Discovery buys Nordic channels, ProSieben owners near exit

(Reuters) - Discovery Communications Inc said it would buy 12 Nordic television channels from Germany's ProSiebenSat.1 Media AG for about $1.7 billion to add fiction and sports to its program offerings.

The acquisition is Discovery's largest ever and gives the company, whose channels include Discovery Channel, TLC and Animal Planet, a firmer foothold in Europe and sweetens the exit for ProSieben's controlling private equity investors.

The sale of the Nordic Channels, one of ProSiebenSat's best performing units, positions private equity investors KKR & Co and Permira -- who together own 88 percent of ProSieben's voting shares -- for a hefty dividend from the German media group.

"It means the private equity owners are able to place up to their full 53 percent stake on the market at some point," said Goldman Sachs analyst Richard Jones.

Discovery also said on Friday it would take 20 percent equity stakes in French television group TF1's Eurosport Group and four pay-TV channels in France and announced a $1 billion increase in stock buybacks.

The purchase extends Discovery into fictional programs and sports broadcasting for the first time.

"This deal also includes our first significant foray into scripted content and the opportunity to manage a suite of nonfiction and fiction brands that bring different formats, personalities and storytelling techniques to our creative culture," Discovery CEO David Zaslav said on a conference call.

Investing in Eurosport was a cheaper option and offered more attractive margins than a foray into the much more expensive U.S. sports market, he said.

The Eurosport deal, worth about $221.6 million, gives Discovery the option to raise its stake to 51 percent in two years.

If Discovery exercises this option, TF1 could exercise a put option over the remaining 49 percent, potentially giving Discovery complete ownership of Eurosport.

The $18.2 million stakes in the French pay channels give Discovery ownership in the TV Breizh, Histoire, Ushuaia TV and Stylia channels.

Citigroup acted as financial adviser to Discovery.

ProSieben's restructuring paves the way for a KKR and Permira disposal after ProSieben converts its non-voting preference shares into voting common shares to attract a broader investor base for the Frankfurt-listed firm.

The German media group plans a dividend payment of about 5.60 euros per share after completion of the sale, which is expected in the first quarter.

In 2012, the company paid a dividend of 1.17 euros per preference share and 1.15 euros per common share.

ProSieben called off an attempt to sell the division last year as offers were too low. Sources have told Reuters that Discovery also was one of the bidders at the time.

In August this year, the German media company said it was looking again at selling after receiving expressions of interest.

ProSiebenSat.1 shares were up 2 percent by 1200 ET, while the broader sector index was down 0.3 percent.

Shares in Discovery were nearly flat at $60.18 in midday trading on the Nasdaq.

(Reporting by Harro ten Wolde in Frankfurt and Sayantani Ghosh in Bangalore; Editing by Supriya Kurane and David Cowell)

Source: http://news.yahoo.com/discovery-buy-prosiebensats-nordic-tv-channels-1-7-124013611--finance.html

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A guide to college football's 35 bowls

FILE - In this Sept. 8, 2012 file photo, Texas A&M's Johnny Manziel (2) reacts after a touchdown run during the second quarter of an NCAA college football game against Florida in College Station, Texas. Heisman winner Manziel will lead Texas A&M against Oklahoma in the Cotton Bowl on Jan. 4. (AP Photo/Dave Einsel, File)

FILE - In this Sept. 8, 2012 file photo, Texas A&M's Johnny Manziel (2) reacts after a touchdown run during the second quarter of an NCAA college football game against Florida in College Station, Texas. Heisman winner Manziel will lead Texas A&M against Oklahoma in the Cotton Bowl on Jan. 4. (AP Photo/Dave Einsel, File)

FILE - In this Saturday, Dec. 1, 2012 file photo, Wisconsin players celebrate after defeating Nebraska 70-31 to win the Big Ten championship NCAA college football game Saturday, Dec. 1, 2012, in Indianapolis. Wisconsin is heading to the Rose Bowl to face Stanford, on New Year's Day. (AP Photo/Darron Cummings, File)

FILE - In this Oct. 27, 2012 file photo, Notre Dame linebacker Manti Te'o (5) celebrates with teammate Stephon Tuitt (7) after an interception against Oklahoma in the fourth quarter of an NCAA college football game in Norman, Okla. Te'o and the Irish will play Alabama for the national championship, the highlight of this year's 35 bowl games. (AP Photo/Sue Ogrocki, File)

The BCS has been criticized plenty for not getting it right over the years, from all those teams that believed they should have been playing for a national title to last year's all-SEC championship game.

But for all its faults, the system seemed to work this season, producing a matchup for the ages: Notre Dame vs. Alabama.

The Fighting Irish and Crimson Tide, programs tied for the most Associated Press national titles, in Miami, playing for a national championship ? yeah, this could be pretty good.

Alabama and Notre Dame also happen to be two of the most polarizing teams in the country, so if you love one, chances are you hate the other.

Of course, if you hate both, it might be a tough night of yelling at the TV, hoping that somehow neither team wins.

Either way, the good news is there's plenty of other great games and players to watch over the next three weeks.

Here's a bit of what to look for in this year's 35 bowl games:

___

TOP GAMES

Fiesta Bowl, Oregon vs. Kansas State, Jan. 3, Glendale, Ariz. For the second straight year, the Fiesta Bowl has a matchup that could be 1A to the national title game. The Ducks and Wildcats were national title contenders just a few weeks ago and have two of the nation's most dynamic players in running back Kenjon Barner and K-State QB Collin Klein.

Rose Bowl, Stanford vs. Wisconsin, Jan. 1, Pasadena, Calif. There might be a collision or two between these two power programs.

Cotton Bowl, Texas A&M vs. Oklahoma, Jan. 4, Arlington, Texas. Johnny Heisman and Landry Jones could combine for 1,000 yards and 10 TDs on their own.

Orange Bowl, Northern Illinois vs. Florida State, Jan. 1, Miami. Just to see if the BCS-busting Huskies do actually belong.

New Mexico Bowl, Nevada vs. Arizona, Dec. 15, Albuquerque. Two of the nation's best scoring offenses against two of the nation's worst scoring defenses. The bowl season will kick off with fireworks.

___

PLAYERS TO WATCH

Johnny Manziel, Texas A&M. Johnny Football broke the freshman barrier in the Heisman Trophy vote. 'Nuff said. Faces Oklahoma in the Cotton Bowl.

Manti Te'o, Notre Dame. The Fighting Irish linebacker came up just short in becoming the first true defensive player to win the Heisman. About the only thing he's missed all season.

Collin Klein, Kansas State. Another Heisman finalist, he has a just-get-it-done quality in the vein of Tim Tebow.

Ka'Deem Carey, Arizona. Led the FBS in rushing, might get a few more yards against Nevada in the New Mexico Bowl.

Tavon Austin, West Virginia. All-American lines up all over the field, and is a threat to score from anywhere. Gets Syracuse in the Pinstripe Bowl.

Montee Ball, Wisconsin. He's only scored more touchdowns than anyone in FBS history.

___

BOWL SPONSORS

Food is again king when it comes to sponsoring bowls. The dot-coms? About done.

Food-related companies were tops in sponsors bowls last season with seven and there's one more this season with Insight Bowl becoming the Buffalo Wild Wings Bowl. It joins Tostitos, Chick-fil-a, Outback, Kraft, Beef 'O' Brady's, Little Caesars and the Idaho Potato Commission in bowl sponsorship.

Tying for second most are auto-related companies and financial companies with five each.

This year's lineup also includes an aerospace and defense contractor, a helicopter company, a department store, a hotel chain and a consumer electronics company.

What's missing are the dot-coms.

Once the dominant force of bowl sponsorships, online companies are down to two: the GoDaddy.com Bowl and TaxSlayer.com sponsoring the Gator Bowl.

___

ODDS

A year ago, oddsmakers were predicting a tight BCS championship game, opening with a spread of one point between LSU and Alabama.

They're looking for a little more lopsided game this year, with the Crimson Tide opening as a 7 1-2-point favorite over Notre Dame on the Glantz-Culver Line.

The closest game was one point between UCLA and Baylor in the Holiday Bowl and the highest opening spread was the Heart of Dallas Bowl, where Oklahoma State was giving up 18 points to Purdue.

Despite predictions of a close game, the Holiday Bowl has the highest over/under of 79 1-2 points between UCLA and Baylor. Could be fun to watch if they live up to the prediction.

___

DISTANCES

The farthest distance to travel to a bowl this season will be SMU's halfway-across-the-Pacific journey to the Hawaii Bowl in Honolulu, a trip of about 3,800 miles.

For anyone wanting to take a long road trip in a car ? good luck with that ? the longest non-water distance is about 2,800 miles. That's roughly how far San Jose State will go to play Bowling Green in the Military Bowl in Washington D.C. and Navy's trip to San Francisco for the Fight Hunger Bowl against Arizona State.

Vanderbilt and San Diego State have the shortest trip: nowhere.

The Commodores get to face North Carolina State in the Music City Bowl in Nashville and the Aztecs will play against BYU in the Poinsettia Bowl in San Diego.

Other short trips include Central Florida in the Beef 'O' Brady Bowl (about 100 miles), Duke at the Belk Bowl (140), Louisiana-Lafayette at the New Orleans Bowl and Central Michigan at the Little Caesars Pizza Bowl (both around 150).

___

NUMBERS

0.0404_Points by which Northern Illinois got into the coveted top 16 of the BCS standings.

1_Bowl game for Louisiana-Monroe in its history after being selected to face Ohio in the Independence Bowl.

9_Wins by Louisiana Tech, which was left out of the bowl season after failing to meet a deadline with the Independence Bowl and wasn't pick for another bowl.

10.33_Points per game allowed by Notre Dame, best in the country. Alabama is No. 2 at 10.69.

18_Years since Duke's last bowl appearance. The Blue Devils will face Cincinnati in the Belk Bowl on Dec. 27 in Charlotte.

173.08_Passing efficiency by Alabama's A.J. McCarron, best in the country.

383.33_Yards of total offense by Texas A&M quarterback Johnny Manziel, second nationally.

578.75_Yards per game by Baylor's offense, tops in FBS.

___

GAMES NOT TO WATCH

OK, we know we're going to take a little heat on this one, but truth is, with 35 bowl games, there's going to be some clunkers in there.

So, with apologies to the bowls, the teams and their fans, here's a few game you might want to skip for something more entertaining like, say, watching icicles melt from the eaves:

Sun Bowl, Georgia Tech vs. Southern California, Dec. 31, El Paso, Texas. Georgia Tech (6-7) has a losing record and had to get a waiver from the NCAA just to get in. The Trojans may be the most underachieving team in the country, losing five games after opening the season as the preseason No. 1.

Armed Forces Bowl, Rice vs. Air Force. Dec. 29, Fort Worth, Texas. We hate saying anything negative about the men and women at the service academies, but a matchup of 6-6 teams isn't particularly exciting no matter who it is.

BBVA Compass Bowl, Pittsburgh vs. Ole Miss, Jan. 5, Birmingham. See 6-6 line above.

Buffalo Wild Wings Bowl, Michigan State vs. TCU, Dec. 29, Tempe, Ariz. Not only is it a matchup of a 6-6 team (MSU) against one that's 7-5, the calling card for these two teams are their defenses. First one to six points doesn't exactly get us jazzed up.

___

Follow John Marshall at www.Twitter.com/johnmarshallap

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-12-14-Bowl%20Guide/id-b82103e21f0e4ecc8f2e5a346b6b34c9

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This Is 40

Leslie Mann and Paul Rudd in This is 40

Photo by Suzanne Hanover.

In a scene midway through Judd Apatow?s This Is 40, Debbie (played by Leslie Mann) walks in on her husband, Pete (Paul Rudd), in a position that?s beyond compromising. Spread-eagled on the bed with a mirror between his legs, Pete is attempting to get a look at some sort of mysterious bump on his anus. After she?s guilt-tripped into helping scope it out?as Pete points out, he watched her have two babies?Debbie scoffs ?That?s a hemorrhoid,? and stalks from the room, disgusted.

I?ll leave you to decide whether that scene?sort of the reductio ad absurdum of the now-institutional Apatow Big Grossout?is funny. (Like most of the rest of this nearly three-hour-long domestic comedy, it wasn?t to me.) But in retrospect, what struck me about the visit to Paul Rudd?s perineum is that it isn?t even the furthest this movie takes us up a character?s ass. Later, when Debbie forces Paul and their daughters to embark on a family health kick, we?re treated to footage from a colonoscopy check-up, the camera tunneling its way through Debbie?s lower intestine. (Wonder if Mann used a stand-in?) The visual pun is almost too perfect, since This Is 40 is a movie that takes its creator on the longest journey he has yet made up his own ass.

Believe it or not, I say this with all respect for Judd Apatow, whom I regard, on the whole, as a benefactor to film comedy. True, Apatow hasn?t yet made any movie that approaches the stature of Freaks and Geeks, the near-perfect 2000 TV show he created with Paul Feig. (Ah, scrap the ?near?; is there a detail I?d change about Freaks and Geeks? There is not.) And true, each of the four films he?s directed?The 40-Year-Old Virgin, Knocked Up, Funny People, and now This Is 40?has gotten a little baggier, a little more introspective, and a little worse than the last. But as an impresario, Apatow has excelled. Many of the talented kids he spotted for the Freaks and Geeks cast have gone on to become the next generation of comic creators?in fact, their voices dominate the comedy landscape to a degree that?s sometimes oppressive. But Apatow?s more recent mentorship of Girls? Lena Dunham shows he?s also interested in fostering new voices, including those that speak a very different language from his own patented bro-chat.

To be sure, sometimes Apatow sometimes seems like too generous a mentor. Some of the projects he?s been attached to as producer (Drillbit Taylor? Ouch.) have indicated that his quality-control meter may be in need of recalibration, a hypothesis that his fourth feature confirms. At its best, This Is 40 feels like a strung-together series of ideas for a movie, or maybe a television show?though individual scenes can make you laugh, fleetingly, the whole appears to have been constructed without any thought to shaping a narrative arc. At its worst, This Is 40 feels like being condemned to watch two hours of someone else?s home movies?overly long, self-indulgent, and bone-crushingly banal. This home-movie effect is magnified by the fact Apatow is, in fact, married to his leading lady, and the girls who play Mann?s and Rudd?s children are Apatow and Mann?s real-life daughters, Maude and Iris Apatow. While I?m sure they are lovely, bright children, the Apatow girls are not exactly finds as actors?the younger child, in particular, sometimes seems to be getting her wisecracks fed to her from offscreen. As Mann and the girls snuggle in bed or argue about screen time or dance to pop songs on their iPod, we get the vaguely icky feeling that we?re eavesdropping via surveillance camera on the Apatow-Mann household, with Rudd standing in as a proxy for the man behind the lens.

The film?s story follows what?s ostensibly a week in Pete and Debbie?s life?the week in which they both turn 40?though the amount of plot development that?s crammed into that seven-day stretch will make you ashamed of your own to-do list. Paul?s indie record company nears the verge of bankruptcy; Debbie suspects that an employee in her clothing boutique (played with bombshell ?lan by Megan Fox) is embezzling from her. Both of them seek rapprochements with their difficult fathers?his (played by Albert Brooks) a guilt-tripping Jew, hers (played by John Lithgow) an emotionally frosty WASP. Their daughter is harassed on Facebook by a boy in her class, leading to a confrontation with the kid?s nutcase of a mother (Melissa McCarthy, in one of the film?s few genuinely hilarious bursts of improv). Jason Segel and Chris O?Dowd, in small roles as a personal trainer and a record-label employee, occasionally bob into the foreground like buoys. The troubled couple goes off on a romantic getaway, where they smoke pot in their hotel room, experience an epiphany of connectedness, then return home to embark on the aforementioned health kick. (Cue the colostomy-cam!) And I haven?t even gotten to the dramatic third-act twist.

There?s an embarrassing montage in the wildly uneven Funny People where Leslie Mann and the Apatow girls entreat their houseguests, Seth Rogen and Adam Sandler, to engage in a round of the ?peanut-butter game??that is, to lie on the kitchen floor while a dog licks peanut butter off their faces. This Is 40 is, essentially, 134 straight minutes of the peanut-butter game. I advise picking up a jar of Skippy and playing it yourself at home.

Source: http://feeds.slate.com/click.phdo?i=ee485986333b45ff50003d749efbb7a7

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China media: Cult aims to topple Communist Party

By Reuters

BEIJING -- China has launched a crackdown on a religious group it says is a cult that has called for a "decisive battle" to slay the "Big Red Dragon" of the Communist Party and spread doomsday rumors, state media said Friday.

In recent weeks, hundreds of members of the "Almighty God" group have clashed with police, sometimes outside government buildings, in central Henan, northern Shaanxi and southwestern Gansu provinces, according to photos on popular microblogs.

The group has "incited followers to launch a decisive battle with the 'Big Red Dragon' to make the 'Red Dragon' extinct and to establish the reign of the kingdom of the 'Almighty God,'" the provincial Shaanxi Daily said on its website.

It added that the sect's followers have been distributing leaflets saying that the world will end in 2012.

Sect leaders executed
China's Communist Party brooks no challenge to its rule and is obsessed with social stability.

It has particularly taken aim at groups it considers to be cults, which have multiplied across the country in recent years.

More China coverage from NBC's Behind the Wall

Demonstrations have been put down with force and some sect leaders executed.

"The State Bureau of Religious Affairs has already documented the group's cult nature, has outlawed it and is presently harshly cracking down," the Shaanxi Daily said.

It did not say how many followers the sect had.

Calif. Falun Gong members say they're targets of assaults, hate crimes

The State Bureau of Religious Affairs did not answer repeated calls from Reuters seeking comment.

Former President Jiang Zemin launched a campaign in 1999 to crush the Falun Gong religious group, banning it as an "evil cult."

This happened after thousands of practitioners staged a surprise but peaceful sit-in outside the leadership compound in Beijing to demand official recognition of their movement.

More world stories from NBC News:

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Copyright 2012 Thomson Reuters. Click for restrictions.

Source: http://worldnews.nbcnews.com/_news/2012/12/14/15900002-china-media-doomsday-cult-wants-to-slay-red-dragon-communist-party?lite

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Since then, when we travel, I started writing Travelogues and sending them home to family and friends because everyone wanted to know what we were doing and seeing on our trips. We took a 14 day cruise from San Francisco to Alaska visiting many places that neither of us had ever been to before. The 14 days went by far too fast for both of us.Monday we were in Monterey. The ship was anchored out in Monterey Bay ? local regulations because of the marine preserve and all, we could not drop anchor nor could they sound the horn when we left ? so it was a little unexciting. We visited family during the day and enjoyed our time with them. It was a great day ? but as always ? too short.

When your vehicle can once again boast a functional roof and intact windows, it?s time to address your car?s interior. If your interior requires serious attention Wholesale Tag Heuer SLR for Mercedes Benz Limited Watches, call your local auto customization shop to ask about their car detailing services. They?ll have every inch of your vehicle vacuumed, scrubbed, and shined Wholesale Jordan ServeM, looking just like it did the day the car rolled off of the assembly line!

You offer a playful response and a stiff smile, but as Greg?s laughter echoes through your brain, you can feel your insides churn with embarrassment. You know that the person with the challenged convertible roof was you. Not only that, but as a result of that faulty roof, your entire interior is now smelly, moist, and more reminiscent of a bed of moss than car upholstery.

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US economy could withstand brief fall off 'cliff'

WASHINGTON (AP) ? It's the scenario that's been spooking employers and investors and slowing the U.S. economy:

Congress and the White House fail to strike a budget deal by New Year's Day. Their stalemate triggers sharp tax increases and spending cuts. Those measures shrink consumer spending, stifle job growth, topple stock prices and push the economy off a "fiscal cliff" and into recession.

The reality may be a lot less bleak.

Even if New Year's passed with no deal, few businesses or consumers would likely panic as long as an agreement seemed likely soon. The tax increases and spending cuts could be retroactively repealed after Jan. 1.

And the impact of the tax increases would be felt only gradually. Most people would receive slightly less money in each paycheck.

"The simple conclusion that going off the cliff necessarily means a recession next year is wrong," says Lewis Alexander, an economist at Nomura Securities. "It will ultimately depend on how long the policies are in place."

It's always possible that negotiations between President Barack Obama and Republican leaders will collapse in acrimony. The prospect of permanent tax increases and spending cuts could cause many consumers and businesses to delay spending, hiring or expanding.

But most economists expect a deal, if not by New Year's then soon after. Businesses and consumers will likely remain calm as long as negotiators seem to be moving toward an agreement.

"The atmosphere is more important than whether the talks spill" into next year, said Paul Ashworth, an economist at Capital Economics.

Here's why many are optimistic that a brief fall over the cliff wouldn't derail the economic recovery:

? Though the fiscal cliff would cost the economy an estimated $671 billion for all of 2013, the tax hit for most people would be slight at first. The expiration of Social Security and income tax cuts would be spread throughout 2013. For taxpayers with incomes of $40,000 to $65,000, paychecks would shrink an average of about $1,500 next year but an average of just $130 in January, according to the nonpartisan Tax Policy Center.

? About a third of the tax increases wouldn't touch most Americans. Some would hit businesses. Others, such as higher taxes on investment income and estates, and the expiration of middle-income tax credits, wouldn't come due until Americans filed their 2013 taxes in 2014.

? If a deal seemed imminent, some experts say the Internal Revenue Service could delay the increased tax withholding that's due to kick in. Without a deal, the top income tax rate for single people with taxable income between about $36,000 and $88,000 would rise from 25 percent to 28 percent. A delay in the increased withholding would ease the initial tax hit.

? About $85 billion in spending cuts to defense and domestic programs would take weeks or longer to take effect. That means government agencies wouldn't cut jobs right away.

Still, if budget talks dragged on, many businesses might put off investment or hiring. That's why most economists say it would be crucial to reach a deal within roughly the first two months of 2013.

Already, uncertainty is causing some businesses to delay spending. Consider Apex Tool and Manufacturing, a 10-person shop in Evansville, Ind., that makes parts for the automotive glass, telecom equipment and plastics industries.

Sales have picked up. Company President Terry Babb says he'd like to spend about $150,000 to buy a computer-controlled milling machine. A couple of years ago, Apex earned too little for Babb to even worry about taxes.

Yet he's reluctant to absorb new costs until he's sure what tax changes are coming. A tax break for companies that invest in new equipment is set to expire. Companies can't claim that break unless new equipment is on site before year's end. Machinery can take weeks to arrive, meaning it's too late for Babb to claim the credit this year.

Many more people would be affected if something called the alternative minimum tax isn't fixed.

The financially painful AMT was designed to prevent rich people from exploiting loopholes and deductions to avoid any income tax. But the AMT wasn't indexed for inflation, so it's increasingly threatened middle-income taxpayers. Congress has acted each year for a decade to prevent the AMT from hitting many more people.

If it isn't fixed again, roughly 33 million taxpayers, including married couples with income as low as $45,000 ? down from $74,450 in 2011? could face the AMT. Previously, only 5 million taxpayers had to pay it. Taxpayers subject to the AMT must calculate their tax under both the regular system and the AMT and pay the larger amount.

The IRS has said it assumes Congress and the White House will fix the AMT in a deal to avoid the cliff. If they don't, the IRS will need weeks to reprogram computers and make other adjustments. In the meantime, nearly 60 million taxpayers couldn't file tax returns early next year because they couldn't determine whether they owe the AMT. Refunds would be delayed.

One immediate spending cut would be the end of extended unemployment benefits. Most states provide benefits for 26 weeks. But since 2008, the federal government has provided an emergency benefits program. This adds an average of 32 weeks, depending on the state, for a total of 58 weeks of benefits for long-term unemployed.

If the extended benefits end Jan. 1 as scheduled, about $30 billion would be saved next year. But without that money, about 2 million people who have been out of work for more than six months would lose benefits averaging about $320 a week.

Economists note that recipients of unemployment aid tend to spend that money quickly, giving a lift to the economy. The expiration of the extended benefits would cut economic growth by about 0.2 percentage point next year, the Congressional Budget Office estimates.

The gravest scenario would be if the budget talks collapsed, negotiators went home and the tax increases and spending cuts appeared to be permanent.

In that case, Macroeconomic Advisors, a forecasting firm, warns that the Dow Jones industrial average could plunge up to 2,000 points within days. Businesses would turn gloomier in anticipation of Americans paying higher taxes. Retailers would order fewer cars, appliances and clothing. Consumers' confidence would likely plummet, followed by their spending.

The economy would shrink at an annual rate of 0.6 percent in the first three months of 2013, estimates Joel Prakken, an economist at Macroeconomic Advisors. That compares with an estimated 1.9 percent growth rate if a deal is reached.

CBO forecasts that the economy would decline 0.5 percent in the first half of 2013 and fall into recession. The unemployment rate would rise to 9.1 percent from the current 7.7 percent.

Most economists are counting on fear of such a disaster to prod Congress and the White House to make a deal. But analysts expect the Social Security tax cut and extended unemployment benefits to end. Those two changes would lower growth by 0.7 percentage point next year, the CBO estimates.

Under that scenario, Social Security taxes would revert back to 6.2 percent on the first $110,000 of income, up from 4.2 percent. The increase would cost someone earning $50,000 an extra $1,000 a year, or nearly $20 a week.

For all their combative rhetoric, the White House and House Republicans have identified areas that could underpin a budget deal. Both sides concede, for example, that higher tax revenue and lower spending on programs like Medicare will be included.

Whatever the outcome, some trends could offset part of the economic damage. Ashworth notes, for instance, that the average retail price for gasoline has dropped 15 percent this fall. Lower gas prices give consumers more money to spend elsewhere.

And if the crisis is resolved, as many expect, the boost to business and consumer confidence would encourage more hiring and spending.

On Tuesday, the Business Roundtable, a group of large company CEOs, urged Congress and the White House to avoid the cliff by striking a budget deal containing about $4 billion in tax increases and spending cuts.

"We could end up with a much more robust recovery than anybody's envisioned" if a deal is reached, said David Cote, CEO of Honeywell International.

__

Follow Christopher Rugaber on Twitter at https://Twitter.com/ChrisRugaber

Source: http://news.yahoo.com/us-economy-could-withstand-brief-fall-off-cliff-111841433--finance.html

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FBI Takes 10 Alleged Botnet Operators Offline

The Federal Bureau of Investigation has arrested 10 individuals from around the world, including the United States, which it alleges are part of an international cybercrime ring linked to the Yahos malware. Yahos is associated with the notorious Butterfly botnet, which compromised more than 11 million computer systems and resulted in an estimated $850 million in losses.

Source: http://ectnews.com.feedsportal.com/c/34520/f/632000/s/2694fc7f/l/0L0Stechnewsworld0N0Crsstory0C768540Bhtml/story01.htm

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