UPDATE 3-Cricket-Hughes shines as Australia reach 299-4

* Hughes falls just short of century

* Clarke and Hussey combine for 101

* Welegedera takes 3-99 (Adds quotes)

HOBART, Dec 14 (Reuters) – Phil Hughes made a solid 86 on his return to test cricket before Michael Clarke and Mike Hussey took up the running and steered Australia to 299 for four at close of play on the first day of the first test against Sri Lanka on Friday.

Hughes was the only batsmen to fall in the final session, lasting only a couple of overs after lunch before being bowled through the gate by Chanaka Welegedera, giving the Sri Lankan seamer his third wicket of the day.

Clarke, who had made 70 not out, and Hussey, unbeaten on 37, batted through the remainder of the day and if the evidence of their prolific partnerships in the recent series against South Africa is anything to go by, will take some shifting.

“Overall, 299 for four puts the ball in our court,” said Hughes. “I thought we were outstanding today. It really gives us momentum going into tomorrow.”

Sri Lanka’s bowlers, dubbed this week as the worst pace attack ever to tour Australia by former test bowler Rodney Hogg, made life uncomfortable for the batsmen at times but struggled for any real penetration under cloudy skies at Bellerive Oval.

“I think we showed we can put Australia under pressure and hopefully the bowlers will be fresh in the morning and we can get them out for less than 100 additional runs,” said Welegedera, who finished with 3-99 on his return after nine months out injured.

Clarke, who passed 1,400 runs for the year, has now put on 731 runs in partnerships with Hussey in the last four tests and will be looking to plunder a few more on Saturday despite taking a couple of painful knocks to his legs.

Friday, however, belonged to Hughes.

The lefthander was recalled to the side on the back of good domestic form following the retirement of Ricky Ponting at the end of the series against the Proteas.

The 24-year-old reached his fourth test half century with a square drive for three runs and then initially accelerated towards a century, most notably with an ugly but effective slog for six off spinner Rangana Herath.

CALAMITOUS RUNOUT

On the ground where his second spell as a test batsman ended amid questions about his technique after two failures against New Zealand last year, Hughes scored eight fours and one six in his 166-ball knock before Welegedera struck with a superb ball.

“It was nice to get a few,” he said. “It would have been nice to get a few more and get into three figures.”

Australia had lost openers Ed Cowan (four) and David Warner in the opening session, the latter run out for 57 on the stroke of lunch after a calamitous misunderstanding with Hughes.

Shane Watson, dropping down to fourth in the batting order to allow Hughes to come in at number three, followed them to the pavilion for 30 shortly before tea, the victim of an exceptional diving catch in the slips by skipper Mahela Jayawardene.

That was a second wicket for Welegedera and a measure of redemption for the bowler after he had Hughes caught behind for 77 only for the umpire to call a no ball.

Welegedera had also made the early breakthrough for the tourists when Cowan tried to pull a short delivery only for the ball to catch him high on the bat and carry to mid-on where Shaminda Eranga took a simple catch.

It could have been even better for the Sri Lankans, who were only centimetres away from the perfect start to the morning after Clarke had won the toss and elected to bat.

Cowan edged the second delivery of the day from Nuwan Kulasekara to the slips but Angelo Mathews was just unable to get his hands to it, despite an athletic dive. (Editing by Peter Rutherford)

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Apple falls on lower shipment forecasts, muted China debut

(Reuters) – Apple Inc shares fell 3.9 percent on Friday after the iPhone 5 debuted in China to a cool reception and two analysts cut shipment forecasts.

Jefferies analyst Peter Misek trimmed his iPhone shipment estimates for the Jan-March quarter, saying that the technology company had started cutting orders to suppliers to balance excess inventory.

Shares of Apple suppliers Jabil Circuit Inc, Qualcomm Inc, Skyworks Solutions Inc, TriQuint Semiconductor Inc, Avago Technologies Ltd, and Cirrus Logic Inc also fell in early trading.

Apple shares have lost a quarter of their value since they hit a life high of $ 705.07 on September 21, as it faces increasing competition from phones using Google Inc’s Android operating system.

Misek cut his first-quarter iPhone sales estimate to 48 million from 52 million and gross margin expectations for the company by 2 percentage points to 40 percent.

UBS Investment Research cut its price target on Apple stock to $ 700 from $ 780 on lower expected iPhone and iPad shipments for the March quarter.

The brokerage said it was modeling more conservative growth for the world’s biggest technology company after making supply chain checks that revealed that fewer iPhones were being built.

“Some of our Chinese sources do not expect the iPhone 5 to do as well as the iPhone 4S,” UBS analyst Steven Milunovich wrote in a note to clients.

Apple launched the iPhone 5 in China on Friday, a move widely expected to bring the Cupertino-based company some respite from a recent slide in market share in China, but early reports indicated that demand may not be as great as expected.

“The iPhone 5 China launch has been surprisingly muted but (we) are unsure how much weather (snow) or the required pre-ordering (to prevent riots) are factors,” Misek said.

Apple shares fell as low as $ 508.50 in morning trading on the Nasdaq on Friday.

(Editing by Supriya Kurane)

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Media mogul and banker Allbritton dies at 87

WASHINGTON (Reuters) – Joe Lewis Allbritton, a media mogul and owner of the scandal-plagued Riggs National Bank, died on Wednesday at a hospital in Houston. He was 87.

Allbritton died of heart ailments, said Jerald Fritz, a senior vice president of Allbritton Communications.

Allbritton’s media empire included newspapers throughout the U.S. Northeast and ABC network affiliates. Allbritton’s son, Robert, recently founded the influential political publication Politico.

But Joe Allbritton, a Mississippi native, was famously known for owning and running Riggs, the Washington-based bank that had been a dominant force in diplomatic banking in the nation’s capital.

Allbritton’s banking career was tarnished when it was revealed that Riggs bank failed to report suspicious activity in the accounts held by former Chilean dictator Augusto Pinochet and Equatorial Guinea officials.

Riggs bank pleaded guilty in 2005 to violating anti-money laundering laws and was fined a total of $ 41 million.

Allbritton did not seek re-election to Riggs’ board of directors and the storied bank was eventually acquired by PNC Financial Services.

Allbritton is survived by his wife, son and two grandchildren.

(Reporting By Rachelle Younglai; Editing by Eric Beech)

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Hugo Chavez’s battle against cancer

(Reuters) – Venezuela‘s President Hugo Chavez is in delicate condition after his latest cancer surgery, the government said on Wednesday in a somber assessment that could presage an end to his 14-year rule.

Following is a chronology of the 58-year-old socialist leader’s fight for his health:

JUNE 30, 2011

* A pale-looking Chavez addresses the nation by television from Cuba, where he says doctors operated on him to remove a cancerous tumor from his pelvis.

JULY 4, 2011

* The president makes a surprise return to Venezuela ahead of the country’s Independence Day celebrations.

JULY 17, 2011

* Chavez returns to Cuba to begin a course of chemotherapy.

SEPT. 22, 2011

* Finishes his fourth and final course of chemotherapy.

OCT. 20, 2011

* Following tests in Havana, Chavez declares himself free from his cancer, and his doctors say he is completely cured.

DEC. 2, 2011

* Hosts a regional summit, minus representatives from the United States, in Caracas.

DEC. 20, 2011

* Attends a Mercosur summit in Uruguay, Chavez’s first political trip overseas since his illness was diagnosed.

FEB. 21, 2012

* Chavez says he will undergo another operation after a lesion was found in the same area where he had the tumor.

FEB. 28, 2012

* The president undergoes surgery in Cuba.

MARCH 4, 2012

* Chavez says he will undergo radiation treatment in Cuba.

MARCH 16, 2012

* President returns to Venezuela after his latest operation.

MARCH 25, 2012

* Chavez returns to Havana to begin his first cycle of radiation therapy.

APRIL 5, 2012

* The president cries during Roman Catholic Mass, calls on God “not to take him yet” because he has more to do for Venezuela.

APRIL 14, 2012

* Chavez returns to Cuba for more radiation treatment, missing the Summit of the Americas in Colombia.

OCT. 7, 2012

* Chavez easily wins re-election at presidential poll.

NOV. 27, 2012

* The president says he will return to Cuba for treatment including hyperbaric oxygenation, which can be used to treat the side effects of radiation therapy.

DEC. 7, 2012

* Flies home to Venezuela in the pre-dawn hours, joking, “Where’s the party?”

DEC. 8, 2012

* Chavez says doctors in Cuba found a recurrence of malignant cells in his pelvic area and that he must undergo another operation within days.

DEC. 11, 2012

* Chavez undergoes operation of more than six hours, which the government says was completed “correctly and successfully.”

DEC. 12, 2012

* Vice President Nicolas Maduro says the surgery was “complex, difficult and delicate,” and that the post-operation process will also be “complex and tough.”

(Reporting by Caracas newsroom; Editing by Xavier Briand)

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Boehner: White House willing to “slow-walk” up to “fiscal cliff”

WASHINGTON (Reuters) – Speaker of the U.S. House of Representatives John Boehner on Thursday again rejected President Barack Obama‘s demand for increased power to raise the U.S. debt and charged that the White House seems willing to “slow-walk our economy right up to the ‘fiscal cliff.’”

The White House and Congress face a year-end deadline to avert the so-called fiscal cliff of automatic tax hikes and budget cuts that experts fear could plunge the nation into another recession.

“The president wants to pretend spending isn’t the problem. That’s why we don’t have an agreement” to reduce the U.S. debt, Boehner, the top Republican, told a news conference.

In underscoring the stalemate in negotiations, Boehner reiterated his opposition to giving Obama the power to raise the U.S. debt limit without congressional approval.

“Congress is never going to give up our ability to control the purse,” Boehner said. “And the fact is, is that the debt limit ought to be used to bring fiscal sanity to Washington.”

Boehner seemed to brush off speculation fanned by Democrats that his concern about keeping his job was undermining efforts to cut a bipartisan deal.

“I’m not concerned about my job as speaker. I’m concerned about our kids and our grand kids,” Boehner said.

Obama is expected to discuss the “fiscal cliff” later in the day, likely cranking up pressure on Republicans to accept increased tax rates on the wealthy as part of any deal.

Boehner said it’s up to the White House to offer a balanced package.

“Republicans want to solve the problem and get this spending line down. The president wants to pretend spending isn’t the problem. That’s why we don’t have an agreement,” Boehner said.

“Unfortunately, the White House is so unserious about cutting spending that it appears willing to slow-walk our economy right up to the ‘fiscal cliff,’” Boehner added.

(Reporting by Thomas Ferraro, David Lawder, Patricia Zengerle, Richard Cowan and Rachelle Younglai; Editing by Paul Simao)

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Aides: Chavez in tough fight, may miss swearing-in

CARACAS, Venezuela (AP) — Somber confidants of President Hugo Chavez say he is going through a difficult recovery after cancer surgery in Cuba, and one close ally is warning Venezuelans that their leader may not make it back for his swearing-in next month.

Information Minister Ernesto Villegas said Wednesday night that Chavez was in “stable condition” and was with close relatives in Havana. Reading a statement, he said the government invites people to “accompany President Chavez in this new test with their prayers.”

Villegas expressed hope about the president returning home for his Jan. 10 swearing-in for a new six-year term, but said in a written message on a government website that if Chavez doesn’t make it, “our people should be prepared to understand it.”

Villegas said it would be irresponsible to hide news about the “delicateness of the current moment and the days to come.” He asked Venezuelans to see Chavez’s condition as “when we have a sick father, in a delicate situation after four surgeries in a year and a half.”

Moving to prepare the public for the possibility of more bad news, Vice President Nicolas Maduro looked grim when he acknowledged that Chavez faced a “complex and hard” process after his latest surgery.

At the same time, officials sought to show a united front amid the growing worries about Chavez’s health and Venezuela’s future. Key leaders of Chavez’s party and military officers appeared together on television as Maduro gave updates on Chavez’s condition.

“We’re more united than ever,” said Maduro, who was flanked by National Assembly President Diosdado Cabello and Oil Minister Rafael Ramirez, both key members of Chavez’s inner circle. “We’re united in loyalty to Chavez.”

Analysts say Maduro could eventually face challenges in trying to hold together the president’s diverse “Chavismo” movement, which includes groups from radical leftists to moderates, as well as military factions.

Tapped by the 58-year-old president over the weekend as his chosen political heir, Maduro is considered to be a member of radical left wing of Chavez’s movement that is closely aligned with Cuba’s communist government.

Cabello, a former military officer who also wields power within Chavez’s movement, shared the spotlight with Maduro by speaking at a Mass for Chavez’s health at a military base.

Just returned from being with Chavez for the operation, Cabello called the president “invincible” but said “that man who is in Havana … is fighting a battle for his life.”

After Chavez’s six-hour operation Tuesday, Venezuelan television broadcast religious services where people prayed for Chavez, interspersed with campaign rallies for upcoming gubernatorial elections.

On the streets of Caracas, people on both sides of the country’s deep political divide voiced concerns about Chavez’s condition and what might happen if he died.

At campaign rallies ahead of Sunday’s gubernatorial elections, Chavez’s candidates urged Venezuelans to vote for pro-government candidates while they also called for the president to get well.

“Onward, Commander!” gubernatorial candidate Elias Jaua shouted to a crowd of supporters at a rally Wednesday. Many observers said it was likely Chavez’s candidates could get a boost from their supporters’ outpouring of sympathy for Chavez.

Opposition leader Henrique Capriles, who lost to Chavez in the October presidential election and is running against Jaua, complained Wednesday that Chavez’s allies are taking advantage of the president’s health problems to try to rally support. He took issue with Jaua’s statement to supporters that “we have to vote so that the president recovers.”

Maduro looked sad as he spoke on television, his voice hoarse and cracked at times after meeting in the pre-dawn hours with Cabello and Ramirez. The pair returned to Venezuela about 3 a.m. after accompanying Chavez to Cuba for his surgery.

“It was a complex, difficult, delicate operation,” Maduro said. “The post-operative process is also going to be a complex and hard process.”

Without giving details, Maduro reiterated Chavez’s recent remarks that the surgery presented risks and that people should be prepared for any “difficult scenarios.”

The constitution says presidents should be sworn in before the National Assembly, and if that’s not possible then before the Supreme Court.

Former Supreme Court magistrate Roman Duque Corredor said a president cannot delegate the swearing-in to anyone else and cannot take the oath of office outside Venezuela. A president could still be sworn in even if temporarily incapacitated, but would need to be conscious and in Venezuela, Duque told The Associated Press.

If a president-elect is declared incapacitated by lawmakers and is unable to be sworn in, the National Assembly president would temporarily take charge of the government and a new presidential vote must be held within 30 days, Duque said.

Chavez said Saturday that if an election had to be held, Maduro should be elected president.

The dramatic events of this week, with Chavez suddenly taking a turn for the worse, had some Venezuelans wondering whether they were being told the truth because just a few months ago the president was running for his fourth presidential term and had said he was free of cancer.

Lawyer Maria Alicia Altuve, who was out in bustling crowds in a shopping district of downtown Caracas, said it seemed odd how Maduro wept at a political rally while talking about Chavez.

“He cries on television to set up a drama, so that people go vote for poor Chavez,” Altuve said. “So we don’t know if this illness is for that, or if it’s that this man is truly sick.”

Some Chavez supporters said they found it hard to think about losing the president and worried about the future. His admirers held prayer vigils in Caracas and other cities this week, holding pictures and singing hymns.

Chavez has undergone four cancer-related surgeries since June 2011. He has also undergone months of chemotherapy and radiation treatments. Throughout his treatments, Chavez has kept secret some details of his illness, including the exact location and type of the tumors.

Ecuadorean President Rafael Correa wished his close ally the best, while also acknowledging the possibility that cancer might end his presidency. “Chavez is very important for Latin America, but if he can’t continue at the head of Venezuela, the processes of change have to continue,” Correa said at a news conference in Quito.

___

Associated Press writer Christopher Toothaker contributed to this report.

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Review: PlayStation icons join in ‘Battle Royale’

The holiday season is a good time to catch up with old friends. If you’re an Xbox fan, you’re probably getting reacquainted with galactic warrior Master Chief in his new adventure, “Halo 4.” If you’re a Nintendophile, you’re probably frolicking with Mario on your new Wii U.

Sony, meanwhile, has expanded its holiday guest list to invite nearly two decades worth of characters to mix it up in “PlayStation All-Stars Battle Royale” (for the PlayStation 3, $ 59.99; Vita, $ 39.99). Fans of the original PlayStation can welcome back old pals like Sir Daniel Fortesque of “MediEvil” and the title character of “Parappa the Rapper.” Younger gamers who have only known the PS3 will be happy to see Nathan Drake from “Uncharted” and Cole MacGrath from “Infamous.” Turn them loose in an assortment of game-inspired arenas and you’ve got chaos.

It’s not an original idea: Nintendo has been pitting its lovable characters against each other since 1999′s “Super Smash Bros.” As you’d expect, “All-Stars” lets up to four players choose their favorite personalities and pound on each other until one is left standing.

The technique is a change from most fighting games. Most of the time, kicking or punching your opponent doesn’t do much damage. Instead, each blow adds to an attack meter; build up enough energy and you can unleash three levels of truly deadly moves. There’s a little more strategy, but most players won’t find it too complicated.

The solo campaign is awfully skimpy, but “All-Stars” makes for a lively party when you have a few friends over. Two-and-a-half stars out of four.

— Sony’s burlap-clad goofball Sackboy is part of the “All-Stars” lineup, but he takes center stage in “LittleBigPlanet Karting” ($ 59.99).

Yes, it’s a go-kart racer — a genre that has already made room for Mario, Donkey Kong and Sonic the Hedgehog — but Sony freshens it up by giving you the ability to build your own racetracks and share them online. By exploring the game’s built-in courses, you can find hundreds of elements to add to your own, and they all share the homespun “arts-and-crafts” aesthetic of the original “LittleBigPlanet.”

Unfortunately, “LBP Karting” also revives the weird, floaty physics of its parent. That worked fine in the two-dimensional fantasy world of “LBP,” but it’s annoying when you’re behind the wheel. The tracks are filled with the power-ups, obstacles and gravity-defying leaps you’d expect in a kart racer, but the vehicles themselves feel sluggish and unresponsive. Two stars.

—Insomniac Games’ popular “lombax”-robot buddies are celebrating their 10th anniversary, both in “All-Stars” and their own “Ratchet & Clank: Full Frontal Assault” ($ 19.99). The latter game, however, is a big disappointment, stripping away most of what made the team so endearing.

It’s a “base defense” game, meaning you’re plopped down on a planet and then have to protect your turf from waves of invading enemies. That eliminates the exploration and discovery that made most of the “R&C” games so absorbing, replacing it with a tiresome cycle of building fortifications, having them destroyed, then rebuilding them. Instead of the comedy that was once this series’ trademark, you get drudgery. One star.

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Follow Lou Kesten on Twitter at http://twitter.com/lkesten

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‘Lincoln,’ ‘Les Mis,’ ‘Playbook’ lead SAG awards

LOS ANGELES (AP) — The Civil War saga “Lincoln,” the musical “Les Miserables” and the comic drama “Silver Linings Playbook” boosted their Academy Awards prospects Wednesday with four nominations apiece for the Screen Actors Guild Awards.

All three films were nominated for overall performance by their casts. Also nominated for best ensemble cast were the Iran hostage-crisis thriller “Argo” and the British retiree adventure “The Best Exotic Marigold Hotel.”

Directed by Steven Spielberg, “Lincoln” also scored individual nominations for Daniel Day-Lewis in the title role as best actor, Sally Field for supporting actress as Mary Todd Lincoln and Tommy Lee Jones for supporting actor as abolitionist firebrand Thaddeus Stevens.

“Les Miserables,” from “The King’s Speech” director Tom Hooper, had nominations for Hugh Jackman for best actor as Victor Hugo’s long-suffering hero Jean Valjean and Anne Hathaway for supporting actress as a woman fallen into prostitution, plus a nomination for its stunt ensemble.

“Silver Linings Playbook,” made by “The Fighter” director David O. Russell, also had lead-acting nominations for Bradley Cooper and Jennifer Lawrence as lost souls who find a second chance at love and Robert De Niro for supporting actor as a football-obsessed dad.

Besides Lawrence, best-actress nominees are Jessica Chastain as a CIA analyst pursuing Osama bin Laden in “Zero Dark Thirty”; Marion Cotillard as a woman who finds romance after tragedy in “Rust and Bone”; Helen Mirren as Alfred Hitchcock’s strong-willed wife in “Hitchcock”; and Naomi Watts as a woman caught in the devastation of a tsunami in “The Impossible.”

Joining Cooper, Day-Lewis and Jackman in the best-actor field are John Hawkes as a polio victim aiming to lose his virginity in “The Sessions” and Denzel Washington as a boozy airline pilot in “Flight.”

SAG nominees are almost all familiar names in Hollywood’s awards season. Eighteen of the 20 film acting contenders are past Academy Awards nominees and 13 have won Oscars, among them five two-time winners. Only Cooper and Jackman have never before earned Oscar nominations.

One of the year’s most-acclaimed films, Paul Thomas Anderson’s “The Master,” earned only one nomination, supporting actor for Philip Seymour Hoffman as a mesmerizing cult leader. The film was snubbed on nominations for ensemble, lead actor Joaquin Phoenix and supporting actress Amy Adams.

Other individual performances overlooked by SAG voters include Anthony Hopkins in the title role of “Hitchcock,” Keira Knightley in the title role of “Anna Karenina,” Bill Murray as Franklin Roosevelt in “Hyde Park on Hudson” and “Argo” director Ben Affleck, who also starred in the film.

The SAG Awards will be presented Jan. 27. The guild nominations are one of Hollywood’s first major announcements on the long road to the Feb. 24 Oscars Awards, whose nominations will be released Jan. 10.

Nominations for the Golden Globes, the second-biggest film honors after the Oscars, come out Thursday.

Maggie Smith had four individual and ensemble nominations. Along with sharing the ensemble honor for “Best Exotic Marigold Hotel,” Smith joined the cast of “Downton Abbey” among TV ensemble contenders and had nominations for supporting film actress as a cranky retiree in “Marigold Hotel” and TV drama actress for “Downton Abbey.”

Nicole Kidman earned two individual nominations, as supporting film actress as a woman smitten with a prison inmate in “The Paperboy” and best actress in a TV movie or miniseries as war correspondent Martha Gellhorn in “Hemingway & Gellhorn.”

Bryan Cranston had three overall nominations, as best actor in a TV drama for “Breaking Bad,” an ensemble honor for that show and a film ensemble honor for “Argo.”

Along with “Breaking Bad” and “Downton Abbey,” best TV drama ensemble contenders are “Boardwalk Empire,” ”Homeland” and “Mad Men.” TV comedy ensemble nominees are “30 Rock,” ”The Big Bang Theory,” ”Glee,” ”Modern Family,” ”Nurse Jackie” and “The Office.”

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Online:

http://www.sagawards.org

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Stocks edge higher as Fed ends two-day meeting

NEW YORK (AP) — Stocks edged higher, extending a winning streak, as investors awaited news on whether the Federal Reserve will announce more bond purchases to stimulate the U.S. economy. Wall Street also watched for developments from budget talks in Washington.

The Dow Jones industrial average was up 10 points at 13,260 as of noon in New York. The Standard and Poor‘s 500 was up three points at 1,431. The Nasdaq composite was little changed at 3,022.

The U.S. central bank is expected to announce a revamped bond-buying plan at the end of a two-day policy meeting Wednesday to help hold down interest rates and encourage borrowing. The expectation is that the Fed will unveil a program Wednesday to buy $ 45 billion a month in long-term Treasurys. That would replace a program that expires at the end of the year.

In Washington, lawmakers are still trying to reach a deal to avoid the “fiscal cliff,” a series of sharp tax increases and spending cuts that will hit the economy in January if Congress and President Barack Obama are unable to thrash out an agreement to reduce the U.S. budget deficit.

House Speaker John Boehner and Obama spoke on the phone Tuesday, a day after the president offered to reduce his initial demand for $ 1.6 trillion in higher tax revenue over a decade to $ 1.4 trillion.

Boehner says “serious differences” remain between him and President Barack Obama in negotiations to avert automatic spending cuts and tax increases that economists fear could send the U.S. economy over a “fiscal cliff.” Democrats are resisting GOP demands for steps like raising the Medicare eligibility age.

Both the Dow and the S&P have advanced for the past five days as optimism increased that a deal can be struck. The S&P is trading at its highest in five weeks and has now erased all of its post-election losses. Stocks fell immediately after the vote Nov. 6 on concern that a divided government would struggle to resolve the budget issue.

“There’s some optimism that we are going to have some sort of an agreement on the cliff before December 31,” said JJ Kinahan, Chief Derivatives Strategist for TD Ameritrade. More Fed stimulus is “pretty much mostly priced in,” he said, because policymakers would be unlikely to risk disappointing market expectations given the concerns about the unresolved fiscal situation.

Chemicals giant DuPont advanced 83 cents to $ 44.52 after the company unveiled plans to buy back up to $ 1 billion of its shares next year and said that profit for this year will reach the high end of its forecasts.

The yield on the 10-year Treasury note was little changed 1.66 percent.

Other stocks making big moves:

—Eli Lilly and Co. fell $ 1.65 to $ 48.95 after the Indianapolis drugmaker it will conduct the additional, late-stage study of its possible Alzheimer’s treatment solanezumab. The move delays a regulatory decision on a drug that flashed potential to help patients with mild cases of the disease.

—Health insurer Aetna Inc. rose $ 1.94 to $ 46.41 after the company said late Tuesday that it expects sales and profit to grow next year.

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North Korea’s new leader burnishes credentials with rocket

SEOUL/TOKYO (Reuters) – North Korea successfully launched a rocket on Wednesday, boosting the credentials of its new leader and stepping up the threat the isolated and impoverished state poses to its opponents.

The rocket, which North Korea says put a weather satellite into orbit, has been labeled by the United States, South Korea and Japan as a test of technology that could one day deliver a nuclear warhead capable of hitting targets as far as the continental United States.

“The satellite has entered the planned orbit,” a North Korean television news-reader clad in traditional Korean garb triumphantly announced, after which the station played patriotic songs with the lyrics “Chosun (Korea) does what it says”.

The rocket was launched just before 10 a.m. Korea time (9 p.m. ET on Tuesday), according to defense officials in South Korea and Japan, and easily surpassed a failed April launch that flew for less than two minutes.

The North American Aerospace Defense Command (NORAD) said that it “deployed an object that appeared to achieve orbit”, the first time an independent body has verified North Korean claims.

North Korea followed what it said was a similar successful launch in 2009 with a nuclear test that prompted the United Nations Security Council to stiffen sanctions that it originally imposed in 2006 after the North’s first nuclear test.

The state is banned from developing nuclear and missile-related technology under U.N. resolutions, although Kim Jong-un, the youthful head of state who took power a year ago, is believed to have continued the state’s “military first” programs put into place by his deceased father Kim Jong-il.

North Korea lauded Wednesday’s launch as celebrating the prowess of all three Kims to rule since it was founded in 1948.

“At a time when great yearnings and reverence for Kim Jong-il pervade the whole country, its scientists and technicians brilliantly carried out his behests to launch a scientific and technological satellite in 2012, the year marking the 100th birth anniversary of President Kim Il Sung,” its KCNA news agency said.

Washington condemned Wednesday’s launch as a “provocative action” and breach of U.N. rules, while Japan’s U.N. envoy called for a Security Council meeting. However, diplomats say further tough sanctions are unlikely to be agreed at the body as China, the North’s only major ally, will oppose them.

“The international community must work in a concerted fashion to send North Korea a clear message that its violations of United Nations Security Council resolutions have consequences,” the White House said in a statement.

Japan’s likely next prime minister, Shinzo Abe, who is leading in opinion polls ahead of an election on December 16 and who is known as a North Korea hawk, called on the United Nations to adopt a resolution “strongly criticizing” Pyongyang.

BEIJING BLOCK

China had expressed “deep concern” prior to the launch which was announced a day after a top politburo member, representing new Chinese leader Xi Xinping, met Kim Jong-un in Pyongyang.

On Wednesday its tone was measured, regretting the launch but calling for restraint on possible counter-measures, in line with previous policy when it has effectively vetoed tougher sanctions.

“China believes the Security Council’s response should be cautious and moderate, protect the overall peaceful and stable situation on the Korean peninsula, and avoid an escalation of the situation,” Chinese Foreign Ministry spokesman Hong Lei told journalists.

Bruce Klingner, a Korea expert at the Heritage Foundation, told a conference call: “China has been the stumbling block to firmer U.N. action and we’ll have to see if the new leadership is any different than its predecessors.”

A senior adviser to South Korea’s president said last week it was unlikely there would be action from the U.N. and that Seoul would expect its allies to tighten sanctions unilaterally.

Kim Jong-un, believed to be 29 years old, took power when his father died on December 17 last year and experts believe the launch was intended to commemorate the first anniversary of the death.

The April launch was timed for the centennial of the birth of Kim Il Sung, the grandfather of its current ruler.

Wednesday’s success puts the North ahead of the South which has not managed to get a rocket off the ground.

“This is a considerable boost in establishing the rule of Kim Jong-un,” said Cho Min, an expert at the Korea Institute of National Unification.

There have been few indications the secretive and impoverished state, where the United Nations estimates a third of the population is malnourished, has made any advances in opening up economically over the past year.

North Korea remains reliant on minerals exports to China and remittances from tens of thousands of its people working on labor projects overseas.

The 22 million population often needs handouts from defectors who have escaped to South Korea in order to afford basic medicines.

Given the puny size of its economy – per capita income is less than $ 2,000 a year – one of the few ways the North can attract world attention is by emphasizing its military threat.

Pyongyang wants the United States to resume aid and to recognize it diplomatically, although the April launch scuppered a planned food deal.

It is believed to be some years away from developing a functioning nuclear warhead although it may have enough plutonium for around half a dozen nuclear bombs, according to nuclear experts.

The North has also been enriching uranium, which would give it a second path to nuclear weapons as it sits on vast natural uranium reserves.

“A successful launch puts North Korea closer to the capability to deploy a weaponized missile,” said Denny Roy, a senior fellow at the East-West Center in Hawaii.

“But this would still require fitting a weapon to the missile and ensuring a reasonable degree of accuracy. The North Koreans probably do not yet have a nuclear weapon small enough for a missile to carry.”

Pyongyang says that its development is part of a civil nuclear program, but has also boasted of it being a “nuclear weapons power”.

(Additional reporting by Jumin Park and Yoo Choonsik in SEOUL; David Alexander, Matt Spetalnick and Paul Eckert in WASHINGTON; Linda Sieg in TOKYO; Sui-Lee Wee in BEIJING; Rosmarie Francisco in MANILA; Writing by David Chance; Editing by Raju Gopalakrishnan)

World News Headlines – Yahoo! News

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