Yen steady, euro dips after G7 urges against FX war

LONDON (Reuters) - The yen hovered near three-year lows against the dollar and the euro fell on Tuesday after the G7 nations urged countries to refrain from competitive devaluations and a U.S. official backed Japan's new anti-deflation policies.

The Group of Seven industrialized nations published a statement saying it remained committed to "market-determined" exchange rates, reacting to weeks of concern that Japan's monetary easing policy, which has also weakened its currency, could trigger far-reaching currency wars.

"We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates," the group said.

Japan's Finance Minister Taro Aso welcomed the G7 statement, saying it showed the group recognized Japan's new anti-deflation policy was not aimed at affecting foreign exchange markets.

By 5:30 a.m. ET the yen was close to a three-year low of 94.31 to the dollar. The euro was down 0.2 percent versus the dollar and 0.5 percent lower at 125.90 yen after rising over 2 percent on Monday.

Treasury Undersecretary Lael Brainard said on Monday the United States supported Japanese efforts to end deflation, but also noted the G7 has long been committed to exchange rates determined by market forces.

The euro, the main riser among major currencies over the last few months as confidence in the euro zone has rebounded and the yen has slumped, was back at $1.3405 following the G7 statement.

It had risen briefly earlier after ECB Vice President Vitor Constancio said the bank's employment growth and inflation forecasts next month were likely to be close to the December figures.

The comments doused rate cut hopes, only re-kindled last week by the head of the bank, Mario Draghi, who said it was looking to see whether the euro's recent rise risked pushing inflation below its comfort zone.

SPAIN FOCUS

Having started the day down 0.2 percent, European shares were almost level again by 5:30 a.m. ET as London's FTSE 100 <.ftse> and Paris's CAC-40 <.fchi> recovered, though Frankfurt's DAX <.gdaxi> remained down 0.2 percent.

In the bond market, Spanish and Italian bonds inched up as domestic buyers took advantage of a recent sell-off, but the recovery looked fragile given political uncertainty in both countries.

Spain sold 5.6 billion euros ($7.5 billion) of 6- and 12-month Treasury bills, beating the top end of the target amount, but paid a higher yield on the longer-term paper as a political corruption scandal weighed on shaky confidence.

The ECB's Draghi is due to address Spanish lawmakers later on Tuesday to explain and defend the ECB's current monetary policy strategy against a backdrop of heightened concerns about the strong euro.

Draghi is also expected to meet Prime Minister Mariano Rajoy, but the market does not expect them to discuss whether Madrid might need financial aid, which would trigger the ECB's bond purchase scheme.

Financial markets showed a muted reaction, meanwhile, to the news that North Korea has conducted a nuclear test.

The nuclear test monitoring agency said the blast was double the size of its 2009 test. NATO condemned the move, calling it an "irresponsible act" that posed a grave threat to world peace.

"The test was not something that makes your heart pound as much as a pressing situation between Iran and Israel," said Kaname Gokon, research manager at brokerage Okato Shoji, referring to the threat of possible military action to prevent Iran from developing nuclear weapons.

Brent oil dipped to just under $118 a barrel, copper was flat, while spot gold stayed near a one-month low.

(Editing by Will Waterman)

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Tim Cook reportedly opposed suing Samsung but was overruled by Steve Jobs in 2011

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Pope Benedict XVI Says He Will Resign, Cites Ill Health

Samantha Zucchi Insidefoto/European Pressphoto Agency

Pope Benedict XVI blessing members of the Order of the Knights of Malta at the Vatican on Saturday.

ROME — Pope Benedict XVI, the former Cardinal Joseph Ratzinger who took office in 2005 following the death of his predecessor, said on Monday that he will resign on Feb. 28, the first pope to do so in six centuries.

Regarded as a doctrinal conservative, the pope, 85, said that after examining his conscience “before God, I have come to the certainty that my strengths, due to an advanced age, are longer suited to an adequate exercise” of his position as head of the world’s Roman Catholics.

The announcement is certain to plunge the Roman Catholic world into frenzied speculation about his likely successor and to evaluations of a papacy that was seen as both conservative and contentious.

In a statement in several languages, the pope said his “strength of mind and body” had “deteriorated in me to the extent that I have had to recognize my incapacity to adequately fulfill the ministry entrusted to me.”

Elected on April 19, 2005, Pope Benedict said his papacy would end on Feb. 28.

He was a popular choice within the college of 115 cardinals who elected him as a man who shared — and at times went beyond — the conservative theology of his predecessor and mentor, John Paul II, and seemed ready to take over the job after serving beside him for more than two decades.

When he took office, Pope Benedict’s well-known stands included the assertion that Catholicism is “true” and other religions are “deficient;” that the modern, secular world, especially in Europe, is spiritually weak; and that Catholicism is in competition with Islam. He had also strongly opposed homosexuality, the ordination of women priests and stem cell research.

Born on April 16, 1927, in Marktl am Inn, in Bavaria, he was the son of a police officer. He was ordained in 1951, at age 24, and began his career as a liberal academic and theological adviser at the Second Vatican Council, supporting many efforts to make the church more open.

But he moved theologically and politically to the right. Pope Paul VI named him bishop of Munich in 1977 and appointed him a cardinal within three months. Taking the chief doctrinal job at the Vatican in 1981, he moved with vigor to quash liberation theology in Latin America, cracked down on liberal theologians and in 2000 wrote the contentious Vatican document “’Dominus Jesus,” asserting the truth of Catholic belief over others.

The last pope to resign was Gregory XII, who left the papacy in 1415 to end what was known as the Western Schism among several competitors for the papacy.

Benedict’s papacy was caught up in growing sexual abuse scandals in the Roman Catholic Church that crept ever closer to the Vatican itself.

In 2010, as outrage built over clerical abuses, some voices called for his resignation, their demands fueled by reports that laid part of blame at his doorstep, citing his response both as a bishop long ago in Germany and as a cardinal heading the Congregation for the Doctrine of the Faith, which handles such cases.

In one disclosure, news emerged that in 1985, when Benedict was Cardinal Ratzinger, he signed a letter putting off efforts to defrock a convicted child-molesting priest. He cited the priest’s relative youth but also the good of the church.

Vatican officials and experts who follow the papacy closely dismissed the idea of stepping down at the time. “There is no objective motive to think in terms of resignation, absolutely no motive,” said the Rev. Federico Lombardi, the Vatican spokesman. “It’s a completely unfounded idea.”

In the final years of John Paul II’s papacy, which were dogged by illness, Cardinal Ratzinger had spoken in favor of the resignation of incapacitated popes. If John Paul “sees that he absolutely cannot do it anymore, then certainly he will resign,” he said at the time.

In 2006, less than two years into his papacy, Benedict also stirred ire across the Muslim world, referring in a long, scholarly address to a conversation on the truths of Christianity and Islam that took place between a 14th-century Byzantine Christian emperor, Manuel II Paleologus, and a Persian scholar.

“The emperor comes to speak about the issue of jihad, holy war,” the pope said. “He said, I quote, ‘Show me just what Muhammad brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached.’”

While making clear that he was quoting someone else, Benedict did not say whether he agreed or not. He also briefly discussed the Islamic concept of jihad, which he defined as “holy war,” and said that violence in the name of religion is contrary to God’s nature and to reason.

Elisabetta Povoledo reported from Rome, and Alan Cowell from London.

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Anne Hathaway on Winning An Oscar: Whatever Happens, Happens

By Phil Boucher

02/11/2013 at 07:00 AM EST

She's won big at the Golden Globes and now the BAFTAs, but will Anne Hathaway take home an Oscar?

Hathaway – who is nominated for Best Supporting Actress for her role in Les Misérables – isn't spending too much time worrying about it.

"Whatever happens in two weeks, happens. It won't be the worst thing that happens to me if I don't win, and with my husband by my side it won't be the best thing either. So I am feeling very good about whatever," the actress, 30, told reporters backstage after nabbing a best supporting actress statue at Sunday's British Academy of Film and Television Arts Awards in London.

"I really have to say that getting to do the work, getting to play the character with this cast and to have this opportunity, it is the most sublime experience. I don't know how I got so lucky. ... So I don't think ahead – I am just happy to be in the conversation in two weeks' time," she said.

But should she win, Hathaway has been imagining where to keep her statue.

"I kind of have this fantasy – because this year that I have been lucky enough to receive a few pieces of hardware – that I'm going to get a tool shed and keep it in my garage so that it opens to some music. But for now I am just going to keep it in my kitchen," she said.

While she's earned awards and received critical acclaim for her portrayal of Fantine, she says the best thing to come of filming the musical epic was meeting costar Russell Crowe.

"The biggest surprise of the whole experience was what a sweetie pie Russell Crowe was. The whole cast would kind of gather around his place and we would just sing for hours. We all bonded that way. He has become a dear, dear friend," she said, "and I feel very blessed to have him in our life."

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What heals traumatized kids? Answers are lacking

CHICAGO (AP) — Shootings and other traumatic events involving children are not rare events, but there's a startling lack of scientific evidence on the best ways to help young survivors and witnesses heal, a government-funded analysis found.

School-based counseling treatments showed the most promise, but there's no hard proof that anxiety drugs or other medication work and far more research is needed to provide solid answers, say the authors who reviewed 25 studies. Their report was sponsored by the federal Agency for Healthcare Research and Quality.

According to research cited in the report, about two-thirds of U.S. children and teens younger than 18 will experience at least one traumatic event, including shootings and other violence, car crashes and weather disasters. That includes survivors and witnesses of trauma. Most will not suffer any long-term psychological problems, but about 13 percent will develop symptoms of post-traumatic stress, including anxiety, behavior difficulties and other problems related to the event.

The report's conclusions don't mean that no treatment works. It's just that no one knows which treatments are best, or if certain ones work better for some children but not others.

"Our findings serve as a call to action," the researchers wrote in their analysis, published online Monday by the journal Pediatrics.

"This is a very important topic, just in light of recent events," said lead author Valerie Forman-Hoffman, a researcher at the University of North Carolina-Chapel Hill.

She has two young children and said the results suggest that it's likely one of them will experience some kind of trauma before reaching adulthood. "As a parent I want to know what works best," the researcher said.

Besides the December massacre at Sandy Hook Elementary School in Connecticut, other recent tragedies involving young survivors or witnesses include the fatal shooting last month of a 15-year-old Chicago girl gunned down in front of a group of friends; Superstorm Sandy in October; and the 2011 Joplin, Mo., tornado, whose survivors include students whose high school was destroyed.

Some may do fine with no treatment; others will need some sort of counseling to help them cope.

Studying which treatments are most effective is difficult because so many things affect how a child or teen will fare emotionally after a traumatic event, said Dr. Denise Dowd, an emergency physician and research director at Children's Mercy Hospitals and Clinics in Kansas City, Mo., who wrote a Pediatrics editorial.

One of the most important factors is how the child's parents handle the aftermath, Dowd said.

"If the parent is freaking out" and has difficulty controlling emotions, kids will have a tougher time dealing with trauma. Traumatized kids need to feel like they're in a safe and stable environment, and if their parents have trouble coping, "it's going to be very difficult for the kid," she said.

The researchers analyzed 25 studies of treatments that included anti-anxiety and depression drugs, school-based counseling, and various types of psychotherapy. The strongest evidence favored school-based treatments involving cognitive behavior therapy, which helps patients find ways to cope with disturbing thoughts and emotions, sometimes including talking repeatedly about their trauma.

This treatment worked better than nothing, but more research is needed comparing it with alternatives, the report says.

"We really don't have a gold standard treatment right now," said William Copeland, a psychologist and researcher at Duke University Medical Center who was not involved in the report. A lot of doctors and therapists may be "patching together a little bit of this and a little bit of that, and that might not add up to the most effective treatment for any given child," he said.

___

Online:

Pediatrics: http://www.pediatrics.org

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Stock index futures signal higher open

PARIS (Reuters) - Stock index futures pointed to a higher open on Wall Street on Monday, with futures for the S&P 500 up 0.07 percent, Dow Jones futures up 0.08 percent and Nasdaq 100 futures up 0.03 percent at 03.44 a.m. EST.

European stocks fell, reversing Friday's rebound as simmering worries over Spain and Italy continued to spook investors. <.eu> Most Asian bourses, including those in Japan, China, Hong Kong, Singapore and South Korea, were closed for the Lunar New Year holiday.

US Airways Group Inc and AMR Corp are nearing an $11 billion merger that would create the world's largest airline and could announce a deal within a week, after resolving key differences on valuation and management structure, people familiar with the matter said.

Google Inc Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company, a move that could potentially net the former chief executive a $2.51 billion windfall.

Three of Dell Inc's largest investors joined Southeastern Asset Management on Friday in objecting to a $24.4 billion buyout of the No. 3 PC maker led by Chief Executive Michael Dell, sources said, as opposition grows to the largest buyout since the start of the financial crisis.

Boeing Co completed what it called an uneventful flight on Saturday of a test 787 Dreamliner, its first since the airplanes were grounded more than three weeks ago after a series of battery-related problems.

Apple Inc. is experimenting with the design of a device similar to a wristwatch that would operate on the same platform as the iPhone and would be made with curved glass, the New York Times reported on Sunday.

The Nasdaq composite stock index closed at a 12-year high and the S&P 500 index at a five-year high, boosted by gains in technology shares and stronger overseas trade figures.

The Dow Jones industrial average <.dji> ended up 48.92 points, or 0.35 percent, at 13,992.97. The Standard & Poor's 500 Index <.spx> was up 8.54 points, or 0.57 percent, at 1,517.93. The Nasdaq Composite Index <.ixic> was up 28.74 points, or 0.91 percent, at 3,193.87, its highest closing level since November 2000.

(Reporting by Blaise Robinson; editing by Patrick Graham)

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Ahead of the Bell: Zynga

NEW YORK (AP) — Shares of Zynga climbed in premarket trading on Wednesday as the online games company’s fourth-quarter adjusted profit and revenue topped analysts’ estimates.

Zynga Inc. reported late Tuesday that its quarterly loss narrowed to 6 cents per share from a loss of $ 1.22 per share a year earlier. Its adjusted profit was 1 cent per share. Revenue was basically flat at approximately $ 311 million.

Analysts surveyed by FactSet expected a loss of 3 cents per share on revenue of $ 250 million.

The company managed to cut expenses by laying off workers, closing offices and shutting down poorly performing games.

Jefferies’ Brian Pitz said in a client note that Zynga Inc. had a solid beat for the quarter, but that he’s still taking a bit of a wait-and-see approach with the company until there’s evidence of “real momentum.”

The analyst is concerned that Zynga anticipates ongoing booking declines in the first quarter, and says that visibility past that quarter is very low.

Pitz reaffirmed a “Hold” rating and lifted the company’s price target to $ 3 from $ 2.50 based on the fourth-quarter results beating Wall Street’s view.

Zynga’s stock rose 11 cents, or 4 percent, to $ 2.85 before the market open. That is near the lower end of their 52-week range of $ 2.09 to $ 15.91.

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IHT Rendezvous: Meditations on the F1 Season to Come - and on 20 Seasons Run

PARIS — The 2013 Formula One season has not really begun. The first race takes place on March 17 in Melbourne. But with the launches of the new cars and the first four days of test sessions ending on Friday, the seeds have been planted. What kind of plant is not easy to figure out.

I have been observing from the sidelines for a couple of weeks, watching the fanfare of the car launches —or rather, the lack of fanfare — and watching the lap-by-lap action on the track in Jerez, Spain. And I have, every day, kept throwing around ideas in my head and saying: So what’s the conclusion? What’s to say? The cars, most of them, are merely the technical evolutions of last year’s cars.

They all look fairly similar — although some, thank goodness, have smoothed out that ugly nose problem of last season — and there is a good reason for it: There is very little change in the technical regulations from last season. The big changes will all occur next year, especially with the change in the engine specification. So what is there to say about these cars?

Had to wait to see them on the track. Now, it is common knowledge within Formula One and to most fans that the first winter test sessions of the new cars reveal and mean very little. The engineers are not forced into running their cars to racing specifications, and they can test parts that would be deemed illegal in a race. They can run on low fuel to get great results to attract sponsors, or they can sandbag — run heavy with lots of fuel and ballast — to hide how fast their cars are to the competition.

That said, the tests often do give an idea of who is strong, and who is not. Last year, Ferrari was clearly off the pace — by 1.6 seconds, no less — and that weighed on the whole season for the Italian team. The Lotus was fast, though, and that showed early in the season too. So what about the last four days?

None of it seemed to make sense: Jenson Button started the first session as the fastest car in the McLaren Mercedes, setting his fastest time on the hard tires, which begged the question: “What could he do on the faster soft tires????”

Felipe Massa, days later, when he was the fastest car of the day, in a Ferrari, still moaned about the speed of Button’s lap, even though it was slower than his. But it all had to do with tires and track conditions. Then there was the Lotus, with Romain Grosjean setting a fastest lap, and then Kimi Raikkonen doing the same. And there were the amazingly fast laps of the new Toro Rosso car and the Force India.

And there was Lewis Hamilton’s first test as part of the Mercedes team. (Many people criticized him for changing teams while he was secure in his seat at McLaren.) Hamilton ended up running off the track with broken brakes after his first few lap. But he came back strongly and left the session on Friday smiling.

It was after taking all of this action in that I finally realized that there was a take-away, despite the story seeming to change ever day. And that was it: the story this coming season may well change from one race to another, one session to another, as it had for the first part of last season.

The cars are currently so close together — except for the ones like the Marussia and the Caterham, the smaller teams — that there could be a lot of shifting around of the powers that be.

If this be the case, we’re in for another great and interesting season. On the other hand, this was just the first winter test session, and we have two more to go, starting with the one in Barcelona on Feb. 19.

Oh, and another thing that left me asking myself metaphysical and existential questions in the last few days is that this whole first test session week happened at a time when a very little talked about, but significant thing happened in American journalism regarding Formula One.

I’m talking about an 8,152-word article in the Feb. 4th issue of the The New Yorker all about Formula One. “The Art of Speed; Bringing Formula One to America,” by Ben McGrath, is a well-written and entertaining, but surface-scratching story introducing Formula One to America.

I thoroughly enjoyed it, and felt really stimulated seeing the great New Yorker magazine, a high-brow literary colossus of American journalism, giving this much space and interest to the sport I have been covering for so many years for the International Herald Tribune and The New York Times. One of the things that intrigued me was that unlike, for instance, The Economist, or other major publications that don’t usually write about the sport, when they do they blast it for some scandal or another, the New Yorker story read like a beginner’s guide to F1.

It was, as the title suggested, an introduction to America of this series that has never pierced the American consciousness the way other forms of auto racing — like Nascar — have, probably simply because there are no American heroes involved in it today.

On the other hand, like the season testing, it also left me wondering just how often Formula One has to be introduced to America after a history that goes back more than 60 years, and two Formula One world champion American drivers, one of whom is named Mario Andretti.

Well, with a New Yorker magazine anointment, I’d say that’s a pretty big step right there.

Of course, this idea of how many times F1 has to be re-introduced to America also reminded me suddenly that 2013 marks the 20th anniversary of my own beginning covering the sport for the International Herald Tribune, when I published my first ever story in the paper on the series: Grand Prix Racing: 1993 Is Shaping Up Great Despite FISA

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Tiger Woods & Lindsey Vonn Are 'Spending More Time' Together: Source

Buzz

By Steve Helling

02/09/2013 at 06:00 PM EST

Tiger Woods and Lindsey Vonn

Mick Tsikas/Reuters/Landov; Luis Guerra/Ramey

It was quite the gesture.

After Lindsey Vonn suffered a devastating injury during the Alpine World Championships in Austria, she got a bit of help from Tiger Woods. Walking on crutches, Vonn – who tore two ligaments in her right knee and fractured her shin when she crashed on Tuesday ­– boarded Woods's private jet to return home.

Is it a sign that the rumored relationship between Woods and Vonn is heating up?

"Tiger and Lindsey have been friends for a while, and nothing started out romantically at all," a source tells PEOPLE. "But they really have a lot in common and got closer and closer. He still refers to her as 'my very good friend,' but he's been spending more and more time talking to her – and talking about her."

Last month, Vonn's reps kept mum about the rumored relationship, telling PEOPLE that her "focus is solely on competing and on defending her titles and thus she will not participate in any speculation surrounding her personal life at this time."

But the source close to Woods tells PEOPLE that Woods, 37, and Vonn. 28, talk and text frequently.

"Tiger really does want a woman who he can have good conversations with," he says. "He wants shared interests and outlooks. He is finding that with [Lindsey]."

Woods made international headlines in 2009 when he was linked to dozens of women while still married to his ex-wife, Elin Nordegren.

Since then, he has dated sporadically, but struggled to find someone who wanted a relationship for the right reasons.

"She's not freaked out by his past, and that's really appealing to him," says the source. "He really does deserve to be happy. He has been flogging himself for three years, and it's good to see him moving forward."

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After early start, worst of flu season may be over

NEW YORK (AP) — The worst of the flu season appears to be over.

The number of states reporting intense or widespread illnesses dropped again last week, and in a few states there was very little flu going around, U.S. health officials said Friday.

The season started earlier than normal, first in the Southeast and then spreading. But now, by some measures, flu activity has been ebbing for at least four weeks in much of the country. Flu and pneumonia deaths also dropped the last two weeks, the Centers for Disease Control and Prevention reported.

"It's likely that the worst of the current flu season is over," CDC spokesman Tom Skinner said.

But flu is hard to predict, he and others stressed, and there have been spikes late in the season in the past.

For now, states like Georgia and New York — where doctor's offices were jammed a few weeks ago — are reporting low flu activity. The hot spots are now the West Coast and the Southwest.

Among the places that have seen a drop: Lehigh Valley Hospital-Cedar Crest in Allentown, Pa., which put up a tent outside its emergency room last month to help deal with the steady stream of patients. There were about 100 patients each day back then. Now it's down to 25 and the hospital may pack up its tent next week, said Terry Burger, director of infection control and prevention for the hospital.

"There's no question that we're seeing a decline," she said.

In early December, CDC officials announced flu season had arrived, a month earlier than usual. They were worried, saying it had been nine years since a winter flu season started like this one. That was 2003-04 — one of the deadliest seasons in the past 35 years, with more than 48,000 deaths.

Like this year, the major flu strain was one that tends to make people sicker, especially the elderly, who are most vulnerable to flu and its complications

But back then, that year's flu vaccine wasn't made to protect against that bug, and fewer people got flu shots. The vaccine is reformulated almost every year, and the CDC has said this year's vaccine is a good match to the types that are circulating. A preliminary CDC study showed it is about 60 percent effective, which is close to the average.

So far, the season has been labeled moderately severe.

Like others, Lehigh Valley's Burger was cautious about making predictions. "I'm not certain we're completely out of the woods," with more wintry weather ahead and people likely to be packed indoors where flu can spread around, she said.

The government does not keep a running tally of flu-related deaths in adults, but has received reports of 59 deaths in children. The most — nine — were in Texas, where flu activity was still high last week. Roughly 100 children die in an average flu season, the CDC says

On average, about 24,000 Americans die each flu season, according to the CDC.

According to the CDC report, the number of states with intense activity is down to 19, from 24 the previous week, and flu is widespread in 38 states, down from 42.

Flu is now minimal in Florida, Kentucky, Maine, Montana, New Hampshire and South Carolina.

___

Online:

CDC: http://www.cdc.gov/flu/

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