Morsi Extends Compromise to Egyptian Opposition

Tara Todras-Whitehill for The New York Times

Protesters against President Mohamed Morsi next to a destroyed barricade near the presidential palace in Cairo on Saturday. More Photos »

CAIRO — Struggling to quell protests and violence that have threatened to derail a vote on an Islamist-backed draft constitution, President Mohamed Morsi moved Saturday to appease his opponents with a package of concessions just hours after state media reported that he was moving toward imposing a form of martial law to secure the streets and allow the vote.

Mr. Morsi did not budge on a critical demand of the opposition: that he postpone a referendum set for Saturday to approve the new constitution. His Islamist supporters say the charter will lay the foundation for a new democracy and a return to stability. But liberal groups have faulted it for inadequate protection of individual rights and loopholes that could enable Muslim religious authorities to wield new influence and they are asking for a thorough overhaul.

But in a midnight news conference, his prime minister said Mr. Morsi was offering concessions that he had appeared to dismiss out of hand a few days before. He rescinded most of his sweeping Nov. 22 decree that temporarily elevated his decisions above judicial review and offered a convoluted arrangement for the factions to agree in advance on future constitutional amendments that would be added after passage.

His approach, rolled out throughout a confusing day, appeared to indicate a determination to do whatever it takes to get to the referendum. Amid growing concerns among his advisers that the Interior Ministry may be unable to secure either the polls or the institutions of government in the face of violent protests against Mr. Morsi, the state media reported early Saturday that he was moving toward ordering the armed forces to keep order and authorizing its solders to arrest civilians.

Mr. Morsi has not yet formally issued the order reported in the state newspaper Al Ahram, raising the possibility that the announcement was intended as a warning to his opponents. His moves held out little hope of fully resolving the standoff, in part because even before his concessions were announced opposition leaders had ruled out any rushed attempt at a compromise just days before the referendum.

“No mind would accept dialogue at gunpoint,” said Mohamed Abu El Ghar, an opposition leader, alluding to previously floated ideas about last-minute negotiations between factions for amendments.

Nor did his Islamist allies expect his proposals to succeed. Many have said they concluded that much of the secular opposition is primarily interested in obstructing the transition to democracy at all costs, mainly to block the Islamists’ electoral victory. Instead, some privately relished the bind they believed Mr. Morsi had built for the opposition by giving in to some demands and thus, they said privately, forcing their secular opponents to admit they were afraid to take their case to the ballot box.

The military appeared for now to back Mr. Morsi. Midday, a military spokesman read a statement over state television saying the military “realizes its national responsibility for maintaining the supreme interests of the nation and securing and protecting the vital targets, public institutions, and the interests of the innocent citizens.”

Since Mr. Morsi’s decree granting himself sweeping powers until the ratification of a new constitution, there has been an extraordinary breakdown in Egyptian civic life that has destroyed almost any remaining trust between the rival Islamist and secular factions.

Mr. Morsi had insisted that he needed unchecked power to protect against the threat that judges appointed by the ousted president, Hosni Mubarak, might dissolve the constitutional assembly.

But his claim to such unlimited power for even a limited period struck those suspicious of the Islamists as a possible return to autocracy. It recalled broken promises from the Muslim Brotherhood that it would not dominate the parliamentary election or seek the presidency. And his decree set off an immediate backlash.

Hundreds of thousands of protesters accusing Mr. Morsi and his Islamist allies of monopolizing power have poured into the streets. Demonstrators have also attacked more than two dozen Brotherhood offices around the country, including its headquarters, and judges declared a national strike.

Read More..

Software guru McAfee wants to return to United States

GUATEMALA CITY (Reuters) – Software guru John McAfee, fighting deportation from Guatemala to Belize to face questions about the slaying of a neighbor, said on Saturday he wants to return to the United States.

“My goal is to get back to America as soon as possible,” McAfee, 67, said in a phone call to Reuters from the immigration facility where he is being held for illegally crossing the border to Guatemala with his 20-year-old girlfriend.

“I wish I could just pack my bags and go to Miami,” McAfee said. “I don’t think I fully understood the political situation. I’m an embarrassment to the Guatemalan government and I’m jeopardizing their relationship with Belize.”

The two neighboring countries in Central America are locked in a decades-long territorial dispute and voters in 2013 will decide in a referendum how to proceed.

Responding to McAfee’s remarks, a U.S. State Department spokeswoman said U.S. citizens in foreign countries are subject to local laws. Officials can only ensure they are “treated properly within this framework,” she said.

On Wednesday, Guatemalan authorities arrested McAfee in a hotel in Guatemala City where he was holed up with his Belizean girlfriend.

The former Silicon Valley millionaire is wanted for questioning by Belizean authorities, who say he is a “person of interest” in the killing of fellow American Gregory Faull, McAfee’s neighbor on the Caribbean island of Ambergris Caye.

The two had quarreled at times, including over McAfee’s unruly dogs. Authorities in Belize say he is not a prime suspect in the investigation.

Guatemala rejected McAfee’s request for asylum on Thursday. His lawyers then filed several appeals to block his deportation. They say it could take months to resolve the matter.

The software developer has been evading Belize authorities for nearly four weeks and has chronicled his life on the run in his blog, www.whoismcafee.com.

McAfee claims authorities will kill him if he turns himself in for questioning. He has denied any role in Faull’s killing and said he is being persecuted by Belize’s ruling party for refusing to pay some $ 2 million in bribes.

Belize’s prime minister has rejected this, calling McAfee paranoid and “bonkers.

BEATING HEAD AGAINST WALL

After making millions with the anti-virus software bearing his name, McAfee later lost much of his fortune. For the past four years he has lived in semi-reclusion in Belize.

He started McAfee Associates in the late 1980s but left soon after taking it public. McAfee now has no relationship with the company, which was later sold to Intel Corp.

Hours after his arrest, McAfee was rushed to a hospital for what his lawyer said were two mild heart attacks. Later he said the problem was stress. McAfee said he fainted after days of heavy smoking, poor eating and knocking his head against a wall.

He told Reuters he no longer has access to the Internet and has turned over the management of his blog to friends in Seattle, Washington. On Saturday, they began posting a series of files claiming to detail Belize’s corruption.

Residents and neighbors in Belize have said the eccentric tech entrepreneur, who is covered in tribal tattoos and kept an entourage of bodyguards and young women on the island, had appeared unstable in recent months.

Police in April raided his property in Belize on suspicion he was running a lab to make illegal narcotics. There already was a case against him for possession of illegal firearms.

McAfee says the charges are an attempt to frame him.

“People are saying I’m paranoid and crazy but it’s difficult for people to comprehend what has been happening to me,” he said. “It’s so unusual, so out of the mainstream.”

(Editing by Dave Graham and Bill Trott)

Tech News Headlines – Yahoo! News

Read More..

Cowboy charged after player dies in auto accident

IRVING, Texas (AP) — Police charged Dallas Cowboys defensive lineman Josh Brent with intoxication manslaughter Saturday after he flipped his car in a pre-dawn accident that killed teammate Jerry Brown.

Irving police spokesman John Argumaniz said the accident happened about 2:20 a.m. Saturday in the Dallas suburb, hours before Brent was to be on a team flight to Cincinnati for the Cowboys' game Sunday against the Bengals.

Argumaniz said the 25-year-old Brown — a practice-squad linebacker who also was Brent's teammate for three seasons at the University of Illinois — was found unresponsive at the scene and pronounced dead at a hospital.

Brown died a week after Kansas City Chiefs linebacker Jovan Belcher fatally shot his girlfriend before killing himself in front of his coach and general manager.

"We are deeply saddened by the news of this accident and the passing of Jerry Brown," Cowboys owner Jerry Jones said in a statement. "At this time, our hearts and prayers and deepest sympathies are with the members of Jerry's family and all of those who knew him and loved him."

Officers conducted a field sobriety test on Brent and arrested him on suspicion of driving while intoxicated, Argumaniz said. The charge, a second-degree felony punishable by two to 20 years in prison, was upgraded after Brown was pronounced dead.

Argumaniz said Brent, who pleaded guilty to a drunken driving charge three years ago at Illinois, was being held without bond. Brent is named as Joshua Price-Brent in the police news release. Argumaniz said Brent missed a 10 a.m. Saturday booking session with a judge because he was intoxicated. He did not know if Brent had an attorney.

Brent was speeding when the vehicle hit a curb and flipped at least once, Argumaniz said. Police received 911 calls from motorists who saw the upside-down vehicle but they did not immediately have any eyewitnesses to the wreck, the police spokesman said.

Argumaniz said when officers arrived at the scene on a state highway service road, Brent was dragging Brown from the vehicle, a Mercedes, which was on fire. Officers quickly put out the small blaze, he said.

Argumaniz said it wasn't known how fast the vehicle was traveling. The road has a 45 mph limit.

"I can say investigators are certain they were traveling well above the posted speed limit," Argumaniz said.

Before he was taken to the jail, Brent went to a hospital for a blood draw for alcohol testing and also received treatment for some minor scrapes.

Argumaniz said Brent identified himself to officers as a Cowboys player.

Former Illinois coach Ron Zook said Brent, a third-year player who made the first start of his career in the opener against the New York Giants, was trying to help Brown make it in the NFL. Brown joined the Cowboys in October after he was released by the Indianapolis Colts.

"It was Jerry's dream, and Josh was trying to help him any way he could," Zook said.

Zook said he spoke with Brent's agent, Peter Schaffer, who said he had made contact with Brent.

"He said Josh was distraught, and he didn't care about himself or what was happening to him," Zook said. "All he cared about was Jerry's family."

Brent was arrested in February 2009 near the Illinois campus for driving under the influence, driving on a suspended license and speeding, according to Champaign County, Ill., court records.

In June 2009, Brent pleaded guilty to DUI and was sentenced to 60 days in jail, two years of probation, 200 hours of community service and a fine of about $2,000. As part of his plea deal, prosecutors dropped one count of aggravated DUI/no valid driver's license. Brent successfully completed his probation in July 2011, court records show.

Brent, a nose guard, has played in all 12 games this season and played a bigger role than expected with starter Jay Ratliff battling injuries. He has 35 tackles and 1 1/2 sacks and might have started Sunday against the Bengals because Ratliff is out with a groin injury.

The Cowboys signed Brown to their practice squad Oct. 24, but he hasn't been on the active roster. He was released from the Colts' practice squad Oct. 20. Brown played in one game for the Colts, a loss to the New York Jets on Oct. 14.

"On behalf of the entire Colts family, our sincerest condolences go out to Jerry's family and friends," Colts general manager Ryan Grigson said in a statement. "He was a good teammate that was well liked by all. Today's tragic news is just another reminder of how fragile life is and how everyday given is a gift."

Brent and Brown played at Illinois from 2007 to 2009. Brent played as a freshman and finished his career with 71 tackles and five sacks. Shortly after his guilty plea on the DUI charge, Brent entered the supplemental draft with a year of eligibility remaining, and the Cowboys took him in the seventh round.

Brown, who took a redshirt season at Illinois the year before Brent arrived, had 13 tackles combined in 2007 and 2008 but didn't play in 2009.

"I can't believe it," Travon Bellamy, a former Illinois teammate, wrote on Twitter. "Before people pass judgment on Josh, they need to know that he is a good person that made a bad mistake."

Brown played for San Antonio in the Arena Football League this year. In 2011, he played for Jacksonville in the AFL and the Hamilton Tiger-Cats in the Canadian Football League.

He was born and grew up in St. Louis, attending Vashon High School.

___

Associated Press writers Michael Graczyk in Houston and Sara Burnett in Chicago contributed to this report.

Read More..

As Egypt’s Crisis Deepens, Morsi Turns to Muslim Brotherhood

CAIRO — Facing the most serious crisis of his presidency, Mohamed Morsi is leaning more closely than ever on his Islamist allies in the Muslim Brotherhood, betting on their political muscle to push through a decisive victory in the referendum on Egypt’s divisive draft constitution.

As tens of thousands chanted for his downfall or even imprisonment in a fourth day of protests outside the presidential palace, Mr. Morsi’s advisers and Brotherhood leaders acknowledged Friday that outside his core base of Islamist supporters he feels increasingly isolated in the political arena and even within his own government. The Brotherhood “is who he can depend on,” said one person close to Mr. Morsi, speaking on the condition of anonymity to discuss internal deliberations. Mr. Morsi appeared to believe that he and the Brotherhood could deliver a strong vote for the draft constitution in next Saturday’s referendum — strong enough to discredit the opposition, allow him a fresh start and restore some of his authority.

Struggling to quell protests and violence around the country, Mr. Morsi appeared to offer a new concession to his opponents Friday by opening the door to a possible delay in the referendum on the draft constitution, now scheduled for Dec. 15, and even potential revisions by the Islamist-dominated constitutional assembly. But opposition leaders turned a deaf ear, reiterating their demands to begin an overhaul of the assembly itself.

“He has to take these steps, and I hope that he listens to us,” Mohamed ElBaradei, the former United Nations diplomat and coordinator of the opposition front, said Friday in televised response.

But Mr. Morsi’s advisers said he held out little hope of reaching a compromise and instead remained reliant on rallying his Islamist base, a strategy he displayed most vividly in a televised speech to the nation Thursday night. Addressing clashes between his Islamist supporters and their opponents that had killed at least six, Mr. Morsi all but declined to play the unifier, something he could have accomplished by sympathizing equally with those injured or killed on either side.

Instead, he struck the themes with the most resonance to his Islamist supporters, arguing that his backers outside the palace had come under attack by hired thugs paid with “black money” from a conspiracy of loyalists to the ousted president, Hosni Mubarak, and foreign interests determined to thwart the revolution. And he also said that some of the culprits had “direct links” to the political opposition, calling on Egyptians “to stand up to these heinous crimes.”

Mr. Morsi’s turn back toward his Islamist base is a bet that the Brotherhood’s political machine can easily overcome even the re-energized secular opposition. And his advisers argue that the achievement of even an imperfect constitution will prove his commitment to the democratic rule of law and restore his credibility. But it also contributes to the paralyzing polarization now gripping Egyptian politics. It risks tarnishing both the Constitution and Mr. Morsi as purely partisan and unable to represent all Egyptians. And it makes Mr. Morsi even more dependent on the same insular group that plucked him from anonymity and propelled him to the presidency.

The result could be a hollow victory that perpetuates the instability of the political transition. “O.K., so you will have the referendum on Dec. 15 and you will end up with a ‘yes’ vote,” said Khaled Fahmy, a historian at the American University in Cairo. “On Dec. 16, Egypt will be infinitely more difficult to govern than it already is now.”

Some senior Brotherhood leaders have acknowledged that the bruising battle may hurt their party’s fortunes in the next parliamentary elections, which are set for February if the constitution passes. “I don’t think we will have the same level of trust, and I think our numbers will probably be affected,” one senior Brotherhood leader said Friday, speaking on the condition of anonymity to discuss internal deliberations.

Two employees of The New York Times contributed reporting.

Read More..

New iPad mini orders will be delivered in time for Christmas

Read More..

Te'o and Manziel hit Manhattan with Heisman hopes

NEW YORK (AP) — Notre Dame linebacker Manti Te'o was looking forward to a break after a five-city-in-five-days tour, during which he has become the most decorated player in college football.

"I'm just trying to get a workout in and get some sleep," he said Friday about his plans for the night.

Texas A&M quarterback Johnny Manziel seemed to have more energy when he arrived at a midtown Manhattan hotel with his fellow Heisman Trophy finalist. In fairness, Johnny Football's week hasn't been nearly as hectic, though this trip to New York city is different from the first time he visited with his family when he was young.

"It's just taking it up a whole 'nother level, but happy to be here," he said.

Manziel and Te'o spent about 30 minutes getting grilled by dozens of reporters in a cramped conference room, posed for some pictures with the big bronze statue that they are hoping to win and were quickly whisked away for more interviews and photo opportunities.

Manziel, Te'o or Collin Klein, the other finalists who couldn't make it to town Friday, each has a chance to be a Heisman first Saturday night.

Manziel is trying to be the first freshman to win the award. Te'o would be the first winner to play only defense. Klein would be Kansas State's first Heisman winner.

Manziel and Te'o were on the same flight from Orlando, Fla., where several college football awards were handed out last night. The 6-foot-1, 200-pound quarterback was just happy the 255-pound linebacker didn't try to record another sack when they met.

"He's a big guy," Manziel said, flashing a big smile from under his white Texas A&M baseball cap. "I thought he might stuff me in locker and beat me up a little bit."

The two hadn't had much time for sightseeing yet, but they did walk around Times Square some, saying hello to a few fans. They probably weren't too difficult to spot in their team issued warm-up gear.

"We've just been talking about goofy stuff. Playing video games. Playing Galaga. Just some things from back in the day. Messing around with each other," Manziel said. "Kind of seeing who is going to take more pictures. He's definitely taking that award right now."

Te'o is already going to need a huge trophy case to house his haul from this week. He has won six major awards, including the Maxwell as national player of the year. He'll try to become Notre Dame's eighth Heisman winner and first since Tim Brown in 1987.

"I can only imagine how I would feel if I win the Heisman," he said.

Charles Woodson of Michigan in 1997 is the closest thing to a true defensive player winning the Heisman. Woodson was a dominant cornerback, but he also returned punts and played a little receiver. That helped burnish his Heisman credentials.

Te'o is all linebacker. He leads the top-ranked Fighting Irish with 103 tackles and seven interceptions.

Klein was the front-runner for the Heisman for a good chunk of the season, but he played his worst game late in the season — in a loss at Baylor — and the momentum Manziel gained by leading Texas A&M to victory at Alabama has been tough to stop.

Manziel's numbers are hard to deny. He set a Southeastern Conference record with 4,600 total yards, throwing for more than 3,000 and rushing for more than 1,000.

Klein, by comparison, averages about 100 fewer total yards per game (383-281) than Manziel.

A freshman has never won the Heisman. Oklahoma running back Adrian Peterson came closest in 2004, finishing second by Southern California's Matt Leinart.

Manziel is a redshirt freshman, meaning he attended Texas A&M and practiced with the team but did not play last year. Still, he'd be the most inexperienced college player to win the sport's most prestigious award.

"It's surreal for me to sit here and think about that this early in my career," he said. "With what me and my teammates have gone through, with how they've played and how they've helped me to get to this point, it's just a testament to how good they are and how good they've been this year.

"Without them I wouldn't be here and that's the real story to all this."

Read More..

The New Old Age Blog: A Son Lost, a Mother Found

My friend Yvonne was already at the front door when I woke, so at first I didn’t realize that my mother was missing.

It was less than a week after my son Spencer died. Since that day, a constant stream of friends had been coming and going, bringing casseroles and soup, love, support and chatter. Mom hated it.

My 94-year-old mother, who has vascular dementia, has been living in my home in upstate New York for the past few years. Like many with dementia, mom is courteous but, underneath, irascible. Pride defines her, especially pride in her Phi Beta Kappa intellect. She hates to be confronted with how she has become, as she calls it, “stupid.”

The parade of strangers confused her. She had to be polite, field solicitous questions, endure mundane comments. She could not remember what was going on or why people were there. It must have been stressful and annoying.

That night, like every night since the state troopers brought the news, I woke hourly, tumbling in panic. As if it were not too late to save my son. Mom knew something was wrong, but she could not remember what. As I overslept that morning, she must have decided enough was enough. She was going home.

In a cold sky, the sun blazed over tall pines. As I opened the door, the dogs raced out to greet Yvonne and her two housecleaners. Yvonne often brags about her cleaning duo. They were her gift to me. They were going to clean my house before the funeral reception, which was scheduled for later that week. This was a very big gift because, like my mother before me, I am a very bad housekeeper.

Mom’s door was shut. I cautioned the housecleaners to avoid her room as I showed them around. Yvonne went to the kitchen to listen to the 37 unheard messages on my answering machine; the housecleaners went out to their van to get their instruments of dirt removal.

I ducked into Mom’s room to warn her about the upcoming noise. The bed was unmade; the floor was littered with crumpled tissues; the room was empty.

Normally, I would have freaked out right then. I knew Mom was not in the house, because I had just shown the whole house to the cleaners. Although Mom doesn’t wander like some dementia patients, she does on occasion run away. But I could not muster a shred of anxiety.

“Yvonne,” I called, “did you see my mother outside?”

Yvonne popped her head into the living room, eyebrows raised.“Outside? No!” She was alarmed. “Is she missing?”

“Yeah,” I said wearily, “I’ll look.” I stepped out onto the front porch, tightening the belt of my bathrobe and turning up the collar. Maybe she had walked off into the woods. The dogs danced around my legs, wanting breakfast.

I had no space left in my body to care. Either we would find her, or we would not. Either she was alive, or she was not. My child was gone. How could I care about anything ever again?

Then I saw my car was missing. My mouth fell open and my eyeballs rolled up to the right, gazing blindly at the abandoned bird’s nest on top of the porch light: What had I done with the keys?

Mom likes to run away in the car when she is angry. She used to do it a lot when my father was still alive — every time they fought. Since Mom took off in my car almost a year ago, after we had had a fight, I’d kept the keys hidden. Except for this week; this week, I had forgotten.

I was reverting to old habits. I had left the doors unlocked and the keys in the cupholder next to the driver’s seat. Exactly like Mom used to do.

“Uh-oh,” I said aloud. Mom was still capable of driving, even though she did not know where she was going. I just really, really hoped that she didn’t hurt anybody on the road. I pulled out my cellphone, about to call the police.

“Celia!” Yvonne shouted from the kitchen. She hurried up behind me, excited. “They found your mother. There are two messages on your machine.”

At that very moment, Mom was holed up at the College Diner in New Paltz, a 20-minute drive over the mountain, through the fields, left over the Wallkill River and away down Main Street.

Yvonne called the diner. They promised to keep the car keys until someone arrived. By that time, Yvonne had to go to work. She drove my friend Elizabeth to the diner, and Elizabeth drove Mom home in my car.

Half an hour later, they walked in the front door. Mom’s cheeks were rouged by the chill air and her eyes sparkled, her white hair riffing with static electricity. “Hello, hello,” she sang out. “Here we are.” She was wearing the flannel nightgown and robe I had dressed her in the night before. It was covered by her oversized purple parka, and her bare feet were shoved into sneakers.

I started laughing as soon as I saw her. I couldn’t help it. Elizabeth and Mom started laughing too. “You had a big adventure,” I said, hugging them both. “How are you?”

“I’m just marvelous,” said my mother. Mom always feels great after doing something rakish. We settled her on the sofa with her feet on the ottoman. By the time I got her blanket tucked in around her shoulders, she had fallen asleep.

Elizabeth couldn’t stop laughing as she described the scene. “Your mother was holding court in this big booth. She was sitting there in her nightgown and her parka, talking to everybody, with this plate of toast and coffee and, like, three of the staff hovering around her.”

The waitress said Mom seemed “a little disoriented” when she got there. Mom said she was meeting a friend for breakfast, but since she was wearing a nightgown and didn’t know whom she was meeting or where she lived, the staff thought there might be a problem. They convinced Mom to let them look in the glove compartment of the car, where they found my name and number.

It was then that I realized I was laughing – something I’d thought I would never be able to do again. “Elizabeth, Elizabeth, I’m laughing,” I said.

“Ha, ha, ha,” laughed Elizabeth, holding her belly.

“Ha, ha, ha,” I laughed, rolling on the floor.

And she who gave me life, who had suffered the death of my child and the extinction of her own intellect, snoozed on: oblivious, jubilant, still herself, still mine.

Read More..

Off the Charts: European Banks Thriving as Investor Fears Ease

THE European bank crisis was one of the major worries of 2012. There were forecasts that the euro zone would break up, that various countries would default on their debts and that undercapitalized banks would fail because national governments could not afford to keep them alive.

The bank crisis is not yet resolved, but it “appears to have been put on the back burner of investor concerns,” Jeffrey Yale Rubin and Kevin Pleines of Birinyi Associates said in a research bulletin sent to clients this week.

The accompanying charts show what has happened to the share prices of an index of euro zone bank stocks, and to each of the 28 members in the index, since June 30. In early July, the index kept falling, but by late in the month it turned around. Anyone who bought all the banks at the end of June is up by about 25 percent. Anyone with the good fortune to buy at the exact bottom has a profit of about half the money invested.

The bank stocks have outperformed other European stocks and they have outperformed American bank stocks, although the shares of most American banks also have risen.

The reasons for the relaxation of investor fears are simple enough. There is a growing confidence that euro zone institutions will succeed in their support efforts. Finance ministers are still arguing about the details of a single regulator for banks throughout the zone, but the European Central Bank’s promise to lend money to banks that need it is widely accepted, and investors believe that Germany will put up whatever money is needed to keep the euro zone from breaking up.

Troubled governments like Italy and Spain are still paying much more than Germany to borrow, but their rates have fallen. Costs have declined even in Portugal, which is in the weakest position of countries other than Greece. The French banks led the way up in late 2012, but even the price of Banco Espirito, a Portuguese bank, has soared by about half since midyear. There are still major concerns about troubled Spanish banks, and two of those join an Italian institution in being the only stock market losers over the period. But the National Bank of Greece managed a small gain.

None of this means that those banks have served long-term shareholders well. Only one of them, a Finnish institution, has a share price higher than it did at the end of 2007, before the financial crisis.

But, for now at least, investors seem to have growing confidence that the banks will survive. Given the fears of a few months ago, that is reason for celebration.

Floyd Norris comments on finance and the economy at nytimes.com/economix.

Read More..

Morsi Defends Wide Authority in Egypt as Turmoil Rises

CAIRO — Egypt descended deeper into political turmoil on Thursday as the embattled president, Mohamed Morsi, blamed an outbreak of violence on a “fifth column” and vowed to proceed with a referendum on an Islamist-backed constitution that has prompted deadly street battles between his supporters and their secular opponents.

As the tanks and armored vehicles of an elite military unit ringed the presidential palace, Mr. Morsi gave a nationally televised address offering only a hint of compromise, while preserving his assertion of sweeping authority. His opponents quickly rejected, even mocked, his speech and vowed continued protests ahead of a planned Dec. 15 vote on the draft constitution.

Many said the speech had echoes of his predecessor, Hosni Mubarak, who saw conspiracy in the unrest that brought him down. Mr. Morsi said that corrupt beneficiaries of Mr. Mubarak’s autocracy had been “hiring thugs and giving out firearms, and the time has come for them to be punished and penalized by the law.” He added, “It is my duty to defend the homeland.”

Mr. Morsi, a former leader of the Muslim Brotherhood, spoke a day after the growing antagonism between his supporters and the secular opposition had spilled out into the worst outbreak of violence between political factions here since Gamal Abdel Nasser’s coup six decades ago. By the time the fighting ended, six people were dead and hundreds wounded.

The violence also led to resignations that rocked the government, as advisers, party members and the head of the commission overseeing a planned vote on a new constitution stepped down, citing the bloodshed and the president’s management of the political crisis.

Mr. Morsi also received a phone call from President Obama, who expressed his “deep concern” about the deaths and injuries overnight, the White House said in a statement.

“The president emphasized that all political leaders in Egypt should make clear to their supporters that violence is unacceptable,” the statement said, chastising both Mr. Morsi and the opposition leaders for failing to urge their supporters to pull back during the fight.

Prospects of a political solution also seemed a casualty, as both sides effectively refused to back down on core demands.

The opposition leadership refused to negotiate until Mr. Morsi withdrew a decree that put his judgments beyond judicial review — which he refused to do. And it demanded that a referendum on a new constitution be canceled, which he also refused.

The hostilities have threatened to undermine the legitimacy of the constitutional referendum with doubts about political coercion. The feasibility of holding the vote also appears uncertain amid attacks on party offices around the country and open street fighting in the shadow of the presidential palace.

Though Mr. Morsi spoke of opening a door for dialogue and compromise, leaders of the political opposition and the thousands of protesters surrounding his palace dismissed his conspiratorial saber rattling as an echo of Mr. Mubarak. And his tone, after a night many here view as a national tragedy, seemed only to widen the gulf between his Islamist backers and their secular opponents over his efforts to push through the referendum on an Islamist-backed charter approved over the objections of most liberal factions and the Coptic Christian church.

Outside the palace, demonstrators huddled around car radios to listen to Mr. Morsi’s words and mocked his attempts to blame outside infiltrators for the violence, which began when thousands of his Islamist supporters rousted an opposition sit-in.

“So we are the ones who attacked him, the ones who attacked the sit-in?” one protesters asked sarcastically. “So we are the ones with the swords and weapons and money?” asked another.

Some left for the headquarters of the Muslim Brotherhood, where a mob had broken in, looted offices, and made a bonfire out of the belongings of the group’s spiritual leader — until riot police officers chased them away with tear gas.

“I never thought I would say this, but even Mubarak was more savvy when he spoke in a time of crisis,” said Hossam Bahgat, executive director of the Egyptian Initiative for Personal Rights.

Two employees of The New York Times contributed reporting.

Read More..

NHL rejects players' offer to break labor impasse

NEW YORK (AP) — The NHL has rejected the players' latest offer for a labor deal, and negotiations have broken off at least until the weekend.

Donald Fehr made two separate appearances Thursday night in front of a large throng of reporters just moments apart after talks with the league ended. Initially, Fehr said he believed the sides had agreements on some key issues, but he returned soon after to say NHL deputy commissioner Bill Daly left a voicemail saying that the players' offer wasn't good enough.

The voicemail, left for union special counsel Steve Fehr, stated that "some things or everything" the league has offered is now off the table, according to Donald Fehr, who added that this is not a positive development.

NHL Commissioner Gary Bettman was expected to speak later Thursday, the 82nd day of the lockout. Bettman was not part of the one-hour meeting earlier in the day.

Read More..