Wall Street gains as Apple rebounds; fiscal talks eyed

NEW YORK (Reuters) – Stocks managed slight gains by midday on Thursday as Broadcom‘s upbeat guidance and a turnaround in Apple shares helped lift technology stocks, while investors monitored news from Washington for signs of progress on the “fiscal cliff” negotiations.

Apple erased initial losses of as much as 3.7 percent at the open, which briefly brought the market capitalization of the world’s largest publicly traded company below $ 500 billion. By midday, Apple‘s stock was up 2.3 percent at $ 551.35 – a day after its worst drop in four years.

Tech stocks also got a lift from chipmaker Broadcom , up 2.2 percent at $ 33.06 a day after it forecast fourth-quarter revenue at the high end of its target range, citing slightly better-than-expected sales in its mobile business.

The S&P technology index <.gspt> gained 1 percent and ranked as the best performer among the S&P 500‘s 10 major sectors. The PHLX semiconductor index <.sox> rose 0.9 percent.</.sox></.gspt>

But budget discussions commanded center stage for investors. President Barack Obama said there could be a quick deal to avert the “fiscal cliff” – huge tax hikes and spending cuts set to begin in January, possibly driving the U.S. economy back into recession next year – if Republican leaders agree to raise tax rates for those making more than $ 250,000 a year.

While Republican leaders in the U.S. House of Representatives insist that raising tax rates on the rich is not negotiable, some GOP lawmakers now see it as inevitable to avoid the fiscal cliff.

“It’s really being held hostage to (the fiscal cliff negotiations) and the stock action of Apple,” said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.

“We’re back in the mode of there’s a direct correlation between the market and Apple – traders seems to be focused on the movement of Apple, and what its impact is on the indices.”

Without action from Congress in the next few weeks, tax cuts on capital gains and dividends will expire at the end of 2012.

The Dow Jones industrial average <.dji> gained 8.64 points, or 0.07 percent, to 13,043.13. The Standard & Poor’s 500 Index <.spx> added 2.66 points, or 0.19 percent, to 1,411.94. The Nasdaq Composite Index <.ixic> climbed 19.82 points, or 0.67 percent, to 2,993.52.</.ixic></.spx></.dji>

Apple Inc’s rank in China’s smartphone market fell to No.6 in the third quarter as it faces tougher competition from Chinese brands, research firm IDC said on Thursday. Apple‘s 6.4 percent drop on Wednesday was its worst daily performance since December 2008 and dragged the Nasdaq Composite Index down 0.8 percent for the day.

Sirius XM Radio shares rose 1.8 percent to $ 2.83 after its board approved a $ 2 billion stock repurchase and declared a special dividend, giving a big payout to its largest shareholder, Liberty Media .

Garmin shares rose 4.7 percent to $ 41.56 after Standard & Poor’s said it would add the navigation device maker to the S&P 500 index. Garmin will replace R.R. Donnelley & Sons after the close of trading on December 11.

(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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South Africa military plane crashes in mountains

JOHANNESBURG (AP) — A South African military aircraft on an unknown mission to an area near the village where former President Nelson Mandela lives crashed in a mountain range, officials said Thursday. It was unclear whether there were any survivors.

The Douglas DC-3 Dakota, a twin-propeller aircraft, had taken off from Pretoria’s Waterkloof Air Force Base on Wednesday night, said Brig. Gen. Xolani Mabanga, a military spokesman. On Thursday morning, soldiers found the wreckage of the airplane in the Drakensberg mountains near Ladysmith in KwaZulu-Natal province, some 340 kilometers (210 miles) southeast of the air base, Mabanga said.

Mabanga said soldiers had been sent to the scene to look for survivors. Mabanga said he did not know what the mission of the aircraft was, though it had planned to land in Mthatha in the country’s Eastern Cape. Siphiwe Dlamini, a Defense Ministry spokesman, declined to immediately comment Thursday morning.

Mthatha is about 30 kilometers (17 miles) north of Qunu, the village where Mandela now lives after retiring from public life. South Africa‘s military remains largely responsible for the former president’s medical care. However, military officials declined to say whether those on board had any part in caring for Mandela.

In November, another South African military flight crash landed at Mthatha, sending several people to the hospital with injuries. However, at that time, the military denied that those on board had anything to do with Mandela’s care.

Mandela, 94, was imprisoned for nearly three decades for his fight against apartheid before becoming the nation’s president in the country’s first fully democratic vote in 1994.

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Jon Gambrell can be reached at www.twitter.com/jongambrellAP .

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Windows 8: A ‘Christmas gift for someone you hate’

Microsoft (MSFT) is no stranger to criticism these days, and the company’s new Windows 8 platform is once again the target of a scathing review from a high-profile user. Well-known Internet entrepreneur and MIT professor Philip Greenspun handed Windows 8 one of its most damning reviews yet earlier this week, calling the new operating system a “Christmas gift for someone you hate.” Greenspun panned almost every aspect of Microsoft’s new software, noting that Microsoft had four years to study Android and more than five to examine iOS, but still couldn’t build a usable tablet experience.

“The only device that I can remember being as confused by is the BlackBerry PlayBook,” Greenspun wrote on his blog after using Windows 8 on a Dell (DELL) XPS One All-in-One desktop PC. The acclaimed computer scientist noted that Microsoft omitted all of the best features from the most popular touch-focused platforms and instead created a user interface he describes as a “dog’s breakfast.”

“Suppose that you are an expert user of Windows NT/XP/Vista/7, an expert user of an iPad, and an expert user of an Android phone… you will have no idea how to use Windows 8,” Greenspun wrote.

He continued, “Some functions, such as ‘start an application’ or ‘restart the computer’ are available only from the tablet interface. Conversely, when one is comfortably ensconced in a touch/tablet application, an additional click will fire up a Web browser, thereby causing the tablet to disappear in favor of the desktop. Many of the ‘apps’ that show up on the ‘all apps’ menu at the bottom of the screen (accessible only if you swipe down from the top of the screen) dump you right into the desktop on the first click.”

The only praise Greenspun offered was that “some of the supplied apps are wonderful,” pointing to Microsoft’s Bing Finance application as an example.

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“The Message” deemed greatest hip hop song ever

LOS ANGELES (Reuters) – The 1982 hit “The Message” by Grandmaster Flash and the Furious Five was named the greatest hip hop song of all time on Wednesday, in the first such list by Rolling Stone magazine to celebrate the young but influential music genre.

“The Message,” which tops a list of 50 influential hip hop songs, was the first track “to tell, with hip hop‘s rhythmic and vocal force, the truth about modern inner-city life in America,” Rolling Stone said.

Grandmaster Flash and the Furious Five, a hip hop collective from the south Bronx in New York, was formed in 1978 and became one of the pioneers of the hip hop genre.

The full list spanned songs ranging from Sugarhill Gang’s 1979 hit “Rapper’s Delight,” which came in at No. 2, to Kanye West‘s 2004 hit “Jesus Walks,” which landed at No. 32.

“It’s a list that would have been a lot harder to do ten or 15 years ago because hip hop is so young,” Nathan Brackett, deputy managing editor of Rolling Stone, told Reuters.

“We’ve reached the point now where hip hop acts are getting into the (Rock and Roll) Hall Of Fame… it just felt like the right time to give this the real Rolling Stone treatment.”

Rolling Stone‘s top 10 featured mostly hip hop veterans, such as Run-D.M.C.’s 1983 track “Sucker M.C.’s,” Dr. Dre and Snoop Dogg’s 1992 hit “Nuthin’ But A ‘G’ Thang,” Public Enemy’s 1990 song “Fight The Power” and Notorious B.I.G’s 1994 hit “Juicy.”

Other influential artists in the top 50 songs included Beastie Boys, who came in at No. 19 with “Paul Revere,” and recordings by Jay-Z, Eminem, Missy Elliot, Outkast, Lauryn Hill, LL Cool J, Nas and the late rapper 2Pac.

The list of 50 songs was compiled by a 33-panel of members comprising Rolling Stone editors and hip hop experts. They included musician Ahmir “Questlove” Thompson of The Roots, who Brackett described as “an incredible encyclopedia” of both old and new hip hop knowledge.

Brackett noted that some songs considered to be one-hit wonders, such as Audio Two’s 1988 hit “Top Billin’,” made the final selection.

“The references in those songs become the building blocks of all these other songs down the road … they become touchstones, really part of the meat of hip hop songs going forward,” Brackett said.

The full list will be released online at RollingStone.com and in the pop culture magazine on newsstands on December7. The issue will feature four different covers of Eminem, Jay-Z, Notorious B.I.G. and 2Pac.

(Reporting By Piya Sinha-Roy, editing by Jill Serjeant)

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Irish budget sees property tax

5 December 2012 Last updated at 12:20 ET

The Irish government has announced a fresh package of spending cuts and tax rises worth billions of euros in its budget for 2013.

These include a new property tax of 0.18% of the value of a home up to 1m euros ($ 1.3m; £800,000).

These are the latest in a long line of austerity measures imposed on Ireland by international lenders that bailed out the country in 2010.

The government said it would meet its deficit reduction target for this year.

It projected a budget deficit of 8.2%, compared with a target of 8.6%. The deficit would fall steadily to 2.9% by 2015, it added.

These forecasts were based on economic growth of 1.5% next year, rising to 2.9% in 2015.

“There are manifest signs that the country is emerging from the worst of the crisis and that the efforts of the Irish people, despite the hardship, are leading to success,” said Irish Finance Minister Michael Noonan.

Tax exemptions

He added that 2012 had seen the “first signs of stability in both the residential and commercial property markets in six years”.

To help “maintain momentum” in the domestic property market, any new or previously unoccupied homes bought between the beginning of next year and the end of 2016 will be exempt from the new property tax. Equally, any homes bought by first-time buyers in 2013 will be exempt.

For all other homes, the Local Property Tax will be introduced in July next year, and will include a higher rate of 0.25% that kicks in on the balance of any property over and above 1m euros.

However, local authorities will be able to vary the rates by 15% above or below the national rates “to better match their funding needs”.

The government also increased tax on alcohol and cigarettes, and announced that maternity benefit would become a taxable income in July 2013.

Income tax rates, as well as duty on petrol an diesel, were left unchanged.

“The individual measures are modest,” said Mr Noonan. “However, I believe that the combination of the measures will have a significant beneficial impact.”

Analysts highlighted the fact Ireland was taking tough decisions to meet its deficit reduction targets.

“It’s a fairly balanced budget from the market’s point of view,” said Owen Callan at Danske Markets.

“Ireland has gotten this tag that it is willing to do whatever it takes to remain on track, even if some of the measures are unpopular. They are taking a few measures that some other countries have been unwilling to look at.”

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Sri Lanka see backlash from Aussie ‘wounded soldiers’

(Reuters) – Sri Lanka captain Mahela Jayawardene has warned his team to be wary of a backlash from Australia in their three-test series after the hosts were stung by their series defeat to South Africa earlier this week.

Australia’s hopes of snatching the Proteas’ top test ranking ended in a crushing 309-run defeat in the third and final test in Perth on Monday, but Jayawardene took little comfort from the home side’s disappointment.

“I see them as wounded soldiers – they could come back stronger against us,” Jayawardene told reporters in Canberra on Wednesday, on the eve of a three-day tour match against a Chairman’s XI side.

“So we just need to make sure we are ready for that and start well.

“We can’t be complacent – we need to make sure we know from ball one we give them a good go at it.”

Sri Lanka have their own problems coming into the first test at Hobart next week, losing their last test at home to New Zealand by 167 runs to level a two-match series 1-1, with key batsmen out of form.

Kumar Sangakkara scored five, nought and 16 in his three innings against New Zealand, but Jayawardene backed the veteran to bounce back in Sri Lanka’s bid to win their first test Down Under.

“I am happy that he went through a lean phase because he’ll be really hungry for runs – that’s Kumar for you,” Jayawardene said of the 35-year-old stalwart.

Jayawardene also said he would weigh up his future as captain after the series, which includes tests in Melbourne and Sydney, after taking on the role for a second time in the wake of Tillakaratne Dilshan’s sudden resignation in January.

“After this, we get a well-deserved four weeks off, after about three years, so it gives me a bit of time to think (about) what I need to do,” said Jayawardene, who captained the team for more than three years in his first stint from 2006.

“We need to groom another leader as well. It’s very important to have that changeover done smoothly while the senior players are still in the side.”

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PlayStation 3 was the world’s No.1 Netflix streaming device this year

There are dozens of devices that can stream Netflix (NFLX), but only one can machine be crowned the king of the living room. According to Netflix, that device is Sony’s (SNE) PlayStation 3 console. Without revealing any specific figures, Netflix announced on its blog “in the U.S. and globally, PS3 is the largest TV-connected platform in terms of Netflix viewing” and that “at times, PS3 even surpassed the PC in hours of Netflix enjoyment to become our No. 1 platform overall.” 

Netflix’s blog is quick to mention why the PS3 is the most popular streaming device this year, applauding it for being the first console to have 1080p HD video and 5.1-channel Dolby Digital Plus surround sound, post-play, second screen controls, subtitles and easy app updates.

While the Xbox 360 is gaining ground in terms of how many hours users spend watching videos on it, streaming video services such as Netflix requires an Xbox LIVE Gold subscription. One reason why the PlayStation 3 might be leading Netflix streaming is because it doesn’t require a subscription fee to have access to the Netflix app, or any other streaming video app such as Amazon (AMZN) Instant Video.

“The PlayStation and Netflix communities both share a strong passion for high quality entertainment,” Sony Computer Entertainment of America CEO and president Jack Tretton said. “Netflix provides a fantastic experience for watching TV shows and movies on PS3, and our joint development will continue to produce innovations for our customers that further demonstrate PS3 as the true home for entertainment in the living room.”

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Fleetwood Mac readies tour and new music

NEW YORK (AP) — Fleetwood Mac is heading back on the road, and that means the top-selling group will release new music — sort of.

On its 34-city North American tour, which kicks off April 4 in Columbus, Ohio, the band will perform two new songs, and it could mean a new album will follow. Or not.

Stevie Nicks recently sang on tracks that Lindsey Buckingham, Mick Fleetwood and John McVie worked on, calling the sessions “great.” But Nicks also says she’s not sure where the band fits in today’s music industry.

“Whether or not we’re gonna do any more (songs), we don’t know because we’re so completely bummed out with the state of the music industry and the fact that nobody even wants a full record,” she said. “Everybody wants two songs, so we’re going to give them two songs.”

Nicks said depending on the response to the new tracks — which Buckingham calls “the most Fleetwood Mac-y stuff … in a long time” — more material could come next.

“Maybe we’ll get an EP out of it or something,” Buckingham said.

Nicks will continue to record solo albums, though. The group is celebrating the 35th anniversary of the best-selling “Rumours” album, which has moved some 20 million units in the United States. She knows that’s not possible again, despite the success of Adele’s “21,” which has sold 10 million units in America in less than two years.

“This is Adele’s ‘Rumours,’” Nicks said. “She had a baby, she’s going to take a year off to take care of her baby — that’s why I never had any kids. She’s going to go back and start writing again, you never know what the next record’s going to be. Is it going to sell 10 million records? You don’t know,” she said.

Buckingham said he initially wanted to record a new album, but Nicks “wasn’t too into that.” But the guitarist and singer knows that new music isn’t a priority for the band’s fans.

“It wouldn’t matter if they didn’t hear anything new. In a way there’s a freedom to that — it becomes not what you got, but what you do with what you got. Part of the challenge of this tour is figuring out a presentation that has some twists and turns to it without having a full album,” he said.

Fleetwood Mac, which was formed in 1967, last released an album in 2003, though they hit the road in 2009. Nicks and Buckingham — who originally joined the band in 1974 as a couple — both released solo albums and toured last year. Buckingham had suggested that Fleetwood Mac tour last year, but says getting everyone to agree was tough.

“If you look at Fleetwood Mac as a group, you can make the case of saying we’re a bunch of individuals who don’t necessarily belong in the same group together, but it’s the synergy of that that makes us so good. But it also makes the politics a little more tenuous,” he said. “You can say that not only can it be a political minefield, someone’s always causing trouble, right? I caused trouble for years so I can’t point any fingers.”

The tour also includes cities such as New York, Chicago, Boston, Las Vegas and Los Angeles, and will end June 12 in Detroit.

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Online:

http://www.fleetwoodmac.com/

You can follow Music Writer Mesfin Fekadu on Twitter at twitter.com/MusicMesfin

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Meet the First Royal Baby Profiteers

Yesterday, St. James’s Palace announced that the Duke and Duchess of Windsor are expecting their first child. Just as the royal wedding produced heaps of Will and Kate-themed tchotchkes, news of the couple’s forthcoming member of the family—who will officially be the third in line for the throne—is sure to inspire its own mountain of merchandise. So who is the first to put something royal baby-themed on the market?

As far as we can tell, it’s the pottery firm Emma Bridgewater, located in Stoke-on-Trent, which is already producing blue, red, and white mugs emblazoned with the words: “A royal baby in 2013.”

Courtesy Emma BridgewaterThe company told the BBC it sold millions of dollars worth of goods for the Queen’s Diamond Jubilee and the royal wedding and expects the babywares to be an equally big hit, even across the pond. “It’s also apparent from the media coverage over the last 24 hours that the American market will be strong too, so we’re hoping this will help us move more sales into the United States,” head of manufacturing Mark Thomas said to the BBC. Emma Bridgewater will make another design with the baby’s name when it is born.

Businessweek.com — Top News

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Officials: NATO to decide on missiles for Turkey

BRUSSELS (AP) — NATO foreign ministers are expected to approve Turkey‘s request for Patriot anti-missile systems to bolster its defense against possible strikes from neighboring Syria.

NATO foreign ministers are meeting on Tuesday and Wednesday in Brussels. Parliaments in both nations must approve the deployment, which would also involve several hundred soldiers.

Ankara, which has been highly supportive of the Syrian opposition, wants the Patriots to defend against possible retaliatory attacks by Syrian missiles carrying chemical warheads. NATO leaders have repeatedly said they would provide any assistance Turkey needs.

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