RIM shows how BlackBerry 10 touch screen keys could rival even its traditional keyboards [video]

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“Modern Family” star’s dad granted control of her estate

LOS ANGELES (Reuters) – The father of “Modern Family” star Ariel Winter was given temporary control over the teenage actress’ estate on Wednesday in a court-approved settlement in Los Angeles after allegations that her mother had abused her.

Winter, 14, who plays the brainy and precocious teenager Alex Dunphy on the Emmy-winning ABC comedy, will remain under temporary guardianship of her older sister, Shanelle Gray, under the settlement, court officials said.

Los Angeles Superior Court Judge Michael Levanas scheduled a hearing for March 29 in which he could hand permanent guardianship over to Gray and control of Winter’s estate to her father, Glenn Workman.

Gray, 34, was first awarded temporary guardianship of the actress in October.

Winter’s mother, Chrisoula Workman, has denied allegations, earlier submitted in court documents, that she verbally and physically abused her daughter.

Messages left with Winter’s publicist and attorney seeking comment were not immediately returned.

“Modern Family” portrays the lives of three zany families and has won three consecutive Emmy awards as American television’s best comedy series.

(Reporting By Eric Kelsey; Editing by Nick Zieminski)

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White House won’t accept new tax offer from Republican leader

WASHINGTON (Reuters) – President Barack Obama is not ready to accept a new offer from the Republican leader of the U.S. the House of Representatives to raise taxes on top earners in exchange for major cuts in entitlement programs, a source said late Saturday.

The shape and details of Boehner‘s offer were uncertain Saturday night, as was the exact reason the president was prepared to reject it.

The source said Obama sees the offer made on Friday by U.S. House Speaker John Boehner as a sign of progress, but simply believes it is not enough and there is much more to be worked out before Obama can reciprocate.

Tax rates and entitlements are the two most difficult issues in the so-far unproductive negotiations to avert the “fiscal cliff” of steep tax hikes and spending cuts set for the new year unless Congress and the president reach a deal to avoid them.

The Boehner offer is the first significant sign of a shift in the Republican insistence that low tax rates set to expire on December 31 be extended for all taxpayers, and comes at some risk to the speaker.

Conservatives, particularly Tea Party-supported Republicans, see opposition to tax increases for anyone as an abandonment of party principles, and of the Republican base.

Obama wants high earners – those earning roughly $ 250,000 a year or more – to pay higher taxes in order to put the burden of deficit reduction on those he says can best afford it.

Republicans have privately spoken of coming back at Obama with a threshold of $ 1 million. Obama has previously called that unacceptable because it would not raise enough money on its own to cut the deficit significantly or provide enough money to avert across-the-board spending cuts.

On entitlements, the president faces pressures of his own from Democrats, who see protecting Medicare, the government health insurance program for seniors, as a bedrock principle.

A major bloc of congressional Democrats has already signaled they will not accept major cutbacks in Medicare as part of any deal.

It was unclear on Saturday if the president had communicated his response to Boehner.

NOT A COMPLETE SURPRISE

Boehner’s shift did not come as a complete surprise. Recent polls have suggested little public support for his position and he has been getting pressure from Senate Republicans to be more flexible.

The massacre in Connecticut silenced fiscal cliff talk in public on Saturday as the both sides got ready for a final scramble, with sessions of the House now scheduled just days before Christmas.

Obama canceled a trip he had planned to make next Wednesday to Portland, Maine, to press his case for tax hikes for the wealthy. He is heading on Sunday to Newtown, the site of Friday’s school shootings, in which a gunman killed 20 children and six adults before taking his own life. The gunman also killed his mother, according to police.

Boehner of Ohio canceled the standard Republican radio response on Saturday to Obama “so that President Obama can speak for the entire nation at this time of mourning,” he said in a statement issued late on Friday.

The moratorium on cliff pronouncements masked a growing recognition the two sides could remain deadlocked at the end of the year on the key sticking points – taxes and entitlements.

Senate Republicans prodded their counterparts in the House to beat a retreat on tax hikes, in a fashion that would allow Obama’s proposal to pass the Republican-controlled House while allowing Republicans to cast a face-saving vote against it.

Republicans could then shift the debate onto territory they consider more favorable to them, cutting government spending to reduce the deficit.

“Just about everyone is throwing stuff on the wall to see if anything sticks,” one Republican aide said in reference to various proposals being discussed on how to proceed.

Alluding to public opinion polls, the aide added: “We know if there is no deal, we will get blamed.”

“We could win the argument on spending cuts,” said a Republican senator who asked not to be identified. “We aren’t winning the argument on taxes.”

However, Republican leaders in both chambers are leery about seeming to cave on taxes. “There’s concern that if we did that, Obama would simply declare victory and walk away and not address spending,” said one aide. “We don’t trust these guys.”

‘A BALANCED PLAN’

Some of the prodding was coming from Senate Minority Leader Mitch McConnell of Kentucky.

Don Stewart, a McConnell spokesman, said the minority leader in the Democratic-controlled Senate hasn’t embraced any single plan, but has discussed and circulated measures offered by fellow Senate Republicans.

“Senator McConnell does not advocate raising taxes on anybody or anything,” Stewart said.

“We’re focused on getting a balanced plan from the White House that will begin to solve the problem of our debt and deficit to improve the economy and create American jobs,” said Boehner spokesman Michael Steel.

“Right now, all the president is offering is massive tax hikes with little or no spending cuts and reforms,” Steel said.

House Majority Leader Eric Cantor scheduled “possible legislation related to expiring provisions of law,” a reference to the expiring tax cuts, for the end of the week, portending a weekend session.

Cantor has said the House would meet through the Christmas holidays and beyond.

Hopes expressed after the November 6 general election of some “grand bargain” on deficit reduction have all but disappeared, at least for this year.

This is partly because time is running out and partly the result of growing warnings from Democrats in Congress that they would not support big changes in the Medicare program, the government-run health insurance program for seniors that is a major contributor to the government’s debt.

House Democratic Minority Leader Nancy Pelosi of California ruled out one frequently mentioned proposal – raising the age of eligibility for Medicare, in a December 12 CBS television interview.

Asked if she was drawing a “red line” around that idea, Pelosi said her comments were “something that says, ‘don’t go there,’ because it doesn’t produce money.

(Reporting by Thomas Ferraro, Richard Cowan and Kim Dixon; Editing by Fred Barbash and Todd Eastham)

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Hungary government, central bank in “alliance” from 2013

BUDAPEST (Reuters) – A leadership change at Hungary‘s central bank next year will allow the government to build a strategic alliance with the bank to boost the economy, Economy Minister Gyorgy Matolcsy said on Saturday.

Matolcsy, a member of Prime Minister Viktor Orban‘s government that has often clashed with the bank over policy, also said the bank would have to focus on helping growth and employment as well as curbing inflation.

“I don’t think that in these crisis years any central bank in the world would and could keep only one aspect in the forefront: the aspect of inflation,” Matolcsy told public radio.

“Just look at how the European Central Bank has switched to an entirely different monetary philosophy in the crisis years post-2008.”

Orban’s government has put pressure on the central bank to do more to help the recession-hit economy and some analysts have said the appointment of a new governor at the National Bank of Hungary in March 2013 could usher in an era of unconventional steps, after a series of rate cuts this year.

Citing inflation risks, outgoing governor Andras Simor and his two deputies have opposed the bank’s recent rate cuts, which were pushed through by the four other rate-setters appointed by Orban’s party in parliament last year.

Simor’s six-year term expires in March, and his two deputies will also leave the bank next year. Orban is expected to pick a new governor loyal to his government.

Matolcsy’s name as a candidate has also emerged in the market and local media. When asked about this, he said:

“There are many names floating around these days and weeks, but I myself have not received such a request, but I am sure, as this has been mentioned, that next year Hungary‘s central bank will have a leadership that will be in a strategic partnership with the government.”

ECB President Mario Draghi said last week in Budapest that Hungary’s central bank must retain its independence to be credible – a rare public warning about undue political influence.

Matolcsy, who has been the architect of unorthodox policies that included heavy taxes on banks and a nationalisation of private pension funds, also said he was not sure Hungary should tap international markets next year, after it successfully financed debt from domestic issuance in 2012.

“As for myself, I’m not quite sure that we should issue a foreign currency bond in global markets next year,” he said.

Earlier this month, the minister in charge of Hungary’s stalled loan talks with the IMF, flagged a possible foreign currency issue in the first quarter of 2013.

Budapest has rolled over expiring debt from domestic issuance since it last tapped international markets in 2011 and has financing buffers deposited at the central bank.

Matolcsy also said Hungary’s economy could grow faster next year than the government’s current projection for 0.9 percent.

He said the economy could be able to grow faster than 1 percent, perhaps even closer to a rate of 2 percent.

Analysts in a Reuters poll this week forecast stagnation for 2013 after a contraction this year.

(Reporting by Krisztina Than; Editing by Stephen Powell)

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Nigeria governor, 5 others die in helicopter crash

LAGOS, Nigeria (AP) — A navy helicopter crashed Saturday in the country’s oil-rich southern delta, killing a state governor and five other people, in the latest air disaster to hit Africa’s most populous nation, officials said.

Nigeria‘s ruling party said in a statement that the governor of the central Nigerian state of Kaduna, Patrick Yakowa, died in the helicopter crash in Bayelsa state in the Niger Delta. The People’s Democratic Party’s statement described Yakowa’s death as a “colossal loss.”

The statement said the former national security adviser, General Andrew Azazi, also died in the crash. Azazi was fired in June amid growing sectarian violence in Nigeria, but maintained close ties with the government.

Yushau Shuaib, a spokesman for Nigeria’s National Emergency Management Agency, said four other bodies had been found, but he could not immediately give their identities.

The crash occurred at about 3:30 p.m. after the navy helicopter took off from the village of Okoroba in Bayelsa state where officials had gathered to attend the burial of the father of a presidential aide, said Commodore Kabir Aliyu. He said that the helicopter was headed for Nigeria’s oil capital of Port Harcourt when it crashed in the Nembe area of Bayelsa state.

Aviation disasters remain common in Nigeria, despite efforts in recent years to improve air safety.

In October, a plane made a crash landing in central Nigeria. A state governor and five others sustained injuries but survived.

In June, a Dana Air MD-83 passenger plane crashed into a neighborhood in the commercial capital of Lagos, killing 153 people onboard and at least 10 people on the ground. It was Nigeria’s worst air crash in nearly two decades.

In March, a police helicopter carrying a high-ranking police official crashed in the central Nigerian city of Jos, killing four people.

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Microsoft, Motorola file to keep patent case details private

SEATTLE (Reuters) – Microsoft Corp and Google Inc‘s Motorola Mobility unit have requested a federal judge in Seattle to keep secret from the public various details from their recent trial concerning the value of technology patents and the two companies’ attempts at a settlement.

Microsoft and Motorola, acquired by Google earlier this year, are preparing post-trial briefs to present to a judge as he decides the outcome of a week-long trial last month to establish what rates Microsoft should pay Motorola for use of standard, essential wireless technology used in its Xbox game console and other products.

The case is just one strand of litigation in an industry-wide dispute over ownership of the underlying technology and the design of smartphones, which has drawn in Apple Inc, Samsung Electronics Co Ltd, Nokia and others.

In a filing with the Western District of Washington federal court in Seattle on Friday, Microsoft and Motorola asked the judge to allow them to file certain parts of their post-trial submissions under seal and redact those details in the public record.

The details concern terms of Motorola‘s licenses with third parties and Microsoft‘s business and marketing plans for future products. During the trial, which ran from November 13-20, U.S. District Judge James Robart cleared the court when such sensitive or trade secret details were discussed.

“For the same compelling reasons that the court sealed this evidence for purposes of trial, it would be consistent and appropriate to take the same approach in connection with the parties’ post-trial submissions,” the two companies argued in the court filing.

The judge has so far been understanding of the companies’ desire to keep private details of their patent royalties and future plans, although that has perplexed some spectators who believe trials in public courts should be fully open to the public.

In addition, Motorola asked the judge to seal some documents relating to settlement negotiations between the two companies, arguing that keeping those details secret would encourage openness in future talks and make a settlement more likely.

Judge Robart is not expected to rule on the case until the new year.

The case in U.S. District Court, Western District of Washington is Microsoft Corp. vs. Motorola Inc., 10-cv-1823.

(Reporting by Bill Rigby; Editing by Richard Chang)

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How to talk to your children about a school shooting

(Reuters) – When parents ask how they can comfort and reassure their children after a tragedy that receives extensive news coverage, the usual advice is to be supportive and reassuring but don’t offer false assurance, experts say.

“Children want to know they’re safe and will stay safe. Parents can convey that by what they say and how they behave,” said Dr. Victor Fornari, director of child and adolescent psychiatry at North Shore-LIJ Health System in New Hyde Park, New York.

But after a school shooting – especially one as horrific as that in Newtown, Connecticut, on Friday – the challenge of helping kids cope is enormously greater than after, say, a tornado wipes out a distant town. It also poses a much greater risk that children who hear about it will suffer a traumatic reaction.

“Schools are supposed to be safe and nurturing environments for children,” said Fornari. “This shatters that belief. Restoring the sense of security in school will take time.”

The way to do that isn’t to offer false assurances, experts say.

“I wouldn’t lie, because your credibility is very, very important,” said Dr. Michael Brody, a child psychiatrist and chairman of the Television and Media Committee of the American Academy of Child and Adolescent Psychiatry. “To say this would never happen to you, I don’t think that is reasonable.”

But while parents need to be honest, they should also make clear that such tragedies are exceedingly rare.

“Parents can say emphatically, ‘your school is a very safe place,’” said David Finkelhor, professor of sociology and director of the Crimes Against Children Research Center at the University of New Hampshire in Durham. “It’s a vanishingly rare occurrence, and schools are still the safest places kids can hang out in terms of violence.”

Parents should not let young children watch news coverage of the shootings, and might warn older children and teenagers away from looking for news and disturbing video of the tragedy on Twitter, Facebook and other sites they can access via smartphones.

AVOID UPSETTING DETAILS

As parents talk to their children about Newtown, they should avoid dwelling on upsetting details, such as exactly what the gunman did where and to whom. Younger children should be reassured that the shooting is over. With older children, parents might talk about their school’s safety protocols and emergency plans.

If a teenager argues that school wasn’t safe for Newtown’s children, parents can offer statistics. U.S. Centers for Disease Control and Prevention data show that school homicides have fallen in the last 20 years from about 30 a year in the 1990s to 17 in 2010, the last year with complete data.

If the child has questions, parents should answer directly and in a straightforward way, said Dr. Joshua Kellman, clinical associate of psychiatry at the University of Chicago Medicine, matching the level of the response to the level of the child. If an 8 year old asks how someone could open fire on little kids sitting at their school desks, simply explaining that “sometimes something goes wrong with people and they are not thinking right,” should suffice, he said.

It can also be helpful to show children that normalcy prevails. The best way to do that is by sticking to standard weekend activities, said child psychologist Dr. Harold Koplewicz, president of Child Mind Institute, a nonprofit treatment, research and education organization in New York City. “Go Christmas shopping, go to church or synagogue, play a game, watch a video.”

Parents should keep in mind that grief, distress, anxiety and worse are normal human reactions to news that little children have been gunned down in their classroom, not signs of psychological illness. In other words, don’t assume that children who become clingy or withdrawn, who demand more parental attention, stop doing schoolwork, have trouble sleeping or regress (parents can expect young children to ask to sleep in their beds, said Fornari) need counseling.

“If their reactions do not seriously interfere with their lives, you shouldn’t necessarily seek out professional help,” said Fornari. “Children are resilient. Most will be able to cope with this traumatic event and be fine.”

The children who will have the hardest time coping are the 10 percent or so who already suffer from anxiety, typically as a result of an earlier trauma such as witnessing violence or losing a close relative, said Fornari. “Parents know if this describes their child, and should expect stronger reactions.”

That, of course, holds especially true for the survivors of the shooting. These children — and adults — are more likely to be psychologically traumatized, suffering flashbacks, nightmares and intrusive thoughts, re-living the sounds of gunshots and the chaos of being rushed out of their classrooms by police officers.

For them, said Fornari, “their lives will forever be marked as before and after December 14.”

(Reporting by Julie Steenhuysen and Sharon Begley; Editing by Julian Mincer and Lisa Shumaker)

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Rent ‘to rise faster than prices’

14 December 2012 Last updated at 06:35 ET

Surveyors are predicting that the cost of renting a home will rise by 4% in 2013, double the predicted rate of UK house price growth.

The Royal Institution of Chartered Surveyors (Rics) said that a slight improvement in the UK economy would be reflected in the property price change.

But many potential first-time buyers would be squeezed and see rents rise.

Lenders have predicted that prices will stay relatively stagnant next year and sales remain well below their peak.

‘Tentative signs of recovery’

Simon Rubinsohn, chief economist at Rics, said that mortgage lenders would continue to demand high deposits, and first-time buyers would continue to struggle to secure a mortgage.

This would add to demand for rental properties, and so raise rental costs.

He said that the group expected property sales in general to hit their highest level since 2007, although this would still be 40% lower than at the start of the credit crunch.

This increase would be assisted by the Funding for Lending scheme, which sees cheap funds supplied to banks by the Bank of England for them to pass on to small businesses and household borrowers.

He suggested the rise in activity would be seen in some of London, as well as the south-east of England and the north-east of England.

“These tentative signs of recovery in the sales market should not blind us to the very real problems that still exist,” he said.

“Even with the Funding for Lending scheme and some other government policies beginning to be felt in the mortgage market, many first-time buyers will continue to find it difficult to secure a sufficiently large loan to take an initial step on the housing market.

“Meanwhile, the alternative of renting is becoming more and more costly with a further increase in rents likely in 2013.”

He called for the government to put the conditions in place for house building to increase.

BBC News – Business

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NKorea rocket launch shows young leader as gambler

PYONGYANG, North Korea (AP) — A triumphant North Korea staged a mass rally of soldiers and civilians Friday to glorify the country’s young ruler, who took a big gamble this week in sending a satellite into orbit in defiance of international warnings.

Wednesday’s rocket launch came just eight months after a similar attempt ended in an embarrassing public failure, and just under a year after Kim Jong Un inherited power following his father’s death.

The surprising success of the launch may have earned Kim global condemnation, but at home the gamble paid off, at least in the short term. To his people, it made the 20-something Kim appear powerful, capable and determined in the face of foreign adversaries.

Tens of thousands of North Koreans, packed into snowy Kim Il Sung Square, clenched their fists in a unified show of resolve as a military band tooted horns and pounded on drums.

Huge red banners positioned in the square called on North Koreans to defend Kim Jong Un with their lives. They also paid homage to Kim Jong Un’s father, Kim Jong Il, and his grandfather, North Korean founder Kim Il Sung.

Pyongyang says the rocket put a crop and weather monitoring satellite into orbit. Much of the rest of the world sees it as a thinly disguised test of banned long-range missile technology. It could bring a fresh round of U.N. sanctions that would increase his country’s international isolation. At the same time, the success of the launch could strengthen North Korea’s military, the only entity that poses a potential threat to Kim’s rule.

The launch’s success, 14 years after North Korea’s first attempt, shows more than a little of the gambling spirit in the third Kim to rule North Korea since it became a country in 1948.

“North Korean officials will long be touting Kim Jong Un as a gutsy leader” who commanded the rocket launch despite being new to the job and young, said Kim Byung-ro, a North Korea specialist at Seoul National University in South Korea.

The propaganda machinery churned into action early Friday, with state media detailing how Kim Jong Un issued the order to fire off the rocket just days after scientists fretted over technical issues, ignoring the chorus of warnings from Washington to Moscow against a move likely to invite more sanctions.

Top officials followed Kim in shrugging off international condemnation.

Workers’ Party Secretary Kim Ki Nam told the crowd, bundled up against a winter chill in the heart of the capital, that “hostile forces” had dubbed the launch a missile test. He rejected the claim and called on North Koreans to stand their ground against the “cunning” critics.

North Korea called the satellite a gift to Kim Jong Il, who is said to have set the lofty goal of getting a satellite into space and then tapped his son to see it into fruition. The satellite, which North Korean scientists say is designed to send back data about crops and weather, was named Kwangmyongsong, or “Lode Star” — the nickname legendarily given to the elder Kim at birth.

Kim Jong Il died on Dec. 17, 2011, so to North Koreans, the successful launch is a tribute. State TV have been replaying video of the launch to “Song of Gen. Kim Jong Il.”

But it is the son who will bask in the glory, and face the international censure that may follow.

Even while he was being groomed to succeed his father, Kim Jong Un had been portrayed as championing science and technology as a way to lift North Korea out of decades of economic hardship.

“It makes me happy that our satellite is flying in space,” Pyongyang citizen Jong Sun Hui said as Friday’s ceremony came to a close and tens of thousands rushed into the streets, many linking arms as they went.

“The satellite launch demonstrated our strong power and the might of our science and technology once again,” she told The Associated Press. “And it also clearly testifies that a thriving nation is in our near future.”

Aside from winning him support from the people, the success of the launch helps his image as he works to consolidate power over a government crammed with elderly, old-school lieutenants of his father and grandfather, foreign analysts said.

Experts say that what is unclear, however, is whether Kim will continue to smoothly solidify power, steering clear of friction with the powerful military while dealing with the strong possibility of more crushing sanctions. The United Nations says North Korea already has a serious hunger problem.

“Certainly in the short run, this is an enormous boost to his prestige,” according to Marcus Noland, a North Korea analyst at the Peterson Institute for International Economics in Washington.

Noland, however, also mentioned the “Machiavellian argument” that this could cause future problems for Kim by significantly boosting the power of the military — “the only real threat to his rule.”

Successfully firing a rocket was so politically crucial for Kim at the onset of his rule that he allowed an April launch to go through even though it resulted in the collapse of a nascent food-aid-for-nuclear-freeze deal with the United States, said North Korea analyst Kim Yeon-su of Korea National Defense University in Seoul.

The launch success consolidates his image as heir to his father’s legacy. But it could end up deepening North Korea’s political and economic isolation, he said.

On Friday, the section at the rally reserved for foreign diplomats was noticeably sparse. U.N. officials and some European envoys stayed away from the celebration, as they did in April after the last launch.

Despite the success, experts say North Korea is years from even having a shot at developing reliable missiles that could bombard the American mainland and other distant targets.

North Korea will need larger and more dependable missiles, and more advanced nuclear weapons, to threaten U.S. shores, though it already poses a shorter-range missile threat to its neighbors.

The next big question is how the outside world will punish Pyongyang — and try to steer North Korea from what could come next: a nuclear test. In 2009, the North conducted an atomic explosion just weeks after a rocket launch.

Scott Snyder, a Korea specialist for the Council on Foreign Relations, wrote recently that North Korea‘s nuclear ambitions should inspire the U.S., China, South Korea and Japan to put aside their issues and focus on dealing with Pyongyang.

If there is a common threat that should galvanize regional cooperation, “it most certainly should be the prospect of a 30-year-old leader of a terrorized population with his finger on a nuclear trigger,” Snyder said.

____

Jon Chol Jin in Pyongyang, and Foster Klug and Sam Kim in Seoul, South Korea, contributed to this report. Follow Jean H. Lee on Twitter: (at)newsjean.

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Facebook, Google tell the government to stop granting patents for abstract ideas

Facebook (FB), Google (GOOG) and six other tech companies have petitioned the courts to begin rejecting lawsuits that are based on patents for vague concepts rather than specific applications, TechCrunch reported. The agreement, which was cosigned by Zynga (ZNGA), Dell (DELL), Intuit (INTU), Homeaway (AWAY), Rackspace (RAX), and Red Hat (RHT), notes the only thing these abstract patents do is increase legal fees and slow innovation in the industry. The companies claim that “abstract patents are a plague in the high tech sector” and force innovators into litigation that results in huge settlements or steep licensing fees for technology they have already developed on their own, which then leads to higher prices for consumers.

“Many computer-related patent claims just describe an abstract idea at a high level of generality and say to perform it on a computer or over the Internet,” the briefing reads. “Such barebones claims grant exclusive rights over the abstract idea itself, with no limit on how the idea is implemented. Granting patent protection for such claims would impair, not promote, innovation by conferring exclusive rights on those who have not meaningfully innovated, and thereby penalizing those that do later innovate by blocking or taxing their applications of the abstract idea.”

The companies conclude, “It is easy to think of abstract ideas about what a computer or website should do, but the difficult, valuable, and often groundbreaking part of online innovation comes next: designing, analyzing, building, and deploying the interface, software, and hardware to implement that idea in a way that is useful in daily life. Simply put, ideas are much easier to come by than working implementations.”

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Blood Clots Are Ready for Their Close-Up [Slide Show]

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Xi Jinping Hits the Ground Running

Barely a month after becoming party secretary, Xi Jinping has been busy showing who’s in charge. He has stepped up a crackdown on corruption, ordered officials to cut down on pomp and ceremony, called for improved relations with the rest of the world, and pushed for a stronger military. On his first official trip outside Beijing, Xi, who should assume the presidency in March, visited the freewheeling province of Guangdong, where he met with entrepreneurs and called for speedier economic reform. There he evoked the vision of paramount leader Deng Xiao-ping, who launched China’s opening to the world some 30 years ago and who traveled to Guangdong in 1992 to energize reforms.

After a decade of relative stasis under outgoing leaders Hu Jintao and Wen Jiabao, many China watchers are surprised and encouraged by Xi’s boldness. “For Xi to do so much so quickly is quite unprecedented. In the one-party system everyone is supposed to give the feeling that all is continuity and passing the baton. It is almost impolite to make changes too quickly,” says Robert Lawrence Kuhn, author of How China’s Leaders Think.

Reining in corruption seems to be the top goal. “Corruption could kill the party and ruin the country,” Xi warned top leaders in a meeting on Nov. 18, reported the official English-language China Daily. Under Xi’s watch, state media are encouraging whistle-blowers to use the Internet to report graft. The government has announced a trial program in Guangdong that will require officials and their families to report their assets regularly. Xi also has ordered the investigation of a senior provincial official in Sichuan suspected of financial improprieties. “The government is placing a lot more officials under scrutiny now,” says David Kelly, research director at China Policy, a Beijing-based research and advisory company. “But the question is not just whether individual officials are corrupt. It is an endemic problem.” He cites as an example the practice of government positions being sold, a problem highlighted in a recent report by the Central Commission for Discipline Inspection.

Xi’s order that officials should limit the lavish displays that usually accompany their public appearances is meant to show that the leadership is more in tune with the people. “You can give an edict like this, and there will be visible changes immediately,” says Kuhn. “The hope is that people will see them and that will give the leaders street cred so they can continue working on harder things.” Xi has also mandated that government meetings be shorter and that “empty talk”—jargon-laden and long-winded speeches—be avoided, according to a commentary by the official Xinhua News Agency on the new rules.

Xi is more comfortable than Hu in dealing with his foreign counterparts, says Douglas Paal, vice president for studies at the Carnegie Endowment for International Peace. “He exudes confidence,” says Paal, who served on the National Security Council under Presidents Ronald Reagan and George H.W. Bush. In a December meeting with foreign scholars working in China, Xi stressed the need for closer relations with the world, saying no country “can go it alone or outshine others in today’s complex global economy,” Xinhua reported.

Xi’s strong ties with an assertive military (his father was a venerated revolutionary guerrilla, and Xi once served as an assistant to an important defense official) could create friction with Asia and the U.S. Since becoming head of the central military commission, a post he assumed when he became party secretary, Xi has met with top brass and promoted to full general the commander of the Second Artillery Corps, which is responsible for China’s nuclear arsenal. “The People’s Liberation Army has been ordered to build a powerful missile force,” reported Xinhua on Dec. 5.

Any of Xi’s efforts to stamp out corruption or weaken the clout of state-owned enterprises are likely to run up against well-entrenched business elites. These include the so-called princelings, the offspring of senior leaders. “Of course Xi wants to send a message saying ‘I will follow Deng Xiaoping’s reform,’ ” says Bo Zhiyue, a professor and senior research fellow at the East Asian Institute of the National University of Singapore. “But that in itself doesn’t mean anything.” Bo cites Premier Wen Jiabao as an official who stressed the importance of reform but accomplished little. “In China, being a reformer is politically correct. Everyone is a reformer because they have to be.”

The bottom line: Even before assuming the presidency, Xi Jinping has signaled he’ll be aggressive about reforms.

Businessweek.com — Top News

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Cuban lawmakers meet to consider economy, budget

HAVANA (AP) — Cuban lawmakers are holding the second of their twice-annual sessions with a year-end report expected on the state of the country’s economy.

Legislators are also to approve next year’s budget.

Cuban leaders have sometimes used the parliamentary gatherings to make important announcements or policy statements.

Observers will be watching for word on the progress of President Raul Castro‘s economic reform plan and efforts to promote younger leaders.

The unicameral parliament will reconvene in February with a new membership following elections. It is then expected to name Castro to another five-year term.

State-run media said Castro presided over Thursday’s session.

It was not open to international journalists.

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New Flickr iPhone app to compete with Instagram and Twitter with 16 filters

Hot on the heels of its email redesign, Yahoo (YHOO) announced on Wednesday that it has completely redesigned the Flickr iPhone app. The new app borrows heavily from Instagram and focuses on what makes Flickr special: photos and communities. Yahoo’s new Flickr app also includes 16 filters with their own fancy names to go head-on with Instagram and Twitter’s recently updated app that added eight filters. Users can now access the Flickr app with numerous accounts including Facebook (FB) and Google (GOOG) and photos can be shared to Facebook, Twitter, Tumblr or via email. The new Flickr app is available for free on iPhone but to our disappointment, there isn’t an iPad-optimized version.

Ellis Hamburger from The Verge penned an interesting editorial on how Twitter misses the mark by simply adding filters to its app without having the close community that makes Instagram so addictive. Led by CEO Marissa Mayer, Yahoo seems aware that mobile apps thrive on the communities that sprout up. The new Flickr app’s emphasis on how the images are displayed and shared in visually appealing and digestible thumbnails suggests Yahoo finally understands mobile.

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Music, comedy strike defiant tone at Sandy concert

NEW YORK (AP) — Music and comedy royalty struck a defiant tone in a benefit concert for Superstorm Sandy victims on Wednesday, asking for help to rebuild a New York metropolitan area most of them know well.

The sold-out Madison Square Garden show was televised, streamed online and aired on radio all over the world. Producers said up to 2 billion people could experience the concert live.

“When are you going to learn,” comic and New Jersey native Jon Stewart said. “You can throw anything at us — terrorists, hurricanes. You can take away our giant sodas. It doesn’t matter. We’re coming back stronger every time.”

Jersey shore hero Bruce Springsteen set a roaring tone, opening the concert with “Land of Hope and Dreams” and “Wrecking Ball.” He addressed the rebuilding process in introducing his song “My City of Ruins,” noting it was written about the decline of Asbury Park, N.J. before that city’s renaissance over the past decade. What made the Jersey shore special was its inclusiveness, a place where people of all incomes and backgrounds could find a place, he said.

“I pray that that characteristic remains along the Jersey shore because that’s what makes it special,” Springsteen said.

He mixed a verse of Tom Waits’ “Jersey Girl” into the song before calling New Jersey neighbor Jon Bon Jovi to join him in a rousing “Born to Run.” Springsteen later returned the favor by joining Bon Jovi on “Who Says You Can’t Go Home.”

Adam Sandler hearkened back to his “Saturday Night Live” days with a ribald rewrite of the oft-sung “Hallelujah” that composer Leonard Cohen never would have dreamed. The rewritten chorus says, “Sandy, screw ya, we’ll get through ya, because we’re New Yawkers.

Sandler wore a New York Jets T-shirt and mined Donald Trump, Michael Bloomberg, the New York Knicks, Times Square porn and Jets quarterback Mark Sanchez for laugh lines.

The music lineup was heavily weighted toward classic rock, which has the type of fans able to afford a show for which ticket prices ranged from $ 150 to $ 2,500. Even with those prices, people with tickets have been offering them for more on broker sites such as StubHub, an attempt at profiteering that producers fumed was “despicable.”

“This has got to be the largest collection of old English musicians ever assembled in Madison Square Garden,” Rolling Stones rocker Mick Jagger said. “If it rains in London, you’ve got to come and help us.”

In fighting trim for a series of 50th anniversary concerts in the New York area, the Stones ripped through “You’ve Got Me Rockin’” and “Jumping Jack Flash.

Jagger wasn’t in New York City for Sandy, but he said in an interview before the concert that his apartment was flooded with 2 feet of water.

Eric Clapton switched from acoustic to electric guitar and sang “Nobody Knows You When You’re Down and Out” and “Crossroads.” New York was a backdrop for Clapton’s personal tragedy, when his young son died after falling out of a window.

Roger Waters played a set of Pink Floyd’s spacey rock, joined by Eddie Vedder for “Comfortably Numb.” Waters stuck to the music and left the fundraising to others.

“Can’t chat,” he said, “because we only have 30 minutes.”

The sold-out “12-12-12″ concert was being shown on 37 television stations in the United States and more than 200 others worldwide. It was to be streamed on 30 websites, including YouTube and Yahoo, and played on radio stations. Theaters, including 27 in the New York region and dozens more elsewhere, were showing it live.

Proceeds from the show will be distributed through the Robin Hood Foundation. More than $ 30 million was raised through ticket sales alone.

The powerful storm left parts of New York City underwater and left millions of people in several states without heat or electricity for weeks. It’s blamed for at least 125 deaths, including 104 in New York and New Jersey, and it destroyed or damaged 305,000 housing units in New York alone.

Other concert performers were to include Long Islander Billy Joel (“New York State of Mind”) and New Yorker Alicia Keys (“Empire State of Mind”). Even Liverpool’s Paul McCartney has a New York office, Hamptons home and a wife, Nancy Shevell, who spent a decade on the board of the agency that runs New York‘s public transit system.

E Street Band guitarist Steve Van Zandt said backstage that musicians are often quick to help when they can.

“Yes, it’s more personal because literally the Jersey shore is where we grew up,” he said. “But we’d be here anyway.”

The concert came a day after the death of sitar master Ravi Shankar, a performer at the 1971 “Concert for Bangladesh” considered the grandfather of music benefits. That concert also was in Madison Square Garden.

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AP Music Writer Mesfin Fekadu in New York contributed to this report.

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Venezuela’s Chavez in delicate state after surgery

CARACAS (Reuters) – Venezuelan President Hugo Chavez is in stable but delicate condition after his latest cancer surgery, the government said on Wednesday in a somber assessment that could indicate an end to his 14-year rule.

“Having been through a complex and delicate surgery, he is now in an equally complex post-operation process,” Information Minister Ernesto Villegas said on national television. “We trust in his strength.”

In an earlier broadcast, Vice President Nicolas Maduro spoke of “difficult” times ahead, urging Venezuelans to pray for Chavez and to keep faith that he would come home soon from Cuba, where he underwent the surgery on Tuesday.

Chavez’s downturn has opened gaping uncertainty about the future of his self-styled socialist revolution in a nation of 29 million people with the world’s largest oil reserves.

A frequent critic of the United States, Chavez has spearheaded a resurgence of the left in Latin America, galvanized a global “anti-imperialist” alliance from Iran to Belarus and led a decade-long push by developing nations for greater control over natural resources.

A close ally, Ecuador’s President Rafael Correa, sought to put a more positive spin on the cancer operation, telling reporters in Quito that Chavez was doing all right.

“He is fine, even though the surgery was complex,” Correa said, but he added that the future was not certain.

“If the gravity of his illness meant he could not continue to lead Venezuela, the revolutions must continue, in Venezuela, in Ecuador, in Argentina, in Bolivia.”

At home, Chavez has won cult-like status among the poor with his charisma and oil-financed largesse from health clinics to free homes. But he has alienated business with frequent nationalizations and angered many Venezuelans by putting ideological crusades over basic services.

Maduro, whom Chavez has named as a preferred successor should he be incapacitated, offered no medical details on Wednesday but urged Venezuelans to stay hopeful.

PRAYER VIGILS

Supporters have been holding prayer vigils, while opponents also sent Chavez best wishes for a successful recovery. Senior government ministers and military commanders attended a Mass to pray for Chavez’s health, which was broadcast live on state TV.

“He is fighting for life,” the head of the National Assembly, Diosdado Cabello, told the congregation.

In a plaza near the center of Caracas, neighbors came to write well wishes for Chavez on a white cloth. But government officials appeared to be cautiously preparing the president’s supporters for the worst.

Villegas said in a statement that Venezuelans should view Chavez’s situation like that of an ill relative and have faith that he will return.

“If he doesn’t, our people should be ready to understand. It would be irresponsible to hide the delicate nature of the moment we are currently living,” he wrote.

One government source said Chavez was in critical condition early on Wednesday, but since then his vital signs had improved.

State media ran hours of tributes to the president, and of rank-and-file supporters around the country gushing with admiration. “He is a second Jesus Christ,” one woman beamed.

The stakes also are enormous for allies around Latin America and the Caribbean who rely on generous oil subsidies and other aid from Chavez. President Raul Castro’s communist government in Cuba is particularly vulnerable because of its dependence on more than 100,000 barrels of oil per day from Venezuela.

Wall Street investors are also watching closely in the hope that Chavez’s intransigent socialism will give way to a more market-friendly administration.

Venezuela’s global bonds, which usually rise on bad news about Chavez’s health, saw a muted reaction on Wednesday.

The operation was Chavez’s fourth in Havana since mid-2011 for a recurring cancer in the pelvic region.

Opposition leaders have criticized the government for lack of transparency, pointing out that other Latin American leaders provided detailed reports of both diagnoses and treatments.

Chavez is due to start a new, six-year term on January 10 after his October re-election.

REGIONAL ELECTIONS LOOM

The Chavez health saga has eclipsed the buildup to regional elections on Sunday that will be an important test of political forces in Venezuela at such a pivotal moment.

Of most interest in the 23 state elections is opposition leader Henrique Capriles’ bid to retain the Miranda governorship against a challenge from former Vice President Elias Jaua.

Polls have been mixed with one showing Capriles way ahead and another giving Jaua a 5 percentage point lead.

Capriles must win if he is to retain credibility and be the opposition’s presidential candidate-in-waiting should Chavez’s cancer force a new election. Even though it may be premature, many Venezuelans already are asking themselves what a Capriles versus Maduro presidential election would be like.

Capriles, who favors a Brazilian-style government promoting open markets with firm welfare safeguards, won 44 percent in the election, a record 6.5 million votes for the opposition.

Although past polls have shown Capriles more popular than all of Chavez’s allies, that would not necessarily be the case against a Maduro candidacy imbued with Chavez’s personal blessing and with the power of the Socialist Party behind him.

(Additional reporting by Marianna Parraga, Eyanir Chinea, Mario Naranjo, Efrain Otero and Daniel Wallis in Caracas, and Eduardo Garcia in Quito.; Editing by Kieran Murray and Christopher Wilson)

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Fed ties rates to jobs recovery, adds to stimulus

WASHINGTON (Reuters) – The U.S. Federal Reserve, announcing a new round of monetary stimulus, took the unprecedented step on Wednesday of indicating interest rates would remain near zero until unemployment falls to at least 6.5 percent.

It was the latest in a series of unorthodox measures taken by central banks around the world to battle erratic, sub-par recoveries from the financial crisis and recession of 2007-2009.

The Fed expects to hold rates steady until its new threshold on unemployment was reached as long as inflation does not threaten to break above 2.5 percent and inflation expectations are contained. It also replaced an expiring stimulus program with a fresh round of Treasury debt purchases.

The central bank previously said it expected to hold rates near zero through at least mid-2015, but policymakers were uncomfortable making a pledge based on the calendar rather than the economic goals they hope to achieve.

“By tying future monetary policy more explicitly to economic conditions, this formulation of our policy guidance should … make monetary policy more transparent and predictable to the public,” Fed Chairman Ben Bernanke told a news conference.

Importantly, in the eyes of Fed officials, the new framework should help financial markets assess incoming data in a way that helps them better guess were monetary policy is heading.

Right now, the Fed is engaged in an open-ended program of asset purchases, which it bolstered on Wednesday.

Officials committed to buy $ 45 billion in longer-term Treasuries each month on top of the $ 40 billion per month in mortgage-backed bonds they started purchasing in September. They repeated a pledge to keep pumping money into the economy until the outlook for the labor market improves “substantially.”

“The committee remains concerned that, without sufficient policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions,” the Fed’s policy-setting panel said after a two-day meeting.

BALANCE SHEET ACTION

The Fed will fund the new Treasury purchases with an expansion of its $ 2.8 trillion balance sheet. Under the expiring “Operation Twist” program, the Fed bought an identical amount, but paid for them with proceeds from sales and redemptions of short-term debt.

Some policymakers view actions that expand the Fed’s balance sheet as economically more potent than actions that do not. However, Bernanke said the dose of stimulus would remain about the same, given that the central bank is still purchasing a combined $ 85 billion per month in longer-term securities.

“They see an anemic economy, and they’re doing all they can to get any economic progress,” said Alan Lancz, president of Alan B. Lancz & Associates in Toledo, Ohio.

The Fed’s decision initially gave a small lift to U.S. stock prices, but the major indexes closed mostly unchanged, while government bond prices fell. Oil prices rose and the dollar weakened against the euro.

Fed policymakers voted 11-1 to back the new plan. Jeffrey Lacker, president of the Richmond Federal Reserve Bank, dissented, as he has at every meeting this year, expressing opposition both to the bond buying and the new economic thresholds.

SWEATING A WEAK RECOVERY

The newly unveiled numerical policy guidelines offered the most specific suggestion yet that the Fed is willing to tolerate slightly higher inflation as it tries to juice up a moribund economy and spur stronger job growth.

A drop in the unemployment rate to 7.7 percent in November from 7.9 percent in October was driven by workers exiting the labor force, and therefore did not come close to satisfying the condition the Fed has set for trimming its stimulus.

In response to the financial crisis and recession, the Fed slashed overnight rates to zero almost exactly four years ago and bought some $ 2.4 trillion in mortgage and Treasury securities to keep long-term rates down.

Despite its unconventional and aggressive efforts, U.S. economic growth remains tepid. Gross domestic product grew at a 2.7 percent annual rate in the third quarter, but a Reuters poll published on Wednesday showed economists expect it to expand at just a 1.2 percent pace in the current quarter.

Businesses have hunkered down, fearful of a tightening of fiscal policy as politicians in Washington wrangle over ways to avoid a $ 600 billion mix of spending reductions and expiring tax cuts set to take hold at the start of 2013.

Bernanke has warned that running over this “fiscal cliff” would lead to a new recession. He told reporters the Fed could ramp up its bond buying “a bit,” but emphasized that monetary policy has limits and could not fully offset the impact.

NEW TACK ON RATES

He said the central bank would look at a range of indicators, not just the rates of unemployment and inflation, in determining when to finally push overnight borrowing costs higher, adding that the Fed was not on “auto pilot.”

“Reaching the thresholds will not immediately trigger a reduction in policy accommodation,” Bernanke said. “No single indicator provides a complete assessment of the state of the labor market.”

Bernanke said the new framework was consistent with the earlier calendar guidance, because officials do not expect the jobless rate to reach 6.5 percent until sometime in 2015.

Indeed, a fresh set of economic projections from the Fed put the rate in a 6 percent to 6.6 percent range in the fourth quarter of 2015. At the same time, the projections showed that at no point over that forecast horizon does the central bank see inflation topping its 2 percent target.

Officials held to their assessment that they could eventually push the unemployment rate down to a 5.2 percent to 6 percent range without sparking inflation, although Bernanke cautioned that policy would have to start tightening before it fell so low. In its statement, the Fed said its long-term asset purchase program would end well before any rate increase.

Fed policymakers see GDP expanding between 2.3 percent and 3.0 percent next year. That is down from the 2.5 percent to 3.0 percent they forecast in September, but is still a bit more optimistic than most private forecasters. The Reuters poll of economists found a median U.S. growth estimate of 2.1 percent for next year.

(Writing by Pedro Nicolaci da Costa; Editing by Andrea Ricci, Tim Ahmann, Leslie Adler and Andre Grenon)

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The Hobbit: Richard Armitage Talks Preparations For Playing Thorin Oakenshield

British actor Richard Armitage admitted it wasn’t a walk in the park to play a J.R.R. Tolkien character in Peter Jackson’s reimagining of “The Hobbit,” the first installment of which is on its way into theaters.

Upon touching down in New Zealand, where the trilogy was shot, the cast had a lot of character preparation to do.

PLAY IT NOW: Martin Freeman Discusses The Hobbit’s ‘Good Chemistry’ & Playing Bilbo Baggins

“We arrived in February 2011 and we went straight into a training program, which was called ‘Dwarf Bootcamp,’ which was literally boots — these huge boots. We learned how to walk, we wrestled with each other, we did archery together, we did sword fighting, hammer fighting, horse riding — everything you could possibly think of,” Richard, who plays Thorin Oakenshield in the film told Access Hollywood at the film’s junket.

In addition, the cast, which includes his former “Cold Feet” co-star James Nesbitt as Bofur, found ways to get to know each other better off set.

VIEW THE PHOTOS: The Hobbit: An Unexpected Journey — New York City Premiere

“We went round to each other’s houses and we cooked food together, we went to the pub and got drunk together, so there was an incredibly great bonding time between the dwarves,” he said.

Richard had plenty of experience sword fighting and horse riding in the BBC America series “Robin Hood,” but it was something else that came in handy during the long days on set.

“I’d done a number of shows where I’d had to use sword fighting and I’d also done horse riding. I’d also pulled guns out of my pocket. That was less useful,” he laughed, likely referring to his recent role in the PBS-import series “MI-5,” where he played a British spy. “But, yeah, you draw on everything. I’d worked at the Royal Shakespeare Company, so the vocal work was really useful to kind of pull that from there. I’d worked in a circus, there were… all sorts of things that were really useful, but the one thing that I do have — for lack of talent — is stamina and that’s the one thing I think everybody needed on this job.”

VIEW THE PHOTOS: Meet ‘The Hobbit’ Cast!

An imagination was useful also, but Richard said what turned out on the big screen was still wilder – and more beautiful – than he dreamed of.

“So many moments… Actually, apart from the eagles — which every single time I’ve seen this film absolutely blows my mind and I can barely keep the tears back and [it has] nothing to do with the pathos of the scene, just that feeling of flight moves me — is the throne of Aragorn, in the beginning of the prologue,” he told Access of the moment that moved him most. “When it got to [filming] that scene, I walked on and… it was just a green cross on the floor with a tiny green chair… [But in the film], they just made this incredible, almost space aged, sort of suspended seat in the middle of this stalagmite. It just blows my mind when I see that.”

VIEW THE PHOTOS: The Brit Pack: Hot Shots Of Stars From The UK!

“The Hobbit: An Unexpected Journey” hits theaters on December 14, 2012, followed by “The Hobbit: The Desolation of Smaug,” on December 13, 2013 and “The Hobbit: There and Back Again,” on July 18, 2014.

– Jolie Lash

Copyright 2012 by NBC Universal, Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Facebook helps FBI bust cybercriminals blamed for $850 million losses

SAN FRANCISCO (Reuters) – Investigators led by the Federal Bureau of Investigation and aided by Facebook Inc, have busted an international criminal ring that infected 11 million computers around the world and caused more than $ 850 million in total losses in one of the largest cybercrime hauls in history.

The FBI, working in concert with the world’s largest social network and several international law enforcement agencies, arrested 10 people it says infected computers with “Yahos” malicious software, then stole credit card, bank and other personal information.

Facebook’s security team assisted the FBI after “Yahos” targeted its users from 2010 to October 2012, the U.S. federal agency said in a statement on its website. The social network helped identify the criminals and spot affected accounts, it said.

Its “security systems were able to detect affected accounts and provide tools to remove these threats,” the FBI said.

According to the agency, which worked also with the U.S. Department of Justice, the accused hackers employed the “Butterfly Botnet”. Botnets are networks of compromised computers that can be used in a variety of cyberattacks on personal computers.

The FBI said it nabbed 10 people from Bosnia and Herzegovina, Croatia, Macedonia, New Zealand, Peru, the United Kingdom, and the United States, executed numerous search warrants and conducted a raft of interviews.

It estimated the total losses from their activities at more than $ 850 million, without elaborating.

Hard data is tough to come by, but experts say cybercrime is on the rise around the world as PC and mobile computing become more prevalent and as more and more financial transactions shift online, leaving law enforcement, cybersecurity professionals and targeted corporations increasingly hard-pressed to spot and ward off attacks.

(Reporting By Edwin Chan; Editing by Matt Driskill)

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Lilly likens Alzheimer’s race to 1920s insulin quest

(Reuters) – Drugmaker Eli Lilly & Co is confident it will do for Alzheimer’s patients what it did almost a century ago for diabetics – find a breakthrough treatment, even though skeptics say it could take years.

“We are on the cusp here of writing medical history again as a company, this time in Alzheimer’s disease,” Jan Lundberg, Lilly’s research chief, said in an interview.

Just as the Indianapolis-based company made history in the 1920s by producing the first insulin when type 1 diabetes was a virtual death sentence, Lundberg said he is optimistic that the drugs Lilly is currently testing could significantly slow the ultimately fatal memory-robbing disease.

“It is no longer a question of ‘if’ we will get a successful medicine for this devastating disease on the market, but when,” said Lundberg, 59.

To be sure, companies often tout drugs in the pipeline that never make it to market. Lundberg’s degree of confidence is striking given that Lilly’s most closely watched experimental drug – solanezumab – failed two big late-stage studies earlier this year. Analysts said the drug still has a slight chance of approval because it delayed memory loss in Alzheimer’s patients with mild symptoms – something no other drug has ever done.

Lilly desperately needs new big-selling medicines to replace lost sales of several of its biggest products that now face competition from cheaper generics. A successful Alzheimer’s drug could bring in billions of dollars each year.

An estimated 5 million people in the United States have Alzheimer’s, the biggest cause of dementia. More than 35 million people worldwide are believed to have dementia, including Alzheimer’s disease, and those numbers are expected to rise as more countries see lifespans increase. But truly effective treatments have eluded researchers.

“Alzheimer’s is fatal, ultimately with no survivors, so we are in desperate need for an effective therapy,” said Dr. Ronald Petersen, director of the Alzheimer’s Disease Research Center at the Mayo Clinic. “Is Lilly poised to make that contribution? I don’t know. But they are pursuing very good options.”

Petersen said Alzheimer’s may be more complex than diabetes, and thus harder to make quick strides against, as Lilly did with insulin. “There may not be a silver bullet. We’ve had so many failures of Alzheimer’s drugs, so we don’t want to be inappropriately optimistic.”

THE WAIT FOR APPROVAL

And even as Wall Street looks for an Alzheimer’s treatment that will deliver blockbuster revenues, many remain cautious.

“Lilly is one of the leaders, but this is going to take a lot longer than we all want it to,” said Cowen and Co analyst Steve Scala. “I doubt a drug will have a meaningful impact on the course of the disease for the next five years.”

Lilly also faces competition from other drugmakers like Merck & Co and Roche Holding AG that have promising Alzheimer’s compounds that could reap annual sales in the billions of dollars.

Lilly is ahead of other drugmakers in Alzheimer’s research after solanezumab, in Phase III trials, was shown in August to slow cognitive declines in patients with mild symptoms of the disease. But the drug, given by intravenous infusion, failed its overall goal of delaying cognitive and physical decline in the larger group of patients with mild-to-moderate Alzheimer’s.

Industry analysts said Lilly might ask the U.S. Food and Drug Administration to approve solanezumab only for patients with mild Alzheimer’s. But the FDA would likely require new trials for that narrower population of patients with mild disease, analysts said.

Leerink Swann analyst Seamus Fernandez said a new trial would likely take three years, but that solanezumab could generate annual sales of up to $ 7 billion if approved and become Lilly’s biggest source of earnings growth.

Lundberg, who joined Lilly in early 2010 after heading research for a decade at British drugmaker AstraZeneca, would not say whether Lilly would seek approval of solanezumab, based on already completed trials.

Lundberg noted that test results were mixed for solanezumab. “What we saw was a slowing of cognitive decline — the memory problem — while the activities of daily living were much less affected.”

But he said solanezumab’s results were impressive nonetheless, especially compared with a similar drug from Pfizer Inc, called bapineuzumab, that failed in large closely watched trials over the summer. Both drugs target toxic plaques in the brain made of a protein called amyloid.

“We have an agent that was safer and also showed a statistically significant benefit” against mild Alzheimer’s, he said.

A MULTI-BILLION-DOLLAR OPPORTUNITY

Some researchers believe far earlier use of solanezumab, and other drugs that target amyloid, could prevent symptoms of the disease. One such prevention study will begin next year at Washington University in St. Louis, and includes use of solanezumab.

Lundberg was cautiously optimistic about Lilly’s mid-stage trials of a different oral class of Alzheimer’s drugs called beta secretase inhibitors — or BACE inhibitors — which work by blocking production of amyloid.

In small earlier trials, Lilly’s experimental drug cut levels of amyloid beta in cerebrospinal fluid by 60 percent. A similar drug from Merck & Co lowered levels by about 90 percent in a separate Phase 1 trial. Each company claims to be ahead of the other in the potentially lucrative race to develop the first approved BACE inhibitor.

Excitement about the class of drugs intensified in July, when researchers in Iceland identified a mutation in a gene that slows the body’s production of beta secretase, Lundberg said. Those aged 85 and older with the beneficial mutation were 81 percent less likely to develop Alzheimer’s than others in that age group.

Lilly and Merck are expected to complete their mid-stage trials by early 2014, and show whether their BACE inhibitors are safe.

“This category could be enormous,” said Leerink Swann’s Fernandez, estimating that a successful drug could capture as much revenue – $ 10 billion – annually as some of the most successful cholesterol drugs.

“We’re looking at multi-billion opportunities because of desperation and the cost of treating this disease,” he said.

(Reporting By Ransdell Pierson in New York; Editing by Jilian Mincer and Leslie Adler)

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Asia stocks gain, unfazed by NKorea rocket launch

BANGKOK (AP) — Asian stock markets rose Wednesday as a German business confidence survey alleviated concerns that Europe’s largest economy might fall into recession. Investors brushed off North Korea‘s latest test launch of a long-range rocket.

The ZEW indicator of economic sentiment defied expectations by rising to plus 6.9 points, from minus 15.7 in November. Markets had expected the index to remain mired in negative numbers. Germany’s economy grew a modest 0.2 percent in the third quarter and expectations are for another weak quarter in the last three months of the year.

Wolfgang Franz, head of the ZEW, or Centre for European Economic Research, said Tuesday the survey showed that Germany isn’t facing recession unless the debt crisis afflicting euro countries reignites.

Japan protested North Korea’s launch of a rocket and was convening its security council to analyze the situation. Rocket tests are seen as crucial to advancing North Korea’s nuclear weapons ambitions. Officials in Washington, Seoul, Tokyo and elsewhere have been urging North Korea to cancel the liftoff.

Despite the launch, Japan’s Nikkei 225 index rose 0.5 percent to 9,570.08. Hong Kong’s Hang Seng added 0.6 percent to 22,446.36. South Korea’s Kospi gained 0.2 percent to 1,969.26. Australia’s S&P/ASX 200 added 0.3 percent to 4,592.40.

Among individual stocks, shares of Australian mining giant BHP Billiton rose 1.2 percent after the company announced it has agreed to sell its stake in a proposed Australian gas project to Chinese state-owned energy producer PetroChina for $ 1.6 billion.

Traders also are watching the U.S. Federal Reserve, which began a two-day policy meeting Tuesday. Some economists expect the Fed to Wednesday announce a new bond-buying program, or quantitative easing, to boost the economy.

Wall Street Tuesday as investors hoped U.S. leaders would eventually thrash out a budget deal needed to keep a slew of tax increases and spending cuts from hitting the world’s largest economy. The longer a U.S. deal fails to emerge to avoid the so-called “fiscal cliff” of automatic tax increases and spending cuts at the start of next year, the more fidgety investors are likely to become.

The Dow Jones industrial average rose 0.6 percent to 13,248.44. The S&P 500 gained 0.7 percent to 1,427.84. The Nasdaq composite index rose 1.2 percent to 3,022.30

Benchmark crude for January delivery was up 19 cents to $ 85.98 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 23 cents to close at $ 85.79 per barrel on the Nymex on Tuesday.

In currencies, the euro rose to $ 1.3009 from $ 1.3003 late Tuesday in New York. The dollar rose to 82.55 yen from 82.50 yen.

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Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson

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Corruption probe shrouds Quebec in new darkness

MONTREAL (Reuters) – Half a century ago, a new crop of Quebec leaders sparked the so-called Quiet Revolution to eradicate the “Great Darkness” – decades of corruption that kept Canada‘s French-speaking province under the dominance of one party and the Catholic church.

The revolution’s reforms, including cleaning up the way lawmakers were elected and secularizing the education system, seemed to work, paving the way for decades of growth, progress and prominence as Canada emerged as a model of democracy.

Fifty years later, a public inquiry into corruption and government bid-rigging suggests the province’s politics are not as clean as Quebecers had hoped or believed.

Since May, when the inquiry opened in Montreal, Canadians have been getting daily doses of revelations of fraud through live broadcasts on French-language television stations. Corruption involving the Mafia, construction bosses and politicians, the inquiry has shown, drove up the average building cost of municipal contracts by more than 30 percent in Montreal, Canada’s second-largest city.

Last month, Montreal Mayor Gerald Tremblay resigned as did the mayor of nearby Laval, Gilles Vaillancourt. Both denied doing anything wrong, but said they could not govern amid the accusations of corruption involving rigging of municipal contracts, kickbacks from the contracts and illegal financing of elections.

Tremblay has not been charged by police. Vaillancourt’s homes and offices have been raided several times by Quebec’s anti-corruption squad, which operates independently of the inquiry, but no charges have been filed against him either. Police said the raids were part of an investigation but they would not release further details.

“Quebecers lived for several years under the impression that they had found the right formula, that their parties were clean,” said Pierre Martin, political science professor at the University of Montreal. Now, he said, “people at all levels are fed up.”

The inquiry must submit its final report to the Quebec government by next October. It has exposed practices worthy of a Hollywood noir thriller – a mob boss stuffing his socks with money, rigged construction contracts, call girls offered as gifts, and a party fundraiser with so much cash he could not close the door of his safe.

“Even though we are in the early days, what is emerging is a pretty troubling portrait of the way public contracts were awarded,” said Antonia Maioni, director of the McGill Institute for the Study of Canada in Montreal.

Quebec’s Liberals, the force behind the Quiet Revolution, launched the inquiry as rumors of corruption swirled. The government then called an election for September, a year ahead of schedule, in what was seen as an attempt to stop damaging testimony hurting its popularity.

The tactic did not help. Jean Charest’s Liberals lost to the Parti Quebecois, whose ultimate aim is to take the French-speaking province, the size of Western Europe, out of Canada.

‘IT WASN’T COMPLICATED’

According to allegations at the inquiry, the corruption helped three main entities: the construction bosses who colluded to bid on contracts, the Montreal Mafia dons who swooped in for their share, and the municipal politicians who received kickbacks to finance campaigns.

In Quebec, the Mafia has been dominated by the Rizzuto family, with tentacles to the rest of Canada and crime families in New York and abroad. But recently the syndicate has been facing challenges from other crime groups in Montreal, according to the Toronto-based Mafia analyst and author Antonio Nicaso.

The reputed godfather of the syndicate, Vito Rizzuto, has been subpoenaed to appear before the commission, but the date for his testimony has not been set.

The hearings have zeroed in on four construction bosses and how their companies worked with the Mafia, bribed municipal engineers and provided funds for mayoralty campaigns in Montreal, the business capital for Quebec’s 8 million people.

“It’s not good for the economy,” said Martin. “It’s not good for any kind of legitimate business that tries to enter into any kind of long-term relationship with the public sector.”

Quebec’s anti-corruption squad has arrested 35 people so far this year, staging well-publicized raids on mayoral offices and on construction and engineering companies. The squad has arrested civil servants and owners of construction companies, among others.

“I now must suffer an unbearable injustice,” Tremblay said in a somber resignation speech earlier this month after a decade as mayor of Montreal, saying he could not continue in office because the allegations of corruption were causing a paralysis at City Hall.

Some of the most explosive allegations at the inquiry, headed by Quebec Superior Court Justice France Charbonneau, came from Lino Zambito, owner of a now bankrupt construction company, and from a top worker for Tremblay’s political party, Union Montreal.

Zambito, who is seen as one of the smaller players and who also faces fraud charges, described a system of collusion between organized crime, business cartels and corrupt civil servants, with payments made according to a predetermined formula.

“The entrepreneurs made money, and there was an amount that was due to the Mafia,” Zambito told the inquiry. “It wasn’t complicated.”

Zambito said the Mafia got 2.5 percent of the value of a contract, 3 percent went to Union Montreal and 1 percent to the engineer tasked with inflating contract prices.

Tremblay did not respond to emails requesting comment on the allegations of corruption at city hall.

A former party organizer, Martin Dumont, alleged the mayor was aware of double bookkeeping used to hide illegal funding during a 2004 election.

Dumont said the mayor walked out of the room during a meeting that explained the double bookkeeping system, saying he did not want to know anything about it.

Dumont also described how he was called into the office of a fundraiser for Union Montreal to help close the door of a safe because it was too full of money.

“I think it was the largest amount I’d ever seen in my life,” Dumont said at the inquiry.

GOLF, HOCKEY, ESCORTS

The inquiry also saw videos linking construction company players with Mafia bosses. In one police surveillance video, a Mafia boss was seen stuffing cash into his socks.

A retired city of Montreal engineer, Gilles Surprenant, described how he first accepted a bribe in the late 1980s after being “intimidated” by a construction company owner. Over the years he said he accepted over $ 700,000 from the owners in return for inflating the price of the contracts.

Another retired engineer, Luc Leclerc, admitted to bagging half a million dollars for the same service. He said the system was well-known to many at city hall and simply part of the “business culture” in Montreal. He also got gifts and paid golf trips to the Caribbean with other businessmen and Mafia bosses.

Gilles Vezina, who is currently suspended from his job as a city engineer, concurred.

“It was part of our business relationships to get advantages like golf, hockey, Christmas gifts” from construction bosses, he told the inquiry in mid-November.

The gifts didn’t stop there. Vezina said he was twice offered the services of prostitutes from different construction bosses in the 1980s or early 1990s, which he said he refused.

The accusations are jarring for a country that prides itself on being one of the least corrupt places in the world, according to corruption watchdog Transparency International. But experts say corruption in Montreal was something of an open secret.

“The alarm signals have been going off here for 20 years and no one has done anything,” said Andre Cedilot, a former journalist who co-wrote a book on the Canadian Mafia.

Quebec’s new government has introduced legislation tasking the province’s securities regulator with vetting businesses vying for public contracts and allowing it to block companies that do not measure up.

Anti-corruption activist Jonathan Brun was not optimistic.

“You’ve got to use modern technology,” said Brun, a co-founder of Quebec Ouvert, a group that wants to make all information about contracts freely available rather than asking regulators to oversee individual companies. “You’ve got to change the entire system if you really want to fight corruption.”

(Writing by Russ Blinch; Editing by Janet Guttsman, Mary Milliken and Prudence Crowther)

Canada News Headlines – Yahoo! News

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Massive HP conference draws 10,000 attendees to ogle products, speakers, presentations

By Suzy Hansen

More than 10,000 customers, partners and attendees flocked to the Hewlett-Packard Discover conference in Frankfurt, Germany, this week to learn about HP’s latest products, exchange ideas, swap business cards and basically examine whether HP can improve the way their companies are run. The event was held at Messe Frankfurt, one of the world’s largest trade exhibition sites.

CEO Meg Whitman acknowledged in her speech on Tuesday that HP has gone through some rough times this past year. HP’s stock price has been nearly halved during her tenure. Whitman, however, pointed out that HP has $ 120 billion in revenue and is the 10th-largest company in the United States. In Q4, HP has generated $ 4.1 billion in cash flow.

“We are the No. 1 or No. 2 provider in almost every market,” Whitman told the crowd in Frankfurt.

Whitman emphasized  executives’ increasing concerns about security and said that it will be addressed by “a new approach”: HP’s security portfolio, with Autonomy and Vertica, which helps “analyze and understand the context of these events.” Executive Vice President of Enterprise Dave Donatelli spoke about converged infrastructure, or bringing together server, network and storage; their software-defined data centers; and their new servers, which “change the way servers have been defined.” George Kadifa, executive vice president of software, said 94 of the top 100 companies use HP software. HP is the sixth-largest software company in the world, with 16,000 employees in 70 countries, Kadifa added.

Also at the conference was Jeffrey Katzenberg, CEO of DreamWorks and an old friend of Whitman’s from their Disney days, who roused the crowd with a fun speech about his long relationship with HP. Katzenberg showed an old video of himself onstage with a lion, which nearly mauled him. This time, he appeared onstage with a guy in a lion suit. The lesson was to learn from past mistakes and move on.

“If I am smart enough to say ‘scalable multicorps processing,’ I am smart enough to not put myself onstage with a real lion again,” he joked.

The Discover conference is a key vehicle for HP to show off products it’s offering in the coming year. Among them were the latest ProLiant and Integrity servers, the 3PAR StoreServ 7000 and the StoreAll and StoreOnce storage systems. At the HP Labs section of the conference, attendees could learn about the cloud infrastructure or test HP’s new ElitePad 900.

Throughout the three-day event, which saw attendance grow by 30 percent this year, attendees wandered the enormous halls, milling around displays, watching videos, listening to speeches and participating in workshops. People gathered on clustered couches and chatted with new acquaintances, frequently stopping to plug in their various devices and recharge themselves with coffee. With people coming from all over the world, you could hear many languages spoken, from Arabic to French to the most bewildering of them all: the language of technology. Despite the large crowds, it was hard not to notice there were very few women among the thousands in attendance. In fact, when asked about this phenomenon, one female HP employee said, “Trust me, you aren’t the first person who has come up to me asking about this.”

Indeed, the Discover conference was like a forest of men in suits. The few women stood out like rays of sunlight. 

Regardless of their presence at this conference, women are making big strides in information technology. Among the leaders are HP CEO Whitman, who also led eBay; Carly Fiorina, who ran HP before Whitman; Yahoo! CEO Marissa Mayer; and Facebook COO Sheryl Sandberg. Were the women at the Discover conference surprised by the low female turnout?

“No, for IT this is standard,” said Stefanie, a 30-year-old product manager from Germany. “Many are afraid of all the technical stuff, and you have to prove that you are capable of it. You get more women in retail and distribution but not in high-tech areas, at least not in Europe. In America there are more women in management positions and in general.”

Americans might assume that Europe, with its generous social programs that include free daycare, enables more women to ascend the corporate ladder. But that still doesn’t mean that a woman trying to balance a high-tech career and a family is always accepted in European society.

“There is still a lot of emphasis on the family,” Stefanie said. “It’s easier to move up in the U.S., where there is a culture of ‘having it all.’ It’s quite a fight to get there here.”

Still, the IT industry might seem inhospitable to women. Could this male-dominated profession be male-dominant because women have a hard time breaking in?

Stefanie disagreed. “No, they actually like working with women,” she said. “They want to.”

One male conference attendee, who asked not to be named, was less certain.

“There’s a lot of ego and testosterone,” he said. “It can’t be easy” for women.

Tech News Headlines – Yahoo! News

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“X Factor” castoff Cheryl Cole files $2.3 million lawsuit against producers

LOS ANGELES (TheWrap.com) – Cheryl Cole, who was originally hired as a judge for the American version of “The X Factor” but was replaced by Pussycat Doll Nicole Scherzinger before the show premiered, is now suing the producers of the show for $ 2.3 million dollars, according to court papers obtained by TheWrap.

In the complaint against Blue Orbit Productions, filed in Los Angeles Superior Court, Girls Aloud singer Cole claims that she entered a pay-or-play agreement with Blue Orbit Productions in April 22, 2011, that guaranteed her $ 1.8 million for the first season of the show, and $ 2 million for the second.

The suit also says that Cole was also due to receive other expenses for housing, wardrobe, styling and general living expenses.

Cole claims that she received the $ 1.8 million for the first season, but the producers didn’t pony up for the wardrobe/styling allowance, housing allowance (which, according to the suit, was $ 15,000 per month) or living allowance.

She also didn’t receive her guaranteed $ 2 million for the second season, the suit claims.

Now Cole wants damages “in excess of $ 2.3 million,” plus interest at the legal rate, and court costs.

TheWrap was unable to reach Blue Orbit Productions for comment.

(Pamela Chelin contributed to this report)

TV News Headlines – Yahoo! News

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