New rule cracks down on debt settlement industry

Companies that promise to reduce or eliminate credit card balances and other debt for customers will no longer be allowed to charge an upfront fee.

The Federal Trade Commission said Thursday the new rule is intended to crack down on the debt settlement industry, which has flourished in the downturn as borrowers struggle to pay their bills. The rule goes into effect October 27th.

Since the start of the recession, the Better Business Bureau says it received more than 3,500 complaints about debt settlement companies.

15 Killed in Mass Panic at Germany's Love Parade

A stampede inside a tunnel crowded with techno music fans crushed 15 people to death and injured dozens at the Love Parade festival in western Germany on Saturday.

Other revelers initially kept partying at the event in Duisburg, near Duesseldorf, unaware of the deadly panic that started when police tried to prevent thousands more people from entering the already-jammed parade grounds.

Police are still trying to determine exactly what happened at the event that drew hundreds of thousands of people, but the situation was "very chaotic," police commissioner Juergen Kieskemper said.

He said just before the stampede occurred at about 5 p.m. (1500 GMT, 11 a.m. EDT), police had closed off the area where the parade was being held because it was already overcrowded. They told revelers over loudspeakers to turn around and walk back in the other direction before the panic broke out, he said.

Emergency workers had trouble getting to the victims in the large tunnel that leads to the grounds.

A young man told WDR television that he was among those caught up in the crush.

"Both my legs were trapped — then, thank God, somebody helped me up, then I helped another up ... and then, kind of by luck, we were pushed back out of the crowd," he said. The station did not identify him.

Another young man who wasn't named told n-tv television the tunnel became so crowded that people fell over.

"It got tighter and tighter from minute to minute and at some point everyone just wanted out, and they only saw the two exits to the right and left," he said. "The pressure from behind become so high that ... we couldn't do anything any more. People were just pushed together until they fell over."

Duisburg city officials decided at a crisis meeting to let the parade go on to prevent more panic and another stampede, said city spokesman Frank Kopatschek.

"The crisis meeting determined not to stop the event because at the moment there are too many people on the grounds," he said.

Sabotage Blamed In India Train Crash Horror

More than 60 people are dead after a train crash at a station in eastern India, with one government official suggesting sabotage could be to blame.

A high-speed service was pulling away from Sainthia station in Bengal when it slammed into a passenger train waiting at a platform.

The force of the crash ripped the roof off one carriage and it landed on a bridge above the tracks.

Police said at least 61 people were killed, including the two drivers of the express train, and around 125 were injured.

Railway minister Mamata Banerjee said the incident was being investigated for signs of sabotage.

"We have some doubts in our mind," she said.

"We are still finding out the details and we will take all necessary steps and action and find out who is behind this calamity."

One Indian TV channel quoted unnamed railway officials as saying signal "tampering" could not be ruled out.

Less than two months ago a train derailment in West Bengal was blamed on Maoist rebels.

Some 145 people were killed when a passenger train came off the tracks and was hit by a cargo service heading in the opposite direction.

At Sainthia station, a huge crowd gathered as people climbed through the wreckage searching for survivors.

Officials said most of the dead were in the unreserved carriages, which are usually tightly packed.

Zsa Zsa Gabor reportedly hospitalized after falling out of bed

Ohh Zsa Zsa Gabor

Zsa Zsa Gabor is in hospital today after she fell of bed and broke several bones, reports say.

The 93-year-old actress and former beauty queen was watching Jeopardy in bed when tragedy struck. USA Today reported:
“She was watching her favorite show … when the phone rang,” her husband Prince Frederic von Anhalt says.
“She reached over to pick it up and fell.”
Ms. Gabor was rushed to Ronald Reagan UCLA Medical Center from her Bel Air mansion. Her publicist told the L.A. Times that Ms. Gabor likely has several broken bones:
“She’s fragile,” he said, but “she’s still very bright — she still makes me laugh. Her faculties are intact, but her body’s failing her.”
CNN reports that Ms. Gabor broke her hip.
Ms. Gabor is the last surviving sister of the famous trio of Gabor girls; the others were Magda and Eva Gabor.
A timeline of Zsa Zsa’s recent mishaps:1989: Ms. Gabor slaps a Beverly Hills police officer after she is pulled over because the car’s licence plates are expired. She was later found guilty of assault.
2002: A car accident leaves Ms. Gabor partially paralyzed to the point she requires a wheelchair.
July 2005: Ms. Gabor suffers a massive stroke that leaves her in critical condition in hospital. She has surgery to remove a blockage in her carotid artery.
September 2007: Ms. Gabor has surgery to deal with a leg infection. The infection is the result of her use of a wheelchair and walker.
July 2010: Ms. Gabor falls out of bed while watching Jeopardy, reportedly breaking a hip.

No leak from Gulf of Mexico oil well

British oil giant BP has said there has benn no sign of any oil leaking from its rouge well in the Gulf of Mexico since 24 hours. Further tests showed barely any pressure rising in the capped gusher.

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At euronews we believe in the intelligence of our viewers and we think that the mission of a news channel is to deliver facts without any opinion or bias, so that the viewers can make their own opinion on world events.

We also think that sometimes images need no explanation or commentary, which is why we created No Comment and now No Comment TV: to show the world from a different angle…

Goldman paying $550M to settle civil fraud charge

Resolving a high-profile government case linked to the mortgage meltdown, Goldman Sachs & Co. has agreed to pay a record $550 million to settle civil fraud charges that it misled buyers of complex investments.

The Securities and Exchange Commission announced the settlement Thursday with the Wall Street titan, just hours after Congress gave final approval to legislation imposing the stiffest restrictions on banks and Wall Street firms since the Great Depresssion.

For Goldman, it was a chance to put behind it a case that had tarnished its reputation after it emerged relatively unscathed from the financial crisis. For the SEC, emerging from the embarrassment of a series of lapses, the charges and the settlement were a high-stakes opportunity to prove it could be tough on Wall Street.

And the agency's sweeping investigation of the conduct of financial firms in the run-up to the mortgage market collapse could bring more cases.

The deal calls for Goldman to pay a $535 million fine and $15 million in restitution of fees it collected. Of the total $550 million, $300 million will go to the government and $250 million goes to compensate two European banks that lost money on their investments.

The penalty was said to be the largest against a Wall Street firm in SEC history. But the settlement amounts to less than 5 percent of Goldman's 2009 net income of $12.2 billion after payment of dividends to preferred shareholders - or a little more than two weeks of net income.

Word that Goldman had settled began leaking about a half-hour before stock markets closed and appeared to please investors. Goldman had been trading at about $140 a share. The stock rose to close at $145.22, up $6.16, and shot up to $151.95 in after-hours trading.

The SEC had alleged that Goldman sold mortgage-related investments without telling buyers that the securities had been crafted with input from a client that was betting on them to fail.

The securities cost investors close to $1 billion while helping Goldman client Paulson & Co. capitalize on the housing bust, the SEC said in the charges filed April 16.

Goldman acknowledged Thursday that its marketing materials for the deal at the center of the charges omitted key information for buyers.

But the firm did not admit legal wrongdoing.

In a statement, Goldman said "it was a mistake" for the marketing materials to leave out that a Goldman client helped craft the portfolio and that the client's financial interests ran counter to those of investors.

"We believe that this settlement is the right outcome for our firm, our shareholders and our clients," Goldman's statement said.

"Even if the penalty was lower than the market expected, the fact that Goldman admitted that it made misleading and incomplete disclosures to its clients vindicates the SEC's legal theory for the future," Coffee said. "You have to understand that the defendant almost never makes such a concession in SEC settlements."

The settlement is subject to approval by a federal judge in New York.

The SEC said its case continues against Fabrice Tourre, a Goldman vice president accused of shepherding the deal.

Tourre is still employed by Goldman and remains on paid administrative leave, according to a person familiar with his status who wasn't authorized to discuss the matter publicly. Goldman is paying Tourre's legal expenses, the source said.

The Justice Department opened a criminal inquiry of Goldman in the spring, following a criminal referral by the SEC.

Of the $550 million Goldman agreed to pay, $250 million will go to the two big losers in the deal. German bank IKB Deutsche Industriebank AG will get $150 million. Royal Bank of Scotland, which bought ABN AMRO Bank, will receive $100 million.

Goldman also will pay back $15 million in fees it collected for managing the deal. The remaining $535 million is considered a civil penalty.

Paulson & Co. was not charged by the SEC.

The SEC brought the case after a series of embarrassing blunders - most notably its failure to detect the massive Ponzi scheme run by Bernard Madoff and the alleged $7 billion fraud by R. Allen Stanford. The Goldman case was a high-profile opportunity for the agency to prove it could be tough on Wall Street.

Jacob Frenkel, a former SEC enforcement attorney, said the SEC met that objective.

"This was a bet-the-agency case," Frenkel said. "They had a lot at stake here, and this did wonders to re-establish a strong enforcement image and presence."

Goldman dodged major risks as well. The company quieted a source of public criticism and can return to focusing on its business.

Goldman's legal troubles may not be over, though. Investors who lost money on the transactions could still sue the firm for civil damages, according to Thomas Ajamie, a Houston-based defense lawyer who specializes in financial fraud cases.

"Nothing stops the investors from filing their own claims," Ajamie said.

The chairman of a Senate panel that interrogated Goldman officials at a hearing after the SEC filed its charges applauded the settlement.

"Goldman played fast and loose ... misled its clients, and got called on it today," Sen. Carl Levin, D-Mich., said Thursday. "A key factor in the settlement is that Goldman acknowledges wrongdoing, in addition to paying a fine and changing its practices."

Put Windows 98 Plus! themes on Windows 7

Do you miss Windows 98?  Well, with this download and a bit of tweaking you can at least put the look of the Plus! themes on your Windows 7 computer.  Download the themes here.  If the link gets broken, the download page with the provided instructions is here.  I'm going to improve them here. 

The download is a .zip file - double click on it to open it.  Right click the Plus! folder and click Copy.  Now open Computer, double click on C: drive, and then double click on Program Files.  Right click somewhere in an empty area of the folder and click Paste.  Now double click on the Plus! folder.  Right click on Themes.exe and click Properties. Click on the Compatibility tab and in Compatibility mode section, check Run this program in compatibility mode.  From the drop down menu, select Windows 98. Click Apply and then OK.

Now double click Themes.exe and from its drop down menu select the theme you want to apply.  You'll find that your wallpaper, cursor, font, etc. all have gone old school.  Blue screens of death originally included with Windows 98 are not included in this download.

India and Pakistan foreign ministers meet

The Indian and Pakistani foreign ministers have begun talks in Islamabad in an effort to revive peace talks that froze after the 2008 Mumbai attacks.

Pakistan says all issues are on the table for the meeting between Shah Mehmood Qureshi and India's SM Krishna.

Islamabad is expected to bring up its complaint that India is diverting water from rivers that cross the border.

The talks are the third high-level contact in six months and the foreign ministers' first meeting since 2008.

In February, the two nations' senior foreign ministry officials met in Delhi. Last month, their home ministers met in Islamabad.

The BBC's Aleem Maqbool in the Pakistani capital says after the turbulent times between the two nuclear neighbours, these talks will be feted as a success, simply if they do not collapse.

The 2008 Mumbai (Bombay) attacks - which severely damaged relations between the two - are expected to be the focus of the talks.

India blamed the bloodshed - in which Islamist gunmen killed more than 160 people - on Pakistan-based militants. After initial denials, Pakistan later admitted the attacks were partly planned on its soil.

Recent violence in the divided Kashmir region - at the heart of hostility between the neighbours - may also be discussed.

As the two ministers met, news emerged that the second Indian army major in as many days had been killed in a bitter firefight with militants in mountainous forest at Poonch district, Indian-administered Kashmir.

Separatists in the region began an insurgency against Indian rule in 1989 - a movement almost immediately backed by Pakistan - and since then tens of thousands of people have been killed.

Mostly Muslim Kashmir has been the cause of two of three wars between Pakistan and India since independence from Britain in 1947.

After his arrival in Islamabad, Mr Krishna said he was hopeful of a new beginning in relations.

"Pakistan must realise that India harbours no ill-will against it and the cancer of terrorism needs to be rooted out completely," the Press Trust of India (PTI) news agency quoted him as telling reporters.

Mr Krishna is also due to meet Pakistani President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani.

Relations between the two countries, which have fought three wars since the subcontinent was divided in 1947, have been bedevilled by border and resource disputes.

Iranian scientist in US torture claim on return home

The Iranian scientist who claims he was kidnapped by US agents has said he was mentally and physically tortured.

On his arrival back in Tehran where he was greeted by his family, Shahram Amiri denied that he was heavily involved in Iran’s nuclear programme.

The US says the scientist defected voluntarily but then changed his mind.

But Amiri repeated his claim that he was abducted while on a pilgrimage in Saudi Arabia last year.

“Within the first two months, I was subjected to fierce mental and physical torture by agents and interrogators from the CIA,” said the scientist, who was accompanied by a senior foreign ministry official.

“I’m amazed that someone like the US Secretary of State (Hillary Clinton) – who claims to be an advocate of human rights – says that I was free and went there of my own free will. I have documents and evidence that show I was never free, I was not allowed to make a call or talk to anybody, and I was under the control of armed CIA guards,” he said.

Iran has portrayed Amiri’s return as a blow to American intelligence services. The scientist also claimed that the CIA had offered him $50m (40m€) to stay in the US.

But officials in Washington say he co-operated freely and provided useful information about Iran’s nuclear programme. They have suggested that Amiri returned home because he feared for his family’s safety.

On Monday, Amiri turned up at the Iranian interests section of Pakistan’s US embassy and asked to be repatriated.

Billboard linking Obama, Hitler draws complaints

A billboard created by an Iowa tea party group that compares President Barack Obama to Adolf Hitler and Vladimir Lenin is drawing sharp criticism — even from fellow tea party activists who have condemned it as offensive and a waste of money.

The North Iowa Tea Party began displaying the billboard in downtown Mason City last week. The sign shows large photographs of Obama, Nazi leader Hitler and communist leader Lenin beneath the labels "Democrat Socialism," "National Socialism," and "Marxist Socialism."

Beneath the photos is the phrase, "Radical leaders prey on the fearful & naive."

The co-founder of the roughly 200-person group said the billboard was intended to send an anti-socialist message. But Bob Johnson admitted Tuesday that the message may have gotten lost amid the images of fascist and communist leaders.

"The purpose of the billboard was to draw attention to the socialism. It seems to have been lost in the visuals," Johnson said. "The pictures overwhelmed the message. The message is socialism." He said he didn't know of any plans to remove the sign.

But others in the tea party movement criticized the sign.

"That's just a waste of money, time, resources and it's not going to further our cause," said Shelby Blakely, a leaders of the Tea Party Patriots, a national group. "It's not going to help our cause. It's going to make people think that the tea party is full of a bunch of right-wing fringe people, and that's not true."

Blakely also expressed outrage at linking Obama to Hitler, the leader of Nazi Germany who oversaw the killing of 6 million Jews and whose invasions of neighboring countries led to World War II.

"When you compare Obama to Hitler, that to me does a disservice to the Jews who both survived and died in the Holocaust and to the Germans who lived under Nazi regime rule," Blakely said.

John White, an Iowa coordinator of the Tea Party Patriots, said that he can understand the North Iowa group's perception that Obama is "Hitler-esque," but he thinks the billboard is offensive and unproductive. White said that he planned to discuss the matter with national tea party officials.

"I fear they may end up in some kind of trouble over it, because it's basically slanderous," White said. "I don't know that it's the message we want to send. I'd much rather see billboards that say 'Remember in November. Get Out and Vote.'"

The billboard is owned by Waitt Outdoor of Omaha, Neb. Waitt general manager, Kent Beatty, said the company didn't have a problem with the message.

"We believe in freedom of speech," Beatty said. "It doesn't reflect our views, necessarily."

The White House declined to comment on the sign.

One person who welcomed the billboard was Dean Genth, a Democratic activist from Mason City, a city of 30,000 people just south of the Minnesota border, who said he thinks the sign lays bare the views of tea party supporters.

"I welcome them to continue to spew that kind of stuff because I think it's going to do a lot of good for the good Democrats around the state," Genth said.

Burglar steals iconic Cheltenham Gold Cup in £150,000 house raid

The Cheltenham Gold Cup has been stolen in a house burglary along with other high-value racing trophies worth more than £150,000.

The Challenge Cup and the Britannia Handicap Cup were also among the items taken in the raid after the offenders forced their way into a property between midnight and 6.50am this morning.

The Cheltenham Cup - racing's most famous trophy - is made of solid gold and is worth around £10,000.

Bronze ornaments in the shape of a hare, a spaniel with a pheasant in its mouth and two horses being ridden by jockeys were also stolen along with other items.

Police attended the scene in Wormington near Broadway, Gloucestershire, and are appealing to witnesses to come forward.

The iconic Cheltenham Gold Cup race - dating back to 1819 - takes place every year. This year it was won by jockey Paddy Brennan.

Steinbrenner Heirs Will Dodge Massive Estate Tax

(Newser) – It's an auspicious year for Yankees owner George Steinbrenner to die—at least for his heirs. They'll dodge massive estate taxes because the federal inheritance tax law has expired, leaving legacies largely untapped by Uncle Sam. Steinbrenner's estate is estimated at $1.1 billion. Had he died last year, his estate could owe some $500 million in inheritance taxes.

Even with capital gains taxes on the increased value in Steinbrenner's assets, his heirs still stand to save some $330 million. To put it in perspective: A Rod's salary this year was a "mere" $32 million. "If you're super wealthy, it's a good year to die," an attorney told AP. One asset that's staying in the portfolio is the team. "The team will not be sold," said Yankees president Randy Levine.

Abu Dhabi eyes BP stake purchase

Abu Dhabi eyes BP stake purchase

Sheikh Mohammed bin Zayed Al-Nahyan, Abu Dhabi’s powerful crown prince, says that the wealthy emirate is still considering whether to invest in BP

Steinbrenner Suffers Heart Attack

New York Yankees principal owner George Steinbrenner reportedly suffered a heart attack this morning. The 80 year old Steinbrenner, who paid $10 million for the team in 1973, was vilified in the press in his early years of owning the iconic franchise for meddling too much. Yet Steinbrenner may go down as the greatest owner in baseball history. Under his reign the team has won 11 pennants, 7 world championships and is now worth $1.6 billion, almost twice the value of the New York Mets. More important, Steinbrenner rebuilt the Yankee brand, which had been debased during the years CBS owned the franchise (Steinbrenner is the only owner to pay less for an MLB team than his predecessor) but is now worth $328 million, making the New York Yankees the most valuable sports brand in the world. Steinbrenner also had the foresight to leverage that brand into building the most valuable regional sports channel in the country (YES Network) and joining forces with the Dallas Cowboys to create Legends Hospitality Management, a stadium services business.

Germany-seeks-revenge-for-2008-euro-final

Germany Takes On Spain in World Cup Semifinal

DURBAN, South Africa (AP) -- Leave it to the Germans to make things interesting.

Spain has gone out of its way to downplay the rematch of the 2008 European Championship title game in Wednesday night's World Cup semifinal, refusing to even acknowledge the grudge match factor.

Not Germany's Lukas Podolski.

"We want revenge for 2008," Podolski said Tuesday night. "When you are in a final you want to win. We still think about that defeat, and it still hurts. We want to reach the final and we'll do all we can to achieve that."

Spain ended a 44-year major title drought with its 1-0 victory over Germany two years ago -- a win that wasn't nearly as close as the score indicated. But Germany is a far different team now -- in age and in attitude.

Youngsters such as Mesut Oezil, Sami Khedira and Thomas Mueller have given Germany the speed and sharpness it lacked in 2008. Despite their youth-with an average age under 25, this is the second-youngest team Germany has ever sent to a World Cup-the Germans are playing with discipline and a seamless chemistry that makes their plays unfold like a symphony. 

Their spacing in the midfield is awe-inspiring, their passing so exquisite it almost looks as if the ball is on an invisible wire from one player's foot to another's. As for the defense, it's simply scary. Whenever Argentina's Lionel Messi or Carlos Tevez appeared on the verge of doing something in the quarterfinal, German defenders swarmed around to force a turnover or a bad shot.

And when Germany is on the counterattack, look out.

"In 2008, my team may not have been as consistent," Germany coach Joachim Loew said. "We were fluctuating a little bit in terms of the quality, and might not have had the quality at all positions compared to the team we have today. The players we have now are incredibly skilled technically and tactically.

"Our flow is clearly superior to what we had in 2008."

The Spanish have lost all of two games since November 2006. David Villa has five goals-tied for most in the tournament with the Netherlands' Wesley Sneijder, and Spain's defense hasn't allowed a goal in the knockout stage.

Spain hasn't had quite the same flair that it did at Euro 2008. It was stunned by Switzerland in the group stage, and needed a late goal from Villa to beat Paraguay 1-0 in the quarters after both teams had penalty kicks saved.

But Spain is winning, and that's all that matters at this point in the World Cup.

Spain also caught a break Tuesday, when Cesc Fabregas was able to work out with the rest of the team. Fabregas had taken a ball off the exact spot where his leg was broken in March during practice Monday night, but tests ruled out any bone injuries and coach Vicente del Bosque said he's available for the game.

"I don't think there are favorites at this stage," Andres Iniesta said. "What they say about us, we can also say the same thing about them. You can say they are a great team, a team that has players of a very, very high level. For that, it will be a well-deserved semifinal."

The winner earns the right to play the Netherlands in Sunday's final at Soccer City. The Dutch beat Uruguay 3-2 on Tuesday in the other semifinal.

Netherlands advance to World Cup final with 3-2 victory over Uruguay

CAPE TOWN, South Africa | Arjen Robben emerged from the bottom of a celebration pile, mud on his brow and a smile on his face.

For good measure, he threw kisses at his teammates and fans. His goal gave the Netherlands a 3-2 victory over Uruguay on Tuesday and a spot in the World Cup final.

Now that’s a Dutch treat!

The big prize — that elusive first title — is still one game away. But this was such a moment to savor that most of the squad made a curtain call nearly an hour after the biggest Netherlands victory in decades, leading about 1,000 orange-clad fans in cheers that figure to last until Sunday.

That’s when the Dutch play either Spain or Germany for the championship of the world.

“If you win the final, you make yourself immortal, at least in our country,” Robben said. “We will do everything we can to take the Cup back.”

Stars Wesley Sneijder and Robben scored 3 minutes apart in the second half as the Netherlands advanced to its first title match since losing in 1978 to Argentina.

“We are so close,” Sneijder said. “There is nothing bigger than the World Cup.”

Winners of all six games in South Africa, 10 in a row overall and in the midst of a 25-match unbeaten streak, the Dutch have the look of champions.

“This is unforgettable,” said Sneijder, now tied with Spain’s David Villa for top scorer at the tournament (five goals).

Besides the loss to Argentina in ’78, the Netherlands fell in its only other appearance in the final, to West Germany in 1974.

A tournament that looked like a South American fiesta early on will end in a European showdown for the second straight World Cup. Sneijder and Robben made sure of that.

After stunning long-distance goals, first from the Netherlands’ Giovanni van Bronckhorst and then one by Uruguay’s Diego Forlan, the score was 1-1 at the half.

Sneijder’s go-ahead goal came somewhat unexpectedly because Uruguay had shut down the Dutch offense for much of the second half. His left-footed shot from just inside the penalty area barely ticked the leg of defender Maximiliano Pereira and, with the Netherlands’ Robin van Persie almost deflecting it again, the ball skidded past Uruguay goalkeeper Fernando Muslera.

Then Robben sent a cross from Dirk Kuyt past a flat-footed Muslera with a brilliant header. His teammates piled on in an Oranje Crush celebration, and Robben came up from it muddied and merry — and with the knowledge that, ahead 3-1, the Netherlands was likely headed to the championship match.

Pereira made the Netherlands sweat with a goal in injury time, but the Netherlands was able to hold on for the win.

Uruguay was without striker Luis Suarez, whose hand ball on the goal line in the final seconds of extra time against Ghana saved his team in the quarterfinals. He drew a red card for that, and spent his suspension on the bench Tuesday.

Robben was replaced late in the match, and at the final whistle he fell flat to the turf as he ran back onto the pitch. Mark van Bommel ran over to where the ball came to rest, picked it up and hugged it. His teammates began a joyous stroll around the field as the vuvuzelas blared and Dutch flags waved in the stands.

“Sunday we play in the World Cup final. I have to get used to that,” Sneijder said.

Saratoga company's eye telescope wins OK

In a decision cheered by advocates for the visually impaired, federal regulators Tuesday approved a Saratoga company's first-of-a-kind implantable eye telescope for elderly people with an advanced form of age-related macular degeneration.

The device made by VisionCare Ophthalmic Technologies is aimed at about 750,000 people in the United States who have the most severe and untreatable form of the disease, which causes a blind spot in the center of their vision.

"This innovation has the potential to provide many people with an improved quality of life," said Dr. Jeffrey Shuren, director of the Center for Devices and Radiological Health at the U.S. Food and Drug Administration, which approved VisionCare's device.

Getting the FDA's approval is a big moment for privately held VisionCare, which has been developing the telescope for more than a decade. In 2006, an FDA advisory panel recommended the telescope not be approved because of concerns about its usefulness and safety. But after VisionCare did more studies, the panel unanimously gave the device its blessing.

Although VisionCare has raised $59 million since it was founded in 1997, it has no other products on the market and has consistently lost money. Now the company is planning to roughly double its work force of 23, and "we hope to turn a profit after we launch the product," said Chet Kumar, VisionCare's vice president for business and market development.

Even though most of the approximately 8 million people suffering from the disease in this country won't qualify to be treated with the device, advocates for patients suffering from the ailment hailed the FDA's approval.

"It's very exciting," said Dan Roberts, founding director of Macular Degeneration Support, a group he founded after he was diagnosed with the illness. "The product needs to be given a chance — anything that is going to give the patients better sight until we have a cure, anything that's going to give hope."

Dziem Nguyen, a supervisor at the Santa Clara Valley Blind Center, also was enthusiastic.

Noting that most of the center's patients suffer from age-related macular degeneration, she called the FDA's action "really good news to our folks here."

The ailment, which primarily afflicts the elderly, damages the center of the retina — or macula — which is the light-sensitive tissue at the back of the eye. The result is deteriorated sight in the center of the visual field, causing blurriness and eventually an inability to recognize faces, read or watch television.

The FDA limited VisionCare's telescope to people 75 or older, whose disease has progressed to a severe state. The device — which is about the size of a pea — is implanted in an outpatient procedure behind the colored portion of the eye known as the iris after the patient's own lens is removed.

By magnifying vision by 2.2 times to 2.7 times, depending on which model is used, the device projects visual images away from the damaged macula and onto the surrounding healthy retinal tissue. It is placed in only one eye, since the patient's other eye is needed for peripheral vision.

In a study involving more than 200 patients implanted with the device, the FDA said, 75 percent "improved their level of vision from severe or profound impairment to moderate impairment."

Although the device is approved for people with advanced wet or dry age-related macular degeneration, patients need to consult with a specialist and be tested to determine whether they are good candidates for the surgery.

In some cases, the implantation can distort the cornea's clarity, the FDA said. As a result, the federal agency is requiring VisionCare to conduct follow-up studies on patents outfitted with the telescope.

How Economics Explains the Evolution of Soccer Tactics

Does economic theory have anything to offer a coach in the World Cup? And if it did, would Diego Maradona have cared?

So asks the Times’ Economix blog in a post titled “What Economists Can Teach World Cup Coaches,” by Jack Ewing. As Ewing points out, German economists have noted a pattern by which particular soccer tactics that are indomitable for a certain period of time are eventually overcome and ultimately made obsolete by a new set of tactics. That pattern, they theorize, follows the evolution of financial strategies over time — and may explain the current success of conservative, defense-based footballing tactics. To read all about it, go to the Economix blog.