Lawsuit against Calder's art dealer dismissed

NEW YORK — A judge has dismissed a $20 million fraud lawsuit brought by heirs of sculptor Alexander Calder against his art dealer's estate.

The heirs accused art dealer Klaus Perls of swindling Calder's estate out of tens of millions of dollars and holding on to hundreds of Calder's works.

In her ruling last week, the judge said the claims were "an incoherent stew of irrelevance and innuendo." She said the evidence failed to show any fraud had been committed.

The lawsuit was filed in 2010. Perls died in 2008.

Calder was one of the most celebrated American artists of the 20th century, best known for hanging mobiles. He died in 1976.

The Calder Foundation and the plaintiffs' lawyer couldn't immediately be reached for comment.

The foundation collects and archives Calder's works.

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US stocks are little changed as 2013 winds down

NEW YORK — Stocks are little changed in the early going as Wall Street gets ready to close the books on a historic year.

The Dow Jones industrial average was up nine points, or less than 0.1 percent, at 16,487 in the first few minutes of trading Monday.

The Standard & Poor's 500 index was flat at 1,840. The Nasdaq composite was down 11 points, or 0.3 percent, at 4,145.

With just two days left in 2013, the S&P 500 is on track for an annual gain of 29 percent, its best year since 1997. With dividends included, it's up 32 percent.

Crocs jumped $1.70, or 13 percent, to $15.04 after the shoe maker said it was getting a $200 million investment from the private equity firm Blackstone.

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Genzyme multiple sclerosis drug not OK'd for US

PARIS — The U.S. Food and Drug Administration has notified drug maker Genzyme that its treatment for multiple sclerosis is not ready for approval for the American market.

The French pharmaceutical company Sanofi, which is the parent of Genzyme, said in a statement Monday that the FDA said the companies had not submitted sufficient evidence to show the benefits of Lemtrada. The drug was approved by the European Medicines Agency for use in the EU earlier this year.

It also has been approved in Canada and Australia. Sanofi said it "strongly disagrees" with the FDA decision, and it plans to appeal.

Sanofi wants to market Lemtrada as a treatment for relapsing multiple sclerosis, a disease in which the immune system attacks healthy nerves. It can cause pain, numbness, slurred speech, impaired vision, muscle weakness and neurological problems.

The French drugmaker is eager to bring new drugs to the market at a time when it is suffering from generic competition after patents on some of its best-selling drugs lapsed.

U.S.-traded shares of Sanofi slipped 39 cents to $52.41 in Monday morning trading.

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NBC's 'Today' show returns to glory days

NEW YORK — The glory days returned for the "Today" show — for one day at least — as NBC's morning show brought back Bryant Gumbel and Jane Pauley for a one-day nostalgia turn as co-hosts on Monday.

Gumbel and Pauley, who worked together on "Today" from 1982 to 1989, joined birthday boy Matt Lauer on the set. It wasn't ceremonial: with Savannah Guthrie and Natalie Morales off, Gumbel and Pauley had to work.

"Getting up was a little difficult and the studio has changed enormously," Gumbel said. Pauley said the fast pace makes the experience go "like a bat out of heck."

NBC hoped the trio's easy camaraderie enticed viewers. After a well-publicized tumble last year, the show runs second in the ratings to ABC's "Good Morning America." Pauley, who does occasional reports for the show, left as host in 1989 while Gumbel gave way to Lauer in 1997.

There were a few film clips of Pauley back in the big hair days. "I understand Gene Shalit's standing by to review 'Back to the Future,'" Al Roker quipped during a weather segment.

Gumbel and Pauley easily navigated a cooking segment (poached salmon and pasta). That was like old times, but the segment on what is trending on Twitter wasn't.

Not everyone's memory was clear. A sign held up by a fan outside the studio misspelled Gumbel's name.

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Online:

http://www.today.com/

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Armed group attacks state radio, TV in Congo

DAKAR, Senegal — Assailants armed with machetes and automatic weapons attacked the state television station, the airport and the main military base in Congo's capital in what appeared to be a coup attempt early Monday, before being repelled by the country's military, officials and witnesses said.

Congo's government spokesman Lambert Mende confirmed the attack, saying around 40 people were killed in the exchange of fire Monday morning, including 16 at the military base, 16 at the airport and eight at the TV station. Another six were captured, he said. He also confirmed that shooting had broken out in Lubumbashi, the country's second-largest city located in southeastern Congo, though by afternoon calm had returned.

"These are terrorists, you can't call them anything else," Mende said.

Most residents of this sprawling African capital first realized the attack was under way while watching a morning talk show on Radio Television Nationale Congolaise, the state broadcaster. The presenter of "Le Panier," or "The Breadbasket" show, was in mid-sentence, when the intruders burst in. They had time to identify themselves as being devotees of a local prophet, before the signal on state TV was cut, said Pascal Amisi, the deputy chief of staff of Congo's Minister of Communication. Between 7 a.m. and 8 a.m. local time, gunmen also attacked the international airport and the military camp in the capital housing the country's senior army leaders, he said.

"They attacked three different targets at the same time," said Amisi. "We don't know for sure who they are but the group that attacked the TV station said they were representing Prophet Mukungubila," he said, naming Gideon Mukungubila, an evangelical Christian leader in Congo, who has built-up a following and who broadcasts messages on local TV and radio. "Around 30 men attacked the TV station while the 'Le Panier' show was in progress. They came in with knives and said they had a political message to share, before the signal was yanked."

At the state TV station, an employee who was inside the building when the attack began described a scene of confusion, and terror.

"There were around 30 armed men who burst into the headquarters of the television station. They started firing, and we hid," said the employee who refused to give his name out of fear for his safety. He said that before they were chased out, they had time to scream out, "Gideon Mukungubila has come to liberate Congo from the slavery imposed on us by Rwanda."

With a population of nearly 66 million, Congo spans a territory as large as Western Europe. It has twice gone to war with its smaller neighbor to the east, Rwanda, which as recently as this year was accused of propping up a rebel group, ensconced in Congo's eastern forest.

President Joseph Kabila, who is himself from the east and is derided by his opponents as being "Rwandan," came to power in 2001, after the assassination of his father, warlord Laurent Kabila. The elder Kabila marched his rebel army into Kinshasa in 1997, grabbing power in a coup.

Even in a place that has suffered numerous coups, and whose remote forests are still home to armed groups, the attack in the capital on Monday came out of left field, surprising many. International flights that were about to land in Congo made U-turns in the air, including one carrying more than 100 passengers including The Associated Press' local correspondent.

"We took off this morning for Kinshasa, and after one hour in the air, the pilot announced that the airport was under attack," said Saleh Mwanamilongo by email, after his flight returned to South Africa. "The pilot went on the intercom to say, 'We have just learned that there is gunfire at the Ndjili Airport, and as we cannot land, we will need to return to Johannesburg.'"

In an emergency message, the American Embassy in Kinshasa said it had received reports of armed engagements and fighting throughout Kinshasa, as well as indications that numerous police and military checkpoints had been erected. "The embassy urged all U.S. citizens to stay in place and not travel around the city until further notice," the statement said.

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Associated Press writer Saleh Mwanamilongo contributed to this report from Johannesburg.

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Nikkei logs best year since 1972

LONDON — Japan's main stock index ended 2013 at its highest level in more than six years, closing out its best year since 1972, though most other markets were lackluster Monday ahead of the New Year holiday.

The Nikkei 225 gained 0.7 percent to 16,291.31, its highest close since late 2007. Prime Minister Shinzo Abe, whose government launched a huge stimulus effort to drag the economy out of a two-decade period of stagnation, took time out from vacation to celebrate the trading close.

"Thanks to our efforts, the economy went from minus to positive," Abe said. With winter bonuses up by several hundred dollars on average, he said, "You have to use that money, keep it moving."

Elsewhere, markets were more cautious. Germany's DAX index drifted 0.4 percent lower to 9,552.16, while France's CAC shed 0.1 percent to 4,273.98. Britain's FTSE 100 fell 0.4 percent to 6,726.84.

In the U.S., the Dow was up 0.1 percent at 16,484.87, while the S&P 500 was down the same rate at 1,840.57

This was a banner year for many markets, with the DAX up 25.5 percent, the CAC index up 17.5 percent and the FTSE 100 gaining 14 percent. But none matched the Nikkei 225, which soared 56.7 percent in 2013 on renewed confidence in the economy after years of feeble growth.

Easy liquidity from government spending and monetary policies aimed at fueling inflation boosted shares, though the potential for continued strong gains remains uncertain.

For now, Abe can point to the share rally as evidence his "Abenomics" policies are yielding results.

"The Nikkei still looks to round off what has been an astonishing year ... its best year since 1972," Chris Weston of IG Markets said in a commentary, noting that the gain in that year was 92 percent and unlikely to ever be beaten.

"For those looking for volatility, the Nikkei will remain a major focus for traders in 2014," he said.

Japanese shares will get support in coming months from newly established individual savings accounts, called NISA, that are expected to draw a significant share of household savings into the market.

For the rest of Asia, 2013 has turned out to be much less exuberant.

Hong Kong's Hang Seng Index, burdened by rising concern over debt and slowing growth in mainland China, has gained just 2.4 percent this year. On Monday, it edged 0.2 percent lower to 23,209.25.

The Shanghai Composite Index fell 7 percent this year and extended that loss Monday, drifting 0.1 percent lower to 2,098.77.

Still, a correction in the Hong Kong and China markets earlier in the month has put shares at a stable level, said Kwong Man Bun, an analyst at KGI Securities in Hong Kong.

"The market is still quite cautious, but confidence is still there," he said. "There is a holiday mood, but turnover has not yet recovered."

Elsewhere in Asia, shares rose in Australia, South Korea, Singapore, Indonesia, Malaysia, Taiwan, mainland China and New Zealand. India share prices fell, while markets in Thailand and the Philippines were closed for holidays.

In foreign exchange markets, the dollar was trading 0.1 percent lower at 105.13 Japanese yen, while the euro rose 0.3 percent to $1.3797.

Oil prices remained above $100, with benchmark U.S. oil for February delivery down 24 cents to $100.08 in electronic trading on the New York Mercantile Exchange.

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Kurtenbach contributed from Tokyo.

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Signed contracts to buy US homes level off

WASHINGTON — The number of Americans who signed contracts to buy existing homes in November was essentially unchanged from October, suggesting sales are stabilizing after several months of declines.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index ticked up to 101.7 from 101.5 in October. The October figure was revised lower from an initial reading of 102.1.

Higher mortgage rates and strong price gains over the past two years have slowed sales. The pending home sales index had fallen for five straight months before November. And completed sales of existing homes fell for three straight months, the Realtors said earlier this month.

There is generally a one- to two-month lag between a signed contract and a completed sale.

The average interest rate on a 30-year mortgage edged higher to 4.48 percent last week, from 4.47 percent the previous week. Rates jumped about 1.25 percentage points from May through September, peaking at 4.6 percent. That increase occurred after Federal Reserve Chairman Ben Bernanke indicated that the Fed would start to slow its bond-buying program before the end of the year.

Earlier this month, the Fed announced it will reduce its $85 billion in monthly bond purchases by $10 billion a month starting in January. The bond purchases are intended to push down longer-term interest rates and encourage more borrowing and spending.

Robert Kavcic, an economist at BMO Capital Markets, said that recent housing market indicators have been mixed. Applications for mortgages to purchase homes fell to a nearly two-year low last week, he said.

Still, "we continue to believe that the U.S. housing market will absorb the upward move in mortgage rates and push higher in 2014, helped by still-attractive affordability, better job growth and improved confidence in the recovery," Kavcic said.

Despite the recent declines, home re-sales should reach 5.1 million in 2013, the best total in seven years, the Realtors forecast. That's 10 percent higher than 2012's total of almost 4.7 million. But it's still below the 5.5 million that is consistent with a healthy housing market.

The Realtors forecast that sales will remain largely flat in 2014 and then rise to 5.3 million in 2015. Steady job gains should make it easier for more people to buy homes. And mortgage rates remain low by historical standards.

Signed contracts rose in the South and West last month, while falling in the Northeast and Midwest.

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Egypt arrests Al-Jazeera TV's 4-member crew

CAIRO — Egypt's Interior Ministry says security forces have arrested journalists working for the Qatari-based Al-Jazeera network over alleged links to the Muslim Brotherhood, the leading Islamist group that was last week branded as a "terrorist" organization.

The network said Monday that four of its Cairo team — correspondent Peter Greste, producers Mohamed Fahmy and Baher Mohamed, and cameraman Mohamed Fawzy — are in custody since Sunday night.

Al-Jazeera says it's demanding their immediate release.

The ministry says only two Al-Jazeera staff were arrested, an Australian journalist and a second person, a Brotherhood member. It says they were meeting at a five-star Cairo hotel that is used to "spread rumors harming national security."

Egypt's military-backed government has long accused Al-Jazeera of bias because Qatar is perceived to have supported the Brotherhood.

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ECB chief sees hopeful signs in economic crisis

BERLIN — The European Central Bank's president says Europe's economy is showing encouraging signs though the crisis isn't yet over — and he says he has faced "perverse angst" among Germans, whose country is the eurozone's most powerful member.

The 17-nation eurozone is gradually recovering from recession. With inflation low, the ECB's benchmark interest rate is a record-low 0.25 percent.

Asked if rates should fall further, Mario Draghi, an Italian, told Monday's edition of German weekly Der Spiegel there is "no need for immediate action." He also tackled unease among Germans over the ECB's actions.

He says: "Each time it was said, for goodness' sake, this Italian is ruining Germany. There was this perverse angst that things were turning bad, but the opposite has happened: inflation is low and uncertainty reduced."

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Stocks are flat in quiet end-of-year trading

NEW YORK — Stocks were little changed in morning trading Monday as investors closed out their positions for what has been a historic year on Wall Street.

Traders had little corporate or economic news to work through. The bond market was quiet as well. The yield on the benchmark 10-year Treasury note continued to hover near 3 percent

KEEPING SCORE: The Dow Jones industrial average was up 13 points, or 0.1 percent, to 16,492 as of 10:45 a.m. Eastern. The Standard & Poor's 500 index fell 2 points, or 0.1 percent, to 1,840 and the technology-heavy Nasdaq composite fell 9 points, or 0.2 percent, to 4,148.

TWITTER TUMBLE: Twitter was among the biggest decliners in early trading. Twitter lost $2.65, or 4 percent, to $61.09. Wall Street analysts said Friday that the stock, which is still up 47 percent this month alone, had risen too far, too fast. Twitter slumped 13 percent on Friday.

OTHER TECH STOCKS ALSO LAG: Facebook lost 92 cents, or 2 percent, to $54.49 and Netflix fell $7.48, or 2 percent, to $360.00. Both were among the year's biggest gainers. Facebook rose more than 100 percent in 2013, Netflix nearly 300 percent.

END OF THE YEAR: Both the New York Stock Exchange and the Nasdaq Stock Market will be closed Wednesday for New Year's Day. Trading is expected to be volatile as investors use the next two trading days to close out their positions for 2013.

CROCS JUMPS: Crocs soared $2.06, or 15 percent, to $15.39 after the company announced it was getting a $200 million investment from private equity firm Blackstone and its CEO was retiring.

JAPAN CLOSES OUT HISTORIC YEAR: Japan's Nikkei stock index closed higher for a ninth straight day Monday. The index ended 2013 up 57 percent, its best year in decades.

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