Obama warns of Scrooge Christmas

30 November 2012 Last updated at 16:33 ET

US President Barack Obama has warned of a “Scrooge Christmas” if tax breaks are not renewed for working families in a deal to avert a so-called fiscal cliff.

Mr Obama made the remarks as he tried to win public support for his plan on a visit to a toy-maker in Pennsylvania.

But Republican House Speaker John Boehner said talks with the White House had gone “almost nowhere”.

He said President Obama’s plan to raise $ 1.6tn (£1tn) of revenue over 10 years was not a “serious proposal”.

Planned tax rises and spending cuts due to take effect on 1 January could send the US back into recession, economists warn.

‘Lump of coal’

On Friday, Mr Obama toured the Rodon Group manufacturing facility, where parts for the children’s toy K’nex are made.

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“Start Quote

There’s a stalemate – let’s not kid ourselves”

End Quote John Boehner Speaker of the House

The Democratic president said it was the type of company that depended on middle-class customers to buy its goods, adding it would be hurt if ordinary Americans faced a tax rise.

In a speech at the factory, Mr Obama said both parties would have to “get out of our comfort zones” in order to negotiate a deal on the fiscal cliff, and pledged he would be willing to do the same.

He said that if Congress did not extend soon-to-expire tax breaks for the middle-class, it would be like receiving a “lump of coal” at Christmas.

“That’s a Scrooge Christmas,” Mr Obama added.

Tax cuts passed during the presidency of George W Bush are due to expire under the fiscal cliff.

Mr Obama favours extending the break for households earning below $ 250,000. But he wants taxes to rise for those on income above that sum.

Mr Boehner said that asking the top 2% of US taxpayers to pay more would deal a “crippling blow” to a fragile economy.

He also criticised as inadequate spending cuts that were proposed on Thursday by the Obama administration.

Treasury Secretary Timothy Geithner put forward a plan to congressional leaders that would raise $ 1.6 trillion in higher taxes over a decade.

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What is the fiscal cliff?

• Under a deal reached last year between President Obama and the Republican-controlled Congress, existing stimulus measures – mostly tax cuts – will expire on 1 January 2013


• Cuts to defence, education and other government spending will then automatically come into force – the “fiscal cliff” – unless Congress acts


• The economy does not have the momentum to absorb the shock from going over the fiscal cliff without going into recession

The proposal also envisages spending more money to help the unemployed and struggling homeowners.

And it called for savings of as much as $ 400bn from Medicare and other benefit programmes over 10 years.

Mr Boehner told reporters on Friday: “There’s a stalemate. Let’s not kid ourselves. Right now, we’re almost nowhere.”

Some Republicans have said they would consider increased tax revenue as part of a deal to avoid the fiscal cliff.

But the White House believes that simply ending tax deductions would not address the yawning budget deficit.

White House press secretary Jay Carney has indicated Mr Obama would not support any deal that did not increase tax rates on the wealthiest.

The fiscal cliff would suck about $ 600bn (£347bn) out of the economy.

The measures were partly put in place within a 2011 deal to curb the yawning US budget deficit.

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Egypt’s Mursi calls referendum as Islamists march

CAIRO (Reuters) – Egypt‘s President Mohamed Mursi called a December 15 referendum on a draft constitution on Saturday as at least 200,000 Islamists demonstrated in Cairo to back him after opposition fury over his newly expanded powers.

Speaking after receiving the final draft of the constitution from the Islamist-dominated assembly, Mursi urged a national dialogue as the country nears the end of the transition from Hosni Mubarak‘s rule.

“I renew my call for opening a serious national dialogue over the concerns of the nation, with all honesty and impartiality, to end the transitional period as soon as possible, in a way that guarantees the newly-born democracy,” Mursi said.

Mursi plunged Egypt into a new crisis last week when he gave himself extensive powers and put his decisions beyond judicial challenge, saying this was a temporary measure to speed Egypt’s democratic transition until the new constitution is in place.

His assertion of authority in a decree issued on November 22, a day after he won world praise for brokering a Gaza truce between Israel and the Palestinian Islamist Hamas movement, dismayed his opponents and widened divisions among Egypt’s 83 million people.

Two people have been killed and hundreds wounded in protests by disparate opposition forces drawn together and re-energized by a decree they see as a dictatorial power grab.

A demonstration in Cairo to back the president swelled through the afternoon, peaking in the early evening at least 200,000, said Reuters witnesses, basing their estimates on previous rallies in the capital. The authorities declined to give an estimate for the crowd size.

“The people want the implementation of God’s law,” chanted flag-waving demonstrators, many of them bussed in from the countryside, who choked streets leading to Cairo University, where Mursi’s Muslim Brotherhood had called the protest.

Tens of thousands of Egyptians had protested against Mursi on Friday. “The people want to bring down the regime,” they chanted in Cairo‘s Tahrir Square, echoing the trademark slogan of the revolts against Hosni Mubarak and Arab leaders elsewhere.

Rival demonstrators threw stones after dark in the northern city of Alexandria and a town in the Nile Delta. Similar clashes erupted again briefly in Alexandria on Saturday, state TV said.

“COMPLETE DEFEAT”

Mohamed Noshi, 23, a pharmacist from Mansoura, north of Cairo, said he had joined the rally in Cairo to support Mursi and his decree. “Those in Tahrir don’t represent everyone. Most people support Mursi and aren’t against the decree,” he said.

Mohamed Ibrahim, a hardline Salafi Islamist scholar and a member of the constituent assembly, said secular-minded Egyptians had been in a losing battle from the start.

“They will be sure of complete popular defeat today in a mass Egyptian protest that says ‘no to the conspiratorial minority, no to destructive directions and yes for stability and sharia (Islamic law)’,” he told Reuters.

Mursi has alienated many of the judges who must supervise the referendum. His decree nullified the ability of the courts, many of them staffed by Mubarak-era appointees, to strike down his measures, although says he respects judicial independence.

A source at the presidency said Mursi might rely on the minority of judges who support him to supervise the vote.

“Oh Mursi, go ahead and cleanse the judiciary, we are behind you,” shouted Islamist demonstrators in Cairo.

Mursi, once a senior Muslim Brotherhood figure, has put his liberal, leftist, Christian and other opponents in a bind. If they boycott the referendum, the constitution would pass anyway.

If they secured a “no” vote to defeat the draft, the president could retain the powers he has unilaterally assumed.

And Egypt’s quest to replace the basic law that underpinned Mubarak’s 30 years of army-backed one-man rule would also return to square one, creating more uncertainty in a nation in dire economic straits and seeking a $ 4.8 billion loan from the IMF.

“NO PLACE FOR DICTATORSHIP”

Mursi’s well-organized Muslim Brotherhood and its ultra-orthodox Salafi allies, however, are convinced they can win the referendum by mobilizing their own supporters and the millions of Egyptians weary of political turmoil and disruption.

“There is no place for dictatorship,” the president said on Thursday while the constituent assembly was still voting on a draft constitution which Islamists say enshrines Egypt’s new freedoms.

Human rights groups have voiced misgivings, especially about articles related to women’s rights and freedom of speech.

The text limits the president to two four-year terms, requires him to secure parliamentary approval for his choice of prime minister, and introduces a degree of civilian oversight over the military – though not enough for critics.

The draft constitution also contains vague, Islamist-flavored language that its opponents say could be used to whittle away human rights and stifle criticism.

For example, it forbids blasphemy and “insults to any person”, does not explicitly uphold women’s rights and demands respect for “religion, traditions and family values”.

The draft injects new Islamic references into Egypt’s system of government but retains the previous constitution’s reference to “the principles of sharia” as the main source of legislation.

“We fundamentally reject the referendum and constituent assembly because the assembly does not represent all sections of society,” said Sayed el-Erian, 43, a protester in Tahrir and member of a party set up by opposition figure Mohamed ElBaradei.

Several independent newspapers said they would not publish on Tuesday in protest. One of the papers also said three private satellite channels would halt broadcasts on Wednesday.

Egypt cannot hold a new parliamentary election until a new constitution is passed. The country has been without an elected legislature since the Supreme Constitutional Court ordered the dissolution of the Islamist-dominated lower house in June.

The court is due to meet on Sunday to discuss the legality of parliament’s upper house.

“We want stability. Every time, the constitutional court tears down institutions we elect,” said Yasser Taha, a 30-year-old demonstrator at the Islamist rally in Cairo.

(Additional reporting by Marwa Awad, Yasmine Saleh and Tom Perry; Editing by Myra MacDonald and Jason Webb)

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Facebook Cover Photos Are Disappearing

In the scope of a couple of days, several people — including Mashable staffers — have seen their Facebook cover photos disappear without explanation. The issue appears to be a move by Facebook to aggressively crack down on images that are considered promotional.

[More from Mashable: 500,000 Facebook Users Chase Fake $ 1 Million From Powerball ‘Winner’]

I first encountered the issue yesterday when Facebook ostensibly removed a promotional still from the TV series Doctor Who that I used as a cover photo. When I attempted to upload another image, I saw this message:

Pick a unique photo from your life to feature at the top of your timeline. Note: This space is not meant for banner ads or other promotions. Please don’t use content that is commercial, promotional, copyright-infringing or already in use on other people’s covers.

[More from Mashable: This Facebook App Gives Annoying Friends a ‘Time Out’]

Since we published the original article about the incident, several readers have come forward, reporting the same thing happened to them in the comments. In addition, three other Mashable staffers reported Facebook removing their cover photos in the last 24 hours.

When asked if there was some kind of crackdown going on, a Facebook spokesperson told Mashable via email that Facebook’s policies regarding photos and cover photos haven’t changed. Facebook’s terms of service specifies that a cover photo should be a “unique image that represents your Page.”

The exact reason why Facebook removed each cover is a mystery, since the user is not informed, except by the glaring empty space where the photo used to be. It could be due to a copyright violation or that the photo was deemed to “promotional.” Although Facebook removes the photo from the cover position, it doesn’t actually delete the photo itself.

“Facebook is in business to make money,” says Lou Kerner, a former social media analyst and founder of the Social Internet Fund. “The great thing about that is most ways they’re going to make money is by letting people do what they want — as long as it doesn’t break the law. For the most part, if they act in the user’s best interest, they act in their own best interests.”

While I speculated Facebook was removing cover photos to prevent the site from becoming too tacky, one of Mashable‘s commenters suggested Facebook was looking to preserve its business model. After all, if brands recruit “ambassadors” by encouraging — or paying — them upload promotional cover photos, that would detract from Facebook’s own tools that are meant to help brands engage with their fans on the service.

Disney, for example, offers fans of its franchises images to download that are specifically formatted for Facebook Timeline. If this is indeed a crackdown, that practice could cease.

“That seems more heavy-handed than Facebook generally acts,” says Kerner. “That sounds very egregious to me in terms of how they want brands and people to interact. I don’t see how Facebook benefits by not allowing a brand’s fans to engage with the brand like that.”

How widespread is the practice? It’s hard to say from the evidence so far, but based on Twitter reactions over the last day, it’s definitely been happening regularly. Although some users say the removed photos were their own, the pattern that seems to be emerging is that the photos are either promotional or violate copyright:

Why do you think Facebook is removing users’ cover photos and should it be doing so? Share your reactions in the comments.

1. Red Bull

Not only has Red Bull taken advantage of Timeline, it has also created a scavenger hunt with prizes to get fans interacting with the company’s history.

Click here to view this gallery.

This story originally published on Mashable here.

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“Hobbit” may bring a Hollywood ending to 2012 box office

LOS ANGELES (Reuters) – It took more than a decade, two directors and a lawsuit before “The Hobbit” made it to the big screen. Hollywood executives are crossing their fingers that the culmination of that journey will help smash movie box office records this year.

The film, which opens on December 14, is expected to contribute to the first annual box office increase in North America in three years, a sign that big movie studios have made more films enticing enough to get people into theaters and away from their TVs, games and the Internet.

“The Hobbit” follows this year’s other big box office successes “The Avengers,” which became the industry’s third-largest film with $ 623 million in U.S. sales, and “The Dark Knight Rises” and “The Hunger Games” which both passed $ 400 million.

Hollywood analysts predict the two months of the year that include “The Hobbit” and the finale of the “Twilight” vampire series may lift U.S. and Canadian ticket sales above the $ 10.6 billion record set in 2009.

“The fourth quarter is just gangbusters,” said box office watcher Phil Contrino, editor of the boxoffice.com website. “One movie after the other is exceeding expectations.”

Annual receipts are on track to end 5 percent above last year at $ 10.8 billion or more, projects Paul Dergarabedian, box office analyst for Hollywood.com. Ten films have already passed $ 200 million in ticket sales, compared to seven last year, when no film passed the $ 400 million mark.

That would be the first yearly box office increase in three years, and would be from a jump in admissions rather than a hike in ticket prices that traditionally fuel box office growth. Ticket prices are averaging $ 7.94, a penny increase from last year, according to the National Association of Theatre Owners.

Hollywood has raked in $ 9.7 billion so far in ticket sales and sold more than 1.2 billion tickets in the North American (U.S. and Canadian) market, 5.5 percent up on a year ago.

The industry thought it had a record in sight last year, only to see underwhelming performances from holiday releases such as thriller “The Girl with the Dragon Tattoo” and animated movie “Hugo,” which left ticket sales at a three-year low.

OFF THE COUCH

Studios face a difficult entertainment landscape in which consumers have an array of competing outlets for movie watching that includes DVR recordings, game players and movies streamed over computers and mobile phones.

Services like Netflix Inc have also made a dent in trips to the theater by offering cheap monthly rentals that make it easier to stay on the couch.

What has got people out of their homes, Hollywood moguls say, is a rise in the quality and variety of what is on screen.

This year, studios offered up a rush of big-budget blockbusters including “Skyfall,” the highest grossing of the 23 James Bond films that is still selling well with $ 227 million in domestic sales.

“Ted,” about a foul-mouthed stuffed bear, was a surprise winner with $ 219 million. Several mid-sized hits that won critical acclaim, including Steven Spielberg’s historical drama “Lincoln” and the Iran hostage thriller “Argo,” became box office darlings.

“There is something for everyone,” said Chris Aronson, president of domestic distribution at News Corp’s 20th Century Fox studio. “When we achieve that as an industry and the movies are of good quality, that’s when good things happen.”

Sony oiled up its Spider-Man franchise and collected $ 262 million by rebooting it with new stars Andrew Garfield and Emma Stone in “The Amazing Spider-Man.” Disney’s Pixar unit struck it big again with the animated movie “Brave.”

Hollywood did not escape some box office bombs. Two big-budget bets – board-game inspired thriller “Battleship” and outer space adventure “John Carter” – ranked among the most costly flops in movie history.

The mass killing at a Colorado movie theater in July marred the release of Batman film “The Dark Knight Rises.” But the film eventually grossed $ 448 million domestically, ranking as the year’s second-biggest.

Hollywood also overcame summer doldrums. The season that accounts for the bulk of yearly sales slumped 5 percent behind 2011. The second weekend in September produced the lowest-grossing weekend since 2001.

The pace quickened at the start of the holidays – the second-biggest movie going period – with “Twilight” finale “Breaking Dawn – Part 2″ and James Bond movie “Skyfall” leading record Thanksgiving sales of $ 291 million over five days.

“FOUR QUADRANT” FILM

That has got the industry’s hopes up for the Christmas season when families gather and shoppers fill malls. Comcast Corp’s Universal Pictures is releasing the musical adaptation “Les Miserables,” and The Weinstein Company offers up the Leonardo DiCaprio thriller “Django Unchained.” A street-brawling Tom Cruise returns in “Jack Reacher” from Viacom Inc’s Paramount Pictures.

But it is the dwarves and wizards from “The Hobbit: An Unexpected Journey,” that Hollywood is banking on to generate movie going mania. Set 60 years before the Oscar-winning “Lord of the Rings” trilogy, the movie is the kind that studios love – a “four quadrant” film that appeals to male, female, young and old, said Contrino of Boxoffice.com. He projects $ 137 million in opening weekend domestic sales, rising to $ 475 million through its theatrical run.

The film, based on the fantasy novel by J.R.R. Tolkien about the travels of hobbit Bilbo Baggins, almost did not make it to the screen at all. Director Peter Jackson made the “Lord of the Rings” trilogy when producers could not get “The Hobbit” rights that were held by MGM’s United Artists unit.

“The Hobbit“, also a trilogy, has been produced by MGM and Time Warner Inc but only after Jackson settled a lawsuit against Time Warner’s New Line Cinema unit in a dispute over profits from the “Rings” trilogy.

Now all the film has to do is delight fans with a new hobbit adventure across Middle Earth and deliver a record year for Hollywood.

(Reporting By Lisa Richwine. Editing by Jane Merriman)

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Investigation underway into N.J. train derailment, chemical leak

PHILADELPHIA (Reuters) – Federal transportation investigators have begun interviewing the crew of a train that was carrying hazardous materials when it derailed on a railroad bridge in New Jersey, officials said on Saturday.

National Transportation Safety Board Chairwoman Deborah Hersman said the agency would spend the next two weeks preparing a preliminary report on Friday’s accident in the industrial town of Paulson

A bridge collapse derailed seven of the 82 Conrail freight train cars, and a tanker car that fell into Mantua Creek leaked vinyl chloride into the waterway, which feeds into the Delaware River near Philadelphia.

More than 12,000 gallons (45,425 liters) of the highly toxic and flammable industrial chemical vinyl chloride leaked from a gash in the tanker car’s side following the derailment on Friday morning.

Twenty-two people were examined at a nearby hospital, but air monitors in the area did not register any problem, officials have said. Exposure to vinyl chloride can cause a burning sensation in the eyes or respiratory discomfort.

Investigators are in the process of obtaining records from Conrail on inspections of the bridge over the Mantua Creek. They are also examining a derailment on the bridge in 2009, as well as any possible impact on the bridge from the high winds and rising waters that accompanied Superstorm Sandy.

“We are continuing to question the crew to get additional information,” Hersman said at a press briefing. “We still have some work to do.”

State Senator Steve Sweeney, whose district includes Paulsboro, told Reuters on Saturday that 106 residents who live close to the crash scene were evacuated from the area on Friday night in case any more of vinyl chloride escaped into the air or water.

“What it really was was just to be cautious,” Sweeney said. The residents will be out of their homes for several days, and are staying with friends and relatives or hotels, he said.

Conrail is jointly owned by rail operators CSX Corp and Norfolk Southern Corp.

(Editing by Paul Thomasch and Sandra Maler)

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Obama cranks up “fiscal cliff” pressure, Boehner says talks stalemated

HATFIELD, Penn. (Reuters) – President Barack Obama turned up the pressure in “fiscal cliff” talks on Friday, hitting the road to drum up support for his drive to raise taxes on the wealthy and warning Americans that Republicans were offering them “a lump of coal” for Christmas.

In a visit to a Pennsylvania toy factory, Obama portrayed congressional Republicans as Scrooges who risked sending the country over the fiscal cliff rather than strike a deal to avert the tax increases and spending cuts that begin in January unless Congress intervenes.

In Washington, House of Representatives Speaker John Boehner declared a stalemate in the talks and said Obama’s plan to raise taxes on the rich was the wrong approach.

“There is a stalemate. Let’s not kid ourselves,” the Ohio Republican said. “Right now we are almost nowhere.”

Lawmakers are nervously eyeing the markets as the deadline approaches, with gyrations likely to intensify pressure to bring the drama to a close.

Major stock market indexes fell as Boehner spoke but recovered afterward. It was a repeat of the pattern earlier in the week when the Speaker offered a gloomy assessment.

The latest round of high-stakes gamesmanship focuses on whether to extend the temporary tax cuts that originated under former President George W. Bush beyond their December 31 expiration date for all taxpayers, as Republicans want, or just for those with income under $ 250,000, as Obama and his fellow Democrats want.

“If Congress does nothing, every family in America will see their taxes automatically go up on January 1,” Obama said during his visit to a factory in suburban Philadelphia. “That’s sort of like the lump of coal you get for Christmas. That’s a Scrooge Christmas.”

Obama, who made higher tax rates for the wealthy a centerpiece of his re-election campaign, said Americans should pressure Republicans to quickly agree to extend the middle-class tax cuts that cover 98 percent of the public.

“We already all agree, we say, on making sure middle-class taxes don’t go up. So let’s get that done. Let’s go ahead and take the fear out for the vast majority of American families so they don’t have to worry,” Obama said at The Rodon Group factory, which makes K’NEX building toy systems as well as Tinkertoys and consumer products.

‘VICTORY LAP’

Obama’s trip to Pennsylvania was part of a renewed public relations push on the fiscal cliff that the White House hopes will build support for his stance. The effort has infuriated Republicans, with Boehner calling it a “victory lap” on Thursday as he rejected Obama’s proposals to avoid the cliff.

“It tells you he’s not interested in negotiating. He’s more interested in traveling around the country trying to campaign,” Representative Jim Gerlach, a Pennsylvania Republican, said on CNBC on Friday.

The effort continues next week, as Treasury Secretary Timothy Geithner, Obama’s lead negotiator in the talks, makes the rounds of television talk shows on Sunday. Obama will meet a bipartisan group of governors at the White House on Tuesday, and the president will address the Business Roundtable on Wednesday.

Boehner is scheduled for an appearance on Fox News Sunday.

Obama and Boehner both said they still believe the two sides can work together to find a solution before the end-of-year deadline.

But Boehner has been scrambling to keep his House Republicans in line, with some signaling more flexibility on ways to find a combination of new revenue and spending cuts that could yield an agreement.

Most House Republicans refuse to back higher rates, preferring to raise revenue through tax reform. But some have suggested they would support a deal with higher rates for the rich if it includes significant cuts in the government-sponsored Medicare and Medicaid healthcare entitlement programs.

Senate Republican Leader Mitch McConnell of Kentucky told the Wall Street Journal in an interview that Republicans would agree to more revenue – although not higher tax rates – if Democrats agreed to such changes as raising the eligibility age for Medicare and slowing cost-of-living increases in the Social Security retirement program.

House Democratic Leader Nancy Pelosi of California, who has opposed such changes, brushed off the comments. “Nothing new in that statement from Mitch McConnell,” she said.

Moderate Republican Representative Steven LaTourette of Ohio, who is retiring at year’s end, said he would back some high-end tax rate increases if the deal reforms Medicare.

He said he would support new limits on high-income earners’ Medicare benefits, and raising the eligibility age for entitlement programs.

Obama said he was encouraged by the shifting views of some Republicans, and urged House approval of a bill that has already cleared the Democratic-controlled Senate that would lock in the middle-class tax cuts and raise the rates for the rich.

“If we can get a few House Republicans on board, we can pass the bill … . I’m ready to sign it,” Obama said.

(Additional reporting by Richard Cowan, Thomas Ferraro, Kim Dixon, Edward Krudy; Writing by John Whitesides; Editing by Fred Barbash and Xavier Briand)

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Oliver Stone, Benicio del Toro visit Puerto Rico

SAN JUAN, Puerto Rico (AP) — Benicio Del Toro didn’t wait long to collect on a favor that Oliver Stone owed him for working extra hours on the set of his most recent movie, “Savages”, released this year.

The favor? A trip to Del Toro‘s native Puerto Rico, which Stone hadn’t visited since the early 1960s.

“I told him, you owe me one,” Del Toro said with a smile as he recalled the conversation during a press conference Friday in the U.S. territory, where he and Stone are helping raise money for one of the island’s largest art museums.

Del Toro, wearing jeans, a black jacket and a black T-shirt emblazoned with the name of local reggaeton singer Tego Calderon, waved to the press as he was introduced.

“Hello, greetings. Is this a press conference?” he quipped as he and Stone awaited questions.

Both men praised each other’s work, saying they would like to work with each other again.

“I deeply admire him as an actor, the way he thinks, the way he expresses himself,” Stone said. “Of all the actors I’ve worked with, he’s the most interesting.”

Stone said Del Toro always delivers surprises while acting, even when it’s as something as subtle as certain gestures between dialogue.

“I think Benicio is the master of keeping you watching,” he said.

Stone said he enjoys meeting up with Del Toro off-set because he’s one of the few actors in Hollywood who can talk about something other than movies.

“He is very interested in the world around him,” Stone said, adding that the conversations sometimes center around politics and other topics.

Del Toro declined to answer when asked what he thought about Puerto Rico’s referendum earlier this month, which aimed to determine the future of the island’s political status. He said the results did not seem to point to a clear-cut outcome.

Del Toro then said he would like the island’s movie business to grow, especially in a way that would encourage learning.

“I’m talking about movies in an educational sense, as a way to discover other parts of the world,” he said. “Create a film class. You’ll see, kids won’t skip it.”

Del Toro also shared his thoughts on being a father after having a daughter with Kimberly Stewart in August 2011.

He said the girl is learning how to swim and is discovering the world around her.

“She has her own personality,” Del Toro said. “She’s not her mother. She’s not me.”

Both Del Toro and Stone are expected to remain in Puerto Rico through the weekend to raise money for the Art Museum of Puerto Rico, which is hosting its annual movie festival and will honor Stone’s movies.

Museum curator Juan Carlos Lopez Quintero said the money raised will be used to enhance the museum’s permanent collection, especially with Puerto Rican paintings from the 19th century and early 20th century.

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Act of kindness turns New York cop into media darling

NEW YORK (Reuters) – The U.S. national media just got the perfect holiday gift: a feel-good tale about a young police officer who dug into his own pocket to put boots on a barefoot panhandler on a freezing city sidewalk.

Even better was the way the story of New York City Police Officer Larry DePrimo‘s kindness unfolded.

Thanks to a blurry Facebook photo snapped on a cell phone by a tourist who happened the incident in Times Square, DePrimo, 25, went from anonymous Good Samaritan to national media celebrity in less than 72 hours.

The photo of the officer crouching with the new pair of boots next to the bedraggled man was featured on the front pages of New York‘s two popular tabloids, the New York Post and the New York Daily News, on Friday. An article describing the good deed was the most viewed story of The New York Times’s website on Friday morning.

DePrimo told and retold the story of his labor of love in interviews Friday on a half dozen national TV morning shows, including NBC’s “Today” show, ABC’s “Good Morning America,” CBS’s “Morning Show,” CNN’s “Starting Point” and Fox News’s “Fox & Friends.”

“We’ve been speaking a lot the last couple of days about who should be the ‘Time’ person of the year — Time magazine. I’d like to nominate you,” “Fox & Friends” host Gretchen Carlson told DePrimo.

Little was known about the man to whom DePrimo gave the boots. He is said to be a veteran who was at one time homeless and was placed in veterans’ housing sometime in the past year, according to NBC 4 New York.

DePrimo’s story has been particularly appealing because most pictures and video civilians take of police officers expose cruelty, not generosity, said Roy Peter Clark, a senior scholar at the Poynter Institute in St. Petersburg, Florida.

In contrast, “everything about this feels good and right and worthy,” Clark said, adding that the way the story came to the media’s attention contributed to its poignancy.

Squeezed into the spotlight was Jennifer Foster, the tourist who quietly snapped the photo of DePrimo that was posted to the New York Police Department’s Facebook page on Tuesday afternoon. She was flown to New York from Arizona for a Friday morning appearance on “Today” with DePrimo – meeting him for the first time.

“We decided that we were best friends now,” Foster said on the program.

Back in Times Square, television trucks and their crews swarmed the Skechers store where DePrimo bought the boots with the help of a worker who rang up the purchase with his employee discount. Even the small kindness of the discount triggered a wave of thank you calls and emails to the store, including from a retired detective from Arizona, said assistant manager Holli Barton.

(Reporting by Peter Rudegeair; Editing by Barbara Goldberg and Leslie Adler)

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Korean pop rides “Gangnam Style” into U.S. music scene

LOS ANGELES (Reuters) – “Gangnam Style,” the catchy Korean song by rapper Psy, may have danced its way into the American charts but the Korean pop industry isn’t horsing around when it comes to capitalizing on the singer’s phenomenal U.S. success.

With “Gangnam Style” topping the current Billboard Digital Songs chart and becoming the most-watched video on YouTube ever with more than 800 million views, fellow Korean pop, or K-pop, artists are positioning themselves for similar U.S. breakthroughs.

Korea’s pop music industry is thriving. Over the past two years, a handful of K-pop acts including girl group 2NE1, boy band Super Junior and nine-piece band Girls Generation have embarked on mini-promotional tours around the United States to build their audience.

“Psy has opened doors and is shining a spotlight on K-pop. People are paying attention to what’s being done there,” Alina Moffat, general manager at YG Entertainment group, which manages Psy, told a recent entertainment industry conference in Los Angeles.

Psy’s vibrant music video, featuring his invisible pony-riding dance, also featured K-pop artists Kim Hyun-a of girl band 4Minute, and Deasung and Seungri of boy band Big Bang, all of whom are attempting to crack the U.S. market.

“YouTube has really changed the awareness of K-pop. Both American kids and second-generation Korean American kids are discovering it,” Kye Kyoungbon Koo, director of the Korea Creative Content Agency, told a panel at a Billboard and Hollywood Reporter conference in Los Angeles in October.

MARKETING THE NEXT BIG THING

For U.S. companies looking to invest, K-pop is being marketed as the next big thing, boasting young, stylish and influential artists who command devoted fan followings.

Moffat said car companies and mobile phone brands were among those being courted at KCON, a convention held in October in Irvine in Southern California that showcased K-pop artists.

“Kids are coming, they’re engaged, they want to spend money and sponsors saw that,” Moffat said.

Whether Psy or other K-pop artists can command a global following to rival Lady Gaga, Justin Bieber or Rihanna remains to be seen, but John Shim, senior producer at MTV World, believes it is the right genre to compete with pop music’s biggest names.

“K-pop admittedly is a very niche genre but I also think it’s the best equipped of Asian pop to cater to the U.S. audience,” Shim told Reuters.

Psy has helped to break down language barriers, keeping “Gangnam Style” in its original Korean form instead of adapting it to English when it became an international hit.

The singer told Reuters he was persuaded to keep it that way by his manager Scooter Braun, the talent scout responsible for Justin Bieber’s success, who signed Psy to his record label.

“I thought, ‘Should I translate this or not?’ because (the fans) have got to know what I’m talking about, and lyrics are a huge part,” Psy said.

CHATTING IN ENGLISH

But industry executives say at least one member of each K-Pop group is usually taught to be fluent in conversational English.

“The investment in language is costly, but effective,” said Ted Kim, president of South Korean music television channel Mnet. “It really matters that Psy can go on the Ellen DeGeneres TV show and have a conversation.”

Psy said he was proud his song succeeded in Korean, but he now wants to branch out into English.

“‘Gangnam Style’ is not the sort of thing that’s going to happen twice. I’ve definitely got to make something in English so I can communicate with my fans right now,” the singer said.

In Korea, bands such as SM Entertainment’s Super Junior and Girls Generation have became branding powerhouses, scoring endorsements ranging from cosmetics, fashion, video games, electronics and beverages.

In the United States, companies such as Samsung have already jumped on the K-pop train, sponsoring Korean boy band Big Bang’s U.S. tour.

But while the genre is gaining steam in the charts, it has yet to spill into ticket sales for tours, according to Gary Bongiovanni, editor in chief at Pollstar.com, which tracks concert sales.

“Psy may be able to sell out arenas in Asia, but not yet here. For the American audience, he has to prove that he’s more than a novelty act,” Bongiovanni said.

“K-pop has to prove itself before large companies spend money on it,” he added.

(Editing by Jill Serjeant and Eric Walsh)

Music News Headlines – Yahoo! News

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New Jersey bridge collapse derails freight train; chemical leaks

PAULSBORO, New Jersey (Reuters) – A railroad bridge collapsed on Friday over a creek in southern New Jersey, causing a Conrail freight train to derail and spill hazardous chemicals into the air and water, authorities said.

Seven of the 82 cars derailed, and a tanker car that fell into Mantua Creek leaked vinyl chloride into the waterway, which feeds into the Delaware River near Philadelphia, said Deborah Hersman, chairwoman of the National Transportation Safety Board.

More than 12,000 gallons (45,425 liters) of the highly toxic and flammable industrial chemical leaked from a gash in the car’s side, local officials said.

Twenty-two people were examined at a nearby hospital as a precaution and were doing fine, said Larry Ragonese, a spokesman for the New Jersey Department of Environmental Protection.

Ragonese said the health danger and environmental impact were minimal.

“Initially there was a release of gas into the air that affected some nearby residents and people working right in that area,” he said.

Air quality monitors in the area did not register any problem, said Lawrence Hajna, also with the DEP. “All the levels are coming in within our safety range.”

Exposure to vinyl chloride can cause a burning sensation in the eyes or respiratory discomfort, the DEP said.

The accident took place at about 7 a.m. EST (1200 GMT) in Paulsboro. Area residents initially were told to stay indoors, with windows shut, and local schools were closed.

The leak was contained and no longer posed a threat, and authorities were using booms to trap the chemical in the water, Ragonese said.

At the scene, one of the freight cars was nearly vertical, nose-down and partly submerged in the creek. Other cars lay jumbled on the collapsed bridge and the embankment.

“It’s part of living in Paulsboro, with refineries and trains. We accept it,” said resident John Diamond, 53, who was taking photographs.

The area is thick with chemical plants, and two refineries, PBF Energy’s Paulsboro and NuStar’s Asphalt, are nearby.

TANK “BREACHED”

The head of the Gloucester County, New Jersey, Office of Emergency Management, Tom Butts, said the leaking tanker car in the water had a tear in it, and the tank was “breached.”

About half of its contents leaked out, he said.

The tank was carrying some 25,000 gallons (94,635 liters) of the chemical, said John Burzichelli, a state assemblyman and former mayor of Paulsboro.

“When you live between two oil refineries, you have a sense that these things can happen,” he said.

Locals fish and go crabbing and jet-ski in the creek in the warm months, Diamond said.

Jeff Tittel, director of the New Jersey Sierra Club, said improved safety procedures, inspection, enforcement and oversight are needed to help prevent such accidents.

“This time it was … vinyl chloride. What if it was chlorine?” he said, referring to a chemical that is extremely dangerous if inhaled and has the potential to explode.

Also, he said there is no mechanism to alert communities to what kinds of chemicals trains are carrying through the states.

He questioned the integrity of the bridge, which is owned and operated by Conrail, since Superstorm Sandy slammed into New Jersey on October 29, causing surges in area waterways.

The cause of the accident was undetermined. The National Transportation Safety Board is investigating, and members of the agency arrived at the scene mid-afternoon.

NTSB’s chairwoman said four out of the five train cars that were on the bridge when it collapsed landed in the creek, and two other cars rolled onto the embankment.

“We have requested a great deal of information from the railroad” as part of the investigation, Hersman said.

Conrail said the train consisted of two locomotives, 82 rail cars and one caboose.

“We very much regret the impact on the local community,” said Conrail spokesman John Enright, who was at the scene. “We will be working very closely with federal investigators to determine the cause.”

The bridge underwent extensive repairs after getting damaged in a 2009 derailment of a coal freight train, Burzichelli said.

“That bridge is very old. It’s not a good day for Conrail,” Burzichelli said, adding that the bridge carries three major freight trains daily.

New Jersey State Senate President Steve Sweeney, also on the scene, said a nearby homeowner reported hearing a “loud bang” from the bridge about two days ago. Burzichelli said Conrail had come out to examine it in response.

Conrail is jointly owned by rail operators CSX Corp and Norfolk Southern Corp.

(Additional reporting by Edith Honan and Ellen Wulfhorst; Writing by Ellen Wulfhorst; Editing by Vicki Allen and Xavier Briand)

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Boehner sees no progress in fiscal cliff talks

WASHINGTON (Reuters) – House of Representatives Speaker John Boehner said on Thursday that “fiscal cliff” talks with the White House had made no substantive progress and criticized President Barack Obama and Democrats for failing to get serious about including spending cuts in a final deal.

Boehner said he was “disappointed” after a phone call with Obama on Wednesday night and a meeting with Treasury Secretary Timothy Geithner on Thursday moved the two sides no closer to an agreement to avert the tax hikes and spending cuts that will be triggered at the start of 2013 unless Congress intervenes.

“I’m disappointed in where we are and disappointed in what’s happened over the last couple of weeks,” Boehner, of Ohio, told reporters after a private session with Geithner at the Capitol.

“No substantive progress has been made in the talks between the White House and the House over the last two weeks,” he said. “There’s been no serious discussion of spending cuts so far, and unless there is, there’s a real danger of going off the fiscal cliff.”

Markets dipped briefly into negative territory on Boehner’s comments, continuing a pattern of gyration based on the latest utterance or headline about the outlook for an agreement to avert the fiscal cliff.

The tone was in sharp contrast to the one expressed on November 16, the last time Obama met with congressional leaders. Boehner then stood next to Democratic leaders and voiced optimism they could find common ground in fiscal cliff negotiations.

Complicating the debate on Thursday was a renewed fight over raising the U.S. debt ceiling. That explosive issue, which could have been handled separately in the spring, was thrust into the fiscal cliff fray on Thursday in an exchange between Republicans and Democrats.

Boehner said any debt limit increase needed to be matched or exceeded by spending cuts to be proposed by Obama as part of the cliff negotiations.

‘DEEPLY IRRESPONSIBLE’

White House spokesman Jay Carney responded by demanding that Congress go ahead and raise the debt ceiling as part of any year-end deal to avoid the cliff. To do otherwise, he said, would be “deeply irresponsible.”

The last partisan fight over the nation’s borrowing limit in 2011 was settled by a law that led directly to the fiscal cliff and to a downgrade of the government’s credit rating.

Geithner, Obama’s top negotiator in the talks, met with congressional leaders from both parties at the Capitol as the end-of-year deadline approaches to avoid the onset of $ 600 billion in tax hikes and spending cuts that analysts warn could push the U.S. economy back into recession.

The immediate issue is whether the tax cuts that originated in the administration of former President George W. Bush should be extended beyond December 31 for all taxpayers including the wealthy, as Republicans want, or just for taxpayers with income under $ 250,000, as Obama and his fellow Democrats want.

Republicans have said they are willing to consider new ways to raise revenue as long as Democrats and Obama agree to accompany it with significant spending cuts, particularly to entitlement programs like the government-sponsored Medicare and Medicaid healthcare plans.

“Without spending cuts and entitlement reform, it’s going to be impossible to address our country’s debt crisis. Right now, all eyes are on the White House,” Boehner said.

Boehner said Geithner and the administration had not offered any new plans during the meeting to break the impasse, while Senate Democratic leader Harry Reid said Democrats were still waiting for a “reasonable” proposal from Republicans.

Carney said the president had put forward “very specific spending cuts,” including some in the entitlement healthcare programs, but had not seen any movement from Republicans.

CRACKS IN REPUBLICAN RANKS

Despite a few cracks in Republican ranks, most notably from Republican Representative Tom Cole of Oklahoma, neither side has budged significantly in recent weeks from its position, leaving the markets and political analysts alike to grasp at wording nuances.

“I think unfortunately it seems pretty clear that the market is trading very much off the reading of the tea leaves on how these fiscal cliff negotiations are going,” said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.

In the absence of progress, or any realistic understanding as to when or if Republicans and Democrats might avert the cliff or come up with some deficit reduction agreement, prodding has started to come on a regular basis from business leaders as well as Federal Reserve officials.

New York Fed President William Dudley and Richard Fisher of the Dallas Fed, highlighted the problems that U.S. lawmakers were causing for both hiring and the economy with each day they fail to strike a deal to avoid a pending fiscal crisis.

Dudley said on Thursday that if it is not addressed, the economic contraction is likely to be larger than normal because interest rates are so low.

The post-election lame-duck session of Congress also has made clear that until the two sides get over the immediate tax issue, they will not be able to move forward on the serious discussions they desire on longer-term deficit reduction and tax reform.

Keeping the nation in suspense down to a white-knuckled deadline has become the rule rather than the exception for Congress in recent years.

Whether the risk has been a government shutdown or, as in the events that led to the fiscal cliff, default for failure to raise the U.S. government’s borrowing power, Republicans and Democrats have needed the pressure of time and possible disaster to bring them together.

(Additional reporting by Rachelle Younglai, Thomas Ferarro and Kim Dixon; Writing by John Whitesides and Fred Barbash; Editing by Peter Cooney)

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Noisy city: Cacophony in Caracas sparks complaints

CARACAS, Venezuela (AP) — This metropolis of 6 million people may be one of the world’s most intense, overwhelming cities, with tremendous levels of crime, traffic and social strife. The sounds of Caracas‘ streets live up to its reputation.

Stand on any downtown corner, and the cacophony can be overpowering: Deafening horns blast from oncoming buses, traffic police shrilly blow their whistles and sirens shriek atop ambulances stuck in bumper-to-bumper traffic.

Air horns routinely used by bus drivers are so powerful they make pedestrians on crosswalks recoil, and can even leave their ears ringing. Loud salsa music blares from the windows of buses, trucks with old mufflers rumble past belching exhaust, and “moto-taxis” weave through traffic beeping high-pitched horns.

Growing numbers of Venezuelans are saying they’re fed up with the noise that they say is getting worse, and the numbers of complaints to the authorities have risen in recent years.

One affluent district, Chacao, put up signs along a main avenue reading: “A honk won’t make the traffic light change.”

“The noise is terrible. Sometimes it seems like it’s never going to end,” said Jose Santander, a street vendor who stands in the middle of a highway selling fried pork rinds and potato chips to commuters in traffic.

Prosecutor General Luisa Ortega recently told a news conference that officials have started “putting an increased emphasis on promoting peaceful coexistence” by punishing misdemeanors such as violations of anti-noise regulations and other minor crimes. That effort has translated into hundreds of noise-related cases in recent years.

Some violators are ordered to perform community service. For instance, two young musicians who were recently caught playing loud music near a subway station were sentenced to 120 hours of community service giving music lessons to students in public schools.

Others caught playing loud music on the street have been charged with disturbing the peace after complaints from neighbors. Fines can run as high as 9,000 bolivars, or $ 2,093.

On the streets of their capital, however, Venezuelans have grown used to living loudly. The noisescape adds to a general sense of anarchy, with many drivers ignoring red lights and blocking intersections along potholed streets strewn with trash.

“This is something that everybody does. Nobody should be complaining,” said Gregorio Hernandez, a 23-year-old college student, as he listened to Latin rock songs booming from his car stereo on a Saturday night in downtown Caracas. “We’re just having fun. We’re not hurting anybody.”

Adding to the mess is the country’s notoriously divisive politics, which regularly fill the streets with marches and demonstrations.

On many days, the shouts of protesters streaming through downtown can be heard from blocks away, demanding pay hikes or unpaid benefits.

And the sporadic crackling of gunfire in the slums can be confused for firecrackers tossed by boisterous partygoers.

It’s difficult to rank the world’s noisiest cities because many, including Venezuela’s capital, don’t take measurements of sound pollution, said Victor Rastelli, a mechanical engineering professor and sound pollution expert at Simon Bolivar University in Caracas. But Rastelli said he suspects Caracas is right up there among the noisiest, along with Sao Paulo, Mexico City and Mumbai.

Excessive noise can be more than simply an annoyance, Rastelli said. “This is a public health problem.”

Dr. Carmen Mijares, an audiologist at a private Caracas hospital, said she treats at least a dozen patients every month for hearing damage caused by prolonged exposure to loud noises.

“Many of them work in bars or night clubs, and their maladies usually include temporary hearing loss and headaches,” Mijares said. For others, she said, the day-to-day noise of traffic, car horns and loud music can exacerbate stress and sleeping disorders.

Several cities have successfully reduced noise pollution, said Stephen Stansfeld, a London psychiatry professor and coordinator of the European Network on Noise and Health.

One of the most noteworthy initiatives, Stansfeld said, was in Copenhagen, Denmark, where officials used sound walls, noise-reducing asphalt and other infrastructure as well as public awareness campaigns to fight noise pollution.

But such high-tech solutions seem like a remote possibility in Caracas, where streets are literally falling apart and aging overpasses regularly lack portions of their guard rails. Prosecutors, angry neighbors and others hoping to fight the noise will have to persuade Venezuelans to do nothing less than change their loud behavior.

For Carlos Pinto, however, making noise is practically a political right.

The 26-year-old law student and his friends danced at a recent street party to house music booming from woofers in his car’s open trunk, with neon lights on the speakers that pulsed to the beat.

When asked about the noise, he answered: “We will be heard.”

___

AP freelance video journalist Ricardo Nunes contributed to this report.

___

Christopher Toothaker on Twitter: http://twitter.com/ctoothaker

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Zynga slides after updated agreement with Facebook

NEW YORK (AP) — Zynga shares tumbled nearly 12 percent in after-hours trading Thursday after the online game company and Facebook disclosed that they changed their relationship status to become less attached to each other.

Zynga Inc. said in a regulatory filing Thursday that it will no longer have to display Facebook ads or use Facebook payments on its own properties — such as Zynga.com. In addition Zynga will no longer be required to use Facebook as the exclusive social site for its games, or to grant Facebook exclusive games.

Facebook Inc., which filed a similar disclosure, will also be able to develop its own games after the end of March. Its deal with Zynga previously prohibited that.

The amendments change the companies’ 2010 contract that gave Zynga special status among Facebook game developers. San Francisco-based Zynga relies on Facebook for most of the revenue it generates, but the company has been working to establish its independence — while also maintaining ties with Facebook.

Zynga’s titles range from “FarmVille” to “CityVille” to “Words With Friends,” the Scrabble-like game made popular on mobile devices.

Zynga shares fell 31 cents, or 11.8 percent, to $ 2.31 in after-hours trading. The stock closed up 11 cents, or 4.4 percent, at $ 2.62 in the regular session.

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“Homeland” in, “Boardwalk Empire” out in PGA TV nominations

LOS ANGELES (Reuters) – Emmy-winning dramas “Homeland”, “Mad Men” and British period piece “Downton Abbey” will compete for the annual Producers Guild Awards for the top shows on U.S. television, organizers announced on Wednesday.

But last year’s winner – HBO’s lavish Prohibition-era gangster drama “Boardwalk Empire” – failed to make the cut this year with the Producers Guild of America, one of the leading professional guilds in Hollywood.

Instead, the producers of popular fantasy drama “Game of Thrones” and drug underworld show “Breaking Bad” round out the nominees for the top PGA prize in television.

The PGA also nominated the producers of comedies “Modern Family”, “The Big Bang Theory”, “Louie”, “30 Rock” and Larry David’s wry “Curb Your Enthusiasm” as contenders for its 2013 awards on the small screen.

In the reality genre, singing contest “The Voice” will go head to head with fashion show “Project Runway”, “Top Chef”, “Dancing with the Stars” and Emmy darling “The Amazing Race”.

Hollywood‘s guilds represent professionals in their respective industries, and recognition by peers can go a long way toward boosting a producer’s career.

The PGA will announce nominees in its closely watched movie category in early January, and hand out its awards for film and television at a ceremony in Hollywood on January 26.

(Reporting by Jill Serjeant; Editing by Dale Hudson)

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Health officials tell Greece to act fast to control HIV

LONDON (Reuters) – A spiraling outbreak of HIV in debt-stricken Greece could run out of control if urgent action is not taken, European health officials said on Friday.

The European Centre for Disease Prevention and Control (ECDC) said infections with the AIDS-causing virus among drug users and other high-risk groups were rising fast, and that a failure to act would mean far higher costs in future.

ECDC director Marc Sprenger will meet Greek officials this week to say that free needles, syringes and opioid substitution projects must be stepped up, and testing and treatment for the human immunodeficiency virus made available to all.

“Immediate concerted action is needed in order to curb and eventually stop the current outbreak,” he told Reuters as the ECDC published a report on Greece’s HIV problem.

Since 2009, recession in Greece has reduced economic output by a fifth and sent unemployment to a record high.

The healthcare system is under extreme pressure, making it harder for the poor, unemployed or homeless to get treatment.

While Greece has only 7.4 HIV infections per 100,000 people, compared to 10 per 100,000 in Britain or 27.3 in Estonia, rates have soared since 2011 in high-risk groups such as drug users.

From 2007 to 2010, there were only 10 to 15 cases a year of HIV infection in injecting drug users.

But during 2011, there were 256 such cases – or 27 percent of the total. Another 314 were reported between January and August 2012, most of them in the capital.

Combination drugs can give patients with HIV near-normal life expectancy, but the drugs must be taken for life, and cost 10,000 to 22,000 euros ($ 13,000 to $ 28,500) a year. Sprenger said Greece’s costs were at risk of running out of control.

“If a scale-up (in prevention and testing) is not achieved, it’s likely that HIV transmission among people who inject drugs in Athens will continue and even accelerate – and could eventually spread,” he said.

“The cost of prevention … will be significantly less than the provision of treatment to those who become infected.”

The ECDC said it was unclear how much Greece’s debt crisis has contributed to HIV outbreak.

Rates of other health problems such as depression and suicide have been rising in Greece, which is also battling the re-emergence of mosquito-borne diseases such West Nile Virus and malaria.

(Reporting by Kate Kelland; Editing by Kevin Liffey)

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The Needless Tragedy of Student Loan Defaults

For the first time on record, the delinquency rate on student loans has jumped above the rate for credit cards, car loans, or any other kind of consumer loan. The tragedy? Many of those loans will default, with stunningly harsh consequences, even though there are many good options for debt relief—deferment, forebearance, or reductions in monthly payments.

“There is actually no rational reason for a borrower to be delinquent or default on their loans,” says Mark Kantrowitz, president of MK Consulting in Cranberry Township, Pa., and operator of the FinAid.org website.

Borrowers who are unemployed, in the military, or back in school can ask for up to three years or full or partial deferment on repayment of a federal loan. For those who have a job but don’t earn enough to cover the monthly payment, there are six options: graduated repayment, extended repayment, income-based repayment, income-contingent repayment, income-sensitive repayment, and pay-as-you-earn repayment. In other words, the federal government will do just about anything to keep borrowers from giving up and walking away completely.

If that’s the carrot, here’s the stick: Defaulting is “like a trip through hell with no light at the end of tunnel,” says Kantrowitz. The federal government can garnish up to 15 percent of a borrower’s wages, Social Security disability, and Social Security retirement income without a court order. Unlike other debt, student loans can’t be discharged in bankruptcy. Collection charges of up to 20 percent can be skimmed off the top of payments—enough to turn a 10-year loan into a 19-year loan. To say nothing of the lasting damage to a borrower’s credit score, which will make it hard or impossible to get a credit card, auto loan, or mortgage.

And, oh, by the way, if you win the lottery, the first winner from your windfall is the Education Department.

With that kind of downside, why do so many people default on their student loans? Some may not understand their options, or put off dealing with the problem. Also, research shows that many borrowers consider their student loans illegitimate and don’t feel they should have to pay them back. In fact, default rates are four times as high for dropouts, who presumably feel they didn’t get their money’s worth.

There’s a cyclical factor, too. The Federal Reserve Bank of New York reported on Nov. 27 that the percentage of student loan balances that were 90 or more days delinquent rose to 11 percent in the July-September quarter, higher than the delinquency rate on credit cards since the survey began in 2003. The spike comes at a time when youth unemployment remains historically high. Even for those with jobs, people are paying ever more money for educations that don’t equip them for jobs that pay them enough to cover their debts, as I wrote earlier this year in “Debt for Life.”

At the same time, delinquency rates on credit cards, auto loans, and mortgages have been falling because bad credit has been washed out of the system. There’s no such cleansing mechanism for student debt, which now totals $ 956 billion in outstanding loans, according to the New York Fed. The federal Consumer Financial Protection Bureau, using different methodologies, says student loan debt passed the $ 1 trillion mark sometime last winter.

Then there’s the fact that some of these student borrowers were probably lousy bets for repayment in the first place. The federal government, which holds 85 percent of outstanding student debt, doesn’t make loans to students based on their ability to repay them. That may sound crazy, but it is designed to ensure that students of all backgrounds and income levels get a shot at a college degree.

That willful blindness also sets up the government for huge losses. The purpose of the draconian punishment for defaulters is to make up for the lack of sound underwriting on the original lending. Clearly, though, the threats aren’t working—and neither are the multiple repayment options the government offers.

Businessweek.com — Top News

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Wii U Sells 400,000 Units in First Week

Nintendo‘s Wii U sold 400,000 units during its first week of sales, and Nintendo’s president has said the console is “virtually sold out” at retailers.

[More from Mashable: YouTube-Exclusive ‘Halo’ Miniseries Nets 26 Million Views]

The Wii U, Nintendo’s next-generation console that features a touch screen as a controller centerpiece, was released on Nov. 18 across the United States. Despite large crowds at Nintendo’s flagship store in New York, users on Twitter reported there were few lines if they wanted to get their console on launch day.

The Wii U’s sales on made up only of a portion of Nintendo’s sales last week. Nintendo sold 300,000 Wii units last week; the console was released in 2006, but many retailers had Black Friday deals that dropped it under the $ 100 price point. Nintendo’s 3DS and DS handheld consoles also sold well, with 275,000 and 250,000 units respectively.

[More from Mashable: Double Fine Opens Top Secret Game Brainstorm to Fans]

For context, the Wii sold 475,000 units during its first eight days in the U.S. marketplace in 2006.

CNET reports that Nintendo of America President Reggie Fils-Amie said significant Black Friday discounts lead to the 8-year-old Nintendo DS to outsell the newer model. According to VGChartz, the 3DS has sold about 6 million units in America since being released last year.

BONUS: First Look at the Wii U

GamePad

The Wii U GamePad has a 6.2-inch touchscreen.

Click here to view this gallery.

This story originally published on Mashable here.

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Former boxing champ Mike Tyson to take one-man show on the road

LOS ANGELES (Reuters) – Former heavyweight boxing champion Mike Tyson plans to take his one-man theater show on the road across the United States early next year.

Tyson, 45, made the announcement on ABC’s late-night show “Jimmy Kimmel Live!” on Tuesday.

“Mike Tyson: Undisputed Truth” is an autobiographical monologue performed by Tyson in which he reflects upon his tough childhood in Brooklyn, the absence of his father and his self-described “reckless and destructive” behavior. It premiered in Las Vegas in April and had a run on Broadway.

Tyson, whose reputation was boosted by a cameo in the 2009 hit comedy “The Hangover,” told Kimmel that his inspiration for the show came from a one-man performance of “A Bronx Tale” in Las Vegas.

The 23-date tour, which features the Broadway show directed by Spike Lee, is scheduled to begin on February 12 in Indianapolis, Indiana, the city where Tyson was convicted in 1992 of raping then 18-year-old beauty queen Desiree Washington.

Tyson, who at the age of 20 became the youngest world heavyweight champion, served three years in prison before restarting his boxing career in 1995.

He later became better known for his erratic behavior than for his prowess in the ring. Tyson notoriously bit off portions of opponent Evander Holyfield’s ears in a 1997 bout and publicly said he wanted to eat British champion Lennox Lewis’ children.

Tyson retired from boxing in 2006.

(Reporting By Eric Kelsey; Editing by Patrica Reaney)

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Where You Work Matters When It Comes to Breast Cancer Risk

Regulations to protect workers from on-the-job hazards—and to compensate them for occupational harms—have a strong and storied history in the United States and Canada. But those protections are lacking for women who are at increased risk of breast cancer due to their occupation, says the author of a new study on breast cancer risk.

Previous research has hinted that some types of occupational exposures can raise the risk of breast cancer. Chemicals used in plastics manufacturing jobs, like polybrominated diphenyl esters—or PBDEs—are known carcinogens, as is secondhand tobacco smoke. Yet too little attention has been paid to women’s exposures to these chemicals and cancer risk, says Dr. James Brophy, adjunct faculty at the University of Windsor in Ontario, and a co-author of the new research.

The study, published in the journal Environmental Health, looked at women who were diagnosed with breast cancer in Essex or Kent Counties in Southern Ontario. Researchers  surveyed 1,006 women with breast cancer and a control group of 1,147 women without the disease regarding factors known to influence breast cancer risk—such as family history, use of hormone therapy, smoking, number of children and other factors. The women also described where they worked and their job activities.

MORE: Health Problems Linger in 9/11 First Responders

The study showed that women who worked for 10 years in jobs that involved exposure to chemicals had a 42 percent increased risk of breast cancer compared to women who worked in occupations without chemical exposures.

The findings should help shine a light on the link between breast cancer and occupational exposures, Brophy told TakePart.

“In cancer causality, there has been a real turning away from involuntary exposures since the late 1970s,” he says. “Cancer causality has been considered lifestyle choices, such as smoking, drinking, diet. Attention to other causes of cancer has been considered marginal. But the majority of women who get the disease don’t have the known or suspected risk factors. The disease is occurring among many healthy women. That’s opening up a major public health question about why. “

Breast cancer likely arises due to a combination of factors, such as genetics and outside influences, like chemical exposures or diet. But in the study, researchers found a clear link to some occupations even when controlling for many of the other risk factors for the disease.

MORE: Exercise May  Lower Breast Cancer Risk

Women who work in farming had a 36 percent increased risk of breast cancer, Brophy says. In Canada, he notes, employment in farming often begins early in a woman’s life. Early exposure to pesticides may account for the excessive risk.

The study also showed that the breast cancer type was linked to some occupations. For example, women in agricultural occupations with breast cancer were more likely to have a type known as estrogen receptor negative.

“That is the most difficult breast cancer to treat,” Brophy notes. “What we showed was these different occupational exposures were influencing the predominant type of tumor status in these women. That is a significant thing. It added weight that occupation was influencing the disease and the development of the disease.”

Breast cancer risk was almost double for women working in the Canadian car industry’s plastics manufacturing sector. The study showed that breast cancer risk was nearly five times higher in premenopausal women working in plastics and food canning. Breast cancer typically occurs after menopause.

MORE: BPA Toxins Found in Kids Canned Food

“The elevated risk for premenopausal women in auto plastics and canning was really very shocking,” he says. “These diseases are occurring among young women, which is normally a low-risk group.”

Overall, breast cancer risk was doubled for women working in food canning or tinning. Women in metalworking had a 73 percent increased risk of breast cancer.

Perhaps not as surprising, women employed in bars, casinos and at race tracks had double the risk of developing breast cancer, most likely due to secondhand tobacco smoke exposure.

More attention has been paid to the health effects of chemical exposures to males in particular industries, Brophy notes, such as the risk of lung cancer linked to mining. However, the theory that certain chemicals, called endocrine disruptors, can cause cellular changes during critical periods of breast development is well known in the medical world.

MORE: Toxic Strawberry Fields Forever?

“In occupational health, in general, there has been an ongoing tension about the lack of focus and concern about issues for women,” he says. There is a lack of attention to blue-collar occupations, but even less attention paid to the working conditions of women.”

Even in occupations where men and women hold the same position, women are affected differently and may require a different set of workplace protections, he says.

“A woman janitor in a hospital is assumed to have the same exposure as a male janitor in a hospital ,” he says. “The accepted idea is that their exposures are the same as men. But what we discovered in our study is often in these workplaces there is a division of labor in which men have certain tasks and women certain tasks and their exposures can be entirely different…Women have a different vulnerability. On the whole issue of hormonal disruption, what that means for a woman would differ than for a man.”

MORE: Produce Industry Says Quit Complaining About Pesticides

The concept that workers should be protected from occupational harm has been expanding in recent years in some areas. For example, some countries now recognize that working irregular shifts or night shifts can increase the risk of obesity and obesity-related diseases, like diabetes.

But there is still no workplace standard that accounts for exposure to chemicals that are known endocrine disruptors, Brophy says.

“There is very little being done to protect women from these exposures,” he says. “I think there is an awareness among workers. The problem has been what you can do about it.”

Emerging scientific evidence may give workers  an avenue to seek compensation for harms through the courts, Brophy adds.

“It’s only after you establish compensation that there is a real incentive for employers to do something about it,” he says.

Question: Should employers act now to protect female workers from an increased risk of breast cancer linked to particular occupations? Tell us what you think in the comments.

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Shari Roan is an award-winning health writer based in Southern California. She is the author of three books on health and science subjects.

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U.S. declines to name China currency manipulator

WASHINGTON (Reuters) – The Obama administration on Tuesday said China‘s currency remained “significantly undervalued” but stopped short of labeling the world’s second-biggest economy a currency manipulator.

In a congressionally mandated semi-annual report, the U.S. Treasury noted that yuan had risen 12.6 percent against the U.S. dollar in inflation-adjusted terms since June 2010. An official said it was up 9.7 percent on a nominal basis through Tuesday, when it closed at a record high.

Although Beijing keeps the yuan, also known as the renminbi, in a tight trading band, the Treasury said China did not meet the legal requirements to be deemed a currency manipulator. The label is largely symbolic but would require Washington to open discussions with Beijing on adjusting the yuan’s value.

The Chinese government had “substantially” reduced its intervention in foreign exchange markets since the third quarter of 2011 and loosened capital controls, the Treasury said in the report, which examines the currency practices of major U.S. trading partners.

“In light of these developments, Treasury has concluded that the standards … have not been met with respect to China,” it said. “Nonetheless, the available evidence suggests the renminbi remains significantly undervalued.”

During the U.S. presidential campaign, Republican candidate Mitt Romney pledged to label China a manipulator on his first day in office to show he would be tougher on the United States’ chief economic competitor than President Barack Obama.

Many U.S. businesses and lawmakers complain that China keeps the value of its currency artificially low to gain an advantage in trade.

But an international consensus is growing that the yuan is closing in on its fair value after about a decade at an artificially weak level. The International Monetary Fund softened its language on the yuan in July.

YUAN AT RECORD HIGH

The yuan closed at a record high on Tuesday as the central bank’s reluctance to let the currency rise more quickly limited trading activity.

The People’s Bank of China limits currency moves by allowing the yuan to rise or fall by only 1 percent from whatever rate the central bank sets that day.

It has been 18 years since the U.S. Treasury has designated any country a currency manipulator. China was so labeled five times from May 1992 to July 1994.

Charles Schumer, the No. 3 Democrat in the Senate and a longtime critic of China’s yuan policy, said the Treasury should label China a manipulator to be able to impose penalties on it.

“It’s time for the Obama administration to rip off the band-aid, and force China to play by the same rules as all other countries,” the New York senator said in a statement.

But the U.S.-China Business Council, which represents about 240 American companies that do business with China, applauded the latest decision.

“The exchange rate has little to do with the U.S. trade balance or employment,” council President John Frisbie said. “We need to move on to more important issues with China, such as removing market access barriers and improving intellectual property protection.”

The Treasury said further appreciation of the yuan would help China balance its economy toward consumption by giving households greater purchasing power.

The report also called on China to reduce its “exceptionally high” foreign exchange reserves and to publish data about its intervention in currency markets.

The Obama administration also used the report to keep pressure on South Korea to limit its intervention in foreign exchange markets.

South Korea says it intervenes to smooth the volatility of its won currency, but it has gone into the market throughout 2012, the Treasury report said. In July, the IMF said the won was undervalued by up to 10 percent.

“We will continue to press the Korean authorities to limit their foreign exchange interventions to the exceptional circumstances of disorderly market conditions,” the report said.

(Reporting by Anna Yukhananov, additional reporting by Doug Palmer; Editing by James Dalgleish and Dan Grebler)

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The Wii U sells out in its first week: Evidence of a Nintendo comeback?

The latest console from the videogame pioneer is flying off the shelves. But are the kids really still into Mario and Zelda?

Earlier this year, Nintendo posted its first annual loss in three decades, a grim omen for the pathbreaking videogame maker that introduced the world to classic characters like Mario, Donkey Kong, and Link. The Japanese company has struggled amidst an industry-wide decline in the sales of consoles and games, a trend partly attributed to the ever-growing popularity of tablets and smartphones. Nintendo’s last breakout success was the Wii, released in 2006, and there have been serious doubts that its successor, the Wii U, could sell as many units. However, since the Wii U went on sale in North America on Nov. 18, Nintendo has completely sold out of all 400,000 consoles shipped to retailers. “As soon as the Wii U hits the shelf, it’s selling out,” said Reggie Fils-Aime, the head of Nintendo’s U.S. operations.

The Wii U’s early success is a surprising indication of “strong demand for the company’s next generation of videogame devices,” says Ian Sherr at The Wall Street Journal. And during the week of Nov. 18, Nintendo also sold 300,000 units of the original Wii, as well as more than 500,000 units of its portable DS and 3DS systems, which could reflect a rebound in consumer demand as the economy continues its long slog of a recovery from the Great Recession. Nintendo says it expects to sell 5.5 million Wii U systems by the end of March 2013, the end of its fiscal year.

However, it’s important to remember that “Nintendo has a very dedicated audience that craves almost anything new the company has to offer, not unlike Apple’s fans,” says Nick Wingfield at The New York Times. “The real test of the Wii U’s durability will come when the product is in better supply and more casual gamers, who don’t dream about Mario and Zelda in their sleep, can more easily buy it.” In addition, rivals Sony and Microsoft are expected to unveil their new consoles sometime in 2013, putting extra pressure on Nintendo. 

And perhaps most importantly, Nintendo has to sell games. The Wii U — which retails for $ 299.99, and $ 349.99 for a more powerful model — is being sold at a loss. Nintendo hopes that users will continue to buy games in the years to come, particularly those that aren’t sold on other systems, such as the latest installments in the “Super Mario Bros.” and “Legend of Zelda” franchises. That’s among the keys to Nintendo’s future profitability.

Sources: The Los Angeles Times, The New York Times, USA Today, The Wall Street Journal

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