Jets fire offensive coordinator Tony Sparano

FLORHAM PARK, N.J. (AP) — Tony Sparano has been fired as the New York Jets' offensive coordinator after one season in which the offense ranked among the league's worst.
Sparano was hired last March to replace Brian Schottenheimer and take over an offense that struggled mightily. Instead, the former Miami Dolphins head coach wasn't able to jumpstart the running game or figure out a way to use Tim Tebow consistently as the Jets finished 30th in the NFL in total offense.
Sparano was expected to use Tebow as a major part of the Jets' wildcat-style offense, but the popular backup quarterback was mostly a non-factor — failing to get into the end zone during his first and likely only season in New York.
The contract of quarterbacks coach Matt Cavanaugh also was not renewed.
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CORRECTED-Institute of Medicine to study US youth sports concussions

(Corrects first and second paragraphs, headline to show that Institute of Medicine is not part of government)
WASHINGTON, Jan 7 (Reuters) - The Institute of Medicine launched on Monday a sweeping study of rising sports-related concussions among U.S. youth, amid concerns that the injuries may have contributed to the suicides of professional football players.
The Institute, part of the private, non-profit National Academies, will probe sports-related concussions in young people from elementary school through early adulthood. The study will include military personnel and their dependants, and review concussions and risk factors.
The study, one of the most extensive ever done, will be scrutinized intently by Americans worried about brain injuries in sports, said Robert Graham, head of the panel carrying out the study.
"You start talking about, 'Is it safe for Sally to be playing soccer?,' you get lots of public interest," Graham, a public health expert at George Washington University in Washington, told Reuters after the committee's first meeting.
He said the panel likely would submit its report to the Institute of Medicine in the middle of the summer, with publication expected in late 2013.
A 2010 study by the U.S. Centers for Disease Control and Prevention (CDC) found that U.S. emergency rooms yearly treat 173,000 temporary brain injuries, including concussions, related to sports or recreation among people less than 19 years of age.
The number of emergency room visits for such injuries rose 60 percent in the previous decade among children and adolescents, the CDC study showed.
A separate 2007 study showed that the incidence of brain injury was highest in football and girls' soccer.
About 2,000 former National Football League players sued the league last year, alleging it concealed the risk of brain injury from players while marketing the ferocity of the game.
Concerns about a possible link between concussions and mental illnesses, such as depression, grew in the wake of the suicides of former NFL players Junior Seau, Ray Easterling and Dave Duerson in the last two years.
Participants at the committee's meeting said there was a shortage of data on sports-related concussions among young people. The number of relevant brains available for study is in the single digits, and many studies lack breakdowns by age.
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Institute of Medicine to study U.S. youth sports concussions

WASHINGTON (Reuters) - The Institute of Medicine launched on Monday a sweeping study of rising sports-related concussions among U.S. youth, amid concerns that the injuries may have contributed to the suicides of professional football players.
The Institute, part of the private, non-profit National Academies, will probe sports-related concussions in young people from elementary school through early adulthood. The study will include military personnel and their dependants, and review concussions and risk factors.
The study, one of the most extensive ever done, will be scrutinized intently by Americans worried about brain injuries in sports, said Robert Graham, head of the panel carrying out the study.
"You start talking about, 'Is it safe for Sally to be playing soccer?,' you get lots of public interest," Graham, a public health expert at George Washington University in Washington, told Reuters after the committee's first meeting.
He said the panel likely would submit its report to the Institute of Medicine in the middle of the summer, with publication expected in late 2013.
A 2010 study by the U.S. Centers for Disease Control and Prevention (CDC) found that U.S. emergency rooms yearly treat 173,000 temporary brain injuries, including concussions, related to sports or recreation among people less than 19 years of age.
The number of emergency room visits for such injuries rose 60 percent in the previous decade among children and adolescents, the CDC study showed.
A separate 2007 study showed that the incidence of brain injury was highest in football and girls' soccer.
About 2,000 former National Football League players sued the league last year, alleging it concealed the risk of brain injury from players while marketing the ferocity of the game.
Concerns about a possible link between concussions and mental illnesses, such as depression, grew in the wake of the suicides of former NFL players Junior Seau, Ray Easterling and Dave Duerson in the last two years.
Participants at the committee's meeting said there was a shortage of data on sports-related concussions among young people. The number of relevant brains available for study is in the single digits, and many studies lack breakdowns by age.
Sponsors of the study include the Department of Defense, the CDC and the National Institutes of Health. The panel will also examine studies being done by the CDC and the American Academy of Neurology.
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TSX drops as miners weaken, focus on U.S. earnings

Canada's main stock index retreated on Monday as mining stocks were pressured by softer gold prices and investors braced for the upcoming U.S. fourth-quarter earnings season.
The Toronto Stock Exchange's S&P/TSX composite index's <.gsptse> fall tracked declines on U.S. stock markets as cautious investors cashed in recent gains ahead of the earnings season. The U.S. results are expected to be only marginally stronger than the previous quarter's lackluster performance. <.n>
"We're in earnings season in the U.S. That might cause some kind of hesitation," said Michael Gayed, chief investment strategist at Pension Partners.
Gold prices slipped as investors eyed the outlook for U.S. budget talks and the U.S. Federal Reserve's quantitative easing program. Two top Fed officials suggested on Friday the central bank may halt its bullion-friendly asset purchases by the end of the year due to an improving economy.
The Toronto index's materials group, where miners reside, finished 0.97 percent lower.
"There's going to be some kind of noise near term, most of it due to the concern about the (U.S. budget) debt ceiling coming up. That's going to cause some near-term back and forth movement," Gayed said.
The index's energy group gave back 0.65 percent as oil prices steadied after retreating earlier in the session. TD Securities downgraded several Canadian oil and gas companies.
The S&P/TSX composite index finished down 41.26 points, or 0.33 percent, at 12,499.55. Eight of its 10 main sectors fell.
Barrick Gold Corp was the biggest drag, falling 1.67 percent to close at C$33.57, while Suncor Energy Inc slipped 1.04 percent to C$33.23. Goldcorp Inc rounded off the top three negative weights on the index, giving back 1.76 percent to C$34.69.
Canadian Natural Resources was down 1.23 percent at C$29.78, while fellow oil producer Talisman Energy Inc was off 2.27 percent at C$11.62. TD Securities cut its rating on both companies.
Toronto's resource-heavy market pared some of the robust gains it made made the previous week, when the index hit a nine-month high after the landmark U.S. budget deal.
"The markets are coming off a hangover of feeling good from last week," said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services.
"Until we get a good feel on the fourth-quarter earnings and the guidance for first-quarter earnings, the market will probably trade sideways," he added.
Investors were also taking in news that global regulators gave banks four more years and greater flexibility to build up cash buffers.
The financial sector, the index's biggest, slid 0.04 percent. Royal Bank of Canada was down 0.43 percent at C$60.81. The Bank of Nova Scotia was up 0.1 percent at C$57.65.
In company news, Canada's airlines flew fuller planes in December, with dominant carrier Air Canada and No. 2 WestJet Airlines reporting record monthly passenger levels. Air Canada shares were up 5.08 percent at C$1.86. WestJet shares inched up 0.10 percent to C$20.23.
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Asian shares fall on caution before earnings reports

 Asian shares fell on Tuesday as investors took a break from the new year's rallies, with caution setting in ahead of corporate earnings season for the last quarter of 2012 and the European Central Bank's policy meeting later in the week.
The euro remained firm against the dollar on speculation the ECB might refrain from signalling more interest rate cuts when it meets on Thursday.
The dollar paused from its rapid and sharp rally against the yen after rising more than 10 percent in less than two months on speculation the new Japanese government will push for aggressive monetary easing to beat deflation.
U.S. stock prices retreated from five-year highs on Monday, spurring selling of oil, gold and other risky investments and reviving some safety bids for U.S. and German government debt.
U.S. earnings season unofficially kicks off when aluminium maker Alcoa reports its results after Tuesday's market close.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.3 percent, after drifting lower the previous session when investors took profits from the new year rally, which lifted the index more than 2 percent in the first week of 2013.
South Korean shares were among the underperformers with a 0.4 percent drop, despite Samsung Electronics, the world's top maker of memory chips and handsets, estimating its October-December operating profit at a record 8.8 trillion won.
Samsung's guidance, coming ahead of full quarterly results by January 25, was in line with forecasts. A technical glitch and a worrying outlook for corporate results cooled investment appetite.
"Overall, fourth-quarter earnings are likely to be bad, except for some tech firms. However, the economy is turning around, so this is likely to be the worst of it," Kim Young-joon, an analyst at SK Securities, said of Seoul shares.
The dollar was down 0.2 percent to 87.60, trimming earlier losses.
Japan's benchmark Nikkei stock average fell 0.5 percent, after snapping a five-session winning streak on Monday when a pause in the yen's weakness triggered profit-taking on exporters.
The euro inched up 0.1 percent to $1.3129.
"Trading for the new year kicked off in full force yesterday and it is natural for investors to start cautiously with profit taking from the new year's rally," said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.
"I expect position adjustments to continue ahead of key events such as the ECB meeting and earnings reports starting with Alcoa," Saito said.
He said the euro could still push higher to around $1.3150 ahead of the ECB meeting.
Saito said the dollar may face selling pressure against the yen, having scaled its highest since July 2010 at 88.48 on Friday, up about 7 percent over the past month. But he said support was seen firm at 86.50 yen.
USEFUL LINKS:
Australia Trade balance: http://link.reuters.com/daj55s
U.S. & Global Service PMIs: http://link.reuters.com/syx44t
Central Bank rates: http://link.reuters.com/cyb39s
LIGHT DATA
Australia's trade deficit in November widened to its largest since early 2008 as imports again outpaced exports, though a recent meteoric rise in the price of iron ore suggests the worst of the trade pain is over for the resource-rich nation.
China's annual economic growth may have quickened to 7.8 percent in the fourth quarter, a Reuters poll showed, snapping seven straight quarters of weaker expansion, but the recovery is likely to be tepid and the economy may need continued policy support. The data is due out on January 18.
Before the growth data, China will release its trade data on Thursday, which includes initial estimates for metals imports and exports.
A firmer euro and hopes for the Chinese data underpinned London copper prices, which rose 0.3 percent to $8,096 a tonne, as China is the world's biggest copper consumer accounting for 40 percent of refined demand.
"It may be there is a sense that they (metals) have been oversold in the short term," said metals analyst Ivan Szpakowski at Credit Suisse in Singapore, adding that the euro's gains have also provided added support.
U.S. crude inched up 0.1 percent to $93.30 a barrel and Brent futures inched up 0.1 percent to $111.50.
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Asia stocks down ahead of US corporate earnings

 Asian stock markets headed lower Tuesday as investors turned cautious before U.S. earnings season kicks off this week.
Investors will get a feel for corporate America's outlook as earnings reports start coming. Aluminum producer Alcoa Inc. will launch the reporting season for the fourth quarter of 2012 on Tuesday after U.S. markets close. Events during the quarter such as Superstorm Sandy, the presidential election, and worries about the narrowly avoided "fiscal cliff" could lead to some unexpected results.
Japan's Nikkei 225 index fell 0.5 percent to 10,548.56 as the yen crept upward against the U.S. dollar. The rebound in the yen led to some investors to sell export shares that had surged as the currency weakened in recent weeks. Isuzu Motors Co. fell 3 percent while Mazda Motor Corp. lost 3.9 percent.
Hong Kong's Hang Seng fell 0.4 percent to 23,239.64. South Korea's Kospi lost 0.4 percent to 2,003.35 and Australia's S&P/ASX 200 shed 0.1 percent to 4,712.70. Benchmarks in Singapore, Taiwan and Thailand fell, while Indonesia and the Philippines rose. Mainland Chinese shares were mixed.
Major indexes surged last week after U.S. lawmakers passed a bill to avoid a combination of government spending cuts and tax increases that have come to be known as the fiscal cliff. The deal, however, remains incomplete. Politicians will face another deadline in two months to agree on more spending cuts.
"The looming budget battle in the US has also prompted some hesitancy to buy risk assets," said analysts at Credit Agricole CIB in Hong Kong.
Benchmark crude oil contract for February delivery was up 9 cents to $93.27 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 10 cents to close at $93.19 a barrel on the Nymex on Monday.
In currencies, the euro rose to $1.3129 from $1.3112 in New York late Monday. The dollar fell to 87.65 yen from 87.84 yen.
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Venezuela opposition: Chavez secrecy feeds rumors

CARACAS, Venezuela (AP) — Venezuela's opposition demanded that the government reveal specifics of President Hugo Chavez's condition Wednesday, criticizing secrecy surrounding the ailing leader's health more than three weeks after his cancer surgery in Cuba.
Opposition coalition leader Ramon Guillermo Aveledo said at a news conference that the information provided by government officials "continues to be insufficient."
Chavez has not been seen or heard from since the Dec. 11 operation, and Vice President Nicolas Maduro on Tuesday said the president's condition remained "delicate" due to complications from a respiratory infection.
Chavez's elder brother, Adan, arrived in Havana on Wednesday, said Jorge Arreaza, the president's son-in-law and science minister. "We're meeting with him, Vice President Maduro and Attorney General Cilia Flores," Arreaza said in a message on Twitter.
"The medical team explains to us that President Chavez's condition continues to be stable within his delicate state," Arreaza said in another message, adding that Chavez "continues battling hard and he sends all his love to our people."
Maduro and other government officials have urged Venezuelans not to heed rumors about Chavez's condition.
Aveledo said the opposition has been respectful during Chavez's illness, and said that "the secrecy is the source of the rumors, which increase the uncertainty and cause distress."
"They should tell the truth," Aveledo said, noting that Maduro had pledged to provide full reports about Chavez's condition. He reiterated the opposition's call for the government to release a medical report and said all indications are that Chavez won't be able to be sworn in to begin a new term Jan. 10.
If Chavez can't take office on that date, Aveledo said the constitution is clear that the National Assembly president should then take over temporarily until a new election is held. He said what happens next in Venezuela should be guided by "the truth and the constitution."
If Chavez dies or is unable to continue in office, the Venezuelan Constitution says a new election should be held within 30 days.
With rumors swirling that Chavez had taken a turn for the worse, Maduro said on Tuesday that he had met with the president twice and had spoken with him.
"He's totally conscious of the complexity of his post-operative state and he expressly asked us ... to keep the nation informed always, always with the truth, as hard as it may be in certain circumstances," Maduro said in the prerecorded interview in Havana, which was broadcast Tuesday night by the Caracas-based television network Telesur.
Both supporters and opponents of Chavez have been on edge in the past week amid shifting signals from the government about the president's health. Officials have reported a series of ups and downs in his recovery — the most recent, on Sunday, announcing that he faced the new complications from a respiratory infection.
Maduro said on Tuesday that Chavez faces "a complex and delicate situation." But he also said that when he talked with the president and looked at his face, he seemed to have "the same strength as always."
The vice president said he planned to return to Caracas on Wednesday, though there was no confirmation of a return trip as of Wednesday night.
His remarks about the president came at the end of an interview in which he praised Cuba's government effusively and touched on what he called the long-term strength of Chavez's socialist Bolivarian Revolution movement. He mentioned that former Cuban President Fidel Castro had visited the hospital where Chavez was treated.
In Washington, the U.S. State Department said procedures under the Venezuelan Constitution should be followed if Chavez is no longer able to carry out his duties as president.
"We want to see any transition take place in a manner that is consistent with the Venezuelan Constitution, that any election be fully transparent, democratic, free and fair," State Department spokeswoman Victoria Nuland told reporters on Wednesday.
Asked if Chavez being out of the picture would make it easier to improve long-strained ties between Venezuela and the U.S., Nuland said, "Obviously we will judge our ability to improve our relationship with Venezuela based on steps they are able to take."
The U.S. Embassy in Caracas has been without an ambassador since July 2010. Chavez rejected the U.S. nominee for ambassador, accusing him of making disrespectful remarks about Venezuela's government. That led Washington to revoke the visa of the Venezuelan ambassador.
But recently U.S. and Venezuelan diplomats began high-level conversations aimed at improving relations, a U.S. government official said. The official spoke on condition of anonymity because he wasn't authorized to speak publicly about the matter.
The official confirmed recent reports that Roberta Jacobson, assistant secretary of state for Western Hemisphere affairs, spoke by telephone with Maduro in November and discussed ways of improving relations. He also confirmed that U.S. diplomat Kevin Whitaker had a subsequent conversation with Roy Chaderton, Venezuela's ambassador to the Organization of American States.
Venezuelan diplomats could not be reached to comment about those recent contacts with U.S. officials.
In Bolivia, meanwhile, President Evo Morales said he is concerned about his friend and ally.
"I hope we can see him soon," Morales said at a news conference Wednesday. "But it's a very worrying situation."
"I've tried to make contact with the vice president, and it's been difficult. I hope all of their aims are achieved to save President Chavez's life."
Before his operation, Chavez acknowledged he faced risks and designated Maduro as his successor, telling supporters they should vote for the vice president if a new presidential election were necessary.
Maduro didn't discuss the upcoming inauguration plans, saying only that he is hopeful Chavez will improve.
"Someone asked me yesterday by text message: How is the president? And I said, 'With giant strength,'" Maduro said. He recalled taking Chavez by the hand: "He squeezed me with gigantic strength as we talked.
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Venezuelan gov't: Chavez fighting lung infection

CARACAS, Venezuela (AP) — Venezuela's government says President Hugo Chavez is being treated for a respiratory deficiency after complications from a severe lung infection.
Information Minister Ernesto Villegas provided the update on the ailing president's condition Thursday night. He read from a statement saying that Chavez's lung infection had led to "respiratory deficiency" and required strict compliance with his medical treatment.
The government expressed confidence in the medical team treating Chavez in Cuba.
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Disputes brewing over Hugo Chavez's inauguration

CARACAS, Venezuela (AP) — President Hugo Chavez is due to be sworn in for a new term in less than a week and his closest allies still aren't saying what they plan to do if the ailing leader is unable to return from a Cuban hospital to take the oath of office.
The Venezuelan government on Thursday night described Chavez's lung infection as "severe" and said he is now being treated for "respiratory deficiency."
Chavez hasn't been seen or heard from since his Dec. 11 cancer surgery, and speculation has grown that his illness could be reaching its final stages. The president's elder brother Adan and National Assembly President Diosdado Cabello joined a parade of visitors who saw Chavez in Havana this week, and then returned to Caracas on Thursday along with Vice President Nicolas Maduro.
"In the past hours, we've been accompanying President Hugo Chavez and taking him the courage and strength of the Venezuelan people," Maduro said on television. Appearing next to Cabello visiting a government-run coffee plant in Caracas, he said they had been with Chavez together with the president's brother, his son-in-law Jorge Arreaza, Oil Minister Rafael Ramirez and Attorney General Cilia Flores.
Chavez's health crisis has raised contentious questions ahead of the swearing-in set for Jan. 10, including whether the inauguration could legally be postponed, whether Supreme Court justices might travel to Havana to administer the oath of office, and, most of all, what will happen if Chavez can't begin his new term.
The main fault lines run between Chavez's backers and opponents.
But while the president's allies so far appear united, analysts have speculated that differences might emerge between factions led by Maduro, Chavez's chosen successor, and Cabello, who is thought to wield power within the military and who would be in line to temporarily assume the presidency until a new election can be held.
Standing together on Thursday, Maduro and Cabello said they are more united than ever.
"We've sworn before commander Hugo Chavez, and we've ratified the oath today before commander Chavez, that we're going to be united, together with our people, with the greatest loyalty," Maduro said.
He and Cabello dismissed rumors of divisions waiting to erupt, calling such talk lies cooked up by their adversaries.
"They're going to spend 2,000 years waiting for that to happen," Cabello said, urging Venezuelans: "Don't fall for the opposition's rumors."
"We aren't going to betray the nation," Cabello added.
The former military officer has been making similar assurances on Twitter and suggesting that the socialist party has its plans for the coming days all thought out.
"We Chavistas are very clear on what we will do," Cabello said in one message.
But the plans of Chavez's allies remain a mystery.
The Venezuelan Constitution says the presidential oath should be taken Jan. 10 before the National Assembly, and officials have raised the possibility that Chavez might not be well enough to do that, without saying what will happen if he can't.
Information Minister Ernesto Villegas provided the latest update on Chavez's condition Thursday night.
"Chavez has faced complications as a result of a severe respiratory infection. This infection has led to respiratory deficiency that requires Commander Chavez to remain in strict compliance with his medical treatment," Villegas said, reading from a statement.
The government expressed confidence in Chavez's medical team and condemned what it called "a campaign of psychological warfare" in the international media regarding the president's condition.
Chavez said before his fourth cancer-related operation that if his illness prevented him from remaining president, Maduro should finish his current term and be his party's candidate to replace him in a new election.
The constitution says that if a president or president-elect dies or is declared unable to continue in office, presidential powers should be held temporarily by the president of the National Assembly, who is now Cabello. It says a new presidential vote should be held within 30 days.
Opposition leaders have argued that Chavez, who was re-elected to a six-year term in October, seems no longer fit to continue as president and have demanded that a new election be held within 30 days if he isn't in Caracas on inauguration day.
But some of Chavez's close confidants dismiss the view that the inauguration date is a hard deadline, saying Chavez could be given more time to recover from his surgery if necessary.
Cabello noted last month that the constitution says if a president is unable to be sworn in by the legislature, he may be sworn in by Supreme Court justices, who were appointed by the mostly pro-Chavez legislature.
"When? It doesn't say. Where? It doesn't say where," Cabello recently told a crowd of government supporters. His indication that the constitution does not specify where a president-elect should be sworn in by the Supreme Court has led to speculation that justices could travel to Cuba for the ceremony.
Opposition leaders chafe at the suggestion that Chavez could take office from a foreign country, saying the president made it clear before he left for the operation that his health was deteriorating by designating Maduro as his successor.
Aristobulo Isturiz, a state governor and leader of Chavez's United Socialist Party of Venezuela, said Thursday that if Chavez's swearing-in isn't held Jan. 10, it will be up to the Supreme Court to determine the place and date of the ceremony.
"The president has a right to recover," Isturiz said in remarks published by the state-run Venezuelan News Agency.
More than three weeks after Chavez's cancer surgery, government officials have been providing vague and shifting updates on his condition. Maduro announced over the weekend that Chavez had suffered complications due to a respiratory infection and was in "delicate" condition.
The vice president initially had said he would return from Cuba to Venezuela on Wednesday, but stayed another day while visiting Chavez along with Cabello and others.
Maduro said Chavez's respiratory problems "have seriously affected him."
Still, Maduro expressed hope: "In our hearts, we feel it, sooner rather than later we're going to see commander Hugo Chavez here in his homeland, here with us."
Caracas Mayor Antonio Ledezma, an opposition politician, proposed earlier Thursday that a commission travel to Cuba to determine the state of Chavez's health. He said the delegation should be made up of doctors, lawmakers and other officials such as state governors, including opposition leader Henrique Capriles.
"I'm not asking for permission to go to Cuba. I think it's our right to go there and see what's going on," Ledezma said in comments reported by the television channel Globovision. "Enough mysteries. Venezuela isn't a colony of Cuba."
Some of the brewing disagreements could begin to be aired Saturday, when the National Assembly, which is controlled by a pro-Chavez majority, convenes to select legislative leaders. That session will be held just five days before the scheduled inauguration day.
Law professor Vicente Gonzalez de la Vega agrees with Cabello's view that the constitution is ambiguous regarding the time and place of a swearing-in ceremony before the Supreme Court.
Supreme Court President Luisa Estella Morales said following Cabello's proposal last month that justices could rule on whether it's constitutional to postpone the date of the swearing-in ceremony. The issue has not yet been brought before the court, but Morales said Dec. 20 that the court could take up such issues if asked and would have the final word.
Before Chavez's inauguration date could be postponed, Gonzalez said, lawmakers would have to approve a 90-day extension of Chavez's "temporary absence" granted for his trip to Cuba for surgery. The president of the National Assembly would then be sworn in as an interim president for 90 days, said Gonzalez, a professor at the Central University of Venezuela.
In order for that to occur, though, Gonzalez said the Supreme Court would need to appoint a panel of doctors to examine Chavez to determine whether his health could improve and whether he might be capable of continuing his duties as president.
Opposition leader Ramon Guillermo Aveledo on Wednesday reiterated demands for the government to provide a full medical report.
He said sending a medical team to Cuba to assess Chavez's condition would be an option, if necessary. In the meantime, he said, "There are two keys here to facing this and any situation, which are the truth and the constitution.
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Citigroup to seek permission to buy back shares - WSJ

NEW YORK (Reuters) - Citigroup Inc is planning to ask regulators for permission to buy back a "minimal" number of shares, the Wall Street Journal reported on Friday.
The bank is not planning to ask to increase its quarterly dividend, which is currently a penny a share, the newspaper reported, citing people familiar with the company's plans.
Citigroup Chairman Michael O'Neill and newly installed CEO Michael Corbat have told company executives that the capital plan the company submits to the Federal Reserve must be so conservative that it will not be rejected, the Journal said.
Big banks are due to submit their capital plans to the Fed on Monday.
Another bank, JPMorgan Chase & Co , has reason to be "cautiously optimistic" about its chances of winning approval to raise its dividend and buy back more stock, an official who asked not to be named told Reuters.
In November, JPMorgan won approval from the Fed to resume previously approved buybacks it had suspended in May after a multi-billion dollar loss surfaced on derivatives transactions in its London office. JPMorgan's operations have generated more than enough capital to cover those losses.
The Journal reported that Morgan Stanley will focus its plan for the Fed on using its capital to complete its purchase of Citigroup's minority stake of a joint venture the two companies have in a wealth-management business. A spokesman for the investment bank declined to comment.
Citigroup's last annual plan was rejected by the Fed in March after former CEO Vikram Pandit led analysts and investors to believe the company would be allowed to spend a few billion dollars on share buybacks and additional dividends. The rejection became a major embarrassment for the bank and contributed to the board's decision to replace Pandit.
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