Karl Rove re-ups With Fox News channel






LOS ANGELES (TheWrap.com) – Karl Rove’s election-night brouhaha is apparently water under the bridge at Fox News. Rove, the former senior advisor to President George W. Bush, has extended his run as a contributor with Fox, the network’s CEO, Roger Ailes, said Thursday.


The new deal will keep Rove on through the 2016 presidential election.






Under the extension, Rove will also continue to contribute to Fox Business Channel.


“Karl’s detailed knowledge of state and national politics, as well as fundraising and strategy, makes him an important player in our ongoing political coverage and we look forward to him continuing his analysis across all platforms for Fox News and Fox Business,” Ailes said of the new deal.


Rove, who’s been a contributor for Fox News since 2008, raised eyebrows among viewers – and his onscreen cohorts – on election night. After the network’s analysts called Ohio – and thus the country – for Obama, Rove protested at length that they might be premature. That prompted anchor Megyn Kelly to go down the hall on-air to where the network’s analysts were assembled in order to confirm the prediction.


On Wednesday, Ailes announced that Fox had hired former Democratic congressman and presidential candidate Dennis Kucinich as a contributor.


TV News Headlines – Yahoo! News





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Well: A Great Grain Adventure

This week, the Recipes for Health columnist Martha Rose Shulman asks readers to go beyond wild rice and get adventurous with their grains. She offers new recipes with some unusual grains you may not have ever cooked or eaten. Her recipes this week include:

Millet: Millet can be used in bird seed and animal feed, but the grain is enjoying a renaissance in the United States right now as a great source of gluten-free nutrition. It can be used in savory or sweet foods and, depending on how it’s cooked, can be crunchy or creamy. To avoid mushy millet, Ms. Shulman advises cooking no more than 2/3 cup at a time. Toast the seeds in a little oil first and take care not to stir the millet once you have added the water so you will get a fluffy result.

Triticale: This hearty, toothsome grain is a hybrid made from wheat and rye. It is a good source of phosphorus and a very good source of magnesium. It has a chewy texture and earthy flavor, similar to wheatberries.

Farro: Farro has a nutty flavor and a chewy texture, and holds up well in cooking because it doesn’t get mushy. When using farro in a salad, cook it until you see that the grains have begun to splay so they won’t be too chewy and can absorb the dressing properly.

Buckwheat: Buckwheat isn’t related to wheat and is actually a great gluten-free alternative. Ms. Shulman uses buckwheat soba noodles to add a nutty flavor and wholesomeness to her Skillet Soba Salad.

Here are five new ways to cook with grains.

Skillet Brown Rice, Barley or Triticale Salad With Mushrooms and Endive: Triticale is a hybrid grain made from wheat and rye, but any hearty grain would work in this salad.


Skillet Beet and Farro Salad: This hearty winter salad can be a meal or a side dish, and warming it in the skillet makes it particularly comforting.


Warm Millet, Carrot and Kale Salad With Curry-Scented Dressing: Millet can be tricky to cook, but if you are careful, you will be rewarded with a fluffy and delicious salad.


Skillet Wild Rice, Walnut and Broccoli Salad: Broccoli flowers catch the nutty, lemony dressing in this winter salad.


Skillet Soba, Baked Tofu and Green Bean Salad With Spicy Dressing: The nutty flavor of buckwheat soba noodles makes for a delicious salad.


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Media Decoder: John Geddes, Managing Editor, Is Leaving The New York Times

2:37 p.m. | Updated John M. Geddes, a managing editor at The New York Times for the last decade and one of the top three editors at the newspaper, has decided to leave. In a note to the staff on Friday afternoon, Mr. Geddes, 61, said he was accepting a buyout package and would depart in the next few months after helping the newspaper’s masthead through its transition.

His departure comes as the company undertakes a broader restructuring in the newsroom. Like many news organizations facing a declining advertising market, The Times is trying to cut expenses; in December buyout packages were offered to nonunion staff members. It sought 30 volunteers, and said it would resort to layoffs if not enough employees opted for the buyout. It also allowed some union members to apply for buyout packages as well.

In his note, Mr. Geddes reflected on the many things he would miss about The Times, where he has worked for nearly two decades.

“After serving four executive editors, it is time for new horizons,” Mr. Geddes wrote in his announcement. He said he would “ache for the vibrations that the newsroom gives off when a crisis erupts and we scramble” and would miss “hearing about a great story (or new ways to tell one).”

Mr. Geddes joined The Times in 1994 as business editor and worked his way up the company’s editorial ranks. He currently serves as one of two managing editors, along with Dean Baquet. Before joining The Times, he spent 13 years at The Wall Street Journal working both in New York and in Europe.

Jill Abramson, the executive editor, said in a statement: “John Geddes is the consummate newsman with superb instincts for stories and people. We’ve been partners in the newsroom for nearly a decade. He has given his all to The Times for far longer than that. Most of all, I’ll miss his company.”

Here is Mr. Geddes’s memo to the staff:

A man walks out of a bar . . .

I’m moving on. I’ve arrived at that magical spot where a buyout offer miraculously appears and presents me with new opportunities. Yes, yes, I know everyone says you have to do this carefully and be armed with a plan, but I don’t have one – not yet.

Frankly, I blame this lack of personal preparedness on this place. I’ve always believed The New York Times works because it is, at heart, a collective of unique individuals bound together in pursuit of great journalism. We’re about the common goal, not about jostling one another for a place in a transitory spotlight. The mission is about us, not about me or you.

We know that our vaunted pedestal is really the achievement of those who came before us, and our chief charge is to build on their legacy. While our readers and our colleagues — you —are the ultimate jury, I’ve tried over the last 15 years on the masthead to do my best to help figure out how we marshal the resources to cover the news, develop one another’s talents and secure as firm a hold as we can on our digital future.

I’ve tried to do it with both brains and heart. You’ve deserved no less, and I’m going to miss you. I’ll ache for the vibrations that the newsroom gives off when a crisis erupts and we scramble. I’ll miss helping shape new sections, launching new apps, hearing about a great story (or new ways to tell one) and seeing you in the elevators, across the floor and at the New Faces parties at my apartment.
I got into this profession partly because I wanted a job without repetition, a chance to deal with something new each day. Geez, Louise, I got what I asked for. I’ve had fun, and even on the bad days couldn’t imagine not coming into work.

But after serving four executive editors, it is time for new horizons. Jill has asked me to delay my departure for a few months to help with the masthead transition. I’m happy to do that because it will give me time to say thanks to so many of you individually.

. . . and on his arm is a wonderful woman he met inside.
Best, John

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Algeria raid puts a lawless region in the spotlight









CAIRO — The offensive by Algerian soldiers to free hostages at a natural gas complex has refocused world attention on the dangers of a lawless desert region bristling with gunrunners, smugglers and a virulent strain of Islamic ideology.


Coming days after French airstrikes on Islamist militants in neighboring Mali, the raid Thursday killed or wounded many militants and an unspecified number of Western and Algerian hostages, the Algerian government said. Officials in Algiers, the capital, said late in the evening that they had wrapped up the assault on the compound near the Algerian-Libyan border deep in the Sahara desert.


"The operation resulted in the neutralization of a large number of terrorists and the freeing of a considerable number of hostages," Communications Minister Mohamed Said Belaid told state-run media. "Unfortunately we deplore also the death of some.... We do not have final numbers."





The Algerian news agency said 45 hostages, including Americans, escaped the site. But later Algerian media reports indicated that only four to six foreign hostages were freed and that there were a number of "victims."


A Mauritanian news organization quoting a militant spokesman suggested that gunfire from Algerian military helicopters struck two vehicles attempting to flee the compound, killing 35 foreigners and 15 kidnappers, including the militant group's commander. The differing accounts were impossible to confirm or reconcile and epitomized a chaotic day that appeared to raise questions from Western leaders over the operation's planning.


In addition to as many as seven Americans, captives included Algerians, Britons, Japanese, Norwegians and other foreigners.


The army raid marked a stunning twist in a drama that had raised fears of a long siege and highlighted the revived Islamist extremism in the region.


To the west of Algeria lies Mali, where Islamist rebels have intensified their fight in recent days to overthrow the government, prompting French military action backed by American logistical support. To the east lie Tunisia and Libya, where revolutions beginning in 2010 overthrew President Zine el Abidine ben Ali in Tunis and Moammar Kadafi in Tripoli.


Since then, militant and radical Islamist groups, including Algeria's Al Qaeda in the Islamic Maghreb, have become more emboldened amid the political upheaval of new governments. Western countries have grown increasingly concerned that North Africa could become a seedbed for international terrorism.


The hostage drama unfolded in a gas field known as In Amenas, close to the border with Libya, a country of particular concern to Algeria. Extremists and weapons looted from Kadafi's military and police have flowed across the border for months.


Farther east, Egyptian authorities are concerned that militants from Algeria and Libya have joined terrorist cells in the Sinai Peninsula along the Israeli border.


It was the strife in Mali, however, that apparently led to the militant takeover of the Western-run gas compound Wednesday. The Algerian militants, who belonged to an Al Qaeda-linked group called the Signed-in-Blood Battalion, said they were acting in retaliation for French airstrikes against advancing Malian rebels. They reportedly threatened to blow up the plant if Algerian commandoes attempted to free the hostages.


After the compound was seized by the militants, hundreds of Algerian soldiers firing warning shots ringed the remote compound as helicopters skimmed overhead. The militants asked for safe passage to Libya by having the hostages accompany them. Algerian officials, who over the years have viciously cracked down on Islamic radicals, said they would not negotiate such requests.


"The authorities do not negotiate, no negotiations," Algerian Interior Minister Daho Ould Kablia said on state television. "We have received their demands, but we didn't respond to them."


The Algerian government was under pressure from the U.S., Britain and other countries whose nationals were taken hostage. But the raid caught some by surprise and appeared to irritate some Western leaders. British Prime Minister David Cameron's office said that he would have preferred to have been told in advance of the operation.


"I think we should be prepared for the possibility of further bad news, very difficult news in this extremely difficult situation," said Cameron.


The State Department declined to provide details of the Algerian offensive, saying it could risk the security of hostages, some of whom were reportedly forced to wear belts laden with explosives.


White House spokesman Jay Carney told reporters: "We are certainly concerned about reports of loss of life and we are seeking clarity from the government of Algeria."


The Algerians are "used to fighting terrorism, in their own, quite hard way," said Mathieu Guidere is professor of "Islamology" at the University of Toulouse in France and author of The New Terrorists. "It's likely the deaths at the petrol base were as a result of the assault by the Algerian security forces."


Reports have suggested that as many as 41 foreigners were being held along with scores of Algerians. An Irishman who was one of the hostages contacted his family to say he had been freed.


The natural gas field complex at In Amenas, which supplies Europe and Turkey, is a joint venture operated by BP; Statoil, a Norwegian firm; and Sonatrach, the Algerian national oil company.


The assault on the compound dramatically changed the dynamics of Algeria's decades-long campaign against radicals. Militants had rarely, if ever, targeted oil and gas operations, even during the civil war when few rules applied amid beheadings and massacres. The militant attack was a direct strike at the government and the nation's economic and political stability.


Rich in oil and gas, with a spectacular coast and vast deserts, Algeria fought a civil war in the 1990s that killed more than 100,000 people. The conflict began when the military, fearing Islamists would come to power, shut down parliamentary elections and the country collapsed into bloodshed.


The government offered an amnesty program more than a decade ago. Thousands of militants accepted but hardcore members of what had become AQIM resisted. The group publicly joined Al Qaeda in 2006, sending recruits to fight U.S. forces in Iraq while expanding its suicide bombings and kidnappings of businessmen and Westerners for ransom in Algeria.


AQIM and other Algerian radicals are heavily armed and fluid, shifting much of their attention last year to neighboring Mali, where they joined rebels and Islamists in a war to overthrow the government. Mali has attracted extremists from across Africa and the Middle East who are attempting to exploit the country's instability to create an Islamist state.


Two top radicals are believed connected to the hostage taking: Abdelmalek Droukdel, AQIM's leader, has called for militants to target France over its intervention in Mali, and Mokhtar Belmokhtar, a mercurial, one-eyed smuggler, kidnapper and jihadist, runs an AQIM splinter group, the Signed-in Blood Battalion, which claimed to have carried out Wednesday's pre-dawn raid on the gas compound.


The hostages at the natural gas complex "who managed to reach loved ones abroad said the terrorists that captured them have Egyptian, Tunisian, Libyan accents," said an Algerian risk assessment analyst who asked to remain anonymous because of the sensitivity of his job.


jeffrey.fleishman@latimes.com


Special correspondents Kim Willsher in Paris and Reem Abdellatif in Cairo and Times staff writers Henry Chu in London and Paul Richter in Washington contributed to this report.





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The aggressively priced Lumia 620 is Nokia’s make or break model






Nokia (NOK) has started pricing the Lumia 620 in Asia nearly 20% below the rival Windows mid-market model, the HTC (2498) 8S. This is remarkably aggressive considering the 620 has a higher pixel density and twice as much internal memory. The 620 is the keystone phone for Nokia. It is launching before RIM (RIMM) gets its new budget BlackBerry phones out and before Samsung (005930) or LG (066570) enter the mid-priced Windows phone market. This is the phone that will make or break Nokia’s summer.


[More from BGR: BlackBerry 10 browser smokes iOS 6 and Windows Phone 8 in comparison test [video]]






Nokia has started rolling out the Lumia 620 in several key Asian markets by the third week of January. It now looks like its European debut could happen a few weeks earlier than expected, perhaps by the end of January. In one of the earliest launch markets, Thailand, the launch price of the Lumia 620 is set at 8,250 baht, or $ 275. The only direct Windows mid-range model, HTC’s 8S, is priced at 9,990 baht. The Lumia 620 is priced at 800 RM ($ 266) in Malaysia, one of Asia’s key mobile markets. HTC’s 8S launched in Malaysia at 999 RM.


[More from BGR: Clash of the bantams: The bloody smartphone battle that will take shape in 2013]


Nokia is the stronger brand in South-East Asia and HTC’s budget Windows model was expected to be at rough price parity during the 620 launch, not 20% above. Nokia’s Lumia 620 features display pixel density of 246 pixels per inch, a touch above the 233 pixels per inch that HTC’s 8S offers. The 620 also packs 8 GB of internal memory, twice as much as the 8S. Camera and video quality are roughly similar.


This is the golden opportunity for Nokia. It will probably take at least until June before RIM rolls out new BlackBerries priced under $ 300 in Asia; possibly late summer or autumn. Samsung and LG are a step behind Nokia in rolling out their Windows Phone 8 ranges. HTC’s first mid-range model doesn’t quite measure up to the 620 in value for money comparison. Apple’s (AAPL) rumored cheap iPhone is unlikely to arrive before September.


Nokia now has a shot at recapturing some of the power it used to have in the mid-range smartphone market. Back in 2006 through 2008 Nokia dominated the smartphone markets of Asia and Europe with absolute sovereignty, capturing market shares as high as 70% from India to Germany. Those days won’t return, but if the 620 clicks, Nokia just might have a shot at pumping the Lumia volume to 10 million units per quarter by autumn.


The relative market softness in the sub-$ 300 category due to the current weakness of RIM, LG, Sony (SNE) and HTC has opened the door. This February is going to be an absolutely crucial month for Nokia as it ramps up its most important Lumia phone during the traditionally dead period in Asia and Europe. If consumers don’t connect with this model at this price, the entire Windows Phone camp will face some very tough decisions.


This article was originally published on BGR.com


Gadgets News Headlines – Yahoo! News





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“Dear Abby” advice columnist Pauline Phillips dead at 94






(Reuters) – Pauline Phillips, the “Dear Abbynewspaper columnist who dished out advice to millions of confused, troubled and lovesick readers in America and around the world, has died at the age of 94, her daughter said on Thursday.


Phillips, whose twin sister Esther wrote the rival “Ask Ann Landers” column, died in Minneapolis on Wednesday after a long battle with Alzheimer’s disease.






“I have lost my mother, my mentor and my best friend,” daughter Jeanne Phillips said in a statement released by the syndicator of the “Dear Abby” column, Universal Uclick.


“My mother leaves very big high heels to fill with a legacy of compassion, commitment and positive social change. I will honor her memory every day by continuing this legacy,” Jeanne Phillips added


Phillips’ family announced in August 2002 that she had been diagnosed with Alzheimer’s disease.


Phillips had brought daughter Jeanne in to collaborate on the syndicated newspaper column in 1987 and in December 2002 turned over all responsibility for it to her.


(Reporting By Eric Kelsey; Editing by Sandra Maler)


(This story corrects name of her sister’s column in 2nd paragraph)


Celebrity News Headlines – Yahoo! News





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Life, Interrupted: Brotherly Love

Life, Interrupted

Suleika Jaouad writes about her experiences as a young adult with cancer.

There are a lot of things about having cancer in your 20s that feel absurd. One of those instances was when I found myself calling my brother Adam on Skype while he was studying abroad in Argentina to tell him that I had just been diagnosed with leukemia and that — no pressure — he was my only hope for a cure.

Today, my brother and I share almost identical DNA, the result of a successful bone marrow transplant I had last April using his healthy stem cells. But Adam and I couldn’t be more different. Like a lot of siblings, we got along swimmingly at one moment and were in each other’s hair the next. My younger brother by two years, he said I was a bossy older sister. I, of course, thought I knew best for my little brother and wanted him to see the world how I did. My brother is quieter, more reflective. I’m a chronic social butterfly who is probably a bit too impulsive and self-serious. I dreamed of dancing in the New York City Ballet, and he imagined himself playing in the N.B.A. While the sounds of the rapper Mos Def blared from Adam’s room growing up, I practiced for concerto competitions. Friends joked that one of us had to be adopted. We even look different, some people say. But really, we’re just siblings like any others.

When I was diagnosed with cancer at age 22, I learned just how much cancer affects families when it affects individuals. My doctors informed me that I had a high-risk form of leukemia and that a bone marrow transplant was my only shot at a cure. ‘Did I have any siblings?’ the doctors asked immediately. That would be my best chance to find a bone marrow match. Suddenly, everyone in our family was leaning on the little brother. He was in his last semester of college, and while his friends were applying to jobs and partying the final weeks of the school year away, he was soon shuttling from upstate New York to New York City for appointments with the transplant doctors.

I’d heard of organ transplants before, but what was a bone marrow transplant? The extent of my knowledge about bone marrow came from French cuisine: the fancy dish occasionally served with a side of toasted baguette.

Jokes aside, I learned that cancer patients become quick studies in the human body and how cancer treatment works. The thought of going through a bone marrow transplant, which in my case called for a life-threatening dose of chemotherapy followed by a total replacement of my body’s bone marrow, was scary enough. But then I learned that finding a donor can be the scariest part of all.

It turns out that not all transplants are created equal. Without a match, the path to a cure becomes much less certain, in many cases even impossible. This is particularly true for minorities and people from mixed ethnic backgrounds, groups that are severely underrepresented in bone marrow registries. As a first generation American, the child of a Swiss mother and Tunisian father, I suddenly found myself in a scary place. My doctors worried that a global, harried search for a bone marrow match would delay critical treatment for my fast-moving leukemia.

That meant that my younger brother was my best hope — but my doctors were careful to measure hope with reality. Siblings are the best chance for a match, but a match only happens about 25 percent of the time.

To our relief, results showed that my brother was a perfect match: a 10-out-of-10 on the donor scale. It was only then that it struck me how lucky I had been. Doctors never said it this way, but without a match, my chances of living through the next year were low. I have met many people since who, after dozens of efforts to encourage potential bone marrow donors to sign up, still have not found a match. Adding your name to the bone marrow registry is quick, easy and painless — you can sign up at marrow.org — and it just takes a swab of a Q-tip to get your DNA. For cancer patients around the world, it could mean a cure.

The bone marrow transplant procedure itself can be dangerous, but it is swift, which makes it feel strangely anti-climactic. On “Day Zero,” my brother’s stem cells dripped into my veins from a hanging I.V. bag, and it was all over in minutes. Doctors tell me that the hardest part of the transplant is recovering from it. I’ve found that to be true, and I’ve also recognized that the same is true for Adam. As I slowly grow stronger, my little brother has assumed a caretaker role in my life. I carry his blood cells — the ones keeping me alive — and he is carrying the responsibility, and often fear and anxiety, of the loving onlooker. He tells me I’m still a bossy older sister. But our relationship is now changed forever. I have to look to him for support and guidance more than I ever have. He’ll always be my little brother, but he’s growing up fast.


Suleika Jaouad (pronounced su-LAKE-uh ja-WAD) is a 24-year-old writer who lives in New York City. Her column, “Life, Interrupted,” chronicling her experiences as a young adult with cancer, appears regularly on Well. Follow @suleikajaouad on Twitter.

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Intel 4th-Quarter Earnings Are Sharply Lower


SAN FRANCISCO — Intel has money, smart people and resolve, but it still doesn’t have a quick fix for the deterioration of its largest market — personal computers.


The world’s biggest maker of semiconductors, which grew by supplying chips to most of the world’s personal computer makers, is now facing an erosion of that market. According to Gartner, a market analysis firm, PC shipments worldwide declined 3.5 percent in 2012.


The result was evident Thursday in Intel’s fourth-quarter earnings report. The company, which is based in Santa Clara, Calif., reported net income of $2.5 billion, or 48 cents a share, down 27 percent from $3.4 billion, or 64 cents a share, a year earlier. Revenue fell 3 percent to $13.5 billion from $13.9 billion.


“The PC business as we’ve known it is evolving,” said Paul S. Otellini, Intel’s chief executive, in a call to Wall Street analysts. “The form factors are going to blur here.”


Instead of PCs, more people and businesses are buying smartphones and tablets. Intel gets 64 percent of its revenues and some of its highest profit margins from chips for PCs. It has scrambled to revive the market, while it aggressively tries to supply tablet and smartphone makers, so far with little success.


But even as its gets harder to sell PCs, Intel appears to have managed its business better than many investors thought possible. Revenue was in line with analysts’ expectations, according to a survey by Thomson Reuters, but net income was higher than the 45 cents a share that the analysts were expecting, on average.


Intel projected lower revenue and pressure on its profit margins for 2013, however, which sent its shares down about 5 percent in after-hours trading. Shares of Intel finished regular trading Thursday at $22.68, up 57 cents.


At the after-hours price, Intel’s market capitalization dropped below that of Qualcomm, a smaller maker of chips, but a company that makes chips for smartphones and tablets. Even a year ago, this would have been unthinkable.


Over the last six months, shares of Intel have fallen about 18 percent, while Qualcomm’s stock is up almost 20 percent. ARM Holdings, which sells designs for low-power chips popular in mobile devices, is up almost 90 percent in that time.


“Longer term, Intel will move more aggressively into smartphones,” said Bobby Burleson, an analyst with Canaccord Genuity. “But everyone worries about their long-term gross margins.”


Intel, which employs an engineering-focused staff of 105,000 people, plans to continue to invest heavily in research and development, as well as new manufacturing facilities. Intel operates on the principle that making the biggest volumes of the most advanced chips gives it a quality and profit margin advantage.


Despite the lower earnings, Intel said it would spend $18.9 billion on research and development, along with marketing and administrative costs, in 2013. Two years ago Intel spent $16 billion on those things, increasing that amount to $18.2 billion last year.


“Our manufacturing leadership becomes increasingly valuable,” said Stacy J. Smith, Intel’s chief financial officer. “People expect Intel to make more powerful, more efficient devices. That applies across all our businesses.”


That works, as long as the chips have buyers. Last year Intel hoped two PC industry initiatives would woo buyers back to PCs, but neither did. One, backed by a large investment from Intel, was in lightweight ultrabook laptop computers, many of which had tablet features, like touch screens. These came to market later than analysts had expected, at prices most consumers did not find attractive.


The other, Microsoft’s release of its Windows 8 operating system, has so far failed to excite buyers. Consumers and businesses did not buy new computers in order to use the upgraded system.


Mr. Otellini remained upbeat about ultrabooks, saying that there were now 140 types of the lightweight laptops on the market. The number of styles and different ways they use things like keyboards and touch screens, he said, would make it harder to tell a PC from a tablet.


“We’re in the midst of a radical transformation with the blurring of form factors,” he said, adding that next year Intel would introduce a new chip, called Haswell, which would help in the production of lightweight machines that have longer battery life. He said little about Windows 8.


Intel’s second-largest business, chips for computer servers in data centers, reflected an overall strength in that industry. Fourth-quarter sales to data centers was $2.8 billion, an increase of 4 percent from a year earlier.


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JPMorgan, Goldman profits rise sharply









NEW YORK — Two major Wall Street banks reported a surge in profits during the last three months of 2012, but analysts cast doubt on whether that will continue this year.


JPMorgan Chase & Co., the country's largest bank by assets, posted $5.7 billion in earnings in the fourth quarter, a 53% increase from the same period a year ago. Investment banking giant Goldman Sachs Group Inc. reported earnings of $2.8 billion, nearly tripling its haul from the same period a year ago.


The results sailed past analyst projections, providing a window into Wall Street's profitability as the economy struggles to recover and as the industry grapples with new banking regulations.





"We're definitely coming out of the abyss," said Ken Leon, a banking analyst at S&P Capital IQ. But, he cautioned: "We are not anywhere near euphoria."


Investors sent both firms' shares higher Wednesday, during a week in which Citigroup, Bank of America and Morgan Stanley will also report earnings.


JPMorgan's profit was buoyed by growth tied to an improving housing market, investment banking and its own investments. The bank reported big jumps in mortgages — originations of $52 million, up 33%. Commercial loans grew 14% in the fourth quarter, to a record $128 billion.


The bank's profit also got a boost from reserves released because of borrowers' improving credit and the decreased likelihood they would default on their loans.


JPMorgan's earnings were weighed down by an approximately $700-million expense for its chunk of the so-called Independent Foreclosure Review settlement. The bank was one of 10 major financial companies that reached the $8.5-billion settlement — announced last week — with federal regulators to end their probe of alleged foreclosure abuses.


While the bank saw a 12% jump in profit overall last year thanks in large part to a decline in provisions for credit losses, revenue was essentially flat compared to 2011.


Despite JPMorgan's surge in profit, the bank's board punished Chairman and Chief Executive Jamie Dimon for management failures that led to the bank suffering about $6 billion in losses from risky derivatives bets made by a trader nicknamed the "London Whale."


JPMorgan's board of directors slashed Dimon's pay 50%, saying he "bears ultimate responsibility" for missteps by the bank's chief investment office. The losses were disclosed last May.


"This was one huge, embarrassing mistake," he said.


One of the highest-paid and most-respected figures on Wall Street, Dimon will take in $11.5 million in 2012 compensation, down from a $23-million pay package in 2011.


His 2012 salary remained flat at last year's $1.5 million, but his overall compensation includes $10 million in restricted stock units, down sharply from the previous year. Dimon said he respected the board's decision.


Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware, said the rare docking of a major bank chief's pay made an important symbolic statement that executives should be paid based on their performance.


"It's not going to change his lifestyle," Elson said of Dimon's pay cut, "but it certainly makes the point."


Looking ahead, Dimon expressed optimism about the economy.


"Consumers, businesses, housing and small businesses — they're all in pretty good shape," he said in a call with analysts.


But sustaining growth in mortgage origination could prove challenging this year, and low interest rates make traditional banking less profitable, analysts said.


"Traditional banking is not making nearly as much money," said Lance Roberts, who heads StreetTalk Advisors, an investment advisory firm. "There's a big disconnect between the profitability of the banks and Main Street America."


While Goldman's profit in investment banking and trading surged, the bank's results were lifted by its own private-equity investments and an 11% reduction in compensation, Goldman's biggest expense. Goldman has become a profit powerhouse and its employees are among the most highly compensated on Wall Street.


JPMorgan's stock added 47 cents, or 1%, to $46.82 in trading Wednesday. Goldman gained $5.50, or 4%, to $141.09 a share.


andrew.tangel@latimes.com





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NVIDIA’s ‘Project SHIELD’ Console Faces Three Challenges






Despite being announced at last week’s Consumer Electronics Show, NVIDIA’s Project SHIELD isn’t the first game-console-in-a-controller to be announced this year. That honor goes to the GameStick, an indie project being funded on Kickstarter. As relative newcomers to the gaming scene, GameStick‘s creators face an uphill battle for acceptance, from both potential buyers and game developers.


But despite NVIDIA‘s established position as a gaming hardware company, it may have a struggle ahead of it, too. Here are three problems which may hinder Project SHIELD‘s adoption.






The size


Unlike GameStick, which is sort of like a classic NES gamepad with a detachable memory stick that plugs into the TV, Project SHIELD is a completely self-contained console. It’s thick and bulky, enormous compared to any of today’s controllers, or even Nintendo’s 3DS XL game console. The closest thing it compares to is an original Xbox controller, before the redesign, but with a flip-up multitouch screen that’s five inches across and has 720p resolution.


You’re not going to be able to just toss Project SHIELD in your pocket, like a smartphone or iPod or very small tablet. It’ll be portable in roughly the same sense that an iPad or netbook is portable, in that you’ll need a handbag or carrying case to put it in. This puts it in a separate size category from most of its competitors, and makes it less convenient to carry around.


The cost


Project SHIELD’s Tegra 4 processor will let it play Tegra-enhanced HD Android games straight from the Google Play store, as well as stream PC games from gaming PCs running Steam and equipped with certain types of NVIDIA graphics cards. Besides that, it’s a full-fledged Android device running Jelly Bean.


But at what cost? Google’s $ 199 Nexus 7 tablet lacks a built-in game controller, doesn’t have a much bigger screen, and uses a less powerful Tegra 3 processor. Dedicated game consoles like the 3DS XL and PlayStation Vita are priced in the same ballpark as the Nexus 7. NVIDIA has yet to announce how much Project SHIELD will cost, or even when it will be on store shelves.


The Tegra-enhanced HD graphics


For many, this will be a plus. There are a lot of Tegra HD (or “THD”) games on the Google Play store right now which boast improved graphics over the versions that run on other graphics processors.


It complicates things for game developers, though, who have to write a separate version just for Tegra processors. Unlike normal ARM processors and Android itself, Tegra is owned solely by NVIDIA, which means there are a lot of tablets and smartphones out there which can’t run those versions of these games. It also means gamers may have to repurchase certain games for Project SHIELD, in order to get the enhanced versions.


Looking towards the future


Things aren’t all gloomy. So far, NVIDIA’s managed to keep developer interest in the Tegra platform, and has gotten a lot of people excited about Project SHIELD. Its partnership with Valve also puts it in position to take advantage of the excitement surrounding Big Picture mode, and the upcoming gaming PCs (like Piston) designed to work with it and connect to a television.


Finally, a wireless game controller can cost upward of $ 50 by itself, so seen in that light Project SHIELD may not turn out to be so expensive — assuming gamers buy Tegra HD titles and NVIDIA graphics cards to use it with.


Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.


Linux/Open Source News Headlines – Yahoo! News





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