Shares, oil steady before U.S. data, Fed meeting

LONDON (Reuters) - European shares consolidated near two-year highs on Tuesday and oil prices steadied as investors awaited data on the strength of U.S. economy and a Federal Reserve policy decision later in the week.

Most markets for riskier assets have risen solidly this year - despite only modest global growth - due to robust corporate earnings reports, signs of an end to the euro zone crisis and renewed momentum in the U.S. and Chinese economies.

But particularly in the equity markets, where many major indexes are close to multi-year highs, investors are looking for reassurance that a lasting economic recovery is underway.

"With markets posting significant gains for the year already, traders are becoming more demanding in their need for positive cues to keep up the buying momentum," said Jonathan Sudaria, a dealer at Capital Spreads in a trading note.

The FTSE Eurofirst 300 index <.fteu3> of top European shares was up 0.2 percent in early trade after hitting a 23-month high on Monday. London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were flat to 0.1 percent higher.

U.S. stock futures gained 0.1 percent, pointing to a firm Wall Street start. <.l><.eu><.n/>

Earlier the MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rallied 0.9 percent to end a four-day losing streak, led by a 1.1 percent jump in Australian shares <.axjo> to a fresh 21-month high.

The major event in investors' sights is the two-day Federal Reserve policy meeting. They are awaiting the Fed's decision and statement on Wednesday for any signs that the recent run of positive economic data would encourage policymakers to consider changing its easing policy.

The first estimate of U.S. fourth-quarter gross domestic product also will be released on Wednesday, followed by non-farm payrolls on Friday.

In Europe investors are looking to Spanish GDP data and Italian and German debt auctions on Wednesday, the first big day of European earnings on Thursday and the month-end.

Official data on China's growth outlook due Friday will also be important, especially for commodities markets.

Brent crude and U.S. oil were edging higher on Tuesday but, in line with equities, gains were limited with Brent crude up 16 cents to $113.64 a barrel and U.S. crude rising 44 cents to $96.88.

The euro was at $1.3450, not far from an 11-month high of $1.3480 hit on Friday when it had gained a boost from news of early repayments by euro zone banks of three-year loans to the European Central Bank, which suggested that parts of the banking system may be on the mend.

The euro, however, faces a series of major resistance levels near $1.35, including its 2012 high of $1.34869.

German government bond prices edged higher on Tuesday, as some investors were attracted by a dip that had followed Friday's announcement that banks would repay 137 billion euros of the ECB money.

Bund futures were 8 ticks higher on the day at 141.87. They hit a two-month low of 141.61 on Monday, having fallen by almost two full points in the past three sessions.

(Reporting by Richard Hubbard. Editing by)

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IHT Rendezvous: Europe's Big Bet on EVs and Hybrids

If you build it, they will come.

That’s the bet behind an ambitious plan to boost the number of electric vehicles and hybrids plying European roads by making electric charging stations nearly as common as gas stations.

The European Union wants to build a half million charging stations by 2020.

”We can finally stop the chicken and the egg discussion on whether infrastructure needs to be there before the large scale roll out of electric vehicles. With our proposed binding targets for charging points using a common plug, electric vehicles are set to hit the road in Europe,” the European commissioner for climate action Connie Hedegaard told the press on Thursday.

While electric vehicle charging stations are clearly the most ambitious part of the plan, the eight-billion-euro “Clean Power for Transport Package” also includes standards for developing hydrogen, biofuel and other natural gas networks.

“Developing innovative and alternative fuels is an obvious way to make Europe’s economy more resource efficient, to reduce our overdependence on oil and develop a transport industry which is ready to respond to the demands of the 21st century,” said European Commission Vice President Siim Kallas.

Four of the European countries with the most ambitious plug-in technology programs — Germany, France, Spain and Britain — have individual national plans that aim to have more than seven million electric cars on their roads by 2020. (Earlier this month Rendezvous reported on a market study that predicted that “natural growth” would mean there will be 7.8 million plug-in cars on the road globally by 2020).

Currently, plug-in vehicles make up a fraction of Europe’s estimated 250 million cars. In 2011, for example, only 1,858 pure electric vehicles were bought in Germany, 1,796 in France, 1,547 in Norway and 1,170 in Britain, according to E.U. figures. However, according to the European Automobile Manufacturers’ Association, electric vehicles and plug-in hybrids could make up as much as 2 – 8 percent of the total by 2025.

But a lot needs to happen in the next seven years.

For example, Germany had less than 2,000 publicly accessible electric charging stations in 2011, according to E.U. figures. By the end of the decade, the country would have to install another 148,000 public points to reach its target. By way of comparison, the whole country only has roughly 14,300 gas stations (most of which, of course, have multiple pumps).

In the United States, the global leader in the adoption of plug-in technology, there are currently about 5,300 publicly available charging stations, according to a government database.

Even E.U. member states that have virtually no public charging points available will open up to the network. For example, by 2020, the island state of Malta will have 1,000 charging points, according to the plan.

The plan would not only ensure Continental coverage for plug-in vehicles, it would introduce the “Type 2” plug as the standard system in Europe.

Currently, competing systems dominate in neighboring member states. Such infrastructure incompatibility makes it difficult to drive an electric car from Paris to Berlin, relying on public charging points.

But not everyone agrees with Ms. Hedegaard that providing recharging stations is the best way to bring electric vehicles to European roads.

“My basic concern is that the main barrier to electric vehicles isn’t recharging points, it’s the vehicle price. While having more public charging points will certainly help, it’s not in itself going to reduce the vehicle cost,” said Ben Lane, of sustainable transport solutions, a U.K.-based electric vehicle consultancy that also runs the Next Green Car Web site.

Noting that a vast majority of electric car or plug-in hybrid drivers avail themselves of private charging points, either at home or at work, Mr. Lane suggested that the funds would be more effectively spent by subsidizing the high cost of purchasing electric cars.

“Registration incentives for electric vehicles, such as currently operate in France, is one of the most effective ways to shift the market from conventional to electric drive trains,” he said in a telephone interview.

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Pentagon to boost cybersecurity force

WASHINGTON (Reuters) – The Pentagon plans to assign significantly more personnel in coming years to counter increasing threats against U.S. government computer networks and conduct offensive operations against foreign foes, a U.S. defense official said on Sunday.

The plan, which would increase both military and civilian staffing at U.S. Cyber Command, comes as the Pentagon moves toward elevating the new command and putting it on the same level as the major combatant commands.

The official said no formal decisions had been made on the expanding staffing levels or changing Cyber Command into a “unified” command like U.S. Strategic Command, which currently oversees cyber command and the U.S. nuclear weapons arsenal.

Any changes to the combatant command structure would be made based on strategic and operational needs, and take into account the need for efficient use of taxpayer dollars, said the official, who was not authorized to speak publicly.

The Pentagon was working closely with U.S. Cyber Command and the major military commands to develop “the optimum force structure for successfully operating in cyberspace,” the official said.

The Washington Post, quoting senior defense officials, reported late Sunday that the Pentagon had decided to expand Cyber Command’s current staffing level of 900 to 4,900 in coming years.

The official confirmed that Cyber Command planned to expand its force significantly, but said the specific numbers cited by the Post were “pre-decisional.”

The newspaper said senior Pentagon officials had agreed to increase the force late last year amid a string of attacks, including one that wiped out more than 30,000 computers at a Saudi Arabian state oil company. it said

The plan calls for creating three types of force under the Cyber Command, said the defense official.

“National mission forces,” would protect computer systems that undergird electrical grids and other kinds of infrastructure. “Combat mission forces,” would help commanders abroad execute attacks or other offensive operations, while “cyber protection forces,” would focus on protecting the Defense Department’s own systems.

Details were still being worked out, the official said.

(Reporting by Sarah Lynch and Andrea Shalal-Esa; Editing by David Brunnstrom)

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Funniest Quotes We're Still Talking About from the SAG Awards

Tina gives a shout-out to Girls' baby mama Amy, Jennifer Lawrence's super sweet 16 win and more LOL one-liners

Credit: Michael Buckner/WireImage

Updated: Monday Jan 28, 2013 | 12:20 AM EST

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

___

CDC: http://www.cdc.gov/flu/

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Euro, shares stall as investors turn cautious

LONDON (Reuters) - Rallies in European shares and the single currency stalled on Monday after strong gains last week as investors awaited confirmation that financial market conditions and the outlook for the euro area have improved.

Investor sentiment rose strongly on Friday after data showed European banks would repay more than expected of the emergency loans they borrowed from the European Central Bank (ECB) and that business sentiment in Germany was improving sharply.

A solid start to the corporate earnings season has also helped send many equity indexes to pre-financial crisis highs, with the Standard & Poor's 500 index closing last week at its highest level in over five years.

In the equity markets Europe's FTSEurofirst 300 index <.fteu3> shed 0.1 percent in early trade to 1,173.87 points, leveling off near its highest level for almost two years, though traders said there was still strong underlying demand.

"All European benchmarks are at their 2012-2013 highs. Every time there's even a slight pull-back, the buying pressure comes in," Aurel BGC chartist Gerard Sagnier said.

The market's cautious mood on Monday also followed a weaker session in Asia, where falls in technology companies saw the MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> drop 0.4 percent.

The euro held near an 11-month high against the dollar $1.3440

Meanwhile, German government bond futures, a key gauge of investor sentiment, continued to ease, slipping a further 7 ticks to 142.40 on Monday, and gold is languishing near a two-week low as hopes for an economic recovery worldwide dampen the metal's appeal as a safe haven.

Investors are keenly awaiting the ECB's monthly data on bank lending to companies and consumers, due later, for confirmation that growth is returning to the economy. Italy will also provide a test of investor sentiment when it auctions almost 7 billion euros ($9.4 billion) of 2-year and 5-year bonds.

However, the main focus for investors this week will be on the U.S., where the Federal Reserve's Open Market Committee meets on Tuesday and Wednesday, and where the nonfarm payrolls report is due out on Friday.

Oil prices were being held in check by the events coming up in the U.S., with Brent crude unchanged at $113.28 a barrel, while U.S. crude rose 17 cents to $96.05 after seven straight weekly gains - the longest such streak since early 2009.

($1 = 0.7421 euros)

(Reporting by Richard Hubbard; Editing by Will Waterman)

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IHT Rendezvous: 17th-Century Masterpiece Discovered at the Ritz

PARIS – The Hôtel Ritz Paris, famous for its bar, its swimming pool and its assignations, had a treasure hiding in plain sight, an exceptional painting that had been hanging on a wall for decades without anyone paying it the least attention.

With the hotel shut for renovation, the auction house Christie’s announced this week that art experts had decided that the long-ignored canvas was by Charles Le Brun, one of the masters of 17th-century French painting, and that it would be put it up for auction.

The painting, called “Le Sacrifice de Polyxène” (“The sacrifice of Polyxena”), dates from 1647. It hung above a desk in the hotel suite where Coco Chanel lived for more than 30 years, and was only discovered to be important last summer, when the hotel shut for a 27-month renovation in the face of stiff competition from newer hotels.

“It is a magical discovery,” said Cécile Bernard, a Christie’s expert. “The painting must have been there for at least 50 years.”

The painting depicts the killing of Polyxena, the youngest daughter of King Priam of Troy, who according to myth revealed the weakness of Achilles’ heel and thus led to his death. It will be shown at Christie’s in New York from Jan. 26 to 29 and auctioned on April 15.

Christie’s said it authenticated the painting after it was discovered by two art experts hired by the hotel, and estimates that it will sell for up to 500,000 euros ($665,000).

“Le Sacrifice de Polyxene” is an early work of Le Brun (1619-1690), whose monumental paintings adorn the gallery of Apollo in the Louvre and the Great Hall of Mirrors at Versailles. Experts say that the painting, which bears the painter’s initials, was done for a private collector before Le Brun was made “first painter to the king” by Louis XIV, who called him “the greatest French painter of all time.’’

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SAG Awards: Watch Live with PEOPLE

01/24/2013 at 06:30 PM EST

Happy Screen Actors Guild Awards!

On a night when the biggest stars of TV and film honor each other, we will be covering every inch of the red carpet beginning at 6 p.m. ET (3 p.m. PT) on our live pre-show, hosted by PEOPLE's Deputy Managing Editor Peter Castro and PEOPLE StyleWatch Managing Editor Susan Kaufman, right here on PEOPLE.com.

Join our @StyleWatchMag and @peoplemag Twitter party on Sunday to discuss the best dresses, the hottest hair and makeup and the most eye-popping jewels that nominees like Claire Danes, Jessica Chastain and Jennifer Lawrence will be wearing. Just use hashtag #PeopleSAG and your comments could appear on PEOPLE.com.

Once the show starts at 8 p.m. ET (5 p.m. PT), the fun continues as we track the winners, losers and best speeches of the night. PEOPLE editors and the stars, including Busy Phillips, will be Tweeting commentary, exclusive photos, behind-the-scenes tidbits and more on one of Hollywood's most heartfelt nights.

The 19th Annual Screen Actors Guild Awards will air live on TNT and TBS on Sunday, Jan. 27, at 8 p.m. ET (5 p.m. PT) from the Shrine Auditorium in Los Angeles. Be sure to join us!

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

___

CDC: http://www.cdc.gov/flu/

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India Ink: Jeet Thayil's Novel of Opium and Bombay Takes DSC Prize

Jeet Thayil, an Indian poet and author, won the DSC Prize for South Asian Literature at the Jaipur Literature Festival on Friday for his debut novel “Narcopolis.”

“Finally!” Mr. Thayil exclaimed when he was presented the award. His book, about the narcotic underbelly of Bombay 30 years ago, had been short-listed for four awards, but never won any.

The award is special because it is an Indian prize, he said. “How you are perceived at home does matter,” he said.

The Kerala-born author will take home a $50,000 prize purse. Mr. Thayil noted that it was a substantial amount of money, and part of the reason that the award was taken seriously.

“Writers like money,” he said. “We don’t have a job, but we have bills to pay.”

Mr. Thayil is the first Indian to win the award since its introduction by the infrastructure company DSC Limited in 2010. The first winner was a Pakistani writer, H.M. Naqvi, for his debut novel the “Home Boy.” Last year the Sri Lankan author Shehan Karunatilake’ s novel “Chinaman” won the prize.

A five-member jury received more than 80 entries for the prize, including translations of non-English writing. The contest is open to any writing about South Asia, not just to South Asian writers. The Indian poet and literary critic K. Satchidanandan, who led the jury, said, the award is significant because it is the first award that honors literary works about South Asia.

Other finalists included two Indians, two Pakistanis and a Bangladeshi writer.

Jamil Ahmed, a Pakistani author whose book, “The Wandering Falcon,” was a finalist, said that it took 40 years to publish the book. The retired bureaucrat wrote about the tribal population living along the Pakistan-Afghanistan border. He was born in pre-partition India and during his childhood he traveled across India with his family. That was when he said he first came in contact with tribes, which led him to “romanticize the tribes.”

“I want people to understand that tribes are not savage,” he said.

A work by the Indian author Uday Prakash, “The Walls of Delhi,” was also a finalist. The book, actually three novellas, was originally written in Hindi. The stories highlight the flaws of the state, including bureaucracy and the deep entrenchment of corruption, and it is narrated by three characters, a weaver, sweeper and a baby in a slum suffering from an undiagnosed disease. Mr. Prakash said these narratives symbolized the lives led by 70 percent Indians.

Other finalists included the Indian writer Amitav Ghosh for his book “River of Smoke,” the Pakistani writer Mohammed Hanif, for “Our Lady of Alice Bhatti” and Tahmima Anam, the author of “The Good Muslim,” from Bangladesh.

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