Swingplane Ventures, Inc. Provides Historical Data on the Algarrobo

SANTIAGO, CHILE–(Marketwire – Jan 25, 2013) – Swingplane Ventures, Inc. ( OTCBB : SWVI ) (the “Company”) is pleased to update information on the History of the Algarrobo property.

Swingplane Venture Inc.’s (the “Company”) Algarrobo Property (the “Property”) is an Iron Oxide-Copper-Gold (IOCG) property located approximately 850 km north of Santiago, in the III Region, Province of Chanaral, Chile. The city of Copiapo is located approximately 43 km to the southeast of the Property, with the small port city of Caldera 25 km to the east. The Property consists of 32 tenures, comprising a total of 6,161 ha (15,224 acres).

The following anecdotal history for the Property and immediately adjacent area has been modified slightly from Stromberger (2012). The following anecdotal history of the Property and immediate area was compiled by the Property Vendor. The historical information has not been verified.

A copy of his non NI 43-101 compliant report is available at:

http://www.swingplaneventuresinc.com/images/docs/Stromberger_Report_April_2012.pdf

“Copper from limited surface exposures on, and immediately adjacent to, the Algarrobo Property was first mined in the late 1700s. Since that time, approximately 35 mines have been excavated on 4 primary and approximately 10 secondary veins. It has been estimated that the historical British operator produced copper ore having a cut-off grade of +/- 6% Cu.

Major copper mines around the world generally average less than 1% copper, a prime example is Freeport McMoRan’s Grasberg mine which has approximately 2.5 billion tonnes of copper grading at 1.1%.

The Algarrobo copper deposit was discovered in 1808, with large scale industrial mining operations initiated in 1868 and active for approximately 25 years. In 1890, a report on the Algarrobo mines by Francisco San Roman led to an evaluation of the feasibility of constructing a railroad line from Caldera to facilitate transport of copper ore at lower transportation costs. The railroad was also expected to permit more efficient exploitation of the mineral reserves, given that the cut-off grade for the Algarrobo copper ore was 12% Cu at that time. Ore quality and reserves at that time were deemed to be of sufficient grade and tonnage for the British operator of the mines to undertake construction of a 20 km railroad from the port of Caldera to Algarrobo. “High grade ore”, thought to comprise ore greater than 15% Cu was shipped directly to England, while “low grade ore”, ore grading less than 15% Cu, was processed at a local smelter in Caldera prior to shipment to England. (Note: “Ore” is used in the context of the reference cited and may not be NI 43-101 compliant).

The railroad operated into the 1940s, with a cable car system used to transport ore from mining operations at an elevation of approximately 1100 m to the railhead at approximately 650 m. In the mid-1900s, a road was also built from Caldera, allowing re-processing of ore waste on several occasions. The mine dumps left by the British operator provide some clues regarding the grade of ore extracted from the historical operations. Over approximately 20 years, between 1960 and 1980, the waste dumps have been reprocessed three times by local miners. ENAMI, the state controlled Chilean mining company, constructed the 35 km road to the area for this purpose. Available records document that the grade of material initially processed graded between 6 – 8% Cu, dropping to a grade between 4 – 6% Cu during the second phase of processing and 3-4% from the third phase. The material remaining is estimated to grade between 1.5 – 2% Cu. The railway is still on the property today.

No quantitative data are available with regard to cumulative production for the Property. In his report, San Roman estimated approximately 800,000 tonnes of 12% plus mineral had been extracted by the 1890s, with close to the same amount of material in the waste dumps, grading between 3% and 4. At this time, it is estimated that approximately 200,000 tonnes of “low grade” dump material remains.

From the 1920′s until 1997, sporadic manual production on a limited basis was undertaken by local miners (pirquineros) on extensions of the veins previously mined. Most of the workings evident on the Algarrobo Property, and immediately adjacent ground, have been excavated and operated using hand tools, with limited mechanization and are, therefore, generally restricted to surface and/or shallow sub-surface workings, at depths ranging between 5 meters to 40 meters. Local pirquineros claim that until 1973 they sold ore grading 6% Cu and above to ENAMI as direct smelting ore. In 1973 ENAMI raised the cut-off grade for direct smelting ore to 12% Cu. All of the ore mined by the pirquineros has been hand sorted to meet the ENAMI requirements.

In 1997, American Canyon Mining initiated processing of mine waste dumps for recovery of low grade copper, with assayed grades between 1.5% and 2.5% copper, on a preliminary test basis in leach pads on site. Approximately 9,000 tonnes of mineralized, low grade ore was crushed, screened and piled after laboratory leach tests showed satisfactory results. The project was shut down in 1998 due to the decline in copper prices” Stromberger (2012).

In 2000, the property vendor, Gunter Stromberger, undertook a sampling program of some of the workings and waste dumps on the Property and immediately adjacent ground. A total of 160 samples were taken from surface, near surface and underground workings. The results of this program will be reported in a separate Press Release.

In 2009, the property vendor undertook a rotary drill program in an attempt to assess vein continuity and grade in the near sub-surface. A total of 10 holes were drilled, with four (#11 – 14) abandoned due depth of overburden ( > 25 m – the amount of casing available). Generally, the holes that encountered bedrock documented anomalous background levels of copper, ranging from 0.10% to a maximum of 1.05%. Six of the holes intersected copper mineralized veins. The results of the drill program will be reported in a separate Press Release.

Between 2010 and early 2012, the property vendor exposed several high grade copper mineralized veins at surface and developed an approximately 3 m wide x 4 m high drift, the “Veta Gruesa Centre” Drift on the Veta Gruesa. A second drift, the “Exploration” Drift, is located approximately 350 west of the Veta Gruesa Centre drift and had just encountered the footwall of the Veta Gruesa at the time of the Company’s Due Diligence property evaluation in February, 2012.

Since the Due Diligence property evaluation in February, 2012, the property vendor has opened up two additional drifts on behalf of the Company, comprised of a third drift on the Veta Gruesa (Veta Gruesa East), the False Estaca Drift and initial development on the Descubridora Vein. Heavy equipment has exposed high grade copper mineralization immediately below a thin veneer of eolian sand, believed to correlate to the workings defining the Descubridora Vein. This exposure is actively being developed into a drift at this time. In addition, heavy equipment is currently working to remove sand in order to expose the Descubridora Vein approximately 40 m farther west and at slightly lower elevation so as to provide a second drift on this high grade copper vein. Finally, ore is currently being stockpiled at surface in anticipation of receipt of the license required to sell the ore from the Property to the government-owned ENAMI facility at Copiapo, located approximately 43 km to the south.

The content of this news release has been reviewed by Rick Walker, B.Sc., M.Sc., P. Geo., a Qualified Person for the purposes of NI 43-101, with the ability and authority to verify the authenticity and validity of the data herein.

Michel Voyer
President and Director

Safe Harbor Statement

THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”, AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.

EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE”, “ANTICIPATE”, “BELIEVE”, “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE INCLUDE STATEMENTS RELATING TO THE COMPANY’S PLANS TO ENTER INTO A MINING OPTION AGREEMENT WITHIN THE NEXT FORTY-FIVE DAYS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS ON FORM 10-K AND FORM 10-Q, RESPECTIVELY, AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES 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 THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NO SECURITIES REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

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Stock futures edge up, S&P 500 poised to extend rally

NEW YORK (Reuters) - Stock index futures gained on Friday after Procter & Gamble reported a higher quarterly profit and as the S&P 500 looked set to extend its best winning streak in more than six years.

The strong start to the year has been attributed to solid corporate earnings, agreement in Washington over raising the debt limit, encouraging recovery signs in the global economy and seasonal inflows to equity markets.

Those factors helped the S&P 500 rally for a seventh day on Thursday to a five-year peak. But the index is struggling to move convincingly above 1,500, a level it surpassed briefly Thursday for the first time since December 2007.

"You have had more confidence from fund managers to provide more allocations to equity markets," said Rick Meckler, president of investment firm LibertyView Capital Management, who added equities were looking more attractive than bonds or cash.

Procter & Gamble , the world's top household products maker reported a higher profit on Friday and raised its sales and earnings outlook for the fiscal year. Shares were up 1.4 pct at $71.42 in premarket trading.

Earnings have helped drive the stock market's recent rally. Thomson Reuters data through early Thursday showed that of the 133 S&P 500 companies that have reported earnings so far, 66.9 percent have exceeded expectations, above the 65 percent average over the past four quarters.

Microsoft Corp's quarterly profit edged lower as Office software sales slowed ahead of a new launch, offsetting a solid but unspectacular start for its Windows 8 operating system and sending the company's shares down 1.1 percent.

S&P 500 futures rose 3.2 point and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 44 points and Nasdaq 100 futures rose 9.75 points.

Echoing a more positive tone in Europe, ECB President Mario Draghi said he expects the euro zone economy to recover later this year, adding that financial market improvements have not yet trickled into the general economy. Draghi was speaking at the World Economic Forum in Davos on Friday.

Halliburton , the world's second-largest oilfield services company, is also due to report results.

Apple stepped up audits of working conditions at major suppliers last year, discovering multiple cases of underage workers, discrimination and wage problems. The shares, which fell 12 percent Thursday after disappointing earnings, edged up 0.2 percent to $451.80.

Honeywell , the diversified U.S. manufacturer, will be in focus as it reports earnings, with modest growth in demand for systems used to manage large buildings expected to be offset by declining sales to the military.

The Commerce Department releases new home sales data for December at 10:00 a.m. (1500 GMT). Economists forecast a total of 385,000 annualized units, compared with 377,000 in November.

Economic Cycle Research Institute releases its weekly index of economic activity for January 18 at 10:30 a.m. (1530 GMT). In the prior week the index read 130.

European shares <.fteu3> rose 0.1 percent after a survey showed German business morale improved for a third consecutive month in January.

(Editing by Bernadette Baum)

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Murray beats Federer, reaches Australian final

MELBOURNE, Australia (AP) — Andy Murray has beaten Roger Federer for the first time in a Grand Slam event to advance to the Australian Open final against top-ranked Novak Djokovic.

Murray, who became the first British man to win a major in 76 years when he beat Djokovic in last year's U.S. Open final, missed a chance to serve for the match in the fourth set before beating Federer 6-4, 6-7 (5), 6-3, 6-7 (2), 6-2 in a tense semifinal Friday.

The No. 3-ranked Murray, who lost Australian finals in 2010 and 2011, will be playing his third consecutive major final when he takes on two-time defending champion Djokovic on Sunday.

Murray lost the Wimbledon final to Federer — their third meeting in a major — before his career breakthrough in New York.

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Meet today's most ambitious women

STORY HIGHLIGHTS

• Report: Women in Brazil, Russia, India and China more ambitious than U.S. counterparts


• Extended families, affordable childcare makes it easier for mothers to work, says author


• Eldercare and "daughterly guilt" are a more significant barrier than in Western world


• Women report: Assertiveness not considered feminine in China and India

Editor's note: Sylvia Ann Hewlett is an economist and the founding president of the Center for Talent Innovation, a Manhattan-based think tank where she chairs the Task Force for Talent Innovation, a task force of more than 70 global companies focused on fully realizing the new stream of talent in the global marketplace.

New York (CNN) -- The rapid growth in emerging markets over the past decade has made them fertile ground for the development of new approaches to attracting and managing talent.

Among the biggest beneficiaries: Ambitious, educated women in Brazil, Russia, India, and China (BRIC). Following the trend in developed nations, BRIC women are graduating from university at rates equal to or exceeding men. As they enter the professional workforce in their home countries, these women have an unparalleled opportunity to leapfrog their Western counterparts.

Research from the think tank I set up, Center for Talent Innovation, shows that their career ambitions and commitment overwhelm those of women in the U.S.

Their career ambitions and commitment overwhelm those of women in the U.S.
Sylvia Ann Hewlett

In my book, "Winning the War for Talent in Emerging Markets: Why Women are the Solution," written with Ripa Rashid, we say some 76% of Chinese women, 80% of Brazilian women, and a whopping 86% of Indian women aspire to the top job, compared to only 52% of their U.S. counterparts. Over 80% in Brazil, Russia and India love their jobs, versus 70% in the U.S.

Yet their promising futures too often are derailed by family-rooted "pulls" and workplace-centered "pushes."

Although childcare is one of the most common career killers for women in the United States and Western Europe, it is rarely a serious problem in the emerging markets. Parents and in-laws frequently live nearby and are willing to pitch in to help care for their grandchildren. Nannies and household help are, for the most part, affordable and readily available.

Instead, BRIC women confront a series of family and social pressures that pile onto women when they marry, ratchet up after they have children, and become almost crushing as their parents and in-laws get older.

Eldercare is a ticking time bomb, especially in countries where filial piety is tightly woven into the cultural value system.

Although elders today represent a net benefit to the female career professional in BRIC markets, demographic projections a huge leap in the percentage of the population over 60.

This dramatic shift will land squarely on professional women. While many women in our sample did not have children, the vast majority -- 81% -- do have eldercare responsibilities. "Daughterly guilt," already substantial across the BRICs, actually exceeds maternal guilt in India and China.

Gender bias remains an indisputable reality of the workplace
Sylvia Ann Hewlett

In spite of the tremendous gains in women's status in the BRICs over the past two decades, gender bias remains an indisputable reality of the workplace.

In India and China, over 25% of CTI survey respondents believe women are treated unfairly in the workplace owing to their gender; in India, the number is 45%.

More than half of educated women in India and nearly half of their counterparts in China have encountered bias severe enough to make them consider scaling back their career goals -- or quitting altogether. (Russia is the exception, in part owing to a Communist legacy that integrated women into the workplace better than elsewhere in today's emerging markets.)

Even a sizable percentage of men agree that women are treated unfairly because of their gender.

The most commonly encountered types of bias involve lingering stereotypes about women's abilities and commitment to work.

These deeply rooted prejudices can impact women's careers in a range of ways, from curtailed assignments to smaller salaries to penalties for taking maternity leave.

Women also have to fight cultural stereotypes that bar them from coveted assignments. More than half of the women surveyed are interested in international assignments, with most seeing them as critical to their career advancement.

Yet because it's assumed that a woman's responsibilities are to her home, and that her husband and children will take precedence over commitment to her career, she is often passed over in favor of a man.

Employers who wish to maximize their potential need to understand (women's) complicated career dynamics.
Sylvia Ann Hewlett

But assertiveness can be difficult for women brought up in cultures that place great value on women's submissiveness and reticence, as in India and China, or consider it a trait that detracts from women's essential femininity.

Many women surveyed felt crippled by this cultural bind, a sense further reinforced by the absence of senior female role models, mentors, sponsors and access to leadership training. Time and again, the women spoke of how hungry they are for more support from their employers and how much they would benefit from programs that would help them break out of their shells.

A nuanced understanding of the cultural and social influences is essential to doing business effectively anywhere, yet the "think global, act local" mantra that is the cornerstone of many successful business strategies rarely extends to managing talented women in emerging markets.

Employers who wish to maximize their potential need to understand their complicated career dynamics.

Only by creating policies and practices that enable ambitious, educated women to flourish will companies ensure that the tomorrow's leaders get the skills and support they need today.

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From bombastic to beloved, Joachim Sauer’s trip to Wagner’s “grail”

BERLIN (Reuters) – In his youth, theoretical chemist Joachim Sauer found the music of Richard Wagner “bombastic”. All that changed when he was in his early 20s with a chance encounter with Wagner’s ‘Siegfried’.

Now the annual Wagner summer festival in Bayreuth is one of the few occasions when the media-shy Sauer is seen in public with his wife, German Chancellor Angela Merkel.

This year, the bicentenary of Wagner’s birth, is a special one for the many millions of “Wagnerians” who share Sauer’s passion. It was the chance to talk about Wagner’s music, and only about music, that prompted Sauer to speak to Reuters.

“If you ask me what is the best good fortune in my life of course I say that I have seen in my lifespan the Wall coming down, the reunification,” said Sauer, 63, who grew up in communist East Germany.

“But the second, which comes with it, is perhaps that I now can go to Bayreuth.”

Sauer, considered a top expert in his field for his quantum chemical work with catalysts used in the chemical industry, and also in cars, met for an interview in English over dinner recently at the restaurant of the Deutsche Oper in Berlin where he went on to see Puccini’s “Tosca”.

“They see me all the time at Bayreuth and think I only like Wagner’s music and it’s not true,” Sauer said. He also likes Beethoven, Mozart, some of the Romantic repertoire, even the music of the 20th century, and Verdi’s “La Traviata”, which he considers a masterpiece.

But what is it about Wagner’s music that Sauer, a slender, fit and cordial man whose smiling countenance throughout the dinner of fish and a glass of white wine belied his somewhat dour image in the German press, finds so engaging, if not to say addictive?

His conversion occurred by chance when he came home one day exhausted, he said.

“I was studying chemistry and this is a physically hard job because you are in the laboratory, you work hard and you come home in the late afternoon or in the evening and you always needed a break. So I would stretch out on the sofa, switch on the radio and listen to this special radio program which has a lot of classical music and I was listening to something. I didn’t know what it was but I found it very interesting.

“And at the end it turned out it was a piece of ‘Siegfried’” – from Wagner’s “Ring” cycle. “So I told myself, ‘You’re an idiot…you should listen to it.’ So this was how it started.”

“It never ends, it’s so rich,” Sauer added, speaking of the appeal of Wagner’s operas, which include the story of the “swan knight” in “Lohengrin”, the 16-hour-long “Ring” and conclude with the quest for the Holy Grail in “Parsifal”. “And they are all so very different.”

He said Bayreuth, Wagner’s purpose-built opera house on the “Green Hill” in Bavaria, is unique in allowing busy people like himself, with a fulltime career as a professor at Humboldt University in Berlin, to get away from their daily routines and pay full attention to nothing but Wagner’s operas.

“Many people would be very proud if they had invented it. Therefore I am strictly against any good advice they would give to open it to change, to open it to other composers, to do all types of things. All wrong, because this is a unique thing and don’t touch it.”

AN UNEXPECTED FAVOURITE

Like many passionate Wagnerians, Sauer more or less throws up his hands when asked how many times he has seen the various operas – regularly since his 20s and at Bayreuth every year since 1990, when East and West Germany were reunited, was his rough estimate.

He said one of his greatest Wagner moments unexpectedly was a 1990s staging by the late Brecht disciple and leftist playwright Heiner Mueller of Wagner’s intensely romantic “Tristan und Isolde”, in which two unrequited lovers are united in death.

“It was really the best piece I have seen in Bayreuth so far…. I often have trouble with what is called the ‘regie theater’ where the director takes over but in this case it made sense not only in an intellectual way but also an emotional way,” Sauer said, still clearly passionate about a production that set part of the drama in a post-apocalypse world where the moribund lover Tristan, sung by Siegfried Jerusalem, wore dark sunglasses and was covered with concrete dust.

This year Bayreuth will unveil a new “Ring” by deconstructionist Berlin theatre director Frank Castorf, who has been known to dispense with whole sections of text in plays he directs, with the young Russian Kirill Petrenko conducting.

Sauer, who enjoyed the previous Bayreuth “Ring” under Wagner-immersed German conductor Christian Thielemann, is keeping an open mind. Little has been revealed about the Castorf version, apart from snippets on blogs and websites saying it will use a revolving stage and that Castorf is under orders not to make cuts.

“We take the risk. The music is still there,” Sauer said, with a wry hint of humor.

(editing by Janet McBride)

Music News Headlines – Yahoo! News

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Stock futures signal losses; all eyes on Apple

PARIS (Reuters) – Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500 down 0.22 percent, Dow Jones futures up 0.02 percent and Nasdaq 100 futures down 1.3 percent at 1014 GMT.

Shares of Apple Inc will be in the spotlight after the world’s biggest tech company missed Wall Street’s revenue forecast for the third straight quarter after iPhone sales came in below expectations, fanning fears that its dominance of consumer electronics is slipping.

Shares of the company traded in Frankfurt were down 8 percent early. They sank 10 percent to $ 463 in after-hours trade on Wall Street on Wednesday night, wiping out some $ 50 billion of its market value – nearly equivalent to that of Hewlett-Packard and Dell combined.

A U.S. trade panel that specializes in patent disputes will review a potentially key decision in the patent fight between Samsung Electronics and Apple Inc over smartphones and tablets.

European shares were mostly flat in morning trade, as bullish economic data out of China offset Apple‘s weaker-than-expected figures which fanned earnings worries in the technology sector. <.eu></.eu>

Noble Corp , owner of the world’s third-largest offshore drilling fleet, reported on Wednesday a lower-than-expected quarterly profit as it struggled with maintenance for five high-end rigs, even as demand for its most capable units increased.

Raymond James Financial Inc said quarterly profit rose 27.6 percent, boosted by strong performance from its brokerage and capital markets divisions.

Investors in U.S.-based mutual funds pumped $ 9.32 billion into stock funds in the week ended January 16, the second consecutive week of inflows for such funds, data from the Investment Company Institute showed on Wednesday.

Hard disk drive maker Western Digital Corp‘s second-quarter results beat analysts’ expectations, helped by growth in its enterprise segment. Shipment in the enterprise segment rose about 10 percent from first-quarter levels to 6.63 million units, analyst Nehal Chokshi of Technology Insights Research told Reuters.

Japanese regulators have joined their U.S. counterparts in all but ruling out overcharged batteries as the cause of recent fires on the Boeing Co 787 Dreamliner, which has been grounded for a week with no end in sight.

Amgen Inc on Wednesday projected revenue for 2013 that exceeds Wall Street estimates and said it was on track to deliver on its 2015 forecasts well ahead of schedule.

Pamplona Capital Management, holder of 9.3 percent of Nabors Industries Ltd , has become “increasingly concerned” about the underperformance of the drilling rig contractor’s shares, according to a regulatory filing on Wednesday.

Symantec Corp plans to slash its management ranks and reorganize into 10 business areas, but has decided not to sell off major assets after a strategic review by its new early this month.

SanDisk Corp’s modest revenue outlook disappointed investors looking for a rebound in memory chips widely used in smartphones and tablets, sending its shares lower.

Netflix Inc surprised Wall Street on Wednesday with a quarterly profit after the video subscription service added nearly 4 million customers in the United States and abroad, sending its shares 35 percent higher in after-hours trading.

Among the companies set to report results on Thursday feature Bristol-Myers Squibb , Lockheed Martin , 3M Company , Microsoft , Raytheon , Starbucks , AT&T Inc. , and Xerox Corp. .

On the macro front, investors awaited weekly jobless claims, at 1330 GMT, Markit Manufacturing PMI for January, due at 1358 GMT, and December leading economic indicators, due at 1500 GMT.

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 sent its shares lower.

The Dow Jones industrial average <.dji> rose 67.12 points or 0.49 percent, to 13,779.33, the S&P 500 <.spx> gained 2.25 points or 0.15 percent, to 1,494.81, and the Nasdaq Composite <.ixic> added 10.49 points or 0.33 percent, to 3,153.67.</.ixic></.spx></.dji>

(Reporting by Blaise Robinson)

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Stock futures drop as Apple revenue miss halts stocks rally

NEW YORK (Reuters) - Stock index futures fell Thursday as a revenue miss by Apple triggered a slide of nearly 10 percent in its shares in after-hours trading, and analysts said equities may be due for a pullback after a six-day rally for the S&P 500.

Apple Inc missed Wall Street's revenue forecast for a third straight quarter after iPhone sales came in below expectations, fanning fears its dominance of consumer electronics is slipping. The shares dropped 9.5 percent to $465.40 in premarket trading, wiping out about $50 billion of its market value.

However, some positive economic news looked set to put a floor under stock prices. Growth in Chinese manufacturing accelerated to a two-year high this month and a buoyant Germany took the euro zone economy a step closer to recovery, business surveys showed on Thursday.

"The march to 1,500 on the S&P is looking quite strong, the question is will Apple be the spoiler?" said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

"My guess is that while Nasdaq might suffer losses today, both the Dow and the S&P may do otherwise based on economic news out of China and Europe."

The S&P 500 rose for a sixth day on Wednesday after stronger-than-expected profits from IBM and Google . But the rally that has lifted stocks to five-year highs could be halted by Apple's after-hours revenue miss, especially on the technology heavy Nasdaq index.

S&P 500 futures fell 3.7 point and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 6 points and Nasdaq 100 futures fell 34.75 points.

Corporate earnings have helped drive the recent stock market rally. Thomson Reuters data through Wednesday showed that of the 99 S&P 500 companies that have reported earnings, 67.7 percent have exceeded expectations, above the 65 percent average over the past four quarters.

Investors in U.S.-based mutual funds pumped $9.32 billion into stock funds in the week ended January 16, the second consecutive week of inflows for such funds, data from the Investment Company Institute showed Wednesday.

European shares were little changed in midday trading as mixed company earnings coupled with conflicting economic data from the region made investors wary, with indexes at multi-year highs. <.eu/>

Netflix Inc surprised Wall Street on Wednesday with a quarterly profit after the video subscription service added nearly 4 million customers in the United States and abroad, sending its shares nearly 40 percent higher in premarket trading.

On the macro front, investors awaited weekly jobless claims, at 8:30 a.m. ET (1330 GMT), Markit Manufacturing PMI for January, due at 8:58 a.m. (1358 GMT), and December leading economic indicators, due at 10:00 (1500 GMT).

Among the companies set to report results Thursday were Bristol-Myers Squibb , Lockheed Martin , 3M Company , Microsoft , Raytheon , Starbucks , AT&T Inc. , and Xerox Corp. .

(Editing by Bernadette Baum)

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NCAA announces problems with Miami investigation

CORAL GABLES, Fla. (AP) — The NCAA's probe of Miami's athletic compliance practices is ramping up yet again.

Only this time, the Hurricanes aren't exactly the subject of the inquiry.

In a bizarre twist, it's college sports' governing body itself that is being investigated after NCAA President Mark Emmert acknowledged on Wednesday "a very severe issue of improper conduct" by former investigators working the long, complex Miami case.

The NCAA said its investigation was based, at least in part, on information that it should not have had access to, the testimony of those who appeared under subpoena to be deposed in the bankruptcy case involving former Miami booster Nevin Shapiro, one of the most notorious Ponzi scheme architects in history.

The NCAA does not have subpoena power. Shapiro's attorney did, and used it — and apparently entered into some sort of contractual agreement with the NCAA, one that apparently either was not or should never have been approved.

"We cannot have the NCAA bringing forward an allegation ... that was collected by processes none of us could stand for," Emmert said. "We're going to move it as fast as possible, but we have to get this right."

Wednesday's revelations mean that the notice of allegations against Miami — the NCAA's findings of wrongdoing, a document that was nearly completed and was expected to be released by the end of this week — will be delayed for at least a couple more weeks, if not longer. The long-term ramifications could be more damning for the NCAA, especially if the outside investigator they have commissioned to look into the mess finds more problems.

The NCAA did not name the attorney involved, whom Emmert only referred to as "she." The NCAA said it would not confirm that it was Maria Elena Perez, a Miami graduate and Shapiro's longtime defense attorney.

Perez did not respond to telephone or email messages. A person in her office said the attorney was working in New York and would be forwarded requests for comment.

"As we have done since the beginning, we will continue to work with the NCAA and now with their outside investigator hoping for a swift resolution of the investigation and our case," Miami President Donna Shalala said.

Emmert said two depositions are involved in this allegation of improper conduct by former enforcement-office staffers. One of those two depositions was given Dec. 19, 2011, by former Miami equipment-room staffer Sean Allen — who has been linked to Shapiro and many of the allegations that he made against the university.

Among the questions Allen was asked in that deposition:

— "Did you ever witness Mr. Shapiro paying any money to any University of Miami football or basketball players?"

— "Would it be fair to say that Mr. Shapiro did, in fact, confer various financial benefits on the University of Miami Athletic Program and its players?"

— "Did you ever overhear any of the coaches or any other staff for the University of Miami providing Mr. Shapiro with inside information regarding, you know, the condition of any particular athlete for the purposes of Mr. Shapiro's gambling?"

It's unknown which of Allen's answers caught the NCAA investigators' attention.

What is known publicly now, and has been suspected by some for months, is that those investigators never should have known those questions were asked.

"How in the world can you get this far without it being recognized that this was an inappropriate way to proceed?" Emmert asked.

That's the question that the NCAA wants answered, and fast.

Emmert spoke angrily at times during a half-hour conference call to discuss the findings, in which he revealed that he briefed the NCAA's executive committee and the Division I board presidents with some information about the Miami matter. He said he developed a better understanding of what went on in the days that followed, which led to the hiring of Kenneth L. Wainstein of the firm Cadwalader, Wickersham & Taft LLP to conduct the external review of what happened.

Wainstein, Emmert said, will begin his probe on Thursday, with the NCAA hoping that he can finish within two weeks.

"We want to make sure that any evidence that's brought forward is appropriately collected and it has the integrity that we expect and demand," Emmert said.

It was part of a stunning day for Hurricane athletics: The 25th-ranked men's basketball team routed No. 1 Duke later Wednesday, 90-63.

Emmert said the NCAA was trying to find out why part of the investigation was based on depositions specific to the bankruptcy case against Shapiro, who will have to repay $82.7 million to his victims as part of his sentence. And the timing of this also is curious. Several people who were to be named in the NCAA's notice of allegations against Miami have been told that the document was in the final stages of preparation — and one person who spoke with the AP said at least one person who was to have faced a charge of wrongdoing was told the letter was scheduled for delivery to Miami on Tuesday.

Now it's anyone's guess when that will happen.

Emmert said the NCAA learned of the alleged misconduct, in part, through legal bills presented by Shapiro's attorney for work that was not properly approved by the organization's general counsel's office.

"One of the questions that has to be answered, unequivocally, is what was the nature of that contractual arrangement and what was all the activity that that individual was involved with," Emmert said. "There is some uncertainty about all of that and it's one of the first orders of business for the firm that we've hired to investigate."

The Hurricanes' athletic compliance practices have been probed by the NCAA for nearly two years. Allegations of wrongdoing involving Miami's football and men's basketball programs became widely known in August 2011 when Yahoo Sports published accusations brought by Shapiro, who is serving a 20-year term in federal prison for masterminding a $930 million Ponzi scheme.

Miami has self-imposed two football postseason bans in response to the investigation. The Hurricanes also would have played in the Atlantic Coast Conference championship game this past season, meaning they could have qualified for the Orange Bowl.

"In my two-and-a-half years I've certainly never seen anything like this, and don't want to see it again," Emmert said.

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2013 could be 'climate game-changer'

An ice sculpture entitled 'Minimum Monument' by Brazilian artist Nele Azevedo outside Berlin's Concert Hall, September 2, 2009.

STORY HIGHLIGHTS

• The "neglected" risk of climate change seems to be rising to the top of leaders' agendas


• Extreme weather events are costing the global economy billions of dollars each year


• Gas can be an important bridge to a lower carbon future but it's not the answer


• More investment in renewable energy is needed, with fewer risks

Editor's note: Andrew Steer is President and CEO of the World Resources Institute, a think tank that works with governments, businesses and civil society to find sustainable solutions to environmental and development challenges.

(CNN) -- As leaders gather for the World Economic Forum in Davos, signs of economic hope are upon us. The global economy is on the mend. Worldwide, the middle class is expanding by an estimated 100 million per year. And the quality of life for millions in Asia and Africa is growing at an unprecedented pace.

Threats abound, of course. One neglected risk -- climate change -- appears to at last be rising to the top of agendas in business and political circles. When the World Economic Forum recently asked 1,000 leaders from industry, government, academia, and civil society to rank risks over the coming decade for the Global Risks 2013 report, climate change was in the top three. And in his second inaugural address, President Obama identified climate change as a major priority for his Administration.

Andrew Steer

For good reason: last year was the hottest year on record for the continental United States, and records for extreme weather events were broken around the world. We are seeing more droughts, wildfires, and rising seas. The current U.S. drought will wipe out approximately 1% of the U.S. GDP and is on course to be the costliest natural disaster in U.S. history. Damage from Hurricane Sandy will cost another 0.5% of GDP. And a recent study found that the cost of climate change is about $1.2 trillion per year globally, or 1.6% of global GDP.

Shifting to low-carbon energy sources is critical to mitigating climate change's impacts. Today's global energy mix is changing rapidly, but is it heading in the right direction?

Coal is the greatest driver of carbon dioxide emissions from energy, accounting for more than 40% of the total worldwide. Although coal demand is falling in the United States -- with 55 coal-powered plants closed in the past year -- it's growing globally. The World Resources Institute (WRI) recently identified 1,200 proposed new coal plants around the world. And last year, the United States hit a record-high level of coal exports—arguably transferring U.S. emissions abroad.

Meanwhile, shale gas is booming. Production in the United States has increased nearly tenfold since 2005, and China, India, Argentina, and many others have huge potential reserves. This development can be an economic blessing in many regions, and, because carbon emissions of shale gas are roughly half those of coal, it can help us get onto a lower carbon growth path.

However, while gas is an important bridge to a low carbon future—and can be a component of such a future—it can't get us fully to where we need to be. Greenhouse gas emissions in industrial countries need to fall by 80-90% by 2050 to prevent climate change's most disastrous impacts. And there is evidence that gas is crowding out renewables.

Renewable energy -- especially solar and wind power -- are clear winners when it comes to reducing emissions. Unfortunately, despite falling prices, the financial markets remain largely risk-averse. Many investors are less willing to finance renewable power. As a result of this mindset, along with policy uncertainty and the proliferation of low-cost gas, renewable energy investment dropped 11%, to $268 billion, last year.

What do we need to get on track?

Incentivizing renewable energy investment

Currently, more than 100 countries have renewable energy targets, more than 40 developing nations have introduced feed-in tariffs, and countries from Saudi Arabia to South Africa are making big bets on renewables as a growth market. Many countries are also exploring carbon-trading markets, including the EU, South Korea, and Australia. This year, China launched pilot trading projects in five cities and two provinces, with a goal of a national program by 2015.

Removing market barriers

Despite growing demand for renewable energy from many companies, this demand often remains unmet due to numerous regulatory, financial, and psychological barriers in the marketplace.

In an effort to address these, WRI just launched the Green Power Market Development Group in India, bringing together industry, government, and NGOs to build critical support for renewable energy markets. A dozen major companies from a variety of sectors—like Infosys, ACC, Cognizant, IBM, WIPRO, and others— have joined the initiative. This type of government-industry-utility partnership, built upon highly successful models elsewhere, can spur expanded clean energy development. It will be highlighted in Davos this week at meetings of the Green Growth Action Alliance (G2A2).

De-risking investments

For technical, policy, and financial reasons, risks are often higher for renewables than fossil-based energy. Addressing these risks is the big remaining task to bring about the needed energy transformation. Some new funding mechanisms are emerging that can help reduce risk and thus leverage large sums of financing. For example, the Green Climate Fund could, if well-designed, be an important venue to raise funds and drive additional investments from capital markets. Likewise, multi-lateral development banks' recent $175 billion commitment to sustainable transport could help leverage more funds from the private and public sectors.

Some forward-looking companies are seeking to create internal incentives for green investments. For example, companies like Unilever, Johnson & Johnson, and UPS have been taking actions to reduce internal hurdle rates and shift strategic thinking to the longer-term horizons that many green strategies need.

Davos is exactly the type of venue for finding solutions to such issues, which requires leadership and coalition-building from the private and public sectors. For example, the the G2A2, an alliance of CEOs committed to addressing climate and environmental risks, will launch the Green Investment Report with precisely the goal of "unlocking finance for green growth".

Depending on what happens at Davos—and other forums and meetings like it throughout the year—2013 could just be a game-changer.

Follow us on Twitter@CNNOpinion.

Join us on Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of Andrew Steer.

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Vegan pizza, smoked salmon Oscars on offer at post-Oscars ball

LOS ANGELES (Reuters) – Hollywood’s elite will chow down on vegan pizza and kale salad in addition to the traditional smoked salmon Oscars at the annual Governor’s Ball after next month’s Academy Awards ceremony, celebrity chef Wolfgang Puck announced on Tuesday.

Unveiling his menu for the year’s biggest movie party, Puck said chicken pot pie with shaved black truffles, mini Kobe burgers, Japanese baby peach salad, steamed red snapper with Thai spice, Tuna Nicoise and his signature gold-dusted mini-chocolate Oscars also would be served.

Some 1,500 guests are expected at the ball immediately after the February 24 Oscars ceremony, including nominees such as George Clooney, Steven Spielberg, Jennifer Lawrence and Jessica Chastain.

Puck’s menu could be the first chance for many of the attendees to eat since breakfast, as nominees and presenters stave off food in order to squeeze in to fitted gowns and tuxedos for the televised red carpet arrivals and ceremony.

“Nobody eats lunch that day, so by nine o’clock, anybody who would be on a diet is no longer on that diet,” Puck said.

With Oscar-nominated films ranging from dramas to comedies and musicals, guests at the ball – the Academy’s official celebration – will be dining on dishes just as varied.

“We have so many great nominated movies from ‘Argo’ to ‘Les Miserables’ to ‘Silver Linings Playbook,” Puck told Reuters. “It’s a really great year for movies with lots of variety, so we are going to serve a variety of dishes.”

Puck, who this year is marking his 19th year catering the ball, and chef Matt Bencivenga will serve over 50 dishes from hors d’ oeuvres and entrees that will be served on small plates throughout the evening.

Gastronomical items will include Chinese, French, Italian dishes and others from Puck’s many Los Angeles eateries.

The master chef told Reuters there will also be a strong focus this year on vegan dishes, including pizza, kale salad with grilled artichoke, and a beet salad with spiced walnut among others.

“If they don’t find something to eat (among our dishes) then they are really finicky,” joked Puck.

About 300 of Puck’s staff will be in the kitchen and 650 on the dining room floor, which will be laid out with small tables and booths to create a party atmosphere rather than a black tie dinner, according to Puck.

Completing the setting will be a 120-foot (37-meter)chandelier hanging from the ceiling and an 18-foot (5.5-meter) golden Oscar as the centerpiece of the ballroom floor.

Puck said food preparation will start a few days before the event with the making of dishes like smoked salmon and tortellini, but “we cook everything as if we were cooking for an intimate party of 25 – everything at the last moment.”

By midnight, Puck said the festivities would be pretty much over as attendees moved to other parties. That’s when he’ll get his first opportunity of the day to relax “and hang with a few people I know, and we sit around and have some good wine.”

(Reporting By Zorianna Kit; Editing by Jill Serjeant and Paul Simao)

Movies News Headlines – Yahoo! News

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