Goldman Sachs to invest $9.6M in NYC jail program as city tests social impact bonds

NEW YORK (AP) -- Goldman Sachs will invest almost $10 million in a city jail program that will produce profits for the investment firm if recidivism rates drop, marking the first U.S. effort of its kind to enlist private investors in financing public social programs, officials said Thursday.

Known as social impact bonds or pay-for-success contracts, such initiatives began in Britain and are in the works in some U.S. state governments. But New York City is the first in the nation to put one together, officials and experts said.

Inmates ages 16 to 18 will receive education, training and counseling intended to reduce the likelihood of them reoffending after their release.

"New York City is continually seeking innovative new ways to tackle the most entrenched problems, and helping young people who land in jail stay out of trouble when they return home is one of the most difficult - and important - challenges we face," Mayor Michael Bloomberg said in a statement.

Syrian rebels accused of executions, other abuses

BEIRUT (AP) -- The unsteady, hand-held video shows several bloodied prisoners, one in boxer shorts, being led into a noisy outdoor crowd and placed against a wall. The prisoners crouch and seem to avert their eyes as men carrying assault rifles shout slogans and take aim. The gunfire lasts for more than 30 seconds.

The international community has accused Syrian President Bashar Assad's forces of war crimes, but the gunmen in this gruesome video were rebels. Their slogans: "Free Syrian Army Forever!" and "God is Great!"

The video, which surfaced online this week, is fueling concerns that opposition fighters are capable of brutality that matches that of the regime they are seeking to topple - a charge that could badly damage the rebellion's ability to claim the moral high ground in the Syrian civil war.

In Senegalese shoe capital, Chinese not welcome

NGAYE MEKHE, Senegal (AP) -- It has taken generations for cobblers in this village to perfect the pointy-toed slippers once favored by local kings, and now considered an indispensable fashion accessory of well-dressed Senegalese men.

It only took months for the Chinese to copy and mass produce the local design, making them out of plastic instead of leather and selling them for a quarter of the price.

The Senegalese government has so far not regulated the import of Chinese-made replicas of local crafts, so the most prominent shoemakers of Ngaye Mekhe have come up with their own retaliation: They are refusing to sell their slippers to Chinese visitors.

"If I see a Chinese person, I put my hand up like this," said Mactar Gueye, his palm open, in the universal gesture for stop. "It's not that I'm afraid of them. I just won't sell to them."

Larry David to write, star in movie for HBO

BEVERLY HILLS, Calif. (AP) -- Larry David is coming back to HBO - but not in a new season of "Curb Your Enthusiasm."

The cable channel told the Television Critics Association on Wednesday that the 65-year-old will write, executively produce and star in an HBO film directed by Greg Mottola. The network didn't announce a title.

Network executives say it's not a "Curb Your Enthusiasm" film, and David won't be playing himself in the movie.

HBO programming president Michael Lombardo says the "Seinfeld" co-creator hasn't "closed the door" on a possible ninth season of "Curb Your Enthusiasm."

Fed: US growth slows, but no action needed _ yet

WASHINGTON (AP) -- The Federal Reserve said Wednesday that the U.S. economy is losing strength and repeated a pledge to try to boost growth if hiring remains weak.

The Fed took no new action after a two-day policy meeting. But it appeared to signal in a statement released after the meeting a growing inclination to take further steps to lift the economy out of its funk. The Fed noted that growth had slowed over the first half of the year, with job creation slackening and consumer spending tapering off.

The Fed reiterated its plan to hold its benchmark short-term interest rate at a record low near zero until at least late 2014.

Market reaction to the Fed's announcement was muted. Stocks fluctuated slightly after the statement was released and ended the day lower.

The Dow Jones industrial average fell 33 points to 12,976, and broader indexes also closed down. The yield on the 10-year Treasury note increased from 1.50 percent to 1.52 percent.