Zurich sees no threat to dividend policy from Sandy storm






ZURICH (Reuters) – Zurich Insurance Group (ZURN.VX) said it can maintain its dividend policy despite an estimated $ 700 million in damage claims relating to super storm Sandy.


“We are striving for a sustainable and attractive dividend. This philosophy is unchanged. And at present there is no cause to deviate from it,” Chief Executive Martin Senn told the SonntagsZeitung newspaper in an interview.






Zurich, which reports its full-year results on February 14, paid a dividend of 17 Swiss francs per share last year.


Senn said claims from Sandy, which hit the United States in October, would burden the fourth-quarter results but he didn’t expect the company to have to revise its claims estimate.


Sandy is expected ultimately to be the second-costliest catastrophe in U.S. history, with insured loss estimates as high as $ 25 billion. The costliest catastrophe was hurricane Katrina in 2005.


Senn said Zurich was on track to cut costs by $ 500 million by the end of 2013. At the end of the third-quarter Zurich had cut expenses by $ 200 million.


He added he was confident that the group’s AA rating would be confirmed, despite ratings agency Standard & Poor’s downgrading the outlook for the insurance sector to negative.


Senn said Zurich was also making good progress on its target for 30 percent of new life insurance business to come from Latin American and Asian markets.


“We’re well on our way there and are even moving in the direction of 40 to 50 percent.”


(Reporting by Caroline Copley; Editing by Alison Birrane)


Yahoo! Finance – Personal Finance





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

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


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


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


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


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


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


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


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


MUTUAL FUND INVESTORS COME BACK


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


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


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


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


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


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


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


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


JOBS DATA MAY TEST THE RALLY


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


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


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


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


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


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


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


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


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


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



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Can sanctions deter North Korea?


























Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


Kim Jong Un and his military


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STORY HIGHLIGHTS


  • N. Korea said Thursday it plans to carry out new nuclear test and more long-range rocket launches

  • It said they are part of new phase of confrontation with United States

  • George A. Lopez says North Korea's aim is to be recognized as a 'new nuclear nation by fait accompli'

  • The Security Council sanctions aim to deteriorate and disrupt N. Korea's programs, says Lopez




Editor's note: George A. Lopez holds the Hesburgh Chair in Peace Studies at the Kroc Institute, University of Notre Dame. He is a former member, UN Panel of Experts on DPRK.


Indiana, U.S. (CNN) -- North Korea has responded to new Security Council sanctions condemning its December 12 rocket launch with a declaration that it plans a third nuclear test and more missile launches. Politically, it has made unambiguous that its "aim" is its enemy, the United States.


In this rapid reaction to U.N. sanctions, the young government of Kim Jong Un underscores what Security Council members have long known anticipated from the DPRK. Their end-game is to create a vibrant, integrated missile and nuclear weapons program that will result - as in the cases of Pakistan and India - in their being recognized as a new nuclear nation by fait accompli.


Read more: North Korea says new nuclear test will be part of fight against U.S.


In light of DPRK defiance - and a soon to occur nuclear test - the Security Council's first set of sanctions on North Korea since 2009 may seem absurd and irrelevant. These sanctions will certainly not prevent a new DPRK nuclear test. Rather, the new sanctions resolution mobilizes regional neighbors and global actors to enforce sanctions that can weaken future DPRK programs and actions.










Read more: U.N. Security Council slams North Korea, expands sanctions


The utility, if not the necessity, of these Security Council sanctions are to deteriorate and disrupt the networks that sustain North Korea's programs. Chances of this degradation of DPRK capabilities have increased as the new sanctions both embolden and empower the member states who regularly observe - but do nothing about - suspicious vessels in their adjacent waterways.


The resolution provides new guidance to states regarding ship interdiction, cargo inspections, and the seizure and disposal of prohibited materials. Regarding nuclear and missile development the sanctions expand the list of material banned for trade to DPRK, including high tech, dual-use goods which might aid missile industries.


Read more: South Korean officials: North Korean rocket could hit U.S. mainland


These new measures provide a better structure for more effective sanctions, by naming new entities, such as a bank and trading companies, as well as individuals involved in the illicit financing of prohibited materials, to the sanctions list. To the surprise of many in the diplomatic community - the Council authorizes states to expose and confiscate North Korea's rather mobile "bulk cash." Such currency stocks have been used in many regions to facilitate purchases of luxury goods and other banned items that sustain the DPRK elites.


Finally, the Security Council frees the Sanctions Committee to act more independently and in a timely manner to add entities to the list of sanctioned actors when evidence shows them to be sanctions violators. This is an extensive hunting license for states in the region that can multiply the costs of sanctions to the DPRK over time.


Read more: North Korea's rocket launches cost $1.3 billion


Whatever their initial limitations, the new round of U.N. sanctions serve as a springboard to more robust measures by various regional and global powers which may lead back to serious negotiations with DPRK.


Despite its bluster and short-term action plan, Pyongyang recognizes that the wide space of operation for its policies it assumed it had a week ago, is now closed considerably. To get this kind of slap-down via this Security Council resolution - when the launch was a month ago - predicts that any nuke test or missile launch from Pyongyang will bring a new round of stronger and more targeted sanctions.


Read more: North Korea silences doubters, raises fears with rocket launch


Although dangerous - a new game is on regarding DPRK. Tougher U.N. measures imposed on the North generated a predictable response and likely new, prohibited action. While DPRK may be enraged, these sanctions have the P5 nations, most notably China, newly engaged. A forthcoming test or launch will no doubt increase tensions on both sides.


But this may be precisely the shock needed to restart the Six Party Talks. Without this institutional framework there is little chance of influencing DPRK actions. And in the meantime, the chances of greater degrading of DPRK capabilities via sanctions, are a sensible next best action.


Read more: Huge crowds gather in North Korean capital to celebrate rocket launch


The opinions expressed in this commentary are solely those of George A. Lopez.






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Disney says JJ Abrams to direct next ‘Star Wars’






LOS ANGELES (AP) — It’s official. The force is with J.J. Abrams.


The Walt Disney Co. issued a statement Friday night confirming reports that had been circulating for two days that Abrams, Emmy-award-winning creator of TV’s “Lost” and director of 2009′s “Star Trek” movie, has been pegged to direct the seventh installment of the “Star Wars” franchise.






“J.J. is the perfect director to helm this,” said Kathleen Kennedy, the movie’s producer and president of Lucasfilm, which was acquired by Disney last month for $ 4.06 billion.


“Beyond having such great instincts as a filmmaker, he has an intuitive understanding of this franchise. He understands the essence of the Star Wars experience,” Kennedy said in the statement.


The movie will have a script from “Toy Story 3″ writer Michael Arndt and a 2015 release.


Lawrence Kasdan, who wrote “The Empire Strikes Back” and “Return of the Jedi” in the original trilogy, will work as a consultant on the new project.


Abrams has already headed the reboot of another storied space franchise, “Star Trek,” for rival studio Paramount Pictures. The next installment in that series, “Star Trek: Into Darkness,” is set to hit theaters May 17.


But he has long been known as a “Star Wars” devotee. Abrams spoke about the plot of the original “Star Wars” in the lecture series “TED Talks” in March 2007, and reportedly became enamored of “Lost” co-creator Damon Lindelof partly because Lindelof was wearing a “Star Wars” T-shirt when they first met.


In 2009, Abrams told the Los Angeles Times: “As a kid, ‘Star Wars‘ was much more my thing than ‘Star Trek‘ was.”


In Friday night’s statement he called it an “absolute honor” to get the job.


“I may be even more grateful to George Lucas now than I was as a kid,” Abrams said.


Lucas himself said in the statement that “I’ve consistently been impressed with J.J. as a filmmaker and storyteller. He’s an ideal choice to direct the new Star Wars film and the legacy couldn’t be in better hands.”


Entertainment News Headlines – Yahoo! News





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Scots cities top house price list







House prices have risen faster in Aberdeen and Inverness than any other UK cities over the past decade, a survey has suggested.






The Bank of Scotland report said average prices rose by 94% in the Granite City between 2002 and 2012.


Inverness saw prices climb by 81%, with Dundee (+73%) and Perth (+70%) also featuring in the top five UK cities.


The bank said Aberdeen had particularly sharp increases because of the importance of the oil sector.


According to the survey, cities recorded higher house price growth than the UK average over the past 10 years.


Prices in cities increased by an average of 38%, from £125,276 in 2002 to £173,322 in 2012. This compared to a 29% rise for the UK as a whole.


Northern Irish cities Lisburn and Belfast had the smallest price rises over the last 10 years, up by just 2% and 3% respectively.


The bank said this largely reflected a substantial decline in house prices across Northern Ireland since 2007.


Ely and Southampton recorded the smallest increases in England, while Stirling (+35%) and Glasgow (+45%) experienced the lowest house price growth among cities in Scotland.



















































Source: Bank of Scotland



Average House Price 2002



Average house price 2012



10-year change (%)



Aberdeen



£92,759



£179,607



94%



Inverness



£86,669



£156,832



81%



Bradford



£60,002



£106,015



77%



Dundee



£69,615



£120,086



73%



Perth



£95,488



£162,259



70%



Hull



£60,515



£101,914



68%



Carlisle



£72,895



£120,557



65%



Durham



£80,802



£133,463



65%



Swansea



£76,110



£120,483



58%



Stoke on Trent



£74,305



£117,131



58%



BBC News – Business





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Claim Post Resources Inc. Acquires 51% of Frac Sand Project in Southern Manitoba (Canada) and Options a Permitted Property Suitable for Loading Unit Trains of Frac Sand






TORONTO, ONTARIO–(Marketwire – Jan 25, 2013) – Claim Post Resources Inc. (TSX VENTURE:CPS) (the “Company“) announces that it has signed an amendment to its agreement with Char-Crete Ltd. to acquire nine contiguous silica sand quarry leases, encompassing approximately 428 hectares (1,050 acres) (see press release dated August 27, 2013). The property is located 3km from a paved highway near Seymourville, 200km North-East of Winnipeg, Manitoba (Canada) (the “Seymourville Property“). Under the amended agreement, Claim Post paid $ 400,000 to Char-Crete and acquired a 51% undivided interest in the Seymourville Property. Claim Post can acquire the remaining 49% interest by payment of an additional $ 300,000 on or before March 31, 2013. In addition, Char Crete has agreed to grant Claim Post an option to purchase a fully permitted industrial property in Winnipeg for use as a railroad loading and storage area for a payment of $ 400,000 on or before February 17, 2013. If Claim Post chooses to exercise the option the purchase price of the property will be $ 2,700,000.


The Seymourville Silica Sand deposit was discovered in 1977 and was drilled by Manitoba government geologists in 1981 and again in 1989. The deposit is the Lake Winnipeg Formation on-shore extension of the Historical Black Island silica deposit. Black Island silica was mined from 1928 to 2003 when it was incorporated into a park. Black Island sand was used as feed stock to manufacture glass, fiber glass, foundry sand and early frac sand by the oil industry.






The President of Claim Post Resources, Charles Gryba, stated: “We are very pleased to have acquired a 51% interest in the nine quarry leases from Char-Crete Ltd; we look forward to acquiring the balance of the property in the coming months. Our first priority will be to start a drilling program and API – ISO testwork towards completing a NI 43-101 report. The next step would be to commission an independent Preliminary Economic Assessment of the deposit to confirm the economics of taking the Seymourville Silica Sand Deposit to commercial production. A major step forward in de risking the project was acquiring an option on a permitted property suitable for setting up a frac sand terminal in Winnipeg with access to rail.”


High silica sand deposits are very rare in Western Canada because the glaciers either destroyed the deposits or mixed in other minerals unsuitable for frac sand. Horizontal drilling and fracking in the US and Western Canada has been very successful. The Seymourville deposit has 20 – 40 mesh and 40 – 70 mesh sand used for the fracking in the Bakkens in Southern Manitoba and Saskatchewan and also 40 – 70 mesh and 100 mesh sizes suitable for natural gas fracking in the world class Montney, Horn River and Laird River basins along the Alberta – British Columbia borders.


Access to rail transportation and being closer to the market are key advantages required for any successful industrial mineral project. The option to purchase an industrial site in Winnipeg that has access to both the CN and CP rail systems is a major advantage. In 2012, the US produced 31 million tons of frac sand and CN hauled 70,000 rail road cars of frac sand from Wisconsin through Winnipeg to Western Canada. Claim Post”s frac sand is about 1,000 km closer to the Canadian market.


Claim Post Resources intends to maintain its exploration properties in Timmins, Ontario which are highly prospective for both gold and base metals. The Company continues to seek joint venture partners and strategic arrangements with other companies in the industry to advance the exploration of the large Timmins land holdings.


Claim Post Resources Inc. is a Canadian based mineral exploration company and a reporting issuer in Ontario, Alberta and British Columbia. The Company currently holds a 100% interest in the mineral rights to about 1145 staked claim units and 63 patented claims (~200 km sq. or 72 sq. miles), wholly within the city limits of Timmins, Ontario. The Company continues to stake ground as it becomes available and drop lower priority claims from time to time. There are 45,788,831 common shares of the Company issued and outstanding.


Statements in this release that are forward-looking reflect the Company”s current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company”s periodic filings with Canadian securities regulators. Such statements and information contained herein represent management”s best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.


Marketwire News Archive – Yahoo! Finance




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

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


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


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


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


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


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


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


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


MUTUAL FUND INVESTORS COME BACK


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


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


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


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


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


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


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


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


JOBS DATA MAY TEST THE RALLY


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


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


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


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


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


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


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


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


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


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



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Azarenka secures back-to-back Australian titles


MELBOURNE, Australia (AP) — Victoria Azarenka won her second consecutive Australian Open title, beating Li Na 4-6, 6-4, 6-3 in a dramatic final that contained a break for fireworks, two medical timeouts and a nasty fall to the court by Li.


The Chinese star first tumbled to the court after twisting her left ankle in the fifth game of the second set and had it taped.


On the first point after a 10-minute pause in the third set while fireworks boomed overhead from nearby Australia Day celebrations, Li fell over again and slammed the back of her head on the court. The 2011 French Open champion was treated immediately and had another timeout before being allowed to resume the match.


Azarenka, who broke down in tears and sobbed into her towel when the match ended, won five of the next six games to claim her second major title and retain the No. 1 ranking.


The 2-hour, 40-minute match featured 16 service breaks, with Li losing her service nine times.


The win meant that Azarenka will maintain the top spot and Serena Williams, who lost in the quarterfinals, will become the new No. 2 in the rankings.


On a crisp Saturday night, Azarenka won the coin toss and elected to receive, a ploy that seemed to work when a nervous Li was broken to start the match. After a double fault on the first point, Li's forehand long gave Azarenka the early lead.


The capacity crowd at Rod Laver Arena was firmly behind Li, cheering loudly when she was introduced. Azarenka, meanwhile, had her errors applauded, and one spectator even mocked the loud hooting sound she makes when she hits a shot.


The chill from the crowd was a remnant of Azarenka's semifinal win over American teenager Sloane Stephens, when Azeranka was criticized for taking a questionable 10-minute medical timeout near the end of the match.


In the second set, a few fans heckled Azarenka over the incident. One man yelled, "Take a deep breath, Vicky."


By the end of the match, she appeared to have won some of the fans back. Azarenka's friend, rapper Redfoo, yelled down to her from the player box "You deserve it," and she later blew kisses to the crowd. Someone else in the crowd shouted "Victoria, we love you."


Read More..

Cantor CEO: 'Off the fiscal cliff we go'






Part of complete coverage on















By Ramy Inocencio, for CNN


January 25, 2013 -- Updated 1120 GMT (1920 HKT)









STORY HIGHLIGHTS


  • 'U.S. fiscal cliff still coming' in form of failure to raise debt ceiling, Cantor Fitzgerald CEO

  • More than 25% of CEOs feel world economy will get worse in 2013, says PwC survey

  • U.S. House of Representatives passed short-term debt ceiling increase Jan. 23

  • Lutnick: 'Dumb lending' caused 2008 credit crisis




Hong Kong (CNN) -- The world thought the U.S. fiscal cliff deadline was December 31, but "the fiscal cliff is (still) coming", says Richard Lutnick, CEO of global financial services firm Cantor Fitzgerald.


"You're going to watch the U.S. do crazy, crazy things this year," said Lutnick to CNN's Richard Quest at the World Economic Forum in Davos, Switzerland. "The Republican Party that was elected to control Congress... (is) going to cross their arms and they are not going to raise the debt ceiling ultimately unless they get severe spending cuts, and the Obama administration is not going to give it to them."


If Congress fails to act, the U.S. and the world economy will have a "dreadful" 2013, Lutnick said.


Following this week's PricewaterhouseCoopers survey of global CEO confidence, Lutnick appears to be one of the more than 25% who think the world economy is more likely to deteriorate in 2013.








Despite Lutnick's concerns, on January 23 the Republican-controlled House of Representatives did pass a bill that would allow the U.S. Treasury to borrow new money through mid-May. President Barack Obama has said he would not oppose the proposal if it reaches his desk, although he prefers a long-term debt ceiling increase.


Lutnick adds that to avoid a repeat of the 2008 financial crisis, regulators need to actually address issues that caused it.


"What caused the credit crisis was just dumb lending. When you lend money to people who can't pay you back, you go broke."


Looking ahead to 2013, Lutnick says the biggest risk to global growth is the U.S. hitting the debt ceiling -- whether in the short- or long-term.


"Off the fiscal cliff we go. We (the U.S.) are irrational and we are silly... we are dopey."












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“Hansel and Gretel” is Grimm news for weekend box-office rivals






LOS ANGELES (TheWrap.com) – “Hansel and Gretel,” a Grimm’s fairy tale on special effects and 3D steroids, is ready to wreak some box-office havoc this weekend on its way to the number one spot.


Paramount has exerted considerable marketing muscle behind the R-rated action fantasy, and it seems to be connecting. “Hansel and Gretel” will take in more than $ 25 million over the three days, industry analysts say. Jeremy Renner and Gemma Arterton play bounty hunters tracking and killing witches all over the world in this version of the classic fairy tale,






The weekend’s other wide openers, the ensemble sketch comedy “Movie 43″ and the Jason Statham-Jennifer Lopez crime thriller “Parker,” don’t figure to be among the leaders.


Last week’s top film, Universal’s horror thriller “Mama,” starring Jessica Chastain, is likely to take a hit from “Hansel and Gretel” but should still finish among the leaders. Best Picture Oscar nominees “Zero Dark Thirty” and “Silver Linings Playbook” will continue to be in the mix, too.


Renner’s star is rising on the heels of “The Avengers” and “The Bourne Legacy,” but the best thing “Hansel and Gretel” will have going for it at the box office might be the bump it will get from premium pricing at its 3D and Imax locations. Paramount has its first 2013 release in roughly 3,300 locations, a whopping 2,900 of which are 3D, and in 300 Imax theaters.


What could work against “Hansel and Gretel” is its R-rating, which will limit its reach with younger fan boys, but late tracking suggests the film’s appeal has broadened. Paramount is also opening “Hansel and Gretel” in 19 foreign markets this weekend, and a solid overseas performance will be critical if it’s to offset its roughly $ 50 million budget.


Hansel and Gretel,” a co-production of Paramount and MGM, was written and directed by Tommy Wirkola (“Dead Snow”) and co-stars Famke Janssen and Thomas Mann. The film is produced by Will Ferrell, Adam McKay, Kevin Messick and Beau Flynn.


“Movie 43″ is unlike anything to hit the box office recently. Proudly rude and crude, Relativity‘s R-rated ensemble sketch comedy took four years to make and has 12 directors and twice that many stars.


The cast of “Movie 43″ features Oscar nominees Hugh Jackman and Naomi Watts, along with Seth MacFarlane, Halle Berry, Common, Richard Gere, Greg Kinnear, Kate Winslet, Uma Thurman, Emma Stone, Chloe Grace Moretz, Gerard Butler, Dennis Quaid, Sean William Scott, Kristen Bell and Elizabeth Banks. That’s a lot of star wattage but most of the roles are cameos.


Also appearing are Anna Faris, Liev Schreiber, Johnny Knoxville, Kieran Culkin, Kate Bosworth, Bobby Carnavale, Will Sasso, Josh Duhamel, Snooki and … you get the idea. The budget was just $ 6 million, so everyone worked for scale.


Even the sketches were solicited from agencies, actors and friends and came in the form of treatments, scripts and phone pitches.


Peter Farrelly (“Shallow Hal”), who put the project together along with Charles Wessler, a producer on most of the Farrelly brothers films, directs one of the segments. Banks, Steven Brill, Steve Carr, Rusty Cundieff, James Duffy, Griffin Dunne, Patrik Forsberg, James Gunn, Bob Odenkirk, Brett Ratner and Jonathan van Tulleken direct the others.


“It was really all about schedule with a lot of these people,” Farrelly said. “Charlie would call and they’d say, ‘Yeah, I’d love to do it, but I’m in the middle of a movie. I can do it in nine months, next September.’ And he’d just go, ‘Fine, we’ll see you in September.’ That’s why this film took four years to make – it wasn’t sitting on shelf somewhere. We’d get who we’d get when we’d get them, and that’s how it worked.”


The sketches are tied together by a storyline involving a down-and-out movie producer (Quaid), who’s pitching projects to a studio exec (Kinnear) and his boss (Common). The shorts ensue.


There haven’t been press screenings, so the critics haven’t gotten their hands on it. It’s hard to tell from the red-band trailer how funny the film will be, but there’s little doubt some will be offended – we’re not talking “Love Actually” here – by the raunch and low-brow humor.


That’s intended to be part of the appeal, of course, but points up a box-office conundrum: how successful can a film be when a large part of the audience most likely to most enjoy those kind of laughs can’t get in because of the R rating? Relativity is banking on 18-34-year-olds, and analysts and the studio see it making around $ 8 million or $ 9 million over the three days.


The film has already made more than its budget in the foreign pre-sales, which were handled by Lionsgate International. It’s among the first releases overseen by Relativity‘s new international distribution unit, Relativity International, and has taken in approximately $ 8.5 million since opening earlier this month in Russia.


In “Parker,” directed by Taylor Hackford (“Ray”), Statham plays a professional thief with a conscience, who doesn’t steal from the poor or hurt innocent people. Double-crossed after a gang heist, he heads to Palm Beach, Fla., and teams with one of their victims (Lopez) for revenge.


The presence of Lopez, who has a major music fan base, provides something of an X factor for “Parker.” She hasn’t been seen in a box-office hit since 2005′s “Monster In Law,” but her voice helped “Ice Age: Continental Drift” ring up $ 875 million worldwide last year.


Statham’s last movie was the ensemble action film “Expendables 2,” which opened to $ 28 million and went on to make $ 85 million last year. But the tracking and social media hasn’t been strong, and “Parker” will be hard-pressed to match the performance of Staham’s 2011 film “The Mechanic,” which opened to $ 11 million and made $ 29 million. Film District has it in 2,224 locations.


John J. McLaughlin adapted the script from “Flashfire,” the 19th “Parker” novel, written by Donald Westlake under the name Richard Stark.


Movies News Headlines – Yahoo! News





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