By Daniel Bases and Steven C. Johnson

NEW YORK (Reuters) – Global growth is likely to remain tepid this year and central banks should keep their easy monetary policies in place, the head of the International Monetary Fund said on Wednesday.

“Thanks to the actions of policymakers, the economic world no longer looks quite as dangerous as it did six months ago,” IMF Managing Director Christine Lagarde told the Economic Club of New York.

But while there were signs that financial conditions are improving, Lagarde said those changes are not yet translating into improvements in the real economy.

“In present circumstances, it makes sense for monetary policy to do the heavy lifting in this recovery by remaining accommodative,” Lagarde said ahead of meetings of global finance chiefs in Washington next week.

“We know that inflation expectations are well anchored today, giving central banks greater leeway to support growth,” she added.

She said a three-speed recovery is underway, led by fast-growing emerging economies, followed by countries such the United States that are on the mend, and with the euro zone and Japan trailing.

In January, the IMF trimmed its 2013 forecast for global growth to 3.5 percent from 3.6 percent, and projected a 4.1 percent expansion in 2014. It said the world economy grew 3.2 percent in 2012.

Lagarde said the exceptionally loose monetary policies of central banks in advanced economies is a concern for emerging economies, which fear a sudden reversal of the large capital flows that have flooded their economies in recent years as investors have sought higher yields.

“Right now, these risks appear under control,” Lagarde said, but she urged emerging economies to boost their defenses to deal with the possible repercussions should central banks start to exit from quantitative easing.

The IMF chief welcomed the unprecedented burst of monetary stimulus announced by the Bank of Japan last week to revive the country’s economy. She urged Japan to deliver a credible fiscal plan to lower its public debt, “which looks increasingly unsustainable”.

“Japan needs a clear and credible plan to lower public debt over the medium term,” Lagarde said. “It needs comprehensive structural reforms to shift the economy into higher gear.”

Lagarde said the ‘fiscal cliff’ in the United States had been avoided, but that it is vital now for the Obama administration to put in place credible, medium-term plans to cut debt.

In Europe, Lagarde said monetary policy is “spinning its wheels” with low interest rates unable to translate into affordable credit for those who need it because of unfinished repairs to the banking sector.

“The priority must be to continue to clean up the banking system by recapitalizing, restructuring, or, where necessary, shutting down banks,” Lagarde added.

The banking bailout in Cyprus, she reiterated, is not a template for future reforms. However, she said people, “whether investors or depositors need to know what the banking order is”.

Cyprus received a 10 billion euro bailout from the euro zone and the IMF. However, the structure of the deal has injected a higher level of uncertainty into markets because it requires large depositors, many of them Russian, to share in the losses of the banking system.

“Cyprus was not a template, it doesn’t set standards because it was not a standard itself. It was vastly different from many banks in the region,” Lagarde said in response to a question.

In addition to banking reform, most European governments need to maintain tight fiscal policies to reduce debt levels, she said, but added that spending cuts need not be too severe too soon.

“We believe it is a question of pace,” Lagarde said. “(Reforms) don’t have to be brutal or abrupt or massively front-loaded. Those under financial pressure have to demonstrate the ability to do so but be mindful of the fabric of society.”

The IMF’s spring meeting will be held in Washington April 19-21.

(Writing by Lesley Wroughton; Editing by Chizu Nomiyama; and Peter Galloway)

Source: http://news.yahoo.com/imf-chief-sees-little-improvement-global-growth-2013-161922659–business.html

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LAS VEGAS (AP) ? A California juvenile detention escapee had a blood-alcohol percentage of 0.12 ? well above the Nevada legal limit of 0.08 percent ? after a freeway crash that killed five Southern California family members and injured two others, prosecutors said Wednesday.

Jean Ervin Soriano, 18, was charged Wednesday with seven felony charges of driving under the influence causing death or substantial injury in the early March 30 wreck on Interstate 15 about 80 miles northeast of Las Vegas.

He also faces two misdemeanor charges of failure to decrease speed and driving without a license.

Moapa Justice of the Peace Ruth Kolhoss scheduled a May 15 evidence hearing.

Soriano wasn’t asked to enter a plea, but his attorney, Frank Cofer, said his client plans to plead not guilty when the time comes.

“He’s a young kid, very scared, distraught,” Cofer said following the brief court appearance with Soriano, who was shackled for a 60-mile trip in a jail van from Las Vegas to a rural courtroom 60 miles away.

Soriano, who previously told the judge he used to live in California but moved to St. George, Utah, is being held on $3.5 million bail in isolated protective custody at the Clark County jail. Cofer said he has been praying for the family members killed and injured.

The attorney asked the judge on Wednesday to order the preservation as evidence of the SUV involved in the crash so that defense investigators can collect blood and tissue samples to determine if Soriano was actually driving.

Cofer said he also plans to order independent blood-alcohol tests on samples drawn from Soriano after the crash.

The Nevada Highway Patrol said Soriano and a 23-year-old passenger in a Dodge Durango were hurt when their vehicle rear-ended a Chevrolet van carrying a trio of brothers and four other family members back to the Los Angeles area for Easter after visiting a sick relative in Denver.

Troopers said Soriano later admitted that he was driving. Investigators found several beer bottles in the vehicle, troopers said.

The van overturned in the desert, killing Genaro Fernandez, 41, of Norwalk; Raudel Fernandez-Avila, 49, and Belen Fernandez, 53, both of Lynwood; and Angela Sandoval, 13, and Leonardo Fernandez-Avila, 45, both of Los Angeles.

The driver of the van, Maria Rosario Cardanas, 40, and a 15-year-old passenger, Eddie Sandoval, were the only survivors.

After Soriano’s arrest, authorities in Orange County, Calif., said that he fled March 1 from a juvenile guidance center in Santa Ana that treats drug and alcohol abusers.

_____

Find Ken Ritter on Twitter: http://twitter.com/krttr

Source: http://news.yahoo.com/teen-faces-7-felony-duis-fatal-nevada-crash-005130702.html

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By Ryan Vlastelica

NEW YORK (Reuters) – The S&P 500 rose to a historic high on Wednesday as stocks advanced 1 percent in a broad rally, with technology shares among the strongest of the day.

For the second day in a row, cyclical shares advanced as investors bought into the sector, which has lagged other sectors recently. As these groups are closely tied to the pace of economic growth, many investors viewed the advance as a sign that the rally has staying power.

The S&P 500 broke past its previous all-time intraday high of 1,576.09, which was set on October 11, 2007, rising as high as 1,587.80. The Dow hit yet another intraday milestone, rising as high as 14,817.06.

“The path of least resistance for the market remains higher, and despite some mixed economic data, investors are concluding that stocks remain a better place to be than risk-free assets,” said Jim McDonald, chief investment strategist at Chicago-based Northern Trust Global Investments, which has about $760 billion in assets under management.

Gains were broad, with all but two of the S&P’s 10 primary sectors up more than 1 percent. About three-fourths of stocks traded on both the New York Stock Exchange and Nasdaq were higher on the day.

Tech was the day’s strongest group, with the S&P technology sector <.splrct> up 1.8 percent. The group was lifted by strong results at Adtran Inc , which jumped 12.6 percent to $22.19 and boosted peer companies. JDS Uniphase Corp added 5.7 percent to $14.11 while Juniper Networks Inc rose 5.4 percent to $18.97.

Also boosting the sector was Facebook Inc , which jumped 4.4 percent to $27.77.

The Dow Jones industrial average <.dji> was up 138.49 points, or 0.94 percent, at 14,811.95. The Standard & Poor’s 500 Index <.spx> was up 18.53 points, or 1.18 percent, at 1,587.14. The Nasdaq Composite Index <.ixic> was up 56.74 points, or 1.75 percent, at 3,294.60.

With the gains, the S&P is now up 11.3 percent on the year while the Dow is up 13 percent.

The Federal Reserve unexpectedly released the minutes from its most recent policy-setting meeting five hours early. The minutes showed a few policymakers expected to taper the pace of asset purchases by mid-year and end them later this year, while several others expected to slow the pace a bit later and halt the quantitative easing program by year-end.

Accommodative monetary policy from the Fed has been credited with helping to boost equity prices, and uncertainty surrounding the minutes briefly hit indexes in the premarket session, though they subsequently recovered.

“The only way quantitative easing will be tapered off is if the labor market shows noticeable improvement, and the most recent data doesn’t show that,” said McDonald, referring to the March payroll report, which was sharply under expectations.

“QE will only be taken away when we’re in a self-sustaining recovery. We’re not there yet, which points to the Fed continuing to stimulate the economy.”

Among the 5 percent of S&P 500 companies that have reported results so far, almost three-quarters have topped expectations, according to Thomson Reuters data.

But quarterly profits are expected to grow just 1.5 percent from a year ago, down from a January estimate of 4.3 percent. The lowered expectations could make it easier for companies to beat analysts’ estimates and propel the market further.

Family Dollar Stores reported weaker-than-expected profit on Wednesday. Its stock was up 0.1 percent at $59.87 after falling 2.6 percent to a session low of $58.27 earlier.

Hospital operator Health Management Associates Inc cut its outlook for 2013 earnings and revenue, citing weak patient-admission figures in the first quarter of the year. The stock plummeted 18 percent to $10.27.

(Editing by Nick Zieminski)

Source: http://news.yahoo.com/stock-futures-point-higher-start-081151044–finance.html

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by Bill McBride on 4/08/2013 09:24:00 PM

From Fed Chairman Ben Bernanke: Stress Testing Banks: What Have We Learned?

[T]he banking system is much stronger since the implementation of the SCAP four years ago, which in turn has contributed to the improvement in the overall economy. The use of supervisory stress tests–a practice now codified in statute–has helped foster these gains. Methodologically, stress tests are forward looking and focus on unlikely but plausible risks, as opposed to “normal” risks. Consequently, they complement more conventional capital and leverage ratios. The disclosure of the results of supervisory stress tests, coupled with firms’ disclosures of their own stress test results, provide market participants deeper insight not only into the financial strength of each bank but also into the quality of its risk management and capital planning. Stress testing is also proving highly complementary to supervisors’ monitoring and analysis of potential systemic risks. We will continue to make refinements to our implementation of stress testing and our CCAR process as we learn from experience.

As I have noted, one of the most important aspects of regular stress testing is that it forces banks (and their supervisors) to develop the capacity to quickly and accurately assess the enterprise-wide exposures of their institutions to diverse risks, and to use that information routinely to help ensure that they maintain adequate capital and liquidity. The development and ongoing refinement of that risk-management capacity is itself critical for protecting individual banks and the banking system, upon which the health of our economy depends.

I was an early advocate of stress testing, and I think these tests played a key role in understanding the impact of the financial crisis on large banks.

Tuesday economic releases:
? 7:30 AM ET, NFIB Small Business Optimism Index for March. The consensus is for a decrease to 90.6 from 90.8 in February.

? At 10:00 AM, The BLS will released the Job Openings and Labor Turnover Survey for February. The number of job openings (yellow) has generally been trending up, and openings were up 8% year-over-year in January.

? Also at 10:00 AM, Monthly Wholesale Trade: Sales and Inventories for February. The consensus is for a 0.5% increase in inventories.

Source: http://www.calculatedriskblog.com/2013/04/tuesday-small-business-confidence-job.html

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DETROIT (Reuters) – Chrysler Group LLC said it is recalling more than 263,0000 vehicles globally in six separate actions.

In the largest action, the No. 3 U.S. automaker, an affiliate of Italy’s Fiat SpA , said it is recalling about 139,000 cars from model years 2011 and 2012 to correct improper warning-light illumination.

After customer complaints of intermittent airbag warning-lights going on, Chrysler found the seat-side airbag wiring harness terminal that did not meet specifications.

Chrysler said it is unaware of any accidents or injuries related to the warning-light issue.

Affected cars include the Chrysler 300, and the Dodge Charger and Challenger – including about 119,000 in the United States, 7,000 in Canada, 880 in Mexico and 11,000 outside of North America.

– Some 78,500 older-model Chrysler 4-by-2 SUVs are being recalled to brace a heat shield that can loosen and come in contact with the driveshaft, causing possible breakage over time. Chrysler will install a bracket to hold the shield in place.

The recall follows fewer than 40 complaints of broken driveshafts on the 2007 and 2008 Dodge Nitro, Jeep Liberty and the Liberty’s sister models sold outside the United States.

SUVs equipped with 4-by-4 drivelines are not affected.

About 61,400 SUVs in the United States, 1,000 in Canada, 13,700 in Mexico and 2,300 outside North America are affected.

– The company is recalling about 30,000 SUVs from model-year 2012 to replace the vehicles’ fuel-tank transfer tubes to ensure the proper flow of gasoline.

A worldwide material shortage forced a design change and material substitution, but Chrysler said it discovered the new material did not readily maintain the required shape and the fuel flow could be constricted. That created the potential for a stalled engine in extremely hot weather or at high altitudes.

Chrysler said it was aware of one accident related to the issue, but no injuries.

Jeep Compass and Patriot SUVs comprise this affected group, about 20,500 of which were sold in the United States, 2,300 in Canada, 50 in Mexico and 7,400 outside of North America.

– Roughly 7,000 heavy-duty Ram pickup trucks from model year 2013 are being recalled to replace the engine covers as they have less heat resistance than intended. Most of the affected trucks are still with dealers in the U.S. and Canadian markets.

Chrysler said it is not aware of any accidents or injuries related to the issue.

– The automaker is recalling 52 Dodge Dart small cars from the 2013 model year, also in the U.S. and Canadian markets, to correct an issue that may compromise the parking brake function. The cars were built over a 24-hour period in November and Chrysler said the brake calipers do not meet specification.

Forty-six of the cars are in the United States and six are in Canada.

Chrysler said it is unaware of any accidents or injuries tied to this recall as well.

It also said on Tuesday it was recalling 9,300 pickup trucks for a parking brake issue.

(Reporting by Ben Klayman in Detroit; Editing by Maureen Bavdek)

Source: http://news.yahoo.com/chrysler-recalls-more-263-000-vehicles-globally-133452795–sector.html

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By Verna Gates

BIRMINGHAM, Alabama (Reuters) – Doctors who provide abortions will face stricter standards in Alabama starting in July under a law signed on Tuesday that requires them to have admitting privileges at hospitals in the state.

Proponents say the legislation, the latest salvo in the national debate over abortion, will make pregnancy terminations safer, while critics say it will unnecessarily restrict a woman’s right under the U.S. Constitution to choose an abortion.

The Alabama bill was passed last week by state lawmakers and signed by Republican Governor Robert Bentley, a former dermatologist.

“As a physician, and as a governor, I am proud to sign this legislation,” Bentley said in a statement. “This bill provides appropriate standards of care. It has been endorsed by pro-life groups across Alabama.”

Most Alabama clinics hire out-of-town physicians to provide abortions and partner with local doctors who have hospital admitting privileges to provide follow-up care.

Alabama is the seventh state to require hospital admitting privileges for abortion providers, according to Elizabeth Nash, state issues manager at the Washington-based Guttmacher Institute, which studies reproductive health.

A similar law in Mississippi is threatening to shutter that state’s sole abortion clinic, which has been unable to obtain hospital privileges for its physicians.

Nash said the increased stigma and fear of reprisals associated with abortion has over time resulted in fewer providers entering the field. A lack of providers often forces clinics to look beyond their immediate cities to find doctors willing to perform abortions.

In Alabama, the state’s four licensed abortion clinics will have 180 days to meet the new standards after the law takes effect on July 1. The measure also mandates the clinics to meet the same facility standards as ambulatory care centers.

As with the law in Mississippi, legal challenges are expected from advocacy groups such as Planned Parenthood.

Nikema Williams, vice president of public policy for Planned Parenthood Southeast, said it “stands ready to do whatever it takes to protect Alabamians’ health and rights in the face of this dangerous law and blatant attack on women’s health and rights.”

Lawmakers across the country have passed new restrictions on abortion rights in recent years, including laws approved in the last month in North Dakota and Arkansas that are seen as direct challenges to the U.S. Supreme Court ruling in Roe v. Wade that legalized abortion in 1973.

North Dakota in late March became the first state to approve a ban on most abortions once a fetal heartbeat can be detected, about six weeks into pregnancy, and the first to ban abortions solely because of fetal genetic anomalies.

(Additional reporting and writing by Colleen Jenkins; Editing by Cynthia Johnston and Grant McCool)

Source: http://news.yahoo.com/alabama-governor-signs-law-tightening-rules-abortion-clinics-173143727.html

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SALT LAKE CITY (AP) ? For the first time in the event’s 183-year history, a woman has led a prayer at the semiannual gathering of The Church of Jesus Christ of Latter-day Saints.

Jean A. Stevens led the morning session’s closing prayer Saturday for the more than 100,000 church members gathered in Salt Lake City for the two-day general conference, and the millions more watching via satellite, radio or Internet broadcast.

A feminist group launched a campaign earlier this year asking church leaders to let women lead the opening and closing prayer ? a first for the conference ? as a symbol of gender equality.

In addition to holding other church roles, Stevens is member of a three-person board that advises and assists parents on teaching their children about the faith.

Women hold leadership positions in the church but aren’t allowed to be bishops or presidents of Mormon stakes, which are geographic areas similar to Catholic dioceses.

In January, the “Let Women Pray” campaign was launched from the same group that drew national attention in December by urging women to wear pants rather than skirts or dresses to church to raise awareness about what they perceive as gender inequality within Mormon culture.

Women regularly give speeches during the general conference and can pray in the audience. But until Saturday, they had never led the opening or closing prayers.

Earlier in the morning, Thomas S. Monson, the faith’s president, announced the church is planning to build two new temples in Rio de Janeiro and Cedar City, Utah.

Temples are considered sacred to Latter-day Saints and are used for religious rituals including proxy baptisms, marriage ceremonies and other rites designed to strengthen church teachings.

The exact locations of the new buildings will be announced later, the church said. Worldwide, there are 141 temples in operation and 29 under construction.

The newly announced temple in Rio de Janeiro will be the eighth planned or operating temple in Brazil, where there are more than 1.1 million Mormons. Six temples are up and running in the country, and a seventh is planned in Fortaleza.

The planned temple in Cedar City, in southwest Utah, will be the 17th temple operating or planned in the state. The church previously announced construction of temples in Payson and Provo. Nearly 2 million members of the faith live in Utah, where the church headquarters is located.

Monson also announced during his opening address Saturday that the church has created 58 new missions to accommodate swelling numbers of missionaries.

At the last general conference in October, church officials announced a lowering of the minimum age for missionaries: from 21 to 19 for women, and from 19 to 18 for men.

Church leaders and outside scholars believe that decision could be a landmark leading to many more women serving missions.

The church says applications for new missions are up twofold since the announcement. About half of all new applications have come from women. Previously, only 15 percent of missionaries were women.

“The response of our young people has been remarkable and inspiring,” Monson said.

As of April 4, more than 65,000 Mormon missionaries were serving around the world, Monson said. More than 20,000 additional missionaries have been called to serve, while another 6,000 are in the interview process.

The semiannual conference, taking place Saturday and Sunday, offers Mormons words of inspiration and guidance for daily living from the faith’s senior leaders. Besides the thousands attending in person, millions more participate in the meeting through satellite, radio or Internet broadcast translated into more than 90 languages.

Source: http://news.yahoo.com/woman-leads-closing-prayer-mormon-conference-180713068.html

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