Stocks dip at open after five-year high
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IHT Rendezvous: Hints of Taiwan Leading the Way on Same-Sex Marriage in Asia
Label: WorldBEIJING — Will Taiwan become the first place in Asia to legalize same-sex marriage in 2013?
Perhaps, judging from recent developments on the island, where the legislature has held its first hearings on the issue, a move that signifies “a major step towards becoming the first Asian territory to approve marriage equality,” the Shanghai-based Web site Shanghaiist reported, citing Gay Star News.
In another sign that change may be on the way for Taiwan, senior judges recently asked for advice from the country’s constitutional court, the Grand Justices, on whether to legalize same-sex marriages after two men from Taiwan, Nelson Chan and his long-term partner, Kao Chih-wei, filed an administrative lawsuit last year following the rejection by a local registration office in Taipei of their application to marry.
As The Taipei Times reported late last month, the Taipei High Administrative Court had been expected to hand down a decision on Mr. Chen and Mr. Kao’s case, “but instead said it was seeking a constitutional interpretation while holding further debates before making a judgment.”
To Mr. Chen, that was a victory. “I think this is a good decision. I’m happy to see it,” he told The Taipei Times. “I am confident and hopeful of the outcome of the constitutional interpretation, because the world is changing. I hope Taiwan would be the first Asian country to recognize same-sex marriages through a judicial ruling.”
The moves come as more states in the United States have legalized gay marriage – Maine and Maryland becoming the latest, with Maryland’s new law taking effect Jan. 1. Same-sex marriage is now legal in nine states and Washington, D.C., as The New York Times reports in its Times Topic on same-sex marriage.
One of the most socially and politically progressive societies in Asia, “Taiwan is moving closer to allowing same-sex marriage,” predicted Gay Star News, though it pointed out that top judges in Taiwan had said that the proposed changes did not go far enough and that legislation needed to be rewritten and expanded before that could happen – and that it would not be a simple matter.
Current proposals for change affect only the articles of the Civil Code that pertain to marriage in gendered language, and propose “altering the words from ‘male’ and ‘female’ to gender-neutral language,” Gay Star News reported.
But it quoted a senior judge, Hsu Li-ying, from the Supreme Court’s Juvenile and Family Department (the court is known in Taiwan’s complex political-legal system as the Judicial Yuan) as saying that the new legislation might “need to be more comprehensive.”
The deputy justice minister, Chen Ming-tang, said it was not just the Civil Code that would have to change, but also laws regarding parentage, taxes and health insurance. That means the Justice Ministry could not do it alone, the report said.
Others believed the road ahead will be long and same-sex marriage difficult to achieve, with the decision to seek advice from the constitutional court a way of avoiding making a decision.
Taiwan has a flourishing civil society and a gay community that has long been pressuring the government to legalize gay marriage. Many believe it is a matter of time. Taiwan hosts Asia’s biggest gay pride parade, with the one held last October drawing more than 50,000 participants from across the region.
Taiwan even has its own gay god – the Taoist Rabbit God, to whom homosexuals can pray for love and good fortune (there is a small temple to the Rabbit God near Taipei). As The Taipei Times reports, the rabbit deity is based on the real-life figure of Hu Tianbao, an official in 18th-century Qing dynasty China.
And last year, two women in Taiwan were “married” in a Buddhist ceremony by a Buddhist master, Shih Chao-hwei, who is also a professor at Hsuan Chuang University. Homosexuality is not prohibited in Buddhism, the professor said: “It’s difficult enough to maintain a relationship,” the professor said in a telephone interview with The Taipei Times. “How could you be so stingy as to begrudge a couple for wanting to get married, regardless of their sexual orientation?”
A poll in September by The United Daily News found that 55 percent of those surveyed approved of gay marriage laws, with only 37 percent against. But the poll also found that 61 percent could not accept their children being gay, with only 37 percent saying they could, the newspaper reported.
Barnes & Noble sells fewer Nooks, retail revenue falls
Label: Technology(Reuters) – Barnes & Noble Inc’s Nook unit reported weak holiday season numbers on Thursday as it sold fewer e-readers and tablets at its own stores, and its e-books sales growth slowed, raising questions about the future of its digital business.
The Nook, launched in 2009 to compete with Amazon.com Inc‘s market-leading Kindle, has been the cornerstone of Barnes & Noble‘s strategy to counter the shift by many book readers to digital books. Early growth attracted a big investment last year from Microsoft Corp.
And last week, British education and media publisher Pearson Plc said it would take a 5 percent stake in Barnes & Noble‘s Nook Media unit, which also includes its college bookstore chain, giving it a $ 1.8 billion value, about double the company’s value as a whole.
But questions swirled about whether it is worth that much, after the retailer said that the Nook segment’s revenue fell 12.6 percent from a year earlier during the nine weeks ended December 29, hurt by lower unit sales and prices.
Sales of digital content like e-books and magazines rose 13.1 percent during the holidays, a much slower pace than the 38 percent gain last quarter and 113 percent in the 2011 holiday season, suggesting Barnes & Noble is having trouble holding on to its 25-30 percent share of the U.S. e-books market.
“We are way beyond the point where you should see content sales accelerate,” Morningstar analyst Peter Wahlstrom told Reuters. “That hasn’t materialized and that’s concerning.”
The numbers were all the more disappointing given that in late November, Barnes & Noble had told investors Nook device sales doubled over the Black Friday weekend, which follows Thanksgiving and kicks off the holiday season in earnest.
That suggests the rest of season was a debacle, analysts said, and Chief Executive William Lynch said in a statement that Barnes & Noble is “examining the root cause” of the shortfall and will adjust its strategy.
“The investment question for Barnes & Noble in 2013 is the Nook‘s staying power as a legitimate tablet device,” Credit Suisse analyst Gary Balter wrote in the note, predicting the retailer will face stiffer competition this year from the likes of Apple Inc and Google Inc, since tablets now have improved functions that make them more appealing to book readers.
The drop in Nook sales came despite the launch of two well-reviewed high-definition Nook tablets in October and promotions at large chains like Wal-Mart Stores Inc and Target Corp, both of which stopped selling Kindles last year.
Despite the holiday results, Barnes & Noble still expects Nook Media sales of $ 3 billion this fiscal year, keeping a forecast it gave in October.
That steady forecast helped lift shares 2.6 percent to $ 14.88 in morning trading.
The company will report full quarterly results in late February.
The results follow a warning from Barnes & Noble in a filing last week that holiday sales would come in below its expectations. The warning erased most of the gains in its share price that followed the news of Pearson’s investment.
FEWER VISITORS IN STORES
Compounding Barnes & Noble‘s troubles, fewer shoppers came into its bookstores during the Christmas period.
Barnes & Noble, which had enjoyed a sales bump after onetime rival Borders Group liquidated in 2011, reported a 10.9 percent decrease in sales at its bookstores and on its website over the holiday period.
Sales at stores open at least 15 months fell 3.1 percent, excluding Nook products, despite the benefit of some store closings — Barnes & Noble operates 689 bookstores, 14 fewer than a year ago.
“The Borders tailwind is over,” Morningstar’s Wahlstrom said.
(Reporting by Phil Wahba in New York; editing by John Wallace and Nick Zieminski)
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Bethenny Frankel Divorcing Jason Hoppy
Label: LifestyleBy Sarah Michaud
01/05/2013 at 05:00 PM EST
Bethenny Frankel and Jason Hoppy
Albert Michael/Startraks
Having announced a separation over the holidays, the reality star began the divorce process by filing earlier this week in New York, TMZ reports.
"It brings me great sadness to say that Jason and I are separating," Frankel, 42, had said in a statement Dec. 23. "This was an extremely difficult decision that as a woman and a mother, I have to accept as the best choice for our family."
The split comes after months of rumors that the pair – who married in 2010 and are parents to daughter Bryn, 2½ – were on the rocks.
"Bethenny is devastated," a friend tells PEOPLE.
FDA: New rules will make food safer
Label: HealthWASHINGTON (AP) — The Food and Drug Administration says its new guidelines would make the food Americans eat safer and help prevent the kinds of foodborne disease outbreaks that sicken or kill thousands of consumers each year.
The rules, the most sweeping food safety guidelines in decades, would require farmers to take new precautions against contamination, to include making sure workers' hands are washed, irrigation water is clean, and that animals stay out of fields. Food manufacturers will have to submit food safety plans to the government to show they are keeping their operations clean.
The long-overdue regulations could cost businesses close to half a billion dollars a year to implement, but are expected to reduce the estimated 3,000 deaths a year from foodborne illness. The new guidelines were announced Friday.
Just since last summer, outbreaks of listeria in cheese and salmonella in peanut butter, mangoes and cantaloupe have been linked to more than 400 illnesses and as many as seven deaths, according to the federal Centers for Disease Control and Prevention. The actual number of those sickened is likely much higher.
Many responsible food companies and farmers are already following the steps that the FDA would now require them to take. But officials say the requirements could have saved lives and prevented illnesses in several of the large-scale outbreaks that have hit the country in recent years.
In a 2011 outbreak of listeria in cantaloupe that claimed 33 lives, for example, FDA inspectors found pools of dirty water on the floor and old, dirty processing equipment at Jensen Farms in Colorado where the cantaloupes were grown. In a peanut butter outbreak this year linked to 42 salmonella illnesses, inspectors found samples of salmonella throughout Sunland Inc.'s peanut processing plant in New Mexico and multiple obvious safety problems, such as birds flying over uncovered trailers of peanuts and employees not washing their hands.
Under the new rules, companies would have to lay out plans for preventing those sorts of problems, monitor their own progress and explain to the FDA how they would correct them.
"The rules go very directly to preventing the types of outbreaks we have seen," said Michael Taylor, FDA's deputy commissioner for foods.
The FDA estimates the new rules could prevent almost 2 million illnesses annually, but it could be several years before the rules are actually preventing outbreaks. Taylor said it could take the agency another year to craft the rules after a four-month comment period, and farms would have at least two years to comply — meaning the farm rules are at least three years away from taking effect. Smaller farms would have even longer to comply.
The new rules, which come exactly two years to the day President Barack Obama's signed food safety legislation passed by Congress, were already delayed. The 2011 law required the agency to propose a first installment of the rules a year ago, but the Obama administration held them until after the election. Food safety advocates sued the administration to win their release.
The produce rule would mark the first time the FDA has had real authority to regulate food on farms. In an effort to stave off protests from farmers, the farm rules are tailored to apply only to certain fruits and vegetables that pose the greatest risk, like berries, melons, leafy greens and other foods that are usually eaten raw. A farm that produces green beans that will be canned and cooked, for example, would not be regulated.
Such flexibility, along with the growing realization that outbreaks are bad for business, has brought the produce industry and much of the rest of the food industry on board as Congress and FDA has worked to make food safer.
In a statement Friday, Pamela Bailey, president of the Grocery Manufacturers Association, which represents the country's biggest food companies, said the food safety law "can serve as a role model for what can be achieved when the private and public sectors work together to achieve a common goal."
The new rules could cost large farms $30,000 a year, according to the FDA. The agency did not break down the costs for individual processing plants, but said the rules could cost manufacturers up to $475 million annually.
FDA Commissioner Margaret Hamburg said the success of the rules will also depend on how much money Congress gives the chronically underfunded agency to put them in place. "Resources remain an ongoing concern," she said.
The farm and manufacturing rules are only one part of the food safety law. The bill also authorized more surprise inspections by the FDA and gave the agency additional powers to shut down food facilities. In addition, the law required stricter standards on imported foods. The agency said it will soon propose other overdue rules to ensure that importers verify overseas food is safe and to improve food safety audits overseas.
Food safety advocates frustrated over the last year as the rules stalled praised the proposed action.
"The new law should transform the FDA from an agency that tracks down outbreaks after the fact, to an agency focused on preventing food contamination in the first place," said Caroline Smith DeWaal of the Center for Science in the Public Interest.
"Cliff" concerns give way to earnings focus
Label: BusinessNEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.
Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.
That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.
Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.
In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.
"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.
Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.
U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.
Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.
"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.
Among companies citing worries about Europe was eBay
REVENUE WORRIES
One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.
S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.
On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.
For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.
Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.
In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.
"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.
Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.
Sounding a positive note on Friday, drugmaker Eli Lilly and Co
(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)
Plane Carrying Vittorio Missoni Lost Near Venezuela
Label: World
MILAN — The Italian fashion designer Vittorio Missoni, the head of the prominent fashion house, was aboard a small plane that has disappeared off the coast of Venezuela, a company spokeswoman said on Saturday.
“The Missoni family has been informed by the Venezuelan Consulate that Vittorio Missoni and his wife are missing, but we don’t know any more,” the spokeswoman, Maddalena Aspes, said. “The authorities will resume their search for the plane in the morning.”
Italian media reported that the plane went missing on Friday morning after takeoff from the resort of Los Roques, an island off the coast of Venezuela. Also reported to have been aboard the plane with Mr. Missoni, 58, and his wife, Maurizia Castiglioni, were another couple and two Venezuelan crew members.
Mr. Missoni is the son of the founders of the family owned fashion house famous for its exuberantly colored knits, featuring bold stripes and zigzags. He owned the business with two siblings, Luca and Angela.
Cricketer Herath alive and bowling despite death rumors
Label: TechnologySYDNEY (Reuters) – As Mark Twain might have said, rumors of the death of Sri Lankan spinner Rangana Herath which spread like wildfire across social media late on Friday proved to be greatly exaggerated.
Far from lying in a Sydney morgue alongside former test bowler Chaminda Vaas after perishing in a car crash as the reports had suggested, Herath was very much alive when he pitched up for work at the Sydney Cricket Ground on Saturday.
The most prolific wicket-taker in test cricket last year, the 34-year-old leg spinner claimed two Australian wickets to seal a haul of four for 95 and then contributed nine runs with the bat.
Team mate Dimuth Karunaratne told reporters at the conclusion of the day’s play that the team had been dumbfounded by the rumors.
“I heard about it when we having breakfast but I had no idea where that came from,” he said with a laugh.
“Guys from Sri Lanka were calling us asking ‘when is the funeral?’ and stuff like that.
“Rangana is alive,” he added, somewhat unnecessarily.
Herath’s efforts were not enough to prevent Australia taking an iron grip on the third test match on Saturday and move to the brink of a 3-0 series sweep.
That could all change, however, if he and Dinesh Chandimal, who finished the third day unbeaten on 22, are able to dig in on Sunday, inflate their lead beyond the current 87 and give Sri Lanka a decent target to bowl at.
The Sydney track has traditionally offered a lot of turn for spinners in the last couple of days of a test and, as Herath’s 60 wickets last year showed, there are few better spinners operating in test cricket at the moment.
“The wicket is turning a lot now and the Aussie guys are playing the fourth innings, so I think Rangana… can do something,” said Karunaratne.
Vaas has no position with the test team and remains, also unharmed, in Sri Lanka, Sri Lankan reporters said.
(Editing by John O’Brien)
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St. Barts! Cabo! See Where Stars Holiday in the Sun
Label: LifestyleFrom St. Barts to Cabo San Lucas, see how Julianne Hough, Jessica Alba, Sofia Vergara and more are heating things up this winter
Credit: FameFlynet
Updated: Friday Jan 04, 2013 | 06:00 AM EST
By: Kiran Hefa
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FDA: New rules will make food safer
Label: HealthWASHINGTON (AP) — The Food and Drug Administration says its new guidelines would make the food Americans eat safer and help prevent the kinds of foodborne disease outbreaks that sicken or kill thousands of consumers each year.
The rules, the most sweeping food safety guidelines in decades, would require farmers to take new precautions against contamination, to include making sure workers' hands are washed, irrigation water is clean, and that animals stay out of fields. Food manufacturers will have to submit food safety plans to the government to show they are keeping their operations clean.
The long-overdue regulations could cost businesses close to half a billion dollars a year to implement, but are expected to reduce the estimated 3,000 deaths a year from foodborne illness. The new guidelines were announced Friday.
Just since last summer, outbreaks of listeria in cheese and salmonella in peanut butter, mangoes and cantaloupe have been linked to more than 400 illnesses and as many as seven deaths, according to the federal Centers for Disease Control and Prevention. The actual number of those sickened is likely much higher.
Many responsible food companies and farmers are already following the steps that the FDA would now require them to take. But officials say the requirements could have saved lives and prevented illnesses in several of the large-scale outbreaks that have hit the country in recent years.
In a 2011 outbreak of listeria in cantaloupe that claimed 33 lives, for example, FDA inspectors found pools of dirty water on the floor and old, dirty processing equipment at Jensen Farms in Colorado where the cantaloupes were grown. In a peanut butter outbreak this year linked to 42 salmonella illnesses, inspectors found samples of salmonella throughout Sunland Inc.'s peanut processing plant in New Mexico and multiple obvious safety problems, such as birds flying over uncovered trailers of peanuts and employees not washing their hands.
Under the new rules, companies would have to lay out plans for preventing those sorts of problems, monitor their own progress and explain to the FDA how they would correct them.
"The rules go very directly to preventing the types of outbreaks we have seen," said Michael Taylor, FDA's deputy commissioner for foods.
The FDA estimates the new rules could prevent almost 2 million illnesses annually, but it could be several years before the rules are actually preventing outbreaks. Taylor said it could take the agency another year to craft the rules after a four-month comment period, and farms would have at least two years to comply — meaning the farm rules are at least three years away from taking effect. Smaller farms would have even longer to comply.
The new rules, which come exactly two years to the day President Barack Obama's signed food safety legislation passed by Congress, were already delayed. The 2011 law required the agency to propose a first installment of the rules a year ago, but the Obama administration held them until after the election. Food safety advocates sued the administration to win their release.
The produce rule would mark the first time the FDA has had real authority to regulate food on farms. In an effort to stave off protests from farmers, the farm rules are tailored to apply only to certain fruits and vegetables that pose the greatest risk, like berries, melons, leafy greens and other foods that are usually eaten raw. A farm that produces green beans that will be canned and cooked, for example, would not be regulated.
Such flexibility, along with the growing realization that outbreaks are bad for business, has brought the produce industry and much of the rest of the food industry on board as Congress and FDA has worked to make food safer.
In a statement Friday, Pamela Bailey, president of the Grocery Manufacturers Association, which represents the country's biggest food companies, said the food safety law "can serve as a role model for what can be achieved when the private and public sectors work together to achieve a common goal."
The new rules could cost large farms $30,000 a year, according to the FDA. The agency did not break down the costs for individual processing plants, but said the rules could cost manufacturers up to $475 million annually.
FDA Commissioner Margaret Hamburg said the success of the rules will also depend on how much money Congress gives the chronically underfunded agency to put them in place. "Resources remain an ongoing concern," she said.
The farm and manufacturing rules are only one part of the food safety law. The bill also authorized more surprise inspections by the FDA and gave the agency additional powers to shut down food facilities. In addition, the law required stricter standards on imported foods. The agency said it will soon propose other overdue rules to ensure that importers verify overseas food is safe and to improve food safety audits overseas.
Food safety advocates frustrated over the last year as the rules stalled praised the proposed action.
"The new law should transform the FDA from an agency that tracks down outbreaks after the fact, to an agency focused on preventing food contamination in the first place," said Caroline Smith DeWaal of the Center for Science in the Public Interest.
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