Sprint's losses shrink on cost cuts, subscriber gains

By Malathi Nayak and Kshitiz Goliya
(Reuters) - Sprint Corp, the No. 4 U.S. wireless carrier, on Tuesday reported a smaller-than-expected quarterly loss, helped by cost-cutting measures and subscriber additions amid its turnaround efforts.
Shares of the company, which have fallen about 21 percent in 2016 through Monday, jumped 11.3 percent on Tuesday in premarket trading to $2.84.
Sprint, which is majority owned by Japan's SoftBank Group Corp, also said it expects to return to a profit on an operational basis for the full-year ending March.
Sprint added 501,000 net postpaid connections, compared with 30,000 a year earlier. Customer sign-ups, which increased for the second straight quarter after two years of declines, were driven by aggressive promotions.
"There is no question that Sprint's management team is finally showing real urgency in taking necessary measures to stop the bleeding," MoffettNathanson analyst Craig Moffett said.
The Overland Park, Kansas-based company has managed to reverse its subscriber losses and launched aggressive promotions to lure customers such as 50 percent discounts to users of its rival networks Verizon Communications Inc (N:VZ), AT&T Inc (N:T) and T-Mobile US Inc.
Investors have been concerned about whether the company with high leverage can balance its turnaround efforts through cost cuts alongside investments to acquire users and upgrade its network.
The company, which had been burning cash at a fast rate in recent months, reported cash and cash equivalents of $2.2 billion for the third quarter ended Dec. 31, up from $2 billion in the second quarter.
Excluding items, the company lost 21 cents per share, beating the average analyst estimate of a net loss of 25 cents per share.
Sprint posted a net loss of $836 million, or 21 cents per share, in the third quarter ended Dec. 31, compared with a loss of $2.38 billion, or 60 cents per share, a year earlier.
Sprint's net operating revenue fell 9.7 percent to $8.11 billion, below the average analyst estimate of $8.23 billion.
For the full year, Sprint said raised its adjusted EBITDA forecast to $7.7 billion-$8 billion from its previous outlook of $6.8 billion to $7.1 billion. It said it also expects an operating income of $100 million-$300 million, compared with its previous forecast of a loss of $50 million-$250 million.

JPMorgan to pay Ambac $995 million to settle RMBS-related claims

(Reuters) - Bond insurer Ambac Financial Group Inc said JPMorgan Chase & Co (N:JPM) will pay $995 million to settle disputes related to residential mortgage-backed securities.
The settlement will have a positive impact on Ambac's fourth-quarter operating results and its claims paying resources, Chief Executive Nader Tavakoli said in a statement.
The settlement comes two weeks after Reuters reported that three of Ambac's top 10 shareholders were calling on Tavakoli to step down, claiming that he was slow to settle $4 billion in insurance claims and lawsuits against Countrywide Home Loans Inc, Bank of America Corp (N:BAC) and JPMorgan.
Ambac has publicly resisted calls to speed up its payment of insurance claims, citing concerns that it wouldn't be able to meet its liabilities that extend out to 2054.
The agreement will not have a material effect on JPMorgan's first quarter earnings, the Wall Street bank said in a regulatory filing. (http://1.usa.gov/20quSb8)
The settlement also provides for the withdrawal of Ambac's objection to JPMorgan's $4.5 billion settlement with trustees of trusts issued by JPMorgan, Chase and Bear Stearns.
The resolution underscores how Wall Street is yet to shake off the legacy of the U.S. subprime crisis, when mortgages were sold to people who could not afford them and then repackaged for investors without an adequate explanation of how risky they were.
Ambac sued Bank of America Corp in 2014 to recoup hundreds of millions of dollars of losses from insuring securities backed at least in part by risky mortgages from the bank's Countrywide Home Loans unit.
Goldman Sachs Group Inc (N:GS) said earlier this month that it would pay regulators over $5 billion to settle claims that it misled mortgage bond investors during the financial crisis.

Oil prices battle back to reclaim $30-level in volatile trade

Source : Investing.com
Oil prices turned higher in North America trade on Tuesday, after falling below the $30-level overnight, as traders covered short positions amid speculation OPEC and non-OPEC producers may be edging closer to a deal to cut production in an effort to stem the persistent slump in oil prices.
The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate.
Iraq's oil minister said on Tuesday he saw some flexibility for a deal between OPEC and non-OPEC.
Crude oil for delivery in March on the New York Mercantile Exchange rose 31 cents, or 1.01%, to $30.65 a barrel by 13:45GMT, or 8:45AM ET. Prices traded in a wide range between $29.26 and $30.84. A day earlier, Nymex futures dropped $1.85, or 5.75%.
Market players looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 3.5 million barrels in the week ended January 22.
U.S. oil futures plunged below $27 last week for the first time since September 2003, as investors worried that a huge oversupply in crude was coinciding with an economic slowdown, especially in China.
The U.S. benchmark is down nearly 21% this month amid ongoing concerns over a global supply glut.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery tacked on 24 cents, or 0.79%, to $30.74 a barrel, while the April contract advanced 37 cents, or 1.17%, to $31.68. Brent sank to $27.10 on January 20, a level not seen since October 2003.
Brent prices are down almost 20% since the start of the year as lingering concerns over China’s economic outlook added to the view that a global supply glut may stick around for much longer than anticipated.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by the Organization of the Petroleum Exporting Countries last year not to cut production in order to defend market share.
Oversupply issue will be exacerbated further as Iran plans to return to the global oil market after western-imposed sanctions were lifted earlier this month. Analysts say the country could quickly ramp up exports by around 500,000 barrels.
The surge in Iranian shipments is viewed as bearish for crude, which has fallen approximately 75% from its peak of $115 two summers ago, amid a glut of oversupply on markets worldwide.
Most market analysts expect a global glut to worsen in the coming months due to soaring production in North America, Saudi Arabia and Russia.
Meanwhile, Brent's premium to the West Texas Intermediate crude contract stood at 9 cents, compared to a premium of 16 cents by close of trade Monday.

Wall St. higher as oil recovers slightly

(Reuters) - U.S. stocks rose on Tuesday as oil edged up in a volatile session and investors looked ahead to the Federal Reserve's policy meeting and Apple's results.
The Dow Jones industrial average (DJI) was up 38.49 points, or 0.24 percent, to 15,923.71; the S&P 500 (SPX) rose 5.47 points, or 0.29 percent, to 1,882.55; the Nasdaq Composite index (IXIC) gained 18.28 points, or 0.4 percent, to 4,536.77.

U.S. eases air travel, export financing sanctions on Cuba

WASHINGTON (Reuters) - The United States on Tuesday announced changes to its sanctions on Cuba, lifting export payment and financing restrictions and facilitating airline travel in Washington's latest move to ease the U.S. embargo on the Communist-ruled island.
The amendments, which take effect on Wednesday, "will remove restrictions on payment and financing terms for authorized exports and re-exports to Cuba of items other than agricultural items or commodities," according to a statement from the Treasury and Commerce Departments.
The changes will facilitate travel to Cuba by allowing blocked space, code-sharing, and leasing arrangements with Cuban airlines, it said.
They will authorize additional transactions dealing with professional meetings, disaster preparedness, information and informational materials, concerning transactions incident to professional media or artistic productions in Cuba, it said.
The latest changes come as Washington and Havana move closer toward normal relations after more than half a century of hostility that followed Cuba's 1959 revolution. The two countries restored diplomatic ties and reopened embassies last summer.
"Today's amendments to the Cuban Assets Control Regulations build on successive actions over the last year and send a clear message to the world: the United States is committed to empowering and enabling economic advancements for the Cuban people," Treasury Secretary Jack Lew said in the statement.

OPEC, Russia talk of oil teamwork, but Saudi talks of investment

LONDON (Reuters) - Senior OPEC and Russian oil industry officials stepped up vague talk on Monday of possible joint action to remedy one of the worst supply gluts in decades, while Saudi Arabia signaled its resolve to allow the market to balance itself.
The latest volley of comments highlighted the intensifying pressure of $30 a barrel oil prices on cash-strapped countries such as Russia, but did not appear to tilt the scales meaningfully towards any concerted action to reverse the price crash, an idea repeatedly mooted but dismissed for over a year.
Speaking in London, OPEC Secretary General Abdullah al-Badri said other producers should work together with the group to tackle swollen global stockpiles so prices can recover, essentially reiterating OPEC's longstanding position that it would only consider cutting output if others pitch in.
Moscow, seen as the likely lynchpin of any potential output agreement, has so far refused to cooperate, saying its fields and weather conditions are different from those in the Gulf even as prices below $30 per barrel are way below what its budget needs to breakeven.
But as its currency collapsed to an all-time low last week and with parliamentary and presidential election looming in the next two years, pressure is rising on the Kremlin to protect state revenues and avoid mass public discontent.
"The practice of filling the market with cheap oil at any cost is wrong -- half a year or a year later it could be sold at twice as high," Leonid Fedun, vice-president of Lukoil, Russia's second largest oil producer, was quoted as saying.
Last week, the head of Russia's direct investment fund, Kirill Dmitriyev, who doesn't oversee Russian oil policies, said at a conference in the Swiss Alpine resort of Davos that Russia could one day cooperate with OPEC - not now but when the markets rebalance - in a year or later.
The comments represent a departure from the previous stance when Russia's energy ministry has repeatedly said it could talk to OPEC but sees no reason to cut production artificially.
Many Kremlin watchers say a deal would depend unilaterally on the Russian President Vladimir Putin, who sees oil as only a small part of the puzzle which also includes dialogue with the West and Saudi Arabia on the war in Syria as well as sanctions on Russia imposed by the West over its actions in Ukraine.
Oil traders appeared to put little stock into the comments on Monday, with crude resuming this year's steep rout after a two-day rebound, dropping 5 percent to around $30.
And there is no indication of a change of heart from Saudi Arabia, which drove the Organization of the Petroleum Exporting Countries' decision in late 2014 to shift its strategy in favor of defending market share, not prices.
The chairman of state oil firm Aramco, Khalid al-Falih, said he is continuing to invest in production despite deep spending cuts across most of the industry, and that markets would likely balance at a "moderate" oil price soon.
"Saudi Arabia is well documented to be the clear lowest cost producer," he told reporters. "We have scale, capability, technologies that have allowed us to maintain our low cost."
Analysts from Bernstein said global exploration and production spending excluding OPEC would fall by 18 percent this year if oil prices were to average $50 a barrel and collapse by 38 percent if oil was to trade at $30.
"Demand will grow, as it has already started in 2015, and there will be a period not far into the future (when) demand will catch up with supply," said Falih.
FEW TAKERS FOR TEAMWORK
Oil prices have collapsed to below $28 a barrel this month from $100 in mid-2014 on a supply glut that has caused global oil stockpiles to swell to unprecedented levels.
"It is vital the market addresses the issue of the stock overhang," Badri said at the conference at Chatham House in London. "This is now central to the return of a balanced market."
So far only non-OPEC Oman and Azerbaijan have expressed willingness to cut production in tandem with OPEC.
The price drop has started to slow the development of relatively expensive supply sources such as U.S. shale oil and forced companies to delay or cancel billions of dollars worth of projects, putting some future supplies at risk.
"We expect that we will go through one more downturn cycle of oil price. But we will recover. The market is definitely going to balance itself because today's oil price is not sustainable whatsoever," Qatar's Energy Minister Mohammed al-Sada told the same conference in London.
The price slide has squeezed income in producing nations and is particularly painful for OPEC members such as Venezuela, who depend heavily on oil income and lack the capacity to pump more.
Venezuela has requested OPEC hold an emergency meeting to discuss steps to prop up oil prices. But OPEC's Gulf members including Saudi Arabia, who led the 2014 policy shift, have opposed earlier calls for emergency meetings.
Some are instead ramping up production. Iran is pushing to boost exports now that sanctions have been lifted. Iraq may further raise oil output in 2016, reaching levels as high as 4 million barrels per day (bpd) from the country's south, a senior Iraqi oil official, who asked not to be named, said on Monday.
The Qatari minister, whose country holds OPEC's rotating presidency this year, said the request was being considered although he declined to say if he was in favor.
"We received a request and oil ministers are discussing that," he said. "It is being evaluated."
In case producing nations don't reach a deal on output, Saudi Arabia and Iraq have further ability to increase supply thus squeezing rival producers.

Natural gas prices rise to 8-day high on forecasts for more cold

Source : Investing.com
U.S. natural gas futures rose to a more than one week high on Tuesday, as updated weather forecasting models called for more cold weather over the next two weeks. Forecasts originally called for mild winter weather during the period.
Natural gas for delivery in March on the New York Mercantile Exchange tacked on 1.8 cents, or 0.84%, to trade at $2.173 per million British thermal units by 14:40 GMT, or 9:40AM ET. It earlier rose to $2.216, the most since January 14. On Monday, futures inched up 1.4 cents, or 0.65%.
New weather forecasts released mid-day Monday called for below-average temperatures over the eastern half of the nation in the next 11-to-15 days.
Bullish speculators are betting that the cold weather will increase winter demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption.
Natural gas storage in the U.S. fell by 178 billion cubic feet last week, according to the U.S. Energy Information Administration, below expectations for a decline of 184 billion. That compared with a drawdown of 168 billion cubic feet in the prior week, while the five-year average change for the week is a withdrawal of 191 billion cubic feet.
Total U.S. natural gas storage stood at 3.297 trillion cubic feet, 19.1% higher than levels at this time a year ago and 14.3% above the five-year average for this time of year.
The EIA's next storage report slated for release on Thursday, January 28 is expected to show a withdrawal of approximately 206 billion cubic feet for the week ending January 22.
Inventories fell 112 billion cubic feet in the same week last year, while the five-year average change for the week is a drawdown of 174 billion cubic feet.
Elsewhere on the Nymex, crude oil for delivery in March rose 24 cents, or 0.79%, to trade at $30.58 a barrel, while heating oil for March delivery rallied 1.32% to trade at $0.9626 per gallon.

Twitter names AmEx executive Leslie Berland as chief marketing officer

(Reuters) - Twitter (N:TWTR) Inc named American Express Co (N:AXP) executive Leslie Berland as its chief marketing officer, Chief Executive Jack Dorsey tweeted on Tuesday.
"Welcoming @leslieberland to Twitter! She will join as our CMO to help tell the stories of our iconic product!," Dorsey tweeted.
Berland is currently executive vice president of global advertising, marketing and digital partnerships at American Express.

Forex Signal Service - FXMUD Indonesia

Bloomberg's possible entry into 2016 race gets mixed reception

By Steve Holland and Valerie Volcovici DES MOINES/WASHINGTON (Reuters) - U.S. presidential hopefuls on Sunday offered mixed reviews of former New York Mayor Michael Bloomberg's potential independent White House run, with Democratic candidate Bernie Sanders saying it would add another billionaire like Republican Donald Trump to the field. With eight days to go until Iowa holds the first nominating contest on the road to the Nov. 8 presidential election, Republican Senator Marco Rubio basked in the glow of an important endorsement from The Des Moines Register, the state's biggest newspaper. Bloomberg's weekend revelation, that he is laying the groundwork for a run that he could launch should Democratic front-runner Hillary Clinton falter, sent shock waves rippling through the entire presidential field. Sanders, a Democratic socialist and Vermont senator who is threatening Clinton in Iowa and New Hampshire, told ABC's "This Week" program that Bloomberg's entry into the race would add a second billionaire to the field. Trump, a real estate mogul, is leading the Republican race. Sanders has railed against "millionaires and billionaires" and the political power they wield throughout his insurgent campaign for the Democratic nomination. "That is not what, to my view, American democracy is supposed to be about, a contest between billionaires. If that takes place, I am confident that we will win it," Sanders said. Many analysts believe a Bloomberg entry into the race could siphon Democratic votes and be another blow to Clinton, a former secretary of state and the wife of former President Bill Clinton. An independent bid would be a heavy lift for Bloomberg. The last major third-party candidate, Ross Perot, won 18.9 percent of the vote in 1992, which some observers believe enabled Bill Clinton to defeat then-incumbent President George H.W. Bush. Hillary Clinton, who won the Register's endorsement on the Democratic side on Saturday, said she expected to negate Bloomberg's rationale for running. "He's a good friend of mine and I am going to do the best I can that I get the nomination and we'll go from there," she told NBC's "Meet the Press." "The way I read what he said is that if I didn't get the nomination he would do it ... I will relieve him of that," she said. Trump noted that he and Bloomberg have differences on the issues of gun control and abortion and that he would love to compete against him. Bloomberg wants more gun control and to preserve a woman's right to choose whether to have an abortion. "I know Michael very well and would love to compete with him. He is very opposite from me on guns and pro-life ... I would love to have Michael get in the race ... I would love to compete against Michael," Trump told CNN. The current mayor of New York, Bill de Blasio, was cool to a Bloomberg run on ABC's "This Week." "I don't think the people of the country want to give more money to billionaires at this point ... I don't think most Americans think billionaires are the ones who are going to help give us a more fair economy," he said.

Executive upheaval expected at Twitter, announcements on Monday: Recode

(Reuters) - Social media power Twitter (N:TWTR) Inc plans to announce the departure of some major executives on Monday, technology news website Re/code reported on Sunday, citing sources. Re/code said Twitter's media head, Katie Jacobs Stanton, product head, Kevin Weil, and the head of its engineering division, Alex Roetter, were all leaving the company. (http://on.recode.net/1RHgCtc) It also said that Jason Toff, head of Twitter's video streaming service Vine, may also depart, as would its business development leader, Jana Messerschmidt, who has expressed unwillingness to continue further. Separately, the New York Times reported that the San Francisco-based company is also looking at appointing two new board members, one of whom is a high-profile media personality. Twitter plans to announce the departures on Monday, along with the recruitment of a new chief marketing officer, Re/code said. Both Weil and Stanton, whose positions will be filled by interim appointments, have no immediate plans to join another company, although they are expected to, Re/code said. While Stanton's departure is voluntary, Weil and Roetter's departure are expected to be positioned by Twitter as not so voluntary, Re/code said. (http://on.recode.net/1RHlrTi) Twitter Chief Executive and co-founder Jack Dorsey has become the company's de facto product head, Re/code said. More executive changes are expected in the future, including the appointment of a new public relations head, Re/code said. Twitter has come under increasing pressure to boost user growth and ad revenue. It had its slowest user growth last year - it now boasts just over 300 million users - and was eclipsed by photo-sharing app Instagram, owned by Facebook Inc (O:FB), which surpassed 400 million users last year. In an earnings conference call in October, CEO Dorsey spoke about "hiring and investing in talent" and the need for "bold rethinking." Since then, Dorsey has launched Moments - a product developed by Weil - which showcases Twitter's best tweets and content; laid off more than 300 employees; given back a third of his stock, about 1 percent, to employees; and hired former Google Inc (O:GOOGL) executive Omid Kordestani as executive chairman. Twitter could not be immediately reached for a comment outside regular business hours.

Center-right candidate wins Portugal presidential vote outright

By Andrei Khalip LISBON (Reuters) - Center-right candidate Marcelo Rebelo de Sousa won Portugal's presidential election on Sunday, preliminary results showed, an outcome that should help maintain political balance after a swing to the left in October's parliamentary ballot. Portugal's president is a largely ceremonial figure but he plays an important role at times of political uncertainty - as have gripped the country since last October's inconclusive parliamentary election. He has the power to dissolve parliament and fire the prime minister. With nearly all votes counted, preliminary results showed Rebelo de Sousa, a former journalist and one-time leader of the center-right Social Democrats, winning 52 percent of the vote, enough to avoid a runoff. His closest rival, Socialist Antonio Sampaio da Novoa, conceded defeat after picking up around 23 percent of the vote. Left Bloc candidate Marisa Matias had 10 percent. Rebelo de Sousa has promised to build consensus as president - something Portugal is likely to need as a shaky government of moderate center-left Socialists dependent on far-left parties for support in parliament tries to reconcile its election pledges to end economic austerity with budget deficit cuts promised to the European Union. "I think Marcelo is what Portugal needs now, both as mediator and a bit of a counterweight to the left," said Maria Joao de Conceicao, a 43-year-old teacher, doing her weekly shopping after casting her ballot. Many political analysts do not expect the Socialist-led government to serve a full four-year term and the new president could play a key role, either as mediator between the parties or using his power to dissolve parliament and call new elections. Rebelo de Sousa will succeed President Anibal Cavaco Silva, a fellow conservative who said he only swore in the Socialist government as he was barred by the constitution from calling a new parliamentary election in his last six months in office. That option will again become possible from April 4, six months after the parliamentary election. The leftist parties have said Rebelo de Sousa may seek a return to unpopular right-wing economic policies, but he struck a conciliatory tone during his election campaign, saying Portugal needs "more social justice along with minimum financial equilibrium" - a stance similar to that of the Socialists. Barely half of registered Portuguese voters cast their ballot in Sunday's election, though turnout was up slightly from the previous presidential poll in 2011.

Sanctions lifted, Iran's Rouhani heads to Europe to drum up business

By John Irish and Crispian Balmer PARIS/ROME (Reuters) - President Hassan Rouhani brings the case to Europe this week for Iran as a potential investment bonanza, after the lifting of financial sanctions brought his country of 80 million people back into the world of global commerce. Rouhani, a pragmatist elected in 2013 on a platform to reduce Iran's isolation, championed the deal under which Iran curbed its nuclear program in return for the lifting of U.S., EU and United Nations sanctions this month. On his first trip abroad since the accord took effect, he will lead a 120-strong delegation that includes Iranian entrepreneurs as well as the oil and gas minister and other government officials for five days in Paris and Rome. He will meet Pope Francis and French President Francois Hollande. A week after nearly all sanctions were lifted, French and Italian officials still do not expect major deals to be signed yet during the trip. Rouhani himself has spoken of a "long road" to Iran's economic integration with the world. Nevertheless, Iran already demonstrated its hunger for Western goods at an aviation conference on the eve of the visit, announcing plans on Sunday to buy eight A-380 superjumbo jets from Airbus and eventually buy up to 100 planes from Boeing (N:BA). The visit also comes as global diplomats are trying to arrange the first peace talks in two years to end the Syrian civil war. Shi'ite Muslim Iran is the strongest ally of President Bashar al-Assad, while European countries back his mainly Sunni Muslim opponents. Recent months have also seen an increase in hostility between Iran and traditional Western ally Saudi Arabia. "This is a very important visit," said a senior Iranian official. "It's time to turn the page and open the door to cooperation between our countries in different areas." The visit to France, the first by an Iranian president since 1999, will provide opportunities to smooth over particularly awkward relations with a country that has historically been comparatively friendly. Paris took a hard line towards Iran among the six powers that were party to the nuclear negotiations, and has been outspoken in its condemnation of Iran's support for Assad and skeptical of Tehran's other Middle East interventions. "Trust needs to be built. It's like love. It is only the proof of love that counts," said a senior French diplomat. "On the nuclear accord the relationship is relaxed, but not on the other subjects. There is no change on the Iranian position for now on a number of regional issues ... so the idea (of the visit) is to open a new page," the diplomat said. Since July, Paris has appeared more conciliatory. A senior French economic and political delegation traveled in September to Tehran. Some 130 firms took part ranging in sectors from agriculture to construction and tourism to lay the groundwork for the first business accords between the two countries since the nuclear deal. Companies such as oil major , planemaker Airbus and car manufacturer Peugeot are all interested in the new opportunities. PAPAL BUSINESS "We're far from when everyone was saying we would suffer economically because of our stance on the nuclear file. There will be some accords and progress on deals," said another French diplomat. "But I do sense some prudence among companies." Without the same diplomatic constraints as France, Italian officials appear more upbeat. Italy has traditionally had close economic ties with Tehran and is rubbing its hands at the prospect of a possible surge in new contracts following the demise of the sanctions regime. Italy's export credit agency, Sace, has said Italian exports to Iran might rise by some 3 billion euros in the 4-year period between 2015-2018. Exports totaled an estimated 1.56 billion euros last year. But like in Paris, an industrial source said no major contracts were expected to be signed during the visit. An official with a major energy company said it was still not clear what contracts Iran had in mind for the sector. After speaking to business leaders, Rouhani will head to the Vatican for talks with Pope Francis. After the nuclear deal, the Pope said he hoped it would be the start of "a definitive step toward a more secure and fraternal world". The plight of Christians in the Middle East is likely to be discussed, as well as human rights. The Vatican strongly opposes executions, which have increased since Rouhani took office. "European countries are rushing head first to get into Tehran, but they are bargaining with human rights for short-term commercial and economic interests" said Tahar Boumedra, a former U.N. human rights official in Iraq.

New York rebounds from blizzard, D.C. stuck in snowy gridlock

By Frank McGurty and Ian Simpson NEW YORK/WASHINGTON (Reuters) - Following a day of hunkering down, New Yorkers and Washingtonians surged back into the streets on Sunday after a massive blizzard brought much of the U.S. East Coast to a standstill, bringing a festive mood to both cities as they prepared for a new workweek. Midtown Manhattan came back to life again as residents and tourists rejoiced in the warming sunlight, digging out buried cars, heading to Broadway shows and frolicking in massive drifts left by New York City's second-biggest snowstorm in history. In Washington, where a traffic ban was still in effect, the recovery got off to a slower start, with the entire transit system closed through Sunday. Even so, many people were out in the street. Some skied and snowboarded down the steps of the Lincoln Memorial until security officials moved them on. The entire region seemed to breathe a sigh of relief after the historic storm that left at least 20 dead in several states, even as transit systems in Washington and New York were still working on restoring full service in time for the Monday morning rush. "For us, snow is like a normal winter," said Viola Rogacka, 21, a fashion model from Poland, walking with a friend through New York's Times Square (N:SQ). "It's how it should look like." Theater shows reopened on Broadway after the blizzard forced them to go dark on Saturday on the recommendation of New York Mayor Bill de Blasio. "We still have some areas that we have to do a lot more work on. But we've come through it pretty well," de Blasio said on ABC's "This Week." "I think tomorrow is going to be pretty good. We think we'll be broadly up and running again at the city tomorrow." HISTORIC STORM The blizzard was the second-biggest snowstorm in New York City history, with 26.8 inches (68 cm) of snow in Central Park by midnight on Saturday, just shy of the record 26.9 inches (68 cm) set in 2006, the National Weather Service said. Thirteen people were killed in weather-related car crashes in Arkansas, North Carolina, Kentucky, Ohio, Tennessee and Virginia on Saturday. One person died in Maryland and three in New York while shoveling snow. Two died of hypothermia in Virginia, and one from carbon monoxide poisoning in Pennsylvania, officials said. New York Mayor de Blasio said Sunday would be a major cleanup day. He urged residents to stay off streets so city crews could clear roads. New York state Governor Andrew Cuomo lifted a travel ban on New York City-area roads and on Long Island at 7 a.m. (1200 GMT) on Sunday. A state of emergency declared by Cuomo was still in place. Most bus and subway services operated by the Metropolitan Transportation Authority were up and running again by 9 a.m. (1400 GMT), officials said. The agency was working on restoring full service on Sunday. The Metro-North rail line, which serves suburbs north and east of New York City, expected to have commuter train service running into and out of New York by 3 p.m. (2000 GMT) on Sunday. Commuters who rely on the Long Island Rail Road to get to work on Monday may need to look for alternatives as the railroad works to restore service. Crews were working on Sunday to remove snow from an intersection near train tunnels to Manhattan. A spokeswoman for the New York Stock Exchange said the market planned to open as usual on Monday. City schools also were set to open on Monday. On the Upper West Side of Manhattan, grocery store shoppers picked their way through brown slush and over compressed snow and ice as they balanced their bags in their hands. Drivers tried their best to free cars that were encased in snow, but often found themselves spinning their wheels as they tried to get on the road. Outside the city, suburban New Jersey resembled Vermont. "I'm not sure where I am right now because of all the snow," said Patty Orsini, 56, a marketing analyst from Maplewood, New Jersey, at the nearby South Mountain Reservation. "It's nice to be out today in the sun. Yesterday it was scary to be outside," she said as she clipped on her cross-country skis. RECORDS SET The National Weather Service said 17.8 inches (45.2 cm) fell in Washington, and Baltimore-Washington International Airport notched a record 29.2 inches (74.2 cm). The deepest regional total was 42 inches (106.7 cm) at Glengarry, West Virginia. Peter Hoeppe, head of reinsurer Munich Re's Geo Risks research unit, said in a statement that it was too early to estimate possible losses from the storm. Washington was a dazzling white under a bright sun, and walkers, sledders, some cars and the occasional cross-country skier were out on Sunday. Public schools were closed on Monday across much of the Washington and Baltimore region, with some shuttered through Tuesday. The U.S. House of Representatives canceled its voting until Feb. 1. Mayor Muriel Bowser issued a call for 4,000 people to help dig the city out, above the 2,000 volunteers already signed up. The Washington Metropolitan Area Transit Authority has suspended operations through Sunday. Metro trains will begin providing a limited service starting at 7 a.m. on Monday. Paul Schaaf, a 49-year-old helicopter pilot for Children's Hospital in Washington, was biking seven and a half miles to work for his overnight shift and planned to bike back to Arlington, Virginia, on Monday morning. "I have to get into work no matter what. And the best way to do it is on my bicycle with steel-studded snow tires," he said. "Nothing stops me." One Washington food store, Broad Branch Market, opened with a handful of employees, and was trying to organize volunteers to shovel the sidewalks of the elderly and others who needed help. "I have a lot of people on the list but I have yet to have any kids sign up to work today," said the owner, Tracy Stannard. At Dupont Circle, hundreds gathered to pelt each other with snowballs. Jomel Nichols, a tourist from Kansas City, Missouri, accompanying three exchange students and her daughter, was plastered with snow. "They all turned on me, as teenagers will do," she told Reuters Television. FLIGHTS CANCELED About 3,500 flights were canceled on Sunday, and 700 were called off for Monday, according to aviation website FlightAware.com. Among New York-area airports, John F. Kennedy International, Newark Liberty and LaGuardia were open, with limited flight activity expected on Sunday, the Port Authority of New York and New Jersey said. About 150,000 customers in North Carolina and 90,000 in New Jersey lost electricity during the storm but most service had been restored by Sunday afternoon. On Sunday, moderate coastal flooding was still a concern in the Jersey Shore's Atlantic County, said Linda Gilmore, a county public information officer.