Quest: U.S. economy to dominate Davos

The United States and the sorry state of its political and budgetary process will be the center of attention at Davos, writes Quest

STORY HIGHLIGHTS

• Quest: Davos is a chance to see where the political and economic landmines are in 2013


• Quest: People will be speculating about how dysfunctional the U.S. political process has become


• Quest: Davos has been consumed by eurozone sovereign debt crises for three years

Editor's note: Watch Quest Means Business on CNN International, 1900pm GMT weekdays. Quest Means Business is presented by CNN's foremost international business correspondent Richard Quest. Follow him on Twitter.

(CNN) -- It is that time of the year, again. Come January no sooner have the Christmas trees been taken down, as the winter sales are in full vicious flood the world of business start thinking about going to the world economic forum, better known as Davos.

For the past three years Davos has been consumed by the eurozone sovereign debt crises.

As it worsened the speculation became ever more frantic.....Will Greece leave the euro? Will the eurozone even survive? Was this all just a big German trick to run Europe? More extreme, more dramatic, more nonsense.

Can China be the biggest engine of growth for the global economy. Round and round in circles we have gone on these subjects until frankly I did wonder if there was anything else to say short of it's a horrible mess!

This year there is a new bogey man. The US and in particular the sorry state of the country's political and budgetary process will, I have little doubt, be the center of attention.

Read more: More 'cliffs' to come in new Congress

Not just because Congress fluffed its big test on the fiscal cliff, but because in doing so it created many more deadlines, any one of which could be deeply unsettling to global markets... There is the $100 billion budget cutbacks postponed for two months by the recent agreement; postponed to the end of February.

At exactly the same time as the US Treasury's ability to rob Peter to pay Paul on the debt ceiling crises comes to a head.

Read more: Both Obama, GOP set for tough talks ahead

The Treasury's "debt suspension period" is an extraordinary piece of financial chicanery that if we tried it with our credit cards would get us locked up!! Then there is the expiration of the latest continuing resolution, the authority by which congress is spending money.

There is the terrifying prospect that all these budget woes will conflate into one big political fist fight as the US faces cutbacks, default or shutdown!!

I am being alarmist. Most rational people believe that the worst sting will be taken out of this tail....not before we have all been to the edge...and back. And that is what Davos will have on its mind.

People will be speculating about how dysfunctional the US political process has become and is it broken beyond repair (if they are not asking that then they should be...)

They will be pondering which is more serious for risk...the US budget and debt crises or the Eurozone sovereign debt debacle. A classic case of between the devil and the deep blue sea.

The official topic this year is Resilient Dynamism. I have absolutely no idea what this means. None whatsoever. It is another of WEF's ersatz themes dreamt up to stimulate debate in what Martin Sorrell has beautifully terms "davosian language" In short everyone interprets it as they will.

What I will enjoy, as I do every year, is the chance to hear the global players speak and the brightest and best thinkers give us their take on the global problems the atmosphere becomes febrile as the rock-stars of finance and economics give speeches, talk on panels and give insight.

Of course comes of these musings, it never does at Davos. That's not the point. This is a chance to take stock and see where the political and economic landmines are in 2013. I like to think of Davos as the equivalent of Control/Alt/Delete. It allows us to reboot.

We leave at least having an idea of where people stand on the big issues provided you can see through the panegyrics of self congratulatory back slapping that always takes place whenever you get like minded people in one place... And this year, I predict the big issue being discussed in coffee bars, salons and fondue houses will be the United States and its budgetary woes.

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The story behind Tribune's broken deal

7:04 a.m. CST, January 13, 2013

At the end of 2007, real estate tycoon Sam Zell took control of Tribune Co. in a deal that promised to re-energize the media conglomerate. But the company struggled under the huge debt burden the deal created, and less than a year later, it filed for bankruptcy.

One of Chicago's most iconic companies — parent to the Chicago Tribune — was propelled into a protracted and in many ways unprecedented odyssey through Chapter 11 reorganization.

On Dec. 31, after four years, Tribune Co. finally emerged from court protection under new ownership, but at a heavy cost. The company's value was diminished, its reputation was tarnished and its ability to respond to market opportunities during its long bankruptcy was constrained.

Tribune Co.'s bankruptcy saga began as an era of superheated Wall Street deal-making fueled by cheap money was coming to an end. The company's tale is emblematic of the American financial crisis itself, in which a seemingly insatiable appetite for speculative risk using exotic investment instruments helped trigger an economic collapse of historic proportions.

Tribune reporters Michael Oneal and Steve Mills, in a four-part series that begins today, tell the story of Tribune Co.'s journey into and through bankruptcy, throwing a spotlight on the key decisions and missed opportunities that marked a perilous time in the history of the company, the media industry and the economy.

Read the full story, "Part one: Zell's big gamble," as a digitalPLUS member.
To view videos and photos and for a look at the rest of the series visit, chicagotribune.com/brokendeal.

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France bombs Mali rebels as more troops arrive in Bamako

BAMAKO/PARIS (Reuters) - French fighter jets bombed Islamist rebels in Mali for a third day on Sunday as Paris poured more troops into the capital Bamako, awaiting the arrival of a West African force to dislodge al Qaeda-linked insurgents from the country's north.

French Defence Minister Jean-Yves Le Drian said France's dramatic intervention on Friday to bomb a convoy of heavily armed Islamist fighters sweeping southwards had stopped them from seizing Mali's capital Bamako within days.

Western countries fear Islamists could use Mali as a base for attacks on the West, forming a link with al Qaeda militants in Yemen, Somalia and North Africa.

Le Drian said former colonial power France was carrying out continuous bombing raids against the alliance of rebel groups, which seized the country's vast desert north in April.

"There are raids going on now: there were some last night, and there will be more tomorrow," Le Drian told French television. "The president is totally determined that we must eradicate these terrorists who threaten the security of Mali, our own country and Europe."

Residents said French aircraft bombed the northern town of Gao, and a Malian rebel spokesman said they bombed targets in the towns of Lere and Douentza.

Le Drian said France was deploying a further contingent of 80 soldiers to Mali on Sunday, bring the total to 550 soldiers , split between Bamako and the town of Mopti, some 500 km (300 miles) north. State-of-the-art Rafale fighter jets would be dispatched to reinforce the operation on Sunday, he said.

A Reuters cameraman reported seeing on Sunday more than 100 French troops disembarking from a military cargo plane at Bamako airport, just on the outskirts of the capital.

Bamako itself was calm on Sunday, with the sun streaking through the dust enveloping the city as the seasonal Harmattan wind blew from the Sahara. Some cars drove around with French flags draped from the windows to celebrate Paris's intervention.

Hours after opening one front against al Qaeda-linked Islamists, France mounted a commando raid to free a French hostage in Somalia held by al Shabaab militants allied to al Qaeda, but failed to stop him being killed along with a French commando.

A French pilot was killed on Friday when rebels in Mali shot down his helicopter.

President Francois Hollande has made it clear that France's aim in Mali is to support the deployment of a West African mission to retake the north, endorsed by the United Nations, the European Union and the United States.

The 15-nation West African bloc ECOWAS convened a summit for Saturday in Ivory Coast to discuss the military campaign.

With Paris pressing West African nations to deploy troops quickly, Ivory Coast President Alassane Ouattara, who holds the rotating ECOWAS chairmanship, has kick-started the operation to deploy some 3,300 African soldiers.

Ouattara was himself installed in power with French military backing in 2011 after a brief civil war triggered by former president Laurent Gbagbo's refusal to step aside after losing a late 2010 election.

"The troops will start arriving in Bamako today and tomorrow," Ali Coulibaly, Ivory Coast's African Integration Minister, said. "They will be convoyed to the front at Sevare."

HOUSE-TO-HOUSE SEARCHES

Under cover from French fighter planes and attack helicopters on Friday, Malian troops drove the Islamists out of the strategic central town of Konna, which they had seized a day earlier. A senior Malian army official said more than 100 rebel fighters had been killed.

Military analysts expressed doubt, however, that this was the start of a swift operation to retake the whole of northern Mali - a harsh, sparsely populated terrain the size of France - as neither equipment nor ground troops were ready.

In Nigeria, which will lead the ECOWAS force, a military official who asked not to be identified said it would take time to train and equip the troops.

In Konna, calm returned after three nights of combat.

"Soldiers are patrolling the streets and have encircled the town," one resident, Madame Coulibaly, told Reuters by phone. "They are searching houses for arms or hidden Islamists."

Another inhabitant said the army set up roadblocks along the route north from Sevare to Konna and was checking for rebels. President Diouncounda Traore declared a state of emergency on Friday giving the military sweeping powers to carry out searches and shut down parts of the country.

"The army is in Konna ... securing the town and to make sure it is safe," army spokesman Lieutenant Colonel Diarran Kone said.

A resident in the northern city of Gao, one of the Islamists' strongholds, had reported scores of rebel fighters were retreating northward in pickup trucks on Saturday. In Bamako, some civilians tried to contribute to the war effort.

"We are very proud and relieved that the army was able to drive the jihadists out of Konna. We hope it will not end there that is why I'm helping in my own way," said civil servant Ibrahima Kalossi, 32, one of over 40 people who queued to donate blood for wounded soldiers.

Concerned about reprisals on French soil, Hollande instructed Prime Minister Jean-Marc Ayrault to tighten security in France at public buildings and on public transport.

France advised its 6,000 citizens in Mali to leave. Thousands more French live across West Africa, particularly in Senegal and Ivory Coast.

Hollande's intervention in Mali could endanger eight French nationals being held by Islamists in the Sahara. A spokesman for one of Mali's rebel groups, Ansar Dine, said on Saturday there would be repercussions.

"There are consequences, not only for French hostages, but also for all French citizens, wherever they find themselves in the Muslim world," Sanda Ould Boumama told Reuters. "The hostages are facing death."

(Additional reporting Adama Diarra, Tiemoko Diallo and Rainer Schwenzfeier in Bamako, Joe Bavier in Abidjan and Leila Aboud in Paris; Writing by Daniel Flynn; Editing by Alison Williams)

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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.

The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.

Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.

An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.

"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"What we're looking for is demand. Demand from small business owners, from consumers."

EARNINGS AND ECONOMIC EXPECTATIONS

Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.

Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.

Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.

Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.

HOUSING, INDUSTRIAL DATA ON TAP

Next week will also feature the release of a wide range of economic data.

Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.

Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.

Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.

"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."

POLITICAL ANXIETY

Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.

The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.

Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.

The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.

"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.

The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.

"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."

(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)

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Adrian Peterson, J.J. Watt unanimous All-Pros

NEW YORK (AP) — It's unanimous, on both sides of the ball.

Vikings 2,000-yard man Adrian Peterson and Texans pass-swatting end J.J. Watt were unanimous choices for The Associated Press All-Pro team announced Saturday.

Peterson, who came within 9 yards of breaking Eric Dickerson's single-season rushing record, and Watt, who led the NFL with 20 1-2 sacks, were selected by all 50 members of a nationwide panel of media members who cover the league.

Peterson is a three-time All-Pro, while Watt represents lots of new blood. He's among 17 players making their All-Pro debuts.

"Obviously it's a huge honor, especially for being such a young guy," said Watt, a second-year pro. "It's crazy to even think about. It's very humbling and very motivating. It makes me want to do it again and again."

Peyton Manning made his sixth team, the previous five while quarterbacking Indianapolis. He led Denver to the AFC's best record, 13-3.

Also chosen for the sixth time was Atlanta tight end Tony Gonzalez, who this season moved into second place on the career receptions list. San Francisco linebacker Patrick Willis made it for the fifth time in his six pro seasons.

The 49ers had the most All-Pros, six: Willis, fellow LBs NaVorro Bowman and Aldon Smith, guard Mike Iupati, safety Dashon Goldson and punter Andy Lee.

"As an organization, we take great pride in the success and recognition of our players," 49ers general manager Trent Baalke said. "This type of acknowledgement only comes from hard work and a team-first mentality, which all six of these men exhibit on a daily basis. They play the game the way it was meant to be played, and are very deserving of this honor."

Seattle was next with RB Marshawn Lynch, center Max Unger, cornerback Richard Sherman and safety Earl Thomas. All were selected for the first time.

Sherman was incensed when he didn't make the Pro Bowl. He was thrilled with the news he made the All-Pro team "because that's comparing the whole league."

" That is taking individuals and saying they are the best in the NFL at that position and that's what I wanted to be," Sherman said. " The Pro Bowl is taking three from each side, it's more of a popularity contest. The All-Pro, you're the best at your position. It doesn't matter if you're a fifth-rounder or fourth-rounder or undrafted. If you play the best, you're All-Pro."

Denver had three All-Pros: LB Von Miller, tackle Ryan Clady and Manning. No other team had more than two.

The NFC had 17 players and only 10 made it from the AFC.

One rookie, Minnesota kicker Blair Walsh, was chosen.

Also on offense were Baltimore fullback Vonta Leach, making it for the third straight year; Detroit WR Calvin Johnson and Chicago WR Brandon Marshall; Houston tackle Duane Brown; New Orleans guard Jahri Evans, making his fourth consecutive appearance; Baltimore kick returner Jacoby Jones; Miami DE Cameron Wake; Cincinnati DT Geno Atkins and New England DT Vince Wilfork; and Chicago CB Charles Tillman.

___

AP Sports Writers Tim Booth in Seattle, Janie McCauley in San Francisco and Kristie Rieken in Houston contributed to this story.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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Ancient Pompeians Could Go Upstairs to Pee

The residents of the ancient city of Pompeii weren’t limited to street-level plumbing, a new study finds. In fact, many in the city may have headed upstairs when nature called.

Most second floors in the Roman city are gone, claimed by the eruption of Mount Vesuvius that destroyed Pompeii in A.D. 79. But vertical pipes leading to lost second stories strongly suggest that there were once toilets up there, according to a new analysis by A. Kate Trusler, a doctoral candidate in anthropology at the University of Missouri.

“We have 23 toilets that are connected, that are second-story preserved, that are connected to these downpipes,” Trusler told LiveScience on Friday (Jan. 4) at the annual meeting of the Archaeological Institute of America in Seattle, where she presented her research.

Traces of toilets

Trusler became interested in Pompeii’s latrines six years ago while doing fieldwork in the city. Previous researchers and works on Pompeii often stated that there was a toilet in almost every house. But Trusler found that statement confusing. Walking around the city, she said, it was clear that some spots were chock full of homes with private latrines, while other areas seemed to be toilet deserts.

“And,” Trusler added, “there are all of these downpipes that are part of that picture that no one is really considering.” [Image Gallery: A Look at Pompeii's Toilets]

So Trusler decided to conduct a plumbing survey of sorts, mapping latrine and downpipe locations around the city. One residential district, known to archaeologists as Region 6, does indeed have toilets on the ground story of almost every home, she said. But other blocks have few toilets. In total, 43 percent of homes in the city had latrines on the ground floor, Trusler found.

Downpipes provide the other half of that picture. These vertical, usually terracotta pipes are concentrated in the oldest part of the city, where there were many workshops and small businesses crammed into close quarters. A total of 286 pipes run down the walls of these buildings, leading to the mostly lost second floors. In 23 cases, however, the second story remains, and the same types of pipes lead to latrines.

In addition, Trusler said, unpublished research on scrapings from the insides of the pipes revealed fecal material and traces of intestinal parasites, good signs of a toilet.

The plumbing of Pompeii

The upstairs plumbing offers a window into daily Pompeii life, Trusler said.

“The sanitation features can tell us a lot about what people are doing on upper floors and above these little shops,” she said. “What they suggest is that people are living there.”

Most of the downpipes were likely installed in the first century B.C. into the first century A.D., Trusler said, the same time that the city developed its pumped-water system. Residents of apartments above shops would have been able to get water from public fountains installed in the streets.

“You really have a picture of urban development going on in Pompeii,” Trusler said.

Follow Stephanie Pappas on Twitter @sipappas or LiveScience @livescience. 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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Notre Dame's Kelly taking Eagles, NFL interest to brink

If Brian Kelly and his camp are using an NFL flirtation as a bargaining ploy, they may be pushing it to the absolute brink.

The Notre Dame coach interviewed with the Eagles on Tuesday and has a second meeting with the team set for this weekend, according to a published report. Meanwhile, Kelly continued to confer with NFL people about what it's like to coach at that level, a league source said early Saturday.

Kelly was on vacation the past few days -- though it was not believed to be a European jaunt, as multiple outlets have reported -- and the New York Daily News reported that "the Eagles and Kelly have agreed to revisit talks when he returns this weekend."

Comcast SportsNet Chicago reported that Eagles owner Jeffrey Lurie's private jet is in Chicago, though no specific reason was given. But the NFL Network's Albert Breer may have quashed the notion of a Kelly meeting by reporting the Eagles will interview Seahawks defensive coordinator Gus Bradley on Saturday in Atlanta.

The conversations with NFL folks have been set up via Kelly's camp and began before his interview with the Eagles last week, but a league source told the Tribune they continued into the weekend. It doesn't preclude Kelly's return to Notre Dame at all, but it suggests more than a passing fancy with the idea of coaching at the next level.

There has been precious little in the way of enlightenment from South Bend, Ind., during Kelly's apparent dalliance. And all of it indeed may be a way to strong-arm Notre Dame into meeting the demands of a head coach just a few days removed from a championship game appearance -- a disastrous championship game appearance, but a shot at a title nonetheless.

Athletic director Jack Swarbrick sent word through a spokesman that he would have no comment. There are people close to Kelly who had not been updated about the situation a few days into it, and there are team members who as of Friday night who had not received any communication at all from staffers on the subject.

One person familiar with the Eagles' view of the first interview says there was "strong mutual interest" between the two parties, and the Tribune's David Haugh reported Thursday that Kelly previously had reached out to an NFL coach to see how professional jobs differ from college gigs.

None of that precludes a return to Notre Dame with a new contract and more money for Kelly and his assistants, which for most of the week seemed the most likely scenario -- and still may be -- though the reported second meeting with the Eagles is an intriguing complication.

Notre Dame begins classes on Tuesday and the Irish were believed to have a team meeting of some kind set for Monday. That seemingly would put an imperative on Kelly to make a decision and get a deal done, with either side, within 24 or 48 hours.

The Eagles, meanwhile, had more interviews set with more head coaching candidates into next week. That doesn't preempt a spate of cancellations, of course, if they found their man in Kelly.

bchamilton@tribune.com

Twitter @ChiTribHamilton

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Wall Street to open firm after Thursday's gains, Wells Fargo results

NEW YORK (Reuters) - Stocks were set to firm at the open on Friday after the S&P 500 climbed to a five-year high a day earlier, as record profit from Wells Fargo failed to excite investors who awaited fresh trading incentives.

"The bigger news lies ahead of us in terms of earnings and also reports on Christmas sales, which seem to be poor so far," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.

Wells Fargo , the first major U.S. bank to post earnings this season, reported a higher fourth-quarter profit as it set aside less money to cover bad loans and made more fees from mortgages. While shares dropped 1.1 percent to $35 in premarket trading, the stock had climbed 2 percent Thursday ahead of the results, and is up 3.6 percent this month so far.

Best Buy shares were volatile in premarket trading after it reported flat holiday sales at established U.S. stores. Shares were last up 5.7 percent at $12.91.

Basic materials shares could be pressured after China's annual consumer inflation rate picked up to a seven-month high, narrowing the scope for the central bank to boost the economy by easing monetary policy.

Meckler said that in the absence of major news, the market will continue to absorb some of the money that comes in from institutional investors at the start of the year. This could give equities an upside bias.

S&P 500 futures were flat and were slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 3 points and Nasdaq 100 futures rose 2 points.

American Express said it would take a $600-million quarterly charge relating to 5,400 job cuts and payment of legal bills, a move likely to halve its net income. Its shares dipped 0.5 percent in premarket trading to $60.51.

Boeing's 787 Dreamliner jet was dogged by further incidents that tested confidence in the new plane. It suffered a cracked cockpit window and an oil leak on separate flights in Japan on Friday. The US Department of Transportation said the jet would be subject to a review of its critical systems by regulators. Boeing shares fell 1.5 percent to $75.90 in premarket trading.

Dendreon Corp shares jumped 14.9 percent to $5.86 after Sanford C. Bernstein upgraded the stock to "outperform" from "market-perform" and said the drugmaker could be one of the best performers in 2013.

U.S.-traded shares of India's No.2 software services provider Infosys Ltd jumped 15.2 percent premarket after the company raised its revenue forecast.

In a move that could support US equities and boost the global economic outlook, the Japanese government approved a massive $117 billion of spending to revive the world's third-largest economy in the biggest stimulus plan since the financial crisis.

(Editing by Bernadette Baum)

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Browns name Rob Chudzinski new coach

CLEVELAND (AP) — The Browns hauled their coaching search to Arizona and back. They talked to high-profile college coaches, NFL assistants and a fired pro coach who took a team to a Super Bowl.

None of them was hired.

Instead, Rob Chudzinski became their pick.

With no experience as a head coach at any level, Chudzinski was hired Thursday night by the Cleveland Browns, the team he cheered for as a kid. This is Chudzinski's third stint with the team, but this time around he's the guy in charge.

Chudzinski, who spent the past two seasons calling plays as Carolina's offensive coordinator, is the Browns' sixth full-time coach since 1999 and 14th in team history.

Just as it appeared the Browns might be going in another direction, the team selected the 44-year-old Chudzinski to revive a team that has made the playoffs just once in the past 14 years.

Chudzinski will be introduced Friday at an 11 a.m. news conference, where owner Jimmy Haslam and CEO Joe Banner likely will be asked how they selected Banner after speaking to at least seven other candidates and flirting with Chip Kelly before he returned to Oregon.

"Chud," as he's known to players and friends, Chudzinski worked as the Browns' tight ends coach in 2004 and was their offensive coordinator in 2007, when the team won 10 games — their most since an expansion rebirth in 1999.

A lifelong Browns fan who grew up in Toledo, Ohio, Chudzinski replaces Pat Shurmur, another first-time coach when he was hired, who was fired on Dec. 31 after a 5-11 season. For the past two years, Chudzinski has worked with talented Panthers quarterback Cam Newton and resuscitated Carolina's offense, which was one of the league's worst before he arrived.

When Haslam and Banner embarked on their coaching search as 2013 began, the pair vowed they would wait as long as necessary to find "the right coach" for Cleveland. They promised to give their new coach final say over the roster and planned to pair him with an executive to help pick players.

Chudzinski wasn't seen by many as an option.

And then he became the choice.

Chudzinski interviewed with the team on Wednesday, when the club also visited with Cincinnati defensive coordinator Mike Zimmer. Chudzinski appeared to be a long shot for the job, not because he wasn't qualified, but because it was thought Haslam wanted to make a big splash with his first coaching hire.

However, Chudzinski wowed Haslam and Banner during his meeting and the team decided it was time to end its search in its second week.

It's not yet known whom Chudzinski will bring in as coordinators. There are reports he may hire former San Diego coach Norv Turner to run his offense. Chudzinski worked for Turner with the Chargers.

In his first season in Carolina, Chudzinski turned Newton, the No. 1 overall draft pick, loose and the Panthers set club records for total yards (6,237) and first downs (345). Carolina also scored 48 touchdowns after getting just 17 in the season before Chudzinski arrived. The Panthers jumped from last in the league in total yardage to seventh, the biggest improvement since 1999.

Following the season, Chudzinski interviewed for head coaching jobs with St. Louis, Jacksonville and Tampa Bay before returning to Carolina.

In getting the Browns' job, Chudzinski was picked over Zimmer, Montreal Alouettes coach Marc Trestman, fired Arizona coach Ken Whisenhunt and Cardinals defensive coordinator Ray Horton. Whisenhunt was in Cleveland for a second interview on Thursday, and appeared to be the front-runner. The Browns also were expected to interview Indianapolis offensive coordinator Bruce Arians.

Newton continued to develop in his second season with Chudzinski, and the QB's development may have helped his case since the Browns are hoping Brandon Weeden will improve this year after his uneven rookie season.

After his first stint on Cleveland's staff, Chudzinski spent two seasons as San Diego's tight ends coach, working with perennial Pro Bowl standout Antonio Gates.

Taking over the Browns' offense in 2007, Chudzinski helped the Browns go 10-6. They barely missed the playoffs, but four players, including quarterback Derek Anderson, made the Pro Bowl. However, in 2008, the Browns struggled on offense and a six-game losing streak led to a 4-12 finish and Romeo Crennel's firing.

Chudzinski's hiring may not be popular with Cleveland fans, many of whom at fantasies about Nick Saban or Jon Gruden or Kelly brining his supersonic offense to the NFL.

But his selection is in keeping with at least one of Banner's past moves. When he was in Philadelphia's front office, Banner went outside the box and hired Green Bay assistant Andy Reid, a relative unknown who spent 14 seasons with the Eagles.

Now that they've got their coach, the Browns can focus on finding a GM to replace Tom Heckert, fired after three seasons.

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Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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NY Gov. proposes “Green Bank” to spur clean energy

ALBANY, N.Y. (AP) — New York Gov. Andrew Cuomo is proposing to create a “Green Bank” to spur private investment in clean energy projects.

In his State of the State address Wednesday, Cuomo says various state entities now collect and spend $ 1.4 billion a year on renewables and energy efficiency, with 80 percent of the spending in the form of one-time subsidies.

He said his proposal would encourage more private market activity in clean energy, create jobs, and reduce consumer prices for renewable and energy efficient energy sources.

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