The X Factor Reveals Its Four Semi-Finalists

TV Watch

The X Factor

By Aaron Parsley

12/06/2012 at 09:20 PM EST

There were tears on The X Factor Thursday night.

With only four spots in next week's semi-finals, the six acts who performed two songs each Wednesday night were a tense bunch. Especially after last week's shocking elimination that sent home fan favorite Vino Alan.

A majority of PEOPLE.com readers picked Demi Lovato's only remaining contestant, CeCe Frey, as the singer who most deserved elimination. Was she able to make it through one more week? Keep reading for all the results ...

CeCe Frey was the first to go.

"I'm proud of everything that I've done on this show," she said. "I hope I've taught everyone at home that you need to love who you are, because the more you love who you are, the less you're going to need anybody else to."

Her coach tried to avoid tears but shed a few anyway. "I've grown so close to you," Demi said. "And I'm just so proud of you."

Three acts were then declare safe: Simon Cowell's boy band, Emblem3; Britney Spears's frontrunner, Carly Rose Sonenclar; and L.A. Reid's country singer, Tate Stevens, also a frontrunner.

That left Team Britney's Diamond White and Simon's other group, Fifth Harmony, to sing for survival.

Fifth Harmony sang Mariah Carey's "Anytime You Need a Friend," and Diamond sang Lee Ann Womack's "I Hope You Dance."

As expected, Simon and Britney voted to send home each other's acts. But it was the end of the road for Diamond, after L.A. and Demi both voted to send her home as well.

"I'm just thinking of Cher Lloyd right now," she said of the "Want U Back" singer. "She came in fifth and look where she is."

Here's how the top four ranked:
1. Tate Stevens
2. Carly Rose Sonenclar
3. Emblem3
4. Fifth Harmony

Read More..

Celebrations planned as Wash. legalizes marijuana

SEATTLE (AP) — Legal marijuana possession becomes a reality under Washington state law on Thursday, and some people planned to celebrate the new law by breaking it.

Voters in Washington and Colorado last month made those the first states to decriminalize and regulate the recreational use of marijuana. Washington's law takes effect Thursday and allows adults to have up to an ounce of pot — but it bans public use of marijuana, which is punishable by a fine, just like drinking in public.

Nevertheless, some people planned to gather at 12:01 a.m. PST Thursday to smoke in public beneath Seattle's Space Needle. Others planned a midnight party outside the Seattle headquarters of Hempfest, the 21-year-old festival that attracts tens of thousands of pot fans every summer.

"This is a big day because all our lives we've been living under the iron curtain of prohibition," said Hempfest director Vivian McPeak. "The whole world sees that prohibition just took a body blow."

In another sweeping change for Washington, Gov. Chris Gregoire on Wednesday signed into law a measure that legalizes same-sex marriage. The state joins several others that allow gay and lesbian couples to wed.

That law also takes effect Thursday, when gay and lesbian couples can start picking up their wedding certificates and licenses at county auditors' offices. Those offices in King County, the state's largest and home to Seattle, and Thurston County, home to the state capital of Olympia, planned to open the earliest, at 12:01 a.m. Thursday, to start issuing marriage licenses. Because the state has a three-day waiting period, the earliest that weddings can take place is Sunday.

The Seattle Police Department provided this public marijuana use enforcement guidance to its officers via email Wednesday night: "Until further notice, officers shall not take any enforcement action — other than to issue a verbal warning — for a violation of Initiative 502."

Thanks to a 2003 law, marijuana enforcement remains the department's lowest priority. Even before I-502 passed on Nov. 6, police rarely busted people at Hempfest, despite widespread pot use, and the city attorney here doesn't prosecute people for having small amounts of marijuana.

Officers will be advising people to take their weed inside, police spokesman Jonah Spangenthal-Lee wrote on the SPD Blotter. "The police department believes that, under state law, you may responsibly get baked, order some pizzas and enjoy a 'Lord of the Rings' marathon in the privacy of your own home, if you want to."

Washington's new law decriminalizes possession of up to an ounce for those over 21, but for now selling marijuana remains illegal. I-502 gives the state a year to come up with a system of state-licensed growers, processors and retail stores, with the marijuana taxed 25 percent at each stage. Analysts have estimated that a legal pot market could bring Washington hundreds of millions of dollars a year in new tax revenue for schools, health care and basic government functions.

But marijuana remains illegal under federal law. That means federal agents can still arrest people for it, and it's banned from federal properties, including military bases and national parks.

The Justice Department has not said whether it will sue to try to block the regulatory schemes in Washington and Colorado from taking effect.

"The department's responsibility to enforce the Controlled Substances Act remains unchanged," said a statement issued Wednesday by the Seattle U.S. attorney's office. "Neither states nor the executive branch can nullify a statute passed by Congress" — a non-issue, since the measures passed in Washington and Colorado don't "nullify" federal law, which federal agents remain free to enforce.

The legal question is whether the establishment of a regulated marijuana market would "frustrate the purpose" of the federal pot prohibition, and many constitutional law scholars say it very likely would.

That leaves the political question of whether the administration wants to try to block the regulatory system, even though it would remain legal to possess up to an ounce of marijuana.

Colorado's measure, as far as decriminalizing possession goes, is set to take effect by Jan. 5. That state's regulatory scheme is due to be up and running by October 2013.

___(equals)

Johnson can be reached at https://twitter.com/GeneAPseattle

Read More..

Asia shares edge higher, focus on U.S. jobs

TOKYO (Reuters) - Asian shares touched fresh 16-month highs on Friday following modest overnight gains in global equities as investors watched progress in U.S. budget talks with expectations for an eventual deal and awaited U.S. nonfarm payrolls data later in the day.

The euro hovered near a one-week low against the dollar, having fallen after the European Central Bank painted a bleak outlook for the euro zone and discussed cutting interest rates at its policy meeting on Thursday when it kept rates steady.

Recent indicators suggesting stabilizing growth in China, the world's second-largest, economy also helped improve sentiment, although the Asian Development Bank slightly lowered its 2012 and 2013 growth estimates for developing Asia on Friday as frail global demand drags on the region.

Buoyed by strong domestic demand, developing Asian economies have shown relatively more resilience compared with developed and more export-reliant economies such as Japan and south Korea.

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rose 0.6 percent, and was set for its third-straight weekly gain with a 1.4 percent advance. The index has gained about 17 percent year-to-date, compared to a loss of nearly 18 percent last year.

South and Southeast Asian bourses have outperformed, with a 32 percent year-to-date surge in the Philippines <.psi>, a nearly 31 percent gain in Thailand <.seti>, Indian shares <.bsesn> rising 26 percent and Indonesia <.jkse> up 12 percent to date.

Hong Kong shares <.hsi> were up 0.5 percent to a 16-month high and risen 21 percent so far this year, despite facing bouts of pressure from sputtering mainland Chinese markets.

South Korean shares <.ks11> were up 0.5 percent and Australian shares <.axjo> jumped 0.9 percent to its highest in nearly seven weeks, as top miners were supported by rebounding iron ore prices and banks recovered from losses the previous day.

"One of the reasons for the gains is better news we've seen from China and expectations the economy there has stabilized and growth has improved modestly," said Michael McCarthy, chief market strategist at CMC Markets.

Japan's Nikkei stock average <.n225> inched up 0.2 percent. <.t/>

U.S. stocks advanced modestly while the FTSEurofirst 300 index <.fteu3> of top European shares hit an 18-month closing high on Thursday.

As superstorm Sandy disrupted U.S. economic activity, nonfarm payrolls in November are expected to have increased only 93,000, compared to October's 171,000 job gain, a Reuters survey of economists showed. The unemployment rate is seen holding steady at 7.9 percent.

"A soft number should reinforce the case for the Fed doves ahead of next week's FOMC meeting where QE is likely to be increased in order to at least offset the expiration of Operation Twist. Hence a soft report should hurt USD and vice versa," Sean Callow, senior currency strategist at Westpac bank in Sydney, said in a note.

At its December 11-12 meeting, the Federal Reserve is expected to announce a new round of Treasury bond purchases to reinforce quantitative easing, replacing the expiring programme called Operation Twist, under which it bought $45 billion of longer-dated bonds a month while selling its shorter-date holdings.

The dollar traded at 82.47 yen, sticking close to a 7-1/2-month high of 82.84 hit on November 22.

With little to show after a month of posturing, the White House and Republicans in Congress dropped hints on Thursday that they had resumed low-level private talks on breaking the stalemate over the "fiscal cliff" but refused to divulge details.

Markets have been keeping up hope that Washington would eventually avert some $600 billion of tax hikes and spending cuts scheduled to start in January. Economists have warned that failure by Congress to reach an agreement on deficit reduction could tip the U.S. economy back into recession, further weighing on the fragile global economy.

"The main board is extending its upward trend that began in mid-November on hopes for a positive conclusion to the U.S. 'fiscal cliff' and economic growth policies from China," said Park Hae-sung, an analyst at LIG Investment & Securities.

Global rates: http://link.reuters.com/xyb96s

U.S. fiscal cliff: http://link.reuters.com/dut83t

Asset returns in 2012: http://link.reuters.com/nyw85s

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

EURO ON DEFENSIVE

The euro steadied at around $1.2968, after falling nearly 1 percent to $1.2950 on Thursday in its biggest one-day loss in a month, and retreating from a seven-week peak of $1.3127 set mid-week.

ECB President Mario Draghi said on Thursday policymakers had held a wide discussion on interest rates, including negative deposit rates, leaving the door open to a possible cut in borrowing costs next year.

Creating negative deposit rates means effectively charging depositors rather than paying them interest, with an aim of forcing banks to put their money to work elsewhere.

The ECB's new staff also projected gross domestic product next year could range from a contraction of 0.9 percent to growth of just 0.3 percent, suggesting contraction is far more likely than not. It forecast inflation of 1.1 percent to 2.1 percent next year.

"It is unusual that a negative growth projection for the next year is offered before the end of the current year, but with such a view, markets are naturally pricing in a interest rate cut," said Daisuke Karakama, market economist for Mizuho Corporate Bank in Tokyo.

He expected the euro to remain vulnerable with the risk of falling back to $1.2 at some point, but the single currency appeared to be supported currently by year-end repatriation flows.

U.S. crude futures inched up 0.3 percent to $86.53 a barrel and Brent rose 0.2 percent to $107.27.

(Additional reporting by Joyce Lee in Seoul and Maggie Lu Yueyang; Editing by Kim Coghill)

Read More..

3 Walmart Suppliers Made Goods in Bangladesh Factory

Khurshed Rinku/Associated Press

Burials on Nov. 27 for some of the 112 victims of the garment factory fire in Bangladesh.

Documents found at the Tazreen apparel factory in Bangladesh, where 112 workers died in a fire nearly two weeks ago, indicate that three American garment companies were using the factory during the past year to supply goods to Walmart and its Sam’s Club subsidiary.

The documents — photographed by a Bangladeshi labor organizer after the fire and made available to The New York Times — include an internal production report from mid-September showing that 5 of the factory’s 14 production lines were devoted to making apparel for Walmart.

In a related matter, two officials who attended a meeting held in Bangladesh in 2011 to discuss factory safety in the garment industry said on Wednesday that the Walmart official there played the lead role in blocking an effort to have global retailers pay more for apparel to help Bangladesh factories improve their electrical and fire safety.

Ineke Zeldenrust, international coordinator for the Clean Clothes Campaign, an anti-sweatshop group based in Amsterdam, said Walmart was the company that “most strongly advocated this position.”

The meeting was held in April 2011 in Dhaka, the country’s capital, and brought together global retailers, Bangladeshi factory owners, government officials and nongovernment organizations after several apparel factory fires in Bangladesh had killed dozens of workers the previous winter.

According to the minutes of the meeting, which were made available to The Times, Sridevi Kalavakolanu, a Walmart director of ethical sourcing, along with an official from another major apparel retailer, noted that the proposed improvements in electrical and fire safety would involve as many as 4,500 factories and would be “in most cases” a “very extensive and costly modification.”

“It is not financially feasible for the brands to make such investments,” the minutes said.

Kevin Gardner, a Walmart spokesman, said the company official’s remarks in Bangladesh were “out of context.”

“Walmart has been advocating for improved fire safety with the Bangladeshi government, with industry groups and with suppliers,” he said, adding that the company has helped develop and establish programs to increase fire prevention.

Ms. Zeldenrust said, “Everyone recognized that fire safety was a serious problem and it was a high time to act on it, and Walmart’s position had a very negative impact.” She added, “It gives manufacturers the excuse they’re looking for to say, ‘We’re not to blame.’ ”

Scott Nova, the executive director of the Worker Rights Consortium, a factory monitoring group based in Washington, was also at the meeting. He said that upgrading the factories’ safety would cost a small fraction of what Walmart and other retailers pay for the clothing they import from Bangladesh each year.

Bloomberg News first reported details of the Dhaka meeting on Wednesday.

Walmart has indirectly acknowledged that the factory, Tazreen Fashions, outside Dhaka, was producing some of its apparel, saying in a statement that a supplier had “subcontracted work to this factory without authorization and in direct violation of our policies.” In that statement, issued two days after the Nov. 24 fire, Walmart said, “We have terminated the relationship with that supplier.” Walmart has declined to name the supplier.

After Walmart was shown some of the documents from the factory on Wednesday, Mr. Gardner replied in an e-mail. “As we’ve said, the Tazreen factory was de-authorized months ago,” he wrote. “We don’t comment on specific supplier relationships.”

The photographed documents from the factory indicate that three suppliers — the International Direct Group, Success Apparel and Topson Downs — used the factory to make shirts, shorts and pajamas for Walmart. One document, written in July, provides product descriptions from Success Apparel for Walmart’s Faded Glory house-brand shorts. A photo taken inside the factory after the fire showed a pair of Faded Glory shorts.

The documents indicate that Success Apparel often worked through Simco, a Bangladeshi garment maker.

Mr. Nova of the Worker Rights Consortium said the documents raised questions about Walmart’s statements after the fire.

“It was not a single rogue supplier as Walmart has claimed — there were several different U.S. suppliers working for Walmart in that factory,” Mr. Nova said. “It stretches credulity to think that Walmart, famous for its tight control over its global supply chain, didn’t know about this.”

Mr. Nova works closely with the Bangladesh Center for Worker Solidarity and made the factory documents available.

Investigators also found apparel made for Sears and Disney inside the factory after the fire. Both companies said suppliers had given orders to the factory without their knowledge and authorization.

Mr. Gardner said accredited outside auditors had periodically inspected the factory on Walmart’s behalf. A May 2011 audit gave the factory an “orange” rating, meaning that there were “higher-risk violations” and that it would be re-audited within six months. If a factory gets three orange ratings over two years, it loses Walmart’s approval.

A follow-up audit in August 2011 for Walmart gave Tazreen an improved “yellow” rating, meaning “medium-risk violations.”

Read More..

In brewing rivalry, Instagram trims ties to Twitter

SAN FRANCISCO (Reuters) – Facebook Inc’s recently acquired photo-sharing service Instagram removed a key element of its integration with Twitter, signaling a deepening rift between two of the Web’s dominant social media companies.

Instagram Chief Executive Kevin Systrom said Wednesday his company turned off support for Twitter “cards” in order to drive Twitter users to Instagram’s own website. Twitter “cards” are a feature that allows multimedia content like YouTube videos and Instagram photos to be embedded and viewed directly within a Twitter message.

The move marked the latest clash between Facebook and Twitter since April, when Facebook, the world’s no. 1 social network, outbid Twitter to nab fast-growing Instagram in a cash-and-stock deal valued at the time at $ 1 billion. The acquisition closed in September for roughly $ 715 million, reflecting Facebook’s recent stock drop.

The companies’ ties have been strained since. In July, Twitter blocked Instagram from using its data to help new Instagram users find friends.

Beginning earlier this week, Twitter’s users began to complain in public messages that Instagram photos did not seem to display properly on Twitter’s website.

Systrom confirmed Wednesday that his company had decided its users should view photos on Instagram’s own Web pages and took steps to change its policies.

“We believe the best experience is for us to link back to where the content lives,” Systrom said in a statement, citing recent improvements to Instagram’s website.

“A handful of months ago, we supported Twitter cards because we had a minimal Web presence,” Systrom said, noting that the company has since released new features that allow users to comment about and “like” photos directly on Instagram’s website.

The move escalates a rivalry in the fast-growing social networking sector, where the biggest players have sought to wall off access to content from rival services and to their ranks of users.

“They’re both competing for slices of the same pie, the pie being users’ attention,” said Ray Valdes, an analyst with research firm Gartner.

If Facebook decides to offer advertising on Instagram, it’s important that the users visit Instagram’s own website, said Valdes. “If the eyeballs are elsewhere, you have less to work with in terms of monetization,” he said.

Photos are among the most popular features on both Facebook and Twitter, and Instagram’s meteoric rise in recent years has further proved how picture-sharing has become a key front in the battle for social Internet supremacy.

Instagram, which has 100 million users, allows consumers to tweak the photos they take on their smartphones and share the images with friends, a feature that Twitter has reportedly also begun to develop. Twitter’s executive chairman, Jack Dorsey, was an early investor in Instagram and had hoped to acquire it before Facebook CEO Mark Zuckerberg made a successful bid.

When Zuckerberg announced the acquisition in an April blog post, he highlighted Instagram’s inter-connectivity with other social networks.

“We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience,” Zuckerberg wrote. “We plan on keeping features like the ability to post to other social networks.”

A Twitter spokesman declined comment Wednesday, but a status message on Twitter’s website confirmed that users are “experiencing issues,” such as “cropped images” when viewing Instagram photos on Twitter.

(Reporting By Alexei Oreskovic and Gerry Shih; Editing by Nick Zieminski and Leslie Adler)

Internet News Headlines – Yahoo! News

Read More..

Kate Receives Hospital Visit from Pippa and James

12/05/2012 at 07:30 PM EST

James and Pippa Middleton

Alpha /Landov; Inset:Allpix/ plash News Online

The Duchess of Cambridge had more hospital visitors on Wednesday.

Just two days after husband Prince William, 30, was photographed leaving the King Edward VII Hospital in Central London where a pregnant Kate, 30, was admitted for hyperemesis gravidarum, her sister, Pippa Middleton, brother James and mom Carole (not pictured), also dropped by to keep the mom-to-be company.

Pippa was bundled up in a coat, sporting a tan-colored ensemble, while her brother was casually dressed in jeans and layered tops.

The Palace announced the Duchess's pregnancy Monday in a statement. "Their Royal Highnesses The Duke and Duchess of Cambridge are very pleased to announce that The Duchess of Cambridge is expecting a baby," it said. "The Queen, The Duke of Edinburgh, The Prince of Wales, The Duchess of Cornwall and Prince Harry and members of both families are delighted with the news."

Read More..

Study could spur wider use of prenatal gene tests

A new study sets the stage for wider use of gene testing in early pregnancy. Scanning the genes of a fetus reveals far more about potential health risks than current prenatal testing does, say researchers who compared both methods in thousands of pregnancies nationwide.

A surprisingly high number — 6 percent — of certain fetuses declared normal by conventional testing were found to have genetic abnormalities by gene scans, the study found. The gene flaws can cause anything from minor defects such as a club foot to more serious ones such as mental retardation, heart problems and fatal diseases.

"This isn't done just so people can terminate pregnancies," because many choose to continue them even if a problem is found, said Dr. Ronald Wapner, reproductive genetics chief at Columbia University Medical Center in New York. "We're better able to give lots and lots of women more information about what's causing the problem and what the prognosis is and what special care their child might need."

He led the federally funded study, published in Thursday's New England Journal of Medicine.

A second study in the journal found that gene testing could reveal the cause of most stillbirths, many of which remain a mystery now. That gives key information to couples agonizing over whether to try again.

The prenatal study of 4,400 women has long been awaited in the field, and could make gene testing a standard of care in cases where initial screening with an ultrasound exam suggests a structural defect in how the baby is developing, said Dr. Susan Klugman, director of reproductive genetics at New York's Montefiore Medical Center, which enrolled 300 women into the study.

"We can never guarantee the perfect baby but if they want everything done, this is a test that can tell a lot more," she said.

Many pregnant women are offered screening with an ultrasound exam or a blood test that can flag some common abnormalities such as Down syndrome, but these are not conclusive.

The next step is diagnostic testing on cells from the fetus obtained through amniocentesis, which is like a needle biopsy through the belly, or chorionic villus sampling, which snips a bit of the placenta. Doctors look at the sample under a microscope for breaks or extra copies of chromosomes that cause a dozen or so abnormalities.

The new study compared this eyeball method to scanning with gene chips that can spot hundreds of abnormalities and far smaller defects than what can be seen with a microscope. This costs $1,200 to $1,800 versus $600 to $1,000 for the visual exam.

In the study, both methods were used on fetal samples from 4,400 women around the country. Half of the moms were at higher risk because they were over 35. One-fifth had screening tests suggesting Down syndrome. One-fourth had ultrasounds suggesting structural abnormalities. Others sought screening for other reasons.

"Some did it for anxiety — they just wanted more information about their child," Wapner said.

Of women whose ultrasounds showed a possible structural defect but whose fetuses were called normal by the visual chromosome exam, gene testing found problems in 6 percent — one out of 17.

"That's a lot. That's huge," Klugman said.

Gene tests also found abnormalities in nearly 2 percent of cases where the mom was older or ultrasounds suggested a problem other than a structural defect.

Dr. Lorraine Dugoff, a University of Pennsylvania high-risk pregnancy specialist, wrote in an editorial in the journal that gene testing should become the standard of care when a structural problem is suggested by ultrasound. But its value may be incremental in other cases and offset by the 1.5 percent of cases where a gene abnormality of unknown significance is found.

In those cases, "a lot of couples might not be happy that they ordered that test" because it can't give a clear answer, she said.

Ana Zeletz, a former pediatric nurse from Hoboken, N.J., had one of those results during the study. An ultrasound suggested possible Down syndrome; gene testing ruled that out but showed an abnormality that could indicate kidney problems — or nothing.

"They give you this list of all the things that could possibly be wrong," Zeletz said. Her daughter, Jillian, now 2, had some urinary and kidney abnormalities that seem to have resolved, and has low muscle tone that caused her to start walking later than usual.

"I am very glad about it," she said of the testing, because she knows to watch her daughter for possible complications like gout. Without the testing, "we wouldn't know anything, we wouldn't know to watch for things that might come up," she said.

The other study involved 532 stillbirths — deaths of a fetus in the womb before delivery. Gene testing revealed the cause in 87 percent of cases versus 70 percent of cases analyzed by the visual chromosome inspection method. It also gave more information on specific genetic abnormalities that couples could use to estimate the odds that future pregnancies would bring those risks.

The study was led by Dr. Uma Reddy of the National Institute of Child Health and Human Development.

___

Online:

Medical journal: http://www.nejm.org

___

Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

Read More..

Dow, S&P rise, but Nasdaq sours with Apple in wild day

NEW YORK (Reuters) - A volatile trading session ended with U.S. stocks mostly higher on Wednesday, even as Apple, the most valuable company in the United States, suffered its worst day of losses in almost four years.

In a strange occurrence, Apple accounted for the entirety of the Nasdaq 100's <.ndx> fall of 1.1 percent, while the Dow industrials - which do not include Apple as a component - enjoyed the best day since November 28.

With the drop, Apple shed nearly $35 billion in market capitalization, its biggest one-day market-cap loss ever. The company's market value, or market capitalization, now stands at $506.85 billion.

"Today's move is because of index weightings, with the Nasdaq down because of Apple's decline," said Rex Macey, chief investment officer of Wilmington Trust in Atlanta. "The S&P is up because Apple isn't as big a weight in that index, and the Dow is up even more because it isn't there at all."

The broad market seesawed, with the S&P 500 dropping into negative territory before it rebounded off the 1,400 level, seen as a key support point over the past two weeks. Investors cited comments from President Barack Obama suggesting a potential near-term resolution to the "fiscal cliff" wrangling in Washington as a catalyst for the rebound.

Shares of The Travelers Cos Inc rose 4.9 percent to $74. The stock ranked as the Dow's top percentage gainer after the insurance company said it intended to resume stock buybacks it had temporarily suspended while it assessed its exposure to Superstorm Sandy. The company also said a preliminary estimate of net losses from Sandy was about $650 million after tax.

The Dow Jones industrial average <.dji> rose 82.71 points, or 0.64 percent, to 13,034.49 at the close. The Standard & Poor's 500 Index <.spx> gained 2.23 points, or 0.16 percent, to 1,409.28. But the Nasdaq Composite Index <.ixic> fell 22.99 points, or 0.77 percent, to end at 2,973.70.

Apple, the largest U.S. company by market capitalization and a big weight in both the S&P 500 and the Nasdaq, fell 6.4 percent to $538.79. Apple is down more than 20 percent from an all-time high reached in late September, putting the stock into bear market territory.

Banking shares were led higher by a 6.3 percent jump in Citigroup to $36.46 after the company said it would cut 4 percent of its workforce. The S&P financial sector index <.gspf> climbed 1.3 percent, and Bank of America hit a 52-week high of $10.55 before pulling back slightly. The stock, a Dow component, ended at $10.46, up 5.7 percent for the day.

Cyclical sectors, which are tied to the pace of economic growth, rallied on optimism about progress on a solution to avoid the fiscal cliff. An S&P index of industrial stocks <.gspi> rose 1.1 percent, buoyed by Caterpillar Inc , up 2.2 percent at $86.05, while an S&P index of energy shares <.gspe> climbed 0.7 percent. The Dow Jones Transportation Average <.djt> gained 0.9 percent, with CSX Corp jumping 2.7 percent to $20.16.

Still, Apple struggled throughout the session. Market participants cited a host of reasons for the drop in the iPad maker's stock, including a consultant's report about the company losing share in the tablet market and reports that margin requirements had been raised by at least one clearing firm, as well as year-end tax selling ahead of a possible rise in capital-gains tax rates next year.

On the Washington front, Obama told the Business Roundtable, a group of chief executives, on Wednesday that a fiscal cliff deal was possible "in about a week" if Republicans acknowledged the need to raise taxes on the wealthiest Americans.

Equities have struggled to gain ground recently because of concerns over the fiscal cliff - a series of mandatory spending cuts and tax increases effective in early January that could push the U.S. economy into recession next year. Recently equities have moved on any whiffs of sentiment from Washington in headlines about negotiations.

"Obama's comments generated a lot of optimism, but to the extent the market believes them, that's how much we're setting ourselves up for a decline if that deadline passes with no progress," said Macey, who helps oversee about $20 billion in assets.

In an interview on CNBC after the market closed, U.S. Treasury Secretary Tim Geithner said that uncertainty over the fiscal cliff was standing in the way of stronger economic growth, and that there was no prospect for an agreement if tax rates didn't rise on the wealthiest taxpayers.

The stock of Freeport-McMoRan Copper & Gold Inc fell 16 percent to $32.17 and ranked as the S&P 500's biggest percentage decliner. The company said it was acquiring Plains Exploration & Production Co and McMoRan Exploration Co in two separate deals for $9 billion in cash and stock in a major expansion into energy.

McMoRan Exploration soared 87 percent to $15.82 and Plains surged 23.4 percent to $44.50.

About half of the stocks traded on the New York Stock Exchange closed in positive territory, while about 54 percent of Nasdaq-listed shares ended lower.

Volume was higher than it has been in recent sessions, with about 6.93 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, above the daily average so far this year of about 6.48 billion shares.

(Editing by Jan Paschal)

Read More..

Changing of the Guard: How Crash Cover-Up Altered China’s Succession

BEIJING — “Thank you. I’m well. Don’t worry,” read the post on a Chinese social networking site. The brief comment, published in June, appeared to come from Ling Gu, the 23-year-old son of a high-powered aide to China’s president, and it helped quash reports that he had been killed in a Ferrari crash after a night of partying.

It only later emerged that the message was a sham, posted by someone under Mr. Ling’s alias — almost three months after his death.

The ploy was one of many in a tangled effort to suppress news of the Ferrari crash that killed Mr. Ling and critically injured two young female passengers, one of whom later died. The outlines of the affair surfaced months ago, but it is now becoming clearer that the crash and the botched cover-up had more momentous consequences, altering the course of the Chinese Communist Party’s once-in-a-decade leadership succession last month.

China’s departing president, Hu Jintao, entered the summer in an apparently strong position after the disgrace of Bo Xilai, previously a rising member of a rival political network who was brought down when his wife was accused of murdering a British businessman. But Mr. Hu suffered a debilitating reversal of his own when party elders — led by his predecessor, Jiang Zemin — confronted him with allegations that Ling Jihua, his closest protégé and political fixer, had engineered the cover-up of his son’s death.

According to current and former officials, party elites, and others, the exposure helped tip the balance of difficult negotiations, hastening Mr. Hu’s decline; spurring the ascent of China’s new leader, Xi Jinping; and playing into the hands of Mr. Jiang, whose associates dominate the new seven-man leadership at the expense of candidates from Mr. Hu’s clique.

The case also shows how the profligate lifestyles of leaders’ relatives and friends can weigh heavily in backstage power tussles, especially as party skulduggery plays out under the intensifying glare of media.

Numerous party insiders provided information regarding the episode, speaking on the condition of anonymity for fear of reprisals from the authorities. Officials have investigated the aftermath of the car wreck, they say, including looking into accusations that a state oil company paid hush money to the families of the two women.

Under Mr. Hu, Mr. Ling had directed the leadership’s administrative center, the General Office, but was relegated to a less influential post in September, ahead of schedule. Last month, he failed to advance to the 25-person Politburo and lost his seat on the influential party secretariat.

Mr. Hu, who stepped down as party chief, immediately yielded his post as chairman of the military, meaning he will not retain power as Mr. Jiang did. “Hu was weakened even before leaving office,” said a midranking official in the Organization Department, the party’s personnel office.

Mr. Ling’s future remains unsettled, with party insiders saying that his case presents an early test of whether Mr. Xi intends to follow through on public promises to fight high-level corruption.

“He can decide whether to go after Ling Jihua or not,” said Wu Guoguang, a former top-level party speechwriter, now a political scientist at the University of Victoria in British Columbia. “Either way, this is a big card in Xi Jinping’s hand.”

Mr. Ling, 56, built his career in the Communist Youth League. At an early age, he secured the patronage of Mr. Hu, who led the Youth League in the early 1980s and brought Mr. Ling to the General Office in 1995. “Hu didn’t come with a lot of friends, but Ling was someone he knew he could trust,” said the Organization Department official. “Officials said that if Ling called, it was like Hu calling.”

Mr. Ling played a central role in moving Youth League veterans into high offices and undermining Mr. Hu’s adversaries. Mr. Ling also wielded leverage over Internet censorship of leaders’ affairs, and sought to use it to benefit his patron.

“Negative publicity, including untruths, about Xi Jinping were not suppressed the way publicity about Hu Jintao was,” said one associate of party leaders.

As his influence grew, Mr. Ling tried to keep a low profile. About a decade ago, his wife closed a software company she owned and formed a nonprofit foundation that incubates young entrepreneurs. The couple sent their son, Ling Gu, to an elite Beijing high school under an alias, Wang Ziyun. “Ling Jihua told his family not to damage his career,” a former Youth League colleague said. “But it seems it can’t be stopped.”

Still living under an alias, Ling Gu graduated from Peking University last year with an international relations degree and began graduate studies in education. One of his instructors said his performance plunged later in his undergraduate years. “I think there were too many lures, too much seduction,” he said.

Before dawn on March 18, a black Ferrari Spider speeding along Fourth Ring Road in Beijing ricocheted off a wall, struck a railing and cracked in two. Mr. Ling was killed instantly, and the two young Tibetan women with him were hospitalized with severe injuries. One died months later, and the other is recovering, party insiders said.

Ian Johnson and Edward Wong contributed reporting.

Read More..

Toshiba’s 10-inch Excite 10 SE tablet sells for $349.99, comes with Jelly Bean

While every other company is busy chasing the 7-inch tablet market, Toshiba (TOSBF) is keeping its eye on people interested in 10-inch tablets. Its new Excite 10 SE Android tablet is fairly similar to its Excite 10 LE, sporting a 10.1-inch 1280 x 800 resolution display, NVIDIA Tegra 3 quad-core processor, 16GB of internal storage, 3-megapixel rear camera, HD front camera, microSD card slot and Android 4.1 Jelly Bean. It doesn’t have the iPad’s eye-popping Retina display or the Samsung (005930) Nexus 10′s crisp 2,560 x 1,600 resolution with 300 pixels per inch, but it’s more than adequate for most basic tablet tasks. And at $ 349.99, it’s not a bad deal for a 10-inch tablet. The Excite 10 SE goes on sale December 6th and will be available from ToshibaDirect.com and select retail stores. Toshiba’s press release follows below.

Toshiba expands excite family of tablets with new 10-inch model

New Excite 10 SE Tablet Powered by Android 4.1 Starting at $ 349.99 MSRP

IRVINE, Calif. — Dec. 4, 2012 — Toshiba’s Digital Products Division (DPD), a division of Toshiba America Information Systems, Inc., today announced the availability of the Excite™ 10 SE tablet, a multimedia-rich tablet with a 10.1-inch touchscreen, powered by Android™ 4.1, Jelly Bean. The Excite 10 SE offers an affordable option for people looking for a powerful and versatile tablet for the home, starting at only $ 349.99 MSRP[i].

“Our Excite family of tablets continues to grow with options to suit a wide range of consumer needs, from portability and gaming to versatility and power,” said Carl Pinto, vice president of marketing of Toshiba America Information Systems, Inc., Digital Products Division. “We designed the Excite 10 SE to be a full featured tablet that offers a pure Android, Jelly Bean experience, while maintaining an attractive price point.”

The Excite 10 SE features Android 4.1, Jelly Bean, which improves on the simplicity and usability of Android 4.0. Moving between customizable home screens and switching between apps is effortless, while the Chrome™ browser and new Google Now intelligent personal assistant and Voice Search apps makes surfing the web fast and fluid.

Slim and light at only 0.4 inches thick and weighing 22.6 ounces[ii], the Excite 10 SE is encased with a textured Fusion Lattice finish, making it comfortable to hold and easy to carry. The tablet offers a vibrant 10.1-inch diagonal AutoBrite™ HD touchscreen display[iii] plus the NVIDIA® Tegra® 3 Super 4-PLUS-1™ quad-core processor[iv] that delivers smooth web browsing and outstanding performance for games, HD movies and more.

Stereo speakers with SRS® Premium Voice Pro create an optimized audio experience for music, video and games, while providing greater clarity for video chatting via the tablet’s HD front-facing camera. The Excite 10 SE also includes a 3 megapixel rear-facing camera with auto-focus and digital zoom for capturing HD video and photos. Featuring a wide range of connectivity, the tablet includes 802.11 b/g/n Wi-Fi®, Bluetooth® 3.0, as well as Micro SD and Micro USB ports for expandability. The tablet also charges conveniently via the Micro USB port.

Availability

The Excite 10 SE will be available starting at $ 349.99 MSRP for the 16GB model at select retailers and direct from Toshiba at ToshibaDirect.com on December 6, 2012.

Get more from BGR.com: Follow us on Twitter, Facebook

Wireless News Headlines – Yahoo! News

Read More..