Iran Has Rosy View of Unrest in Syria

TEHRAN — When Syria’s agricultural minister, Subhi Ahmad al-Abdullah, arrived in the Iranian capital for a visit last week, everybody involved stuck to a well-worn script.

There were welcoming ceremonies, handshakes in front of cameras and tête-à-têtes on rococo chairs. Stern-faced Iranian and Syrian officials discussed “expanding economic and agricultural ties” and signed a contract for the joint production of a vaccine for foot-and-mouth disease.

The unrest in Syria did not go unmentioned in the meetings, which were widely reported by Iranian state media. Iran’s vice president, Mohammad-Reza Rahimi, said Iran was confident of victory for the Syrian government forces, who, he said, were engaged in “sporadic fights with terrorists sent by regional countries.”

The upbeat ceremonies surrounding Mr. Abdullah’s visit illustrate how Iranian leaders perceive the bloody conflict that has engulfed their main ally in the Arabic world. While former Iranian diplomats, academics and analysts increasingly warn that President Bashar al-Assad’s government is on the brink of collapse, the country’s highest leaders insist the conflict is manageable and ultimately will be resolved to Iran’s advantage.

“We say that Bashar al-Assad, or at least his government, is the safest bet for stability and security in Syria,” said Amir Mohebbian, a political analyst whose views are sometimes published on the Web site of Iran’s supreme leader, Ayatollah Ali Khamenei. “If the foreign mercenaries take over, there will be a blood bath in Syria.”

Endless news broadcasts by Iran’s state television offer an ideological narrative in which Saudi Arabia and Qatar are doing the bidding of the United States and Israel, helping to arm foreign “terrorists” and sending them into Syria to punish it for having opposed Israel. War crimes committed by Syrian forces go unreported.

“Clearly, there is no real alternative for al-Assad and his government in Syria,” Mr. Mohebbian said. “They have agreed to reforms; there will be a multiparty system in Syria. So foreign countries should stop arming terrorists and let the Syrian people decide their own future.”

Some former diplomats, analysts and academics disagree with the blind support of Syria’s government. But they have little, if any, influence on Iran’s policy makers, who are mostly rigid ideologues.

“The Syrian Army is on the brink of complete collapse, and the downfall of al-Assad is inevitable,” Ebrahim Yazdi, a former foreign minister who is a member of the opposition, wrote Saturday in the newspaper Etemaad, which is critical of Iran’s government. “Syria’s leaders respond to reforms with bloody crackdowns. Their future is very bleak.”

Mashallah Shamsolvaezin, a Middle East analyst who has been imprisoned for his involvement in Iran’s opposition movement, echoed that view. “In reality, Syria will be in turmoil for years to come,” he said. “There will be nothing left of our anti-Israel front.”

Iran has organized two conferences for what it calls the “genuine” Syrian opposition, pushing for modest political changes, followed by nationwide presidential elections in 2014, as the only solution to stop the fighting.

Off the record, Iranian officials sometimes hint that Mr. Assad, as a symbol, could be sacrificed in Iran’s future vision for the country. But they insist that his political and security apparatus should remain in power, continuing to lead Syria as a regional spear against Iran’s archnemesis, Israel.

“We are seeking a peaceful solution in which the Syrian government implements reforms,” said Hamidreza Taraghi, a politician who is close to Iran’s leaders. “But whatever the cost, we want to keep Syria in the group of resistance against Israel.”

Mr. Taraghi, who recently led an Iranian delegation to North Korea and met with the country’s leader, Kim Jong-un, said that Iran was willing to do “whatever it takes” to keep Syria as an ally. He said the Syrian government had not yet asked Iran for military help, but if that happened Iran would be compelled by its treaty with Syria to step in.

Ramtin Rastin contributed reporting.

Read More..

HTC still tripping Samsung up in Windows Phone race

It is not clear that Samsung (005930) even cares — but HTC (2498) continues outmaneuvering its far bigger rival when it comes to Windows Phones. The budget HTC Windows Phone 8S is no available from UK operator Three starting at the notably low £17 per month contract price. This is about half of what the monthly contract price of Samsung’s ATIV S Windows Phone model is expected to cost in the UK. Once it finally arrives. Possibly during the last week of the year. There is no firm word on when ATIV S might arrive on AT&T (T) and Verizon (VZ) at this point.

So not only did Samsung miss the U.S. and European Christmas sales seasons completely with its first Windows Phone 8 device, HTC actually managed to get both the high-end Windows Phone 8X and the budget 8S out before Christmas in some key markets. And Three now actually seems to be giving robust marketing support for HTC’s Windows Phone devices. They are featured prominently on the website and 8X buyers get a free Windows Pro upgrade for their PCs.

It is worth noting that the Windows Phone 8S looks very competitive in the UK prepaid market with a £180 price tag at Three. The Samsung Galaxy S Advance  is £270 and Nokia’s (NOK) Lumia 710 is £200.

HTC recently started looking like Jessica Biel — too bland and too expensive — but with the 8S, it might be getting some of its European budget groove back. It is now starting to look like the November sales momentum HTC just showed will extend to December.

Get more from BGR.com: Follow us on Twitter, Facebook

Wireless News Headlines – Yahoo! News

Read More..

RG3 hurts knee, but Skins beat Ravens 31-28 in OT

LANDOVER, Md. (AP) — This, of course, is the sort of thing everyone associated with — and rooting for — the Washington Redskins worries about: Robert Griffin III limping to the sideline after a knee-spraining hit.

With the Redskins driving while trailing the Baltimore Ravens late in the fourth quarter of a game Washington would wind up winning 31-28 in overtime Sunday, Griffin was slow to rise after being tackled at the end of a 13-yard scramble.

"I screamed. Like a man, of course," Griffin said with a laugh, before acknowledging: "It hurt really bad."

He left for one play, then returned for four more. But by then, the No. 2 overall pick in this year's NFL draft was hopping on his left leg, keeping all weight off his injured right one. Eventually, Griffin knelt on the turf, unable to continue.

"I knew I needed to get out at that point," said last year's Heisman Trophy winner, who had an MRI exam later Sunday that didn't show significant ligament damage. "I couldn't move. At some point, you have to do what's right for the team. And if I'm playing the rest of that game, I probably would have hurt myself even more."

Said Redskins coach Mike Shanahan: "I could see that he was hurting the second time he came out. You could see his face."

So whatever euphoria the Redskins (7-6) and their fans might have been feeling following a fourth consecutive victory was mixed with concern about the sight of the man they call RG3 hobbling around on the sideline with a thick, black brace on his right knee as Kai Forbath kicked a 34-yard field goal to end the game.

"We're happy that we won, obviously," left tackle Trent Williams said. "But that is concerning, knowing he went down. Everyone wants to know how he's doing."

About three hours after the game, an answer arrived: Team spokesman Tony Wyllie said the MRI showed that while Griffin sprained his knee, "everything is clear" in terms of a major knee injury. Wyllie specifically ruled out a season-ending ACL tear, such as the one Griffin had on the same knee while playing in college at Baylor in 2009.

Still, because a sprained knee, by definition, means at least one of the several ligaments is damaged in some way, it's not clear what Griffin's status for next week at the Cleveland Browns will be.

"Everybody's praying for me. I feel pretty good right now about the whole situation," said Griffin, who left a game earlier this season because of a concussion.

With Griffin done for the day, and Baltimore — now 9-4 after its first consecutive losses since early in the 2009 season — leading 28-20, fellow rookie QB Kirk Cousins stepped in. Cousins, a fourth-round pick who only played in one other game this season, threw an 11-yard touchdown pass to Pierre Garcon with 29 seconds remaining in regulation, then ran a quarterback draw for the tying 2-point conversion.

"He's ice. Like they used to say about Larry Bird, he got ice water in his veins. That's the best thing you can say about Kirk," receiver Joshua Morgan said.

Griffin heard the call for Cousin's draw through his headphones while getting treatment on the sideline.

"It was awesome," said Griffin, who was 15 for 26 for 246 yards and a touchdown pass, along with 34 yards on seven carries, adding to his single-season record for rushing by a rookie quarterback.

Ravens safety Ed Reed said his defense was ready for that 2-point play, actually, but "we didn't execute."

The Ravens got the ball first in overtime but went three-and-out. Yet another Redskins rookie, Richard Crawford, returned the punt 64 yards to set up Forbath, who is now 14 for 14 to start his NFL career; each got a game ball from Shanahan.

While Washington remained one game behind the New York Giants (8-5) in the race for the NFC East title, the Ravens wasted a chance to clinch the AFC North — and even missed out on an opportunity to assure themselves of a playoff berth.

Joe Flacco completed 16 of 21 passes for 182 yards and three first-half TD passes that built a 21-14 lead. But Baltimore's first four drives of the second ended with Flacco's fumble, his interception deep in Washington's territory, and two three-and-outs.

"As a leader on this team I like to finish teams out," said Ray Rice, who finished with 121 yards on 20 carries but picked up a left hip pointer. "I don't want to be known as, 'Yeah, we get them close in the fourth quarter, and the Ravens are going to give it away.' That's never been us. That's not going to be us."

Rice's 7-yard touchdown run with 4:47 to play in the fourth quarter put the Ravens up by eight points, before Griffin started the trying drive — and Cousins finished it.

Forbath's winning kick prompted a wild on-field celebration by many Redskins. Not Griffin, though. He gingerly walked toward the locker room, a brace on his knee, and flashed a thumb's up to raucous spectators in the stands.

Later, around the Redskins announced the results of his good-news MRI, Griffin tweeted: "Your positive vibes and prayers worked people!!!!"

NOTES: Cousins completed both passes he threw. ... Ravens RG Marshal Yanda sprained his right ankle and was wearing a black walking boot on that foot in the locker room. Other injuries for Baltimore: LB Jameel McClain had a neck injury, but X-rays were negative. ... Washington's 186 yards were the most by any NFL team in the first quarter this season and the most by the franchise in that quarter since 1997. ... The Redskins hadn't won four games in a row since 2008.

___

Connect with Howard Fendrich on Twitter at http://twitter.com/HowardFendrich

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

Read More..

A Breakthrough Against Leukemia Using Altered T-Cells

PHILIPSBURG, Pa. — Emma Whitehead has been bounding around the house lately, practicing somersaults and rugby-style tumbles that make her parents wince.

It is hard to believe, but last spring Emma, then 6, was near death from leukemia. She had relapsed twice after chemotherapy, and doctors had run out of options.

Desperate to save her, her parents sought an experimental treatment at the Children’s Hospital of Philadelphia, one that had never before been tried in a child, or in anyone with the type of leukemia Emma had. The experiment, in April, used a disabled form of the virus that causes AIDS to reprogram Emma’s immune system genetically to kill cancer cells.

The treatment very nearly killed her. But she emerged from it cancer-free, and about seven months later is still in complete remission. She is the first child and one of the first humans ever in whom new techniques have achieved a long-sought goal — giving a patient’s own immune system the lasting ability to fight cancer.

Emma had been ill with acute lymphoblastic leukemia since 2010, when she was 5, said her parents, Kari and Tom. She is their only child.

She is among just a dozen patients with advanced leukemia to have received the experimental treatment, which was developed at the University of Pennsylvania. Similar approaches are also being tried at other centers, including the National Cancer Institute and Memorial Sloan-Kettering Cancer Center in New York.

“Our goal is to have a cure, but we can’t say that word,” said Dr. Carl June, who leads the research team at the University of Pennsylvania. He hopes the new treatment will eventually replace bone-marrow transplantation, an even more arduous, risky and expensive procedure that is now the last hope when other treatments fail in leukemia and related diseases.

Three adults with chronic leukemia treated at the University of Pennsylvania have also had complete remissions, with no signs of disease; two of them have been well for more than two years, said Dr. David Porter. Four adults improved but did not have full remissions, and one was treated too recently to evaluate. A child improved and then relapsed. In two adults, the treatment did not work at all. The Pennsylvania researchers were presenting their results on Sunday and Monday in Atlanta at a meeting of the American Society of Hematology.

Despite the mixed results, cancer experts not involved with the research say it has tremendous promise, because even in this early phase of testing it has worked in seemingly hopeless cases. “I think this is a major breakthrough,” said Dr. Ivan Borrello, a cancer expert and associate professor of medicine at the Johns Hopkins University School of Medicine.

Dr. John Wagner, the director of pediatric blood and marrow transplantation at the University of Minnesota, called the Pennsylvania results “phenomenal” and said they were “what we’ve all been working and hoping for but not seeing to this extent.”

A major drug company, Novartis, is betting on the Pennsylvania team and has committed $20 million to building a research center on the university’s campus to bring the treatment to market.

Hervé Hoppenot, the president of Novartis Oncology, called the research “fantastic” and said it had the potential — if the early results held up — to revolutionize the treatment of leukemia and related blood cancers. Researchers say the same approach, reprogramming the patient’s immune system, may also eventually be used against tumors like breast and prostate cancer.

To perform the treatment, doctors remove millions of the patient’s T-cells — a type of white blood cell — and insert new genes that enable the T-cells to kill cancer cells. The technique employs a disabled form of H.I.V. because it is very good at carrying genetic material into T-cells. The new genes program the T-cells to attack B-cells, a normal part of the immune system that turn malignant in leukemia.

The altered T-cells — called chimeric antigen receptor cells — are then dripped back into the patient’s veins, and if all goes well they multiply and start destroying the cancer.

The T-cells home in on a protein called CD-19 that is found on the surface of most B-cells, whether they are healthy or malignant.

A sign that the treatment is working is that the patient becomes terribly ill, with raging fevers and chills — a reaction that oncologists call “shake and bake,” Dr. June said. Its medical name is cytokine-release syndrome, or cytokine storm, referring to the natural chemicals that pour out of cells in the immune system as they are being activated, causing fevers and other symptoms. The storm can also flood the lungs and cause perilous drops in blood pressure — effects that nearly killed Emma.

Steroids sometimes ease the reaction, but they did not help Emma. Her temperature hit 105. She wound up on a ventilator, unconscious and swollen almost beyond recognition, surrounded by friends and family who had come to say goodbye.

But at the 11th hour, a battery of blood tests gave the researchers a clue as to what might help save Emma: her level of one of the cytokines, interleukin-6 or IL-6, had shot up a thousandfold. Doctors had never seen such a spike before and thought it might be what was making her so sick.

Dr. June knew that a drug could lower IL-6 — his daughter takes it for rheumatoid arthritis. It had never been used for a crisis like Emma’s, but there was little to lose. Her oncologist, Dr. Stephan A. Grupp, ordered the drug. The response, he said, was “amazing.”

Within hours, Emma began to stabilize. She woke up a week later, on May 2, the day she turned 7; the intensive-care staff sang “Happy Birthday.”

Since then, the research team has used the same drug, tocilizumab, in several other patients.

In patients with lasting remissions after the treatment, the altered T-cells persist in the bloodstream, though in smaller numbers than when they were fighting the disease. Some patients have had the cells for years.

Dr. Michel Sadelain, who conducts similar studies at the Sloan-Kettering Institute, said: “These T-cells are living drugs. With a pill, you take it, it’s eliminated from your body and you have to take it again.” But T-cells, he said, “could potentially be given only once, maybe only once or twice or three times.”

The Pennsylvania researchers said they were surprised to find any big drug company interested in their work, because a new batch of T-cells must be created for each patient — a far cry from the familiar commercial strategy of developing products like Viagra or cholesterol medicines, in which millions of people take the same drug.

Read More..

Bloomberg Weighs Making a Run for Financial Times

Not long ago, The Financial Times would have been the crown jewel of any media company, instantly conferring prestige and influence on its owner. Now, given the likely bidders, one of the world’s most respected and distinctive financial newspapers could end up as a trophy to help sell more computer terminals.

Michael R. Bloomberg is weighing the wisdom of buying The Financial Times Group, which includes the paper and a half interest in The Economist, according to three people close to Mr. Bloomberg who spoke on the condition of anonymity to divulge private conversations.

Mr. Bloomberg has long adored The Economist, and his affinity for The Financial Times, at least as a reader, has deepened lately. Its bisque-colored pages, once rarely seen in the thick stack of newspapers Mr. Bloomberg carries under his arm all day, have become a mainstay. Friends say he favors its generally short, punchy and to-the-point articles, which match his temperament.

In October, Mr. Bloomberg visited the London headquarters of The Financial Times, a few blocks away from Bloomberg L.P.’s giant new London complex, which is still under construction. When an editor asked if he would buy the paper, Mr. Bloomberg replied, “I buy it every day.”

He has spoken openly with friends and aides about the potential benefits and pitfalls of making such a costly acquisition in an industry he admires deeply as a reader but sneers at as a businessman, these same people said. And he has recently taken to rattling off circulation figures and “penetration” rates for the paper.

“It’s the only paper I’d buy,” he has said to one associate. “Why should I buy it?” he has asked another.

His ambivalence speaks to the troubles facing the newspaper business, and to the complex motivations of the mayor himself. Drawn to power and prominence, Mr. Bloomberg is wrestling with his affection for the paper as its potential publisher and his wariness of an investment that could mar his company’s reputation for achieving outsize profits. Pearson, the parent company of The Financial Times Group, does not break out separate financial results for the paper, but analysts estimate that it loses money. A spokesman for the mayor declined to comment on his conversations about the paper.

For Thomson Reuters, the other likely bidder, the calculation is somewhat different. Unlike Mr. Bloomberg, who started his financial information company in 1982, James C. Smith, president and chief executive of Thomson Reuters, came up through Thomson’s regional newspapers and has ink in his veins. A replica of an old-fashioned printing press is on display in his corner office overlooking Times Square.

But the company has been hurt financially after its newest desktop terminal product struggled to catch on. In the first nine months of 2012, the company reported revenue of $9.88 billion, a 3 percent decrease from the period a year earlier. A company spokesman declined to comment.

The Financial Times could expand the Thomson Reuters brand and give its reporters additional exposure since, unlike Bloomberg, which bought Businessweek in 2009, the company does not own a regular magazine. Thomson Reuters, partly a British company, and The Financial Times also have large footprints in Asia.

But first, the paper needs to be put on the block. Pearson is about to lose two of its top executives, raising speculation the paper could be for sale. Analysts value The Financial Times Group at about $1.2 billion, well within the reach of Bloomberg L.P., which in 2011 had revenue of $7.6 billion, and Thomson Reuters, which posted revenue of $13.8 billion.

The paper has a successful digital strategy, and analysts have said that its strict online pay wall is considered a financial success. But like most newspapers, it is struggling in an industrywide decline in print advertising revenue. In the three months ending Oct. 1, the paper’s total paid circulation exceeded 600,000, more than half of which was from digital subscriptions. In its most recent earnings report, Pearson said it expected profit to decline because of a sluggish advertising market and “the shift from print to digital.”

Marjorie Scardino, Pearson’s longtime chief executive, who once said the paper would be sold “over my dead body,” is departing on Dec. 31. Rona Fairhead, chief executive of The Financial Times Group, will leave at the end of April. Both executives had championed the print businesses. A successor to Ms. Fairhead has yet to be named, though one person close to the company pointed to John Ridding, the chief executive of the paper.

Read More..

Syrian Rebels Tied to Al Qaeda Play Key Role in War

Sana Handout, via European Pressphoto Agency

In May in Damascus, Syrian workers removed debris from two car bombs that were linked to the Qaeda-backed Nusra Front.

BAGHDAD — The lone Syrian rebel group with an explicit stamp of approval from Al Qaeda has become one of the uprising’s most effective fighting forces, posing a stark challenge to the United States and other countries that want to support the rebels but not Islamic extremists.

Money flows to the group, the Nusra Front, from like-minded donors abroad. Its fighters, a small minority of the rebels, have the boldness and skill to storm fortified positions and lead other battalions to capture military bases and oil fields. As their successes mount, they gather more weapons and attract more fighters.

The group is a direct offshoot of Al Qaeda in Iraq, Iraqi officials and former Iraqi insurgents say, which has contributed veteran fighters and weapons.

“This is just a simple way of returning the favor to our Syrian brothers that fought with us on the lands of Iraq,” said a veteran of Al Qaeda in Iraq, who said he helped lead the Nusra Front’s efforts in Syria.

The United States, sensing that time may be running out for Syria’s president, Bashar al-Assad, hopes to isolate the group to prevent it from inheriting Syria or fighting on after Mr. Assad’s fall to pursue its goal of an Islamic state.

As the United States pushes the Syrian opposition to organize a viable alternative government, it plans to blacklist the Nusra Front as a terrorist organization, making it illegal for Americans to have financial dealings with the group and most likely prompting similar sanctions from Europe. The hope is to remove one of the biggest obstacles to increasing Western support for the rebellion: the fear that money and arms could flow to a jihadi group that could further destabilize Syria and harm Western interests.

When rebel commanders met Friday in Turkey to form a unified command structure at the behest of the United States and its allies, jihadi groups were not invited.

The Nusra Front’s ally, Al Qaeda in Iraq, is the Sunni insurgent group that killed numerous American troops in Iraq and sowed widespread sectarian strife with suicide bombings against Shiites and other religious and ideological opponents. The Iraqi group played an active role in founding the Nusra Front and provides it with money, expertise and fighters, said Maj. Faisal al-Issawi, an Iraqi security official who tracks jihadi activities in Iraq’s Anbar Province. 

But blacklisting the Nusra Front could backfire. It would pit the United States against some of the best fighters in the insurgency that it aims to support. While some Syrian rebels fear the group’s growing power, others work closely with it and admire it — or, at least, its military achievements — and are loath to end their cooperation.

Leaders of the Free Syrian Army, the loose-knit rebel umbrella group that the United States seeks to bolster, expressed exasperation that the United States, which has refused to provide weapons throughout the conflict that has killed more than 40,000 people, is now opposing a group they see as a vital ally.

The Nusra Front “defends civilians in Syria, whereas America didn’t do anything,” said Mosaab Abu Qatada, a rebel spokesman. “They stand by and watch; they look at the blood and the crimes and brag. Then they say that Nusra Front are terrorists."

He added, “America just wants a pretext to intervene in Syrian affairs after the revolution.”

The United States has been reluctant to supply weapons to rebels that could end up in the hands of anti-Western jihadis, as did weapons that Qatar supplied to Libyan rebels with American approval. Critics of the Obama administration’s Syria policy counter that its failure to support the rebels helped create the opening that Islamic militants have seized in Syria.

The Nusra Front’s appeals to Syrian fighters seem to be working.

At a recent meeting in Damascus, Abu Hussein al-Afghani, a veteran of insurgencies in Afghanistan, Iraq and Libya, addressed frustrated young rebels. They lacked money, weapons and training, so they listened attentively.

He told them he was a leader of Al Qaeda in Iraq, now working with a Qaeda branch in Syria, and by joining him, they could make their mark. One fighter recalled his resonant question: “Who is hearing your voice today?”

On Friday, demonstrators in several Syrian cities raised banners with slogans like, “No to American intervention, for we are all Jebhat al-Nusra,” referring to the group’s full name, Ansar al-Jebhat al-Nusra li-Ahl al-Sham, or Supporters of the Front for Victory of the People of Syria. One rebel battalion, the Ahrar, or Free Men, asked on its Facebook page why the United States did not blacklist Mr. Assad’s “terrorist” militias.

Another jihadist faction, the Sahaba Army in the Levant, even congratulated the group on the “great honor” of being deemed terrorists by the United States.

Tim Arango reported from Baghdad, and Anne Barnard and Hwaida Saad from Beirut, Lebanon. Reporting was contributed by Hania Mourtada from Beirut; Duraid Adnan and Yasir Ghazi from Baghdad; employees of The New York Times from Mosul, Iraq, and the provinces of Anbar and Diyala; and Michael R. Gordon from Dublin.

Read More..

How one startup is overhauling Android to make it enterprise-ready

The common misconception that Android isn’t secure enough for the business world or government employees is about to change. A Boston-based startup called Optio Labs has created a custom version of Google’s (GOOG) mobile operating system that can control what can and cannot be accessed depending on location, network or running apps. The technology can even allow a phone to display sensitive company data or block things like texting and camera usage based on room-specific security and access settings, Technology Review reported. This unique feature can utilize a Bluetooth beacon that, when in range, would send a cryptographic tether to a device. It would also be possible to use near field communications to view sensitive information, theoretically forcing workers to “bump” their bosses phone to get initial access.

“You can dream up just about any rule, it can be your GPS location, or an indoor location detection: when you are in this specific room you can use these apps and connect to this data, but the moment you walk out we will delete the data, shut down the apps, prevent you from getting access to them,” said Jules White, co-founder of the company.

The technology could prevent information from being lost or stolen and can increase productivity by stopping workers from texting and spending time on social networking sites while in the office. Optio Labs is said to have sold its custom Android software and accompanying policy-management system to undisclosed systems integrators and smartphone manufacturers. Android devices containing the software are expected to arrive on the market in late 2013.

Get more from BGR.com: Follow us on Twitter, Facebook

Wireless News Headlines – Yahoo! News

Read More..

Marquez knocks out Pacquiao in 6th round

LAS VEGAS (AP) — No need for Juan Manuel Marquez to impress the judges. No need for the referee to count to 10.

Marquez took care of all of his business Saturday night with a thunderous right hand that left Manny Pacquiao face first on the canvas with his remarkable career in question.

Unable to win a decision in their first three fights, Marquez won the old-fashioned way with a huge right hand that put Pacquiao down for the second time in the fight at 2:59 of the sixth round.

Referee Kenny Bayless never bothered to count as Marquez leaped into his handlers' arms in celebration and Pacquiao's wife broke into tears at ringside.

"I threw a perfect punch," Marquez said. "I knew Manny could knock me out at any time."

It was a stunning end to a thrilling fight, the fourth one in the last eight years between the two men. It could also be the end of the Filipino's career, though he said in the ring afterward he would like to fight Marquez for a fifth time.

"If you give us a chance, we'll fight again," Pacquiao said. "I was just starting to feel confident and then I got careless."

Pacquiao had been down in the third round but knocked Marquez down in the fifth and the two were exchanging heavy blows in the sixth round before Marquez threw a right hand that flattened Pacquiao face down on the canvas.

"I thought I was getting him in the last couple of rounds but I got hit by a strong punch," Pacquiao said. "I never expected that punch."

Pacquiao was down for about two minutes before his handlers managed to get him up as Marquez celebrated and the sold-out crowd at the MGM erupted.

After being helped to his corner, Pacquiao sat on a stool, blew his nose and stared vacantly ahead as his handlers cut his gloves off. It was a stunning end to a furious fight, and Pacquiao was later taken to a hospital for precautionary examination.

"We always worked on that punch," Marquez said. "We knew he was going to come out aggressive so we had a fight plan that was more technical. We were able to capitalize on it."

Marquez had vowed to finally beat Pacquiao after losing two close fights and settling for a draw in the first fight. But after Pacquiao knocked him down in the fifth round and was landing big left hands, it looked like it would be Pacquiao's night.

The two came out for the sixth round and the pace was just as relentless. Both were landing big punches and both were brawling when suddenly as the round came to close Marquez shot out a right hand that landed flush to the jaw of Pacquiao, who crumpled to the canvas in a heap.

"I felt he was coming to knock me out the last three rounds and I knew he was going to be wide open," Marquez said.

It was the second loss in a row for Pacquiao, who dropped a decision to Timothy Bradley in June and who had vowed to regain his prominence in the ring.

Pacquiao was aggressive from the opening bell, but paid the price in the third round when he got caught by a Marquez right hand that put him down. Pacquiao got back up and seemingly took control of the fight, dropping Marquez in the fifth round and landing the bigger punches until he was dropped.

"I got hit by a punch I didn't see," Pacquiao said.

Pacquiao, who earned more than $20 million for the fight, was ahead 47-46 on all three scorecards after the fifth round.

There was no title at stake in the 147-pound fight, but that didn't stop 16,348 fans from filling the MGM Grand Arena and roaring in unison from the opening bell as the two fighters went after each other.

Ringside punching stats underscored the ferocity of the bout, showing Pacquiao landing 94 of 256 punches to 52 of 246 for Marquez. But it was the one big right hand from Marquez that counted more than anything, knocking Pacquiao out for the first time in a career that goes back 17 years.

"He was in charge," Pacquiao's trainer, Freddie Roach said. "He just got a little too careless and got hit with a punch he didn't see."

Promoter Bob Arum immediately said he could see a fifth fight between the two boxers, and a dazed Pacquiao seemed to agree.

"Why not?" he said.

Pacquiao weighed the class limit of 147 pounds, but it was Marquez who looked like the stronger fighter entering the ring after having bulked up with the help of a strength conditioner, though he weighed in at 143 pounds. In their earlier fights, Pacquiao had been the bigger puncher, knocking Marquez down a total of four times, but on this night it was Marquez who had the biggest punch.

The stunning knockout was the first real loss by Pacquiao in seven years. He lost a close decision to Bradley in his last fight, but most ringside observers believed he had won it fairly convincingly.

Marquez improved to 55-6-1 with 40 knockouts, while Pacquiao fell to 54-5-2.

Read More..

New Taxes to Take Effect to Fund Health Care Law

WASHINGTON — For more than a year, politicians have been fighting over whether to raise taxes on high-income people. They rarely mention that affluent Americans will soon be hit with new taxes adopted as part of the 2010 health care law.

The new levies, which take effect in January, include an increase in the payroll tax on wages and a tax on investment income, including interest, dividends and capital gains. The Obama administration proposed rules to enforce both last week.

Affluent people are much more likely than low-income people to have health insurance, and now they will, in effect, help pay for coverage for many lower-income families. Among the most affluent fifth of households, those affected will see tax increases averaging $6,000 next year, economists estimate.

To help finance Medicare, employees and employers each now pay a hospital insurance tax equal to 1.45 percent on all wages. Starting in January, the health care law will require workers to pay an additional tax equal to 0.9 percent of any wages over $200,000 for single taxpayers and $250,000 for married couples filing jointly.

The new taxes on wages and investment income are expected to raise $318 billion over 10 years, or about half of all the new revenue collected under the health care law.

Ruth M. Wimer, a tax lawyer at McDermott Will & Emery, said the taxes came with “a shockingly inequitable marriage penalty.” If a single man and a single woman each earn $200,000, she said, neither would owe any additional Medicare payroll tax. But, she said, if they are married, they would owe $1,350. The extra tax is 0.9 percent of their earnings over the $250,000 threshold.

Since the creation of Social Security in the 1930s, payroll taxes have been levied on the wages of each worker as an individual. The new Medicare payroll is different. It will be imposed on the combined earnings of a married couple.

Employers are required to withhold Social Security and Medicare payroll taxes from wages paid to employees. But employers do not necessarily know how much a worker’s spouse earns and may not withhold enough to cover a couple’s Medicare tax liability. Indeed, the new rules say employers may disregard a spouse’s earnings in calculating how much to withhold.

Workers may thus owe more than the amounts withheld by their employers and may have to make up the difference when they file tax returns in April 2014. If they expect to owe additional tax, the government says, they should make estimated tax payments, starting in April 2013, or ask their employers to increase the amount withheld from each paycheck.

In the Affordable Care Act, the new tax on investment income is called an “unearned income Medicare contribution.” However, the law does not provide for the money to be deposited in a specific trust fund. It is added to the government’s general tax revenues and can be used for education, law enforcement, farm subsidies or other purposes.

Donald B. Marron Jr., the director of the Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution, said the burden of this tax would be borne by the most affluent taxpayers, with about 85 percent of the revenue coming from 1 percent of taxpayers. By contrast, the biggest potential beneficiaries of the law include people with modest incomes who will receive Medicaid coverage or federal subsidies to buy private insurance.

Wealthy people and their tax advisers are already looking for ways to minimize the impact of the investment tax — for example, by selling stocks and bonds this year to avoid the higher tax rates in 2013.

The new 3.8 percent tax applies to the net investment income of certain high-income taxpayers, those with modified adjusted gross incomes above $200,000 for single taxpayers and $250,000 for couples filing jointly.

David J. Kautter, the director of the Kogod Tax Center at American University, offered this example. In 2013, John earns $160,000, and his wife, Jane, earns $200,000. They have some investments, earn $5,000 in dividends and sell some long-held stock for a gain of $40,000, so their investment income is $45,000. They owe 3.8 percent of that amount, or $1,710, in the new investment tax. And they owe $990 in additional payroll tax.

The new tax on unearned income would come on top of other tax increases that might occur automatically next year if President Obama and Congress cannot reach an agreement in talks on the federal deficit and debt. If Congress does nothing, the tax rate on long-term capital gains, now 15 percent, will rise to 20 percent in January. Dividends will be treated as ordinary income and taxed at a maximum rate of 39.6 percent, up from the current 15 percent rate for most dividends.

Under another provision of the health care law, consumers may find it more difficult to obtain a tax break for medical expenses.

Taxpayers now can take an itemized deduction for unreimbursed medical expenses, to the extent that they exceed 7.5 percent of adjusted gross income. The health care law will increase the threshold for most taxpayers to 10 percent next year. The increase is delayed to 2017 for people 65 and older.

In addition, workers face a new $2,500 limit on the amount they can contribute to flexible spending accounts used to pay medical expenses. Such accounts can benefit workers by allowing them to pay out-of-pocket expenses with pretax money.

Taken together, this provision and the change in the medical expense deduction are expected to raise more than $40 billion of revenue over 10 years.

Read More..

Financiers Bet on Rental Housing

DAVID N. MILLER, a master of bailouts, steps to the dais and coolly explains how the financial world went crazy.

It is February 2010. The anger behind Occupy Wall Street is building. Flicking through slides, Mr. Miller, a Treasury official working with the department’s $700 billion Troubled Asset Relief Program, lays out what caused the housing bubble: easy credit, shoddy banking, feeble regulation, and on and on.

“History has demonstrated that the financial system over all — not every piece of it, but over all — is a force for good, even if it goes off track from time to time,” Mr. Miller tells a symposium at Columbia University in remarks posted on YouTube. “As we’ve experienced, sometimes this system breaks down.”

But, it turns out, sometimes when the system breaks down, there is money to be made.

Mr. Miller, who arrived at the Treasury after working at Goldman Sachs, described himself as a “recovering banker” in the video.

Today, he has slipped back through the revolving door between Washington and Wall Street. This time, he has gone the other way, in a new company, Silver Bay Realty, which is about to go public. He is back in the investment game and out to make money with a play that was at the center of the financial crisis: American housing.

As the foreclosure crisis grinds on, knowledgeable, cash-rich investors are doing something that still gives many ordinary Americans pause: they are leaping headlong into the housing market. And not just into tricky mortgage investments, collateralized this or securitized that, but actual houses.

A flurry of private-equity giants and hedge funds have spent billions of dollars to buy thousands of foreclosed single-family homes. They are purchasing them on the cheap through bank auctions, multiple listing services, short sales and bulk purchases from local investors in need of cash, with plans to fix up the properties, rent them out and watch their values soar as the industry rebounds. They have raised as much as $8 billion to invest, according to Jade Rahmani, an analyst at Keefe Bruyette & Woods.

The Blackstone Group, the New York private-equity firm run by Stephen A. Schwarzman, has spent more than $1 billion to buy 6,500 single-family homes so far this year. The Colony Capital Group, headed by the Los Angeles billionaire Thomas J. Barrack Jr., has bought 4,000.

Perhaps no investment company is staking more on this strategy, and asking stock-market investors to do the same, than the one Mr. Miller is involved with, Silver Bay Realty Trust of Minnetonka, Minn. Silver Bay is the brainchild of Two Harbors Investment, a publicly traded mortgage real estate investment trust that invests in securities backed by home mortgages.

In January, Two Harbors branched out into buying actual homes and placed them in a unit called Silver Bay. It offered few details at the time, leaving analysts guessing about where it was headed.

“They were not very forthcoming,” says Merrill Ross, an analyst at Wunderlich Securities. As of Dec. 4, Two Harbors had acquired 2,200 houses. Ms. Ross says she couldn’t find out how much Two Harbors paid or the rents it was charging. Two Harbors shares, which recently traded at $11.66, are up about 25 percent in 2012.

Two Harbors now plans to spin off Silver Bay into a separately traded public REIT. The new company will combine Silver Bay’s portfolio with Provident Real Estate Advisors’ 880-property portfolio. Silver Bay will focus on homes in Arizona, California, Florida, Georgia, North Carolina and Nevada, states where prices fell hard when the bottom dropped out.

In a filing with the Securities and Exchange Commission last week, Silver Bay said it planned to offer 13.25 million shares at an initial price of $18 to $20 a share. But it’s no slam dunk. While home prices nationwide have begun to recover — they were up 6.3 percent in October, according to a report last week from CoreLogic, a data analysis firm — prices could fall again if the economy falters anew. Millions of Americans are still struggling to hold onto their homes and avoid foreclosure.

“Recent turbulence in U.S. housing and mortgage markets has created a unique opportunity,” Silver Bay said in an S.E.C. filing. The company, which will be the first publicly traded REIT to invest solely in single-family rental homes, says its investment plan will help clear foreclosed homes from the market, spruce up neighborhoods and renovate vacant homes, presumably while enriching its new shareholders. Its portfolio will be managed by Pine River Capital Management, a hedge fund in Minnetonka that has reportedly been buying bonds backed by risky subprime mortgages. Mr. Miller is a managing director at Pine River and chief executive of Silver Bay.

Mr. Miller, through a spokesman, declined to comment for this article, citing the pending stock offering.

Read More..