Wall Street starts new year with a bang after "cliff" deal

NEW YORK (Reuters) - Stocks kicked off the new year with their best day in over a year on Wednesday, sparked by relief over a last-minute deal in Washington to avert the "fiscal cliff" of tax hikes and spending cuts that threatened to derail the economy's growth.

In 2013's first trading session, the S&P 500 achieved its biggest one-day gain since December 20, 2011, pushing the benchmark index to its highest close since September 14.

Concerns over Washington's ability to sidestep the cliff had driven the S&P 500 down for five straight sessions, before signs that a resolution was near sent the benchmark index higher on the final trading session of 2012.

The CBOE Volatility Index or the VIX <.vix>, Wall Street's favorite gauge of investor anxiety, dropped 18.5 percent to 14.68 at the close. The VIX has fallen 35.4 percent over the past two sessions, the biggest 2-day percentage drop in the history of the index.

The Dow Jones industrial average <.dji> jumped 308.41 points, or 2.35 percent, to 13,412.55 at the close. The Standard & Poor's 500 Index <.spx> gained 36.23 points, or 2.54 percent, to finish at 1,462.42. The Nasdaq Composite Index <.ixic> climbed 92.75 points, or 3.07 percent, to end at 3,112.26.

U.S. markets were closed on Tuesday for New Year's Day.

Market breadth reflected the strong rally, with 10 stocks rising for every one that fell on the New York Stock Exchange. All 10 of the S&P 500 industry sector indexes gained at least 1 percent. The S&P financial index <.gspf> shot up 2.9 percent.

The S&P Information Technology index <.gspt> gained 3.2 percent, including Hewlett-Packard , which climbed 5.4 percent to $15.02. HP's gain followed a miserable 2012 when the stock fell nearly 45 percent as one of the S&P 500's worst performers for 2012.

On Tuesday, Congress passed a bill to prevent huge tax hikes and delay spending cuts that would have pushed the world's largest economy off a "fiscal cliff" and possibly into recession.

The vote avoided steep income-tax increases for a majority of Americans, but failed to resolve a major showdown over cutting the budget deficit, leaving investors and businesses with only limited clarity about the outlook for the economy. Spending cuts of $109 billion in military and domestic programs were temporarily delayed, and another fight over raising the U.S. debt limit also looms.

"We got through the fiscal cliff. The next big thing, and probably more contentious thing, is negotiating the debt ceiling and possibly entitlement reform in early 2013," said Jim Russell, senior equity strategist for U.S. Bank Wealth Management in Cincinnati.

Hard choices about budget cuts and the critical need to raise the debt ceiling will confront Congress about the same time in two months "so the fur will be flying," Russell said.

U.S. stocks ended 2012 with the S&P 500 up 13.4 percent for the year, as investors largely shrugged off worries about the fiscal cliff. For the year, the Dow gained 7.3 percent and the Nasdaq jumped 15.9 percent.

Bank shares rose following news that U.S. regulators are close to securing another multibillion-dollar settlement with the largest banks to resolve allegations that they unlawfully cut corners when foreclosing on delinquent borrowers.

Bank of America Corp rose 3.7 percent to $12.03 and Citigroup Inc gained 4.3 percent to $41.25. The KBW bank index <.bkx> rose 3.2 percent.

Shares of Zipcar Inc surged 47.8 percent to $12.18 after Avis Budget Group Inc said it would buy Zipcar for about $500 million in cash to compete with larger rivals Hertz and Enterprise Holdings Inc. Avis advanced 4.8 percent to $20.77.

Shares of Apple rose 3.2 percent to $549.03, helping to lift the S&P information technology index <.gspt> up 3.2 percent following a report that the most valuable tech company has started testing a new iPhone and a new version of its iOS software.

Economic data from the Institute for Supply Management showed U.S. manufacturing ended 2012 on an upswing despite fears about the fiscal cliff, but the Commerce Department reported that construction spending fell in November for the first time in eight months.

Volume was heavy, with about 7.8 billion shares traded on the New York Stock Exchange, the NYSE MKT and the Nasdaq, well above the 2012 daily average of 6.42 billion.

(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)

Read More..

Pa. governor sues NCAA over Penn State sanctions

STATE COLLEGE, Pa. (AP) — In a bold challenge to the NCAA's powers, Pennsylvania's governor claimed in a lawsuit Wednesday that college sports' governing body overstepped its authority and "piled on" when it penalized Penn State over the Jerry Sandusky child molestation scandal.

Gov. Tom Corbett asked that a federal judge throw out the sanctions, which include an unprecedented $60 million fine and a four-year ban on bowl games, arguing that the measures have harmed students, business owners and others who had nothing to do with Sandusky's crimes.

"A handful of top NCAA officials simply inserted themselves into an issue they had no authority to police under their own bylaws and one that was clearly being handled by the justice system," Corbett said at a news conference.

The case, filed under federal antitrust law, could define just how far the NCAA's authority extends. Up to now, the federal courts have allowed the organization broad powers to protect the integrity of college athletics.

In a statement, the NCAA said the lawsuit has no merit and called it an "affront" to Sandusky's victims.

Penn State said it had no role in the lawsuit. In fact, it agreed not to sue as part of the deal with the NCAA accepting the sanctions, which were imposed in July after an investigation found that football coach Joe Paterno and other top officials hushed up sexual-abuse allegations against Sandusky, a former member of Paterno's staff, for more than a decade for fear of bad publicity.

The penalties include a cut in the number of football scholarships the university can award and a rewriting of the record books to erase 14 years of victories under Paterno, who was fired when the scandal broke in 2011 and died of lung cancer a short time later.

The lawsuit represents a reversal by the governor. When Penn State's president consented to the sanctions last summer, Corbett, a member of the Board of Trustees, embraced them as part of the university's effort to repair the damage from the scandal.

Corbett said he waited until now to sue over the "harsh penalties" because he wanted to thoroughly research the legal issues and did not want to interfere with the football season.

The deal with the NCAA has been unpopular with many fans, students and alumni. Corbett, who is up for re-election next year, deflected a question about whether his response has helped or hurt him politically.

"We're not going to get into the politics of this," he said.

An alumni group, Penn Staters for Responsible Stewardship, applauded the lawsuit but said Corbett should have asked questions when the NCAA agreement was made.

"If he disapproved of the terms of the NCAA consent decree, or if he thought there was something illegal about them, why didn't he exercise his duty to act long before now?" the group said.

Paterno's family members said in a statement that they were encouraged by the lawsuit. Corbett "now realizes, as do many others, that there was an inexcusable rush to judgment," they said.

Corbett's lawsuit accuses the NCAA of cynically exploiting the Sandusky case, saying its real motives were to "gain leverage in the court of public opinion, boost the reputation and power of the NCAA's president" and "enhance the competitive position of certain NCAA members." It said the NCAA has not cited a rule that Penn State broke.

Corbett charged that the NCAA violated the Sherman Antitrust Act, which prohibits agreements that restrain interstate commerce. Legal experts called it an unusual case whose outcome is difficult to predict.

The NCAA has faced antitrust litigation before, with a mixed record of success. In 1984, the Supreme Court ruled against the NCAA's exclusive control over televised college football games. And in 1998, the Supreme Court let stand a ruling that said the NCAA's salary cap for some assistant coaches was unlawful price-fixing.

But federal courts have consistently rejected antitrust challenges to NCAA rules and enforcement actions designed to preserve competitive balance, academic integrity and amateurism in college athletics.

In this case, the courts might not be as sympathetic to the NCAA, said Matthew Mitten, director of the National Sports Law Institute at Marquette University Law School.

"It's difficult to justify the sanctions as necessary to protect the amateur nature of college sports, preserve competitive balance or maintain academic integrity," he said.

Joseph Bauer, an antitrust expert at the University of Notre Dame law school, said of Corbett's line of reasoning: "I don't think it's an easy claim for them to make, but it's certainly a viable claim."

Sandusky, 68, was convicted in June of sexually abusing 10 boys over a 15-year period, some of them on Penn State's campus. He is a serving a 30- to 60-year prison sentence.

Michael Boni, a lawyer for one of the victims, said he does not consider the lawsuit an affront. But he said he hopes Corbett takes a leading role in pushing for changes to state child-abuse laws.

"I really question who he's concerned about in this state," Boni said.

Michael Desmond, a businessman who appeared with Corbett at the news conference, said business at his five State College eating establishments was down about 10 percent during Penn State home game weekends this year.

"The governor's actions are going to be immensely popular with all Penn State alumni," Desmond said.

Corbett, a Republican, said his office did not coordinate its legal strategy with state Attorney General-elect Kathleen Kane, who is scheduled to be sworn in Jan. 15. Instead, the current attorney general, Linda Kelly, granted the governor authority to pursue the matter.

Kane, a Democrat, ran on a vow to investigate why it took prosecutors nearly three years to charge Sandusky. Corbett was attorney general when his office took over the case in 2009.

Kane had no comment on the lawsuit because she was not consulted about it by Corbett's office.

State and congressional lawmakers have objected to use of the NCAA fine to finance child-abuse prevention efforts in other states. Penn State has already made the first $12 million payment, and an NCAA task force is deciding how it should be spent.

___

Associated Press writers Peter Jackson in Harrisburg, Pa., and Michael Rubinkam contributed.

Read More..

APNewsBreak: Feds say delay made oil spill worse

BILLINGS, Mont. (AP) — Delays in Exxon Mobil Corp.‘s response to a major pipeline break beneath Montana’s Yellowstone River made an oil spill far worse than it otherwise would have been, federal regulators said in a new report.

The July 2011 rupture fouled 70 miles of riverbank along the scenic Yellowstone, killing fish and wildlife and prompting a massive, months-long cleanup.

The damage could have been significantly reduced if pipeline controllers had acted more quickly, according to Department of Transportation investigators.

The report, provided to The Associated Press by the office of Montana U.S. Sen. Max Baucus, marks the first time federal regulators have highlighted specific actions by Exxon as contributing to the severity of the spill.

An Exxon spokeswoman said Wednesday the company was reviewing the findings.

The spill released about 63,000 gallons of crude into the river near the city of Laurel. That damage would have been reduced by about two-thirds if controllers in Houston isolated the rupture as soon as problems emerged, investigators said.

Instead, as Exxon personnel weighed the appropriate response, crude drained from the severed, 12-inch pipeline for another 46 minutes before a control valve was finally closed.

Exxon spent $ 135 million on its response to the spill, including cleanup and repair work.

Spokeswoman Rachael Moore said the company will continue to cooperate with Pipeline and Hazardous Materials Safety Administration and “is committed to learning from these events.”

The report chalks up the immediate cause of the spill to floodwaters that damaged the pipeline and left it exposed. Debris washing downriver piled up on the line, increasing pressure until it ruptured.

The “volume would have been much less” and the location of spill “would have been identified far more quickly” if Exxon’s emergency procedures had called for the immediate closure of upstream valves, investigators said.

The report also faulted Exxon for lacking a plan to notify pipeline controllers that the river was flooding.

Exxon workers were not blamed, however, for steps taken in the lead-up to the spill.

Exxon’s field observations and “depth of cover survey took reasonable precautions to address the flooding of the Yellowstone River it the spring and early summer of 2011,” the investigators wrote.

City officials in Laurel had warned Exxon that the riverbank was eroding. The company, however, continued to run crude beneath the Yellowstone after finding that a section of pipeline leading away from the river was still buried more than 6 feet deep.

The report did not address concerns raised by Baucus, a Democrat, and other lawmakers over whether existing pipeline regulations do enough to prevent spills at river crossings.

Under current rules, companies must bury pipelines 4 feet beneath a riverbed and inspect them periodically.

Those rules are being reviewed, and Baucus said Wednesday that “transparency and oversight are critical to making sure we never have to go through the devastation of the Yellowstone River oil spill again.”

Landowners along the river have sued Exxon, saying the company didn’t do enough to prevent the spill and should have shut down the line during flooding. Exxon is fighting the lawsuits.

The federal investigation into the spill remains open. Whether any citations will be issued is under review, said spokesman Damon Hill with the Department of Transportation’s Pipeline and Hazardous Materials Safety Administration.

No timetable was available for any such decision, Hill added.

Energy News Headlines – Yahoo! News

Title Post: APNewsBreak: Feds say delay made oil spill worse
Url Post: http://www.news.fluser.com/apnewsbreak-feds-say-delay-made-oil-spill-worse/
Link To Post : APNewsBreak: Feds say delay made oil spill worse
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Look beyond the fiscal cliff

STORY HIGHLIGHTS

• Dean Baker: Budget deficit is not the only top issue in our national economic policy


• Baker: Fiscal cliff debate has been a distraction of the bigger problem of a downturn


• He says fears of big deficits are preventing us from boosting the economy more


• Baker: Given the economy's weakness, the government has to run big deficits

Editor's note: Dean Baker, an economist, is co-director of the Center for Economic and Policy Research, a progressive economic policy organization. He is author of "The End of Loser Liberalism: Making Markets Progressive."

(CNN) -- We have just passed into the new year, and the distractions created by the debate over the fiscal cliff appear to be behind us. Maybe.

That debate has been part of a larger distraction -- the concern over budget deficits at a time when by far the country's most important problem remains the economic downturn caused by the collapse of the housing bubble. The obsession with budget deficits is especially absurd because the enormous deficits of recent years are entirely the result of the economic downturn.

In spite of this, the leadership of both parties has elevated the budget deficit to be the top and virtually only issue in national economic policy. This means ignoring the downturn that continues to cause enormous amount of unnecessary suffering for tens of millions of people.

Dean Baker

But fears of big deficits are preventing us from giving the same sort of boost to the economy that got us out of the Great Depression. The explanation is simple: profits have returned to prerecession levels.

Opinion: Cliff deal hollow victory for American people

This means that from the standpoint of the people who own and run American businesses, everything is pretty much fine. Moreover, they see the deficits created by the downturn as providing an opportunity to go after Social Security and Medicare.

The Campaign to Fix the Debt, a nonpartisan organization involving many of the country's richest and most powerful CEOs, sets out to do just that. It has become standard practice in Washington for Wall Street types and other wealthy interests to finance groups to push their agenda.

The Campaign to Fix the Debt involves the CEOs themselves directly stepping up to the plate and pushing the case for cutting Social Security and Medicare as well as lowering the corporate income tax rate.

It's clear what's going on here. We don't need any conspiracy theories.

iReport: What's your message for Washington?

CEOs from both political parties have openly come together to demand cuts in Social Security and Medicare, two programs that enjoy massive political support across the political spectrum. The wealthy are joining hands without regard to political affiliation to cut benefits that enjoy broad bipartisan support among everyone who is not rich.

President Barack Obama has an opportunity to show real leadership. He should explain to the public the basic facts that all budget experts know: We do not have a chronic deficit problem. The big deficits are the result of collapsed economy. The priority of the president and Congress must be to put people back to work and bring the economy back up to speed.

Fiscal cliff deal: 5 things to know

When the housing bubble burst, annual spending on residential construction fell back by more than 4% of GDP, which is $600 billion in today's economy. Similarly, consumption plunged as people drastically curtailed their spending in response to the loss of $8 trillion in housing bubble generated equity.

There is no easy way for the private sector to replace this demand. Businesses don't invest unless they see demand for their products, regardless of how much love we might shower on the "job creators." In fact, if anything, investment is surprisingly strong give the large amount of excess capacity in the economy. Measured as a share of GDP, investment in equipment and software is almost back to its prerecession level. It is hard to envision investment getting much higher, absent a major boost in demand from some other sector.

This is why it is necessary for the government to run large deficits. Ideally, the money would be spent in areas that will make us richer in the future: Education, infrastructure, research and development in clean energy, etc. There is just no way around a large role for the government given the economy's current weakness.

Big issues still pending

Obama needs to explain this simple story to the country. The rich of both parties will hate him for going down this route. They will use their powers to denounce him. But the American people support Social Security and Medicare, and they support an economy that creates jobs for ordinary workers.

Obama needs the courage to tell the truth.

Follow us on Twitter @CNNOpinion

Join us on Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Dean Baker.

Read More..

Mayoral run costs ex-Bear Steve 'Mongo' McMichael his radio gig

Former Chicago Bear Steve "Mongo" McMichael’s decision to run for mayor of Romeoville has cost him his spot on a Bears pregame show on Chicago’s ESPN radio affiliate.

McMichael, a member of the 1985 Super Bowl champion Bears and a longtime analyst for a pregame show on WMVP-AM 1000, filed paperwork Dec. 26 to get on the ballot for the April 9 election.

Two days later, an election law attorney representing one of McMichael’s opponents, Romeoville Mayor John Noak, sent a letter to the station stating that Noak was reserving the right to request equal air time, said the lawyer, John Fogarty.

McMichael said an official at the station called him Saturday and told him he would not be allowed on the air the next day for the show before the Bears’ season finale against the Detroit Lions.

“I was ready to go on and talk football,” McMichael said. “I by no means used that pregame show as a political platform this year. But if that’s the law, it’s the law, and I have to accept it. I even told ESPN I’m sorry I got them into this.”

ESPN released a one-sentence statement today saying, “Once Steve officially filed to run for mayor we decided it was appropriate to not have him appear on our air.”

Fogarty said his letter to the station didn’t request that McMichael be kept off the air.

“I was simply alerting them to the fact that he had run and we were reserving our right as a candidate to request equal time,” Fogarty said. “But any decision (about McMichael) was solely the station’s.”

Federal law requires that a radio station that provides air time to a candidate for public office “shall afford equal opportunities” to other candidates for the same office. The law has exceptions for news programs or news coverage of political events involving candidates.

Fogarty declined to provide the Tribune with a copy of the letter but said it put the station on notice that Noak would request equal air time.

“How that ultimately would have played out, I don’t know,” Fogarty said.

McMichael also said he doesn’t have a copy of the letter, but he said the letter shows that Noak is taking his candidacy seriously.

“What he’s doing by doing this is telling everybody that yes, I am a viable candidate, and he’s worried I’m going to beat him,” McMichael said.

McMichael also said he plans to speak with an attorney specializing in election law to evaluate his options.

“It’s not right to all the Bear fans who enjoy listening to me talk about what’s coming up for the game, but rules are rules,” he said.

rhaggerty@tribune.com

Twitter @RyanTHaggerty

Read More..

Central African Republic rebels halt advance, agree to peace talks

DAMARA, Central African Republic (Reuters) - Rebels in Central African Republic said they had halted their advance on the capital on Wednesday and agreed to start peace talks, averting a clash with regionally backed troops.

The Seleka rebels had pushed to within striking distance of Bangui after a three-week onslaught and threatened to oust President Francois Bozize, accusing him of reneging on a previous peace deal and cracking down on dissidents.

Their announcement on Wednesday gave the leader only a limited reprieve as the fighters told Reuters they might insist on his removal in the negotiations.

"I have asked our forces not to move their positions starting today because we want to enter talks in (Gabon's capital) Libreville for a political solution," said Seleka spokesman Eric Massi, speaking by telephone from Paris.

"I am in discussion with our partners to come up with proposals to end the crisis, but one solution could be a political transition that excludes Bozize," he said.

Bozize on Wednesday sacked his Army Chief of Staff and took over the defense minister's role from his son, Jean Francis Bozize, according to a decree read on national radio, a day after publicly criticizing the military for failing to repel the rebels.

The advance by Seleka, an alliance of mostly northeastern rebel groups, was the latest in a series of revolts in a country at the heart of one of Africa's most turbulent regions - and the most serious since the Chad-backed insurgency that swept Bozize to power in 2003.

Diplomatic sources have said talks organized by central African regional bloc ECCAS could start on January 10. The United States, the European Union and France have called on both sides to negotiate and spare civilians.

Central African Republic is one of the least developed countries in the world despite its deposits of gold, diamonds and other minerals. French nuclear energy group Areva mines the country's Bakouma uranium deposit - France's biggest commercial interest in its former colony.

RELIEF IN BANGUI

News of the rebel halt eased tension in Bangui, where residents had been stockpiling food and water and staying indoors after dark.

"They say they are no longer going to attack Bangui, and that's great news for us," said Jaqueline Loza in the crumbling riverside city.

ECCAS members Chad, Congo Republic, Gabon and Cameroon have sent hundreds of soldiers to reinforce CAR's army after a string of rebel victories since early December.

Gabonese General Jean Felix Akaga, commander of the regional force, said his troops were defending the town of Damara, 75 km (45 miles) north of Bangui and close to the rebel front.

"Damara is a red line not to be crossed ... Damara is in our control and Bangui is secure," he told Reuters. "If the rebellion decides to approach Damara, they know they will encounter a force that will react."

Soldiers armed with Kalashnikovs, rocket propelled grenade launchers and truck-mounted machineguns had taken up positions across the town, which was otherwise nearly-abandoned.

Some of the fighters wore turbans that covered their faces and had charms strung around their necks and arms meant to protect them against enemy bullets.

Chad's President Idriss Deby, one of Bozize's closest allies, had warned the rebels the regional force would confront them if they approached the town.

Chad provided training and equipment to the rebellion that brought Bozize to power by ousting then-president Ange Felix Patasse, who Chad accused of supporting Chadian dissidents.

Chad is also keen to keep a lid on instability in the territory close to its main oil export pipeline and has stepped in to defend Bozize against insurgents in the past.

A CAR government minister told Reuters the foreign troop presence strengthened Bozize's bargaining position ahead of the Libreville peace talks.

"The rebels are now in a position of weakness," the minister said, asking not to be named. "They should therefore stop imposing conditions like the departure of the president."

Central African Republic is one of a number of countries in the region where U.S. Special Forces are helping local soldiers track down the Lord's Resistance Army, a rebel group which has killed thousands of civilians across four nations.

France has a 600-strong force in CAR to defend about 1,200 of its citizens who live there.

Paris used air strikes to defend Bozize against a rebellion in 2006. But French President Francois Hollande turned down a request for more help, saying the days of intervening in other countries' affairs were over.

(Additional reporting by Paul-Marin Ngoupana in Bangui and Jon Herskovitz in Johannesburg; Writing by Richard Valdmanis; Editing by Andrew Heavens and Janet Lawrence)

Read More..

Asia holds breath as U.S. fiscal talks go to the wire

SYDNEY (Reuters) - Markets were eerily quiet in Asia as trade resumed on Wednesday with investors anxiously waiting to see if the U.S. Congress could strike a last-minute deal to avoid triggering tax rises and spending cuts that could threaten the global economy.

The U.S. Senate early on Tuesday passed a bill that aims to avoid the "fiscal cliff" of $600 billion in automatic spending cuts and tax increases.

However, the package immediately ran into opposition from House Republicans, who were meeting to decide whether to reject or amend the bill .

"Frankly, we don't know what to make of it all. It's like a circus there," said one exasperated forex dealer at an Australian bank in Sydney.

"The markets have always assumed they would eventually strike a deal that would avoid the worst affects of the fiscal cliff, but it's getting harder and harder to stay optimistic."

He suspected equity markets would be on the defensive as they opened, with safe-haven bonds in demand. Getting a read on trends was tricky as U.S. Treasuries and stock futures were yet to trade, while Tokyo was off on holiday.

Currencies were trading, but the only major move was further weakness in the Japanese yen as investors wagered the Bank of Japan would have to take ever more aggressive easing steps to support the economy and satisfy the new government.

The dollar held firm on the yen at 86.75 yen, having touched its highest level since August 2010. The Japanese currency also dropped to depths not seen in over four years against the Australian and New Zealand dollars.

The euro was a shade firmer against the U.S. dollar at $1.3216, but turnover was extremely thin.

Spot gold was little changed at $1,674 an ounce, while oil futures dipped 20 cents to $91.62.

(Reporting by Wayne Cole; Editing by Eric Meijer)

Read More..

Governor to sue NCAA over Penn State sanctions

HARRISBURG, Pa. (AP) — Pennsylvania Gov. Tom Corbett says he plans to sue the NCAA in federal court over sanctions imposed against Penn State in the wake of the Jerry Sandusky child sexual abuse scandal.

The Republican governor has scheduled a news conference for Wednesday on Penn State's campus in State College to announce the filing in U.S. District Court in Harrisburg.

The sanctions were agreed to by the university in July. They included a $60 million fine that would be used nationally to finance child abuse prevention grants. State and federal lawmakers have raised objections to the money being spent outside Pennsylvania.

The NCAA has declined to comment.

Sandusky was a Penn State assistant football coach. He was convicted of abusing boys and was sentenced to decades in prison. He maintains his innocence.

Read More..

Europe Tackling Big Space Projects in 2013

LONDON — The European Space Agency has some ambitious resolutions for the New Year. The year 2013 will include the agency’s first spaceflight for its newest class of astronauts, the launch of its latest robot cargo ship Albert Einstein, and the development of new rockets and spacecraft, including a reusable space plane and work on NASA’s new Orion spacecraft.

January and February should see agreements and contracts signed for the new rockets, Ariane 5 Mid-Life Evolution (ME) and Ariane 6, and for ESA’s participation in NASA’sOrion space capsule. ESA is providing the service module for the Orion capsule, which NASA plans to use to fly astronauts on future deep-space missions.  

With deadlines in 2014 for the rocket work, and 2017 for an unmanned Orion test flight, ESA officials know 2013 will see lots of activity right from the start.

“The Orion service module funding has been approved, so now the usual work process starts. I think [the NASA-ESA agreement signing] is in January. It should be rather early from what I’ve heard, it is something to be done towards the beginning of the year,” Franco Bonacina, spokesman for ESA’s director-general, Jean-Jacques Dordain, told SPACE.com. [Meet the European Space Agency (Video)]

Powerhouse for NASA’s Orion

ESA will provide one service module for Orion’s 2017 test launch. The module’s preliminary design review, or PDR, is planned for July 2013. The PDR is a major milestone for spaceflight projects, allowing managers to check a spacecraft’s design progress.

The ESA service module’s previous review, the system design review, occurred in September 2012, and the next major design review is not until 2015. The service module will provide propulsion, avionics, heat control and energy from solar arrays. It will also store water, oxygen and nitrogen for life support.

ESA’s Orion module is being delivered as an in-kind contribution for International Space Station (ISS) operations, for the period 2017 to 2020. The module is expected to cost ESA several hundred million dollars.

Europe’s new rockets

Before the Orion work shifts into gear, a pair of two-year studies is due to begin at the start of 2013 for the agency’s Ariane 5ME and Ariane 6 rockets. This is so ESA can make a decision about the future of its launchers in late 2014.

Operated by the company Arianespace, the workhorse Ariane 5 rocket launches ESA missions and commercial satellites. The rocket launches from the South American territory of French Guiana and is able to launch two spacecraft at a time. It first flew in 1997 and can launch up to 22,000 pounds (10,000 kilograms) into orbit.

The new Ariane 5 version, the Ariane 5ME, has already been in development for many years and it had been planned to be operational from 2016. It will be the same height, excluding the nose cone, and weight as its predecessor, but will be able launch an additional 2,540 pounds (1152 kg) of payload, with a maximum payload of 24,640 pounds (11,176 kg) for geostationary orbits.

The Ariane 5ME will use a new upper stage and rocket engine, the Vinci, and has a larger nose cone. If approved in 2014, the Ariane 5ME could be operational towards the end of this decade.

However, ESA has concluded that it needs a simpler rocket that can launch more frequently with only one payload onboard. This is the planned Ariane 6, which was originally called Next Generation Launcher (NGL).

The Ariane 6 rocket has been the subject of numerous studies that have evaluated NGL versions that either only have solid rocket motors or only liquid fuel engines. According to Bonacina, for Ariane 6, the two year studies will determine, “what shape and configuration it will have and what kind of money will be needed over what timeframe”. Neither Ariane 5ME nor Ariane 6 will launch astronauts.

A decision on Ariane 6 was supposed to take place in 2012, but disagreement between France and Germany, the largest ESA budget contributors, saw a compromise. France was in favor of Ariane 6, while Germany wanted Ariane 5ME to go ahead.

“It was a heavy compromise between Germany and France. They all had their interesting points of view and a solution has been found,” Bonacina said. “The good thing is that Ariane 6 has started and Ariane 5ME continues in parallel.”

In April of this year, ESA expects to hit two rocket milestones. They include second launch of its latest rocket, Vega, which uses solid rocket motors for its first, second and upper stages. The Vega rocket will launch the Earth observation satellite, Proba-V. The V in Proba-V stands for vegetation because the satellite will monitor the Earth’s plant life. [Europe’s Vega Rocket 1st Launch (Photos)]

Then in mid or late April, the latest version of the Ariane 5 — the Ariane 5 ES — is due make its next launch. The Ariane 5 ES has an upper stage whose engine can reignite. This allows it to launch ESA’s robotic Automated Transfer Vehicle cargo ships.

Europe’s ATV spacecraft deliver supplies to the International Space Station and propellant to raise the station’s orbit when needed. The ATV to be launched in April, called Albert Einstein, will be the fourth ESA’s five planned ATV missions to the space station.

Satellites galore

Europe’s other launches in the second half of 2013 include satellites for the European Union’s space-based navigation system, Galileo. The Galileo satellites will be launched by a Russian Soyuz 2 rocket from the Soyuz launch site in French Guiana.

Also launched in the latter half of 2013 by Soyuz rockets will be ESA’s Gaia mission and the Sentinel-1A satellite. The Gaia spacecraft will operate beyond the Moon, over 600,000 miles (965,606 kilometers) from Earth, and its goal is to create the largest and most precise three-dimensional map of the galaxy.

The Sentinel-1A is a polar orbit satellite that uses synthetic aperture radar. It is the first dedicated satellite for the Global Monitoring for Environment and Security constellation, a joint venture between ESA and the European Union. A constellation of two satellites, GMES’ Sentinel-1B is expected to launch in 2015.

An Ariane 5 will also launch Alphasat this year. This high bandwidth telecommunications satellite will provide commercial services and test various communications technologies including lasers.

Europe’s astronauts and robot arm

In May, a Russian Soyuz spacecraft will launch ESA’s Italian born astronaut Luca Parmitano from Baikonur Cosmodrome in Kazakhstan. Parmitano is launching on a six-month mission to the International Space Station and is slated to return to Earth in November.

Parmitano was selected to join ESA’s astronaut corps in May 2009 as one of six candidates. The five others hailed from France, Germany, Italy, Denmark and the United Kingdom. Of those, Parmitano is the first bound for the space station.

The 35-year old former Italian Air Force test pilot will be a flight engineer on the station crew. While Albert Einstein and Parmitano are headed to the orbiting laboratory in 2013, a new robotic arm for the orbiting laboratory will likely slip to 2014.

The station’s new European Robotic Arm, or ERA, will launch on a Proton rocket from Baikonur Cosmodrome, ESA’s ERA will be attached to Russia’s multipurpose laboratory module.

The robotic arm consists of two end-effectors, two wrists, two limbs and one elbow joint, together with electronics and cameras. Both end-effectors act as either a hand or the base from which it can operate. ERA will be used in the assembly and servicing of the Russian segment of the station, and its infrared cameras will allow it to carry out inspections of the station’s exterior.

The arm will also be able to transport astronauts, like a cherry picker crane, from one external location to another. This saves time and effort during spacewalk activities. ERA is also compatible with the new Russian airlock, so it can transfer small payloads between the station’s interior and the vacuum of space quickly. This will also reduce the crew’s space walk set-up time and allow ERA to work with astronauts outside the station.

Space plane under development

Like ERA, ESA’s space plane prototype, the Intermediate Experimental Vehicle (IXV), was to have been launched in 2013. It will now fly on ESA’s Vega rocket in 2014. The IXV vehicle is designed to test re-entry technologies during a suborbital flight launching from French Guiana and splashing down in the Pacific Ocean using parachutes.

ESA has now approved funds for IXV’s possible follow-on, Innovative Space Vehicle (ISV), under the Program for Reusable In-orbit Demonstrator in Europe.

The ISV would be Europe’s civilian equivalent of the U.S. Air Force’s unmanned X-37B Orbital Test Vehicle, a robotic miniature space shuttle that has flown on three missions since 2010. The unmanned European space plane would be much smaller than the Air Force vehicle, however.

Giorgio Tumino, IXV program manager told SPACE.com: “We did not get all what we asked, but enough to go ahead and keep the planning.”

Follow SPACE.com @Spacedotcom. We’re also on Facebook and Google+.

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Space and Astronomy News Headlines – Yahoo! News

Title Post: Europe Tackling Big Space Projects in 2013
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Northwestern ends bowl drought

JACKSONVILLE, Fla. — They handed out Gator Bowl baseball caps that said "CHAMPIONS," and Northwestern players threw them on and sprinted toward the purple mob at a corner of EverBank Field.

Jerry Brown, NU's longest-tenured coach and a link to Wildcat teams from the late 1960s, bear-hugged Pat Fitzgerald's wife, Stacy.

"This is so special," said Brown, NU's defensive backs coach and a former all-Big Ten player. "I'm speechless."

• Related
























• 
  
  
  
  
  
  
  
  Photos: NU 34, Mississippi State 20
  
  




































• 
  
  
  
  
  
  
  Video: Nwabuisi on ending bowl losing streak
  
  
  




































• 
  
  
  
  
  
  
  Outback: South Carolina tops Michigan 33-28
  
  
  




































• 
  
  
  
  
  
  
  Purdue buried by Oklahoma State
  
  
  




































• 
  
  
  
  
  
  
  Capital One Bowl: Georgia rallies to beat Nebraska 45-31
  
  
  












• 
  
  Maps
  














• 
  
  
  
  
  
  
  
  
  
  
  Gator Bowl Boulevard, Jacksonville, FL 32202, USA
  
  



• 
  
  
  
  
  
  
  
  
  
  
  Ryan Field, 1501 Central Street, Evanston, IL 60201, USA
  
  



• 
  
  
  
  
  
  
  
  
  
  
  EverBank Field, 1 EverBank Field Drive, Jacksonville, FL 32202, USA
  
  

Asked how he would celebrate the Wildcats' 34-20 victory over Mississippi State, Brown replied, "We'll probably have a few sodas," and then he erupted in laughter.

The Streak is over.

"The last negative we needed to erase," as Fitzgerald called it — a run of nine bowl losses spanning 64 seasons — is history.

And the Wildcats (10-3) have the stuffed monkey to prove it.

Northwestern President Morton Schapiro and athletic director Jim Phillips wanted to leave the symbol of NU's futility in Evanston. But Fitzgerald had Curtis Shaner, NU's longtime equipment manager, hide it during the team's trip to Jacksonville.

After the game, according to an observer, former All-American kicker Sam Valenzisi brought the monkey into NU's locker room, hiding it. Fitzgerald took it and told the room: "Have fun tearing the bejeezus out of it!"

He tossed it in the air, and the players rushed in, leaving the head intact. Fitzgerald brought that furry trophy with him to the postgame news conference, saying: "Chicago's Big Ten team is going to come (home) as Chicago's Big Ten champions."

And then he couldn't resist a pitch: "Season tickets went on sale today. Let's get to work."

Northwestern went to work early in Tuesday's game. On the third play from scrimmage, Mississippi State's Tyler Russell gave Northwestern a gift. Defensive lineman Quentin Williams caught his attempt at a screen pass and returned it 29 yards for a score.

Russell entered the Gator Bowl having thrown one interception for every 61 attempts on the season. Northwestern picked him off four times on 28 throws.

"These are young kids, not pro athletes," Bulldogs coach Dan Mullen said. "When he started the game poorly, I think he was shaken."

The fourth takeaway was huge. After Northwestern entered "uh-oh" territory with a double-digit fourth quarter lead — the kind they blew against Penn State and Nebraska this fall — Mississippi State (8-5) scored to make it 27-20.

But facing pressure on a third-and-5, Russell chucked one up for cornerback Nick VanHoose, who returned the ball 39 yards to the 5. Venric Mark took it home for a two-touchdown lead, and NU's defense went into shutdown mode to seal the victory.

"The defense covered our butts," quarterback Trevor Siemian said.

Siemian was no slouch himself. He revived an offense that had a five-drive stretch of interception, punt, punt, punt, interception. Kain Colter threw both picks, but Siemian added his own later on a third-down fling that acted as a defacto punt.

Both quarterbacks shined on NU's final touchdown series. Colter scrambled for 31 yards and the semi-mobile Siemian stunned Mississippi's defense by faking an option handoff to Mike Trumpy and ambling home for the score from 4 yards out.

"Probably the first 'pull' I had on that play all year," Siemian said.

"Of your career?" Fitzgerald joked.

"I surprised myself a little bit actually," Siemian said. "They never thought I was going to pull it. Neither did I. I snuck in there."

Good enough to allow Fitzgerald, his voice in tatters, to say after the game: "We tell our guys: Act like you've been there before. Well, we haven't been there before. As (linebacker) David Nwabuisi just said: 'We're here now.' And we're here to stay!"

tgreenstein@tribune.com

Twitter @TeddyGreenstein

Read More..