Wall Street gains as Apple rebounds; fiscal talks eyed

NEW YORK (Reuters) – Stocks managed slight gains by midday on Thursday as Broadcom‘s upbeat guidance and a turnaround in Apple shares helped lift technology stocks, while investors monitored news from Washington for signs of progress on the “fiscal cliff” negotiations.

Apple erased initial losses of as much as 3.7 percent at the open, which briefly brought the market capitalization of the world’s largest publicly traded company below $ 500 billion. By midday, Apple‘s stock was up 2.3 percent at $ 551.35 – a day after its worst drop in four years.

Tech stocks also got a lift from chipmaker Broadcom , up 2.2 percent at $ 33.06 a day after it forecast fourth-quarter revenue at the high end of its target range, citing slightly better-than-expected sales in its mobile business.

The S&P technology index <.gspt> gained 1 percent and ranked as the best performer among the S&P 500‘s 10 major sectors. The PHLX semiconductor index <.sox> rose 0.9 percent.</.sox></.gspt>

But budget discussions commanded center stage for investors. President Barack Obama said there could be a quick deal to avert the “fiscal cliff” – huge tax hikes and spending cuts set to begin in January, possibly driving the U.S. economy back into recession next year – if Republican leaders agree to raise tax rates for those making more than $ 250,000 a year.

While Republican leaders in the U.S. House of Representatives insist that raising tax rates on the rich is not negotiable, some GOP lawmakers now see it as inevitable to avoid the fiscal cliff.

“It’s really being held hostage to (the fiscal cliff negotiations) and the stock action of Apple,” said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.

“We’re back in the mode of there’s a direct correlation between the market and Apple – traders seems to be focused on the movement of Apple, and what its impact is on the indices.”

Without action from Congress in the next few weeks, tax cuts on capital gains and dividends will expire at the end of 2012.

The Dow Jones industrial average <.dji> gained 8.64 points, or 0.07 percent, to 13,043.13. The Standard & Poor’s 500 Index <.spx> added 2.66 points, or 0.19 percent, to 1,411.94. The Nasdaq Composite Index <.ixic> climbed 19.82 points, or 0.67 percent, to 2,993.52.</.ixic></.spx></.dji>

Apple Inc’s rank in China’s smartphone market fell to No.6 in the third quarter as it faces tougher competition from Chinese brands, research firm IDC said on Thursday. Apple‘s 6.4 percent drop on Wednesday was its worst daily performance since December 2008 and dragged the Nasdaq Composite Index down 0.8 percent for the day.

Sirius XM Radio shares rose 1.8 percent to $ 2.83 after its board approved a $ 2 billion stock repurchase and declared a special dividend, giving a big payout to its largest shareholder, Liberty Media .

Garmin shares rose 4.7 percent to $ 41.56 after Standard & Poor’s said it would add the navigation device maker to the S&P 500 index. Garmin will replace R.R. Donnelley & Sons after the close of trading on December 11.

(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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Sri Lanka see backlash from Aussie ‘wounded soldiers’

(Reuters) – Sri Lanka captain Mahela Jayawardene has warned his team to be wary of a backlash from Australia in their three-test series after the hosts were stung by their series defeat to South Africa earlier this week.

Australia’s hopes of snatching the Proteas’ top test ranking ended in a crushing 309-run defeat in the third and final test in Perth on Monday, but Jayawardene took little comfort from the home side’s disappointment.

“I see them as wounded soldiers – they could come back stronger against us,” Jayawardene told reporters in Canberra on Wednesday, on the eve of a three-day tour match against a Chairman’s XI side.

“So we just need to make sure we are ready for that and start well.

“We can’t be complacent – we need to make sure we know from ball one we give them a good go at it.”

Sri Lanka have their own problems coming into the first test at Hobart next week, losing their last test at home to New Zealand by 167 runs to level a two-match series 1-1, with key batsmen out of form.

Kumar Sangakkara scored five, nought and 16 in his three innings against New Zealand, but Jayawardene backed the veteran to bounce back in Sri Lanka’s bid to win their first test Down Under.

“I am happy that he went through a lean phase because he’ll be really hungry for runs – that’s Kumar for you,” Jayawardene said of the 35-year-old stalwart.

Jayawardene also said he would weigh up his future as captain after the series, which includes tests in Melbourne and Sydney, after taking on the role for a second time in the wake of Tillakaratne Dilshan’s sudden resignation in January.

“After this, we get a well-deserved four weeks off, after about three years, so it gives me a bit of time to think (about) what I need to do,” said Jayawardene, who captained the team for more than three years in his first stint from 2006.

“We need to groom another leader as well. It’s very important to have that changeover done smoothly while the senior players are still in the side.”

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“The Message” deemed greatest hip hop song ever

LOS ANGELES (Reuters) – The 1982 hit “The Message” by Grandmaster Flash and the Furious Five was named the greatest hip hop song of all time on Wednesday, in the first such list by Rolling Stone magazine to celebrate the young but influential music genre.

“The Message,” which tops a list of 50 influential hip hop songs, was the first track “to tell, with hip hop‘s rhythmic and vocal force, the truth about modern inner-city life in America,” Rolling Stone said.

Grandmaster Flash and the Furious Five, a hip hop collective from the south Bronx in New York, was formed in 1978 and became one of the pioneers of the hip hop genre.

The full list spanned songs ranging from Sugarhill Gang’s 1979 hit “Rapper’s Delight,” which came in at No. 2, to Kanye West‘s 2004 hit “Jesus Walks,” which landed at No. 32.

“It’s a list that would have been a lot harder to do ten or 15 years ago because hip hop is so young,” Nathan Brackett, deputy managing editor of Rolling Stone, told Reuters.

“We’ve reached the point now where hip hop acts are getting into the (Rock and Roll) Hall Of Fame… it just felt like the right time to give this the real Rolling Stone treatment.”

Rolling Stone‘s top 10 featured mostly hip hop veterans, such as Run-D.M.C.’s 1983 track “Sucker M.C.’s,” Dr. Dre and Snoop Dogg’s 1992 hit “Nuthin’ But A ‘G’ Thang,” Public Enemy’s 1990 song “Fight The Power” and Notorious B.I.G’s 1994 hit “Juicy.”

Other influential artists in the top 50 songs included Beastie Boys, who came in at No. 19 with “Paul Revere,” and recordings by Jay-Z, Eminem, Missy Elliot, Outkast, Lauryn Hill, LL Cool J, Nas and the late rapper 2Pac.

The list of 50 songs was compiled by a 33-panel of members comprising Rolling Stone editors and hip hop experts. They included musician Ahmir “Questlove” Thompson of The Roots, who Brackett described as “an incredible encyclopedia” of both old and new hip hop knowledge.

Brackett noted that some songs considered to be one-hit wonders, such as Audio Two’s 1988 hit “Top Billin’,” made the final selection.

“The references in those songs become the building blocks of all these other songs down the road … they become touchstones, really part of the meat of hip hop songs going forward,” Brackett said.

The full list will be released online at RollingStone.com and in the pop culture magazine on newsstands on December7. The issue will feature four different covers of Eminem, Jay-Z, Notorious B.I.G. and 2Pac.

(Reporting By Piya Sinha-Roy, editing by Jill Serjeant)

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Lundbeck anticipates new drug “feast”

LONDON (Reuters) – Danish group Lundbeck is looking forward to a “feast” of new drugs to refresh its product line-up, kicking off next week with a possible European Union green light for a novel medicine to treat alcohol abuse.

In all, there is scope for regulatory approval of three medicines in 2013 – an impressive tally for a small company focused on brain disorders – as well as a potential partnership deal for a drug to fight the symptoms of Alzheimer’s disease.

“Sometimes people say it is feast or famine for this industry and we are in a feast phase, especially considering our size,” chief executive Ulf Wiinberg told Reuters.

Lundbeck needs these new drugs to replace lost sales from antidepressant Cipralex, sold as Lexapro in the United States, which is now coming off patent.

Doubts about the company’s ability to make the transition from reliance on Cipralex has taken its toll on the stock in recent months, with the shares underperforming the European drugs sector by 23 percent this year.

There have even been suggestions the Lundbeck Foundation, which owns a 70 percent stake, might delist the drugmaker.

Wiinberg said this option had not be discussed. “If we were working on it I would say something, but I have nothing to say.”

While Wiinberg has already said earnings will stall until 2015 as a result of patent losses, he is increasingly confident the pieces are in place to lift sales in the medium term.

The next catalyst could come as early as December 13 or 14, when Lundbeck expects the European Medicines Agency to decide whether or not to recommend Selincro for alcohol dependence. A positive decision would lead to approval early next year.

The drug is breaking new ground in an uncertain market, and Wiinberg said it was “a bit of a joker in our portfolio”. Analysts currently pencil in only modest sales.

More important will be the verdict from regulators in North America and Europe later next year on a new antidepressant being developed with Japanese partner Takeda Pharmaceutical that analysts see as a potential $ 1-$ 2 billion-a-year seller.

Developing new treatments for depression has proved an uphill battle for drugmakers in recent times but vortioxetine has produced encouraging clinical trial results and its unique mode of action and flexible dosing could make it a winner.

The third approval prospect for next year is Abilify Maintena, a once-monthly version of schizophrenia drug Abilify that Lundbeck is working on with Otsuka.

Further out, Lundbeck is developing a drug for the symptoms of Alzheimer’s – a more modest ambition than that of disease-modifying treatments which have so far failed to gain much traction in tackling the underlying causes of the disorder.

That drug will be ready to go into final-stage clinical testing next year and Wiinberg said he would look to strike a partnership deal for the product, known as LuAE58054, at the same time as preparing for Phase III trials.

(Editing by Dan Lalor)

Medications/Drugs News Headlines – Yahoo! News

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Irish budget sees property tax

5 December 2012 Last updated at 12:20 ET

The Irish government has announced a fresh package of spending cuts and tax rises worth billions of euros in its budget for 2013.

These include a new property tax of 0.18% of the value of a home up to 1m euros ($ 1.3m; £800,000).

These are the latest in a long line of austerity measures imposed on Ireland by international lenders that bailed out the country in 2010.

The government said it would meet its deficit reduction target for this year.

It projected a budget deficit of 8.2%, compared with a target of 8.6%. The deficit would fall steadily to 2.9% by 2015, it added.

These forecasts were based on economic growth of 1.5% next year, rising to 2.9% in 2015.

“There are manifest signs that the country is emerging from the worst of the crisis and that the efforts of the Irish people, despite the hardship, are leading to success,” said Irish Finance Minister Michael Noonan.

Tax exemptions

He added that 2012 had seen the “first signs of stability in both the residential and commercial property markets in six years”.

To help “maintain momentum” in the domestic property market, any new or previously unoccupied homes bought between the beginning of next year and the end of 2016 will be exempt from the new property tax. Equally, any homes bought by first-time buyers in 2013 will be exempt.

For all other homes, the Local Property Tax will be introduced in July next year, and will include a higher rate of 0.25% that kicks in on the balance of any property over and above 1m euros.

However, local authorities will be able to vary the rates by 15% above or below the national rates “to better match their funding needs”.

The government also increased tax on alcohol and cigarettes, and announced that maternity benefit would become a taxable income in July 2013.

Income tax rates, as well as duty on petrol an diesel, were left unchanged.

“The individual measures are modest,” said Mr Noonan. “However, I believe that the combination of the measures will have a significant beneficial impact.”

Analysts highlighted the fact Ireland was taking tough decisions to meet its deficit reduction targets.

“It’s a fairly balanced budget from the market’s point of view,” said Owen Callan at Danske Markets.

“Ireland has gotten this tag that it is willing to do whatever it takes to remain on track, even if some of the measures are unpopular. They are taking a few measures that some other countries have been unwilling to look at.”

BBC News – Business

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Officials: NATO to decide on missiles for Turkey

BRUSSELS (AP) — NATO foreign ministers are expected to approve Turkey‘s request for Patriot anti-missile systems to bolster its defense against possible strikes from neighboring Syria.

NATO foreign ministers are meeting on Tuesday and Wednesday in Brussels. Parliaments in both nations must approve the deployment, which would also involve several hundred soldiers.

Ankara, which has been highly supportive of the Syrian opposition, wants the Patriots to defend against possible retaliatory attacks by Syrian missiles carrying chemical warheads. NATO leaders have repeatedly said they would provide any assistance Turkey needs.

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Fleetwood Mac readies tour and new music

NEW YORK (AP) — Fleetwood Mac is heading back on the road, and that means the top-selling group will release new music — sort of.

On its 34-city North American tour, which kicks off April 4 in Columbus, Ohio, the band will perform two new songs, and it could mean a new album will follow. Or not.

Stevie Nicks recently sang on tracks that Lindsey Buckingham, Mick Fleetwood and John McVie worked on, calling the sessions “great.” But Nicks also says she’s not sure where the band fits in today’s music industry.

“Whether or not we’re gonna do any more (songs), we don’t know because we’re so completely bummed out with the state of the music industry and the fact that nobody even wants a full record,” she said. “Everybody wants two songs, so we’re going to give them two songs.”

Nicks said depending on the response to the new tracks — which Buckingham calls “the most Fleetwood Mac-y stuff … in a long time” — more material could come next.

“Maybe we’ll get an EP out of it or something,” Buckingham said.

Nicks will continue to record solo albums, though. The group is celebrating the 35th anniversary of the best-selling “Rumours” album, which has moved some 20 million units in the United States. She knows that’s not possible again, despite the success of Adele’s “21,” which has sold 10 million units in America in less than two years.

“This is Adele’s ‘Rumours,’” Nicks said. “She had a baby, she’s going to take a year off to take care of her baby — that’s why I never had any kids. She’s going to go back and start writing again, you never know what the next record’s going to be. Is it going to sell 10 million records? You don’t know,” she said.

Buckingham said he initially wanted to record a new album, but Nicks “wasn’t too into that.” But the guitarist and singer knows that new music isn’t a priority for the band’s fans.

“It wouldn’t matter if they didn’t hear anything new. In a way there’s a freedom to that — it becomes not what you got, but what you do with what you got. Part of the challenge of this tour is figuring out a presentation that has some twists and turns to it without having a full album,” he said.

Fleetwood Mac, which was formed in 1967, last released an album in 2003, though they hit the road in 2009. Nicks and Buckingham — who originally joined the band in 1974 as a couple — both released solo albums and toured last year. Buckingham had suggested that Fleetwood Mac tour last year, but says getting everyone to agree was tough.

“If you look at Fleetwood Mac as a group, you can make the case of saying we’re a bunch of individuals who don’t necessarily belong in the same group together, but it’s the synergy of that that makes us so good. But it also makes the politics a little more tenuous,” he said. “You can say that not only can it be a political minefield, someone’s always causing trouble, right? I caused trouble for years so I can’t point any fingers.”

The tour also includes cities such as New York, Chicago, Boston, Las Vegas and Los Angeles, and will end June 12 in Detroit.

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Online:

http://www.fleetwoodmac.com/

You can follow Music Writer Mesfin Fekadu on Twitter at twitter.com/MusicMesfin

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Tapping citizen-scientists for a novel gut check

WASHINGTON (AP) — The bacterial zoo inside your gut could look very different if you’re a vegetarian or an Atkins dieter, a couch potato or an athlete, fat or thin.

Now for a fee — $ 69 and up — and a stool sample, the curious can find out just what’s living in their intestines and take part in one of the hottest new fields in science.

Wait a minute: How many average Joes really want to pay for the privilege of mailing such, er, intimate samples to scientists?

A lot, hope the researchers running two novel citizen-science projects.

One, the American Gut Project, aims to enroll 10,000 people — and a bunch of their dogs and cats too — from around the country. The other, uBiome, separately aims to enroll nearly 2,000 people from anywhere in the world.

“We’re finally enabling people to realize the power and value of bacteria in our lives,” said microbiologist Jack Gilbert of the University of Chicago and Argonne National Laboratory. He’s one of a team of well-known scientists involved with the American Gut Project.

Don’t be squeamish: Yes, we share our bodies with trillions of microbes, living communities called microbiomes. Many of the bugs, especially those in the intestinal tract, play indispensable roles in keeping us healthy, from good digestion to a robust immune system.

But which combinations of bacteria seem to keep us healthy? Which ones might encourage problems like obesity, diabetes or irritable bowel syndrome?

And do diet and lifestyle affect those microbes in ways that we might control someday?

Answering those questions will require studying vast numbers of people. Getting started with a grassroots movement makes sense, said National Institutes of Health microbiologist Lita Proctor, who isn’t involved with the new projects but is watching closely.

After all, there was much interest in the taxpayer-funded Human Microbiome Project, which last summer provided the first glimpse of what makes up a healthy bacterial community in a few hundred volunteers.

Proctor, who coordinated that project, had worried “there would be a real ick factor. That has not been the case,” she said. Many people “want to engage in improving their health.”

Scott Jackisch, a computer consultant in Oakland, Calif., ran across American Gut while exploring the science behind different diets, and signed up last week. He’s read with fascination earlier microbiome research: “Most of the genetic matter in what we consider ourselves is not human, and that’s crazy. I wanted to learn about that.”

Testing a single stool sample costs $ 99 in that project, but he picked a three-sample deal for $ 260 to compare his own bacterial makeup after eating various foods.

“I want to be extra, extra well,” said Jackisch, 42. Differing gut microbes may be the reason “there’s no one magic bullet of diet that people can eat and be healthy.”

It’s clear that people’s gut bacteria can change over time. What this new research could accomplish is a first look at how different diets may play a role, “a much better understanding of what matters and what doesn’t,” said American Gut lead researcher Rob Knight of the University of Colorado, Boulder.

“We don’t just want people that have a gut-ache. We want couch potatoes. We want babies. We want vegans. We want athletes. We want anybody and everybody because we need that complete diversity,” added American Gut co-founder Jeff Leach, an anthropologist.

One challenge is making sure participants don’t expect that a map of their gut bacteria can predict their future health, or suggest lifestyle changes, anytime soon.

“I understand I’m not going to be able to say, ‘Oh, my gosh, I’ll be susceptible to this,’” said Bradley Heinz, 26, a financial consultant in San Francisco. He is paying uBiome $ 119 to analyze both his gut and mouth microbiomes; just the gut is $ 69.

“The more people that participate, the more information comes out and the more that everybody benefits,” he added.

Participants can sign up for either project via the social fundraising site Indiegogo.com over the next month. They also can send scrapings from the skin, mouth and other sites, to analyze that bacteria. Sign up enough family members or body sites, or be tracked over time, and the price can rise into the thousands. American Gut researchers plan some free testing for those who can’t afford the fees, to increase the experiment’s diversity.

Don’t forget the pets: “We sleep with them, play with them, they often eat our food,” Leach said. What bacteria we have in common is the next logical question.

Already, American Gut researchers are preparing to compare what they find in the typical U.S. gut with a few hundred people in rural Namibia, who eat what’s described as hunter-gatherer fare. Also, Leach will spend three months living in Namibia next year, and is storing his own stool samples for before-and-after comparison.

But diet isn’t the only factor. Your bacterial makeup starts at birth: Babies absorb different microbes when they’re born vaginally than when they’re born by C-section, a possible explanation for why cesareans raise the risk for certain infections. Taking antibiotics alters this teeming inner world, and it’s not clear if there are lasting consequences, especially for young children.

Then there’s your environment, such as the infections spread in hospitals. In February, a new University of Chicago hospital building opens and Gilbert will test the surfaces, the patients and their health workers to see how quickly bad bugs can move in and identify which bacteria are protective.

Whatever the findings, all the research marks “a huge teachable moment” about how we interact with microbes, Leach said.

___

EDITOR’S NOTE — Lauran Neergaard covers health and medical issues for The Associated Press in Washington.

___

Online:

www.indiegogo.com/americangut

www.indiegogo.com/ubiome

Health News Headlines – Yahoo! News

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Meet the First Royal Baby Profiteers

Yesterday, St. James’s Palace announced that the Duke and Duchess of Windsor are expecting their first child. Just as the royal wedding produced heaps of Will and Kate-themed tchotchkes, news of the couple’s forthcoming member of the family—who will officially be the third in line for the throne—is sure to inspire its own mountain of merchandise. So who is the first to put something royal baby-themed on the market?

As far as we can tell, it’s the pottery firm Emma Bridgewater, located in Stoke-on-Trent, which is already producing blue, red, and white mugs emblazoned with the words: “A royal baby in 2013.”

Courtesy Emma BridgewaterThe company told the BBC it sold millions of dollars worth of goods for the Queen’s Diamond Jubilee and the royal wedding and expects the babywares to be an equally big hit, even across the pond. “It’s also apparent from the media coverage over the last 24 hours that the American market will be strong too, so we’re hoping this will help us move more sales into the United States,” head of manufacturing Mark Thomas said to the BBC. Emma Bridgewater will make another design with the baby’s name when it is born.

Businessweek.com — Top News

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Gunmen assassinate peasant leader in Paraguay

ASUNCION, Paraguay (AP) — Gunmen murdered one of the surviving leaders of a peasant movement whose land dispute with a powerful politician prompted the end of Fernando Lugo‘s presidency last June.

Vidal Vega, 48, was hit four times early Saturday by bullets from a 12-gauge shotgun and a .38-caliber revolver fired by two unidentified men who sped away on a motorcycle, according to an official report prepared at the police headquarters in the provincial capital of Curuguaty.

A friend, Mario Espinola, told The Associated Press that Vega was shot down when he stepped outside to feed his farm animals.

Vega was among the public faces of a commission of landless peasants from the settlement of Yby Pyta, which means Red Dirt in their native Guarani language.

He had lobbied the government for many years to redistribute some of the ranchland that Colorado Party Sen. Blas Riquelme began occupying in the 1960s.

By last May, the peasants finally lost patience and moved onto the land. A firefight during their eviction on June 15 killed 11 peasants and six police officers, prompting the Colorado Party and other leading parties to vote Lugo out of office for allegedly mismanaging the dispute.

Twelve suspects, nearly all of them peasants from Yby Pyta, have been jailed without formal charges since then on suspicion of murdering the officers, seizing property and resisting authority. The prosecutor had six months to develop the case and will present his findings Dec. 16.

Vega was expected to be a witness at the criminal trial, since he was among the few leaders who weren’t killed in the clash or jailed afterward.

He wasn’t charged because he was away getting supplies when the violence erupted at the settlement erected by the peasants inside Riquelme’s ranch, the Naranjaty Commission’s secretary, Martina Paredes, told the AP.

“We think he was assassinated by hit men who were sent, we don’t know by whom, perhaps to frighten us and frustrate our fight to recover the state lands that were illegally taken by Riquelme,” she said.

Riquelme, who died of natural causes about a month after the battle in June, occupied the land during the dictatorship of Alfredo Stroessner, whose government gave away land for free to anyone willing to put it to productive use.

A local court in Curuguaty upheld Riquelme’s claim to the land years later. Lugo’s government later sought to overturn the decision, but the case remains tied up in court.

Latin America News Headlines – Yahoo! News

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