Wednesday, January 4, 2012

NHM entomologist co-authors new research on parasitic phorid fly, a new threat to honey bees

NHM entomologist co-authors new research on parasitic phorid fly, a new threat to honey bees [ Back to EurekAlert! ] Public release date: 3-Jan-2012
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Contact: Kristin Friedrich
kfriedri@nhm.org
213-763-3532
Natural History Museum of Los Angeles County

Understanding infections from flies may shed light on bee colonies' hive abandonment behaviors seen in Colony Collapse Disorder

Jan. 2, 2012 A paper to be published on January 3, 2012 in the authoritative magazine PLoS ONE, co-authored by NHM entomologist Dr. Brian Brown, reveals a new threat to honey bees and perhaps, a partial explanation for the bees' well-publicized Colony Collapse Disorder (CCD), a syndrome characterized by worker bees abandoning their hive. The threat is the tiny but dangerous phorid fly, which may pose an emerging threat to North American beekeeping.

The honey bee Apis mellifera has experienced recent unexplained die-offs around the world. Although catastrophic losses of honey bee colonies have occurred in the past, the magnitude and speed of recent hive losses appear unprecedented. So far, the main causal suspects have been parasitic mites, fungal parasites, viral diseases and interactions amongst them.

In this paper, the authors provide the first documentation that the phorid fly Apocephalus borealis, previously known to only parasitize bumble bees, also infects and eventually kills honey bees by leading them to abandon their hives at night.

Brown is a world authority on phorid flies, and blogs about the weird creatures at http://flyobsession.net. He has received reports of nighttime bee activity in Los Angeles. "It seems to be concentrated near the coast," he said, "which is where our collecting has also encountered the flies."

The authors prove that parasitized honey bees show hive abandonment behavior, leaving their hives at night and dying shortly thereafter. On average, seven days later, up to 13 phorid larvae emerge from each dead bee and pupate away from the bee. Using DNA barcoding, the authors confirmed that phorids that emerged from honey bees and bumble bees were the same species.

Understanding details of phorid infection may shed light on similar hive abandonment behaviors seen in CCD. Further, knowledge of this parasite could help prevent its spread into regions of the world where nave hosts may be easily susceptible to attack.

###

In addition to Brown, the paper's authors include Andrew Core, Charles Runckel, Jonathan Ivers, Christopher Quock, Travis Siapno, Seraphina DeNault, Joseph DeRisi, and John Hafernik from the San Francisco State University.

About the NHM Research and Collections:

Natural history museums are powerhouses of research. As the last bastions of taxonomy in which new species and families are described, and thought is given to how the old and new fit together museums provide the brick and mortar of all biodiversity research.

At NHM, curators and collections staffs are widely-recognized authorities in their fields. They win major grants. They serve as faculty and research associates at universities, museums and other institutions, and publish regularly in journals and magazines. They are engaged in field and onsite research, teaching, and public speaking. They also preserve and strengthen the Museum's collections the platform upon which exhibitions, public programs and membership are built.

About the Entomology Department:

With over 800,000 described species more than half of all known living organisms insects are the most diverse group of animals on Earth. The Museum's entomology collection has more than 5.8 million specimens of insects and spiders. It is the largest in Southern California and has specimens from all over the world.

The collection's strength lies in its holdings of specimens of ants, phorid flies, scarab beetles, and moths from North and Central America. Museum scientists conduct world-class research on systematics, studying species and their relationships, the evolution of major groups, and fossil insects in amber. They conduct field work on insect biodiversity at home and in tropical countries. Entomology was one of the Museum's founding departments, dating back to the institution's opening in 1913.

About the Natural History Museum of Los Angeles County:

The Natural History Museum of Los Angeles County is at 900 Exposition Blvd., Los Angeles, CA 90007. Open seven days a week 9:30 a.m.-5 p.m. Tickets $12 for adults, $5-8 for children. Admission is free the first Tuesday of every month. For more information, call 213-763-DINO or visit http://www.nhm.org.

Visit us on Facebook at: http://www.facebook.com/nhmla

Follow us on Twitter at: http://www.twitter.com/nhmla



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NHM entomologist co-authors new research on parasitic phorid fly, a new threat to honey bees [ Back to EurekAlert! ] Public release date: 3-Jan-2012
[ | E-mail | Share Share ]

Contact: Kristin Friedrich
kfriedri@nhm.org
213-763-3532
Natural History Museum of Los Angeles County

Understanding infections from flies may shed light on bee colonies' hive abandonment behaviors seen in Colony Collapse Disorder

Jan. 2, 2012 A paper to be published on January 3, 2012 in the authoritative magazine PLoS ONE, co-authored by NHM entomologist Dr. Brian Brown, reveals a new threat to honey bees and perhaps, a partial explanation for the bees' well-publicized Colony Collapse Disorder (CCD), a syndrome characterized by worker bees abandoning their hive. The threat is the tiny but dangerous phorid fly, which may pose an emerging threat to North American beekeeping.

The honey bee Apis mellifera has experienced recent unexplained die-offs around the world. Although catastrophic losses of honey bee colonies have occurred in the past, the magnitude and speed of recent hive losses appear unprecedented. So far, the main causal suspects have been parasitic mites, fungal parasites, viral diseases and interactions amongst them.

In this paper, the authors provide the first documentation that the phorid fly Apocephalus borealis, previously known to only parasitize bumble bees, also infects and eventually kills honey bees by leading them to abandon their hives at night.

Brown is a world authority on phorid flies, and blogs about the weird creatures at http://flyobsession.net. He has received reports of nighttime bee activity in Los Angeles. "It seems to be concentrated near the coast," he said, "which is where our collecting has also encountered the flies."

The authors prove that parasitized honey bees show hive abandonment behavior, leaving their hives at night and dying shortly thereafter. On average, seven days later, up to 13 phorid larvae emerge from each dead bee and pupate away from the bee. Using DNA barcoding, the authors confirmed that phorids that emerged from honey bees and bumble bees were the same species.

Understanding details of phorid infection may shed light on similar hive abandonment behaviors seen in CCD. Further, knowledge of this parasite could help prevent its spread into regions of the world where nave hosts may be easily susceptible to attack.

###

In addition to Brown, the paper's authors include Andrew Core, Charles Runckel, Jonathan Ivers, Christopher Quock, Travis Siapno, Seraphina DeNault, Joseph DeRisi, and John Hafernik from the San Francisco State University.

About the NHM Research and Collections:

Natural history museums are powerhouses of research. As the last bastions of taxonomy in which new species and families are described, and thought is given to how the old and new fit together museums provide the brick and mortar of all biodiversity research.

At NHM, curators and collections staffs are widely-recognized authorities in their fields. They win major grants. They serve as faculty and research associates at universities, museums and other institutions, and publish regularly in journals and magazines. They are engaged in field and onsite research, teaching, and public speaking. They also preserve and strengthen the Museum's collections the platform upon which exhibitions, public programs and membership are built.

About the Entomology Department:

With over 800,000 described species more than half of all known living organisms insects are the most diverse group of animals on Earth. The Museum's entomology collection has more than 5.8 million specimens of insects and spiders. It is the largest in Southern California and has specimens from all over the world.

The collection's strength lies in its holdings of specimens of ants, phorid flies, scarab beetles, and moths from North and Central America. Museum scientists conduct world-class research on systematics, studying species and their relationships, the evolution of major groups, and fossil insects in amber. They conduct field work on insect biodiversity at home and in tropical countries. Entomology was one of the Museum's founding departments, dating back to the institution's opening in 1913.

About the Natural History Museum of Los Angeles County:

The Natural History Museum of Los Angeles County is at 900 Exposition Blvd., Los Angeles, CA 90007. Open seven days a week 9:30 a.m.-5 p.m. Tickets $12 for adults, $5-8 for children. Admission is free the first Tuesday of every month. For more information, call 213-763-DINO or visit http://www.nhm.org.

Visit us on Facebook at: http://www.facebook.com/nhmla

Follow us on Twitter at: http://www.twitter.com/nhmla



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Source: http://www.eurekalert.org/pub_releases/2012-01/nhmo-nec123011.php

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Tuesday, January 3, 2012

Insight: Memo to Eddie Lampert - Dump Kmart (Reuters)

(Reuters) ? If hedge fund manager Eddie Lampert wants to save one of the oldest retail empires in the United States, he should consider shutting down Sears Holdings Corp's (SHLD.O) Kmart discount chain and focus on revamping its Sears department stores.

Such is the advice of half a dozen retail executives and restructuring experts who have watched the company's sales shrink every year since 2005, when Lampert formed Sears Holdings by combining two of the most iconic American chains in an $11 billion deal.

After a dismal showing this holiday season due to dowdy merchandise, run-down stores and a reputation for poor service compared with rivals such as Macy's (M.N) and Target (TGT.N), the retailer last week said it would close 100 to 120 of its 3,500 U.S. stores. The news wiped more than a quarter off Sears Holdings' market value, which now stands at just $3.4 billion.

The company needs to take much more radical action to turn around its business, the experts said, pointing to 18 straight quarters of sales declines and Lampert's propensity to spend company cash on buying back shares instead of upgrading stores. His ESL Investments Inc owns 45 percent of Sears Holdings.

"Trimming down a hundred stores is like rearranging deck chairs on the Titanic," said Craig Johnson, president of retail strategy and consulting firm Customer Growth Partners, whose clients include J.C. Penney Co Inc (JCP.N) and Toys R Us. "This is a company that needs not just cosmetic surgery, not just minor surgery, but radical surgery."

Johnson and others said Sears Holdings should close as many as 1,000 stores to cut costs and recoup what it can from selling off inventory and related real estate. Then, it needs to significantly revamp its remaining stores and expand its online business to reverse its years long decline.

Such a culling would be very painful, likely resulting in layoffs for tens of thousands of the company's 280,000-strong U.S. workforce and loss of the major retail store in some communities, according to retail specialists.

Once the largest U.S. discount chain, Kmart has declined over the years as it has been unable to keep up with Wal-Mart's (WMT.N) low prices and Target's more upscale though still affordable offerings. Kmart went bankrupt nearly a decade ago and never fully recovered -- its 2010 sales of $15.6 billion were only about 5 percent of Wal-Mart's U.S. sales.

"In a world that has Wal-Mart and Target, there is really no need for a Kmart," said Roger Goddu, who was CEO of the Montgomery Ward department store chain, which went out of business in 2001.

"The one I would choose to save is Sears," said Goddu, now a partner in private equity firm Brentwood Associates.

Kmart accounted for about 36 percent of the company's sales in 2010 but only 32 percent of gross profit, reflecting the discount retailer's thinner margins compared with Sears. Restructuring experts said it was difficult to estimate how much Kmart would be worth if it was liquidated because the company does not break out inventory by business unit, and the value of its roughly 1,300 stores would depend on when leases expire.

Sears Holdings declined to comment specifically on the future of Kmart, but said the company was an "asset rich enterprise" with well over $3.5 billion of liquidity.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Sears recent store closures http://link.reuters.com/dax75s

Top five holders of Sears: http://link.reuters.com/wuq75s

Sears vs. competitors http://link.reuters.com/req75s

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

HISTORIC BRAND

For those trying to predict the future of Sears Holdings, one key date is February 23, when the company will report annual results. Lampert typically publishes a letter to shareholders at around that time.

Investors lost 56.6 percent on their Sears' stock last year. It hit $193.98 in April 2007, but ended 2011 at just $31.78.

Sears was once one of the most successful U.S. retailers with a history going back to 1886, when Richard Sears began to sell watches as a train station agent in North Redwood, Minnesota. Its sprawling empire had included a radio station in Chicago, Allstate Insurance Co, and Chicago's Sears Tower, the world's tallest building when it was completed in 1973.

The department stores were beloved by generations of Kenmore appliance buyers, while the do-it-yourself crowd scooped up Sears' Craftsman tools. But the company has let its stores deteriorate over the years, say critics, who also faulted poor locations and ho-hum merchandise.

Sears Holdings is now the tenth largest U.S. retailer, with annual sales of $43.3 billion in 2010, down from $53 billion in 2006. Analysts expect it to post an annual loss for the first time in 2011, as their average estimate for fourth quarter net profit of $105 million will not fully offset the $743 million loss that it reported for the first nine months.

Sears Holdings worried Wall Street last week by announcing a 5.2 percent drop in sales at established stores in the 8 weeks leading up to Christmas. It also said that it tapped its credit line, something that alarmed investors since retailers are typically flush with cash during the holiday season.

Fitch Ratings responded by cutting Sears Holdings' credit rating to CCC from B, and Standard & Poor's put its rating on review for a possible downgrade. The cost of insuring Sears Holdings' debt rose as investors saw higher risks of default.

Fitch saw rising risk that Sears Holdings' earnings before interest, tax, depreciation and amortization (EBITDA) could turn negative in 2012, and said it may need to restructure.

"If Sears is unable to access the capital markets or find other adequate sources of availability, and EBITDA remains at the current rate or lower, there is a heightened risk of restructuring over the next 24 months," Fitch said. A CCC rating is defined by Fitch as indicating substantial credit risk, with default a real possibility.

When asked to comment on the company's financial position, Sears Holdings spokesman Chris Brathwaite said: "There's a considerable difference between disappointing operating performance and liquidity."

He noted that Sears Holdings had roughly $700 million in cash and $2.9 billion available on its credit facilities. It also has historically had between $8 billion and $10 billion of inventory and a substantial real estate portfolio, he added.

VENDORS KEY

A Sears Holdings' collapse is not seen likely in the near future. But that could change if key vendors lose faith and demand cash on delivery, decide to ship in smaller quantities, or ask for letters of credit, according to bankruptcy experts.

"The hurdle is going to be when one of the suppliers for a category that is important to them says we want letters of credit to back our receivables, at which point the unused bank lines get used very fast," said John Hempton, chief investment officer of a small hedge fund, Bronte Capital, in Australia. He has a short position on Sears.

Whirlpool Corp (WHR.N) and LG Electronics Inc (066570.KS) said there were no changes in their business ties with Sears and declined to comment on payment terms. Other suppliers General Electric Co (GE.N), Newell Rubbermaid Inc (NWL.N) and Stanley Black and Decker Inc (SWK.N) declined to comment.

"While it's clear that Sears has issues to tackle, they remain a trusted partner," said Jay Vandenbree, senior vice president, LG Electronics USA.

Whirlpool Corp (WHR.N) spokeswoman Kristine Vernier said, "We have had a long history with Sears and expect to continue a productive relationship going forward."

Turnaround expert Gene Baldwin of CRG Partners, a restructuring firm, said that if Sears Holdings' sales continue to decline, large vendors, particularly in consumer electronics, will tighten credit to the company within a couple of years.

"One day, one of the large vendors will say: 'You know, I don't believe this story any more' ... and that will start a snowball of vendor activity," he said.

While he called the situation at Sears "very dire," others are more optimistic about the retailer, saying it can be revived if Lampert brings in a top executive with extensive retail experience. Since he owns nearly half of Sears, Lampert has more reason than most chairmen to avoid bankruptcy.

WANTED: RETAIL GENIUS

Lampert has been criticized for tumult in the executive suite. The retailer in February named Lou D'Ambrosio as its CEO after a three-year search, appointing a technology executive with no retail experience. Sears also appointed a new chief financial officer in the past year, and lost its marketing chief at the start of the holiday season.

Sears could use the Midas touch of someone like Mickey Drexler, a legend in the industry for building up the Gap brand in the 1990's and working his magic at J. Crew where he has been CEO since 2003, said retail consultant Mark Freiman of Focus Management Group, a financial advisory and restructuring firm.

"They have got some iconic brands that if they had the capital behind them and the right merchants in the company, they could be turned around," said Freiman, who was the chief executive of a franchise chain of retail Hallmark stores.

Some analysts said Lampert's tight control over the company made it less attractive to top talent, and it would be difficult for Sears to land someone like Apple Inc's (AAPL.O) ex-retail chief Ron Johnson who joined J.C. Penney last year as its CEO.

One area which retail experts say Sears has done well on is its website Sears.com, considered to be among the best operated by department stores. But they say the online brand has been damaged by shabby bricks-and-mortar stores.

Sears Holdings spent $441 million on capital expenditure in 2010, which includes spending on technology as well as remodeling stores. In comparison, Macy's spent $505 million and it has only 850 stores.

"It's almost a white flag - by letting your stores degrade, you're saying you're not planning to stay long term," said David Berliner, a partner in BDO Consulting's restructuring practice.

Going back to fiscal 2006, Sears Holdings has spent about $2.7 billion on capital expenditures, half the $5.4 billion that the company has spent to buy back shares.

QUESTIONABLE REAL ESTATE

When Lampert engineered the merger, he touted the value of the real estate of the chains. Kmart's stores are primarily leased. About 61 percent of Sears' 800 mall stores are owned, while the others are under longer term leases.

That value has declined over the years as high-profile retail bankruptcies pushed up vacancies in U.S. shopping malls. The average vacancy rate for large U.S. shopping malls hit an 11-year high in the third quarter of 2011.

"There isn't a whole lot of need for empty big boxes right now," said Craig Boucher, another turnaround expert at CRG. "We still have empty Circuit City stores and empty Linens N Things stores out there," he said in reference to two chains that closed in recent years.

(Reporting By Dhanya Skariachan and Phil Wahba in New York. Additional reporting by Ilaina Jonas in New York, Tom Hals in Wilmington Delaware and Nivedita Bhattacharjee in Chicago. Editing by Tiffany Wu and Martin Howell)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20120103/bs_nm/us_sears

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Monday, January 2, 2012

China moving to more convertible yuan: Zhou

Zhou Xiaochuan said in an interview with Chinese magazine Caixin that China did not fare badly on an International Monetary Fund measure of currencies' convertibility under the capital account.

But he stopped short of calling for a fully convertible currency.

"If the highest standard of measurement is to have wholly unrestricted convertibility, then so many developed countries have not achieved 100 percent full convertibility," Zhou told the magazine.

Investors increasingly expect that China will give them more freedom to trade the tightly controlled yuan.

While the currency is already convertible under China's current account, the broadest measure of trade in goods and services, the capital account, which measures inflows and outflows of different types of capital, is still closely managed by Beijing as it worries about capital flight and hot money inflows.

Countries with convertible currencies under their capital account let their currencies trade with few restrictions for investment purposes.

Zhou noted China must regulate levels of foreign debt incurred by private and public sectors to reduce currency risks, monitor cross-border deals to guard against illegal activities such as money laundering, and combat speculative capital flows.

"Excluding the above three factors and judging from the 40 sub-items set by the IMF, you may find that actually China is not that far from capital account convertibility," Zhou said.

Still, he said Beijing would keep improving the exchange rate regime to make it more flexible, adding it is natural for the currency to fluctuate in a bigger trading band in future.

"The yuan's trading band will be widened," he said.

China currently lets the yuan trade in a 0.5 percent range, and moves to increase that band would show Beijing is gradually relaxing its control over the currency.

"Compared with international markets, you may know that the 0.5 percent (daily trading band) is quite a small floating band," Zhou said.

INFLATION CONCERNS WANING

Investors had speculated earlier this year when China was fighting three-year high inflation that Beijing would widen the yuan's trading band to accelerate its rise and combat price pressures.

Instead, Beijing raised interest rates three times, moves that have produced some tentative success: Inflation eased to 4.2 percent in November, down from a 6.5 percent high in July.

Zhou acknowledged that price pressures are easing and that the job of fighting inflation is not as urgent as before. But he warned against complacency.

"Inflationary pressure is easing, and curbing inflation is not as urgent as in 2011," he said. "But we should not lower our guard against inflation and must appropriately manage inflation expectations."

He said that it is difficult for China to achieve the government's annual inflation ceiling of 4 percent this year and he expects inflation to be around 5 percent this year.

"China has been always having relatively big scope to adjust its monetary policy," Zhou said when asked whether a drop in China's foreign exchange purchases in recent months has given the central bank more room to adjust monetary policy.

President Hu Jintao in his televised New Year's address on Saturday, said the government would continue to maintain relatively fast economic growth and manage inflationary expectations in the year ahead.

But he also warned that "uncertainty about the global economic recovery is on the rise."

The yuan closed at a record high against the dollar on Friday, passing through resistance at 6.30 and ending 2011 with an appreciation of 4.7 percent, with traders citing signs of central bank intervention to push the yuan up at the end of the year.

The yuan's gains for the year are in line with the 4 to 5 percent traders in the onshore market had expected at the start of the year.

Traders still see the yuan appreciating in 2012 as China faces U.S. pressure to do more to rebalance bilateral and world trade, while it continues to record trade surpluses.

(Additional reporting by Ben Blanchard and Fang Yan; Editing by Edward Lane and Hugh Lawson)

Source: http://www.ibtimes.com/articles/20111231/china-moving-to-more-convertible-yuan-zhou.htm

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Sunday, January 1, 2012

World rings in 2012 and bids adieu to a tough year (AP)

NEW YORK ? With glittering fireworks and star-studded celebrations from New Zealand to Times Square, the world eagerly welcomed a new year and hope for a better future Saturday, saying goodbye to a year of hurricanes, tsunamis and economic turmoil that many would rather forget.

Revelers in Australia, Asia, Europe and the South Pacific island nation of Samoa, which jumped across the international dateline to be first to celebrate, welcomed 2012 with booming pyrotechnic displays. Fireworks soared and sparked over Moscow's Red Square, crowds on Paris' Champs-Elysees boulevard popped Champagne corks at midnight, and up to a million revelers were expected to jam New York's Times Square for the famed crystal-paneled ball drop.

But many approached the new year with more relief than joy, as people battered by weather disasters, joblessness and economic uncertainty hoped the stroke of midnight would change their fortunes.

"Once the ball drops, I won't give 2011 another thought," said Kyralee Scott, 16, of Jackson, N.J., whose father spent most of the year out of work. "It was a pretty tough year, but God was looking after us and I know 2012 has got to be better."

Some New York revelers, wearing party hats and "2012" glasses, began camping out Saturday morning, even as workers readied bags stuffed with hundreds of balloons and technicians put colored filters on klieg lights. The crowds cheered as workers lit the crystal-paneled ball that drops at midnight Saturday and put it through a test run, 400 feet above the street. The sphere, now decorated with 3,000 Waterford crystal triangles, has been dropping to mark the new year since 1907, long before television made it a U.S. tradition.

As the country prepared for the celebration, glum wasn't on the agenda for many, even those that had a sour year.

"We're hoping the next year will be better," said Becky Martin, a former elementary school teacher who drove from Rockford, Ill., to Times Square after spending a fruitless year trying to find a job. "We're starting off optimistic and hoping it lasts."

Many expressed cautious hope that better times were ahead after a year in which Japan was ravaged by an earthquake and tsunami, hurricanes wreaked havoc across the country and a debt crisis devastated Europe's economy.

"Everybody's suffering. That's why it's so beautiful to be here celebrating something with everybody," said Lisa Nicol, 47, of Melbourne, Australia.

For all of the holiday's bittersweet potential, New York City always treats it like a big party ? albeit one that now takes place under the watchful eye of a massive security force, including more than 1,500 police officers.

Dick Clark, who suffered a stroke in 2004, will be back to help host his namesake New Year's Eve celebration with Ryan Seacrest, featuring performances by Lady Gaga and Justin Bieber. Lady Gaga will then join Mayor Michael Bloomberg to lead the 60-second countdown to the New Year.

In Las Vegas, police planned to shut down a four-mile section of the Strip to vehicle traffic six hours before midnight, letting revelers party in the street. Casino nightclubs touted pricey, exclusive bashes hosted by celebrities including Kim Kardashian and Fergie, and fireworks were expected to shoot from the rooftops of eight of the city's most famous casinos.

Atlanta was welcoming thousands to its downtown, where a giant peach is dropped every New Year's Eve at midnight. Fireworks were to be launched from the top of the Space Needle in Seattle; in Houston, tens of thousands were celebrating at a party with country singer Delbert McClinton.

Miami has its own fruit, The Big Orange, a neon citrus with a new animated face that will rise up the side of a downtown hotel as fireworks go off nearby. The town of Eastport, Maine, will lower an 8-foot-long wooden sardine from a downtown building at midnight, in celebration of its sardine canning and fishing history.

The first worldwide celebrations started in the island nation of Samoa, which hopped across the international date line at midnight on Thursday, skipping Friday and moving instantly to Saturday.

Samoa and the neighboring nation of Tokelau lie near the dateline that zigzags vertically through the Pacific Ocean; both sets of islands decided to realign themselves this year from the Americas side of the line to the Asia side to be more in tune with key trading partners.

In Sydney, more than 1.5 million people watched the shimmering pyrotechnic display designed around the theme "Time to Dream". In London, some 250,000 people gathered to listen to Big Ben chime at the stroke of midnight.

World leaders spoke evoked 2011's struggles in their New Year's messages with some ambivalence.

French President Nicolas Sarkozy warned Europe's crisis is not finished and "that 2012 will be the year full of risks, but also of possibilities."

Pope Benedict XVI marked the end of 2011 with prayers of thanks and said humanity awaits the new year with apprehension but also with hope for a better future.

"We prepare to cross the threshold of 2012, remembering that the Lord watches over us and takes care of us," Benedict said. "In him this evening we want to entrust the entire world. We put into his hands the tragedies of this world of ours and we also offer him the hopes for a better future."

Several people preparing to celebrate the holiday told the AP that they would usher in the New Year hoping the Congress would become a more cooperative place. Some talked about their hopes for the presidential election. Others said they hoped to hold on to their job, or find a new one to replace one they'd lost.

An Associated Press-GfK poll conducted Dec. 8-12 found that 62 percent of Americans are optimistic that the nation's fortunes would improve in 2012, and 78 percent hopeful that their own family would have a better year. Most wrote off 2011 as a dud.

Debbie Hart, 50, of Perry, Ga., called herself the "perpetual optimist" who believes each year will be better than the one before.

"I married a farmer. `Wait until next year. Next year will be better.' That's what I've been hearing for 30 years," said Hart. "I have faith."

___

Contributing to this report were Associated Press writers Chris Hawley and David B. Caruso in New York, Oskar Garcia in Las Vegas, Bruce Shipkowski in Jackson, N.J., Dorie Turner in Atlanta, Greg Keller in Paris, Harold Heckle in Madrid, Kristen Gelineau in Sydney, Ray Lilley in Wellington, New Zealand, Frances D'Emilio in Vatican City, Meera Selva in London and Melissa Eddy in Berlin.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20120101/ap_on_re_us/new_year_s_eve

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Pillownaut: @mattsachtler o I'm so sorry I fogged on your parade, especially when I'm amazed by wimpy snow flurries that might make a Chicagoan LAUGH ;)

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Oil price to end 2011 near $100 a barrel

New York ? The price of oil will finish 2011 about 8 percent higher, after concerns about tighter global supplies dominated energy markets throughout the year.

Benchmark crude, which on Friday fell 30 cents to $99.35 per barrel in New York, started the year at $91.38 per barrel. Prices surged in February as unrest in Libya cut off 1.5 million barrels of oil exports. After a summertime slump, they rose to $100 per barrel following threats from Iran to close key shipping lanes in the Persian Gulf.

Rising oil prices drove gasoline prices higher as well. Motorists in many U.S. cities had to pay more than $4 per gallon earlier this year.

Pump prices have since dropped and were at a national average of $3.27 per gallon on Friday.

Source: http://www.sltrib.com/sltrib/money/53205517-79/per-barrel-oil-prices.html.csp

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