build an oil pipeline through the heart of the country.

With the still-reeling economy serving as a backdrop, the Senate's 89-10 vote belied a tortuous battle between Democrats and Republicans that produced the compromise two-month extension of the expiring tax breaks and jobless benefits and forestalled cuts in doctors' Medicare reimbursements.

It also capped a year of divided government marked by raucous partisan fights that tumbled to the brink of a first-ever U.S. default and three federal shutdowns, only to see eleventh-hour deals emerge. It ensured that the two sides would revisit the payroll tax cut early next year as the fights for control of the White House and Congress heat up.

By 67-32, senators gave final congressional approval to a separate $1 trillion bill financing the Pentagon and scores of other federal agencies through next September. That measure avoided a shuttering of government offices that otherwise would have occurred this weekend when temporary financing expired.

The tax legislation delivers tax cuts and jobless benefits that some Republicans opposed. It also represents a rebuff of Obama's original demands for a yearlong payroll tax reduction for 160 million workers that was to be even deeper than this year's cut, extended to employers and paid for by boosting taxes on the highest-earning Americans.

The measure's $33 billion price tag will be paid for instead by raising fees that government-backed Fannie Mae and Freddie Mac will charge to back new mortgages or refinancings, beginning next year. When fully phased in, those increases could cost a person with a $200,000 mortgage about $17 a month.

Despite the changes, Obama praised the Senate for passing the bill and prodded the Republican-run House to give it final approval in a vote expected early next week. He exhorted lawmakers to extend the tax cuts and jobless aid for the entire year, saying it would be "inexcusable" not to.

"It should be a formality, and hopefully it's done with as little drama as possible when they get back in January" from their holiday recess, he said.

Senate Republicans voted 39-7 in favor of the payroll tax measure, suggesting that many House GOP lawmakers might also back it. Of the 51 Senate Democrats and two independents who usually side with them, only three voted "no."

The Senate adjourned for the year after its votes Saturday.

While Obama and Democrats used the fight to portray themselves as defenders of beleaguered middle- and lower-income people, Republicans used it to cast themselves as champions of job creation.

1. Other political news of note

   1. GOP candidates for Congress bullish on Gingrich

      First Read: The hottest argument in Republican circles these days is whether nominating Newt Gingrich as the party standard-bearer would be disastrous or providential.

   2. Senate negotiators reach deal on payroll tax
   3. NYT: Health care law will let states tailor benefits
   4. House passes $1T budget bill, avoids shutdown
   5. The Iowa ad blitz is on

Headlining that was a provision they inserted forcing Obama to make a decision within two months on whether to allow construction of the proposed 1,700-mile Keystone XL pipeline, which is to deliver up to 700,000 barrels of oil daily from tar sands in Alberta, Canada, to refineries in Texas. The language requires him to issue the needed permit unless he declares the pipeline would not serve the national interest.

Unions have clamored for the thousands of jobs the project could create. Environmentalists have decried the huge amounts of energy it would take to extract the oil. Obama originally announced he was delaying a decision until 2013, which would have allowed him to avoid choosing between two Democratic constituencies before Election Day next November.

When the House inserted the language into its version of the payroll tax bill this month, Obama said he would "reject" the legislation if it retained the Keystone provision. He abandoned that stance this past week as GOP leaders said they would insist on keeping the Keystone language and the final deal jelled.

"The only thing standing between thousands of American workers and the good jobs this project will provide is a presidential decision," said Senate Minority Leader Mitch McConnell, R-Ky.

An administration official said Friday that Obama would almost surely refuse to grant the permit, a stance echoed Saturday by congressional Democrats.

"We feel we're giving them the sleeves off a vest," said Sen. Charles Schumer, D-N.Y.

Democrats said when Congress revisits the issue of renewing the tax cuts and jobless benefits early next year, they would win the political battle because they would be viewed as protecting peoples' household budgets.

Republicans, though, said they would once again focus the fight on jobs, with some predicting they would try adding provisions to repeal pollution curbs and other government regulations that they say make it harder for companies to hire people.

"There are lots of issues Republicans are interested in as job creators that will still be alive in March," said Sen. Roy Blunt, R-Mo.

The tax bill would renew this year's 4.2 percent payroll tax through February, preventing the rate from bouncing back to its normal 6.2 percent on New Year's Day. Obama pushed that cut through Congress a year ago as a way to help spark the economy by leaving more money in people's pockets.

A $50,000-a-year wage earner would save about $170 during next year's first two months under the bill the Senate approved Saturday.

Obama had proposed reducing the payroll tax employees pay to 3.1 percent next year. The levy is the chief source of revenue for Social Security.

For two more months, the tax measure would also continue current jobless benefits that provide a maximum 99 weeks of coverage for people who have been out of work the longest. Without any extension, the White House said, 2.5 million people would have lost coverage by the end of February.

The bill also prevents a 27 percent cut in Medicare reimbursements for doctors that might have induced some to stop treating the program's elderly beneficiaries.

The spending legislation carries out budget cuts across government that Republicans won earlier this year and includes GOP provisions blocking energy efficiency and coal dust requirements. Democrats fought off Republican language that would have blocked limits on greenhouse gases and hazardous emissions from utility plants and other sources.

___

Associated Press writer Andrew Taylor contributed to this report.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.msnbc.msn.com/id/45707185/ns/politics/

battle field 3 dana wilkey dana wilkey chuck liddell chuck liddell dancing with the stars brandi glanville

Fitch cuts ratings on 8 major banks (AP)

NEW YORK ? Fitch Ratings on Thursday downgraded its viability ratings on eight of the world's biggest banks, citing increased challenges facing the banking sector due to weak economic growth and heightened regulation.

The firm lowered its viability ratings for Bank of America Corp., Barclays PLC, BNP Paribas, Credit Suisse AG, Deutsche Bank AG, The Goldman Sachs Group Inc., Morgan Stanley and Societe Generale.

Bank of America's viability rating was lower to "bbb," which Fitch says denotes "good" prospects for ongoing viability. It had been "a-." The other banks have new ratings of "a-," "a," or "a+," a range denoting "strong" prospects for ongoing viability, according to Fitch.

It also downgraded its long-term issuer-default rating for most of the banks: Bank of America, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank and Goldman Sachs. The ratings still remain well into investment grade, at "A" or "A+" following the downgrades.

Fitch affirmed its long-term issuer-default ratings for Morgan Stanley, Society Generale and UBS AG.

In addition, it affirmed UBS' viability rating at "a-."

The rating changes follow a review by Fitch of large banks.

Fitch said that the group of large global banks is particularly sensitive to the challenges that financial markets face, including economic jolts and regulatory changes.

While the large banks have made significant progress it building up capital and liquidity to hedge against market challenges, Fitch said it believes the lenders remain vulnerable to market turmoil, especially during periods of financial stress.

The banks' complex business models make it more difficult to assess the size of losses that could emerge from unexpected events, Fitch said.

The firm anticipates market conditions will ease over time, but expects market volatility to remain elevated above historical averages. It also sees economic growth in development markets remaining subdued.

Even so, Fitch said it believes that the large global banks are in a much better position today to deal with difficult market conditions than in 2008, when the financial crisis hit.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111216/ap_on_bi_ge/us_fitch_global_banks

ncaa bowl schedule occupy dc trisomy 18 oklahoma state new orleans saints venus williams farrah abraham