Bank of Canada keeps “over time” condition on rate hike
















OTTAWA (Reuters) – Bank of Canada Deputy Governor Tim Lane repeated on Wednesday the central bank‘s message that interest rate increases will likely be needed, but only over time.


The “over time” phrase was introduced in the bank’s key guidance in its rate statement on October 23 as a way of signaling that while the next rate move is likely to be up, such a move was less imminent than it had been.













“Over time, some gradual withdrawal of monetary policy stimulus will likely be required, consistent with achieving the inflation-control target,” Lane said, according to a prepared presentation he was giving on Wednesday in Moncton, New Brunswick.


Another part of the presentation, which was posted on the central bank’s website, noted: “The Canadian economy continues to operate with a small amount of excess supply.”


The Bank of Canada is alone in the Group of Seven leading industrialized countries in signaling an intention to raise rates despite expectations of modest and unbalanced global growth.


Lane forecast “very robust growth” in emerging markets, stagnation in Europe and significant dampening of U.S. growth due to fiscal consolidation. He said Canada‘s real gross domestic product was still expected to grow at a moderate pace.


(Reporting by Randall Palmer; Editing by Jeffrey Hodgson; and Peter Galloway)


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Fitch cuts Sony, Panasonic debt ratings to “junk” status
















TOKYO (Reuters) – Ratings agency Fitch downgraded the debt ratings of Japan’s Sony Corp and Panasonic Corp to “junk” status citing weakness in their consumer electronics and TV operations, further diminishing the luster of the once-great Japanese brands.


The cut to below investment grade, the first by a ratings firm, comes as the floundering Japanese tech giants face weak demand and fierce competition from Apple Inc and Samsung Electronics.













A strong yen and bumps in China, where growth has slowed and Japanese goods have been targeted in sometimes violent protests recently, have also weighed on their earnings.


The two companies, along with Sharp Corp, racked up combined losses of $ 20 billion last year, leading them to axe jobs, sell assets and close facilities.


“Both Sony and Panasonic are struggling to generate operating profits, but each is restructuring and I don’t envision the current situation continuing,” said Masahi Oda, Chief Investment Officer at Sumitomo Mitsui Trust Bank.


“A collapse of their core business would be a problem, but we are not at the point yet, and to me Fitch looks too negative,” Oda added.


Fitch downgraded Sony by three notches to BB-minus from BBB- minus, saying meaningful recovery will be slow. The move came after Sony, the maker of PlayStation game consoles and Vaio laptops, last week announced plans to raise 150 billion yen ($ 1.82 billion) through the sale of convertible bonds.


“Fitch believes that continuing weakness in the home entertainment and sound and mobile products and communications segments will offset the relatively stable music and pictures segments and improvement in the devices segment which makes semiconductors and components,” it said in statement.


In a separate statement, Fitch cut Panasonic to BB from BBB-minus, a two-notch downgrade, citing weakened competitiveness in its TVs and display panels as well as weak cash generation from its operations. It has a negative outlook on both the companies.


The downgrade sent Sony’s five-year credit default swaps (CDS), insurance-like contracts against debt default or restructuring, 5 basis points wider to 382.5/402.5 basis points.


Panasonic’s CDS for the same maturity were quoted at 295/315 basis points, 15 basis points wider than in Thursday morning Asian trade.


Standard & Poor’s rates the two consumer electronics makers at BBB, the second lowest of the investment grade, while Moody’s Investors Service has Baa3 on them, the lowest of the high-grade category.


With two of the three major ratings agencies still having the two companies as investment grade, institutional investors won’t face too great a pressure to cut their debt holdings in them, analysts said.


SONY SHARES TUMBLE


Sony shares shed 4.4 percent in Frankfurt on Thursday. The shares ended 1.8 percent higher at 834 yen in Tokyo before the Fitch announcement, trading not too far from their 32-year closing low of 793 yen hit on November 15. Sony stock is down 40 percent so far this year.


Panasonic shares were down 0.6 percent in Frankfurt in low volume. The stock inched up 0.7 percent to close at 407 yen in Tokyo trading, near its 34-year closing low of 385 yen reached on November 13.


Last month, Panasonic cut its forecast and warned it will lose close to $ 10 billion in the year to March, as it writes off billions of yen in tax-deferred assets and goodwill related to its mobile phone, solar panel and small lithium battery businesses.


Ahead of its earnings revision, Panasonic won $ 7.6 billion in loan commitments in October from banks including Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group, a funding backstop it says will help it avoid having to seek capital from credit markets.


Sony made a small operating profit in the July-September quarter, helped by the sale of a non-core chemicals business, and kept its forecast for a full-year profit of $ 1.63 billion.


(Additional reporting by Dominic Lau in Tokyo and Umesh Desai in Hong Kong; Editing by Muralikumar Anantharaman)


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U.S. troops in Afghanistan celebrate Thanksgiving

KABUL, Afghanistan (AP) — It was Army Sgt. Keith Wells' first Thanksgiving Day away from his family and despite a cornucopia of food provided for the troops, his taste buds were craving his wife's macaroni and cheese back home.

"My wife's a foodie — you know the Food Network, cooking shows. Everything she makes is golden," Wells of Charlotte, N.C., said Thursday at a large international military base in the Afghan capital, Kabul.

The dining hall served up mac-and-cheese along with traditional Thanksgiving Day fixings. Wells was thankful for the good food, but he still missed his wife's home-cooking.

Huge hunks of beef greeted the estimated 2,500 diners as soldiers lined up in the dining hall. Red-white-and-blue decorations filled the room. Brochures titled "Learn about combat stress" served as table centerpieces.

There was roast turkey, sliced turkey, ham and rib-eye steaks. The troops were served steaming side dishes of dressing, corn, collard greens, yams and mashed potatoes and gravy that some lapped up with spoons. For dessert, there was a massive cake with a turkey etched in icing, pumpkin spice cookies and scores of pies.

A short walk from the dining hall, service members were playing a modified version of American football.

Parts of the scene could have come from a snapshot of any U.S. city: American guys in sweats tossing the pigskin, a scoreboard, a coin toss to start the game.

But on this military base, concrete barriers surrounded the field. The referees wore camouflaged shirts and the spectators carried rifles. The artificial turf was frayed and so dusty that when one player spiked the football, a puff of dirt rose from the field.

The players used a regulation football, but the game was a mix of football, soccer and rugby to fit the short field.

Some soldiers commented about the 11-year-old war that has claimed the lives of 2,029 American service members.

Army Chief Warrant Officer 4 Chuck Minton of Monroe, Ga., who has traveled extensively across Afghanistan, was optimistic. "It's been progressing here, getting better. The Afghans have taken over more missions," Minton said.

President Barack Obama pulled 10,000 troops out of Afghanistan in 2011 and 23,000 more this year, leaving about 66,000 American service members still deployed in the country. Nearly all international combat troops are to withdraw by the end of 2014 when Afghan forces will be fully in charge of securing the nation.

Army Maj. Rodney Gehrett of Colorado Springs, Colo., said he was surprised that the war was barely mentioned during the last U.S. presidential election — evidence that some Americans had tuned out the news from the front line a half a world away.

"The war in Afghanistan wasn't even brought up as a topic of conversation" during the election, Gehrett said. "It was a little surprising to me. Hopefully, that will change and people will realize that we still have troops here and they are fighting every day."

Army Sgt. Adam Draughn of Denver, Colo., said some people back home have the impression that the Afghan people don't want American troops in their country.

"Honestly, I think the biggest misconception in my opinion is that, you know, we actually are loved here," Draughn said. "The nationals do care about us. They do want us here to help them. We're not here uninvited."

Most of the holiday chatter, however, was focused on family.

Taking a break from the game, Army Capt. Robert Mikyska of North Aurora, Ill., pulled out a photocopied photo that was taken of he and his wife just before he deployed to Afghanistan nine months ago.

"Hi, honey!" Mikyska said, looking at the picture. "In a couple weeks, I'll be home. I can't wait to be back."

"My family's here," Army Spc. Ricky Clay, also of Monroe, Ga., said as he smiled and embraced his teammates on the sidelines of the football field.

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SpongeBob Christmas special goes stop-motion
















LOS ANGELES (AP) — How does “It’s a SpongeBob Christmas!” squeeze even more fun out of our porous little hero and the Bikini Bottom gang? By turning the animated characters three-dimensional for their holiday special.


In a tribute to classic fare such as “Rudolph the Red-Nosed Reindeer,” the “SpongeBob SquarePants” crew has been re-imagined as puppets and put through their comedy paces for stop-motion photography.













The story line as dreamed up by Tom Kenny, the voice of SpongeBob, and his musical collaborator Andy Paley: The denizens of Bikini Bottom are suddenly rude because of exposure to jerktonium, a plot by naughty Plankton to get on Santa’s (voiced by guest star John Goodman) nice list.


Plankton “wants to put everyone on their worst behavior when they should be on their best behavior, and zany mayhem ensues,” Kenny said.


“It’s a SpongeBob Christmas!” debuts 9:30 p.m. EST Friday on CBS, followed by an encore on the show’s home network, Nickelodeon, at 7:30 p.m. EST Sunday, Dec. 9.


The first-time foray into stop-motion is a welcome change for the 13-year-old “SpongeBob,” Kenny said.


“It’s fun that after all these years we can still do stuff that’s a little different. It’s like reinventing the wheel a little bit — if you can refer to a square character as a wheel,” he added, unable to resist the quip.


The actor looks back fondly on childhood memories of “Rudolph” from the Rankin-Bass studio and other stop-action projects. Even the TV commercial that put Santa on an electric razor subbing for a sleigh gets a Kenny shoutout.


Asked if young viewers might be fazed by seeing the familiar characters in a new guise, Kenny mulled the question before rebutting it.


“The characters act the same, the recording process is exactly the same. Our job is exactly the same. … There’s still plenty of the animated mayhem and anarchy that happens in the 2-D version of the show.”


Screen Novelties, the Los Angeles studio that produced the Christmas special, made a feast out of the job. In just one of their inventive approaches, filmmakers used fruit-flavored cereal to create a coral reef.


“I came to the studio and they had hundreds of boxes of cereal open and were hot-gluing it together,” Kenny recalled.


The Patrick Star puppet was covered in wool-like material and SpongeBob “wasn’t a sponge but some kind of weird material they found somewhere,” he said. “They’re like ‘MacGyver,’ always repurposing something.”


The TV special has a small element of recycling. Kenny calls it a testament to “a goofy little song” he and Paley wrote three years ago — “Don’t Be a Jerk, (It’s Christmas).”


“Bring joy to the world, it’s the thing to do. But the world does not revolve around you. Don’t be a jerk, it’s Christmas” is among its bouncy yet cautionary verses.


The tune is among a dozen included on the digital release “It’s a SpongeBob Christmas! Album,” most written by Kenny and Paley (a songwriter-producer who’s worked with artists including Brian Wilson and Blondie). Four songs are part of the special.


Music fans might want to check out the album for its craftsmanship. The veterans who play on it include harpist Corky Hale and harmonica player Tommy Morgan, both of whom have backed a roster of big stars, including Billie Holliday and Frank Sinatra.


The recording sessions proved an early holiday gift for Kenny.


“We’d spend a half-hour working and then make the musicians tell stories about who they played with,” he said.


___


Online:


http://spongebob.nick.com/


http://www.cbs.com/


Entertainment News Headlines – Yahoo! News



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Positive Outlook Helps Seniors Heal
















Older patients with positive attitudes on aging may be more likely to fully recover from severe disability compared with those who can’t see the bright side of life, a new study found.


A positive stereotype about aging was associated with a 44 percent greater likelihood of recovery from severe disability versus negative stereotypes, according to study author Becca Levy from the Yale School of Public Health and colleagues.













Holding positive stereotypes in older age was also significantly associated with a slower rate of decline in activities of daily living, the researchers wrote in a letter published in the Journal of the American Medical Association online.


“Further research is needed to determine whether interventions to promote positive age stereotypes could extend independent living in later life,” the authors noted.


Read this story on www.medpagetoday.com.


The researchers sampled patients through the Precipitating Events Project study and included 598 mostly female patients with an average age of 79, who belonged to a Connecticut health plan. All participants lived in a community, were nondisabled, and experienced at least 1 month of disability from active daily life during the follow-up period.




Can A Positive Outlook Keep Your Heart Healthy? Watch Video



The participants were interviewed monthly for up to 129 months and filled out home-based assessments every 18 months over 10 years.


The researchers established age stereotypes by asking participants for five terms or phrases they associated with older individuals and coding those descriptors on a five-point scale, with 1 being most negative (such as decrepit) and 5 being most positive (such as spry). The participants scored a mean 2.12 on this scale.


Participants’ severity of disability was based on the number of activities of daily living compromised by disability, including bathing, dressing, transferring, and walking. Three or four compromised activities were considered severely disabled; mild to severe disability required assistance with one to two activities, and mild to no disability required no assistance with activities of daily life.


The researchers grouped patients on whether they held positive or negative age stereotypes and compared rates of recovery from severe or mild injury to no or mild disability. Patients between groups were well-matched for age, sex, nonwhite ethnicity, frailty, education, chronic conditions, mental status, depression, and whether or not they lived alone. The nature of the disabling events was not described.


Patients were significantly more likely to recover from any state of injury to either no or mild disability if they fit positive age stereotypes, including from severe disability to no disability, severe disability to mild disabilit and mild disability to no disability.


The researchers also noted that the positive age-stereotyped patients “showed an advantage in the absolute risk increase percentages” in likelihood of recovery, in addition to “a significantly slower rate of [activities of daily life] decline.”


Study limitations included recruitment from a single community and an undersampling of black patients.


Health News Headlines – Yahoo! News



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Greek PM presses for deal on loan
















ATHENS, Greece (AP) — Greece has reacted with dismay to the European Union‘s failure to agree to release vital rescue loan funds for the debt-ridden country, with the prime minister warning it was not just Greece’s future that hangs in the balance.


The delay prolongs uncertainty over the future of Greece, which faces a messy default that would threaten the entire euro currency used by 17 EU nations.













Prime Minister Antonis Samaras stressed that Greece has done what its creditors from the EU and International Monetary Fund required. “Our partners, along with the IMF, also must do what they have committed to doing,” he said.


He said that “it is not just the future of our country, but the stability of the entire eurozone” that depend on the success of negotiations in coming days.


Europe News Headlines – Yahoo! News



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NJ jury convicts NY man in iPad data breach case
















NEWARK, N.J. (AP) — A federal jury on Tuesday convicted a man of illegally gaining access to AT&T‘s servers and stealing more than 120,000 email addresses of iPad users including New York Mayor Michael Bloomberg and film mogul Harvey Weinstein.


Andrew Auernheimer, of New York, was convicted of identity theft and conspiracy to gain unauthorized access to computers. Each count carries a maximum prison sentence of five years.













Prosecutors said the former Fayetteville, Ark., resident was part of an online group that tricked AT&T’s website into divulging email addresses including those of Bloomberg, Weinstein, then-White House chief of staff Rahm Emanuel, who’s now Chicago’s mayor, and other celebrities.


The group then shared the addresses with the website Gawker, which published them in redacted form accompanying a news article about the breach, prosecutors said.


A second man arrested with Auernheimer early last year, Daniel Spitler, of San Francisco, pleaded guilty that June.


At the time of the arrests, U.S. Attorney Paul Fishman said there was no evidence the men used the swiped information for criminal purposes. But authorities cautioned that it could have wound up in the hands of spammers and scam artists.


According to court papers, the men used a computer script they called the iPad3G Account Slurper to fool AT&T’s servers into thinking they were communicating with an iPad. The theft of the email addresses occurred in June 2010.


Prosecutors said at the time of Auernheimer’s arrest that he had bragged about the operation in a blog posting and in an interview with CNET published online after the Gawker article. Court papers also quoted him declaring in a New York Times article: “I hack, I ruin, I make piles of money. I make people afraid for their lives.”


Auernheimer, after he was charged and released on bail, had declined to comment.


iPad maker Apple Inc., based in Cupertino, Calif., referred questions to AT&T, which acknowledged a security weak spot on a website that exposed the email addresses. AT&T said the vulnerability affected only iPad users who signed up for its 3G wireless Internet service and said it had fixed the problem.


Gadgets News Headlines – Yahoo! News



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Clinton, White House denounce bus bombing

U.S. Secretary of State Hillary Rodham Clinton and Israel's Prime Minister Benjamin Netanyahu deliver joint statements …Secretary of State Hillary Clinton denounced a bomb attack on a bus in Tel Aviv that wounded at least 10 people even as she worked to help cobble together a truce between Israel and the Palestinians' Islamist Hamas movement that rules Gaza.


"The United States strongly condemns this terrorist attack, and our thoughts and prayers are with the victims and the people of Israel," said Clinton, who has been meeting with leaders of Israel and Egypt as well as Palestinian Authority President Mahmoud Abbas. Abbas' government runs the West Bank.


"As I arrive in Cairo, I am closely monitoring reports from Tel Aviv, and we will stay in close contact with Prime Minister Netanyahu's team. The United States stands ready to provide any assistance that Israel requires," Clinton said in a written statement.


Hamas has welcomed the attack, even as the White House joined in the denunciations.


"The United States condemns today's terrorist attack on a bus in Tel Aviv," press secretary Jay Carney said in a statement. "Our thoughts and prayers are with the families of those injured and with the people of Israel.


"These attacks against innocent Israeli civilians are outrageous. The United States will stand with our Israeli allies and provide whatever assistance is necessary to identify and bring to justice the perpetrators of this attack," Carney said. "The United States reaffirms our unshakeable commitment to Israel's security and our deep friendship and solidarity with the Israeli people."


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Academy Sues Over “Deer Hunter” Oscar Statuette
















LOS ANGELES (TheWrap.com) – A possibly counterfeit Oscars trophy for the 1978 film has sparked a very real lawsuit.


The Academy of Motion Picture Arts and Sciences has filed suit in U.S. District Court in Washington state over an Oscar statuette that “was either a genuine statuette or a very convincing counterfeit.”













If it’s real, the trophy was the one awarded to Aaron Rochin for his sound work on the 1978 film “The Deer Hunter.”


The Academy is suing Washington resident James Dunne, who sold the statue, and Edgard G. Francisco, who purchased it.


Dunne initially offered the statuette for sale on eBay in September but deleted the listing for fear that the Academy might discover it, according to the suit, which was filed last week. He later privately sold the statue of Florida resident Francisco for $ 25,000, the suit says.


The suit goes on to allege that after an appraisal, Francisco decided the statuette was fake and demanded a $ 15,000 refund. Dunne claims he provided a full refund. He also claims that he told Francisco that the trophy might not be authentic before he bought it.


Dunne told the Academy that he had either picked up the statuette at a moving sale or obtained it from a third party who got it at an estate sale.


After getting the refund, the suit says, Francisco threw the statuette away.


The Academy’s suit is two-fold: If the trophy was real, the Academy is seeking restitution for the loss of its property; if it was fake, the Academy claims that the pair infringed on the organization’s Oscars copyright.


The latter would seem to be the more probable scenario in this case. For one thing, the Academy says that the identification number for the statuette would place its manufacture in 1979, while the eBay auction billed it as a “Rare Pre-1950 Academy of Motion Picture Arts and Sciences OSCAR Statue Award!”


The Academy is asking for unspecified damages, plus suit costs and attorneys’ fees.


(Pamela Chelin contributed to this report)


Movies News Headlines – Yahoo! News



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Women With Breast Cancer Wait Weeks Before Surgery
















FIRST PERSON | New research shows that Medicare patients with breast cancer wait as long as 32 days before surgery. This wait is typical in the United States. It is not only older women that have a long wait. I first found a lump in my breast in September 2011. My first surgery was not until November 2011. The wait was not on my end — in northwest Arkansas, it takes at least three weeks to get an appointment with anyone.


The study













MedicalXpress reports that the Fox Chase Cancer Center published its findings in the Nov. 19, 2012 edition of The Journal of Clinical Oncology. The study evaluated data from over 72,000 Medicare patients with non-metastatic breast cancer and found that in 2005, at least half of the breast cancer patients waited a minimum of 32 days before having surgery. This data shows a marked increase from 21 days back in 1992.


Breast cancer diagnosis


It is interesting that they looked only at non-metastatic breast cancer. When you first go to see your doctor about a breast problem, like a lump, you have no idea if it is even cancer, much less if it has spread to other parts of the body. Diagnostic mammography, breast MRIs, and ultrasound cannot tell you if the area of concern is cancer. Only surgery can determine breast cancer — that means either a needle biopsy or other invasive procedures.


The waiting can kill you


Medicare had nothing to do with my time delays, as I have private insurance. I have non-metastatic breast cancer. It took 3 weeks to see my OBGYN, then it was another week before I had the imaging done. From there, it took three weeks to schedule a wire-guided surgical biopsy. I had the biopsy in mid-November 2011. It was then I received a cancer diagnosis and was told that it was a high-grade tumor — meaning it was very aggressive. At the same time of my diagnosis, my surgeon ordered more tests. We waited until late December 2011 to discuss a mastectomy. The wait was due to him wanting to see the results of genetic testing. Personally, I was uncomfortable with the long wait time.


Long waits are not just for Medicare recipients and for people in large metropolitan areas. Here in rural Arkansas, wait times are long because there is a shortage of physicians. The area is growing but the medical community is not keeping up with the growth. Patients like me who have serious medical conditions are traveling to other areas in order to get better care.


Lynda Altman was diagnosed with breast cancer in November 2011. She writes a series for Yahoo! Shine called “My Battle With Breast Cancer.”


Diseases/Conditions News Headlines – Yahoo! News



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