Wall Street ends almost flat as Bernanke warns on "cliff"

NEW YORK (Reuters) - Stocks ended nearly flat on Wednesday, giving up most of the day's gains after Fed Chairman Ben Bernanke reiterated that monetary policy won't be enough to offset damage from the "fiscal cliff."


His comments followed the Federal Reserve's announcement of a new stimulus plan, which briefly pushed the S&P 500 to a seven-week high.


The plan, the latest attempt to boost the country's struggling economy, will replace a more modest program set to expire with a fresh round of Treasury purchases that will increase its balance sheet. The program is known as "quantitative easing" or QE.


In comments after the announcement, Bernanke said he hopes that markets won't have to tank to get a fiscal cliff deal.


"Initially the addition of QE was certainly favorable. I think, though, in the press conference, what came out is that there still seems to be a level of uncertainty with regard to the exit strategy (and) the efficacy of the current policy," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.


Bernanke "reiterated the fact that monetary policy has its hands tied as far as addressing the seriousness of going over the fiscal cliff," Hellwig added.


The S&P financial sector index <.gspf>, which had been up more than 1 percent after the Fed's announcement, ended up just 0.5 percent.


Wal-Mart Stores Inc's stock was the biggest drag on the Dow, falling 2.8 percent to $68.94 following the Indian government's announcement of an inquiry into the company's lobbying practices.


The Dow Jones industrial average <.dji> slipped 2.99 points, or 0.02 percent, to 13,245.45 at the close. The Standard & Poor's 500 Index <.spx> inched up just 0.64 of a point, or 0.04 percent, to 1,428.48. But the Nasdaq Composite Index <.ixic> shed 8.49 points, or 0.28 percent, to end at 3,013.81.


Though the S&P 500 ended up just slightly, it was the sixth day of gains for the index - its longest winning streak since August.


The central bank committed to monthly purchases of $45 billion in Treasuries on top of the $40 billion per month in mortgage-backed bonds it started buying in September. It also said it will keep its near-zero interest-rate program in place until the U.S. unemployment rate falls to 6.5 percent from its current 7.7 percent.


"The actions by the Fed were more aggressive than investors anticipated," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut.


"The asset-purchasing program is probably larger and more comprehensive than some might have thought."


Negotiations over plans to avoid the fiscal cliff intensified in Washington, but U.S. House of Representatives Speaker John Boehner said on Wednesday that "serious differences" remain with President Barack Obama in their talks. If no agreement is reached, steep tax hikes and budget cuts will fall into place early next year.


Shares of Aetna , the third-largest U.S. health insurer, gained 3.2 percent to $45.91, a day after the company gave a higher forecast for profit and revenue growth in 2013.


Volume was roughly 6.58 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the year-to-date average daily closing volume of 6.52 billion.


Decliners slightly outnumbered advancers on the NYSE by about 16 to 15, and on the Nasdaq, by about 3 to 2.


(Reporting by Caroline Valetkevitch; Additional reporting by Leah Schnurr Editing by Jan Paschal)



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Hugo Chavez’s Movement Threatened by His Health


Fernando Llano/Associated Press


prayer gathering was held for President Hugo Chávez on Tuesday in central Caracas. Mr. Chávez’s cancer has recurred.







CARACAS, Venezuela — The bottlenecks at a major port were so bad this year that Christmas trees from Canada were delayed for weeks, and when they did show up they cost hundreds of dollars. A government-run ice cream factory opened with great fanfare, only to shut down a day later because of a shortage of basic ingredients. Foreign currency is so hard to come by that automakers cannot get parts and new cars are almost impossible to buy.




And all of this happened while the economy was growing — before the slowdown many predict next year.


Such frustrations are typical in Venezuela, for rich and poor alike, and yet President Hugo Chávez has managed to stay in office for nearly 14 years, winning over a significant majority of the public with his outsize personality, his free-spending of state resources and his ability to convince Venezuelans that the Socialist revolution he envisions will make their lives better.


Now that revolution is threatened by Mr. Chávez’s fight with cancer. His health has become precarious enough that before undergoing surgery this week he designated a successor for the first time, saying that Vice President Nicolás Maduro should lead in his place if he cannot continue.


But as the undisputed head of his revolutionary movement, known as Chavismo, Mr. Chávez makes virtually all major government decisions and bullies both allies and opponents to keep them in line. Top government officials speak of him as their father. During his most recent presidential campaign this fall he frequently stirred crowds with the shout: “Chávez is revolution!”


Many doubt that any successor will be as adept at fostering support amid the nation’s economic problems, widespread corruption, rampant crime and daily hassles — raising the question of what will become of Mr. Chávez’s movement without him.


“There’s just nobody within Chavismo who can remotely match Chávez’s capacity to connect to Venezuelans,” said Michael Shifter, president of Inter-American Dialogue, a research group in Washington. “What ties it together is loyalty and a personal attachment to Chávez, and that’s very weak. That’s not a very solid foundation.”


On Wednesday, with a grim face, Mr. Maduro implied that the president’s condition was indeed serious, warning the nation to prepare for “the hard, complex and difficult days” ahead. It is a bitter pill for many Chávez supporters to swallow.


“We don’t need another president, we need him,” Reina Mocoa, 50, said.


A fervent Chávez follower, Ms. Mocoa was given an apartment in a new government-erected building this year. First there was no water. Then the plumbing leaked. A design flaw causes the apartment to flood when it rains. But her ire was never directed at Mr. Chávez.


“He gives orders, but they don’t do the things as he wants them done,” Ms. Mocoa said, reflecting a common perception that Mr. Chávez’s subordinates are corrupt or inept, and that many of the country’s problems can be attributed to greedy capitalists. “It’s not his fault.”


She said she was willing to give Mr. Maduro a chance to prove himself. But not all Chávez supporters feel that way.


“I only want Chávez,” said Agustín Gutiérrez, 53, in Cumaná, an eastern city, adding that he did not trust Mr. Maduro to carry on “the revolution.”


“There cannot be Chavismo without Chávez,” he said.


Mr. Chávez’s own record is mixed. After doing little to address a deep housing shortage, he has given away tens of thousands of homes, but the rush to build meant that many were plagued by construction flaws or other problems. He has used price controls to make food affordable for the poor, but that has contributed to shortages in basic goods. He created a popular program of neighborhood clinics often staffed by Cuban doctors, but hospitals frequently lack basic equipment.


María Iguarán contributed reporting from Cumaná, Venezuela, and Andrew Rosati from Caracas.



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‘The Hobbit’: Like One Bad Video Game






Perhaps the most exciting thing about Peter Jackson‘s landmark, blockbuster Lord of the Rings films was that they made fans, through a combination of stunning landscapes and intricate special effects and soaring music and dramatic spectacle, feel as though we were seeing an almost impossible elevation of the potential size and scope of movies. Here was a rich, dense, sprawling series of films that thundered like myths, that were breathtaking in their realization of some pretty huge ambitions. Sure, they were massive corporate projects that earned lots of people millions of dollars, but to the regular moviegoer they were feats that proved the majesty of the movies, the potential to tell enthralling stories that also played like art. And so it’s hugely disappointing, if not all that surprising, that Jackson’s first foray back into the land of Middle Earth, The Hobbit: An Unexpected Journey, is such a sullenly, basely commercial and junky affair, a movie that feels not crafted with Jackson’s seemingly divine inspiration but by the hands of studio executives. Perhaps the reason that Warner Bros. is forgoing the usual console video-game tie-ins for simple mobile games is because the damn movie already looks like a video game, and not a very fun one at that.


RELATED: ‘The Hobbit’ Trailer Needs to Get Out of the Shire






The Lord of the Rings series succeeded aesthetically because it was such an elegant, painting-like wonder to behold. The textures and palettes all had the look of a particularly vibrant illustrated story book, the kind of immersive vision that exists somewhere between imagination and the real world. For The Hobbit, though, Jackson chose to film at a high frame rate and with Real 3D technology in mind — because 3D movies are doing well these days and, hell, doesn’t hurt that the tickets cost more — but the results are frequently hideous. Those among us who have bought shiny new flatscreen TVs over the past few years are likely familiar with the dreaded “Soap Opera Effect,” which turns what should be stunning, glossy images into cheap-looking messes, all strange movement and lighting, like any network soap or cheap British show. (Think Children of Men looking like Torchwood.) It’s the problem of technology over-thinking or over-performing, and it is on startling, gruesome display in The Hobbit. When you’re wearing the 3D glasses (and admittedly sitting a little off to the side), this hugely expensive movie looks like it was shot on a nice handheld digital camera on the cheap. Actors stand in strange contrast to the digital backgrounds behind them, motion looks too slick or unnatural. Gone are the somber vistas and rugged terrain, replaced by eye-aching shine and plastic-y smoothness. The most special effects-heavy sequences look very much like the non-playable parts of modern video games — the exposition bits that can amp up the graphics a bit because they don’t have to worry about the randomness of play, the stuff you see in the commercials, right before the “rated T for teen” part. I don’t know if I just had a bad projector or what, but I spent the bulk of this long movie distracted by how dreadful everything looked. With a few small exceptions — The Shire glows with lovely green, a mountain cave fight/chase sequence is bracingly rich — this is a dismally unattractive movie, featuring too many shots that I’m sure were lovely at some point but are too often ruined and chintzified by the terrible technology monster.


RELATED: Jon Hamm Has a Roger Clemens Story; Here Come the 007 Novelty Themes


So on its aesthetic merits, The Hobbit comes up more than short. The trouble is, it’s not rescued by many narrative successes. Jackson has taken largely from the first third of J.R.R. Tolkien‘s novel — about an expedition to reclaim a lost dwarf kingdom from a dragon — but he’s also added in some elements found in appendices detailing an expanded universe that Tolkien included in an edition of The Lord of the Rings. This is partly to flesh out the story as Jackson believes Tolkien meant it to be, but it’s also meant to satisfy the needs of a supersize film trilogy based on one mere book. And so we get several pointless and uninteresting diversions, mostly about dwarves and their bitter enemies the orcs, that read exactly like the filler they are. Jackson is trying to flesh out dwarf mythology, because we spend so much of our time with these little guys, but it feels tediously synthetic, as if there are two movies competing for attention with neither one getting its due. We go to the goblin caves of The Hobbit and then, upon deliverance from that dark place, are thrust right into some kind of honor-and-revenge-based conflict with a snarling, giant, one-armed orc. It’s all very crowded and strangely hurried for a movie that, all told, takes its sweet time.


RELATED: No One Likes Peter Jackson’s New ‘Hobbit’ Footage


I suspect that another of Jackson’s reasons for including all this extra dramatic battling is that, on its own, The Hobbit is something of a children’s book. We’ve got wacky, food-crazed dwarves, a mean old dragon, and a funny little guy to take us along on the journey. Jackson doesn’t deny his movie the kiddie flourishes — there’s snot humor and butt jokes and lots of other goofy stuff involving some trolls, plus two little musical numbers involving all the dwarves — but he then tries to complement them with the big, booming faith and honor stuff and it never properly congeals. One moment we’re on a sprightly children’s adventure, the next we’re talking in big fashion about all that warlike serious business. It’s a discordant mix, and I’d imagine it will leave both kids and adults out in the cold.


RELATED: All the Comic-Con News That Matters


The film is not without its bright spots, rare as they may be. Ian McKellen is a feisty, spirited, mysterious Gandalf as ever before, and Martin Freeman nicely and genially projects everyday hobbit-ness, even if he’s a tad underused in the film. (Yeah, in the movie called The Hobbit, there’s barely any time to focus on the darn Hobbit.) Cate Blanchett turns up once more as the ethereal elf Galadriel, lending the movie a cool classiness and a welcome dose of feminine energy. And, of course, we’re back, for one mesmerizing scene, with our beloved Gollum, so winningly and creepily played by Andy Serkis, and here yet another marvel of computer innovation. In some ways Gollum’s innate cartoonishness works better now than it did in the original trilogy, which is probably the only time that can be said of this movie. There are one or two moments in Gollum’s pivotal scene where he’s given a bit too much modern humor to play, but all told he’s the most welcome sight in the film. Maybe that’s just the newfound purist in me, yearning for the old days, but I suspect it has more to do with Gollum being the only genuinely realized character we’ve so far encountered in this new trio of films. Everyone else is a snoozy lesser version of someone else, especially the ridiculous bloodthirsty orc leader, who snarls and growls like something out of the Underworld movies. Sometimes, in the jumble of the The Hobbit‘s many cluttered and dull action scenes, the frantic blur looks like any sequence from one of those schlocky ’00s B-movies; all roughly hewn CGI clashing around nonsensically, with this orc fellow leading the charge.


RELATED: ‘The Hobbit’ Might Be Three Movies Now?


Despite all the technical advancements, if we can call them that, most moments in The Hobbit feel like Peter Jackson is sadly trying to make all those familiar LOTR elements work for him once more, without ever really being able to reignite the old flame. The supposedly awe-inducing visit to the elf city of Rivendell is a ho-hum experience in this new frame-rate-ruined world. A silly battle sequence involving a wizard, a silly Radagast the Brown, riding around pell-mell on a rabbit-drawn sled looks like an interstitial from late-era Super Mario. Even Elijah Wood, appearing briefly as Frodo, looks strange — a pale ghost of himself, as if stitched in from another movie by some forlorn and desperate hand. The film is inevitably resonant with memories of the original trilogy, and little about it can hold up to the comparison. There’s too much effort in the wrong places — action instead of story, technical tricks instead of actual design — and the constant rhythm of arbitrary event after arbitrary event becomes tiresome well before the film’s two hours and forty minutes have lurched to a halt. I’m sure there are kids who will like this wan, distracted effort — they might not yet have anything else to compare it to, depending on their age — but as a human who remembers what came before, I’m afraid The Hobbit left me nothing but frustrated, sad, and tired. Frustrated that these big-budget visionaries seem to consistently feel they have to taint their earlier masterpieces with techno-junk followups, sad that once magical lands now flicker cheap and garish in my head, and tired at the prospect of two more of these things. I exited the theater trying to remind myself that Attack of the Clones was way better than Phantom Menace and that Revenge of the Sith was better still. I then realized how depressing it was that I was making that comparison. Oh, Middle Earth. What has become of you?


Gaming News Headlines – Yahoo! News


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Tevin Hunte Is 'So Happy' After His Voice Elimination






The Voice










12/12/2012 at 07:45 PM EST



Team Cee Lo's Trevin Hunte was eliminated on Tuesday's episode of The Voice, but the soulful singer isn't letting the end of this journey hold him back.

"I feel like the best person on the planet Earth. I am so happy and excited to be honest," Hunte told PEOPLE after the show. I feel like a weight has been lifted. Being away from family and friends and what you're used to was definitely a hard thing for me."

Hunte is looking forward to his mom's cooking and seeing his friends back home, and he won't waste a second wondering what if he'd made it further.

"I have no regrets. I am glad that I took a leap of faith and auditioned," he said. "I auditioned for American Idol and told my family I didn't have the strength to do it again. But I am definitely happy and excited that I made it this far."

And he still has a long way to go. "I'm only 18," he said. "I'm just really excited."

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Congress examines science behind HGH test for NFL


WASHINGTON (AP) — A congressional committee has opened a hearing to examine the science behind a human growth hormone test the NFL wants to start using on its players.


Nearly two full seasons have passed since the league and the players' union signed a labor deal that set the stage for HGH testing.


The NFL Players Association won't concede the validity of a test that's used by Olympic sports and Major League Baseball, and the sides haven't been able to agree on a scientist to help resolve that impasse.


Among the witnesses before the House Oversight and Government Reform Committee on Wednesday is Pro Football Hall of Fame member Dick Butkus. In his prepared statement, Butkus writes: "Now, let's get on with it. The HGH testing process is proven to be reliable."


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Big tech boosts S&P 500 to best close since election

NEW YORK (Reuters) - Stocks rose on Tuesday, led by gains in technology companies, helping the S&P 500 end at its highest level since Election Day.


A 2.2 percent gain to $541.39 in Apple's stock lifted the Nasdaq, as the largest U.S. company by market value rebounded from a week in which investors took profits before a possible tax rise next year. Prior to Tuesday's trading, Apple shares had lost 25 percent from an all-time intraday high hit in September.


Stocks pared some gains by late afternoon as more news on the "fiscal cliff" negotiations emerged. U.S. Senate Majority Leader Harry Reid said it will be difficult to reach agreement resolving the cliff tax hikes and spending cuts before Christmas.


"There's been a real explosion in anxiety over this thing. Because markets have become the way they are, you've got people just stepping back," said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.


"There's a tremendous absence of liquidity in the market," he said.


The S&P 500 had lost 5.3 percent in the seven sessions following Election Day as investors refocused on the threat posed to the economy by the fiscal cliff, a series of automatic spending cuts and tax increases. Markets have mostly recovered those losses, but volume has been thin, suggesting investors are not betting aggressively due to the uncertainty.


The Dow Jones industrial average <.dji> was up 78.56 points, or 0.60 percent, at 13,248.44. The Standard & Poor's 500 Index <.spx> was up 9.29 points, or 0.65 percent, at 1,427.84. The Nasdaq Composite Index <.ixic> was up 35.34 points, or 1.18 percent, at 3,022.30.


Volume was roughly 6.43 billion shares traded on the NYSE, the Nasdaq and the NYSE MKT, compared with the year-to-date average daily closing volume of roughly 6.5 billion.


Other major tech stocks also rose. Texas Instruments gained 4 percent to $31.01 after bumping up its profit target late Monday. That helped other chipmakers rally, with the PHLX Semiconductor index <.sox> up 1.9 percent. Microsoft rose 1.4 percent to $27.32.


The lack of demonstrable progress in the fiscal cliff negotiations has kept investors from making aggressive bets in recent weeks.


Republican House Speaker John Boehner called on President Barack Obama to propose a counter-offer on Tuesday.


Retailers like luggage maker Tumi Holding Inc and Michael Kors Holding gained on Tuesday after a positive report from Goldman Sachs Equity Research. Tumi was up 4.7 percent to $21.92 and Michael Kors gained 2.4 percent, reaching $50.92.


By contrast, discount retailers Dollar General and Family Dollar declined. Dollar General, whose shares fell 7.8 percent to $42.94, said it sees margins under pressure in 2013. [ID:nL1E8NB0QB] Family Dollar shares dropped 8.4 percent to $64.68.


SPX Corp shares fell 9.1 percent to $62.07 and the stock was the biggest percentage decliner on the New York Stock Exchange after sources said the company is in exclusive talks to buy rival Gardner Denver , in a merger that could create an industrial machinery conglomerate with a market value over $7 billion.


The U.S. Treasury is selling its remaining stake in insurer American International Group Inc . AIG's shares were up 5.7 percent at $35.26.


The Fed began a two-day policy-setting meeting on Tuesday. The central bank is expected to announce a new round of Treasury bond purchases when the meeting ends on Wednesday to replace its "Operation Twist" stimulus, which expires at the end of the year.


Advancers outnumbered decliners on the NYSE by about 2 to 1, and on the Nasdaq by nearly 9 to 4.


(Additional reporting by Gabriel Debenedetti; Editing by Kenneth Barry and Nick Zieminski)



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Obama Says U.S. Will Recognize Syrian Rebels





WASHINGTON — President Obama said Tuesday that the United States would formally recognize a coalition of Syrian opposition groups as that country’s legitimate representative, intensifying the pressure on President Bashar al-Assad to give up his bloody struggle to stay in power.




Mr. Obama’s announcement, in an interview with Barbara Walters of ABC News on the eve of a meeting in Morocco of the Syrian opposition leaders and their supporters, was widely expected. But it marks a new phase of American engagement in a bitter, nearly two-year-long conflict that has claimed at least 40,000 lives, threatened to destabilize the region, and defied all outside attempts to end it.


The announcement puts Washington’s political imprimatur on a once-disparate band of opposition groups, which have coalesced, under pressure from the United States and its allies, to develop what American officials say is a credible transitional plan to govern Syria if Mr. Assad is forced out.


Moreover, it draws an even sharper line between those elements of the opposition that the United States champions and those it rejects. The Obama administration coupled its recognition with the designation hours earlier of a militant Syrian rebel group, Al Nusra Front, as a foreign terrorist organization, affiliated with Al Qaeda.


“Not everybody who is participating on the ground in fighting Assad are people that we are comfortable with,” Mr. Obama said in an interview on the ABC program “20/20.” “There are some who I think have adopted an extremist agenda, an anti-U.S. agenda.”


But Mr. Obama praised the opposition, known formally as the National Coalition of Syrian Revolutionary and Opposition Forces, for what he said was its inclusiveness, its openness to various ethnic and religious groups, and its ties to local councils involved in the fighting against Mr. Assad’s security forces.


“At this point we have a well-organized-enough coalition — opposition coalition that is representative — that we can recognize them as the legitimate representative of the Syrian people,” he said.


For some experts on Syria, however, the question was whether Mr. Obama’s move was too little, too late. Britain, France, Turkey and the Gulf Cooperation Council have previously recognized the Syrian opposition. And the move does nothing to change the military equation inside Syria, where Mr. Assad has clung to power despite gains by rebel fighters.


Mr. Obama notably did not commit himself to providing arms to the rebels he is recognizing or to supporting them militarily with airstrikes or the establishment of a no-fly zone, a stance that has led to a rise of anti-American sentiment among many of the rebels.


The United States has played an active role behind the scenes in shaping the opposition, insisting that it be broadened and made more inclusive. But until Mr. Obama's announcement on Tuesday, the United States had held off on formally recognizing the opposition coalition, asserting that it wanted to use the lure of recognition to encourage the rebel leaders to flesh out their political structure and fill important posts.


In recent weeks, the National Coalition of Syrian Revolutionary and Opposition Forces has been in the process of developing a series of committees on humanitarian assistance, education, health, judicial matters and security issues.


Mr. Obama’s statement was an acknowledgment that the opposition had made sufficient progress to merit recognition. The American hope is that the opposition, in conjunction with local councils that are being formed in Syria, could help govern areas that have been wrested from Mr. Assad's control, provide public services like law enforcement and utilities, and perhaps even channel humanitarian assistance. Alluding to this role, Mr. Obama said that the opposition would “have some responsibilities to carry out.”


But Mr. Obama's move does not go so far as to confer on the opposition the legal authority of a state. It does not, for example, recognize the opposition's right to gain access to Syrian government money, take over the Syrian Embassy in Washington or enter into binding diplomatic commitments.


It is also unclear to what extent the move might influence the situation inside Syria, where the pace of the fighting appears to have intensified. A senior American official who is attending the meeting in Morocco said on Tuesday that none of the rebel military commanders from the Free Syrian Army would be attending the meeting on Wednesday.


“There are people here who definitely coordinate with armed groups, with the Free Syrian Army,” he said. “That is not to say they are giving instructions to it; they do not. It is not to say that they are telling it what to do or what to say in the international field; they are not. In a sense, the Free Syrian Army is a separate organization.”


Andrew J. Tabler, a senior fellow and a Syria expert at the Washington Institute for Near East Policy, said: “The recognition is designed as a political shot in the arm for the opposition. But it’s happening in the context of resentment among the Syrian opposition, especially armed elements, of the White House’s lack of assistance during the Syrian people’s hour of need. This is especially true among armed groups.”


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Microsoft ups Surface production, to sell in more stores






SEATTLE (Reuters) – Microsoft Corp has stepped up manufacturing of the Surface tablet, its new device designed to counter Apple Inc‘s iPad, and will introduce it to third-party retailers this week.


The moves suggest Microsoft is seeing some demand for its first own-brand computer in the crucial holiday shopping season, although it has yet to divulge any sales figures.






“The public reaction to Surface has been exciting to see,” said Panos Panay, general manager of Microsoft’s Surface project, which forms part of the company’s Windows unit.


“We’ve increased production and are expanding the ways in which customers can interact with, experience and purchase Surface,” said Panay, but gave no details of how many extra units were being produced.


Panay did not mention names of retailers that will sell the Surface, but separately office equipment retailer Staples Inc said it would stock the tablet from Wednesday.


He said the Surface would also be on sale at retailers in Australia from mid-December, with more countries to follow in the next few months.


Since launch in late October, the Surface has only been sold by Microsoft itself, in its own brick and mortar stores in the United States and Canada and online in Australia, China, France, the UK and Germany.


The only Surface model available now – officially called Surface with Windows RT – runs a version of Windows created to work on the low-power chips designed by ARM Holdings, which dominate smartphones and tablets but are incompatible with old Windows applications.


It starts at $ 499 for the 32 gigabyte version plus $ 120 for a thin cover that doubles as a keyboard.


A larger, heavier tablet – called Surface with Windows 8 Pro – will be introduced in January, running on an Intel Corp chip that works with all Microsoft’s Windows and Office applications. Microsoft plans to price the new Surface from $ 899 for a 64 gigabyte version.


The world’s largest software company also said it would keep its chain of ‘pop-up’ holiday stores open into the new year and will convert them into permanent retail outlets or what it called “specialty store locations”.


Microsoft’s recent push into physical retail – following Apple’s great success – has resulted in 31 permanent stores plus 34 holiday ‘pop-up’ stores in the U.S. and Canada.


If Microsoft converted each of the temporary stores into permanent outlets it would have 65 stores, still well below Apple with almost 400 worldwide.


(Reporting by Bill Rigby in Seattle, Sruthi Ramakrishnan in Bangalore)


Tech News Headlines – Yahoo! News


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Hugh Hefner's Engagement Ring to Crystal Harris Revealed















12/11/2012 at 07:00 PM EST



The wedding's back on – though it may be a good idea to save that gift receipt.

Hugh Hefner, 86, officially confirms that he is once again engaged to Crystal Harris, 26, telling his Twitter followers, "I've given Crystal Harris a ring. I love the girl."

And to prove it, Harris posted photos of the big diamond sparkler, calling it "my beautiful ring."

Neither announced a wedding date, though sources tell PEOPLE they're planning to tie the knot at the Playboy Mansion in Los Angeles on New Year's Eve.

Whether that still happens remains to be seen.

This is the plan they had in 2011 – a wedding at the mansion – except that Harris called it off just days before the nuptials were scheduled to happen in front of 300 invited guests.

Hugh Hefner's Engagement Ring to Crystal Harris Revealed| Engagements, Crystal Harris, Hugh Hefner

Hugh Hefner and Crystal Harris

David Livingston / Getty

The onetime Playmate of the Month then ripped Hef's bedroom skills, calling him a two-second man, to which Hefner replied, "I missed a bullet" by not marrying her.

A year later, Hefner's "runaway bunny" bounded back to him.

Reporting by JENNIFER GARCIA

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DA investigating Texas' troubled $3B cancer agency


AUSTIN, Texas (AP) — Turmoil surrounding an unprecedented $3 billion cancer-fighting effort in Texas worsened Tuesday when its executive director offered his resignation and the state's chief public corruption prosecutor announced an investigation into the beleaguered agency.


No specific criminal allegations are driving the latest probe into the Cancer Prevention and Research Institute of Texas, said Gregg Cox, director of the Travis County district attorney's public integrity unit. But his influential office opened a case only weeks after the embattled agency disclosed that an $11 million grant to a private company bypassed review.


That award is the latest trouble in a tumultuous year for CPRIT, which controls the nation's second-largest pot of cancer research dollars. Amid the mounting problems, the agency announced Tuesday that Executive Director Bill Gimson had submitted his letter of resignation.


"Unfortunately, I have also been placed in a situation where I feel I can no longer be effective," Gimson wrote in a letter dated Monday.


Gimson said the troubles have resulted in "wasted efforts expended in low value activities" at the agency, instead of a focused fight against cancer. Gimson offered to stay on until January, and the agency's board must still approve his request to step down.


His departure would complete a remarkable house-cleaning at CPRIT in a span of just eight months. It began in May, when Dr. Alfred Gilman resigned as chief science officer in protest over a different grant that the Nobel laureate wanted approved by a panel of scientists. He warned it would be "the bomb that destroys CPRIT."


Gilman was followed by Chief Commercialization Officer Jerry Cobbs, whose resignation in November came after an internal audit showed Cobbs included an $11 million proposal in a funding slate without a required outside review of the project's merits. The lucrative grant was given to Dallas-based Peloton Therapeutics, a biomedical startup.


Gimson chalked up Peloton's award to an honest mistake and has said that, to his knowledge, no one associated with CPRIT stood to benefit financially from the company receiving the taxpayer funds. That hasn't satisfied some members of the agency's governing board, who called last week for more assurances that no one personally profited.


Cox said he has been following the agency's problems and his office received a number of concerned phone calls. His department in Austin is charged with prosecuting crimes related to government officials; his most famous cases include winning a conviction against former U.S. House Majority Leader Tom DeLay in 2010 on money laundering charges.


"We have to gather the facts and figure what, if any, crime occurred so that (the investigation) can be focused more," Cox said.


Gimson's resignation letter was dated the same day the Texas attorney general's office also announced its investigation of the agency. Cox said his department would work cooperatively with state investigators, but he made clear the probes would be separate.


Peloton's award marks the second time this year that a lucrative taxpayer-funded grant authorized by CPRIT instigated backlash and raised questions about oversight. The first involved the $20 million grant to M.D. Anderson Cancer Center in Houston that Gilman described as a thin proposal that should have first been scrutinized by an outside panel of scientific peer-reviewers, even though none was required under the agency's rules.


Dozens of the nation's top scientists agreed. They resigned en masse from the agency's peer-review panels along with Gilman. Some accused the agency of "hucksterism" and charting a politically-driven path that was putting commercial product-development above science.


The latest shake-up at CPRIT caught Gilman's successor off-guard. Dr. Margaret Kripke, who was introduced to reporters Tuesday, acknowledged that she wasn't even sure who she would be answering to now that Gimson was stepping down. She said that although she wasn't with the agency when her predecessor announced his resignation, she was aware of the concerns and allegations.


"I don't think people would resign frivolously, so there must be some substance to those concerns," Kripke said.


Kripke also acknowledged the challenge of restocking the peer-review panels after the agency's credibility was so publicly smeared by some of the country's top scientists. She said she took the job because she felt the agency's mission and potential was too important to lose.


Only the National Institutes of Health doles out more cancer research dollars than CPRIT, which has awarded more than $700 million so far.


Gov. Rick Perry told reporters in Houston on Tuesday that he wasn't previously aware of the resignation but said Gimson's decision to step down was his own.


Joining the mounting criticism of CPRIT is the woman credited with brainstorming the idea for the agency in the first place. Cathy Bonner, who served under former Texas Gov. Ann Richards, teamed with cancer survivor Lance Armstrong in selling Texas voters in 2007 on a constitutional amendment to create an unprecedented state-run effort to finance a war on disease.


Now Bonner says politics have sullied an agency that she said was built to fund research, not subsidize private companies.


"There appears to be a cover-up going on," Bonner said.


Peloton has declined comment about its award and has referred questions to CPRIT. The agency has said the company wasn't aware that its application was never scrutinized by an outside panel, as required under agency rules.


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Follow Paul J. Weber on Twitter: www.twitter.com/pauljweber


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