Fed to tie interest rate to job gains

WASHINGTON — The Federal Reserve said it will continue aggressive measures to stimulate the economy and made a major policy shift to focus more directly on boosting the job market.

Fed policymakers said they would keep interest rates at historically low levels until unemployment drops below 6.5%.

It's likely to keep the Fed's short-term interest rates at historically low levels well into 2015.

The move marked the first time that Fed policymakers have tied themselves to an explicit unemployment goal. It appeared to end the long-running debate within the central bank over how aggressively to target the nation's lagging job market.

The jobless figure was 7.7% in November, and the Fed's new forecast doesn't see that dropping below 6.5% for about three years.

The decision was made easier by the slow pace of inflation, which remains below 2% on an annual basis. Critics of the Fed's policies have argued that efforts to stimulate the economy would lead to inflation, but so far, that has not happened, and Fed Chairman Ben S. Bernanke has argued that the risk is much smaller than the dangers posed by high unemployment.

"The conditions now prevailing in the job market represent an enormous waste of human and economic potential," Bernanke said Wednesday during a news conference after the central bank's last policy meeting of the year.

Under its new policy, the Fed would let its inflation outlook rise to 2.5% before taking action to curtail it — giving the nation's employers more time to create jobs.

The move to link interest rate policies directly to the jobless rate is meant to give the public and businesses greater confidence about how long interest rates will remain exceptionally low, and that by itself could act as a kind of stimulus to the economy.

The new push got a warm welcome from both economists and Wall Street.

Economist Bernard Baumohl at the Economic Outlook Group said the previous time frame for action was "self-defeating because it provided no incentive for employers to start spending any time soon to avoid higher interest rates. It just didn't create any sense of urgency to accelerate investments or increase the rate of hiring."

The Fed has kept its federal funds rate, which influences rates for credit cards, mortgages and business and other loans, near zero since December 2008. Unemployment has been near 8% or above since early 2009.

Bernanke and his colleagues also decided Wednesday to continue the controversial large-scale bond-buying programs in the new year. Specifically, the Fed will buy $40 billion of mortgage-backed securities and $45 billion of long-term Treasury bonds a month.

The purchases are intended to drive down long-term interest rates to spur spending, investment and lending, boosting economic activity as well as hiring.

The central bank launched the purchase of mortgage-backed securities in September to give a lift especially to the housing market, which Fed policymakers said Wednesday "has shown further signs of improvement." They said they would continue to buy bonds until the job market "improved substantially."

The Fed, which has a dual mandate to maximize employment and keep inflation in check, also forecast a somewhat stronger growth for next year.

Its policy statement Wednesday noted a slowing in U.S. business investment and "significant downside risks" in the global economy, but made no mention of the so-called fiscal cliff, the automatic federal budget cuts and tax hikes scheduled to take effect beginning Jan. 1.

In a 75-minute news conference, however, Bernanke said it was clearly evident that concerns about the fiscal impasse already had hurt the economy, weakening business investments and consumer confidence.

He said that whatever the Fed did, it was not enough to offset the full effects of a U.S. economy failing to resolve fiscal issues. But he was cautiously optimistic: "I actually believe that Congress will come up with a solution, and I certainly hope they will."

For years, the Fed didn't give any indication of its future interest-rate path and only in recent years signaled what it might do by using somewhat vague language. In June 2011, the Fed said that it would keep rates exceptionally low for an "extended period." In August 2011, policymakers said no change was likely until at least mid-2013. And that date has since been extended twice, to late 2014 and then mid-2015.

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Lidl Christmas dinner offer goes viral on Twitter

BRUSSELS (Reuters) – Discount retailer Lidl faces a 200,000-euro ($ 260,000) Christmas dinner bill after an offer of chicken vol-au-vents and ice cream cake for the poor went viral.

The supermarket launched a Twitter campaign in Belgium on Monday, saying it would hand out five four-course Christmas dinners to food banks for each tweet on a hash tag.

Lidl had expected to hand out about 1,000 of the 20-euro dinner packs, consisting of tomato soup, vol-au-vents with chips, an ice-cream cake and chocolates, a spokesman for the German-based company’s Belgium unit said on Wednesday.

But local newspapers wrote about the offer and people retweeted using the hash tag – #luxevooriedereen, Dutch for “luxury for everyone”.

By the end of the 24-hour campaign, 1,500 people had tweeted, meaning Lidl has to deliver 7,500 dinners. That sparked reports the supermarket had been caught out by its campaign.

To quash such talk, Lidl rounded up the number of dinners to 10,000, and branded the campaign a success.

Lidl said it had not yet decided whether to repeat the exercise next year.

“We’ve learnt quite a few lessons over the past 48 hours, to say the least,” the spokesman said.

($ 1 = 0.7693 euros)

(Reporting By Ben Deighton. Editing By Sebastian Moffett.)

Social Media News Headlines – Yahoo! News

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'Lincoln' leads Golden Globes with 7 nominations

BEVERLY HILLS, Calif. (AP) — Steven Spielberg's Civil War epic "Lincoln" led the Golden Globes on Thursday with seven nominations, among them best drama, best director for Spielberg and acting honors for Daniel Day-Lewis, Sally Field and Tommy Lee Jones.

Tied for second-place with five nominations each, including best drama are Ben Affleck's Iran hostage-crisis thriller "Argo" and Quentin Tarantino's slave-turned-bounty-hunter tale "Django Unchained."

Other best-drama nominees put forward by The Hollywood Foreign Press Association are Ang Lee's shipwreck story "Life of Pi" and Kathryn Bigelow's Osama bin Laden manhunt thriller "Zero Dark Thirty."

Nominated for best musical or comedy were: the British retiree adventure "The Best Exotic Marigold Hotel"; the Victor Hugo musical "Les Miserables"; the first-love tale "Moonrise Kingdom"; the fishing romance "Salmon Fishing in the Yemen"; and the lost-soul romance "Silver Linings Playbook."

Globe attention can give contenders a boost for Hollywood's top honors, the Academy Awards, whose nominations come out Jan. 10, three days before the Globe ceremony.

The directing lineup came entirely from dramatic films, with Affleck, Bigelow, Lee, Spielberg and Tarantino all in the running.

"It's very gratifying to get this many nominations from the HFPA for a film I worked so hard on and am so passionate about. I look forward to having fun at the Golden Globes with my cast mates and fellow nominees," Tarantino said in a statement.

Filmmakers behind best musical or comedy nominees were shut out for director, including Tom Hooper for "Les Miserables" and David O. Russell for "Silver Linings Playbook."

Along with Day-Lewis as Abraham Lincoln in Spielberg's epic, best dramatic actor contenders are Richard Gere as a deceitful Wall Streeter in "Arbitrage"; John Hawkes as a polio victim trying to lose his virginity in "The Sessions"; Joaquin Phoenix as a Navy veteran under the sway of a cult leader in "The Master"; and Denzel Washington as a boozy airline pilot in "Flight."

Dramatic-actress nominees are Jessica Chastain as a CIA analyst hunting Osama bin Laden in "Zero Dark Thirty"; Marion Cotillard as a whale biologist beset by tragedy in "Rust and Bone"; Helen Mirren as Alfred Hitchcock's strong-minded wife in "Hitchcock"; Naomi Watts as a woman caught up in a devastating tsunami in "The Impossible"; and Rachel Weisz as a woman ruined by an affair in "The Deep Blue Sea."

For musical or comedy actress, the lineup is Emily Blunt as a consultant for a Mideast sheik in "Salmon Fishing in the Yemen"; Judi Dench as a widow who retires overseas in "The Best Exotic Marigold Hotel"; Jennifer Lawrence as a young widow in a new romance in "Silver Linings Playbook"; Maggie Smith as an aging singer in a retirement home in "Quartet"; and Meryl Streep as a wife trying to save her marriage in "Hope Springs."

Nominees for musical or comedy actor are Jack Black as a solicitous mortician in "Bernie"; Bradley Cooper as a troubled man fresh out of a mental hospital in "Silver Linings Playbook"; Hugh Jackman as Hugo's long-suffering hero Jean Valjean in "Les Miserables"; Ewan McGregor as a British fisheries expert in "Salmon Fishing in the Yemen"; and Bill Murray as Franklin Roosevelt in "Hyde Park on Hudson."

Competing for supporting actor are Alan Arkin as a Hollywood producer helping a CIA operation in "Argo"; Leonardo DiCaprio as a cruel slave owner in "Django Unchained"; Philip Seymour Hoffman as a mesmerizing cult leader in "The Master"; Tommy Lee Jones as firebrand abolitionist Thaddeus Stevens in "Lincoln"; and Christoph Waltz as a genteel bounty hunter in "Django Unchained."

The supporting-actress picks are Amy Adams as a cult leader's devoted wife in "The Master"; Sally Field as Mary Todd Lincoln in "Lincoln"; Anne Hathaway as a mother fallen into prostitution in "Les Miserables"; Helen Hunt as a sexual surrogate in "The Sessions"; and Nicole Kidman as a trashy mistress of a Death Row inmate in "The Paperboy."

Kidman was a dual nominee, also in the running as best actress in a TV movie or miniseries for "Hemingway & Gellhorn."

"As an actor you look for roles that are rich, complicated, and that stretch you and this year I was blessed to find two," Kidman said in a statement. "To have the chance to play them was a gift in itself and to then be acknowledged this way is icing on the cake."

"Quartet" star Smith also had a second nomination, for supporting actress in a TV series, miniseries or movie for "Downton Abbey."

Snubbed completely was the low-budget critical darling "Beasts of the Southern Wild," which won top honors at last January's Sundance Film Festival. Also shut out was the stripper hit "Magic Mike," which had good buzz for supporting player Matthew McConaughey, who also earned acclaim for roles in "Bernie" and "Killer Joe." Another film to not notch a single nomination was "The Hobbit," a prelude to the "The Lord of the Rings" films, which all got Globe nods.

With three nominations, "Salmon Fishing in the Yemen" was a surprise inclusion Thursday, since the film had virtually no awards buzz behind it.

There will be some friendly rivalry among the hosts at the Globe ceremony, Tina Fey and Amy Poehler. Both were nominated for best actress in a TV comedy, Fey for "30 Rock" and Poehler for "Parks and Recreation."

Fey and Poehler follow Ricky Gervais, who was host the last three years and rubbed some Hollywood egos the wrong way with sharp wisecracks about A-list stars and the foreign press association itself.

The Sarah Palin drama "Game Change" leads TV contenders with five nominations: including best movie or miniseries and acting honors for Julianne Moore, Woody Harrelson, Ed Harris and Sarah Paulson.

Best TV comedy series nominees are "The Big Bang Theory," ''Episodes," ''Girls," ''Modern Family" and "Smash." TV drama picks are "Breaking Bad," ''Boardwalk Empire," ''Downton Abbey: Season 2," ''Homeland" and "The Newsroom."

Globe acting winners often go on to receive the same prizes at the Oscars. All four Oscar winners last season — lead performers Meryl Streep of "The Iron Lady" and Jean Dujardin of "The Artist," and supporting players Octavia Spencer of "The Help" and Christopher Plummer of "Beginners" — won Globes first.

The Globes have a spotty record predicting which films might go on to earn the best-picture prize at the Academy Awards, however.

Last year's Oscar best-picture winner, "The Artist," preceded that honor with a Globe win for best musical or comedy. But in the seven years before that, only one winner in the Globes' two best-picture categories — 2008's "Slumdog Millionaire" — followed up with an Oscar best-picture win.

Along with 14 film prizes, the Globes hand out awards in 11 television categories.

Jodie Foster, a two-time Oscar and Globe winner for "The Accused" and "The Silence of the Lambs," will receive the group's Cecil B. DeMille Award for lifetime achievement.

With stars sharing drinks and dinner, the Globes have a reputation as one of Hollywood's loose and unpredictable awards gatherings. Winners occasionally have been off in the restroom when their names were announced, and there have been moments of onstage spontaneity such as Jack Nicholson mooning the crowd or Ving Rhames handing over his trophy to fellow nominee Jack Lemmon.

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Another Look at a Drink Ingredient, Brominated Vegetable Oil

James Edward Bates for The New York Times

Sarah Kavanagh, 15, of Hattiesburg, Miss., started an online petition asking PepsiCo to change Gatorade’s formula.

Sarah Kavanagh and her little brother were looking forward to the bottles of Gatorade they had put in the refrigerator after playing outdoors one hot, humid afternoon last month in Hattiesburg, Miss.

But before she took a sip, Sarah, a dedicated vegetarian, did what she often does and checked the label to make sure no animal products were in the drink. One ingredient, brominated vegetable oil, caught her eye.

“I knew it probably wasn’t from an animal because it had vegetable in the name, but I still wanted to know what it was, so I Googled it,” Ms. Kavanagh said. “A page popped up with a long list of possible side effects, including neurological disorders and altered thyroid hormones. I didn’t expect that.”

She threw the product away and started a petition on Change.org, a nonprofit Web site, that has almost 200,000 signatures. Ms. Kavanagh, 15, hopes her campaign will persuade PepsiCo, Gatorade’s maker, to consider changing the drink’s formulation.

Jeff Dahncke, a spokesman for PepsiCo, noted that brominated vegetable oil had been deemed safe for consumption by federal regulators. “As standard practice, we constantly evaluate our formulas and ingredients to ensure they comply with federal regulations and meet the high quality standards our consumers and athletes expect — from functionality to great taste,” he said in an e-mail.

In fact, about 10 percent of drinks sold in the United States contain brominated vegetable oil, including Mountain Dew, also made by PepsiCo; Powerade, Fanta Orange and Fresca from Coca-Cola; and Squirt and Sunkist Peach Soda, made by the Dr Pepper Snapple Group.

The ingredient is added often to citrus drinks to help keep the fruit flavoring evenly distributed; without it, the flavoring would separate.

Use of the substance in the United States has been debated for more than three decades, so Ms. Kavanagh’s campaign most likely is quixotic. But the European Union has long banned the substance from foods, requiring use of other ingredients. Japan recently moved to do the same.

“B.V.O. is banned other places in the world, so these companies already have a replacement for it,” Ms. Kavanagh said. “I don’t see why they don’t just make the switch.” To that, companies say the switch would be too costly.

The renewed debate, which has brought attention to the arcane world of additive regulation, comes as consumers show increasing interest in food ingredients and have new tools to learn about them. Walmart’s app, for instance, allows access to lists of ingredients in foods in its stores.

Brominated vegetable oil contains bromine, the element found in brominated flame retardants, used in things like upholstered furniture and children’s products. Research has found brominate flame retardants building up in the body and breast milk, and animal and some human studies have linked them to neurological impairment, reduced fertility, changes in thyroid hormones and puberty at an earlier age.

Limited studies of the effects of brominated vegetable oil in animals and in humans found buildups of bromine in fatty tissues. Rats that ingested large quantities of the substance in their diets developed heart lesions.

Its use in foods dates to the 1930s, well before Congress amended the Food, Drug and Cosmetic Act to add regulation of new food additives to the responsibilities of the Food and Drug Administration. But Congress exempted two groups of additives, those already sanctioned by the F.D.A. or the Department of Agriculture, or those experts deemed “generally recognized as safe.”

The second exemption created what Tom Neltner, director of the Pew Charitable Trusts’ food additives project, a three-year investigation into how food additives are regulated, calls “the loophole that swallowed the law.” A company can create a new additive, publish safety data about it on its Web site and pay a law firm or consulting firm to vet it to establish it as “generally recognized as safe” — without ever notifying the F.D.A., Mr. Neltner said.

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Jobless claims post fourth straight big decline

WASHINGTON -- Initial claims for unemployment benefits posted their fourth straight big decline last week to their lowest level since early October as the impact of Superstorm Sandy on the jobs market continued to dissipate.

There were 343,000 new jobless claims in the week that ended Saturday, down 29,000 from the previous week's revised level, the Labor Department reported Thursday. The drop was larger than economists had forecast.

The less-volatile four-week average also dropped, to 381,500 from the previous week's reading of 408,500.

Initial unemployment claims are now back to about the same level they were before Sandy hit the Northeast on Oct. 29-30. Economists say that claims below about 350,000 a week are consistent with strong jobs growth.

The economy added 146,000 new jobs in November as the economy weathered Sandy's impact better than expected. The unemployment rate dropped to 7.7%, but its continued high level triggered new efforts announced Wednesday by the Federal Reserve to bring it down.

Sandy didn't help the jobs market. After the storm struck, jobless claims shot up to 451,000 in mid-November, the highest level in more than a year and a half.

Claims jumped by 43,956 in New York, 31,094 in New Jersey, 7,037 in Pennsylvania and 1,808 in Connecticut as the storm caused layoffs in construction, transportation and several other sectors.

Those impacts have been lessening over the past month.

For the week that ended Nov. 24, the latest state-level figures available, Pennsylvania had an increase of 14,636 jobless claims and New York had 11,025, though it's unclear how many of those were storm-related.

California had the biggest increase that week, 24,411. But the Labor Department said that was because of a backlog from the previous week, when state offices were closed because of Thanksgiving.

ALSO:

Fed to tie interest rate to job gains

New jobless claims surged last week after Superstorm Sandy

Unemployment rate falls to 7.7% as job growth weathers Hurricane Sandy

Follow Jim Puzzanghera on Twitter and Google+.

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Ravi Shankar, sitar master, dies at 92

Ravi Shankar was already revered as a master of the sitar in 1966 when he met George Harrison, the Beatle who became his most famous disciple and gave the Indian musician-composer unexpected pop-culture cachet.

Suddenly the classically trained Shankar was a darling of the hippie movement, gaining widespread attention through memorable performances at the Monterey Pop Festival, Woodstock and the 1971 Concert for Bangladesh.

Harrison called him "the godfather of world music," and the great violinist Yehudi Menuhin once compared the sitarist's genius to Mozart's. Shankar continued to give virtuoso performances into his 90s, including one in 2011 at Walt Disney Concert Hall.

PHOTOS: Ravi Shankar | 1920 - 2010

Shankar, 92, who introduced Indian music to much of the Western world, died Tuesday at a hospital near his home in Encinitas. Stuart Wolferman, a publicist for his record label Unfinished Side Productions, said Shankar had undergone heart valve replacement surgery last week.

Well-established in the classical music of his native India since the 1940s, he remained a vital figure on the global music stage for six decades. Shankar is the father of pop music star Norah Jones and Anoushka Shankar, his protege and a sitar star in her own right.

Before the 1950s, Indian classical music — with its improvised melodic excursions and complex percussion rhythms — was virtually unknown in America. If Shankar had done nothing more than compose the movie scores for Indian filmmaker Satyajit Ray's "Apu" trilogy in the 1950s, he "would be remembered and revered," Times music critic Mark Swed wrote last fall.

PHOTOS: Notable deaths of 2012

Shankar was on a path to international stardom during the 1950s, playing the sitar in the Soviet Union and debuting as a soloist in Western Europe and the United States. Two early albums also had considerable impact, "Three Classical Ragas" and "India's Master Musician."

During his musical emergence in the West, his first important association was with violinist Menuhin, whose passion for Indian music was ignited by Shankar in 1952. Their creative partnership peaked with their "West Meets East" release, which earned a Grammy Award in 1967. The recording also showed Shankar's versatility — and the capacity of Indian music to inspire artists from different creative disciplines.

He presented a new form of classical music to Western audiences that was based on improvisation instead of written compositions. Shankar typically played in the Hindustani classical style, in which he was accompanied by a player of two tablas, or small hand drums. Concerts in India that often lasted through the night were generally shortened to a few hours for American venues as Shankar played the sitar, a long-necked lute-like stringed instrument.

At first, he especially appealed to fans of jazz music drawn to improvisation. He recorded "Improvisations" (1962) with saxophonist Bud Shank and "Portrait of a Genius" (1964) with flutist Paul Horn, gave lessons to saxophonist John Coltrane (who named his saxophone-playing son Ravi), and wrote a percussion piece for drummer Buddy Rich and Alla Rakha.

On the Beatles' 1965 recording "Norwegian Wood," Harrison had played the sitar and met Shankar the next year in London.

Shankar was "the first person to impress me," among the impressive people the Beatles met, "because he didn't try to impress me," Harrison later said. The pair became close and their friendship lasted until Harrison's death in 2001.

Harrison was instrumental in getting Shankar booked at the now legendary Monterey Pop Festival in 1967. They partnered in organizing the Concert for Bangladesh and were among the producers who won a Grammy in 1972 for the subsequent album. They toured together in 1974, and Harrison produced Shankar's career-spanning mid-1990s boxed set, "In Celebration."

But Shankar came away from his festival appearances with mixed feelings about his rock generation followers. He expressed hope that his performances might help young people better understand Indian music and philosophy but later said "they weren't ready for it."

"All the young people got interested … but it was so mixed up with superficiality and the fad and the drugs," Shankar told The Times in 1996. "I had to go through several years to make them understand that this is a disciplined music, needing a fresh mind."

When Shankar was criticized in India as a sellout for spreading his music in the West, he responded in the early 1970s by lowering his profile and reaffirming his classical roots. He followed his first concerto for sitar and orchestra in 1971 with another a decade later.

"Our music has gone through so much development," Shankar told The Times in 1997. "But its roots — which have something to do with its feelings, the depth from where you bring out the music when you perform — touch the listeners even without their knowing it."

In the 1980s and '90s, Shankar maintained a busy performing schedule despite heart problems. He recorded "Tana Mana," an unusual synthesis of Indian music, electronics and jazz; oversaw the American premiere of his ballet, "Ghyanshyam: The Broken Branch"; and collaborated with composer Philip Glass on the album "Passages."

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'Lincoln,' 'Les Mis,' 'Playbook' lead SAG awards

LOS ANGELES (AP) — The Civil War saga "Lincoln," musical "Les Miserables" and comic drama "Silver Linings Playbook" boosted their Academy Awards prospects Wednesday with four nominations apiece for the Screen Actors Guild Awards.

All three films were nominated for overall performance by their casts. Also nominated for best ensemble cast were the Iran hostage-crisis thriller "Argo" and the British retiree adventure "The Best Exotic Marigold Hotel."

Directed by Steven Spielberg, "Lincoln" also scored individual nominations for Daniel Day-Lewis in the title role as best actor, Sally Field for supporting actress as Mary Todd Lincoln and Tommy Lee Jones for supporting actor as abolitionist firebrand Thaddeus Stevens.

"Les Miserables," from "The King's Speech" director Tom Hooper, had nominations for Hugh Jackman for best actor as Victor Hugo's long-suffering hero Jean Valjean and Anne Hathaway for supporting actress as a woman fallen into prostitution, plus a nomination for its stunt ensemble.

"Silver Linings Playbook," made by "The Fighter" director David O. Russell, also had lead-acting nominations for Bradley Cooper and Jennifer Lawrence as lost souls who find a second chance at love and Robert De Niro for supporting actor as a football-obsessed dad.

Besides Lawrence, best-actress nominees are Jessica Chastain as a CIA analyst pursuing Osama bin Laden in "Zero Dark Thirty;" Marion Cotillard as a woman who finds romance after tragedy in "Rust and Bone;" Helen Mirren as Alfred Hitchcock's strong-willed wife in "Hitchcock;" and Naomi Watts as a woman caught in the devastation of a tsunami in "The Impossible."

Joining Cooper, Day-Lewis and Jackman in the best-actor field are John Hawkes as a polio victim aiming to lose his virginity in "The Sessions" and Denzel Washington as a boozy airline pilot in "Flight."

One of the year's most-acclaimed films, Paul Thomas Anderson's "The Master," earned only one nomination, supporting actor for Philip Seymour Hoffman as a mesmerizing cult leader. The film was snubbed on nominations for ensemble, lead actor Joaquin Phoenix and supporting actress Amy Adams.

Other individual performances overlooked by SAG voters include Anthony Hopkins in the title role of "Hitchcock," Keira Knightley in the title role of "Anna Karenina," Bill Murray as Franklin Roosevelt in "Hyde Park on Hudson" and "Argo" director Ben Affleck, who also starred in the film.

The SAG Awards will be presented Jan. 27. The guild nominations are one of Hollywood's first major announcements on the long road to the Feb. 24 Oscars Awards, whose nominations will be released Jan. 10.

Nominations for the Golden Globes, the second-biggest film honors after the Oscars, come out Thursday.

Maggie Smith had four individual and ensemble nominations. Along with sharing the ensemble honor for "Best Exotic Marigold Hotel," Smith joined the cast of "Downton Abbey" among TV ensemble contenders and had nominations for supporting film actress as a cranky retiree in "Marigold Hotel" and TV drama actress for "Downton Abbey."

Nicole Kidman earned two individual nominations, as supporting film actress as a woman smitten with a prison inmate in "The Paperboy" and best actress in a TV movie or miniseries as war correspondent Martha Gellhorn in "Hemingway & Gellhorn."

Bryan Cranston had three overall nominations, as best actor in a TV drama for "Breaking Bad," an ensemble honor for that show and a film ensemble honor for "Argo."

Along with "Breaking Bad" and "Downton Abbey," best TV drama ensemble contenders are "Boardwalk Empire," ''Homeland" and "Mad Men." TV comedy ensemble nominees are "30 Rock," ''The Big Bang Theory," ''Glee," ''Modern Family," ''Nurse Jackie" and "The Office."

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http://www.sagawards.org

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Stocks move higher on anticipation of Fed action

Stocks opened higher on Wall Street, extending a five-day winning streak, as investors awaited news on whether the Federal Reserve will announce more bond purchases to stimulate the U.S. economy.

The Dow Jones industrial average was up 38 points at 13,286 as of 9:46 a.m. in New York. The Standard and Poor's 500 was up four points at 1,432. The Nasdaq composite was up eight points at 3,030.

The U.S. central bank is expected to announce a revamped bond-buying plan at the end of a two-day policy meeting Wednesday to help hold down interest rates and encourage borrowing. The expectation is that the Fed will unveil a program Wednesday to buy $45 billion a month in long-term Treasurys. That would replace a program that expires at the end of the year.

Wall Street will also keep an eye on budget talks in Washington. Lawmakers are still trying to reach a deal to avoid the looming “fiscal cliff,” the sharp tax increases and spending cuts that will hit the economy in January if Congress and President Barack Obama are unable to thrash out an agreement.

House Speaker John Boehner and President Barack Obama spoke on the phone Tuesday, a day after the president offered to reduce his initial demand for $1.6 trillion in higher tax revenue over a decade to $1.4 trillion. Obama continues to insist that much of the revenue comes from raising top tax rates on the wealthy.

Both the Dow and the S&P have advanced for the past five days as optimism increased that a deal can be struck. The S&P is trading at its highest in five weeks and has now erased all of its post-election losses. Stocks fell immediately after the vote Nov. 6 on concern that a divided government would struggle to resolve the budget issue.

Chemicals giant DuPont advanced $1.10 to $44.78 after the company unveiled plans to buy back up to $1 billion of its shares next year and said that profit for this year will reach the high end of its forecasts.

The yield on the 10-year Treasury note rose 1 basis point to 1.66 percent.

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States pressed to guarantee Medicaid expansion

WASHINGTON — The Obama administration stepped up pressure on states Monday to guarantee insurance for all their low-income residents in 2014 under the new healthcare law, warning governors that the federal government would not pick up the total cost of partially expanding coverage.

"We continue to encourage all states to fully expand their Medicaid programs and take advantage of the generous federal matching funds to cover more of their residents," Health and Human Services Secretary Kathleen Sebelius wrote in a letter to governors.

But Sebelius indicated that governors who do not open their Medicaid programs to all eligible low-income residents would forfeit some of the federal aid promised by the Affordable Care Act.

"The law does not provide for a phased-in or partial expansion," the Department of Health and Human Services said in guidance accompanying Sebelius' letter.

Medicaid has become a major issue in the implementation of the law since the U.S. Supreme Court ruled in June that states can decide whether to expand their Medicaid programs in 2014.

The law originally required the states to open Medicaid to all Americans who earn less than 138% of the federal poverty level, a major change for a program that now largely covers poor children and mothers.

To ease the expansion, the law initially provides full federal funding to cover the new population. Currently, Medicaid costs are split between state and federal governments.

Nonetheless, several Republican governors have said they won't expand Medicaid, citing cost concerns. That prompted speculation that some states might partially expand Medicaid programs. But Obama administration officials said Monday the law did not authorize full federal funding for a more limited expansion.

A state that opens Medicaid to only some new low-income residents would qualify for reduced federal aid, requiring the state to come up with the remainder of the funding.

How the guidance will affect state decisions remains unclear.

Alan Weil, president of the National Academy for State Health Policy, said state leaders probably would not make final decisions until they worked out 2014 budgets next year. "A lot of what we have seen so far is posturing," he said.

But the administration's announcement drew quick criticism from the Republican Governors Assn.

"The Obama administration's refusal to grant states more flexibility on Medicaid is as disheartening as it is short-sighted," said Louisiana Gov. Bobby Jindal, the group's chairman. Jindal has said he will not expand Medicaid in his state.

In contrast, the administration's move was applauded by the National Assn. of Public Hospitals and Health Systems, whose members care for millions of the nation's uninsured, often without compensation. Dr. Bruce Siegel, the association president, said it "takes an important step toward significantly reducing the ranks of the uninsured."

The Obama administration is facing additional resistance from several Republican governors who have said they won't set up insurance exchanges — a cornerstone of the law that will allow Americans who don't get health benefits at work to shop for insurance plans that meet new minimum standards. The federal government can set up exchanges for states that refuse to do so.

Also Monday, Colorado, Connecticut, Massachusetts, Maryland, Oregon and Washington got conditional federal approval to operate their own exchanges. The six were the first to apply, and administration officials said approval for other states, including California, would probably follow.

noam.levey@latimes.com

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Luke Bryan cleans up at ACAs with 9 awards

Luke Bryan didn't want the American Country Awards to end.

He cleaned up during the fan-voted show, earning nine awards, including artist and album of the year. His smash hit "I Don't Want This Night To End" was named single and music video of the year.

Miranda Lambert took home the second most guitar trophies with three. Jason Aldean was named touring artist of the year. Carrie Underwood won female artist of the year, and a tearful Lauren Alaina won new artist of the year.

Bryan, Aldean, Keith Urban, Lady Antebellum and Trace Adkins with Lynyrd Skynrd were among the high-energy performances.

The third annual ACAs were held at Mandalay Bay in Las Vegas Monday night.

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Online: http://www.theACAs.com

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