Good news: there’s a workaround to fix the issues related to the bug where Google Music’s music-matching service replaced explicit versions of songs with clean ones. Droid-Life reports that users who are seeing the issue should do click on the arrow next to each song or album title. Then select “Fix incorrect match” from the drop down menu. That should then upload the correct version of the song from your library into the Google (GOOG) cloud and replace the wrong one. Google’s music-matching service launched on December 18th in the U.S. as a free alternative to Apple’s (AAPL) $25 iTunes Match service and Amazon’s (AMZN) $25 Cloud Player.
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Leaked BlackBerry 10 slides show video calling and screen sharing for BBM
Labels: technologyResearch in Motion (RIMM) recently updated its BlackBerry Messenger application to include free Wi-Fi calling. With the release of BlackBerry 10 just around the corner, RIM is looking to add even more features to its flagship messaging app. Slides from a purported internal BlackBerry 10 presentation that were originally posted on the CrackBerry forums suggest that the company is planning to update BBM to include video calling and screen-sharing capabilities. A second slide highlights a task manager application called BlackBerry Remember, which is believed to be the replacement for RIM’s native Tasks app. Additional slides from the presentation can be viewed below.
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Multi-window update comes to AT&T Galaxy Note II starting today
Labels: technology has announced that a software update will begin rolling out to its Galaxy Note II beginning December 27th. The arrival of the new software makes AT&T the last of the four major nationwide wireless carriers to bring multi-windows support to its Samsung (005930) “phablet,” a feature that allows users to open and operate several different apps at once. “AT&T plans to begin rolling out a software update for Samsung Galaxy Note II customers that includes the Multi-Window feature, which allows the user to divide the screen into two active ‘windows’ creating a split screen that enables fluid multitasking between applications,” AT&T said in a statement. “The update will be available for download over the air beginning Dec. 27.” BGR reviewed the Galaxy Note II in October and called it the best supersized smartphone on the market.
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Apple CEO's pay takes big hit vs. record 2011 package
Labels: technologyApple Inc CEO Tim Cook's 2012 compensation package of $4.17 million is a huge cut on paper for the top executive of the most valuable U.S. corporation, after a 2011 package fattened by more than $376 million in long-term stock awards.
Cook received the largest single pay package awarded to a company CEO in about a decade when he replaced Apple co-founder Steve Jobs in August last year, shortly before the Silicon Valley legend's death in October 2011.
The maker of the iPhone and iPad made the 2012 compensation disclosures in a regulatory filing on Thursday. Cook, 52, has been with Apple since 1998.
Virtually all of Cook's $376 million stock bonus in 2011 was in awards that vest in two chunks - one in 2016 and the other in 2021. This structure was intended to keep Jobs' longtime lieutenant at the helm for many years, as the value of the stock will depend on how well the company is doing in 2016 and 2021.
Cook, who is credited with masterminding a sprawling but efficient Asian supply chain, has generally received high marks for his first year for shepherding several successful gadget launches, including the iPhone 5.
But he was forced to make a public apology in September after the company launched a mapping service application riddled with glaring geographical errors. The Maps app fiasco contributed to the departure of fellow Apple veteran and software chief Scott Forstall.
In addition, some analysts questioned whether Cook, whose only major new product since taking the helm was a smaller version of the iPad that Jobs propelled into the mainstream in 2010, has the vision to produce the next big product category and sustain historically stellar growth for Apple as global mobile competition intensifies.
"The jury is still out in terms of the job he is doing," said fund manager Tim Ghriskey, whose Solaris Group counts Apple stock as the biggest holding among the approximately $2 billion it manages.
But he added that the company's long-term prospects look strong, particularly if it rolls out oft-rumored television products in the next few years.
As of Thursday's close, Apple shares were almost 37 percent higher than when Cook became CEO 16 months ago. However, since a record-high close of $702.10 on September 19, the stock has fallen almost 27 percent.
Ghriskey said Wall Street remained nervous about the growing popularity of Google Inc's Android phone software, used by global smartphone leader Samsung Electronics Co Ltd, and potential margin pressure from that intensifying competition.
BY THE NUMBERS
In terms of base salary, Cook actually received a 50 percent increase to $1.4 million for 2012, and the same 200 percent non-equity bonus other top Apple executives like CFO Peter Oppenheimer earned, Apple said in the Thursday filing ahead of a February 27 shareholders' meeting.
Cook's 2012 package includes a nonequity bonus of $2.8 million.
Despite the increase, Apple said Cook's target annual cash compensation is "significantly below the median annual cash compensation level for CEOs at peer companies." It also said that Cook will not receive any stock awards for 2012.
Cook's latest compensation package also pales in comparison to his package in 2010, when he was chief operating officer. That package was 14 times higher.
A company spokesman would not comment beyond the filing.
Jobs famously received $1 a year in salary in the three years before he stepped down, though in 2000 he too received a stock option that analysts say was valued at almost $600 million at the time.
Looking beyond Apple, Yahoo Inc's CEO, Marissa Mayer, a former Google Inc high-flyer hired this year to try to turn around the struggling Internet icon, won a pay package worth more than $70 million. [ID:nL1E8LJJB5] Despite her lack of a track record as CEO and Yahoo's tiny size in comparison, her basic pay is comparable to Cook's, with about $1 million in annual salary and up to $2 million in an annual bonus.
Oracle Corp's Larry Ellison, one of the most highly paid U.S. chief executives - and also the world's sixth-richest man, according to Forbes - received total compensation for the year ended May 31, 2012, of $96.2 million - almost all of it in stock options. That compared with $77.6 million in 2011.
According to a study of the Fortune 500 conducted by Forbes this year, CEOs were paid a base salary of $1.1 million in 2011 on average, with the mean annual bonus at $2.4 million and average total compensation - including stock awards - at around $17 million.
Apple shares closed up 0.4 percent at $515.06 on the Nasdaq on Thursday.
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Cook received the largest single pay package awarded to a company CEO in about a decade when he replaced Apple co-founder Steve Jobs in August last year, shortly before the Silicon Valley legend's death in October 2011.
The maker of the iPhone and iPad made the 2012 compensation disclosures in a regulatory filing on Thursday. Cook, 52, has been with Apple since 1998.
Virtually all of Cook's $376 million stock bonus in 2011 was in awards that vest in two chunks - one in 2016 and the other in 2021. This structure was intended to keep Jobs' longtime lieutenant at the helm for many years, as the value of the stock will depend on how well the company is doing in 2016 and 2021.
Cook, who is credited with masterminding a sprawling but efficient Asian supply chain, has generally received high marks for his first year for shepherding several successful gadget launches, including the iPhone 5.
But he was forced to make a public apology in September after the company launched a mapping service application riddled with glaring geographical errors. The Maps app fiasco contributed to the departure of fellow Apple veteran and software chief Scott Forstall.
In addition, some analysts questioned whether Cook, whose only major new product since taking the helm was a smaller version of the iPad that Jobs propelled into the mainstream in 2010, has the vision to produce the next big product category and sustain historically stellar growth for Apple as global mobile competition intensifies.
"The jury is still out in terms of the job he is doing," said fund manager Tim Ghriskey, whose Solaris Group counts Apple stock as the biggest holding among the approximately $2 billion it manages.
But he added that the company's long-term prospects look strong, particularly if it rolls out oft-rumored television products in the next few years.
As of Thursday's close, Apple shares were almost 37 percent higher than when Cook became CEO 16 months ago. However, since a record-high close of $702.10 on September 19, the stock has fallen almost 27 percent.
Ghriskey said Wall Street remained nervous about the growing popularity of Google Inc's Android phone software, used by global smartphone leader Samsung Electronics Co Ltd, and potential margin pressure from that intensifying competition.
BY THE NUMBERS
In terms of base salary, Cook actually received a 50 percent increase to $1.4 million for 2012, and the same 200 percent non-equity bonus other top Apple executives like CFO Peter Oppenheimer earned, Apple said in the Thursday filing ahead of a February 27 shareholders' meeting.
Cook's 2012 package includes a nonequity bonus of $2.8 million.
Despite the increase, Apple said Cook's target annual cash compensation is "significantly below the median annual cash compensation level for CEOs at peer companies." It also said that Cook will not receive any stock awards for 2012.
Cook's latest compensation package also pales in comparison to his package in 2010, when he was chief operating officer. That package was 14 times higher.
A company spokesman would not comment beyond the filing.
Jobs famously received $1 a year in salary in the three years before he stepped down, though in 2000 he too received a stock option that analysts say was valued at almost $600 million at the time.
Looking beyond Apple, Yahoo Inc's CEO, Marissa Mayer, a former Google Inc high-flyer hired this year to try to turn around the struggling Internet icon, won a pay package worth more than $70 million. [ID:nL1E8LJJB5] Despite her lack of a track record as CEO and Yahoo's tiny size in comparison, her basic pay is comparable to Cook's, with about $1 million in annual salary and up to $2 million in an annual bonus.
Oracle Corp's Larry Ellison, one of the most highly paid U.S. chief executives - and also the world's sixth-richest man, according to Forbes - received total compensation for the year ended May 31, 2012, of $96.2 million - almost all of it in stock options. That compared with $77.6 million in 2011.
According to a study of the Fortune 500 conducted by Forbes this year, CEOs were paid a base salary of $1.1 million in 2011 on average, with the mean annual bonus at $2.4 million and average total compensation - including stock awards - at around $17 million.
Apple shares closed up 0.4 percent at $515.06 on the Nasdaq on Thursday.
750,000 ANDROID APPS INVADE OS X THANKS TO BLUESTACKS APP PLAYER
Labels: technologyEarlier this year, BlueStacks App Player made headlines by allowing Android apps run on Microsoft’s (MSFT) Windows 8 platform. The company announced on Thursday its App Player is now available in beta form for free on Mac, giving OS X users access to 750,000 Android apps normally reserved for smartphones and tablets.
BlueStacks uses patent-pending virtualization software called “Layercake” to allow Android apps to run on other platforms. It works virtually the same as running Windows within OS X using software such as Parallels or VMWare. The Windows 8 version of BlueStacks has been out since March and has been installed on more than 5 million PCs, which is a good sign that people want to run mobile apps on their computers.
BGR tested BlueStacks on a mid-2011 MacBook Air running OS X 10.8 Mountain Lion and found performance to be hit or miss. Android apps can be searched and it will list which app stores to download them from, but sometimes apps won’t install properly because of missing code, especially from the Google Play store. Downloading apps from the Amazon (AMZN) Appstore seems to be a better bet, though. If it’s any consolation, Jetpack Joyride and Fruit Ninja are perfectly playable.
BlueStacks works as mostly advertised, but honestly, why bother running Android apps on your Mac? A mouse or trackpad isn’t a better substitute for a touchscreen. But if you must do so, it’s reassuring to know BlueStacks is available.
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BlueStacks uses patent-pending virtualization software called “Layercake” to allow Android apps to run on other platforms. It works virtually the same as running Windows within OS X using software such as Parallels or VMWare. The Windows 8 version of BlueStacks has been out since March and has been installed on more than 5 million PCs, which is a good sign that people want to run mobile apps on their computers.
BGR tested BlueStacks on a mid-2011 MacBook Air running OS X 10.8 Mountain Lion and found performance to be hit or miss. Android apps can be searched and it will list which app stores to download them from, but sometimes apps won’t install properly because of missing code, especially from the Google Play store. Downloading apps from the Amazon (AMZN) Appstore seems to be a better bet, though. If it’s any consolation, Jetpack Joyride and Fruit Ninja are perfectly playable.
BlueStacks works as mostly advertised, but honestly, why bother running Android apps on your Mac? A mouse or trackpad isn’t a better substitute for a touchscreen. But if you must do so, it’s reassuring to know BlueStacks is available.
Oracle 2Q earnings rise 18 pct as tech spending up
Labels: BusinessOracle 2Q earnings rise 18 pct as tech spending up
Oracle says its latest quarterly earnings rose 18 percent as companies splurged on more software and other technology toward the end of the year.
The results announced Tuesday are an improvement from Oracle's previous quarter, when the company's revenue dipped slightly from a year earlier.
The latest quarter spanned September through November. That makes Oracle the first technology bellwether to provide insights into corporate spending since the Nov. 6 re-election of President Obama and negotiations to avoid the so-called fiscal cliff began to heat up.
Oracle Corp. earned $2.6 billion, or 53 cents per share, in its fiscal second quarter. That compares with net income of $2.2 billion, or 43 cents per share, last year.
Revenue increased 3 percent to $9.1 billion.
Oracle is based in Redwood Shores, Calif.
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Oracle says its latest quarterly earnings rose 18 percent as companies splurged on more software and other technology toward the end of the year.
The results announced Tuesday are an improvement from Oracle's previous quarter, when the company's revenue dipped slightly from a year earlier.
The latest quarter spanned September through November. That makes Oracle the first technology bellwether to provide insights into corporate spending since the Nov. 6 re-election of President Obama and negotiations to avoid the so-called fiscal cliff began to heat up.
Oracle Corp. earned $2.6 billion, or 53 cents per share, in its fiscal second quarter. That compares with net income of $2.2 billion, or 43 cents per share, last year.
Revenue increased 3 percent to $9.1 billion.
Oracle is based in Redwood Shores, Calif.
Oracle sees third-quarter profit of 64 to 68 cents per share
Labels: Business Oracle Corp, the world's No. 3 software maker, said it expects to report non-GAAP earnings per share of 64 cents to 68 cents in its fiscal third quarter.
Oracle forecast that third-quarter new software sales and cloud subscriptions sales will rise 3 percent to 13 percent from a year earlier.
The company said its sees third-quarter hardware products sales flat to down 10 percent from a year ago.
Chief Executive Larry Ellison said he expects hardware systems revenue to start growing from the fiscal fourth quarter.
Oracle President Mark Hurd said that Oracle is gaining share against SAP in Europe.
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Oracle forecast that third-quarter new software sales and cloud subscriptions sales will rise 3 percent to 13 percent from a year earlier.
The company said its sees third-quarter hardware products sales flat to down 10 percent from a year ago.
Chief Executive Larry Ellison said he expects hardware systems revenue to start growing from the fiscal fourth quarter.
Oracle President Mark Hurd said that Oracle is gaining share against SAP in Europe.
Oracle beats outlook, shrugs off fiscal debate
Labels: BusinessOracle beats outlook, shrugs off fiscal debate
Technology giant Oracle Corp said software sales growth will stay strong into the new year despite fears that there could be big tax hikes and U.S. government spending cuts that could cause a slump in spending by customers.
Shares of the world's No. 3 software maker rose 1.3 percent after it reported fiscal second-quarter revenue and earnings that surpassed Wall Street forecasts.
Oracle President Safra Catz told investors that businesses were still looking to spend money already allocated to 2012 technology budgets.
"Folks want to close deals," she told analysts on a conference call following the earnings release on Tuesday. There has been "no negative impact on pricing. Pricing remains very good for us."
Oracle said software sales would grow 3 to 13 percent this quarter, which runs through February. It expects fiscal third-quarter hardware products sales to be flat to down 10 percent from a year ago.
The company's software and hardware forecasts were roughly in line with Wall Street expectations, according to FBR Markets analyst Daniel Ives.
Oracle reported that software sales and cloud software subscriptions rose 17 percent from a year earlier to $2.4 billion in its fiscal second quarter ended November 30.
It had forecast that new software sales would climb 5 to 15 percent from a year earlier, when it last reported earnings on September 20.
"I would call it an early Christmas present," Ives said. "It's a positive sign for the overall technology sector."
Investors pay close attention to new software sales because they generate high-margin, long-term maintenance contracts and are an important gauge of the company's future profits.
Oracle posted a second-quarter profit, excluding items, of 64 cents per share, beating the average analyst forecast of 61 cents according to Thomson Reuters I/B/E/S.
Jefferies & Co analyst Ross MacMillan said Oracle's results are encouraging for other makers of business software, many of which end their quarter on December 31.
OFF A CLIFF
Some investors have worried that corporations would postpone spending on technology projects because of uncertainty over the year-end deadline for Congress and U.S. President Barack Obama to reach a compromise to thwart an automatic rise in tax rates and government spending cuts.
Failing to reach a deal, economists say, could lead to another U.S. recession. Catz said Oracle's customers are still spending on software.
"What's going on in Washington - I don't know who it's necessarily influencing today. But I can tell you, our customers have been spending money with us even here in December."
On Tuesday, Oracle forecast earnings per share in the current fiscal third quarter of 64 to 68 cents, excluding items. That was about level with an average forecast for 66 cents.
"It tells you that there's still money being spent by enterprises on software. It's not like the world has ground to a halt," MacMillan said.
The picture was not so bright for Oracle's troubled hardware division, which it acquired with its $5.6 billion purchase of Sun Microsystems in January 2010. The division's revenue has fallen every quarter since it closed that deal.
Hardware systems product sales fell 23 percent from a year earlier to $734 million. Oracle had forecast that hardware sales would drop between 8 and 18 percent.
Chief Executive Larry Ellison told analysts he expected hardware systems revenue to start growing in the fiscal fourth quarter which begins March 1.
Oracle shares rose to $33.30 in extended trade after closing at $32.88 on Nasdaq.
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Technology giant Oracle Corp said software sales growth will stay strong into the new year despite fears that there could be big tax hikes and U.S. government spending cuts that could cause a slump in spending by customers.
Shares of the world's No. 3 software maker rose 1.3 percent after it reported fiscal second-quarter revenue and earnings that surpassed Wall Street forecasts.
Oracle President Safra Catz told investors that businesses were still looking to spend money already allocated to 2012 technology budgets.
"Folks want to close deals," she told analysts on a conference call following the earnings release on Tuesday. There has been "no negative impact on pricing. Pricing remains very good for us."
Oracle said software sales would grow 3 to 13 percent this quarter, which runs through February. It expects fiscal third-quarter hardware products sales to be flat to down 10 percent from a year ago.
The company's software and hardware forecasts were roughly in line with Wall Street expectations, according to FBR Markets analyst Daniel Ives.
Oracle reported that software sales and cloud software subscriptions rose 17 percent from a year earlier to $2.4 billion in its fiscal second quarter ended November 30.
It had forecast that new software sales would climb 5 to 15 percent from a year earlier, when it last reported earnings on September 20.
"I would call it an early Christmas present," Ives said. "It's a positive sign for the overall technology sector."
Investors pay close attention to new software sales because they generate high-margin, long-term maintenance contracts and are an important gauge of the company's future profits.
Oracle posted a second-quarter profit, excluding items, of 64 cents per share, beating the average analyst forecast of 61 cents according to Thomson Reuters I/B/E/S.
Jefferies & Co analyst Ross MacMillan said Oracle's results are encouraging for other makers of business software, many of which end their quarter on December 31.
OFF A CLIFF
Some investors have worried that corporations would postpone spending on technology projects because of uncertainty over the year-end deadline for Congress and U.S. President Barack Obama to reach a compromise to thwart an automatic rise in tax rates and government spending cuts.
Failing to reach a deal, economists say, could lead to another U.S. recession. Catz said Oracle's customers are still spending on software.
"What's going on in Washington - I don't know who it's necessarily influencing today. But I can tell you, our customers have been spending money with us even here in December."
On Tuesday, Oracle forecast earnings per share in the current fiscal third quarter of 64 to 68 cents, excluding items. That was about level with an average forecast for 66 cents.
"It tells you that there's still money being spent by enterprises on software. It's not like the world has ground to a halt," MacMillan said.
The picture was not so bright for Oracle's troubled hardware division, which it acquired with its $5.6 billion purchase of Sun Microsystems in January 2010. The division's revenue has fallen every quarter since it closed that deal.
Hardware systems product sales fell 23 percent from a year earlier to $734 million. Oracle had forecast that hardware sales would drop between 8 and 18 percent.
Chief Executive Larry Ellison told analysts he expected hardware systems revenue to start growing in the fiscal fourth quarter which begins March 1.
Oracle shares rose to $33.30 in extended trade after closing at $32.88 on Nasdaq.
BofA CEO: Fed wants bank to show consistent earnings
Labels: BusinessCHARLOTTE, North Carolina (Reuters) - Bank of America Corp needs to show the U.S. Federal Reserve it can produce consistent earnings as part of the annual process to gain permission to return more capital to shareholders, CEO Brian Moynihan said in an interview.
The second-largest U.S. bank is turning a profit in most of its main businesses, but it inherited costly legal problems when it acquired companies during the financial crisis, including subprime mortgage lender Countrywide Financial.
In the third quarter, Bank of America reported only a nominal profit after reaching a $2.4 billion settlement with investors to resolve claims it hid crucial information from shareholders when it bought investment bank Merrill Lynch & Co.
Moynihan declined to comment on whether the bank's capital plan, which is due to the Fed by January 7, will include any proposed share buybacks or increases in dividends. Moynihan suffered a major embarrassment in 2011 when the Fed rejected the bank's request to increase its quarterly dividend, which has been stuck at just one penny per share since the financial crisis.
The Fed has been evaluating capital plans as part of its supervision of bank holding companies and under provisions in the Dodd-Frank financial reform law. It is unclear whether the Fed would approve any request for an increased dividend or share buybacks next year. A Fed spokesperson declined to comment.
"The element that is sort of unique to us is the predictability of the earnings stream," Moynihan said in an interview in his Charlotte, North Carolina, office. "We are working to get through that."
Other banks have demonstrated their ability to earn money more consistently. JPMorgan Chase & Co's quarterly profit, for example, hasn't fallen below $3.7 billion in the past year, even as it has taken losses on disastrous credit derivative trades.
Investors and analysts are hopeful that Bank of America's legal problems will die down soon. Its stock price has more than doubled this year, partly on expectations that the bank will increase its dividend and buy back more stock after the Federal Reserve reviews its capital plans this spring.
Analysts at Atlantic Equities on Tuesday said they expect Bank of America to buy back $4 billion of its own shares in 2013 and $10 billion in 2014, which would be its first buybacks since 2007.
The bank has "made a lot of progress" on legal issues, Moynihan said, but he acknowledged that the company is still working through lawsuits and investor demands to buy back soured mortgages the bank sold off during the housing boom.
In recent weeks, the bank's dispute with insurer MBIA Inc over mortgage-related claims has heated up, with Bank of America filing a new lawsuit last week against the insurer. The legal tussle with MBIA has dragged on, even as Bank of America has worked out settlements with other insurers of mortgage-backed securities issued by Countrywide.
Moynihan said the bank will settle the MBIA dispute if it can reach an agreement that is reasonable for shareholders but otherwise it is ready to litigate the matter.
The bank's shares closed Tuesday at $11.35, up 3.2 percent for the day. The shares are the best performer in the Dow Jones industrial average this year, after falling the most in 2011.
HEALING
In an effort to improve earnings, Moynihan is aiming to cut costs by $8 billion annually by mid-2015 through a program called Project New BAC, including 30,000 layoffs that have been under way since September 2011. Bank of America had noninterest expenses of $76.5 billion in 2011.
In addition, Bank of America expects to eventually reduce costs in its unit that serves delinquent mortgage customers to about $500 million per quarter from about $3.4 billion in the third quarter. If delinquent mortgages continue to fall, that saving should be achieved in 2015, if not sooner, Moynihan said.
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The second-largest U.S. bank is turning a profit in most of its main businesses, but it inherited costly legal problems when it acquired companies during the financial crisis, including subprime mortgage lender Countrywide Financial.
In the third quarter, Bank of America reported only a nominal profit after reaching a $2.4 billion settlement with investors to resolve claims it hid crucial information from shareholders when it bought investment bank Merrill Lynch & Co.
Moynihan declined to comment on whether the bank's capital plan, which is due to the Fed by January 7, will include any proposed share buybacks or increases in dividends. Moynihan suffered a major embarrassment in 2011 when the Fed rejected the bank's request to increase its quarterly dividend, which has been stuck at just one penny per share since the financial crisis.
The Fed has been evaluating capital plans as part of its supervision of bank holding companies and under provisions in the Dodd-Frank financial reform law. It is unclear whether the Fed would approve any request for an increased dividend or share buybacks next year. A Fed spokesperson declined to comment.
"The element that is sort of unique to us is the predictability of the earnings stream," Moynihan said in an interview in his Charlotte, North Carolina, office. "We are working to get through that."
Other banks have demonstrated their ability to earn money more consistently. JPMorgan Chase & Co's quarterly profit, for example, hasn't fallen below $3.7 billion in the past year, even as it has taken losses on disastrous credit derivative trades.
Investors and analysts are hopeful that Bank of America's legal problems will die down soon. Its stock price has more than doubled this year, partly on expectations that the bank will increase its dividend and buy back more stock after the Federal Reserve reviews its capital plans this spring.
Analysts at Atlantic Equities on Tuesday said they expect Bank of America to buy back $4 billion of its own shares in 2013 and $10 billion in 2014, which would be its first buybacks since 2007.
The bank has "made a lot of progress" on legal issues, Moynihan said, but he acknowledged that the company is still working through lawsuits and investor demands to buy back soured mortgages the bank sold off during the housing boom.
In recent weeks, the bank's dispute with insurer MBIA Inc over mortgage-related claims has heated up, with Bank of America filing a new lawsuit last week against the insurer. The legal tussle with MBIA has dragged on, even as Bank of America has worked out settlements with other insurers of mortgage-backed securities issued by Countrywide.
Moynihan said the bank will settle the MBIA dispute if it can reach an agreement that is reasonable for shareholders but otherwise it is ready to litigate the matter.
The bank's shares closed Tuesday at $11.35, up 3.2 percent for the day. The shares are the best performer in the Dow Jones industrial average this year, after falling the most in 2011.
HEALING
In an effort to improve earnings, Moynihan is aiming to cut costs by $8 billion annually by mid-2015 through a program called Project New BAC, including 30,000 layoffs that have been under way since September 2011. Bank of America had noninterest expenses of $76.5 billion in 2011.
In addition, Bank of America expects to eventually reduce costs in its unit that serves delinquent mortgage customers to about $500 million per quarter from about $3.4 billion in the third quarter. If delinquent mortgages continue to fall, that saving should be achieved in 2015, if not sooner, Moynihan said.
Top UBS shareholder pins rebound hopes on private wealth
Labels: Business UBS's wealth management business will help it bounce back from a $1.5 billion rap for rigging interest rates, one of its largest investors said, although fears of costly civil lawsuits could cast a pall over its shares for some time.
Paras Anand, European equities head at Fidelity Worldwide Investment, said legal action sparked by the Libor scandal posed an unpredictable threat to the bank's near-term earnings, even if its core private banking franchise escaped permanent harm.
"The big unknown factor is the civil litigation that could follow on as a result of this...That is one thing at the back of our minds that we have to be cognizant of," Anand said in an interview with Reuters.
"The issue for shareholders is the challenge of pricing that risk in. The potential costs are too unquantifiable and indeed, it's unclear as to whether they will actually manifest or not."
Switzerland's largest bank was hit with the fine on Wednesday after admitting to fraud, paying bribes to brokers and "pervasive" manipulation of global benchmark interest rates by dozens of its staff.
UBS shares were trading 1.3 percent higher at 9:01 a.m. ET, as investors looked forward to the end of a scandal-filled chapter in the bank's history and a renewed focus on managing cash on behalf of rich clients, rather than so-called 'casino' investment banking.
"There's clearly been a backlash against big faceless financial entities but a private bank has big personal relationships with its customers ... These kinds of institutions are surprisingly resilient," Anand said.
"We have seen some awful scandals in businesses much weaker than UBS and they manage to survive," he added.
Fidelity owns around 45 million shares in UBS, equivalent to around 1.2 percent of the bank, and is its fifth largest institutional owner excluding sovereign wealth funds, according to Thomson Reuters data.
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Paras Anand, European equities head at Fidelity Worldwide Investment, said legal action sparked by the Libor scandal posed an unpredictable threat to the bank's near-term earnings, even if its core private banking franchise escaped permanent harm.
"The big unknown factor is the civil litigation that could follow on as a result of this...That is one thing at the back of our minds that we have to be cognizant of," Anand said in an interview with Reuters.
"The issue for shareholders is the challenge of pricing that risk in. The potential costs are too unquantifiable and indeed, it's unclear as to whether they will actually manifest or not."
Switzerland's largest bank was hit with the fine on Wednesday after admitting to fraud, paying bribes to brokers and "pervasive" manipulation of global benchmark interest rates by dozens of its staff.
UBS shares were trading 1.3 percent higher at 9:01 a.m. ET, as investors looked forward to the end of a scandal-filled chapter in the bank's history and a renewed focus on managing cash on behalf of rich clients, rather than so-called 'casino' investment banking.
"There's clearly been a backlash against big faceless financial entities but a private bank has big personal relationships with its customers ... These kinds of institutions are surprisingly resilient," Anand said.
"We have seen some awful scandals in businesses much weaker than UBS and they manage to survive," he added.
Fidelity owns around 45 million shares in UBS, equivalent to around 1.2 percent of the bank, and is its fifth largest institutional owner excluding sovereign wealth funds, according to Thomson Reuters data.
Manning, Peterson, Pagano: 2012 a year to remember
Labels: SportsFrom Peyton Manning overcoming four neck surgeries to Adrian Peterson's rebound from a shredded knee to Chuck Pagano's fight with leukemia, this has been the Year of the Comeback in the NFL.
A season besmirched by tragedies, replacement officials and a bounty scandal also will go down as one in which some of the game's greats not only regained their old form but somehow surpassed it.
There are always feel-good stories about those who overcome long odds and broken bodies to regain at least a sliver of their past glory. This season provided an abundance of them.
When the season started, who could have expected Manning to recapture his MVP play so quickly with a new team? Or for Peterson to come back less than nine months after shredding his left knee. Or for Jamaal Charles to return better than ever after suffering a similar injury.
Then there's Pagano beating the biggest opponent of his life.
A year ago, Manning was in the midst of four neck operations to fix a nerve injury that had caused his right arm to atrophy and had sidelined him for an entire season. Soon, he would say a tearful farewell to Indianapolis, a city he'd put back on the NFL map, and hook up with John Elway in Denver.
Peterson's left knee was still swollen after he'd shredded it on Christmas Eve, an injury similar to the one Charles suffered earlier last season. Yet both would defy medicine and conventional wisdom alike to rebound as better runners than they were before getting hurt.
Pagano's fight started three months ago when it was disclosed he had cancer, forcing the first-year Colts coach to take time off for chemotherapy treatments. He returned to work this week, taking the reins from assistant Bruce Arians, who guided the team to a surprising playoff berth in his absence.
"When I asked for Bruce to take over, I asked for him to kick some you-know-what and to do great. Damn Bruce, you had to go and win nine games?" Pagano said. "Tough act to follow."
If all goes well at practice this week, Pagano will be on the sideline for the regular-season finale against Houston. That's a final tuneup for the AFC wild-card playoffs that nobody saw coming for the Colts so soon after cutting ties with Manning, who switched teams, coaches, cities and colors and didn't miss a beat in 2012.
Despite a new supporting cast and a 36-year-old body he insists continues to confound him, the quintessential quarterback has had one of the best seasons in his storied career. Manning set franchise or NFL records just about every week while completing 68 percent of his passes for 4,355 yards with 34 TDs and just 11 interceptions.
And yet, he insists he's not anything close to what he used to be, that all he can do is maximize what's left in a body that's been slowed by so many surgeons' scalpels, and trips around the sun.
"I know you don't believe me when I say this; I'm still learning about myself physically and what I can do, it's still the truth," Manning said after guiding Denver to its 10th straight win. "I still have things that are harder than they used to be, so (there's) things I have to work on from a rehab standpoint and a strength standpoint. That's just the way it is and maybe that's the way it's going to be from here on out, I don't know."
Maybe Manning's being modest, maybe he's suckering opponents into blitzing him more often so he can burn them again. Either way, it's a remarkable rebound for a man whose right arm was so weakened after one of his neck surgeries that he could hardly throw the football 15 yards.
Long before Manning ever dreamed he'd be wearing the orange-mane mustang on his helmet instead of the blue and white horseshoe, Manning met up with college buddy Todd Helton of the Colorado Rockies for a workout during last year's NFL lockout. They retreated to an indoor batting cage at Coors Field with a trainer in tow, and Manning's first pass nose-dived so badly that Helton told him to quit goofing around.
Manning wasn't messing with him. He was dead serious. His arm was shot, his future in football in doubt. A few days later, he underwent spinal fusion surgery and would miss the entire 2011 season.
If doctors had told him that was it, Manning said he would have called it a career without regret. But they gave him a bit of hope and that's all he needed to embark on his comeback in Colorado.
Coach John Fox, never one to lobby for awards, suggested this week that Manning deserves a fifth MVP honor for the numbers he's put up, the obstacles he's overcome, the shift of culture he's engineered.
Manning isn't interested in talking about MVPs or comeback awards. He just wants enough wins to get a shot at hoisting another Lombardi Trophy in New Orleans in six weeks.
Peterson, on the other hand, is unabashedly clear in his desire for some recognition after overcoming torn anterior cruciate and medial collateral ligaments in his left knee, requiring the kind of reconstructive surgery that usually turns dominant players into ordinary ones.
There's a long, long list of players who had shortened careers because of such injuries. But Peterson returned to the Vikings lineup less than nine months after his operation, and with a league-high 1,898 yards, he's 207 yards shy of Eric Dickerson's single-season record. He can topple it with another big game Sunday when Minnesota faces Green Bay with a playoff berth on the line for the Vikings.
With typical unflinching confidence, Peterson said in a recent interview with The Associated Press he's expecting to win the comeback award.
"I kind of have that in the bag, especially how I've been telling people I'm going to come back stronger and better than ever," he said.
Carrying the Vikings to the playoffs without a potent passing game in a league dominated by strong-armed, accurate quarterbacks would only burnish the credentials of this thoroughbred throwback.
In any other year, the zenith of comebacks might be that of Carolina linebacker Thomas Davis, who battled back from three torn right ACLs — in 2009, 2010 and 2011 — to be a major contributor to the Panthers this year. No player in NFL history has returned after tearing the same ACL three separate times.
Charles missed nearly all of 2011 with a torn left ACL. Yet the former All-Pro running back has run for 1,456 yards, the seventh-best season in franchise history. He can break his single-season-high set in 2010 with 12 yards against the Broncos on Sunday.
Charles ran for 226 yards last weekend, when he surpassed 750 career carries, which also qualifies him for the NFL record for yards per carry. Charles is averaging 5.82 yards on 770 attempts, which far surpasses the 5.22 yards that Hall of Famer Jim Brown averaged in 2,359 attempts from 1957-65.
Charles, Peterson and Davis are all better than ever. Manning might be, too, but he'll never say it.
"I'm trying to be as good as I can at this stage," Manning said. "A 36-year-old quarterback coming off a year and a-half off, playing on a new team, I'm trying to be as good as I possibly can in this scenario.
"It's a different kind of body I'm playing in and just a different kind of quarterback play for me."
Yet, as transcendent as ever.
"If he's lost anything, I can't see it," said Broncos receiver Brandon Stokley, who played with Manning in his prime in Indianapolis. "I'm sure in some ways he's better than he ever was. And he's always been great.
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A season besmirched by tragedies, replacement officials and a bounty scandal also will go down as one in which some of the game's greats not only regained their old form but somehow surpassed it.
There are always feel-good stories about those who overcome long odds and broken bodies to regain at least a sliver of their past glory. This season provided an abundance of them.
When the season started, who could have expected Manning to recapture his MVP play so quickly with a new team? Or for Peterson to come back less than nine months after shredding his left knee. Or for Jamaal Charles to return better than ever after suffering a similar injury.
Then there's Pagano beating the biggest opponent of his life.
A year ago, Manning was in the midst of four neck operations to fix a nerve injury that had caused his right arm to atrophy and had sidelined him for an entire season. Soon, he would say a tearful farewell to Indianapolis, a city he'd put back on the NFL map, and hook up with John Elway in Denver.
Peterson's left knee was still swollen after he'd shredded it on Christmas Eve, an injury similar to the one Charles suffered earlier last season. Yet both would defy medicine and conventional wisdom alike to rebound as better runners than they were before getting hurt.
Pagano's fight started three months ago when it was disclosed he had cancer, forcing the first-year Colts coach to take time off for chemotherapy treatments. He returned to work this week, taking the reins from assistant Bruce Arians, who guided the team to a surprising playoff berth in his absence.
"When I asked for Bruce to take over, I asked for him to kick some you-know-what and to do great. Damn Bruce, you had to go and win nine games?" Pagano said. "Tough act to follow."
If all goes well at practice this week, Pagano will be on the sideline for the regular-season finale against Houston. That's a final tuneup for the AFC wild-card playoffs that nobody saw coming for the Colts so soon after cutting ties with Manning, who switched teams, coaches, cities and colors and didn't miss a beat in 2012.
Despite a new supporting cast and a 36-year-old body he insists continues to confound him, the quintessential quarterback has had one of the best seasons in his storied career. Manning set franchise or NFL records just about every week while completing 68 percent of his passes for 4,355 yards with 34 TDs and just 11 interceptions.
And yet, he insists he's not anything close to what he used to be, that all he can do is maximize what's left in a body that's been slowed by so many surgeons' scalpels, and trips around the sun.
"I know you don't believe me when I say this; I'm still learning about myself physically and what I can do, it's still the truth," Manning said after guiding Denver to its 10th straight win. "I still have things that are harder than they used to be, so (there's) things I have to work on from a rehab standpoint and a strength standpoint. That's just the way it is and maybe that's the way it's going to be from here on out, I don't know."
Maybe Manning's being modest, maybe he's suckering opponents into blitzing him more often so he can burn them again. Either way, it's a remarkable rebound for a man whose right arm was so weakened after one of his neck surgeries that he could hardly throw the football 15 yards.
Long before Manning ever dreamed he'd be wearing the orange-mane mustang on his helmet instead of the blue and white horseshoe, Manning met up with college buddy Todd Helton of the Colorado Rockies for a workout during last year's NFL lockout. They retreated to an indoor batting cage at Coors Field with a trainer in tow, and Manning's first pass nose-dived so badly that Helton told him to quit goofing around.
Manning wasn't messing with him. He was dead serious. His arm was shot, his future in football in doubt. A few days later, he underwent spinal fusion surgery and would miss the entire 2011 season.
If doctors had told him that was it, Manning said he would have called it a career without regret. But they gave him a bit of hope and that's all he needed to embark on his comeback in Colorado.
Coach John Fox, never one to lobby for awards, suggested this week that Manning deserves a fifth MVP honor for the numbers he's put up, the obstacles he's overcome, the shift of culture he's engineered.
Manning isn't interested in talking about MVPs or comeback awards. He just wants enough wins to get a shot at hoisting another Lombardi Trophy in New Orleans in six weeks.
Peterson, on the other hand, is unabashedly clear in his desire for some recognition after overcoming torn anterior cruciate and medial collateral ligaments in his left knee, requiring the kind of reconstructive surgery that usually turns dominant players into ordinary ones.
There's a long, long list of players who had shortened careers because of such injuries. But Peterson returned to the Vikings lineup less than nine months after his operation, and with a league-high 1,898 yards, he's 207 yards shy of Eric Dickerson's single-season record. He can topple it with another big game Sunday when Minnesota faces Green Bay with a playoff berth on the line for the Vikings.
With typical unflinching confidence, Peterson said in a recent interview with The Associated Press he's expecting to win the comeback award.
"I kind of have that in the bag, especially how I've been telling people I'm going to come back stronger and better than ever," he said.
Carrying the Vikings to the playoffs without a potent passing game in a league dominated by strong-armed, accurate quarterbacks would only burnish the credentials of this thoroughbred throwback.
In any other year, the zenith of comebacks might be that of Carolina linebacker Thomas Davis, who battled back from three torn right ACLs — in 2009, 2010 and 2011 — to be a major contributor to the Panthers this year. No player in NFL history has returned after tearing the same ACL three separate times.
Charles missed nearly all of 2011 with a torn left ACL. Yet the former All-Pro running back has run for 1,456 yards, the seventh-best season in franchise history. He can break his single-season-high set in 2010 with 12 yards against the Broncos on Sunday.
Charles ran for 226 yards last weekend, when he surpassed 750 career carries, which also qualifies him for the NFL record for yards per carry. Charles is averaging 5.82 yards on 770 attempts, which far surpasses the 5.22 yards that Hall of Famer Jim Brown averaged in 2,359 attempts from 1957-65.
Charles, Peterson and Davis are all better than ever. Manning might be, too, but he'll never say it.
"I'm trying to be as good as I can at this stage," Manning said. "A 36-year-old quarterback coming off a year and a-half off, playing on a new team, I'm trying to be as good as I possibly can in this scenario.
"It's a different kind of body I'm playing in and just a different kind of quarterback play for me."
Yet, as transcendent as ever.
"If he's lost anything, I can't see it," said Broncos receiver Brandon Stokley, who played with Manning in his prime in Indianapolis. "I'm sure in some ways he's better than he ever was. And he's always been great.
Rondo leads Celtics past Nets 93-76
Labels: Sports Rajon Rondo lost his cool, and any chance at history, in the second quarter when Boston last met Brooklyn.
This time, the second period featured some of the best basketball the Celtics have played this season.
Rondo scored 19 points in his first full game against the Nets this season, and the Celtics won 93-76 on Tuesday in another game with some heated moments between the division rivals.
Rondo, sidelined in the first meeting and thrown out of the second after shoving Nets forward Kris Humphries into the courtside seats, outplayed counterpart Deron Williams and helped the Celtics take control early.
"We moved the ball; we rebounded the ball," Rondo said. "They beat us pretty bad on the glass, so tonight we did an exceptional job on the glass, taking care of the defensive rebounds, and we got stops."
A month after the teams scuffled in Boston, there was another skirmish in the fourth quarter that resulted in four technical fouls. But that was the most fight the Nets put up in a disappointing performance on the national stage of the Christmas opener. They were never in the game after the first 20 minutes, and their fans headed to the exits with under 2 minutes left as a "Let's go Celtics!" chant broke out.
"It was a big game for us. It was a division rival. We were ready for a big game. It just didn't happen," Williams said.
Rookie Jared Sullinger tied a career high with 16 points and Jeff Green had 15 for the Celtics (14-13), who avoided falling under .500 with just their second victory in six games.
The Celtics took control with a 23-5 run in the second quarter of the opener of their four-game road trip. They had 11 assists on 13 baskets and outscored the Nets 34-18 in the period after dropping the previous two meetings.
"It was good to get off to this start. It was good to finally play from start to finish, especially with the way we've been playing against Brooklyn," said Paul Pierce, who had just eight points on 3-of-10 shooting. "So it was a well-balanced game, but I'm happy with the start of the trip."
Gerald Wallace and Brook Lopez each scored 15 for the Nets, who have lost four of five. Struggling to find anything that worked, they played Lopez and fellow center Andray Blatche together with three guards at one point, but Brooklyn shot just 41 percent and committed 20 turnovers that led to 25 points.
Williams had only 10 points on 3-of-7 shooting and Joe Johnson, his partner in a high-priced backcourt, shot 4 of 14 for his 12 points.
"This one hurts. We didn't play our game. They beat us from the opening tip," Wallace said. "We didn't make shots. We turned the ball over too easy. Our defense just wasn't there tonight. We were not ourselves tonight."
Boston's Kevin Garnett had eight points and 10 rebounds on the day he tied Charles Oakley for 15th place on the NBA's career list with his 1,282nd game. He was also front and center when things got testy.
Wallace was fouled with 9:31 remaining and appeared to hold onto Garnett's uniform to balance himself and not fall. Garnett was fine with that but then objected to how long Wallace hung on to his shorts, and they said something to each other as they tried to push themselves free. That led to technical fouls on the two, along with Blatche and Courtney Lee.
Garnett said he asked Wallace what he was doing but got no response.
"I don't know where in America you can (yank) somebody's pants off, or shorts off. I don't know what the hell was going on," Garnett said.
Sullinger delivered a flagrant foul on Wallace a few minutes later, but there was nothing further.
In the Nets' Nov. 28 victory in Boston, Rondo, Humphries and Wallace were ejected.
It was the second quarter of that game where things got away from the Celtics, and Rondo's frustrations soon followed when he shoved Humphries after the Nets forward fouled Garnett. That ruined the point guard's chance to extend what was then a 37-game streak with double-digit assists, tied for second-longest ever, by finishing with three. He had five assists and six rebounds Tuesday.
This time, the second period belonged to the guys in green.
With the Celtics down three, Green had six points in a 10-0 run that made it 36-29. After Johnson's basket, Boston answered with a 13-3 spurt. Jason Terry made a 3-pointer before Rondo converted a three-point play to push the Celtics' lead to 49-34 with 3:56 to go.
The Celtics opened a 21-point lead early in the third quarter and cruised from there. Terry finished with 11 points.
Notes: As with everyone playing on Christmas, players, coaches and referees wore green ribbons in tribute to the families of Sandy Hook Elementary School. ... Humphries was out with an abdominal strain and will be re-evaluated after the Nets return from Milwaukee. He had mostly been a starter but then didn't play at all Sunday against Philadelphia. ... Feeling Avery Bradley isn't ready yet, Celtics coach Doc Rivers decided not to bring the guard on the road trip so he can continue working his way back from shoulder surgery in Boston. Rivers said the shoulder is strong but that Bradley has had only 2½ practices.
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This time, the second period featured some of the best basketball the Celtics have played this season.
Rondo scored 19 points in his first full game against the Nets this season, and the Celtics won 93-76 on Tuesday in another game with some heated moments between the division rivals.
Rondo, sidelined in the first meeting and thrown out of the second after shoving Nets forward Kris Humphries into the courtside seats, outplayed counterpart Deron Williams and helped the Celtics take control early.
"We moved the ball; we rebounded the ball," Rondo said. "They beat us pretty bad on the glass, so tonight we did an exceptional job on the glass, taking care of the defensive rebounds, and we got stops."
A month after the teams scuffled in Boston, there was another skirmish in the fourth quarter that resulted in four technical fouls. But that was the most fight the Nets put up in a disappointing performance on the national stage of the Christmas opener. They were never in the game after the first 20 minutes, and their fans headed to the exits with under 2 minutes left as a "Let's go Celtics!" chant broke out.
"It was a big game for us. It was a division rival. We were ready for a big game. It just didn't happen," Williams said.
Rookie Jared Sullinger tied a career high with 16 points and Jeff Green had 15 for the Celtics (14-13), who avoided falling under .500 with just their second victory in six games.
The Celtics took control with a 23-5 run in the second quarter of the opener of their four-game road trip. They had 11 assists on 13 baskets and outscored the Nets 34-18 in the period after dropping the previous two meetings.
"It was good to get off to this start. It was good to finally play from start to finish, especially with the way we've been playing against Brooklyn," said Paul Pierce, who had just eight points on 3-of-10 shooting. "So it was a well-balanced game, but I'm happy with the start of the trip."
Gerald Wallace and Brook Lopez each scored 15 for the Nets, who have lost four of five. Struggling to find anything that worked, they played Lopez and fellow center Andray Blatche together with three guards at one point, but Brooklyn shot just 41 percent and committed 20 turnovers that led to 25 points.
Williams had only 10 points on 3-of-7 shooting and Joe Johnson, his partner in a high-priced backcourt, shot 4 of 14 for his 12 points.
"This one hurts. We didn't play our game. They beat us from the opening tip," Wallace said. "We didn't make shots. We turned the ball over too easy. Our defense just wasn't there tonight. We were not ourselves tonight."
Boston's Kevin Garnett had eight points and 10 rebounds on the day he tied Charles Oakley for 15th place on the NBA's career list with his 1,282nd game. He was also front and center when things got testy.
Wallace was fouled with 9:31 remaining and appeared to hold onto Garnett's uniform to balance himself and not fall. Garnett was fine with that but then objected to how long Wallace hung on to his shorts, and they said something to each other as they tried to push themselves free. That led to technical fouls on the two, along with Blatche and Courtney Lee.
Garnett said he asked Wallace what he was doing but got no response.
"I don't know where in America you can (yank) somebody's pants off, or shorts off. I don't know what the hell was going on," Garnett said.
Sullinger delivered a flagrant foul on Wallace a few minutes later, but there was nothing further.
In the Nets' Nov. 28 victory in Boston, Rondo, Humphries and Wallace were ejected.
It was the second quarter of that game where things got away from the Celtics, and Rondo's frustrations soon followed when he shoved Humphries after the Nets forward fouled Garnett. That ruined the point guard's chance to extend what was then a 37-game streak with double-digit assists, tied for second-longest ever, by finishing with three. He had five assists and six rebounds Tuesday.
This time, the second period belonged to the guys in green.
With the Celtics down three, Green had six points in a 10-0 run that made it 36-29. After Johnson's basket, Boston answered with a 13-3 spurt. Jason Terry made a 3-pointer before Rondo converted a three-point play to push the Celtics' lead to 49-34 with 3:56 to go.
The Celtics opened a 21-point lead early in the third quarter and cruised from there. Terry finished with 11 points.
Notes: As with everyone playing on Christmas, players, coaches and referees wore green ribbons in tribute to the families of Sandy Hook Elementary School. ... Humphries was out with an abdominal strain and will be re-evaluated after the Nets return from Milwaukee. He had mostly been a starter but then didn't play at all Sunday against Philadelphia. ... Feeling Avery Bradley isn't ready yet, Celtics coach Doc Rivers decided not to bring the guard on the road trip so he can continue working his way back from shoulder surgery in Boston. Rivers said the shoulder is strong but that Bradley has had only 2½ practices.
Lakers beat Knicks 100-94 to get to .500
Labels: Sports The pieces of the puzzle that have been the Lakers' confounding season so far are starting to fall into place.
Kobe Bryant engineered a second-half comeback, the defense stepped up, and Los Angeles beat the New York Knicks 100-94 on Tuesday, extending its winning streak to five games.
"We're .500," a smiling Dwight Howard said. "We did it on Christmas, too. I knew this day would come."
Bryant scored 34 points in his NBA-record 15th Christmas Day game and Metta World Peace added 20 points and seven rebounds while defending Carmelo Anthony, whose 34 points led the Knicks. Anthony said he hyperextended his left knee, but expects to play on Wednesday in Phoenix.
Bryant, the league's leading scorer, has topped 30 or more points in nine straight games.
"If you're going to play on Christmas, it's always better to win. Makes it all worthwhile," said Bryant, who would soon hop a flight to Denver, getting there ahead of the Nuggets, who played the Clippers in the other half of the holiday doubleheader at Staples Center.
The Lakers improved to 14-14 — 9-9 under new coach Mike D'Antoni — and upped their holiday record to 21-18, including 13-9 at home. They returned to .500 for the first time since they were 8-8 on Nov. 30.
"It's so early in the season to have turned a corner," Bryant said. "We have everybody in the lineup and we're starting to see how we want to play."
The Knicks controlled most of the game behind Anthony and J.R. Smith, who had 24 points. But they struggled offensively in the fourth, when Anthony was limited to seven points and Smith had five as the Lakers' defense clamped down. World Peace fouled out with 1:58 to play and the Lakers ahead by four.
World Peace credited his defense on Anthony to "old-school basketball."
"I'm back in shape and it's a little tough to guard me," he said.
Steve Nash said: "This is what he's been doing all year. He gets his hands on a lot of balls, pounds on the other team's best guy. You can't win without that type of effort."
Smith's 3-pointer pulled New York to 96-94. After Pau Gasol made one of two free throws, Smith missed another 3 that would have tied the game at 97 with 32 seconds left.
"We missed a lot of easy shots, a lot of little chippers around the basket, shots that we normally make," Anthony said. "There were some plays that we thought should have went our way down the stretch, but for the most part, we fought. I'll take this effort any night. If we continue to play with this effort, we'll win a lot of games."
With Bryant double-teamed, Nash passed to Gasol, who dunked with 12 seconds to go, punctuating a win that sent Lakers fans, frustrated by the team's struggles and coaching change, home happy. The Lakers avenged a 116-107 loss in New York on Dec. 13.
A smiling Howard called Gasol's driving slam "a submarine dunk because he was very low to the ground."
Gasol responded, "I don't dunk as often as I used to so it felt good. I took it right down the lane and finished strong."
Nash had 16 points, 11 assists and six rebounds in his second game in nearly two months. He missed 24 straight games while recovering from a small fracture in his lower left leg. Howard had 14 points and 12 rebounds, and Gasol had 13 points and eight rebounds.
"It was an important win for us as we were a little bit desperate," Nash said. "We've gone through a lot since Mike Brown — new coach, new offense. It's been a difficult transition."
Bryant had eight of the Lakers' first 10 points to open the fourth during a run that provided their first lead since the opening quarter in a game matching the two teams that have played the most on Christmas Day.
They took the lead for good on Bryant's basket with 7:38 remaining. Anthony and Tyson Chandler were in foul trouble in the fourth, with Chandler fouling out late.
"They just were a little bit more aggressive," Anthony said. "Kobe got it going and Steve Nash hit some big shots down the stretch. When you have a guy like Nash doing that, it's kind of tough. Those guys know how to play. They've been waiting for Steve Nash to get back, so it's just a matter of then sticking it out until he did."
The Knicks opened the third on a 15-5 run, with Anthony setting up on the perimeter and hitting two 3-pointers as part of his 10 points that stretched their lead to 61-53. His jumper provided the Knicks' largest lead of the game, 69-60.
Bryant and Nash ignited the quiet atmosphere by leading a 17-9 run that drew the Lakers to 78-77 going into the fourth. They combined to score 15 points, although Bryant missed two free throws to end the third that would have given the Lakers their first lead since early in the game.
The Knicks' earlier roll dissolved in missed shots and a technical on Chandler for arguing a call.
"We were more determined, fought for everything," Nash said about the second half.
World Peace scored 16 points in the second quarter, including eight in a row, when the Lakers played catch-up most of the way. His 3-pointer gave the Lakers their first lead of the period with 1:10 remaining. Smith tied it up with a free throw before Nash's jumper sent the Lakers into halftime leading 51-49.
"We're playing really well together," World Peace said. "Kobe is really playing excellent now. He's still being aggressive on the offensive end, but he's giving everybody a chance to be aggressive. Pau is making strong, aggressive moves."
Bryant scored the Lakers' final nine points of the first quarter to give them a 25-23 lead. D'Antoni's plan of having Darius Morris guard Anthony didn't last long after he scored five of the Knicks' first seven points.
"I thought he'd get warmed up before he started firing," World Peace said.
NOTES: Bryant surpassed Oscar Robertson as the league's all-time Christmas Day scorer with 383 points. Robertson had 377. ... Knicks F/C Amare Stoudemire shot some before the game. He's been out all season after left knee surgery. "I'm not quite there yet, but I'm making progress," he said. "I've just got to stay patient and stay ready. We've been doing extremely intense work, as far as cardio." ... Knicks C Marcus Camby had four points and four rebounds in 8 minutes. He's been sidelined by a sore left foot and barely played this season. ... Asked about Bryant as an MVP candidate, D'Antoni said, "You can't put anybody MVP if you're below .500." ... In their only other Christmas Day meeting in 1963, the Lakers beat the Knicks 134-126 behind 47 points by Jerry West and 27 from Elgin Baylor. ... Nash said the gift bags in their lockers with the tag, "From Kobe Merry Xmas 2012" contained headphones. "Can't ever have enough," he said. ... The Lakers were all in white, while the Knicks were all in orange down to their socks in a color similar to Syracuse. ... Among the celebs holidaying at Staples Center were Rihanna and Chris Brown, Adam Levine, Samuel L. Jackson, George Lopez and Richard Lewis. Vanessa Bryant and her two young daughters sat courtside opposite the Lakers bench.
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Kobe Bryant engineered a second-half comeback, the defense stepped up, and Los Angeles beat the New York Knicks 100-94 on Tuesday, extending its winning streak to five games.
"We're .500," a smiling Dwight Howard said. "We did it on Christmas, too. I knew this day would come."
Bryant scored 34 points in his NBA-record 15th Christmas Day game and Metta World Peace added 20 points and seven rebounds while defending Carmelo Anthony, whose 34 points led the Knicks. Anthony said he hyperextended his left knee, but expects to play on Wednesday in Phoenix.
Bryant, the league's leading scorer, has topped 30 or more points in nine straight games.
"If you're going to play on Christmas, it's always better to win. Makes it all worthwhile," said Bryant, who would soon hop a flight to Denver, getting there ahead of the Nuggets, who played the Clippers in the other half of the holiday doubleheader at Staples Center.
The Lakers improved to 14-14 — 9-9 under new coach Mike D'Antoni — and upped their holiday record to 21-18, including 13-9 at home. They returned to .500 for the first time since they were 8-8 on Nov. 30.
"It's so early in the season to have turned a corner," Bryant said. "We have everybody in the lineup and we're starting to see how we want to play."
The Knicks controlled most of the game behind Anthony and J.R. Smith, who had 24 points. But they struggled offensively in the fourth, when Anthony was limited to seven points and Smith had five as the Lakers' defense clamped down. World Peace fouled out with 1:58 to play and the Lakers ahead by four.
World Peace credited his defense on Anthony to "old-school basketball."
"I'm back in shape and it's a little tough to guard me," he said.
Steve Nash said: "This is what he's been doing all year. He gets his hands on a lot of balls, pounds on the other team's best guy. You can't win without that type of effort."
Smith's 3-pointer pulled New York to 96-94. After Pau Gasol made one of two free throws, Smith missed another 3 that would have tied the game at 97 with 32 seconds left.
"We missed a lot of easy shots, a lot of little chippers around the basket, shots that we normally make," Anthony said. "There were some plays that we thought should have went our way down the stretch, but for the most part, we fought. I'll take this effort any night. If we continue to play with this effort, we'll win a lot of games."
With Bryant double-teamed, Nash passed to Gasol, who dunked with 12 seconds to go, punctuating a win that sent Lakers fans, frustrated by the team's struggles and coaching change, home happy. The Lakers avenged a 116-107 loss in New York on Dec. 13.
A smiling Howard called Gasol's driving slam "a submarine dunk because he was very low to the ground."
Gasol responded, "I don't dunk as often as I used to so it felt good. I took it right down the lane and finished strong."
Nash had 16 points, 11 assists and six rebounds in his second game in nearly two months. He missed 24 straight games while recovering from a small fracture in his lower left leg. Howard had 14 points and 12 rebounds, and Gasol had 13 points and eight rebounds.
"It was an important win for us as we were a little bit desperate," Nash said. "We've gone through a lot since Mike Brown — new coach, new offense. It's been a difficult transition."
Bryant had eight of the Lakers' first 10 points to open the fourth during a run that provided their first lead since the opening quarter in a game matching the two teams that have played the most on Christmas Day.
They took the lead for good on Bryant's basket with 7:38 remaining. Anthony and Tyson Chandler were in foul trouble in the fourth, with Chandler fouling out late.
"They just were a little bit more aggressive," Anthony said. "Kobe got it going and Steve Nash hit some big shots down the stretch. When you have a guy like Nash doing that, it's kind of tough. Those guys know how to play. They've been waiting for Steve Nash to get back, so it's just a matter of then sticking it out until he did."
The Knicks opened the third on a 15-5 run, with Anthony setting up on the perimeter and hitting two 3-pointers as part of his 10 points that stretched their lead to 61-53. His jumper provided the Knicks' largest lead of the game, 69-60.
Bryant and Nash ignited the quiet atmosphere by leading a 17-9 run that drew the Lakers to 78-77 going into the fourth. They combined to score 15 points, although Bryant missed two free throws to end the third that would have given the Lakers their first lead since early in the game.
The Knicks' earlier roll dissolved in missed shots and a technical on Chandler for arguing a call.
"We were more determined, fought for everything," Nash said about the second half.
World Peace scored 16 points in the second quarter, including eight in a row, when the Lakers played catch-up most of the way. His 3-pointer gave the Lakers their first lead of the period with 1:10 remaining. Smith tied it up with a free throw before Nash's jumper sent the Lakers into halftime leading 51-49.
"We're playing really well together," World Peace said. "Kobe is really playing excellent now. He's still being aggressive on the offensive end, but he's giving everybody a chance to be aggressive. Pau is making strong, aggressive moves."
Bryant scored the Lakers' final nine points of the first quarter to give them a 25-23 lead. D'Antoni's plan of having Darius Morris guard Anthony didn't last long after he scored five of the Knicks' first seven points.
"I thought he'd get warmed up before he started firing," World Peace said.
NOTES: Bryant surpassed Oscar Robertson as the league's all-time Christmas Day scorer with 383 points. Robertson had 377. ... Knicks F/C Amare Stoudemire shot some before the game. He's been out all season after left knee surgery. "I'm not quite there yet, but I'm making progress," he said. "I've just got to stay patient and stay ready. We've been doing extremely intense work, as far as cardio." ... Knicks C Marcus Camby had four points and four rebounds in 8 minutes. He's been sidelined by a sore left foot and barely played this season. ... Asked about Bryant as an MVP candidate, D'Antoni said, "You can't put anybody MVP if you're below .500." ... In their only other Christmas Day meeting in 1963, the Lakers beat the Knicks 134-126 behind 47 points by Jerry West and 27 from Elgin Baylor. ... Nash said the gift bags in their lockers with the tag, "From Kobe Merry Xmas 2012" contained headphones. "Can't ever have enough," he said. ... The Lakers were all in white, while the Knicks were all in orange down to their socks in a color similar to Syracuse. ... Among the celebs holidaying at Staples Center were Rihanna and Chris Brown, Adam Levine, Samuel L. Jackson, George Lopez and Richard Lewis. Vanessa Bryant and her two young daughters sat courtside opposite the Lakers bench.
Former Braves player arrested on battery charge
Labels: SportsFormer Atlanta Braves star center fielder Andruw Jones was free on bond after being arrested in suburban Atlanta early Tuesday on a battery charge, according to jail records.
Around 1:30 a.m. Tuesday, police responded to a call for a domestic dispute between Jones and his wife in Duluth.
Gwinnett County Detention Center records say Jones was booked into the jail around 3:45 a.m. and had been released on $2,400 bond by 11 a.m.
Once one of the premier players in the big leagues, Jones broke into the majors with the Atlanta Braves in 1996 and won 10 consecutive Gold Gloves from 1998-07 as their center fielder. He has 434 career home runs over the span of 17 seasons in the majors.
Jones earlier this month signed a $3.5 million, one-year contract with the Tohoku Rakuten Golden Eagles of Japan's Pacific League.
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Around 1:30 a.m. Tuesday, police responded to a call for a domestic dispute between Jones and his wife in Duluth.
Gwinnett County Detention Center records say Jones was booked into the jail around 3:45 a.m. and had been released on $2,400 bond by 11 a.m.
Once one of the premier players in the big leagues, Jones broke into the majors with the Atlanta Braves in 1996 and won 10 consecutive Gold Gloves from 1998-07 as their center fielder. He has 434 career home runs over the span of 17 seasons in the majors.
Jones earlier this month signed a $3.5 million, one-year contract with the Tohoku Rakuten Golden Eagles of Japan's Pacific League.
James leads Heat past Thunder in finals rematch
Labels: SportsLeBron James scored 29 points and flirted with a triple-double as the Miami Heat claimed a 103-97 win over the Oklahoma City Thunder in a rematch of last season's NBA finals on a Christmas Day schedule of five games.
The Thunder, the NBA's top team and the Heat, the Eastern Conference leaders clashed in a physical contest that was thick with playoff intensity.
"We're two teams that have the same aspirations and that's to try and win a championship," James told reporters after the game. "Both teams are not going to short cut anything and just try to get better each and every day.
"It was good fight by both teams."
James added nine assists and eight rebounds to go along with his 29 points while Dwyane Wade had 21 and Mario Chalmers contributed a season-high 20 as the Heat stretched their winning streak to five games.
The Thunder received a 33-point effort from Kevin Durant while Russell Westbrook had 21 but both missed potential game-tying three pointers in the dying seconds.
Led by a 34-point performance from the NBA's leading scorer Kobe Bryant, the Los Angeles Lakers also extended their winning run to a season-high five games getting their record back to .500 (14-14) with a 100-94 win over the Knicks.
Playing in his record 15th Christmas Day game, Bryant passed Oscar Robertson as the NBA's all-time Christmas Day scorer with 383 points.
Steve Nash, playing his second game after missing nearly two months with a broken leg, was quickly back in stride hitting for 16 points while making 11 assists and grabbing six rebounds.
"I don't know if (Nash) is all of it, but he's maybe the last piece that makes it work," said Lakers coach Mike D'Antonio, explaining the Lakers turnaround.
"There are a lot of pieces that you have to have."
Metta World Peace chipped in with 20 points off the bench while Dwight Howard had 14 points and 12 rebounds and Pau Gasol 13 points, including a thundering dunk with 12 seconds to play that sealed the win.
Carmelo Anthony, who is second in league scoring behind Bryant, also had 34 points while JR Smith added 25 and Raymond Felton with 10 were the only other Knicks to hit double figures for the Atlantic division leaders.
The Boston Celtics had earlier kicked off the Christmas Day festivities with a feisty 93-76 victory over the Brooklyn Nets at the Barclays Center.
Rajon Rondo, who was ejected from an ill-tempered contest the last time the two teams clashed on November 28, scored a game high 19 points while adding six rebounds and five assists.
Rookie Jared Sullinger chipped in with 16 points off the bench while Kevin Garnett added eight points and was a force on the boards pulling down 10 rebounds.
"I think we are getting better, I think we're very, very close to becoming a good team but we're not there yet," said Celtics coach Doc Rivers.
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The Thunder, the NBA's top team and the Heat, the Eastern Conference leaders clashed in a physical contest that was thick with playoff intensity.
"We're two teams that have the same aspirations and that's to try and win a championship," James told reporters after the game. "Both teams are not going to short cut anything and just try to get better each and every day.
"It was good fight by both teams."
James added nine assists and eight rebounds to go along with his 29 points while Dwyane Wade had 21 and Mario Chalmers contributed a season-high 20 as the Heat stretched their winning streak to five games.
The Thunder received a 33-point effort from Kevin Durant while Russell Westbrook had 21 but both missed potential game-tying three pointers in the dying seconds.
Led by a 34-point performance from the NBA's leading scorer Kobe Bryant, the Los Angeles Lakers also extended their winning run to a season-high five games getting their record back to .500 (14-14) with a 100-94 win over the Knicks.
Playing in his record 15th Christmas Day game, Bryant passed Oscar Robertson as the NBA's all-time Christmas Day scorer with 383 points.
Steve Nash, playing his second game after missing nearly two months with a broken leg, was quickly back in stride hitting for 16 points while making 11 assists and grabbing six rebounds.
"I don't know if (Nash) is all of it, but he's maybe the last piece that makes it work," said Lakers coach Mike D'Antonio, explaining the Lakers turnaround.
"There are a lot of pieces that you have to have."
Metta World Peace chipped in with 20 points off the bench while Dwight Howard had 14 points and 12 rebounds and Pau Gasol 13 points, including a thundering dunk with 12 seconds to play that sealed the win.
Carmelo Anthony, who is second in league scoring behind Bryant, also had 34 points while JR Smith added 25 and Raymond Felton with 10 were the only other Knicks to hit double figures for the Atlantic division leaders.
The Boston Celtics had earlier kicked off the Christmas Day festivities with a feisty 93-76 victory over the Brooklyn Nets at the Barclays Center.
Rajon Rondo, who was ejected from an ill-tempered contest the last time the two teams clashed on November 28, scored a game high 19 points while adding six rebounds and five assists.
Rookie Jared Sullinger chipped in with 16 points off the bench while Kevin Garnett added eight points and was a force on the boards pulling down 10 rebounds.
"I think we are getting better, I think we're very, very close to becoming a good team but we're not there yet," said Celtics coach Doc Rivers.
Egypt to announce result of constitution vote on Tuesday
Labels: World Egypt will announce on Tuesday the official results of a vote on its new constitution, the head of the elections committee told state media on Monday, a step which paves the way for the formation of a new parliament in about two months.
The creation of a new constitution is a vital step in Egypt's transition to democracy almost two years after the fall of military-backed strongman Hosni Mubarak.
But the opposition says the text, crafted mostly by President Mohamed Mursi's Islamist allies, fails to guarantee personal freedom and the rights of women and minorities. It says it will lead to more trouble in the most populous Arab nation.
Unofficial tallies from the Muslim Brotherhood - which catapulted Mursi into the presidency this year - indicated that 64 percent had approved the charter. An opposition tally had a similar result.
"The Supreme Elections Committee will announce on Tuesday at 7 P.M. (17:00 GMT) the results of the referendum on the new constitution," judge Samir Abu el-Matti told state radio and TV late on Monday.
Matti also said that the committee, which is led by judges, had spent the last two days investigating opposition and rights' groups accusations of voting fraud.
Mursi's critics said the vote, conducted in two stages in a process that ended on Saturday, had been marred by a litany of irregularities, and have demanded a full inquiry.
The opposition, a loose alliance of socialists, liberal-minded Muslims and Christians, have also noted that less than a third of those eligible turned out to vote, undermining the legitimacy of the new constitution.
ELECTION LOOMS
If the "yes" vote is confirmed, a parliamentary election will follow in about two months, setting the stage for Islamists to renew their battle with more secular-minded opponents.
Opposition politician Mohamed ElBaradei, a Nobel peace prize winner, urged Mursi to form an all-inclusive government together with the liberal camp in order to patch up divisions and steer Egypt out of trouble in a democratic way.
"I am ready to join hands with President Mursi on condition that he forms a national (unity) government and speaks as president for all Egyptians," he told the daily Al-Shorouk.
ElBaradei, the former head of the U.N. nuclear agency, said a new assembly should rewrite the draft - a call unlikely to be heeded by Mursi, who is keen to push it through quickly.
By forcing the pace on the constitution, Mursi risks squandering the opportunity to build consensus for the austerity measures desperately needed to kick-start a the ailing economy, economists say.
Highlighting investor concerns, Standard and Poor's cut Egypt's long-term credit rating and said another cut was possible if political turbulence worsened.
Responding to what it said were market rumors, the central bank said it was taking steps to safeguard bank deposits.
Some Egyptians say they have withdrawn their funds from banks out of concern that they will be frozen by authorities.
LEGISLATIVE POWERS
Under the new constitution, legislative powers that have been temporarily held by Mursi move to the Islamist-dominated upper house of parliament until a new lower house is elected.
The make-up of the Supreme Constitutional Court, which Islamists say is filled with Mubarak-era appointees bent on throwing up legal challenges to Mursi's rule, will also change as its membership is cut to 11 from 18.
Those expected to leave include Tahani al-Gebali, who has described Mursi as an "illegitimate president".
The low turnout in voting on the constitution has prompted some newspapers to question how much support the charter really had, with opponents saying Mursi lost the vote in much of the capital.
"The referendum battle has ended, and the war over the constitution's legitimacy has begun," said newspaper Al-Shorouk, while a headline in Al-Masry Al-Youm read: "Constitution of the minority".
The head of the Muslim Brotherhood's Freedom and Justice Party, Saad al-Katatni, wrote on Facebook that the group's members were "extending our hands to all political parties and all national forces", adding: "We will all start a new page."
But the opposition National Salvation Front say the new constitution only deepens a rift between the liberals and Islamists who combined to overthrow Mubarak, and that they will keep challenging it through protests and other democratic means.
"We do not consider this constitution legitimate," liberal politician Amr Hamzawy said on Sunday, arguing that it violated personal freedoms.
The run-up to the referendum was marred by protests triggered by Mursi's decision to award himself broad powers on November 22. At least ten people were killed in clashes in Cairo and violence also flared in Egypt's second city, Alexandria.
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Israel rejects US gun lobby claims on its security
Labels: WorldIsrael's policy on issuing guns is restrictive, and armed guards at its schools are meant to stop terrorists, not crazed or disgruntled gunmen, experts said Monday, rejecting claims by America's top gun lobby that Israel serves as proof for its philosophy that the U.S. needs more weapons, not fewer.
Far from the image of a heavily armed population where ordinary people have their own arsenals to repel attackers, Israel allows its people to acquire firearms only if they can prove their professions or places of residence put them in danger. The country relies on its security services, not armed citizens, to prevent terror attacks.
Though military service in Israel is compulsory, routine familiarity with weapons does not carry over into civilian life. Israel has far fewer private weapons per capita than the U.S., and while there have been gangster shootouts on the streets from time to time, gun rampages outside the context of the Israeli-Palestinian conflict are unheard of.
The National Rifle Association responded to the Dec. 14 killing of 20 first-graders and six adults at a Connecticut elementary school by resisting calls for tighter gun control and calling for armed guards and police at schools. On Sunday, the lobby's chief executive, Wayne LaPierre, invoked his perception of the Israeli school security system to back his proposal.
"Israel had a whole lot of school shootings until they did one thing: They said, 'We're going to stop it,' and they put armed security in every school and they have not had a problem since then," LaPierre said on the NBC News show "Meet the Press."
Israel never had "a whole lot of school shootings." Authorities could only recall two in the past four decades.
In 1974, 22 children and three adults were killed in a Palestinian attack on an elementary school in Maalot, near the border with Lebanon. The attackers' goal was to take the children hostage and trade them for imprisoned militants.
In 2008, another Palestinian assailant killed eight young people, most of them teens, at a nighttime study session at a Jewish religious seminary in Jerusalem. An off-duty soldier who happened to be in the area killed the attacker with his personal firearm.
Israel didn't mandate armed guards at the entrances to all schools until 1995, the Education Ministry said — more than two decades after the Maalot attack and two years after a Palestinian militant wounded five pupils and their principal in a knifing at a Jerusalem school.
Israel's lightly armed school guards are not the first or the last line of defense. They are backed up by special police forces on motorcycles that can be on the scene within minutes — again bringing out the main, but not the only, difference between the two systems.
Foreign Ministry spokesman Yigal Palmor spelled it out.
"We're fighting terrorism, which comes under very specific geopolitical and military circumstances. This is not something that compares with the situation in the U.S," Palmor said.
Because it is aimed at preventing terror attacks, Israel's school security system is part of a multi-layered defense strategy that focuses on prevention and doesn't depend on a guy at a gate with a gun.
Intelligence gathering inside Palestinian territories, a large military force inside the West Bank and a barrier of towering concrete slabs and electronic fencing along and inside the West Bank provide the first line of defense.
Guards are stationed not just at schools, but at many other public facilities, including bus and train stations, parking lots, malls and restaurants.
"There are other measures of prevention of an attack taking place, which are carried out 24 hours a day, seven days a week, all over the country," police spokesman Micky Rosenfeld said. Many are not for public knowledge.
Gun lobbyists who might think Israel hands out guns freely to keep its citizens safe might be less enamored of Israel's actual gun laws, which are much stricter than those in the U.S. For one thing, notes Yakov Amit, head of the firearms licensing department at the Ministry of Public Security, Israeli law does not guarantee the right to bear arms as the U.S. Constitution does.
"The policy in Israel is restrictive," he said.
Gun licensing to private citizens is limited largely to people who are deemed to need a firearm because they work or live in dangerous areas, Amit said. West Bank settlers, for instance, can apply for weapons licenses, as can residents of communities on the borders with Lebanon and the Gaza Strip. Licensing requires multiple levels of screening, and permits must be renewed every three years. Renewal is not automatic.
The policy is designed "to strike a balance between needs and risks," Amit said. "We know that weapons are a dangerous thing, and in the hands of someone who isn't trained or isn't reliable, it causes problems."
The gap between Israeli gun ownership and U.S. gun ownership is consequently staggering. A total of 170,000 guns are licensed for private use in Israel, or about one gun for every 30 adults.
In addition to the privately held weapons, 130,000 guns are licensed to Israeli security companies, firing ranges, government ministries and companies that operate in areas deemed dangerous. Soldiers who carry assault rifles off base during their regular or reserves service turn them in when they complete their tours of duty.
By contrast, U.S. authorities estimate that at least one-third of all American households have firearms — and in many cases, not only one.
Americans are also much freer to choose what type of guns they buy. Automatic weapons of the type Lanza used to gun down his victims are banned for private ownership in Israel. It is also rare for a person to be authorized to own more than one firearm, Amit said.
Eighty percent of the 10,000 people who apply yearly for licenses are turned down, he said. In the U.S., people can purchase firearms from private dealers without a background check or a license of any kind.
In Israel, applicants must undergo police screening and medical exams, in part to determine their mental state, Amit said.
Many Israelis receive weapons training in the military. But to be licensed to receive a weapon outside the military, they must undergo at least two hours of additional training, then repeat the training and medical exams every three years before they can renew their licenses.
Anybody who possesses a legally acquired gun waives the right to confidentiality, and authorities cross-reference for new information about the gunholder every three months.
"The point is not to complicate, but to make sure the system makes things safer," Amit said.
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Venezuela's Chavez "improves slightly" after surgery: official
Labels: World Venezuelan President Hugo Chavez's condition has "improved slightly" after a cancer operation in Cuba, the information minister said on Monday, amid doubts over whether the former soldier is in good enough health to continue governing.
"The patient has shown a slight improvement in his condition," Venezuelan Information Minister Ernesto Villegas said during a terse televised statement, adding the president has maintained contact with family members.
Chavez has not been heard from in two weeks following a fourth operation for an unspecified type of cancer in the pelvic region. The government has said he suffered post-operatory complications including unexpected bleeding and a lung infection, but offered few details about his actual condition.
His death, or even his resignation for health reasons, would upend the politics of the South American OPEC nation where his personalized brand of oil-financed socialism has made him a hero to the poor but a pariah to critics who call him a dictator.
His allies are now openly discussing the possibility that he may not be back in time to be sworn in for his third six-year term on the constitutionally mandated date of January 10.
Opposition leaders say a delay to his taking power would be another signal that Chavez is not in condition to govern and that fresh elections should be called to choose his replacement.
They believe they have a better shot against Chavez's anointed successor, Vice President Nicolas Maduro, than against the charismatic president who for 14 years has been nearly invincible at the ballot box.
But a constitutional dispute over succession could lead to a messy transition toward a post-Chavez era.
Maduro has become the government's main figurehead in the president's absence. His speeches have mimicked Chavez's bombastic style that mixes historical references with acid insults of adversaries.
Opposition leader Henrique Capriles, who lost to Chavez in the October presidential vote, slammed Maduro in an interview published on Sunday for failing to seek dialogue with the opposition at a time of political uncertainty.
"Maduro is not the one that won the elections, nor is he the leader," Capriles told the local El Universal newspaper. "Because Chavez is absent, this is precisely the time that (Maduro) needs help from people (in the opposition camp)."
Chavez has vastly expanded presidential powers and built a near-cult following among millions of poor Venezuelans, who love his feisty language and social welfare projects.
The opposition is smarting from this month's governors elections in which Chavez allies won 20 of 23 states. They are trying to keep attention focused on day-to-day problems from rampant crime to power outages.
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AP Interview: Egypt liberal objects to charter
Labels: WorldOne of Egypt's leading opposition figures on Monday pledged continued resistance to his country's Islamist-oriented constitution even if it is declared to have passed, contending that the process was fundamentally illegitimate.
Unofficial tallies say nearly two-thirds voted in favor of the draft constitution, but turnout was so low that opponents are arguing that the vote should be discounted.
Hamdeen Sabahi, who placed third in the nation's first free presidential race over the summer, said in an interview with The Associated Press that the majority of Egypt's people are not Islamists.
He argued that the string of election triumphs by President Mohammed Morsi's Muslim Brotherhood group are the result of unfair electoral practices and key mistakes by the liberal opposition, particularly a lack of unity and organization.
"The Muslim Brotherhood is a minority — this is for sure. They get majority votes because of division within the opposition," he said. "If there is transparency (in voting) and unity among civil groups, then surely the majority will turn from the Brotherhood."
Sabahi said the Islamist groups in the country "for sure have tried to steal" the revolution that toppled authoritarian President Hosni Mubarak neat two years ago — "but we will prevent them."
Sabahi said the National Salvation Front — a union of key opposition forces that coalesced in the fight against the draft constitution — is not calling for civil disobedience in rejection of the Islamist-drafted constitution, but for a new constitution through peaceful means.
The path toward such an outcome appears uncertain at best — especially as Sabahi rejected the notion, somewhat plausible in Egypt, of the military stepping in to undo the inconvenient outcomes of politics.
In a sign of the opposition leadership's efforts to coalesce, Sabahi said the grouping would be led in the interim by Nobel laureate Mohamed ElBaradei, the former head of the Vienna-based United Nations nuclear agency.
No confirmation of that was immediately available from ElBaradei.
In the interview, the silver-maned, charismatic former journalist seemed to embody the frustrations of liberal Egyptians today: While championing the democracy and lauding the 2011 revolution that felled Mubarak, they reject the outcome of that revolution, yet seem at something of a loss to cause a change of course.
Tens of thousands of Egyptians took to the streets weeks before the referendum to demand a new assembly with greater diversity write the charter. Instead, an Islamist-dominated assembly hurriedly passed it before a court could rule on the body's legitimacy, and Morsi himself issued decrees, later rescinded, that gave him near absolute powers to push the constitution to a referendum.
Backers of the Brotherhood and others Islamist parties also rallied in support of the charter, leaving the country split and leading to violent clashes between the two camps that killed 10 outside the presidential palace in Cairo this month. That created the impression that street protests can be conjured up to support either side in the current divide.
But only around 30 percent of eligible voters participated in the referendum on the divisive charter. Of that number, unofficial figures estimate that 64 percent voted in support of it.
Sabahi said the low voter turnout shows people were not convinced by the Brotherhood's slogans — nor with the opposition's.
"This means that the battle for politics is concentrated on survival, food, jobs and prices — daily struggles that are the priority of all Egyptians," he said.
Under such circumstances, he said, it was illogical to enshrine the document as a constitution that can be amended only by supermajorities in parliament.
Critics say the new constitution seeks to entrench Islamic rule in Egypt and that the charter does not sufficiently protect the rights of women and minority groups. Morsi and his supporters say the constitution is needed to restore stability in the country, install an elected parliament, build state institutions and renew investor confidence in the economy.
In a reflection of the complex nuances at play, Sabahi refused to describe the current conflict roiling Egypt as a clash between secularism and theocracy, saying that in the Arab world, religion and public life could never be distinct in accordance with the Western model.
Rather, he said, the issue was preventing the Brotherhood from establishing a "tyranny" as a political movement not unlike that of the previous authoritarian regime.
He likened Morsi to the ousted leader, Mubarak, saying the Brotherhood is after absolute power.
"He (Morsi) reached power democratically, but is not exercising power democratically," he said, adding that the Brotherhood "wants to establish a system of tyranny in their benefit."
Regarding the fears of theocracy, Sabahi said, "We are against separation of religion and state ... The intellect of the Arab region, and Egypt, is built essentially on religion and specifically the Islamic religion."
Nonetheless, Sabahi said the opposition would continue to fight the constitution, arguing that the low turnout made it illegitimate.
"From the beginning the National Salvation Front said this constitution does not represent the people," he said. "This constitution is not one of national consensus, but of national division."
He said the NSF would now try to remain united in preparation for possible participation in the upcoming parliamentary elections.
He said the front has no immediate plans to unite under one party, but that as a coalition they could win a majority of seats if electoral laws mandated an end to political proselytizing in mosques and placed a limit on the funds used for political campaigns.
Another key issue for the opposition has been enabling people to vote outside their home district. The absence of this has aided the Islamists, who have the money to bus supporters back home to vote. The opposition, though, has also warned that rigging could be made easier if people vote from any location and point to the current use of Brotherhood-manned buses to transport poor voters.
"I am sure that the non-Islamists are the real majority in Egypt. But the Muslim Brotherhood enjoys strong organization, and the forces that oppose them do not have the same organization or finances," he said.
The Brotherhood emerged as the country's strongest political force after the popular uprising that toppled Mubarak nearly two years ago. They won the most seats in parliament, before it was dissolved by the courts, and won the presidency. Liberal and secular groups have consistently failed to beat the Brotherhood at the polls since.
That was until Sabahi, a charismatic populist, appeared as a surprise presidential contender against Morsi and his rival, Ahmed Shafiq, Mubarak's last prime minister, an ex-military man who lured voters with promises of stability.
Sabahi had a last-minute surge after campaigning on promises to help the poor and harkening back to the nationalist, socialist ideology of Gamel Abdel-Nasser, Egypt's president from 1956 to 1970.
Would Sabahi — known as a fervent opponent of Israel — cancel the landmark 1979 peace treaty if he one day ascended to power?
No, he said. The main issues facing Egypt today are resolving internal problems, especially endemic poverty — and he would not risk that priority issue by courting war with a neighbor.
In contrast to the Brotherhood, which has several offices in every Egyptian governorate, Sabahi spoke from the office of a famous Egyptian movie director, who lent him the space.
"The Brotherhood is losing every day. Mohammed Morsi is losing every day," Sabahi insisted, sitting among black and white pictures of Egyptian cinema actors emblematic of the 1960s — a time of resurgent Arab nationalism less complicated by the politics of religion.
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At Christmas Eve Mass, pope urges space for God
Labels: World Pope Benedict XVI marked Christmas Eve with Mass in St. Peter's Basilica and a pressing question: Will people find room in their hectic, technology-driven lives for children, the poor and God?
The pontiff also prayed that Israelis and Palestinians live in peace and freedom, and asked the faithful to pray for strife-torn Syria as well as Lebanon and Iraq.
The ceremony began at 10 p.m. local time Monday with the blare of trumpets, meant to symbolize Christian joy over the news of Christ's birth in Bethlehem. As midnight neared, chuch bells tolled throughout Rome, while inside the basilica, the sweet voices of the Vatican's boys' choir resounded joyously.
Christmas Eve Mass at the Vatican traditionally began at midnight, but the start time was moved up years ago so as to give the 85-year-old pontiff more time to rest before his Christmas Day speech. That address is to be delivered at midday Tuesday from the basilica's central balcony.
A smiling Benedict, dressed in gold-colored vestments, waved to photo-snapping pilgrims and applauding church-goers as he glided up the center aisle toward the ornate main altar of the cavernous basilica on a wheeled platform guided by white-gloved aides. The platform saves him energy.
In his homily, Benedict cited the Gospel account of Mary and Joseph finding no room at an inn and ending up in a stable which sheltered the baby Jesus. He urged people to reflect upon what they find time for in their busy, technology-driven lives.
"The great moral question of our attitude toward the homeless, toward refugees and migrants takes on a deeper dimension: Do we really have room for God when he seeks to enter under our roof? Do we have time and space for him?" the pope said.
"The faster we can move, the more efficient our time-saving appliances become, the less time we have. And God? The question of God never seems urgent," Benedict lamented.
The pope worried that "we are so 'full' of ourselves that there is no room left for God." He added, "that means there is no room for others either — for children, for the poor, for the stranger."
With his voice a bit hoarse, and looking somewhat tired as the two-hour ceremony neared its end, Benedict decried that history has suffered through "misuse of religion," when belief in one God became a pretext for intolerance and violence. Still, he insisted that where God is "forgotten or even denied, there is no peace either."
"Let us pray that Israelis and Palestinians be able to live their lives in the peace of the one God and in freedom," the pope said.
Benedict also mentioned his hope for progress in Syria, which is mired in civil war, as well as Lebanon and Iraq.
Reflecting the Vatican's concern about the exodus of many fearful Christians from the Muslim-dominated Middle East, Benedict expressed hope that "Christians in those lands where our faith was born maybe be able to continue living there" and that Christians and Muslims "build up their countries side by side in God's peace."
Hours before the basilica Mass, Benedict lit a Christmas peace candle on the windowsill of his studio window overlooking St. Peter's Square.
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Marilyn Monroe subway grate photo on view in NYC
Labels: EntertainmentNEW YORK (AP) — A famous image of Marilyn Monroe with her skirt billowing atop a New York City subway grate is on display in a picture-perfect spot: outside the Times Square subway station.
The supersized version of Sam Shaw's well-known picture is part of an exhibit. The exhibit also features eight of Shaw's other Monroe pictures, on view inside the 42nd Street-Bryant Park station on the B, D, F, M and 7 lines.
The show opened Thursday. It'll be up for a year.
Shaw shot the subway grate photo for the 1955 film "The Seven Year Itch." He took the other pictures in 1957.
The exhibit is part of the Metropolitan Transportation Authority's Arts for Transit program. Manager Lester Burg says matching a mass transit setting with a popular figure from mass culture seemed a good fit.
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Country singer Tate Stevens wins Fox's 'X Factor'
Labels: EntertainmentNEW YORK (AP) — Tate Stevens, who was mentored by music exec L.A. Reid on the second season of "The X Factor," has won the Fox singing competition.
The 37-year-old country singer from Belton, Mo., beat runner-up Carly Rose Sonenclar, a 13-year-old schoolgirl from Westchester, N.Y., and teenage girl group Fifth Harmony on the finale that aired live Thursday night.
Stevens wins a $5 million recording contract.
More than 35 million votes were cast by viewers after Wednesday's performance show.
Besides Reid, judges this season included Demi Lovato, Britney Spears and series creator Simon Cowell.
Thursday's show was also the grand finale for Reid. Earlier this month, he said he wouldn't be returning to "The X Factor" next year. No replacement has been announced.
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Hot spots draw believers, but not doomsday
Labels: EntertainmentAs the sun rose from time zone to time zone across the world on Friday, there was still no sign of the world's end — but that didn't stop those convinced that a 5,125-year Mayan calendar predicts the apocalypse from gathering at some of the world's purported survival hot spots.
Many of the esoterically inclined expected a new age of consciousness — others wanted a party. But, in some places said to offer salvation from the end, fewer people showed up than officials had predicted — much to the disappointment of vendors hoping to sell souvenirs.
Here are some key places being marked by the fascination over doomsday rumors:
MEXICO
In an area of Mexico that was once the ancient Mayan heartland, spiritualists gathered in the darkness before dawn on Friday to prepare white clothes, drums, conch shells and incense. They believed the sunrise would herald the birth of a new and better age as a vast cycle in the Mayan calendar comes to an end.
Many people who came to Yucatan for the occasion were already calling it "a new sun" and "a new era."
FRANCE
According to one rumor, a rocky mountain in the French Pyrenees will be the sole place on Earth to escape destruction. A giant UFO and aliens are said to be waiting under the mountain, ready to burst through and spirit those nearby to safety. But there is bad news for those seeking salvation: French gendarmes, some on horseback, blocked outsiders from reaching the Bugarach peak and its village of some 200 people.
Eric Freysselinard, head of local government, said the security forces had "partially stopped the new age enthusiasts as well as curious people from coming to the area."
Meanwhile, some Bugarach residents dressed up like aliens, with tinfoil costumes and funnels and fake antenna on their heads, strolling around their village Friday to make light of the rumored UFO prophecy.
RUSSIA
Doomsday rumors have prompted some people across Russia to stock up on candles, water, canned foods and other non-perishable foods. The apocalypse has proven a good business, with some shops selling survival aid packages that include soap and vodka.
In Moscow, salvation has also been promised in the underground bunker for the former Soviet dictator Josef Stalin — with a 50 percent refund if nothing happens. An underground stay was originally priced at 50,000 rubles ($1,625) but dropped to 15,000 ($490) a week ahead of the feared end.
The bunker, located 65 meters (210 feet) below ground, was designed to withstand a nuclear attack. Now home to a small museum, it has an independent electricity supply, water and food — but no more room, because the museum has already sold out all 1,000 tickets.
BRITAIN
Hundreds of people have converged on Stonehenge for an "End of the World" party that coincides with the Winter Solstice.
Arthur Uther Pendragon, Britain's best-known druid, said he was anticipating a much larger crowd than usual at Stonehenge this year. But he doesn't agree that the world is ending, noting that he and fellow druids believe that things happen in cycles.
"We're looking at it more as a new beginning than an end," he said. "We're looking at new hope."
Meanwhile, end-of-days parties will be held across London on Friday. One event billed as a "last supper club" is offering a three-course meal served inside an "ark."
SERBIA
Some Serbs are saying to forget that sacred mountain in the French Pyrenees. The place to be Friday is Mount Rtanj, a pyramid-shaped peak in Serbia already drawing cultists.
According to legend, the mountain once swallowed an evil sorcerer who will be released on doomsday in a ball of fire that will hit the mountain top. The inside of the mountain will then open up, becoming a safe place to hide as the sorcerer goes on to destroy the rest of the world. In the meantime, some old coal mine shafts have been opened up as safe rooms.
On Friday a New Age group called "The Spirit of Rtanj" was holding a conference there. Participants, however, said they expect not the end of time but the start of a new time cycle. Locals turned out to sell brandy and herbs.
"There will be no tragedy, no doomsday," said resident Dalibor Jovic. "It was supposed to happen at 12:12 and I think that time has passed. So, we can now go on with our lives and be happy to be alive."
TURKEY
A small Turkish village known for its wines, Sirince, has also been touted as the only place after Bugarach that would escape the world's end. But on Friday journalists and security officials outnumbered cultists. This outcome disappointed local business people who had prepared a range of doomsday products to sell, including a specially labeled Doomsday wine and Turkish delight candy whose "best before" date was Dec. 21, 2012. One restaurant prepared a special "last meal" menu that included a "heaven kebab" and "forbidden fruit dessert."
ITALY
Another spot said to be spared: Cisternino, a beautiful small town in southern Italy in an area of trulli, traditional dry stone huts with conical roofs. The notion that Cisternino could be a safe haven at world's end derives from an Indian guru, Babaji, who said "Cisternino will become an island" at world's end. His followers built a community in Cisternino centered on an ashram built in 1979. Hotel bookings are up this weekend.
Mayor Donato Baccaro told the AP that the beauty of the place has inspired many foreigners to live there. "This confirms that this place has a special energy," he said.
CHINA
A fringe Christian group has been spreading rumors about the world's impending end, prompting Chinese authorities to detain more than 500 people this week and seize leaflets, video discs, books and other material.
Those detained are reported to be members of the group Almighty God, also called Eastern Lightning, which preaches that Jesus has reappeared as a woman in central China. Authorities in the province of Qinghai say they are waging a "severe crackdown" on the group, accusing it of attacking the Communist Party and the government.
U.S.
Dozens of Michigan schools canceled classes for thousands of students to cool off rumored threats of violence and problems related to doomsday. The fears were exacerbated by the recent shooting at a Connecticut elementary school, which "changed all of us," the school system in Genesee County said. "Canceling school is the right thing to do."
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UK man jailed over forged Churchill signatures
Labels: EntertainmentA British antiques dealer has been jailed for 10 months for forging the signatures of Winston Churchill and other famous figures in books he sold as collector items.
Prosecutors say Allan Formhals bought books at recycling centers and junk sales and made thousands of pounds selling them on eBay after adding the bogus autographs.
Judge Peter Henry said police who searched the 66-year-old's home in Milford-on-Sea in southern England found "an Aladdin's Cave" of forged signatures from Oliver Cromwell, Queen Elizabeth I, Marie Antoinette and others.
Formhals was convicted in October of 10 counts of fraud and sentenced Friday.
Ian Lawson of the Metropolitan Police economic crimes unit said police had recovered more than 100 forged volumes, but many more are believed still to be on the market.
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PSY's 'Gangnam Style' reaches 1B views on YouTube
Labels: EntertainmentViral star PSY has reached a new milestone on YouTube.
The South Korean rapper's video for "Gangnam Style" has reached 1 billion views, according to YouTube's own counter. It's the first time any clip has surpassed that mark on the streaming service owned by Google Inc.
It shows the enduring popularity of the self-deprecating video that features Park Jae-sang's giddy up-style dance moves. The video has been available on YouTube since July 15, averaging more than 200 million views per month.
Justin Bieber's video for "Baby" held the previous YouTube record at more than 800 million views.
PSY wasn't just popular on YouTube, either. Earlier this month Google announced "Gangnam Style" was the second highest trending search of 2012 behind Whitney Houston, who passed away in February.
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