Wednesday, February 6, 2013

Disney's stock shines even as earnings decline

SAN FRANCISCO (AP) ? Disney won over more fans on Wall Street with its latest quarterly performance, despite a slight drop in its earnings.

The downturn announced Tuesday was less pronounced than the modest dip analysts anticipated as Walt Disney Co. digested higher programming costs at its ESPN television network and dealt with a less appealing line-up of home video releases in its movie studio. Higher expenses for distributing box-office hits such as "Lincoln" and "''Wreck-It-Ralph" also created a drag during the holiday-season quarter.

The Burbank, Calif. company offset some of those problems with an advertising upturn at its ABC network, higher spending at its theme parks and a reversal of an operating loss in its video games division.

It was good enough to set the stage for Disney's stock to hit a new high in Wednesday's trading. The shares gained $1.48, or 2.7 percent, to $55.77 in Tuesday's extended trading after the release of the financial results. If the stock reaches that level Wednesday, it will top its previous peak of $54.87, which the shares touched just last week.

When Disney does well, it tends to lift spirits throughout the stock market. That's because Disney is one of the 30 companies that comprise the influential Dow Jones industrial average and also is part of the Standard & Poor's 500 index that serves as a basis for many investment funds. Both the Dow Jones and S&P indexes are nearing their all-time highs reached in 2007.

Although he didn't make a concrete forecast, Disney CEO Robert Iger painted a bright picture for analysts during Tuesday conference call.

"We're confident about the year ahead, as well as our ability to create continued long-term growth," Iger said.

Most analysts have been optimistic about Disney's prospects for several reasons.

Cable and TV satellite providers are expected to pay Disney higher fees to carry its channels on their systems. Disney also is opening new theme parks and adding more attractions such as "Cars Land," which helped bring in more crowds and boost spending at its southern California resort during the latest quarter.

On the movie studio side, Disney plans to release several potential crowd pleasers later this year, including a prequel to "The Wizard of Oz," a sequel to the 2001 animation hit "Monsters Inc." and a new take on "The Lone Ranger" starring Johnny Depp. Meanwhile, sequels are already in the planning stages for three of the most successful film franchises in Hollywood history: "Pirates of the Caribbean," ''The Avengers" and "Star Wars." Disney just picked up the rights to the latter franchise in late December when the company completed its $4.06 billion acquisition of Lucasfilm Ltd.

The next installment in the "Star Wars" saga, due out in the summer of 2015, will be directed by acclaimed science-fiction film maker J.J. Abrams. In Tuesday's conference call, Iger also confirmed Lucasfilm will make at least two other films outside the "Star Wars" saga. The first two peripheral projects are being overseen by Lawrence Kasdan, who wrote "The Empire Strikes Back" and "Return of the Jedi," and Simon Kinberg, whose credits include writing "X-Men: The Last Stand."

Looking even further ahead, Disney has lined itself for a big payday from Netflix Inc. by licensing its latest theatrical releases to the Internet video subscription service beginning in 2016. That deal was reached in early December.

Disney earned $1.38 billion, or 77 cents per share, during its fiscal first quarter, a three-month stretch that ended Dec. 29. That compared with net income of $1.46 billion, or 80 cents per share, in the same period in 2011.

Excluding certain charges and one-time gains, Disney said it would have earned 79 cents per share. On that basis, the results exceeded the average estimate of 76 cents per share among analysts surveyed by FactSet.

Revenue climbed 5 percent from the previous year to $11.3 billion ? about $130 million above analyst predictions.

Source: http://news.yahoo.com/disneys-stock-shines-even-earnings-decline-000831123--finance.html

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Feds bust massive $200M credit-card fraud scheme

Eighteen people have been charged in what federal prosecutors in New Jersey called one of the largest credit card fraud schemes ever uncovered by the U.S. Department of Justice, spanning 28 states and eight countries.

"The defendants are part of a massive international fraud enterprise involving thousands of false identities, fraudulent identification documents, doctored credit reports and more than $200 million in confirmed losses," FBI Special Agent James Simpson said in court records.

According to court records, the scheme involved three basic steps: The defendants allegedly created thousands of fake identities, pumped up the credit histories of those fictitious people and then racked up charges on fraudulently obtained credit cards.

"Due to the massive scope of the fraud, which involved over 25,000 fraudulent credit cards, loss calculations are ongoing and final confirmed losses may grow substantially," Simpson said.

The proceeds, authorities said, were used for luxury automobiles, electronics, spa treatments, high-end clothing and millions of dollars in gold. Authorities said the fraudsters also stockpiled large sums of case and approximately $70,000 in cash was found in one defendant's oven.

Though the scheme targeted credit card companies, Paul Fishman, U.S. Attorney for New Jersey, said customers everywhere could feel the impact.

"Through their greed and their arrogance, the individuals arrested today and their conspirators allegedly harmed not only the credit card issuers, but everyone who deals with increased interest rates and fees because of the money sucked out of the system by criminals acting in fraud rings like this one," Fishman said.

The defendants, including the alleged ringleaders, Babar Qureshi and Muhammad Shafiq, are due to make their initial court appearances this afternoon before U.S. Magistrate Judge Madeline Cox Arleo in a Newark federal court.

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Source: http://news.yahoo.com/massive-200m-credit-card-fraud-153836262--abc-news-topstories.html

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Tuesday, February 5, 2013

These boots were made for talkin': O2 teams up with artist for 'walkie talkie' footwear

These boots were made for talkin' O2 teams up with artist for 'walkie talkie' mobile footwear

Sorry, Ms. Sinatra, but the headline parody was all too obvious to ignore. As part of its mobile device Recycle program, which allows users to trade in old handsets for cash, British telco O2 has commissioned local designer Sean Miles to give discarded featurephones a new lease on life. The end result? Four footwear designs - made from the likes of Christian Louboutins, Nike Airs, Hunter Wellingtons and a classic Brogue men's shoe -- replete with a fully functional phone embedded in the sole. We know exactly what you're thinking: Why would anyone want to hold a shoe to their face? Whether it's for the love of the arts, a penchant for public ridicule or a closer whiff of the ground below, we can't say for sure. What we do know is that this truly "mobile" kit(sch) will be up for auction later in March at a planned exhibition. But that won't be the last you'll see of Miles' unholy meshing of tech and apparel -- the artist also plans to branch out into gloves and handbags as part of the fuller O2 Recycle Collection. You paying attention, Weird Al? This one's for you!

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NJ senator calls prostitution allegations 'smears'

WASHINGTON (AP) ? Sen. Robert Menendez said Monday that allegations that he engaged with prostitutes in the Dominican Republic are false "smears." He said he has done nothing wrong and that allegations otherwise are "totally unsubstantiated."

"It's amazing to me that anonymous, nameless, faceless individuals on a website can drive that type of story into the mainstream," Menendez, D-N.J., told reporters, his voice rising with anger. "But that's what they've done successfully. Now nobody can find them, no one ever met them, no one can talk to them, but that's where we're at."

"The bottom line is all of those smears are absolutely false," he added in his first public remarks since the allegations started spreading on Wednesday.

That was after the FBI conducted a search of the West Palm Beach offices of a Florida ophthalmologist who also was the senator's biggest political donor in his re-election campaign last year. A week before the November election, the Daily Caller, a conservative website, reporter that Menendez had used a business jet owned by Dr. Salomon Melgen to fly to the Dominican Republican for trysts with prostitutes. None of the allegations have been substantiated.

The events have engulfed Menendez, 59, just as he assumed the chairmanship of the Senate Foreign Relations Committee, succeeding former Sen. John Kerry, who resigned last week to become secretary of state. The Senate Ethics Committee is investigating the case.

Separately, a prominent lawyer in the Dominican Republic on Monday denied hosting outings on his yacht involving Menendez and prostitutes. Attorney Vinicio Castillo Seman said in Santo Domingo that he would seek a criminal investigation into the source of the reports. He called the reports "absurd."

Castillo, the son of a presidential adviser and the brother of a member of the Dominican Republic Congress, said he has known Menendez for about 15 years but has never seen him with a prostitute.

"I have never seen him behave in any way that was not impeccable and dignified," Castillo said.

Menendez acknowledged to reporters that he flew on Melgen's private plane and failed, initially, to properly pay for trips. He told reporters he reimbursed some $58,500 from his personal funds after it "came to my attention."

"I was in a big travel schedule in 2010 as the chairman of the DSCC" ? the Democratic Senatorial Campaign Committee ? "plus my own campaign getting ready for the election cycle," Menendez said. "In the process of all of that it unfortunately fell through the cracks and our processes did not catch it."

Menendez's office last week acknowledged that the senator had reimbursed Melgen on Jan. 4. His office said Menendez's reimbursement was for the full cost of two flights on Melgen's plane to the Dominican Republic in 2010.

Menendez took a third flight ? in May 2010 ? on Melgen's plane for a DSCC fundraiser. The trip was reported to the Federal Election Commission as a $5,400 expenditure by the DSCC for the use of Melgen's plane.

It is unclear whether the FBI raid of Melgen's office was related to Menendez. Melgen is a native of the Dominican Republic but has lived in the U.S. since 1980. Menendez is of Cuban-American descent.

Some New Jersey Republicans filed a complaint with the Senate Ethics Committee last fall after the Daily Caller's report that Menendez had flown on Melgen's private plane to the Dominican Republic to engage with prostitutes. In response, Menendez's staffers searched records for trips by the senator and found the two additional trips that hadn't been reimbursed.

Menendez's office has said Melgen has been a friend and political supporter of the senator for many years. Last year, Melgen's practice gave $700,000 to Majority PAC, a super political action committee set up to fund Democratic candidates for Senate. Aided by Melgen's donation, the super PAC became the largest outside political committee contributing to Menendez's re-election, spending more than $582,000 on the senator's behalf, according to an analysis of federal election records.

____

Associated Press writer Ezequiel Abiu Lopez in Santo Domingo, Dominican Republic, contributed to this report.

___

Follow Henry C. Jackson on twitter at www.twitter.com/hjacksonap

Source: http://news.yahoo.com/nj-senator-calls-prostitution-allegations-smears-232147469--politics.html

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Monday, February 4, 2013

Monkey business? U.S. unsure of Iran's space claims

WASHINGTON (AP) ? The United States expressed doubt on Monday about Iran's claim that it safely returned a monkey from space, saying it is questionable that the monkey survived ? or if the flight happened at all.

State Department spokeswoman Victoria Nuland said a lot of questions remained "about whether the monkey that they reportedly sent up into space and reportedly came down was actually the same monkey, whether he survived."

"The Iranians said they sent a monkey, but the monkey that they showed later seemed to have different facial features," Nuland told reporters. "He was missing a little wart."

Tehran blames the confusion on Iranian media for initially using a photo of a backup monkey. It says the monkey orbited and returned safely, and President Mahmoud Ahmadinejad added Monday that he would consider being Iran's first astronaut in space.

Nuland described Ahmadinejad's proclamation as an "interesting choice," but was more diplomatic than Sen. John McCain, R-Ariz., who joked about Ahmadinejad's ruminations earlier Monday.

"Wasn't he just there last week?" McCain said in a tweet and linked to a story about the space-orbiting monkey.

Faced with criticism, McCain said in another tweet, "lighten up folks, can't everyone take a joke." But it wasn't funny to Michigan Rep. Justin Amash, a Republican, who tweeted, "Maybe you should wisen up & not make racist jokes."

Jonathan McDowell, a Harvard astronomer who tracks rocket launchings and space activity, backed up Iran's claim that monkey space flight was real. However, he had a slightly different explanation for the photo mix-up, saying the simian with the mole died during a failed space mission in 2011.

Iran has never confirmed that a monkey died in 2011, or that there was a failed mission that year.

Tehran says its goal is a manned space flight.

Washington and its allies worry the program may be cover for ballistic missile technology development.

Source: http://news.yahoo.com/monkey-business-us-unsure-irans-space-claims-193916964--politics.html

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Friday, February 1, 2013

Carly Rae Jepsen on Justin Bieber: What a Leader!

Source: http://www.thehollywoodgossip.com/2013/02/carly-rae-jepsen-on-justin-bieber-what-a-leader/

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Egypt's police regain Mubarak-era notoriety

CAIRO (AP) ? With near impunity and the backing of the Islamist president, Egyptian police have been accused of firing wildly at protesters, beating them and lashing out with deadly force in clashes across much of the country the past week, regaining their Hosni Mubarak-era notoriety as a tool of repression.

In the process, nearly 60 people have been killed and hundreds injured, and the security forces have re-emerged as a significant political player after spending the two years since Mubarak's ouster on the sidelines, sulking or unwilling to fully take back the streets.

Moreover, President Mohammed Morsi, whose Muslim Brotherhood was long oppressed by the security forces, has made it clear that he needs the police on his side to protect his still shaky grip on power. On state TV Sunday, he thanked the police for their response to the protests, a day after dozens had been killed in the Mediterranean city of Port Said.

Riot police continued on Thursday to battle rock-throwing protesters in an area near Tahrir Square in central Cairo, the seventh day of clashes in the wave of political violence that has engulfed Egypt ? though battles elsewhere have eased somewhat.

The police's furious response to the protests and riots ? some of which targeted their stations and left two police officers dead ? uncovered the depth of discontent in the once all-powerful security forces. Since Mubarak's fall, they have been demoralized and in disarray. But now they are signaling that they want back the status they held under his rule, when no one questioned their use of force and they had unlimited powers of arrest.

"The police saw the protests as an opportunity to show they are strong, capable and ready to crush them," said rights lawyer Negad Borai. "They knew they had political cover, to which they responded by using a disproportionate amount of force."

The Interior Ministry, in charge of police, says its forces showed restraint and pointed out that dozens of police were injured in the clashes, along with the two dead. It has also staunchly denied that police fired birdshot at protesters in the street fighting. At least three protesters are known to have been killed by birdshot, and many others have shown wounds from the metal pellets riddling their torsos and heads.

Five different interior ministers have headed the forces in the past two years, and none has been able to exercise full control over the unsettled ranks.

Distraught police officers heckled the latest interior minister, Mohammed Ibrahim, when he showed up for the funeral of the two officers killed last weekend. They accused him of being there only for the news cameras, and raised such a storm that the minister, surrounded by his bodyguards, left the mosque and the funeral went ahead without him. Later, Ibrahim said in a statement that he understood the officers were under stress.

Some in the force are seething over what they see as the inadequate firepower given to the police in the face of attackers who have frequently targeted police stations and prisons over the past two years.

Egyptian media reported that riot police conscripts mutinied at a large Cairo base to protest what they see as crippling constraints on their use of firearms against protesters. The Interior Ministry denied the reports, but Prime Minister Hesham Kandil visited the base on Wednesday, a highly unusual move that suggested there had been troubles.

There is also resistance to serving under a president who hails from the Muslim Brotherhood, a group whose members police targeted for years under Mubarak.

Many in the police, for example, are convinced that Morsi and his Brotherhood are unfit to rule and not worth working for, according to security officials familiar with the mood on the force, speaking on condition of anonymity to discuss the issue.

The sacking last month of Ibrahim's predecessor, Ahmed Gamal-Eddin, did not go down well in the force.

Gamal-Eddin, who was popular among officers, is thought to have lost his job over his refusal to use force against opposition supporters who made their way to the outer walls of the presidential palace last month and for failing to prevent attacks on offices of the Brotherhood and its political party around the country.

Morsi, who came to office seven months ago as Egypt's first freely elected president, has been trying to woo the police, praising them for the few steps that have been taken to restore law and order.

Last week, the black-clad riot police appeared for the first time in new, protective gear that reduces their vulnerability to rocks and firebombs and conceal much of their faces. In a first, the police also received three patrol helicopters.

Morsi's television address on Sunday also gave the police key political cover. He thanked the security forces for their handling of the protests and described the protesters as thugs or die-hard Mubarak loyalists trying to bring down the state, effectively justifying any police action.

Furthermore, he declared a 30-day state of emergency in Port Said and two other Suez Canal cities, giving police there far reaching powers to arrest and detain suspects, a move that harked back to Mubarak's rule, when Egypt was under emergency laws for most of his 29 years in power.

The speech came a day after nearly 40 people were killed in Port Said, where protesters and witnesses spoke of random shootings by police marksmen stationed on rooftops or from moving armored cars, lashing out after the two policemen were killed by armed men trying to storm a prison.

In Cairo, footage aired on Egyptian TV stations showed protesters, some as young as 15, lying on the ground while getting beaten up by bands of policemen.

"Their actions are brutal and their officers are taunting us with obscene hand signs," complained Hamadah Hasem, a 26-year-old protester in Cairo.

Hebya Morayef, the Egypt director for Human Rights Watch, noted that Morsi made no mention of claims of excessive force by police or pledge investigations of alleged abuses.

"In a sense, Morsi is making decisions that are similar to those of his predecessors," she said about the president's apparent abandonment of plans to reform the police and instead focus on winning them over.

"It is short sighted," she said.

Egypt's police are a militarized force believed to number around 500,000 men. They played a key role in maintaining Mubarak's grip on power, systematically detaining and torturing Islamists and silencing dissidents. Hated and blamed for massive human rights abuses, the brutality of the police was among the key reasons behind the 2011 revolution.

The police melted away four days into the 18-day revolution following deadly clashes with protesters. They have since returned to duty but are yet to fully take back the streets, even as crime and disorder have increased dramatically.

Some policemen say they will not fully carry out their duties as a retribution for their humiliating defeat in 2011. Others maintain they are ready to go back to work in earnest if given guarantees that they won't be prosecuted for their actions in enforcing the law.

The anti-Mubarak revolution raised calls for widespread reform of the police aimed at purging abusive officers, ending a culture that condoned torture, bribe-taking and abuses, and improving the professional capabilities of the force. No process for doing any of that has begun.

Revolutionaries and rights activists blame the police for the death of nearly 900 protesters during the revolution and dozens more in unrest that followed Mubarak's overthrow. The police, on their part, say they shot to kill when their lives were in danger as bands of armed protesters stormed police stations across much of the country.

More than a 100 policemen have been put on trials on charges of killing protesters, but almost all were acquitted. The latest example came Thursday when a court in Sharqiyah acquitted the Nile Delta province's former police chief and seven of his top aides on charges of killing protesters in 2011.

Mubarak and his security chief, former interior minister Habib el-Adly, were convicted of failing to prevent the killings and sentenced in June to life in prison. Both successfully appealed their sentences and will now face a new trial.

Source: http://news.yahoo.com/egypts-police-regain-mubarak-era-notoriety-205736651.html

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