DealBook: In a Switch, Investors Are Buying European Bank Bonds

LONDON — European bank debt, once an investment pariah, is suddenly popular.

In recent weeks, money managers have been readily buying the new bonds of the region’s financial institutions, deals that just months ago would have seemed unpalatable. Bank of Ireland, which received a bailout in 2010, sold $1.3 billion of bonds on Tuesday and found strong demand. It was the largest offering by an Irish bank without a government guarantee in almost three years.

The gradual thawing of the capital markets is a good sign for the region’s banks. In the midst of the crisis, institutions, especially in troubled economies like Ireland and Portugal, have been struggling to raise money from private investors. The latest deals will help bolster banks’ capital levels and strengthen their balance sheets.

But the bonds could leave investors exposed, especially given the precarious situation in Europe. The sovereign debt crisis continues to weigh on the economy. The financial markets remain volatile. And profit at the region’s banks is flagging.

“It’s a great time to be issuing high-yield debt but not to be investing in it,” said Robin Doumar, managing partner at the private equity firm Park Square Capital.

For now, bondholders are taking comfort in the policy makers’ response to the sovereign debt crisis.

In late August, the European Central Bank began an unlimited bond-buying program aimed at lowering countries’ borrowing costs and breathing life into local economies. By essentially offering a blank check to help Europe’s troubled governments, policy makers calmed short-term fears that some of the region’s banks might need to be bailed out, reviving interest in the companies’ bonds.

“The biggest driver of demand has been the policy responses from the European Central Bank,” said Melissa Smith, head of European high-grade debt capital markets at JPMorgan Chase in London. “It’s provided stability as policy makers have stated their commitment to preserving the euro zone.”

With interest rates at record lows, European bank debt looks especially appealing to investors.

On Thursday, the British bank Barclays sold $3 billion of 10-year bonds at 7.6 percent. The Portuguese lender Banco Espírito Santo recently issued $958 million worth of debt at 5.9 percent.

By comparison, a 10-year Treasury is paying 1.8 percent. Germany has offered a negative yield on some of its sovereign debt maturities this year.

Even the yields on junk bonds, the risky corporate debt that pays high interest rates, are coming down as investors pile into such securities. The average yield is now just 5.8 percent, according to a Bank of America Merrill Lynch index. Historically, they have paid 10 percent or even more.

“There’s been a huge contraction,” said Robert Ellison, head of European debt capital markets for financial institutions at UBS in London.

The industry has been quick to capitalize on investors’ desperate hunt for returns. Banks in Europe have issued a combined $318 billion of unsecured debt so far this year, almost triple the amount raised by their American counterparts, according to the data provider Dealogic.

The capital markets are being discerning. This year, well-financed companies in Northern Europe, like Nordea Bank of Sweden, have been able to sell the largest lots of bonds at relatively reasonable rates. Smaller banks, particularly in Southern Europe, have had to offer investors better rates to win support for their bond deals.

Even so, it is a stark contrast from almost a year ago. With the capital markets paralyzed, the European Central Bank then had to step in to stabilize the banks, offering $1.3 trillion in short-term, low-cost loans to financial companies.

As they find renewed interest from private investors, European banks can more easily raise money, fortifying their balance sheets in case of unexpected losses. At regulators’ behest, financial institutions in the region have been increasing their capital levels.

But bond investors, in their thirst for yield, may be overlooking signs of potential trouble.

Barclays, for instance, sold a controversial type of debt, known as contingent convertible bonds. With these so-called CoCo bonds, investors can be wiped out if the bank’s capital falls below a certain threshold. While Barclays’ balance sheet is in good shape, bondholders’ willingness to accept such conditions highlights the risks in the market. Traditional bondholders can usually recoup at least some of their principal even if a company goes bankrupt.

At the same time, many European financial institutions are still in fragile shape. The Bank of Ireland, in which the Irish government still has a small stake, is struggling to divest itself of many risky loans that it made before the financial crisis. Portugal’s economy is also expected to contract 3 percent this year, which will probably depress the earnings of Banco Espírito Santo.

The question for investors is whether the reward is worth the risk.

Read More..

October home sales hit 3-year high; prices up 17% year over year

Consumer columnist David Lazarus talks with real estate reporter Alejandro Lazo, DataQuick analyst Andrew LePage and Bill McBride of the Calculated Risk blog about the strong October real estate numbers.

Southern California's real estate market bucked the typical fall slowdown last month, with buyers snapping up pricier homes and sales roaring up 18% over the prior month.

Sales hit a three-year high for an October, rising 25% from the same month last year. The median sale price for a Southland house last month was $315,000, equal to September and up 17% from October 2011, according to real estate research firm DataQuick.

A decline in the number of foreclosed homes has caused a shortage of inventory in entry-level neighborhoods, pushing up home prices. Demand from investors also remains strong, with these buyers snapping up a near-record level of homes last month.

"There is a growing appreciation of the fact that we've come to a sort of a point of inflection in the housing market," Stuart Gabriel, director of UCLA's Ziman Center for Real Estate, said. "The housing market, for a large number of factors, is perceived as having turned a corner."

The region's median hit bottom at $247,000 in April 2009 and has slowly crawled its way up since. The median is the point at which half the homes in the area sold for more and half for less.

Quiz: Test your knowledge of business news

The rebound stems from more people chasing fewer homes. Interest rates remain near record-low levels, luring buyers. Investors with cash have poured into the market looking for cheap properties to flip or rent. And foreclosure resales have sunk to a five-year low, tightening the supply of cheap homes.

An estimated 21,075 newly built and previously owned houses and condominiums sold throughout the region last month. Coastal markets saw the biggest increases in sales — though every county posted double-digit gains compared with October last year. Orange County saw the biggest surge, with sales up 41%. Ventura rose 35%, San Diego, 31%, Los Angeles, 25%, San Bernardino, 18% and Riverside 13%.

Absentee buyers — investors and some second-home buyers — snapped up a near-record 28% of homes throughout the Southland last month. These investors paid a median $245,000, a 23% increase from October last year.

A recent report by real estate website Zillow showed that many investors and others are paying market value for foreclosed homes in the region, erasing the discount between foreclosed homes and regular properties. Discounts were marginal on bank-owned homes in September, with the discount in the Inland Empire just 2% and in the Los Angeles area 4% in September, Zillow said.

Bruce Norris, president of Norris Group, an investment company in Riverside that buys foreclosed homes, said he expects prices to increase in coming years as the Obama administration has encouraged banks to curtail foreclosures. That will push up prices, he said.

"It is policy driven," Norris said. "Since the policy is going to continue … you are about to see a pretty substantial price increase within the next two years."

Indeed, the high level of affordability ushered in by the housing crash could erode quickly in California. This week the California Assn. of Realtors reported that homes in the state are getting less affordable as property values rise. The group estimated that 49% of home buyers in the third quarter could afford a median-priced house in California, a decline from 51% last quarter. The rise in prices is offsetting the benefit to home shoppers from low mortgage interest rates.

Christopher Thornberg, a principal at Beacon Economics and one of the first to call attention to the housing bubble, said home shoppers should expect expensive housing in the Golden State for the foreseeable future. The reason: Construction of new homes remains highly expensive for builders.

"Why would it stop?" he said. "The economy is growing. Short of a fiscally led second recession, there is no reason in the world that it's going to do anything but to continue."

The region's lowest-cost areas — often those the most starved for inventory these days — posted the weakest sales numbers last month, according to DataQuick. The number of homes that sold below $200,000 in the region dropped 11% from October last year. Sales in these markets have slowed because of the drop in foreclosures, while increased demand has pushed up prices.

Sales of previously foreclosed-upon homes made up just 16% of the resale market last month, a drop from 17% last month and 33% in October 2011. Foreclosure resales peaked at 57% in February 2009.

In the meantime, sales surged in several mid- and higher-cost neighborhoods throughout Southern California in October, DataQuick said. Sales of homes between $300,000 and $800,000 increased 42% year over year. Sales of homes costing more than $500,000 were up 55% and sales of homes more than $800,000 rose 52%.

Bill McBride, lead writer for the housing blog Calculated Risk, said that with the upswing in prices homeowners are encouraged to keep their homes off the market.

"Why is there no inventory? I ask every real estate agent that, just to hear what they tell me. And they say people don't have enough equity in their homes and so they aren't listing them," McBride said. "That is a solid argument. But I also think the people are sensing that prices are going up and there is no urgency to sell."

alejandro.lazo@latimes.com

Read More..

Steve Wozniak, Danny Trejo to appear in 8-bit video game

LOS ANGELES (TheWrap.com) – When it comes to the iPhone, Steve Jobs created it, but Steve Wozniak got game.

The Apple co-founder will appear as a playable character in an upcoming iOS video game “Danny Trejo‘s Vengeance: Woz with a Coz.”

The game, slated to be released around November 22, puts Wozniak alongside “Machete” star Trejo in an 8-bit mobile game, fighting a city full of enemies with an assortment of weapons.

The plot is simple: “Woz” is forced to save his wife, J-Woz, after she is kidnapped by street thugs. Teaming up with Vengence, Woz tears up Fusion City in his quest to rescue her.

“Featuring an over-the-top, old school inspired action combined with a retro 8-bit and exciting gritty art style, players will enjoy Woz’s brain power, translator apps, Danny Trejo’s machetes, guns and other crazy upgrades,” a Facebook fan page devoted to the game says.

Other playable characters will include musician Baby Bash and MMA World Champion “Suga” Rashad Evans.

Gaming News Headlines – Yahoo! News

Read More..

NBC names new top producer for ‘Today’

NEW YORK (AP) — NBC News is staying in-house in its effort to turn around the “Today” show.

The network on Wednesday appointed a 23-year veteran of the morning news show as its new executive producer. Don Nash began working for “Today” as a production assistant in NBC’s Burbank office in 1989 and will now run the four-hour broadcast.

Nash was most recently senior broadcast producer in the show’s control room. He replaces Jim Bell, who shifted to NBC Sports to run its Olympics broadcasts.

After nearly two decades of dominance, “Today” has slipped behind ABC’s “Good Morning America” in the ratings.

NBC also added another layer of management for the show, appointing Alexandra Wallace as the network’s executive in charge of the program.

Entertainment News Headlines – Yahoo! News

Read More..

Recurring Lyme Disease Symptoms Caused by New Infection, Study Finds

When people who have been treated for Lyme disease recover but later come down with its symptoms again, is the illness a relapse or a new infection?

The question has lingered for years. Now, a new study finds that repeat symptoms are from new infections, not from relapses.

The results challenge the notion, strongly held by some patients and advocacy groups, that Lyme disease, a bacterial infection, has a tendency to resist the usual antibiotic treatment and turn into a chronic illness that requires months or even years of antibiotic therapy.

The conclusion that new symptoms come from new infections is based on genetically fingerprinting the Lyme bacteria in people who have had the illness more than once, and finding that the fingerprints do not match. The result means that different episodes of Lyme in each patient were caused by different strains of the bacteria, and could not have been relapses.

The study, by researchers at the University of Pennsylvania and New York Medical College, in Valhalla, was published online on Wednesday in The New England Journal of Medicine.

An estimated 20,000 to 30,000 cases of Lyme disease occur each year in the United States. The disease is caused by a bacterium, Borrelia burgdorferi, that is carried by deer ticks. It often begins with an expanding zone of red skin — a symptom called erythema migrans — around the tick bite, but sometimes in other areas too. Fever, headaches, fatigue and aches and pains often follow.

Untreated, the disease can cause heart and neurological problems and arthritis, with symptoms that can come and go for years. Advanced cases that have gone months or years before being treated are most likely to result in persistent arthritis.

But when the disease is detected earlier, treatment with an antibiotic, usually two to four weeks of doxycycline, can get rid of the bacteria, according to infectious disease experts. Even advanced cases can be cleared by the drugs, doctors say, though an extra month or so of treatment may be needed. Symptoms like pain and fatigue can linger even after the bacteria are gone, possibly because the infection caused abnormalities in the immune system.

However, some doctors, patients and advocacy groups think that the bacteria themselves can somehow hang on despite treatment, even in cases caught early, and cause a chronic infection that requires long-term treatment with antibiotics. In some cases, people with unexplained pain, fatigue and cognitive problems have been told they had chronic Lyme disease even though blood tests found no evidence of the infection.

Several controlled studies have found that long-term antibiotics did not help people who had already been treated for Lyme disease but had such lingering problems.

Despite the data, the belief has hung on that Lyme disease bacteria can cause a chronic infection even after treatment.

The researchers who conducted the new study wanted to test that idea by finding out whether people who had repeated bouts of the disease were actually having relapses. They identified 17 patients who had erythema migrans — the rash — more than once between 1991 and 2011. Most had it twice, at least a year apart, but a few patients had it three times and one had four cases. Many had other symptoms as well, and more than half had signs of widespread systemic infection. All were treated, and recovered fully.

Lyme bacteria were grown from skin or blood samples taken from the patients when they had the rash, and the researchers analyzed a bacterial gene that varies from one strain to another. For each patient, they compared the genes from different cases of the rash. The genotypes did not match, which the researchers said proved that each rash represented a new infection, not a relapse.

In an editorial accompanying the article, Dr. Allen C. Steere, a Harvard professor who was the first to identify Lyme disease, said the new study supported previous research suggesting that new infections, not relapses, were the cause of new symptoms in people who had taken antibiotics to treat earlier cases of the disease.

Dr. Steere acknowledged that symptoms, sometimes disabling ones, do linger for months after treatment in as many as 10 percent of patients. Doctors do not know why. But, Dr. Steere said, “antibiotics are not the answer.”

Read More..

5-Hour Energy Is Cited in 13 Death Reports

Federal officials have received reports of 13 deaths over the last four years that cited the possible involvement of 5-Hour Energy, a highly caffeinated energy shot, according to Food and Drug Administration records and an interview with an agency official.

The disclosure of the reports is the second time in recent weeks that F.D.A. filings citing energy drinks and deaths have emerged. Last month, the agency acknowledged it had received five fatality filings mentioning another popular energy drink, Monster Energy.

Since 2009, 5-Hour Energy has been mentioned in some 90 filings with the F.D.A., including more than 30 that involved serious or life-threatening injuries like heart attacks, convulsions and, in one case, a spontaneous abortion, a summary of F.D.A. records reviewed by The New York Times showed.

The filing of an incident report with the F.D.A. does not mean that a product was responsible for a death or an injury or contributed in any way to it. Such reports can be fragmentary in nature and difficult to investigate.

The distributor of 5-Hour Energy, Living Essentials of Farmington Hills, Mich., did not respond to written questions about the filings, and its top executive declined to be interviewed. Living Essentials is a unit of the product’s producer, Innovation Ventures.

However, in a statement, Living Essentials said the product was safe when used as directed and that it was “unaware of any deaths proven to be caused by the consumption of 5-Hour Energy.”

Since the public disclosure of reports about Monster Energy, its producer, Monster Beverage of Corona, Calif., has repeatedly said that its products are safe, adding that they were not the cause of any of the health problems reported to the F.D.A.

Shares of Monster Beverage, which traded above $80 earlier this year, closed Wednesday at $44.74.

The fast-growing energy drink industry is facing increasing scrutiny over issues like labeling disclosures and possible health risks. Some lawmakers are calling on the F.D.A. to increase its regulation of the products and the New York State attorney general is investigating the practices of several producers.

Unlike Red Bull, Monster Energy and some other energy drinks that look like beverages, 5-Hour Energy is sold in a two-ounce bottle referred to as a shot. The company does not disclose the amount of caffeine in each bottle, but a recent article published by Consumer Reports placed that level at about 215 milligrams.

An eight-ounce cup of coffee, depending on how it is made, can contain from 100 to 150 milligrams of caffeine.

The F.D.A. has stated that it does not have sufficient scientific evidence to justify changing how it regulates caffeine or other ingredients in energy products. The issue of how to do so is complicated by the fact that some high-caffeine drinks, like Red Bull, are sold under agency rules governing beverages, while others, like 5-Hour Energy and Monster Energy, are marketed as dietary supplements. The categories have differing ingredient rules and reporting requirements.

In an interview Wednesday, Daniel Fabricant, the director of the agency’s division of dietary supplement programs, said the agency was looking into the death reports that cited 5-Hour Energy. He said that while medical information in such reports could rule out a link with the product, other reports could contain insufficient information to determine what role, if any, a supplement might have played.

Mr. Fabricant said that the 13 fatality reports that mentioned 5-Hour Energy had all been submitted to the F.D.A. by Living Essentials. Since late 2008, producers of dietary supplements are required to notify the F.D.A. when they become aware of a death or serious injury that may be related to their product.

Currently, the agency does not publicly disclose adverse event filings about dietary supplements like 5-Hour Energy. Companies that market energy drinks as beverages are not required to make such reports to the agency, although they can do so voluntarily, Mr. Fabricant said.

Along with caffeine, 5-Hour Energy contains other ingredients, like very high levels of certain B vitamins and an amino acid called taurine.

Reached by telephone, the chief executive of the Living Essentials, Manoj Bhargava, declined to discuss the filings and said he believed an article about the reports would cast the company in a negative light.

“I am not interested in making any comment,” Mr. Bhargava said.

Subsequently, the company issued a statement that said, among other things, that it took “reports of any potential adverse event tied to our products very seriously,” adding that the company complied “with all of our reporting requirements” to the F.D.A.

The company also stated that it marketed 5-Hour Energy to “hardworking adults who need an extra boost of energy.” The product’s label recommends that it not be used by woman who are pregnant or by children under 12 years of age.

The number of reports filed with the F.D.A. that mention 5-Hour Energy appears particularly striking. In 2010, for example, the F.D.A. received a total of 17 fatality reports that mentioned a dietary supplement or a weight loss product, two broad categories that cover more than 50,000 products, according to Mr. Fabricant, the F.D.A. official.

He added that it was difficult to put the volume of 5-Hour Energy filings into context because he believed that some supplement manufacturers were probably not following the mandated reporting rules and that consumers and doctors might also be unaware that they can file incident reports with the agency. Last year, the F.D.A. received only 2,000 reports about fatalities or serious injuries that cited dietary supplements and weight loss products, he said.

Another federal agency, the Substance Abuse and Mental Health Services Administration, reported late last year that more than 13,000 emergency room visits in 2009 were associated with energy drinks alone.

Along with Living Essentials, The Times sent queries last week to several producers asking whether they had received reports linking fatalities or serious injuries to their products.

Representatives for two of those companies — Red Bull and Coca-Cola, which sells NOS and Full Throttle — said they were unaware of any such reports. A representative for PepsiCo, which makes Amp, also said it was unaware of any such reports.

In addition to Red Bull, NOS, Full Throttle and Amp are also marketed as beverages, rather than as dietary supplements.

Read More..

Kupchak: If Phil Jackson hadn't hesitated he might be Lakers coach

History could have been different if Phil Jackson had said he was ready to coach the Lakers while meeting informally with two team executives on Saturday morning.

He might be the Lakers' coach right now, Lakers General Manager Mitch Kupchak said Tuesday.

"We would have gone back immediately and gone back and holed up with Dr. [Jerry] Buss and decided what we were going to do that day," Kupchak said.

Instead, Jackson asked Kupchak and team executive Jim Buss for two more days to think about a return after an 18-month layoff. The Lakers waited about 30 hours, didn't hear from him, and decided to hire Mike D'Antoni on Sunday night.

"There was no agreement to wait for [Jackson's] response on Monday," Kupchak said. "He told us that's when he would get back to us. I could see where he might interpret that as 'You guys would wait for me.' But I thought when I said I had to go on and interview other candidates that it was clear I had a job to do."

The Lakers interviewed D'Antoni by phone Saturday afternoon not long after meeting with Jackson at his Playa del Rey home. D'Antoni could not fly to Los Angeles last weekend because of recent knee-replacement surgery.

The Lakers hired D'Antoni mainly because of his high-flying offense. "He plays the way we see our team playing and our personnel executing," Kupchak said.

Kupchak himself wasn't sold on meshing Jackson's share-the-ball triangle offense with the Lakers' present-day roster. "I know the triangle," he said. "Obviously I wasn't convinced."

The Lakers decided to hire D'Antoni at 6 p.m. Sunday, half an hour before they tipped off against Sacramento at Staples Center.

Negotiations took some time, and then an unexpected electronic gaffe delayed the process once the sides agreed to a three-year, $12-million contact with a team option for a fourth year.

D'Antoni's fax machine was not working properly and could not transmit his signed contract back to the Lakers, according to a team spokesman. Finally, by 11:30 p.m. Sunday, the Lakers officially had a new coach, hiring D'Antoni despite the "We Want Phil!" chants by Lakers fans at Staples Center.

Kupchak acknowledged the "groundswell of support" for Jackson, who had the popular vote from the fans and received positive reviews from Kobe Bryant, Steve Nash and Dwight Howard, though Bryant and Nash also endorsed D'Antoni.

"There was a lot of pressure to seriously consider bringing Phil back," Kupchak said. "We sorted through the PR backlash and decided that we ultimately could withstand it."

They still had to withstand one other thing. They had to call Jackson on Sunday near midnight. He was sleeping.

"In those kind of situations, there's not a lot of small talk," Kupchak said. "He was very complimentary of Mike under the circumstances. I just told him . . . that we just felt the present makeup of the team and the kind of basketball we wanted to play going forward, we just felt that Mike D'Antoni was the choice.

"I didn't look forward to calling somebody at midnight to tell him that he's not going to get a job that he might or might not accept," Kupchak said. "But the only other thing I could do was wait until Monday morning and that would have been worse."

Jackson told The Times on Monday that the midnight phone call seemed "slimy."

"I wish it would have been a little bit cleaner," he said. "It would have been much more circumspect and respectful of everybody that's involved. It seemed slimy to be awoken with this kind of news. It's just weird."

Kupchak confirmed what was already stated by Jackson to The Times — salary wasn't discussed in their Saturday morning meeting. Neither was the concept of Jackson missing games on the road.

Jackson told Jim Buss and Kupchak he wanted the same communication between them on personnel decisions that he held in his second tenure with the team from 2005-11.

Read More..

RIM sees BB10 devices in stores soon after launch

WATERLOO, Ontario (Reuters) – Research In Motion is confident its new BlackBerry 10 devices will be 100 percent ready for the January 30 launch and available in stores “not too long after” that, Chief Operating Officer Kristian Tear said on Tuesday.

“We’re working hard right now to make sure all the bits and pieces and all the details are in place for the date, when the devices will be available for consumers and enterprises,” Tear told Reuters in an interview.

RIM, which virtually invented the concept of mobile email with its first line of BlackBerry devices more than a decade ago, was roundly criticized for the botched 2011 launch of its PlayBook tablet computer, which RIM had hoped would compete with Apple’s blockbuster iPad.

The PlayBook looked pretty and had top-of-the-line hardware. But its software was far from complete at the launch and needed multiple updates.

The device also lacked the library of apps available on the iPad and on devices that run on Google Inc’s competing Android operating system.

RIM says its the new devices will be faster and smoother than its existing phones and have a large catalog of applications that are crucial to the success of any smartphone.

The company hopes the new devices will allow it to claw back some of the market share it has lost to Android and Apple phones.

Tear said RIM has used input from current BlackBerry users to influence the design of the new devices, The new phones both build on the strengths of RIM’s existing operating system and improve on its weak points, he said.

RIM last month began carrier testing on the new devices, with an initial rollout to more than 50 carriers. Tear, who joined RIM a few months ago from Sony Mobile Communications, said RIM was expanding that to a wider group of carriers across the globe.

“We submitted to 50 carriers to begin with, and obviously that number is increasing as we move forward,” he said. “Our ambition is to make this a global launch, everything will not happen at the same time, but it will be a global launch.”

RIM has said it initially plans to roll out a high-end touchscreen version of the device. Phones with the mini QWERTY keyboards that many long-time BlackBerry users adore will come a few weeks later, while lower-end versions of both devices will be launched later in the year.

The company has yet to say exactly when the devices will be available in stores worldwide or how much they will cost.

“We have to agree with carriers as well on what they want to announce when, so it’s not absolutely to our own discretion,” Tear said.

COST CUTTING

RIM, whose share price has fallen more than 90 percent from a 2008 peak around $ 148, is part way through a major restructuring, as it seeks to trim costs in the run-up to the launch of the new devices.

The company, which has also said it is examining its strategic options, is lowering operating costs by about $ 1 billion and cutting about 5,000 jobs, or about 30 percent of its workforce, by the time its fiscal year ends in early March.

“We are on track to deliver on that,” said Tear. “It is an ongoing process, when it comes to efficiencies and costs.”

RIM’s Chief Legal Officer Steve Zipperstein said the company is pushing ahead with its strategic review.

“The process is ongoing and it continues to be a focus on RIM’s senior management, but we have nothing to report at this moment,” said Zipperstein.

RIM shares, which have risen slightly over the last couple of months in the run-up to the launch of BB10 devices, closed 4.7 percent lower at $ 8.40 on Nasdaq. RIM’s Toronto-listed shares fell by a similar margin to C$ 8.40.

(Reporting by Euan Rocha; Editing by Janet Guttsman, Leslie Adler and Tim Dobbyn)

Gadgets News Headlines – Yahoo! News

Read More..

Twilight cast bids farewell at final premiere

LOS ANGELES (Reuters) – Thousands of screaming fans lined the black carpet late on Monday for the final “Twilight” film premiere as the cast of “Breaking Dawn – Part 2″ bid farewell to the franchise and its loyal followers.

Robert Pattinson, Kristen Stewart, Taylor Lautner and other cast members greeted fans known as “Twi-hards,” many of whom had camped out for days in downtown Los Angeles to catch a glimpse of their favorite actors and see the film before it is released in theaters on Friday.

Breaking Dawn – Part 2 will see the love story of human Bella Swan (Stewart), vampire Edward Cullen (Pattinson) and werewolf Jacob Black (Lautner) come to a tantalizing end, when Bella and Edward are forced to protect their child from an ancient vampire coven.

Stewart, who was finally able to embrace her wild side by playing Bella as a vampire, hoped people would enjoy the ultimate transformation of her character in the film.

“Bella has worked pretty hard to get to the point where they can have it all, and it’s fun to be there. She’s always been human, but now that she’s not, you’re just in full blown vampire land and it feels funny in a great way,” Stewart told Reuters.

More than 2,200 fans from all over the world came to camp out on a concrete plaza in downtown Los Angeles last week, where Twilight movie studio Summit laid out activities and marathon screenings of the previous movies.

All of the film’s main actors spent time signing autographs and posing for photographs with the loyal fans who had camped out in chilly November weather over five days.

Pattinson, who plays vampire Edward Cullen, said he hoped the fans would like the franchise’s swan song.

“I hope they feel it kind of respects them, because I think in a lot of ways that’s what we were thinking when we were making it,” the actor said.

Lautner, who plays werewolf Jacob, said he’d be sad to say goodbye to the films and his character and hoped fans would be happy with the conclusion of the final film.

“I’m feeling fantastic, sad, emotional, there’s a lot of things going on inside of me right now but I’m just trying to soak up every moment because this means the world to me,” Lautner said.

The three lead stars were joined by fellow cast members including Nikki Reed, Ashley Greene, Kellan Lutz, Jackson Rathbone, Michael Sheen and Dakota Fanning, as well as director Bill Condon and author Stephenie Meyer, whose Twilight novels kicked off the franchise and phenomenon.

Meyer said she would miss watching the three lead cast members evolve as actors and characters in the films.

“It’s really been great to watch them grow up, particularly Kristen because her character gets to evolve so much in this film, and to watch her be all powerful and really get to where the character was always meant to go, to be the fiercest of the fierce, was really rewarding for me,” the author said.

(Reporting By Piya Sinha-Roy, editing by Paul Casciato)

Movies News Headlines – Yahoo! News

Read More..

Kidney Donors Given Mandatory Safeguards

ST. LOUIS — Addressing long-held concerns about whether organ donors have adequate protections, the country’s transplant regulators acted late Monday to require that hospitals thoroughly inform living kidney donors of the risks they face, fully evaluate their medical and psychological suitability, and then track their health for two years after donation.

Enactment of the policies by the United Network for Organ Sharing, which manages the transplant system under a federal contract, followed six years of halting development and debate.

Meeting at a St. Louis hotel, the group’s board voted to establish uniform minimum standards for a field long regarded as a medical and ethical Wild West. The organ network, whose initial purpose was to oversee donation from people who had just died, has struggled at times to keep pace with rapid developments in donations from the living.

“There is no question that this is a major development in living donor protection,” said Dr. Christie P. Thomas, a nephrologist at the University of Iowa and the chairman of the network’s living donor committee.

Yet some donor advocates complained that the measures did not go far enough, and argued that the organ network, in its mission to encourage transplants, has a conflict of interest when it comes to safeguarding donors.

Three years ago, the network issued some of the same policies as voluntary guidelines, only to have the Department of Health and Human Services insist they be made mandatory.

Although long-term data on the subject is scarce, few living kidney donors are thought to suffer lasting physical or psychological effects. Kidney donations, known as nephrectomies, are typically done laparoscopically these days through a series of small incisions. The typical patient may spend only a few nights in a hospital and feel largely recovered after several months.

Kidneys are by far the most transplanted organs, and there have been nearly as many living donors as deceased ones over the last decade. What data is available suggests that those with one kidney typically live as long as those with two, and that the risk of a donor dying during the procedure is roughly 3 in 10,000.

But kidney transplants, like all surgery, can sometimes end in catastrophe.

In May at Montefiore Medical Center in the Bronx, a 41-year-old mother of three died when her aorta was accidentally cut during surgery to donate a kidney to her brother. In other recent isolated cases, patients have received donor kidneys infected with undetected H.I.V. or hepatitis C.

Less clear are any longer-term effects on donors. Research conducted by the United Network for Organ Sharing shows that of roughly 70,000 people who donated kidneys between late 1999 and early 2011, 27 died within two years of medical causes that may — or may not — have been related to donation. For a small number of donors, their remaining kidney failed, and they required dialysis or a transplant.

The number of living donors — 5,770 in 2011 — has dropped 10 percent over the last two years, possibly because the struggling economy has made it difficult for prospective donors to take time off from work to recuperate. With the national kidney waiting list now stretching past 94,000 people, and thousands on the list dying each year, transplant officials have said they must improve confidence in the system so more people will donate.

The average age of donors has been rising, posing additional medical risks. And new ethical questions have been raised by the emergence of paired kidney exchanges and transplant chains started by good Samaritans who give an organ to a stranger.

Brad Kornfeld, who donated a kidney to his father in 2004, told the board that it had been impossible to find good information about what to expect, leaving him to search for answers on unreliable Internet chat rooms. He said he had almost backed out.

“If information is power,” said Mr. Kornfeld, a Coloradan who serves on the living donor committee, “the lack of information is crippling.”

Under the policies approved this week, the organ network will require hospitals to collect medical data, including laboratory test results, on most living donors to study lasting effects. Results must be reported at six months, one year and two years.

Similar regulations have been in place since 2000, but they did not require blood and urine testing, and hospitals were allowed to report donors who could not be found as simply lost.

That happened often. In recent years, hospitals have submitted basic clinical information — like whether donors were alive or dead — for only 65 percent of donors and lab data for fewer than 40 percent, according to the organ network. Although the network holds the authority, no hospital has ever been seriously sanctioned for noncompliance.

“It’s time we put some teeth into our policy,” said Jill McMaster, a board member from Tennessee.

By 2015, transplant programs will have to report thorough clinical information on at least 80 percent of donors and lab results on at least 70 percent. The requirements phase in at lower levels for the next two years.

Dr. Stuart M. Flechner of the Cleveland Clinic, the chairman of a coalition of medical societies that made recommendations to the organ network, said 9 of 10 hospitals would currently not meet the new requirement.

Donna Luebke, a kidney donor from Ohio who once served on the organ network’s board, said the new standards would matter only if enforcement were more rigorous. She noted that the organization was dominated by transplant doctors: “UNOS is nothing but the foxes watching the henhouse,” she said.

Another of the new regulations prescribes in detail the medical and psychological screenings that hospitals must conduct for potential donors. It requires automatic exclusion if the potential donor has diabetes, uncontrolled hypertension or H.I.V., among other conditions.

The new policies also require that hospitals appoint an independent advocate to counsel and represent donors, and that donors receive detailed information in advance about medical, psychological and financial risks.

Read More..