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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AP source: Tom Brady gets 3-year extension

Tom Brady will be a Patriot until he is 40 years old.

Brady agreed to a three-year contract extension with New England on Monday, a person familiar with the contract told The Associated Press. The extension is worth about $27 million and will free up nearly $15 million in salary cap room for the team, which has several younger players it needs to re-sign or negotiate new deals with.

The person spoke on condition of anonymity because the extension has not been announced.

Sports Illustrated first reported the extension.

The 35-year-old two-time league MVP was signed through 2014, and has said he wants to play at least five more years.

A three-time Super Bowl champion, Brady will make far less in those three seasons than the going rate for star quarterbacks. Brady currently has a four-year, $72 million deal with $48 million guaranteed.

Drew Brees and Peyton Manning are the NFL's highest-paid quarterbacks, at an average of $20 million and $18 million a year, respectively.

Brady has made it clear he wants to finish his career with the Patriots, whom he led to Super Bowl wins for the 2001, 2003 and 2004 seasons, and losses in the big game after the 2007 and 2011 seasons. By taking less money in the extension and redoing his current contract, he's hopeful New England can surround him with the parts to win more titles.

Among the Patriots' free agents are top receiver Wes Welker and his backup, Julian Edelman; right tackle Sebastian Vollmer; cornerback Aqib Talib; and running back Danny Woodhead.

Brady has been the most successful quarterback of his era, of course, as well as one of the NFL's best leaders. His skill at running the no-huddle offense is unsurpassed, and he's easily adapted to the different offensive schemes New England has concentrated on through his 13 pro seasons.

The Patriots have gone from run-oriented in Brady's early days to a deep passing team with Randy Moss to an offense dominated by throws to tight ends, running backs and slot receivers.

Brady holds the NFL record for touchdown passes in a season with 50 in 2007, when the Patriots went 18-0 before losing the Super Bowl to the Giants. He has thrown for at least 28 touchdowns seven times and led the league three times.

Last season, Brady had 34 TD passes and eight interceptions as the Patriots went 12-4, leading the league with 557 points, 76 more than runner-up Denver.

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‘Star Trek’ Beams Into Oscar Night

“Star Trek” fans got quite a treat last night during the Academy Awards last night (Feb. 24).

Actors who portray major characters from the film and television versions of the iconic science fiction series made cameo appearances during the three-hour-long ceremony celebrating the best movies of 2012.

William Shatner, the actor that played Starship Enterprise captain James T. Kirk in original series helped open the awards show with host, Seth McFarlane.

“I’ve come back in time from the 23rd century to stop you from destroying the Academy Awards,” joked Shatner to McFarlane.

Actors Chris Pine and Zoe Saldana also had a part to play in the festivities. Pine, who plays Kirk in 2009′s “Star Trek” and its sequel “Star Trek Into Darkness “ being released later this year, and Saldana, who plays the Enterprise’s communications officer Uhura, recapped an earlier event they co-hosted on Feb. 10 called the “Sci-Tech Oscars.”

The smaller ceremony is designed to showcase the technical achievements of designers and technicians on movie sets.

The newest movie in the Star Trek franchise, “Star Trek Into Darkness,” is set to be released on May 17.

Follow Miriam Kramer on Twitter @mirikramer or SPACE.com @Spacedotcom. We’re also on Facebook & Google+. 

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Vatican 'Gay lobby'? Probably not

STORY HIGHLIGHTS

• Benedict XVI not stepping down under pressure from 'gay lobby,' Allen says


• Allen: Benedict is a man who prefers the life of the mind to the nuts and bolts of government


• However, he says, much of the pope's time has been spent putting out fires

Editor's note: John L. Allen Jr. is CNN's senior Vatican analyst and senior correspondent for the National Catholic Reporter.

(CNN) -- Suffice it to say that of all possible storylines to emerge, heading into the election of a new pope, sensational charges of a shadowy "gay lobby" (possibly linked to blackmail), whose occult influence may have been behind the resignation of Benedict XVI, would be right at the bottom of the Vatican's wish list.

Proof of the Vatican's irritation came with a blistering statement Saturday complaining of "unverified, unverifiable or completely false news stories," even suggesting the media is trying to influence the papal election.

Two basic questions have to be asked about all this. First, is there really a secret dossier about a network of people inside the Vatican who are linked by their sexual orientation, as Italian newspaper reports have alleged? Second, is this really why Benedict XVI quit?

John L. Allen Jr.

The best answers, respectively, are "maybe" and "probably not."

It's a matter of record that at the peak of last year's massive Vatican leaks crisis, Benedict XVI created a commission of three cardinals to investigate the leaks. They submitted an eyes-only report to the pope in mid-December, which has not been made public.

It's impossible to confirm whether that report looked into the possibility that people protecting secrets about their sex lives were involved with the leaks, but frankly, it would be surprising if it didn't.

There are certainly compelling reasons to consider the hypothesis. In 2007, a Vatican official was caught by an Italian TV network on hidden camera arranging a date through a gay-oriented chat room, and then taking the young man back to his Vatican apartment. In 2010, a papal ceremonial officer was caught on a wiretap arranging liaisons through a Nigerian member of a Vatican choir. Both episodes played out in full public view, and gave the Vatican a black eye.

Pope Benedict XVI

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In that context, it would be a little odd if the cardinals didn't at least consider the possibility that insiders leading a double life might be vulnerable to pressure to betray the pope's confidence. That would apply not just to sex, but also potential conflicts of other sorts too, such as financial interests.

Vatican officials have said Benedict may authorize giving the report to the 116 cardinals who will elect his successor, so they can factor it into their deliberations. The most immediate fallout is that the affair is likely to strengthen the conviction among many cardinals that the next pope has to lead a serious house-cleaning inside the Vatican's bureaucracy.

It seems a stretch, however, to suggest this is the real reason Benedict is leaving. For the most part, one should probably take the pope at his word, that old age and fatigue are the motives for his decision.

That said, it's hard not to suspect that the meltdowns and controversies that have dogged Benedict XVI for the last eight years are in the background of why he's so tired. In 2009, at the height of another frenzy surrounding the lifting of the excommunication of a Holocaust-denying traditionalist bishop, Benedict dispatched a plaintive letter to the bishops of the world, voicing hurt for the way he'd been attacked and apologizing for the Vatican's mishandling of the situation.

Even if Benedict didn't resign because of any specific crisis, including this latest one, such anguish must have taken its toll. Benedict is a teaching pope, a man who prefers the life of the mind to the nuts and bolts of government, yet an enormous share of his time and energy has been consumed trying to put out internal fires.

It's hard to know why Benedict XVI is stepping off the stage, but I doubt it is because of a "gay lobby."

Follow us on Twitter @CNNOpinion.

Join us on Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of John L. Allen Jr.

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Snow, sleet beginning to hit

A winter weather advisory has been issued for the Chicago area as a powerful storm churning through the southern Plains is beginning to make its mark on Chicagoland with sleet, freezing rain and some snow.

The area will be hit with snow, sleet and rain in this storm and it will be all snow by late afternoon. The heaviest snow is expected to fall between 3  and 7 p.m.

North of I-80, snow accumulation could reach 3 to 6 inches by Wednesday morning. Some area could get 7 inches if the switch from rain to snow occurs sooner than expected, or if there is lake-enhanced snow.

South of I-80, including much of northwest Indiana, accumulation of less than 3 inches is possible because of an extended period of rain or a rain mixed with snow and sleet.

The storm bore down on the southern Plains on Monday, dumping more than a foot of snow and creating blizzard conditions in Oklahoma, Texas and parts of Kansas still digging out from a winter storm last week.

Highways in the Texas and Oklahoma panhandles and parts of Kansas were closed by the heavy and drifting snow that cut visibility and forced flight cancellations at airports across the region.

A man was killed Monday when his car slid off Interstate 70 in Sherman County, Kansas, near the western border, Governor Sam Brownback said. And in northern Oklahoma, one person died when the roof of a home partially collapsed in the city of Woodward, said Matt Lehenbauer, the city's emergency management director.

"We have roofs collapsing all over town," said Woodward Mayor Roscoe Hill Jr. "We really have a mess on our hands."

The storm was slowly moving out of Texas on Monday, while residents of Kansas City in turn were preparing for a foot or more of snow into Tuesday.

Tornado watches were in place Monday evening in parts of Mississippi and heavy rain was expected through the night in parts of Alabama and Georgia, according to the National Weather Service. The weather service Monday also issued flood watches for parts of the Carolinas and an ice storm warning for portions of West Virginia.

Some 17 inches of snow fell near Amarillo, Texas, according to the National Weather Service. Other areas in the Texas Panhandle reported more than a foot of snow and Texas Governor Rick Perry activated Texas military forces to be ready to respond to calls for assistance.

Amarillo could break the all-time record for the amount of snow in one day of just over 18 inches set in 1934, said Kristin Scotten of the National Weather Service.

Airports in Amarillo and in Lubbock, Texas, were closed and Interstate 27 between the cities was shut because of blowing snow, state officials said. Wind gusts of 75 miles per hour (121 km per hour) were clocked at the Amarillo airport.

Visibility was near zero on some roads around Amarillo, said Paul Braun, a Texas Department of Transportation spokesman.

"I am hearing that we have a lot of vehicles that are stalled in the main lanes of our roadways and they can't be seen because of the blowing snow," Braun said.

Texas State Trooper Gabriel Medrano said the snow was too deep to measure in Lubbock.

"We are having a lot of problems getting our troopers to these crash scenes," Medrano said. "Our troopers are getting stuck out there."

In Oklahoma, a state of emergency was declared for 56 of 77 counties, with northwest Oklahoma hit hardest in the storm. All highways in the Oklahoma panhandle were closed because of blizzard conditions.

Parts of northwestern Oklahoma could get 16 inches to 24 inches of snow, with high winds creating drifts up to 6 feet high, the National Weather Service said.

"It's the biggest in the last several years, really," said James Hand, emergency management director in the small town of Mooreland. "Last year, we didn't have anything to shovel."

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Wall Street dips on uncertain Italian election

NEW YORK (Reuters) - Stocks edged lower on Monday after fears of a divided parliament in Italy, the euro zone's third-largest economy, rekindled worries about the currency union's stability.

The center-right coalition led by former prime minister Silvio Berlusconi was leading in the race for the Italian Senate, dashing hopes of a pro-reform, center-left victory seen as crucial to dig the euro zone out of a debt crisis.

The market had hoped for a center-left victory because it would continue the path to pay down Italian debt, said Art Hogan, managing director of Lazard Capital Markets in New York.

"What we don't want to hear is a renewed fear about a euro zone fracture," he said.

The S&P 500 was nonetheless near highs not seen in five years, and bets on a strong U.S. economy have given equities support. The S&P 500's slight fall last week was the first weekly drop after a seven-week string of gains.

Barnes & Noble Inc climbed 9 percent to $14.73 after its chairman offered to buy the bookseller's declining retail business.

The Dow Jones industrial average <.dji> fell 22.5 points or 0.16 percent, to 13,978.07, the S&P 500 <.spx> lost 2.15 points or 0.14 percent, to 1,513.45 and the Nasdaq Composite <.ixic> added 3.18 points or 0.1 percent, to 3,164.99.

The Nasdaq received support from Amgen Inc , up 3.8 percent to $90.16 after a voluntary recall from a competitor to its top-selling red blood cell booster Epogen.

European shares <.fteu3> trimmed gains, edging up 0.1 percent and Italy's main FTSE MIB <.ftmib> was up 0.7 percent after earlier gaining near 4 percent.

U.S. equities will face a test with the looming debate over the so-called sequestration, U.S. government budget cuts that will take effect starting 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.

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.

(Reporting by Rodrigo Campos; Editing by Kenneth Barry)

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Words to Leave off Your Résumé

When it comes to looking for a job, what you don’t say can be just as important as what you do say. Here are nine phrases and words to leave off your résumé.

Try   

Try simply shows a lack of belief, passion, commitment, and confidence — all the qualities you need to succeed in today’s tight job market. While try is the most dangerous word that an employee or job seeker can use in the workplace, there are certainly other danger words that also indicate negativity, uncertainty or controversy at work and can also doom your chances of getting (or keeping) a job. – Brad Hoover, CEO of Grammarly

Clichés                

Don’t use common buzzwords such as innovative, team player and results-oriented. These and others are so overused that they’re now seen as clichés and have lost their impact altogether. Rather, list specific accomplishments. Instead of saying you have extensive experience in sales, note that you’ve worked in sales for 10 years, hit your quota the last 12 quarters and note specific deals you’ve closed. As a hiring manager I want real details of past jobs, such as how many people you supervised or specific ways you helped increase profitability.— Darnell Clarke, author of self-published “Employmentology: A Practical Systematic Methodology of Finding Employment by a Hiring Manger”

References available upon request
When it comes to developing a strong résumé, there are many words and phrases which shouldn’t be included in this professional document. One of the most outdated happens to be the phrase: “references available by request.” You’re not doing yourself a favor by wasting precious space on your résumé to include a phrase that is clearly understood by hiring managers and recruiters. If a hiring manager is interested in contacting your references, they will request the information from you. – Heather Huhman, founder and  president of Come Recommended

Irrelevant and outdated experience

Oftentimes I will see candidates that still have their high school work experience on their résumé. This is a huge mistake since it looks like the candidate is reaching for items to include on their résumé. Rather, include any recent projects that challenged you and include a similar skill set for the position you are applying for. — Patrice Rice, CEO and founder of Patrice & Associates

Objective

Candidates should never put an objective on their résumé. Their objective is to get the job. It has been my experience that hiring managers simply do not care about a job seeker’s objective. What they want to see are your skills and experience. – Stefanie Carrabba, senior consultant at Eliassen Group

Responsibilities include

In today’s tough job economy job seekers need résumés that are leaner and cleaner than ever before, so they command the attention of busy hiring personnel. This is why the phrase “responsible for” should never occur in a résumé. This tired and completely impractical expression is going to be translated into completely average at and will most certainly cause hiring managers to toss the résumé aside. Wasting prime résumé real estate with basic tasks, duties, or responsibilities is a sure way to harm a job search since nobody is interested in reading a career obituary of basic requirements. – Adrienne Tom, founder and certified professional resume writer (CPRW) at Career Impressions

Vague claims

I was going through a large number of résumés last week for a search project that I am working on and about 75 percent of the candidates had the phrase “transformational leader’” on their résumé. No explanations of how they were transformational or what that meant. That phrase is overused and doesn’t specifically mean anything that translates to a specific experience. My recommendation is to remove this from your résumé and more specifically describe the skill set. – Kimberly Bishop, founder and CEO of Kimberly Bishop Executive Recruiting

Love

As in I’d love to work for a company. I see it all the time when people ask me to take a look at their résumé and/or cover letter. You love your significant other, your kids, your family. You shouldn’t put love on a cover letter or résumé! — Dayna Steele, speaker and author of “101 Ways to Rock Your World” (iUniverse 2012)

Qualitative descriptions

I would leave off any qualitative description that is not accompanied by an example or metric. Some of the words job seekers use in a summary that are glossed over such as seasoned, experienced, creative and innovative. Just give me years of experience and what exactly did you start or improve. —  Caroline Ceniza-Levine, career and business expert at SixFigureStart

This story was provided by BusinessNewsDaily, a sister site to LiveScience. Follow David Mielach on Twitter @D_M89 or BusinessNewsDaily @bndarticles. We’re also on Facebook & Google+.

Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Vatican 'Gay lobby'? Probably not

STORY HIGHLIGHTS

• Benedict XVI not stepping down under pressure from 'gay lobby,' Allen says


• Allen: Benedict is a man who prefers the life of the mind to the nuts and bolts of government


• However, he says, much of the pope's time has been spent putting out fires

Editor's note: John L. Allen Jr. is CNN's senior Vatican analyst and senior correspondent for the National Catholic Reporter.

(CNN) -- Suffice it to say that of all possible storylines to emerge, heading into the election of a new pope, sensational charges of a shadowy "gay lobby" (possibly linked to blackmail), whose occult influence may have been behind the resignation of Benedict XVI, would be right at the bottom of the Vatican's wish list.

Proof of the Vatican's irritation came with a blistering statement Saturday complaining of "unverified, unverifiable or completely false news stories," even suggesting the media is trying to influence the papal election.

Two basic questions have to be asked about all this. First, is there really a secret dossier about a network of people inside the Vatican who are linked by their sexual orientation, as Italian newspaper reports have alleged? Second, is this really why Benedict XVI quit?

John L. Allen Jr.

The best answers, respectively, are "maybe" and "probably not."

It's a matter of record that at the peak of last year's massive Vatican leaks crisis, Benedict XVI created a commission of three cardinals to investigate the leaks. They submitted an eyes-only report to the pope in mid-December, which has not been made public.

It's impossible to confirm whether that report looked into the possibility that people protecting secrets about their sex lives were involved with the leaks, but frankly, it would be surprising if it didn't.

There are certainly compelling reasons to consider the hypothesis. In 2007, a Vatican official was caught by an Italian TV network on hidden camera arranging a date through a gay-oriented chat room, and then taking the young man back to his Vatican apartment. In 2010, a papal ceremonial officer was caught on a wiretap arranging liaisons through a Nigerian member of a Vatican choir. Both episodes played out in full public view, and gave the Vatican a black eye.

Pope Benedict XVI

HIDE CAPTION

<<

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2

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>

>>

In that context, it would be a little odd if the cardinals didn't at least consider the possibility that insiders leading a double life might be vulnerable to pressure to betray the pope's confidence. That would apply not just to sex, but also potential conflicts of other sorts too, such as financial interests.

Vatican officials have said Benedict may authorize giving the report to the 116 cardinals who will elect his successor, so they can factor it into their deliberations. The most immediate fallout is that the affair is likely to strengthen the conviction among many cardinals that the next pope has to lead a serious house-cleaning inside the Vatican's bureaucracy.

It seems a stretch, however, to suggest this is the real reason Benedict is leaving. For the most part, one should probably take the pope at his word, that old age and fatigue are the motives for his decision.

That said, it's hard not to suspect that the meltdowns and controversies that have dogged Benedict XVI for the last eight years are in the background of why he's so tired. In 2009, at the height of another frenzy surrounding the lifting of the excommunication of a Holocaust-denying traditionalist bishop, Benedict dispatched a plaintive letter to the bishops of the world, voicing hurt for the way he'd been attacked and apologizing for the Vatican's mishandling of the situation.

Even if Benedict didn't resign because of any specific crisis, including this latest one, such anguish must have taken its toll. Benedict is a teaching pope, a man who prefers the life of the mind to the nuts and bolts of government, yet an enormous share of his time and energy has been consumed trying to put out internal fires.

It's hard to know why Benedict XVI is stepping off the stage, but I doubt it is because of a "gay lobby."

Follow us on Twitter @CNNOpinion.

Join us on Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of John L. Allen Jr.

Read More..

Boy, 16, charged with Bucktown home invasion, assault

Chicago Tribune reporter Adam Sege with Sunday's Chicago overnight crime report, including details on a sexual assault in Bucktown.

Staff report

9:16 a.m. CST, February 25, 2013

A 16-year-old boy is accused of breaking into a Bucktown home, sexually assaulting a woman at gunpoint, then forcing her into her own car and driving off, authorities said.

Marcos Cervantes eventually dropped off the 43-year-old woman and was later arrested when police traced a cell phone he had stolen from the victim, authorities said. The woman was treated at a hospital.

Cervantes has been charged as an adult with home invasion by armed force, aggravated criminal sexual assault with a weapon, aggravated kidnapping and aggravated vehicular hijacking, according to police and prosecutors. He was expected to appear in bond court today, prosecutors said.

The attack occurred shortly after noon Sunday in the 2100 block of West Moffat Street, Police News Affairs Officer Ron Gaines said.

The boy was arrested about 2:30 p.m. at West Roosevelt Road and South Western Avenue in the Douglas Park neighborhood.

chicagobreaking@tribune.com

Twitter: @ChicagoBreaking

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Powers to offer Iran sanctions relief at nuclear talks

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.

But the Islamic Republic could face more economic pain if it fails to address international concerns about its atomic activities, the official said ahead of the February 26-27 meeting in the central Asian state, speaking on condition of anonymity.

"There will be continued sanctions enforcement ... there are other areas where pressure can be put," the official said, on the eve of the first round of negotiations between Iran and six world powers in eight months.

A spokesman for European Union foreign policy chief Catherine Ashton, who leads the talks with Iran on behalf of the powers, said Tehran should understand that there was an "urgent need to make concrete and tangible progress" in Kazakhstan.

Both Russia and the United States stressed there was not an unlimited amount of time to resolve a dispute that has raised fears of a new war in the Middle East.

"The window for a diplomatic solution simply cannot by definition remain open forever. But it is open today. It is open now," U.S. Secretary of State John Kerry told a news conference in London. "There is still time but there is only time if Iran makes the decision to come to the table and negotiate in good faith."

Russian Deputy Foreign Minister Sergei Ryabkov said there was "no more time to waste", Interfax news agency quoted him as saying in Almaty.

The immediate priority for the powers - the United States, Russia, China, Germany, Britain and France - is to convince Iran to halt its higher-grade enrichment, which is a relatively short technical step away from potential atom bomb material.

Iran, which has taken steps over the last year to expand its uranium enrichment activities in defiance of international demands to scale it back, wants a relaxation of increasingly harsh sanctions hurting its lifeline oil exports.

Western officials say the Almaty meeting is unlikely to produce any major breakthrough, in part because Iran's presidential election in June may make it difficult for it to make significant concessions before then for domestic reasons.

But they say they hope that Iran will take their proposals seriously and engage in negotiations to try to find a diplomatic settlement.

"No one is expecting to walk out of here with a deal but ... confidence building measures are important," one senior Western official said.

The stakes are high: Israel, assumed to be the Middle East's only nuclear-armed arsenal, has strongly hinted at possible military action to prevent its old foe from obtaining such arms. Iran has threatened to retaliate if attacked.

GOLD SANCTIONS RELIEF?

The U.S. official said the powers' updated offer to Iran - a modified version of one rejected by Iran in the unsuccessful talks last year - would take into account its recent nuclear advances but also take "some steps in the sanctions arena".

This would be aimed at addressing some of Iran's concerns, the official said, while making clear it would not meet Tehran's demand of an easing of all punitive steps against it.

"We think ... there will be some additional sanctions relief" in the powers' revised proposal," the official said, without giving details.

Western diplomats have told Reuters the six countries will offer to ease sanctions on trade in gold and precious metals if Iran closes its Fordow underground uranium enrichment plant.

Iran has indicated, however, that this will not be enough.

Tehran denies Western allegations it is seeking to develop the capability to make nuclear bombs, saying its program is entirely peaceful. It wants the powers to recognize what it sees as its right to refine uranium for peaceful purposes.

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.

Ashton's spokesman, Michael Mann, said the updated offer to Iran was "balanced and a fair basis" for constructive talks.

(Additional reporting by Yeganeh Torbati and Dimitry Solovyov; Editing by Jon Hemming)

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