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Saturday, January 21, 2012
Obama, Republicans tussle over oil pipeline
[unable to retrieve full-text content]WASHINGTON (AP) ? President Barack Obama and the U.S. Congress are back where they were before Christmas, locked in an election-season tussle over a proposed 1,700-mile (2,735-kilometer) oil pipeline from Canada to Texas.
Stocks end day up sharply, S&P rises back over 1,300
By msnbc.com news services
Stocks ended trading Wednesday sharply higher as good news from the International Monetary Fund, Goldman Sachs, and home builders helped buoy the market.
The benchmark S&P 500 topped 1,300, a key point that analysts said could trigger more selling if it is convincingly pierced, and one not reached since last July.
According to preliminary calculations, the Dow Jones industrial average rose 96.88 points, or 0.78 percent, to 12,578.95. The Standard & Poor's 500 ended 14.36 higher, or 1.11 percent, to 1,308.03. The Nasdaq Composite finished up 41.63 points, or 1.53 percent, at 2,769.71.
Stronger-than-expected earnings from Goldman Sachs Group Inc followed disappointing results from Citigroup on Tuesday and JPMorgan Chase & Co last week. Goldman shares jumped.
Home builders' shares surged after data showed U.S. homebuilder sentiment unexpectedly jumped in January to its highest level in 4-1/2 years.
Another boost for the banking sector, though, was a report the IMF is seeking to boost its war chest by $600 billion to help countries reeling from the crisis, even though some nations insist Europe must first do more to support ailing members, according to sources.
"Any time liquidity is added to the financial system, it gives financials a little bit of breathing room, and it will result in higher prices for the banks," said Kevin Caron, market strategist at Stifel, Nicolaus & Co, in Florham Park, New Jersey.
At the same time, Greece and its creditors resumed negotiations on terms of a planned debt swap, hoping to overcome an impasse in talks and stave off a painful default.
Within the tech sector, Yahoo Inc jumped a day after co-founder Jerry Yang said he was severing all formal ties with the company he started in 1995. Shareholders had blasted Yang for impeding investment deals that could have transformed the Internet media group.
Reuters contributed to this report.
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Friday, January 20, 2012
Goldman beats Street on lower expenses (Reuters)
(Reuters) ? Goldman Sachs Group Inc's fourth-quarter profit fell 56 percent as trading and investment banking revenue plunged, but the bank managed to beat analysts' expectations through cost cutting and lower taxes.
Goldman's results on Wednesday reflected the weakest year for Wall Street since the financial crisis. As politicians and policymakers battled over ways to handle Europe's sovereign debt burden, market volatility surged and Wall Street's clients pulled back on risk-taking, held off on acquisitions and delayed stock and bond offerings.
Wall Street banks cut tens of thousands of jobs and drained bonus pools to respond to the slowdown in business throughout 2011.
Goldman's payroll declined by 2,400 employees during the year, reflecting job cuts across trading, banking and back-office operations. The bank slashed compensation 21 percent to $12.2 billion, or $367,057 per employee, from $15.4 billion, or $430,700 per employee, in 2010.
"Goldman is adjusting and continuing to operate reasonably well in a difficult environment," said Gary Townsend, president of Hill-Townsend Capital. "I would prefer to see them investing more in their operations, but clearly right now they have to right-size their staffing to be consistent with the revenues the market is allowing them to generate."
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Goldman earnings graphic: http://link.reuters.com/hac26s
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Goldman earned $978 million, or $1.84 per share, during the last three months of 2011, down from $2.2 billion, or $3.79 per share, a year earlier.
Analysts on average had expected a profit of $1.24 per share, according to Thomson Reuters I/B/E/S.
Goldman's profit for the full year was $2.5 billion, its weakest year since 2008, at the height of the financial crisis.
Goldman shares were up more than 2 percent in premarket trading immediately after the earnings report, but lost some of the gains as the morning wore on.
Each of Goldman's business lines -- investment banking, trading, investment management and investing and lending -- reported double-digit revenue declines during the fourth quarter. All but investment management reported lower revenue for the full year.
Goldman's return-on-equity, a key measure of profitability, was a meager 3.7 percent for 2011. In the years leading up to the financial crisis, it boasted returns of more than 30 percent.
"They did a decent job on the cost side, but at the end of the day I think Goldman's becoming more and more difficult to analyze," said Jack Kaplan, portfolio manager at Carret Asset Management. "You can no longer count on all the different groups to be doing well at the same time. It looks like nothing's working right now. They were below expectations on virtually everything on the revenue side."
Wall Street rivals including Jefferies & Co, JPMorgan Chase & Co and Citigroup Inc have reported similar weakness in capital markets revenue, and also responded with job and pay cuts.
While Goldman's fourth-quarter revenue dropped 30 percent to $6 billion, the bank took steps to reduce expenses and reported lower taxes than in the year-earlier period. Operating expenses declined 7 percent to $4.8 billion, while the bank's tax provision of $234 million was down 78 percent.
The lower expense allowed Goldman to report a better profit than dour estimates released by analysts in the weeks leading up to the earnings report.
In mid-December Barclays analyst Roger Freeman lowered his fourth-quarter profit estimate for Goldman to 75 cents per share, calling 2011 "another year to forget" for Wall Street.
(Additional reporting by David Henry; editing by John Wallace)
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'Man On A Ledge' Takes Sam Worthington To The Edge
Actor talks to MTV News about role as a cop 'battling for his life in the ultimate extreme.'
By Kevin P. Sullivan, with reporting by Josh Horowitz
Sam Worthington in "Man on a Ledge"
Photo: Summit
When walking into a theater to see a movie called "Man on a Ledge," it may seem like there isn't a whole lot of mystery to what the film will be about. But it has to get more complicated from there, right? To find out, MTV News' Josh Horowitz visited the New York City set and talked to the stars themselves.
"The movie is called 'Man on a Ledge.' It's about a guy on a ledge," said Anthony Mackie, one of the stars of the film.
Mackie's co-star Elizabeth Banks expanded on the plot and revealed more of the mystery. "Really, everything's in the title," she said. "It's about a man on a ledge, and the people around him who are trying to figure out why he's on the ledge, and how to get him off the ledge before he falls off and dies."
During the visit, Josh Horowitz sat on the ledge to speak with the man himself, Sam Worthington.
Worthington explained that obviously there's more to the movie than the man and his ledge. What makes it worth watching is the story behind the man: A good cop was framed and wrongfully sent to prison, and after a thrilling escape, he takes to the ledge in order to prove his innocence once and for all. "This is his retrial," Worthington said.
"Good action really comes down to the stakes, what's at stake, whether it's rescuing the girl, getting the diamonds or whatever," Worthington said. "He's battling for his life in the ultimate extreme, just on a ledge. He's on the edge on the ledge. Because the stakes are so high, I think that's why we can label it a thriller, an action thriller."
But even with high stakes, a movie taking place primarily on the side of building has a limited amount of space to move within. Banks said that even though Worthington's character is more or less stuck, there's still a lot of movement. "He moves around, though, on the ledge, and I think also he's constantly in danger. We're really trying to keep him alive, even though he doesn't want to jump," Banks said. "There is always a danger that you could slip and fall. You have to unravel an entire scenario that's happening."
The scenario Banks referred to is the heist going on across the street, the whole reason behind the man on the ledge and his desperate attempt to clear his name.
For Worthington, "Man on a Ledge" has provided challenges as an actor he doesn't face every day. "This one's been different because I've been having to talk. I'm having to act for the first time probably ever," he said.
That might not be what you expect from a movie with such a simple title, but Worthington learned from Mackie that acting is exactly what the movie requires. "Mackie's done these kinds of movies, and he said to me, 'Our job is to ground the action,' " he said. "That's always what I've been trying to do. If we can get away with it on this one, it's not just a gimmick movie then."
Are you excited for "Man on a Ledge"? Let us know in the comments section!
Source: http://www.mtv.com/news/articles/1677532/man-on-a-ledge-sam-worthington.jhtml
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Thursday, January 19, 2012
London 2012 test event: rhythmic gymnastics at the North Greenwich Arena
Greece's Varvara Filiou competes with the hoop during the Visa International Gymnastics at the North Greenwich Arena, London
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http://www.telegraph.co.uk/sport/olympics/picturegalleries/9018425/London-2012-test-event-rhythmic-gymnastics-at-the-North-Greenwich-Arena.html
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Wednesday, January 18, 2012
Gaming greats head to Toy Fair | Games industry news | MCV
The biggest brands in gaming will battle for the limelight at this month?s toy industry trade show.
Toy Fair 2012 will take place at Olympia, London from January 24th to January 26th, and exhibitors are using game-based products to draw in the crowds.
GB Eye will show off their latest range of posters and stickers, featuring artwork from upcoming blockbusters Ghost Recon, Mass Effect 3 and Dragon Age 3 ? as well as established hits such as Mario, Sonic, Call of Duty, Assassin?s Creed, Battlefield, Moshi Monsters, and Halo.
Halo will also take centre stage at Re:creation?s booth thanks to the firm?s die cast vehicles and characters, including a collectible Warthog model from the hotly anticipated Halo 4.
Star Images will be pushing its own series of action figures and plush toys, with products based on Mass Effect 3, Street Fighter, Tekken ? and even classic IPs like Earthworm Jim. Star will use Toy Fair to announce new items based on EA and BioWare brands.
Finally, Leapfrog will launch new software for its Explorer range, including games based on Disney Princess, Cars 2 and Phineas and Ferb. These will also work with the company?s LeapPad children?s tablet.?
?The convergence between the interactive entertainment and toy markets continues to grow stronger, with many manufacturers launching products based on well-known game IPs,? said Toy Fair communications manager Majen Immink.
?Toy manufacturers are also increasingly appreciative?of the role technology plays in children?s lives, and more and more are embracing technology to both enhance traditional toys and play values, as well as create cutting edge products.?
Source: http://www.mcvuk.com/news/read/gaming-greats-head-to-toy-fair/089858
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Top official dismisses concerns about Kim Jong Un (AP)
PYONGYANG, North Korea ? A senior North Korean official dismissed concerns about Kim Jong Un's readiness to lead, saying he spent years working closely with his late father and helping him make key policy decisions on economic and military affairs.
In the first interview with foreign journalists by a high-level North Korean official since Kim Jong Il's Dec. 17 death, Politburo member and Kim family confidante Yang Hyong Sop told The Associated Press that North Koreans were in good hands with their young new leader. He emphasized an unbroken continuity from father to son that suggests a continuation of Kim Jong Il's key policies.
"We suffered the greatest loss in the history of our nation as a result of the sudden, unexpected and tragic loss of the great leader Kim Jong Il," he said in the interview Monday at Mansudae Assembly Hall, seat of the North Korean legislative body.
"But still, we are not worried a bit," he added, "because we know that we are being led by comrade Kim Jong Un, who is fully prepared to carry on the heritage created by the great Gen. Kim Jong Il."
Despite Yang's assertion of a lengthy behind-the-scenes role for Kim Jong Un, the world was introduced to the heir only in September 2010, prior to which he had been kept out of the public eye for most of his life. Though still in his 20s, he was quickly promoted to four-star general and named a vice chairman of the Central Military Commission of the Workers' Party of Korea.
The new ruler's youth and quick ascension to power have raised questions in foreign capitals about how ready he is to rule over this nation of 24 million with a nuclear program as well as chronic trouble feeding all its people.
Yang said he had no concerns about Kim's ability to lead.
"The respected comrade Kim Jong Un had long assisted the great Gen. Kim Jong Il," he told AP. "It's not a secret that he has helped the great general in many different aspects ? not only in military affairs but also the economy and other areas as well."
Daily life in this cold, somber capital has begun to return to normal one month after Kim's death, reportedly from a heart attack while riding on his private train.
The white mourning bouquets and massive portraits of the departed leader have been cleared from Pyongyang's main buildings and monuments. People are busy getting back to daily life, with children whizzing down icy slopes on wooden sleds and workers running to catch morning buses and trams as the Kim Jong Un ode "Footsteps" blares over loudspeakers.
Vast Kim Il Sung Square, where a sea of mourners converged after Kim's death, was ghostly quiet except for a few people who scurried quickly across the frigid plaza.
In recent weeks, as North Koreans filled the capital's streets with their emotive mourning and the government staged elaborate funeral proceedings, party and military officials moved quickly to install Kim's son as "supreme leader" of the people, party and military.
A soft-spoken octogenarian who is vice president of the Presidium of the Supreme People's Assembly and a standing member of the powerful Political Bureau of the Communist party's Central Committee, Yang has long-standing ties with the Kim family that stretch back to his close alliance with the nation's founder, Kim Il Sung.
During a 2010 interview with Associated Press Television News in Pyongyang, he provided the first confirmation by a government official that Kim Jong Un would eventually become the nation's next leader.
"He knows what the exact intention of the great Gen. Kim Jong Il was," he said Monday.
His comments this week indicated there would be little change to major policies laid out by Kim Jong Un's father in the three years before his death. Yang said the new leader was focused on a "knowledge-based" economy and looking at economic reforms enacted by other nations, including China.
The North has increasingly looked to China for guidance on how to revitalize its moribund economy, particularly as South Korea, Japan and other nations have frozen trade and aid to the North amid concerns about its nuclear ambitions.
Little is known about Kim Jong Un's background and experience, though North Koreans have been told he studied at Kim Il Sung Military University and was involved in military operations such as the November 2010 artillery attack on a South Korean island that killed four South Koreans.
Earlier this month, North Korea's state-run broadcaster aired a documentary about the new leader that began filling in some blanks from before his public debut.
The footage shows him observing the April 2009 launch of a long-range rocket and quotes him threatening to wage war against any nation attempting to intercept the rocket, which North Korea claimed was carrying a communications satellite but the United States, South Korea and Japan say was really a test of its long-range missile technology.
It was the first indication of his involvement in that controversial launch.
Yet if Kim Jong Un was playing a prominent behind-the-scenes role prior to 2010, his training period would have been much shorter than that of his Kim Jong Il, who spent 20 years working under his own father, Kim Il Sung. Even after his father's death, Kim Jong Il observed a three-year mourning period before formally assuming leadership.
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Follow AP's Korea Bureau Chief Jean H. Lee at twitter.com/newsjean and Chief Asia Photographer David Guttenfelder at twitter.com/dguttenfelder.
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