Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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At least 30 die in riots over Egyptian death sentences

PORT SAID, Egypt/CAIRO (Reuters) - At least 30 people were killed on Saturday when Egyptians rampaged in protest at the sentencing of 21 people to death over a soccer stadium disaster, violence that compounds a political crisis facing Islamist President Mohamed Mursi.

Armored vehicles and military police fanned through the streets of Port Said, where gunshots rang out and protesters burned tires in anger that people from their city had been blamed for the deaths of 74 people at a match last year.

The rioting in Port Said, one of the most deadly spasms of violence since Hosni Mubarak's ouster two years ago, followed a day of anti-Mursi demonstrations on Friday, when nine people were killed. The toll over the past two days stands at 39.

The flare-ups make it even tougher for Mursi, who drew fire last year for expanding his powers and pushing through an Islamist-tinged constitution, to fix the creaking economy and cool tempers enough to ensure a smooth parliamentary election.

That vote is expected in the next few months and is meant to cement a democratic transition that has been blighted from the outset by political rows and street clashes.

The National Defense Council, which is led by Mursi and includes the defense minister who commands the army, called for "a broad national dialogue that would be attended by independent national characters" to discuss political differences and ensure a "fair and transparent" parliamentary poll.

The statement was made on state television by Information Minister Salah Abdel Maqsoud, who is also on the council.

The National Salvation Front of liberal-minded groups and other Mursi opponents cautiously welcomed the call, but demanded any such dialogue have a clear agenda and guarantees that any deal would be implemented, spokesman Khaled Dawoud told Reuters.

The Front spurned previous calls for dialogue, saying Mursi had ignored voices beyond his Islamist allies. The Front earlier on Saturday threatened an election boycott and to call for more protests on Friday if demands were not met.

Its demands included picking a national unity government to restore order and holding an early presidential poll.

THREATS OF VIOLENCE

The political statements followed clashes in Port Said that erupted after a judge issued a verdict sentencing 21 men to die for involvement in the deaths at the soccer match on February 1, 2012. Many were fans of the visiting team, Cairo's Al Ahly.

Al Ahly fans had threatened violence if the court had not meted out the death penalty. They cheered outside their Cairo club when the verdict was announced. But in Port Said, residents were furious that people from their city were held responsible.

Protesters ran wildly through the streets of the Mediterranean port, lighting tires in the street and storming two police stations, witnesses said. Gunshots were reported near the prison where most of the defendants were being held.

A director for Port Said hospitals told state television that 30 people had been killed, many as a result of gunshot wounds. He said more than 300 had been wounded.

Inside the court in Cairo, families of victims danced, applauded and some broke down in tears of joy when they heard Judge Sobhy Abdel Maguid declare that the 21 men would be "referred to the Mufti", a phrase used to denote execution, as all death sentences must be reviewed by Egypt's top religious authority.

There were 73 defendants on trial. Those not sentenced on Saturday would face a verdict on March 9, the judge said.

At the Port Said soccer stadium a year ago, many spectators were crushed and witnesses saw some thrown off balconies after the match between Al Ahly and local team al-Masri. Al Ahly fans accused the police of being complicit in the deaths.

Among those killed was a former player for al-Masri and a soccer player in another Port Said team, the website of the state broadcaster reported.

TEARGAS FIRED

On Friday, protesters angry at Mursi's rule had taken to the streets for the second anniversary of the uprising that erupted on January 25, 2011 and which brought Mubarak down 18 days later.

Police fired teargas and protesters hurled stones and petrol bombs. Nine people were killed, mainly in the port city of Suez, and hundreds more were injured across the nation.

Reflecting international concern at the two days of clashes, British Foreign Office Minister for the Middle East Alistair Burt said: "This cannot help the process of dialogue which we encourage as vital for Egypt today, and we must condemn the violence in the strongest terms."

On Saturday, some protesters again clashed and scuffled with police in Cairo, Alexandria and other cities. In the capital, youths pelted police lines with rocks near Tahrir Square. In Suez, police fired teargas when protesters angry at Friday's deaths hurled petrol bombs and stormed a police post.

"We want to change the president and the government. We are tired of this regime. Nothing has changed," said Mahmoud Suleiman, 22, in Cairo's Tahrir Square, the cauldron of the 2011 anti-Mubarak revolt.

Mursi's opponents say he has failed to deliver on economic pledges or to be a president representing the full political and communal diversity of Egyptians, as he promised.

"Egypt will not regain its balance except by a political solution that is transparent and credible, by a government of national salvation to restore order and heal the economy and with a constitution for all Egyptians," prominent opposition politician Mohamed ElBaradei wrote on Twitter.

Mursi's supporters say the opposition does not respect the democracy that has given Egypt its first freely elected leader.

The Muslim Brotherhood, which propelled Mursi to office, said in a statement that "corrupt people" and media who were biased against the president had stirred up fury on the streets.

The frequent violence and political schism between Islamists and secular Egyptians have hurt Mursi's efforts to revive an economy in crisis as investors and tourists have stayed away, taking a heavy toll on Egypt's currency.

(Additional reporting by Omar Fahmy, and Peter Griffiths in London; Writing by Edmund Blair; Editing by Mark Trevelyan)

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Smartphone 4Q sales rise 36 pct led by Samsung

SAN FRANCISCO (AP) — Smartphone shipments rose 36 percent worldwide in the fourth quarter as the sleek devices supplanted personal computers and other gadgets on holiday shopping lists, according to a report released Friday.

The findings from the research firm International Data Corp. are the latest sign of the technology upheaval being wrought by the growing popularity of smartphones that can perform a wide variety of tasks, including surfing the Web and taking high-quality photos.

Companies whose fortunes are tied to the PC industry have been particularly hard hit by the shift to smartphones and tablet computers.

While some smartphone models were in short supply during the holiday season, fourth-quarter PC shipments fell by 6 percent from the previous year, according to another IDC report released earlier this month.

IDC estimates 219 million smartphones were shipped during the final three months of last year. That compares with nearly 161 million in the same 2011 period. Smartphones accounted for about 45 percent of all mobile phone shipments in the fourth quarter, the highest percentage recorded by IDC.

Samsung Electronics Co. retained its bragging rights as the smartphone leader, shipping nearly 64 million devices for a 29 percent share of the global market.

Apple Inc. ranked second with nearly 48 million iPhones shipped during the fourth quarter, translating into a market share of 22 percent.

For all of 2012, IDC estimated nearly 713 million smartphones were shipped worldwide, a 44 percent increase from the previous year. Meanwhile, annual PC shipments fell 3 percent from 2011, IDC said. It was the first annual decline since 2001.

Entering 2012, Apple held a slight edge over Samsung in the smartphone market. But Samsung sprinted past Apple during the year as it introduced an array of models, most of which run on Google Inc.‘s free Android software. Samsung’s top-selling line, the Galaxy, boasts larger display screens than the iPhone and other features.

Apple alleges Samsung’s devices illegally ripped off the iPhone’s innovations. After a high-profile trial in federal court, a jury in San Jose, Calif. sided with some of the patent infringement claims last August and decided Samsung should pay more than $ 1 billion in damages. Samsung has been trying to overturn the verdict.

Lower-priced smartphones from Samsung and other device makers also have hurt Apple, whose slowing iPhone growth has contributed to a $ 250 billion decline in its market value since its stock price peaked in late September.

IDC says Huawei Technologies Ltd.‘s emphasis on less expensive handsets helped it become the third largest smartphone maker with a market share of 5 percent at the end of the fourth quarter.

Gadgets News Headlines – Yahoo! News

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Ashton Kutcher Parties in Sundance After jOBS Premiere

Caught in the Act

01/26/2013 at 01:50 PM EST

Ashton Kutcher's much-hyped movie jOBS premiered at the Sundance Film Festival on Friday, and the star was on hand – minus girlfriend Mila Kunis – for all the festivities.

Kutcher was one of the first to arrive at the official after party, hosted by Nur Khan Presents NK on Main Street for the cast and filmmakers and sponsored by Red Touch Media.

Kutcher was captivated by a floor-to-ceiling portrait of late Apple visionary Steve Jobs, whom Kutcher portrays in the film. Guests were quick to snap a photo of the actor admiring the subject of his role.

Without Kunis by his side, Kutcher very much remained a one-man guy, focusing his attention all night on his table of male friends and colleagues and posing for pictures with fans, according to an observer. The pride he takes in jOBS was palpable, as Kutcher was incredibly excited to chat about his film and role with all the guests who came up to greet him.

Co-star Ahna O'Reilly spent the evening in a very social mood, dancing to the beats of DJ Cash and catching up with co-star Josh Gad. Not to live down his "funny man" persona, Gad went into the evening entertaining all the guests and causing an uproar of laughter with Kutcher and O'Reilly while catching up about filming and their time at Sundance.


– Jennifer Garcia

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

___

CDC: http://www.cdc.gov/flu/

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S&P 500 vaults 1,500 as earnings cheer Wall Street

NEW YORK (Reuters) - The S&P 500 index on Friday closed above 1,500 for the first time in more than five years as strong earnings reports, including Procter & Gamble's, helped the benchmark extend its rally to eight days.

The winning streak is the longest in eight years and left the S&P 500 about 4.1 percent away from its all-time closing high of 1,565.15 on October 9, 2007.

The equity market's strong start this year has been attributed to solid corporate results, an agreement in Washington to extend the government's borrowing power, encouraging signs from the global economy and seasonal inflows into stocks.

Procter & Gamble shares led the Dow and S&P higher with a 4 percent gain to $73.25 after the world's top household products maker's quarterly profit soared past expectations. The company also raised its sales and earnings outlook for the fiscal year.

Sales of new U.S. single-family homes fell in December but rose in 2012 to the highest level since 2009, a sign the U.S. housing market turned a corner last year.

"Economic data in the U.S. has been trending higher, albeit modestly. Things are incrementally better," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"The market was able to move forward despite deterioration in Apple and that's also a positive."

The Dow Jones industrial average <.dji> rose 70.65 points or 0.51 percent, to 13,895.98, the S&P 500 <.spx> gained 8.14 points or 0.54 percent, to 1,502.96 and the Nasdaq Composite <.ixic> added 19.33 points or 0.62 percent, to 3,149.71.

The S&P 500 closed at its highest since December 10, 2007 and the Dow ended at its highest since October 31, 2007.

Apple shares dropped 2.4 percent to $439.88, and the iPhone maker lost its coveted title as the largest U.S. company by market capitalization to Exxon Mobil Corp .

Apple's market cap fell to $413 billion, down roughly $250 billion from its September peak. Apple's fall is about equal to the entire value of Google Inc .

Adding to the bullish tone, German business morale improved for a third consecutive month in January to its highest in more than six months. In addition, European banks said they will repay the European Central Bank much more than expected of the loans the bank gave them during the crisis.

"Good news in credit markets helps set the stage for (more investment in) riskier assets," Krosby said.

For the week, the Dow rose 1.8 percent, the S&P climbed 1.1 percent and the Nasdaq rose 0.5 percent. It was the fourth straight week of gains for all three indexes.

Helping to lift the Nasdaq on Friday, Starbucks , rose 4.1 percent to $56.81 after the coffee retailer reported stronger-than-expected sales in the United States and Asia. {ID:nL1N0ATH04]

Netflix added 15.5 percent to $169.56, following its massive 42.2 percent jump Thursday after it announced a surprise jump in subscribers to its video streaming service.

Thomson Reuters data through Friday showed that of the 147 S&P 500 companies that have reported earnings, 68 percent exceeded expectations. Since 1994, 62 percent of companies have topped expectations, while the average over the past four quarters stands at 65 percent.

Halliburton Co shares jumped 5.1 percent to $39.72 after the world's second-largest oilfield services company reported higher-than-expected earnings and sales for the fourth quarter.

About 6.2 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average during January 2012 of about 6.93 billion shares.

On the NYSE, more than three issues rose for every two that fell and on Nasdaq five rose for every four decliners.

(Reporting by Rodrigo Campos; Editing by Kenneth Barry)

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Five die in Egypt violence on anniversary of uprising

CAIRO/ISMAILIA, Egypt (Reuters) - Five people were shot dead in the Egyptian city of Suez during nationwide protests against President Mohamed Mursi on Friday, the second anniversary of the uprising that toppled Hosni Mubarak.

One of the dead was a member of the security forces, medics said. Another 280 civilians and 55 security personnel were injured, officials said, in demonstrations fuelled by anger at the president and his Islamist allies in the Muslim Brotherhood.

Thousands of opponents of Mursi massed in Cairo's Tahrir Square - the cradle of the revolt against Mubarak - to rekindle the demands of a revolution they say has been hijacked by Islamists who have betrayed its goals.

Street battles erupted in Cairo, Alexandria, Suez and Port Said. Arsonists attacked at least two state-owned buildings as symbols of government were targeted. An office used by the Muslim Brotherhood's political party was also torched.

The January 25 anniversary laid bare the divide between the Islamists and their secular rivals.

This schism is hindering the efforts of Mursi, elected in June, to revive an economy in crisis and reverse a plunge in Egypt's currency by enticing back investors and tourists.

Inspired by the popular uprising in Tunisia, Egypt's revolution spurred further revolts across the Arab world. But the sense of common purpose that united Egyptians two years ago has given way to internal strife that had already triggered bloody street battles last month.

"Our revolution is continuing. We reject the domination of any party over this state. We say no to the Brotherhood state," Hamdeen Sabahy, a popular leftist leader, told Reuters.

The Brotherhood decided against mobilizing for the anniversary, wary of the scope for more conflict after December's violence, stoked by Mursi's decision to fast-track an Islamist-tinged constitution rejected by his opponents.

The Brotherhood denies accusations that it is seeking to dominate Egypt, labeling them a smear campaign by its rivals.

DEATH IN SUEZ

There were conflicting accounts of the lethal shooting in Suez. Some witnesses said security forces had opened fire in response to gunfire from masked men.

News of the deaths capped a day of violence which started in the early hours. Before dawn in Cairo, police battled protesters who threw petrol bombs and firecrackers as they approached a wall blocking access to government buildings near Tahrir Square.

Clouds of tear gas filled the air. At one point, riot police used one of the incendiaries thrown at them to set ablaze at least two tents erected by youths, a Reuters witness said.

Skirmishes between stone-throwing youths and the police continued in streets around the square into the day. Ambulances ferried away a steady stream of casualties.

Protesters echoed the chants of 2011's historic 18-day uprising. "The people want to bring down the regime," they chanted. "Leave! Leave! Leave!" chanted others as they marched towards the square.

"We are not here to celebrate but to force those in power to submit to the will of the people. Egypt now must never be like Egypt during Mubarak's rule," said Mohamed Fahmy, an activist.

There were similar scenes in Suez and Alexandria, where protesters and riot police clashed near local government offices. Black smoke billowed from tires set ablaze by youths.

In Cairo, police fired tear gas to disperse a few dozen protesters trying to remove barbed-wire barriers protecting the presidential palace, witnesses said. A few masked men got as far as the gates before they were beaten back.

Tear gas was also fired at protesters who tried to remove metal barriers outside the state television building.

Outside Cairo, protesters broke into the offices of provincial governors in Ismailia and Kafr el-Sheikh in the Nile Delta. A local government building was torched in the Nile Delta city of al-Mahalla al-Kubra.

BADIE CALLS FOR "PRACTICAL, SERIOUS COMPETITION"

With an eye on parliamentary elections likely to begin in April, the Brotherhood marked the anniversary with a charity drive across the nation. It plans to deliver medical aid to one million people and distribute affordable basic foodstuffs.

Writing in Al-Ahram, Egypt's flagship state-run daily, Brotherhood leader Mohamed Badie said the country was in need of "practical, serious competition" to reform the corrupt state left by the Mubarak era.

"The differences of opinion and vision that Egypt is passing through is a characteristic at the core of transitions from dictatorship to democracy, and clearly expresses the variety of Egyptian culture," he wrote.

Mursi's opponents say he and his group are seeking to dominate the post-Mubarak order. They accuse him of showing some of the autocratic impulses of the deposed leader by, for example, driving through the new constitution last month.

"I am taking part in today's marches to reject the warped constitution, the 'Brotherhoodisation' of the state, the attack on the rule of law, and the disregard of the president and his government for the demands for social justice," Amr Hamzawy, a prominent liberal politician, wrote on his Twitter feed.

The Brotherhood says its rivals are failing to respect the rules of the new democracy that put the Islamists in the driving seat via free elections.

Six months into office, Mursi is also being held responsible for an economic crisis caused by two years of turmoil. The Egyptian pound has sunk to record lows against the dollar.

The parties that called for Friday's protests list demands including a complete overhaul of the constitution.

Critics say the constitution, which was approved in a referendum, offers inadequate protection for human rights, grants the president too many privileges and fails to curb the power of a military establishment supreme in the Mubarak era.

Mursi's supporters say enacting the constitution quickly was crucial to restoring stability needed for economic recovery.

(Additional reporting by Ahmed el-Shemi, Ashraf Fahim, Marwa Awad, Shaimaa Fayed and Yasmine Saleh in Cairo and Abdel Rahman Youssef in Alexandria; Writing by Tom Perry; Editing by Robert Woodward)

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Yandex says new mobile app is blocked by Facebook

MOSCOW (Reuters) – Russian internet company Yandex said on Friday its new experimental application to search on social networking sites from mobile devices was blocked by Facebook.

The Wonder app is a recommendation tool for devices using Apple’s iOS software that allows U.S. users of social networks to retrieve information from these sites by voice or by typing questions.

The application was released late on Thursday for users of Facebook, Instagram, Foursquare and Twitter but was blocked by Facebook three hours after the launch, a Yandex spokesman said.

He added that talks between Yandex and Facebook, aimed to establish the reason of the issue and resolve it, were to begin within hours. He gave no reason for the problem.

Facebook was not available for comment.

With the new app, Yandex wants to test the opportunities offered by social networks. If successful, the company will consider offering it to users in Russia and Turkey, he said.

Shares in Yandex, Russia’s most popular search engine, gained 0.8 percent in early trade on Friday.

(Reporting by Maria Kiselyova; Editing by Mike Nesbit)

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Screen Actors Guild Menu Focuses on Fresh, Local Food

By Marla Lehner

01/25/2013 at 04:35 PM EST

How do you satisfy Hollywood's biggest stars – people with discerning palates, often strict diets and tight dresses?

That is the task before Los Angeles-based celebrity chef Suzanne Goin, who will cook up a seasonal, tasty meal for the A-listers attending Sunday's Screen Actors Guild Awards in Los Angeles.

"The challenge in this case is having that one plate that has three different dishes on it that need to all really work together," says Goin, who previewed the SAG Awards menu last week at her West Hollywood restaurant Lucques. "How do I do that? I use the produce and vegetables that are the most beautiful."

And Goin also keeps the occasion firmly in mind. "I want the plate to be festive and have a party feeling to it the way the awards actually do," adds the chef, who uses all seasonal and local ingredients from farmers she works with all year round. "These awards really feel like a party."

The calorie-conscious menu gives guests two choices. The vegetarian option includes a plate with a salad of beets, blood oranges, feta cheese and black olives; a serving of curried cauliflower, couscous and pomegranate salsa; and a hearty salad of farro with kale, young broccoli, currants and pine nuts.

The non-veggie plate includes melt-in-your-mouth slow roasted salmon with green rice and edible flowers; sliced beef tenderloin with horseradish cream; and the same tangy salad of beets and blood oranges.

Goin, who describes herself as nervous by nature when it comes to cooking for such a high-profile event, says the toughest part is the last 48 hours before the event. Because everything is made fresh, she and her staff "can't really cook until the last minute," she says. "The end is a real push and a crunch. ... But when you're done, it's the happiest moment."

Salad of beets, blood oranges, feta cheese and black olives; a serving of curried cauliflower, couscous and pomegranate salsa; and a salad of farro with kale, young broccoli, currants and pine nuts.

John Sciulli / Getty

Roasted Beets & Blood Oranges with Feta and Black Olives

Ingredients
• 3 bunches of small to medium beets
• ¾ cup extra virgin olive oil
• 5 large blood oranges
• 2 tbsp. finely diced shallots
• 1 tsp. red wine vinegar
• 1 tbsp. lemon juice
• ½ cup Nyons olives of other strong-tasting oil-cured black olives, pitted
• 2 oz. arugula
• ¼ pound feta cheese
• Kosher salt and freshly ground pepper to taste

Directions
1. Preheat oven to 450
2. Cut the greens off beets, leaving about ½-inch of the stem still attached. Clean the beets well and toss them with 2 tablespoons of olive oil and 1 teaspoon of salt. Place the beets in a roasting pan with a splash of water in the bottom. Cover the pan tightly with foil and roast the beats about 40 minutes or until they're tender when pierced. When they're done, carefully remove the foil. Let cool and peel the beets by slipping off the skins with your fingers. Slice the beets into wedges and place in a large bowl.
3. Slice the stem and ends off four of the blood oranges. Stand them on one end and, following the contour of the fruit with your knife, remove the peel and white cottony pith. Work from the top and bottom, rotating the fruit as you go. Slice each orange thinly into 8 to 10 pinwheels.
4. Squeeze juice from remaining blood orange and reserve a ¼ cup for the vinaigrette.
5. Combine the diced shallot, vinegar, lemon juice, ¼ cup blood orange juice and ½ teaspoon salt in a small bowl, and let it sit 5 minutes. Whisk in remaining ½ cup olive oil and taste for seasoning.
6. Toss the beats with ¾ of the vinaigrette and a sprinkling of salt and pepper. Taste for seasoning. Gently toss in the olives and arugula.
7. Arrange half the salad on a platter. Tuck half the blood oranges in and around the beets and scatter half of the feta on top. Place the rest of the salad on top and nestle the remaining blood oranges into the salad and sprinkle the remaining feta on top.

Sliced beef tenderloin with horseradish cream; slow roasted salmon with green rice and edible flowers; a salad of beets and blood oranges

John Sciulli / Getty

Beef Tenderloin with Fingerlings, Arugula and Horseradish Cream

Ingredients
• 4 lb. center-cut beef tenderloin, trimmed
• 2 tsp. cracked black pepper
• 1 Tbsp. rosemary leaves, plus 3 springs
• 1 Tbsp. thyme leaves, plus 6 springs
• 2 Tbsp. extra virgin olive oil
• 3 Tbsp. unsalted butter, sliced
• 2 oz. arugula
• Roasted fingerling potatoes (recipe follows)
• Horseradish cream (recipe follows)

Directions
1. Marinate the beef overnight with the black pepper, thyme leaves and rosemary.
2. Remove the meat from the refrigerator 1 hour before cooking. After 30 minutes, season the beef generously with kosher salt.
3. Preheat the oven to 300 degrees.
4. Heat a large cast iron or other heavy pan over high heat for 4 minutes. Drizzle 2 tablespoons of olive oil in the pan and place the beef in the pan. Sear until well browned and caramelized on all sides. Transfer to a rack set in a roasting pan and top with the sliced butter and the springs of thyme and rosemary. Place in the oven and cook about 50 minutes until the center reads 125 degrees on a meet thermometer.
5. Baste with the buttery-herby juices and let rest at least 12 minutes.
6. Slice into ½-inch thick pieces and serve with the fingerling potatoes, a few arugula leaves and a dollop of the horseradish cream on top.

For the roasted fingerling potatoes
• 1 lb. fingerling potatoes
• 3 Tbsp. extra virgin olive oil
• 3 cloves garlic, unpeeled and smashed
• 4 springs thyme
• 1 Tbsp. rosemary leaves

Directions
1. Preheat over to 450 degrees.
2. Toss the potatoes with the olive oil, garlic, thyme, rosemary and 1 teaspoon of kosher salt. Place in a roasting pan, cover with aluminum foil and roast for about 40 minutes until tender

For the horseradish sauce
• ¾ cup créme fraiche
• 1 Tbsp. prepared horseradish
• Kosher salt and black pepper

Directions
Combine the créme fraiche and horseradish in a small bowl. Season with ¼ teaspoon of salt and pepper. Taste for balance and seasoning.

The 19th Annual Screen Actors Guild Awards will air live on TNT and TBS on Sunday, Jan. 27, at 8 p.m. ET (5 p.m. PT) from the Shrine Auditorium in Los Angeles.

Read More..

Penalty could keep smokers out of health overhaul

WASHINGTON (AP) — Millions of smokers could be priced out of health insurance because of tobacco penalties in President Barack Obama's health care law, according to experts who are just now teasing out the potential impact of a little-noted provision in the massive legislation.

The Affordable Care Act — "Obamacare" to its detractors — allows health insurers to charge smokers buying individual policies up to 50 percent higher premiums starting next Jan. 1.

For a 55-year-old smoker, the penalty could reach nearly $4,250 a year. A 60-year-old could wind up paying nearly $5,100 on top of premiums.

Younger smokers could be charged lower penalties under rules proposed last fall by the Obama administration. But older smokers could face a heavy hit on their household budgets at a time in life when smoking-related illnesses tend to emerge.

Workers covered on the job would be able to avoid tobacco penalties by joining smoking cessation programs, because employer plans operate under different rules. But experts say that option is not guaranteed to smokers trying to purchase coverage individually.

Nearly one of every five U.S. adults smokes. That share is higher among lower-income people, who also are more likely to work in jobs that don't come with health insurance and would therefore depend on the new federal health care law. Smoking increases the risk of developing heart disease, lung problems and cancer, contributing to nearly 450,000 deaths a year.

Insurers won't be allowed to charge more under the overhaul for people who are overweight, or have a health condition like a bad back or a heart that skips beats — but they can charge more if a person smokes.

Starting next Jan. 1, the federal health care law will make it possible for people who can't get coverage now to buy private policies, providing tax credits to keep the premiums affordable. Although the law prohibits insurance companies from turning away the sick, the penalties for smokers could have the same effect in many cases, keeping out potentially costly patients.

"We don't want to create barriers for people to get health care coverage," said California state Assemblyman Richard Pan, who is working on a law in his state that would limit insurers' ability to charge smokers more. The federal law allows states to limit or change the smoking penalty.

"We want people who are smoking to get smoking cessation treatment," added Pan, a pediatrician who represents the Sacramento area.

Obama administration officials declined to be interviewed for this article, but a former consumer protection regulator for the government is raising questions.

"If you are an insurer and there is a group of smokers you don't want in your pool, the ones you really don't want are the ones who have been smoking for 20 or 30 years," said Karen Pollitz, an expert on individual health insurance markets with the nonpartisan Kaiser Family Foundation. "You would have the flexibility to discourage them."

Several provisions in the federal health care law work together to leave older smokers with a bleak set of financial options, said Pollitz, formerly deputy director of the Office of Consumer Support in the federal Health and Human Services Department.

First, the law allows insurers to charge older adults up to three times as much as their youngest customers.

Second, the law allows insurers to levy the full 50 percent penalty on older smokers while charging less to younger ones.

And finally, government tax credits that will be available to help pay premiums cannot be used to offset the cost of penalties for smokers.

Here's how the math would work:

Take a hypothetical 60-year-old smoker making $35,000 a year. Estimated premiums for coverage in the new private health insurance markets under Obama's law would total $10,172. That person would be eligible for a tax credit that brings the cost down to $3,325.

But the smoking penalty could add $5,086 to the cost. And since federal tax credits can't be used to offset the penalty, the smoker's total cost for health insurance would be $8,411, or 24 percent of income. That's considered unaffordable under the federal law. The numbers were estimated using the online Kaiser Health Reform Subsidy Calculator.

"The effect of the smoking (penalty) allowed under the law would be that lower-income smokers could not afford health insurance," said Richard Curtis, president of the Institute for Health Policy Solutions, a nonpartisan research group that called attention to the issue with a study about the potential impact in California.

In today's world, insurers can simply turn down a smoker. Under Obama's overhaul, would they actually charge the full 50 percent? After all, workplace anti-smoking programs that use penalties usually charge far less, maybe $75 or $100 a month.

Robert Laszewski, a consultant who previously worked in the insurance industry, says there's a good reason to charge the maximum.

"If you don't charge the 50 percent, your competitor is going to do it, and you are going to get a disproportionate share of the less-healthy older smokers," said Laszewski. "They are going to have to play defense."

___

Online:

Kaiser Health Reform Subsidy Calculator — http://healthreform.kff.org/subsidycalculator.aspx

Read More..

AT&T gains customers in 4Q, posts big loss

NEW YORK (AP) — The launch of the iPhone 5 helped AT&T attract more new customers in the holiday quarter than it has in three years, but it posted a big loss because of an annual adjustment to its pension obligations.

AT&T Inc. on Thursday said added a net 780,000 new customers on contract-based plans from October to December, its best result in three years. It activated 8.6 million iPhones in the quarter — a record for any company. AT&T was the first company to introduce the iPhone in 2007, and has more iPhone users than any other U.S. carrier.

However, AT&T remained well behind Verizon Wireless, the country's largest cellphone company. It added 2.2 million devices on contract-based plans to its network in the quarter, extending its lead.

Dallas-based AT&T's quarterly loss was $3.86 billion, or 68 cents per share. That compares with a loss of $6.68 billion, or $1.12 per share, a year earlier, also caused by an adjustment to pension and retiree benefit obligations.

Excluding special items, AT&T earned 44 cents per share, 2 cents short of the average analyst estimate as polled by FactSet.

Revenue was $32.6 billion, up a hair from $32.5 billion a year ago. It slightly exceeded analyst estimates of $32.2 billion.

AT&T shares rose 5 cents to $33.80 in extended trading, after the release of the results.

Read More..

North Korea to target U.S. with nuclear, rocket tests

SEOUL (Reuters) - North Korea said on Thursday it would carry out further rocket launches and a nuclear test that would target the United States, dramatically stepping up its threats against a country it called its "sworn enemy".

The announcement by the country's top military body came a day after the U.N. Security Council agreed to a U.S.-backed resolution to censure and sanction North Korea for a rocket launch in December that breached U.N. rules.

North Korea is not believed to have the technology to deliver a nuclear warhead capable of hitting the continental United States, although its December launch showed it had the capacity to deliver a rocket that could travel 10,000 km (6,200 miles), potentially putting San Francisco in range, according to an intelligence assessment by South Korea.

"We are not disguising the fact that the various satellites and long-range rockets that we will fire and the high-level nuclear test we will carry out are targeted at the United States," North Korea's National Defence Commission said, according to state news agency KCNA.

North Korea is believed by South Korea and other observers to be "technically ready" for a third nuclear test, and the decision to go ahead rests with leader Kim Jong-un, who pressed ahead with the December rocket launch in defiance of the U.N. sanctions.

China, the one major diplomatic ally of the isolated and impoverished North, agreed to the U.S.-backed resolution and it also supported resolutions in 2006 and 2009 after Pyongyang's two earlier nuclear tests.

Thursday's statement by North Korea represents a huge challenge to Beijing as it undergoes a leadership transition, with Xi Jinping due to take office in March.

China's Foreign Ministry called for calm and restraint and a return to six-party talks, but effectively singled out North Korea, urging the "relevant party" not to take any steps that would raise tensions.

"We hope the relevant party can remain calm and act and speak in a cautious and prudent way and not take any steps which may further worsen the situation," ministry spokesman Hong Lei told reporters at a regular press briefing.

North Korea has rejected proposals to restart the talks aimed at reining in its nuclear capacity. The United States, China, Russia, Japan and the two Koreas are the six parties involved.

"After all these years and numerous rounds of six-party talks we can see that China's influence over North Korea is actually very limited. All China can do is try to persuade them not to carry out their threats," said Cai Jian, an expert on Korea at Fudan University in Shanghai.

Analysts said the North could test as early as February as South Korea prepares to install a new, untested president or that it could choose to stage a nuclear explosion to coincide with former ruler Kim Jong-il's Feb 16 birthday.

"North Korea will have felt betrayed by China for agreeing to the latest U.N. resolution and they might be targeting (China) as well (with this statement)," said Lee Seung-yeol, senior research fellow at Ewha Institute of Unification Studies in Seoul.

U.S. URGES NO TEST

Washington urged North Korea not to proceed with a third test just as the North's statement was published on Thursday.

"Whether North Korea tests or not is up to North Korea," Glyn Davies, the top U.S. envoy for North Korean diplomacy, said in the South Korean capital of Seoul.

"We hope they don't do it. We call on them not to do it," Davies said after a meeting with South Korean officials. "This is not a moment to increase tensions on the Korean peninsula."

The North was banned from developing missile and nuclear technology under sanctions dating from its 2006 and 2009 nuclear tests.

A South Korean military official said the concern now is that Pyongyang could undertake a third nuclear test using highly enriched uranium for the first time, opening a second path to a bomb.

North Korea's 2006 nuclear test using plutonium produced a puny yield equivalent to one kiloton of TNT - compared with 13-18 kilotons for the Hiroshima bomb - and U.S. intelligence estimates put the 2009 test's yield at roughly two kilotons

North Korea is estimated to have enough fissile material for about a dozen plutonium warheads, although estimates vary, and intelligence reports suggest that it has been enriching uranium to supplement that stock and give it a second path to the bomb.

According to estimates from the Institute for Science and International Security from late 2012, North Korea could have enough weapons grade uranium for 21-32 nuclear weapons by 2016 if it used one centrifuge at its Yongbyon nuclear plant to enrich uranium to weapons grade.

North Korea has not yet mastered the technology needed to make a nuclear warhead small enough for an intercontinental missile, most observers say, and needs to develop the capacity to shield any warhead from re-entry into the earth's atmosphere.

North Korea gave no time-frame for the coming test and often employs harsh rhetoric in response to U.N. and U.S. actions that it sees as hostile.

The bellicose statement on Thursday appeared to dent any remaining hopes that Kim Jong-un, believed to be 30 years old, would pursue a different path from his father, Kim Jong-il, who oversaw the country's military and nuclear programs.

The older Kim died in December 2011.

"The UNSC (Security Council) resolution masterminded by the U.S. has brought its hostile policy towards the Democratic Peoples Republic of Korea (North Korea) to its most dangerous stage," the commission was quoted as saying.

(Additional reporting by Christine Kim in SEOUL, Ben Blanchard and Sui-Lee Wee in Beijing; Writing by David Chance; Editing by Raju Gopalakrishnan and Ron Popeski)

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Microsoft profit dips on lower Xbox holiday sales

SEATTLE (Reuters) – Microsoft Corp reported a dip in fiscal second-quarter profit on Thursday, as weaker sales of its Xbox game system in the holiday quarter offset a solid start for its new Windows 8 operating system.

The world’s largest software company reported profit of $ 6.4 billion, or 76 cents per share, compared to $ 6.6 billion, or 78 cents per share, in the year-ago quarter.

Overall sales rose 3 percent to $ 21.5 billion.

(Reporting by Bill Rigby; Editing by Richard Chang)

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Jenna Fischer Cried Tears of Joy over John Krasinski's Office Casting

TV Watch

By Dahvi Shira

01/24/2013 at 04:50 PM EST

Jenna Fischer and John Krasinski

Jason LaVeris/Filmmagic

It was love at first audition for Jenna Fischer and John Krasinski.

Fischer who plays Pam to Krasinski's Jim on The Office, isn't sure their characters would have become the fan-favorites they are if he hadn't been chosen to play her husband.

"I was paired up with John often and I thought this was good because he was my favorite Jim," Fischer, 38, explains on Thursday's episode of The Jeff Probst Show, says of the final round of eight actors – four Pams and four Jims.

"On the second day, John whispered to me, 'You're my favorite Pam. I hope you get it.' "

Needless to say, when the actress heard the news about her newly-casted costar, she was overjoyed.

"When they called me and said I got the role, I said, 'Who's Jim – did you cast John Krasinski?' " Fischer says. "They said, 'Yes' and I started crying because I knew it would be good. And I mean this honestly – I can't do Pam without him. In the way you need the right partner to have a great marriage, I needed the right costar to have this relationship.”

Getting the role that skyrocketed Fischer's career may indirectly be thanks to Alyson Hannigan, who – for once – didn't try out for the same part.

"I had been knocking around Los Angeles for about eight years going to various auditions. I would do eight auditions for a new television show and then at the very end they would offer the role to Alyson Hannigan," the actress admits.

"She was my biggest competition … I would get to the final audition and I'd go, 'I know I've got this one.' And then she'd walk in the door and I'd go, 'Nope.' "

Now that it's the beginning of the end for The Office – Thursday's episode will reveal the secrets behind the documentary crew filming at Dunder Mifflin all these years – can Fischer share any behind-the-scenes scoop?

"Around the holidays we do our online Christmas shopping. Phyllis [Smith] is hilarious – she pays her bills online, in the background," the actress reveals. "She brings in these stacks of papers and you see her over there, clicking on her bank. She's just paying bills."

Read More..

Penalty could keep smokers out of health overhaul

WASHINGTON (AP) — Millions of smokers could be priced out of health insurance because of tobacco penalties in President Barack Obama's health care law, according to experts who are just now teasing out the potential impact of a little-noted provision in the massive legislation.

The Affordable Care Act — "Obamacare" to its detractors — allows health insurers to charge smokers buying individual policies up to 50 percent higher premiums starting next Jan. 1.

For a 55-year-old smoker, the penalty could reach nearly $4,250 a year. A 60-year-old could wind up paying nearly $5,100 on top of premiums.

Younger smokers could be charged lower penalties under rules proposed last fall by the Obama administration. But older smokers could face a heavy hit on their household budgets at a time in life when smoking-related illnesses tend to emerge.

Workers covered on the job would be able to avoid tobacco penalties by joining smoking cessation programs, because employer plans operate under different rules. But experts say that option is not guaranteed to smokers trying to purchase coverage individually.

Nearly one of every five U.S. adults smokes. That share is higher among lower-income people, who also are more likely to work in jobs that don't come with health insurance and would therefore depend on the new federal health care law. Smoking increases the risk of developing heart disease, lung problems and cancer, contributing to nearly 450,000 deaths a year.

Insurers won't be allowed to charge more under the overhaul for people who are overweight, or have a health condition like a bad back or a heart that skips beats — but they can charge more if a person smokes.

Starting next Jan. 1, the federal health care law will make it possible for people who can't get coverage now to buy private policies, providing tax credits to keep the premiums affordable. Although the law prohibits insurance companies from turning away the sick, the penalties for smokers could have the same effect in many cases, keeping out potentially costly patients.

"We don't want to create barriers for people to get health care coverage," said California state Assemblyman Richard Pan, who is working on a law in his state that would limit insurers' ability to charge smokers more. The federal law allows states to limit or change the smoking penalty.

"We want people who are smoking to get smoking cessation treatment," added Pan, a pediatrician who represents the Sacramento area.

Obama administration officials declined to be interviewed for this article, but a former consumer protection regulator for the government is raising questions.

"If you are an insurer and there is a group of smokers you don't want in your pool, the ones you really don't want are the ones who have been smoking for 20 or 30 years," said Karen Pollitz, an expert on individual health insurance markets with the nonpartisan Kaiser Family Foundation. "You would have the flexibility to discourage them."

Several provisions in the federal health care law work together to leave older smokers with a bleak set of financial options, said Pollitz, formerly deputy director of the Office of Consumer Support in the federal Health and Human Services Department.

First, the law allows insurers to charge older adults up to three times as much as their youngest customers.

Second, the law allows insurers to levy the full 50 percent penalty on older smokers while charging less to younger ones.

And finally, government tax credits that will be available to help pay premiums cannot be used to offset the cost of penalties for smokers.

Here's how the math would work:

Take a hypothetical 60-year-old smoker making $35,000 a year. Estimated premiums for coverage in the new private health insurance markets under Obama's law would total $10,172. That person would be eligible for a tax credit that brings the cost down to $3,325.

But the smoking penalty could add $5,086 to the cost. And since federal tax credits can't be used to offset the penalty, the smoker's total cost for health insurance would be $8,411, or 24 percent of income. That's considered unaffordable under the federal law. The numbers were estimated using the online Kaiser Health Reform Subsidy Calculator.

"The effect of the smoking (penalty) allowed under the law would be that lower-income smokers could not afford health insurance," said Richard Curtis, president of the Institute for Health Policy Solutions, a nonpartisan research group that called attention to the issue with a study about the potential impact in California.

In today's world, insurers can simply turn down a smoker. Under Obama's overhaul, would they actually charge the full 50 percent? After all, workplace anti-smoking programs that use penalties usually charge far less, maybe $75 or $100 a month.

Robert Laszewski, a consultant who previously worked in the insurance industry, says there's a good reason to charge the maximum.

"If you don't charge the 50 percent, your competitor is going to do it, and you are going to get a disproportionate share of the less-healthy older smokers," said Laszewski. "They are going to have to play defense."

___

Online:

Kaiser Health Reform Subsidy Calculator — http://healthreform.kff.org/subsidycalculator.aspx

Read More..

S&P up for sixth day but Apple slip could halt rally

NEW YORK (Reuters) - The S&P 500 rose for a sixth day on Wednesday after stronger-than-expected profits from IBM and Google but the rally could be halted as Apple's after-hours miss send its shares lower.

The S&P was just 4.7 percent from its all-time closing high as IBM's and Google's earnings, released after Tuesday's close, followed on the heels of stronger U.S. economic data.

"People were kind of nervous about earnings coming into this quarter but numbers have shown so far strength in earnings," said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco.

But Apple , still the largest U.S. publicly traded company, fell more than 4 percent in extended trading after sales of its flagship iPhone came in below analyst targets and quarterly revenue slightly missed Wall Street expectations.

Declining issues beat advancers in both the NYSE and Nasdaq during regular market hours, in a sign the market's rally may be overstretched. The broad Russell 2000 index <.rut> closed the day down 0.3 percent after earlier hitting and intraday historic high just below 900 points.

Shares in IBM Corp , the world's largest technology services company, climbed 4.4 percent during regular market hours to $204.72, providing just about all of the Dow's 67-point gain.

Also helping the tech sector was a 5.5 percent jump in Google Inc to $741.50. The Internet search company reported its core business outpaced expectations and revenue was higher than expected.

The S&P technology sector <.splrct> rose 1.2 percent.

The Dow Jones industrial average <.dji> rose 66.96 points or 0.49 percent, to 13,779.17, the S&P 500 <.spx> gained 2.22 points or 0.15 percent, to 1,494.78, and the Nasdaq Composite <.ixic> added 10.49 points or 0.33 percent, to 3,153.67.

The benchmark S&P 500 is a mere 0.35 percent away from hitting 1,500, a level not seen since December 12, 2007.

Netflix shares soared 32 percent, above $136, after the video subscription service said it added subscribers in the United States and abroad and posted a quarterly profit.

LED maker Cree Inc jumped 22 percent to $40.85 after it forecast a higher-than-expected third-quarter profit, and reported results above analysts' estimates.

Upscale leather goods maker Coach Inc plunged 16.4 percent to $50.75 after reporting sales that missed expectations.

Clearing a market hurdle, the U.S. House of Representatives passed a Republican-led plan to extend the country's borrowing authority until mid May. This delays a confrontation in Congress similar to one in 2011, which generated a stalemate that triggered the first-ever U.S. debt rating downgrade.

Thomson Reuters data through Wednesday showed that of the 99 S&P 500 companies that have reported earnings so far, 67.7 percent have topped expectations, above the 65 percent average beat over the past four quarters.

Overall, S&P 500 fourth-quarter earnings rose 2.8 percent, according to Thomson Reuters data. That estimate is above the 1.9 percent forecast at the start of earnings season.

Top U.S. manufacturers sounded a confident note about their expectations for 2013 on Wednesday as fears of the year-end "fiscal cliff" faded into memory.

In the regular session, about 6.1 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the 2012 daily average of about 6.45 billion.

On the NYSE, roughly 15 issues fell for every 14 that rose and on Nasdaq seven declined for every five gainers.

(Reporting by Rodrigo Campos; Editing by Nick Zieminski)

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Cameron promises Britons vote on EU exit

LONDON (Reuters) - Prime Minister David Cameron promised Britons a vote on quitting the European Union, rattling London's biggest allies and some investors by raising the prospect of uncertainty and upheaval.

Cameron announced on Wednesday that the referendum would be held by the end of 2017 - provided he wins a second term - and said that while Britain did not want to retreat from the world, public disillusionment with the bloc was at "an all-time high".

"It is time for the British people to have their say. It is time for us to settle this question about Britain and Europe," Cameron said in a speech, adding that his Conservative party would campaign for the 2015 parliamentary election on a promise to renegotiate the terms of Britain's EU membership.

"When we have negotiated that new settlement, we will give the British people a referendum with a very simple in or out choice to stay in the European Union on these new terms; or come out altogether. It will be an in-out referendum."

A referendum would mark the second time British voters have had a direct say on the issue. In 1975, they decided by a wide margin to stay in, two years after the country had joined.

Most recent opinion polls have shown a slim majority would vote to leave amid bitter disenchantment, fanned by a hostile press, about the EU's perceived influence on the British way of life. However, a poll this week showed a majority for staying.

Cameron's position is fraught with uncertainty. He must come from behind to win the next election, secure support from the EU's 26 other states for a new British role, and hope those countries can persuade their voters to back the changes.

He also avoided saying exactly what he would do if he failed to win concessions in Europe, as many believe is likely.

Critics, notably among business leaders worried about the effect on investment, say that for years before a vote, Britain may slip into a dangerous and damaging limbo that could leave it adrift or effectively pushed out of the EU.

The United States, a close ally, is also uneasy about the plan, believing it will dilute Britain's international clout. President Barack Obama told Cameron last week that Washington valued "a strong UK in a strong European Union" and the White House said on Wednesday it believed Britain's membership of the EU was mutually beneficial.

Some of Britain's European partners were also anxious and told Cameron on Wednesday his strategy reflected a selfish and ignorant attitude. However, Angela Merkel, the leader of EU paymaster Germany, was quick to say she was ready to discuss Cameron's ideas.

FRENCH "NON"

French Foreign Minister Laurent Fabius was less diplomatic: "If Britain wants to leave Europe, we will roll out the red carpet," he quipped, echoing words Cameron used recently to urge France's rich to escape high taxes and move to Britain.

French President Francois Hollande repeated his refusal of special deals: "What I will say, speaking for France, and as a European, is that it isn't possible to bargain over Europe to hold this referendum," he said. "Europe must be taken as it is.

"One can have it modified in future but one cannot propose reducing or diminishing it as a condition of staying in."

Italian Prime Minister Mario Monti was more positive. He said he agreed with Cameron on the need to make the EU more innovative and welcomed the idea of a British referendum, saying he thought Britons would ultimately vote to stay in the bloc.

Billed by commentators as the most important speech of Cameron's career, his referendum promise ties him firmly to an issue that has bedeviled a generation of Conservative leaders.

In the past, he has been careful to avoid bruising partisan fights over Europe, an issue that undid the last two Conservative prime ministers, John Major and Margaret Thatcher.

His speech appeared to pacify a powerful Euroskeptic wing inside his own party, but deepen rifts with the Liberal Democrats, the junior partners in his coalition. Their leader, Deputy Prime Minister Nick Clegg, said the plan would undermine a fragile economic recovery.

Sterling fell to its lowest in nearly five months against the dollar on Wednesday as Cameron was speaking.

"BREXIT"?

Cameron said he would take back powers from Brussels, saying later in parliament that, when it came to employment, social and environmental legislation, "Europe has gone far too far".

But such a clawback - still the subject of an internal audit to identify which specific powers he should target for repatriation to London - is likely to be easier said than done.

If Cameron wins re-election but then fails to renegotiate Britain's membership of the EU, a 'Brexit' could loom.

Business leaders have warned that years of doubt over Britain's EU membership would damage the $2.5 trillion economy and cool the investment climate.

"Having a referendum creates more uncertainty and we don't need that," Martin Sorrell, chief executive of advertising giant WPP, told the World Economic Forum in Davos. "This is a political decision. This is not an economic decision.

"This isn't good news. You added another reason why people will postpone investment decisions."

Cameron has been pushed into taking such a strong position partly by the rise of the UK Independence Party, which favors complete withdrawal from the EU and has climbed to third in the opinion polls, mainly at the expense of the Conservatives.

"All he's trying to do is to kick the can down the road and to try and get UKIP off his back," said UKIP leader Nigel Farage.

Euroskeptics in Cameron's party, who have threatened to stir up trouble for the premier, were thrilled by the speech.

Conservative lawmaker Peter Bone called it "a terrific victory" that would unify 98 percent of the party. "He's the first prime minister to say he wants to bring back powers from Brussels," Bone told Reuters. "It's pretty powerful stuff".

Whether Cameron holds the referendum remains as uncertain as the Conservatives' chances of winning the election. They trail the opposition Labour party in opinion polls, and the coalition is grappling with a stagnating economy as it pushes through unpopular public spending cuts to reduce a large budget deficit.

Labour leader Ed Miliband said on Wednesday his party did not want an in-or-out referendum.

EU REFORM

Cameron said he would campaign for Britain to stay in the EU "with all my heart and soul", provided he secured the reforms he wants. He made clear the Union must become less bureaucratic and focus more on free trade.

It was riskier to maintain the status quo than to change, he said: "The biggest danger to the European Union comes not from those who advocate change, but from those who denounce new thinking as heresy," he said.

Asked whether, if he did not succeed in his renegotiation strategy, would recommend a vote to take Britain out, he said only: "I want to see a strong Britain in a reformed Europe.

"We have a very clear plan. We want to reset the relationship. We will hold that referendum. We will recommend that resettlement to the British people."

Cameron said the euro zone debt crisis was forcing the bloc to change and that Britain would fight to make sure new rules were fair to the 10 countries that do not use the common currency, of which Britain is the largest.

Democratic consent for the EU in Britain was now "wafer thin", he said:

"Some people say that to point this out is irresponsible, creates uncertainty for business and puts a question mark over Britain's place in the European Union. But the question mark is already there: ignoring it won't make it go away."

A YouGov opinion poll on Monday showed that more people wanted to stay in the EU than leave it, the first such result in many months. But it was unclear whether that result was a blip.

Paul Chipperfield, a 53-year-old management consultant, said he liked the strategy: "Cameron's making the right move because I don't think we've had enough debate in this country," he said.

"We should be part of the EU but the EU needs to recognize that not everybody's going to jump on the same bandwagon."

Asked after the speech whether other EU countries would agree to renegotiate Britain's membership, Cameron said he was an optimist and that there was "every chance of success".

"I don't want Britain to leave the EU," he told parliament later. "I want Britain to reform the EU."

In the 1975 referendum, just over 67 percent voted to stay inside with nearly 33 percent against.

(Additional reporting by Paul Taylor in Davos, Alexandra Hudson in Berlin, Brenda Goh in London, Jeff Mason in Washington and James Mackenzie in Rome; Editing by Guy Faulconbridge, David Stamp and Alastair Macdonald)

Read More..

Racy Victorian divorces online at genealogy website

LONDON (Reuters) – The original Mrs Robinson’s diary and scandalous suggestions about a former heir to the British throne are all part of the latest ancestral revelations to go online.

British genealogical website Ancestry.co.uk said on Tuesday it has put the transcripts of thousands of Victorian divorce proceedings online, which reveal the racy details of an era that most modern Britons consider to have been dominated by imperial duty, a stiff upper lip and formal familial relations.

The UK Civil Divorce Records, 1858-1911 date from the year when the Matrimonial Causes Act removed the jurisdiction of divorce from the church and made it a civil matter.

Before this, a full divorce required intervention by Parliament, which had only granted around 300 since 1668. The records also include civil court records on separation, custody battles, legitimacy claims and nullification of marriages, according to the website.

Primarily due to their high cost, divorces were relatively rare in the 19th century, with around 1,200 applications made a year, compared to approximately 120,000 each year today, and not all requests were successful due to the strength of evidence required.

The rarity of such cases, combined with the fact that it was wealthy, often well-known nobility involved, made the divorce proceedings huge public scandals, played out in the press as real life soap operas.

Famously high-profile divorces included that of Henry and Isabella Robinson, the inspiration for the novel “Mrs Robinson’s Disgrace”, by Kate Summerscale.

Henry Robinson sued for divorce after reading his wife Isabella’s diary, which included in-depth details of her affair with a younger married man.

The diary was used as court evidence and when reported by the media became a huge scandal, partly because of the language used within the journal. Isabella, however, claimed the diary was a work of fiction, which led to her victory in court.

Conservative MP and baronet, Charles Mordaunt, filed for divorce in 1869 from his wife Harriet who stood accused of adultery with multiple men.

The case became national news when the Prince of Wales was rumored to be among the men who had had an affair with her. This rumor was never proven and Lady Mordaunt was eventually declared mad and spent the rest of her life in an asylum.

“At the time, such tales often developed into national news stories, but now they’re more likely to tell us something about the double standards of the Victorian divorce system or help us learn more about the lives of our sometimes naughty ancestors,” Ancestry.co.uk UK Content Manager Miriam Silverman said in a statement on Tuesday.

When the divorce laws first came into effect, men could divorce for adultery alone, while women had to supplement evidence of cheating with solid proof of mistreatment, such as battery or desertion.

Despite this double standard, roughly half of the records are accounts of proceedings initiated by the wife. Many of the nullifications of marriages fall into this category, with failure to consummate the nuptials a common reason.

One such example in the records shows a Frances Smith filing for divorce in 1893 under such grounds.

In the court ledgers it is noted that the marriage was never consummated, with the husband incapable “by reason of the frigidity and impotency or other defect of the parts of generation” and “such incapacity is incurable by art or skill” following inspection.

(Reporting by Paul Casciato; editing by Patricia Reaney)

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Evan Rachel Wood Debuts Her (Mini) Baby Bump at Sundance

Mom & Babies
Celebrity Baby Blog

01/23/2013 at 03:00 PM ET

Larry Busacca/Getty

Bump, there it is!

Mom-to-be Evan Rachel Wood offered the first revealing glimpse of her (barely-there) baby belly while making the promotional rounds at the Sundance Film Festival on Tuesday.

The actress, 25, who’s supporting her movie The Necessary Death of Charlie Countryman, which costars Shia LaBeouf, posed at the Getty Images Portrait Studio in a fitted black top.

Wood announced her pregnancy on Twitter earlier this month, telling fans, “Remember when I said, ‘No baby on the way here’ – Well, I didnt know there actually was!”

Her rep also confirmed the news, telling PEOPLE that Wood and her husband Jamie Bell, whom she married on Oct. 30, were “thrilled.”

During her time at the Park City, Utah, film festival, the actress has been Tweeting out fun photos of herself during interviews and posting them on her WhoSay account.

RELATED: Jamie Bell and Evan Rachel Wood Expecting First Child

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Scientists to resume work with lab-bred bird flu

WASHINGTON (AP) — International scientists who last year halted controversial research with the deadly bird flu say they are resuming their work as countries adopt new rules to ensure safety.

The outcry erupted when two labs — in the Netherlands and the U.S. — reported they had created easier-to-spread versions of bird flu. Amid fierce debate about the oversight of such research and whether it might aid terrorists, those scientists voluntarily halted further work last January — and more than three dozen of the world's leading flu researchers signed on as well.

On Wednesday, those scientists announced they were ending their moratorium because their pause in study worked: It gave the U.S. government and other world health authorities time to determine how they would oversee high-stakes research involving dangerous germs.

A number of countries already have issued new rules. The U.S. is finalizing its own research guidelines, a process that Dr. Anthony Fauci of the National Institutes of Health said should be completed within several weeks.

In letters published in the journals Science and Nature this week, scientists wrote that those who meet their country's requirements have a responsibility to resume studying how the deadly bird flu might mutate to become a bigger threat to people — maybe even the next pandemic. So far, the so-called H5N1 virus mostly spreads among poultry and other birds and rarely infects people.

"The risk exists in nature already. Not doing the research is really putting us in danger," said Yoshihiro Kawaoka of the University of Wisconsin-Madison. He and Ron Fouchier of Erasmus University in the Netherlands separately created the new virus strains that could spread through the air.

The controversy flared just over a year ago, when U.S. officials, prompted by the concerns of a biosecurity advisory panel, asked the two labs not to publish the results. They worried that terrorists might use the information to create a bioweapon. More broadly, scientists debated whether creating new strains of disease is a good idea, and if so, how to safeguard against laboratory accidents.

Ultimately, the flu researchers prevailed: The government decided the data didn't pose any immediate terrorism threat after all, and the two labs' work was published last summer.

Fouchier said that within weeks, he will begin new research in the Netherlands, with European funding, to explore exactly which mutations are the biggest threat. He said the work could enable scientists today to be on the lookout as bird flu continually evolves in the wild.

U.S.-funded scientists cannot resume their studies until the government's policy is finalized.

But the NIH had paid for the original research — and it would have been approved under the soon-to-come expanded policy as well, Fauci told The Associated Press. That policy will add an extra layer of review to higher-risk research, to ensure that it is scientifically worth doing and that safety and bioterrorism concerns are fully addressed up-front, he said.

Had that policy been in place over a year ago, it could have averted the bird flu debate, Fauci said: "Our answer simply would have been, yes, we vetted it very carefully and the benefit is worth any risk. Period, case closed."

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S&P 500 ends at five-year high on banks, materials

NEW YORK (Reuters) - Bank and commodity shares led the Standard & Poor's 500 to a fresh five-year closing high on Tuesday on hopes that the global economy continues to mend.

The Dow Jones industrial average also ended at a five-year high, buoyed by an advance in Travelers' shares after the insurer's earnings.

The market also gained on signals that Republican leaders in the U.S. House of Representatives aim on Wednesday to pass a nearly four-month extension of the U.S. debt limit. The White House welcomed the move, saying it defuses fears of a U.S. default on its debt.

Investors, however, were cautious ahead of an increase in earnings reports and as the S&P 500 rose for a fifth straight day.

Jack de Gan, chief investment officer of Harbor Advisory Corp, in Portsmouth, New Hampshire, said better economic numbers in the United States and China, as well as more stabilization in Europe, were driving buyers into sectors associated with economic growth.

"Any (bearish) news could turn us down for a day or so," he said, referring to the recent string of gains.

Freeport-McMoRan Copper & Gold led gains in the materials sector after it reported a 16 percent rise in fourth-quarter profit on higher production. Shares gained 4.6 percent to $35.19.

The Dow Jones industrial average <.dji> rose 62.51 points, or 0.46 percent, to 13,712.21 at the close. The S&P 500 <.spx> gained 6.58 points, or 0.44 percent, to 1,492.56. The Nasdaq Composite <.ixic> added 8.47 points or 0.27 percent, to 3,143.18.

Signs of improved sentiment toward world growth were seen in European bond markets. The yield on Portugal's benchmark 10-year note fell below 6 percent for the first time since late 2010 on news that the country was set to tap the bond market this week for the first time since it was bailed out in 2011.

Technology shares underperformed as concerns about Apple's ability to continue to grow at hyper speed and a weak outlook from Intel Corp diminished optimism about the sector's prospects. The S&P technology index <.splrct> added 0.16 percent, compared with 0.9 percent gains in energy <.spny>, financials <.spsy> and basic materials <.splrcm>.

In extended-hours trading, Google shares rose 4.5 percent to above $734 after the world's No. 1 search engine reported a jump in fourth-quarter revenue, while IBM added more than 3 percent to trade above $200 after the world's largest technology services company reported earnings and revenue that beat estimates.

During the regular session, shares of blue chips Travelers , DuPont , and Verizon Communications rose following earnings

Travelers rose 2.2 percent to $77.95, a closing high. DuPont's shares gained 1.8 percent to $47.82 and Verizon's stock rose 0.9 percent to $42.94.

Thomson Reuters data through Tuesday morning showed that of the 74 S&P 500 companies that have reported earnings so far, 62.2 percent have topped expectations, roughly even with the 62 percent average since 1994, but below the 65 percent average over the past four quarters.

Overall, S&P 500 fourth-quarter earnings are forecast to have risen 2.6 percent. That estimate is above the 1.9 percent forecast from the start of earnings season, but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.

U.S.-listed shares of Research in Motion rallied 13 percent to $17.90 a day after its chief executive said the Canadian company may consider strategic alliances with other companies after the launch of devices powered by RIM's new BlackBerry 10 operating system.

About 6.2 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below last year's daily average of about 6.45 billion shares.

On the NYSE, advancers outnumbered decliners by a ratio of roughly 7 to 3. On the Nasdaq, five stocks rose for every three that fell.

(Reporting by Rodrigo Campos; Editing by Jan Paschal)

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