Saturday, January 21, 2012

Crucial debt talks resume in Athens (AP)

ATHENS, Greece ? The Greek government resumed stalled talks with its private creditors in Athens on Wednesday in the hope of sealing a euro100 billion ($128 billion) debt relief deal needed to avoid a disastrous default this spring.

Charles Dallara, a top official at the Institute of International Finance, a global banking association, returned to Greece after negotiations stalled last week, and held a nearly three-hour meeting with Prime Minister Lucas Papademos and Finance Minister Evangelos Venizelos.

"A very crucial meeting, that lasted several hours, has just finished at the prime minister's office," Venizelos told Parliament shortly afterward. "The meetings between the Greek government and the IIF have resumed and they will continue (Thursday)."

Earlier, he said the talks "are without a doubt at a very sensitive stage."

The so-called private sector involvement, or PSI, deal is meant to write off half of the debt Greece owes private bondholders. Creditors would get most of the remaining debt in new bonds with extended repayment periods, as well as a cash payment.

"We want this (deal) to happen in a way that is safe for Greece ? with Greece in the eurozone ? and safe for the real economy and the financial system," Venizelos said.

Since May 2010, Greece has kept solvent with rescue loans from its European partners and the International Monetary Fund. In the event of bankruptcy, Greece would likely have to abandon the euro and revert to a devalued currency. Since the country imports more than it exports, the costs of fuel and basic consumer goods would skyrocket, further frustrating a population angered by two years of harsh austerity.

The PSI talks have mainly been held up by a disagreement on interest rates for the new bonds.

"The interest rate on the new loans is a key issue here," Dallara told CNN before Wednesday's meeting. "Some seem to have a view that we should actually extend the loans at interest rates even lower than what the IMF and (the Europeans) extend their loans at, and there's not much logic in that in our viewpoint."

Dallara urged the EU to make clear that a similar deal would not apply to other troubled eurozone countries. "Greece really is a unique situation," he said.

A Greek government official said Athens is still considering whether to impose so-called collective action clauses on its bonds. Such clauses could force private debt holders resisting a settlement to fall in line with the majority if an agreement is reached. The official asked not to be identified, citing the sensitive nature of the talks.

A second government official, who also spoke on condition of anonymity, said Athens estimates there could be an agreement by the end of the week.

Greece needs to clinch the deal quickly to qualify for more bailout loans before it faces a euro14.5 billion ($18.6 billion) bond repayment on March 20. The bond swap is a key part a new euro130 billion ($166 billion) bailout package in loans and bank support from international rescue creditors.

Recession-bound Greece needs to write off some of its borrowings, if it is to have a fighting chance of emerging from its debt hole.

It has so far relied on austerity measures, which were a condition for it to receive the emergency loans. The Greek government has cut pensions and salaries, raised taxes and sold some state property.

Yanis Varoufakis, a professor of economics at the University of Athens, argued that even with a debt deal Greece could do little to eventually avoid default.

"Let the truth be revealed. Let's have a default because Greece is insolvent and insolvent entities have to default. It's a law of nature and of society and of reason, and we should simply succumb to that," Varoufakis told AP Television.

"If European leaders are worried about the effect this will have on banks, they might as well recapitalize them, not continue to drip-feed the Greek state," he said.

Dallara, the Institute of International Finance official, said that if Greece is forced to default, it will be messy. "I personally believe that there is no such thing as an orderly default for Greece," he told CNN. "If there is a default, it is likely to be very disorderly."

As austerity measures have cut deeply into incomes and unemployment has risen, unions have held frequent strikes and protests over the past two years.

Unions and employers were to start talks on Wednesday on reducing labors costs, but the negotiations were disrupted when protesters from a Communist-backed labor union occupied the central building where the meetings were to take place.

EU-IMF debt inspectors are back in Athens this week to monitor progress of those reforms aimed at slashing the country's high budget deficits.

__

Derek Gatopoulos and Theodora Tongas in Athens contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/ap/20120118/ap_on_bi_ge/eu_greece_financial_crisis

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Video: Gingrich calls Romney campaign ?dirty?

Silva: Breaking down AFC, NFC championship games

Silva: The NFL's crucial weekend has arrived. Four teams, two title games and the winners advance to Super Bowl XLVI. Here's breakdown of the divisional games this weekend, which focuses on each team's strengths, weaknesses, X-factors and the keys to winning.

Source: http://www.msnbc.msn.com/id/3036697/vp/46046189#46046189

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Friday, January 20, 2012

Futures drop after GE, Google results (Reuters)

NEW YORK (Reuters) ? Stock index futures dipped on Friday, indicating the S&P 500 may snap a three-day win streak after GE and Google results fell short of expectations and as investors eyed Greek debt talks for signs of progress.

Google Inc (GOOG.O) shares slumped 7.8 percent to $589.73 in premarket trading after quarterly profit and revenue for the No. 1 Internet search engine missed Wall Street expectations on declining search advertising rates.

General Electric Co (GE.N) fell 2.6 percent to $18.65 after the largest U.S. conglomerate reported roughly flat profit from continuing operations, but revenues missed estimates.

Greece and its private bondholders were "converging towards" a long-awaited debt swap deal, a source said, with private bondholders possibly assuming a real loss of 65 percent to 70 percent. Hopes are that an agreement would prevent the nation from spiraling into bankruptcy and bring some stability to the debt-strained euro zone.

"We are now debating again how much of a haircut the bondholders of Greece are going to take and that is not happy news," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

"That being said, let's see where things end up today because I thought at least three of the four tech companies had really good and strong results."

A strong outlook from International Business Machines Corp (IBM.N) and decent results from Intel Corp (INTC.O) and Microsoft Corp (MSFT.O) signaled that corporate leaders were shaking off nervousness about economic growth and boosting technology spending.

Microsoft shares were up 2.7 percent to $28.89, and Intel edged up 0.7 percent to $25.80 premarket. IBM gained 2.7 percent to $185.38.

"The revenue is probably the most concerning thing. They are a bellwether and we are really interested to see what they see, especially in their industrial area, how the orders are," said Forrest.

S&P 500 futures fell 3.4 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures were off 14 points, and Nasdaq 100 futures added 3.25 points.

European shares slipped 0.3 percent early Friday after hitting 5-1/2 month highs in the previous session as major indexes neared "overbought" territory. Asian shares rose to fresh two-month highs as solid euro zone sovereign debt sales. (.EU)

Economic data on existing home sales was due from the National Association of Realtors for December at 10 a.m. (1500 GMT). Economists forecast a 4.65 million annual rate in December, versus 4.42 million in November.

Chinese factory activity likely fell for a third successive month in January, an early indicator showed, suggesting Beijing's pro-growth policies will remain in place despite early signs a downward drift was slowing.

U.S. stocks rose Thursday, sparked by results from Bank of America Corp (BAC.N) and Morgan Stanley (MS.N) and as the latest jobless claims dropped to a near four-year low.

(Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/nm/20120120/bs_nm/us_markets_stocks

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Thursday, January 19, 2012

First Look: Verizon Galaxy Nexus Seidio Innocell 3800mAh Super Extended Battery

Seidio Innocell 3800mAh Super Extended Battery

For all you heavy Verizon Galaxy Nexus users out there, your days of rapidly depleting battery life thanks to that power-hungry 4G LTE radio are finally over thanks to the new Seidio Innocell 3800mAh Super Extended Battery -- and, yeah -- this thing's a beast.  Check past the break for a brief look at the battery and its features.

read more



Source: http://feedproxy.google.com/~r/androidcentral/~3/4ccS9DvqhjU/story01.htm

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Why Vera Bradley Has Reason to Be Cautious (The Motley Fool)

Women's accessory maker Vera Bradley's (Nasdaq: VRA - News) strong third-quarter results came in as a pleasant surprise and may actually lead you to think there is still room for discretionary spending, even in this glum economic scenario.

The company reported a robust increase in revenue on a year-on-year basis, but let's take a Foolish look why its cautious fourth-quarter stance is a natural outcome and should not be a major cause for worry.

Commendable numbers
Vera Bradley delivered a stellar performance when its revenues went up to $121.1 million from $91.6 million in the year-ago quarter -- a whopping 32% increase. This was mainly driven by a 63% rise in direct net revenues and a 55% increase in e-commerce revenue. The company more than doubled its profits as net income went up to $13 million from $6 million reported last year, a sure sign of Vera Bradley's strong brand loyalty and customer retention ability. Comparable store sales, a vital sign of a retailer's financial stability as it excludes newly opened locations which usually generate higher revenue, was also up 7.4%. And the gift-giving of the holiday season should continue to lift sales further.

Vera Bradley is part of an industry where other high-end retailers continue to do quite well. Close competitor Coach (NYSE: COH - News) reported a 14% rise in net income in its latest quarterly earnings release, while Jones Group (NYSE: JNY - News) saw its net income grow by a robust 42%.

The sore areas
There are two problems that have been much talked about since Vera Bradley's third-quarter earnings release: its drop in gross margins and guarded fourth-quarter outlook. Let me try to find out how much they may affect you as a potential investor.

Gross margin is down because of the company's efforts to control inventory by selling off certain outdated products. Products have to be continually updated to stand out against others in the competitive holiday sales scenario, and Vera Bradley has done just that. Inventory control is a common practice as a part of supply chain management. For instance, the Jones Group has also tightened inventory as a strategic move to counter falling demand.

As for the fourth quarter guidance, I would have a problem if Vera Bradley lowered its outlook, but the company has merely tapered it to the lower end of analyst expectations. Given the current economic environment, this doesn't seem to me to be the worst thing in the world.

The Foolish bottom line
And that is exactly why Vera Bradley should be an interesting stock to watch for the long run. It has a lot going in its favor, courtesy a strong e-commerce presence and strong holiday sales at its direct and indirect outlets.

Fool contributor Subhadeep Ghose does not own shares of any of the companies mentioned in this article. The Motley Fool owns shares of Coach. Motley Fool newsletter services have recommended buying shares of Coach. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Source: http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http%3A//news.yahoo.com/s/fool/20120117/bs_fool_fool/rx174305

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Wednesday, December 7, 2011

EU in antitrust probe of Apple, e-book publishers

FILE - In this Tuesday, Oct. 4, 2011 file photo and Apple logo is seen during an announcement at Apple headquarters in Cupertino, Calif.. The European Union's antitrust watchdog announced Tuesday Dec. 6, 2011, is probing whether Apple and five major publishing houses have colluded to restrict competition in the market for e-books. (AP Photo/Paul Sakuma, file)

FILE - In this Tuesday, Oct. 4, 2011 file photo and Apple logo is seen during an announcement at Apple headquarters in Cupertino, Calif.. The European Union's antitrust watchdog announced Tuesday Dec. 6, 2011, is probing whether Apple and five major publishing houses have colluded to restrict competition in the market for e-books. (AP Photo/Paul Sakuma, file)

(AP) ? The European Union's antitrust watchdog is probing whether Apple helped five major publishing houses illegally raise prices for e-books when it launched its iPad tablet and iBookstore in 2010.

The probe, announced Tuesday by the European Commission, offers a glimpse into the fierce fight for shares of the growing e-book market, especially as Apple has tried to take on Amazon and its Kindle e-book reader. It also highlights the struggle for profits between retailers and publishers, as more and more readers download books electronically.

In particular, the Commission is investigating a significant shift in the way the price of e-books is determined that occurred in 2010, just as Cupertino, California-based Apple introduced the iPad and its own online bookshop, iBookstore.

Apple was the first retailer that allowed publishers to move to so-called agency agreements, which let publishers set the price that online bookshops sell e-books to consumers. Until then, publishers were able to set the wholesale price of e-books, while retailers decided what price to sell them on to readers.

"The Commission has concerns that these practices may breach EU antitrust rules that prohibit cartels and restrictive business practices," the regulator said in a statement.

Giving publishers the power to set retail prices could effectively restrict competition between online bookshops, since it takes away individual retailers' powers to set lower prices. Since Apple's deal with the publishers, several other online retailers have also shifted to the agency model, possibly in an attempt to secure the rights to sell popular e-books.

The EU investigation targets publishers Hachette Livre, a unit of France's Lagardere Publishing; Harper Collins, owned by Rupert Murdoch's U.S.-based News Corp.; CBS Corp.'s Simon & Schuster; Penguin, which is owned by U.K. publishing house Pearson Group; and Germany's Verlagsgruppe Georg von Holtzbrinck, which owns Macmillan.

The Commission stressed the probe was in its early stages and did not mean the companies actually broke EU competition law. It follows a similar investigation by Britain's Office of Fair Trading and a class action lawsuit against the same five publishers and Apple filed this summer in the U.S. District Court for the Northern District of California.

The U.K. agency on Tuesday closed its own probe, since the Commission has taken over the case, but said it was cooperating closely with the EU investigation. It said its investigation was triggered by several complaints, without naming any names.

Apple representative Bethan Lloyd said the company would decline to comment at this time.

Pearson said the fact that the Commission has opened a probe did not prejudge its outcome. "Pearson does not believe it has breached any laws, and will continue to fully and openly cooperate with the Commission," it said.

Holtzbrinck echoed that statement, saying it found the Commission's case "without reason."

HarperCollins and Simon & Schuster said they are cooperating with the investigation, while Hachette Livre declined to comment.

The e-book market has been dominated by Amazon.com Inc. and its Kindle reader, with both Apple and Barnes & Noble's Nook reader fighting to break in.

In a summary of its complaint, the U.S. law firm Hagens Berman, which filed the U.S. class-action suit, claims that "Apple believed that it needed to neutralize the Kindle when it entered the e-book market with its own e-reader, the iPad, and feared that one day the Kindle might challenge the iPad by digitally distributing other media like music and movies."

The lawsuit also alleges that, following Apple's deals, Amazon was forced to abandon its discount pricing model and move to the agency model.

___

Robert Barr in London, Hillel Italie in New York, Elaine Ganley in Paris, and Kirsten Grieshaber in Berlin contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2011-12-06-eBooks-Antitrust%20Probe/id-77b09d71767a4637b7311cedc92be669

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Tuesday, December 6, 2011

Putin's party barely hangs onto its majority

CAPTION CORRECTION CORRECTS THE NAME OF PHOTOGRAPHER - Prime Minister Vladimir Putin, with the emblem of the United Russia party in the background, visits the United Russia party headquarters in Moscow, Saturday, Dec. 4, 2011. Exit polls cited by Russian state television showed Prime Minister Vladimir Putin's party with less than 50 percent of the vote in Sunday's parliamentary elections, a significant drop reflecting Russians' growing weariness with his rule. (AP Photo/RIA Novosti, Alexei Nikolsky, Pool)

CAPTION CORRECTION CORRECTS THE NAME OF PHOTOGRAPHER - Prime Minister Vladimir Putin, with the emblem of the United Russia party in the background, visits the United Russia party headquarters in Moscow, Saturday, Dec. 4, 2011. Exit polls cited by Russian state television showed Prime Minister Vladimir Putin's party with less than 50 percent of the vote in Sunday's parliamentary elections, a significant drop reflecting Russians' growing weariness with his rule. (AP Photo/RIA Novosti, Alexei Nikolsky, Pool)

Elizaveta Semenova is helped by her daughter to fill in a ballot paper at her home in the village of Oster, 380 km (237 miles) west of Moscow, Sunday, Dec. 4, 2011. The ballot box has a sign reading: "Election" and the Smolensk region emblem. Russians cast their ballots with muted enthusiasm in national parliamentary elections Sunday, a vote that opinion polls indicate could water down the strength of the party led by Prime Minister Vladimir Putin, despite the government's relentless marginalization of opposition groups. (AP Photo/Sergei Grits)

Russian soldiers stand in line at a polling station in Moscow, Russia, on Sunday, Dec. 4, 2011. Russians cast their ballots with muted enthusiasm in national parliamentary elections Sunday, a vote that opinion polls indicate could water down the strength of the party led by Prime Minister Vladimir Putin, despite the government's relentless marginalization of opposition groups. (AP Photo/Alexander Zemlianichenko Jr)

Russian Prime Minister Vladimir Putin casts his ballot at a polling station in Moscow, Russia, Sunday, Dec. 4, 2011. Russians cast their ballots with muted enthusiasm in national parliament elections on Sunday, a vote that opinion polls indicate could water down the strength of the country's dominant party. (AP Photo/Ivan Sekretarev)

Russian Prime Minister Vladimir Putin greets journalists after voting at a polling station in Moscow, Russia, Sunday, Dec. 4, 2011. Russians cast their ballots with muted enthusiasm in national parliament elections on Sunday, a vote that opinion polls indicate could water down the strength of the country's dominant party.(AP Photo/RIA Novosti, Alexei Nikolsky, Pool)

(AP) ? Prime Minister Vladimir Putin's party saw its majority in Russia's parliament weaken sharply, according to preliminary election results released Monday, a humiliating setback for the man who has steadily tightened his grip on the nation for nearly 12 years.

Some opposition politicians and election monitors said even a result of around 50 percent for Putin's United Russia party was inflated because of vote fraud. Their claims were backed by international observers, who pointed to procedural violations and serious indications of ballot stuffing after a campaign slanted in favor of United Russia.

"To me, this election was like a game in which only some players are allowed to compete," Heidi Tagliavini, the head of the international observer mission, said at a news conference.

United Russia is still expected to retain its majority in the lower house and Putin is all but certain to win next March's presidential election, but Sunday's vote badly dented his carefully groomed image. It reflected a strong public frustration with the lack of political competition, ubiquitous official corruption and the gap between rich and poor.

With about 96 percent of precincts counted, United Russia was leading with 49.5 percent of the vote, Central Election Commission chief Vladimir Churov said. He predicted that it will get 238 of the Duma's 450 seats, a sharp drop compared to the previous vote that landed the party a two-thirds majority in the State Duma, allowing it to change the constitution.

Final preliminary results were to be announced on Monday morning, but the count dragged on for longer than expected. Some opposition politicians alleged that election officials may manipulate the vote count to make sure that United Russia gets over 50 percent mark. Mikhail Kasyanov, a former prime minister who is now in opposition, said that Putin badly needs the figure to avoid looking weak.

The monitors from the Organization for Security and Cooperation in Europe and the Council of Europe's Parliamentary Assembly wouldn't say if the irregularities could be at the scale to question if United Russia has an unearned majority. But Tagliavini said that of the 150 polling stations where the counting was observed, "34 were assessed to be very bad."

Putin tried to put a positive spin on the returns, saying late Sunday that "we can ensure the stable development of the country with this result." But he appeared glum when speaking to supporters at United Russia headquarters and limited his remarks to a terse statement.

United Russia has been seen increasingly as the party of corrupt officials, and its description as a "party of crooks and thieves" has stuck, flashing up as the first suggestion on Russia's top web search engine.

Seeing the declining fortunes of his party, Putin named his handpicked successor as president, Dmitry Medvedev, to lead United Russia's list. The vote will further weaken positions of Medvedev, whom Putin promised to name prime minister after the presidential vote, a move that has fueled public irritation.

In the runup to the vote, Putin also sought to stem a quick decline in United Russia's popularity by trying to expand its support base with a so-called Popular Front, an umbrella group for unions, professional associations, veteran groups and others. But the effort has brought no visible result, and Putin last month received a stinging blow to his own ego when he was met with catcalls after a mixed martial arts fight at a Moscow arena.

Opposition leader Boris Nemtsov said the vote spelled the end of Putin's "honeymoon" with the nation and predicted that his rule will soon "collapse like a house of cards." ''He needs to hold an honest presidential election and allow opposition candidates to register for the race, if he doesn't want to be booed from Kamchatka to Kaliningrad," Nemtsov said on Ekho Moskvy radio.

Security was tight in central Moscow with police trucks parked in some areas. Police said they arrested more than 100 protesters who tried to stage an unsanctioned rally in Moscow and about 70 others in St. Petersburg.

The Communist Party appeared to benefit most from the protest vote, with exit polls and the early returns predicting it would get nearly 20 percent, up from less than 12 percent four years ago. The socialist Just Russia and the Liberal Democratic Party led by mercurial nationalist Vladimir Zhirinovsky are also expected to increase their representation in the Duma.

Despite that, Putin should still have no problem getting his laws rubber-stamped. Even the Communists have posed only token opposition in the outgoing Duma, and the two other parties have consistently voted with United Russia.

Medvedev said Monday that United Russia would be ready to build coalitions in the new Duma, even though it will have a majority. He said he may fire governors of the provinces where the party fared particularly badly.

About 60 percent of Russia's 110 million registered voters cast ballots, down from 64 percent four years ago.

Only seven parties were allowed to field candidates for parliament this year, while the most vocal opposition groups were barred from the race. The international monitors said the election administration lacked independence, most media were partial and state authorities interfered unduly at different levels.

This "did not provide the conditions for fair electoral competiton," said Petros Efthymiou, coordinator of the short-term observation mission. "Changes are needed for the will of the people to be respected."

Social media were flooded with messages reporting violations. Many people reported seeing buses deliver groups of people to polling stations, with some of the buses carrying young men who looked like football fans.

"The elections were unprecedented in terms of dirt, pressure and the use of a well-oiled falsification machine," Communist Party leader Gennady Zyuganov said Monday, alleging that the vote is still being rigged as the count is going on. His party said it recorded violations at some 1,600 polling stations and said they would appeal election results at each of them.

Russia's only independent election monitoring group, Golos, which is funded by U.S. and European grants, has come under heavy official pressure in the past week. Golos' website was incapacitated by hackers on Sunday, and its director Lilya Shibanova and her deputy had their cell phone numbers, email and social media accounts hacked.

Andrey Buzin, chief of Golos election monitoring, said it had received more than 1,500 complaints about violations.

But despite the heavy-handed state interference in the campaign and numerous violations, voters still took advantage of their right to express their choice, observers said.

"Yesterday, it was proven by these voters that not everything was fixed, that the result really matters," said Tiny Kox of the Council of Europe's Parliamentary Assembly.

___

Jim Heintz, Lynn Berry and Nataliya Vasilyeva contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2011-12-05-EU-Russia-Election/id-e9712a125833460680199d1bbd08e342

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