GM recalls 145,628 mid-sized pickups for hood latch issue






(Reuters) – General Motors Co said on Thursday it is recalling 145,628 mid-sized pickup trucks globally as the hood could open unexpectedly due to a possible missing latch.


Of the Chevrolet Colorado and GMC Canyon pickups affected by the recall, 118,800 are in the United States, 15,264 are in Canada, 7,492 are in Mexico and the rest are exports, GM said.






GM is recalling the model year 2010 to 2012 trucks because the hood may be missing a secondary hood latch, so if the primary latch is not engaged the hood could open and block the driver’s view and increase the risk of a crash, according to documents filed with the U.S. National Highway Traffic Safety Administration.


There are no reports of crashes or injuries related to the issue, and there are four known cases of the secondary hood latch being missing, GM said.


GM said it will notify owners and instruct them to inspect their trucks for the presence of a secondary hood latch or take the truck to a dealer for inspection. If the secondary latch is missing, a new hood will be installed, the company said.


Dealers were notified of the issue on December 18 and GM expects to begin mailing letters to owners on January 17, according to NHTSA.


(Reporting By Ben Klayman in Detroit; Editing by Gerald E. McCormick)


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HTC rumored to debut flagship ‘M7′ smartphone at CES






HTC (2498) will reportedly unveil a new flagship smartphone code-named “M7″ at the Consumer Electronics Show next week. The rumor comes to us from XDA-Developers forum member “Football,” who reported accurate information about unreleased HTC devices in the past. The phone is believed to the be the successor to the One X and could be equipped with a 4.7-inch full HD 1920 x 1080-pixel display, a 1.7GHz quad-core Snapdragon processor, a 13-megapixel rear camera, LTE and HSPA+ connectivity, Beats Audio, 2GB of RAM, 32GB of internal memory and a 2,300 mAh battery. The M7 is also said to be HTC’s first smartphone to utilize on-screen navigation keys in place of traditional hardware buttons. 


[More from BGR: ‘iPhone 5S’ to reportedly launch by June with multiple color options and two different display sizes]






The problem for HTC in the past has been the company’s ability to market its high-end devices to consumers. Despite class-leading features and hardware, HTC’s smartphone sales have stalled in the past year and the company has continued to lose market share. It will be interesting to see if it can turn things around in 2013.


[More from BGR: Microsoft lashes out at Google’s decision to spurn Windows Phone]


The Consumer Electronics Show is scheduled to take place from January 8th to January 11th in Las Vegas, Nevada.


This article was originally published by BGR


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U.S. pop singer Patti Page dies at age 85






LOS ANGELES (Reuters) – American pop singer Patti Page, whose 1950 hit “Tennessee Waltz” topped the charts for months, has died in Southern California, her manager said on Wednesday. She was 85.


Nicknamed “The Singing’ Rage,” Page sold more than 100 million albums in her 67-year career, which included 1950s chart toppers “(How Much Is That) Doggie in the Window,” “I Went to Your Wedding” and “All My Love (Bolero).”






She died on Tuesday in a nursing home in Encinitas, north of San Diego, after suffering congestive heart failure, her manager, Michael Glynn, told Reuters.


“She’d been having some health issues for the past couple of years,” Glynn said. “She was actually doing better yesterday. I spoke to her and she sounded well.”


Page won a Grammy for her 1998 album “Live at Carnegie Hall: The 50th Anniversary Concert” and will be honored with a lifetime achievement Grammy in February. She had expected to attend the ceremony, Glynn said.


Page was born in Oklahoma as Clara Ann Fowler in 1927 and was known for her light, every-girl voice. Her first big hit was “With My Eyes Wide Open, I’m Dreaming,” which peaked at No. 11 on the charts in 1950.


Eight years later, Page scored her penultimate top-10 song, “Left Right Out of Your Heart,” as rock ‘n’ roll was emerging as the dominant trend in popular music.


Her final big hit was “Hush … Hush Sweet Charlotte” in 1965. The song served as the theme of a film of the same name starring Bette Davis.


Her reputation was burnished in recent years when rock group The White Stripes covered her 1952 song “Conquest” on their Grammy-winning 2007 album “Icky Thump.”


She was married three times, most recently in 1990.


Page is survived by her two children, and several grandchildren and great-grandchildren.


(Reporting by Eric Kelsey; Editing by Jill Serjeant and Peter Cooney)


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Venezuela’s opposition demands “whole truth” about Chavez health






CARACAS (Reuters) – Venezuela‘s opposition on Wednesday demanded the government tell “the whole truth” about the health of cancer-stricken President Hugo Chavez, who has not been heard from in three weeks after undergoing a grueling operation in Cuba.


Officials have acknowledged the usually garrulous former soldier’s health is delicate after his fourth cancer surgery in 18 months, but they have offered scant details on his condition.






He has not spoken in public in more than three weeks.


Ramon Aveledo, head of the opposition Democratic Unity coalition, slammed the government for not keeping its word about keeping Venezuelans informed.


“The official version (of Chavez’s health) hides more information than it gives,” Aveledo said at a press conference.


“The vice president himself has promised to tell the truth, whatever it is. Fine, he should tell it. He should tell the whole truth,” said Aveledo.


Vice President Nicolas Maduro, whom Chavez last month designated as his heir apparent, on Tuesday said in an interview from Havana that Chavez had recognized the complexity of his post-operative condition.


Maduro said he was returning to Venezuela after several days visiting with Chavez and his relatives, which may quell rumors his trip to Cuba signaled the president was in his final days.


The president’s son-in-law and Science Minister Jorge Arreaza, who is in Havana, said via his Twitter account on Wednesday that the medical team told him Chavez’s condition “remains stable” but that his health is still delicate.


“Commander Chavez is fighting hard and he sends his love to the people. Dedication and patience!!!” he tweeted.


Chavez’s abrupt exit from the political scene would be a shock for Venezuela, where his oil-financed socialism has made him a hero to the poor majority but a nemesis to critics who call him a dictator.


He is still set to be sworn in on January 10, as laid out in the constitution. If he dies or steps aside, new elections would be held within 30 days, with Maduro running as the Socialist Party candidate.


DELICATE HEALTH


Chavez suffered unexpected bleeding and a respiratory infection after a six-hour operation on December 11. Terse official statements have said nothing about when he might be expected back or whether his life is in danger.


The government has provided none of the signature videos or pictures released after Chavez was diagnosed with cancer in June 2011 and his relapse in 2012. And allies have refused to discuss the possibility that he could hand over power or resign.


Chavez last year staged what appeared to be remarkable comeback from the disease to win reelection to a third six-year term in October despite being weakened by radiation therapy. He returned to Cuba for new treatment within weeks of his win.


Officials from the ruling Socialist Party are now suggesting his inauguration could be postponed indefinitely to accommodate his health.


Aveledo insisted the government should stick to the January 10 timeline called for in the constitution.


“Trying to make the country believe that the president is governing is absurd to the point of being irresponsible,” he said. “January 10 marks the end of one presidential term and the start of another. As such, there is no continuation of the current government.”


Aveledo said if Chavez cannot make it back in time, he should hand power over to the president of Congress – who would temporarily run the country while elections are called.


Congress, controlled by Chavez allies, on Saturday elects a new president. Current Congress chief Diosdado Cabello, a close Chavez ally who could be reelected to head the legislature, has at times been considered a rival of Maduro. The two have taken great pains in recent weeks to publicly deny this.


While the constitution cites January 10 as the start of the new term, it does not explicitly state what happens if the president does not take office on that date.


Chavez’s condition is being watched closely by Latin American countries that have benefited from his generous assistance, as well as Wall Street investors who are drawn to Venezuela’s lucrative and heavily traded bonds.


(Editing by Cynthia Osterman)


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Governor sues NCAA over Penn State sex scandal






(Reuters) – Pennsylvania Governor Tom Corbett said on Wednesday he is seeking to have the costly sanctions levied by the NCAA against Penn State University over the Jerry Sandusky sex-abuse scandal thrown out, saying the punishment threatens to cause devastating damage to the state’s residents and economy.


The sanctions, which included an unprecedented $ 60 million fine, are “overreaching and unlawful,” he said at a news conference in State College where the university is located.






“I cannot and will not stand by and let it happen without a fight,” said the Republican governor, who was accused of dragging his feet on the Penn State scandal when he was state Attorney General.


The lawsuit asks the U.S. District Court in Harrisburg to throw out all Sandusky-related sanctions that the National Collegiate Athletic Association, the governing body of U.S. collegiate sports, filed against Penn State.


At least one legal expert said the case is weak.


The NCAA fined Penn State $ 60 million in July and voided its football victories for the past 14 seasons in a dramatic rebuke for the school’s failure to stop the assistant coach’s sexual abuse of children.


“The NCAA, and the competing colleges and universities represented on its governing boards, cynically and hypocritically exploited the tragedy of the Sandusky Offenses as a ‘blank check’ to impose crippling and unprecedented sanctions on an already weakened competitor,” the lawsuit said.


Corbett said the NCAA overstepped its bounds and said the case was “a criminal matter, not a violation of NCAA rules.”


The scandal was revealed by a grand jury Corbett convened in 2009 when he was Pennsylvania‘s attorney general.


State Attorney General-elect Kathleen Kane, a Democrat, said during her campaign last year that by convening the grand jury, Corbett failed to protect children by delaying prosecution for more than two years. She has vowed to probe his handling of the case. Corbett has said he would welcome such an investigation.


In a statement, Kane said she had not been consulted on the filing of the lawsuit and would reserve comment.


Pennsylvania voters also have expressed dissatisfaction with Corbett’s handling of the case. Nearly two thirds of registered voters said he did a fair or poor job, according to a Franklin & Marshall College survey in September.


Sandusky, Penn State’s former defensive coordinator, was convicted in June of 45 counts of sexually abusing 10 boys over 15 years, some in the football team’s showers. He is serving a prison term of 30 years to 60 years.


The scandal sparked a national discussion of child sex abuse, embarrassed the university and implicated top officials in a cover-up, including the late Joe Paterno, the legendary football head coach.


The NCAA said it was disappointed by Corbett’s move.


“Not only does this forthcoming lawsuit appear to be without merit, it is an affront to all of the victims in this tragedy – lives that were destroyed by the criminal actions of Jerry Sandusky,” NCAA General Counsel Donald Remy said in a statement.


Pennsylvania residents have also been unhappy with the NCAA sanctions. The Franklin & Marshall poll showed more than half the respondents believed they were unfair.


Although Corbett might be seen as pursuing the lawsuit to further his own political ends, “this decision will be popular among Pennsylvanians,” said Terry Madonna, a professor of public affairs at Franklin & Marshall and director of the poll.


At Wednesday’s press conference Corbett rejected any political motivation for the lawsuit.


Max Kennerly, a Philadelphia-based attorney who has followed the case closely, questioned the chances of the case succeeding. It was unclear if the governor has the legal authority to file such a lawsuit he said, adding courts have generally sided with the NCAA on issues of sanctions.


“It’s not a frivolous lawsuit, there are real arguments to make, but, boy is it weak,” he said.


James Schultz, general counsel for the Commonwealth of Pennsylvania, who will be handling the case, said the governor has legal standing to sue, because he is acting on behalf of residents and businesses “collaterally damaged” by the NCAA sanctions.


The sanctions harm those who depend on revenue from the Penn State football program and negatively impact the state’s tax revenue base.


Also, the lawsuit said: “The stigma attached will diminish recruitment of students and student athletes, as well as the value of a Penn State education, for decades.”


In State College, Pennsylvania where the university has its campus, Kathy Punt, manager of a motel used by football fans, said her business dropped 30 to 40 percent this past fall as fewer people attended the games.


“We didn’t get the Penn State fans who usually come in,” she said.


The university recently made the first payment of $ 12 million of the sanctions toward a national fund to support the victims of child abuse. Other sanctions included a ban on its football team from appearing in bowl games for four years.


According to the governor’s office, Penn State football was the second-most profitable, collegiate athletic program in the United States in 2010-11 when it brought in $ 50 million, generating more than $ 5 million in tax revenue.


Penn State released a statement saying it was not party to the lawsuit and reiterated its commitment to comply with the NCAA sanctions.


The governor was asked about the report into the Penn State scandal produced by former FBI director Louis Freeh that was the basis of the NCAA sanctions. The report was scathingly critical of the university and said Penn State leaders covered up Sandusky’s sexual abuse of children for years.


“The Freeh report is an incomplete report,” Corbett said.


The family of Joe Paterno, who was fired by Penn State trustees who said he failed to do enough when he was alerted to suspicions about Sandusky, said: “The fact that Governor Corbett now realizes, as do many others, that there was an inexcusable rush to judgment is encouraging.”


Paterno died a year ago of lung cancer.


(Reporting by Jonathan Stempel, Daniel Trotta, Dan Burns and Peter Rudegeair in New York and Dave Warner in Philadelphia, Writing by Ellen Wulfhorst, Editing by Kenneth Barry, Claudia Parsons and Leslie Gevirtz)


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France counts 1,193 cars torched on New Year’s Eve






PARIS (AP) — A New Year’s Eve tradition for some in France of torching empty, parked cars has continued.


Interior Minister Manuel Valls said Tuesday that 1,193 vehicles were burned overnight around the country, where the stunt began in the 1990s.






There was no way to compare this figure to recent ones because the conservative government of former President Nicolas Sarkozy stopped making the numbers public while he was in office. But the rate of burned cars was apparently steady. On Dec. 31, 2009, 1,147 vehicles were burned.


For some, the decision of France’s current Socialist government to resume making public figures of New Year’s Eve’s torched cars is unwise.


Bruno Beschizza, a security chief for Sarkozy’s UMP party, said on iTele TV that publishing the numbers motivates youths to commit such crimes.


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9 Apps to Fast-Track Your New Years’ Resolutions






Whether your goal in 2013 is to lose five pounds, manage your finances, or spend more time with friends and family, there are a growing number of apps that fall into the self-help category and can assist you in accomplishing these resolutions.


At Mashable we’ve tested a lot of them out, but we’re still always hearing about new ones. There are a ton of fitness and health apps to chose from, but you might be pleasantly surprised to know they’re not all about weight loss. A device and app called Tinke monitors your stress levels and how deeply you’re breathing. An app called Fig will remind you to drink more water, skip fried foods and take breaks at work to keep you feeling good. Arianna Huffington also released an app called, “GPS for the Soul” that focuses on wellbeing.






[More from Mashable: Time Machine App Transports You Back to 2012]


Other apps can help you organize your social life, make new friends or save money for a vacation.


We’ve compiled a list of apps that can help you accomplish all sorts of goals this year. Check it out and let us know if we missed any that you plan on using in 2013.


[More from Mashable: It’s Easy to Save Videos From Facebook Poke Permanently]


OurGroceries


If you’re trying to eat out less and cook at home more often, make sure you always have a current grocery list at your fingertips. Mashable wrote about several grocery list apps this year. The standout seems to be OurGroceries for Android and iOS. If you have roommates or a significant other, everyone can download the app and sync lists. That way if you’re making a quick after-work trip to the grocery store you’ll not only be able to see the items you added, but also see what they’ve added, too.


Click here to view this gallery.


Photo courtesy of iStockphoto, hocus-focus


This story originally published on Mashable here.


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Playboy Hugh Hefner marries his ‘runaway bride’






LOS ANGELES (AP) — Hugh Hefner is celebrating the new year as a married man once again.


The 86-year-old Playboy magazine founder exchanged vows with his “runaway bride,” Crystal Harris, at a private Playboy Mansion ceremony on New Year’s Eve. Harris, a 26-year-old “Playmate of the Month” in 2009, broke off a previous engagement to Hefner just before they were to be married in 2011.






Playboy said on Tuesday that the couple celebrated at a New Year’s Eve party at the mansion with guests that included comic Jon Lovitz, Gene Simmons of KISS and baseball star Evan Longoria.


The bride wore a strapless gown in soft pink, Hefner a black tux. Hefner’s been married twice before but lived the single life between 1959 and 1989.


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Gambian leader says to build herbal AIDS-cure hospital






BANJUL (Reuters) – AIDS patients would be offered an herbal cure at a 1,111-bed hospital in Gambia that the president said on Tuesday he plans to build despite medical concerns the treatment is dangerous.


President Yahya Jammeh said in 2007 he had found a remedy of boiled herbs to cure AIDS, stirring anger among Western medical experts who claimed he was giving false hope to the sick.






“With this project coming to fruition, we intend to treat 10,000 HIV/AIDS patients every six months through natural medicine,” Jammeh said in his New Year’s address, adding that he expected the 1,111-bed hospital to open in 2015.


The World Health Organisation and the United Nations have said Jammeh’s HIV/AIDS treatment is alarming mainly because patients are required to cease their anti-retroviral drugs, making them more prone to infection.


Jammeh said in October that 68 HIV/AIDS patients undergoing his herbal remedy had been cured and discharged, the seventh batch since the treatments began five years ago.


Other African leaders have drawn criticism for extolling the power of natural remedies to combat AIDS.


The administration of former South African President Thabo Mbeki was ridiculed for denying there was a link between HIV and AIDS while prescribing meaningless treatments such as beet root instead of internationally proven medicines.


The HIV rate in Gambia is relatively low compared to other African states, with 2 percent of the country’s roughly 1.8 million people infected, according to the United Nations.


Jammeh came to power in Gambia, a sliver of land on Africa’s west coast that is popular with sun-seeking European tourists, in a bloodless military coup in 1994.


He is accused by activists of human rights abuses during his rule, and most recently drew international criticism for executing nine death-row inmates by firing squad.


(Reporting by Pap Saine; Writing by Richard Valdmanis; Editing by Michael Roddy)


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Wall Street Market Report







Continue reading the main story
Continue reading the main story






(Close): Wall Street shares rose after President Obama said that a deal to avoid the fiscal cliff was in sight.


The Dow Jones Industrial Average closed up 166.0 points, or 1.3%, at 13,104.1, following five days of losses.


It meant that the index was up 7% for the whole year.


The index had been little changed for much of the day, but rose after the president said: “There are still issues left to resolve but we’re hopeful Congress can get it done.”


But he warned that a deal was unlikely before the midnight deadline.


US markets are closed on Tuesday for the New Year holiday, which means they will be unaffected if a deal is done on Tuesday instead of Monday.


The day’s top gainer was Hewlett Packard, which rose 4.2%, although it has been one of the worst performers on the Dow Jones for the year as a whole, dropping about 45%.


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Kardashian, West feel ‘blessed’ over baby news






ATLANTIC CITY, N.J. (AP) — Kim Kardashian and Kanye West are feeling lucky about their first child together.


“It’s true,” the 32-year-old reality TV star said in a statement on her site Monday. “Kanye and I are expecting a baby. We feel so blessed and lucky and wish that in addition to both of our families, his mom and my dad could be here to celebrate this special time with us.”






Kardashian’s father, Robert Kardashian, died in 2003. West’s mother, Donda West, died in 2007.


Kardashian added in the blog post that she was “looking forward to great new beginnings in 2013 and to starting a family.”


The 35-year-old rapper revealed to a crowd of more than 5,000 in song form at a concert Sunday that his girlfriend is pregnant. Kardashian was in the crowd at Revel Resort’s Ovation Hall with her mother, Kris Jenner, and West’s mentor and best friend, Jay-Z.


The news instantly went viral online, with thousands posting and commenting on the expecting couple.


Most of the Kardashian clan tweeted about the news, including Kim’s sisters. Kourtney Kardashian wrote: “Another angel to welcome to our family. Overwhelmed with excitement!”


West told concertgoers to congratulate his “baby mom” and that this was the “most amazing thing.”


Representatives for West and Kardashian didn’t immediately respond to emails about the pregnancy.


The rapper and reality TV star went public with their relationship in March.


Kardashian married NBA player Kris Humphries in August 2011 and their divorce is not finalized.


West’s Sunday-night show was his third consecutive performance at Revel. He took the stage for nearly two hours, performing hits like “Good Life,” ”Jesus Walks” and “Clique” in an all-white ensemble with two bandmates.


Kardashian is expected to spend New Year’s Eve at public appearance at a Las Vegas nightclub.


___


AP Writer Bianca Roach contributed to this report.


___


Follow Mesfin Fekadu on Twitter at http://twitter.com/MusicMesfin . Follow Bianca Roach at http://twitter.com/B__Roach


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Combative Obama knocks Republicans, says fiscal deal in sight






WASHINGTON (Reuters) – President Barack Obama, in remarks that needled Republicans and resembled a victory lap, said on Monday an agreement with Congress to avoid a “fiscal cliff” of tax increases and spending cuts was in sight.


The Democratic president appeared at a White House event in the early afternoon with cheering supporters to press for lawmakers to complete a deal that would extend tax cuts for the middle class, raise rates for high earners and extend unemployment insurance for people seeking work.






“Today it appears that an agreement to prevent this New Year’s tax hike is within sight, but it is not done,” Obama said. “There are still issues left to resolve, but we’re hopeful that Congress can get it done.”


Hours later, however, a Democratic aide said skeptical senators from the president’s own party had sought a meeting with Vice President Joe Biden to discuss the deal, and the House of Representatives appeared unlikely to hold a vote on Monday, suggesting the country would – at least technically – go over the cliff anyway.


Obama, who won re-election in November partially on a promise to increase taxes on the wealthiest Americans, made a point of noting in his remarks that the opposing party came around to his position on raising rates.


“Keep in mind that just last month Republicans in Congress said they would never agree to raise tax rates on the wealthiest Americans. Obviously, the agreement that’s currently being discussed would raise those rates and raise them permanently,” he said to applause.


Obama knocked Congress for waiting to the last minute to resolve the fiscal cliff problem and expressed, with some disdain, his regret that a bigger deal was not possible.


“My preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain,” he said. “But with this Congress, that was obviously a little too much to hope for at this time.”


‘SHARED SACRIFICE’


Obama’s words and tone annoyed Republican lawmakers, whose support he is seeking for the deal to be done.


“I’m disappointed that the president took the eve of what might be a bipartisan deal to take a swipe at Congress once again,” said Republican Representative Darrell Issa on CNN.


“That’s not the way presidents should lead,” said Republican Senator John McCain, Obama’s rival in the 2008 election.


Obama had other jabs for Republicans.


While repeating his call for deficit reduction that did not hurt senior citizens and middle class families, Obama noted pointedly that he had won the election.


“If we’re going to be serious about deficit reduction and debt reduction, then it’s going to have to be a matter of shared sacrifice – at least as long as I’m president,” he said. “And I’m going to be president for the next four years, I think.”


The outlines of a deal in the U.S. Senate include raising income tax rates for individuals making more than $ 400,000 a year and households making more than $ 450,000 a year, but a sticking point remains on how long to delay automatic spending cuts to defense and domestic programs, known as a “sequester.”


Obama stressed that a deal over spending cuts had to include tax revenue, echoing pledges he made on the campaign trail.


“Any agreement we have to deal with these automatic spending cuts that are being threatened for next month, those also have to be balanced,” he said.


“That means that revenues have to be part of the equation in turning off the sequester, in eliminating these automatic spending cuts,” he said, adding the same would be true for any future deficit-cutting agreement.


(Additional reporting by Mark Felsenthal, Tabassum Zakaria, Roberta Rampton, David Morgan, David Lawder; editing by Todd Eastham)


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Housing and jobs key to lifting S&P toward record






NEW YORK (AP) — It may be a big if, but assuming Washington lawmakers can get past the “fiscal cliff,” many analysts say that the outlook for stocks next year is good, as a recovering housing market and an improving jobs outlook helps the economy maintain a slow, but steady recovery.


An advance of 10 percent in 2013 would send the S&P 500 toward, and possibly past, its record close of 1,565 reached in October 2007.






A mid-year rally in 2012 pushed stocks to their highest in more than four years. Both the Standard & Poor’s 500 and the Dow Jones industrial average gained in 2012. Those advances came despite uncertainty about the outcome of the presidential election and bouts of turmoil from Europe, where policy makers finally appear to be getting a grip on the region’s debt crisis.


“As you remove little bits of uncertainty, investors can then once again return to focusing on the fundamentals,” says Joseph Tanious, a global market strategist at J.P. Morgan Funds. “Corporate America is actually doing quite well.”


Although earnings growth of S&P 500 listed companies dipped as low as 0.8 percent in the summer, analysts are predicting that it will rebound to average 9.5 percent for 2013, according to data from S&P Capital IQ. Companies have also been hoarding cash. The amount of cash and cash-equivalents being held by companies listed in the S&P 500 climbed to an all-time high $ 1 trillion at the end of September, 65 percent more than five years ago, according to S&P Dow Jones Indices.


By the time trading ended Monday, Republicans and Democrats still hadn’t reached a budget compromise — but investors were betting that they would — after President Barack Obama said that a compromise was “within sight,” but not finalized. Without a budget agreement, millions of Americans face the prospect of higher taxes and the government would be forced to slash spending, measures that would probably push the economy into recession, economists say.


Assuming a budget deal is reached in a reasonable amount of time, investors will be more comfortable owning stocks in 2013, allowing valuations to rise, says Tanious.


Stocks in the S&P 500 index are currently trading on a price-to-earnings multiple of about 13.5, compared with the average of 17.9 since 1988, according to S&P Capital IQ data. A lower-than-average ration suggests that stocks are cheap.


The stock market will also likely face less drag from the European debt crisis this year, said Steven Bulko, the chief investment officer at Lombard Odier Investment Managers. While policy makers in Europe have yet to come up with a comprehensive solution to the region’s woes, they appear to have a better handle on the region’s problems than they have for quite some time.


“There is still some heavy lifting that needs to be done in Europe,” said Bulko. Now, though, “we are dealing with much more manageable risk than we have had in the past few years.”


Next year may also see an increase in mergers and acquisitions as companies seeks to make use of the cash on their balance sheets, says Jarred Kessler, global head of equities at broker Cantor Fitzgerald.


While the number of M&A deals has gradually crept higher in the past four years, the dollar value of the deals remains remains well short of the total reached five years ago. U.S. targeted acquisitions totaled $ 964 billion through Dec. 27, according to data tracking firm Dealogic. That’s slightly down from last year’s total of $ 1 trillion and about 40 percent lower than in 2007, when deals worth $ 1.6 trillion were struck.


M&A deals are good for stock prices because the acquiring company typically pays a premium for the one it’s buying.


Falling interest rates also set off a rally in the bond market. Concerns about swings in stock prices prompted investors to switch money out of stocks and into bond funds. If investors decide that the bond rally may be nearing an end, that flow of funds may be reversed, providing a support for stocks.


“Equities are the best house in a bad neighborhood,” says Cantor’s Kessler. “Bonds are, not priced to euphoria, but they are definitely rich compared to equities right now.”


Not all investors are as sanguine about the prospects for 2013.


The rally in stocks in 2012 had less to do with company earnings and the economy and more to do with monetary stimulus from the Federal Reserve and other central banks around the world, says David Wright, a managing director and co-founder at Sierra Investment Management in Santa Monica, Calif.


Federal Reserve Chairman Ben Bernanke announced Sept. 13 that the central bank would add another round to its bond-purchase program, known as “quantitative easing” on Wall Street, which is intended to lower borrowing costs and boost growth. Speculation that more stimulus was coming had pushed the S&P 500 index to 1,466, its highest close of the year, a day earlier. The Dow peaked for the year at 13,610, Oct. 5.


“The Fed has done everything it can do and is probably pretty close to having used its last bullet,” said Wright. “It’s been a good year for stocks, but we think that’s an artifact of monetary stimulus.”


This year’s peaks in the Dow and the S&P 500 won’t be surpassed in 2013 and stocks may even slump in the first quarter, as investors lower their earnings expectations, Wright says. The money manager also says that any budget plan, regardless of the details, will be negative for stocks as it will involve higher taxes and lower government spending.


Wells Fargo Securities market analyst Gina Martin Adams also says companies will struggle in the first half of the year as the economy flirts with recession. Export growth is slowing and policymakers are struggling to come up with a plan to reduce the budget deficit.


The bank recommends that investors add to their holdings of financial and utilities stocks because low rates should help support steady earnings growth in the early part of the 2013. Financial stocks advanced 25 percent in 2012, making them the best performing industry group in the S&P 500. Utility stocks fell 3.4 percent, the worst performing of 10 industry groups in the index. The bank says investors should reduce their exposure to so-called consumer discretionary stocks, such as hotels and restaurant companies, because consumer spending will likely take a hit next year as taxes rise.


With a backdrop of historically low interest rates and an economy that still needs to address its fiscal imbalances, investors should remain realistic about the returns they are going to get from the stock market, says Darell Krassnoff, managing director at Bel Air Investment Advisors.


“Things are getting better, not worse, but you have to have reasonable expectations,” Krassnoff says.


Economy News Headlines – Yahoo! News





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Pakistan militants kill 41 in mass execution, attack on Shi’ites






PESHWAR, Pakistan (Reuters) – Pakistani militants, who have escalated attacks in recent weeks, killed at least 41 people in two separate incidents, officials said on Sunday, challenging assertions that military offensives have broken the back of hardline Islamist groups.


The United States has long pressured nuclear-armed ally Pakistan to crack down harder on both homegrown militants groups such as the Taliban and others which are based on its soil and attack Western forces in Afghanistan.






In the north, 21 men working for a government-backed paramilitary force were executed overnight after they were kidnapped last week, a provincial official said.


Twenty Shi’ite pilgrims died and 24 were wounded, meanwhile, when a car bomb targeted their bus convoy as it headed toward the Iranian border in the southwest, a doctor said.


New York-based Human Rights Watch has noted more than 320 Shias killed this year in Pakistan and said attacks were on the rise. It said the government’s failure to catch or prosecute attackers suggested it was “indifferent” to the killings.


Pakistan, seen as critical to U.S. efforts to stabilize the region before NATO forces withdraw from Afghanistan by the end of 2014, denies allegations that it supports militant groups like the Afghan Taliban and Haqqani network.


Afghan officials say Pakistan seems more genuine than ever about promoting peace in Afghanistan.


At home, it faces a variety of highly lethal militant groups that carry out suicide bombings, attack police and military facilities and launch sectarian attacks like the one on the bus in the southwest.


Witnesses said a blast targeted their three buses as they were overtaking a car about 60 km (35 miles) west of Quetta, capital of sparsely populated Baluchistan province.


“The bus next to us caught on fire immediately,” said pilgrim Hussein Ali, 60. “We tried to save our companions, but were driven back by the intensity of the heat.”


Twenty people had been killed and 24 wounded, said an official at Mastung district hospital.


CONCERN OVER EXTREMIST SUNNI GROUPS


International attention has focused on al Qaeda and the Pakistani Taliban.


But Pakistani intelligence officials say extremist Sunni groups, lead by Lashkar-e-Jhangvi (LeJ) are emerging as a major destabilizing force in a campaign designed to topple the government.


Their strategy now, the officials say, is to carry out attacks on Shi’ites to create the kind of sectarian tensions that pushed countries like Iraq to the brink of civil war.


As elections scheduled for next year approach, Pakistanis will be asking what sort of progress their leaders have made in the fight against militancy and a host of other issues, such as poverty, official corruption and chronic power cuts.


Pakistan’s Taliban have carried out a series of recent bold attacks, as military officials point to what they say is a power struggle in the group’s leadership revolving around whether it should ease attacks on the Pakistani state and join groups fighting U.S.-led forces in Afghanistan.


The Taliban denies a rift exists among its leaders.


In the attack in the northwest, officials said they had found the bodies of 21 men kidnapped from their checkpoints outside the provincial capital of Peshawar on Thursday. The men were executed one by one.


“They were tied up and blindfolded,” Naveed Anwar, a senior administration official, said by telephone.


“They were lined up and shot in the head,” said Habibullah Arif, another local official, also by telephone.


One man was shot and seriously wounded but survived, the officials said. He was in critical condition and being treated at a local hospital. Another had escaped before the shootings.


Taliban spokesman Ihsanullah Ihsan claimed responsibility for the attacks.


“We killed all the kidnapped men after a council of senior clerics gave a verdict for their execution. We didn’t make any demand for their release because we don’t spare any prisoners who are caught during fighting,” he said.


The powerful military has clawed back territory from the Taliban, but the kidnap and executions underline the insurgents’ ability to mount high-profile, deadly attacks in major cities.


This month, suicide bombers attacked Peshawar’s airport on December 15 and a bomb killed a senior Pashtun nationalist politician and eight other people at a rally on December 22.


(Additional reporting by Saud Mehsud in DERA ISMAIL KHAN and Gul Yousufzai in QUETTA; Writing by Katharine Houreld; Editing by Michael Georgy and Ron Popeski)


World News Headlines – Yahoo! News





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Purported photo of new BlackBerry phone with QWERTY keyboard leaks









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“The Hobbit” keeps box office crown for third week






(Reuters) – The dwarfs and elves of “The Hobbit: An Unexpected Journey” prevailed at the North American box office again over the weekend, as its $ 32.9 million in ticket sales topped both the star-packed musical “Les Miserables” and the western “Django Unchained.”


Despite surging past “The Hobbit” on Christmas day with an $ 18.1 million opening, “Les Miz” managed only third place in U.S. and Canadian sales with $ 28 million as Christmas shoppers returned from the malls to boost Hollywood‘s box office, according to studio estimates.






The Hobbit,” in its third week of release, has now grossed $ 222.7 million domestically, Warner Bros said.


Quentin Tarantino’s “Django Unchained,” a western starring Jamie Fox as a slave turned bounty hunter, took second with an impressive $ 30.7 million.


Tom Cruise’s crime drama “Jack Reacher,” which features author Lee Child’s former military investigator solving a fatal sniper attack, landed in fifth with $ 14 million, outpaced by “Parental Guidance,” the Billy Crystal-Bette Midler as grandparents comedy which took in $ 14.8 million to nab fourth.


Chris Aronson, president of domestic distribution for Fox, said the “Parental Guidance” performance was “just a tremendous result for our little engine that could.”


Backed by a musical score that made it a Broadway icon, “Les Miz” surged past “The Hobbit” on Christmas day, collecting $ 18.1 million to pass “High School Musical 3: Senior Year” with the biggest midweek opening day by a musical.


But it was not enough to conquer the “Hobbit” juggernaut, which scored its third straight box office weekend win.


Universal’s president for domestic distribution Nikki Rocco called the “Les Miz” $ 28 million take “phenomenal, especially considering we went into the weekend with $ 40 million,” an unexpectedly strong figure for its first few days in release.


“People really love this movie, which is even more rewarding and gratifying,” Rocco said.


“Les Miserables,” which stars Hugh Jackman, Russell Crowe and Anne Hathaway, benefited from Oscar buzz and its star power, said Paul Dergarabedian, president of Hollywood.com’s box office division, who said he wouldn’t be surprised to see the musical pass $ 200 million before it’s done.


That would put it among the Hollywood‘s Top 20 best-selling musicals. It would pass the 1972 film “Cabaret,” which grossed $ 191 million in box office sales adjusted for higher ticket prices, and put it close to “Camelot,” which sold $ 204.5 million in 1967, according to the web site the-numbers.com.


The most successful musical is “Snow White and the Seven Dwarfs,” which grossed more than $ 6.3 billion but has been re-released by Walt Disney nine times since its 1937 premiere, according to the site.


A rush of high-profile films in December is expected to push 2012 to a domestic box office record. The current record is $ 10.6 billion, set in 2009.


Jack Reacher” debuted just days after the Newtown, Connecticut, school shooting sparked new debate about the impact of movie violence. “Reacher” begins with a sniper killing a handful of seemingly random victims. A red-carpet premiere and a screening to promote the $ 60-million production were postponed after the December 14 Newtown tragedy.


Adult comedy “This is 40″ starring Paul Rudd and Leslie Mann as a middle-aged couple was sixth with $ 13.2 million. The Judd Apatow $ 35 million film totaled $ 37 million after two weeks. The seventh spot went to Steven Spielberg’s historical film “Lincoln,” with $ 7.5 million for a $ 132 million domestic total.


Comedy “The Guilt Trip,” starring Barbra Streisand and Seth Rogen as a mother and son on a cross-country drive, pulled in $ 6.7 million for eighth.


Also this week the latest James Bond hit “Skyfall” topped $ 1 billion in worldwide sales, despite falling out of the week’s top 10 films at the box office.


The Hobbit” was distributed by Time Warner Inc’s Warner Bros studio. Paramount Pictures, a unit of Viacom Inc released, “Jack Reacher” and “The Guilt Trip.” Comcast Corp’s Universal Studios released “Les Miserables” and “This is 40.” “Django Unchained” was released in the United States by the Weinstein Company.


(Reporting By Ronald Grover; Editing by Cynthia Osterman)


Movies News Headlines – Yahoo! News





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New Year’s Resolutions For Better Health






New Year’s resolutions are typically so singular, self-focused and private. How about making a resolution or two this year that has benefits beyond yourself? Here are some suggestions with lots of links to get you started.


You can help stop the spread of disease. Resolve to get up-to-date on your vaccines. While children have a full slate of vaccines, many adults don’t realize they have regular immunization obligations, too. Getting flu, pertussis, human papillomavirus and other vaccines can protect you and help stop the spread of diseases that harm others. Here’s a great guide to adult immunizations from the federal government. If the cost of vaccines is an issue, check into free or low-cost immunizations through your county’s public health department. Here’s a guide to finding your local office. Volunteer with an organization that needs your help. A group called Catchafire matches professionals who wish to volunteer their skills to organizations that need the help — including many important health organizations. The idea is to give great organizations access to top talent while respecting the professionals’ schedules and making their volunteer work meaningful. Here’s the link. Influence a healthier food climate. Americans spend about half of their food budgets eating out. So we had better demand thorough nutritional information about what we’re getting. Under healthcare reform, many restaurant chains will soon carry nutritional information. But the law has loopholes. If you don’t see the information you’re looking for on salt, fat, calories or other nutrients, ask the restaurant’s manager where you can find it. Nutritional information should be easy to access. Until it is, speak up and ask for it. Do your part to keep down healthcare costs. The Affordable Care Act will bring many consumers into the insurance healthcare system for the first time. But that doesn’t mean we can ignore the cost of care. Rising healthcare costs remain a huge issue that could drag down the economy and bedevil some reform efforts. You can help by being a wise healthcare consumer. Read your insurance policy and know what it does and doesn’t cover. Take advantage of free preventive care services and screening tests under the ACA. Shop around for prescriptions to find the cheapest prices. Ask your doctor for generic equivalents. Finally, use your health savings account if your employer offers one. These accounts provide incentives for using your money wisely, shopping around to find the best healthcare prices and weighing the costs and benefits of certain drugs, tests or procedures.  Here’s a guide to understanding how HSAs work. Be responsible about the prescription drugs you store at home. You can reduce your own risk of addiction and lower the risk for others, too, if you are careful about medications kept in your home. This year marked a turning point in the nation’s epidemic of prescription-drug abuse and addiction.  Admissions to addiction treatment centers for use of narcotic painkillers rose 569 percent in the past decade, according to the federal government. More people now die from drug overdoses than from traffic accidents. More than six million Americans abuse prescription drugs, and more than 70 percent of addicts get their drugs through family or friends or by raiding a home medicine cabinet. Dispose of unused medications. The Drug Enforcement Agency operates a National Prescription Drug Take-Back Day a few times a year (the next one is in April), that makes it easy to dispose of dangerous substance.  Go through your home today and collect unused medications. You can take them to a pharmacy for disposal or even flush them down the toilet. Some drugs carry disposal instructions on the label. Here’s information on how to dispose of prescription medications. Be a safe driver. One of the biggest safety issues on the nation’s roads these days is driver distraction. A large share of the distractions come from talking on a hand-held cell phone or text messaging while driving. You’re 23 times more likely to crash if you text while driving. Most states now prohibit texting while driving, but there are still many people who do it while knowing it’s unsafe. Break yourself of this terrible habit. The federal government has a website that provides people with information and tools to discourage distracted driving. Included in this package is a simple pledge sheet you can print out, sign and post on your refrigerator door or bathroom to help you make the commitment. There are a couple of other things you can do, too. Speak out if the driver you’re riding with is distracted. Encourage family and friends to drive phone-free. Run a race for the greater good. Who doesn’t love a good 5K walk or run? You benefit from the exercise and, if you choose a charity race, others reap rewards, too. There are thousands of charity races each year. Pick one and invite your friends to participate with you. Here’s a website to help you find a race.  Apply for a grant. There’s money out there for doing good. Saucony’s Run for Good Foundation aims at preventing child obesity by promoting running as part of a healthy lifestyle for kids. The foundation issues grant money to organizations that want to organize a kids’ running group. You can find information on how to apply at the foundation website. Sign a petition. Concerned about flame retardants in consumer products? Gun safety? Funding for research to fight a particular disease? There’s probably a petition for that. It’s an easy way to make your voice heard. Both change.org and thepetitionsite.com are good places to look to find a petition close to your heart.






Question: What resolutions can you make to help others? Tell us what you think in the comments.



Shari Roan is an award-winning health writer based in Southern California. She is the author of three books on health and science subjects.


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A Famous Short Seller Turns His Gaze Toward Singapore






The short-seller who made his reputation by savaging Chinese companies is turning his attention elsewhere. Carson Block, 36, whose research helped erase almost $ 7 billion of market value in China since 2010, says Olam International (OLAM), the Singapore-backed commodity merchant responsible for 90 percent of the world’s peanut trade, is a sham doomed to fail. “Comparisons to Enron are overused, but in the case of Olam, the similarities really are uncanny,” Block wrote in a Nov. 26 report to clients of his Los Angeles-based firm, Muddy Waters Research, which is shorting the peanut company. “We believe that the single biggest factor in Enron’s collapse was its use of accounting techniques similar to Olam’s value gains.” Olam’s U.S.-traded shares began a 20 percent plunge minutes after Block trashed the company at a Nov. 19 cancer benefit in London. According to Block, Olam uses noncash accounting gains to boost earnings, has been “burning cash,” and will need to raise or refinance as much as S$ 4.6 billion ($ 3.78 billion) of debt in the next year to stay solvent. Two days later, Olam, which has a market valuation of S$ 3.49 billion, sued Block and his firm for defamation in the Singapore High Court.


When he called out Olam, Block wasn’t just challenging the world’s dominant peanut company. He was also taking on Temasek Holdings, the Singapore sovereign wealth fund run by Ho Ching, the wife of the city-state’s prime minister. Temasek, which has S$ 198 billion in assets, is Olam’s second-largest shareholder, with a 16 percent stake. That stake has lost more than $ 100 million in value since Muddy Waters first questioned Olam’s finances.






Olam Chief Executive Officer Sunny Verghese dismisses Block’s claims as a means to “create panic,” citing more than S$ 10 billion of balance-sheet liquidity. On Dec. 3, Temasek said it would buy any unpurchased Olam bonds in its recent $ 1.25 billion offering. In a statement, Temasek’s senior managing director of investments, David Heng, said the fund’s executives are “comfortable with Olam’s credit position and longer-term prospects, and are pleased to have another opportunity to invest in the company, alongside other shareholders.” Temasek declined to comment further for this story.


Block shorts companies he claims are guilty of inconsistencies in their financial reporting or of outright fraud. “The Carson Block model of very detailed reports has set a new standard,” says Sahm Adrangi, who manages $ 125 million at New York-based hedge fund Kerrisdale Capital Management. Muddy Waters reports critical of Chinese firms listed on U.S. exchanges helped drive down the shares of eight companies, some with ties to the Chinese government, by an average of 60 percent, according to data compiled by Bloomberg. Shares of Sino-Forest, which had a market value of about $ 6.1 billion, slumped 74 percent before the company filed for bankruptcy in March. (Temasek was a major investor.) Muddy Waters’ most recent shorts in China failed to pay off, though: Despite Block’s allegations of fraud, Beijing-based wiremaker Fushi Copperweld (FSIN) gained 25 percent on the Nasdaq this year after the China Development Bank loaned it money to buy back shares.


This year, Block says, he stopped betting against Chinese companies because government agencies, including the Ministry of State Security and the Public Security Bureau, are harassing his analysts and limiting their research. The Ministry of Public Security didn’t respond to requests for comment. A person who answered the Ministry of State Security’s listed number said the ministry does not handle media inquiries via phone or fax.


Block isn’t expecting such problems in Singapore. The Olam work should go more smoothly, he says. “We do not believe that Singapore is a thugocracy,” he said in an e-mail. The stakes are high, though, says Low Chee Keong, a professor of corporate law at the Chinese University of Hong Kong. “Carson Block is putting his whole reputation on this one,” Low says. “He’s taking on the Singapore government, Singapore Inc. here.”


The bottom line: Peanut giant Olam is challenging Muddy Waters’ allegations of fraud and taking its founder to court.


Businessweek.com — Top News





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