Canada leading indicator edges up 0.1 percent in November






OTTAWA (Reuters) – The composite leading indicator for Canada rose 0.1 percent in November, slowing down from October on a housing market downturn and weak manufacturing as the economy hits a soft patch.


The index rose 0.2 percent in October and was up every month in 2012 except July, said a report on Monday by the Macdonald-Laurier Institute. The think tank developed the modified indicator last year to replace the one discontinued by the country’s official statistics agency.






“The marginal gains in the leading indicator augur slow economic growth into early 2013, although the manufacturing sector turned down as uncertainty grew about the global economy,” the institute said in a release.


The housing index fell 3.3 percent in November, the fifth consecutive decline as housing starts and existing home sales weakened.


In manufacturing, new orders fell 0.7 percent and the average workweek shrank by 0.3 percent.


Employment insurance claims rose for the first time in eight months in spite of strong employment data in the fourth quarter.


The stock market and commodity prices were the main areas of strength offsetting the weakness elsewhere.


(Reporting by Louise Egan. Editing by Andre Grenon)


Economy News Headlines – Yahoo! News





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CanElson Announces A New Drilling Rig Commitment, A First Nations Partnership and Strong Performance in the Fourth Quarter








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Stock futures slip after stocks hit five-year high


NEW YORK (Reuters) - Stock index futures fell on Monday, with markets expected to consolidate after the S&P 500 index closed at a five-year high on Friday.


Last week was the best for U.S. stocks in more than a year as a budget deal and economic data boosted investor confidence.


Financial shares will be in focus a day after global regulators gave banks four more years and greater flexibility to build up cash buffers, scaling back moves that aimed to help prevent another financial crisis.


By spurring credit, the easing of the bank rule may help support growth, boosting investments in equities and other risk assets.


S&P 500 futures dipped 1.3 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 13 points, and Nasdaq 100 futures added 1 point.


Walt Disney Co started an internal cost cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters.


Video-streaming service Netflix Inc said it will carry previous seasons of some popular shows produced by Time Warner's Warner Bros Television.


Major U.S. technology companies could miss estimates for fourth-quarter earnings as budget worries likely led some corporate clients to tighten their belts last month.


Amazon shares rose 2.3 percent in premarket trading after Morgan Stanley raised is rating on the stock to "overweight" from "equal weight."


(Reporting by Rodrigo Campos; Editing by Kenneth Barry)



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Here come the big boys


Here come the big boys.


The NFL's wild-card weekend is over, with nary an upset. Moving on are division winners Green Bay, Houston and Baltimore, along with NFC West runner-up Seattle and the only rookie quarterback still standing: Russell Wilson.


Ahead are some daunting challenges as the Ravens visit Denver, the Texans go to New England, the Packers head to San Francisco and the Seahawks journey to Atlanta.


Only the Seahawks-Falcons isn't a rematch.


Seattle isn't intimidated one bit about facing the NFC's top seed.


"Despite the fact that we have a 'nobody' team," Seattle cornerback Richard Sherman said after Sunday's convincing 24-14 comeback win at Washington, "a team not full of first-rounders and things like that, we have a lot of guys that play at a high level."


Of course, so do the Falcons (13-3), Broncos (13-3), Patriots (12-4) and 49ers (11-4-1).


"They have a great coach and a great quarterback and they have great role players on their team," Texans running back Arian Foster said of the Patriots, who routed Houston 42-14 last month. "I have a lot of respect for them, but we can play ball, too."


The Texans beat Cincinnati 19-13 on Saturday, then Green Bay took out Minnesota 24-10. In Sunday's other game, Baltimore eliminated Indianapolis 24-9.


The playoffs continue next Saturday with Baltimore (11-6) at Denver, followed by Green Bay (12-5) at San Francisco. The Broncos beat the Ravens 34-17 three weeks ago, while the 49ers knocked off the Packers 30-22 in the season opener.


On Sunday, it's Seattle (12-5) at Atlanta, followed by Houston (13-4) visiting New England.


___


Ravens at Broncos


Not only is Baltimore thrilled to keep playing and keep star linebacker Ray Lewis' career going, but the Ravens got the opponent they sought for the divisional round.


"I wanted Denver," said Anquan Boldin, who set a franchise record with 145 yards receiving, including the clinching touchdown against Indianapolis (11-6). "Because they beat us. We'll make it different."


Lewis made 13 tackles in his first game back in nearly three months. He ended his last home game in Baltimore before his impending retirement by lining up at fullback for the final kneel-down. Then Lewis went into a short version of his trademark dance before being mobbed by teammates. He followed with a victory lap, his right triceps, covered by a brace, held high in salute to the fans.


Joe Flacco became the first quarterback to win a postseason game in each of his first five seasons and John Harbaugh is the first coach to do so.


"I love our team," Lewis said, "and I'm really looking forward to going out there and playing them next week."


The loss ended the Colts' turnaround season in which they went from 2-14 to the playoffs in coach Chuck Pagano's first year in Indianapolis. Pagano missed 12 weeks while undergoing treatment for leukemia and returned last week.


Andrew Luck completed 28 of 54 passes, the most attempts by a rookie in a playoff game, for 288 yards.


Packers at 49ers


It's been a long time since these teams met on kickoff weekend, and much has changed.


Green Bay has become a bit more balanced on offense and somewhat stingier on defense than it was back in September. San Francisco has second-year quarterback Colin Kaepernick instead of Alex Smith, and receiver Michael Crabtree finally has developed into a threat.


The Packers held league rushing king Adrian Peterson to 99 yards in beating the Vikings (10-7), 100 yards less than he got on them the previous week.


"I don't think we had our identity at that point," QB Aaron Rodgers said of the Packers team San Francisco beat. "We were trying a lot of different things."


Seahawks at Falcons


Atlanta has flopped in its last three playoff games, including losing at home to Green Bay two years ago in a similar scenario.


Seattle won't bring as high-powered an offense as the Packers did to Atlanta, but it's versatile enough with the creative Wilson, bulldozing halfback Marshawn Lynch and a deep group of receivers.


The most significant challenge for the Falcons, though, will be a defense that completely shut down the Redskins and a hobbling Robert Griffin III for the final three quarters of their wild-card game.


Washington (10-7) had 129 yards in the first quarter and 74 for the rest of the game.


"Seventy yards in 3½ quarters is ridiculously good defense," coach Pete Carroll said after his Seahawks won their sixth straight and snapped Washington's seven-game winning streak.


Texans at Patriots


Both teams say the Monday night romp by New England on Dec. 10 is not an indicator of what's ahead. For their sake, the Texans better hope that is true.


"We didn't play our best football up there and we hurt ourselves with penalties and mistakes," said Foster, who rushed for 140 yards and a TD against the Bengals (10-7). "Anytime you give (the Patriots) opportunities, they'll take advantage of them. But we'll play our best up there."


They have no choice, and Patriots coach Bill Belichick fully expects a tighter game.


"When you play a team twice during the season, the games are totally different. They never go the same way," Belichick said. "We'll be able to certainly look at some of the matchups individually, guys that faced each (other) in the game. As far as plays and calls and things like that matching up, I'm sure they'll have some new wrinkles. I'm sure we'll have some, too. It will be totally different."


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


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Storm over Depardieu's 'pathetic' move






STORY HIGHLIGHTS


  • Russian President Vladimir Putin has bestowed Russian citizenship on actor Gérard Depardieu

  • For Depardieu, a public war of words erupted, with many in France disgusted by his move

  • Depardieu more than anyone, represents the Gallic spirit, says Agnes Poirier

  • Majority of French people disapprove of his action but can't help loving him, she adds




Agnes Poirier is a French journalist and political analyst who contributes regularly to newspapers, magazines and TV in the UK, U.S., France, Italy. Follow her on Twitter.


Paris (CNN) -- Since the revelation on the front page of daily newspaper Libération, on December 11, with a particularly vicious editorial talking about France's national treasure as a "former genius actor," Gérard Depardieu's departure to Belgium, where he bought a property just a mile from the French border, has deeply divided and saddened France. Even more so since, as we have learnt this week, Russian President Vladimir Putin has bestowed the actor Russian citizenship.


Back in mid-December, the French media operated along political lines: the left-wing press such as Libération couldn't find strong enough words to describe Depardieu's "desertion" while right-wing publications such as Le Figaro, slightly uneasy at the news, preferred to focus on President François Hollande's punishing taxes which allegedly drove throngs of millionaires to seek tax asylum in more fiscally lenient countries such as Belgium or Britain. Le Figaro stopped short of passing moral judgement though. Others like satirical weekly Charlie hebdo, preferred irony. Its cover featured a cartoon of the rather rotund-looking Depardieu in front of a Belgian flag with the headline: "Can Belgium take the world's entire load of cholesterol?" Ouch.


Quickly though, it became quite clear that Depardieu was not treated in the same way as other famous French tax exiles. French actor Alain Delon is a Swiss resident as is crooner-rocker Johnny Halliday, and many other French stars and sportsmen ensure they reside for under six months in France in order to escape being taxed here on their income and capital. Their move has hardly ever been commented on. And they certainly never had to suffer the same infamy.



Agnes Poirier

Agnes Poirier



For Depardieu, a public war of words erupted. It started with the French Prime Minister Jean-Marc Ayrault, and many members of his government, showing their disdain, and talking of Depardieu's "pathetic move." In response the outraged actor penned an open letter to the French PM in which he threatened to give back his French passport.


The backlash was not over. Fellow thespian Phillipe Torreton fired the first salvo against Depardieu in an open letter published in Libération, insulting both Depardieu's protruding physique and lack of patriotism: "So you're leaving the ship France in the middle of a storm? What did you expect, Gérard? You thought we would approve? You expected a medal, an academy award from the economy ministry? (...)We'll get by without you." French actress Catherine Deneuve felt she had to step in to defend Depardieu. In another open letter published by Libération, she evoked the darkest hours of the French revolution. Before flying to Rome to celebrate the New Year, Depardieu gave an interview to Le Monde in which he seemed to be joking about having asked Putin for Russian citizenship. Except, it wasn't a joke.


In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit. He has been Cyrano, he has been Danton; he, better than most, on screen and off, stands for what it means to be French: passionate, sensitive, theatrical, and grandiose. Ambiguous too, and weak in front of temptations and pleasures.



In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit
Hugh Miles



For more than two weeks now, #Depardieu has been trending on French Twitter. Surveys have showed France's dilemma: half the French people understand him but there are as many who think that paying one's taxes is a national duty. In other words, a majority of French people disapprove of his action but can't help loving the man.


Putin's move in granting the actor Russian citizenship has exacerbated things. And first of all, it is a blow to Hollande who, it was revealed, had a phone conversation with Depardieu on New Year's Day. The Elysées Palace refused to communicate on the men's exchange. A friend of the actor declared that Depardieu complained about being so reviled by the press and that he was leaving, no matter what.


If, in their hearts, the French don't quite believe Depardieu might one day settle in Moscow and abandon them, they feel deeply saddened by the whole saga. However, with France's former sex symbol Brigitte Bardot declaring that she too might ask Putin for Russian citizenship to protest against the fate of zoo elephants in Lyon, it looks as if the French may prefer to laugh the whole thing off. Proof of this: the last trend on French Twitter is #IWantRussianCitizenship.


The opinions expressed in this commentary are solely those of Agnes Poirier.






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”Zero Dark Thirty” screenplay among Writers Guild nominees






LOS ANGELES (Reuters) – The writers of controversial Osama bin Laden thriller “Zero Dark Thirty” and of the presidential drama “Lincoln” won nominations on Friday for the Writers Guild Awards, as momentum built in Hollywood ahead of the Oscars in February.


The screenplays for Iran hostage drama “Argo,” cult movie “The Master,” quirky comedy “Silver Linings Playbook,” and shipwreck tale “Life of Pi” also won nods from the Writers Guild of America for honors either as adapted or original movie screenplays.






The field of 10 feature film screenplays was rounded out by “Flight,” “Looper,” Wes Anderson‘s “Moonrise Kingdom,” and coming of age movie “The Perks of Being a Wallflower.”


“Zero Dark Thirty” screenplay writer Mark Boal has come under fire from some U.S. politicians over the film’s depiction of the role torture may have played in the hunt for the al Qaeda leader, and for the origins of his source material in reconstructing the 10-year effort to track down and kill bin Laden in May 2011 by U.S. special forces.


The film makers have denied being leaked classified material and say the film shows that no single method was responsible for leading to the capture of bin Laden.


The Writers Guild Awards, a key indication of Hollywood sentiment ahead of the Oscars, will be handed out at simultaneous ceremonies in Los Angeles and New York on February 17, one week before the February 24 Academy Awards ceremony.


(Reporting By Jill Serjeant; Editing by Vicki Allen)


Movies News Headlines – Yahoo! News





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Air France-KLM in “advanced” talks to buy Alitalia: report






ROME (Reuters) – Franco-Dutch carrier Air France-KLM is in “advanced” talks to take control of Italy’s flagship airline Alitalia by the summer, Rome’s Messaggero newspaper reported on Sunday without citing its sources.


Alitalia is owned by CAI, a consortium of investors that bought the then-bankrupt airline in 2008. CAI is already partly owned by Air France-KLM. Alitalia’s shareholders can exercise options to trade their shares when a lock-up period ends on January 12.






In May, Air France said it would probably wait until at least 2014 before using its option to take control of Alitalia, in which it has held 25 percent since January 2009.


Air France-KLM has offered shareholders a 20 percent premium on what they paid for the airline in 2008, the newspaper said, probably in Air France-KLM shares. CAI paid a little more than 1 billion euros to take over Alitalia five years ago.


Alitalia and Air France-KLM officials were not immediately available for comment.


Alitalia returned to profit in the third quarter after reporting losses in the first half, booking a net profit of 27 million euros ($ 35.2 million), down from 70 million euros a year before.


Net debt rose to 923 million euros at the end of September, up by 61 million euros from the end of June. ($ 1 = 0.7666 euros)


(Reporting by Steve Scherer; Editing by Helen Massy-Beresford)


Business News Headlines – Yahoo! News





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Forex: Gold Trades Heavy on FOMC Outlook- Key Support at $1630






3c215  Gold Trades Heavy on FOMC Outlook body 1 Forex: Gold Trades Heavy on FOMC Outlook  Key Support at $1630


- Commodity Technical Analysis: Gold Falls Sharply and Leaves Advance in 3 Waves






- Commodities: Gold at Risk of Deeper Losses on US Employment Data


- Commodity Technical Analysis: Gold Probes Short Term Trendline


Gold prices were slightly softer at the close of trade this week with the precious metal off by just 0.27% to trade at $ 1650 at the close of trade in New York on Friday. It has been nearly three weeks since our last gold weekly forecast when we noted that, “Although this week’s rejection of $ 1723 (38.2% retracement from November advance) casted a bearish tone, bullion has continued to hold just above near-term Fibonacci support at $ 1693 with a break below this level (on a close basis) opening up the floor to further declines.” Indeed the level did give way with the break sparking the onset of a sell-off that took gold into key support this week at $ 1530 before making a sharp rebound on Friday on the back of a lackluster NFP print.


The FOMC minutes from the latest policy meeting released on Thursday weighed heavily on bullion which reversed course to close the day lower by more than 1.34%. The minutes showed that Fed officials see inflation risks as, “broadly balanced,” while noting that there is a broad consensus among voters to halt QE into the end of 2013. The most significant takeaway from the minutes was that, “almost ALL FOMC members saw potential QE costs as increasing.” For months we have noted that QE announcements have continued to see diminishing returns and with inflation concerns now beginning to take root, it will be difficult for the Fed to justify the use of additional easing measures.


These exact concerns were cited on Friday with Richmond Fed President Jeffrey Lacker expressing concerns over the central bank’s aggressive easing stance. Lacker noted that, “further monetary stimulus is unlikely to materially increase the pace of economic expansion, and that these actions will test the limits of our credibility.” Lacker, who is not a voting member this year, stressed that current policy raises inflationary risks and noted that, “accordingly, I see an increased risk, given the course the committee has set, that inflation pressures emerge and are not thwarted in a timely way.” As Fed members begin to strike a more neutral-tone for monetary policy, the greenback may continue to remain well supported with demand for gold expected to wane (at least in the near-term).


Non-farm payrolls released on Friday were largely in line with expectations with the economy creating a total 155K jobs in the month of December with private sector payrolls accounting for 168K jobs. Although the unemployment rate was upwardly revised (and held) at 7.8%, it’s important to note that the labor pool did expand with an increase in the participation rate likely to have contributed to the uptick in unemployment. With the Fed having already explicitly cited 6.5% as a threshold by which they would possibly begin to scale back on easing measures, continued improvement in the labor metrics may continue to weigh on expectations for more central bank stimulus and as such, we may see gold continue its recent decline.


From a technical standpoint, gold has seen a volatile start to the year with bullion prices surging back into the critical $ 1693 pivot level noted numerous times in 2012. This level represents the key 61.8% long-term Fibonacci extension taken from the December 2011 and 2012 lows. Note that the rallies seen off of the November and December lows seem to be in 3-wave corrections, suggesting that the broader bias here remains weighted to the downside with critical support seen at a near 4-way confluence of the 100% Fibonacci extension taken off the October high, the 61.8% retracement taken from the May advance and trendline support dating back to the May low at $ 1630. This level has served as a key pivot in price action dating back to 2011 and a reaction of some magnitude is expected. The yellow metal continues to hold within the confined of a clearly defined descending channel formation dating back to the October high with a break below $ 1630 eyeing support targets at $ 1600 and the 138.2% extension at 1585. Stronger support is seen in the region between $ 1550- $ 1555. Only a weekly close above $ 1693 invalidates our directional bias with such a scenario eyeing targets at $ 1700 and the 100-day moving average at $ 1714.


—written by Michael Boutros, Currency Strategist with DailyFX


To contact Michael email [email protected] or Click Here to be added to his email distribution list


DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.


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"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.


Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.


That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.


Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.


In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.


"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.


Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.


U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.


Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.


"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.


Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.


REVENUE WORRIES


One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.


S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.


On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.


For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.


Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.


In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.


"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.


Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.


Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.


(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)



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NHL, union reach tentative agreement


NEW YORK (AP) — It looks like there will be a hockey season after all — shortened for sure, but perhaps back in business in a week or so.


The NHL and the players' association reached a tentative agreement early Sunday to end a nearly four-month-old lockout that threatened to wipe out what was left of an already abbreviated season.


A marathon negotiating session that lasted more than 16 hours, stretching from Saturday afternoon until just before dawn Sunday, produced a 10-year deal.


"We've got to dot a lot of Is and cross a lot of Ts," Commissioner Gary Bettman said. "There's still a lot of work to be done."


All schedule issues, including the length of the season and the look of the schedule, still need to be worked out. The NHL has models for 50- and 48-game seasons.


The original estimate was regular-season games could begin about eight days after a deal was reached. It is believed that all games will be played within the two respective conferences, but that also hasn't been decided.


The collective bargaining agreement still must be ratified by a majority of the league's 30 owners and the union's membership of approximately 740 players.


"Hopefully within a very few days the fans can get back to watching people who are skating, not the two of us," players' association executive director Donald Fehr said of himself and Bettman.


The players have been locked out since Sept. 16, the day after the previous agreement expired.


"Any process like this is difficult. It can be long," Fehr said.


Under the negotiated CBA, free-agent contracts will have a maximum length of seven years, but clubs can go to eight years to re-sign their own players. Each side can opt out of the deal after eight years.


The pension plan was "the centerpiece of the deal for the players," said Winnipeg Jets defenseman Ron Hainsey, who took part in negotiations throughout the process.


The actual language of the pension plan still has to be written, but Hainsey said there is nothing substantial that needs to be fixed.


"I want to thank Don Fehr," Bettman said. "We went through a tough period, but it's good to be at this point."


The players' share of hockey-related income, that reached a record $3.3 billion last season, will drop from 57 percent to a 50-50 split. The salary cap for the upcoming season will be $70.2 million and will then drop to $64.3 million in the 2013-14 season. All clubs will have to have a minimum payroll of $44 million.


The league had wanted next season's cap to drop to $60 million, but agreed to the same amount of last season's upper limit.


Inside individual player contracts, the salary can't vary more than 35 percent year to year, and the final year can't be more than 50 percent of the highest year.


A decision on whether NHL players will participate in the 2014 Olympics will be made outside the confines of the collective bargaining agreement. While it's expected that players will take part, the IOC and the International Ice Hockey Federation will have discussions with the league and the union before the matter is settled.


After the sides stayed mostly apart for two days, following late-night talks that turned sour, federal mediator Scot Beckenbaugh worked virtually around the clock to get everyone back to the bargaining table.


This time it worked — early on the 113th day of the work stoppage.


George Cohen, the Federal Mediation and Conciliation Service director, called the deal "the successful culmination of a long and difficult road."


"Of course, the agreement will pave the way for the professional players to return to the ice and for the owners to resume their business operations," he said in a statement. "But the good news extends beyond the parties directly involved; fans throughout North America will have the opportunity to return to a favorite pastime and thousands of working men and women and small businesses will no longer be deprived of their livelihoods."


Time was clearly a factor, with the sides facing a deadline of Thursday or Friday to reach a deal that would allow for a 48-game season to start a week later. Bettman had said the league could not allow a season of fewer than 48 games per team.


All games through Jan. 14, along with the All-Star game and the New Year's Day Winter Classic had already been canceled, claiming more than 50 percent of the original schedule.


Without an agreement, the NHL faced the embarrassment of losing two seasons due to a labor dispute, something that has never happened in another North American sports league. The 2004-05 season was wiped out while the sides negotiated hockey's first salary cap.


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