The university said it will study a range of potential sites for the museum near its campus in Iowa City and options for funding the building through donations and partnerships with the private sector. While the project is still years from completion, the approval for planning by the Iowa Board of Regents gives hope that the university's art collection of 12,400 paintings, sculptures and other objects will one day return to campus.

The lack of space for the collection, built up over decades and considered among the best held by a U.S. university, has been one of the results of a historic 2008 flood that damaged the UI Museum of Art and 21 other campus buildings. University workers were able to evacuate the art works, which have been housed largely at the Figge Art Museum in Davenport, 60 miles away, and in other places on campus since then.

The collection includes a famous Jackson Pollock painting and has an overall estimated value of more than $500 million.

The Federal Emergency Management Agency ruled in 2010 that the museum, which sustained millions of dollars in damage to its utility systems and lower level, was not more than 50 percent damaged and therefore qualified for federal funding only for renovations, instead of to be rebuilt outside the floodplain. The university said it could not find any insurers who would cover the collection at the museum's site on the Iowa River. FEMA rejected multiple appeals by the university, including its final one in March, for funding to rebuild elsewhere.

"Unsuccessful, but at least we had determination," university senior vice president and treasurer Doug True told regents during a meeting in Iowa City on Wednesday.

The regents voted unanimously to give the university permission to begin planning for the new museum. The board also approved a $2.5 million project to repair flood damage in the current building so it can be used for other academic purposes. Part of the building is already being used as temporary space for music programs, and the university will decide in the future how to use the rest of the space.

True said the university plans to pursue a "public-private partnership" for the new building, which could be used to display the collection and for other purposes. He said the university would soon send out "a request for information" to developers who may have ideas on where the building could be located and how it might be financed and operated. More detailed plans for its design and budget would be approved later.

"We want to continue ... to pursue that process where people in our community and anywhere in Iowa can help find the place, the land and an imaginative way where we might work with the private sector to develop something that would be a multi-use facility," he said.

He said the building must be easily accessible to students and professors and include the security and climate that are required to store art. The university has not set a price tag for the building and told the regents that the amount of university funding provided for construction and operation will depend "upon the nature of the financial ownership." In the past, the school has said a new museum could cost $75 million.

In its proposal to regents, the university said that storing the collection in Davenport had led to "very limited" access for students, teachers, scholars and the public. While FEMA grants have covered the storage costs to date, they will eventually become a "financial drain" on the university when the funding runs out, the university said.

Wednesday's action comes as flooding along the Iowa River has required the university to again evacuate the old museum, which was designed by renowned architect Max Abramovitz and opened in 1969. The university has erected flood barriers that are expected to keep the building and others dry.

Concerns that the Federal Reserve could announce plans to cut back its stimulus program next week also weighed on the mood.

Americans' confidence in the economy weakened in June and was lower than economists had estimated, according to the Thomson Reuters/University of Michigan survey out Friday. Another report said factories weren't as busy as expected.

The International Monetary Fund, a global lender, offered no help. The IMF said Friday that U.S. government spending cuts that kicked in March 1 were "ill-designed" and slowed the economy down.

The Standard & Poor's 500 index sank 9.63 points, or 0.6 percent, to 1,626.73. Media company Gannett fell the most, dropping $1.61, or 6 percent, to $24.99.

"There was just no good news today," said Cam Albright, a director at Wilmington Trust Investment Advisors in Wilmington, Del. Add the handful of economic reports out Friday to the anxiety over the Fed's stimulus program, "and you have the recipe for a soft market to finish the week," he said.

The Dow Jones industrial dropped 105.90 points, or 0.7 percent, to 15,070.18. American Express led the Dow lower, losing $2.24, or 3 percent, to $72.97.

Market indexes flitted from slight gains to losses in morning trading, a contrast to the sudden lurches in previous days. All three major indexes lost 1 percent or more this week.

Trading has been volatile since late May as traders try to figure out when the Fed will dial back its aggressive support for the U.S. economy. This week was no different: The Dow slumped a total of 243 points on Tuesday and Wednesday then jumped 180 points Thursday. The blue-chip average has made moves of 100 points or more in seven of the last 10 trading days.

The Fed buys $85 billion in bonds every month as part of a campaign to keep interest rates extremely low. The aim is to encourage borrowing, spending and investing. Some investors worry that long-term interest rates could spike when the Fed pulls back, raising borrowing costs and threatening the economic recovery. Higher yields for government bonds have already started pushing mortgage rates up.

Policymakers at the Fed will start a two-day meeting Tuesday to discuss the central bank's next steps. After the meeting wraps up, the bank will release its policy statement and Fed Chairman Ben Bernanke will hold another press conference.

Scott King, senior fiduciary investment adviser at Unified Trust in Lexington, Ky., said that investors in recent weeks have been influenced more by wondering about what the Fed might do than by the underlying economy.

"You have a number of Fed governors saying the opposite to what Bernanke is saying," King said. "And that's made the markets more jittery."

King said investors were disappointed Friday by the drop in consumer confidence. He described the economy as "plodding along."

"Wage growth continues to be pretty meager, and unemployment continues to be lackluster," King said.

Banks led nine of the 10 industry groups in the S&P 500 lower. Utilities made slight gains. Investors tend to favor these safety plays when they want stable companies that pay steady dividends.

The S&P 500 hit a record high of 1,669 on May 21. The next day, Fed officials said they would consider pulling back on their stimulus program once the economy looks healthy enough. The S&P 500 has lost 2 percent since.

In other Friday trading, the Nasdaq composite index lost 21.81 points, or 0.6 percent, to 3,423.56.

The price of oil rose $1.16 to close at $97.85 a barrel, near its highest level of the year, as traders reacted to news that the U.S. would provide weapons to rebel forces in Syria.

Gold rose $9.80, or 0.7 percent, to $1,387.60 an ounce.

In the market for U.S. government bonds, the yield on the benchmark 10-year Treasury note dipped to 2.13 percent from 2.15 percent late Thursday. The yield reached a 14-month high of 2.29 percent on Tuesday. Expectations that the Fed will pare its bond buying have helped drive the yield up from 1.63 percent on May 3, when it was at its lowest level this year.

Among stocks making big moves:

Casey's General Stores fell $2.60, or 4 percent, to $60.69. The Iowa-based convenience store reported earnings late Thursday that fell short of what financial analysts had expected.

Myriad Genetics sank $4.42, or 14 percent, to $27.59. The decline came a day after the Supreme Court gave the diagnostic test maker a partial victory in a patent battle.

Restoration Hardware jumped $9.51, or 16 percent, to $68.47. The high-end home products chain raised its forecast for full-year earnings late Thursday and announced plans to start two new businesses RH Kitchen and Tableware and RH Antiquities next year.

____

AP Business Writer Christina Rexrode contributed.

The two coaches have traded verbal volleys in the lead-up to Tuesday's Asia Group A clash in Ulsan as they bid to secure automatic qualifying spots for the 2014 showpiece event.

Table toppers South Korea, on 14 points, could still take one of the group's two automatic berths even if they lose to Iran, who have 13 points, while third-placed Uzbekistan have 11 and host Qatar in their last round of qualifiers.

After defeating Uzbekistan last week, Choi said he wanted revenge for October's 1-0 defeat in Tehran where he believed his team were "badly treated". Queiroz responded by saying the South Korean should apologise to the Iranian people.

"It looks like Iran is nervous. When feeling burdened or chased after, you talk a lot and engage in unnecessary provocation," Choi told reporters in a fresh salvo.

"I will defeat Iran no matter what. Coach Queiroz will be watching the Brazil World Cup on TV."

Despite the tensions, a draw in Ulsan should be enough to secure automatic qualification for both teams as Iran have a superior goal difference to the Uzbeks.

The two third-place finishers in the two advanced Asian qualifying groups will face off over two legs with the winners taking on a South American side in two matches for a berth in Brazil.

The Uzbeks' best chance of snatching an automatic berth will be to beat Qatar and hope Korea defeat Iran.

Iran coach Queiroz was unhappy that the Koreans did not push on for a bigger victory in the latter stages of their match with Uzbekistan last week and promised to buy and present Choi an Uzbek uniform.

"I was going to but didn't (bring an Uzbek jersey). I was going to exchange jerseys and shake hands with Choi after the match tomorrow (Tuesday)," the Portuguese said.

"I would like to congratulate each other on going to the World Cup together. I am willing to give an Iran uniform to Choi."

South Korea's Germany-based forward Son Heung-min said he will make Iran shed "blood tears", which received a philosophical response from the former Real Madrid coach.

"I have been a coach for thirty years and have never experienced a soccer match of blood and revenge. I think we have to stop here," Queiroz said. "We will respond with soccer to the revenge and with sweat to the blood." (Reporting by Narae Kim, writing by Sudipto Ganguly in Mumbai; editing by Mark Meadows)

OVERLAND PARK, Kan.--(BUSINESS WIRE)--

Vonya B. McCann, senior vice president of Government Affairs at Sprint (NYSE:S) today issued the following statement in response to the White House announcements of new initiatives intended to bolster American leadership in wireless broadband and technological innovation.

Sprint appreciates the steps that President Obama and his Administration have taken today to help ensure that spectrum is used in the most efficient and effective ways possible. Every day, consumers, businesses, and government are relying more and more on wireless broadband services. A steady supply of new spectrum, along with continued improvements in technology and innovation, are key to providing those services. The steps taken today lay the groundwork for tomorrows broadband future. Sprint looks forward to participating in that future, and welcomes the Administrations initiatives to ensure that all wireless carriers have the opportunity to acquire critical spectrum to meet our customers needs.

About Sprint Nextel

Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served more than 55 million customers at the end of the first quarter of 2013 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The American Customer Satisfaction Index rated Sprint as the most improved company in customer satisfaction, across all 47 industries, during the last five years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 Green Rankings, listing it as one of the nations greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint atorand .

LOS ANGELES (TheWrap.com) - Aspiring food entrepreneurs, mark your calendars: Your favorite new reality series will premiere on July 22.

"Supermarket Superstar," hosted by former WWE star Stacy Keibler, will feature contestants pitching their food ideas to food-industry professionals, with the ultimate goal of getting their product onto supermarket shelves.

In addition to Keibler, the series will feature a panel of mentors that includes chef Michael Chiarello, Mrs. Fields Bakeries founder Debbi Fields and branding expert Chris Cornyn.

After contestants are whittled down, they'll present their products to A&P supermarket buyer Tom Dahlen, who will determine each episode's winner. The finale will see three winners return to compete for the opportunity of a nationwide product launch in A&P supermarkets and their affiliated chains.

WELLINGTON, New Zealand (AP) -- A New Zealand politician suspected of leaking a report on the country's spy agency stepped down Friday from his ministerial duties.

Peter Dunne said he didn't leak the report to a journalist but had made errors of judgment nevertheless. He resigned as revenue minister but said he'd continue as a member of Parliament.

His resignation came after an inquiry into the leak found that Dunne had exchanged 86 emails with Fairfax Media reporter Andrea Vance in the two weeks before Vance published a scoop on the report. Dunne refused to turn over all the emails to the inquiry.

The report on the Government Communications Security Bureau concluded the agency unlawfully spied on up to 88 residents.

Prior to the leak, Prime Minister John Key had promised to publicly release the report. He did release it after Fairfax published its story.

Fairfax Media Executive Editor Paul Thompson said Friday the company never comments on its confidential sources.

And it was really that specific example that made me think that Twitter could be used for many, many different purposes and could be hugely disruptive in a lot of positive ways as a short-form broadcast tool, as a collaboration tool, and as an information-gathering source. I'm excited to see where it goes.

How do you use Twitter?

If you look at some of the most successful startups that I've ended up advising -- ,-- these companies were effectively filtered through polling my audience, and then Twitter was the tool that connected me to the CEOs of those companies. Twitter and Facebook have been more effective for doing market research and picking winning companies than any degree of pro forma financial forecasting I could possibly do.

I typically do late-night polling. I can gather data oftentimes without necessarily leaving a permanent mark. I will poll audiences in different sizes. I'll have them fill out SurveyMonkey forms about which tools they like, whether it's calendaring, whether it is capturing data in the case of Evernote, whether it's e-commerce in the case of Shopify -- and I'll look for patterns in the data. I'll look for repetition. I'll look for shifts in answers. If [a company started with] 57 responses and now they have 120 so their percentage has increased dramatically, then I'll pay attention to that. And it's almost always indicative of company growth rate.

What are your favorite Twitter accounts?

I follow a lot of my friends, so , . I follow a fair number of venture capitalists, people like , . I follow musicians that I like, like . I follow hilarious entertainment figures like . Then I follow all of my startups: , and the founder . . , which is a language learning software. Those are a few that come to mind.

What are some of the startups you're excited about that you're advising now?

Another one is perhaps a better well-known example, which is . That's the company behind Wordpress.com. So they just received another $50 million in funding. They're obviously powering a very high percentage of the entire Internet. With the recent news with Tumblr, it's a very hot topic these days, content creation platforms. Automattic is for my money definitely one to be bet on. I think the platform is fantastic.

You just came out with a book in November.

Yeah, , and the subtitle is important: The Simple Path to Cooking Like A Pro, Learning Anything, And Living the Good Life. My readers have been asking me for a book on accelerated learning for about four or five years now. If "The Four Hour Body" was for optimizing every aspect of physical performance, this book is about studying everyone from chess prodigies to memory champions to world-class athletes to figure out how anyone can acquire skills twice as quickly.

It's kind of a choose-your-own-adventure guide to accelerated learning that uses cooking to tell a lot of the stories. Because cooking uses all the senses.

What if you're a really bad cook like me?

I was microwaving liquid egg whites for breakfast in plastic containers before the book. I'm happy to have a competition with anyone for worst cook of their 20s and 30s. It's designed for people who don't cook. It's a cookbook for people who don't buy cookbooks.

It was Amazon Publishing's first big book, which was a pretty fascinating experiment and was boycotted by bookstores. It led me to have to do a lot of interesting experiments on Twitter and Facebook and , for instance, since the book was boycotted at retail.

The boycott doesn't seem to have affected its success.

Police arrested four suspects this week in connection with the killing, originally seen as the most serious homophobic attack in a country that is fairly gay-friendly.

Police spokesman Micky Rosenfeld said Friday that the motive behind the killing was of a personal nature. He said the suspects intended to shoot someone else at the center. Instead, they opened fire on the two people they killed. Other details of the case are under court gag order.

The two dead were a 26-year-old counselor and a 17-year-old girl. Gay community leaders still claim the victims were killed because of their sexual orientation.

MUMBAI (Reuters) - After dominating Indian cinema for more than four decades, Bollywood actor Amitabh Bachchan is gearing up for his television acting debut this year.

Bachchan is no stranger to television, having hosted several seasons of the Indian version of the quiz show "Who Wants to Be a Millionaire" but this will be his first role in a TV fiction series.

It comes after Bachchan made his Hollywood debut last month in Australian director Baz Luhrmann's "The Great Gatsby", walking the red carpet at the Cannes Film Festival with Leonardo DiCaprio.

"Never done serials before, so apprehension plays hard .. but .. better to have loved and lost than not to have loved at all," the 70-year-old actor said on Twitter on Wednesday.

Bachchan is arguably the biggest name in Indian cinema and also patriarch of an acting dynasty that includes son Abhishek and daughter-in-law Aishwarya Rai, a former Miss World.

His role and the content of the TV series, which will have a finite number of episodes, is still a closely guarded secret. It will be directed by Bollywood filmmaker Anurag Kashyap and is slated to go on air later this year.

"This series will change the way India sees television and will open the doors for a new genre in television entertainment," Kashyap said in a statement.

Bollywood stars are increasingly turning to television for more visibility and as an alternative to a movie career, hoping to cash in on an audience hungry to see more of their favorite actors. Several reality TV shows in India are hosted by movie stars.

Another leading Indian actor, Anil Kapoor, who played the quiz show host in "Slumdog Millionaire", is to star in the lead role of the Indian version of the American action series "24" that goes to air later this year.

(Editing by Tony Tharakan and Belinda Goldsmith)

The Crusaders (32-27) had only two hits in the seventh, but took advantage of mistakes by Florida (29-30), which led 4-1. Gators third baseman Josh Tobias made an error with the bases loaded, allowing Valpo's first run of the inning. The Crusaders got two more on bases-loaded walks to Tanner Vavra and John Loeffler. The go-ahead run came on Chris Manning's run-scoring fielder's choice.

Valparaiso, coached by former major league infielder Tracy Woodson, last won in the NCAA tournament against Southern Illinois in the Columbus regional in 1966.

"These guys know about (47) years ago," Woodson said. "We try to let them know that all the time. I know what it feels like, but this is their time now and I want to make sure that they understand that. They are setting the precedence for us as a university."

The Crusaders are playing in the NCAA tournament for the seventh time in school history. They take on Austin Peay in an elimination game Sunday, with the winner needing to beat host Indiana twice to advance to the super regionals.

"It's a huge win, a huge boost and we have been working at it all year," shortstop Spencer Mahoney said. "In years past, we have had a great group of guys that have come through the program and been able to build it. I think Coach Woodson has built this program up to where it is now and we are just looking to move forward."

Florida, which outhit Valparaiso 13-6, put runners on second and third with one out in the ninth, but Kyle Wormington (6-7) struck out Taylor Gushue and got Harrison Bader to ground out to end it.

"It's exhilarating to get that win," Wormington said. "First one in a long time. So that was huge. But as soon as it's over, I think as a team, we are just looking forward to tomorrow. We want to keep winning. We came to win and that's what we want to do."

Daniel Gibson (2-1) took the loss for the Gators, who dropped both of their NCAA tournament games to Valparaiso and Austin Peay.

"To be honest with you, this season is not the standard we want in Florida and there's no rebuilding at Florida," Gators coach Kevin O'Sullivan said. "I keep hearing that all year long. We've got young players, but it's time to grow up. They are not freshmen anymore. The game comes down to pitching defense and hitting."