Stocks up in midday trading as spending rises

NEW YORK (AP) ? Technology companies led the stock market higher Monday, pushing the Standard & Poor's 500 index back up to the record high it reached earlier this month.

A pair of strong economic reports also encouraged investors. Wages and spending rose in the U.S. last month, and pending home sales hit their highest level in three years.

Shortly after 12 p.m., the Dow Jones industrial average was up 85 points at 14,798, a gain of 0.6 percent. Microsoft and IBM were among the Dow's best performers, rising 2 percent each.

Big tech firms have slumped this month. Concerns about weak business spending and slower overseas sales have weighed on the industry, said Marty Leclerc, the managing partner of Barrack Yard Advisors, an investment firm in Bryn Mawr, Pa. Revenue misses from IBM and other big tech companies have highlighted the industry's vulnerability to the world economy.

"The areas of the stock market that haven't done as well rely on exports," Leclerc said. "Those stocks more dependent on the domestic economy have done the best."

Tech played catch-up on Monday. Information technology stocks rose the most of the 10 industry groups in the S&P, 1.5 percent. It's the only group that remains lower over the past year.

The S&P 500 index was up 11 points to 1,593, a gain of 0.7 percent. That matches its all-time closing high reached on April 11.

The Nasdaq composite rose 32 points at 3,311, a rise of 1 percent. Apple, the biggest stock in the index, rose 3.5 percent to $431.95.

The number of Americans who signed contracts to buy homes reached the highest level since April 2010, according to the National Association of Realtors. Back then, a tax credit for buying houses had lifted sales. Separately, the government reported that Americans' spending and income both edged up last month.

Moody's and Standard & Poor's parent company McGraw-Hill surged following news that the ratings agencies settled lawsuits dating back to the financial crisis that accused them of concealing risky investments. McGraw-Hill gained 6 percent to $54.80, while Moody's jumped 10 percent to $61.02, the biggest gain in the S&P 500.

Eaton Corp. gained 5 percent to $61.31 after reporting that its quarterly net income jumped, beating Wall Street's estimates. The results were helped by its acquisition of Cooper Industries, an electrical equipment supplier.

In the market for government bonds, the yield on the 10-year Treasury note slipped to 1.65 percent. That's down from 1.67 percent late Friday.

Source: http://news.yahoo.com/stocks-midday-trading-spending-rises-162806957.html

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Indian arrested for letting son, 9, drive Ferrari

NEW DELHI (AP) ? Police in India have arrested a man who allowed his 9-year-old son to drive his Ferrari.

Mohammed Nisham was arrested on charges of endangering the life of a child and allowing a minor to drive, said Inspector Biju Kumar. He was released after posting bail of 5,000 rupees ($92), Kumar said.

Nisham's wife filmed the boy driving the sports car on his 9th birthday two weeks ago with his 5-year-old brother in the passenger seat. The video was widely watched on YouTube and created an outrage across India, causing police to file charges.

India's economic boom has created a class of super-rich, whose excesses are frequently in the news.

Police Inspector M.V. Verghese said the boy's father, who has a thriving tobacco and real estate business, owns 18 cars worth an estimated $4 million.

Nisham turned himself in at a police station near the port city of Kochi in the southern state of Kerala, Kumar said.

Police have impounded the Ferrari, but it will be returned to him in a few days after police complete the paperwork for the case, police said.

The boy's parents were unabashed. "I am proud of him. He's been driving since he was 5," said his mother, Amal Nisham.

She said the boy has also driven the family's Lamborghini and Bentley and other cars.

"It was his 9th birthday, and since he was insisting for months, we allowed him to drive the Ferrari. He is a cautious and confident driver," she told television channel NDTV.

"It's not easy for a child to achieve such a feat at this young age," she said.

___

Online:

http://www.youtube.com/watch?v=HYUnp7G9fBo

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/aa9398e6757a46fa93ed5dea7bd3729e/Article_2013-04-29-India-Kid's%20Ferrari/id-055d4a2e8bf742ddae4aa2b896781eb4

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Netanyahu says Iran hasn't crossed nuclear "red line"

JERUSALEM (Reuters) - Prime Minister Benjamin Netanyahu said on Monday Iran had not crossed the "red line" he set for its nuclear program, despite an assessment to the contrary by a former Israeli intelligence chief.

At the United Nations in September, Netanyahu drew a red line across a cartoon bomb to illustrate the point at which he said Iran will have amassed enough uranium at 20 percent fissile purity to fuel one nuclear bomb if enriched further. He said then that Iran could reach that threshold by mid-2013.

Last week, Amos Yadlin, a former chief of Israeli military intelligence, told a security conference in Tel Aviv that "the Iranians have crossed the red line" Netanyahu drew at the U.N. General Assembly.

Without referring directly to Yadlin, Netanyahu said at a meeting on Monday of his Likud-Beitenu parliamentary faction that Iran's nuclear activities remained short of his benchmark.

"Iran is continuing with its nuclear program. It has yet to cross the red line I presented at the United Nations, but it is approaching it systematically," he said in broadcast remarks.

"It must not be allowed to cross it."

The Islamic Republic says it is enriching uranium only for peaceful energy and medical purposes.

Israel, widely believed to be the Middle East's only nuclear-armed power, has issued veiled warnings for years that it might attack Iran if international sanctions and big power diplomacy fail to curb what it regards as a drive by Tehran to develop atomic weapons.

Israel has long insisted on the need for a convincing military threat and setting clear lines beyond which Iran's nuclear activity should not advance. It says this is the only way to persuade Iran to bow to international pressure by curbing enrichment activity and allowing unfettered U.N. inspections.

(Reporting by Jeffrey Heller; Editing by Mark Heinrich)

Source: http://news.yahoo.com/netanyahu-says-iran-hasnt-crossed-nuclear-red-line-142907114.html

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Czech communist whisky matures to excellence

PRADLO DISTILLERY, Czech Republic (AP) ? The Scottish peat was put on trucks and trains. The destination was Communist-era Czechoslovakia. The recipient: apparatchiks desperate for a decent whisky.

The journey beyond the Iron Curtain during the Cold War turned out to be the easy part. When the batch arrived, the Czech distillers had only a faint idea how to make whisky ? and it took years to get things right.

"It was one thing to read about it in books, but reality is something different," recalled Vaclav Sitner, a member of the team tasked with creating a premium whisky.

Now, almost 40 years on, the last batches of "Hammer Head" are winning rave reviews. And, in a historical twist, they are owned by a U.S. hedge fund that bought the beverage company that Sitner worked for.

Sitner, whose name still appears on the label, recalls the "alchemy" and "joy" as they concocted the whisky. It sold well despite its relatively high price in a communist economy.

In Czechoslovakia, living standards were higher than in most other communist nations, but only a limited variety of Western products were available at special stores for those privileged enough to have access to foreign currency. In common stores, there was a significant shortage of Western goods, from bananas to electronics.

"There were no means to import foreign whisky," Sitner said. Communist states' currencies were not convertible and the struggling command economies failed to produce enough decent goods to sell in exchange for hard currency.

The original plan was to source all the ingredients and equipment locally ? but met no luck.

"The problem was with the peat, because it didn't work," said Sitner. "The peat we had was from South Bohemia and in combination with oak shavings it created all sorts of problems."

"It was the most expensive peat in Europe. The (Scottish) peat didn't actually cost that much but the transport cost a fortune. We placed it on trucks and a train carriage. One carriage was enough for us for 5-6 years."

Sitner and his colleagues had to rely completely on their own skills since they had no chance to travel to Scotland to visit distilleries. They needed a good barley supplier and knowledge of how to grind it, a source of suitable water and new oak barrels where the product could mature for at least three years.

A small distillery in Pradlo, in the west of the country, coincidentally had a hammer mill of the kind used in Scottish distilleries. Dating from the 1920s, it was the only one in the entire country. Work started in 1976; three years of tests were needed before trial production could start ? and mass production started eight years later.

Communist apparatchiks liked it so much that the bottles became a favored present.

"The comrades liked to drink whisky, despite the fact that people (in those days) were obligated to drink vodka," Sitner said. "But comrades still liked the whisky."

The 1989 Velvet Revolution toppled the regime and the Czech whisky also vanished from sight as the market was flooded by whiskies from all over the world. Then whisky ceased to be made for good. What left had time to mature in the original oak barrels for years to improve gradually into its current level of excellence.

The liquor company that the distillery belonged to, Stock Plzen-Bozkov, was privatized. The new owners felt the drink had no future. They sold some 250 barrels for a ridiculously low price ? "barbarism," recalled Sitner.

In 2007, U.S. hedge fund Oaktree Capital Management acquired the company.

When officials from London-based Stock Spirits Group that controls the company for the fund were presented the local whisky, their first response was "impossible it was made here," Sitner remembered. After it passed a test in a tasting with some other single malt whiskies that followed, the company decided to put it on the market.

"Look at the gold," Sitner said with pride during a recent visit to Pradlo cellar where hundreds the original oak barrels are still in place. "It's a beautiful color," he said, holding a glass just taken from a barrel.

Demand for Hammer Head has been solid around the globe, but Sitner would not reveal how much was made and how much is still available. He would only said if the current sales remain at the same level of 10,000 - 15,000 bottles a year, it is expected to be sold out in five to seven years. The whisky sells for about ?45 ($59) a bottle.

Since 2011, Hammer Head has been listed in Jim Murray's Whisky Bible, an annual international whisky guide, where it scored 88.5 points out of 100 ? putting it among "very good to excellent whiskies definitely worth buying."

"This is one of Europe's maltiest drams ... if not the maltiest," the guide said.

In 2011, it won a Masters award at the 2011 Whiskeys of the World Masters.

Petr Nemy, an organizer of whisky tastings from the Scottish Club in Prague said that after more than 20 years of aging, Hammer Head "is beautifully matured. It's delicately malty and smoky with a taste of nuts and maybe, vanilla. It has a beautifully rounded taste. It's a joy to taste it."

Source: http://news.yahoo.com/czech-communist-whisky-matures-excellence-143044322.html

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Analysis: Israeli credibility on line over Iran nuclear challenge

By Crispian Balmer and Dan Williams

JERUSALEM (Reuters) - Israel risks a loss of credibility over both its "red line" for Iran's nuclear program and its threat of military action, and its room for unilateral maneuver is shrinking.

After years of veiled warnings that Israel might strike the Islamic Republic, Prime Minister Benjamin Netanyahu laid out an ultimatum at the United Nations last September.

Iran, he said, must not amass enough uranium at 20 percent fissile purity to fuel one bomb if enriched further. To ram the point home, he drew a red line across a cartoon bomb, guaranteeing him front page headlines around the world.

However, a respected Israeli ex-spymaster says Iran has skillfully circumvented the challenge. Other influential voices say the time has passed when Israel can hit out at Iran alone, leaving it dependent on U.S. decision-makers.

"If there was a good window of opportunity to attack, it was six months ago - not necessarily today," said Giora Eiland, a former Israeli national security adviser. Pressure from Washington, he said, had forced Israel to drop its strike plan.

Israel has long insisted on the need for a convincing military threat and setting clear lines beyond which Iran's nuclear activity should not advance, calling this the only way to persuade Iran that it must bow to international pressure.

Serving officials argue that Netanyahu's repeated warnings of the menace posed by Iran's nuclear project have pushed the issue to the top of the global agenda and helped generate some of the toughest economic sanctions ever imposed on a nation.

But some officials have also questioned the wisdom of his red line, arguing that such brinkmanship can generate unwelcome ambiguity - as the United States has discovered with its contested stance on the use of chemical weapons in Syria.

Amos Yadlin, a former military intelligence chief who runs a Tel Aviv think-tank, suggested last week that Israel had also got itself into a tangle, saying Iran had expanded its nuclear capacity beyond the Israeli limit, without triggering alarms.

"Today it can be said that the Iranians have crossed the red line set by Netanyahu at the U.N. assembly," Yadlin told a conference at the Institute for National Security Studies (INSS), which he heads.

DRUM BEAT RESUMES

Netanyahu's office declined to respond to Yadlin's remarks, noting that the prime minister, in recent public statements, had said Iran was "continuing to get closer to the red line".

Tehran denies there is any military component to its nuclear activities, saying it is focused only on civilian energy needs. It charges that Israel, widely believed to have the Middle East's only nuclear arsenal, is the greater regional threat.

Keeping in step with Netanyahu, Israeli defense and military officials issued clear warnings this month that Israel was still prepared to go it alone against Iran, once more beating the drums of war after months of relative quiet.

"We will do what is necessary when it is necessary," armed forces chief of staff Benny Gantz told Israel Radio on April 16.

But there is increasing skepticism within diplomatic circles about the viability of such an option. Envoys doubt that the Israeli military could now make much of a dent on Iran's far-flung, well-fortified nuclear installations.

"If nothing happened last year, I struggle to see why it will happen this year," said a top Western diplomat in Tel Aviv, speaking on condition of anonymity given the sensitivities.

Israeli President Shimon Peres has done little to bolster belief in unilateral action, making clear this month that he thought U.S. President Barack Obama would be the one to go to war against Iran if nuclear diplomacy failed.

"He knows no one else will do it," Peres told Israeli TV.

The United States offered Netanyahu a new array of military hardware last week, including refueling tankers that could be used to get fighter jets to and from Iranian targets.

However, Israel cannot match the sort of firepower that the United States could bring to a battlefield. For example, Israel lacks the biggest bunker-busting bombs that experts say would be needed to penetrate Iran's underground Fordow enrichment plant.

Such limitations always cast doubt on a possible Israeli assault and the more time passes, the more the doubts grow.

Ehud Barak, the previous Israeli defense minister, said in November 2011 that within nine months it would probably be impossible to halt Iran because it was increasing the number of centrifuges and its network of sites, creating what he termed a "zone of immunity". Seventeen months have gone by since then.

RECONVERSION RATES

Washington has promised Israel it will not let Iran develop a nuclear bomb. Israelis get jittery, however, because they have set a very different clock for when they believe it would be necessary to intervene - hence the importance of the red line.

The Israelis make no distinction between Iran developing the capacity to build an atomic bomb and having the actual weapon. Yadlin told the INSS conference that as soon as Tehran could put just one rudimentary device on a boat and sail it to an Israeli port, it was a de-facto nuclear-armed nation.

Some analysts question whether Iran would indeed attack Israel if it had an atom bomb, or even try to build one, rather than just establish an apparent nuclear capability to project deterrence and regional power. To fire a nuclear weapon at Israel, they say, could spell the ruin of the Islamic Republic in counter-strikes by a foe with a far bigger nuclear arsenal.

Gantz himself said last year he felt Iran's leadership was "very rational" and unlikely to build an atomic bomb.

The U.S. concern is to prevent Iran, which has called for Israel's destruction, from reaching the verge of acquiring a nuclear bomb - a nuance at variance with Israel's position that provides a longer window of opportunity to continue diplomacy.

Exasperated by Washington's refusal to set a clear ultimatum, Netanyahu came up with his 240-250 kg (530-550 pound) limit for 20 percent enriched uranium, hoping this would concentrate minds. The Iranians stayed below this threshold by converting 110 kg of the gaseous material to solid form that they say is destined to power a research reactor.

Yadlin said that rather than turn all of this into solid reactor fuel, Iran had kept 80 kg of it in the interim powdered state. That, he said, could be converted back to original gas form in around a week, inflating the stockpile beyond 250 kg.

With the red line in possible jeopardy, and unilateral military action in doubt, one security official suggested that Israel might turn to covert sabotage, with renewed focus on those specifically working on the 20 percent enrichment.

Five Iranian scientists and academics have been killed or attacked since 2010 in incidents believed to have targeted Iran's nuclear program. Israel has remained silent about the attacks and other known acts of sabotage at Iranian sites.

(Additional reporting by Fredrik Dahl in Vienna; Editing by Jeffrey Heller and Mark Heinrich)

Source: http://news.yahoo.com/analysis-israeli-credibility-line-over-iran-nuclear-challenge-095926903.html

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