G20 to skirt potholes and follow growth signposts


LONDON (Reuters) - With the road ahead looking a bit smoother, G20 finance ministers will be happy to ignore the wreck in the rear-view mirror when they meet this week to steer a course for the world economy.


The euro zone as a whole and a clutch of its members, including France, Italy and the Netherlands, are expected to report that their economies shrank last quarter - joining Germany and the United States - while Japan's barely grew, according to economists polled by Reuters.


But the Group of 20 leading economies, which meets in Moscow on Friday, should be able to take heart from a pair of more timely indicators - a New York Fed manufacturing survey and a University of Michigan poll on consumer sentiment.


Economists expect both to show an improvement, despite the gnawing uncertainty of how long-running U.S. deficit reduction negotiations will affect taxes and spending.


Luca Paolini, chief strategist at Pictet Asset Management in London, said he was more positive on the global outlook on balance but a sense of perspective was needed. Buoyant markets risked getting ahead of themselves.


"Our own leading indicators are going up, but we don't think we're in a strong growth environment. We see weak growth, and that's not going to change this year," he said.


PASSING THE GROWTH BATON


Simon Hayes, an economist with Barclays Capital, broadly agreed. "On the whole, recent activity data have been encouraging of our view that the global economy is improving, albeit slowly," he said in a report.


January U.S. retail sales figures are likely to underline this point. Hobbled by the January 1 increase in payroll taxes, economists expect a rise of just 0.1 percent on the month.


By contrast, U.S. capital spending is finally perking up from a low level as corporations, realizing that protracted cost-cutting is hurting productivity and growth prospects, give the green light to pent-up investments, Paolini said.


"But we're not overly optimistic because investment is based on confidence. You can have all the money you want, but you're not going to invest if you expect growth to be weak. So if we have any kind of shock - it can be politics or something else - investment will fall again," he said.


China delivered a boost to confidence on Friday with a batch of strong trade and money data for January.


Economists are wary of reading too much into China's figures at the start of the year because of distortions due to the variable timing of the long Lunar New Year holidays.


But Ting Lu, Bank of America Merrill Lynch's chief China economist, said they supported his view that gross domestic product growth could accelerate to 8.3 percent in the first half of this year from 7.9 percent in the fourth quarter of 2012.


China is not the only developing economy that is doing its bit for global growth.


Mark Williams, chief Asia economist with Capital Economics in London, said there had been signs of a rebound across the emerging world in the past month. Goldman Sachs, too, said there had been a marked improvement in consumer confidence across emerging markets coming into 2013.


"It had been the case that Latin America and Asia were looking up at the end of last year but emerging economies in Europe were still looking very weak. But even they are now joining in the recovery. So it's looking increasingly broad-based," Williams said.


CURRENCY SKIRMISHES


One obvious pothole on the road to recovery is the threat of a spate of competitive devaluations, as growth-hungry countries seek to give their exporters an edge by talking down their currencies or actively pushing them lower by bold monetary easing.


Japan has come in for fierce criticism in some quarters for that very reason, but Finance Minister Taro Aso sought to restore calm on Friday by saying the recent slide in the yen had gone too far.


His emollient words reinforced expectations that the G20 will not point the finger at Tokyo.


At the same time, European Central Bank President Mario Draghi's success in reversing the euro's climb with a few well-chosen words last Thursday has eased the worries of France and others for now that the single currency was approaching levels that would do real damage to the euro area.


So, although Brazilian Finance Minister Guido Mantega fears global currency wars could intensify, the betting is on an anodyne statement from the Moscow meeting that avoids rattling confidence.


"There will be something very vague reminding everybody that if you start getting into currency wars everybody is going to lose," Paolini with Pictet said.


(Editing by Toby Chopra)



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IHT Rendezvous: Sharper Tongues in China's Year of the Snake?

BEIJING — The Snake is determined and smart, according to traditional Chinese beliefs. Today is New Year’s Day in China, the first day in the Year of the Snake, and a good day to ask: Will Xi Jinping, a “snake” set to become president in March (Mr. Xi was born in a Year of the Snake, in 1953) bring change to China?

Whether or not one believes in feng shui — the thought system based on geomancy, astronomy and folk wisdom of which the 12-yearly animal cycle is part — many here swear by it, and that makes the confluence of the man and the year important.

As the rational economist He Fan said last year, at the beginning of the Year of the Dragon: Feng shui may not be rational, but it is “symbolic,” “and that’s important, because that’s how China’s political culture works.”

So as ordinary people across the nation settle into their hard-earned, weeklong holiday amid the thunder of festival firecrackers, some are wondering whether recent calls by Mr. Xi to attack corruption and “criticize sharply” the ruling Communist Party will bring unwelcome shocks to members of the privileged classes in China, including the party, the government and state-run companies, widely seen as too powerful and too corrupt.

Skepticism about real change is rife, for sure, but signs say maybe, at least to some degree. And if that sounds woolly, it is because making predictions in China is notoriously difficult. Yet it is also important as the nation grows in international stature: As Bloomberg News notes, 2012 may have marked the year when China became the world’s largest trading nation. China was last the world’s biggest economy during the Qing dynasty, Bloomberg noted (though back then it didn’t focus on trade, Bloomberg wrote).

Some say the change has already begun, amid a deepening campaign against corruption announced by Mr. Xi after he was appointed general secretary of the party in November. The state’s anti-corruption warnings are being taken more seriously now than at any time in the past decade because they come from Mr. Xi, who is regarded as potentially a strong leader fast establishing his dominance, already the most eminent member of the seven-man Standing Committee of the Politburo, China’s inner circle of power.

One sign: Traditionally lavish end-of-the-year parties thrown by powerful state-owned companies, and thus paid for from the public purse, have been canceled in large numbers, causing great satisfaction among ordinary people as high-end restaurants in Beijing are suddenly available for traditional New Year family dinners. In previous years, getting a booking was impossible. This year, it’s not.

Another sign: a recent call by Mr. Xi for “sharp criticism” of the Communist Party.

“Chinese leader Xi Jinping has urged the Communist Party of China (CPC) to be more tolerant of criticism and receptive to the views of non-communists,” Xinhua, the state-run news agency, reported last week.

“The CPC should be able to put up with sharp criticism, correct mistakes if it has committed them and avoid them if it has not,” Xinhua quoted Mr. Xi as saying, adding that nonparty members should “have the courage to tell the truth, speak words jarring on the ear, and truthfully reflect public aspirations.”

The call has been — what else? — sharply criticized, in fast and furious microblog postings showing just how deep is the well of resentment against the state’s heavy hand in some quarters.

Shortly after 9 a.m. on New Year’s Day, Ai Weiwei, the artist, snapped on his Twitter account: “First sentence of the New Year, release all political prisoners.”

The South China Morning Post, a Hong Kong newspaper, gathered more acerbic responses:

The venture capitalist Kai-Fu Lee: “Will you stop silencing and shutting down microblog accounts?”

Xu Xiaonian, an economics professor: “Will you stop censoring books and media reports?”

Chen Tongkui, an academic: “Will you stop press censorship?”

Wang Xiaoyu, another academic: “Can you not delete the comments on this microblog post?”

The real estate magnate Ren Zhiqiang: “Will you stop criminalizing people’s speech and sentencing them to re-education through labor?”

Cui Weiping, an academic: “Will you put an end to police harassment” of activists and netizens?

Yet, for many ordinary Chinese, there is hope. Incomes are rising, and there is a whiff of, yes, change in the air. In a recent, colorfully presented survey by TNS, part of Kantar, an information and consulting group, 88 percent of people surveyed in China were positive about the Year of the Snake, the company said.

As Mr. He said of last year, which saw the dramatic downfall of the political scion Bo Xilai, seen by some as a contender for Mr. Xi’s position, amid a murder and corruption scandal: “Something happens in every Dragon Year, even if it’s just a turning point.” Often, the real action begins a year or two later.

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Email hacker reveals Bush family photos, addresses






(Reuters) – The Secret Service is investigating the hacking of email accounts belonging to members of the Bush family that divulged correspondence, addresses, phone numbers and a picture of a self-portrait painted by former President George W. Bush standing in a shower.


A report on the Smoking Gun website, said the pilfered emails provided a rare glimpse into the private lives of one of America’s most powerful political dynasties. The Bushes are only the second family in U.S. history to send a father and son to the White House.






The website said a hacker known as Guccifer raided the email accounts and posted the photos online. The pictures include an image of former President George H.W. Bush, who was released from a Houston hospital last month after seven weeks of treatment for bronchitis and related ailments, in a hospital bed.


Another photo showed the elder Bush, 88, posing outside a home with Bill Clinton, who was president between the two Bushes.


The intercepted photos also featured a portrait painted by George W. Bush of himself showering. It shows a gray-headed man, nude from the waist up, regarding the viewer with Bush-like features from the reflection in a shaving mirror. Another painting in the same style shows a pair of legs in a bathtub.


“I really like the paintings of George W. Bush,” New York magazine art critic Jerry Saltz wrote Friday.


Saltz, who normally reserves his criticism for the likes of French painter Henri Matisse, found the president’s portraiture “wonderful, unself-conscious, intense.”


Other photos showed Bush painting a picture of a house and posing with a cut-out of himself in an artist’s smock, beret and mustache.


SIX EMAIL ACCOUNTS HIT


The Smoking Gun site, known for posting legal documents and arrest records related to celebrities, said the hacker invaded six email accounts, including one belonging to Dorothy Bush Koch, daughter of George H.W. Bush, as well as other Bush family members and friends.


The U.S. Secret Service is investigating whether former President George H.W. Bush‘s email was hacked as well, the agency said on Friday. A Bush family spokesman declined to comment.


Among the material that was lifted were an October 2012 list of home addresses, cell phone numbers and email addresses for the former presidents and other relatives, according to the Smoking Gun.


The site said the emails revealed that when the elder Bush was in poor health, George W. Bush wrote his siblings the day after Christmas to say he was “thinking about eulogy.”


“Hopefully I’m jumping the gun,” he said, “but since the feeling is that you all would rather me speak than bubba, please help.”


“Bubba” is a well-known sobriquet for Clinton.


Since leaving office in 2009, Bush has taken up painting portraits of Texas landscapes and dogs. He has live a reserved life, largely hidden from view, with his wife, Laura, in Dallas.


Bush is likely to make a more sustained return to the spotlight when his presidential library, located at Southern Methodist University in Dallas, is completed and dedicated in April.


(Reporting by Daniel Trotta and Samuel P. Jacobs; Editing by Paul Thomasch, Doina Chiacu and Bill Trott)


Internet News Headlines – Yahoo! News





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Anne Hathaway's Channeling Audrey Hepburn In Your Favorite Dress This Week







Style News Now





02/09/2013 at 12:00 PM ET











Anne HathawayKevin Winter/Getty


We’ve always said that StyleWatch readers appreciate the power of the perfect little black dress. The two most loved star looks this week weren’t jaw-dropping gowns, but instead perfectly executed versions of the wardrobe staple.


Anne Hathaway nabbed the No. 1 spot, with more than 15,000 votes, thanks to the simple black sleeveless number she wore to the Academy Awards Nominations Luncheon in Beverly Hills. She gave the pretty piece even more polish with black ankle-strap sandals, Jamie Wolf earrings and Jennifer Meyer bracelets and rings.


PHOTOS: SEE THE TOP 10 BEST DRESSED STARS ON PEOPLE.COM THIS WEEK!


The runner-up LBD was spotted on Jessica Chastain, who paired her peplum sheath with nude pumps and a pretty pink lip at the The Hollywood Reporter‘s Oscar Nominees Night in L.A.


Click here to see which other stars earned a spot in the top 10 and vote for your favorite looks here. Tell us: Is Hathaway your best dressed celeb of the week? If not, who is?


–Jennifer Cress




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After early start, worst of flu season may be over


NEW YORK (AP) — The worst of the flu season appears to be over.


The number of states reporting intense or widespread illnesses dropped again last week, and in a few states there was very little flu going around, U.S. health officials said Friday.


The season started earlier than normal, first in the Southeast and then spreading. But now, by some measures, flu activity has been ebbing for at least four weeks in much of the country. Flu and pneumonia deaths also dropped the last two weeks, the Centers for Disease Control and Prevention reported.


"It's likely that the worst of the current flu season is over," CDC spokesman Tom Skinner said.


But flu is hard to predict, he and others stressed, and there have been spikes late in the season in the past.


For now, states like Georgia and New York — where doctor's offices were jammed a few weeks ago — are reporting low flu activity. The hot spots are now the West Coast and the Southwest.


Among the places that have seen a drop: Lehigh Valley Hospital-Cedar Crest in Allentown, Pa., which put up a tent outside its emergency room last month to help deal with the steady stream of patients. There were about 100 patients each day back then. Now it's down to 25 and the hospital may pack up its tent next week, said Terry Burger, director of infection control and prevention for the hospital.


"There's no question that we're seeing a decline," she said.


In early December, CDC officials announced flu season had arrived, a month earlier than usual. They were worried, saying it had been nine years since a winter flu season started like this one. That was 2003-04 — one of the deadliest seasons in the past 35 years, with more than 48,000 deaths.


Like this year, the major flu strain was one that tends to make people sicker, especially the elderly, who are most vulnerable to flu and its complications


But back then, that year's flu vaccine wasn't made to protect against that bug, and fewer people got flu shots. The vaccine is reformulated almost every year, and the CDC has said this year's vaccine is a good match to the types that are circulating. A preliminary CDC study showed it is about 60 percent effective, which is close to the average.


So far, the season has been labeled moderately severe.


Like others, Lehigh Valley's Burger was cautious about making predictions. "I'm not certain we're completely out of the woods," with more wintry weather ahead and people likely to be packed indoors where flu can spread around, she said.


The government does not keep a running tally of flu-related deaths in adults, but has received reports of 59 deaths in children. The most — nine — were in Texas, where flu activity was still high last week. Roughly 100 children die in an average flu season, the CDC says


On average, about 24,000 Americans die each flu season, according to the CDC.


According to the CDC report, the number of states with intense activity is down to 19, from 24 the previous week, and flu is widespread in 38 states, down from 42.


Flu is now minimal in Florida, Kentucky, Maine, Montana, New Hampshire and South Carolina.


___


Online:


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


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Stocks end higher for sixth straight week, tech leads

NEW YORK (Reuters) - The Nasdaq composite stock index closed at a 12-year high and the S&P 500 index at a five-year high, boosted by gains in technology shares and stronger overseas trade figures.


The S&P 500 also posted a sixth straight week of gains for the first time since August.


The technology sector led the day's gains, with the S&P 500 technology index <.splrct> up 1.0 percent. Gains in professional network platform LinkedIn Corp and AOL Inc after they reported quarterly results helped the sector.


Shares of LinkedIn jumped 21.3 percent to $150.48 after the social networking site announced strong quarterly profits and gave a bullish forecast for the year.


AOL Inc shares rose 7.4 percent to $33.72 after the online company reported higher quarterly profit, boosted by a 13 percent rise in advertising sales.


Data showed Chinese exports grew more than expected, a positive sign for the global economy. The U.S. trade deficit narrowed in December, suggesting the U.S. economy likely grew in the fourth quarter instead of contracting slightly as originally reported by the U.S. government.


"That may have sent a ray of optimism," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.


Trading volume on Friday was below average for the week as a blizzard swept into the northeastern United States.


The U.S. stock market has posted strong gains since the start of the year, with the S&P 500 up 6.4 percent since December 31. The advance has slowed in recent days, with fourth-quarter earnings winding down and few incentives to continue the rally on the horizon.


"I think we're in the middle of a trading range and I'd put plus or minus 5.0 percent around it. Fundamental factors are best described as neutral," Dickson said.


The Dow Jones industrial average <.dji> ended up 48.92 points, or 0.35 percent, at 13,992.97. The Standard & Poor's 500 Index <.spx> was up 8.54 points, or 0.57 percent, at 1,517.93. The Nasdaq Composite Index <.ixic> was up 28.74 points, or 0.91 percent, at 3,193.87, its highest closing level since November 2000.


For the week, the Dow was down 0.1 percent, the S&P 500 was up 0.3 percent and the Nasdaq up 0.5 percent.


Shares of Dell closed at $13.63, up 0.7 percent, after briefly trading above a buyout offering price of $13.65 during the session.


Dell's largest independent shareholder, Southeastern Asset Management, said it plans to oppose the buyout of the personal computer maker, setting up a battle for founder Michael Dell.


Signs of economic strength overseas buoyed sentiment on Wall Street. Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand. German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.


Separately, U.S. economic data showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.


Earnings have mostly come in stronger than expected since the start of the reporting period. Fourth-quarter earnings for S&P 500 companies now are estimated up 5.2 percent versus a year ago, according to Thomson Reuters data. That contrasts with a 1.9 percent growth forecast at the start of the earnings season.


Molina Healthcare Inc surged 10.4 percent to $31.88 as the biggest boost to the index after posting fourth-quarter earnings.


The CBOE Volatility index <.vix>, Wall Street's so-called fear gauge, was down 3.6 percent at 13.02. The gauge, a key measure of market expectations of short-term volatility, generally moves inversely to the S&P 500.


"I'm watching the 14 level closely" on the CBOE Volatility index, said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research. "The break below it at the beginning of the year signaled the sharp rally in January, and a rally back above it could be a sign to exercise some caution."


Volume was roughly 5.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Advancers outpaced decliners on the NYSE by nearly 2 to 1 and on the Nasdaq by almost 5 to 3.


(Additional reporting by Angela Moon; Editing by Bernadette Baum, Nick Zieminski, Kenneth Barry and Andrew Hay)



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Russia Detains 271 in St. Petersburg Security Raid





MOSCOW — Russian police and security officials in St. Petersburg detained 271 people, mostly migrants from Central Asia and the North Caucasus region, during a raid on Friday on Muslim prayer rooms at a central market. They said the raid was carried out to check residency permits and to eliminate networks of religious extremists planning terrorist attacks.




A statement published Friday night by the regional investigative committee said the authorities were verifying the documents of the detainees, who include citizens of Azerbaijan, Tajikistan and Uzbekistan, as well as an Egyptian and an Afghan.


The federal migration service began deportation procedures on Saturday for 10 of the detainees, and about 30 were found to be in violation of Russian migration laws, an official told the news agency RIA Novosti.


The police said one man from southern Russia, Murat Sarbashev, was suspected of distributing extremist literature and video clips showing terrorist acts in 2010 and 2011.


Video broadcast on Russian television showed heavily armed riot police officers pulling men out of the market and pushing them into waiting buses.


Security officials in St. Petersburg say an extremist group is operating in the city and has been planning terrorist attacks. The raid was intended to uncover “extremist literature, weapons, objects and documents relevant to criminal cases, and people who have carried out such crimes,” the statement said. The authorities have opened a case and are searching for evidence pointing to the incitement of terrorism and hatred; a conviction on that charge carries a maximum sentence of seven years in prison.


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Dell’s largest investor opposes buyout as too low






(Reuters) – Dell Inc’s largest independent shareholder Southeastern Asset Management said it plans to oppose the buyout of the personal computer maker, setting up a battle for founder Michael Dell who is leading the effort to operate the company away from public scrutiny.


Southeastern sent a letter to Dell’s board expressing its “extreme disappointment” in the offer price of $ 13.65 a share, it said in a regulatory filing.






It said it “currently intends to avail itself of all options at its disposal to oppose proposed transaction.”


Reuters had reported earlier that the Southeastern was unhappy with the offer.


The Memphis, Tennessee-based fund, which owns a 8.5 percent stake in Dell, said it values the entire company at about $ 24.00 per share.


The fund said it believes Dell board had several alternatives that would have produced far better outcome for public shareholders, including breaking up the company and selling the unit separately.


“Selling multiple business units to strategic buyers could easily exceed $ 13.65 per share,” it said.


A representative of Silver Lake declined to comment.


With Southeastern’s objections, shareholders representing 11 percent of the Dell shares not held by Michael Dell have now said they will vote against the deal.


Under the buyout’s terms, a majority of shares not held by Michael Dell must be voted in favor of the deal for it to proceed.


(Reporting by Poornima Gupta; Editing by Steve Orlofsky)


Tech News Headlines – Yahoo! News





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Olympian Amanda Beard Expecting Second Child




Celebrity Baby Blog





02/08/2013 at 04:48 PM ET



Amanda Beard Pregnant Second Child
Sacha Brown


Amanda Beard is set to welcome a new addition to the pool.


The seven-time Olympic medalist and her husband, photographer Sacha Brown, are expecting their second child in July, Beard confirms to PEOPLE exclusively.


“We are so excited to add to our family! During my first pregnancy, I was sick the whole time and felt awful,” the swimmer, 31, tells PEOPLE.


“So far this pregnancy has been a lot easier. I’ve only been sick a couple of times and I have way more energy.”


Also delighted by the news is soon-to-be big brother Blaise Ray, 3.

“He’s so excited. He keeps telling me how he is going to hug and kiss the baby and help me take care of [him or her],” says Beard.


She jokingly adds, “We will see if that actually happens!”


Beard won two gold, four silver and one bronze medal during her career and is a four-time Olympian. Currently sponsored by Aqua Sphere, she is also the author of the memoir In the Water They Can’t See You Cry.


She and Brown were married in May 2009 on Wakatobi, an archipelago in the Banda Sea off southeastern Indonesia.


– Sarah Michaud


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Health officials: Worst of flu season may be over


NEW YORK (AP) — The worst of the flu season appears to be over.


The number of states reporting intense or widespread flu dropped again last week, U.S. health officials said Friday.


The season started earlier than normal, spiking first in the Southeast and then spreading. But now, by some measures, flu activity has been ebbing for at least four weeks in much of the country. Flu and pneumonia deaths have been dropping for two weeks, the Centers for Disease Control and Prevention reported.


"It's likely that the worst of the current flu season is over," CDC spokesman Tom Skinner said in an email.


It's been nine years since a conventional flu season started like this one. That was the winter of 2003-04 — one of the deadliest in the past 35 years, with more than 48,000 deaths. Like this year, that season had the same dominant flu strain, one that tends to make people sicker.


But back then, the flu vaccine didn't protect against that bug, and fewer people got flu shots. The vaccine is reformulated each year, and the CDC has said this year's vaccine is a good match to the types that are circulating. A preliminary CDC study showed this year's version is about 60 percent effective.


So far, the season has been labeled moderately severe.


The government does not keep a running tally of flu-related deaths in adults, but has received reports of 59 such deaths in children. The most — nine — were in Texas, where flu activity was still high last week.


On average, about 24,000 Americans die each flu season, according to the CDC.


Flu vaccinations are recommended for everyone 6 months or older.




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