Affleck wins directors award as ‘Argo’ hurtles to Oscars






LOS ANGELES (Reuters) – Actor-turned-filmmaker Ben Affleck won the top honor from his peers at the Directors Guild of America on Saturday for the movie “Argo“, cementing the Iran hostage drama’s frontrunner status for the Oscars.


The Hollywood directors‘ recognition for Affleck, however, is an awkward result for the Academy of Motion Pictures Arts and Sciences, which failed to nominate him for Best Director in what is considered one of the biggest snubs of this year’s Oscars.






Since 1948, there have been only six occasions when the Directors Guild of America (DGA) winner has not gone on to win the Oscar for Best Director.


“I have nothing but respect for the Academy,” Affleck said after collecting his first DGA award. The Hollywood star, a producer of “Argo”, said he was thrilled the film was nominated for the Oscars’ Best Picture award.


“You are not entitled to win anything,” he said.


“Argo” has picked up the three top awards from the industry’s guilds, whose members are also often members of the Academy.


Last weekend, the film was the victor at both the Producers Guild and the Screen Actors Guild awards, leaving Steven Spielberg‘s Civil War-era epic “Lincoln” in its wake.


Affleck also won Best Director at the Golden Globes while “Argo” won Best Drama. The Oscars will be held on February 24.


On Saturday, Affleck bested four directors who had all previously won the top DGA honor and gone on to win the Best Director Oscar.


It has been a particularly tough awards season for Spielberg, nominated by the DGA for the 11th time with “Lincoln” and a two-time winner for “Schindler’s List” in 1994 and “Saving Private Ryan” in 1999.


“What an incredible year for movies,” said Spielberg. “Maybe I’ve had moments when I wished it wasn’t such an incredible year.”


Affleck also beat out Kathryn Bigelow, nominated for Osama bin Laden-manhunt thriller “Zero Dark Thirty,” Ang Lee for his 3D adaptation of the bestselling novel “Life of Pi”, and Tom Hooper, for his screen adaptation of the hit musical “Les Miserables”.


In “Argo”, which is based on a real account, Affleck also plays the lead role of a CIA agent entrusted with extracting six Americans from revolutionary Iran after the U.S. embassy is stormed. The agent, with help from Hollywood, creates a fake film and makes the Americans part of the crew.


“There was a point in my life where I was really down and really confused … didn’t know what was going to happen and I thought ‘I could be a director’,” Affleck told the high-powered Hollywood crowd on Saturday.


“I don’t believe this makes me a real director, but I think I am on my way,” he said.


Another young director also collected a top award on Saturday – Lena Dunham for Best Comedy Series for “Girls”, the HBO show about four girls in Brooklyn and their travails over sex, work and making it in the big city.


“This is surreal, which I know is an over-used Los Angeles word,” said Dunham, who often appears in the show she created wearing little or no clothes.


(Editing by Pravin Char)


Movies News Headlines – Yahoo! News





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Restive Cities Threaten Egypt’s Suez Canal






Attempting to quell unrest, President Mohamed Mursi declared a state of emergency in Port Said, Ismailia, and Suez. The cities straddle an important source of hard currency, but canal traffic has so far escaped disruption.


317b9  econ suezmap06 950 Restive Cities Threaten Egypts Suez Canal

Graphic by Bloomberg Businessweek; Data: Suez Canal Authority, UN Conference on Trade and Development







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Report: German check bust man is ex-Iran bank head






BERLIN (AP) — The German newspaper Bild am Sonntag reports that a man caught last month trying to enter Germany with a check worth about $ 70 million was Iran’s former central bank chief.


The weekly reports that customs officials at Duesseldorf airport found the check in Tahmasb Mazaheri’s luggage Jan. 21 upon his arrival from Turkey.






German customs had issued a statement Friday saying a check for 300 million Venezuelan Bolivars issued by the Bank of Venezuela was found on an unnamed 59-year-old man.


Neither customs officials nor Iran’s embassy could be reached for comment late Saturday.


Mazaheri was the governor of the Central Bank of Iran until 2008.


Bild am Sonntag reported in its Sunday edition that German police and customs are investigating possible money laundering.


International News and Information on Yahoo! Finance





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"Great Rotation"- A Wall Street fairy tale?

NEW YORK (Reuters) - Wall Street's current jubilant narrative is that a rush into stocks by small investors has sparked a "great rotation" out of bonds and into equities that will power the bull market to new heights.


That sounds good, but there's a snag: The evidence for this is a few weeks of bullish fund flows that are hardly unusual for January.


Late-stage bull markets are typically marked by an influx of small investors coming late to the party - such as when your waiter starts giving you stock tips. For that to happen you need a good story. The "great rotation," with its monumental tone, is the perfect narrative to make you feel like you're missing out.


Even if something approaching a "great rotation" has begun, it is not necessarily bullish for markets. Those who think they are coming early to the party may actually be arriving late.


Investors pumped $20.7 billion into stocks in the first four weeks of the year, the strongest four-week run since April 2000, according to Lipper. But that pales in comparison with the $410 billion yanked from those funds since the start of 2008.


"I'm not sure you want to take a couple of weeks and extrapolate it into whatever trend you want," said Tobias Levkovich, chief U.S. equity strategist at Citigroup. "We have had instances where equity flows have picked up in the last two, three, four years when markets have picked up. They've generally not been signals of a continuation of that trend."


The S&P 500 rose 5 percent in January, its best month since October 2011 and its best January since 1997, driving speculation that retail investors were flooding back into the stock market.


Heading into another busy week of earnings, the equity market is knocking on the door of all-time highs due to positive sentiment in stocks, and that can't be ignored entirely. The Standard & Poor's 500 Index <.spx> ended the week about 4 percent from an all-time high touched in October 2007.


Next week will bring results from insurers Allstate and The Hartford , as well as from Walt Disney , Coca-Cola Enterprises and Visa .


But a comparison of flows in January, a seasonal strong month for the stock market, shows that this January, while strong, is not that unusual. In January 2011 investors moved $23.9 billion into stock funds and $28.6 billion in 2006, but neither foreshadowed massive inflows the rest of that year. Furthermore, in 2006 the market gained more than 13 percent while in 2011 it was flat.


Strong inflows in January can happen for a number of reasons. There were a lot of special dividends issued in December that need reinvesting, and some of the funds raised in December tax-selling also find their way back into the market.


During the height of the tech bubble in 2000, when retail investors were really embracing stocks, a staggering $42.7 billion flowed into equities in January of that year, double the amount that flowed in this January. That didn't end well, as stocks peaked in March of that year before dropping over the next two-plus years.


MOM AND POP STILL WARY


Arguing against a 'great rotation' is not necessarily a bearish argument against stocks. The stock market has done well since the crisis. Despite the huge outflows, the S&P 500 has risen more than 120 percent since March 2009 on a slowly improving economy and corporate earnings.


This earnings season, a majority of S&P 500 companies are beating earnings forecast. That's also the case for revenue, which is a departure from the previous two reporting periods where less than 50 percent of companies beat revenue expectations, according to Thomson Reuters data.


Meanwhile, those on the front lines say mom and pop investors are still wary of equities after the financial crisis.


"A lot of people I talk to are very reluctant to make an emotional commitment to the stock market and regardless of income activity in January, I think that's still the case," said David Joy, chief market strategist at Columbia Management Advisors in Boston, where he helps oversee $571 billion.


Joy, speaking from a conference in Phoenix, says most of the people asking him about the "great rotation" are fund management industry insiders who are interested in the extra business a flood of stock investors would bring.


He also pointed out that flows into bond funds were positive in the month of January, hardly an indication of a rotation.


Citi's Levkovich also argues that bond investors are unlikely to give up a 30-year rally in bonds so quickly. He said stocks only began to see consistent outflows 26 months after the tech bubble burst in March 2000. By that reading it could be another year before a serious rotation begins.


On top of that, substantial flows continue to make their way into bonds, even if it isn't low-yielding government debt. January 2013 was the second best January on record for the issuance of U.S. high-grade debt, with $111.725 billion issued during the month, according to International Finance Review.


Bill Gross, who runs the $285 billion Pimco Total Return Fund, the world's largest bond fund, commented on Twitter on Thursday that "January flows at Pimco show few signs of bond/stock rotation," adding that cash and money markets may be the source of inflows into stocks.


Indeed, the evidence suggests some of the money that went into stock funds in January came from money markets after a period in December when investors, worried about the budget uncertainty in Washington, started parking money in late 2012.


Data from iMoneyNet shows investors placed $123 billion in money market funds in the last two months of the year. In two weeks in January investors withdrew $31.45 billion of that, the most since March 2012. But later in the month money actually started flowing back.


(Additional reporting by Caroline Valetkevitch; Editing by Kenneth Barry)



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Super Bowl of firsts, lasts, bests


NEW ORLEANS (AP) — The journey to this Super Bowl wound through bounties and replacement refs, eventually bringing the big game back to the Big Easy — with a replacement quarterback, a sibling rivalry and a grand exit for one of the NFL's greatest players, clouded by the obscure healing powers of deer-antler spray.


It is a Super Bowl of comebacks, of firsts and lasts, and — if San Francisco wins — the best.


A win over the Baltimore Ravens on Sunday gives the 49ers six championships, matching Pittsburgh's titles in the Super Bowl era. Unlike the Steelers, the Niners have never lost one.


Of course, they haven't won one in 18 years, either.


"There's a tradition with the San Francisco 49ers, but I think these guys are paving their own way," said Hall of Fame receiver and three-time champion Jerry Rice. "They're playing with a lot of swagger."


Or as owner Denise DeBartolo York said, "We've come full circle and the dynasty will prevail."


New Orleans has come full circle, too. Ravaged by Hurricane Katrina in August 2005, losing a quarter of its population, abandoned by the Saints for an entire season, the city couldn't imagine hosting another Super Bowl. But as New Orleans recovered and rebuilt, it envisioned staging what Patriots owner Robert Kraft calls "the pre-eminent sporting event."


The NFL agreed it was time to return. And even if Commissioner Roger Goodell is despised here after slapping the Saints with suspensions and fines in the bounty scandal, the vibes from the French Quarter and Warehouse District this week have been supportive, even uplifting.


"It's also terrific for us to be back here in New Orleans," Goodell said, joking about voodoo dolls in his likeness. "Our 10th Super Bowl here, the first since Katrina, and it's clear this city is back bigger and better than ever."


There's the tale of the head coaching brothers, Baltimore's John and San Francisco's Jim, the first siblings to face off in a Super Bowl. And Ray Lewis, the pre-eminent linebacker of his generation on his self-proclaimed last ride. (His farewell party was somewhat sidetracked for two days this week when Lewis waved off a report that he tried to get unusual products like deer-antler spray to speed his recovery from an arm injury that sidelined him for 10 games.)


"There are so many storylines to this game that make it bigger than just the Super Bowl," 49ers CEO Jed York said.


Such as the Harbaughs plot about sons of a lifetime coach who took different paths to the top of the NFL.


John, older by 15 months, has made his career standing on the sideline with a headset. He's the only head coach to win playoff games in his first five seasons; his quarterback, Joe Flacco, has the same distinction as he heads into his first Super Bowl. Jim Harbaugh was a first-round draft pick and quarterbacked four teams in 14 pro seasons before going into coaching. He was an immediate success at San Diego — the Toreros in the college Pioneer League, not the Chargers in the NFL — and Stanford before the 49ers won a bidding war for him in 2011.


This week's family reunion has been light-hearted, though that figures to change Sunday.


"It's probably a little tougher emotionally," John Harbaugh said of facing his brother. "It's a little tougher just from the sense of I don't think you think about it when you're coaching against somebody else; it's more about the scheme and the strategy. There's a little bit of a relationship element that's more strong than maybe coaching against someone else.


"I'll have a better answer for you after the game. I've never been through this before. This is all new."


And oh-so-new for the QBs, Flacco and Colin Kaepernick.


Flacco is no fluke, holding the career record for road playoff wins with six. But until outplaying Peyton Manning and Tom Brady this year, he hadn't gotten the Ravens to the Super Bowl. He has eight touchdown passes and no interceptions in the postseason, padding a resume that soon will make him one very highly paid quarterback: Flacco's contract expires after this game. Even with a franchise tag applied by Baltimore (13-6), he'll make about $14.6 million next season.


"I think when you talk about winning as quarterbacks in the playoffs," Flacco said, "I would think that all of them have Super Bowl victories. So that's really the only one that matters, and that's what we're trying to get."


Naturally, so are the 49ers (13-4-1), whose midseason adoption of the pistol offense to best use Kaepernick's dynamic versatility added a dimension no one has been able to stop. The Niners might never have taken such a huge step had incumbent Alex Smith, in the midst of his best season, not sustained a concussion on Nov. 11. Kaepernick took over and the offense took off.


Once Smith was healthy, he no longer was the starter. Jim Harbaugh gambled by sticking with the raw second-year quarterback who brought more game-breaking skills to the position.


Difficult decisions like that are sometimes foolhardy, sometimes inspired.


This one worked superbly, and Kaepernick stands one victory from joining Joe Montana and Steve Young as a 49er Super Bowl champion.


"It was tough watching this team do well and not being able to contribute," said Kaepernick, more recognized before his promotion for his collection of tattoos than for his strong arm and sprinter's speed. "For me, what kept me going was the fact that I might get an opportunity to get out there. When I did, I needed to take advantage of it."


The 49ers hope to take advantage in the same Superdome where they were at their most dominant, beating Denver 55-10 in 1990 in the biggest rout the Super Bowl has seen.


The Steelers are recognized as the true powerhouse of the Super Bowl era, which is nearly a half-century old. Four of those titles came in the 1970s, with Mean Joe Greene and the Steel Curtain shutting down opponents while Terry Bradshaw, Franco Harris and Lynn Swann were scoring on them.


But the last two were in 2005 and 2008, and they've been perennial playoff qualifiers, too. That kept them in the football forefront.


For the 49ers the golden years of Montana, Rice, Young and Ronnie Lott ended with the 1994 season. They didn't even make the playoffs from 2003-10, and this is their first trip back to the Super Bowl.


Rice sees Super Bowl win No. 6 coming Sunday.


"I just think we had players who played well in the big game," he said. "My best football that I played, I think, happened in the playoffs and in the Super Bowl. I think it's the same with these players."


None of whom, except for center Jonathan Goodwin and linebacker Clark Haggans, has won a title. That's still one more ring than the Ravens have: Lewis is the sole NFL champion in Baltimore.


Lewis hungers for these teammates to taste their first title — and to do it in his last game.


"I've touched the Lombardi (Trophy), and I know how it feels," the perennial All-Pro said. "For these guys who've made this journey with me to feel that, it would be the perfect ending for my career."


Like Lewis, 49ers receiver Randy Moss also could be suiting up for the final time, although he hopes to play another year.


Grabbed off the scrap heap after his career spiraled into oblivion and no team would touch him in 2011, Moss didn't do much on the field (28 catches, 434 yards) this season. His loudest headlines came this week when he proclaimed himself the greatest receiver ever; maybe he's never seen Rice's numbers.


Teammates say Moss was very influential as a mentor and teacher.


"Randy's like my older brother," said Michael Crabtree, who emerged as a top receiver in his fourth pro season. "An older brother you would have that's been through a lot that you just can learn from just talking to him, watching him.


"He's a legend and I hope he'll be here next year."


Lewis won't be. He'll don the face paint, put on his No. 52 for the final time, and see if he can replicate the championship of a dozen years ago.


"You can never top the first one, because that's an unknown feeling," Lewis said before adding with a chuckle, eyes widening, "but a second one — that might be the only way you really can top it."


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Hillary: Secretary of empowerment




Girls hug U.S. Secretary of State Hillary Clinton during a 2010 tour of a shelter run for sex trafficking victims in Cambodia.




STORY HIGHLIGHTS


  • Donna Brazile: Clinton stepping down as Secretary of State. Maybe she'll run for president

  • She says as secretary she expanded foreign policy to include effect on regular people

  • She says she was first secretary of state to focus on empowering women and girls

  • Brazile: Clinton has fought for education and inclusion in politics for women and girls




Editor's note: Donna Brazile, a CNN contributor and a Democratic strategist, is vice chairwoman for voter registration and participation at the Democratic National Committee. She is a nationally syndicated columnist, an adjunct professor at Georgetown University and author of "Cooking with Grease." She was manager for the Gore-Lieberman presidential campaign in 2000.


(CNN) -- As Secretary of State Hillary Rodham Clinton steps down from her job Friday, many are assuming she will run for president. And she may. In fact, five of the first eight presidents first served their predecessors as secretary of state.


It hasn't happened in more than a century, though that may change should Clinton decide to run. After all, she has been a game changer her entire life.


But before we look ahead, I think we should appreciate what she's done as secretary of state; it's a high profile, high pressure job. You have to deal with the routine as if it is critical and with crisis as if it's routine. You have to manage egos, protocols, customs and Congress. You have to be rhetorical and blunt, diplomatic and direct.



CNN Contributor Donna Brazile

CNN Contributor Donna Brazile



As secretary of state you are dealing with heads of state and with we the people. And the president of the United States has to trust you -- implicitly.


On the road with Hillary Clinton


Of all Clinton's accomplishments -- and I will mention just a few -- this may be the most underappreciated. During the election, pundits were puzzled and amazed not only at how much energy former President Bill Clinton poured into Obama's campaign, but even more at how genuine and close the friendship was.


Obama was given a lot of well-deserved credit for reaching out to the Clintons by appointing then-Sen. Hillary Clinton as his secretary of state in the first place. But trust is a two-way street and has to be earned. We should not underestimate or forget how much Clinton did and how hard she worked. She deserved that trust, as she deserved to be in the war room when Osama bin Laden was killed.


By the way, is there any other leader in the last 50 years whom we routinely refer to by a first name, and do so more out of respect than familiarity? The last person I can think of was Ike -- the elder family member who we revere with affection. Hillary is Hillary.


It's not surprising that we feel we know her. She has been part of our public life for more than 20 years. She's been a model of dignity, diplomacy, empathy and toughness. She also has done something no other secretary of state has done -- including the two women who preceded her in the Cabinet post.


Rothkopf: President Hillary Clinton? If she wants it



Hillary has transformed our understanding -- no, our definition -- of foreign affairs. Diplomacy is no longer just the skill of managing relations with other countries. The big issues -- war and peace, terror, economic stability, etc. -- remain, and she has handled them with firmness and authority, with poise and confidence, and with good will, when appropriate.


But it is not the praise of diplomats or dictators that will be her legacy. She dealt with plenipotentiaries, but her focus was on people. Foreign affairs isn't just about treaties, she taught us, it's about the suffering and aspirations of those affected by the treaties, made or unmade.








Most of all, diplomacy should refocus attention on the powerless.


Of course, Hillary wasn't the first secretary of state to advocate for human rights or use the post to raise awareness of abuses or negotiate humanitarian relief or pressure oppressors. But she was the first to focus on empowerment, particularly of women and girls.


She created the first Office of Global Women's Issues. That office fought to highlight the plight of women around the world. Rape of women has been a weapon of war for centuries. Though civilized countries condemn it, the fight against it has in a sense only really begun.


Ghitis: Hillary Clinton's global legacy on gay rights


The office has worked to hold governments accountable for the systematic oppression of girls and women and fought for their education in emerging countries. As Hillary said when the office was established: "When the Security Council passed Resolution 1325, we tried to make a very clear statement, that women are still largely shut out of the negotiations that seek to end conflicts, even though women and children are the primary victims of 21st century conflict."


Hillary also included the United States in the Trafficking in Person report. Human Trafficking, a form of modern, mainly sexual, slavery, victimizes mostly women and girls. The annual report reviews the state of global efforts to eliminate the practice. "We believe it is important to keep the spotlight on ourselves," she said. "Human trafficking is not someone else's problem. Involuntary servitude is not something we can ignore or hope doesn't exist in our own communities."


She also created the office of Global Partnerships. And there is much more.


She has held her own in palaces and held the hands of hungry children in mud-hut villages, pursuing an agenda that empowers women, children, the poor and helpless.


We shouldn't have been surprised. Her book "It Takes a Village" focused on the impact that those outside the family have, for better or worse, on a child's well-being.


As secretary of state, she did all she could to make sure our impact as a nation would be for the better.


Follow us on Twitter @CNNOpinion


Join us on Facebook/CNNOpinion


The opinions expressed in this commentary are solely those of Donna Brazile.






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Why is Beckham sitting on the bench for nothing?






PARIS (AP) — David Beckham has won league championships in three countries on two continents, earns millions of dollars in endorsements and his name is practically synonymous with celebrity itself. He has his own cologne, for goodness sake. So why is he even bothering to sit on the bench for the Paris Saint-Germain football club?


His royal highness of football doesn’t need the money — and he’s said he’ll donate his PSG salary to charity — but he does need to start thinking about life after the game. At 37, Beckham is practically a dinosaur for the sport, and he acknowledged in his welcoming press conference on Thursday that he probably won’t be in the team’s starting lineup.






Instead, Beckham may be beginning to put in place a plan for life after the final whistle. Ellis Cashmore, a sociologist who writes about sports and media culture at Staffordshire University, said that prolonged exposure is always useful to celebrities building empires. In that way, the deal with PSG does double work: It keeps his name in lights for longer and also garners extra attention for the charitable contribution.


“When he does stop playing, which is going to be quite soon, his overall brand appeal will inevitably decline because we will inevitably forget about this guy,” he said. “I think he’s probably thinking, I want to stay in the shop window for a bit longer.”


But Cashmore also cautioned against being too cynical in assessing Beckham’s motives: “The guy is an athlete. He wants to do what he loves to do.”


Bruno Satin, an independent players’ agent who was with IMG for a decade, also said that the move to PSG — even if it’s to sit on the bench — is a step up for Beckham.


“For him, to be on the PSG team, it’s a higher level than being on the Los Angeles Galaxy,” he said. “For the world of football, for real football, the Los Angeles Galaxy is nothing on the map of football.”


Some wondered if Beckham was trying to avoid the notoriously sticky fingers of the French state with his plans to donate his salary.


But Sandra Hodzic, a tax lawyer with Salans, said the deduction an individual can take on such contributions is limited. Instead, it would be smarter for PSG to directly donate the salary — and take a big tax break in the process.


Doing so would have an added benefit for the club: UEFA, the governing body for European football, mandate that clubs break even. The donation could allow PSG to essentially write off Beckham’s entire salary — a huge help for a team notorious for mega-contracts.


Beckham, meanwhile, would be better off trying to avoid becoming a French tax resident at all. So far, Hodzic said, he is making all the right moves: His family is staying in London, he plans to live only part-time in the country for less than six months, and his primary source of income —whether or not he donates his salary — isn’t being earned in France.


Beckham’s agent did not return calls for comment on specifics of the contract.


Still, the charitable contribution has raised the question about what Beckham is getting out of the deal. For one, he likely is still getting a cut of rights to his image. Jerseys with his name on them were already selling out at the PSG store on the Champs-Elysees on Friday.


Cashmore, who wrote a book called “Beckham,” calls him a “marketing phenomenon” and estimates that about 70 percent of Beckham’s income comes from endorsement deals — with Adidas, for instance. That makes salary almost irrelevant — especially for a man estimated by the Sunday Times Rich List to be worth 160 million pounds ($ 253 million).


But the football feeds the endorsements, Cashmore says.


“It makes an awful lot of business sense to perpetuate, to prolong his active competitive football career,” he said, especially with a team that’s doing fairly well this year. “It makes an awful lot of sense for him to showcase himself because it will generate more income from his various other sponsorship and licensing activities.”


But certainly this move, as any at this late-stage in his playing career, is being made with an eye on what will come next. Cashmore said that when Beckham signed with the L.A. Galaxy, there was an understanding that he would eventually become an ambassador for American soccer. That plan clearly fell by the wayside — perhaps because Major League Soccer decided it was just too expensive to keep on the star after his presence on American soil failed to generate more interest in the game.


It’s possible, Cashmore said, that Beckham is looking for a similar deal after his stint at PSG, which is Qatari owned. The tiny, wealthy nation is hosting the World Cup in 2022, and Beckham’s contract with PSG will establish a relationship with it; from there, a role as, say, an ambassador for the tournament would seem more natural.


“For his after-career conversion, it’s important to have links with major actors in the world of sports,” said Satin. And Qatar is certainly one. It has poured money into PSG, drawing major names like striker Zlatan Ibrahimovic. It also funds the satellite network Al Jazeera, which could provide Beckham with a platform. And then there’s the World Cup.


In the end, though, Satin said the clue to Beckham’s thinking may be as simple as the eternal draw of Paris.


“PSG has become a glamorous club, a pretty nice club in a beautiful city,” said Bruno Satin, an agent. “It’s just two hours on the Eurostar (train) from London.”


____


AP Sports Writer Rob Harris contributed to this report from London.


____


Follow Sarah DiLorenzo at http://www.twitter.com/sdilorenzo


Entertainment News Headlines – Yahoo! News





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S.Africa’s rand recovers against dollar, eyes 8.85






JOHANNESBURG (Reuters) – South Africa‘s rand was on track for a second day of gains against the dollar on Friday, eyeing 8.85 as investors that had sold the currency due to a gloomy economic outlook readjust their positions.


Government bonds took their cue from the stronger currency, with the yield on the heavily-traded benchmark 2026 bond shedding 5 basis points to 7.295 percent.






The yield for the short-dated paper due in 2015 was down 3.5 basis points at 5.325 percent.


The rand traded up 0.85 percent at 8.8756 to the dollar by 1552 41 GMT, after ending Thursday’s session in New York at 8.9545. This was a 3 percent rise from Monday’s four-year low of 9.16.


Friday’s gains were the second strongest, after the Polish zloty, recorded against the dollar among 20 emerging market currencies tracked by Reuters.


The rand is however still down more than 5 percent against the dollar since the start of 2013, having taken a pounding in January as labour strikes in the key mining sector took some of the shine out of South Africa’s high-yielding assets.


“The potential exists for the correction to extend back towards 8.8500 as offshore (accounts) unwind some long dollar-rand positions and bonds once again,” Tradition Analytics said in a market note.


Economy News Headlines – Yahoo! News





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Benz Capital Corp. Announces Conditional Acceptance of Qualifying Transaction






VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 1, 2013) -


NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.






Benz Capital Corp. (“Benz” or the “Company”) (TSX VENTURE:BZ.P), a capital pool company, is pleased to announce that the TSX Venture Exchange (the “Exchange”) has granted conditional acceptance in respect of its proposed qualifying transaction, consisting of the acquisition of an option to acquire up to an undivided 100% interest in and to certain mineral mining leases in the Yukon Territory known collectively as the Eagle Property (the “Qualifying Transaction”), as previously announced by the Company via news release on December 4, 2012. 


The Company has also received an independent technical report dated January 21, 2013 prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“43-101″) and entitled Technical Report on the Eagle Property (the “Technical Report”). The Technical Report recommends in-fill drilling to outline potential “ore shoots” (a program of four drill holes of depths ranging from 100 to 200 metres) and exploration drilling to test the vein structure to the south west of drill hole EE-1 towards drill hole EE-03. In addition, to increase sampling of drill core outside of the obvious vein fault zone to assess potential for gold mineralization not directly related to the silver-lead vein mineralization. The author of the Technical Report is Jean Pautler, P.Geo., a “qualified person” within the meaning of NI 43-101 and is independent of the Company. The Technical Report will be filed with the Exchange and the securities commissions of each of the Provinces of British Columbia and Alberta in conjunction with the filing and mailing of the Company’s information circular seeking shareholder approval for the Qualifying Transaction at the special meeting of shareholders to be held on March 18, 2013. All of the Company’s disclosure documents filed in connection with the Qualifying Transaction will be available under the Company’s profile at www.sedar.com.


Upon receipt of shareholder approval and satisfaction of all regulatory conditions, the Company expects to close the Qualifying Transaction on or about March 26, 2013.


In accordance with Exchange policies, the Company’s common shares are currently halted from trading and will remain so until the documentation required by the Exchange for the proposed Qualifying Transaction can be provided to the Exchange and may remain halted until completion of the proposed Qualifying Transaction. The Qualifying Transaction remains subject to Exchange final acceptance.


About the Company


The Company is designated as a Capital Pool Company by the Exchange. The Company has not commenced commercial operations and has no assets other than cash. The only business of the Company is the identification and evaluation of assets or businesses with a view to completing a “Qualifying Transaction” in accordance with Exchange Policy 2.4 – Capital Pool Companies.


This news release contains statements about the Company’s expectations regarding the completion of the Option Purchase that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to complete the Option Purchase. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.


This news release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any “U.S Person” (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “1933 Act”)) of any equity or other securities of the Company. The securities of the Company have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.


Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.


Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.


Marketwire News Archive – Yahoo! Finance




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"Great Rotation"- A Wall Street fairy tale?

NEW YORK (Reuters) - Wall Street's current jubilant narrative is that a rush into stocks by small investors has sparked a "great rotation" out of bonds and into equities that will power the bull market to new heights.


That sounds good, but there's a snag: The evidence for this is a few weeks of bullish fund flows that are hardly unusual for January.


Late-stage bull markets are typically marked by an influx of small investors coming late to the party - such as when your waiter starts giving you stock tips. For that to happen you need a good story. The "great rotation," with its monumental tone, is the perfect narrative to make you feel like you're missing out.


Even if something approaching a "great rotation" has begun, it is not necessarily bullish for markets. Those who think they are coming early to the party may actually be arriving late.


Investors pumped $20.7 billion into stocks in the first four weeks of the year, the strongest four-week run since April 2000, according to Lipper. But that pales in comparison with the $410 billion yanked from those funds since the start of 2008.


"I'm not sure you want to take a couple of weeks and extrapolate it into whatever trend you want," said Tobias Levkovich, chief U.S. equity strategist at Citigroup. "We have had instances where equity flows have picked up in the last two, three, four years when markets have picked up. They've generally not been signals of a continuation of that trend."


The S&P 500 rose 5 percent in January, its best month since October 2011 and its best January since 1997, driving speculation that retail investors were flooding back into the stock market.


Heading into another busy week of earnings, the equity market is knocking on the door of all-time highs due to positive sentiment in stocks, and that can't be ignored entirely. The Standard & Poor's 500 Index <.spx> ended the week about 4 percent from an all-time high touched in October 2007.


Next week will bring results from insurers Allstate and The Hartford , as well as from Walt Disney , Coca-Cola Enterprises and Visa .


But a comparison of flows in January, a seasonal strong month for the stock market, shows that this January, while strong, is not that unusual. In January 2011 investors moved $23.9 billion into stock funds and $28.6 billion in 2006, but neither foreshadowed massive inflows the rest of that year. Furthermore, in 2006 the market gained more than 13 percent while in 2011 it was flat.


Strong inflows in January can happen for a number of reasons. There were a lot of special dividends issued in December that need reinvesting, and some of the funds raised in December tax-selling also find their way back into the market.


During the height of the tech bubble in 2000, when retail investors were really embracing stocks, a staggering $42.7 billion flowed into equities in January of that year, double the amount that flowed in this January. That didn't end well, as stocks peaked in March of that year before dropping over the next two-plus years.


MOM AND POP STILL WARY


Arguing against a 'great rotation' is not necessarily a bearish argument against stocks. The stock market has done well since the crisis. Despite the huge outflows, the S&P 500 has risen more than 120 percent since March 2009 on a slowly improving economy and corporate earnings.


This earnings season, a majority of S&P 500 companies are beating earnings forecast. That's also the case for revenue, which is a departure from the previous two reporting periods where less than 50 percent of companies beat revenue expectations, according to Thomson Reuters data.


Meanwhile, those on the front lines say mom and pop investors are still wary of equities after the financial crisis.


"A lot of people I talk to are very reluctant to make an emotional commitment to the stock market and regardless of income activity in January, I think that's still the case," said David Joy, chief market strategist at Columbia Management Advisors in Boston, where he helps oversee $571 billion.


Joy, speaking from a conference in Phoenix, says most of the people asking him about the "great rotation" are fund management industry insiders who are interested in the extra business a flood of stock investors would bring.


He also pointed out that flows into bond funds were positive in the month of January, hardly an indication of a rotation.


Citi's Levkovich also argues that bond investors are unlikely to give up a 30-year rally in bonds so quickly. He said stocks only began to see consistent outflows 26 months after the tech bubble burst in March 2000. By that reading it could be another year before a serious rotation begins.


On top of that, substantial flows continue to make their way into bonds, even if it isn't low-yielding government debt. January 2013 was the second best January on record for the issuance of U.S. high-grade debt, with $111.725 billion issued during the month, according to International Finance Review.


Bill Gross, who runs the $285 billion Pimco Total Return Fund, the world's largest bond fund, commented on Twitter on Thursday that "January flows at Pimco show few signs of bond/stock rotation," adding that cash and money markets may be the source of inflows into stocks.


Indeed, the evidence suggests some of the money that went into stock funds in January came from money markets after a period in December when investors, worried about the budget uncertainty in Washington, started parking money in late 2012.


Data from iMoneyNet shows investors placed $123 billion in money market funds in the last two months of the year. In two weeks in January investors withdrew $31.45 billion of that, the most since March 2012. But later in the month money actually started flowing back.


(Additional reporting by Caroline Valetkevitch; Editing by Kenneth Barry)



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