Italy faces post-vote stalemate, spooking investors

ROME (Reuters) - The Italian stock market fell and state borrowing costs rose on Tuesday as investors took fright at political deadlock after a stunning election that saw a comedian's protest party lead the poll and no group secure a clear majority in parliament.

"The winner is: Ingovernability" ran the headline in Rome newspaper Il Messaggero, reflecting the stalemate the country would have to confront in the next few weeks as sworn enemies would be forced to work together to form a government.

In a sign of where that might lead, former prime minister Silvio Berlusconi indicated his center-right might be open to a grand coalition with the center-left bloc of Pier Luigi Bersani, which will have a majority in the lower house thanks to a premium of seats given to the largest bloc in the chamber.

Results in the upper house, the Senate, where seats are awarded on a region-by-region basis, indicated the center-left would end up with about 119 seats, compared with 117 for the center-right. But 158 are needed for a majority to govern.

Any coalition administration that may be formed must have a working majority in both houses in order to pass legislation.

Comedian Beppe Grillo's anti-establishment 5-Star Movement won the most votes of any single party, taking 25 percent. He shows no immediate inclination to cooperate with other groups.

Despite talk of a new election, the main established parties seem likely to try to avoid that, fearing even more humiliation.

World financial markets reacted nervously to the prospect of a stalemate in the euro zone's third largest economy with memories still fresh of the crisis that took the 17-member currency bloc to the brink of collapse in 2011.

In a clear sign of worry at the top over what effect the elections could have on the economy, Prime Minister Mario Monti, whose austerity policies were repudiated by voters, called a meeting with the governor of the central bank, the economy minister and the European affairs minister for later on Tuesday.

Other governments in the euro zone sounded uneasy. Allies of German Chancellor Angela Merkel made no secret of disappointment at Monti's debacle and urged Rome to continue with economic reforms Berlin sees as vital to stabilizing the common currency.

France's Socialist finance minister also expressed "worry" at the prospect of legislative deadlock in Italy but said that Italians had rejected austerity and hoped Bersani's center-left could form a stable government to help foster growth in Europe.

INSTABILITY

Fabio Fois, an economist at Barclays bank, said: "Political instability is likely to prevail in the near term and slow the implementation of much needed structural reforms unless a grand coalition among center-left, center-right and center is formed."

Berlusconi, a media magnate whose campaigning all but wiped out Bersani's once commanding opinion poll lead, hinted in a telephone call to a morning television show that he would be open to a deal with the center-left - but not with Monti, the technocrat summoned to replace him in a crisis 15 months ago.

"Italy must be governed," Berlusconi said, adding that he "must reflect" on a possible deal with the center-left. "Everyone must be prepared to make sacrifices," he said of the groups which now have a share of the legislature.

The Milan bourse was down more than four percent and the premium Italy pays over Germany to borrow on 10-year widened to a yield spread of 338.7 basis points, the highest since December 10.

At an auction of six-month Treasury bills, the government's borrowing costs shot up by more than two thirds. Investors demanded a yield of 1.237 percent, the highest since October and compared to just 0.730 percent in a similar sale a month ago.

Berlusconi, who was forced from office in November 2011 as borrowing costs approached levels investors feared would become unsustainable, said he was "not worried" about market reaction to the election and played down the significance of the spread.

The poor showing by Monti's centrist bloc reflected a weariness with austerity that was exploited by both Berlusconi and Grillo; only with the help of center-left allies did Bersani beat 5-Star, by just 125,000 votes, to control the lower house.

The worries immediately went beyond Italy's borders.

"What is crucial now is that a stable functioning government can be built as swiftly as possible," said German Foreign Minister Guido Westerwelle. "This is not only in the interests of Italy but in the interests of all Europe."

The euro skidded to an almost seven-week low against the dollar in Asia on fears about the euro zone's debt crisis. It fell as far as $1.3042, its lowest since January 10.

"NON-PARTY" SURGES TO THE TOP

Commentators said all Grillo's adversaries underestimated the appeal of a grassroots movement that called itself a "non-party", particularly its allure among young Italians who find themselves without jobs and the prospect of a decent future.

The 5-star Movement's score of 25.5 percent in the lower house was just ahead of the 25.4 percent for Bersani's Democratic Party, which ran in a coalition with the leftist SEL party, and it won almost 8.7 million votes overall - more than any other single party.

"The 'non-party' has become the largest party in the country," said Massimo Giannini, commentator for Rome newspaper La Repubblica, of Grillo, who mixes fierce attacks on corruption with policies ranging from clean energy to free Internet.

Grillo's surge in the final weeks of the campaign threw the race open, with hundreds of thousands turning up at his rallies to hear him lay into targets ranging from corrupt politicians and bankers to German Chancellor Angela Merkel.

In just three years, his 5-Star Movement, heavily backed by a frustrated generation of young Italians increasingly shut out from permanent full-time jobs, has grown from a marginal group to one of the most talked about political forces in Europe.

RECESSION

"It's a classic result. Typically Italian," said Roberta Federica, a 36-year-old office worker in Rome. "It means the country is not united. It is an expression of a country that does not work. I knew this would happen."

Italy's borrowing costs have come down in recent months, helped by the promise of European Central Bank support but the election result confirmed fears of many European countries that it would not produce a government strong enough to implement effective reforms.

A long recession and growing disillusionment with mainstream parties fed a bitter public mood that saw more than half of Italian voters back parties that rejected the austerity policies pursued by Monti with the backing of Italy's European partners.

Monti suffered a major setback. His centrist grouping won only 10.6 percent and two of his key centrist allies, Pier Ferdinando Casini and lower house speaker Gianfranco Fini, both of parliamentarians for decades, were booted out.

"It's not that surprising if you consider how much people were let down by politics in its traditional forms," Monti said.

Berlusconi's campaign, mixing sweeping tax cut pledges with relentless attacks on Monti and Merkel, echoed many of the themes pushed by Grillo and underlined the increasingly angry mood of the Italian electorate.

Even if the next government turns away from the tax hikes and spending cuts brought in by Monti, it will struggle to revive an economy that has scarcely grown in two decades.

Monti was widely credited with tightening Italy's public finances and restoring its international credibility after the scandal-plagued Berlusconi, who is currently on trial for having sex with an under-age prostitute.

But Monti struggled to pass the kind of structural reforms needed to improve competitiveness and lay the foundations for a return to economic growth, and a weak center-left government may not find it any easier.

(Additional reporting by Barry Moody, Gavin Jones, Catherine Hornby, Lisa Jucca, Steven Jewkes, Steve Scherer and Naomi O'Leary; Writing by Philip Pullella; Editing by Alastair Macdonald)

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Impact of China's demand for iron ore on shipping industry

SINGAPORE : China's appetite for iron ore may be among the few bright spots for the shipping industry this year, although there are still many empty vessels plying the waterways.

Analysts have said that those unable to wait out the recovery are likely to go under.

After years of low freight rates, overcapacity and few cargoes, dry bulk shipping firms are finally seeing the light on the horizon.

Credit Suisse predicts China's appetite for iron ore will grow 11 per cent this year, fuelling a pick-up for shippers.

Credit Suisse expects this to spur global commodity demand to 5.3 per cent, from 4.8 per cent last year.

Mercator Lines (Singapore) believes 2013 may be a turning point.

During its third quarter, the dry bulk shipping company was forced to lower its debt by selling one vessel, and terminating settlement agreements with two of its chartered vessels in advance.

Shalabh Mittal, CEO of Mercator Lines (Singapore), said: "We have seen the worst in 2012. 2013 will be more of consolidation...We have already seen the current freight rates are better than 2012's average. So even though it is a very small increase from a very small base, the sentiments reflect that the growth in trade is happening."

But that does not mean a quick turnaround for the global market.

Industry watchers expect overcapacity rates to remain high.

ICAP Shipping said there is still an oversupply of about 16 per cent in the dry cargo market.

Christopher Jones, director of Sale & Purchase at ICAP Shipping, said: "This year, we do not see too much of an improvement. One of the key factors is the oversupply of tonnage in all sectors.

"Freight rates are still lolloping and we seize on any kind of upturn, but analysing ore trades into China for example, they are very slack at the moment because of the high price of iron ore."

ICAP Shipping added that unless more older vessels exit the market by 'scrapping', or the demolition of old ships, market fundamentals are not going to return to equilibrium anytime soon.

Meanwhile, others unable to hold out will either have to fold or find a more profitable business to operate in, like oil and gas.

Patrik Wheater, editor of Shipping World & Shipbuilder, said: "We are seeing a lot of diversification in the shipbuilding side. Shipyards, either building bulk carriers, tankers, that market is not as good as it once was, so they need to diversify and look at other segments and the oil and gas segment is a saving grace for some yards.

"Although last year 900 Chinese shipyards closed, more shipyards are likely to close in China this year."

So far in 2013, the Baltic Dry Index (BDI), the key benchmark for international freight rates, has risen 6.4 per cent, a minor recovery at least, from last year's near 60 per cent slump.

- CNA/ms

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Afzal Guru allegedly justified Parliament attack in letter written four years ago

SRINAGAR: Parliament attack convict Mohammad Afzal Guru had in a letter, purportedly written by him over four years ago, said that there was no need to be ashamed of the December 13 attack on Parliament, but had stopped short of owning any responsibility for it.

In the letter written to editor of a local Urdu weekly, Guru, who was hanged in Delhi's Tihar jail on February 9, asked Hizbul Mujahideen chief Syed Salahuddin not to be "ashamed of December 13" and stop terming the attack as a "conspiracy".

Editor of the Urdu weekly Shabnum Qayoom said that he had been receiving Guru's letters and articles and is sure that this letter was written by him.

"I used to receive his (Guru's) letters and articles, so this was nothing new. The handwriting is the same as the previous letters and articles. I do not care if people believe it to be authentic or not," he said.

Asked why he did not publish the letter for four years, he said he did not deem it appropriate.

"I believe he was swept by emotions. He was not involved but he thought that as there was no way for escape, why not accept and achieve martyrdom. I did not think it was appropriate to publish the letter that time as it would have been taken as an evidence against him, but now that he is no more, I went ahead with it," he said.

Guru had said in the letter, "I request Salahuddin to not call the attack of December 13 as a conspiracy. It pains my heart. The attacks are related to Kashmir issue. If the attack was a conspiracy, then the whole struggle is a conspiracy. We should not be ashamed of December 13".

He said as long as the Kashmir issue is kept unresolved, India and its rulers will have "temporary peace".

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Koop, who transformed surgeon general post, dies

With his striking beard and starched uniform, former Surgeon General Dr. C. Everett Koop became one of the most recognizable figures of the Reagan era — and one of the most unexpectedly enduring.

His nomination in 1981 met a wall of opposition from women's groups and liberal politicians, who complained President Ronald Reagan selected Koop, a pediatric surgeon and evangelical Christian from Philadelphia, only because of his conservative views, especially his staunch opposition to abortion.

Soon, though, he was a hero to AIDS activists, who chanted "Koop, Koop" at his appearances but booed other officials. And when he left his post in 1989, he left behind a landscape where AIDS was a top research and educational priority, smoking was considered a public health hazard, and access to abortion remained largely intact.

Koop, who turned his once-obscure post into a bully pulpit for seven years during the Reagan and George H.W. Bush administrations and who surprised both ends of the political spectrum by setting aside his conservative personal views on issues such as homosexuality and abortion to keep his focus sharply medical, died Monday at his home in Hanover, N.H. He was 96.

An assistant at Koop's Dartmouth College institute, Susan Wills, confirmed his death but didn't disclose its cause.

Dr. Richard Carmona, who served as surgeon general a decade ago under President George W. Bush, said Koop was a mentor to him and preached the importance of staying true to the science even if it made politicians uncomfortable.

"He set the bar high for all who followed in his footsteps," Carmona said.

Although the surgeon general has no real authority to set government policy, Koop described himself as "the health conscience of the country" and said modestly just before leaving his post that "my only influence was through moral suasion."

A former pipe smoker, Koop carried out a crusade to end smoking in the United States; his goal had been to do so by 2000. He said cigarettes were as addictive as heroin and cocaine. And he shocked his conservative supporters when he endorsed condoms and sex education to stop the spread of AIDS.

Chris Collins, a vice president of amFAR, the Foundation for AIDS Research, said many people don't realize what an important role Koop played in the beginning of the AIDS epidemic.

"At the time, he really changed the national conversation, and he showed real courage in pursuing the duties of his job," Collins said.

Even after leaving office, Koop continued to promote public health causes, from preventing childhood accidents to better training for doctors.

"I will use the written word, the spoken word and whatever I can in the electronic media to deliver health messages to this country as long as people will listen," he promised.

In 1996, he rapped Republican presidential hopeful Bob Dole for suggesting that tobacco was not invariably addictive, saying Dole's comments "either exposed his abysmal lack of knowledge of nicotine addiction or his blind support of the tobacco industry."

Although Koop eventually won wide respect with his blend of old-fashioned values, pragmatism and empathy, his nomination met staunch opposition.

Foes noted that Koop traveled the country in 1979 and 1980 giving speeches that predicted a progression "from liberalized abortion to infanticide to passive euthanasia to active euthanasia, indeed to the very beginnings of the political climate that led to Auschwitz, Dachau and Belsen."

But Koop, a devout Presbyterian, was confirmed after he told a Senate panel he would not use the surgeon general's post to promote his religious ideology. He kept his word.

In 1986, he issued a frank report on AIDS, urging the use of condoms for "safe sex" and advocating sex education as early as third grade.

He also maneuvered around uncooperative Reagan administration officials in 1988 to send an educational AIDS pamphlet to more than 100 million U.S. households, the largest public health mailing ever.

Koop personally opposed homosexuality and believed sex should be saved for marriage. But he insisted that Americans, especially young people, must not die because they were deprived of explicit information about how HIV was transmitted.

Koop further angered conservatives by refusing to issue a report requested by the Reagan White House, saying he could not find enough scientific evidence to determine whether abortion has harmful psychological effects on women.

Koop maintained his personal opposition to abortion, however. After he left office, he told medical students it violated their Hippocratic oath. In 2009, he wrote to Senate Majority Leader Harry Reid, urging that health care legislation include a provision to ensure doctors and medical students would not be forced to perform abortions. The letter briefly set off a security scare because it was hand delivered.

Koop served as chairman of the National Safe Kids Campaign and as an adviser to President Bill Clinton's health care reform plan.

At a congressional hearing in 2007, Koop spoke about political pressure on the surgeon general post. He said Reagan was pressed to fire him every day, but Reagan would not interfere.

Koop, worried that medicine had lost old-fashioned caring and personal relationships between doctors and patients, opened his institute at Dartmouth to teach medical students basic values and ethics. He also was a part-owner of a short-lived venture, drkoop.com, to provide consumer health care information via the Internet.

Koop was born in the New York City borough of Brooklyn, the only son of a Manhattan banker and the nephew of a doctor. He said by age 5 he knew he wanted to be a surgeon and at age 13 he practiced his skills on neighborhood cats.

He attended Dartmouth, where he received the nickname Chick, short for "chicken Koop." It stuck for life.

Koop received his medical degree at Cornell Medical College, choosing pediatric surgery because so few surgeons practiced it.

In 1938, he married Elizabeth Flanagan, the daughter of a Connecticut doctor. They had four children, one of whom died in a mountain climbing accident when he was 20.

Koop was appointed surgeon-in-chief at Children's Hospital in Philadelphia and served as a professor at the University of Pennsylvania School of Medicine.

He pioneered surgery on newborns and successfully separated three sets of conjoined twins. He won national acclaim by reconstructing the chest of a baby born with the heart outside the body.

Although raised as a Baptist, he was drawn to a Presbyterian church near the hospital, where he developed an abiding faith. He began praying at the bedside of his young patients — ignoring the snickers of some of his colleagues.

Koop's wife died in 2007, and he married Cora Hogue in 2010.

He was by far the best-known surgeon general and for decades afterward was still a recognized personality.

"I was walking down the street with him one time" about five years ago, recalled Dr. George Wohlreich, director of the College of Physicians of Philadelphia, a medical society with which Koop had longstanding ties. "People were yelling out, 'There goes Dr. Koop!' You'd have thought he was a rock star."

___

Ring reported from Montpelier, Vt. Cass reported from Washington. AP Medical Writers Lauran Neergaard in Washington and Mike Stobbe in New York contributed to this report.

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First Lady Sees 'Movement' in Childhood Obesity

As she celebrates the third anniversary of her Let's Move! initiative, first lady Michelle Obama told "Good Morning America" co-anchor Robin Roberts that the country is seeing real "movement" on the issue of childhood obesity.

"We've really changed the conversation in this country. When we started, there were a lot of people in this country who would have never thought that childhood obesity was a health crisis. But now we're starting to see some movement on this issue," the first lady told Roberts. "Our kids are eating better at school. They're moving more. And we're starting…to see a change in the trends. We're starting to see rates of obesity coming down like never before."

"What we're seeing is that there's hope, and when a nation comes together, and everyone is thinking about this issue and trying to figure out what role they can play, then we can see changes," she said.

Mrs. Obama is set to embark on a star studded national tour this week to promote and celebrate her Let's Move! initiative. Her first stop will be in Clinton, Miss. on Wednesday when she appears at an event highlighting healthy school lunches with Rachael Ray.

"I'm going back to Mississippi because when I first went there, Mississippi was considered one of the most unhealthy states in the nation," Mrs. Obama said.

Michelle Obama: Bangs Are Her Mid-Life Crisis Watch Video

"If we could fry water in Mississippi, we would, we would do that," Roberts, who grew up in Pass Christian, Mississippi, said. "Food is a culture."

"But the good news in Mississippi is that they've seen a decline in childhood obesity of 13 percent, so we're gonna go celebrate and highlight what has been going on there. There's still work to do," the first lady said.

On Thursday, the first lady will travel to her hometown of Chicago, where she will be joined by Olympic gymnasts and tennis star Serena Williams to promote more physical activity in schools. Later in the day, Mrs. Obama will discuss healthy food choices at a Wal-Mart store in Springfield, Mo.

Mrs. Obama said she will announce a new initiative called the "My Plate Recipe Partnership," which will provide families with online access to healthy recipes that meet the My Plate guidelines, the U.S. Department of Agriculture's replacement of the food pyramid.

"More and more chefs, more and more food companies are understanding that they have to find ways to help families do this in a way that's gonna taste good, that kids are gonna like it," she said.

The first lady, Roberts and Chef Marcus Robert Samuelsson, who owns Red Rooster Harlem in New York City, cooked a healthy meal of beef stir fry and broccolini together on the "Good Morning America" set. Mrs. Obama admitted "it's been a while" since she's cooked for her family, but said she looks forward to the day she can whip up meals for her husband and daughters.

"I walk in the kitchen every day, every day," she joked.

But cooking for her family isn't the only thing Mrs. Obama said she misses since becoming first lady.

"Going to Target for me is like a dream, you know? That one time I went, you noticed it created a stir. I'm gonna do it again, doggone it. Next four years, I'm going out. I'm breaking out. I'm gonna disguise Bo. I'm gonna put on a coat. I'm gonna take a walk, and my agents won't know a thing. Don't tell 'em," she joked.

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Powers to offer Iran sanctions relief at nuclear talks: U.S. official

ALMATY (Reuters) - Major powers will offer Iran some sanctions relief during talks in Almaty, Kazakhstan, this week if Tehran agrees to curb its nuclear program, a U.S. official said on Monday.

However, the Islamic Republic could face more economic pain if the standoff remains unresolved, the official said ahead of the February 26-27 meeting, speaking on condition of anonymity.

"We think ... there will be some additional sanctions relief (in the powers' updated proposal to Iran)," the official said, without giving details.

Western diplomats have told Reuters that the United States, Russia, China, Britain, Germany and France will offer to ease sanctions on trade in gold and precious metals if Iran closes its Fordow underground uranium enrichment plant.

Iranian officials have indicated, however, that this will not be enough. Iran denies Western it is seeking to develop the capability to make nuclear bombs, saying its program is entirely peaceful.

The U.S. official said the powers hoped that the Almaty meeting would lead to follow-up talks soon. "We are ready to step up the pace of our meetings and our discussions," the official said, adding the United States would also be prepared to hold bilateral talks with Tehran if it was serious about it.

(Reporting by Fredrik Dahl and Justyna Pawlak; Editing by Jon Boyle)

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Fidel Castro backs move to younger leadership: report

HAVANA: Fidel Castro and the Cuban communist party have given the green light for reforms paving the way for a new, younger generation of leaders in the single-party state, state media said Monday.

As expected, Sunday's session of Cuba's National Assembly re-elected Castro's 82-year-old brother Raul to serve a second and final five-year presidential term.

But the assembly also promoted Miguel Diaz-Canel, 52, already a member of the Council of State, to a senior vice presidency of that panel, making him the number two figure in the regime.

The official newspaper Granma said Monday that the changes were approved on Sunday at a meeting of the Communist Party central committee, whose members had not been told in advance of the changes.

Castro, 86, attended Sunday's meeting, in which the National Assembly that was elected February 3 with no opposition candidates took up its seats.

It chose a new 31-member council of state, Cuba's top executive body, with Raul Castro again as its president.

Diaz-Canel already had a post, but was promoted to first vice president, sweeping past some Castro revolutionary era veterans who are historic figures of the gerontocracy that now rules the country.

Diaz-Canel, as political heir, cuts a starkly different profile from the revolutionary leadership, whose members are mostly in their 80s.

If he comes to lead Cuba, he would be the first leader of the regime whose entire life has been under the Castro regime that started in January 1959.

Barring any changes, Diaz-Canel would succeed Raul Castro, who will be 82 in June, if the president serves out his term through 2018.

Fidel Castro stepped aside as president in 2006. Raul Castro took over as acting president and officially became leader in 2008.

-AFP/fl

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Chopper scam: CBI names ex-IAF chief SP Tyagi as suspect

NEW DELHI: Former Air Force chief SP Tyagi has been named in a CBI preliminary enquiry (PE) on allegations of kickbacks in the Rs 3,600 crore VVIP chopper deal, becoming the second former defence services chief to figure in the agency probe.

Besides the former IAF chief, 10 others including his cousins — Julie, Docsa and Sandeep Tyagi have also been named besides four companies in the PE, CBI sources said here.

This is the second instance when a former services chief has been named in a CBI inquiry. Former Admiral Sushil Kumar was named in a CBI case to probe alleged kickback in purchase of Barak missiles in early 2000.

The sources said suspected European middlemen Carlo Garosa, Christian Michel and Guido Haschkhe, advocate Gautam Khaitan formerly associated with Aeromatrix and its CEO Praveen Bakshi, former Finmeccanica chairman Giuseppe Orsi, former AgustaWestland CEO Bruno Spagnolini have also been named.

Italian companies Finmeccanica and AgustaWestland, IDS Infotech and Aeromatrix also figure in the PE, they said.

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FDA approves new targeted breast cancer drug

WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.

The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.

Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.

"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."

Cobleigh helped conduct the key studies of the drug at the Chicago facility.

The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.

The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.

Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.

FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.

Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.

FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer

Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.

Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.

Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.

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Best Moments From the Academy Awards

Host Seth MacFarlane took the stage at the 2013 Oscars with an opening monologue revealing he was ready to poke fun at the star-studded audience.

"The quest to make Tommy Lee Jones laugh begins now," he said.

But it wasn't too long before MacFarlane was interrupted. William Shatner, dressed as his iconic character Captain Kirk from "Star Trek," descended on the stage to warn MacFarlane that he was about to ruin the Oscars and be branded the worst host ever.

"The show is a disaster. I've come back in time … to stop you from ruining the Academy Awards," Shatner said.

Seth MacFarlane's Boobs Tribute

Shatner tried to steer MacFarlane away from singing an "incredibly offensive song that upsets a lot of women in the audience."

Cue MacFarlane's medley "We Saw Your Boobs," a laundry list set to music of acclaimed actresses in Hollywood who all bared their breasts in film.

MacFarlane was joined by the Gay Men's Chorus of Los Angeles to call out Meryl Streep, Anne Hathaway, Naomi Watts, Jodie Foster, Hilary Swank and countless others who we've seen nude in film.

Not every joke funnyman Seth MacFarlane made landed with the A-list crowd at the 85th annual Academy Awards.

The host elicited gasps from the crowd when he introduced "Django Unchained" as "the story of a man fighting to get back his woman, who's been subjected to unthinkable violence. Or, as Chris Brown and Rihanna call it, a date movie."

Another joke that somehow earned a too-soon nod? A throw to President Abraham Lincoln's assassination.

"I'd argue that the actor who really got inside Lincoln's head was John Wilkes Booth," MacFarlane said.

MacFarlane's jab at Mel Gibson didn't land too smoothly either. MacFarlane said the N-word laden "Django Unchained" screenplay was "loosely based on Mel Gibson's voicemails."

Oscars' Movie Musical Tribute

The theme of the 85 annual Academy Awards was celebrating music in film, and the tributes to movie musicals didn't disappoint.

Featured performers included Catherine Zeta-Jones belting "All That Jazz" from 2002's Best Picture winner "Chicago," Jennifer Hudson's show-stopping "And I'm Telling You I'm Not Going" from 2006's "Dreamgirls," and the cast of this year's Best Picture nominee "Les Miserables" reuniting on stage for "One Day More."

Introducing the Von Trapp Family

To introduce Christopher Plummer to the stage to present the award for Best Supporting Actress, MacFarlane couldn't help but make a joke out of the actor's infamous role as Captain Von Trapp in "The Sound of Music."

MacFarlane came out to announce the Von Trapp family singers, but no one came out. Instead, a man dressed in a Nazi uniform ran in to tell him that they were gone.

Kristen Stewart Hobbles on Stage to Present

When Daniel Radcliffe took the stage to present the award for Achievement in Production Design, he was joined by his hobbling co-presenter Kristen Stewart, who was seen crutching along the red carpet during the pre-show.

The "Twilight" star's makeup artist told People magazine that the actress "cut the ball of her foot, quite severely, on glass two days ago."

The Associated Press reported that backstage, Best Supporting Actress winner Anne Hathaway told Stewart to "break a leg."

Jennifer Lawrence's Unstable Victory

Jennifer Lawrence was so shocked to take home the Oscar for Best Actress that she lost her footing on her way up to the stage to accept her award.

"You guys are just standing up because I fell and that's really embarrassing," she said to the audience.

Lawrence regained her composure to give her acceptance speech, extending a special thank you to "the women this year," who she called "so magnificent and so inspiring."

Daniel Day-Lewis a Three-Peat Best Actor Winner

It was a highly anticipated win for Daniel Day-Lewis, who took home the award for Best Actor for his portrayal of Abe Lincoln in Steven Spielberg's "Lincoln."

Lewis cracked a joke in his acceptance speech, saying he was supposed to be cast as Margaret Thatcher and presenter Meryl Streep was the first choice for Lincoln.

"Meryl Streep was Steven's first choice to play Lincoln… I'd like to see that version," Lewis said.

Michelle Obama Announces Best Picture Winner

In one of the biggest surprises of the night, the Academy brought out First Lady Michelle Obama to help Jack Nicholson introduce the nominees for Best Picture.

Rocking her new bangs and a silver gown, the first lady, live from the White House, announced "Argo" as this year's Best Picture.

"It was a thrill to announce the #Oscars2013 best picture winner from the @WhiteHouse! Congratulations Argo!" FLOTUS tweeted afterwards.

Ben Affleck Triumphs at Oscars

Ben Affleck was flabbergasted by his win for Best Picture for "Argo." His frenzied, heartfelt acceptance speech resonated as he thanked his wife, Jennifer Garner, and ended on an inspirational high note.

"I want to thank my wife, who I don't normally associate with Iran. I want to thank you for working on our marriage. It is work, but it is the best kind of work," he said.

"I was here 15 years ago or something and you know I had no idea what I was doing. I stood out here in front of you all, really just a kid. I went out and I never thought I'd be back here and I am because of so many of you who are here tonight …. I want to thank them for what they taught me, which is that you have to work harder than you think you possibly can, you can't hold grudges. It's hard, but you can't hold grudges. And it doesn't matter how you get knocked down in life because that's going to happen. All that matters is that you got to get up."

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