Speedster Clunes loses insurance gig

A STRING of speeding fines has cost British TV star Martin Clunes more than his driver's licence.

The Doc Martin and Men Behaving Badly star, 50, has lost his job as the promotional face of UK insurance firm Churchill, after admitting to the company that a culmination of infringements meant he no longer had the legal right to get behind the wheel.

A statement from the insurer said advertisements featuring Clunes, in which the star was sometimes shown riding a motorcycle, have been cancelled.

"Churchill Insurance currently has no adverts with Martin Clunes on air and will be moving forward with new advertising in the New Year," the statement read.

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US stocks jump on 'fiscal cliff' hopes

US stocks have scored solid opening gains on hopes that political leaders will find a way to avoid the so-called "fiscal cliff" of automatic tax hikes and spending cuts in January.

After five minutes of trade on Monday, the Dow Jones Industrial Average was up 108.12 points, or 0.86 per cent, at 12,696.43.

The S&P 500-stock index advanced 16.34 points, or 1.20 per cent, to 1,376.22.

The tech-rich Nasdaq Composite leaped 33.96 points, or 1.19 per cent, to 2,887.09.

"Markets are looking to extend Friday's gains on hopes that progress will be made surrounding the fiscal cliff," said Wells Fargo Advisors analysts.

"Investors are encouraged after President Obama said on his trip to South-East Asia that he believes a budget deal will be reached."

On Friday, stocks rebounded slightly following a rough week as the White House opened talks with congressional leaders on the cliff and the deficit, with politicians on both sides signalling readiness to compromise.

The Dow rose 0.37 per cent and the S&P 500 added 0.48 per cent.

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Intel to seek new CEO, Otellini to retire

COMPUTER chip giant Intel Corp has announced that chief executive Paul Otellini will retire in May, and that a search for a new CEO is under way.

"The board of directors will conduct the process to choose Otellini's successor and will consider internal and external candidates for the job," said a statement from the Santa Clara, California tech giant on Monday.

"Otellini's decision to retire will bring to a close a remarkable career of nearly 40 years of continuous service to the company and its stockholders."

The company said that since Otellini took over as CEO in 2005, it generated cash from operations of $US107 billion ($A104 billion) and annual revenue grew from $US38.8 billion to $US54 billion.

But the world's largest chipmaker has been hit recently by a shift away from traditional PCs to mobile devices, and by a sluggish global economy.

The semiconductor maker said last month third quarter profits fell 14 per cent from the same period a year ago to $US2.97 billion on revenues of $US13.5 billion, down five per cent, and cited "a continuing tough economic environment".

Intel remains the dominant chipmaker in the PC market but has been catching up in the field of mobile devices including smartphones and tablets.

"Paul Otellini has been a very strong leader, only the fifth CEO in the company's great 45-year history, and one who has managed the company through challenging times and market transitions," said Andy Bryant, chairman of the board, in a statement announcing Otellini's plans.

"The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years."

Intel also said the board has approved the promotion of three senior leaders to the position of executive vice president: Renee James, head of Intel's software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy.

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Women, kids crushed in deadly stampede

Indian Hindu devotees cross a bamboo bridge as they gather to pay homage to the setting sun during Chhat Puja on the banks of the Ganges River in Patna. Picture: AFP Source: AFP

AT LEAST 18 people have been killed and more than a dozen injured following the collapse of a bridge which triggered a stampede during a Hindu festival in the eastern Indian city of Patna, officials said.

"Bodies of the 18 people killed in the stampede have been sent to the hospital for autopsies," Jayant Kant, a police superintendent in Patna said.

Mr Kant said the stampede occurred when a makeshift bridge erected to help people reach the Ganges river gave way under the weight of devotees rushing to offer prayers to the setting sun as part of an annual Hindu religious ritual.

Most of the casualties are thought to be the result of the stampede and not the collapse of the low-slung bamboo-and-rope bridge designed to help worshippers cross rough terrain.

"Ten women and eight children are among those killed," the police officer said, adding the toll was likely to go up as several other Hindu devotees were reported missing at the site.

Television stations showed ambulances with sirens wailing ferry worshippers to various city hospitals, while Sanjay Kumar Singh, a city administrator, said power darkness at the site made rescue efforts more difficult.

"When the bridge collapsed, power cables strung on it snapped and lights went off and in the darkness people scrambled which triggered the stampede," Mr Singh said.

Patna is capital of the eastern Indian state of Bihar, where the annual Chhath festival dedicated to the Hindu Sun God is popular.

An estimated 400,000 Hindu devotees thronged upto 65 riverside locations specially prepared by state authorities to cater to worshippers travelling to the Ganges, which is revered by Hindus as holy.

Around 50,000 people were present at Adalat Ganj, one of the worship locations, when the makeshift bridge collapsed, officials said.

The festival is celebrated across India and the number of devotees are likely to swell at dawn today when worshippers will throng rivers to offer prayers to the rising sun.

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US existing home sales jump

US existing home sales picked up in October despite the market in the northeast being shut down in the last days of the month by Hurricane Sandy, a realtors group says.

Existing home sales rose 2.1 per cent over September, hitting an annual pace of 4.79 million units, pulled up by a 4.4 per cent rise in the West, according to the National Association of Realtors.

Sales in the South gained 2.1 per cent, and the Midwest 1.8 per cent, while the Northeast saw a 1.7 per cent decline, in part due to the superstorm which wreaked havoc on the densely populated eastern New York-New Jersey region in the final days of the month.

Year-on-year sales nationally were up 10.9 per cent from a year earlier, and the national median price, $US178,600 ($A173,290), was 11.1 per cent higher.

"Home sales continue to trend up and most October transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in much of the country," said NAR economist Lawrence Yun.

"We expect an impact on northeastern home sales in the coming months from a pause and delays in storm-impacted regions."

Around one-quarter of all sales were "distressed" sales: homes forced on the market by lender foreclosures and short sales, reflecting the still deep impact of the crash of the housing market six years ago, according to NAR.

The inventory of homes available for sale continued to tighten. Inventory dropped to a 5.4-month supply, at current sales rates, to its lowest level since February 2006, and down from 7.6 months of supply a year ago.

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Popular William tops royal poll

PRINCE William has topped a royal popularity poll in Britain, firing speculation that he should take the throne ahead of his father Charles.

William, 30, was mentioned by 62 per cent of respondents asked to name their favourite Windsor family members in a survey conducted by King's College London/Ipsos MORI, and published by the Evening Standard newspaper on Monday.

It is the highest approval rating the well-respected questionnaire has produced for a royal since 1984, with RAF rescue helicopter pilot William out-polling even the Queen, 86.

Charles, 64, who has just completed an official tour of Papua New Guinea, Australia and New Zealand with wife Camilla, 65, was mentioned by 21 per cent of respondents, compared to 50 per cent in 1984 and 38 per cent in 2001.

"A lot of people would like the idea of William succeeding straight away. He is young and good looking and popular," Ipsos MORI director and professor of public opinion at King's College, Roger Mortimer, told the Evening Standard.

"I think young people can see something of themselves in William and (wife) Kate. They can see the monarchy looking more modern than it did beforehand."

While William, the Queen and Prince Harry round out the top-three places in the latest survey, Catherine, Duchess of Cambridge is at number four, beating many of her in-laws after just 19 months in the family.

Pollsters were also asked of their general support for the monarchy, with 60 per cent believing the firm will be in place in 50 years, and 42 per cent confident it will survive the next century.

"After a rocky period in the 1990s, public support for the monarchy and the Queen now looks as strong as it has been for many years," Prof Mortimer said.

The survey interviewed 1014 adults between November 10 and November 13.

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UK PM calls for wartime spirit on economy

BRITAIN must ruthlessly pursue growth to secure its economic recovery, Prime Minister David Cameron has told business leaders, invoking the wartime spirit that helped the nation defeat Adolf Hitler's Nazi regime.

The prime minister told the annual meeting of the Confederation of British Industry (CBI) that he has instructed all departments in the civil service to make economic growth a central aim.

Cameron's Conservative-led coalition government has already made big steps toward cutting costs and eliminating waste to slash the deficit and provide a stable business environment, he said.

"I want every department in Whitehall to be a growth department. I've insisted that every permanent secretary has growth as a key objective," Cameron told CBI delegates on Monday.

"And I want every minister and every official to understand that the dangers are not just in what you do, but what you don't do - that the costs of delay are dealt in businesses going bust, jobs being lost, livelihoods being destroyed."

Britain escaped from recession in the third quarter but its outlook remains clouded by the impact of the ongoing eurozone debt crisis, harsh state austerity measures and inflationary pressures.

The Bank of England warned last week that the economy would shrink again in the fourth quarter in the absence of temporary factors like the London Olympic Games.

Cameron also outlined plans to cut through red tape and change the risk-averse culture of many civil servants.

"When this country was at war in the 1940s, Whitehall (Britain's civil service) underwent a revolution.

"Normal rules were circumvented. Convention was thrown out. As one historian put it, everything was thrown at the overriding purpose of beating Hitler.

"Well, this country is in the economic equivalent of war today - and we need the same spirit."

The economy grew by an impressive 1.0 per cent in the three months to September, escaping from the longest double dip recession since the 1950s - and answering the prayers of many business leaders, according to the CBI.

"Reduced inflation and stable unemployment ... and most importantly, the first signs of growth that quite frankly we prayed for, (are) just starting to inch through," added CBI president Roger Carr in his opening address.

"So it's no surprise that the mood from our members is: it's tough, but could be worse."

The CBI - the country's biggest employers' organisation - is a powerful business lobby in Britain and represents more than 240,000 companies or about one third of the private sector.

This year, the group is calling for the government to target education as its number one priority as part of Britain's long-term growth strategy.

And it appealed to finance minister George Osborne to continue his austerity policies.

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