Best Practice Institute Introduces New Social Network that Promises ‘Future of 360′

A new social network, skillrater.com launched today, makes it easy for members to request work performance ratings from overseers, co-workers and direct reports across a domestic and global workforce.

West Palm Beach, Fla. (PRWEB) December 20, 2012

Skillrater.com, an online social network that launched today, makes it easy for members to request work performance ratings from overseers, co-workers and direct reports across a domestic and global workforce.

“This is the future of 360-degree assessment and social learning,” said the network’s creator, Louis Carter, CEO of Best Practice Institute.

“Get rated. Get better. Get noticed,” says Skillrater.com’s website, which describes the new social network as “the world’s first rating, networking and feedback tool on a social platform.”

Executives, employees and entrepreneurs who have already been friended, linked and tweeted can now get feedback and rating on their skill sets and work at Skillrater.com. Individuals may join the Skillrater social network at no cost; corporations may purchase a premium or enterprise membership to use Skillrater as an in-house platform for feedback, talent management and social networking.

The Next Thing in 360 Assessment and Corporate Social Networking

“I want to bring a revolution to 360 so that organizations become more open and transparent, and driven by the desire for employees to request feedback on their competencies/skills and activities they execute on a daily basis” said Carter, BPI’s founder and a social-organizational psychologist.

The world of work is becoming more open and transparent. “A new IBM study of 1709 Chief Executive Officers from 64 countries and 18 industries worldwide reveals that CEOs are changing the nature of work by adding a powerful dose of openness, transparency and employee empowerment to the command-and-control ethos that has characterized the modern corporation for more than a century.”

Employees using skillrater engage in conversations and threaded discussions around improving their activities at work. Instead of hiding feedback from employees, employees may receive immediate correction of negatively reinforcing workplace habits directly from their bosses, peers, and customers. Employees may continue the feedback process in a threaded discussion to receive deeper advice and help from executive coaches or other members of the team. Repeating this process will show measurable changes in behavior and actions over time for your organization, as well as show patterns for the changes that need to me made on an individual, team, and organization level. The employee requests feedback of others directly, so that a culture of accountability and feedback is encouraged. Instead of “big brother/sister” HR forcing feedback of competencies and workplace performance, employees take ownership for creating their own culture of transparency so they may show their progress toward growth.

One study found that as many as 90 percent of all Fortune 500 companies use 360-degree feedback with their employees. In a 360 assessment, feedback is sought from all directions of an employee’s circle: overseers, peers, direct reports, and sometimes even external sources, such as customers and suppliers.

Skillrater brings several innovations to the 360-degree process to make the technique easier to use and to increase the tool’s beneficial results. Features include:

“Skillrater is a great tool. Leaders and managers are going to fall in love with it,” said the world’s leading executive coach and bestselling author Marshall Goldsmith. “There is no better way for organizational leaders to track talent data. Skillrater gives you a simple way to request receive feedback on what you are doing, while building an in-house social network to discuss the feedback. The ability to customize Skillrater around the desired competencies of your organization is brilliant.”"

Focus on Leadership Development in Globally Dispersed Workforces

Most importantly, Carter said, Skillrater provides a social network through which members can springboard from quantitative ratings to qualitative discussions that make the feedback truly transformative. This is especially beneficial for dispersed workforces where consistent face-to-face communication is costly to accomplish.”

“Our goal is to create a social network within an organization that is focused on helping employees improve their skills and improve performance,” Carter said. “Skillrater is not primarily about promotion and pay decisions, it’s about leadership development and positive behavioral change throughout a national or global workforce.”

Studies have shown 360-degree feedback is an effective way to help workers identify their strengths and weaknesses, including blind spots in which they need further development. Skillrater’s convenient online platform, along with the addition of a social networking dimension, makes Skillrater a powerful leadership development for dispersed or collective learning environments.

After corporate clients learn their way around all the bells and whistles of Skillrater’s multi-rater feedback tool, Carter said, they will move on to appreciate the richness of the in-house social network, creating a dispersed learning environment in which ongoing leadership development and action learning is cultivated within domestic or global workforces.

Skillrater Benefits for Individual Users

Individuals may join Skillrater.com for free and choose up to five skills upon which to be rated. Top executives, mid-level rising stars and lower-level workers with an eye on advancement may all use Skillrater to request feedback and map their own course of development. Requesting a Skillrater rating is an excellent way for an individual to confirm satisfaction with a completed project or identify additional steps needed to achieve satisfaction. Using Skillrater, a worker can demonstrate to higher-ups one’s desire to perform well and also document tangible improvement.

An individual who has acquired several ratings on one’s Skillrater profile and has made those ratings public may catch the attention of employers on the search for talent. Skillrater will become a go-to destination for talent recruitment. Other social networks provide an individual’s name, personal background and employment history, but Skillrater provides rubber-meets-the-road details of how an individual has been evaluated by co-workers, clients and customers on actual projects.

Skillrater Benefits for Corporate Users

Companies may purchase an enterprise membership, giving executives an unparalleled tool for talent management and leadership development. Enterprise membership enables companies to enroll 1,000 users and place them in 20 groups or divisions.

For senior talent management executives, Skillrater provides a remarkable way to track the job performance, skill sets and leadership development of dozens, hundreds or even thousands of employees spread out across a national or global workforce. For years, connecting the right employees with the right tasks has been the elusive aim of talent management. With Skillrater, when a particular skill set is needed for a particular task, a manager can search on those specific skills, and then read fresh feedback on recent projects, including not only numerical ratings but subsequent comments and discussion. That is rich, valuable talent data, which Skillrater puts at executives’ fingertips.

Managers from different divisions may customize their own groups to have specific skills or competencies that are important for success on-the-job. Users can select these group skills when requesting ratings to get targeted feedback that meets the need of the department head or head of leadership development. The ability to customize skills is critical to an organization’s success, making this a key feature of Skillrater’s enterprise membership level.

VPs of leadership development have the ability to set up action learning groups with specific action items. Group members work together online to achieve goals and get ratings on the skills that will make them most successful on the action learning project. Changes in behavior and actual project results may be tracked over time, proving the ROI of the leadership development program.

How Does Skillrater Work?

Joining Skillrater is easy and painless. An individual can create a Skillrater profile in a few moments or import one’s profile and skill set from LinkedIn.

A Skillrater member may request a rating from anybody on anything. It really is that simple. The user simply clicks the “Request Rating” button, specifies the task or activity for which one seeks a rating and the specific skills on which feedback is desired.

Then the member sends off the rating requests. If the desired rater is already a Skillrater.com member, requesting a rating is just one additional click. If not, the user enters the desired rater’s email address, and a message is sent requesting the rating and providing the necessary link.

After feedback has been received, Skillrater notifies the user. Results include a spider chart, an easy-to-understand graphical interpretation of how the feedback lines up with one’s self-assessment. Users continue to share advice and further clarification via a discussion thread to continue the social learning and coaching experience online.

ABOUT BEST PRACTICE INSTITUTE

Best Practice Institute is an award-winning leadership development center, think tank, peer network, research institute and online learning portal with more than 10,000 corporate and individual members around the world. Corporate members include Walmart, Bank of America, Pfizer, Hilton Hotels Worldwide, Scripps and many more of the world’s top corporations. BPI is based in West Palm Beach, FL, and is on the web at http://www.bestpracticeinstitute.org. BPI is ranked as one of the top ten “Best in Leadership Development” by Leadership Excellence Magazine.

Louis Carter is the founder and CEO of Best Practice Institute. Carter is a social-organizational psychologist, concept innovator, entrepreneur and a highly regarded authority on learning, talent, leadership development and change. He is the author or co-author of 11 books and a regular contributor to Fast Company, Chief Learning Officer, Talent Management, and Training Magazine.

For More Information or to schedule an interview, please contact Louis Carter: 800-718-4274; lou(at)bestpracticeinstitute.org

Louis Carter
Best Practice Institute
800-718-4274
Email Information

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Miss USA Olivia Culpo Wins Miss Universe

By Tim Nudd

12/20/2012 at 08:35 AM EST

Miss Universe Olivia Culpo

Julie Jacobson/AP

USA! USA!

Olivia Culpo, the 20-year-old Miss USA and former Miss Rhode Island, won the Miss Universe pageant on Wednesday night in Las Vegas, becoming the first American to do so since 1997.

The Boston University sophomore outlasted 88 other competitors. Miss Philippines, Janine Tugonon, came in second, and Miss Venezuela, Irene Sofia Esser Quintero, finished third.

"What an honor! This night was a dream come true. Thank you everyone for your support tonight!! USA finally did it!" Culpo wrote on Twitter after the competition ended.

The U.S. drought in the competition had gone back 15 years. The last American to win was Hawaii's Brook Lee.

With Culpo earning her new title, Miss Maryland, Nana Meriwether, now becomes the new Miss USA.

Culpo had told the Boston Herald this week, before she won, that the Miss Universe competition was a whole different challenge than Miss USA. "For Miss USA, I felt more pressure to be lean," she said. "Here, they're bigger and taller. The look of Miss Universe is more voluptuous."

On Thursday, Culpo was ready to embrace everything that comes with the Miss Universe title. "Rise and shine!!" she wrote on Twitter. "Makeup time with @Yukyan51 for a long day of media. Ready for day one of #MissUniverse life :)"

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Stock futures flat amid "fiscal cliff" uncertainty

NEW YORK (Reuters) - Stock futures were flat on Thursday amid uncertainty over U.S. fiscal negotiations, as President Barack Obama threatened to veto a controversial Republican plan, suggesting a deal wouldn't come as soon as many investors had hoped.

Republican Speaker of the House John Boehner, in a brief press conference Wednesday, said his chamber would pass a proposal that spares many wealthy Americans from tax hikes needed to balance the budget. Obama has threatened to veto the plan if it passes, while some Republicans oppose any deal featuring tax increases.

"This is enough to make people think talks have regressed, which is making people nervous," said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania. "We don't know how much of this is just political posturing, and we're probably past the point of automatic faith a deal will be cut."

Equities have been volatile this week, though they notched strong gains Monday and Tuesday as offers from Obama and Boehner indicated progress was being made in budget discussions.

That rally ended Wednesday as shares slumped, though they remain near a two-month high, as a rise in tensions in the talks threatened to unravel recent progress.

While many investors still expect a deal to avert the "fiscal cliff," steep tax hikes and spending cuts due to take effect in 2013 that could tip the economy into recession, agreement may not come as quickly as they had hoped.

S&P 500 futures rose 1.2 point and were above 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 added 9 point and Nasdaq 100 futures rose 5.75 points.

Stocks have rallied recently on signs of progress in the negotiations, led by banking and energy shares, which tend to outperform in times of economic expansion. On signs of complications, however, many have turned to hedging their bets through options and exchange-traded funds.

Investors await the latest economic data for trading impetus; weekly jobless claims and the final estimate on third-quarter gross domestic product are both due at 8:30 a.m. ET (1330 GMT). The pace of growth is likely to be revised up to 2.8 percent from 2.7 percent, while claims are expected to rise to 357,000 in the latest week, from 343,000.

November existing home sales are due at 10:00 a.m. and are seen rising 1.3 percent, compared with 2.1 percent in October, while the Philadelphia Federal Reserve Bank's December business activity survey is forecast to come in at -3.0 compared to -10.7 in November.

"People are starting to feel vulnerable on the fiscal cliff, so any negative data could have an outsized impact on trading," Dailey said.

IntercontinentalExchange Inc is in talks to buy NYSE Euronext , the operator of the New York Stock Exchange, according to a source familiar with the situation on Wednesday, in a multibillion dollar deal.

Google Inc agreed to sell set-top TV box maker Motorola Home to Arris Group Inc for $2.35 billion in cash and stock. Arris rose 3.2 percent to $15 in premarket trading.

(Editing by Bernadette Baum)

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Park set to win South Korean presidential election

SEOUL (Reuters) - The daughter of a former military ruler took a commanding lead in South Korea's presidential election on Wednesday, putting her on track to become the country's first woman head of state.

A win for 60-year old conservative Park Geun-hye would see her return to the presidential palace where she served as her father's first lady in the 1970s, after Park's mother was assassinated by a North Korean-backed gunman.

With more than 70 percent of the votes counted, Park led with 51.6 percent to 48 percent for her left-wing challenger, human rights lawyer Moon Jae-in.

Her raucous, jubilant supporters braved sub-zero temperatures to chant her name and wave South Korean flags outside her house.

An elated Park reached into the crowd to grasp hands.

Park will take office for a mandatory single, five-year term in February and will face an immediate challenge from a hostile North Korea and have to deal with an economy in which annual growth rates have fallen to about 2 percent from an average of 5.5 percent in the past 50 years.

She is unmarried and has no children, saying that her life will be devoted to her country.

The legacy of her father, Park Chung-hee, who ruled for 18 years and transformed the country from the ruins of the 1950-53 Korean War into an industrial power-house still divides Koreans.

For many conservatives, he is South Korea's greatest president and the election of his daughter would vindicate his rule. His opponents dub him a "dictator" who trampled on human rights and stifled dissent.

"I trust her. She will save our country," said Park Hye-sook, 67, who voted in an affluent Seoul district, earlier in the day.

"Her father ... rescued the country," said the housewife and grandmother, who is no relation to the candidate.

For younger people, the main concern is the economy and the creation of well-paid jobs in a country where income inequalities have grown in recent years.

"Now a McDonald's hamburger is over 5,000 Korean won ($4.66) so you can't buy a McDonald's burger with your hourly pay. Life is hard already for our two-member family but if there were kids, it would be much tougher," said Cho Hae-ran, 41, who is married and works at a trading company.

Park has spent 15 years in politics as a leading legislator in the ruling Saenuri party, although her policies are sketchy.

She has a "Happiness Promotion Committee" and her campaign was launched as a "National Happiness Campaign", a slogan she has since changed to "A Prepared Woman President".

She has cited former British Prime Minister Margaret Thatcher, a tough proponent of free markets, as her role model as well as Angela Merkel, the conservative German chancellor who is Europe's most powerful leader.

NEGOTIATE WITH NORTH

One of those who voted on Wednesday was Shin Dong-hyuk, a defector from North Korea who is the only person known to have escaped from a slave labor camp there.

He Tweeted that he was voting "for the first time in my life", although he didn't say for whom.

Park has said she would negotiate with Kim Jong-un, the youthful leader of North Korea who recently celebrated a year in office, but wants the South's isolated and impoverished neighbor to give up its nuclear weapons program as a precondition for aid, something Pyongyang has refused to do.

The two Koreas remain technically at war after an armistice ended their conflict. Kim Il Sung, the grandfather of the North's current leader, ordered several assassination attempts on Park's father, one of which resulted in her mother being shot to death in 1974.

Park herself met Kim Jong-un's father, the late leader Kim Jong-il, and declared he was "comfortable to talk to" and he seemed to be someone "who would keep his word".

The North successfully launched a long-range rocket last week in what critics said was a test of technology for an intercontinental ballistic missile and has recently stepped up its attacks on Park, describing her as holding a "grudge" and seeking "confrontation", code for war.

Park remains a firm supporter of a trade pact with the United States that and looks set to continue the free-market policies of her predecessor, although she has said she would seek to spread wealth more evenly.

The biggest of all the chaebol, Samsung Group, which produces the world's top selling smartphone as well as televisions, computer chips and ships, has sales equivalent to about a fifth of South Korea's national output.

(Additional reporting by Jumin Park, Seongbin Kang, Narae Kim, SoMang Yang; Writing by David Chance; Editing by Robert Birsel)

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Facebook CEO Mark Zuckerberg donating $500 million in stock to Silicon Valley charity

SAN FRANCISCO – Facebook CEO Mark Zuckerberg said Tuesday he is donating nearly $ 500 million in stock to a Silicon Valley charity with the aim of funding health and education issues.

Zuckerberg donated 18 million Facebook shares, valued at $ 498.8 million based on their Tuesday closing price. The beneficiary is the Silicon Valley Community Foundation, a non-profit that works with donors to allocate their gifts.

This is Zuckerberg’s largest donation to date. He pledged $ 100 million in Facebook stock to Newark, New Jersey, public schools in 2010, before his company went public earlier this year. Later in 2010, he joined Giving Pledge, an effort led by Microsoft Corp. founder Bill Gates and Berkshire Hathaway Inc. CEO Warren Buffett to get the country’s richest people to donate most of their wealth. His wife, Priscilla Chan, joined with him.

In a Facebook post Tuesday, Zuckerberg, 28, said he’s “proud of the work” done by the foundation that his Newark donation launched, called Startup: Education, which has helped open charter schools, high schools and others.

With the latest contribution, he added, “we will look for areas in education and health to focus on next.” He did not give further details on what plans there may be for funds.

“Mark’s generous gift will change lives and inspire others in Silicon Valley and around the globe to give back and make the world a better place,” said Emmett D. Carson, CEO of the foundation.

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Newtown's Dawn Hochsprung and Victoria Soto to Be Buried Wednesday

By Stephen M. Silverman

12/19/2012 at 08:50 AM EST

Principal Dawn Hochsprung (left) and Victoria Soto

AP; Polaris

Newtown, Conn., will see six more funerals and remembrances on Wednesday, including services for the beloved Dawn Hochsprung, Sandy Hook Elementary School's principal, who lunged at her assassin, and heroic teacher Victoria Soto, who tried to shield her students as the bullets were flying.

Wednesday afternoon, mourners will have a chance to pay respects to Hochsprung at a local funeral home, at the invitation of her family. Her burial will be private.

Funerals are also scheduled for Charlotte Bacon, 6; Daniel Barden, 7; and Caroline Previdi, 6. The family of Chase Kowalski, 7, is holding a public visitation and prayer vigil.

Surviving Sandy Hook students face another day of school at the unused Chalk Hill School in nearby Monroe, Conn., At the Sandy Hook school itself, the mountain of candles, flowers and stuffed animals continued to grow, despite rainy weather.

The shock of what happened Friday, and the nearly insurmountable grief that has followed, looks to be having a tangible impact on the nation.

President Obama, who personally embraced Newtown families on Sunday, has assigned Vice President Joe Biden the task of formulating the administration's policies to reduce violence and prevent mass-shootings like the one that took 26 lives at Sandy Hook Elementary School, administration officials tell ABC News.

The officials also say the President additionally wishes to address cultural and mental health factors contributions to the mounting gun violence in the country.

On Tuesday, reports Reuters, the private equity firm Cerberus Capital Management LP said it would sell its investment in the company that makes the AR-15-type Bushmaster rifle that Sandy Hook killer Adam Lanza used on 20 students and six staff members.

In addition, for the first time since the massacre, the National Rifle Association, broke its silence on Tuesday, saying it was "shocked, saddened and heartbroken" and "prepared to offer meaningful contributions" to prevent future incidents of this kind.

The powerful gun lobby plans a news conference Friday.

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Experts: Kids are resilient in coping with trauma

WASHINGTON (AP) — They might not want to talk about the gunshots or the screams. But their toys might start getting into imaginary shootouts.

Last week's school shooting in Connecticut raises the question: What will be the psychological fallout for the children who survived?

For people of any age, regaining a sense of security after surviving violence can take a long time. They're at risk for lingering anxiety, depression, post-traumatic stress disorder.

But after the grief and fear fades, psychiatrists say most of Newtown's young survivors probably will cope without long-term emotional problems.

"Kids do tend to be highly resilient," said Dr. Matthew Biel, chief of child and adolescent psychiatry at MedStar Georgetown University Hospital.

And one way that younger children try to make sense of trauma is through play. Youngsters may pull out action figures or stuffed animals and re-enact what they witnessed, perhaps multiple times.

"That's the way they gain mastery over a situation that's overwhelming," Biel explained, saying it becomes a concern only if the child is clearly distressed while playing.

Nor is it unusual for children to chase each other playing cops-and-robbers, but now parents might see some also pretending they're dead, added Dr. Melissa Brymer of the UCLA-Duke National Center for Child Traumatic Stress.

Among the challenges will be spotting which children are struggling enough that they may need professional help.

Newtown's tragedy is particularly heart-wrenching because of what such young children grappled with — like the six first-graders who apparently had to run past their teacher's body to escape to safety.

There's little scientific research specifically on PTSD, post-traumatic stress disorder, in children exposed to a burst of violence, and even less to tell if a younger child will have a harder time healing than an older one.

Overall, scientists say studies of natural disasters and wars suggest most children eventually recover from traumatic experiences while a smaller proportion develop long-term disorders such as PTSD. Brymer says in her studies of school shootings, that fraction can range from 10 percent to a quarter of survivors, depending on what they actually experienced. A broader 2007 study found 13 percent of U.S. children exposed to different types of trauma reported some symptoms of PTSD, although less than 1 percent had enough for an official diagnosis.

Violence isn't all that rare in childhood. In many parts of the world — and in inner-city neighborhoods in the U.S., too — children witness it repeatedly. They don't become inured to it, Biel said, and more exposure means a greater chance of lasting psychological harm.

In Newtown, most at risk for longer-term problems are those who saw someone killed, said Dr. Carol North of the University of Texas Southwestern Medical Center, who has researched survivors of mass shootings.

Friday's shootings were mostly in two classrooms of Sandy Hook Elementary School, which has about 450 students through fourth-grade.

But those who weren't as close to the danger may be at extra risk, too, if this wasn't their first trauma or they already had problems such as anxiety disorders that increase their vulnerability, she said.

Right after a traumatic event, it's normal to have nightmares or trouble sleeping, to stick close to loved ones, and to be nervous or moody, Biel said.

To help, parents will have to follow their child's lead. Grilling a child about a traumatic experience isn't good, he stressed. Some children will ask a lot of questions, seeking reassurance, he said. Others will be quiet, thinking about the experience and maybe drawing or writing about it, or acting it out at playtime. Younger children may regress, becoming clingy or having tantrums.

Before second grade, their brains also are at a developmental stage some refer to as magical thinking, when it's difficult to distinguish reality and fantasy. Parents may have to help them understand that a friend who died isn't in pain or lonely but also isn't coming back, Brymer said.

When problem behaviors or signs of distress continue for several weeks, Brymer says it's time for an evaluation by a counselor or pediatrician.

Besides a supportive family, what helps? North advises getting children back into routines, together with their friends, and easing them back into a school setting. Studies of survivors of the Sept. 11 terrorist attacks found "the power of the support of the people who went through it with you is huge," she said.

Children as young as first-graders can benefit from cognitive-behavioral therapy, Georgetown's Biel said. They can calm themselves with breathing techniques. They also can learn to identify and label their feelings — anger, frustration, worry — and how to balance, say, a worried thought with a brave one.

Finally, avoid watching TV coverage of the shooting, as children may think it's happening all over again, Biel added. He found that children who watched the 9/11 clips of planes hitting the World Trade Center thought they were seeing dozens of separate attacks.

___

EDITOR'S NOTE — Lauran Neergaard covers health and medical issues for The Associated Press in Washington.

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Stock futures point to higher open, Oracle up early

NEW YORK (Reuters) - Stock futures pointed to a higher open on Wednesday as the latest offers in ongoing U.S. budget negotiations underlined hopes for a deal, while technology shares were lifted by strong results from Oracle.

The S&P 500 is on track to extend its best two-day run in a month, a sign that investors are looking past the "fiscal cliff," a combination of tax hikes and spending cuts many fear could push the economy into recession if they take effect next year.

President Barack Obama's most recent offer to Republicans in the ongoing fiscal talks made concessions on taxes and social programs spending, amid concerns from Senate Democrats. House Speaker John Boehner said he remained hopeful about an agreement, though the offer was "not there yet." [ID:nL1E8NI331]

"Both Obama and Boehner have been making concessions, suggesting a deal will get done before the deadline, resulting in an acceleration in stock buying," said Adam Sarhan, chief executive of Sarhan Capital in New York.

Tech shares will be in focus a day after Oracle Corp reported earnings that beat expectations on strong software sales growth. Shares rose 2.7 percent to $33.78 in premarket trading.

FedEx Corp reported second-quarter revenue that beat expectations, but said its earnings in the quarter had been impacted by Superstorm Sandy. Shares rose 1.3 percent to $93.53 before the bell.

S&P 500 futures rose 3.9 points and were above 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 added 37 points and Nasdaq 100 futures rose 9 points.

The S&P has gained 2.3 percent over the past two sessions, the first time it has notched two straight days of 1 percent gains since late July. Markets have been supported by any indication agreement might be reached, with banks and energy shares- groups that outperform during periods of economic expansion - leading gains.

"We've been breaking above levels of resistance, including the 50-day moving average and the November high, so from a technical standpoint we're seeing a lot of improvement," Sarhan said. "We're set up for a strong 2013."

Trading volume has been light ahead of the holidays and as some caution remains over the cliff. Equities have struggled to gain ground in recent weeks amid signs there was little room for compromise between the two political parties.

Knight Capital Group Inc climbed 4.1 percent to $76.68 in premarket after it agreed to be bought by Getco Holdings in a deal valued at $1.4 billion. The stock, which was devastated by a near-fatal trading error in August, remains down about 76 percent so far this year.

General Mills Inc reported earnings that beat expectations and raised its full-year profit view, citing a recent acquisition which lifted sales. Shares gained 1.5 percent to $42.40 in premarket trading.

Industrial machinery maker SPX Corp is closing in on a roughly $4.2 billion deal to buy rival Gardner Denver Inc , as it makes progress in securing financing, a source familiar with the matter said on Tuesday. Gardner shares rose 4.1 percent before the bell to $76.68.

U.S. housing starts fell 3 percent in November, impacted by Superstorm Sandy. Stock index futures barely reacted to the data.

(Editing by Bernadette Baum)

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Egypt opposition to protest against "invalid" constitution

CAIRO (Reuters) - Egypt's opposition will hold new protests on Tuesday against an Islamist-backed draft constitution that has divided the nation but which looks set to be approved in the second round of a referendum next weekend.

Islamist President Mohamed Mursi obtained a 57 percent "yes" vote for the constitution in a first round of the referendum on Saturday, state media said, less than he had hoped for.

The result is likely to embolden the opposition, which says the law is too Islamist. But they are unlikely to win this Saturday's second round, to be held in districts seen as even more sympathetic towards Mursi's Muslim Brotherhood.

Protesters broke out into cheers when the public prosecutor Mursi appointed last month announced his resignation late on Monday. Further signs of opposition emerged when a judges' club urged its members not to supervise Saturday's vote. But the call is not binding on members and balloting is expected to go ahead.

If the constitution passes next weekend, national elections can take place early next year, something many hope will help end the turmoil that has gripped Egypt since the fall of Hosni Mubarak nearly two years ago.

The main opposition coalition, the National Salvation Front, said there were widespread voting violations in the first round of the referendum and urged organizers to ensure that the second round was properly supervised.

It has called for protests across Egypt on Tuesday "to stop forgery and bring down the invalid draft constitution" and wants organizers to re-run the first round of voting.

The Ministry of Justice said it was appointing a group of judges to investigate allegations of voting irregularities around the country.

DEMONSTRATIONS

In Cairo, the Front planned to hold demonstrations at Tahrir Square, cradle of the revolution that toppled Mubarak, and outside Mursi's presidential palace, still ringed with tanks after earlier protests.

"Down with the constitution of the Brotherhood," the Front said in a statement. "Down with the constitution of tyranny."

A protester at the presidential palace, Mohamed Adel, 30, said: "I have been camping here for weeks and will continue to do so until the constitution that divided the nation, and for which people died, gets scrapped."

The build-up to the first round of voting saw clashes between supporters and opponents of Mursi in which eight people died. Recent demonstrations in Cairo have been more peaceful, although rival factions clashed on Friday in Alexandria, Egypt's second biggest city.

On Monday evening, more than 1,300 members of the General Prosecution staff gathered outside the office of Public Prosecutor Talaat Ibrahim to demand that he leave his post.

Hours later, Ibrahim announced he had resigned and the crowd cheered, "God is Great! Long live justice!" and "Long live the independence of the judiciary!" witnesses said.

The closeness of the first-round referendum vote and low turnout give Mursi scant comfort as he seeks to assemble support for difficult economic reforms to reduce the budget deficit.

He will hold a further round of national unity talks with political leaders on Tuesday, but the National Salvation Front is expected to stay away, as it has in the past.

OPPOSITION BOOST

The lack of a big majority in the plebiscite so far has complicated matters for Mursi, strengthening the fractious opposition and casting doubt on the credibility of the constitution, political analysts believe.

"This percentage ... will strengthen the hand of the National Salvation Front and the leaders of this Front have declared they are going to continue this fight to discredit the constitution," said Mustapha Kamal Al-Sayyid, a professor of political science at Cairo University.

Mursi would be likely to become more unpopular with the introduction of planned austerity measures, polarizing society further, Sayyid told Reuters.

To tackle the budget deficit, the government needs to impose tax rises and cut back fuel subsidies. Uncertainty surrounding economic reform plans has already forced the postponement of a $4.8 billion loan from the International Monetary Fund. The Egyptian pound has fallen to eight-year lows against the dollar.

Mursi and his backers say the constitution is needed to move Egypt's democratic transition forward. Opponents say the document is too Islamist and ignores the rights of women and of minorities, including Christians who make up 10 percent of the population.

Demonstrations erupted when Mursi awarded himself extra powers on November 22 and then fast-tracked the constitution through an assembly dominated by his Islamist allies and boycotted by many liberals.

The referendum has had to be held over two days because many of the judges needed to oversee polling staged a boycott in protest. In order to pass, the constitution must be approved by more than 50 percent of those voting.

(Additional reporting by Tamim Elyan and Edmund Blair; Writing by Giles Elgood; Editing by Michael Roddy)

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Iran leader gets the clicks with Facebook rumor

DUBAI, United Arab Emirates (AP) — A Facebook page purportedly created by Iran‘s Supreme Leader Ayatollah Ali Khamenei attracted nearly 10,000 followers on Tuesday although the site’s content and style raise serious questions about its authenticity.

Iranian authorities had no immediate comment on the site, which apparently went online last week but only recently gained prominence among social media watchers. Despite the possibility that it is a hoax, the page has generated at least 170 comments — laudatory and derogatory, and nearly all in Farsi — that highlight the deep political divisions in Iran and possibly opposition fervor from expatriate Iranians.

One post compared Khamenei to a celebrated ruler of ancient Persia, Cyrus the Great, who significantly expanded the Persian empire 2,500 years ago.

Another wrote: “Mr. Khamenei, how are you visiting this page? With proxy?”

It was a reference to Iran’s blocking of Facebook and many other Western social media sites, and the efforts to bypass the restrictions using proxy server links from outside Iran.

The U.S. State Department said Monday it will keep tabs on the page, but had no comment on whether it was genuine or not. Spokeswoman Victoria Nuland joked that Washington is curious how many “likes” the Khamenei page receives.

But much about the page — including an informal photo of Khamenei riding in a car — suggested it was not sanctioned by Iran’s top leader. It is also highly unlikely that Khamenei would endorse a banned outlet such as Facebook.

The Net is not unknown territory for Iranian leaders, however. Khamenei, President Mahmoud Ahmadinejad and others have official websites. Also, some senior Iranian clerics issue religious opinions by email.

Social Media News Headlines – Yahoo! News

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