Wall Street rebounds from Italy drop, Bernanke defends policy

NEW YORK (Reuters) - U.S. stocks advanced on Tuesday, rebounding from a steep decline a day earlier after an inconclusive Italian election and on Federal Reserve Chairman Ben Bernanke's testimony defending the central bank's bond-buying program.

Major indexes had fallen more than 1 percent on Monday, with the S&P 500 dropping the most since November on voting in Italy where groups opposed to austerity posted a strong showing. But no faction secured a clear majority in parliament, renewing fears about a new euro zone debt crisis.

"There's an increased willingness to buy equities, and every decline is met with a new round of buying, but there's a question as to whether that can be sustained," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland, Ohio.

European equities <.fteu3>, which closed before the results on Monday, fell 1.1 percent, even as U.S. shares rose.

"It's a little surprising that we're not taking Europe more seriously now," he added. "It will be hard for us to avoid the weight of Europe's decline, and the question is whether our early strength will hold throughout the day."

In testimony before the Senate Banking Committee, Bernanke strongly defended the Fed's bond-buying stimulus program, or quantitative easing. Equities have benefited from the Fed's easy monetary policy, designed to boost the economy and employment.

"If Bernanke were to give any nugget of information about when QE might end, that would move markets, but we haven't seen anything like that," said Mike Shea, a trader at Direct Access Partners in New York.

Last week, concerns the Fed might curtail or end its stimulus efforts earlier than expected prompted a sharp decline by stocks, though they recovered most of the lost ground by the end of the week.

The Dow Jones industrial average <.dji> was up 88.66 points, or 0.64 percent, at 13,872.83. The Standard & Poor's 500 Index <.spx> was up 6.09 points, or 0.41 percent, at 1,493.94. The Nasdaq Composite Index <.ixic> was up 7.82 points, or 0.25 percent, at 3,124.07.

Dow component Home Depot Inc was the top gainer on both the Dow and S&P 500 after reporting adjusted earnings and sales that beat expectations, sending shares up 5.6 percent to $67.52.

Macy's Inc rose 3.3 percent to $39.80 after stating it expects full-year earnings to be above analysts' forecasts because of strong sales in the holiday period.

Economic reports that showed strength in housing and consumer confidence also supported stocks.

Home prices rose more than expected in December, according to the Standard & Poor's/Case-Shiller index. Consumer confidence rebounded in February, jumping more than expected, and new-home sales rose to their highest in 4-1/2 years.

For the benchmark S&P 500 index, 1,500 will be watched as a key level after the index closed below it on Monday for the first time since February 4, with selling accelerating after falling below it. An inability to break back above it could portend further losses.

(Editing by Chizu Nomiyama and Kenneth Barry)

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Iran Enters Nuclear Talks in a Defiant Mood

TEHRAN — When Iran’s nuclear negotiating team sits down with its Western counterparts in Almaty, Kazakhstan, on Tuesday, it will offer no new plans or suggestions, people familiar with the views of the Iranian leadership say. More likely, they say, the Iranian negotiators will sit with arms crossed, demanding a Western change of heart.

Iran’s leaders believe that the effects of Western sanctions have been manageable, and Iran continues to make progress on what it says is a peaceful nuclear energy program. And Iran’s leaders see that North Korea, which openly admits that it wants nuclear weapons, has performed three nuclear tests without suffering any real penalties.

As a result, Iran’s leaders feel that they, not the West, hold the upper hand in negotiations. “The West has no option but stopping to threaten Iran and reduce sanctions,” said Kazem Anbarloui, the editor in chief of the state newspaper Resalat, who was appointed by Iran’s supreme leader, Ayatollah Ali Khamenei. “But it seems they just want to talk for the sake of talks.”

Further signaling that they expect a grand gesture, Iranian officials last week turned down a Western proposal to gradually lift sanctions on trading in gold in return for the closing of a mountain bunker enrichment facility called Fordo. They said the site, which is under an inspection regime by the United Nations nuclear watchdog, would never be shut down, because it afforded protection against attacks, particularly from Israel.

“Such a proposal would only help the Zionist regime to threaten our facilities,” an influential lawmaker, Ala’edin Borujerdi, told reporters. “They would never dare to attack us, but why would we tempt them?”

In recent days, dozens of Iranian politicians have made defiant statements, urging the United States and other nations to accept Iranian nuclear “realities,” which means unconditional acceptance of Iran’s nuclear energy program.

“If they want constructive negotiations, it’s better this time they come with a new strategy and credible proposals,” the top nuclear negotiator, Saeed Jalili, told reporters before his departure to Kazakhstan.

As a sign of their resistance to Western pressures, Iranian officials on Saturday announced the mass installment of higher-yielding enrichment centrifuges, said they had discovered new uranium mines, and designated new sites for future nuclear projects.

“You should raise the level of your tolerance,” Fereydoun Abbasi-Davani, the head of the Atomic Energy Organization of Iran, said on Saturday. “Try to find ways for cooperation with a country that is moving towards technological progress.”

On Sunday, Iranian lawmakers signed a petition urging their negotiating team to defend national interests in Almaty. “The West must learn that Iran’s nuclear train, which moves on the rails of peaceful goals, will never stop,” the petition read, according to the semiofficial Fars news agency.

At the same time, a former top nuclear negotiator, Ali Larijani, who is currently the head of the Iranian Parliament, stressed that reports by the United Nations watchdog, the International Atomic Energy Agency, had no effect on the “will and determination of the Iranian nation.”

Iranian officials do not deny that the sanctions have had an impact — Iran’s oil sales have fallen by more than half because of sanctions, and the national currency lost over 40 percent of its value in 2012, amid the international isolation of its central bank. But they say they are confident that the country can withstand any hardships the West imposes.

“The U.S. government is imposing all its power to impose pressure on us; they tell other countries not to trade with us,” President Mahmoud Ahmadinejad said on Saturday. “We will pass this situation.”

Ayatollah Khamenei gave much the same message in two addresses this month. “If the Iranian people had wanted to surrender to the Americans, they would not have carried out a revolution,” he said in a meeting at his private home, which was broadcast by the Iranian news media. “The people, particularly the underprivileged classes, truly feel the hardships. But they do not separate themselves from the Islamic Republic, because they know that the Islamic Republic and the dear Islam are the powerful hands which can solve the problems.”

In elevators, in private taxis and at family parties in the Iranian capital, many hope that the talks in Almaty will bring an end to the decade-long nuclear standoff. But few expect much. “Both the U.S. and our leaders will never give in,” said one judge who did not want his name mentioned because of the nature of his work. “There can only be one winner and one loser; no compromise.”

Ramtin Rastin contributed reporting.

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Seth MacFarlane: Why He Didn't Work as Oscar Host

By PEOPLE TV Critic Tom Gliatto

02/25/2013 at 10:30 AM EST

Hosting the Oscars, they say, is a thankless job. So, Seth MacFarlane, thanks for nothing.

This isn't to say he can be blamed for a long evening that seemed to be devoted more to singing than handing out awards.

On the other hand, he doesn't get credit for the show's best moments, either: Adele's powerful performance of "Skyfall," Daniel Day-Lewis's charmingly stiff humor in his acceptance speech for Lincoln – it was so like Abe! – or Michelle Obama's surprising and generous gesture: appearing via satellite to announce the Best Picture winner.

It's also only fair to say that this year's awards weren't as awful as the ones hosted in 2011 by James Franco and Anne Hathaway (her Supporting Actress award for Les Misérables, I suspect, was not only because she made "I Dreamed a Dream" look as painful as a birth scene from Alien, but for being such a good sport about that hosting fiasco). And, given the caliber and popularity of the movies nominated, ratings should be good.

But it's the host who sets the tone, and in that regard MacFarlane was problematic. I say "problematic" in the way that a Secretary of State might describe a report that North Korea had fired a missile in our direction.

The creator-writer of Fox's Family Guy and the hit film Ted, MacFarlane was brought in as a calculated, possibly desperate gamble to liven up the broadcast. He's certainly famous enough, but he's still known principally as a comic sensibility – a voice actor, a joke teller, a writer-director – than as a personality or performer.

And that sensibility is impossible to be indifferent to. MacFarlane likes to be politically and culturally incorrect in a way that registers as annoying, well-aimed tweaks. His jokes can feel like a pencil poked in your back by a student behind you in sixth grade.

I just experienced a most painful flashback to just such an incident.

Maybe the Academy was sold by the fact that, unlike Ricky Gervais and his unnerving, shiny face, MacFarlane looks so harmless, so completely host-appropriate. He arrives as an impeccably groomed package, as smiling and smoothly spoken as Ryan Seacrest. He looks as if he might have managed the Jonas Brothers. He can also sing in the lightly swinging style of classic crooners like Sinatra.

The incongruity doesn't make him funnier.

Why The Funny Man Wasn't So Funny

The night started with one of the strangest and ultimately most pointless openings ever. William Shatner, looking rumpled and cross in his old Star Trek uniform, appeared on a giant screen. He said he had come from the future to warn MacFarlane that his show would be a disaster: "Your jokes are tasteless and inappropriate and everyone ends up hating you."

Then he showed a clip from "further on" in the broadcast: MacFarlane was singing (quite well) about actresses' exposed breasts. Then we saw MacFarlane's "sock puppet" adaptation of the Denzel Washington movie Flight. Shatner said he was appalled that MacFarlane would have the nerve to sock-impersonate a black actor.

In other words, MacFarlane had to explain to us that he would be offensive – because people weren't able to tell? – before he could actually be offensive. This wasn't not so much offensive as irritating and self-aggrandizing.

I actually would have been grateful to be shocked, angered or disgusted rather than patronized.

I mean, it's the Academy Awards, a night that often feels like Hollywood's idea of America's idea of heaven.

This happened to me only once. The "playing off" music – for winners who spoke too long – was the theme from Jaws. This seemed, for a moment, like an inspired, even cute idea, until you realized it came across as sniggering at the statuette-holders as they struggled to cram all they could into their moment of glory. It was like a whoopie cushion, or a wind instrument going "wha-wha-wha-WHAAAA."

(By the time Quentin Tarantino accepted his screenwriter award for Django Unchained with a very long, wildly emphatic speech, Jaws was gone.)

Beyond that, MacFarlane kept throwing out lines, as hosts do, delivering them with a Johnny Carson urbanity even when he was joking, for instance, about how many years it will be before 9-year-old Quvenzhané Wallis can hook up with (or, more precisely, will be too old for) George Clooney.

Then, with all the statuettes given out and the time on the cable box indicating a few minutes past 12 a.m., he and Kristin Chenowith performed a number called "Here's to the Losers."

In a nutshell.

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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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Wall Street rallies on growth optimism

NEW YORK (Reuters) - Stocks rose on Monday, suggesting the equity rally was intact as investors grew more confident that the global economy would continue to grow.

Stocks have been strong performers so far this year, with the S&P 500 jumping 6.2 percent in 2013 to hover around its highest levels since 2007. That has prompted many to call for a pullback, though recently any dip has been used as a buying opportunity.

While the S&P fell last week, the decline was a slight 0.3 percent and was the first weekly drop after a seven-week string of gains.

"The major trend is that indexes will keep moving higher, a reflection that the economy continues to grow at a moderate pace," said Bernard Baumohl, managing director at the Economic Outlook Group in Princeton, New Jersey.

The Dow Jones industrial average <.dji> was up 45.78 points, or 0.33 percent, at 14,046.35. The Standard & Poor's 500 Index <.spx> was up 6.90 points, or 0.46 percent, at 1,522.50. The Nasdaq Composite Index <.ixic> was up 16.87 points, or 0.53 percent, at 3,178.69.

Equities will face a test with the looming debate over sequestration, massive U.S. government budget cuts that will take effect on Friday if lawmakers fail to reach an agreement over spending and taxes. The White House issued warnings about the harm the cuts are likely to inflict on the economy if enacted.

Early results from Italy's general election cheered markets there after the pro-reform, center-left Democratic Party was leading Silvio Berlusconi's conservative bloc. [ID:nL6N0BPFBQ] Investors worried if the elections went the wrong way, efforts to handle Italy's debt problems would be undermined.

"Odds are that there will be a coalition government that will let the austerity measures stay in place, allowing yields to come down and avoiding what would have been a headwind for U.S. markets," said Baumohl.

European shares <.fteu3> rose 0.4 percent while Italy's main FTSE MIB <.ftmib> soared 3.5 percent.

The Nasdaq was lifted by a rallies at SanDisk Corp , which jumped 2.7 percent to $50.81, and Amgen Inc , up 3.8 percent to $90.16.

Barnes & Noble Inc climbed 7.8 percent to $14.56 after the Wall Street Journal reported that Chairman Leonard Riggio was considering a bid for the company's bookstore business.

Lowe's Cos Inc reported earnings that beat expectations, helped by rebuilding efforts after Hurricane Sandy in the United States. After climbing in premarket, shares dipped 0.7 percent to $37.42.

With 83 percent of the S&P 500 having reported results, 69 percent of beat profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

Dynavax Technologies Inc shares plunged 34 percent to $1.96 after the Food and Drug Administration denied approval for the company's adult hepatitis B vaccine and sought additional data for evaluate its safety.

(Editing by Chizu Nomiyama and Kenneth Barry)

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IHT Rendezvous: As Oscars Fever Builds, Some Chinese Ask: ‘What About Our Films?’

BEIJING — As Oscar fever grows around the world with the 85th Academy Awards set to begin in Los Angeles just hours from now, excitement is building in China, even though it has no films in competition. There is also a sense of frustration here about why China’s movies aren’t nominated for the world’s biggest awards?

China sees itself as advancing in many ways, growing richer and more powerful, so its inability to come up with serious Oscars contenders rankles.

The most popular answer to the question, held by ordinary Chinese and film experts alike, is: “Too few good films. That’s the real reason in recent years Chinese films have moved further and further away from the Oscars dream,” wrote The International Herald Leader newspaper, in a story carried on the country’s popular Tencent entertainment site.

An article by The Economic Daily, carried on People’s Daily Web site, gave another interpretation: “The Oscars have never been a communal forum, the films taken seriously have only the responsibility to portray the North American world view and the lives they’re willing to see.”

As I’ve explored elsewhere, strict censorship hobbles the Chinese film industry. Directors are increasingly voicing their frustration in public, yet there’s little they can do against the directives of the state. One result of this hamstringing of talent is it’s virtually impossible to make probing films about contemporary society, which has many social tensions the government doesn’t want openly explored. Instead, filmmakers retreat to the safety of historical themes, with tales of warring dynasties commonplace.

Also, strict import rules governing overseas movies mean few may be shown here. As a person with the handle LA-YIN wrote on Sina Weibo, the microblog: “With the exception of Ang Lee’s ‘Life of Pi,’ none of the nominated films has screened in China.”

Much attention is being focused on a prediction of winners in an annual list drawn up by the actress Zhang Ziyi. Ms. Zhang starred in “Crouching Tiger, Hidden Dragon,” a hit in 2000 by the Taiwanese director Ang Lee. She is also the first Chinese star from the People’s Republic of China to be listed on the jury for the Oscars, in 2005, Xinhua, the state news agency, reported.

Many netizens are pointing out that Ms. Zhang’s list runs at an estimated 90 percent accuracy rate. So what’s she tapping?

Best Director? Mr. Lee and Steven Spielberg (“Lincoln”) are in tight competition, she writes. “Emotionally, I’m drawn to Ang Lee. Intellectually I’m drawn to Spielberg. These are the two films I’ve liked most this year.”

Best Film? “Lincoln. Whether you like the movie or not, it gives off glamor and radiance. I salute Spielberg’s youthfulness,” she wrote.

China is 16 hours ahead of Los Angeles, so watching will be tricky for people headed into a normal working day on Monday. As –Mostro- wrote on a microblog site, “It’s the Oscars today!!!!!!! But it’ll only be on tomorrow, Beijing time ….I can’t watch it,” followed by four yellow, grimacing emoticons.

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You're Invited to PEOPLE.com's Oscars Party!

02/24/2013 at 08:40 AM EST

From left: Bradley Cooper, Oscar, Jessica Chastain

AFP/Getty; Wireimage; Splash News Online

Oscars host Seth MacFarlane isn't the only one gearing up for Hollywood's biggest night – we are too!

Be a part of the glamour and excitement Sunday starting at 6 p.m. ET/3 p.m. PT when we roll out the red carpet for our PEOPLE.com VIPs.

Here's what you can expect:
• Tune in to our live red carpet preshow for exclusive A-list interviews
• Be the first to see the gorgeous gowns – and make your own best-dressed list
• Download your own play-along ballot – and vote on your Academy Awards picks
• Tweet with our editors at #PeopleOscars, and watch the conversation on our homepage. We'll be joined by DKNY PR Girl (@dkny), model Coco Rocha (@cocorocha), the hilarious Go Fug Yourself (@fuggirls), @WhoWhatWear and blogger @Possessionista!
• Take our up-to-the-minute Oscars polls

And come back the next day for so much more ...
• See the night's best dresses from all angles with our 360º slideshow
• Come inside the most exclusive Oscars after-parties
• Relive the most memorable quotes of the show
• Get the scoop on the night's biggest shockers and funniest moments everyone is talking about

We're looking forward to a fun, fashion-filled night – see you then!

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U.N. Rejects Claim for Direct Compensation to Victims of Cholera Epidemic in Haiti

There will be no direct financial compensation from the United Nations for the more than 8,000 Haitians who died and the 646,000 sickened by cholera since the disease struck the earthquake-ravaged country in October 2010, Secretary General Ban Ki-moon told the Haitian president this week.

More than 15 months after the United Nations received a legal claim seeking to hold peacekeeping troops responsible for setting off the epidemic, its lawyers declared the claim “not receivable,” citing diplomatic immunity.

At the same time, Partners in Health, the leading nongovernmental health care provider in Haiti, has stepped forward to urge the United Nations to invest more seriously in Mr. Ban’s own largely unfunded anticholera initiative to make amends.

In an Op-Ed article posted Friday night on the Web site of The New York Times, Dr. Louise C. Ivers, the group’s senior health and policy adviser, says the United Nations has “a moral, if not legal, obligation to help solve a crisis it inadvertently helped start.” Evidence, she said, finds the United Nations “largely, though not wholly” culpable for the outbreak of cholera.

To date, Mr. Ban has not acknowledged the reigning scientific theory about the origin of Haiti’s cholera epidemic — that peacekeepers from Nepal imported the cholera and, through a faulty sanitation system at their base, infected a tributary of the country’s largest river.

Dr. Ivers, however, while noting the “causality” of epidemic disease is complex, says that no other reasonable hypothesis for Haiti’s cholera has been put forth.

What makes her comments especially striking is that her organization’s co-founder and chief strategist, Dr. Paul Farmer, served as the United Nations’ deputy special envoy for Haiti for the past three years and was appointed by Mr. Ban in December to lead the very anticholera initiative that she found lacking.

Dr. Farmer declined to comment, but a spokeswoman for Partners in Health said Dr. Ivers’s statements represented the group’s concerns about the 10-year, $2.2 billion anticholera initiative that he was supposed to advise.

The ambitious initiative is intended to upgrade Haiti’s abysmal water and sanitation infrastructure while increasing cholera prevention and treatment efforts, including the expansion of a small cholera vaccination campaign that Partners in Health and a Haitian health care group, Gheskio, undertook last year.

Donors have pledged $215 million. The United Nations said it would contribute $23.5 million — 1 percent of the initiative’s cost, Dr. Ivers said.

In contrast, she said, this year’s budget for the United Nations peacekeeping mission, $648 million, “could more than fund the entire cholera elimination initiative for two years.”

Expressing his “deep sorrow and solidarity with the many Haitian families who lost loved ones in this terrible epidemic,” Nigel Fisher, the new head of the peacekeeping mission, nonetheless said that the United Nations had “mobilized resolutely to combat the disease.” It spent some $118 million on cholera before the initiative was announced, officials have said.

Mr. Ban, through his spokesman, also expressed “his profound sympathy” while announcing on Thursday that the legal claim had been rejected.

Mario Joseph, lead lawyer for the cholera victims, said, “While these sympathies are welcome, they will not stop cholera’s killing or ensure that survivors can go on living after losing breadwinners to cholera.”

The demand, filed in an internal United Nations claims unit, had sought $100,000 for each bereaved family and $50,000 for each cholera survivor.

Mr. Joseph described the United Nations’ terse rejection of a claim filed over a year ago as “disgraceful,” and he and his American colleagues at the Institute for Justice and Democracy in Haiti said they would file a lawsuit in Haiti or abroad.

Though the death rate from cholera has declined significantly since the epidemic initially devastated Haiti, the disease is still coursing through the country. National statistics show a spike of reported cases in December 2012 over that same month in 2011 — 11,220 compared with 8,205.

“The U.N. will not pay,” said a headline Friday on the Web site of Haiti’s Le Nouvelliste newspaper.

“It’s not surprising,” a reader responded.

This article has been revised to reflect the following correction:

Correction: February 23, 2013

An earlier version of this article misrendered a quotation from an Op-Ed article by Dr. Louise C. Ivers. The quotation should have read “largely, though not wholly,” not “largely, if not wholly.”

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Reeva Steenkamp's Father: If Oscar Pistorius Speaks the Truth, 'I Can Perhaps Someday Forgive Him'

By Stephen M. Silverman

02/23/2013 at 09:30 AM EST

Oscar Pistorius and Reeva Steenkamp

Elite/EMPICS Entertainment/ABACA

Having been freed on bail Friday as he awaits trial for the premeditated murder of his girlfriend Reeva Steenkamp, Oscar Pistorius "will have to live with his conscience," her father said Saturday.

Speaking to the Beeld newspaper (and translated by the BBC), Barry Steenkamp – referring to Pistorius's claim that he fatally fired his gun four times at Reeva because he thought an intruder had broken into his house – said: "If it didn't happen the way he says it did, he must suffer and he will suffer."

Steenkamp also said, "It does not matter how much money he has and how good his legal team is, he will have to live with his conscience. But if he speaks the truth, I can perhaps someday forgive him."

The next hearing for the Paralympian, 26, is scheduled for June 4.

Besides setting bail at $114,000 – the amount is considered high for a murder trial in South Africa, reports The New York Times – Magistrate Nair Desmond also ordered Pistorius to relinquish firearms and passports, and to stay away from his home, because it is an official crime scene.

In addition, he is not permitted to contact witnesses, leave Pretoria without official permission or use drugs or alcohol. He is to report to a police station twice every week.

Arnold Pistorius, an uncle speaking on behalf of the family, told reporters Friday, "We are relieved by the fact that Oscar got bail today, but at the same time, we are in mourning for Reeva Steenkamp and her family."

Oscar Pistorius is reportedly staying at Arnold's home in an upscale part of Pretoria. News photos showed the athlete being picked up from the courtroom and driven away by his sister, Aimee.

Reeva Steenkamp's mother June told Beeld that the Pistorius family had sent a bouquet of flowers.

"But what does it mean?" she said. "Nothing."

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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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