Clapton platinum watch nets $3.6 million at auction

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GENEVA (Reuters) – An Asian collector bought a platinum chronograph Patek Philippe wristwatch owned by British rock guitarist Eric Clapton for 3.44 million Swiss francs ($ 3.63 million) at auction on Monday, Christie’s said.


The “ultra-rare” reference 2499/100 by the Swiss luxury watchmaker, one of only two cased in platinum, was acquired by Clapton some 10 years ago, it said.













It fetched a combined hammer price and commission that was in line with Christie’s pre-sale estimate of 2.5-4.0 million francs while also setting a world record price for this reference at auction, it said in a statement on its semi-annual Geneva sale.


“The Eric Clapton watch was bought by an Asian private collector,” Christie’s spokesman Cristiano de Lorenzo told Reuters, adding that the buyer had been in the room.


But the top lot at the seven-hour sale was another platinum chronograph Patek Philippe, reference 2458, made in 1952 for legendary American collector J.B. Champion. It fetched nearly 3.78 million Swiss francs and set a world record for a watch without complications, or features beyond the display of hours, minutes and seconds, it said.


Precious Time, an investment watch fund launched by Luxembourg-based Elite Advisers, was the buyer, Christie’s said in a statement.


In all, 96 percent of the 315 lots on offer found new owners, netting 27.04 million Swiss francs ($ 28.52 million), the auction house owned by French billionaire Francois Pinault said.


Clapton’s Patek Philippe, made in the Swiss city in 1987, has a perpetual calendar with moon phases, as well as windows for day and month and dials for seconds and minutes.


Most experts would rank it among the world’s 10 most significant wristwatches that stand out for historical importance, mechanical complexity, beauty, original condition, rarity and superior provenance, Aurel Bacs, international head of Christie’s watch department, said before conducting the sale.


Clapton, the former Cream musician, last year sold more than 70 of his guitars at a charity auction in New York, raising $ 2.15 million for the Crossroads Centre drug and alcohol rehabilitation centre that he founded in Antigua.


Last month in London he sold an abstract painting by German artist Gerhard Richter at rival Sotheby’s for $ 34.2 million, setting a new record for the price paid at auction for the work of a living artist.


Antiquorum’s sale of modern and vintage timepieces, held in Geneva on Sunday evening, netted 8.63 million Swiss francs ($ 9.10 million) for 485 lots sold out of 613 on offer, it said in a statement issued on Monday,


The top lot was a Rolex Single Red Prototype, known as the Sea Dweller Submariner, one of only six produced in 1967 for use by divers. It sold for 490,900 Swiss francs — four time its pre-sale estimate – in its first appearance at auction.


“It is the highest price ever paid for a Rolex sport watch and for a Sea Dweller,” Antiquorum said.


($ 1 = 0.9482 Swiss francs)


(Reporting by Stephanie Nebehay; editing by Patricia Reaney)


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EU approves Bristol-Astra diabetes drug after U.S. rejection

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(Reuters) – European regulators have approved the first in a new class of diabetes medicines that work independently of insulin to control blood sugar, the drug’s developers Bristol-Myers Squibb Co and AstraZeneca Plc said on Wednesday.


The approval of Forxiga by the European Commission stands in stark contrast to the rejection of the drug in January by U.S. regulators, who cited concerns about the risk of cancer and liver injury and asked for more clinical data on the once-daily tablets.













The European Medicines Agency in April said it was satisfied those issues had been addressed in the drug’s product label and via a risk management plan for the medicine. But many industry analysts believe the drug’s dim prospects in the larger U.S. market will sharply curtail its potential sales.


The European Commission on Wednesday approved Forxiga, which works by blocking a protein called SGLT2, or sodium-glucose cotransporter 2. It is meant to be used in combination with other treatments for type 2 diabetes, including insulin, or as a standalone treatment for patients who cannot tolerate the widely used oral treatment metformin.


Bristol-Myers and AstraZeneca said Forxiga in clinical trials was associated with a low risk of hypoglycemia, a side effect of many diabetes drugs in which blood sugar drops to levels that cause fainting and other dangerous complications.


Use of the drug in clinical trials was also associated with weight loss and declines in systolic blood pressure.


Johnson & Johnson is awaiting approval of its own SGLT2 inhibitor, canagliflozin. Like Forxiga, it blocks reabsorption of glucose by the kidney and increases glucose excretion in the urine to lower blood sugar, and is also associated with drops in body weight and blood pressure.


Shares of Bristol-Myers slipped 0.8 percent to $ 31.60, while AstraZeneca fell 0.6 percent, both on the New York Stock Exchange, amid similar declines for the broad stock market.


(Reporting By Ransdell Pierson; Editing by Tim Dobbyn)


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Obama warns GOP to lay off Rice attacks

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President Barack Obama speaks at his first news conference since his reelection. (Kevin Lamarque/Reuters)President Barack Obama bluntly told John McCain and other Republicans to lay off their attacks against U.N. Ambassador Susan Rice over the Benghazi assault, telling lawmakers that if they go after her "then you have a problem with me." And Obama, speaking at his first post-election press conference, vowed that Republican opposition would not dissuade him from nominating Rice to replace departing Secretary of State Hillary Clinton.


"I don't think there's any debate in this country that when you have four Americans killed that's a problem," he told reporters in the East Room of the White House. "And we've go to get to the bottom of it, and there needs to be accountability, we've got to bring those who carried it out to justice --they won't get any debate from me on that."


"But when they go after the U.N. ambassador, apparently because they think she's an easy target, then they've got a problem with me," he warned.


McCain, Senator Lindsey Graham of South Carolina, and some other Republicans have signaled they will oppose Rice's confirmation if Obama nominates her. Their numbers thus far seem far short of the 40 needed to block it, and some Republican senators have signaled that she should get a fair hearing.


"Let me say specifically about Susan Rice: She has done exemplary work. She has represented the United States and our interests in the United Nations with skill, and professionalism, and toughness, and grace," Obama said.


"And should I choose, if I think that she would be the best person to serve America in the capacity of the State Department, then I will nominate her," he vowed. "That's not a determination that I've made yet."


Rice and Democratic Senator John Kerry, who chairs the Senate Foreign Relations Committee, are seen as the front-runners in the race to succeed Clinton.


Conservatives have assailed Rice, who is close to Obama, ever since she made the rounds of the Sunday morning talk shows and said that American intelligence believed that the attack on the American compound in Benghazi, which claimed the lives of U.S. Ambassador Chris Stevens and three other Americans, grew out of demonstrations against an Internet video that ridicules Islam.


"As that unfolded, it seems to have been hijacked, let us say, by some individual clusters of extremists who came with heavier weapons, weapons that, as you know, in the wake of the revolution in Libya are quite common and accessible. And it then evolved from there," she told ABC.


White House aides have said that Rice was speaking based on the best available intelligence at the time.


"She made an appearance at the request of the White House in which she gave her best understanding of the intelligence provided to her," Obama said Wednesday. "If Senator McCain and Senator Graham want to go after somebody, they should go after me."


"But for them to go after the U.N. ambassador, who had nothing to do with Benghazi, and was simply making a presentation based on intelligence that she had received, and to besmirch her reputation is outrageous," he said.


"We're after an election now," he scolded. "I think it is important for us to find out exactly what happened in Benghazi, and I'm happy to cooperate in any ways that Congress wants. We have provided every bit of information that we have and we will continue to provide information and we've got a full-blown investigation. And all that information will be disgorged to Congress."


McCain and Graham hit back quickly.


"I have always said that the buck stops with the President of the United States," the Arizona senator said in a written statement. McCain accused Obama of "contradictory statements" about the attack, labeling it an "act of terror" the day after it happened then resisting the use of the word "terrorism" for roughly a week afterwards.


"We owe the American people and the families of the murdered Americans a full and complete explanation, which for two months the President has failed to deliver," said McCain, who has called for Congress to create a "select committee" to investigate.


"Mr. President, don't think for one minute I don't hold you ultimately responsible for Benghazi.  I think you failed as commander in chief before, during and after the attack," Graham said in a statement released by his office.


"We owe it to the American people and the victims of this attack to have full, fair hearings and accountability be assigned where appropriate. Given what I know now, I have no intention of promoting anyone who is up to their eyeballs in the Benghazi debacle," Graham said.


Obama opened what was his first press conference in months with a vow to work with both parties in Congress to tackle the so-called fiscal cliff and revive the economy. He also said he had "no evidence" that the scandal that led David Petraeus to resign in disgrace from his job as CIA director had led to breaches in classified national security material.


"Right now our economy is still recovering from a very deep and damaging crisis, so our top priority has to be jobs and growth," Obama said in opening remarks in the East Room of the White House.


"Both parties can work together" to address the fiscal challenges "in a balanced and responsible way," he said, before pushing Republicans to sign on to his call for raising taxes on the richest Americans.


Asked whether the scandal the drove Petraeus from office had led to national security breaches, Obama replied: "I have no evidence at this point, from what I've seen, that classified information was disclosed that in any way would have had a negative impact on our national security." And the president praised the retired general, saying "we are safer because of the work Dave Petraeus has done."


Asked for his appraisal of the FBI's work in bringing to light the marital infidelity that Petraeus cited in his resignation message, and why he and the American public learned of the probe only earlier this month, Obama said "I am withholding judgment" on that process but expressed "a lot of confidence generally in the FBI."


Turning to his tax battle with Republicans, Obama stuck by his vow to oppose any legislation that extends the Bush-era tax cuts for the wealthiest 2 percent of Americans. The president, asked why he had agreed to extend them in the 2010 lame duck session of Congress, said that "was a one-time proposition" and that "we cannot afford" to do so again.


Obama said he would be willing to look at raising tax revenues by closing loopholes. But he warned that doing so would probably not outweigh an estimated trillion dollars lost by extending tax cuts on income above $250,000. "The math tends not to work," he said.


"I just want to emphasize: I am open to new ideas," Obama underlined. "If the Republican counterparts or some Democrats have a great idea for us to raise revenue, maintain progressivity, make sure the middle class isn't getting hit, reduces our deficit, encourages growth, I'm not going to just slam the door in their face. I want to hear ideas from everybody."


And he reiterated that he does not want just a stopgap agreement with Congress.


"I want a big deal, I want a comprehensive deal," he said. "Fair-minded people can come to an agreement."


Obama, who won the Latino vote by a lopsided margin, also vowed to pursue comprehensive immigration reform in his second term. He said it should include border enforcement, penalties for companies that knowingly hire undocumented workers, while providing "a pathway for legal status" for those who pay their taxes and learn English. He also said it should lock in his presidential determination that undocumented immigrants brought here as children should not be deported but have a potential path to citizenship.


"We need to seize the moment," he said, predicting that "we will have a bill introduced and we begin the process in Congress very soon after my inauguration."


Obama addressed a handful of other issues:


- On the standoff over Iran's suspect nuclear program


Obama pledged to "try to make a push in the coming months to see if we can open up a dialogue between Iran and not just us but the international community, to see if we can get this thing resolved." "I can't promise that Iran will walk through the door that they need to walk though, but that would be very much the preferable option" to military action, he said.


- On the possibility of working with Republican rival Mitt Romney


Obama said that "we haven't scheduled something yet." "I think everybody needs to catch their breath. I'm sure that Governor Romney is spending some time with his family. And my hope is, before the end of the year, though, that we have a chance to sit down and talk," the president said.


- On whether he has a mandate


"I don't presume that because I won an election, that everybody suddenly agrees with me on any — everything. I'm more than familiar with all the literature about presidential overreach in second terms," Obama said. "We are very cautious about that."


"On the other hand, I didn't get re-elected just to bask in re- election. I got elected to do work on behalf of American families and small businesses all across the country who are still recovering from a really bad recession but are hopeful about the future. And I am, too."


- On climate change


Obama said he would embark "over the next several weeks, next several months" in a "wide-ranging discussion" with scientists, engineers, elected officials and others about "short-term" steps in reducing carbon emissions blamed for fueling global warming. But he seemed pessimistic about any broad response.


"I don't know what either Democrats or Republicans are prepared to do," he said. "There's no doubt that for us to take on climate change in a serious way would involve making some tough political choices."


"And you know, understandably, I think the American people right now have been so focused and will continue to be focused on our economy and jobs and growth that, you know, if the message is somehow we're going to ignore jobs and growth simply to address climate change, I don't think anybody's going to go for that. I won't go for that."


- On relations with the media. Bloomberg reporter Hans Nichols shouted out a question about taxes after Obama had indicated that he had already taken his final query.


"That was a great question, but it would be a horrible precedent for me to answer your question just because you yelled it out," he said. "So thank you very much, guys."


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General investigated for emails to Petraeus friend

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PERTH, Australia (AP) — In a new twist to the Gen. David Petraeus sex scandal, the Pentagon said Tuesday that the top American commander in Afghanistan, Gen. John Allen, is under investigation for alleged “inappropriate communications” with a woman who is said to have received threatening emails from Paula Broadwell, the woman with whom Petraeus had an extramarital affair.


Defense Secretary Leon Panetta said in a written statement issued to reporters aboard his aircraft, en route from Honolulu to Perth, Australia, that the FBI referred the matter to the Pentagon on Sunday.













Panetta said that he ordered a Pentagon investigation of Allen on Monday.


A senior defense official traveling with Panetta said Allen’s communications were with Jill Kelley, who has been described as an unpaid social liaison at MacDill Air Force Base, Fla., which is headquarters to the U.S. Central Command. She is not a U.S. government employee.


Kelley is said to have received threatening emails from Broadwell, who is Petraeus’ biographer and who had an extramarital affair with Petraeus that reportedly began after he became CIA director in September 2011.


Petraeus resigned as CIA director on Friday.


Allen, a four-star Marine general, succeeded Petraeus as the top American commander in Afghanistan in July 2011.


The senior official, who discussed the matter only on condition of anonymity because it is under investigation, said Panetta believed it was prudent to launch a Pentagon investigation, although the official would not explain the nature of Allen’s problematic communications.


The official said 20,000 to 30,000 pages of emails and other documents from Allen’s communications with Kelley between 2010 and 2012 are under review. He would not say whether they involved sexual matters or whether they are thought to include unauthorized disclosures of classified information. He said he did not know whether Petraeus is mentioned in the emails.


“Gen. Allen disputes that he has engaged in any wrongdoing in this matter,” the official said. He said Allen currently is in Washington.


Panetta said that while the matter is being investigated by the Defense Department Inspector General, Allen will remain in his post as commander of the International Security Assistance Force, based in Kabul. He praised Allen as having been instrumental in making progress in the war.


The FBI’s decision to refer the Allen matter to the Pentagon rather than keep it itself, combined with Panetta’s decision to allow Allen to continue as Afghanistan commander without a suspension, suggested strongly that officials viewed whatever happened as a possible infraction of military rules rather than a violation of federal criminal law.


Allen was Deputy Commander of Central Command, based in Tampa, prior to taking over in Afghanistan. He also is a veteran of the Iraq war.


In the meantime, Panetta said, Allen’s nomination to be the next commander of U.S. European Command and the commander of NATO forces in Europe has been put on hold “until the relevant facts are determined.” He had been expected to take that new post in early 2013, if confirmed by the Senate, as had been widely expected.


Panetta said President Barack Obama was consulted and agreed that Allen’s nomination should be put on hold. Allen was to testify at his confirmation hearing before the Senate Armed Services Committee on Thursday. Panetta said he asked committee leaders to delay that hearing.


NATO officials had no comment about the delay in Allen’s appointment.


“We have seen Secretary Panetta‘s statement,” NATO spokeswoman Carmen Romero said in Brussels. “It is a U.S. investigation.”


Panetta also said he wants the Senate Armed Services Committee to act promptly on Obama’s nomination of Gen. Joseph Dunford to succeed Allen as commander in Afghanistan. That nomination was made several weeks ago. Dunford’s hearing is also scheduled for Thursday.


___


Associated Press writer Slobodan Lekic in Kabul, Afghanistan, contributed to this report.


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Verizon and HTC’s latest twist: The $199 Droid DNA

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Verizon and HTC unveiled a new device that the two hope will appeal to customers during the holiday season, while helping to reverse HTC’s floundering fortunes.


The phone, the Droid DNA, sports a 5-inch screen, putting it more in the “phablet” category with Samsung‘s Galaxy Note. It runs on Android 4.1.1 Jelly Bean and includes a boatload of powerful features, including a Super LCD 3 display with 440 pixels per inch, capable of playing 1080p HD video.













HTC noted the screen rivals traditional HDTVs, while the pixel density is among the highest available on any smartphone. The iPhone 5′s Retina display, for example, is 326 pixels per inch.


The device runs on a quad-core, 1.5Ghz Snapdragon processor from Qualcomm, with 4G LTE integrated on the same piece of silicon as the application processor. Having one chip instead of two improves battery life.


The phone is also capable of wireless charging and full HD video chat. The device has an 8-megapixel rear-facing camera and a 2.1-megapixel camera in the front. HTC noted its phone features HTC ImageSense and HTC ImageChip to create faster image processing and better quality photos, as well as a quick-launch camera option.


The Droid DNA also has Beats audio and two amplifiers, one for headphone and one for speaker. And it’s equipped with near-field communications technology to share music and other content by tapping other NFC-enabled devices.


Droid DNA goes on sale on November 21 for $ 199.99 with a two-year contract. Pre-sales begin today. The phone is available exclusively through Verizon.


The hefty specs should appeal to customers looking for alternatives to the latest gadgets from Samsung and Apple during the holiday season. For HTC, it’s pretty important that they do.


The Taiwanese handset maker really needs a hit phone. Previously the darling of the smartphone world, HTC has been having a tough time lately. Samsung and Apple are dominating the industry’s profits and market share, leaving little for HTC, Motorola, Nokia, and other handset vendors. HTC also has faced litigation, though it reached a settlement with Apple a few days ago.


The company has said it plans to go bolder with its messaging to consumers and the media, relying less on joint marketing campaigns with the carriers and standing more independently to tell the HTC story. It also has said it would try to generate buzz through social media and by seeing out influential celebrities and “superfans” for endorsements. So far, it’s unclear whether such steps are paying off.


Related stories:


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Comcast’s NBCUniversal unit lays off 500 employees: source

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LOS ANGELES (Reuters) – Comcast Corp‘s NBCUniversal entertainment unit is laying off about 500 employees at cable channels, Jay Leno‘s late-night TV show and the Universal Pictures movie studio, a person with knowledge of the matter said on Monday.


The cuts add up to about 1.5 percent of the company’s workforce of 30,000 employees, the source said.













A large portion of the layoffs occurred at the G4 cable channel, a network about video games and the gaming culture, the source said. Two of the network’s shows were recently canceled.


Other layoffs occurred about two months ago at “The Tonight Show with Jay Leno,” which cut about two dozen crew members.


The company’s movie studio, Universal Pictures, also eliminated about 20 jobs, including some at the home entertainment division. Home entertainment sales have suffered across the industry as traditional DVDs fall from favor with consumers.


Other job cuts are expected at NBC News group and the company’s cable channels, which include USA, Bravo and E!, the source said.


Comcast bought a 51 percent controlling stake in NBC Universal in January 2011.


(Reporting By Ronald Grover; Writing by Lisa Richwine; Editing by Peter Lauria and Paul Tait)


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Lilly arthritis drug shows durability in study

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(Reuters) – A pill for rheumatoid arthritis being developed by Eli Lilly and Co and Incyte Corp maintained its effectiveness in reducing painful symptoms through 24 weeks of treatment in a midstage extension study, according to data presented at a medical meeting on Tuesday.


A sub-study of patients taking part in the trial of the drug, baricitinib, also showed that the two highest doses tested helped to reduce joint damage, based on Magnetic Resonance Imaging (MRI) tests.













The companies in June released positive data from the 301-subject Phase II study after 12 weeks of treatment in patients with mild to moderate RA who had an inadequate response to methotrexate. Data from the ongoing extension study, presented Tuesday at the American College of Rheumatology meeting in Washington, measured baricitinib treatment through 24 weeks.


After 24 weeks, 73 percent of patients who received 8 milligrams of the Lilly drug once daily achieved the ACR20 goal, or a 20 percent improvement in rheumatoid arthritis symptoms. That compared with 78 percent who hit ACR20 at 12 weeks.


For the 4 mg dose, 78 percent of patients hit ACR 20 at 24 weeks, up from 75 percent at week 12.


A 2 mg dose that failed to show statistical significance compared with a placebo at 12 weeks, had 63 percent of patients achieve ACR20 by week 24 of treatment, the data showed.


The study also measured ACR50 and ACR70 rates, or 50 percent and 70 percent improvement. All three doses showed improvement at 24 weeks from measurements taken at 12 weeks.


Baricitinib belongs to a hot new class of oral medicines called Jak inhibitors that aim to compete with the multibillion-dollar injected rheumatoid arthritis drugs that currently dominate the market. Pfizer Inc last week became the first company to bring one of the new drugs to market with the U.S. approval of tofacitinib, which will be sold under the brand name Xeljanz.


Jak inhibitors block enzymes believed to be involved in the inflammatory process.


In the sub-study of 154 patients who underwent MRI testing, there was a statistically significant improvement in measures of inflammation and joint damage at the 4 mg and 8 mg doses after 12 weeks compared with placebo, the companies said. The effects persisted through 24 weeks, they said.


In order to compete with the biologic blockbuster injected drugs, such as Abbott Laboratories’ $ 8 billion a year Humira, the Jak inhibitors must show that they can prevent or delay joint deterioration as well as alleviate symptoms.


(Reporting by Bill Berkrot in New York; editing by Matthew Lewis)


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Congress' choice whether Petraeus testifies on Benghazi attack

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Holly Petraeus and Gen. David Petraeus walk past a seated Paula Broadwell (rear right) at his confirmation hearing …The White House said Tuesday that it was "up to Congress" whether to call former CIA Director David Petraeus to testify about the Sept. 11 attack in Benghazi, Libya.


"Congress [makes] decisions about who is called to testify," press secretary Jay Carney told reporters at his daily briefing.


The Intelligence Committees of the Senate and House of Representatives had been set to hear from Petraeus about the attack on the American compound in separate closed-door hearings on Thursday. But aides to both panels indicated that the retired Army general would be replaced by Mike Morrell, the acting CIA director.


"The president is confident that Acting Director Morrell is fully informed and capable of representing the CIA in a hearing about the incidents in Benghazi," Carney said.


Still, key senators have made it clear that Petraeus, whose shocking resignation came after the public disclosure of an extramarital affair, will ultimately need to be heard. The attack claimed the lives of U.S. Ambassador Chris Stevens and three other Americans.


Senate Intelligence Committee Chairwoman Dianne Feinstein, a Democrat, told MSNBC on Monday that her panel "should go ahead with Mike Morell and the way it is now set up."


"But I also think that the community should know that this is not sufficient," she continued. "And I have no doubt now that we will need to talk with David Petraeus. And we will likely do that in closed session, but it will be done one way or the other."

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Canada seen needing to spell out rules for natural gas projects

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CALGARY, Alberta (Reuters) – The fate of a handful of liquefied natural gas projects planned for Canada’s Pacific coast may depend on the Canadian government‘s willingness to spell out rules for foreign investment in the country’s energy sector, according to a study released on Thursday.


Apache Corp, Royal Dutch Shell Plc, Petronas, BG Group Plc and others are in the planning stages for LNG projects that would take gas from the rich shale fields of northeastern British Columbia and ship it to Asian buyers.













But the federal government’s decision last month to stall the C$ 5.2 billion ($ 5.2 billion) bid by Malaysia’s state-owned Petronas C$ 5.2 billion for Canada‘s Progress Energy Resources Corp could lessen the appetite of Asian buyers for Canadian LNG, energy consultants Wood Mackenzie said.


“Some potential off-takers of Canadian LNG like the idea … because it’s perceived as having low political risk, and another reason is because they see the potential for investment opportunities,” said Noel Tomnay, head of global gas at the consultancy.


“If there are going to be restrictions on how they access those opportunities, if acquisitions are closed to them, then clearly that would restrict the attractiveness of those opportunities. If would-be Asian investors thought that corporate acquisitions were an avenue that was not open to them then Canadian LNG would become less attractive.”


The Canadian government is looking to come up with rules governing corporate acquisitions by state-owned companies and has pushed off a decision on the Petronas bid as it considers whether to approve the $ 15.1 billion offer for Nexen Inc from China’s CNOOC Ltd.


Exporting LNG to Asia is seen as a way to boost returns for natural-gas producers tapping the Montney, Horn River and Liard Basin shale regions of northeastern British Columbia.


Though Wood Mackenzie estimates the fields contain as much as 280 trillion cubic feet of gas, they are far from Canada’s traditional U.S. export market, while growing supplies from American shale regions have cut into Canadian shipments.


Because the region lacks infrastructure, developing the resource will be expensive, requiring new pipelines and multibillion-dollar liquefaction.


Still Wood Mackenzie estimates that the cost of delivery into Asian markets for Canadian LNG would be in the range of $ 10 million to $ 12 per million British thermal units, similar to competing projects in the United States and East Africa.


($ 1 = $ 1.00 Canadian)


(Reporting by Scott Haggett; Editing by Leslie Adler)


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U2′s Bono to urge U.S. politicians not to cut aid programs

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WASHINGTON (Reuters) – Irish rocker and anti-poverty campaigner Bono will appeal to Democrats and Republicans during a visit to Washington this week to spare U.S. development assistance programs from cuts as Congress tries to avert the looming “fiscal cliff” of tax hikes and spending reductions early next year.


The U2 lead singer’s visit comes as the Obama administration and congressional leaders try to forge a deal in coming weeks to avoid the economy hitting the “fiscal cliff” – tax increases and spending cuts worth $ 600 billion starting in January if Congress does not act.













Analysts say the absence of a deal could shock the United States, the world’s biggest economy, back into recession.


Kathy McKiernan, spokeswoman for the ONE Campaign, said Bono will hold talks with congressional lawmakers and senior Obama administration officials during the November 12-14 visit.


During meetings he will stress the effectiveness of U.S. foreign assistance programs and the need to preserve them to avoid putting at risk progress made in fighting HIV/AIDS, tuberculosis and malaria, she said.


Bono, a long-time advocate for the poor, will argue that U.S. government-funded schemes that support life-saving treatments for HIV/AIDS sufferers, nutrition programs for malnourished children, and emergency food aid make up just 1 percent of the U.S. government budget but are helping to save tens of millions of lives in impoverished nations.


The One Campaign would not elaborate which lawmakers and senior Obama administration officials Bono will meet.


On Monday, Bono will discuss the power of social movements with students at Georgetown University. He will also meet new World Bank President Jim Yong Kim for a web cast discussion on Wednesday on the challenges of eradicating poverty.


(Editing by W Simon)


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