Americans feel austerity’s bite as payroll taxes rise






WASHINGTON (Reuters) – Americans are beginning to feel the pinch from Washington‘s decision to embrace austerity measures aimed at bringing down the nation’s budget deficit.


Paychecks across the country have shrunk over the last week due to higher federal tax rates, and workers are already cutting back on spending, which will drag on the economy this year.






In Warren, Rhode Island, Ben DeCastro got his first paycheck on Friday in which taxes on his wages rose by 2 percentage points. That works out to about $ 30 a week.


“You sit back and do the calculation, and that’s $ 30 I’m not going to spend at a restaurant,” said DeCastro.


He said he worries that people hit by higher taxes will spend less at the chain of furniture stores where he works as a marketing manager.


Politicians in Washington made much hubbub last week about a bipartisan deal to soften or postpone some $ 600 billion in scheduled tax hikes and government spending cuts. President Barack Obama said the deal would shield 98 percent of Americans from a middle-class tax hike.


Nevertheless, for most workers, rich and poor alike, taxes went up on December 31 as a temporary payroll tax cut expired. That cut – a 2 percentage point reduction in a levy that funds Social Security – was put in place two years ago to help the economy, which was still smarting from the 2007-09 recession.


About 160 million workers pay this tax, and the increase will cost the average worker about $ 700 a year, according to the Tax Policy Center, a Washington think tank.


“It stinks,” said Beverly Renfroe, an accountant for a realty firm in Jackson, Mississippi. “I definitely noticed a decrease.”


The pain will trickle through the economy over the next few weeks. Already, the new rate of 6.2 percent has trimmed paychecks for about half of the 200,000 employees whose paychecks are processed by Advantage Payroll Services, a payroll firm based in Auburn, Maine.


“HEADWIND TO GROWTH”


Economists estimate the payroll tax hike will reduce household incomes by a collective $ 125 billion this year. Some households could reduce contributions to retirement accounts or other savings, but most are also expected to cut back on spending.


That alone could reduce economic growth this year by about 0.6 percentage point, said Michael Feroli, an economist at JPMorgan in New York City.


“The headwind to growth should be noticeable,” he said.


Most mainstream economists say the government should still be trying to stimulate the economy by lowering taxes or raising spending to help bring down the 7.8 percent jobless rate.


Even Federal Reserve Chairman Ben Bernanke has said Congress could consider short-term stimulus measures if they can be coupled with a plan to tame the deficit over the long run.


But a consensus has emerged between Congress and the White House that the federal government should step up the pace at which it cuts the deficit, which ballooned during the recession.


That decision is having repercussions across the country.


In Bergenfield, New Jersey, Evelyn Weiss Francisco has put off plans to upgrade her cell phone and thinks she might go to fewer music concerts. A director at a public relations firm, she thinks the higher payroll taxes will cost her about $ 1,000 this year.


Some Americans will also pay higher income taxes this year. Congress and Obama let income tax rates rise for households making more than $ 450,000 a year, a partial repeal of tax cuts put in place under President George W. Bush. The wealthy will also pay a new tax to help fund a health insurance reform passed in 2010.


These will have a smaller impact on the wider economy because they affect fewer people. But taken together, this year’s tax hikes could subtract a full percentage point from growth, Feroli said.


Most economists see economic growth of roughly 2 percent this year, a lackluster pace held back by the government’s austerity measures that is likely to do little to reduce unemployment.


Failure to postpone government spending cuts due to begin around March would slow growth more, further frustrating the economic recovery.


DROP THAT BAGEL


The blow to the economy from the tax hikes will hurt the most during the first half of the year as people adapt to their smaller paychecks.


Consumer spending, which drives more than two thirds of the economy, will likely grow at a mere 1 percent annual rate in the first quarter, and 1.5 percent in the second, said Sven Jari Stehn, an economist at Goldman Sachs in New York.


Nicki Hagen, who received her first reduced paycheck on January 4 and then another on Friday, estimates the higher taxes will shrink her paychecks by about $ 10 a week.


She has already started holding back from coffee-and-bagel runs made by coworkers at the home improvement company where she works as an office administrator in New York City.


She expects a much bigger hit to her family’s income when her husband gets his first paycheck for 2013 on Tuesday.


The two will then sit down and figure out how to budget their money. They might cut cable channels, or take vacation days when their daughter is out of school to save on babysitter expenses.


“This is going to affect our lives,” she said.


(Additional reporting by Emily Le Coz in Jackson, Mississippi, and Jessica Toonkel in New York; Editing by Xavier Briand)


Economy News Headlines – Yahoo! News





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First Quantum Minerals Delivers Letter to Inmet Warning Against Improper Defensive Tactics






VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan 12, 2013) – First Quantum Minerals Ltd. (“First Quantum”) (FM.TO) (FQM.L) today announced that it has delivered the following letter to David Beatty, Chairman of the Board of Inmet Mining Corporation, in response to reports received by First Quantum regarding a proposed sale of a further minority interest in the Cobre Panama project:


“Dear David,






First Quantum published details on 9 January 2012 of its previously announced proposal to create a new force in mining, with a globally significant position in copper, through a merger with Inmet. First Quantum is pleased that Inmet”s largest single shareholder, and one with representation on the Inmet Board, has already expressed public support for our proposal. We have also noted Inmet”s response to our offer for the Inmet shares (the “Offer”), including the establishment of a Special Committee to examine its merits.


First Quantum has been approached, directly and indirectly through its financial advisors, by a number of shareholders of Inmet who have expressed concern that Inmet is proposing to complete a sale of a further minority interest in the Cobre Panama project. These concerns are apparently based upon discussions with a senior executive officer of Inmet.


As you know, it is a condition of First Quantum”s Offer that Inmet and its subsidiaries not take any action which might have the effect of materially diminishing the economic value to First Quantum of the acquisition of Inmet shares or make it inadvisable for First Quantum to proceed with the Offer. We are therefore very concerned that the Special Committee could be contemplating steps which could deprive Inmet shareholders the opportunity to consider our Offer.


You have stated that the Special Committee will advise on the potential risks of receiving First Quantum shares as consideration. It is not obvious how any such risks could be properly evaluated without talking to us. We have offered on numerous occasions to have an open discussion and exchange of information, including through mutual site visits. We submit that such a constructive engagement is the only sensible way to be able to provide the advice you seek to provide to your shareholders.


You have also stated that the Special Committee and its financial advisors will conduct a process to investigate all potential strategic alternatives that may enhance shareholder value, some of which pre-date our Offer. We are troubled that this statement may relate to the sale of an additional minority interest in Cobre Panama, as suggested by the concerns raised with us by your shareholders. First Quantum believes that shareholders of Inmet should be given a real opportunity to decide between our offer and any such “strategic alternative”. Indeed, we consider that any attempt to complete such a transaction during the currency of our Offer would be inappropriate in the circumstances and constitute an improper short term defensive tactic in response to our long term strategic proposal. It risks being value destroying, further reducing the flexibility of developing Cobre Panama without in any way diminishing the execution risk.


Inmet has already sold a 20% minority interest in Cobre Panama as well as most of its anticipated precious metals stream. We believe strongly that the net effect of these actions has either been to divert value from Inmet shareholders to others or to reduce Inmet”s operational flexibility. In our view, it would be regrettable to contemplate any further initiatives during the currency of our Offer that might have a similar effect.


Now is not the time to take such a step. Even assuming that there is merit in such a strategic alternative, we see no reason that it cannot be deferred until after shareholders have had a proper chance to make their own determination in respect of First Quantum”s proposal.


First Quantum encourages the Board of Inmet to embrace the vision that underpins First Quantum”s proposal and recognize, as Inmet”s largest shareholder has, that it is a very serious “strategic alternative” already available to Inmet. Short term maneuvers are not the right answer. In our view, the correct way forward is to engage in a constructive dialogue with us and to understand the value our proposal has for all shareholders.


We ask that these matters be given appropriate consideration by the Board of Inmet in discharging its fiduciary duties and that the Board publicly confirm that it will not take any such steps which could have the effect of our Offer being withdrawn.


I would be pleased to discuss this or other matters, including First Quantum”s continuing desire to work together on a friendly basis with Inmet”s management team and directors in an effort to turn First Quantum”s vision for a combined entity into a reality, with you at your convenience. In any event, as First Quantum believes that this is a matter of general concern to Inmet”s shareholders, a copy of this letter will be publicly disseminated by way of press release.


Yours truly,


(Signed) “Philip Pascall”


Philip Pascall, Chairman and Chief Executive Officer


First Quantum Minerals Ltd.”


Commenting upon the letter, Philip Pascall, CEO and Chairman of First Quantum, said:


Any sale of a further minority interest in the Cobre Panama project during the currency of our Offer would, in First Quantum”s view, be unnecessary and could deprive Inmet”s shareholders of the chance to participate in the exciting opportunity represented by our Offer. In the circumstances, First Quantum thought it important to put its views on such a sale on record with the Inmet Board and to encourage the Inmet Board not to proceed with such a sale without first giving Inmet shareholders a full opportunity to make their own determination regarding the merits of our Offer.”


About First Quantum


First Quantum is a leading international mining company with a global portfolio of copper and nickel assets located in Africa, Australia, South America and Europe. For the twelve months ended 30 September 2012, First Quantum generated revenue and adjusted EBITDA of US$ 2,743 million and US$ 1,014 million respectively and produced 290 kt of copper, 32 kt of nickel and 181 koz of gold. A diverse portfolio of profitable operating assets and quality growth projects makes First Quantum one of the fastest-growing mining companies in the world. First Quantum produced well over 300,000 mt of copper metal, more than 36,000 mt of nickel and 200,000 ozs of gold in 2012. First Quantum is listed on the Toronto, London and Lusaka Stock Exchanges, with a market capitalization of approximately US$ 10.5 billion.


First Quantum has earned a strong reputation as an industry leading developer of high-quality base metals projects globally. Although a significant copper producer currently, First Quantum is itself in a phase of transformational growth, with an anticipated tripling of copper production by the end of 2018. To achieve this growth, the First Quantum team is building on its significant experience in project development, with a proven record of successfully developing resource assets. The capital intensity of our Kansanshi and Sentinel developments, for example, at approximately US$ 5,000 / tonne and US$ 6,000 / tonne, respectively, are among the lowest in the industry. Importantly, First Quantum has consistently delivered superior shareholder returns, averaging 32 percent per annum over the period 2000 to 2011.


Forward Looking Information


Certain statements and information in this press release, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the anticipated completion of the proposed Offer and the anticipated strategic and operational benefits of the Offer. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “projects”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.


With respect to forward-looking statements and information contained in this press release, First Quantum has made numerous assumptions including, among other things, assumptions about the price of copper, gold, cobalt, nickel, PGE, and sulphuric acid, and other anticipated costs and expenditures. Although management of First Quantum believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that any forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risks, uncertainties and other factors include, but are not limited to, uncertainties surrounding the ability to realize operational synergies following completion of the Offer, reliance on Inmet”s publicly available information which may not fully identify all risks related to its performance, success in integrating the retail distribution systems, and the integration of supply chain management processes, future production volumes and costs, costs for inputs such as oil, power and sulphur, political stability in Zambia, Peru, Mauritania, Finland, Turkey, Spain, Panama and Australia, adverse weather conditions in any of the foregoing countries, labour disruptions, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations, and the production of off-spec material.


See First Quantum”s annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors, many of which are beyond the control of First Quantum, that might cause actual results, performances, achievements or events to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.


While First Quantum may elect to update the forward-looking statements at any time, First Quantum does not undertake to update them at any particular time or in response to any particular event, other than as may be required by applicable securities laws. Investors and others should not assume that any forward-looking statement in this press release represent management”s estimate as of any date other than the date of this press release.


For further information visit our web site at www.first-quantum.com


Marketwire News Archive – Yahoo! Finance




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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.


The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.


Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.


An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.


"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.


"What we're looking for is demand. Demand from small business owners, from consumers."


EARNINGS AND ECONOMIC EXPECTATIONS


Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.


Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.


Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.


The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.


Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.


HOUSING, INDUSTRIAL DATA ON TAP


Next week will also feature the release of a wide range of economic data.


Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.


Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.


Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.


"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."


POLITICAL ANXIETY


Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.


The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.


Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.


The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.


"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.


The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.


"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."


(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)



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Armstrong to admit doping in Oprah interview


AUSTIN, Texas (AP) — Lance Armstrong will make a limited confession to doping during his televised interview with Oprah Winfrey next week, according to a person with knowledge of the situation.


Armstrong, who has long denied doping, will also offer an apology during the interview scheduled to be taped Monday at his home in Austin, according to the person who spoke on condition of anonymity because there was no authorization to speak publicly on the matter.


While not directly saying he would confess or apologize, Armstrong sent a text message to The Associated Press early Saturday that said: "I told her (Winfrey) to go wherever she wants and I'll answer the questions directly, honestly and candidly. That's all I can say."


The 41-year-old Armstrong, who vehemently denied doping for years, has not spoken publicly about the U.S. Anti-Doping Agency report last year that cast him as the leader of a sophisticated and brazen doping program on his U.S. Postal Service teams that included use of steroids, blood boosters and illegal blood transfusions.


The USADA report led to Armstrong being stripped of his seven Tour de France titles and given a lifetime ban from the sport.


Several outlets had reported that Armstrong was considering a confession. The interview will be broadcast Thursday on the Oprah Winfrey Network and oprah.com.


A confession would come at a time when Armstrong is still facing some legal troubles.


Armstrong faces a federal whistle-blower lawsuit filed by former teammate Floyd Landis accusing him of defrauding the U.S. Postal Service, but the U.S. Department of Justice has yet to announce if it will join the case. The British newspaper The Sunday Times is suing Armstrong to recover about $500,000 it paid him to settle a libel lawsuit.


A Dallas-based promotions company has threatened to sue Armstrong to recover more than $7.5 million it paid him as a bonus for winning the Tour de France.


But potential perjury charges stemming from his sworn testimony denying doping in a 2005 arbitration fight over the bonus payments have passed the statute of limitations.


Armstrong lost most of his personal sponsorship — worth tens of millions of dollars — after USADA issued its report and he left the board of the Livestrong cancer-fighting charity he founded in 1997. He is still said to be worth an estimated $100 million.


Livestrong might be one reason to issue an apology or make a confession. The charity supports cancer patients and still faces an image problem because of its association with its famous founder.


Armstrong could also be hoping a confession would allow him to return to competition in elite triathlon or running events, but World Anti-Doping Code rules state his lifetime ban cannot be reduced to less than eight years. WADA and U.S. Anti-Doping officials could agree to reduce the ban further depending on what new information Armstrong provides and his level of cooperation.


Armstrong met with USADA officials recently to explore a "pathway to redemption," according to a report by "60 Minutes Sports" aired Wednesday on Showtime.


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Abandoning Afghanistan a bad idea




U.S. Marines from the 3rd Battalion 8th Marines Regiment start their patrol in Helmand Province on June 27.




STORY HIGHLIGHTS


  • White House aide suggested all U.S. troops could be withdrawn from Afghanistan

  • Peter Bergen said the idea would be dangerous and send the wrong message

  • He says U.S. has abandoned Afghanistan before and saw the rise of the Taliban

  • Bergen: U.S. is seeking agreement that military will have immunity from prosecution




Editor's note: Peter Bergen is CNN's national security analyst and the author of "Manhunt: The Ten-Year Search for bin Laden, from 9/11 to Abbottabad."


(CNN) -- Afghan President Hamid Karzai will meet with President Barack Obama on Friday to discuss the post-2014 American presence in Afghanistan.


The U.S. military has already given Obama options under which as few as 6,000 or as many as 20,000 soldiers would remain in Afghanistan after 2014. Those forces would work as advisers to the Afghan army and mount special operations raids against the Taliban and al Qaeda.


Read more: U.S. may remove all troops from Afghanistan after 2014



Peter Bergen

Peter Bergen



But on Tuesday, Ben Rhodes, the White House's deputy national security adviser, told reporters that the Obama administration is mulling the idea of removing all U.S. troops from Afghanistan after the NATO combat mission finishes at the end of 2014.


This may be a negotiating ploy by the Obama administration as it gets down to some hard bargaining with Karzai, who has long criticized many aspects of the U.S. military presence and who is likely to be reluctant to accede to a key American demand: That any U.S. soldiers who remain in Afghanistan after 2014 retain immunity from prosecution in the dysfunctional Afghan court system. It was this issue that led the U.S. to pull all its troops out of Iraq in December, 2011 after failing to negotiate an agreement with the Nuri al-Maliki government.


Read more: Defense officials to press Karzai on what he needs


Or this may represent the real views of those in the Obama administration who have long called for a much-reduced U.S. presence in Afghanistan, and it is also in keeping with the emerging Obama doctrine of attacking al Qaeda and its allies with drones but no American boots on the ground. And it certainly aligns with the view of most Americans, only around a quarter of whom now support the war in Afghanistan, according to a poll taken in September.


Security Clearance: Afghanistan options emerge



In any case, zeroing out U.S. troop levels in the post-2014 Afghanistan is a bad idea on its face -- and even raising this concept publicly is maladroit strategic messaging to Afghanistan and the region writ large.


Why so? Afghans well remember something that most Americans have forgotten.


After the Soviet Union withdrew from Afghanistan, something that was accomplished at the cost of more than a million Afghan lives and billions of dollars of U.S. aid, the United States closed its embassy in Afghanistan in 1989 during the George H. W. Bush administration and then zeroed out aid to one of the poorest countries in the world under the Clinton administration. It essentially turned its back on Afghans once they had served their purpose of dealing a deathblow to the Soviets.










As a result, the United States had virtually no understanding of the subsequent vacuum in Afghanistan into which eventually stepped the Taliban, who rose to power in the mid-1990s. The Taliban granted shelter to Osama bin Laden and his al Qaeda organization from 1996 onward.


Read more: Court considers demand that U.S. release photos of bin Laden's body


After the overthrow of the Taliban, a form of this mistake was made again by the George W. Bush administration, which had an ideological disdain for nation building and was distracted by the Iraq War, so that in the first years after the fall of the Taliban, only a few thousand U.S. soldiers were stationed in Afghanistan.


The relatively small number of American boots on the ground in Afghanistan helped to create a vacuum of security in the country, which the Taliban would deftly exploit, so that by 2007, they once again posed a significant military threat in Afghanistan.


In 2009, Obama ordered a surge of 30,000 troops into Afghanistan to blunt the Taliban's gathering momentum, which it has certainly accomplished.


Read more: Inside the Taliban


But when Obama announced the new troops of the Afghan surge, most media accounts of the speech seized on the fact that the president also said that some of those troops would be coming home in July 2011.


This had the unintended effect of signaling to the Taliban that the U.S. was pulling out of Afghanistan reasonably soon and fit into the longstanding narrative that many Afghans have that the U.S. will abandon them again.


Similarly, the current public discussion of zero U.S. troop presence in Afghanistan after 2014 will encourage those hardliner elements of the Taliban who have no interest in a negotiated settlement and believe they can simply wait the Americans out.


It also discourages the many millions of Afghans who see a longtime U.S. presence as the best guarantor that the Taliban won't come back in any meaningful way and also an important element in dissuading powerful neighbors such as Pakistan from interference in Afghanistan's internal affairs.


Read related: Afghanistan vet finds a new way to serve


Instead of publicly discussing the zero option on troops in Afghanistan after 2014, a much smarter American messaging strategy for the country and the region would be to emphasize that the Strategic Partnership Agreement that the United States has already negotiated with Afghanistan last year guarantees that the U.S. will have some form of partnership with the Afghans until 2024.


In this messaging strategy, the point should be made that the exact size of the American troop presence after 2014 is less important than the fact that U.S. soldiers will stay in the country for many years, with Afghan consent, as a guarantor of Afghanistan's stability.


The United States continues to station thousands of troops in South Korea more than five decades after the end of the Korean War. Under this American security umbrella, South Korea has gone from being one of the poorest countries in the world to one of the richest.


It is this kind of model that most Afghans want and the U.S. needs to provide so Afghanistan doesn't revert to the kind of chaos that beset it in the mid-1990s and from which the Taliban first emerged.


Read more: What's at stake for Afghan women?


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Simon Rattle to quit Berlin Philharmonic in 2018






BERLIN (Reuters) – Renowned British conductor Simon Rattle said on Thursday he would step down as head of the prestigious Berlin Philharmonic in 2018 when his current contract with the orchestra expires and before he turns 64.


“In 2018 I will be nearly 64 years old,” the 57-year-old said in a statement on the Philharmonic’s website. “As a Liverpool boy, it is impossible not to think of the Beatles’ question ‘Will you still need me… when I’m 64?’” he joked.






“This was not an easy decision. I love this orchestra and therefore wanted to tell them my decision as early as possible.”


Rattle, known for his youthful energy, his readiness to take risks and his mop of curly grey hair, took over the Berlin Philharmonic, one of the world’s leading orchestras, in 2002.


The first Briton to hold a post previously associated with such giants of German music as Herbert von Karajan, Rattle has sometimes upset music traditionalists in his adopted land with his love of experimentation and his unorthodox approach.


Rattle has described his sometimes turbulent relationship with the Berlin Philharmonic as “a love affair”.


Critics have accused him of lacking appropriate German gravitas in such a high-profile cultural role and of caring more about the public image of the orchestra than about the music.


But his many supporters have welcomed efforts to reach out to new audiences as well as his success in forging relations with other orchestras around the world, including Venezuela’s Simon Bolivar Youth Orchestra.


“With his outstanding musicality and creativity he has filled new listeners with enthusiasm for the orchestra every day and has shaped the national and international perception of the Berliner Philharmonic as a vital cultural ambassador for Berlin,” said Martin Hoffmann, the orchestra’s general manager.


Rattle, who studied at the Royal Academy of Music in London, worked as conductor of the Birmingham Symphony Orchestra in central England for 18 years before moving to Berlin.


(Reporting by Gareth Jones; editing by Mike Collett-White)


Music News Headlines – Yahoo! News





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Global car industry sharpens U.S. focus for 2013






PARIS/DETROIT (Reuters) – The U.S. car market’s rebound may be slowing – but it still looks like the best bet to many of the global industry’s top brass as they converge on Detroit for the 2013 auto show.


With Europe in a protracted meltdown and some emerging markets flagging, the United States will increase its share of world auto sales this year even as its economy cools, analysts and executives predicted ahead of Monday’s media opening.






American light vehicle sales are expected to rise 4 to 7 percent with prices remaining strong, according to most estimates. That would outpace the 2.6 percent global expansion forecast by consulting firm LMC Automotive.


That is an alluring prospect for European brands fleeing the carnage at home and Japanese automakers hurt by a politically driven consumer backlash in China – where growth and pricing are less predictable for everyone.


“Even if China overtook the U.S. as our biggest-volume market, the U.S. is and will remain our second-most important market after Germany,” Porsche CEO Matthias Mueller said.


The Volkswagen-owned sports car maker thinks Europe would be “lucky” to see a recovery before 2015, Mueller said in an interview. “The situation is as critical as ever.”


U.S. OUTPERFORMS


The North American International Auto Show, better known as the Detroit auto show, opens to the public on January 19.


Among new vehicles to be unveiled by European carmakers at this year’s event are the SQ5 high-performance crossover from VW’s Audi brand, BMW’s M6 Gran Coupe and the redesigned Maserati Quattroporte.


The European market, already near a 20-year low, will shrink another 1.7 percent this year to 17.8 million light vehicles, LMC predicts, while the United States grows 4.2 percent to 15.1 million.


By comparison, U.S. auto sales averaged nearly 17 million vehicles a year in the decade prior to 2008 when the recession cast a pall.


Although rising more sedately than last year’s 13.4 percent surge, projected U.S. deliveries will account for 18.2 percent of the 82.7 million global total, compared with 17.9 percent in 2012.


“Right now, the U.S. is the healthiest auto market in the world,” said John Casesa, senior managing director with Guggenheim Securities.


Sales growth will be close to zero in Brazil and will slow to 3.4 percent in Russia, according to the same forecasts, while China’s expansion accelerates to 10.2 percent from 5.9 percent.


But with Chinese manufacturing capacity for 1.5 million additional vehicles coming on stream, some analysts warn that pricing and profitability could suffer this year.


Balancing China’s enormous growth potential, “a certain amount of unsteadiness is a factor,” Porsche’s Mueller said.


Japanese automakers are still smarting in China, where public outrage over a territorial dispute has translated into more than 100,000 lost sales for Toyota Motor Corp and Nissan Motor Co Ltd since September.


That can only increase their appetite in the United States – where car sales by Asian and European brands both averaged 22 percent growth, compared with a 12 percent gain for domestic nameplates.


The yen’s recent decline against the dollar will also give Japanese imports more edge, General Motors Co Chief Executive Dan Akerson acknowledged.


“People are going to be very competitive in this market,” Akerson told reporters on Wednesday. “This is the market with the best margins.”


While GM lost ground last year, it has broadly “held the line” since emerging from bankruptcy in 2009 and will soon benefit from the renewal of its aging lineup, Akerson said.


ENCOURAGING SIGNS


New pickup trucks being shown next week by Ford and GM’s Chevrolet and GMC may help the incumbents fight back.


Ford is also cautiously optimistic about 2013, the company’s chief economist said this week.


A coming payroll tax hike may weigh on sentiment, Ellen Hughes-Cromwick said, but signs of a housing market rebound and progress in President Barack Obama’s fiscal policy standoff with Congress are “favorable developments.”


While economic growth will likely slow to 1.6 percent from last year’s 2.2 percent, Citi analyst Itay Michaeli said, a glut of aging vehicles on U.S. roads promises to unlock “pent-up demand” for replacements in years to come.


“We may have only begun to see the U.S. sales recovery,” Michaeli said.


The bullish outlook shows that American carmakers’ drastic job and factory cuts of 2009 are still paying off, said Michael Tyndall of Barclays Capital.


“The U.S. took its medicine in the last crisis and capacity has remained relatively tight, so pricing remains disciplined,” the London-based analyst said.


“The operative word is growth – whereas Europe is going backwards again.”


(Additional reporting by Andreas Cremer in Berlin, and Bernie Woodall and Deepa Seetharaman in Detroit; editing by Matthew Lewis)


Economy News Headlines – Yahoo! News





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Announcing the 2013 International Biomass Conference & Expo Agenda






MINNEAPOLIS, MN–(Marketwire – Jan 11, 2013) – BBI International announced this week the preliminary agenda for the 6th annual International Biomass Conference & Expo, North America’s largest and fastest growing biomass conference, taking place April 8-10, 2013 in Minneapolis. The 2013 agenda — featuring four comprehensive tracks — is tightly focused on leading edge developments in the biomass industry, from cultivation, harvest and storage to conversion technology, project finance and regulatory guidance.


“We continue in our mission to create the most content rich biomass program in North America. This year’s International Biomass Conference & Expo already features over 130 speakers and moderators, over 40 poster presentations and an industry tour boasting two operating biomass power facilities, and we continue to evaluate and seek additional content offerings,” says Tim Portz, Vice President of Content & Executive Editor at BBI International.






“The biomass industry creates a unique programming challenge in that our audience includes professionals that operate existing biomass energy facilities, and the developers of new facilities and facilities that boast next generation conversion technologies. I’m pleased with the content we’ve been able to put together to address both of these important audiences.”


The 2013 program will include 30-plus panels and more than 130 speakers, including 90 technical presentations, all within the structured framework of four informative tracks:


Track 1: Pellets & Densified Biomass
Track 2: Biomass Power & Thermal
Track 3: Biogas & Landfill Gas
Track 4: Advanced Biofuels & Biobased Chemicals


In addition to the panel sessions, attendees will be able to visit current biomass facilities and projects located around the Minneapolis Metro area. Tours include the following locations:


  • Koda Energy – A state of the art 23.4 MW biomass heat and power plant.

  • Elk River Energy – A recovery station that converts refuse derived fuel from mixed municipal waste into energy.

To view this year’s agenda, visit www.biomassconference.com.


About BBI International:
Founded in 1995, BBI International produces globally recognized bioenergy events and trade magazines. In addition to the International Biomass Conference & Expo and its allied regional events, BBI owns and operates the largest, longest-running ethanol conference in the world — the International Fuel Ethanol Workshop & Expo (FEW) — and the National Advanced Biofuels Conference & Expo. The company publishes Biomass Magazine, Ethanol Producer Magazine, Pellet Mill Magazine and Biodiesel Magazine, as well as a number of ancillary products including maps, directories, e-newsletters and other web-based industry resources.


Marketwire News Archive – Yahoo! Finance





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Wall Street slips, weighed by Wells Fargo, banks

NEW YORK (Reuters) - Stocks edged lower on Friday after Wells Fargo & Co , the first major bank to kick off fourth-quarter earnings season for the financial sector, reported a decline in net interest margin despite a record profit in the latest quarter.


Wells Fargo, the fourth-biggest U.S. bank and the nation's largest home lender, said its fourth-quarter net interest margin - a key measure of how much money banks make from loans - fell, even as profit jumped 24 percent. The bank also made fewer mortgage loans than in the third quarter.


"It (Wells Fargo results) is weighing on the sector. We are keeping our fingers crossed that this won't be a sector thing and more confined to Wells Fargo, but it's definitely playing a factor today," said Larry Peruzzi, senior equity trader at Cabrera Capital Markets LLC in Boston.


The bank's shares fell 1.4 percent to $34.92. The S&P 500 financial sector index <.gspf> fell 0.6 percent and the KBW Banks index <.bkx> fell 1 percent. Bank of America Corp , JPMorgan Chase & Co and Citigroup Inc are due to report results next week.


Overall earnings were expected to grow by 1.9 percent in this earnings season, according to Thomson Reuters data.


The Dow Jones industrial average <.dji> was up 6.12 points, or 0.05 percent, at 13,477.34. The Standard & Poor's 500 Index <.spx> was down 2.37 points, or 0.16 percent, at 1,469.75. The Nasdaq Composite Index <.ixic> was down 2.19 points, or 0.07 percent, at 3,119.56.


Also keenly watched Friday were shares of Dow component Boeing , which fell 2.6 percent to $75.11 after a cracked cockpit window and an oil leak on separate flights in Japan compounded safety concerns about its new 787 Dreamliner. The U.S. Department of Transportation said the jet would be subject to a review of its critical systems by regulators.


Best Buy shares rallied after its results showed a bit of a turnaround in its U.S. stores, though same-store sales were flat during the key holiday season. Shares jumped 12 percent to $13.69.


Basic materials shares were pressured after China's annual consumer inflation rate picked up to a seven-month high, narrowing the scope for the central bank to boost the economy by easing monetary policy. The S&P basic materials sector <.gspm> fell 0.6 percent.


Dendreon Corp shares jumped 14.7 percent to $5.85 after Sanford C. Bernstein upgraded the drugmaker's stock to "outperform" from "market-perform" and said it could be one of the best performers in 2013.


(Editing by Bernadette Baum, Nick Zieminski)



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Eager Chudzinski takes over new-look Browns


CLEVELAND (AP) — The Browns have always been a part of Rob Chudzinski's life. Now, he's the man in charge.


Chudzinski, who spent the past two seasons as Carolina's offensive coordinator, was introduced as the club's sixth fulltime coach on Friday, a once-in-a-lifetime opportunity for the 44-year-old who as a kid pretended he played tight end for the Browns during games in his backyard in Toledo, Ohio.


"It is a dream come true," Chudzinski said. "I can't wait to get started."


Chudzinski will inherit a young roster he'll try to develop into a contender with the Browns, who have lost at least 11 games in each of the past five seasons and made the playoffs only once since 1999.


Chudzinski previously worked as an assistant with the Browns, most recently as their offensive coordinator in 2008. Although he has no previous head coaching experience, owner Jimmy Haslam and CEO Joe Banner are confident they hired the best possible candidate available to turn their club into a consistent winner.


"I would not miss the chance for the world." Chudzinski said. "We're going to win here."


The Browns hauled their search to find the 14th coach in franchise history to Arizona and back. They talked to high-profile college coaches, NFL assistants and a fired pro coach who took a team to a Super Bowl.


None of them was hired.


Instead, Chudzinski became their pick.


"I believe we came back with the best coach for the Cleveland Browns," said Haslam, who flew to Charlotte, N.C. on Thursday night with Banner to offer Chudzinski the job. "He is one of the brightest young coaches in the business."


Chudzinski's first move will be to hire his staff. He will immediately meet with the assistants currently working for the Browns. Chudzinski would not comment on any possible candidates to become his coordinators. There are reports he is considering former San Diego coach Norv Turner to run his offense. Chudzinski worked for Turner with the Chargers.


"I have a plan in place," he said. "We're going to get a great staff. We have a young group of players. This is going to be about the process. Lots of people are worried about the end result, but this is going to be the right process to get us where we want to be."


Now that they've hired their coach, Haslam and Banner will focus on finding a new general manager to help pick players for Chudzinski, who will be involved in finding the GM.


The new coach — "Chud," as he's known to players and friends — worked with the Browns' tight ends in 2004 and was their offensive coordinator in 2007, when the team won 10 games — their most since an expansion rebirth in 1999. He was released when Romeo Crennel was fired in 2008.


Chudzinski said when he walked off the field after the final game that season he knew he would be coming back to Cleveland "someday, somehow."


Chudzinski replaces Pat Shurmur, another first-time coach when he was hired, who was fired on Dec. 31 after a 5-11 season. For the past two years, Chudzinski has worked with talented Panthers quarterback Cam Newton and resuscitated Carolina's offense, which was one of the league's worst before he arrived.


When Haslam and Banner embarked on their coaching search as 2013 began, the pair vowed they would wait as long as necessary to find "the right coach" for Cleveland. They promised to give their new coach final say over the roster and planned to pair him with an executive to help pick players.


Chudzinski wasn't seen by many as an option.


And then he became the choice.


Haslam said Chudzinski's passion for the Browns was a bonus, but he had all the credentials and characteristics they were looking for in a new coach.


"If Rob was from Plano, Texas, we would have hired him," Haslam said.


Chudzinski said he wants a team that attacks on both sides of the ball. He would not comment on any of Cleveland's players, and sidestepped a question about rookie Brandon Weeden, who had an uneven first season with the Browns.


Chudzinski interviewed with the team on Wednesday, when the club also visited with Cincinnati defensive coordinator Mike Zimmer. Chudzinski appeared to be a long shot for the job, not because he wasn't qualified, but because it was thought Haslam wanted to make a big splash with his first coaching hire.


However, Chudzinski wowed Haslam and Banner during his meeting and the team decided it was time to end its search in its second week. Haslam said 10 minutes into the interview that he nodded at Banner that they had found their man.


In his first season in Carolina, Chudzinski turned Newton, the No. 1 overall draft pick, loose and the Panthers set club records for total yards (6,237) and first downs (345). Carolina also scored 48 touchdowns after getting just 17 in the season before Chudzinski arrived. The Panthers jumped from last in the league in total yardage to seventh, the biggest improvement since 1999.


Haslam pointed out the Panthers scored 88 touchdowns the past two seasons. Cleveland scored 44.


Following last season, Chudzinski interviewed for head coaching jobs with St. Louis, Jacksonville and Tampa Bay before returning to Carolina.


In getting the Browns' job, Chudzinski was picked over Zimmer, Montreal Alouettes coach Marc Trestman, fired Arizona coach Ken Whisenhunt and Cardinals defensive coordinator Ray Horton. Whisenhunt was in Cleveland for a second interview on Thursday, and appeared to be the front-runner. The Browns also were expected to interview Indianapolis offensive coordinator Bruce Arians.


Chudzinski's hiring may have shocked some Cleveland fans, many of whom at fantasies about Nick Saban or Jon Gruden or Kelly brining his supersonic offense to the NFL.


But his selection is in keeping with at least one of Banner's past moves. When he was in Philadelphia's front office, Banner went outside the box and hired Green Bay assistant Andy Reid, a relative unknown who spent 14 seasons with the Eagles.


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


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Why global labor reforms are vital






STORY HIGHLIGHTS


  • Saudi authorities beheaded Rizana Nafeek, a Sri Lankan woman

  • She was convicted of killing a baby of the family employing her as a housemaid

  • This was despite Nafeek's claims that the baby died in a choking accident

  • Becker says her fate "should spotlight the precarious existence of domestic workers"




Jo Becker is the Children's Rights Advocacy Director for Human Rights Watch and author of 'Campaigning for Justice: Human Rights Advocacy in Practice.' Follow Jo Becker on Twitter.


(CNN) -- Rizana Nafeek was a child herself -- 17 years old, according to her birth certificate -- when a four-month-old baby died in her care in Saudi Arabia. She had migrated from Sri Lanka only weeks earlier to be a domestic worker for a Saudi family.


Although Rizana said the baby died in a choking accident, Saudi courts convicted her of murder and sentenced her to death. On Wednesday, the Saudi government carried out the sentence in a gruesome fashion, by beheading Rizana.



Jo Becker

Jo Becker



Read more: Outrage over beheading of Sri Lankan woman by Saudi Arabia


Rizana's case was rife with problems from the beginning. A recruitment agency in Sri Lanka knew she was legally too young to migrate, but she had falsified papers to say she was 23. After the baby died, Rizana gave a confession that she said was made under duress -- she later retracted it. She had no lawyer to defend her until after she was sentenced to death and no competent interpreter during her trial. Her sentence violated international law, which prohibits the death penalty for crimes committed before age 18.


Rizana's fate should arouse international outrage. But it should also spotlight the precarious existence of other domestic workers. At least 1.5 million work in Saudi Arabia alone and more than 50 million -- mainly women and girls -- are employed worldwide according to the International Labour Organization (ILO).


Read more: Indonesian maid escapes execution in Saudi Arabia






Again according to the ILO, the number of domestic workers worldwide has grown by more than 50% since the mid-1990s. Many, like Rizana, seek employment in foreign countries where they may be unfamiliar with the language and legal system and have few rights.


When Rizana traveled to Saudi Arabia, for example, she may not have known that many Saudi employers confiscate domestic workers' passports and confine them inside their home, cutting them off from the outside world and sources of help.


It is unlikely that anyone ever told her about Saudi Arabia's flawed criminal justice system or that while many domestic workers find kind employers who treat them well, others are forced to work for months or even years without pay and subjected to physical or sexual abuse.




Passport photo of Rizana Nafeek



Read more: Saudi woman beheaded for 'witchcraft and sorcery'


Conditions for migrant domestic workers in Saudi Arabia are among some of the worst, but domestic workers in other countries rarely enjoy the same rights as other workers. In a new report this week, the International Labour Organization says that nearly 30% of the world's domestic workers are completely excluded from national labor laws. They typically earn only 40% of the average wage of other workers. Forty-five percent aren't even entitled by law to a weekly day off.


Last year, I interviewed young girls in Morocco who worked 12 hours a day, 7 days a week for a fraction of the minimum wage. One girl began working at age 12 and told me: "I don't mind working, but to be beaten and not to have enough food, this is the hardest part."


Many governments have finally begun to recognize the risks and exploitation domestic workers face. During 2012, dozens of countries took action to strengthen protections for domestic workers. Thailand, and Singapore approved measures to give domestic workers a weekly day off, while Venezuela and the Philippines adopted broad laws for domestic workers ensuring a minimum wage, paid holidays, and limits to their working hours. Brazil is amending its constitution to state that domestic workers have all the same rights as other workers. Bahrain codified access to mediation of labor disputes.


Read more: Convicted killer beheaded, put on display in Saudi Arabia


Perhaps most significantly, eight countries acted in 2012 to ratify -- and therefore be legally bound by -- the Domestic Workers Convention, with more poised to follow suit this year. The convention is a groundbreaking treaty adopted in 2011 to guarantee domestic workers the same protections available to other workers, including weekly days off, effective complaints procedures and protection from violence.


The Convention also has specific protections for domestic workers under the age of 18 and provisions for regulating and monitoring recruitment agencies. All governments should ratify the convention.


Many reforms are needed to prevent another tragic case like that of Rizana Nafeek. The obvious one is for Saudi Arabia to stop its use of the death penalty and end its outlier status as one of only three countries worldwide to execute people for crimes committed while a child.


Labor reforms are also critically important. They may have prevented the recruitment of a 17 year old for migration abroad in the first place. And they can protect millions of other domestic workers who labor with precariously few guarantees for their safety and rights.


Read more: Malala, others on front lines in fight for women


The opinions expressed in this commentary are solely those of Jo Becker.






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Seattle bankruptcy hearing to decide Tully’s sale






SEATTLE (AP) — The auction for beleaguered coffee company Tully’s will likely conclude Friday in federal bankruptcy court, with an ownership group led by actor Patrick Dempsey in position to take over the chain. But Starbucks isn’t’ out of the running.


Dempsey — dubbed “McDreamy” in the “Grey’s Anatomy” hospital TV drama — claimed victory last week after an auction.






But a company that teamed up with Starbucks to bid for the Tully’s chain filed an objection Wednesday. AgriNurture Inc. says it’s still willing to proceed with its combined bid with Starbucks of about $ 10.6 million. The bid from Dempsey’s company, Global Baristas LLC, was for $ 9.2 million.


Tully’s has 47 shops in Washington and California with more than 500 employees. It filed for Chapter 11 bankruptcy protection in October.


Entertainment News Headlines – Yahoo! News





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Jobless claims rise, but jobs market recovery intact






WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits rose last week, the Labor Department said on Thursday, but details of the report suggested the jobs market continued to grow at a moderate pace.


Other data suggested the economy remained on a steady growth path, with sales at wholesalers rising by the most in more than 1-1/2 years in November, keeping inventories balanced.






Initial claims for state jobless aid increased 4,000 to a seasonally adjusted 371,000. The prior week’s figure was revised to show 5,000 fewer applications than previously reported.


Claims tend to be very volatile around this time of the year because of the holidays and seasonal layoffs, making it difficult to get a clear picture of the labor market’s health.


While claims increased last week, there was nothing in the data to suggest a deterioration in labor market conditions.


“Jobless claims data continue to suggest steady but modest U.S. employment gains,” said Robert Kavcic, a senior economist at BMO Capital Markets in Toronto.


The four-week moving average for new claims, a better measure of labor market trends, increased 6,750 to 365,750, still at a level consistent with steady job gains.


U.S. financial markets were little moved by the data.


GRADUALLY IMPROVING LABOR MARKET


A Labor Department analyst said there was nothing unusual in state level claims data and that no states had been estimated. He noted, however, that jobless claims on an unadjusted basis tend to peak in the second week of January and the rise in the week ended January 5 was a build-up to that.


Economists said it would take several more weeks before the data are free of seasonal distortions.


The labor market has been gradually improving, with job gains last year averaging 153,000 per month, little changed from 2011. That has not been enough to significantly cut the unemployment rate which ended the year at 7.8 percent.


A second report from the Labor Department showed job openings were unchanged at 3.7 million in November. Layoffs, however, declined and there was an increase in the number of people voluntarily leaving their jobs — both signs of improving labor market conditions.


Job growth has been hobbled by uncertainty over fiscal policy. Economists said a last-minute deal by the U.S. Congress to avoid some of the $ 600 billion in deep government spending cuts and higher taxes, or the fiscal cliff, only eliminated part of the uncertainty.


“A sharp increase in hiring seems unlikely as the spending side of the debate remains unresolved and higher taxes on most households are likely to weigh modestly on consumer spending in the near term,” said Jim Baird, chief investment strategist at Plante Moran Financial Advisors in Kalamazoo, Michigan.


A second report from the Commerce Department showed sales at wholesalers rebounded 2.3 percent in November, the largest gain since March 2011, after falling 0.9 percent in October.


Wholesale inventories rose 0.6 percent after advancing 0.3 percent in October.


Inventories are a key component of gross domestic product changes and accounted for almost a quarter of the economy’s annual 3.1 percent growth pace in the third quarter.


Economists expect a drawdown on inventories in the fourth quarter, which would be a drag on growth. They largely left their GDP forecasts, ranging from 0.5 percent to 2.9 percent, unchanged after the wholesale inventory data.


The claims report showed the number of people still receiving benefits under regular state programs after an initial week of aid tumbled 127,000 to 3.11 million in the week ended December 29, the lowest level since July 2008.


Highlighting the typical volatility at the start of the year, the last time the so-called continuing claims fell so much was in January 2011 and economists expect some correction in coming weeks.


The insured unemployment rate fell to 2.4 percent, its lowest since July 2008.


“The good news is the underlying jobs market is improving,” said David Berson, chief economist at Nationwide Insurance in Columbus, Ohio. “The bad news is we have a large number of people who are unemployed for a long time and unemployment insurance does not go on forever. So, some people might be falling off the rolls.”


(Editing by Andrea Ricci)


Business News Headlines – Yahoo! News





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NXP Connects the Smart, Energy-Efficient Home With ZigBee and JenNet-IP






EINDHOVEN, THE NETHERLANDS and LAS VEGAS, NV–(Marketwire – Jan 10, 2013) – NXP Semiconductors N.V. ( NASDAQ : NXPI ) today announced the availability of the JN516x family of wireless microcontrollers for the Internet of Things, as well as a new evaluation kit which simplifies commercial development of ZigBee®, JenNet-IP™ and other IEEE 802.15.4 applications. The JN516x-EK001 evaluation kit provides all the hardware and software components required for product design, and includes several demos such as a smart lighting system based on JenNet-IP; several energy metering applications using ZigBee Smart Energy; ZigBee Light Link; and an RF4CE remote control system. NXP is showcasing its ultra-low-power, high-performance wireless microcontrollers at the 2013 International CES (Central Plaza 8). One of the many smart home and energy products using NXP’s wireless microcontrollers is a wireless energy harvesting switch from Cherry, which operates without a battery and can be used for any application in the home requiring an on-off switch.


“For smart lighting, home automation and energy management applications, the JN516x wireless microcontroller family brings together the optimal combination of price/performance, on-chip memory and ultra-low power consumption, along with a choice of software stacks. The release of our latest development kit, as well as our demos at CES, highlight the innovative yet practical ways in which NXP’s JN51xx platform is bringing the Internet of Things into the home,” said Marcel Walgering, general manager, Smart Home and Energy product line, NXP Semiconductors.






Accelerating Commercial Development of ZigBee, JenNet-IP and 802.15.4 Applications
The JN516x evaluation kit is specifically designed for use with the NXP JN5161, JN5164 or JN5168 wireless microcontrollers, which feature an enhanced 32-bit RISC processor with best-in-class memory options — up to 256 kB of embedded flash, 4 kB of on-chip EEPROM and 32 kB of RAM. The JN516x series devices also include an IEEE802.15.4 2.4-GHz transceiver and extensive analog and digital peripherals.


Providing all the components required for system development, the JN516x evaluation kit includes a series of wireless carrier boards; plug-in expansion boards; USB dongles; a remote control; a specially programmed Internet router running enhanced OpenWRT firmware; and a complete software design kit. This comprehensive development kit makes it easy to design solutions for the Internet of Things using ZigBee, JenNet-IP or RF4CE. A list of the complete contents of the JN516x-001 evaluation kit is available on NXP.com, and a video is available here: http://youtu.be/AnoGqZuqJIs 


Using the various demos included in the kit, designers can quickly produce proof-of-concept systems, with software that can then be used for end products using JN516x ICs or modules. The demos include:


  • A JenNet-IP-based Smart Lighting demo which uses the router to support connection to a WLAN or the Internet

  • A ZigBee Smart Energy demo that lets the user experiment with an energy service portal (via the USB dongle), an in-premise display (using the display expansion board), standalone meters for electricity and gas, or a range extender

  • A ZigBee Light Link demo that gives the designer remote control of color LEDs on the lighting expansion board

  • An RF4CE demo that lets the user select, play, forward, stop, pause, or change the volume on a Windows Media® Player application

Smart Home and Energy Products at 2013 International CES
At CES this week, NXP is showcasing several new customer products using its wireless microcontrollers, including a wireless energy harvesting switch created by Cherry — a compact, batteryless alternative to conventional wired switches. The required RF energy is created by the mechanical actuation of the switch, and the data is transmitted wirelessly via RF technology, eliminating the need for complex, expensive connection systems. Wireless energy harvesting is ideal for controlling a wide range of applications, such as lighting, windows, door locks, and alarms — and is the perfect complement to any system using smartphones or tablets for wireless control in the home. NXP’s wireless smart lighting demonstration at CES 2013 is available here: http://youtu.be/J4I9E1F7mbY


Other customer products featured in the NXP booth include Rainforest Automation’s EMU-2™ Energy Monitoring Unit — a simple and affordable in-home display that communicates wirelessly with smart meters using the ZigBee Smart Energy standard, and shows homeowners their energy consumption information in real time. Further information is available at http://www.rainforestautomation.com


Links


About NXP Semiconductors
NXP Semiconductors N.V. ( NASDAQ : NXPI ) provides High Performance Mixed Signal and Standard Product solutions that leverage its leading RF, Analog, Power Management, Interface, Security and Digital Processing expertise. These innovations are used in a wide range of automotive, identification, wireless infrastructure, lighting, industrial, mobile, consumer and computing applications. A global semiconductor company with operations in more than 25 countries, NXP posted revenue of $ 4.2 billion in 2011. Additional information can be found by visiting www.nxp.com.


Note to editors: JenNet-IP is a trademark of NXP Semiconductors. All other trademarks are property of their respective owners.


Forward-looking Statements
This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations and market data, as well as other statements that are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after NXP distributes this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in NXP’s SEC filings. Copies of NXP’s SEC filings are available from the SEC website, www.sec.gov.


Marketwire News Archive – Yahoo! Finance





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Wall Street slightly higher on China data; S&P near resistance level

NEW YORK (Reuters) - U.S. stocks inched higher on Thursday, helped by stronger-than-expected exports in China, the world's second-biggest economy, but gains were capped as the S&P 500 hovered near a 5-year high.


Financial and telecommunications stocks were the day's top gainers, while the material sector was the biggest drag. The S&P 500 material sector index <.gspm> was off 0.3 percent. The financial sector index <.gspf> rose 0.6 percent and the telecom sector <.gspl> was up 0.5 percent.


The benchmark Standard & Poor's 500 index was near a five-year closing high of 1,466.47. On Friday, the index had ended at the highest close since December 2007.


"The market is technically right at the level of resistance, near 1,465-1,467. A solid breakthrough above the level would be the start of a next leg higher, but it looks like it is going to be difficult to break above that level for now," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab. He cited concerns about the earnings season and upcoming debt ceiling talks.


The Dow Jones industrial average <.dji> was up 9.84 points, or 0.07 percent, at 13,400.35. The Standard & Poor's 500 Index <.spx> was up 2.55 points, or 0.17 percent, at 1,463.57. The Nasdaq Composite Index <.ixic> was down 2.01 points, or 0.06 percent, at 3,103.80.


In company news, shares of upscale jeweler Tiffany dropped 3.6 percent to $60.98 after it said earnings for the year through January 31 will be at the lower end of its forecast.


U.S.-traded Nokia shares jumped 17.3 percent to $4.40 after the Finnish handset maker said its fourth-quarter results were better than expected and that the mobile phone business achieved underlying profitability.


Herbalife Ltd stepped up its defense against activist investor Bill Ackman, stressing it was a legitimate company with a mission to improve nutrition and help public health. The stock was up 1.4 percent to $40.47.


Data showed China's export growth rebounded sharply to a seven-month high in December, a strong finish to the year after seven straight quarters of slowdown, even as demand from Europe and the United States remained subdued.


In the U.S., claims for unemployment benefits rose last week, though seasonal volatility made it difficult to get a clear picture of the labor market's health.


Also, U.S. wholesale inventories rose more than expected in November and sales rose by the most in more than 1-1/2 years. The market's reaction to both reports was muted.


(Reporting By Angela Moon; Editing by Nick Zieminski)



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Jaguars fire Mularkey after team's worst season


JACKSONVILLE, Fla. (AP) — The Jacksonville Jaguars fired coach Mike Mularkey on Thursday after just one season, the worst in franchise history.


New general manager David Caldwell made the announcement two days after he was hired, giving him a clean slate heading into 2013. Caldwell said he wants to immediately explore every avenue possible to turn the Jaguars around.


"For that to happen as seamlessly as we want, and as quickly as our fans deserve, I feel it is in everyone's best interests for an immediate and clean restart," Caldwell said.


Mularkey, who went 2-14 this season, became the eighth head coach fired since the end of the regular season. He looked like he would be one and done when owner Shad Khan parted ways with general manager Gene Smith last week and gave Mularkey's assistants permission to seek other jobs. Even though Khan ultimately hired Mularkey, Smith directed the coaching search last January that started and ended with the former Atlanta Falcons offensive coordinator.


"Mike Mularkey is leaving our organization with my utmost respect," Khan said. "Mike gave the Jaguars everything he had on and off the field, and his efforts as our head coach will always be appreciated."


Mularkey's brief tenure — he didn't even last a year — was filled with mistakes. His biggest one may have been his loyalty to Smith, who assembled a roster that lacked talent on both sides of the ball.


Mularkey probably stuck with Smith's franchise quarterback, Blaine Gabbert, longer than he should have. And the coach's insistence that the team was closer than outsiders thought and his strong stance that he had the roster to turn things around became comical as the losses mounted. The Jaguars lost eight games by at least 16 points, a staggering number of lopsided losses in a parity-filled league.


Mularkey would have been better served had he said publicly what he voiced privately: that the Jaguars didn't have enough playmakers or a starting-caliber quarterback.


Instead, he never conceded that Jacksonville was a rebuilding project that needed time.


Mularkey signed a three-year contract on Jan. 11, 2012, getting a second chance to be a head coach six years after resigning with the Buffalo Bills.


His return was shaky from the start.


His best player, running back Maurice Jones-Drew, skipped offseason workouts as well as training camp and the preseason in a contract dispute. His first draft pick, receiver Justin Blackmon, was arrested and charged with aggravated DUI in June. And his team was riddled with injuries, including key ones to linebacker Daryl Smith and Jones-Drew.


Even things he had control over went awry.


He had to backtrack after saying Chad Henne would compete with Gabbert for the starting job in March. He created a stir by threatening to fine players up to $10,000 for discussing injuries. He initially played rookie receiver Kevin Elliott over Cecil Shorts III early on. And he really irked some players with tough, padded practices late in a lost season.


Throw in the way he handled injuries to receiver Laurent Robinson (four concussions before going on IR) and Jones-Drew (admittedly should have had foot surgery sooner), and there were reasons to doubt whether Mularkey was cut out to be a head coach. Dating back to his final season in Buffalo, Mularkey has lost 20 of his last 23 games.


Nonetheless, if Khan really wanted to fire Mularkey, he would have done after the season finale along with Smith.


So this was Caldwell's call.


Caldwell and Mularkey spent four years together in Atlanta, getting to know each other well enough that Caldwell didn't need a sit down with Mularkey after he got the GM job Tuesday.


Caldwell and Khan have a news conference scheduled for Thursday afternoon.


Potential replacements for Mularkey include former Chicago Bears coach Lovie Smith, Indianapolis Colts offensive coordinator Bruce Arians, St. Louis Rams offensive coordinator Brian Schottenheimer and San Francisco 49ers offensive coordinator Greg Roman.


Schottenheimer was up for the Jacksonville job last season, and Roman has been linked to the Jaguars since Caldwell became the leading candidate to replace Smith.


Roman and Caldwell were teammates and roommates in the 1990's while attending John Carroll University.


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Architecture writer Ada Louise Huxtable, awarded first Pulitzer for criticism, dead at 91






LOS ANGELES (TheWrap.com) – Ada Louise Huxtable, the architecture critic who was awarded the first Pulitzer Prize for criticism, has died. She was 91.


Huxtable, who was the architecture critic for the New York Times from 1963 to 1982 and, later, the Wall Street Journal, died Monday at Memorial Sloan-Kettering Cancer Center in New York, the Journal reported.






Huxtable was a firm believer in the power of tall buildings to enhance a city and decried the cookie-cutter suburban developments springing up around New York in the 1960s.


“The promise of… a new, improved suburbia in the greater metropolitan area, the dreams of beauty and better living are mire in mud,” Huxtable wrote in Newsweek magazine. She added that these suburban landscapes – including those in Staten Island “could not be better calculated to destroy the countryside if….planned by enemy action.”


In her final piece for the Journal – a look at the renovation plans for the landmark New York Public Library, dated December 3, 2012 – Huxtable wrote: “Buildings change; they adapt to needs, times and tastes. Old buildings are restored, upgraded and converted to new uses. For architecturally or historically significant buildings with landmark protection, the process is more complex; subtle, subjective and difficult decisions are often required. Nothing, not even buildings, stands still.”


A native New Yorker, Ada Louise Landsman was born March 14, 1921, the daughter of a doctor. She graduated from Hunter College in 1941. A year later, she married L. Garth Huxtable, an industrial designer, and together they produced tableware for the Four Seasons Hotel.


Throughout the 1940s, she continued graduate school at New York University but was more interested in her work as a curatorial assistant for architecture and design at the Museum of Modern Art.


From 1950 to 1963, she contributed articles to “Progressive Architecture” and “Art in America.” She became the first architecture critic of the Times in 1963. She wrote more than 10 books. Her early essays were collected in the book “Will They Ever Finish Bruckner Boulevard?”


She was awarded the first Pulitzer Prize for criticism in 1970. In 1981 she was awarded a MacArthur genius grant.


She also served for a time a juror for the Pritzker Prize, architecture’s highest honor.


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Business leaders warn UK PM against leaving EU






LONDON (AP) — Top executives have warned U.K. Prime Minister David Cameron that he could damage Britain‘s economy if he seeks to renegotiate the terms of its membership of the 27-country European Union.


In a letter published in the Financial Times Wednesday, Virgin Group’s Richard Branson, London Stock Exchange head Chris Gibson-Smith, WPP chief executive Martin Sorrell and seven other business leaders challenged Cameron’s plan to renegotiate the U.K.’s membership terms of the 27-country EU and put the matter to a referendum.






The executives warn that such a plan could fail, pushing the U.K. out of the EU and hurting business in the process.


Membership of the EU has given the U.K. access to the massive European market as well as a say in how the region should govern itself and run its financial markets. The country has also benefited from EU funds to build infrastructure such as broadband networks.


However, popular distrust of the EU has grown in Britain — one of the 10 countries in the region that doesn’t use the euro. The British public shows no interest in moving closer to the rest of Europe, and most can’t even seem to stomach the current control the EU, which many Britons see as meddlesome and inefficient.


Though the business leaders urged EU reform in their letter, they argued “we must be very careful not to call for a wholesale renegotiation of our EU membership, which would almost certainly be rejected.”


“To call for such a move in these circumstances would be to put our membership of the EU at risk and create damaging uncertainty for British business, which are the last things the prime minister would want to do,” they said.


Tough economic times are forcing the 17 EU countries that use the euro to move ever closer, creating a more powerful union that could leave non-euro members like Britain with less negotiating power.


But while Cameron wants Britain to remain in the EU and to retain influence in the body, he is also resisting a push by many member states, like France and Germany, to grant central authorities in Brussels greater powers over financial and legal affairs for the whole of the EU. In the long run, many EU countries want to turn the bloc into a United States of Europe, an idea British politicians, particularly among Cameron’s Conservatives, abhor.


Cameron is due to make a speech in mid-January to outline his position and the requests he will make. On Wednesday, he told lawmakers that Britain could get the changes it wanted.


“We’re active players in the European Union but there are changes we would like in our relationship that would be good for Britain and good for Europe and I think, because of the changes in eurozone which is driving a lot of change in the European Union, there’s every opportunity to achieve that settlement and seek consent for it,” he said.


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