Blockbuster to close 129 stores







DVD rental firm Blockbuster is to close 129 more stores after it went into administration earlier this month.






It had already given 31 stores notice of closure. The chain has 528 stores and employs 4,190 staff.


Deloitte, the accountancy firm running Blockbusters, said 760 staff are now facing redundancy, but the closures are not taking place immediately.


The administrators have previously said Blockbuster UK would keep trading while it tries to find a buyer.


Joint administrator Lee Manning said: “Having reviewed the portfolio with management, the store closure plan is an inevitable consequence of having to restructure the company to a profitable core which is capable of being sold.


“We would like to thank the company’s employees for their support and professionalism during this difficult time. We are also grateful to the customers for their continued support.”


The administrators said that “a dedicated employee helpline” had been set up, as well as an “employee assistance programme to help those staff facing redundancy find other jobs”.


Expansion planned


The first Blockbuster store in the UK opened in south London in 1989, and the firm has sought to expand its services in recent years, including with a trade-in facility for pre-owned titles.


But the firm’s profits have been hit by the growth of online rental services an, recently, the popularity of streaming films over the internet.


More than 100 Blockbuster UK outlets have closed in the past few years.


Blockbuster in the US went bankrupt in 2011 but was rescued by US pay-TV provider Dish Network in a $ 320m (£200m) deal, which saved hundreds of US stores from closing. The UK arm is also owned by Dish Network and run separately.


Before Blockbuster was bought by Dish Network, there were media reports of ambitious expansion plans, including selling electrical goods such as televisions, mobile phones, and iPods.


But business experts said Blockbuster’s problems were all too similar to those hitting other retailers – a failure to adapt quickly enough to a changing business environment and consumer habits.


Blockbuster’s administration came after music chain HMV and camera-seller Jessops both went into administration earlier this month.


BBC News – Business





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REPEAT: BMO Celebrates Grand Opening of Silverado Branch in Fast Growing Area of Calgary-Open Seven Days a Week






CALGARY, ALBERTA–(Marketwire – Jan 19, 2013) – BMO Bank of Montreal invites customers and members of the community to celebrate the grand opening of its new full-service banking branch, Calgary”s Silverado neighborhood located at 19369 Sheriff King St. SW, south of Spruce Meadows Trail in Calgary. The celebration will be held tomorrow, on Saturday, January 19, 2013.


The branch, which offers customers extended banking hours seven days a week, is designed to provide a great banking experience through a variety of financial services and conveniences, including:






  • A Coin Counter – a simple-to-use kiosk which counts your loose change;

  • Two ATMs – including a drive-thru ATM;

  • Services provided in seven different languages;

  • Access to commercial account and deposit services – including a 24 hour depository for small business after-hours use; and

  • Barrier-free access.

The branch is located in the fast-growing southern area of Calgary. According to BMO Economics, growth in Calgary is expected to remain strong with 120,000 new jobs to be created in Calgary and Edmonton by 2016.


“At our new branch, the extended banking hours make it easier for customers to come in and speak with our team about all of their financial needs,” noted Lisa Griffin, Branch Manager, BMO Bank of Montreal. “With the RRSP contribution deadline coming up quickly, we encourage customers and members of the community to drop by to learn about ways to plan for your retirement and make your RRSP contribution; making your finances a priority in 2013.”


Ms. Griffin added that BMO offers BMO MoneyLogic™, an online personal financial management tool that enables customers to set and track spending limits and savings goals.


There will also be an opportunity to pick up great giveaways and enter to win a $ 1000. BMO GIC contribution. In addition, anyone who uses our coin counter and deposits the proceeds into a new savings account will receive a matching deposit up to $ 25, with the offer good until February 17, 2013. 


Hours of operation for BMO”s Silverado branch are:


  • Monday to Wednesday 9:00 a.m. to 6:00 p.m.;

  • Thursday and Friday 9:00 a.m. to 8:00 p.m.;

  • Saturday 9:00 a.m. to 4:30 p.m.; and

  • Sunday 12:00 noon to 4:00 p.m.

Grand Opening Details:




































Who:Rick Fraser, MLA, Calgary South East
 Peter Demong, Alderman, City of Calgary
 Helen Bodnor, Regional Director, Ronmor Holdings Inc.
 Robert Hayes, Senior Vice President, Alberta Division, BMO Bank of Montreal
 Michelle Mobarrez, Personal Banking Area Manager, BMO Bank of Montreal
 Lisa Griffin, Branch Manager, BMO Bank of Montreal
  
What:Grand Opening Celebration -
Complimentary gourmet brunch, beverages and live entertainment
Official ribbon and cake cutting ceremonies and photo opportunities
Great giveaways and a raffle draw for a $ 1000 GIC
Family-fun activities, including face painting and BMO the Bear
  
When:Saturday, January 19, 2013, from 11:00 a.m. to 2:00 p.m.
Formal speeches and ribbon-cutting ceremony to commence at noon
  
Where:BMO Bank of Montreal – 19369 Sheriff King St. SW, Unit 120, Calgary (South of Spruce Meadows Trail)

About BMO Financial Group


Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $ 525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.


Marketwire News Archive – Yahoo! Finance




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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.


The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.


Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.


Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.


"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.


Major technology companies also report next week, but the bar for the sector has been lowered even further.


Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.


Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.


Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.


CASH POURING IN, HOUSING DATA COULD HELP


Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.


The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.


"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.


"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."


Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.


Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.


The new home sales report on Friday is expected to show a 2.1 percent increase.


The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.


Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.


The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.


"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.


"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."


(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)



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Fiery Orioles manager Earl Weaver dead at 82


BALTIMORE (AP) — Loved in Baltimore long after he ended his Hall of Fame career, Earl Weaver remained an Oriole to the end.


The notoriously peppery Hall of Fame manager died at age 82 on a Caribbean cruise associated with the Orioles, his marketing agent said Saturday.


The Duke of Earl, as he was affectionately known in Baltimore, took the Orioles to the World Series four times over 17 seasons but won only one title, in 1970. His .583 winning percentage ranks fifth among managers who served 10 or more seasons in the 20th century.


Dick Gordon said Weaver's wife told him that Weaver went back to his cabin after dinner and began choking between 10:30 and 11 Friday night. Gordon said a cause of death has not been determined.


"It's a sad day. Earl was a terrific manager," Vice president of baseball operations Dan Duquette said. "The simplicity and clarity of his leadership and his passion for baseball was unmatched. He's a treasure for the Orioles. He leaves a terrific legacy of winning baseball with the Orioles and we're so grateful for his contribution. He has a legacy that will live on,"


Weaver will forever remain a part of Camden Yards. A statue of him was dedicated last summer in the stadium's flag court, along with the rest of the team's Hall of Fame members.


"Earl Weaver stands alone as the greatest manager in the history of the Orioles organization and one of the greatest in the history of baseball," Orioles owner Peter Angelos said. "This is a sad day for everyone who knew him and for all Orioles fans. Earl made his passion for the Orioles known both on and off the field. On behalf of the Orioles, I extend my condolences to his wife, Marianna, and to his family."


Weaver was a salty-tongued manager who preferred to wait for a three-run homer rather than manufacture a run with a stolen base or a bunt. While some baseball purists argued that strategy, no one could dispute the results.


"Earl was well known for being one of the game's most colorful characters with a memorable wit, but he was also amongst its most loyal," Commissioner Bud Selig said. "On behalf of Major League Baseball, I send my deepest condolences to his wife, Marianne, their family and all Orioles fans."


Weaver had a reputation as a winner, but umpires knew him as a hothead. Weaver would often turn his hat backward and yell directly into an umpire's face to argue a call or a rule, and after the inevitable ejection he would more often than not kick dirt on home plate or on the umpire's shoes.


"He was an intense competitor and smart as a whip when it comes to figuring out ways to beat you," said Davey Johnson, who played under Weaver in the minor leagues and with the Orioles from 1965 to 1972.


He was ejected 91 times, including once in both games of a doubleheader.


Asked once if his reputation might have harmed his chances to gain entry into the Hall of Fame, Weaver admitted, "It probably hurt me."


Not for long. He entered the hall in 1996.


"When you discuss our game's motivational masters, Earl is a part of that conversation," Baseball Hall of Fame President Jeff Idelson said. "He was a proven leader in the dugout and loved being a Hall of Famer. Though small in stature, he was a giant as a manager."


His ejections were overshadowed by his five 100-win seasons, six AL East titles and four pennants. Weaver was inducted 10 years after he managed his final game with Baltimore at the end of an ill-advised comeback.


In 1985, the Orioles' owner at the time, Edward B. Williams, coaxed Weaver away from golf to take over a struggling squad. Weaver donned his uniform No. 4, which had already been retired by the team, and tried to breathe some life into the listless Orioles.


Baltimore went 53-52 over the last half of the 1985 season, but finished seventh in 1986 with a 73-89 record. It was Weaver's only losing season as a major-league manager, and he retired for good after that.


"If I hadn't come back," Weaver said after his final game, "I would be home thinking what it would have been like to manage again. I found out it's work."


Weaver finished with a 1,480-1,060 record. He won Manager of the Year three times.


"I had a successful career, not necessarily a Hall of Fame career, but a successful one," he said.


Weaver came to the Orioles as a first base coach in 1968, took over as manager on July 11 and went on to become the winningest manager in the history of the franchise.


"Earl was such a big part of Orioles baseball and personally he was a very important part of my life and career and a great friend to our family," Hall of Fame shortstop Cal Ripken said. "His passion for the game and the fire with which he managed will always be remembered by baseball fans everywhere and certainly by all of us who had the great opportunity to play for him. Earl will be missed but he can't and won't be forgotten."


He knew almost everything about the game. He was also a great judge of human character, and that's one of the main reasons why he was loved by a vast majority of his players even though he often rode them mercilessly from spring training into October.


"His bark was worse than his bite, but you had to know him and kind of grow up with him, and then you loved him like a father," Johnson said. "He was a used-car salesman in the minor leagues during the offseason, so he learned a lot of ways to sell you on just about anything."


Pat Dobson, who pitched two seasons under Weaver, said, "Certainly, the years I played for him were the two most enjoyable years I've had."


During games Weaver smoked cigarettes in the tunnel leading to the dugout and he never kicked the habit. He suffered a mild heart attack in August 1998, and the Orioles' manager at the time, Ray Miller, wondered aloud how his mentor was holding up.


"I wouldn't want to talk to him if he hasn't had a cigarette in 10 days," Miller joked. "They've probably got him tied to a chair."


Weaver was a brilliant manager, but he never made it to the majors as a player. He finally quit after spending 13 years as a second baseman in the St. Louis organization.


"He talked about how he could drive in 100 runs a year, score 100 runs and never make an error," Johnson said. "He said he never got to the big leagues because the Cardinals had too many good players in front of him."


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Why Africa backs French in Mali





























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French-led Mali offensive


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French-led Mali offensive


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STORY HIGHLIGHTS


  • French intervention in Mali could be turning point in relationship with Africa, writes Lansana Gberie

  • France's meddling to bolster puppet regimes in the past has outraged Africans, he argues

  • He says few in Africa would label the French action in Mali as 'neo-colonial mission creep'

  • Lansana: 'Africa's weakness has been exposed by the might of a foreign power'




Editor's note: Dr. Lansana Gberie is a specialist on African peace and security issues. He is the author of "A Dirty War in West Africa: The RUF and the Destruction of Sierra Leone." He is from Sierra Leone and lives in New York.


(CNN) -- Operation Serval, France's swift military intervention to roll back advances made by Jihadist elements who had hijacked a separatist movement in northern Mali, could be a turning point in the ex-colonialist's relationship with Africa.


It is not, after all, every day that you hear a senior official of the African Union (AU) refer to a former European colonial power in Africa as "a brotherly nation," as Ambroise Niyonsaba, the African Union's special representative in Ivory Coast, described France on 14 January, while hailing the European nation's military strikes in Mali.


France's persistent meddling to bolster puppet regimes or unseat inconvenient ones was often the cause of much outrage among African leaders and intellectuals. But by robustly taking on the Islamist forces that for many months now have imposed a regime of terror in northern Mali, France is doing exactly what African governments would like to have done.



Lansana Gberie

Lansana Gberie



This is because the Movement for Unity and Jihad in West Africa (MUJAO), Ansar Dine and al Qaeda in the Islamic Maghreb (AQIM) are a far greater threat to many African states than they ever would be to France or Europe.


See also: What's behind Mali instability?


Moreover, the main underlying issues that led to this situation -- the separatist rebellion by Mali's Tuareg, under the banner of the National Movement for the Liberation of Azawad (MNLA), who seized the northern half of the country and declared it independent of Mali shortly after a most ill-timed military coup on 22 March 2012 -- is anathema to the African Union and the Economic Community of West African States (ECOWAS).


Successful separatism by an ethnic minority, it is believed, would only encourage the emergence of more separatist movements in a continent where many of the countries were cobbled together from disparate groups by Europeans not so long ago.










But the foreign Islamists who had been allies to the Tuaregs at the start of their rebellion had effectively sidelined the MNLA by July last year, and have since been exercising tomcatting powers over the peasants in the area, to whom the puritanical brand of Islam being promoted by the Islamists is alien.


ECOWAS, which is dominated by Nigeria -- formerly France's chief hegemonic foe in West Africa -- in August last year submitted a note verbale with a "strategic concept" to the U.N. Security Council, detailing plans for an intervention force to defeat the Islamists in Mali and reunify the country.


ECOWAS wanted the U.N. to bankroll the operation, which would include the deployment a 3,245-strong force -- to which Nigeria (694), Togo (581), Niger (541) and Senegal (350) would be the biggest contributors -- at a cost of $410 million a year. The note stated that the objective of the Islamists in northern Mali was to "create a safe haven" in that country from which to coordinate "continental terrorist networks, including AQIM, MUJAO, Boko Haram [in Nigeria] and Al-Shabaab [in Somalia]."


Despite compelling evidence of the threat the Islamists pose to international peace and security, the U.N. has not been able to agree on funding what essentially would be a military offensive. U.N. Security Council resolution 2085, passed on 20 December last year, only agreed to a voluntary contribution and the setting up of a trust fund, and requested the secretary-general "develop and refine options within 30 days" in this regard. The deadline should be 20 January.


See also: Six reasons events in Mali matter


It is partly because of this U.N. inaction that few in Africa would label the French action in Mali as another neo-colonial mission creep.


If the Islamists had been allowed to capture the very strategic town of Sevaré, as they seemed intent on doing, they would have captured the only airstrip in Mali (apart from the airport in Bamako) capable of handling heavy cargo planes, and they would have been poised to attack the more populated south of the country.



Africa's weakness has, once again, been exposed by the might of a foreign power.
Lansana Gberie



Those Africans who would be critical of the French are probably stunned to embarrassment: Africa's weakness has, once again, been exposed by the might of a foreign power.


Watch video: French troops welcomed in Mali


Africans, however, can perhaps take consolation in the fact that the current situation in Mali was partially created by the NATO action in Libya in 2010, which France spearheaded. A large number of the well-armed Islamists and Tuareg separatists had fought in the forces of former Libyan leader Moammar Gadhafi, and then left to join the MNLA in northern Mali after Gadhafi fell.


They brought with them advanced weapons, including shoulder-launched anti-aircraft missiles from Libya; and two new Jihadist terrorist groups active in northern Mali right now, Ansar Dine and MUJAO, were formed out of these forces.


Many African states had an ambivalent attitude towards Gadhafi, but few rejoiced when he was ousted and killed in the most squalid condition.


A number of African countries, Nigeria included, have started to deploy troops in Mali alongside the French, and ECOWAS has stated the objective as the complete liberation of the north from the Islamists.


The Islamists are clearly not a pushover; though they number between 2,000 and 3,000 they are battle-hardened and fanatically driven, and will likely hold on for some time to come.


The question now is: what happens after, as is almost certain, France begins to wind down its forces, leaving the African troops in Mali?


Nigeria, which almost single-handedly funded previous ECOWAS interventions (in Liberia and Sierra Leone in the 1990s, costing billions of dollars and hundreds of Nigerian troops), has been reluctant to fund such expensive missions since it became democratic.


See also: Nigerians waiting for 'African Spring'


Its civilian regimes have to be more accountable to their citizens than the military regimes of the 1990s, and Nigeria has pressing domestic challenges. Foreign military intervention is no longer popular in the country, though the links between the northern Mali Islamists and the destructive Boko Haram could be used as a strategic justification for intervention in Mali.


The funding issue, however, will become more and more urgent in the coming weeks and months, and the U.N. must find a sustainable solution beyond a call for voluntary contributions by member states.


The opinions expressed in this commentary are solely those of Lansana Gberie.






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Lance Armstrong biopic in the works from Paramount, J.J. Abrams






LOS ANGELES (Reuters) – Paramount Pictures and “Star Trek” producer J.J. Abrams’ Bad Robot company have purchased the film rights to a forthcoming book about cyclist Lance Armstrong’s fall from grace, according to a person with knowledge of the transaction.


Armstrong, whose name and celebrity status helped build a multimillion dollar cancer foundation, admitted on Thursday that he used performance-enhancing drugs to win a record seven consecutive Tour de France championships after denying doping allegations for years.






The forthcoming book, “Cycle of Lies: The Fall of Lance Armstrong” by New York Times reporter Juliet Macur, traces his recovery from cancer, inspirational return to cycling, and his fall to disgraced ex-champion.


The book is set for a June publication by HarperCollins.


Neither Paramount nor Bad Robot would comment on the deal, which was first reported on the Deadline Hollywood entertainment site.


Abrams, the producer and director of the forthcoming science-fiction thriller film “Star Trek into Darkness,” co-founded Bad Robot with producer Bryan Burk.


Paramount will distribute the big-budget “Star Trek,” which is scheduled for release in May. Paramount has distributed other Abrams-produced films, including 2011′s “Mission: Impossible – Ghost Protocol,” starring Tom Cruise.


Paramount Pictures is a subsidiary of Viacom Inc and HarperCollins is owned by News Corp.


(Reporting by Eric Kelsey; Editing by Lisa Shumaker)


Movies News Headlines – Yahoo! News





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UK retail sales fall in December







UK retail sales fell at a seasonally-adjusted 0.1% in December from the month before, official figures suggest.






Compared with a year earlier, the quantity of goods sold rose a worse-than-expected 0.3%, according to the Office for National Statistics (ONS).


This was the slowest annual growth rate for a December since 1998 – except for December 2010, when sales were hit by heavy snow, the ONS said.


Clothing and food sales did notably badly, but online retailers did well.


The ONS said that while sales continued to be higher than a year ago – a trend that began in August – this growth had lost its momentum.


In the bigger picture, sales have stagnated since mid-2007. The December 2012 figure was only 2.4% higher than the volume of sales recorded in December 2007.




Kate Davies, Office for National Statistics: “The year-on-year growth was the slowest since December 1998″



The value of goods sold in December was 0.1% lower than November, and 0.7% higher than a year ago, indicating that the price rises faced by shoppers came to a halt at the end of the year – although this could also reflect consumers trading down for cheaper versions of the goods they want.


Shopping from home


The figures came as a surprise to some analysts, who had been expecting stronger growth.


Many High Street retailers had reported a last-minute surge in shoppers the last weekend before Christmas, and bumper Boxing Day sales, following what had otherwise been a fairly quiet run-up to Christmas, not helped by the rain.


The ONS data confirmed that online retailers continued to increase their share of business. About 10.6% of sales were carried out online during the month, up from 9.4% a year earlier.


That share was down just 0.1 percentage points from November – a much smaller fall than usually occurs as this time of the year, when more shoppers typically head for the High Street for their Christmas purchases and for the Boxing Day sales.


The data tallies with figures from research firm Experian that suggested the number of visits to retail websites rose 86% on Christmas Eve, 71% on Christmas Day and 17% on Boxing Day compared with a year earlier, as many chains began their online sales before Christmas.


Total online sales were up 15.5% from a year earlier, led by a 36% increase by websites of department stores such as John Lewis.


“This was a very online Christmas,” Rahul Sharma, retail analyst at Neev Capital, told the BBC.




Economist Jeremy Cook: “Peoples’ pockets are still being pressured by price rises”



“People want to be able to compare prices online. They like the ability to shop online, maybe picking up in the store, and the retailers who can adapt to that the best are the ones who are really going to win.”


‘More to come’


Weak sales, and the migration of business to online competitors, have felled a number of big High Street names in recent weeks.


Electricals chain Comet and camera retailer Jessops have ceased trading, while music vendor HMV and video rentals firm Blockbuster face uncertain futures, having gone into administration.


“For all that we’ve had very strong trading statements from the likes of Dixons, Argos and John Lewis, there is a soft underbelly of the likes of HMV, Jessops, etc,” said Mr Sharma. “I suspect there’s more of those.”


With more people shopping online, it seems fewer felt the need to use their car. The volume of petrol and diesel sold in December fell 6.6% from a year ago, despite ticking up 1.8% compared with November.


Stripping out the effect of these lower car fuel sales from the data, total sales rose a more respectable 1.1% from a year ago.


Continue reading the main story


Other sectors to suffer included predominately food stores, where sales volumes fell 1% from the year before, and textiles, clothing and footwear stores, where sales were down 3.5%.


Weak pound


The weak sales data “will scotch any hopes of a consumer-led recovery, and are another strong hint that the economy is contracting again,” said currency trader Chris Redfern at Moneycorp.


He said it would add to fears that the UK may be on the verge a triple-dip recession, following a strong rebound in activity over the summer.


Next week, the ONS is widely expected to confirm that the UK economy shrank in the last three months of 2012.


If the economy also shrinks during the current quarter, it would mean the country had experienced its third recession in a row without recovering to its peak level of activity recorded in 2007.


The poor sales figures also strengthen the case for more money creation by the Bank of England, as well as a possible change in its inflation target to allow for higher price rises – changes that would likely weaken the pound further.


The pound has already been falling sharply in recent days, reaching a nine-month low against the euro, on fears over the state of the UK economy and a possible bust-up with the EU.


“The markets had been primed on Friday for a gutsy speech from the Prime Minister about Britain’s relationship with Europe,” said Mr Redfern. “Its cancellation has left them searching in vain for other good news.”


BBC News – Business





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Wall Street edges lower after disappointing Intel results

NEW YORK (Reuters) - Stocks edged lower on Friday from a five-year high for the S&P 500 as a weak outlook from tech heavyweight Intel offset a better-than-expected quarterly profit at Morgan Stanley.


But the S&P 500 was still on track to end higher for a third consecutive week.


Shares of Intel Corp slumped nearly 7 percent to $21.11 a day after it forecast quarterly revenue below analysts' estimates and announced plans for increased capital spending amid slow demand for personal computers.


"Intel earnings weren't that bad, although their revenue was weak. It sparks fears about not only the company but about the whole PC sector, and that's pressuring the market today," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.


The Intel results were offset somewhat by Morgan Stanley , which reported a fourth-quarter profit after a year-earlier loss, helped by higher revenue at the bank's institutional securities business. Its stock jumped 7.4 percent to $22.29.


Overall, S&P 500 fourth-quarter earnings rose an estimated 2.5 percent, according to Thomson Reuters data. Expectations for the quarter have dropped considerably since October, when a 9.9 percent gain was estimated.


The Dow Jones industrial average <.dji> was down 15.17 points, or 0.11 percent, at 13,580.85. The Standard & Poor's 500 Index <.spx> was down 3.51 points, or 0.24 percent, at 1,477.43. The Nasdaq Composite Index <.ixic> was down 13.98 points, or 0.45 percent, at 3,122.03.


On Thursday, the S&P 500 rose to its highest since late 2007, and that could prompt investors to lock in recent gains, analysts said.


Despite the day's decline, market sentiment was still positive on speculation that chances were better of avoiding a debt ceiling fight in Washington. House Republicans signaled on Thursday they might support a short-term extension of U.S. borrowing authority next month.


"The debt ceiling issue is sort of out of the news. The market has definitely become complacent. And we all know that the issue will be dealt with, we just need to find out when. If December is any guide, they are going to leave it up to the last minute so the market is definitely more complacent than it should be for now," Ghriskey said.


Reflecting the complacency, the CBOE Volatility index <.vix>, Wall Street's so-called fear gauge, fell 4.1 percent at just above 13. The VIX usually moves inversely to the S&P 500 as it is used as a hedge tool against further market decline.


Economic data from China provided some support to the market, though the focus remained on U.S. corporate earnings. The country's economy grew at a modestly faster-than-expected 7.9 percent in the fourth quarter, the latest sign the world's second-biggest economy was pulling out of a post-global financial crisis slowdown which saw it grow in 2012 at its weakest pace since 1999.


General Electric reported a better-than-expected rise in earnings, spurred by robust demand in China and oil-producing countries. Shares were up 2.9 percent to $21.92.


Despite the gains by Morgan Stanley, financial stocks sagged as Capital One Financial reported disappointing profit. Capital One slumped 7.7 percent to $56.87, while the KBW bank index <.bkx> slipped 0.9 percent.


Research In Motion climbed 6.6 percent to $15.91 after Jefferies Group boosted the BlackBerry maker's rating and price target.


(Editing by Bernadette Baum, Kenneth Barry and Nick Zieminski)



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Hamilton: Armstrong must tell everything he knows


Tyler Hamilton recognized what he saw during Lance Armstrong's televised confession to doping.


"He's broken. He's broken," Hamilton said in an interview Friday with The Associated Press. "I've never seen him even remotely like that. It doesn't please me to see that."


Hamilton rode for Armstrong's U.S. Postal Service team during his first three Tour de France titles. Hamilton's public confessions to doping — first in a candid-but-halting "60 Minutes" interview in 2011, then later in a tell-all book that came out last summer — provided key evidence in the case against Armstrong.


On Thursday, Armstrong's interview with Oprah Winfrey aired, and the cyclist admitted to using performance-enhancing drugs to fuel all seven of his Tour de France victories.


Hamilton, who said he felt a huge sense of relief after telling the truth, applauded Armstrong's decision to come clean, calling it a "big first step," but only a beginning.


"It's what he does moving forward," Hamilton said in a phone interview. "He's saying some of the right things now but the proof is in the pudding. If he just goes and hides away, people are not going to be happy. But if he does the right thing, speaks to Travis Tygart and WADA and tells everything he knows, that's going to make a big difference."


Both Tygart, head of the U.S. Anti-Doping Agency, and World Anti-Doping Agency director general David Howman have said Armstrong will need to offer more than a televised confession to make amends and possibly have his lifetime sports ban reduced.


While admitting to doping in his interview, Armstrong contradicted a key point of Hamilton's: That Armstrong told him he tested positive during the 2001 Tour de Suisse and conspired with International Cycling Union officials to cover it up — in exchange for a donation.


"That story wasn't true. There was no positive test, no paying off of the labs. There was no secret meeting with the lab director," Armstrong told Winfrey.


Asked about that, Hamilton told the AP: "I stand by what I said. It's all out there. I don't know if it's a legal thing, or why he said that. It doesn't really bother me that much."


Hamilton was also among numerous riders who described the immense pressure Armstrong put on them to take part in the doping. Armstrong told Winfrey nobody was forced to dope.


"Nobody took a syringe and forced it into my arm. I made that decision on my own," Hamilton said. "But you did feel the pressure. When it was all set up for my first blood-doping experience in 2000, when I flew to Spain on Lance's private jet, I don't know what would've happened to me if I'd said, 'I'll stick with EPO but no blood doping.' I assume they would've been angry about it. For me, it was a no-brainer."


Armstrong said he had reached out to some of the people he felt he owed apologies. Hamilton has not heard from him, however, and didn't sound like he was waiting by the phone.


Hamilton called the entire episode a "huge life lesson" and said Armstrong can help the sport if he's willing to do more, especially if it involves providing information about doctors, managers and other higher-ups in cycling.


"There are still a lot of bad apples in this sport," Hamilton said. "Lance Armstrong did not act alone. There are plenty of people out there who still think they got away with it. I don't think he wants to rat anybody out. But he didn't do this by himself and he didn't learn this by himself."


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U.S. 'needs tougher child labor rules'




Cristina Traina says in his second term, Obama must address weaknesses in child farm labor standards




STORY HIGHLIGHTS


  • Cristina Traina: Obama should strengthen child farm labor standards

  • She says Labor Dept. rules allow kids to work long hours for little pay on commercial farms

  • She says Obama administration scrapped Labor Dept. chief's proposal for tightening rules

  • She says Labor Dept. must fix lax standards for kid labor on farmers; OSHA must enforce them




Editor's note: Cristina L.H. Traina is a Public Voices Op Ed fellow and professor at Northwestern University, where she is a scholar of social ethics.


(CNN) -- President Barack Obama should use the breathing space provided by the fiscal-cliff compromise to address some of the issues that he shelved during his last term. One of the most urgent is child farm labor. Perhaps the least protected, underpaid work force in American labor, children are often the go-to workers for farms looking to cut costs.


It's easy to see why. The Department of Labor permits farms to pay employees under 20 as little as $4.25 per hour. (By comparison, the federal minimum wage is $7.25.) And unlike their counterparts in retail and service, child farm laborers can legally work unlimited hours at any hour of day or night.


The numbers are hard to estimate, but between direct hiring, hiring through labor contractors, and off-the-books work beside parents or for cash, perhaps 400,000 children, some as young as 6, weed and harvest for commercial farms. A Human Rights Watch 2010 study shows that children laboring for hire on farms routinely work more than 10 hours per day.


As if this were not bad enough, few labor safety regulations apply. Children 14 and older can work long hours at all but the most dangerous farm jobs without their parents' consent, if they do not miss school. Children 12 and older can too, as long as their parents agree. Unlike teen retail and service workers, agricultural laborers 16 and older are permitted to operate hazardous machinery and to work even during school hours.


In addition, Human Rights Watch reports that child farm laborers are exposed to dangerous pesticides; have inadequate access to water and bathrooms; fall ill from heat stroke; suffer sexual harassment; experience repetitive-motion injuries; rarely receive protective equipment like gloves and boots; and usually earn less than the minimum wage. Sometimes they earn nothing.


Little is being done to guarantee their safety. In 2011 Secretary of Labor Hilda Solis proposed more stringent agricultural labor rules for children under 16, but Obama scrapped them just eight months later.


Adoption of the new rules would be no guarantee of enforcement, however. According to the 2010 Human Rights Watch report, the Department of Labor employees were spread so thin that, despite widespread reports of infractions they found only 36 child labor violations and two child hazardous order violations in agriculture nationwide.


This lack of oversight has dire, sometimes fatal, consequences. Last July, for instance, 15-year-old Curvin Kropf, an employee at a small family farm near Deer Grove, Illinois, died when he fell off the piece of heavy farm equipment he was operating, and it crushed him. According to the Bureau County Republican, he was the fifth child in fewer than two years to die at work on Sauk Valley farms.


If this year follows trends, Curvin will be only one of at least 100 children below the age of 18 killed on American farms, not to mention the 23,000 who will be injured badly enough to require hospital admission. According to Center for Disease Control and Prevention statistics, agriculture is one of the most dangerous industries. It is the most dangerous for children, accounting for about half of child worker deaths annually.


The United States has a long tradition of training children in the craft of farming on family farms. At least 500,000 children help to work their families' farms today.


Farm parents, their children, and the American Farm Bureau objected strenuously to the proposed new rules. Although children working on their parents' farms would specifically have been exempted from them, it was partly in response to worries about government interference in families and loss of opportunities for children to learn agricultural skills that the Obama administration shelved them.






Whatever you think of family farms, however, many child agricultural workers don't work for their parents or acquaintances. Despite exposure to all the hazards, these children never learn the craft of farming, nor do most of them have the legal right to the minimum wage. And until the economy stabilizes, the savings farms realize by hiring children makes it likely that even more of them will be subject to the dangers of farm work.


We have a responsibility for their safety. As one of the first acts of his new term, Obama should reopen the child agricultural labor proposal he shelved in spring of 2012. Surely, farm labor standards for children can be strengthened without killing off 4-H or Future Farmers of America.


Second, the Department of Labor must institute age, wage, hour and safety regulations that meet the standards set by retail and service industry rules. Children in agriculture should not be exposed to more risks, longer hours, and lower wages at younger ages than children in other jobs.


Finally, the Department of Labor and the Occupational Safety and Health Administration must allocate the funds necessary for meaningful enforcement of child labor violations. Unenforced rules won't protect the nearly million other children who work on farms.


Agriculture is a great American tradition. Let's make sure it's not one our children have to die for.


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The opinions expressed in this commentary are solely those of Cristina Traina.






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