Wednesday, January 18, 2012

Citi helped by better loans, hurt by choppy market (AP)

NEW YORK ? Citigroup's loan portfolio improved late last year, partly because Americans were better about paying down credit card debt. But choppy financial markets hurt its investment banking profits, and the bank missed Wall Street expectations.

The bank said Tuesday that profit fell 11 percent in the last three months of last year. Besides making less money on investment banking, the bank lost money because of a quirky accounting rule related to the value of its corporate bonds.

Citi made $1.16 billion, or 38 cents per share, on revenue of $17.2 billion. The results fell short of the 54 cents per share estimated by analysts surveyed by FactSet, a provider of financial data.

A year earlier, in the fourth quarter of 2010, Citigroup made $1.3 billion on revenue of $18.4 billion.

Citi's stock fell 3 percent to $29.76 in Tuesday morning trading. It has plummeted 23 percent in the past six months as investors worry about the losses Citi would incur if the Greek government can't pay its debts and the European debt crisis gets worse.

At year's end, Citi held $33.4 billion in debt issued by European countries and loans to businesses in debt-hobbled countries such as Greece, France, Belgium and Ireland.

"Europe remains a dark cloud," John Gerspach, Citi's chief financial officer, told reporters after the financial results were released. But he said the bank had hedged its bets well and was "highly confident" that the losses would be contained.

Citigroup's broad international profile helped its results. Its business and consumer loans grew 14 percent to $465 billion, with most of the growth coming from Latin America and Asia.

As Americans pay down debt, the bank's credit card portfolio is improving. The number of Citi customers late with payments by 90 days or more fell 30 percent from the same period a year earlier.

Its losses from loans fell 40 percent, a bigger decline than the bank had anticipated. That allowed Citi to take a profit of $1.5 billion from the reserves the bank had kept aside for such losses.

But the volatile stock and bond markets in the fourth quarter led to a decline of 45 percent in Citi's investment banking revenue, to $638 million. The bank made less money on debt and equity underwriting and fees from advising on mergers and acquisitions.

Citi, one of the worst-hit banks during the financial crisis, has been reducing the toxic loans in its portfolio ? a condition of its $45 billion federal bailout. Those assets declined 25 percent in the fourth quarter, reducing overall revenue.

The bank also took a loss of $40 million because of an accounting rule that applies to the value of the corporate debt that the bank sells to investors. The value of that debt rose in the fourth quarter, but the bank had to take a loss because it would have had to pay more to buy it back on the open market.

For all of 2011, Citigroup's income was $11.3 billion on revenues of $78.4 billion, compared to net income of $10.6 billion on revenues of $86.6 billion for the full year 2010.

This marks the bank's second straight full year of profits. Citi's results were badly hurt during the financial crisis, posting close to $40 billion in losses from 2008 and 2009 combined.

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20120117/ap_on_bi_ge/us_earns_citigroup

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PIC: Nick Cannon Makes First Public Appearance Since Health Scare (omg!)

PIC: Nick Cannon Makes First Public Appearance Since Health Scare

Mariah's man is on the mend!

A healthy Nick Cannon ascended the stage at the Warner Theatre in Washington, D.C. Saturday night for the BET Honors -- his first public appearance since his hospitalization and surgery for "mild kidney failure."? (Cannon left an Aspen, Colo. hospital last weekend.)

PHOTOS: Celeb health scares

Carrying son Moroccan Scott, 8 months, the 31-year-old America's Got Talent host presented his wife (clad in a form-fitting nude and black gown) Mariah Carey with an entertainer award and jokingly expained why Monroe, Moroccan's twin sister, was backstage.

PHOTOS: Moroccan, Monroe, and other babies of the year

"She's a diva like her mama." Added Carey: "We were both sewn into our dresses, so she couldn't make it out."

But Cannon paid emotional tribute to his wife (a "hero," he said) for tending to him during his illness -- making him soup at 3 a.m. "when my kidneys ain't acting right."

PHOTOS: Mariah and Nick's love story

"What most people don't get to experience is the human," he said at the podium. "To know you guys are honoring her tonight, I have to continue to honor her every day."

Get more Us! Follow us on Twitter, Friend us on Facebook, Subscribe to Us Weekly

Source: http://us.rd.yahoo.com/dailynews/rss/entertainment/*http%3A//us.rd.yahoo.com/dailynews/external/omg_rss/rss_omg_en/news_pic_nick_cannon_makes_first_public_appearance_since164759695/44186798/*http%3A//omg.yahoo.com/news/pic-nick-cannon-makes-first-public-appearance-since-164759695.html

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Tuesday, January 17, 2012

Study faults research linking hormone therapy to cancer | The Raw ...

By Agence France-Presse
Tuesday, January 17, 2012

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A landmark investigation which found that hormone treatment for the menopause boosts the risk of?breast cancer?is riddled with flaws, a new study published on Monday alleges.

The so-called Million Women Study (MWS) unleashed headlines when it was first published in 2003.

Based on questionnaires returned by more than a million post-menopausal women in Britain, it said?hormone replacement therapy(HRT) led to a rise in breast-cancer incidence.

Its estimate caused a wave of anxiety ? and much confusion ? among regulators and doctors and among women using HRT.

HRT uses the female hormones oestrogen or progestogen, sometimes combined, to ease menopausal symptoms such as hot flushes, loss of sex drive and vaginal dryness.

Updates of the MWS have finetuned the perceived risk. The MWS website says there is an increasedcancer?risk of 30 percent in oestrogen-only treatment, and a twofold risk in oestrogen-progestogen therapy, compared with women who do not take these drugs.

The risk increases the longer a woman uses HRT, but drops to normal level within five years after stopping use, the MWS says.

But an assessment published on Monday in the Journal of Family Planning and Reproductive Health says the MWS?s design has so many problems that a safe conclusion cannot be drawn.

?HRT may or may not increase the risk of breast cancer, but the MWS did not establish that it does,? the paper says bluntly.

Among half a dozen points, the authors say cancers detected within a few months of the study?s start would have already been present when the women were enrolled.

But these cases were not stripped out of the cancer count, it says.

The review also points to ?detection bias? through the choice of participants.

The volunteers were taking part in a breast screening programme when they were invited to join the study.

They would thus have already known about breast lumps and suspect lesions that point to breast cancer. As a result, the MWS found a 40-percent higher incidence of breast cancer among its volunteers ? regardless of whether they used?hormone therapy?or not ? than in the population at large.

The paper also notes that breast cancers typically take many years to develop. It was thus ?biologically implausible? that so many would have cropped up within a year or two of enrolment in the study, as the MWS maintained.

?The name ?Million Women Study? implies an authority beyond criticism or refutation,? say the authors, led by Samuel Shapiro, a professor of public health at the University of Cape Town, South Africa.

?Yet the validity of any study is dependent on the quality of its design, execution, analysis and interpretation. Size alone does not guarantee that the findings are reliable.?

In an email to AFP, the leaders of the MWS rebutted the criticism, saying that more than 20 studies had replicated its findings and a decline in the use of HRT had led to a fall in cases of breast cancer.

?Hormone-sensitive cancers are still three times as common in HRT users as in non-users or ex-users,? said Richard Peto, a professor of statistics and epidemiology at Oxford University.

Independent commentator Anne Gombel, a French professor who is a member of the International Menopause Society, said a complex picture about breast cancer was emerging.

Breast density, alcohol and obesity, and not just HRT are now emerging as risk factors that should be taken into account, and not just HRT, said Gombel.

?HRT does not carry the same risk and benefit for each woman; some women will have increased risks, some will have only benefits, and this also applies to breast cancer.?

Agence France-Presse

AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.

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Source: http://www.rawstory.com/rs/2012/01/17/study-faults-research-linking-hormone-therapy-to-cancer/

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Destiny's Child Crew on Beyonce's Baby Girl (omg!)

Destiny's Child Crew on Beyonce's Baby Girl

Destiny's Child members Kelly Rowland and Michelle Williams dished on Beyonce's new transition into motherhood over the weekend, breaking their silence on the birth of baby Blue Ivy Carter.

Kelly remained uncharacteristically tight-lipped when asked if Blue's features favored one of her famous parents.

"That will be something that everybody will have to experience the same way I did," Kelly told USA Today. "That's for her parents to disclose, not myself."

Looks like somebody's learning from past mistakes!

Judging from Michelle's comment, I think it's a safe bet to say that Blue takes after her mother: "She is absolutely gorgeous," said the singer. No offense to the father.

In an interview with People, Michelle revealed that at one point Beyonce was thought to be the least likely Destiny's Child member to become a mom.

"We were very shocked. We were laughing with each other the other day and she was like, 'Can y'all believe it? I was the anti - like no children for me,' and she's the first one [of us to have a baby]," Michelle said. "So it was so amazing to see her."

Source: http://us.rd.yahoo.com/dailynews/rss/entertainment/*http%3A//us.rd.yahoo.com/dailynews/external/omg_rss/rss_omg_en/news_destinys_child_crew_beyonces_baby_girl022900328/44200713/*http%3A//omg.yahoo.com/news/destinys-child-crew-beyonces-baby-girl-022900328.html

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Monday, January 16, 2012

S&P Cuts France's Debt Rating To AA, Finance Ministry Says

PARIS ? Ratings agency Standard & Poor's dealt a setback Friday to Europe's ability to fight off a worsening debt crisis by downgrading the government debt of France, Italy, Spain and Austria. But it kept Germany's at the coveted AAA level.

All told, S&P cut its ratings on nine eurozone countries.

The downgrades could drive up yields on European government debt as investors demand more compensation for holding bonds deemed to be riskier than they had been. Higher borrowing costs would put more financial pressure on countries already contending with heavy debt burdens.

The rating agency ended France and Austria's triple-A status. It also lowered Italy's and Spain's by two notches and did the same for Portugal and Cyprus. S&P also cut ratings on Malta, Slovakia and Slovenia.

"In our view, the policy initiatives taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone," S&P said in a statement.

France's downgrade to AA+ lowers it to the level of U.S. long-term debt, which S&P downgraded last summer.

S&P had warned 15 European nations in December that they were at risk for a downgrade.

France is the second-largest contributor behind Germany to Europe's financial rescue fund. The fund still has a rating of AAA. That means that it can borrow on the bond market at low rates.

Some analysts downplayed the impact of the downgrades.

"It's going to create bad headlines for a day or two," said Jacob Funk Kirkegaard, research fellow at the Peterson Institute for International Economics. But "there's no underlying new information ... This will be quickly forgotten."

Still, the cut in the French credit rating may lead bond traders to raise borrowing costs for the financial rescue fund, said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott, a financial firm.

"There's a legitimate reason to be concerned," he said. "A weaker France means a weaker bailout fund."

Stocks fell Friday as downgrade rumors reached the trading floors of Europe and the United States. But the declines were nothing like the wrenching swings of last summer and fall, when the debt crisis threw the markets into turmoil.

The Dow Jones industrial average in New York was down 0.5 percent. Stocks fell 0.6 percent in Germany, 0.5 percent in Britain and 0.1 in France, but each of those markets closed before Baroin made his announcement on French television.

Borrowing costs for the French government rose before the announcement. The yield on France's 10-year government bond rose to 3.1 percent from 3 percent earlier. That is still less than the 3.36 percent rate on the same bond last week and far below the 6.6 percent that Italy has to pay to borrow money from bond investors for 10 years.

Germany, the strongest economy in Europe, pays a yield of just 1.76 percent. The United States 10-year Treasury note paid 1.85 percent Friday, down 0.08 percentage points ? a sign that investors were seeking safety in U.S. debt.

Speaking on France-2 Television, French Finance Minister Francois Baroin said the downgrade of France's AAA sovereign debt rating was not "a catastrophe." He underscored that France still had a solid rating.

"The United States, the world's largest economy, was downgraded over the summer," Baroin said. "You have to be relative, you have keep your cool. It's necessary not to frighten the French people about it."

Earlier Friday, the euro hit its lowest level in more than a year and borrowing costs for European nations rose. Stock markets in Europe and the U.S. fell.

Fears of a downgrade brought a sour end to a mildly encouraging week for Europe's heavily indebted nations and were a stark reminder that the 17-country eurozone's debt crisis is far from over.

Earlier Friday, Italy had capped a strong week for government debt auctions, seeing its borrowing costs drop for a second day in a row as it successfully raised as much as euro4.75 billion ($6.05 billion).

Spain and Italy completed successful bond auctions on Thursday, and European Central Bank president Mario Draghi noted "tentative signs of stabilization" in the region's economy.

The downgrades could drive up the cost of European government debt as investors demand more compensation for holding bonds deemed to be riskier than they had been. Higher borrowing costs would put more financial pressure on countries already contending with heavy debt burdens.

In Greece, negotiations Friday to get investors to take a voluntary cut on their Greek bond holdings appeared close to collapse, raising the specter of a potentially disastrous default by the country that kicked off Europe's financial troubles more than two years ago.

The deal, known as the Private Sector Involvement, aims to reduce Greece's debt by euro100 billion by swapping private creditors' bonds with new ones with a lower value, and is a key part of a euro130 billion international bailout. Without it, the country could suffer a catastrophic default that would send shock waves through the global economy.

Prime Minister Lucas Papademos and Finance Minister Evangelos Venizelos met on Thursday and Friday with representatives of the Institute of International Finance, a global body representing the private bondholders. Finance ministry officials from the eurozone also met in Brussels Thursday night.

At Friday's Italian auction, investors demanded an interest rate of 4.83 percent to lend Italy three-year money, down from an average rate of 5.62 percent in the previous auction and far lower than the 7.89 percent in November, when the country's financial crisis was most acute.

While Italy paid a slightly higher rate for bonds maturing in 2018, which were also sold in Friday's auction, demand was between 1.2 percent and 2.2 percent higher than what was on offer.

The results were not as strong as those of bond auctions the previous day, when Italy raised euro12 billion and demand was strong for a sale of Spanish debt.

"Overall, it underscores that while all the auctions in the eurozone have been battle victories, the war is a long way from being resolved (either way)," said Marc Ostwald, strategist at Monument Securities. "These euro area auctions will continue to present themselves as market risk events for a very protracted period."

Italy's euro1.9 trillion in government debt and heavy borrowing needs this year have made it a focal point of the European debt crisis.

Italy has passed austerity measures and is on a structural reform course that Premier Mario Monti claims should bring down Italy's high bond yields, which he says are no longer warranted.

Analysts have said the successful recent bond auctions were at least in part the work of the ECB, which has inundated banks with cheap loans, giving them ready cash that at least some appear to be using to buy higher-yielding short-term government bonds.

Some 523 banks took euro489 billion in credit for up to three years at a current interest cost of 1 percent.

___

Contributing to this report were Associated Press writer Nicole Winfield in Rome, Associated Press writer Gabriele Steinhauser in Brussels and AP Business writers David McHugh in Frankfurt, Paul Wiseman in Washington and Matthew Craft in New York.

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Source: http://www.huffingtonpost.com/2012/01/13/sp-france-debt-rating_n_1205046.html

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Al Gore: Keith Olbermann committed to Current TV

(AP) ? Former Vice President Al Gore says Keith Olbermann remains committed to Current TV, despite his recent absence from political coverage.

Gore said Friday that Olbermann is "fine." Gore is the chairman of the left-leaning political TV network.

He is in Pasadena to promote Current's prime-time lineup that, starting this month, is including former Michigan Gov. Jennifer Granholm.

Olbermann is Current's most popular personality. He didn't participate in Iowa and New Hampshire political coverage, reportedly because he was upset over production problems at the network.

Gore says he's been having fun as a Current commentator on political nights but doesn't want his own show.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2012-01-13-TV-Current-Gore/id-228271f60d304380b1607c3f7f3d182d

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Sunday, January 15, 2012

Romney rivals seek SC theme, champion to stop him (AP)

CHARLESTON, S.C. ? With a week left to halt Mitt Romney from sweeping to a third straight victory, his GOP rivals are struggling in South Carolina for a theme, momentum and most crucially, one strong challenger to consolidate conservatives' misgivings about the front-runner.

The dynamics that lifted Romney to wins in Iowa and New Hampshire seem to be working for him here, even though South Carolina is often described as too evangelical and culturally southern for his background.

In some ways, the former Massachusetts governor is lucky, benefitting from a fractured opposition that has divided the anti-Romney vote for months. In other ways he is benefiting from shrewd and well-organized supporters. He uses TV ads to shore up his weaknesses and to batter the rivals he sees as most threatening.

In Iowa, the target was former House speaker Newt Gingrich, who plummeted under the barrage. In South Carolina, it's former Sen. Rick Santorum, a longtime champion of home-schooling, anti-abortion efforts and other social conservative causes.

Santorum nearly won the Iowa caucus, and some consider him the best bet for unifying the anti-Romney vote.

But a private group that supports Romney is pounding Santorum in South Carolina with TV ads and mailings. So is Rep. Ron Paul, the libertarian-leaning candidate who helped attack Gingrich in Iowa.

Paul's ads are especially harsh. They vilify Santorum for pushing pork-barrel projects as a Pennsylvania senator, and they portray him as an insincere conservative.

A group of social conservative leaders meeting in Texas voted Saturday to recommend Santorum as the Romney alternative. But a portion of them preferred Gingrich, who denied Santorum a two-thirds majority on their first head-to-head ballot, said Tony Perkins, president of the Family Research Council.

Perkins said the group's actions did not constitute an endorsement, adding that some participants will remain Gingrich supporters. He declined to say how he voted.

"Santorum was the preferred candidate by a significant majority," former presidential candidate Gary Bauer told The Associated Press by telephone from Texas. "They were all looking for the best Reagan conservative," he said. "It came down to things like, who do you most trust."

The Texas vote is obviously good news for Santorum. But it's unclear how much impact it will have in South Carolina's primary on Saturday.

The state is known for campaign surprises, and there's still time for twists and turns. Undercurrents of anti-Romney sentiment, perhaps fueled by his Mormonism, could be stronger than they seem.

But on the surface, at least, Romney is well-positioned with a week to go. If he wins South Carolina, only a seismic change in the campaign will keep him from becoming the nominee.

The next primary, on Jan. 31, is in Florida, a sprawling and expensive state where Romney's superior money and organization could essentially put the matter to rest, kicking off the general election against President Barack Obama.

"Romney is in good shape now, but the race is tightening," said LaDonna Ryggs, Spartanburg County GOP chairwoman.

There is little a barrage of ads depicting Romney as a heartless corporate raider is having much effect. He is airing a counter-ad defending his record at Bain Capital, which sometimes created jobs, and sometimes reduced them, when it restructured dozens of companies in the 1980s and `90s.

"That's what his job was, and he did it well," said Carleen Coffey, 51, who defended Romney even as she attended an event for Texas Gov. Rick Perry in Charleston.

The anti-Romney ad, aired by a group supporting Gingrich, has generated much comment in political and media circles. Many conservative leaders have condemned it, and Gingrich later back-pedaled, questioning the accuracy of the anti-Romney documentary film behind it.

For ordinary South Carolina Republicans, however, the ad risks being lost in an avalanche of TV commercials, which many voters say they ignore.

Romney's campaign events run like clockwork, while his opponents often suffer glitches and modest crowds. Gingrich, in particular, has left people scratching their heads.

He spoke at a home-ownership rally Thursday in Columbia that appeared to be dominated by Democratic speakers and attendees. Gingrich got a big introduction at a GOP barbecue Friday in Duncan, but he inexplicably didn't show up for many minutes. Santorum jumped into the void, working the room and getting valuable one-on-one time with voters.

Then on Saturday, Gingrich's scheduled telephone conference with voters never took place. The dial-in number was invalid.

Perry has faded. Once seen having a good chance to beat Romney in South Carolina, the drawling Texan is drawing small crowds at cafes and restaurants. Saturday morning in Mount Pleasant, about half the people at Page's Okra Grill didn't bother to stop eating or talking while Perry spoke in a corner.

The TV attack ads in South Carolina skip Perry. It's a sign of his perceived insignificance, although he could benefit if the others slice each other up.

Former Utah Gov. Jon Huntsman is getting even less attention.

Some people think Santorum is rising, but the attack ads might slow him. Santorum's boyish looks have always boosted his image as a principled crusader for unborn children and other causes. But the ads being aired by Paul's campaign and the pro-Romney group depict him as a conniving, old-fashioned politician who grabbed federal money for his state whenever possible.

"Some people are going to be swayed," said Alexia Newman, a South Carolina GOP activist and Santorum supporter. "If you know about his records, you know the ads are false," she said. But that requires Santorum to break through the noise and clutter of political commercials flooding the airwaves.

The pro-Romney PAC, Restore Our Future, is running $1 million in ads in the state this week, and more than $800,000 next week. Not all of them target Santorum, however. Santorum's campaign and a PAC that backs him are running pro-Santorum ads.

No single issue is dominating the primary. That makes it harder for any one Romney opponent to catch fire.

Religion and the military play bigger roles here than in Iowa, and especially New Hampshire. Romney has worked hard to address both.

He has built several events around military service, starting with his Veterans' Day trip to South Carolina last November. He has been campaigning lately with Sen. John McCain, the 2008 presidential nominee and Vietnam War hero.

As for religion, Romney has tried to portray himself as a moral and faithful man, without going into details of Mormonism. On Friday, a woman in Hilton Head asked him, "Do you believe in the divine saving grace of Jesus Christ?"

"Yes, I do," Romney replied, adding: "Our nation was founded on the principle...of religious tolerance and liberty in this land, and so we welcome people of other faiths."

Romney's campaign has produced a Web ad in which an anti-abortion activist endorses him. Romney supported abortion rights as Massachusetts governor.

Romney's main worries might involve currents he can't see. South Carolina has a reputation for dirty campaign tricks, although many Republicans here say it's mostly a thing of the past.

Whatever the case, an anonymous group has sent a text message purporting to be a Romney campaign item. But callers hear Romney being criticized on abortion.

___

Associated Press writers Julie Pace, Jim Davenport, Kasie Hunt and Philip Elliott contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/politics/*http%3A//news.yahoo.com/s/ap/20120114/ap_on_el_pr/us_gop_campaign

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