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China consumers driving economic rebound: survey

Label: Business

BEIJING (Reuters) – China‘s consumers are leading an uneven recovery in the world’s second biggest economy that has retailers expecting stronger sales in six months, early results of a national survey showed on Wednesday.

The China Beige Book survey of more than 2,000 executives revealed that the retail sector had the strongest revenue growth and business expectations in the fourth quarter of 2012.

The survey broadly detected a mild economic recovery with the hard-hit sectors of real estate, mining and manufacturing – to a lesser extent – joining retail at the head of the upswing.

“The revenue growth pickup was notable in luxuries and durable goods – furniture, appliances, and autos,” said the survey, conducted between October 26 and December 2 by New York-based CBB International and based on the U.S. Federal Reserve’s economic report of the same name.

“Retailers’ mood remains quite hopeful, with 72 percent forecasting higher sales in six months, up 4 points on last quarter. A remarkably low 6 percent foresee declines,” it said, adding that 61 percent of retailers reported higher sales in the Q4 survey than in Q3.

The biggest bounces were seen in coastal Guangdong province, Beijing, the northeast and central regions of China – locations which Q3′s survey found had the biggest spending falls.

The retail rebound was not evenly distributed, however, with Shanghai and the southwest region recording falls in spending.

The survey’s findings are reflected in the most recent raft of economic indicators from China, revealing a mild rebound taking hold in Q4, and in policymaker comments.

China’s retail sales grew 14.9 percent year-on-year in November, ahead of the 14.6 percent forecast in a Reuters poll.

China is on course to end 2012 with the slowest full year of growth since 1999 and while the 7.7 percent rate forecast in a benchmark Reuters poll is way above the world’s other major economies, it is far below the roughly 10 percent annual growth seen for most of the last 30 years.

Weakness in the external environment remains a key drag on an economy in which exports generated 31 percent of gross domestic product in 2011, according to World Bank data, and where an estimated 200 million jobs are supported by foreign investment, or in factories producing for overseas markets.

RECOVERING, REBALANCING

The upside to the patchiness of the recovery is that it is being driven by services, which are calibrated more towards domestic demand. Geographic rebalancing away from prosperous coastal areas was also evident in the survey, with firms in the western region recording the highest revenue growth in Q4.

The survey had mixed findings for labor markets, with a 3 point rise to 34 percent in the proportion of firms citing an increased availability of unskilled labor, while 20 percent said shortages had increased.

Some 34 percent of firms increased their workforces in Q4 from Q3. Wage rises were reported by 52 percent of respondents.

Bankers questioned in the survey said credit conditions eased in Q4, but fewer firms borrowed. Meanwhile, banks and firms said loan rejections rose slightly, to 16 percent, and exposure to companies with excess production capacity was cut.

“Few corporate loans went to new customers: three-fifths of bankers say under 20 percent did — an astonishingly small number,” the survey said.

“Most were debt rollovers or loan increases for existing clients. This is not yet a period of strong expansion.”

The China Beige Book survey of face-to-face and telephone interviews compares conditions with the previous quarter and asks respondents to anticipate conditions three and six months ahead.

The survey sample includes executives from manufacturing, retail, service, transport, real estate and construction, farming, and mining. Respondents ran businesses of every size from the micro-level – employing up to 19 staff – to large firms with more than 500 employees. It also canvassed opinions from 160 bank loan officers and branch managers.

A detailed report of the survey’s full findings will be published in early January.

(Reporting by Nick Edwards; Editing by Robert Birsel)

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Marketing Pioneer Rich Gorman Sounds Off on Facebook/Foursquare Showdown

Label: World

NEW YORK, NY–(Marketwire – Dec 26, 2012) – Online marketing guru Rich Gorman points out that, earlier this year, the popular app Foursquare made a major leap forward from its early days as a “check-in” service, incorporating local search functions that effectively make it a key player in local discovery apps — and a direct competitor with other services based on local shopping and business listings, like Yelp. Now, that competition has grown increasingly heated, as Facebook has entered the fray and Foursquare has continued to expand its services. These recent developments in local search and discovery have drawn the attention of many online marketing experts, including direct response pioneer Gorman. Gorman has issued a new statement to the press, weighing in on recent actions taken by Foursquare and by Facebook.

“What Foursquare seemed to realize, earlier this year, is that simply existing as a ‘check-in’ app was not enough to ensure its longevity, particularly not when so many other social platforms are making such creative use of geolocal data,” opines Gorman, in his press statement. “The company very shrewdly entered into the booming, ever-expanding local search market, and in doing so established itself as a competitive company — but now that Facebook has begun nipping at its heels, the waters are significantly cloudier.”

A recent report from TechCrunch spells out some of the specific innovations that have recently been unveiled by Facebook and by Foursquare. TechCrunch notes that Facebook recently unveiled a new incarnation of its mobile “Nearby” tab, which allows mobile Facebook users to find recommendations for local businesses to visit, ranging from retail shops to restaurants. The “Nearby” feature has been noted by many tech experts for how similar it is to Foursquare’s own location-based discovery services.

TechCrunch then reports that, following the rollout of the revamped Nearby tab, Foursquare struck back at Facebook, announcing that its own recommendation service will now make use of data gleaned directly from Facebook. That is, when a user is signed into both Facebook and Foursquare, the recommendations offered by the latter service will be influenced by public activity from the user’s Facebook friends. Foursquare has heralded this innovation for its ability to provide “better personalized insights.”

According to Gorman, it is coming to look more and more like the two services have a direct rivalry with one another, if not in terms of overall social influence than at least in the field of local discovery. Gorman says that while both services have their strengths, Facebook has one ace in the hole. “While it is impossible to predict exactly how this rivalry will shake out, it is equally impossible to ignore the one thing Facebook has which nobody can take away from it — namely, name recognition,” notes Gorman. “Foursquare faces an uphill battle when it comes to stealing customers away from Facebook, simply because Facebook is so ubiquitous.”

There are additional reasons why Gorman says the advantage lies with the Facebook team. “You can come at this from multiple perspectives, but no matter how you look at it, Facebook is the 500-pound gorilla in the room,” says Gorman. “Facebook brings a much larger user base than Foursquare itself, which is obviously going to play to Facebook’s favor.”

Still, Gorman says that there are some factors that allow Foursquare to remain competitive. “What Facebook has banked on, beyond its large user base and its brand recognition, is the fact that people would prefer to get recommendations from their Facebook friends, not from total strangers,” he muses. “However, in incorporating Facebook data into its own results, Foursquare is effectively taking that advantage away from Facebook, leveling the playing field just a bit.”

Rich Gorman is a long-time pioneer in the field of direct response marketing, and he is currently active on the Web at Quora.

ABOUT:

Rich Gorman is a prolific innovator, a serial entrepreneur, and a major name in the direct response marketing industry. His brand, Direct Response, is one of the foremost entities in the affiliate marketing field; through the Direct Response blog, Gorman gives away millions of dollars in trade secrets and insider expertise, all as a part of his passion for delivering value to other companies and industry professionals.

Marketwire News Archive – Yahoo! Finance

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China consumers driving economic rebound: survey

Label: World

BEIJING (Reuters) - China's consumers are leading an uneven recovery in the world's second biggest economy that has retailers expecting stronger sales in six months, early results of a national survey showed on Wednesday.

The China Beige Book survey of more than 2,000 executives revealed that the retail sector had the strongest revenue growth and business expectations in the fourth quarter of 2012.

The survey broadly detected a mild economic recovery with the hard-hit sectors of real estate, mining and manufacturing - to a lesser extent - joining retail at the head of the upswing.

"The revenue growth pickup was notable in luxuries and durable goods - furniture, appliances, and autos," said the survey, conducted between October 26 and December 2 by New York-based CBB International and based on the U.S. Federal Reserve's economic report of the same name.

"Retailers' mood remains quite hopeful, with 72 percent forecasting higher sales in six months, up 4 points on last quarter. A remarkably low 6 percent foresee declines," it said, adding that 61 percent of retailers reported higher sales in the Q4 survey than in Q3.

The biggest bounces were seen in coastal Guangdong province, Beijing, the northeast and central regions of China - locations which Q3's survey found had the biggest spending falls.

The retail rebound was not evenly distributed, however, with Shanghai and the southwest region recording falls in spending.

The survey's findings are reflected in the most recent raft of economic indicators from China, revealing a mild rebound taking hold in Q4, and in policymaker comments.

China's retail sales grew 14.9 percent year-on-year in November, ahead of the 14.6 percent forecast in a Reuters poll.

China is on course to end 2012 with the slowest full year of growth since 1999 and while the 7.7 percent rate forecast in a benchmark Reuters poll is way above the world's other major economies, it is far below the roughly 10 percent annual growth seen for most of the last 30 years.

RECOVERING, REBALANCING

Some 34 percent of firms increased their workforces in Q4 from Q3. Wage rises were reported by 52 percent of respondents.

"Few corporate loans went to new customers: three-fifths of bankers say under 20 percent did — an astonishingly small number," the survey said.

"Most were debt rollovers or loan increases for existing clients. This is not yet a period of strong expansion."

The China Beige Book survey of face-to-face and telephone interviews compares conditions with the previous quarter and asks respondents to anticipate conditions three and six months ahead.

The survey sample includes executives from manufacturing, retail, service, transport, real estate and construction, farming, and mining. Respondents ran businesses of every size from the micro-level - employing up to 19 staff - to large firms with more than 500 employees. It also canvassed opinions from 160 bank loan officers and branch managers.

A detailed report of the survey's full findings will be published in early January.

(Reporting by Nick Edwards; Editing by Robert Birsel)

James leads Heat over Thunder in Finals rematch

Label: Technology

MIAMI (AP) — Kevin Durant and Russell Westbrook combined to score 54 points, more than any set of teammates had managed in a game against Miami all season.

Oklahoma City needed them to score at least three more.

That didn't happen, and an NBA Finals rematch went just as last year's title series did — to the Heat.

LeBron James had 29 points, nine assists and eight rebounds, Dwyane Wade scored 21, and the Heat survived a frantic finish to beat the Thunder 103-97 on Tuesday night, a game where Durant and Westbrook both missed potential tying 3-pointers in the final seconds.

"A great game to play," Thunder coach Scott Brooks said, "and a great game to coach."

For the Heat, it was just a little greater.

Mario Chalmers scored a season-high 20 for the Heat, who were 19 for 19 from the foul line, the second-best effort in franchise history behind only a 30-for-30 game in Boston on March 24, 1993. Chris Bosh added 16 points for Miami, which has beaten the Thunder five straight times dating to last June's title series.

"Felt a little bit like a different month," Heat coach Erik Spoelstra said. "Regardless of what your script is coming into the game, when you play this team, it's not going to go according to script. They're too good."

It's the first losing streak of the season for the Thunder, who had been 4-0 after losses. Serge Ibaka and Kevin Martin each scored 15 for Oklahoma City.

The game had a little of everything — a fast start by the reigning champions, a one-handed dunk by James on an offensive rebound that will be added to his copious highlight reel, a scrum after a hard foul that led to double-technicals on Wade and Ibaka early in the fourth, an easy rally by the Thunder from an early double-digit deficit, and even workout partners in Durant and James barking back and forth in the final minutes.

Such was the intensity that James slumped over the scorer's table with 1:08 left, exhausted.

"I'm tired as hell right now," James said — and that was more than an hour after the game ended.

With good reason. On an emotional day, there was a wild finish.

Wade lost the ball on an ill-advised, behind-the-back dribble, and the turnover set up Durant for a two-handed dunk that got the Thunder within 96-95 with 44.1 seconds remaining.

Needing a stop on the next trip, the Thunder instead forgot to play defense. Kendrick Perkins and Ibaka both were confused on the ensuing Miami possession, and Bosh was left alone to take a pass from James and throw down a dunk that restored Miami's three-point edge.

"We went over and helped," Durant said. "We just needed to help on the backside. There was miscommunication but we still had a chance to go into overtime."

Two chances, actually.

Oklahoma City got within one when Durant made a jumper over James, but no closer. Ray Allen's two free throws with 15.6 seconds left made it 100-97, and Miami's last three points came from the line. Durant missed a 3-pointer that James contested, Westbrook wound up with a second chance that Wade defended, and the Thunder guard smacked a nearby table arguing that he was fouled.

"Part of the game," Westbrook said.

While the stars were stars, the Heat got help from one unexpected source. Chalmers was making everything, even unintended plays. Allen lost possession on what looked to be a pass to no one, but Chalmers picked up the bouncing ball on the right wing, whirled and made a 3-pointer — putting Miami up 86-79 with 8:14 left.

In the end, that cushion was necessary.

"I got going early," Chalmers said, "and I stuck with it."

The Heat came out flying, opening a quick 13-2 lead after making six of their first seven shots. About all that didn't go right for the Heat early on was James committing a foul, the first time he was called for a personal since Dec. 8.

It happened 4:03 into the game — 254 minutes and 7 seconds of on-court time since his last one — when James fouled Ibaka on a dunk attempt.

Chalmers had 12 points, matching his season high, in the opening quarter alone, and that was also Miami's lead after his layup for a 15-3 edge. When Durant headed to the bench after being called for his second personal, plus a technical, with 2:08 left in the first, the Heat led 27-16.

But even with Durant out, Oklahoma City scored the last eight points of the quarter, six coming from the line. The Thunder shot 17 of the game's first 18 free throws and finished with a 38-19 edge in tries from the stripe.

The Heat were held to two points in the first 5:05 of the third, and the Thunder grabbed the lead for the first time. Durant connected on a baseline jumper while falling out of bounds and getting fouled by James. The resulting free throw gave Oklahoma City a 58-56 edge.

With that, the back-and-forth began, and Miami found a way.

"Both teams really played up to the billing," Wade said. "An excellent basketball game."

NOTES: James scored at least 20 points for the 30th straight regular-season game and 46th overall. ... Wade is 7-1 on Christmas, and James has won six straight on the holiday. ... Miami's Mike Miller became the 48th active player to reach 10,000 points. ... The Thunder have used the same starting lineup for all 27 games. ... James passed Bernard King for 39th on the NBA career scoring list. ... Attendance was 20,300, the largest crowd for a Heat home game since they moved into AmericanAirlines Arena.

Six political lessons of 2012

Label: Lifestyle

2012: The year in pictures

STORY HIGHLIGHTS

Julian Zelizer: 2012 was a year of bitter domestic battles, turbulence overseas

He says the weakness of GOP, renewed strength of liberalism were apparent

Zelizer says the year also highlighted the influence of new immigrants in America

Zelizer: Year ended with a tragic reminder about need to act on gun control

Editor's note: Julian Zelizer is a professor of history and public affairs at Princeton University. He is the author of "Jimmy Carter" and of the new book "Governing America."

(CNN) -- 2012 has been a tumultuous year in American politics. With the presidential election capping off the year, Americans have witnessed a series of bitter domestic battles and turbulent events overseas. As the year closes out, it is worth thinking about some of the most important lessons that politicians and voters can learn from this year as they prepare for 2013.

Here are six:

The Republican brand name is in trouble: The GOP took a drubbing in 2012. To be sure, Mitt Romney ran a problematic campaign. His inability to connect with voters and a number of embarrassing gaffes hurt the chances for Republicans to succeed.

Julian Zelizer

Just as important to the outcome was the party that Romney represented. Voters are not happy with the GOP. Public approval for the party has been extremely low. Congressional Republicans have helped to bring down the party name with their inability to compromise.

Recent polls show that if the nation goes off the fiscal cliff, the Republicans would be blamed. According to a survey by NBC and the Wall Street Journal, 65 percent of people asked for a short word or phrase to describe the GOP came up with something negative. The Republican Party was also the lowest-rated political institution.

The exit polls in November showed that the GOP is out of step with the electorate on a number of big issues, including immigration and gay marriage. If Republicans don't undertake some serious reforms and offer fresh voices, all the new messaging in the world won't help them as the competition starts for 2016.

Opinion: Madness in the air in Washington

America has grown more liberal on cultural and social issues: The election results confirmed what polls have been showing for some time. If the 1960s was a battle over conservative "traditional family values" and liberal ideals of social relations, liberals eventually won. Throughout the year, polls showed, for example, that the public was becoming more tolerant of gay marriage and civil unions. Americans support the view that gay sex should be legal by a margin of 2-1, compared to 1977 when the public was split.

In the election, same-sex marriage was approved in three states, voters in Wisconsin sent to office the first openly gay senator, and two states approved of referendums to legalize the recreational use of marijuana. Americans are accepting of social diversity, and expect that the pluralism of the electorate will be reflected by the composition of elected officials in Washington.

While there are some conservative voices who lament these changes and warn of a nation that is veering toward Sodom, a majority are more than comfortable that some of the taboos and social restrictions of earlier eras are fading and that we live in a nation which is more tolerant than ever before. These social and cultural changes will certainly raise more questions about restrictive practices and policies that remain in place while creating pressure for new kinds of leaders who are responsive to these changes.

The Middle East remains a tinderbox: In the years that followed Barack Obama's election, there was some hope that the Middle East could become a calmer region. When revolutions brought down some of the most notorious dictators in the region, many Americans cheered as the fervor for democracy seemed to be riding high.

But events in 2012 threw some cold water on those hopes. The Muslim Brotherhood won control of the Egyptian government. In Syria, the government brutally cracked down on opponents, reaching the point in December where Obama's administration has started to talk about the possibility of the al-Assad regime using chemical weapons, though the severity of the threat is unclear. The battles between Palestinians and Israel raged with rockets being fired into Tel Aviv and Israelis bombing targets in Gaza.

Although national attention is focused on domestic policy, it is clear that the Middle East has the capacity to command national attention at any moment and remains as explosive as ever.

Our infrastructure needs repair: Hurricane Sandy devastated the Northeast in November, leaving millions of Americans on the East Coast without power and with damaged property. Soon after the hurricane hit, New York Gov. Andrew Cuomo made an important point. The infrastructure of our cities is outdated and needs to be revamped so that it can withstand current weather patterns. Speaking of the need for levees in New York, Cuomo said: "It is something we're going to have to start thinking about ... The construction of this city did not anticipate these kinds of situations."

Regardless of whether Congress takes action on the issue of climate change, in the short term cities and suburbs must do more work to curtail the kind of damage wreaked by these storms and to mitigate the costs of recovery -- building underground power lines, increasing resources for emergency responders, building state-of-the-art water systems, and constructing effective barriers to block water from flooding.

The new immigrants are a powerful political and social force: As was the case in the turn of the twentieth century when Eastern and Southern Europeans came into this county, massive waves of immigration are remaking the social fabric of the nation. Latino-Americans, Asian-Americans and other new portions of the electorate who have been coming into the country since the reform of immigration laws in 1965 are coming to represent a bigger and bigger portion of the electorate.

Not only are their numbers growing as a voting bloc, but they are more organized and active than ever before, both on election day as well as in policy making.

Soon after the election, The New York Times reported that 600 members of United We Dream, a network of younger immigrants who don't have their papers, met for three days to plan how to lobby for a bill that would enable 11 million illegal immigrants to become legal. One of the leaders, Christina Jimenez, explained: "We have an unprecedented opportunity to engage our parents, our cousins, our abuelitos in this fight." They have both parties scrambling as Democrats are working to fulfill the promises that brought these voters to their side in November, while some Republicans are desperate to dampen the influence of hardline anti-immigration activists in their party.

We need to do something about guns. The year ended with a horrific shooting at an elementary school in Connecticut. When a 20-year-old went on a rampage apparently using guns that had been legally purchased by his mother, the world watched with horror. Several prominent conservative advocates of gun rights, including former congressman and television host Joseph Scarborough as well as Sen. Joe Manchin, made statements indicating that the time has come to impose stricter controls and regulations on the purchase of weapons. "I don't know anybody in the sporting or hunting arena that goes out with an assault file," Manchin said.

Over the next few weeks, there will certainly be a big debate about what caused this shooting. People from different perspectives will highlight different issues but making it more difficult for people to get their hands on certain kinds of weapons, while not a cure-all, can only diminish the chances of this happening again.

There are many more lessons but these six stand out. After the trauma of the past week, let's hope the new year starts off with better days.

Follow us on Twitter @CNNOpinion

Join us on Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Julian Zelizer.

Former South African president Mandela “much better”: Zuma

Label: Health

JOHANNESBURG (Reuters) – Former South African president and anti-apartheid hero Nelson Mandela is looking much better after more than two weeks in hospital, President Jacob Zuma said on Tuesday.

Zuma, who visited Mandela on Christmas Day, said in a statement that doctors were happy with the progress the elder statesman was making.

“We found him in good spirits. He was happy to have visitors on this special day and is looking much better. The doctors are happy with the progress that he is making,” said Zuma.

The 94-year-old Nobel Peace laureate has been in hospital in Pretoria for more than two weeks after being admitted for routine tests and then undergoing surgery to remove gallstones.

Zuma, who has just been re-elected as president of the ruling African National Congress party, last week described Mandela’s condition as serious. Periodic statements from the presidency continue to stress that the veteran politician is responding to treatment.

No date has been given for his release from hospital. Mandela, who is internationally admired for his struggle against minority white rule, retired from public life in 2004 after serving one term as South Africa‘s first black president.

(Reporting by Sherilee Lakmidas; Editing by Andrew Osborn)

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World Moto, Inc.: Selects SVI as Its Manufacturing Partner for the Moto-Meter

Label: World

BANGKOK, THAILAND–(Marketwire – Dec 24, 2012) – World Moto, Inc. ( OTCBB : FARE ) ( OTCQB : FARE ) ( BERLIN : WM7 ) ( BERLIN : A1J8SY ) (“World Moto” or the “Company”) is pleased to announce that it has selected Thailand-based SVI Public Company Ltd (“SVI”) as its manufacturing partner for production of the Moto-Meter (www.svi.co.th). This strategic decision allows World Moto to scale its production rapidly to meet demand for the device. Changing the way the world goes around, World Moto is a global authority on the $ 500 billion dollar a year motorcycle taxi industry and inventor of the Moto-Meter, the world’s first motorcycle taxi meter.

World Moto’s CTO Chris Ziomkowski revealed, “The Moto-Meter is one of the most innovative technologies ever to be developed for the motorcycle taxi industry. It is absolutely critical that we partner with a firm that has the capability to provide the kind of state of the art testing that is required to guarantee the proper functioning of this revolutionary device.”

The decision allows World Moto to concentrate on sales and innovation while having the resources to grow its manufacturing as necessary to meet any required demand. SVI provides an end to end solutions approach to manufacturing and has extensive experience in automotive and industrial design. SVI’s research and development division is capable of designing all required automated test procedures in order to guarantee the Moto-Meter is free of defects once installed in the field.

About World Moto

World Moto, Inc. is the global authority on the $ 500 billion dollar a year motorcycle taxi industry and creator of Yes, the “Need it Now!” service. World Moto has revolutionized the taxi industry by inventing the Moto-Meter, a landmark device that CNN, Newsweek, Wired, and Moneylife, among others, are calling “the world’s first motorcycle taxi meter” and “world’s first portable taxi meter” and “first-ever black box for motorcycles,” while the Times named it “one of the most significant innovations of this decade” and Fast Company declared it “The First Real Taxi Meter Innovation in 100 Years…a $ 3 billion dollar idea.”

Watch the Moto-Meter in use on motorcycle taxis: http://www.worldmoto.com/videos.php

Watch Yes: http://www.worldmoto.com/yes.php

To find out more about World Moto, Inc. ( OTCBB : FARE ) ( OTCQB : FARE ) ( BERLIN : WM7 ) ( BERLIN : A1J8SY ), visit our website at www.worldmoto.com. Details of the Company’s business, finances, appointments and agreements can be found as part of the Company’s continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission’s EDGAR database.

Notice Regarding Forward-Looking Statements

This news release contains “forward-looking statements” as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, projections of worldwide sales of World Moto, Inc.’s products and global markets. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Marketwire News Archive – Yahoo! Finance

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Yen on defensive on U.S. fiscal worry, helps Nikkei

Label: World

TOKYO (Reuters) - Uncertainty over whether U.S. lawmakers will strike a deal by an end-of-year deadline to avert a severe fiscal retrenchment undermined the yen and bolstered Japanese shares on Tuesday in low volume, with many participants away on Christmas holiday.

The dollar rose to a 20-month high of 84.965 yen early on Tuesday in Asia, as Japanese markets caught up with global investors who had reacted overnight to incoming Japanese Prime Minister Shinzo Abe's weekend comments that raised the pressure on the Bank of Japan.

During a meeting on Tuesday with officials from Japan's major business lobby, Keidanren, Abe reiterated calls on the BOJ to conduct bold monetary easing to beat deflation by setting an inflation target of 2 percent.

The head of Abe's coalition partner said on Tuesday the coalition party and Abe had agreed to set a 2 percent inflation target and compile a large stimulus budget to help the economy return to growth and overcome deflation.

The yen has come under pressure as a result of expectations that the BOJ will be compelled to adopt more drastic monetary stimulus measures next year.

The dollar was expected to stay firm this week as investors repatriate dollars, and as the U.S. fiscal impasse is likely to continue to sap investor appetite for risky assets and raise the dollar's safe-haven appeal.

"The dollar is seen relatively well bid, with all focus on the fiscal cliff," said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.

"Negotiations may be carried over the weekend, but markets still expect a deal to be struck by December 31. It is unthinkable that the U.S. will risk driving its economic growth sharply lower by not agreeing to avoid it."

U.S. lawmakers and President Barack Obama were on Christmas holiday and talks were unlikely to resume until later in the week.

House of Representatives Speaker John Boehner failed to gain support for a tax plan at the end of last week, raising fears that the United States may face the "fiscal cliff" of some $600 billion in automatic spending cuts and tax increases set to start on January 1.

Japan's Nikkei stock average <.n225> resumed trading after a three-day weekend with a 1.1 percent gain, recapturing the key 10,000 mark it ceded on Friday after Boehner's failure sparked a broad market sell-off and the Tokyo benchmark closed down 1 percent. The Nikkei was likely to be supported as long as the yen stayed weak. <.t/>

"Ongoing optimism about the weak yen is lifting hopes that exporters' earnings will be better than expected," said Hiroichi Nishi, general manager at SMBC Nikko Securities.

Analysts say a near-term correction may be possible as the index is now in "overbought" territory after gaining 16.2 percent over the last six weeks, hitting a nine-month high last Friday. Its 14-day relative strength index was at 72.34, above the 70 level that signals an overbought condition.

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> nudged up 0.1 percent, driven higher by surging Shanghai shares, as most Asian bourses were shut for Christmas.

The Shanghai Composite Index <.ssec> soared over 2 percent to five-month highs as investors bought property stocks on mounting optimism about the sector. Taiwan shares <.twii> jumped 1.3 percent on gains in technology and financial shares.

Asset performance in 2012: http://link.reuters.com/muc46s

2012 commodities returns: http://link.reuters.com/faz36s

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

U.S. HOLDS 2013 KEY

Goro Ohwada, president and CEO at Japan-based fund of hedge funds Aino Investment Corp, said investors were likely to focus on economic fundamentals and the United States for cues on investment direction in 2013.

"There is a feeling that an investment strategy based on economic fundamentals may finally work next year, with asset prices more closely reflecting fair value. The problem is, we don't know yet which asset is a better bet than others," Ohwada said, adding that oil and gold appeared to be near their highs.

Naohiro Niimura, a partner at research and consulting firm Market Risk Advisory, said commodities and energy prices will likely move in tight ranges in 2013, with investors eyeing political events, including the U.S. fiscal cliff outlook, Italian parliamentary election set for February 24-25, and Germany's elections in September.

"The macroeconomic policies taken this year around the world to support growth are expected to result in a moderate recovery in 2013 to reduce an excessive downside risk to prices. This will likely keep commodities, gold and energy prices near their highs," Niimura said.

(Additional reporting by Ayai Tomisawa in Tokyo; Editing by Edmund Klamann and Daniel Magnowski)

Pagano back to coach Colts after cancer treatment

Label: Technology

INDIANAPOLIS (AP) — Chuck Pagano stepped to the podium Monday, hugged his team owner, thanked his family for its support and wiped a tear from his eye.

He might, finally, turn out the lights in his office, too.

Nearly three months to the day after being diagnosed with leukemia, the Colts' first-year coach returned to a team eager to reunite with a boss healthy enough to go back to work.

"I told you my best day of my life was July 1, 1989," Pagano said, referring to his wedding date. "Today was No. 2. Getting to pull up, drive in, get out of my car, the key fob still worked. I was beginning to question whether it would or not. When I asked for Bruce to take over, I asked for him to kick some you-know-what and to do great. Damn Bruce, you had to go and win nine games? Tough act to follow. Tough act to follow. Best in the history of the NFL. That's what I have to come back to."

The comment turned tears into the laughter everyone expected on such a festive occasion.

For Pagano and the Colts, Monday morning was as precious as anyone could have imagined when Pagano took an indefinite leave to face the biggest opponent of his life, cancer.

In his absence, all the Colts was win nine of 12 games, make a historic turnaround and clinch a playoff spot all before Sunday's regular-season finale against Houston, which they pegged as the day they hoped to have Pagano back. If all goes well at practice this week, Pagano will be on the sideline for the first time since a Week 3 loss to Jacksonville.

Pagano endured three rounds of chemotherapy to put his cancer in remission.

That Pagano's return came less than 24 hours after Indy (10-5) locked up the No. 5 seed in the AFC and the day before Christmas seemed fitting, too.

"I know Chuck is ready for this challenge. In speaking to his doctor multiple times, I know that the time is right for him to grab the reins, get the head coaching cap on and begin the journey," owner Jim Irsay said. "It's been a miraculous story. It really is a book. It's a fairytale. It's a Hollywood script. It's all those things but it's real."

The reality is that he's returning to a vastly different team than the one he turned over to Arians, his long-time friend and first assistant coaching hire.

Back then, the Colts were 1-2 and most of the so-called experts had written them off as one of the league's worst teams. Now, they're ready to show the football world that they can be just as successful under Pagano as they were under Arians, who tied the NFL record for wins after a midseason coaching change.

Pagano also has changed.

The neatly-trimmed salt-and-pepper hair and trademark goatee that were missing in November have slowly returned, and the thinner man who appeared to be catching his breath during a postgame speech in early November, looked and sounded as good as ever Monday.

He repeatedly thanked fans for their prayers and letters, the organization and his family for their unwavering help and promised to provide comfort and support to other people who are facing similar fights. During one poignant moment that nearly brought out tears again, Pagano even recounted a letter sent to him by a 9-year-old child who suggested he suck on ice chips and strawberry Popsicles in the hospital and advised him to be nice to the nurses regardless of how he felt — and he never even paused.

"I feel great, my weight is back, my energy is back and again, it's just a blessing to be back here," Pagano said.

In the minds of Colts players and coaches, Pagano never really left.

He continually watched practice tape and game film on his computer, used phone calls and text messages to regularly communicate with players and occasionally delivered a pregame or postgame speech to his team.

"He texted me and called me so much, it was like he was standing there in my face every day," said receiver Reggie Wayne, who has been friends with Pagano since the two were working together at the University of Miami.

But the Colts found plenty of other ways to keep Pagano's battle in the forefront.

They began a fundraising campaign for leukemia research, calling it Chuckstrong. Players had stickers with the initials CP on their locker room nameplates, and Arians wore an orange ribbon on his baseball cap during games. Orange is the symbolic color for leukemia. At one point, nearly three dozen players shaved their heads to show their ailing coach they were with him.

That's not all.

Arians and first-year general manager Ryan Grigson decided to leave the lights on in Pagano's office until he returned. Pagano noted the team even installed plastic clips to make sure those lights were not mistakenly turned off while he was gone. Those clips were removed when Pagano arrived Monday morning.

And Arians said nobody sat in the front seat of the team bus.

"He's always been our head coach," Arians said.

So after getting medical clearance from his oncologist, Dr. Larry Cripe, to return with no restrictions, Pagano couldn't wait to get to the office Monday morning.

Arians arrived at 7 a.m., three hours early for the scheduled team meeting. By then, Pagano had already driven past the inflatable Colts player with the words "Welcome Back Chuck" printed on its chest and was back in his office preparing for the Texans.

Players showed up a couple of hours later, and when the torch was passed from Arians back to Pagano, players gave their returning coach a standing ovation that Wayne said was well-deserved.

All Pagano wants to do now is emulate the success Arians and his players have had this season.

"I asked him (Arians) if he would lead this team and this ballclub and this organization and take over the reins," Pagano said. "What a masterful, masterful job you did Bruce. You carried the torch and all you went out and did was win nine ballgames. You got us our 10th win yesterday and you got us into the playoffs. You did it with dignity and you did it with class. You're everything that I always knew you were and more."

___

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

Seeking the truth about Jesus

Label: Lifestyle

A nativity scene from St. Catherine's Church in Bethlehem in the West Bank.

STORY HIGHLIGHTS

Jay Parini: There are as many visions of Jesus, and versions, as there are Christians

Parini: As a child, I wondered why only two of the gospels mention Christmas

He says he believes firmly that Jesus was a real person, complex and inspiring

Parini: Jesus's life has mythical resonance with the power to change hearts and minds

Editor's note: Jay Parini, poet and novelist, is author of the forthcoming book, "Jesus: The Human Face of God." He is the Axinn Professor of English at Middlebury College.

(CNN) -- At Christmas, the name of Jesus resounds everywhere in homes, churches, in hauntingly gorgeous carols, even casual conversations. Yet Christians didn't settle on December 25 as Christmas day until the fourth century, and this choice probably had something to do with its proximity to the winter solstice or its position as the final day of the Roman Saturnalia.

It was in the late third century, in fact, that the Roman emperor Aurelian established this date as a feast day celebrating the birth of the Unconquered Sun (Sol Invictus), so it already had festive and quasi-religious prominence. Now it serves to welcome the infant who became Christ, the Greek word for Messiah.

There are probably as many visions of Jesus, and versions, as there are Christians. Many regard him as their savior, the Son of God sent to Earth to save human beings from themselves. Others see him as a great teacher, a healer or rabbi of extraordinary power, a holy man or prophet who proposed a new covenant between heaven and earth. To some, he represents a new world order, an egalitarian society, a preacher of nonviolence who asked us to turn the other cheek.

Jay Parini

Was he the long-awaited Messiah? The Lamb of God who removes the sin of the world by his self-sacrifice? King of the Jews? Or something less dramatic but still impressive -- an ethical teacher of extraordinary grace and power?

My father, a former Roman Catholic, became a Baptist minister, and I grew up with an insider's view of evangelical Christianity. My father read the Bible aloud at breakfast each morning, always in the King James Version. Beginning in December, I listened to the sonorous birth narratives of Luke and Matthew. In the latter, there are Wise Men coming from the East, a mysterious star, the massacre of innocent children by King Herod, and a flight to Egypt by the Holy Family.

Belief Blog: The Christmas message of the real St. Nicholas

My father, like me, preferred the gentler Christmas story put forward by Luke: "And there were in the same country shepherds abiding in the field, keeping watch over their flock by night. And, lo, the angel of the Lord came upon them, and the glory of the Lord shone round about them: and they were sore afraid. And the angel said unto them, Fear not: for, behold, I bring you good tidings of great joy, which shall be to all people."

I remember asking my father one day why these two Christmas stories seemed incompatible, at best. Even the lineages put forward by Matthew and Luke have few points of reconciliation. I also wondered why the two other Gospels -- Mark and John -- made no mention of Christmas.

Why was there no mention of Christmas anywhere else in the whole of the Bible? Didn't they care? He was a gentle but cautious fellow, my father, with a rock-solid faith. "It's probably better not to ask difficult questions," he said. "God will, in time, provide the answers. But not now. Not in this life." He told me simply to enjoy Christmas.

That didn't satisfy me, of course. Why should it? I realized that, as St. Paul so elegantly put it, we see only "through a glass darkly" while on this earth. But wasn't that too easy? I needed to know more.

And I still want to know the truth about this luminous figure, Jesus of Nazareth. Was he really the Son of God? Why was he sent into the world? Do we know anything about him, really? To consider yourself a Christian, must you believe in the Virgin Birth, or that Jesus walked on water, healed the sick, and rose triumphantly from the dead? Does it matter if we take all of this on board in a literal fashion? Isn't this a lovely mythos -- the Greek word for story -- a narrative with symbolic resonance and profound meaning?

Christmas by the numbers

Jesus himself seemed unwilling to answer questions about his royal status or divinity. When asked by Pontius Pilate about his status as King of the Jews, he simply replied, "You say so." Many in his circle referred to as the Son of God, but this wasn't an especially divine title. Augustus Caesar was called Son of God -- Divi filius -- on Roman coins. Jesus certainly regarded himself as having a filial connection to the person he called, in his native Aramaic, Abba, or Father. But doesn't that only mean he felt like a son before this personified spirit?

He was also called the Son of Man, reaching back to an ancient Hebraic phrase, which had rather humbling connotations. (It was in the Book of Daniel that a visionary figure called the Son of Man came into view, in apocalyptic terms).

All attempts to classify Jesus seem hopelessly inadequate.

As I've grown older, I appreciate more than ever before the strength of this figure, Jesus, who emerges in the four canonical Gospels, and the Gnostic gospels, as a witty, intelligent, complex, inspiring, and often contradictory person. He was a religious genius who grew up on the Silk Road in ancient Palestine, on that magical trade route connecting East and West.

From the West he acquired an understanding of Greek metaphysics, with its remarkable formulation of body and soul. From the East came the winds of mysticism, a sense of self-transformation based on the loss of selfhood, with enlightenment the ultimate goal. Jesus brings East and West together, focusing on his key idea -- that of a gradually realizing kingdom, a mystical space beyond time, though it requires time in order to root and grow. As he told someone who asked where this lofty kingdom lay: "The kingdom of God is within you."

Photos: Santas over the years

Too many Christians regard their religion as a list of boxes that need checking. To belong, you must subscribe to a particular set of beliefs. It's dogma, pure and simple. I suspect that Jesus himself would have been startled to think that, many centuries after his death, more than 2 billion people would celebrate his coming into the world, find his message of a gradually realizing kingdom an inspiring challenge, worthy of serious pursuit, devotion and emulation.

Jesus was a real person who lived in time, and his life has huge mythical resonance with the power to change hearts and minds. I believe that firmly. At this stage of my life -- a senior citizen, as they say politely -- I'm also quite happy to believe in miracles, assuming that the membrane between life and death is paper thin.

All Christian thinking is, however, about resurrection. It's about moving beyond our small selves, shifting away from our ego-drenched understanding of reality. The way of Jesus involves engagement with his (often difficult) teachings as well as looking for those unspeakably beautiful moments in time when, for just a few seconds perhaps, we apprehend the timeless moment in time.

Life mostly offers, as T.S. Eliot suggests in "Little Gidding," "only hints and guesses, / Hints followed by guesses." The rest is "prayer, observance, discipline, thought and action."

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