Monday, January 16, 2012

Asian stocks sink after Europe credit downgrades

(AP) ? Asian stocks sank Monday after a ratings downgrade rattled Europe and crucial talks aimed at nudging Greece toward solvency were mired in disagreement.

Benchmark oil prices were slightly higher near $99 per barrel and the dollar rose against the euro but fell against the yen.

Japan's Nikkei 225 index slid 1.5 percent to 8,372.67 and Hong Kong's Hang Seng lost 1 percent at 19,021.85. South Korea's Kospi index dropped 1.1 percent to 1,855.95.

Benchmarks in Singapore, Taiwan, India, Indonesia and mainland China also fell.

Standard & Poor's decision Friday to strip France of its top-notch credit rating and to downgrade eight other nations that use the euro battered investment sentiment, raising fears that a solution to the continent's sovereign debt crisis may be far off.

Negotiations between the Greek government and its private creditors on a bond swap nearly collapsed Friday. The deal would reduce Greece's debt by euro100 billion ($127.8 billion) by swapping private creditors' bonds with new ones of a lower value.

Without the swap, debt-crippled Greece is unlikely to secure a second financial bailout ? which could hurtle the country into bankruptcy and send economic shock waves around the world. Greece's first bailout came in 2010.

"There is growing risk of a disorderly default by Greece, with talks reportedly breaking down after private sector creditors could not agree on the coupon level of fresh bonds," said Stan Shamu of IG Markets in Melbourne, Australia.

"With a euro14.4 billion bond repayment due in March, and without restructuring in place, the entire sum would fall, making it increasingly likely that Greece will default," Shamu wrote in a email.

Improving monthly machine orders in Japan did little to stem worries. Core private sector machinery orders, excluding shipbuilding and electricity, rose 14.8 percent in November. That was the fastest growth since January 2008, the government said.

Some analysts said they believed that dealers had largely factored in the risk of a Greek default in their trades and were more concerned about what simmering tensions in the Middle East and Nigeria might do to oil prices.

The U.S. is trying to rally global support for sanctions against Iran for its alleged efforts to develop nuclear weapons. Iran, the world's fourth-largest oil exporter, has vowed to retaliate by shutting down the Strait of Hormuz, the passage for one-sixth of the world's oil.

That could send prices skyrocketing and feed inflation in the U.S. and potentially hinder its fragile recovery from the Great Recession.

Meanwhile, a threatened strike by oil workers in Nigeria, a top oil supplier to the U.S., has further complicated the picture. The threat is in response to the government's decision to end fuel subsidies, which more than doubled the price of gasoline in a country where most people live on less than $2 a day.

"Inflation is just around the corner," said Tom Kaan of Louis Capital Markets in Hong Kong. "That to me is a bigger concern than Europe. Europe isn't going to be resolved in a year's time or three year's time. I think Greece will go into default and then you will have a two-tiered Europe."

Financial-related shares headed lower amid worries that the eurozone debt crisis could put pressure on bank lending. Mitsubishi UFJ Financial Group Inc. fell 2.4 percent and Hong Kong-listed Agricultural Bank of China lost 1.4 percent.

In Australia, Platinum Asset Management fell 2.6 percent after the fund last week forecast a drop in profit. But Leighton Holdings jumped 4.4 percent after the construction giant upgraded its underlying profit forecast.

Japanese exporters continued to suffer on the back of a strong yen, which reduces the value of profits earned overseas. Sharp Corp. dropped 3.2 percent, and Sony Corp. fell 2.3 percent. Mazda Motors Corp. was down 3.1 percent.

In energy trading, benchmark oil rose 17 cents to $98.87 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 40 cents to close at $98.70 per barrel in New York on Friday.

The euro fell to $1.2643 from $1.2670 late Friday in New York. The dollar fell to 76.83 yen from 76.96 yen.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-16-World-Markets/id-560b90967c8440d785309080a270f5d6

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Sunday, January 15, 2012

Weaker Europe starts to lose appetite for US goods

In this Dec. 8, 2011 photo, a ferry boat cruises in front of a container ship being loaded at the Port of Oakland in Oakland, Calif. The U.S. trade deficit widened in November for the first time in five months, largely because of a spike in the price of imported oil. (AP Photo/Paul Sakuma)

In this Dec. 8, 2011 photo, a ferry boat cruises in front of a container ship being loaded at the Port of Oakland in Oakland, Calif. The U.S. trade deficit widened in November for the first time in five months, largely because of a spike in the price of imported oil. (AP Photo/Paul Sakuma)

(AP) ? A sign that Europe's crisis has begun to weigh on the U.S. economy emerged Friday from a report that exports to the continent sank in November ? far more than overall U.S. exports did.

Europe, which consumes nearly one-fifth of America's exports, may already be in a recession. A weakening Europe could further shrink demand for American goods and slow the U.S. economy just as the job market has started to strengthen.

"The decline in our sales to Europe was fairly large and may be the start of a longer-term trend in declining exports to the continent," said Joel Naroff, chief economist at Naroff Economic Advisors.

The U.S. trade deficit rose 10.4 percent in November to $47.8 billion, the Commerce Department said.

Higher oil prices were the main reason the deficit widened. Oil rose above $100 per barrel in November. It had been as low as $75 a barrel the previous month. More expensive oil drove the value of imports up 1.3 percent, to a record $225.6 billion.

Overall exports dropped 0.9 percent to $177.8 billion. American exports to Europe fell much more sharply ? nearly 6 percent.

Economic growth weakens when exports decline because factories tend to produce fewer goods. And U.S. companies earn less. Friday's trade report led some economists to cut their growth estimates for the October-December quarter.

Many economists had expected growth to be stronger after seeing more hiring, an increase in company stockpiles and faster production at U.S. factories. Most had been predicting that the economy would grow this quarter at an annual rate of roughly 3 percent.

But Paul Dales, senior U.S. economist for Capital Economists, said he now expects growth to be closer to 2 percent, in part because of the weaker trade report and also because of December's disappointing retail sales.

"The widening in the U.S. trade deficit in November ... is perhaps the first real sign that the crisis in Europe and the more general global slowdown is starting to take its toll on the U.S.," Dales said.

The trade figures for individual countries are not seasonally adjusted. After adjusting for such fluctuations, Dales says annual export growth to the 17 nations that use the euro slowed sharply from the summer, from 15 percent in August to a mere 2.5 percent in November.

Until recently, growth in exports to Europe had been a bright spot for American manufacturers.

"If the euro-zone is on the verge of as deep a recession as we think it is, then it makes sense that U.S. exports would be falling," Dales said.

The overall trade deficit hit a 2011 peak of $52.1 billion in June. Then it fell for four straight months. The narrower trade gap helped boost economic growth as foreign nations bought more American goods.

Exports hit an all-time high of $180.6 billion in September, reflecting healthy auto sales in foreign markets. Greater exports lead to more U.S. jobs and higher consumer spending, which boosts growth.

Through 11 months, the 2011 deficit is running at an annual rate of $559.4 billion. That's nearly 12 percent above the 2010 deficit.

For November, the deficit with China dropped 4.3 percent. But for the year, the imbalance with China climbed to $272.3 billion. That's on track to surpass last year's record of $273.1 billion.

Auto imports rose to $22.3 billion. But consumer goods fell to $42.5 billion. The drop reflected declines in household goods, clothing and televisions.

The drop in exports covered several manufacturing categories. Sales of commercial aircraft, U.S.-made cars and machinery all fell.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-13-Economy/id-6a9e3e025af343628d337af468c1b849

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Saturday, January 14, 2012

Heather Locklear hospitalized after 911 call

Noel Vasquez / Getty Images

Heather Locklear attended the LA Lakers vs. Phoenix Suns game on Monday, Jan. 12 in Los Angeles.

By Anna Chan

Actress Heather Locklear was taken to the hospital on?Thursday afternoon after a 911 call was placed from her home earlier in the day.

"Emergency response personnel responded to a medical emergency call at Ms. Locklear's residence," Ventura County Sheriff's Capt. Mike Aranda told PEOPLE. "Once they arrived, it was determined that Ms. Locklear needed to be transported to the hospital for further medical attention."

Aranda told NBC News that when deputies arrived, paramedics were already administering aid to the actress.

A spokesperson for the sheriff's department told Us Weekly that she had been transported to Los Robles Hospital.

According to TMZ, it was the actress' sister who made the call shortly after 2 p.m. PT. The website also reports that law enforcement sources said Locklear, 50,?had mixed alcohol with prescription drugs.

A source told Radar Onlinethat the "Melrose Place" star was "distraught over her relationship with Jack (Wagner), it is on and off and it has upset her lately." Locklear and her "Melrose" co-star Wagner ended their engagement in November, saying it was the best thing for their children.

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Source: http://entertainment.msnbc.msn.com/_news/2012/01/12/10144006-heather-locklear-hospitalized

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Your Insurance Might Not Let You Fill Prescriptions At Walgreens ...

walgreens express scriptIf you want proof that the prescription drug industry is serious business, just check out the Twitter feeds of Walgreen and Express Scripts?for a rare view of public fighting between two of the country?s largest health care companies. Their failure to reach an agreement on drug prices have made it impossible for millions of Americans to get a?prescription filled at Walgreen.

Express Scripts is one of the country?s biggest pharmacy benefit managers?they?re basically the middleman between pharmacies and your health insurance company, so they?re the ones responsible for negotiating drug prices. They?re also one of the largest; they work with big health insurance providers like They recently negotiated a new contract to keep Walgreens in their network that fell through; Express Scripts spokesman Brian Henry told NPR that Walgreens wanted too much money:

Their rates and terms would be as much as 20 percent more. And our clients aren?t willing to pay that premium for basically the same service you can get at many other thousands of our pharmacies.

Michael Polzin, a spokesman for the drugstore chain, said the opposite:

We did not propose any increase in our rates. So there would not be any significant savings to Express Scripts clients for excluding Walgreens from their network. So it?s really a situation of all pain and no gain for their clients.

But Walgreens is adamant about getting the message out that Express Scripts has done a great disservice to their network members; they?ve launched an ?I Choose Walgreens? campaign, encouraging customers to voice their frustration over the failed deal.

Photo: Shutterstock

Source: http://blisstree.com/live/your-insurance-might-not-let-you-fill-prescriptions-at-walgreens-heres-why-408/

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Friday, January 13, 2012

Snow-weary Alaska town orders more shovels

In this Jan. 8, 2012 photo provided by the Alaska National Guard, guard members help dig out the fishing town of Cordova, Alaska. Dozens of National Guard troops are helping Cordova recover from massive snows that have collapsed roofs, trapped some people in homes and triggered avalanches. (AP Photo/Alaska National Guard)

In this Jan. 8, 2012 photo provided by the Alaska National Guard, guard members help dig out the fishing town of Cordova, Alaska. Dozens of National Guard troops are helping Cordova recover from massive snows that have collapsed roofs, trapped some people in homes and triggered avalanches. (AP Photo/Alaska National Guard)

In this Jan. 8, 2012 photo provided by the Alaska Division of Homeland Security and Emergency Management, snow envelops the high school in the fishing town of Cordova, Alaska. Dozens of National Guard troops are helping Cordova dig out from massive snows that have collapsed roofs, trapped some people in homes and triggered avalanches. (AP Photo/Alaska Division of Homeland Security and Emergency Management, Kim Weibl)

In this Jan. 8, 2012 photo provided by the Alaska Division of Homeland Security and Emergency Management, Members of the Alaska National Guard and Cordova emergency personnel are shown in the fishing town of Cordova, Alaska. Dozens of National Guard troops are helping Cordova dig out from massive snows that have collapsed roofs, trapped some people in homes and triggered avalanches. (AP Photo/Alaska Division of Homeland Security and Emergency Management, Kim Weibl)

Map locates town of Cordova buried in snow

In this Saturday, Jan. 7, 2012 photo provided by the Alaska Division of Homeland Security and Emergency Management, a man stands on a house buried in snow in the fishing town of Cordova, Alaska. Residents have turned to the state to help them dig out of massive snow levels that have collapsed roofs, triggered avalanches and even covered doors, trapping some people in their homes. (AP Photo/Alaska Division of Homeland Security and Emergency Management, Kim Weibl)

(AP) ? When you're trying to clear out 15 feet of snow, a regular shovel just isn't going to cut it.

That's why city officials in Cordova, Alaska, have arranged with a Canadian company for a special order or large, scoop type shovels capable of moving a cubic foot of snow at a time.

Cordova has been buried in snow this winter, and officials are trying to dig out. The Alaska National Guard has sent about 70 people to help clear the city.

Cordova officials couldn't find any of the large shovels available in Alaska, leaving Guardsman to do the backbreaking work of using regular shovels.

The special order of 72 scoop shovels is expected to be shipped second-day air Thursday, meaning Guardsman should be using them by this weekend.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-01-11-Buried%20In%20Snow/id-a377bc14e8f04d509d562f58d2ce7c64

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Thursday, January 12, 2012

ekusports: It's only January 9 but we are getting some pictures taken with the seniors on the baseball team! http://t.co/MV6ANn0L

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It's only January 9 but we are getting some pictures taken with the seniors on the baseball team! twitter.com/ekusports/stat? ekusports

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Wednesday, January 11, 2012

Michael Moore: new Oscar docs process is more transparent (Reuters)

LOS ANGELES (TheWrap.com) ? New rules in the Oscar documentary process are not going to make things harder for documentary filmmakers, director and AMPAS governor Michael Moore told TheWrap.

Instead, he said, the rules that go into effect this year are going to make what Moore called "a crazy, Byzantine process" more open, more democratic and more transparent -- and they're going to fix a process that has led to decades of snubs, surprises and inexplicable decisions.

"I saw a headline that said documentary filmmakers were fearing the changes," Moore said in a lengthy interview. "We've feared the process for the last 20 years -- this is the elimination of that fear."

And if anybody should be worried about the new rules, it's not the makers of small docs, it's a giant in the doc field, HBO (which he did not single out by name, but which is one clear target of the new rules).

The changes led to some controversy when the New York Times revealed a new requirement that films need to be reviewed in the New York Times or the Los Angeles Times in order to qualify for Oscar consideration.

But Moore, the architect of and prime lobbyist for the new system, described the review rule as a small part of a major overhaul. The main change is the elimination of the committees that have been responsible for nominations for decades.

In its place, the documentary branch will do what most Academy branches do: All members of the branch will vote for the nominations, and all members of the Academy will vote for the final awards.

"Why is it that year after year, so many great documentaries don't even make the shortlist?" Moore asked. "The main problem is committees, and I made it my mission to eliminate those committees."

Others, including TheWrap, have been lobbying for a change to the committee system for years. In fact, Moore said that a 2010 story in TheWrap was a particularly accurate summation of the problems with a process in which volunteers from the branch were assembled into small committees and given a number of films to score on a scale of six to 10.

"It was not a democratic process, and not a transparent process," Moore said. "With some branches, you'd see the nominations and be surprised that this actor got in or that film didn't make it. With our branch, every year it was five or six or seven surprises.

"It's so jarring to think that the Maysles never got an Oscar, D.A. Pennebaker never got one, Michael Apted never got one for the '7 Up' series. And it happened again this year, when Werner Herzog couldn't even make the shortlist."

The changes will also do away with a rule that said members who had a film in the running were not eligible to participate, a regulation that had the potential to knock out a hefty chunk of the electorate when you have a 166-member branch and more than 100 eligible films.

"If 50 people volunteer and you have 100 films to watch, you form 10 committees of five people each," said Moore, who in the past has served on those committees. "And if I saw 'Inside Job' in a theater and loved it but 'Inside Job' is not in the box of 10 movies that I get, there's nothing I can do to help that movie get nominated."

Even worse, he said, the small size of each committee meant that each member's vote is of inordinate importance. "If there's only a five-person committee deciding the fate of those 10 films, one or two low votes can kill the movie."

In fact, former Academy executive director Bruce Davis all but admitted to me that low scores from a small group of members prevented "Hoop Dreams" from receiving a nomination in 1994, even though that film had more scores of 10 than any other documentary in the competition.

In the fall, Moore said he took his concerns before the executive committee of the doc branch. "I made an impassioned plea that we're at a defining moment for our branch," he said. "Let's do it like everybody else does, and let everybody in the branch vote. Let's not allow one or two people to kill the chances for a film."

The new rules, Moore added, will call for filmmakers to submit screeners to all branch members at the end of the quarter during which the film is released.

"I'm guessing it will be about 15 films every three months," he said, "and I think most people will watch most of those films."

Once the entire branch has voted to create a 15-film shortlist and select the five nominees, the final vote will be open to all Academy members, without the current requirement that members must prove they've seen all five nominees in a theater. (The Foreign-Language category retains that rule.)

The rule restricting voting to those who'd seen all five films, he said, reduced the total number of voters in the category to between 200 and 400 out of the 6,000-member Academy. "When I presented this to the Board of Governors in December, I said that we stand up on the Kodak stage every year and say, 'The Academy has selected this film as the best documentary of the year.'

"But that isn't the truth, is it? It isn't the Academy, it's less than 5 percent of the Academy. And I don't think we want to have somebody stand on that stage and say, 'Less than 5 percent of the academy has chosen this film.'"

The executive committee, said Moore, voted unanimously to approve the new rules he'd drawn up. The Board of Governors then followed suit in December, approving rules that were not scheduled to have been publicly disclosed until after this year's Oscar show.

That changed when the New York Times ran its story, which focused on an additional wrinkle that was added to the rules for qualifying: Not only will films need to run for a week in theaters in Manhattan and Los Angeles County, but they'll also need a review in the New York Times or the Los Angeles Times.

The intent of that rule, he said, is simple: to prevent the common practice of television networks quietly playing their docs for a week in out-of-the-way theaters, qualifying them for Oscars before staging a splashy television "premiere."

"Too often, we are having to vote for films that are essentially television documentaries trying to get an Oscar," he said.

"Television has its own award. It's called the Emmy. It's a good award. I like it. I have one. But you don't see movies like 'The King's Speech' win Oscars and then go to TV and qualify for Emmys. In documentaries, some networks have been able to game the system."

Moore declined to single out any specific networks or films, but the culprits are fairly obvious. At the last Emmy Awards, nominees in the nonfiction categories included HBO's "Gasland" and PBS's "The Most Dangerous Man in America: Daniel Ellsberg and the Pentagon Papers," both of which had previously received Oscar nominations.

Three of the 15 films on this year's Documentary Feature shortlist, "The Loving Story," "Paradise Lost 3: Purgatory" and "Sing Your Song," are HBO films. All three received unpublicized one-week runs at Laemmle's Fallbrook 7 theater in West Hills prior to splashy debuts on the cable channel.

Located on the outskirts of the San Fernando Valley, the Fallbrook 7 is one of the most distant Laemmle theaters that still satisfies the requirement of a run in Los Angeles County, and is popular with companies "four-walling" their films for Oscar consideration.

Most of the non-HBO shortlisted docs had their qualifying runs at more visible theaters in Beverly Hills, Santa Monica or West Hollywood.

"I feel bad that theatrical documentary film directors -- Werner Herzog, Steve James, Errol Morris

 "Tabloid"], the guys who made 'Senna' and 'Nostalgia for the Light' -- spend years making these films that are intended to be real theatrical experiences," Moore said. "And their potential slots on the shortlist are taken by films that were not truly theatrically released." 

Moore is quick to add that he has no problem with documentaries funded by and intended for television if those docs receive true theatrical releases rather than out-of-the-way stealth bookings.

"Some networks, like the History Channel and A&E, are now giving their movies real theatrical runs," he said. "That's great. But don't try to sneak it into theaters when nobody's looking so you can have your big TV premiere. If you do that, it's a TV movie and you should be trying for the Emmys, not the Oscars."

That type of run, he said, is what the New York Times/L.A. Times rule is designed to stop. Because TV networks want the reviews to run when their films are debuting on the air, they do not solicit reviews for the stealth bookings.

The New York Times, he said, was chosen because it has a long-standing policy of reviewing every film that receives a one-week theatrical run in New York. The L.A. Times was added as a first-step fail-safe measure in case the New York Times missed a film.

And the new rules also add an appeals process for filmmakers whose work somehow doesn't get reviewed. "We will side with the filmmaker," Moore promised.

Moore admitted that the new requirement will reduce the number of eligible films, perhaps from 100 down to about 60. (This year's field of 124 is artificially inflated because it covers a 16-month eligibility period.)

And it could deal a severe blow to programs like the International Documentary Association's DocuWeeks, in which more than a dozen films are programmed in rotating one-week blocks specifically to meet Oscar qualifying rules.

Typically, DocuWeeks films do not receive separate reviews in the L.A. or New York Times.

Among the films that qualified that way in 2011 is the shortlisted feature "Semper Fi: Always Faithful." Asked how he felt about potentially knocking that film out of contention, Moore hesitated. "I showed 'Semper Fi' at my festival," he said. "It's a great film."

He paused. "The thing with 'Semper Fi,' I think they're going to be distributed in another month or two. So under the new rules, they could be eligible for next year's Oscars."

Moore said his next priority is to find ways to give small documentaries theatrical distribution, but that he doesn't want the Oscars to be bogged down with "vanity projects that try to game the system by four-walling theaters."

And he adamantly insisted that the new system will not harm smaller films to any significant degree.

"At the documentary branch meeting, we were talking about whether this was going to hurt the smaller film, the independent film," he said. "And Dawn Hudson pointed out that if you look at Oscar stats over the last 20 years, since screeners have been available, that has allowed for the rise of indie films.

"When you open up the process and make it accessible, what happens? 'The Hurt Locker' and 'Slumdog Millionaire' win Best Picture. The smaller films have been helped by a more open, more egalitarian process.

"The decades of a few people deciding have come to a complete end," he said. "I think we have a better chance of 'Hoop Dreams' not happening again."

Source: http://us.rd.yahoo.com/dailynews/rss/movies/*http%3A//news.yahoo.com/s/nm/20120111/film_nm/us_michaelmoore_oscars

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