Investigation underway into N.J. train derailment, chemical leak












PHILADELPHIA (Reuters) – Federal transportation investigators have begun interviewing the crew of a train that was carrying hazardous materials when it derailed on a railroad bridge in New Jersey, officials said on Saturday.


National Transportation Safety Board Chairwoman Deborah Hersman said the agency would spend the next two weeks preparing a preliminary report on Friday’s accident in the industrial town of Paulson












A bridge collapse derailed seven of the 82 Conrail freight train cars, and a tanker car that fell into Mantua Creek leaked vinyl chloride into the waterway, which feeds into the Delaware River near Philadelphia.


More than 12,000 gallons (45,425 liters) of the highly toxic and flammable industrial chemical vinyl chloride leaked from a gash in the tanker car’s side following the derailment on Friday morning.


Twenty-two people were examined at a nearby hospital, but air monitors in the area did not register any problem, officials have said. Exposure to vinyl chloride can cause a burning sensation in the eyes or respiratory discomfort.


Investigators are in the process of obtaining records from Conrail on inspections of the bridge over the Mantua Creek. They are also examining a derailment on the bridge in 2009, as well as any possible impact on the bridge from the high winds and rising waters that accompanied Superstorm Sandy.


“We are continuing to question the crew to get additional information,” Hersman said at a press briefing. “We still have some work to do.”


State Senator Steve Sweeney, whose district includes Paulsboro, told Reuters on Saturday that 106 residents who live close to the crash scene were evacuated from the area on Friday night in case any more of vinyl chloride escaped into the air or water.


“What it really was was just to be cautious,” Sweeney said. The residents will be out of their homes for several days, and are staying with friends and relatives or hotels, he said.


Conrail is jointly owned by rail operators CSX Corp and Norfolk Southern Corp.


(Editing by Paul Thomasch and Sandra Maler)


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PM says Greek pension funds won’t join debt buy-back












ATHENS (Reuters) – Greek pension funds will not take part in a debt buy-back that is a key part of the country’s international bailout, Greek Prime Minister Antonis Samaras said in a newspaper interview.


Greece must conduct the deal by December 13, before it receives more than 30 billion euros ($ 39 billion) in bailout payments from the euro zone and the International Monetary Fund.












Athens has said it is vital the buy-back is successful, but it must attract enough interest from bondholders, who need to decide whether to participate in the process, to ensure the country’s debt is deemed viable in the coming decade.


“The debt buy-back does not concern the pension funds,” Samaras was quoted as saying in an interview with Sunday’s Proto Thema newspaper.


“We wouldn’t erase the debt even if we took the funds’ bonds. These are seen as arrears of the state to itself.”


Greek pension funds hold more than 8 billion euros out of a total 63 billion euros of Greek bonds held by private investors. Greek banks are estimated to hold nearly 17 billion euros.


Most of their capital has already been wiped out by a debt cut in March and they must be recapitalized with more than 40 billion euros in bailout funds.


The government is expected to unveil the terms of the deal on Monday before a meeting of euro zone finance ministers. So far, international lenders have agreed the bonds would not be purchased for more than the closing price on November 23.


On the secondary market, Greek bonds eligible under the buy-back ranged from 25.15 to 34.41 cents in the euro at the close of trading on that date, according to Reuters data.


Greece aims to cut its debt by spending about 10 billion euros from its rescue package on the buy-back scheme.


Samaras said that Greek banks would benefit from the voluntary debt buy-back deal, since they held Greek bonds at lower prices on their books.


“The banks won’t lose out because (the bonds) on their books are down at a lower price,” he said. “They won’t lose any of their capital but will end up with more liquidity.”


A senior Greek banker told Reuters last week that some of the country’s banks held Greek bonds at 22-23 euro cents on their books. However, the banks together were likely to forego about 3-4 billion euros in interest payments over the next 10 years if they participated.


The deal is seen as a golden opportunity for hedge funds which have bought the bonds at rock-bottom prices.


In an interview with Sunday’s Ethnos newspaper, Greek Finance Minister Yannis Stournaras said many bondholders would profit from the deal and reiterated that Athens would make every effort to attract wide participation.


“This program must succeed,” he said. “There is a big part of bondholders who bought them recently, at very low prices, and will possibly estimate that their participation in the buy-back program will be profitable,” he said.


(Reporting by Renee Maltezou; Editing by Andrew Roche)


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Egypt’s Mursi calls referendum as Islamists march












CAIRO (Reuters) – Egypt‘s President Mohamed Mursi called a December 15 referendum on a draft constitution on Saturday as at least 200,000 Islamists demonstrated in Cairo to back him after opposition fury over his newly expanded powers.


Speaking after receiving the final draft of the constitution from the Islamist-dominated assembly, Mursi urged a national dialogue as the country nears the end of the transition from Hosni Mubarak‘s rule.












“I renew my call for opening a serious national dialogue over the concerns of the nation, with all honesty and impartiality, to end the transitional period as soon as possible, in a way that guarantees the newly-born democracy,” Mursi said.


Mursi plunged Egypt into a new crisis last week when he gave himself extensive powers and put his decisions beyond judicial challenge, saying this was a temporary measure to speed Egypt’s democratic transition until the new constitution is in place.


His assertion of authority in a decree issued on November 22, a day after he won world praise for brokering a Gaza truce between Israel and the Palestinian Islamist Hamas movement, dismayed his opponents and widened divisions among Egypt’s 83 million people.


Two people have been killed and hundreds wounded in protests by disparate opposition forces drawn together and re-energized by a decree they see as a dictatorial power grab.


A demonstration in Cairo to back the president swelled through the afternoon, peaking in the early evening at least 200,000, said Reuters witnesses, basing their estimates on previous rallies in the capital. The authorities declined to give an estimate for the crowd size.


“The people want the implementation of God’s law,” chanted flag-waving demonstrators, many of them bussed in from the countryside, who choked streets leading to Cairo University, where Mursi’s Muslim Brotherhood had called the protest.


Tens of thousands of Egyptians had protested against Mursi on Friday. “The people want to bring down the regime,” they chanted in Cairo‘s Tahrir Square, echoing the trademark slogan of the revolts against Hosni Mubarak and Arab leaders elsewhere.


Rival demonstrators threw stones after dark in the northern city of Alexandria and a town in the Nile Delta. Similar clashes erupted again briefly in Alexandria on Saturday, state TV said.


“COMPLETE DEFEAT”


Mohamed Noshi, 23, a pharmacist from Mansoura, north of Cairo, said he had joined the rally in Cairo to support Mursi and his decree. “Those in Tahrir don’t represent everyone. Most people support Mursi and aren’t against the decree,” he said.


Mohamed Ibrahim, a hardline Salafi Islamist scholar and a member of the constituent assembly, said secular-minded Egyptians had been in a losing battle from the start.


“They will be sure of complete popular defeat today in a mass Egyptian protest that says ‘no to the conspiratorial minority, no to destructive directions and yes for stability and sharia (Islamic law)’,” he told Reuters.


Mursi has alienated many of the judges who must supervise the referendum. His decree nullified the ability of the courts, many of them staffed by Mubarak-era appointees, to strike down his measures, although says he respects judicial independence.


A source at the presidency said Mursi might rely on the minority of judges who support him to supervise the vote.


“Oh Mursi, go ahead and cleanse the judiciary, we are behind you,” shouted Islamist demonstrators in Cairo.


Mursi, once a senior Muslim Brotherhood figure, has put his liberal, leftist, Christian and other opponents in a bind. If they boycott the referendum, the constitution would pass anyway.


If they secured a “no” vote to defeat the draft, the president could retain the powers he has unilaterally assumed.


And Egypt’s quest to replace the basic law that underpinned Mubarak’s 30 years of army-backed one-man rule would also return to square one, creating more uncertainty in a nation in dire economic straits and seeking a $ 4.8 billion loan from the IMF.


“NO PLACE FOR DICTATORSHIP”


Mursi’s well-organized Muslim Brotherhood and its ultra-orthodox Salafi allies, however, are convinced they can win the referendum by mobilizing their own supporters and the millions of Egyptians weary of political turmoil and disruption.


“There is no place for dictatorship,” the president said on Thursday while the constituent assembly was still voting on a draft constitution which Islamists say enshrines Egypt’s new freedoms.


Human rights groups have voiced misgivings, especially about articles related to women’s rights and freedom of speech.


The text limits the president to two four-year terms, requires him to secure parliamentary approval for his choice of prime minister, and introduces a degree of civilian oversight over the military – though not enough for critics.


The draft constitution also contains vague, Islamist-flavored language that its opponents say could be used to whittle away human rights and stifle criticism.


For example, it forbids blasphemy and “insults to any person”, does not explicitly uphold women’s rights and demands respect for “religion, traditions and family values”.


The draft injects new Islamic references into Egypt’s system of government but retains the previous constitution’s reference to “the principles of sharia” as the main source of legislation.


“We fundamentally reject the referendum and constituent assembly because the assembly does not represent all sections of society,” said Sayed el-Erian, 43, a protester in Tahrir and member of a party set up by opposition figure Mohamed ElBaradei.


Several independent newspapers said they would not publish on Tuesday in protest. One of the papers also said three private satellite channels would halt broadcasts on Wednesday.


Egypt cannot hold a new parliamentary election until a new constitution is passed. The country has been without an elected legislature since the Supreme Constitutional Court ordered the dissolution of the Islamist-dominated lower house in June.


The court is due to meet on Sunday to discuss the legality of parliament’s upper house.


“We want stability. Every time, the constitutional court tears down institutions we elect,” said Yasser Taha, a 30-year-old demonstrator at the Islamist rally in Cairo.


(Additional reporting by Marwa Awad, Yasmine Saleh and Tom Perry; Editing by Myra MacDonald and Jason Webb)


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Jelly Bean update for DROID RAZR HD and MAXX HD set to roll out next week












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Katy Perry, Carly Rae Jepsen get Billboard honors












NEW YORK (AP) — Billboard named Katy Perry its woman of the year, but the pop star thought her year was 2011.


Perry was interviewed by Jon Stewart at Billboard’s Women in Music event Friday in New York City. The singer said she thought her moment had passed. Perry released “Teenage Dream” in 2010, and it sparked five No. 1 hits on the Billboard charts that spilled over to 2011. This year, she rereleased the album, which launched two more hits and a top-grossing 3-D film.












She thanked her mom at the event, which honored women who work in the music industry.


Newcomer Carly Rae Jepsen also thanked her mom — and stepmom — when accepting the rising star honor. The “Call Me Maybe” singer said she’s happy and surprised by her success.


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Supreme Court to review lawsuits over flaws in generic drugs












(Reuters) – The Supreme Court on Friday agreed to consider whether generic drug manufacturers can be subjected to personal injury lawsuits that allege flaws in the design of drugs, even if federal law would not allow such cases to go forward.


The court agreed to review a bid by Mutual Pharmaceutical Co to overturn a $ 21 million jury award to Karen Bartlett, a New Hampshire woman who had taken its generic non-steroidal anti-inflammatory drug sulindac for shoulder pain.












Bartlett was left with permanent near-blindness and burn-like lesions on two-thirds of her body after suffering a rare hypersensitivity reaction associated with the drug, and sued Mutual for alleged design defects under New Hampshire law.


Mutual, an indirect unit of Japan’s Takeda Pharmaceutical Co, countered that federal law barred such claims because its drug had already been approved by the U.S. Food and Drug Administration, and federal law requires generic drugs to have the same design as their brand-name equivalents.


It cited the Supreme Court‘s June 2011 decision in Pliva Inc v. Mensing that federal law preempted state law claims based on alleged inadequate label warnings about potential side effects, given that federal regulations require brand-name and generic drugs to carry the same labels.


But in May, a unanimous three-judge panel of the 1st U.S. Circuit Court of Appeals in Boston refused to extend this ruling to design defect claims, and upheld Bartlett’s award.


In its appeal to the Supreme Court, Mutual said “scores” of federal and state courts had rejected the 1st Circuit’s “remarkable claim” that generic drug manufacturers could be liable under state law for refusing to stop selling their federally approved products.


Bartlett countered that the Supreme Court should not take the case, saying that lower courts were not divided over the issue, and that her award was based on New Hampshire law and that did not conflict with federal law.


The Generic Pharmaceutical Association submitted a brief in support of Mutual’s appeal. A decision by the Supreme Court is expected by the end of June.


The case is Mutual Pharmaceutical Co v. Bartlett, U.S. Supreme Court, No. 12-142.


(Reporting By Jonathan Stempel; Editing by Kevin Drawbaugh and Tim Dobbyn)


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S&P 500 posts second week of gains












NEW YORK (Reuters) – The S&P 500 wrapped up its second positive week in a row on Friday, although it ended the day flat as politicians remain at odds about how to avoid the so-called fiscal cliff.


Based on the latest available data, the Dow Jones industrial average <.DJI> rose 3.22 points, or 0.02 percent, to finish unofficially at 13,025.04. The Standard & Poor’s 500 Index <.SPX> inched up just 0.30 of a point, or 0.02 percent, to end unofficially at 1,416.25. But the Nasdaq Composite Index <.IXIC> dipped 1.79 points, or 0.06 percent, to close unofficially at 3,010.24.












For the week, the Dow rose 0.1 percent, the S&P 500 gained 0.5 percent and the Nasdaq climbed 1.5 percent.


For the month of November, though, the Dow slipped 0.5 percent, while the S&P 500 gained 0.3 percent and the Nasdaq jumped 1.1 percent.


(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)


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Oliver Stone, Benicio del Toro visit Puerto Rico












SAN JUAN, Puerto Rico (AP) — Benicio Del Toro didn’t wait long to collect on a favor that Oliver Stone owed him for working extra hours on the set of his most recent movie, “Savages”, released this year.


The favor? A trip to Del Toro‘s native Puerto Rico, which Stone hadn’t visited since the early 1960s.












“I told him, you owe me one,” Del Toro said with a smile as he recalled the conversation during a press conference Friday in the U.S. territory, where he and Stone are helping raise money for one of the island’s largest art museums.


Del Toro, wearing jeans, a black jacket and a black T-shirt emblazoned with the name of local reggaeton singer Tego Calderon, waved to the press as he was introduced.


“Hello, greetings. Is this a press conference?” he quipped as he and Stone awaited questions.


Both men praised each other’s work, saying they would like to work with each other again.


“I deeply admire him as an actor, the way he thinks, the way he expresses himself,” Stone said. “Of all the actors I’ve worked with, he’s the most interesting.”


Stone said Del Toro always delivers surprises while acting, even when it’s as something as subtle as certain gestures between dialogue.


“I think Benicio is the master of keeping you watching,” he said.


Stone said he enjoys meeting up with Del Toro off-set because he’s one of the few actors in Hollywood who can talk about something other than movies.


“He is very interested in the world around him,” Stone said, adding that the conversations sometimes center around politics and other topics.


Del Toro declined to answer when asked what he thought about Puerto Rico’s referendum earlier this month, which aimed to determine the future of the island’s political status. He said the results did not seem to point to a clear-cut outcome.


Del Toro then said he would like the island’s movie business to grow, especially in a way that would encourage learning.


“I’m talking about movies in an educational sense, as a way to discover other parts of the world,” he said. “Create a film class. You’ll see, kids won’t skip it.”


Del Toro also shared his thoughts on being a father after having a daughter with Kimberly Stewart in August 2011.


He said the girl is learning how to swim and is discovering the world around her.


“She has her own personality,” Del Toro said. “She’s not her mother. She’s not me.”


Both Del Toro and Stone are expected to remain in Puerto Rico through the weekend to raise money for the Art Museum of Puerto Rico, which is hosting its annual movie festival and will honor Stone’s movies.


Museum curator Juan Carlos Lopez Quintero said the money raised will be used to enhance the museum’s permanent collection, especially with Puerto Rican paintings from the 19th century and early 20th century.


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Sony sells over half a million PlayStation 3 consoles over Black Friday week












Both Microsoft (MSFT) and Nintendo (NTDOY) had a big week of console sales during Black Friday’s week of shopping madness in the U.S. So how did Sony (SNE) do in comparison? Sony Computer Entertainment of America president and CEO Jack Tretton announced on Thursday that the company sold 525,000 PlayStation 3 consoles and 160,000 PS Vita handhelds during the Black Friday week. Overall PlayStation sales of hardware, software and accessories are up 9% over the same period last year. Tretton was also happy to reveal that subscriptions to its PlayStation Plus grew 259% since last year with customer satisfaction flying high at 95% after Sony added the Instant Game Collection to the service earlier this year.


Sony’s PlayStation 3 and PS Vita sales were largely bolstered by $ 199.99 bundles packaged with free games that the company pushed to retails on Black Friday. The sell-out of the bundles within minutes at retailers such as Amazon (AMZN) is a good indicator that there is huge demand for a sub-$ 200 PlayStation 3. Currently, the lowest-priced PS3 is a second-gen 160GB slim model with an MSRP of $ 249.99. The redesigned third-gen PS3s start at $ 269.99 with a 250GB hard drive.












In terms of which home console did the best over Black Friday, it looks like the Xbox 360′s 750,000 consoles took first place, while Sony came in second with 525,000 PS3s and Nintendo came in third with 400,000 Wii U systems.


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FDA approves Exelixis’ cabozantinib for thyroid cancer












WASHINGTON (Reuters) – The U.S. Food and Drug Administration on Thursday approved Exelixis Inc‘s cabozantinib as a treatment for medullary thyroid cancer that has spread to other parts of the body.


Cabozantinib, the company’s lead product candidate, is an oral drug designed to limit blood supply to tumors as well as block two segments of a pathway used by cancer cells to grow and spread.












The FDA announcement came shortly after the close of stock market trading in New York, where Exelixis shares eased slightly on the day at $ 5.24 per share.


The regulatory agency noted that cabozantinib is the second drug approved to treat medullary thyroid cancer in the past two years. The other drug, Caprelsa, is marketed by AstraZeneca Pharmaceuticals.


Medullary thyroid cancer, which is rare and difficult to treat, develops in cells that make a hormone called calcitonin, which helps maintain a healthy level of calcium in the blood. It can occur spontaneously or in families that are genetically prone.


The National Cancer Institute estimates that 56,460 Americans will be diagnosed with thyroid cancer and 1,780 will die from the disease in 2012. About 4 percent of thyroid cancers are medullary thyroid cancer.


The FDA completed its review of cabozantinib in six months under the agency’s priority review program.


San Francisco-based Exelixis is also studying the drug as a treatment for a number of different tumor types, including prostate cancer.


(Reporting by David Morgan; Editing by Gary Hill and Marguerita Choy)


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