Wall Street bounces on budget talk optimism, housing data

NEW YORK (Reuters) - Wall Street bounced on Monday as investors were heartened by signs of progress in talks to resolve the fiscal crunch and data that showed the housing recovery was gaining strength.


The major indexes climbed more than 1 percent after tumbling in recent weeks on nervousness over when and if Washington will come to an agreement to avoid the series of tax and spending changes that will start to come into effect in the new year.


Over the weekend, leading Democratic and Republican lawmakers expressed confidence that they could reach a deal to avert the "fiscal cliff", even as they laid down markers on raising taxes and spending cuts that may make any agreement more difficult.


"At this point, we haven't seen any of the details, so we're still a bit cautious but optimistic that we will see an agreement reached some time," said Joseph Tanious, global market strategist at J.P. Morgan Funds in New York.


"It's become fairly clear that both sides of the aisle are wiling to compromise and want to negotiate," Tanious said. Investors are getting into the market now in anticipation of a relief rally in the future when a final agreement is reached, he said.


Stronger-than-expected earnings from Lowe's and Tyson Foods, as well as encouraging housing data also contributed to the market's advance.


U.S. home resales unexpectedly increased in October, while separate data showed homebuilder sentiment rose to its highest level in over six years in November.


The PHLX Housing Index <.hgx> rose 2 percent.


The Dow Jones industrial average <.dji> gained 173.72 points, or 1.38 percent, to 12,762.03. The Standard & Poor's 500 Index <.spx> rose 22.52 points, or 1.66 percent, to 1,382.40. The Nasdaq Composite Index <.ixic> climbed 51.59 points, or 1.81 percent, to 2,904.72.


The bounce "could last for a few more days, but ultimately we'll need to see what type of legislation or forward progress comes out of Washington," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut.


The S&P 500 edged above its 200-day moving average around 1,382. Closing above the key technical level with strong volume could provide additional support for the index.


Shares of Lowe's Cos Inc , the world's No. 2 home improvement chain, jumped 6.6 percent to $34.09 after the company reported higher-than-expected quarterly profit and raised its full-year sales forecast.


Tyson Foods Inc likewise beat expectations and gave an upbeat forecast, sending its stock up 7.7 percent at $18.15.


Intel shares erased earlier losses to trade slightly higher after the company said its chief executive will retire in May. Intel was up 0.5 percent at $20.19.


Commodities prices surged, boosting shares of resource companies. Freeport-McMoRan rose 3.5 percent to $38.08, while U.S. Steel climbed 3.9 percent to $20.86.


(Editing by Kenneth Barry)


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Israel says prefers diplomacy but ready to invade Gaza

GAZA/JERUSALEM (Reuters) - Israel bombed dozens of targets in the Gaza Strip on Monday and said that while it was prepared to step up its offensive by sending in troops, it preferred a diplomatic solution that would end Palestinian rocket fire.


Mediator Egypt said a deal for a truce to end the fighting could be close. The leader of Hamas said it was up to Israel to end the new conflict it had started. Israel says its strikes are to halt Palestinian rocket attacks.


Israeli attacks on the sixth day of fighting raised the number of Palestinian dead to 101, the Hamas-run Health Ministry said, listing 24 children among them. Hospital officials in Gaza said more than half of those killed were non-combatants. Three Israeli civilians died on Thursday in a rocket strike.


Militants in the Gaza Strip fired 110 rockets at southern Israel on Monday, causing no casualties, police said.


For the second straight day, Israeli missiles blasted a tower block in the city of Gaza housing international media. Two people were killed there, one of them an Islamic Jihad militant.


Khaled Meshaal, exiled leader of Hamas, said a truce was possible but the Islamist group, in charge of the Gaza Strip since 2007, would not accept Israeli demands and wanted Israel to halt its strikes first and lift its blockade of the enclave.


"Whoever started the war must end it," he told a news conference in Cairo, adding that Israeli Prime Minister Benjamin Netanyahu, who faces an election in January, had asked for a truce, an assertion a senior Israeli official denied.


Meshaal said Netanyahu feared the domestic consequences of a "land war" of the kind Israel launched four years ago: "He can do it, but he knows that it will not be a picnic and that it could be his political death and cost him the elections."


For Israel, Vice Prime Minister Moshe Yaalon has said that "if there is quiet in the south and no rockets and missiles are fired at Israel's citizens, nor terrorist attacks engineered from the Gaza Strip, we will not attack."


Yaalon also said Israel wanted an end to Gaza guerrilla activity in the neighboring Egyptian Sinai peninsula.


Although 84 percent of Israelis supported the current Gaza assault, according to a poll by Israel's Haaretz newspaper, only 30 percent wanted an invasion, while 19 percent wanted their government to work on securing a truce soon.


DIPLOMACY "PREFERRED"


"Israel is prepared and has taken steps, and is ready for a ground incursion which will deal severely with the Hamas military machine," a senior official close to Netanyahu told Reuters.


"We would prefer to see a diplomatic solution that would guarantee the peace for Israel's population in the south. If that is possible, then a ground operation would no longer be required. If diplomacy fails, we may well have no alternative but to send in ground forces," he added.


Egypt, where newly elected President Mohamed Mursi has his roots in the Muslim Brotherhood seen as mentors to Hamas, is acting as a mediator in the biggest test yet of Cairo's 1979 peace treaty with Israel since the fall of Hosni Mubarak.


"I think we are close, but the nature of this kind of negotiation, (means) it is very difficult to predict," Egyptian Prime Minister Hisham Kandil, who visited Gaza on Friday in a show of support for its people, said in an interview in Cairo for the Reuters Middle East Investment Summit.


Egypt has been hosting leaders of both Hamas and Islamic Jihad, a smaller armed faction.


Israeli media said a delegation from Israel had also been to Cairo for truce talks. A spokesman for Netanyahu's government declined comment on the matter.


United Nations Secretary-General Ban Ki-moon arrived in Cairo to weigh in on ceasefire efforts. Egypt's foreign minister is expected to visit Gaza on Tuesday with a delegation of Arab ministers.


THOUSANDS MOURN FAMILY


Thousands turned out on Gaza's streets to mourn four children and five women, among 11 people killed in an Israeli strike that flattened a three-storey home the previous day.


The bodies were wrapped in Palestinian and Hamas flags. Echoes of explosions mixed with cries of grief and defiant chants of "God is greatest".


The deaths of the 11 in an air strike drew more international calls for an end to six days of hostilities and could test Western support for an offensive Israel billed as self-defense after years of cross-border rocket attacks.


Israel said it was investigating its air strike that brought the home crashing down on the al-Dalu family, where the dead spanned four generations. Some Israeli newspapers said the wrong house may have been mistakenly targeted.


In scenes recalling Israel's 2008-2009 winter invasion of the coastal enclave, tanks, artillery and infantry have massed in field encampments along the sandy, fenced-off border and military convoys moved on roads in the area.


Israel has also authorized the call-up of 75,000 military reservists, so far mobilizing around half that number.


The Gaza fighting adds to worries of world powers watching an already combustible region, where several Arab autocrats have been toppled in popular revolts for the past two years and a civil war in Syria threatens to spread beyond its borders.


In the absence of any prospect of permanent peace between Israel and Islamist factions such as Hamas, mediated deals for each to hold fire unilaterally have been the only formula for stemming bloodshed in the past.


Israel's declared goal is to deplete Gaza arsenals and force Hamas to stop rocket fire that has hit Israeli border towns for years.


Hamas and other groups in Gaza are sworn enemies of the Jewish state which they refuse to recognize and seek to eradicate, claiming all Israeli territory as rightfully theirs.


Hamas won legislative elections in the Palestinian Territories in 2006. A year later, after the collapse of a unity government under President Mahmoud Abbas, the Islamist group seized Gaza in a brief civil war with Abbas's forces.


(Writing by Jeffrey Heller, Dan Williams and Peter Graff; Editing by Alastair Macdonald)


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In Mark Cuban’s Humble Opinion, Facebook Still Kinda Sucks
















Dallas Mavericks owner and billionaire Mark Cuban has confirmed reports from last week, in a post on his personal blog today, that he has a serious beef with Facebook. But before getting into all the reasons he no longer loves the social network, he clarifies one small point: “First, I’m not recommending to any of my companies that we leave facebook,” he writes. Last week ReadWriteWeb’s Dan Lyons kind of made it seem like Cuban planned to pull out altogether because of the way Facebook’s algorithm has affected the way people see his brands’s posts. The algorithm, Edgerank, controls brand posts so that not all fans are forced to see each one in their news feeds. Because of this, he quoted Cuban saying “We are moving far more aggressively into Twitter and reducing any and all emphasis on Facebook.” And later he had him talking about all the reasons he finds it horrible for businesses. Like, mainly, that it’s too expensive, a point that GigaOm’s Mathew Ingram called naive. “Really? That surprises you? What else did you think Facebook was going to do when it gave you a giant social platform for nothing?” Cuban now explains that he isn’t bailing on Facebook, just de-emphasizing it in favor of other Internet places, like Tumblr and Twitter. But, that does not mean that he does not hate Facebook as much as everyone has been saying he hates Facebook. He does.


RELATED: Shafted Facebook Founder Is Living Like a Kardashian in Singapore













You can read the laundry list of reasons over at his personal blog, but some highlights include:


RELATED: Eduardo Saverin May Be Barred from Returning to the U.S. After Renouncing Citizenship


  • Its a time waster … FB doesn’t seem to want to accept that it’s best purpose in life is as a huge time suck. 

  • IMHO, FB really risks screwing up something that is special in our lives as a time waster by thinking they have to make it more engaging and efficient.

  • So by default you are not going to use your newsfeed as a primary source of information. It’s more like the township newspaper

  • I also think that FB is making a big mistake by trying to play games with their original mission of connecting the world.  FB is a fascinating destination that is an amazing alternative to boredom which excels in its SIMPLICITY.  One of the threats in any business is that you outsmart yourself. FB has to be careful of just that.

Basically Mark Cuban thinks Facebook should stop trying to make money and stop trying to get too smart, which might work in the favor of Cuban who doesn’t want to spend too much money on something silly like social media. But,this doesn’t sound too appealing to Facebook, which as a public company needs to make money. Unless more join his cause, which could maybe happen. At least the Miami blog the 305 agrees with him. Anyone else? 


Social Media News Headlines – Yahoo! News



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Rosie O'Donnell Gives Health & Diet Update

During a guest-hosting gig on Anderson Live, Rosie O'Donnell opens up about life after her heart attack and says she is successfully losing weight in her transition to a healthier lifestyle.

While Anderson Cooper is on location reporting on the latest developments in the Middle East, Rosie teamed up with Real Housewives of Atlanta star NeNe Leakes to hold down the fort on his daytime talk show.

RELATED: Rosie O'Donnell Suffers Heart Attack

"Feeling a lot better, thank you," Rosie said in response to a viewer's question about her health status after suffering a heart attack in August. "I got my number yesterday, I am way up there. I don't mean weight, I mean like good like blood pressure and I've lost like twelve pounds. We are going for a pound a week."

When co-host NeNe tells Rosie she's looking good, she responds by addressing her health scare. "Thanks, you know I had a heart attack. I keep telling everyone I had a heart attack and my kids are like, 'Will you shut up already?' And I am like, 'No, I had a heart attack.'"

VIDEO: Why Rosie Feels Like the 'Lesbian Tom Cruise'

NeNe then reponds: "Well you know what, you don't look like a person who had a heart attack. Your hair looks full, I love how you're looking."

For more of the interview -- including Rosie reacting to Donald Trump's restaurant in Las Vegas getting a "C" rating, tune in to Monday's edition of Anderson Live.

VIDEO: Behind-The-Scenes of Anderson Live

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EU drug regulator OKs Novartis' meningitis B shot

LONDON (AP) — Europe's top drug regulator has recommended approval for the first vaccine against meningitis B, made by Novartis AG.

There are five types of bacterial meningitis. While vaccines exist to protect against the other four, none has previously been licensed for type B meningitis. In Europe, type B is the most common, causing 3,000 to 5,000 cases every year.

Meningitis mainly affects infants and children. It kills about 8 percent of patients and leaves others with lifelong consequences such as brain damage.

In a statement on Friday, Andrin Oswald of Novartis said he is "proud of the major advance" the company has made in developing its vaccine Bexsero. It is aimed at children over two months of age, and Novartis is hoping countries will include the shot among the routine ones for childhood diseases such as measles.

Novartis said the immunization has had side effects such as fever and redness at the injection site.

Recommendations from the European Medicines Agency are usually adopted by the European Commission. Novartis also is seeking to test the vaccine in the U.S.

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Wall Street Week Ahead: Going off "cliff" with a bungee cord

NEW YORK (Reuters) - The 1987 crash. The Y2K bug. The debt ceiling debacle of 2011.


All these events, in the end, turned out to be buying opportunities for stocks. So will the "fiscal cliff," some investors say as they watch favorite stocks tumble during the political give-and-take happening in Washington.


The first round of talks aimed at avoiding the "fiscal cliff" caused a temporary rise in equities on Friday, signaling Wall Street's recent declines could be a buying opportunity. The gains were small and sentiment remains weak, but it suggests hope for market bulls.


Though shares ended moderately higher on Friday, it was not enough to offset losses for the week. The S&P was down 1.5 percent, while both the Dow and the Nasdaq fell 1.8 percent.


The S&P 500 is down more than 5 percent in the seven sessions that followed President Barack Obama's re-election. Uncertainty arose as attention turned to Washington's task of dealing with mandated tax hikes and spending cuts that could take the U.S. economy back into recession.


Some see the market's move as an overreaction to hyperbolic headlines about policy gridlock in Washington, believing stocks may start to rebound in what should be a quiet few days ahead of the Thanksgiving holiday next Thursday.


"It just doesn't seem to make any sense that you suddenly wake up the day after the election and realize we've got a fiscal cliff," said Krishna Kumar, partner at New York hedge fund Goose Hollow Alpha Advisors.


Not long ago the S&P was on target for its second-best year in the last 10, riding a 17 percent advance in 2012. That's been halved to about 8 percent, which isn't bad but disappointing compared with just a month ago.


Investors have been selling the year's winners. Apple is down 25 percent from its peak above $700. General Electric is down 14 percent; Google has lost 16 percent. Overall, the stocks that make up the top 10 percent of performers in the month prior to Election Day have been the worst performers since, according to Bespoke Investment Group of Harrison, New York.


"I think it's a good opportunity to be long stocks at these levels," said Kumar.


Hikes on capital gains and dividend taxes are on the line, and Obama has dug in his heels on what he sees as a mandate to make the tax code more progressive.


He seems to have the upper hand in dealings with Congress because Republican lawmakers don't want to see tax rates increase, which is what will happen if no solution is found by the beginning of 2013. Republicans don't want to take the blame for driving the economy over the cliff.


The current crisis is similar to last year's fight to raise the U.S. debt ceiling, which led to the downgrade of the United States' top credit rating in early August 2011.


During the dealings, the S&P 500 lost 18.8 percent between its peak in July 2011 and its bottom in August. As the market slid, the political standoff badly hurt investors' confidence in Washington, setting off a spike in volatility.


In the end a deal was announced that raised the ceiling and put off longer-term fiscal decisions until January 1, 2013, setting the stage for today's "fiscal cliff" crisis.


After staying flat through September 2011, the S&P 500 jumped 31 percent between its October low and the end of March.


BUY THE DIP?


Gridlock in Washington and all that could possibly go wrong with the economy if a deal is not reached have grabbed the headlines, but the negotiations leave room for stock market gains. Congressional leaders said Friday they will work through the Thanksgiving holiday recess to find a solution.


"The debate over how to solve (the fiscal cliff) may be more productive than is commonly recognized," said Brad Lipsig, senior portfolio manager at UBS Financial Services in New York.


"The U.S. is facing a major debt overhang, and serious steps toward addressing it might ultimately be viewed as a positive for future growth," he said. "The market may recognize this and, after a time of hand wringing, recover from the concerns with a renewed sense of optimism."


The recent selling took the S&P 500's relative strength index - a technical measure of internal strength - below 30 this week, indicating the benchmark is oversold and due for a rebound.


The RSI in four of the 10 S&P sectors - utilities, telecoms, consumer staples and technology - is below 30 and the highest RSI reading, for the consumer discretionary sector, is below 40, suggesting a bounce is in store.


"What I want to do is what we did during the decline following the budget negotiations in the summer of 2011: The lower the stock market goes, the more I want to own stock," said Brian Reynolds, chief market strategist at New York-based Rosenblatt Securities.


"If we go off the cliff it will be with a bungee cord attached," he said.


KEEP CALM AND HEDGE


Volatility is expected to rise through the end of November and to spike in late December if no agreement on the fiscal cliff is reached in Congress. Alongside comes opportunity for those with high risk tolerance.


"Recently, volatility has increased in the market overall. You can't really pick it up in the VIX yet, but I think as we get through November, I think you're likely to see the VIX be at a relatively higher level," said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.


In 2011, the VIX averaged 19.2 in July and 35 in August. So far this month the average is 17.8 and it is expected to spike if negotiations on the cliff drag into late next month.


"Looking at the range of possibilities, I would say any of them would be better than sitting here waiting. I would even put going off the fiscal cliff in that category," said Jill Cuniff, president of Seattle-based Edge Asset Management Inc, which manages about $20 billion.


"But we don't believe Congress will let that happen; there's going to be some middle ground here."


(Reporting by Rodrigo Campos and Jonathan Spincer, additional reporting by Caroline Valetkevitch; Editing by Kenneth Barry)


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Israeli air strike kills 11 civilians in Gaza: Hamas

GAZA/JERUSALEM (Reuters) - An Israeli missile killed at least 11 Palestinian civilians including four children in Gaza on Sunday, medical officials said, in an apparent attack on a top militant that brought a three-storey home crashing down.


International pressure for a ceasefire seemed certain to mount in response to the deadliest single incident in five days of Palestinian rocket attacks on Israel and Israeli air strikes on the Gaza Strip.


Israel gave off signs of a possible ground invasion of the Hamas-run enclave as the next stage in its offensive, billed as a bid to stop Palestinian rocket fire into the Jewish state. It also spelt out its conditions for a truce.


U.S. President Barack Obama said that while Israel had a right to defend itself against the salvoes, it would be "preferable" to avoid a military thrust into the Gaza Strip, a narrow, densely populated coastal territory. Such an assault would risk high casualties and an international outcry.


A spokesman for the Hamas-run Interior Ministry said 11 people, all of them civilians, were killed when an Israeli missile flattened the home of the Dalu family. Medics said four women and four children were among the dead.


Israel's chief military spokesman said Yihia Abayah, a senior commander of rocket operations in the Gaza Strip, had been the target.


The spokesman, Yoav Mordechai, told Israel's Channel 2 television he did not know whether Abayah was killed, "but the outcome was that there were civilian casualties". He made no direct mention of the destroyed dwelling.


Prime Minister Benjamin Netanyahu said earlier that he had assured world leaders that Israel was doing its utmost to avoid causing civilian casualties in the military showdown with Hamas.


"The massacre of the Dalu family will not pass without punishment," Hamas's armed wing said in a statement.


In other air raids on Sunday, two Gaza City media buildings were hit, witnesses said. Eight journalists were wounded and facilities belonging to Hamas's Al-Aqsa TV as well as Britain's Sky News were damaged.


An employee of the Beirut-based al Quds television station lost his leg in the attack, local medics said.


The Israeli military said the strike targeted a rooftop "transmission antenna used by Hamas to carry out terror activity", and that journalists in the building had effectively been used as human shields by Gaza's rulers.


For their part, Gaza militants launched dozens of rockets into Israel and targeted its commercial capital, Tel Aviv, for a fourth day with one attack in the morning and another after nightfall.


Israel's "Iron Dome" missile shield shot down all three rockets, but falling debris from the daytime interception hit a car, which caught fire. Its driver was not hurt.


In scenes recalling Israel's 2008-2009 winter invasion of Gaza, tanks, artillery and infantry massed in field encampments along the sandy, fenced-off border. Military convoys moved on roads in the area newly closed to civilian traffic.


Netanyahu said Israel was ready to widen its offensive.


"We are exacting a heavy price from Hamas and the terrorist organisations and the Israel Defence Forces are prepared for a significant expansion of the operation," he said at a cabinet meeting, giving no further details.


Gaza health officials said 69 Palestinians - about half of them women and children - have been killed in Gaza since the Israeli offensive began, with hundreds wounded.


The Israeli military said 544 rockets fired from Gaza have hit Israel since Wednesday, killing three civilians and wounding dozens. Some 302 were intercepted and 99 failed to reach Israel and landed inside the Gaza Strip, it added.


Israel's declared goal is to deplete Gaza arsenals and force the Islamist Hamas to stop rocket fire that has bedevilled Israeli border towns for years and is now displaying greater range, putting Tel Aviv and Jerusalem in the crosshairs.


Israel withdrew settlers from Gaza in 2005 and two years later Hamas took control of the impoverished enclave, which the Israelis have kept under blockade.


OBAMA CAUTIONS AGAINST GROUND CAMPAIGN


At a news conference during a visit to the Thai capital Bangkok, Obama said Israel has "every right to expect that it does not have missiles fired into its territory".


He added: "If this can be accomplished without a ramping up of military activity in Gaza that is preferable. That's not just preferable for the people of Gaza, it's also preferable for Israelis because if Israeli troops are in Gaza they're much more at risk of incurring fatalities or being wounded," he said.


Obama said he had been in regular contact with Egyptian and Turkish leaders - to secure their mediation in bringing about a halt to rocket barrages by Hamas and other Islamist militants.


"We're going to have to see what kind of progress we can make in the next 24, 36, 48 hours," he added.


Israeli officials declined to confirm or deny reports that an Israeli negotiator had flown to Cairo to discuss a ceasefire.


Egyptian President Mohamed Mursi said in Cairo, as his security deputies sought to broker a truce with Hamas leaders, that "there are some indications that there is a possibility of a ceasefire soon, but we do not yet have firm guarantees".


Silvan Shalom, one of Netanyahu's deputies, said: "There are contacts, but they are currently far from being concluded."


U.N. Secretary-General Ban Ki-moon will be in Egypt on Monday for talks with Mursi, the foreign ministry in Cairo said. U.N. diplomats earlier said Ban was expected in Israel and Egypt this week to push for an end to the fighting.


Listing Israel's terms for ceasing fire, Moshe Yaalon, another deputy to the prime minister, wrote on Twitter: "If there is quiet in the south and no rockets and missiles are fired at Israel's citizens, nor terrorist attacks engineered from the Gaza Strip, we will not attack."


Israel's operation has so far drawn Western support for what U.S. and European leaders have called its right to self-defence, but there was also a growing number of appeals from them to seek an end to the hostilities.


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Summary: A look at the 4 new Kindle Fire models
















Amazon.com Inc. started shipping a large-screen version of its Kindle Fire tablet computer on Thursday, ahead of schedule. Here is a look at the new Fires announced in September:


— Kindle Fire, with 7-inch screen, 1024 by 600 pixels. $ 159, with 8 gigabytes of storage. Weighs 14.1 ounces. Battery life of 8.5 hours. Started shipping Sept. 14.













Kindle Fire HD, with 7-inch screen, 1280 by 800 pixels. $ 199 with 16 GB of storage or $ 249 with 32 GB of storage. Weighs 13.9 ounces. Battery life of 11 hours. Started shipping Sept. 14.


— Kindle Fire HD 8.9″, with 8.9-inch screen, 1920 by 1200 pixels. $ 299 with 16 GB of storage or $ 369 with 32 GB of storage. Weighs 20 ounces. Battery life of 10 hours. Started shipping Thursday.


— Kindle Fire HD 8.9″ 4G LTE Wireless, with 8.9-inch screen, 1920 by 1200 pixels. $ 499 with 32 GB of storage or $ 599 with 64 GB of storage. Can connect to AT&T Inc.‘s 4G LTE wireless network. Weighs 20 ounces. Battery life of 10 hours. Will start shipping Tuesday.


Gadgets News Headlines – Yahoo! News



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You Named Your Kid What?! Strange Baby Names


Sarah Michelle Gellar & Freddie Prinze, Jr.


Sarah Michelle Gellar and Freddie Prinze, Jr. named their newborn son Rocky James, Us magazine reports! Rocky is the name of the famous Sly Stallone movie character, while James is Prinze's dad's middle name. This Hollywood couple isn't the first to chose a peculiar name for their child. Click the pics to see what celebrities are calling their kids. 


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EU drug regulator OKs Novartis' meningitis B shot

LONDON (AP) — Europe's top drug regulator has recommended approval for the first vaccine against meningitis B, made by Novartis AG.

There are five types of bacterial meningitis. While vaccines exist to protect against the other four, none has previously been licensed for type B meningitis. In Europe, type B is the most common, causing 3,000 to 5,000 cases every year.

Meningitis mainly affects infants and children. It kills about 8 percent of patients and leaves others with lifelong consequences such as brain damage.

In a statement on Friday, Andrin Oswald of Novartis said he is "proud of the major advance" the company has made in developing its vaccine Bexsero. It is aimed at children over two months of age, and Novartis is hoping countries will include the shot among the routine ones for childhood diseases such as measles.

Novartis said the immunization has had side effects such as fever and redness at the injection site.

Recommendations from the European Medicines Agency are usually adopted by the European Commission. Novartis also is seeking to test the vaccine in the U.S.

Read More..