US may skirt ‘fiscal cliff’ but faces higher taxes

WASHINGTON (AP) — A last-ditch tax deal in the Senate might let the U.S. economy escape the worst of the so-called fiscal cliff and avoid going back into recession. But even if the House goes along, the tax increases likely coming in 2013 will dent economic growth anyway.

In the early hours of the new year, the Senate voted to end a long stalemate and raise taxes on upper-income households, extend long-term unemployment benefits and postpone decisions over government spending cuts, officials said. But any deal needs approval from the House.

About $ 536 billion in 2013 tax increases were scheduled to take effect Jan. 1, along with $ 109 billion in cuts from military and domestic-spending programs, if Democrats and Republicans could not reach agreement.

Mark Vitner, senior economist at Wells Fargo, said he expects budget policy, including the higher taxes in the Senate plan, to shave 0.8 percentage points off economic growth in 2013. The economy doesn’t have much growth to give. Vitner predicts it will grow just 1.5 percent in 2013, down from 2.2 percent in 2012.

The biggest hit to the economy is expected to come from the end of a two-year Social Security tax cut. The so-called payroll tax is scheduled to bounce back up to 6.2 percent from 4.2 percent in 2011 and 2012, amounting to a $ 1,000 tax increase for someone earning $ 50,000 a year.

“Even with this deal, fiscal policy will still be a net drag on economic growth,” Vitner said. “The expiration of the payroll tax holiday will reduce after-tax income for all workers and hit lower to middle income families the hardest.”

Mark Zandi, chief economist at Moody’s Analytics, calculates that the higher payroll tax will reduce economic growth by 0.6 percentage points in 2013. The other possible tax increases — including higher taxes on household incomes above $ 450,000 a year — will slice just 0.15 percentage points off annual growth, Zandi said.

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France counts 1,193 cars torched on New Year’s Eve

PARIS (AP) — A New Year’s Eve tradition for some in France of torching empty, parked cars has continued.

Interior Minister Manuel Valls said Tuesday that 1,193 vehicles were burned overnight around the country, where the stunt began in the 1990s.

There was no way to compare this figure to recent ones because the conservative government of former President Nicolas Sarkozy stopped making the numbers public while he was in office. But the rate of burned cars was apparently steady. On Dec. 31, 2009, 1,147 vehicles were burned.

For some, the decision of France’s current Socialist government to resume making public figures of New Year’s Eve’s torched cars is unwise.

Bruno Beschizza, a security chief for Sarkozy’s UMP party, said on iTele TV that publishing the numbers motivates youths to commit such crimes.

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Sony No Longer Shipping PlayStation 2 in Japan

You may have grown up with it. Your children may have, too.

Sony‘s PlayStation 2 home game console, released in 2000, was one of the most popular game consoles of all time, rivaled in sales only by the different kinds of Nintendo DS handheld console. It continued to be sold new on store shelves until just recently, even years after Sony launched its PlayStation 3 successor.

Now, however, Sony’s sent out its last shipment of new “PS2″ consoles for the Japanese market, according to Japanese gaming news site Famitsu (as reported by Polygon’s Emily Gera). Some other regions are continuing to receive shipments for now, but the heart of the PlayStation 2 phenomenon has finally stopped beating.

A gaming legend

Japanese PlayStation fans saw thousands more titles released in their language than English-speaking players. The PlayStation 2 was especially well-known for its role-playing games, such as the MMORPG Final Fantasy XI, which was designed so closely around the PS2′s capabilities that its Windows PC version uses almost entirely the same graphics and controller-based interface.

New PS2 games continue to ship; Final Fantasy XI is even getting a full-fledged, retail-boxed expansion pack this March. It’ll only support the PS2 in Japan, however, where dedicated players continue to use the original “fat” PS2 consoles with the hard drive expansion slot. Internationally, it will only support the PC and Xbox 360.

PS2 games in a post-PS2 world

The first PlayStation 3 consoles — infamous for the silence which ensued at the Sony event where their price at launch was announced to be “599 U.S. dollars” — were backwards-compatible with the vast majority of PlayStation 2 and original PSOne games. Sony achieved PS2 backwards compatibility, however, by including the PS2′s actual “Emotion Engine” and “Graphics Synthesizer” chips inside each PS3, essentially making it two game consoles in one (and helping to drive up that launch price).

A redesign bumped down the price some, but at the cost of removing the Emotion Engine chip, which caused the redesigned PS3 consoles to sometimes have bugs or fail to play certain games. Today’s PS3 consoles lack both chips, which means that while they play PSOne games just fine, they don’t support PS2 game discs at all and can’t be upgraded to do so.

The legend lives on?

Sony has made HD remakes of certain PS2 titles, and republished others for the PS3 under the “PlayStation 2 Classics” brand. Dozens of such titles have been re-released as digital downloads in the PlayStation Network store.

This method of playing a PS2 game on the PS3, however, involves essentially buying the game again (assuming that it’s even in the store), sort of like Sony’s method of playing PlayStation Portable games on the Vita. Even rebuying the games for the PS3 doesn’t ensure continued playability on modern Sony consoles; the upcoming “PlayStation 4″ (not its actual name) reportedly won’t be able to play games made for the PS3.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.
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Green Day to get back on road in March

NEW YORK (Reuters) – The members of Green Day said on Monday they will return to the road in March after the punk rock band canceled its fall club tour and postponed later dates as frontman Billie Joe Armstrong underwent treatment for substance abuse.

“We want to thank everyone for hanging in with us for the last few months,” the band members said in a statement on their website. “We are very excited to hit the road and see all of you again, though we regret having to cancel more shows.”

Armstrong, lead singer and guitarist for the Grammy-winning rock band, sought substance abuse treatment in September following an angry, guitar-smashing on-stage outburst in Las Vegas. The details of his addiction were never specified.

Armstrong, 40, added to the website posting with a note on Instagram, saying:

“Dear friends … I just want to thank you all for the love and support you’ve shown for the past few months. Believe me, it hasn’t gone unnoticed and I’m eternally grateful to have such an amazing set of friends and family.

“I’m getting better every day,” he said. “So now, without further ado, the show must go on. We can’t wait to get on the road and live out loud! Our passion has only grown stronger.”

The tour will begin in Chicago on March 28, with dates in Pittsburgh, New York, Toronto and other cities up through April 12 in Quebec City.

The band said it would announce additional West Coast dates in early 2013.

Tickets for the postponed shows will be honored at the new dates, Green Day said. Tickets for canceled shows will be refunded at the point of purchase.

In November the band moved up the release date of “iTré!,” part of an ambitious trilogy of albums that marks their first collection of new music since 2009, to December 11 from its original date of January 15, in part to make up for the canceled and postponed dates.

The California-based punk rock band, formed in the late 1980s, has sold more than 65 million records worldwide and won five Grammys, including best alternative album for its 1994 major-label debut, “Dookie,” and best rock album for “American Idiot” and “21st Century Breakdown.”

(Reporting by Chris Michaud; Editing by Jill Serjeant and Bill Trott)

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FDA approves Salix’s diarrhea drug for HIV/AIDS patients

(Reuters) – U.S. health regulators approved Salix Pharmaceuticals Ltd‘s drug to treat diarrhea in HIV/AIDS patients on antiretroviral therapy, a combination of medicines used to treat HIV infection.

Diarrhea is a common reason why HIV/AIDS patients discontinue or switch their antiretroviral therapies.

The drug, called Fulyzaq, is intended to be used in HIV/AIDS patients whose diarrhea is not caused by an infection from a virus, bacteria, or parasite.

Until now, there have been no therapies for HIV-associated diarrhea approved by the U.S. Food and Drug Administration.

(Reporting By Debra Sherman; Editing by David Gregorio)

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UK must stay in Europe, says CBI

31 December 2012 Last updated at 02:54 ET

The CBI says the UK needs to keep its place within the European Union to push for freer trade for its businesses.

The business lobby group says the UK should use the EU to help rebalance the economy towards exports and create new trade deals.

It is pushing for a new free trade deal between Europe and the US.

The CBI says although the EU and US have relatively open economies, there are many examples of obstacles to trade.

These include tariff costs and mismatched regulations, which form what it says are significant burdens on firms on both sides of the Atlantic.

It is undertaking a major project to flesh out what the UK’s global role should look like in a new Europe.

It wants to explore ways in which the UK can remain a leading location to do business globally, particularly by expanding export markets for high-growth small and medium-sized firms, without losing access to the EU single market.

The CBI’s director-general, John Cridland, said it was crucial for the UK to keep its place within Europe; “The UK has ensured its values of free and open trade have been at the heart of Europe over the last 40 years, helping to create one of the biggest successes of the European Union – the single market.

“It’s essential we stay at the table to bang the drum for businesses and defend our national interest, particularly protecting our world-class financial services industry to maintain our competitiveness internationally.”

He added that President Barack Obama and the EU’s political leaders needed to work to eliminate barriers to trade, which he said one study showed could save as much as 122bn euros (£100bn, $ 161bn) a year in business costs.

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Pope marks end of difficult year, notes God’s good

VATICAN CITY (AP) — Pope Benedict XVI marked the end of a difficult year Monday by saying that despite all the death and injustice in the world, goodness prevails.

Benedict celebrated New Year’s Eve with a vespers service in St. Peter’s Basilica to give thanks for 2012 and look ahead to 2013. He appeared tired during the service and used a cane afterward — an indication that the busy Christmas season may be taking a toll on the 85-year-old Benedict.

In his homily, Benedict said it’s tough to remember that goodness prevails when bad news — death, violence and injustice — “makes more noise than good.” He said taking time to meditate in prolonged reflection and prayer can help “find healing from the inevitable wounds of daily life.”

This past year was full of highs and lows for the pope, including a successful trip to Mexico and Cuba but also the betrayal of his butler, convicted in October of stealing Benedict’s personal papers and leaking them to a journalist.

After the service, Benedict was brought out in a covered car to pray before the Vatican’s main nativity scene in St. Peter’s Square. Walking with a cane in the chilly piazza, Benedict chatted animatedly with the artist who crafted the scene, which recreated an entire village from the poor, southern Italian region of Basilicata which donated this year’s crèche.

The Vatican gladly accepted Basilicata’s donation after the €550,000 price tag the Vatican paid for the 2009 nativity scene was revealed in the documentation leaked by Benedict’s ex-butler Paolo Gabriele.

Gabriele was convicted of aggravated theft by a Vatican tribunal and sentenced to 18 months in prison. He received a pre-Christmas papal pardon and is expected to soon leave his Vatican City apartment for a new home and job elsewhere.

On Tuesday morning, Benedict celebrates a New Year’s Day Mass, which the Catholic Church celebrates as its world day of peace.

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Autonomy’s Lynch defends record as HP confirms Federal probe

LONDON (Reuters) – Mike Lynch, the founder of the software firm sold to Hewlett-Packard last year in a deal tainted by accusations of accounting fraud, said he would defend the company’s accounts to U.S. Federal investigators.

HP confirmed in a filing late on Thursday that the U.S. Department of Justice was investigating Autonomy‘s books.

The PC and printer maker bought the British company for $ 11 billion last year to lead its push into the more profitable software sector.

Autonomy did not deliver the growth expected, resulting in Lynch’s departure earlier this year.

But worse was to come last month when HP wrote off some $ 5 billion of the company’s value and accused its former management of accounting improprieties that inflated its value.

The Silicon Valley company said it had passed information from a whistleblower to the U.S. Department of Justice, the SEC and Britain’s Serious Fraud Office.

“On November 21, 2012, representatives of the U.S. Department of Justice advised HP that they had opened an investigation relating to Autonomy,” it said in the filing.

“HP is cooperating with the three investigating agencies.”

Lynch launched a robust defense of his track record almost immediately after HP made the accusations.

He said on Friday that he was still waiting for a detailed calculation of HP’s $ 5 billion writedown of Autonomy’s value and a published explanation of the allegations.

“Simply put these allegations are false, and in the absence of further detail we cannot understand what HP believes to be the basis for them,” he said in a statement.

“We continue to reject these allegations in the strongest possible terms. Autonomy’s financial accounts were properly maintained in accordance with applicable regulations, fully audited by Deloitte and available to HP during the due diligence process.”

Lynch said he had not been approached by any regulatory authority, but he would co-operate with any investigation and looked forward to the opportunity to explain his position.

HP has refused to concede to Lynch’s demands for more information about the allegations.

“While Dr. Lynch is eager for a debate, we believe the legal process is the correct method in which to bring out the facts and take action on behalf of our shareholders,” it said in response to an open letter from Lynch last month

“In that setting, we look forward to hearing Dr. Lynch and other former Autonomy employees answer questions under penalty of perjury.”

(Reporting by Paul Sandle; Editing by Helen Massy-Beresford)

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‘The Hobbit’ stays atop box office for third week

LOS ANGELES (AP) — “The Hobbit: An Unexpected Journey” continues to rule them all at the box office, staying on top for a third-straight week with nearly $ 33 million.

The Warner Bros. fantasy epic from director Peter Jackson, based on the J.R.R. Tolkien novel, has made $ 222.7 million domestically alone.

Two big holiday movies — and potential awards contenders — also had strong openings. Quentin Tarantino‘s spaghetti Western-blaxploitation mash-up “Django Unchained” came in second place for the weekend with $ 30.7 million. The Weinstein Co. revenge epic, starring Jamie Foxx and Christoph Waltz, has earned $ 64 million since its Christmas Day opening.

And in third place with $ 28 million was the sweeping, all-singing “Les Miserables.” The Universal Pictures musical starring Hugh Jackman and Anne Hathaway has made $ 67.5 million since debuting on Christmas.

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Democrats, Republicans apart on key “fiscal cliff” issues: Reid

WASHINGTON (Reuters) – Senate Majority Leader Harry Reid said on Sunday that Democrats and Republicans still had key differences in talks to avert a looming year-end “fiscal cliff,” and he had not been able to make a counteroffer to the latest Republican proposal.

“I’ve had a number of conversations with the president and at this stage we’re not able to make a counteroffer,” Reid said on the Senate floor.

He said that as the day wears on, Democrats may be able to make such an offer.

“I think that the Republican leader has shown absolutely good faith. It’s just that we’re apart on some pretty big issues,” Reid added. (Reporting By David Lawder; Editing by David Brunnstrom)

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