Amer Sports profits fall in Q4 due to warm winter (AP)

HELSINKI ? Global sports equipment maker Amer Sports Corp., whose brands include Atomic, Salomon and Wilson, saw fourth-quarter net profit fall 18 percent to euro31.1 million ($41 million), partly because of a slow start to the winter season.

Revenue in the period was euro556.9 million ($730 million), down 5 percent a year earlier, the Finnish company said Tuesday.

In the full-year, however, sales grew 8 percent to a new record of euro1.9 billion, with net profit surging more than 30 percent to euro91 million.

Chief executive Heikki Takala warned that although 2011 was a record year, the Finnish company was hit by low demand in November and December because of warm weather in key markets, which also was expected to have an adverse impact on 2012 pre-orders.

"2011 was a record year for Amer Sports. Almost all of our business units and geographic regions are improving and we can see that the strategy announced in 2010 is proving to work," Takala said. "We do see some new challenges ? the winter sports equipment market will be challenging due to the slow start of the season ... Further, the economical environment remains cloudy."

Amer's share price closed up more than 1 percent at euro9.70 ($12.78) on the Helsinki Stock Exchange.

During October through December, Amer's net sales fell 10 percent in the winter and outdoor sector, but were up 22 percent in fitness equipment and 2 percent in ball sports.

Revenue fell in the company's largest market ? Europe, Middle East and Africa ? by 16 percent to euro274 million, but was up 12 percent in the Americas at euro205 million and 6 percent in Asia-Pacific at euro78 million.

The Helsinki-based company has 7,000 workers ? up from 6,500 last year ? with some 2,400 employed at sales and distribution points in 33 countries.

___

Online:

Company site: http://www.amersports.com

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Steve Jones & Nicole Scherzinger Leaving ?X Factor?

Steve Jones & Nicole Scherzinger Leaving “X Factor”

There have been rumors at the end of the first season of the “X Factor” as to whether host, Steve Jones, would be returning. There [...]

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Heat Edge Bulls, 97-93: LeBron James Scores 35 While Derrick Rose Misses Key Free Throws

MIAMI -- LeBron James scored 35 points, while reigning NBA MVP Derrick Rose wasted two chances in the final 23 seconds and the Miami Heat escaped with a 97-93 win Sunday over the Chicago Bulls.

Chris Bosh scored 24 points and added 12 rebounds for the Heat, who never trailed ? but this win in a rematch of last season's Eastern Conference finals was not easy. Dwyane Wade added 15 points for Miami.

Rose scored 34 points for Chicago, but missed a pair of foul shots that would have given Chicago the lead with 22.7 seconds left. He had made all 28 of his free throws in the fourth quarter this season.

And Rose had a shot to tie in the final seconds, but his short jumper bounced off the rim.

Bosh sealed it with two free throws with 0.1 seconds left for Miami, which has now won five straight over the Bulls ? counting the last four games of last season's East title series.

Both sides said this game was supposed to be just another regular-season matchup, one without extra meaning.

So not true.

The Bulls erased what was a 12-point deficit and tied the game at 84 on a brilliant layup by Rose with 6:55 left. The Heat answered with a 10-2 run, before Rose's three-point play with 49.1 seconds left cut the lead to 94-93.

Rose then lost the ball on a drive, but drew contact from Miami's Udonis Haslem and went to the line with Chicago down one with 22.7 seconds left. Rose's first hit the front of the rim and bounced away, and his second rimmed out. James grabbed the rebound and was fouled by Joakim Noah ? only to miss both free throws himself.

After the second miss, Bosh appeared to emerge with the rebound, but an inadvertent whistle led to a jump ball. James outleaped Taj Gibson, getting the ball to Mario Chalmers, who made one free throw for a two-point lead.

Chicago wound up getting one last chance with 9.9 seconds left, calling time-out. Naturally, it went to Rose, who weaved his way into the lane ? but came up short. Bosh got the rebound, and Miami began celebrating.

Rip Hamilton and Noah each scored 11 for Chicago, which got 10 apiece from Ronnie Brewer and Carlos Boozer.

The Bulls played without forward Luol Deng and guard C.J. Watson, both sidelined with wrist injuries. Watson may be back in Chicago's lineup as early as Monday, and Deng ? who has a torn ligament in his left, non-shooting, wrist ? is "very close" to a return, Bulls coach Tom Thibodeau said.

Miami took an 11-point lead early in the fourth on back-to-back 3-pointers from Shane Battier and James. The Bulls roared back, as they did for most of the day whenever the Heat seemed on the cusp of taking control.

They just never got the lead, despite Rose's best efforts.

"Two sick moves by D-Rose," Oklahoma City's Kevin Durant tweeted as he watched the game, marveling at two layups by Rose that knotted the game at 84.

Insistence that this was "just another game" notwithstanding, Miami started quickly. Wade appeared a bit more emotionally charged than usual after joining his teammates in the pregame huddle, and the Heat ran out to a fast early edge.

Maybe it would be more accurate to say they "jumped" out to that lead.

Wade set James up for three dunks in the first 7 minutes, the last of which is probably going to be replayed for quite a while. James appeared to be forgotten as he hovered on the weak side of the floor, so he darted toward the basket. Wade tossed a lob his way ? and the two-time MVP leapfrogged the 5-foot-11 John Lucas for a dunk that put Miami up 16-7.

Even the NBA took notice of that one: Within minutes, replays of the James dunk were sent out on the league's Twitter feed.

Chicago quickly settled down, getting within 24-22 at the end of the first quarter. But Miami scored 11 straight early in the second, the last seven of those coming with Wade and James both on the bench, to open a 35-24 edge. Wade's first points came with 6:14 left in the half, two free throws that gave Miami what was its biggest lead at 42-30.

The Bulls chipped away again, and by halftime Miami's edge was only 56-51.

Wade missed eight of nine shots in the first half and an airball dropped him to 1 for 10 early in the third quarter.

Chicago had a chance for its first lead when Rose attacked the rim moments later. But his layup was blocked by Joel Anthony, and James threw about a 65-foot pass to Wade for a dunk. James found Wade again for another transition slam less than a minute later for a 63-58 advantage.

The lead was still five entering the fourth. James made a 20-footer over Brewer with 0.2 left in the third to push Miami's edge to 76-71.

Notes: James had a large icepack strapped to his right shoulder during a first-half stint of rest. He was grabbing at the shoulder in pain early in the first quarter after a collision, but did not appear to have a serious issue. ... Boozer said he needed more than 20 tickets for the game. He's been spending part of his offseasons in Miami for several years.

Also on HuffPost:

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'The Grey': Is film's portrayal of wolves as man-killers too dramatic?

Most North American wolves are exceedingly shy. But given starvation, territorial incursions and habituation with humans, attacks can ? and do ? happen. Wolf attack scenes in 'The Grey' nevertheless have?drawn criticisms from animal rights groups.

Any casual reader of Jack London will get a stab of recognition from the portrayal in the movie ?The Grey? of battered survivors defending with flaming torches against snarling, snapping wolves.

Skip to next paragraph

After all, the opening stanza of Mr. London's classic ?White Fang? details the struggle of two frontiersmen against a hungry pack of wolves, using some of the same savage imagery that confronts ?The Grey? star Liam Neeson in the movie, which opens today.

But is it a fair portrayal?

RECOMMENDED:?Delisting of wolves raises hackles

To be sure, the perception of wolves as man-killers goes back millennia, representing perhaps humankind's most primal fear: becoming prey.

But animal rights activists, including People for the Ethical Treatment of Animals (PETA), have called for a boycott of the movie, saying the portrayal is misguided and couldn't come at a worst time: when packs of wolves, reintroduced by federal wildlife biologists, are desperately trying to regain footholds across some of America's northern reaches. The movie's premiere comes as a radio-collared wild wolf known as OR-7 has drawn the attention of many fans as wildlife officials track it from Idaho through Oregon and into northern California.

?The Grey portrays these intelligent, family-oriented animals the same way in which Jaws portrays sharks,? PETA writes in a statement. ?The writers paint a pack of wolves living in the Alaskan wilderness as bloodthirsty monsters, intent on killing every survivor of a plane crash by tearing each person limb from limb. Yet wolves aren't aggressive animals, and as Maggie Howell, the managing director of America's Wolf Conservation Center, says, 'Wolves don't hunt humans?they actually shy away from them.'?

PETA also took offense that the filmmakers, talent and crew ate wolf meat as part of a bonding ritual as they tackled the filming.

For their part, the filmmakers say they meant to build drama, not animosity towards wild canines that once roamed nearly all corners of the globe, but have dwindled dramatically in numbers as they've been hunted and squeezed into restricted territories

"I don't think the film will make people fear wolves, but I'd like to make them respect wolves and by extension, nature itself more,? writer/director Joe Carnahan tells the Greenspace blog at the Los Angeles Times. ?I'd like the movie to remind people that we're just visitors here."

While thousands of Europeans were killed by wolves between the 1500s and 1800s, the number dwindled to 21 reported fatal wolf attacks since 2000. Most have been in rural Russia, but recent attacks also include one wolf-related death in Saskatchewan, Canada, and one in Alaska -- the 2010 mauling death of teacher Candice Berner, who was out jogging near Chignik Lake, Alaska.

Historically, North American wolves are more reluctant to approach humans than in Europe. The likely reason is that American settlers were usually armed, so wolves, as a group, learned to avoid them. In Europe, usually only the elites had guns, meaning wolves had less to fear.

Today, territorial threats and starvation are likely the two chief reasons for wolf attacks, but some researchers posit that wild wolves can, in fact, begin to explore humans as prey under certain other conditions.

?Wolves will explore humans as alternative prey, even if there's no food shortage, if they continually come in close contact with humans and habituate,? writes Valerius Geist, an environmental science professor at the University of Calgary, in a recent research paper.

Mr. Geist and others have posited that so-called ?inefficient hunting,? essentially pestering, of wolf packs is the most surefire protection against wolves becoming interested in attacking humans. But drawing on his own experience in the field, Geist's advice seems to mirror the aggressive stance taken by Mr. Neeson's character as he marshals a group of plane crash victims in ?The Grey.?

?It is not the act of hunting or shooting that makes wolves ... wary, but the confident, self-assured manners of armed persons,? he writes, adding, ?What must be avoided in the presence of wolves is running away, stumbling, limping, as well as any sign of weakness. Making and keeping up eye contact is essential.?

It's not clear from the previews if all the crash survivors in "The Grey" got that memo.

RECOMMENDED:?Delisting of wolves raises hackles

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/VDIHJjNfABo/The-Grey-Is-film-s-portrayal-of-wolves-as-man-killers-too-dramatic

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Etta James remembered as triumphant trailblazer (AP)

GARDENA, Calif. ? Etta James was remembered at a service Saturday attended by hundreds of friends, family and fans as a woman who triumphed against all odds to break down cultural and musical barriers in a style that was unfailingly honest.

The Rev. Al Sharpton eulogized James in a rousing speech, describing her remarkable rise from poverty and pain to become a woman whose music became an enduring anthem for weddings and commercials.

Perhaps most famously, President Barack Obama and the first lady shared their first inaugural ball dance to a version of the song sung by Beyonce. Sharpton on Saturday opened his remarks by reading a statement from the president.

"Etta will be remembered for her legendary voice and her contributions to our nation's musical heritage," Obama's statement read.

The Grammy-winning singer died Jan. 20 after battling leukemia and other ailments, including dementia. She had retreated from public life in recent years, but on Saturday her legacy was on display as mourners of all ages and races converged on the City of Refuge church in Gardena, south of downtown Los Angeles.

Among the stars performing tributes to James were Stevie Wonder and Christina Aguilera, who told the gathering that she has included "At Last" in every concert she's performed as a tribute to her musical inspiration.

Wonder performed three songs, including "Shelter In the Rain" and a harmonica solo. James' rose-draped casket was on display, surrounded by wreaths and floral arrangements and pictures of the singer.

Sharpton, who met James when he was an up-and-coming preacher, credited her with helping break down racial barriers through her music.

"She was able to get us on the same rhythms and humming the same ballads and understanding each other's melodies way before we could even use the same hotels," Sharpton said.

He said James' fame and influence would have been unthinkable to a woman with James' background ? growing up in a broken home during segregation and at times battling her own demons.

"The genius of Etta James is she flipped the script," Sharpton said, alluding to her struggles with addiction, which she eventually overcame.

"She waited until she turned her pain into power," he said, adding that it turned her story away from being a tragic one into one of triumph.

"You beat `em Etta," Sharpton said in concluding his eulogy. "At last. At last. At last!"

The assembly roared to their feet, and would again stand to applaud performances by Wonder and Aguilera, who filled the sanctuary with their voices.

"Out of all the singers that I've ever heard, she was the one that cut right to my soul and spoke to me," Aguilera said before her performance.

Throughout the service, a portrait of James as a woman who beat the odds in pursuit of her dreams repeatedly emerged.

"Etta is special to me and for me, because she represents the life, the triumphs, the tribulations of a lot of black women all over this world," said U.S. Rep Maxine Waters, D-Calif.

"It does not matter who sang `At Last' before or after Etta. It does not matter when it was sung, or where it was sung. `At Last' was branded by Etta, the raunchy diva ? that's her signature and we will always remember her."

James won four Grammy Awards, including a lifetime achievement honor and was inducted in the Rock and Roll Hall of Fame in 1993. In her decades-long career, she became revered for her passionate, soulful singing voice.

She scored her first hit when she was just a teenager with the suggestive "Roll With Me, Henry," which had to be changed to "The Wallflower" in order to get airplay. Her 1967 album, "Tell Mama," became one of the most highly regarded soul albums of all time, a mix of rock and gospel music.

She rebounded from a heroin addiction to see her career surge after performing the national anthem at the 1984 Olympics in Los Angeles. She won her first Grammy Award a decade later, and two more in 2003 and 2004.

James is survived by her husband of 42 years, Artis Mills and two sons, Donto and Sametto James.

"Mom, I love you," Donto James said during brief remarks. "When I get to the gates, can you please be there for me?"

___

Follow Anthony McCartney at http://twitter.com/mccartneyAP

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20120128/ap_on_en_mu/us_etta_james_funeral

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Loved and loathed, Lana Del Rey set to face the music (Reuters)

LOS ANGELES (Reuters) ? Rarely has a pop star just starting out been so loved and loathed as Lana Del Rey, the 25-year-old who has filled acres of newspaper column inches even before her debut album "Born to Die" hits shelves next week.

First came the "breakthrough" when her video for the song "Video Games" was viewed millions of times on YouTube leading to the sultry chanteuse becoming the talk of the music business.

That success prompted the question 'just who is Del Rey?' and inquisitive fans quickly uncovered that the New York native, whose real name is Elizabeth Grant, was the daughter of Internet domain investor Rob Grant and came from a wealthy background.

Then, it was learned singer had previously been signed to a label, which fueled debate about her authenticity as an indie music artist garnering success through a viral video. The backlash picked up steam after Del Rey's recent, shaky singing as the musical guest on U.S. sketch comedy show "Saturday Night Live." It was attacked with vitriol by fans and critics alike.

"She's hit a nerve in some way, which is both a good thing and a bad thing as people are talking about her," said Lyndsey Parker, blogger at Yahoo! Music.

"There's a huge curiosity about her and if that was what the label wanted, they've done a great job."

But rather than addressing the criticism directly, Del Rey's response has been to retreat from the public eye and shun live performances ahead of the album's release -- a rarity these days when promotion is the name of the game in show business if stars want to sell records, books, movies or TV shows.

She appears to have given only one interview following the "Saturday Night Live" performance, published last week in British newspaper The Telegraph.

"I don't want to talk about how it (the criticism) made me feel because I think it's disrespectful to God to go to a dark place with this kind of thing. People just want to see me go off the rails. That's the only reason they're watching," Del Rey told the Telegraph.

That interview has seemed only to add to the intrigue surrounding the singer who many have tipped as the next big thing among female solo acts. Del Rey, through her representatives, declined an interview with Reuters.

"It's really hard to get people to stop and pay attention to you, and Lana Del Rey has done that. So, she's cleared a hurdle that ninety-nine percent of millions of artists never clear," said Bill Werde, editorial director of Billboard. "The next hurdle is, can she deliver a hit song or hit album?"

"HITCHCOCK HEROINE"

Part of Del Rey's appeal has been her manicured, vintage-inspired appearance, with waves of tumbling auburn hair framing an often expressionless demeanor in a look that Yahoo's Parker likened to an "icy, Hitchcock heroine."

Del Rey has denied that her look, which has earned her a modeling contract, and on-stage persona is a gimmick. But whether pre-meditated image-making or just personal taste, one thing is certain: the singer's retro style and attractive features have won over fans and critics.

"The image matches the music and it does make her stand out in an era where a lot of people dress in hotpants, almost naked, and her throwback image is kind of cool," said Parker.

Del Rey's voice ranges from syrupy sweet to huskily haunting on what Freddie Campion at Vogue calls "epic, scene-setting melodies" when she sings lyrics such as "You were sorta punk rock, I grew up on hip hop, but you fit me better than my favorite sweater" on her single, "Blue Jeans."

Lyrically, the "Born To Die" album tracklist fluctuates between dark tales of star-crossed lovers in "Lucky Ones" and "Blue Jeans" and gritty stories of broken dreams in songs like "Carmen." She references teen drinking and drug abuse in the ode "National Anthem" and in "This is What Makes Us Girls."

Whether Del Rey earns hit status with her new album remains to be seen. Early reviews have been mixed.

New York Times' Jon Caramancia likened "Born To Die" to "a multiple choice test with every answer scanned 'C'."

Andrew Hampp at Billboard.com called the record "as puffy as the singer's oft-debated lips," adding that some of the songs became stale throughout the album.

But there has been positive, too. James Lachno at The Telegraph gave the record four out of five stars, saying the "misty-eyed retro-pop makes for compelling listening."

For Del Rey, the album marks a personal achievement after her struggle to break in to the industry.

"I think it's beautiful. I think it's gorgeous. This album is myself in song form," she told The Telegraph. "All I wanted to do was make something beautiful, and I think I've done that."

"Born to Die" will be released on Interscope, part of the Universal Music Group, on January 30 in the United Kingdom and January 31 in the United States.

(Reporting By Piya Sinha-Roy; editing by Mike Collett-White)

Source: http://us.rd.yahoo.com/dailynews/rss/celebrity/*http%3A//news.yahoo.com/s/nm/20120127/people_nm/us_lanadelrey

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PG&E Fined $16.8M For Shoddy Gas Leak Surveys

SAN FRANCISCO -- State regulators plan to fine Pacific Gas & Electric Co. $16.8 million for failing to perform gas leak surveys in the wake of a deadly pipeline explosion in a San Francisco suburb in 2010.

The California Public Utilities Commission announced the fine Friday, as part of a new citation program that gives its staff oversight muscle to fine natural gas companies for safety problems spotted on their lines.

The Sept. 9, 2010 blast on the transmission line in San Bruno ignited a fireball that killed eight people and destroyed 38 homes.

Last year, PG&E self-reported to the commission that the company did not perform pipeline leak surveys in several locations, in violation of state regulations. PG&E has 10 days to pay the fine using shareholder dollars, or appeal.

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Correction: Earns-Starbucks story (AP)

PORTLAND, Ore. ? The Associated Press, relying on information supplied by a company executive, erroneously reported Jan. 26 that Starbucks Corp. in its fiscal first quarter had its biggest quarterly revenue gain since 2007. It was the company's biggest quarterly revenue gain since the fourth-quarter of 2010.

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20120127/ap_on_bi_ge/us_earns_starbucks

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Top 20 Concert Tours from Pollstar (AP)

The Top 20 Concert Tours ranks artists by average box office gross per city and includes the average ticket price for shows in North America. The previous week's ranking is in parentheses. The list is based on data provided to the trade publication Pollstar by concert promoters and venue managers.

TOP 20 CONCERT TOURS

1. (2) Cirque du Soleil ? "Michael Jackson: The Immortal"; $2,168,255; $110.16.

2. (1) Kanye West / Jay-Z; $2,015,303; $118.98.

3. (3) Taylor Swift; $1,184,267; $69.27.

4. (5) Bob Seger & The Silver Bullet Band; $702,897; $70.41.

5. (6) Trans-Siberian Orchestra; $571,979; $51.82.

6. (7) Zac Brown Band; $514,314; $44.12.

7. (8) Sting; $475,037; $92.43.

8. (10) Guns N' Roses; $415,202; $52.44.

9. (13) Jeff Dunham; $316,251; $47.63.

10. (14) Paul Simon; $255,730; $77.51.

11. (12) Andre Rieu; $247,074; $81.84.

12. (15) Lady Antebellum; $244,691; $45.25.

13. (16) Judas Priest; $204,372; $53.47.

14. (17) "So You Think You Can Dance"; $201,206; $53.96.

15. (18) John Mellencamp; $169,771; $90.14.

16. (New) Avenged Sevenfold; $160,113; $39.09.

17. (New) The String Cheese Incident; $147,062; $39.19.

18. (19) "Scream Tour" / Mindless Behavior / Diggy Simmons; $133,881; $41.41.

19. (20) Mannheim Steamroller; $125,841; $56.44.

20. (New) Celtic Thunder; $118,704; $55.73.

For free upcoming tour information, go to http://www.pollstar.com

Source: http://us.rd.yahoo.com/dailynews/rss/movies/*http%3A//news.yahoo.com/s/ap/20120126/ap_en_mu/us_top20_concert_tours

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D.R. Horton profit beats on higher home orders (Reuters)

(Reuters) ? D.R. Horton Inc (DHI.N), the top U.S. homebuilder, posted a first-quarter profit that beat market expectations, helped by a surge in orders indicating a stabilizing housing market, and said it was looking at spring selling season with "cautious optimism."

The meltdown in the U.S. housing market triggered the 2007-09 recession, but home building has seen growth in the last few quarters and building permits jumped to a 1- year high in November.

Horton, which focuses on lower-end homes for first-time homebuyers, had been hurt as a massive overhang of used and foreclosed homes have resulted in lower pricing power for builders of new houses.

Evidence is mounting that a recovery is building, though the improvement has been erratic.

Earlier in the day, Canadian wood panels maker Norbord Inc (NBD.TO) said the U.S. housing sector is at an inflection point and is now in the early phase of a more gradual rebound.

Horton, which competes with Lennar Corp (LEN.N) and PulteGroup (PHM.N), said net sales orders rose 17 percent to $705.6 million. Orders are a leading indicator for builders, which do not recognize revenue until they close on a home.

Lennar, which also posted a sharp jump in quarterly orders, said high rental rates were driving customers to buy new homes, and low home prices and low interest rates were helping.

Horton's October-December net income was $27.7 million, or 9 cents a share, compared with a net loss of $20.4 million, or 6 cents a share, a year ago. Revenue rose 15 percent to $885.6 million.

Analysts, on average, were expecting earnings of 4 cents a share, on revenue of $896.9 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $14.12 on Thursday on the New York Stock Exchange.

(Reporting by Megha Mandavia in Bangalore; Editing by Don Sebastian and Gopakumar Warrier)

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/nm/20120127/bs_nm/us_drhorton

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AT&T posts 4Q loss on charges; revenue increases (AP)

NEW YORK ? AT&T Inc. is still the home of the iPhone. It activated 7.6 million of them in the latest quarter, accounting for one out of every five iPhones sold globally.

And AT&T remains heavily dependent on the iPhone to gain and keep customers, despite a vow by CEO Randall Stephenson a year ago to "very aggressively" market competing smartphones in 2011. That vow came in the wake AT&T's loss of an exclusive right to sell the iPhone in the U.S.

The iPhone accounted for about 80 percent of the smartphones AT&T activated in the fourth quarter of 2011, up from 70 percent just before Stephenson made his vow.

The figures are somewhat skewed because the fourth quarter of 2011 saw the launch of a new iPhone model, the iPhone 4S, whereas the fourth quarter of 2010 didn't. Looking at annual sales instead, there's a decline in the iPhone's percentage of AT&T smartphones ? to 69 percent last year, from 79 percent in 2010.

The Dallas-based company has also retained its position as the premier U.S. iPhone carrier, beating Verizon Wireless' 4.3 million iPhone activations handily.

AT&T's iPhone dependency comes at a heavy cost. The phone is more expensive than many other smartphones, and AT&T needs to subsidize each iPhone with hundreds of dollars to put it in customers' hands for as little as $1.

That, together with massive charges for adjustments in the value of the company's pension plans, the breakup of a deal to buy T-Mobile USA and a writedown of the value of its phone-directory business, forced AT&T to report a massive loss on Thursday of $6.68 billion, or $1.12 per share, for the fourth quarter.

It was the first quarterly loss for AT&T in three years. An adjustment of pension-plan obligations was also the main culprit behind the previous loss, in the fourth quarter of 2008.

Excluding charges, net income was 42 cents per share in the latest quarter, a penny shy of Wall Street expectations, according to a survey by FactSet.

The loss compares with net income of $1.09 billion, or 18 cents per share, in the same period a year earlier.

Revenue rose 3.6 percent to $32.5 billion, helped by the smartphone sales. Analysts were expecting revenue of $31.99 billion, on average.

AT&T also said it expects earnings per share to grow by a mid-single-digit percentage in 2012, a bit lower than analysts had expected.

In morning trading Thursday, shares of AT&T Inc. fell 63 cents, or 2 percent, to $29.59.

In a welcome move for investors, AT&T is shifting the cash it had hoped to buy T-Mobile with into stock buybacks, saying it will buy back 300 million shares, worth about $9 billion at current prices, into a program that will start immediately.

Most of the iPhone activations were upgrades for people who were already AT&T subscribers. The carrier gained a net 717,000 subscribers on contract plans in the quarter. That was the best result all year, but didn't match Verizon's 1.2 million. AT&T has been lagging Verizon in this important measure for more than a year.

Source: http://us.rd.yahoo.com/dailynews/rss/applecomputer/*http%3A//news.yahoo.com/s/ap/20120126/ap_on_hi_te/us_earns_at_t

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IRL: the Kindle Touch, a repurposed Army bag and a non-user replaceable laptop battery

Welcome to IRL, an ongoing feature where we talk about the gadgets, apps and toys we're using in real life and take a second look at products that already got the formal review treatment.

Hi there, folks. It's that time of the week where we share our close and very personal experiences with various gadget paraphernalia. This week, Brian makes the switch from the Nook Simple Touch to the Kindle Touch, Ben explains why he'd rather replace his own laptop battery, thank you very much, and Don makes the case for a laptop bag that looks anything but.

Continue reading IRL: the Kindle Touch, a repurposed Army bag and a non-user replaceable laptop battery

IRL: the Kindle Touch, a repurposed Army bag and a non-user replaceable laptop battery originally appeared on Engadget on Wed, 25 Jan 2012 14:00:00 EDT. Please see our terms for use of feeds.

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Source: http://www.engadget.com/2012/01/25/irl-the-79-kindle-a-repurposed-army-bag-and-a-non-user-replac/

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PFT: Allen is Raiders' top candidate for coach

Earlier today, we suggested that folks thinking about buying an NFL jersey should consider waiting until April of this year, when the switch flips from Reebok to Nike.? But with a Nike exec saying in October 2010 that the company plans on ?changing the NFL jersey dramatically,? the league is now saying otherwise.

?Logos are controlled by teams and the NFL,? league spokesman Brian McCarthy told PFT by email this morning.? ?That will not change.? Teams have to apply to league to make changes to logos and colors.

?We anticipate new uniform technology (i.e., performance-driven, lighter materials).? That?s what Nike?s [Charlie] Denson was referring to in his interview in 2010 regarding changes.?

So, apparently, the jerseys will look the same, barring any changes that would be made in the ordinary course of changing jerseys.? Of course, the shift to Nike could cause some teams to decide to make the change.

Last year, for example, Seahawks president Peter McLoughlin said that the team will use the occasion to re-do their duds.? ?There will be no changes for ?11, for the upcoming season,? McLoughlin told Dave ?Softy? Mahler of KJR.? ?2011 is the final year for the Reebok deal with the NFL, and starting in 2012 we?re going to be going with a Nike jersey and a Nike design.? So we?ve actually met with Nike, and I think we were the first NFL team to meet with them, and we had a fascinating session with them.? Pete Carroll was in the room, John Schneider, all kinds of people, and we?re looking at all kinds of new designs, and new kinds of jerseys, and we?re talking about a throwback for sure.? So there?s a lot of creative stuff in the works right now.?

Thus, we won?t know for sure the team jerseys that will look different until the new jerseys are unveiled.? The league says that?ll happen in late April, in connection with the 2012 draft.

As to players changing jersey numbers, McCarthy said that the policy won?t change.? Players wanting to change their numbers will have to submit requests to the team, and the team will then pass the requests along to the league.? Still, NFL spokesman Greg Aiello separately tells PFT that the requirement that a player who changes his number refund Reebok for the unsold inventory of jerseys bearing the prior number will go away in conjunction with the changeover.

So if, for example, Adrian Peterson wants to change his number (as he said he wants to do on his Twitter page), he won?t have to write a check to Reebok.

The bigger takeaway is that Nike won?t be unleashing haphazardly a new array of alternative looks and designs.

We think.

Source: http://profootballtalk.nbcsports.com/2012/01/24/dennis-allen-is-the-leading-candidate-in-oakland/related/

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This Giant Chunk of Metal Is 4 Kilobytes of Memory [Past Perfect]

What's this gent holding? A toaster? Farm equipment? Part of an engine? Wreckage from a destroyed tank? Nope—that's 4KB of ol' fashioned IBM memory. That's enough to hold 12% of my Facebook profile picture! More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/YKkG0PWZxKg/this-giant-chunk-of-metal-is-4-kilobytes-of-memory

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Last-minute failures end Ravens' season, 23-20 (AP)

FOXBOROUGH, Mass. ? The Baltimore Ravens were just 14 yards away from the Super Bowl. They came no closer.

Lee Evans had a ball stripped from his hands in the end zone, Dennis Pitta had another pass batted away as he was about to grab it and Billy Cundiff missed a 32-yard field goal attempt.

It all happened in 16 seconds as time ran out on the Ravens' season.

"When you get opportunities to make plays," Evans said, "you've got to make them."

Baltimore didn't and the New England Patriots are headed to their sixth Super Bowl in 11 years after a 23-20 win in Sunday's AFC championship game.

The stunned Ravens are going home, forced by their own failures to look toward next season two weeks before they wanted to.

"Just because we lost doesn't mean we are defeated," linebacker Terrell Suggs said. "We'll most definitely be back. Everyone in the AFC, in the NFL, knows they are going to have to deal with us."

The Patriots had their hands full on Sunday.

Trailing 23-20, the Ravens got the ball at their 21-yard line with 1:44 left after a punt. Joe Flacco led them downfield to a second-and-1 at the Patriots 14 with 27 seconds to go.

On the next play, Flacco connected with Evans in the deep right corner of the end zone, but Sterling Moore knocked the ball to the ground. Some replays indicated Evans may have had control of the ball long enough for a touchdown, and Ravens coach John Harbaugh was surprised that officials didn't review the play.

In the last two minutes of a half, coaches cannot challenge calls; only replay officials can decide to take another look. But Harbaugh didn't think a victory had been taken away.

"I am not saying anything," he said. "If we had played a little better, made another play or two, we would have won the football game."

The next play, for example.

Flacco rolled out and threw to Pitta at the 3-yard line. But Moore, again at the last instant, batted the ball away.

Two chances down, one to go.

"It's a kick I've kicked a thousand times in my career," Cundiff said. "The timing was just a little off."

The snap was good. Holder Sam Koch set it down, although the laces weren't completely facing forward. Still, it was only 32 yards.

As Cundiff's kick from the right hash mark sailed to the left of the goal post, running back Ray Rice stared in disbelief from the sideline, mouth wide open. Receiver LaQuan Williams clasped the back of his head with both hands.

And why shouldn't they be surprised? Cundiff was a first-team All-Pro last season and hadn't missed a fourth-quarter field goal in two seasons. Of his nine misses this season, none was shorter than 34 yards. And throughout the NFL, kickers made all 24 attempts from exactly 32 yards during the regular season.

"You have to take it personally," Cundiff said. "I get paid to make field goals."

Harbaugh didn't even let him try on the Ravens previous series. With a fourth-and-six at the Patriots 33, Flacco threw an incompletion to Pitta. The kick would have been at least 50 yards and Cundiff had missed five of his six attempts from 50 yards or more this season.

"From a percentage standpoint, we probably had a better chance of getting the first down," Harbaugh said. "We were throwing the ball well there. That's a long field goal."

The much-criticized Flacco played one of his best games of the season, completing 22 of 36 passes for 306 yards, two touchdowns and an interception. His rating was 95.4. Tom Brady's was just 57.5, his lowest since a 49.1 in a 33-14 playoff loss to the Ravens on Jan. 10, 2010.

And Flacco completed five of seven passes before the oh-so-close toss to Evans.

"He played his tail off," Ravens safety Bernard Pollard said, "and for the people who keep dogging him, man, if you never played this game, shut up."

After the failed fourth-down play on their next to last possession, the Ravens forced the Patriots to go three-and-out.

Then Baltimore started its final drive of the season.

There was the pass to Evans.

"I feel like I had it, but it came out," Evans said. "I don't know how to put it into words. Honestly, it's the most disappointing part of all of this that I feel personally that I let everybody down."

Then came the pass to Pitta.

And, finally, the kick by Cundiff.

"Not one play won or lost this game," linebacker Ray Lewis said. "There's no `Oh, Billy's the fault. Billy missed the (kick).' There's no freaking `Billy missed the kick.' It happened. Move on.

"We're grinders," he said, wiping his face with a towel in the quiet Ravens locker room. "We're coming home and we're coming home with smiles. But, most importantly, when we start back training, we're coming back (ticked) off. Why wouldn't we be?"

Source: http://us.rd.yahoo.com/dailynews/rss/sports/*http%3A//news.yahoo.com/s/ap/20120123/ap_on_sp_fo_ne/fbn_afc_championship_ravens

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Romney attacks Gingrich on Freddie Mac work, ties rival to Florida housing slump (Washington Post)

Share With Friends: | | Politics - Top Stories Stories, RSS Feeds and Widgets via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/190249946?client_source=feed&format=rss

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Domain Investing: ?Weird, Arcane and Occasionally Profitable ...

There?s an article about domain names that I found interesting on NorthJersey.com, an online publication covering northern New Jersey news and people. ?The article is primarily about the sale of 45.com and the story behind it, which is described?as ?a window into the weird, arcane and occasionally profitable world of Internet domain names.??The former owner of 45.com is Glen DiGirolamo, who is from Wayne, New Jersey.

I?ll let you read the article for yourself, but I thought it was pretty neat how?DiGirolamo was able to come into possession of the domain name, and how he stuck to his asking price to make a solid profit on the sale.?I don?t really agree with the author?s description of the domain business being weird or arcane (maybe 10+ years ago), but it was interesting to read.

Do you have any similar stories about acquisitions or sales that you?d like to share?

Related posts:

1. To Make Money Investing in Domain Names, You Have to Put The Time In I am frequently asked how I know what names to...
2. Differences Between Domain Investing and Cybersquatting I had a conversation a few days ago with someone...
3. Political Side of ccTLD Domain Investing This isn?t a political blog, and I hate politics anyway,...

Source: http://www.elliotsblog.com/domain-investing-weird-arcane-and-occasionally-profitable-4055

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Carnival-themed gala aids cancer research | CJOnline.com

[unable to retrieve full-text content]CJOnline.com is the website of the Topeka Capital-Journal newspaper. It's the Number One source of news, sports, weather and entertainment information, as well as cars, jobs and real estate advertising for the northeastern ...

Source: http://cjonline.com/news/2012-01-20/carnival-themed-gala-aids-cancer-research

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GM regains crown as world's top-selling automaker (Reuters)

DETROIT/TOKYO (Reuters) ? General Motors Co (GM.N) regained its title as the world's top-selling automaker in 2011, less than three years after its 2009 taxpayer-funded bankruptcy under the Obama administration.

The Detroit-based automaker's return to the top slot comes as Japanese rival and former No. 1 seller Toyota Motor Corp (7203.T) slips in the rankings after an earthquake in Japan and deadly floods in Thailand hampered its production in 2011.

GM said it sold 9.026 million vehicles globally last year, up 7.6 percent from 2010.

Volkswagen AG (VOWG_p.DE), the German company vying to become the world's largest carmaker, finished the year in second place with 8.16 million vehicles sold.

Toyota will publish its final sales results for 2011 later this month but has projected sales of 7.9 million in 2011, down about 6 percent from a year earlier.

The tabulation of global auto sales is not without controversy. Rankings are mostly about bragging rights, but there has been a long-running and robust debate over how to account for vehicles sold through affiliates.

The sales figures released by GM, which was the largest automaker until 2008 when Toyota took its place, include vehicles sold through its joint ventures in China. Some analysts extract those sales from GM's results.

Depending on how the results are tallied, Toyota may have finished the year in third place. However, Toyota would fall to fourth place behind Renault SA (RENA.PA) and its partner Nissan Motor Co (7201.T) if the alliance's sales through Russia's AvtoVAZ (AVAZ.MM) are included.

Including AvtoVAZ, Renault-Nissan sold 8.03 million cars worldwide last year. This includes the 638,000 cars sold by AvtoVAZ, in which Renault owns a minority 25 percent.

The International Organization of Motor Vehicle Manufacturers, a global trade group based in France, has not yet released its annual ranking of automakers by production.

TOYOTA MOUNTS COMEBACK

Toyota's 2011 worldwide sales tally included listed subsidiaries Daihatsu Motors Co (7262.T) and Hino Motors Ltd (7205.T).

Toyota's sales were hurt by a series of disasters that triggered auto parts shortages and curtailed its vehicle production last year.

But now Toyota is ramping up production to rebuild depleted inventory and will add output capacity in emerging markets such as Brazil and China this year. However, analysts said it also faced stiffer competition as rivals step up their game.

"Toyota's biggest problem is that even without the natural disasters, its sales weren't exactly growing," JP Morgan auto analyst Kohei Takahashi said.

"The ranking is not that important, but they need a convincing strategy to boost their sales," he said, adding that Toyota was behind rivals such as Nissan in rolling out small cars for emerging markets.

Toyota has lagged the sharper sales growth at rivals such as Nissan and Hyundai Motor Co (005380.KS) because of a relatively slow push into emerging markets as it scrambled to meet runaway demand in mature markets in the past decade.

In a bid to catch up, Toyota is adding factories in Brazil, China, Thailand and elsewhere, aiming to sell half its cars in emerging markets by 2015, up from around 40 percent now.

South Korean sister carmakers Hyundai Motor Co (005380.KS) and its 34 percent owned Kia Motors Corp (000270.KS) racked up total sales of 6.53 million last year.

(Reporting by Deepa Seetharaman in Detroit, Chang-Ran Kim in Tokyo; Editing by Mark Bendeich)

Source: http://us.rd.yahoo.com/dailynews/rss/obama/*http%3A//news.yahoo.com/s/nm/20120120/bs_nm/us_gm

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Report: Swede blames Mossad for Bangkok arrest (AP)

STOCKHOLM ? A Lebanese-Swedish man detained in a terror probe in Thailand has told a Swedish newspaper that he's innocent and blamed Israel's Mossad spy agency for his arrest.

The tabloid Aftonbladet on Friday said it spoke to 47-year-old Atris Hussein in a Bangkok prison where he's being held on allegations of illegally possessing explosive materials.

Hussein was quoted as saying he is "100 percent innocent" and that "much of the material the police found in my warehouse had been placed there, probably by the Israeli security service Mossad."

Thai police seized more than 8,800 pounds (4,000 kilograms) of urea fertilizer and several gallons of liquid ammonium nitrate at the warehouse in Samut Sakhon, on the western outskirts of Thai capital Bangkok, according to police and media reports.

Police have said Hussein was storing the explosive materials in Bangkok before shipping them to another destination.

His arrest last week was linked to United States and Israeli warnings of a possible terror threat in Bangkok, coming during heightened tension over U.S. and Israeli responses to the prospect that Iran is moving ahead with its nuclear program.

Thai authorities were caught off-guard by the U.S. announcement, hastily revealing they had detained a Swedish national of Lebanese origin with alleged links to pro-Iranian Hezbollah militants.

Hussein told Aftonbladet that one evening he was taken from the Thai prison to a house where he was interrogated by three men "who obviously were from Mossad." He didn't specify why he thought so.

Asked why the Israeli agency would be going after him, he said: "I am a Shia Muslim but I don't belong to Hezbollah. But I live in an area outside Beirut where they are strong.

"I also have sympathies on the left and voted for the (left-leaning) Social Democrats when I lived in Sweden. Maybe that made me look suspicious in the Mossad's eyes."

Hussein said he moved to Sweden in 1989 and became a Swedish citizen five years later. He said he worked in the country as a hairdresser before moving back to Lebanon in 2005.

He told the newspaper he is involved in a business exporting a variety of goods from Thailand to other countries, including Lebanon. The products include fans, copy machine paper and frozen gel packs used for pain relief, he said.

"There is ammonium in these packs. That's all there is to it. We never traded with fertilizer. It must have been placed there by someone, probably Mossad," Hussein said.

Source: http://us.rd.yahoo.com/dailynews/rss/mideast/*http%3A//news.yahoo.com/s/ap/20120120/ap_on_re_eu/eu_sweden_thailand_terror_threat

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Pakistani government bows to top court's demand (AP)

ISLAMABAD ? Pakistan's government on Thursday bowed to a long-standing Supreme Court demand to debate whether the president enjoys immunity from a past corruption case, a concession that could help defuse a crisis threatening the U.S.-backed administration.

The government agreed to the demand after the court threatened Prime Minister Yousuf Raza Gilani with contempt charges for failing to reopen a decade-old case against his boss, President Asif Ali Zardari, and forced the premier to make a rare appearance before the judges.

The court gave Gilani's attorney two weeks to prepare his argument. The period could further reduce heightened tension between the Supreme Court and the beleaguered government, which is also battling the judges and the powerful army over a secret memo sent to Washington last year seeking help in stopping a supposed military coup.

Speculation has been rampant that the combined assault could cause the government's downfall by forcing it to accept calls for early elections. But the government may be heartened by the Supreme Court's decision not to make any immediate moves to hold Gilani in contempt, a charge that could land him in prison for up to six months and disqualify him from holding office.

The government has long defied a 2009 Supreme Court order to write a letter to Swiss authorities asking them to reopen a corruption case against Zardari that dates back to the 1990s, claiming he enjoys immunity from prosecution while in office.

It has also ignored a demand to go before the court to argue the immunity claim, probably because members of the ruling party viewed the court's actions as a partisan campaign to take down Zardari, who has clashed with Supreme Court Chief Justice Mohammad Iftikhar Chaudhry.

Gilani delivered a nearly 10-minute speech Thursday to the seven-judge bench, which did not include Chaudhry. The prime minister expressed respect for the court and said he never intended to "ridicule" the judges. He said it was his belief that Zardari "has complete immunity inside and outside the country."

Gilani's lawyer, Aitzaz Ahsan, did most of the talking for the prime minister during the session and agreed to formally argue for the president's immunity before the judges when the hearing resumes on Feb. 1.

"I will bow to the court order and will also speak on immunity to satisfy the court that the president has complete immunity," Ahsan told reporters.

Security was especially tight during the court session, which was also attended by several of Gilani's ministers and coalition partners. Police lined the roads in front of the Supreme Court and two helicopters hovered over the building during the hearing.

Supporters and opponents of the government competed for attention outside the court. A group of roughly a dozen women chanted, "Long live Zardari!" while several dozen lawyers shouted slogans in favor of the court chief justice and against the president.

Zardari and his late wife, former Prime Minister Benazir Bhutto, were found guilty in absentia in a Swiss court in 2003 of laundering millions of dollars in kickbacks from Swiss companies when they were in government.

They appealed, and Swiss authorities abandoned the case in 2008 at the request of the Pakistani government. The case was among thousands dropped as a result of an amnesty that allowed Bhutto to return from exile and run for election in 2008. She was assassinated in 2007 during the campaign.

The Supreme Court declared the amnesty unconstitutional in 2009, leaving those covered by it vulnerable to prosecution.

Zardari said recently that the government would never send the letter to the Swiss reopening the case because it would dishonor Bhutto.

Many legal experts agree that Zardari does enjoy immunity from the Swiss corruption case while in office, but the judges gave no indication Thursday of where they stood.

The government is also at locked in bitter conflict with the army over the secret memo scandal. The army was outraged by the memo, which was allegedly sent by the government, and pushed the Supreme Court to set up a commission to investigate. The government has denied any connection to the memo and opposed the commission, saying the matter was already being probed by the parliament.

Some observers have speculated the army is working behind the scenes with the Supreme Court to oust the government. But others believe the judges are acting independently because of the enmity between Zardari and the chief justice and the frustration with the government's refusal to obey court orders.

Since Pakistan was founded in 1947, no civilian government has ever completed a full five-year term before being toppled by a military coup, or forced to call early elections. There have been three coups over that period. A fourth coup is considered unlikely, but the government may call early elections to counter the building political pressure.

___

Associated Press writer Sebastian Abbot contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/ap/20120119/ap_on_re_as/as_pakistan

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First video of Fukushima reactor

20 January 2012 Last updated at 07:11 ET

Video of the inside of Number 2 reactor at the Fukushima Daiichi nuclear plant - video courtesy of Tepco

The first footage from inside one of Japan's tsunami-hit nuclear reactors at Fukushima has been released by the stricken plant's operator.

Tokyo Electric Power Company (Tepco) inserted an endoscope camera in Number 2 reactor to examine the interior.

Thursday's probe aimed to get details such as the true level of cooling water and temperature inside the vessel.

The six-reactor Fukushima Daiichi nuclear plant was badly damaged by the 11 March earthquake and tsunami.

Last month it was announced that the nuclear reactors had finally been stabilised and reached a state of "cold shutdown".

This occurs when the water that cools nuclear fuel rods remains below boiling point, meaning that the fuel cannot reheat.

Radiation distorted footage

The video probe, just 8.5 mm in diameter according to one report, was inserted into the vessel to ascertain reactor conditions, particularly the level of cooling water and the temperature.

Some of the footage was distorted because of the levels of radiation, but officials say no major ruptures caused by the earthquake have been spotted.

"The visual artefacts provoked by the high level of radiation and other leaks inside are a viewing obstacle, but nevertheless the images are of relatively good quality in some areas," Tepco official Junichi Matsumoto is quoted as saying by the Associated Press news agency.

Tepco also said that experts were still trying to identify all the parts that were shown in the video.

The probe failed to find the water surface, which indicates that it sat at lower than expected levels and raised questions about the accuracy of current water monitors.

But the probe confirmed that the temperature inside the reactor was in line with the temperature gauge outside the container.

The information from the probe "will help us keep the reactor stable and solve problems," Ms Matsumoto is quoted by Reuters as saying.

Reports say that Tepco now hopes to use the endoscope to look inside two other stricken reactors but officials say radiation levels would have to decrease before that can happen.

A 20km (12m) exclusion zone remains in place around the plant. The government says it will take decades to dismantle the plant completely.

More than 80,000 people had to leave the area. Radiation levels in some places remain too high for them to return home.

Source: http://www.bbc.co.uk/go/rss/int/news/-/news/world-asia-16649030

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Video: Obama pushes tourism

Miracle baby born from single sperm

An Ohio man who made no sperm and his wife, who had few eggs, have become parents thanks to a first-ever Cleveland Clinic case in which a single sperm that was frozen and injected into an egg resulted in pregnancy. Here, Jason and Jennifer Schiraldi pose with Kenley,9 months.

Source: http://www.msnbc.msn.com/id/3036697/vp/46062924#46062924

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Analysis: Nigeria strife highlights Africa investment risks (Reuters)

LONDON (Reuters) ? Nigeria's recent explosion of violent political unrest is damaging the economy and forcing investors to reassess their optimism over the short-term returns available there and elsewhere in Africa.

Stock and bond investors started looking seriously at sub-Saharan Africa after 2005 when debt forgiveness deals paved the way for growth and reform across the continent. But anyone seeking a killing from the hottest investment pitch of the time will have been disappointed.

Frontier market investors pumped $1.3 billion into African equity funds in 2010 excluding South Africa, EPFR says, up 10-fold from 2005. Such markets are a rung below emerging markets in terms of liquidity, size and transparency, but promise strong returns.

Asset managers Renaissance estimate Nigeria -- two-thirds of MSCI's frontier Africa equity index and almost a tenth of the broader frontier index -- took in half this amount, boosted by deep banking reforms and smooth 2011 elections expected to unleash infrastructure improvements.

The country was also included by Goldman Sachs in a group of eleven most promising emerging economies after the BRICs.

Yet a dollar invested five years ago in MSCI's Africa frontier equity index, comprising Nigeria, Kenya, Mauritius and Tunisia, would have lost 23 cents, Thomson Reuters data shows. In Nigeria, the loss is 36 cents. An investor in mainstream emerging equities would have made a 22 cent profit.

"If you go back to 2006 expectations of frontier markets were very very high, that's the difference between then and now," said Andrew Brudenell, who helps manage $180 million in frontier stocks at HSBC Global Asset Management. "What you have now are very low expectations and very low valuations."

In Nigeria, key reforms to unlock the economy's potential, have been slow, with this month's removal of the $8 billion petrol subsidy the first major step since President Goodluck Jonathan took office last April.

Worse, recent bombings directed at Christians followed by strikes against the ending of fuel subsidies, have shattered a fragile veneer of stability, with the strikes estimated to have cost sub-Saharan Africa's second-largest economy more than $600 million a day.

Nobel laureate Wole Soyinka even predicts the nation is headed for civil war.

After last year's debt default in Ivory Coast, Tunisia's turmoil and currency collapses in Kenya and Uganda, such developments revive Africa's reputation as a high-risk play for only the most adventurous investors.

"In the current risk off environment, frontier markets are not a short-term story," said Maria Gratsova, an analyst at Citi. "They are small and illiquid and that's not a good place to be when markets are extremely volatile as in past years."

Gratsova is worried by Nigeria's increasingly violent sectarianism but remains bullish on it and most frontier markets, saying the woes are reflected in stock valuations some 20 percent below those of emerging markets.

"At this price you are getting access to population growth and GDP growth. It's not a high price to pay," Gratsova said.

RISKS IN THE PRICE

There is no guarantee that faster growth will lead to better equity performance -- stocks in India and China have done poorly in recent years despite rapid growth rates.

But many argue Africa's risks are already in the price. Shares trade at an average price-earnings ratio of 7 times or less, versus over 9 times for emerging markets, says Sven Richter, head of frontier markets at Renaissance Asset Managers.

"That's a significant risk premium," Richter says. "I don't expect Africa to be valued on par with emerging markets but over time this premium will reduce. A PE (ratio) of 10 will still capture some risk premium."

Local African bonds also carry a bigger yield premium to hard currency counterparts than is common elsewhere. Daniel Broby, CIO at Silk Invest, a frontier markets focused fund, says the pickup is 200-300 basis points or more.

Ghana's 10-year dollar bond for instance yields 6.5 percent, while 10-year cedi-denominated debt pays over 15 percent.

"Political risk is part of the scenario in Africa but the risk is mispriced," Broby says, noting that events in one country do not tend to have a fallout elsewhere.

Buyers of African dollar debt haven't fared too badly. Nigeria's sovereign bonds returned 5 percent last year and has barely budged despite the turmoil. Bonds from the Republic of Congo and Seychelles returned 14-16 percent in 2011.

LONG TERM

Investors insist long-term returns will be worth the pain. Incomes are rising across Africa, implying poor penetration levels for all goods and services from telecoms to transport, will rise if reforms work.

Up to 40 percent of Nigerian firms' costs come from running power generators to cover for electricity shortages, analysts say, a bottleneck which could be addressed were fuel subsidies redirected into power infrastructure.

And even within poorly performing markets, there are gains to be won. Brudenell of HSBC for instance invested in consumer staples such as Guinness Nigeria which rose 18 percent last year, bucking an index loss of 24 percent.

"That shows there are some very good quality companies in frontier markets that are doing well in balance sheet and cash generation point of view," he said.

(Additional reporting by Carolyn Cohn; editing by Ron Askew)

Source: http://us.rd.yahoo.com/dailynews/rss/africa/*http%3A//news.yahoo.com/s/nm/20120117/wl_nm/us_nigeria_africa

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