Markets Dive Amid Italian Election Stalemate

World markets have been rocked after elections in Italy seen as crucial for the eurozone ended in deadlock.

No group emerged as a clear winner after the vote, which saw a populist anti-austerity party make a stunning debut.

The Italian stock market fell 5% on opening and state borrowing costs rose as investors took fright at the political stalemate.

Banking stocks were particularly badly hit, although some of the damage was erased after the initial plunge in prices and the extent of the declines eased across the day.

Comic Beppe Grillo's protest party appears the real winner

The euro also fell to an almost seven-week low against the dollar in Asia on fears about the eurozone debt crisis, down as far as $1.3042, its lowest since January 10.

While other European stock markets, including the FTSE 100 in London, saw falls greater than 1% the Dow Jones opened positively on Wall Street following a 1.6% loss on Monday.

The market reaction reflects concerns that the election result could spark a new crisis in Italy, which has the eurozone's third largest economy.

Pier Luigi Bersani's centre-left bloc has a majority in the lower chamber

There are fears it will jeopardise tough reforms required to heal its economic woes and prevent a new round of global financial turmoil.

The centre-left block of Pier Luigi Bersani will have a majority in the lower house thanks to a premium of seats given to the largest block in the chamber.

In the upper house, the Senate, seats are awarded on a region-by-region basis. Here, the centre-left looks set to end up with around 119, compared to 117 for the centre-right but 158 are needed for a majority to govern.

Any coalition government that may be formed must have a working majority in both houses to pass legislation, which means Italy is now in a state of limbo with a hung parliament that is unprecedented in its post-war history.

"It is clear to everyone that this is a very delicate situation for the country," Mr Luigi Bersani said.

Former prime minister Silvio Berlusconi has already indicated his centre-right could be open to a grand coalition with the centre-left under Mr Bersani but he wants a recount for the Senate vote.

"Italy cannot be left ungoverned, we have to reflect," he said, describing the market reaction as "a bity crazy" and saying all sides had to "sacrifice something" if the impasse was to be broken.

An ally of conservative German Chancellor Angela Merkel urged Italy to stick with reforms pursued by the outgoing technocratic emergency government of Mario Monti.

But the poor showing by Mr Monti's centrist bloc, which took just 10.6%, showed a weariness with austerity that was exploited by both Mr Berlusconi and comic Beppe Grillo.

Silvio Berlusconi did better in the Senate

The latter's anti-establishment 5-Star Movement won more votes than any other party, taking 25% nationally.

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

Comparing single parties without coalitions, it is now the biggest party in the lower house with 25.55% to the Democratic Party's 25.41% - a shock success that analysts predicted would reverberate around an austerity-weary Europe.

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

"This is fantastic! We will be an extraordinary force!" Mr Grillo said on his website, warning mainstream politicians they would "only last a few more months".

"We'll have 110 people in parliament and we'll be millions outside."

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

Some Democratic Party officials suggested fresh elections may have to be held within a few months after a reform of Italy's complex electoral laws. Others said some form of agreement could be found with the anti-austerity 5-Star Movement.

Political analysts suggested a possible return to the grand coalition agreement between right and left seen over the past 18 months, or even dissolving the Senate alone to hold fresh elections for only one chamber of parliament.

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Woman Climbs Everest Twice In A Week

A young Nepalese woman has entered the record books after climbing Mount Everest twice in the same week.

Twenty-nine-year-old Chhurim Sherpa scaled the 8,850m (29,035ft) peak on May 12 and 19 last year, but her achievement has only now been officially recognised by Guinness World Records.

Ms Chhurim's certificate, confirming her as the first woman to climb Everest twice in the same season, was presented to her by Nepal's tourism minister Posta Bahadur Bogati.

Despite her remarkable feat, achieved with only a couple of days of rest at base camp in between ascents, Ms Chhurim is not yet ready to give up climbing.

Chhurim Sherpa

"Everest is the first of the highest mountains that I have climbed, but I will continue mountaineering and hope to scale more peaks," she said.

Ms Chhurim's double ascent is all the more impressive given that women represent only a small proportion of the climbers who conquer Everest each year.

"The male mountaineers have set many records but women have fallen behind. It can be difficult for women because they are considered not as strong as men and face many problems like finding toilets," she said.

First conquered by Sir Edmund Hillary and Tenzing Norgay Sherpa in 1953, Mount Everest has been scaled by almost 4,000 climbers. Mountaineers have just a brief window each May in which it is possible to reach the summit.

The record for most ascents is held by Apa Sherpa, who has conquered the world's highest peak 21 times.

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Iran Nuclear Talks: World Powers To 'Make Offer'

By Lisa Holland, Foreign Affairs Correspondent

World powers are meeting Iranian nuclear negotiators in Kazakhstan for the first time in eight months.

It is understood there will be what diplomats are calling a "new offer" to the Iranians to try to make progress in the stalled nuclear stand-off.

A senior diplomat said: "We will take an offer with us. It is substantial and serious and will involve significant new elements."

Tehran insists its nuclear programme is for civilian energy and medical research.

The European Union and members of the UN Security Council including the US suspect Iran has a covert atomic weapons programme.

The EU's Baroness Ashton and Iran's Saeed Jalili before the talks

Washington and Brussels have adopted a dual-track approach to Iran - pursuing nuclear talks while pressing sanctions to try to force Tehran to make a deal.

A US proposal for a one-on-one meeting with Iran on the sidelines of the talks in the Kazak city of Almaty remains on the table.

The diplomat told Sky News: "Iran has a great deal to gain from the talks. It wants sanctions lifted. The talks present an opportunity to re-shape relations.

"The prize is a great one, but the negotiations are difficult and complex. We have a good offer. We hope the Iranians will respond positively."

Negotiators hope the Almaty talks will give them some sense of whether the Iranians have any interest in genuinely pursuing diplomacy.

The diplomat said: "We have to be patient and make sure when the Iranians reach a point when they want to do a deal we are at the table."

President Mahmoud Ahmadinejad has defied Western pressure

Iran has seen elevated levels of inflation. Some suggest it is at 27%, while others think it could be double that.

The UN has passed six Security Council resolutions on Iran, and diplomats hope that the economic impact of sanctions will force the Iranians to re-think their stance against the West.

The Western thinking is that the centrifuges may keep spinning but the sanctions keep biting.

It has been more than half a year since the last round of talks with countries known as the E3 + 3 -  the US, France, Britain, Germany, China and Russia.

There has been anxiety about a possible military strike on Iran's nuclear facilities by Israel.

Iran is still expanding its nuclear programme with the installation of more advanced centrifuges which will multiply its enrichment capability.

But Iran has also reportedly converted some of its medium-enriched uranium into fuel plates for its medical reactor, making it harder to convert that material into bomb-grade fuel, and is slowing down its accumulation of what is known as 20% enriched uranium.

Israel's Benjamin Netanyahu discusses Iran at the UN in September 2012

A new report by the international nuclear watchdog IAEA suggests that Iran has a stockpile of 167kg of 20% enriched uranium.

The 20% enriched uranium is seen as the barometer for proliferation concern as it could relatively quickly be further enriched into weapons-grade fissile material.

At the time of the last IAEA report three months ago, Iran had a stockpile of nearly 135kg of 20% uranium.

According to the watchdog, this means that Iran's 20% stockpile has increased by 32kg in the past three months - a growth rate of under 11kg a month.   

At that rate Iran could take more than six months to reach a red line laid down by Israel of 240kg - which is in theory enough to make one nuclear warhead, if further enriched.

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Google Battles European Judges Over Privacy

By Niall Paterson, Media and Technology Correspondent

European judges are considering a case which could have significant implications for how personal information on the internet is managed.

Their decision potentially has huge repercussions for search engines like Google.

The European Court of Justice (ECJ) is to rule on whether the technology giant invades personal privacy after a referral from Spain's high court.

A leading Spanish surgeon complained that Google search results treat him unfairly.

Charged with criminal negligence in 1991, he was later acquitted - but when a Google search of his name is carried out, only references to his arrest are immediately visible.

Spain's equivalent of the Data Protection Agency, the Agencia Espanola de Proteccion de Datos (AEPD), argues that the online "right to be forgotten" enshrined in European Directive should include the ability to delete incorrect or out-of-date information.

Google has argued that to do so would be an attack on freedom of expression, arguing that it is not the creator nor the controller of the information.

Instead it sees itself as an intermediary, and that it should not be compelled to remove data from its website when it has been published entirely legally elsewhere on the internet.

The ECJ will also decide on where data protection complaints should be heard - and which rules should apply.

Google says that as its headquarters are in California, and that Google Spain is only responsible for selling advertising so the wider company is subject to US data protection legislation.

But the AEPD argues that Google indexes Spanish websites and has a Spanish domain name - and that the "centre of gravity" of the litigation is in Spain, as it involves information about Spanish citizens, on Spanish websites, in Spain.

Google has in the past filtered its search results in certain jurisdictions to comply with the law.

In France and Germany, it deletes results for neo-Nazi and racist groups, and in the US it blocks sites known for copyright violation.

If the search engine is unsuccessful, it would have to delete the information concerned from its Spanish website, and deal with a further 88 complaints to the AEPD.

But it would then undoubtedly face similar complaints from citizens of other European countries.

Google's mission statement - to "organise the world's information and make it universally accessible and useful" - might soon need a bit of redrafting.

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Tunisia: Four Detained Over Politician Murder

Four suspects from a 'radical religious' group have been held in connection with the murder of Tunisia's opposition leader.

Chokri Belaid was shot dead outside his home on Feburary 6, sparking protests and strikes across the country.

The suspected killer of Mr Belaid has also been identified but remains on the run, said Interior Minister Ali Larayedh.

Mr Larayedh told a news conference: "Now we have identified the killer of Mr Belaid and he is on the run. The police are looking for him."

The men detained are aged between 26 and 34-years-old. One was said by Mr Larayedh to have confessed to accompanying the assassin.

Mr Belaid's murder sparked protests

Leftist politician Mr Belaid had accused the ruling Islamist Ennahda party of using thugs to attack opposition rallies.

Mr Belaid's allies hold the Government responsible for his death, and thousands of people took to the streets in protest on Sunday at the lack of progress in solving the crime.

The protests were the biggest seen in Tunisia since the uprising against former dictator Zine El Abidine Ben Ali in January 2011.

Hamadi Jebali resigned as prime minister last Tuesday, having failed to form a new government to end the country's political crisis.

His offer of a new Government was welcomed by the opposition but his own party, Ennahda, rejected the idea, saying the country should continue to be led by politicians.

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Maradona Mobbed As He Returns To Naples

Football legend Diego Maradona has been mobbed on his return to Naples, where he has spoken out against his £32m unpaid tax bill conviction.

The Argentine World Cup winner has rarely set foot in Italy since leaving under a cloud in the 1990s amid claims of collusion with mafia dons and a positive drugs test for cocaine.

It was later claimed by the Italian authorities that Maradona owed the state millions of euros in unpaid taxes.

But he is still worshipped by fans of Napoli, the club he guided to its only two Serie A titles in 1987 and 1990.

Maradona waving to fans gathered below his balcony

At a news conference, the former club captain expressed his desire to be able to return to the city without fear of persecution.

Quoted in the Gazzetta dello Sport, he said: "I want to tell everyone that I have Napoli in my very soul. I've wanted to say so for a long time but there are people who would not let me do so."

The star celebrates a goal for Napoli against AC Milan in 1988

Maradona said he blames senior figures at the club during his time there for the situation he now finds himself in.

"Everyone who drafted my contract is free today. I was out on the training field at the time but now when I come to Italy the financial authorities want to take my earrings from me," he said.

"Why do I have to pay and not them, when I gave my life to Napoli? I am not a victim because I have earned a lot of money but I didn't know anything about the contractual issues.

"I am facing up to the situation because I have not killed anyone."

Maradona was convicted in 2005 and ordered to pay 37.2m euro (£32m), including 23.5m euro (£20m) in interest for late payments.

His lawyer recently said the Italian authorities had cleared the debt, thus allowing him to return to the country. But the tax authorities denied the claims.

The former footballer said: "I want to come back to Italy with my grandson to watch Napoli. I want him to see what his grandfather did here and not be remembered as a tax-dodger, which I am not.

"I want to believe that justice exists and I want to ask that justice system to let me walk freely in Italy and in Naples.

"I want to represent the people but an Argentinian cannot resolve the problems of the Italian people. I hope that all the people who, like me, are involved in this kind of problem come out of it well."

Maradona's infamous "Hands of God" goal means he is less popular in England

Hundreds of fans - some holding shirts with their idol's name printed on the back - turned up to greet the Argentinian as he arrived in the city on Monday, with many shouting "welcome back!" as he was driven away.

Maradona watched his old club, featuring Slovakian Marek Hamsik, draw 0-0 with Udinese on Monday night and told reporters outside a restaurant: "I am delighted to be back in Naples. I saw the game. Unfortunately Hamsik did not score."

Napoli spent years in the doldrums after his departure but have enjoyed a resurgence and currently sit second in Serie A, seven points behind leaders and champions Juventus.

The footballer is best-remembered in the UK for scoring the controversial "Hand of God" goal and one of the greatest solo efforts of all time in Argentina's 2-1 World Cup win over England in 1986.

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Natascha Kampusch's Cellar Ordeal Shown In Film

A film about kidnap victim Natascha Kampusch has premiered in Vienna, showing her being raped by the captor who beat and starved her during an eight-and-a-half year ordeal.

Ms Kampusch, who is now 25, was snatched on her way to school at the age of 10 by Wolfgang Priklopil and held in a cell under his garage near Vienna until she escaped in 2006.

The case made headlines in Austria and abroad. Priklopil committed suicide after Ms Kampusch escaped.

The upcoming film, titled 3,096 Days, is based on Ms Kampusch's autobiography of the same name.

It portrays her captivity in a windowless cellar, where she was often deprived of food for days at a time.

The emaciated Ms Kampusch - who weighed just 84lbs (38kgs) at one point in 2004 - keeps a diary written on toilet paper concealed in a box.

One entry reads: "At least 60 blows in the face. Ten to 15 nausea-inducing fist blows to the head. One strike with the fist with full weight to my right ear."

Natascha Kampusch's book on display in Vienna in 2010

The movie shows occasional moments that approach tenderness, such as when Priklopil presents her with a cake for her 18th birthday or buys her a dress as a gift.

He then immediately goes on to chide her for not knowing how to waltz with him.

Antonia Campbell-Hughes, who plays the teenaged Ms Kampusch, said she had tried to portray "the strength of someone's soul, the ability of people to survive".

The British actress said she had not met Ms Kampusch during the making of the film or since.

"It was a very isolated time, it was a bubble of time, and I wanted to keep that very focused," she told journalists as she arrived for the Vienna premiere.

Ms Kampusch attended the premiere, looking composed as she posed for pictures. She declined to give interviews.

The film, which was made at the Constantin Film studios in Bavaria, Germany, also stars Amy Pidgeon as the 10-year-old Kampusch and Danish actor Thure Lindhardt as Priklopil.

The director was German-American Sherry Hormann, who made her English-language debut with the 2009 move Desert Flower, an adaptation of the autobiography of Somali-born model and anti-female circumcision activist Waris Dirie.

The Kampusch case was followed two years later by that of Josef Fritzl, an Austrian who held his daughter captive in a cellar for 24 years and fathered seven children with her.

The film goes on general release on Thursday.

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Egypt Balloon Explosion: Three Britons Dead

Two British nationals and a British resident are among 19 people killed when a hot air balloon exploded near the ancient Egyptian city of Luxor.

Another British national survived and was in a Luxor hospital in a stable condition, the Foreign Office said. 

The only other survivor was the pilot, an Egyptian man, who also remained in hospital.

He jumped from the basket when it was 10-15m (yards) from the ground, said Ahmed Aboud, head of an association representing Luxor balloon operators. 

The balloon, which was carrying 20 tourists and the pilot, was preparing to land when a cable got caught around a helium tube and a fire erupted, according to an investigator with the state prosecutor's office.

The site at Luxor 40 minutes before the crash (Pic: @chrismichel)

The balloon then shot up in the air, the investigator said. The fire set off an explosion of a gas canister and the balloon plunged some 1,000 feet (300m) to the ground, according to an Egyptian security official.

It plunged into sugar cane fields as it travelled over Qurna, in Luxor's West Bank.

France's Foreign Ministry has confirmed that two French nationals also died in the crash.

Japanese citizens, as well as nine tourists from Hong Kong, are believed to be among other casualties.

The British resident initially survived the crash, but died later in hospital.

In confirming the "tragic deaths", the Foreign Office said: "The next of kin have been informed and our thoughts are with them and their families at this difficult time.

"We are providing them with consular assistance. We can also confirm that one other British National was involved and is in a stable condition.

"We have had consular officials in Luxor since early this morning who have been focussed on providing consular assistance and supporting the Egyptian authorities.

"Our ambassador to Egypt has met the injured British national and has offered our assistance."

Luxor Governor Ezzat Saad has imposed an immediate ban on all hot air balloon flights in the province as Prime Minister Hesham Qandeel ordered an investigation into the accident.

Ballooning in Luxor is very popular with tourists visiting its temples

Witness Christopher Michel was travelling in one of several balloons in the air above Luxor early on Tuesday morning.

He told Sky News: "I was in one of about eight balloons that were flying that morning. We were approaching landing ... coming down in a remote field just outside of Luxor.

"We heard a loud explosion behind us, and I looked back and saw lots of smoke. It wasn't immediately clear that it was a balloon. We were surrounded by the balloons that had been flying with us.

"Then we could see the reaction of the pilot on the balloon and he said that this hasn't happened in a long time."

Thomas Cook UK & Continental Europe CEO Peter Fankhauser said: "What happened in Luxor this morning is a terrible tragedy and the thoughts of everyone in Thomas Cook are with our guests, their family and friends.

"We have a very experienced team in (the) resort ... and we're providing our full support to the family and friends of the deceased at this difficult time."

Hot air ballooning is popular with tourists who go to Luxor to visit its ancient temples and the tombs of the Valley of the Kings.

But the activity is not without its dangers. In April 2009, 16 people were hurt - including two British women - when a balloon crashed during a tour of Luxor.

The balloon was believed to have hit a mobile phone transmission tower near the banks of the Nile.

Following the 2009 crash, early morning hot air balloon flights over the Valley of the Kings were suspended for six months while safety measures were tightened up.

During the break, all 42 pilots from the eight companies who operate flights had extra training.

A notice on the Foreign Office website warns tourists: "There were three serious hot air balloon accidents in Luxor in 2009. You should consider the operator's safety arrangements carefully."

Egypt's tourism industry has suffered a sharp downturn in visitor numbers since the 2011 uprising that toppled President Hosni Mubarak, with two years of political instability scaring off foreign tourists.

Thomas Cook UK has opened a hotline for families who have relatives in Egypt: 0800 107 5638.

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Pope Gets New Title And Drops 'Prada' Shoes

By Sally Arthy, Senior News Editor, Rome

Pope Benedict XVI will be called "Emeritus Pope" after he retires later this week, the Vatican has announced.

Benedict himself had made the decision in consultation with others, settling on "Your Holiness Benedict XVI" and either emeritus pope or emeritus Roman pontiff, according to Vatican spokesman Rev Federico Lombardi.

Rev Lombardi said the Pope is praying and preparing to move out on Thursday when he officially stands down as leader of the world's 1.2billion Catholics.

Fifty thousand tickets have been given out for the Pope's final General Audience on Wednesday morning in St Peter's Square.

He will greet his followers from the Popemobile and the proceedings will be televised live.

On Thursday, Pope Benedict will meet his cardinals for the last time before leaving the Vatican that afternoon for a short flight by helicopter to Castel Gandolfo.

The Pope will give up his red shoes, rumoured to be Prada

There he will greet members of the local parish from a balcony in his last public appearance as Pope.

That night, the gates of Castle Gandolfo will close and the Swiss Guard will withdraw as Pope Benedict's tenure officially comes to an end.

Vatican police will take over guarding Benedict XVI when he is no longer the Pope.

Rev Lombardi said he will continue to wear a simple white cassock but his footwear will change.

Gone will be the red "Prada" loafers, replaced by brown shoes made in Leon, Mexico.

Cardinal Keith O'Brien resigned amid claims of 'inappropriate behaviour'

A pair was given to the Pope on a recent trip there. After Thursday, the Pope's "fisherman's ring" will also be destroyed.

Benedict XVI will remain at Castel Gandolfo until renovations have been completed on the monastery inside the walls of the Vatican where he will spend the rest of his days.

Rev Lombardi said the general congregations, when all Cardinals meet to discuss the problems facing the Catholic Church, will probably begin on March 4.

A date for the start of the conclave to elect a new Pope has not yet been announced but the rules have been changed allowing the calendar of events to be moved forward.

The election of a successor comes as the Catholic Church continues to be mired in scandal.

On Monday, Scotland's Cardinal Keith O'Brien resigned amid allegations of 'inappropriate behaviour'.

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Pistorius To Hold Private Memorial For Reeva

Oscar Pistorius is to hold a private memorial service for his girlfriend Reeva Steenkamp at his uncle's house in Pretoria tonight.

The South African athlete has admitted killing Ms Steenkamp but denies murder.

Pistorius has been staying at his uncle Arnold's home since he was released on bail by a magistrate last Friday following a court hearing lasting several days.

Confirmation of the memorial service came after a leak in the media, and the runner's family has asked for privacy.

A statement by Pistorius' representatives said: "This statement is released in response to a leak to the media regarding a planned private memorial service for Reeva Steenkamp.

"Oscar Pistorius, will hold a private memorial service for Reeva Steenkamp at the house of his uncle, Arnold Pistorius, tonight.

Oscar specifically requested the memorial service as he continues to grieve and remains in deep mourning for the loss of his partner Reeva.

"Since it is such a sensitive issue, Oscar has asked for a private service with people who share his loss, including his family members who knew and loved Reeva as one of their own.

"The Pistorius family would like to make a personal request to the media, to please respect their privacy at their home in Pretoria tonight."

More follows...

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