European shares test two-year highs, yen volatile before BOJ

LONDON (Reuters) - European shares inched towards two-year highs on Monday, as a political attempt to break a budget impasse in the United States and expectations of aggressive Japanese stimulus bolstered the appetite for shares.

U.S. House Republican leaders said on Friday they would seek to pass a three-month extension of federal borrowing authority in the coming days to buy time for the Democrat-controlled Senate to pass a plan to shrink budget deficits.

European shares <.fteu3> were supported by the news <.eu>, but with no clear response from the Democrats and a thin session expected due to a market holiday in the United States, the impact on assets such as bonds and commodities was limited.

By 1500 GMT London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were up 0.4 to 0.6 percent, leaving the pan-European FTSEurofirst 300 within touching distance of a two-year high and MSCI's world index <.miwd00000pus> steady at a 20-month high. <.l><.eu/>

Expectations that the Bank of Japan will deliver a bold monetary easing plan at the end of its two-day meeting on Tuesday also supported shares and created choppy conditions in the currency market.

According to sources familiar with the BoJ's thinking, the government of new Prime Minister Shinzo Abe and the central bank have agreed to set 2 percent inflation as a new target, supplanting a softer 1 percent 'goal'.

The yen, which has fallen 13 percent against the dollar over the last two months as the shift in Japanese policy has taken shape, touched a new 2-1/2 year low in early trading but then firmed as traders cut short positions given the BOJ has often fallen short of market expectations.

"Investors are being mindful that the moves we have seen over the course of the last month or two are just worth locking in at least until we understand how the BOJ are really going to play in the future," said Jeremy Stretch, head of currency strategy at CIBC World Markets.

CURRENCY WARS

Japanese equities have surged in recent weeks in anticipation of a more aggressive monetary policy stance, but not everyone is happy.

The slump in the yen has prompted Russia's deputy central bank governor to warn of a new round of 'currency wars' and the medium-term risk of running ultra-loose monetary policies is likely to be a theme of the World Economic Forum in Davos, which opens on Wednesday.

With little in the way of economic data or debt issuance and U.S. markets shut for the Martin Luther King public holiday, the rest of the day was expected to be a fairly quiet for investors.

As the first European finance ministers' meeting of the year got under way, most euro zone government bonds were trading virtually flat and the euro was steady at $1.3316.

Market pressure on Europe is now less intense thanks to the European Central Bank's promise to prevent a collapse of the euro. Policymakers are set to discuss Cyprus's plight and plans for the euro zone's bailout fund to directly recapitalize banks.

French Finance Minister Pierre Moscovici said as he arrived at the Brussels meeting that a proper recapitalization strategy was very important.

"Negotiations will be complex, and a final decision is unlikely to emerge soon. Risks for sovereign spreads in the periphery should be limited, but we have some concerns that the long-term solution may fall short of what a real banking union needs," said UniCredit economist Marco Valli.

POLITICAL GAME

The efforts by Republican lawmakers to give the U.S. government leeway to pay its bills for another three months dented demand for safe haven assets and pushed German government bond yields near the top of this year's range.

The U.S. Treasury needs congressional authorization to raise the current $16.4 trillion limit on U.S. debt sometime between mid-February and early March. A failure to achieve that could lead to a debt default.

"This is part of the political game, it remains to be seen whether the Democrats will accept it," KBC strategist Piet Lammens said, adding that investors' working scenario was that a solution to raise the ceiling would be eventually found anyway.

One of the key factors that drove 2-year German yields higher last week was also the prospect of sizeable early repayments of the 1 trillion euros euro zone banks took from the ECB roughly a year ago.

The central bank will publish on Friday how much banks plan to return at the optional first repayment date on January 30. A Reuters poll on Monday showed around 100 billion euros are expected to be repaid although some predict it could be as high as 250 billion.

OIL OVERSUPPLY

German markets showed no reaction after the country's center-left opposition party edged Chancellor Angela Merkel's conservatives from power in a regional election on Sunday, reviving its flagging hopes for September's national election.

The Bundesbank's latest report delivered an upbeat message on the country's economy, saying a recent slump should be short-lived and may have already bottomed out.

Oil prices took their cues from a report in the United States at the end of last week that showed consumer sentiment at its weakest in a year as a result of the uncertainty surrounding the country's debt crisis.

Concerns about demand overshadowed supply disruption fears reinforced by the Islamist militant attack and hostage-taking at a gas plant in Algeria, a member of the Organization of Petroleum Exporting Countries.

Brent futures were down by 40 cents to $111.47 per barrel by mid-afternoon. U.S. crude shed 43 cents to $95.13 per barrel after touching a four-month high last week.

"The over-riding fundamental feeling in the market is that crude oil is over-supplied in 2013," said Tony Nunan, an oil risk manager at Mitsubishi.

Last week's data showing a pick-up in the Chinese economy helped keep growth-sensitive copper prices steady at roughly $8,056 an ounce. Gold, meanwhile, reversed Friday's losses to stand at $1,688 an ounce.

(Additional reporting by Sudip Kar-Gupta, Marious Zaharia and Anooja Debnath; Editing by Peter Graff)

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Iran Publicly Hangs 2 Men Convicted in Stabbing

Ebrahim Noroozi/Fars, via Associated Press

Iranians reacted in Tehran on Sunday at the execution of two men, whose stabbing of a man, caught on a video camera and posted online, caused an uproar.

TEHRAN — An eerie silence filled the air as a crowd of around 300 gathered Sunday just before sunrise in a Tehran park. They awaited the arrival of two young men who were about to die.

Amir Pourmand/Iranian Students News Agency, via Associated Press

Just before nooses were put on their necks, Alireza Mafiha, 23, laid his head on an executioner’s shoulder. Mohammad Ali Sarvari, 20, is at center.

The condemned stood shoulder to shoulder, motionless, in front of two police trucks with two nooses hanging from extendable cranes, about 15 feet high. Black-clad executioners were inspecting the remote controls they would use to hang the men, both in their early 20s, who were convicted of stabbing a man in November and stealing his bag and the equivalent of $20.

From behind a makeshift barrier of scaffolding, the crowd jostled for position. “Let’s move to the other side,” one spectator whispered to his wife, pointing to the spot where Iranian state television cameras had been set up. “I think we will have a better view from there.”

Although every year hundreds of convicts are hanged in Iran, a public hanging in a central park in Tehran is a rare event. Most hangings take place inside prisons, according to Iranian judicial officials and international human rights organizations.

Sunday’s execution in Park-e Honarmandan (Artists Park), near the crime scene, was part of a heavy-handed offensive by Iranian authorities, who say they are trying to prevent rising crime rates from getting out of hand by setting harsh examples. In recent weeks, public executions have been stepped up, and in several large cities the police have been rounding up what they call thugs and hooligans.

Police commanders and other officials blame government mismanagement of the economy — which they say has caused a rise in unemployment and inflation — for the increase in crime. International economic sanctions have aggravated problems, many here say, leading to a record gap between rich and poor in Iran.

While no official statistics are publicly available, officials report a rise in violent crimes, mostly perpetrated by young men attacking their victims with knives to get money and other valuables. Local news media report only a fraction of the episodes, but at social gatherings of middle-class Iranians — the usual targets — horrific stories of theft, kidnapping, rape and home burglaries abound.

“Two young men entered my house two weeks ago and beat me senseless,” said Manijeh, 54, a homemaker from north Tehran, a more affluent section of the city. The intruders bound her arms and legs and beat her, asking for the location of the safe, she said. “But we don’t have a safe,” said Manijeh, who declined to reveal her surname out of fear that the burglars would return. They stole her car, ransacked her home and took nearly everything inside, she said.

“Our city has become completely unsafe,” said Manijeh, speaking after her recent release from a hospital. “These things would never happen until some years ago. We need the harshest measures to stop these criminals.”

Armin, 30, an engineer, said his father was recently robbed and beaten by a gang of thieves on motorcycles. “They hit him hard, but afterwards he received an anonymous call telling him where to find his bag,” he said. “They took all his money but returned his documents.”

On Sunday, the two condemned men, Alireza Mafiha, 23, and Mohammad Ali Sarvari, 20, stood before the onlookers, many of whom said they were family members and friends.

“They have shaved his hair,” said one young man pointing at Mr. Mafiha who said he knew both men. Mr. Sarvari, baby-faced, stared wide-eyed into the crowd.

The two men, both unemployed and from poor families, had been caught two months ago on a security camera robbing a man and stabbing him, helped by two accomplices. Video from the crime spread on the Internet and caused a widespread uproar, prompting politicians and clerics to call for harsh measures.

Two weeks later, all four men were arrested. The head of Iran’s judiciary, Ayatollah Sadegh Larijani, made it clear in comments on the crime that even though their victim had not died, a death sentence for the two main defendants, Mr. Mafiha and Mr. Sarvari, was likely. “We need to act assertively and increase the costs for those committing street crimes,” he said, according to the semiofficial Fars news agency.

Ramtin Rastin contributed reporting.

This article has been revised to reflect the following correction:

Correction: January 20, 2013

An earlier version of this article reversed the ages of the two men who were executed. Alireza Mafiha was 23, not 20; Mohammad Ali Savari was 20, not 23. A picture caption with the article repeated the erroneous ages, which had been furnished by the official ISNA agency.

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BlackBerry 10 camera software revealed, including built-in Instagram-like photo filters [video]

Just when we start to think we know everything there is to know about BlackBerry 10, new details leak. Mobile blog The Gadget Masters on Friday published a video revealing the new BlackBerry 10 camera software included on a pre-release version of the BlackBerry Z10 smartphone. While the software on this prototype phone likely isn’t final, several new features that will be included in RIM’s (RIMM) new BlackBerry 10 camera software are displayed in the video. Among the highlights is a built-in photo editor that includes cropping, rotation and Instagram-like photo filters. The full video follows below.

[More from BGR: RIM heats up as BlackBerry 10 launch nears]

This article was originally published on BGR.com

Wireless News Headlines – Yahoo! News

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Selena Gomez vs. Justin Bieber: Who Sang It Better?

By Alison Schwartz

01/20/2013 at 06:00 PM EST

Selena Gomez and Justin Bieber

Bryan Bedder/Getty; Steve Mack/FilmMagic

Selena Gomez didn't officially comment on the status of her relationship with on-again, off-again beau Justin Bieber at her New York City acoustic concert benefit for UNICEF. She didn't have to: her song choices seemed to do all the talking.

Along with a cover of industry pal Taylor Swift's "I Knew You Were Trouble," she also performed a rousing rendition of Justin Timberlake's ultimate breakup anthem: "Cry Me a River."

"I’ve kind of been through a lot these past couple of months, and it’s been really interesting and fun at the same time – and weird and sad, but cool," Gomez, 20, told the audience gathered Saturday night before launching into the 2002 pop single. "This song has helped me through a lot, and if anybody knows 'N Sync or, you know, some J.T., you’re gonna know what I’m talking about. But this song definitely speaks to me."

Of course, true Be-liebers know who made the first move: At his November concert in Boston, Bieber, 18, grabbed his acoustic guitar for a stripped-down version of Timberlake's hit, which takes on the feeling of finding out a partner has been cheating. (According to Vulture, he also covered the song in 2008.)

Watch the former couple try their hands at Timberlake's tune, and tell us in the comments below: Who deserves a standing ovation?

• Reporting by GABRIELLE OLYA

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Flu season fuels debate over paid sick time laws

NEW YORK (AP) — Sniffling, groggy and afraid she had caught the flu, Diana Zavala dragged herself in to work anyway for a day she felt she couldn't afford to miss.

A school speech therapist who works as an independent contractor, she doesn't have paid sick days. So the mother of two reported to work and hoped for the best — and was aching, shivering and coughing by the end of the day. She stayed home the next day, then loaded up on medicine and returned to work.

"It's a balancing act" between physical health and financial well-being, she said.

An unusually early and vigorous flu season is drawing attention to a cause that has scored victories but also hit roadblocks in recent years: mandatory paid sick leave for a third of civilian workers — more than 40 million people — who don't have it.

Supporters and opponents are particularly watching New York City, where lawmakers are weighing a sick leave proposal amid a competitive mayoral race.

Pointing to a flu outbreak that the governor has called a public health emergency, dozens of doctors, nurses, lawmakers and activists — some in surgical masks — rallied Friday on the City Hall steps to call for passage of the measure, which has awaited a City Council vote for nearly three years. Two likely mayoral contenders have also pressed the point.

The flu spike is making people more aware of the argument for sick pay, said Ellen Bravo, executive director of Family Values at Work, which promotes paid sick time initiatives around the country. "There's people who say, 'OK, I get it — you don't want your server coughing on your food,'" she said.

Advocates have cast paid sick time as both a workforce issue akin to parental leave and "living wage" laws, and a public health priority.

But to some business owners, paid sick leave is an impractical and unfair burden for small operations. Critics also say the timing is bad, given the choppy economy and the hardships inflicted by Superstorm Sandy.

Michael Sinesky, an owner of seven bars and restaurants around the city, was against the sick time proposal before Sandy. And after the storm shut down four of his restaurants for days or weeks, costing hundreds of thousands of dollars that his insurers have yet to pay, "we're in survival mode."

"We're at the point, right now, where we cannot afford additional social initiatives," said Sinesky, whose roughly 500 employees switch shifts if they can't work, an arrangement that some restaurateurs say benefits workers because paid sick time wouldn't include tips.

Employees without sick days are more likely to go to work with a contagious illness, send an ill child to school or day care and use hospital emergency rooms for care, according to a 2010 survey by the University of Chicago's National Opinion Research Center. A 2011 study in the American Journal of Public Health estimated that a lack of sick time helped spread 5 million cases of flu-like illness during the 2009 swine flu outbreak.

To be sure, many employees entitled to sick time go to work ill anyway, out of dedication or at least a desire to project it. But the work-through-it ethic is shifting somewhat amid growing awareness about spreading sickness.

"Right now, where companies' incentives lie is butting right up against this concern over people coming into the workplace, infecting others and bringing productivity of a whole company down," said John A. Challenger, CEO of employer consulting firm Challenger, Gray & Christmas.

Paid sick day requirements are often popular in polls, but only four places have them: San Francisco, Seattle, Washington, D.C., and the state of Connecticut. The specific provisions vary.

Milwaukee voters approved a sick time requirement in 2008, but the state Legislature passed a law blocking it. Philadelphia's mayor vetoed a sick leave measure in 2011; lawmakers have since instituted a sick time requirement for businesses with city contracts. Voters rejected a paid sick day measure in Denver in 2011.

In New York, City Councilwoman Gale Brewer's proposal would require up to five paid sick days a year at businesses with at least five employees. It wouldn't include independent contractors, such as Zavala, who supports the idea nonetheless.

The idea boasts such supporters as feminist Gloria Steinem and "Sex and the City" actress Cynthia Nixon, as well as a majority of City Council members and a coalition of unions, women's groups and public health advocates. But it also faces influential opponents, including business groups, Mayor Michael Bloomberg and City Council Speaker Christine Quinn, who has virtually complete control over what matters come to a vote.

Quinn, who is expected to run for mayor, said she considers paid sick leave a worthy goal but doesn't think it would be wise to implement it in a sluggish economy. Two of her likely opponents, Public Advocate Bill de Blasio and Comptroller John Liu, have reiterated calls for paid sick leave in light of the flu season.

While the debate plays out, Emilio Palaguachi is recovering from the flu and looking for a job. The father of four was abruptly fired without explanation earlier this month from his job at a deli after taking a day off to go to a doctor, he said. His former employer couldn't be reached by telephone.

"I needed work," Palaguachi said after Friday's City Hall rally, but "I needed to see the doctor because I'm sick."

___

Associated Press writer Susan Haigh in Hartford, Conn., contributed to this report.

___

Follow Jennifer Peltz at http://twitter.com/jennpeltz

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Euro zone surveys to offer hope as Japan eases

LONDON (Reuters) - The prospect of stronger European manufacturing surveys and decisive monetary easing in Japan this week ought to bolster confidence that the global economy can look forward to better days.

It is definitely not yet time to break open the champagne.

The index derived from polls of purchasing managers across the euro zone, though recovering, is likely to remain well below the 50 threshold that signals expansion.

If the Bank of Japan bows to political pressure and relaxes policy more boldly, it is because the country's noxious cocktail of a huge debt burden, deflation and dwindling external surpluses threatens an eventual fiscal crunch.

And an expected contraction in Britain's economy when fourth-quarter figures are released on Friday will be a reminder, as was Germany's grim end to 2013, that Europe has to dig itself out of a deep hole.

"The real hard economic data are still very negative," said Bert Colijn, an economist in Brussels with the Conference Board, a business research group. "There are improvements, but it still doesn't look that bright."

However, he said the economic news from the euro zone rim was not quite as troubling, and the mood was brightening among the core countries of the single currency area.

Lena Komileva, managing director of G+ Economics, a London consultancy, said it was hard to argue against investors' new-found appetite for riskier assets given that the volatility of equity prices was approaching historical lows and yields on corporate bonds had fallen sharply.

"Financial stress indicators signal a significant improvement in the health of the global economy," she said.

Friday's solid fourth-quarter economic data from China reinforced that view.

PURCHASERS' PROGRESS

Economists polled by Reuters expect an uptick in Thursday's advance purchasing managers' indexes for France and Germany as well as for the euro zone as a whole.

Germany's IFO business confidence survey on Friday is also projected to have risen for the third month in a row.

"The fact that business confidence measures are coming in more positive is a good sign," Colijn commented.

Commerzbank said its leading indicator for the German economy reached an all-time high in December after the European Central Bank's pledge to buy the bonds of troubled economies eased fears of a break-up of the euro.

"We assume that increasingly more companies are gaining confidence and viewing business prospects more positively," said Commerzbank economist Ralph Solveen.

BNP Paribas is also bullish on Germany and is looking for a marked pick-up in growth.

In addition to the ECB's safety net, the global manufacturing cycle is pointing up, while a strong labor market and easy financial conditions are supporting consumption, economists Evelyn Herrmann and Ken Wattret said in a report.

"Moreover, should the global economy surpass expectations and euro zone market stress ease further, upside surprises would be likely to follow. A key issue in this respect would be higher export growth and confidence triggering a stronger rebound in investment," they said.

That is exactly what Japan would like to see, too.

To that end, the government of new Prime Minister Shinzo Abe and the Bank of Japan have agreed to set 2 percent inflation as a new target, supplanting a softer 1 percent ‘goal', according to sources familiar with the central bank's thinking.

They said the BOJ, which meets on Monday and Tuesday, will also consider making an open-ended commitment to buy assets until the target is in sight.

FOR AND AGAINST EASING

Credit Suisse's global equity strategists said an easier monetary policy is justified to cushion the significant fiscal tightening on which Japan will have to embark before long to whittle down a government debt that has reached some 220 percent of national income.

This task is all the more pressing because Japan is moving towards a current account deficit, which will make it more reliant on foreign investors to finance its budget shortfall, Credit Suisse argued.

Trade figures on Thursday will underline the deterioration in Japan's external accounts, with economists polled by Reuters forecasting the sixth consecutive monthly deficit.

Nomura reckons the deficit for all of 2012 widened to 6.6 trillion yen ($73.4 billion) from 2.7 trillion in 2011.

Japanese equities have surged in anticipation of a more aggressive monetary policy stance, but not everyone is happy.

The accompanying slump in the yen has prompted Russia's deputy central bank governor to warn of a new round of ‘currency wars' and the medium-term risk of running ultra-loose monetary policies is likely to be a theme of the World Economic Forum in Davos, which opens on Wednesday.

"I'm pretty worried about the new policies of Japan's newly elected government," German Finance Minister Wolfgang Schaeuble said last week. "When you think of the surplus of liquidity on global financial markets, it is fuelled further by a wrong understanding of central bank policy.

(Editing by Susan Fenton)

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Russia Underworld Gathers for Aslan Usoyan’s Burial

Andrey Smirnov/Agence France-Presse — Getty Images

People lay flowers on the grave of Aslan Usoyan at a cemetery just outside the Moscow city limits on Sunday.

MOSCOW — Aslan Usoyan, a Russian underworld boss who was killed by a sniper on Wednesday as he walked out of a restaurant in downtown Moscow, was buried in a snowy plot of land under a wooden cross on Sunday in a cemetery just beyond the Moscow city limits.

The scene at Khovanskoye Cemetery — where black-clad toughs formed a procession in their Mercedes Geländewagens, and security officers told journalists to avoid the area for their own safety — was a modest one for a mobster of Mr. Usoyan’s status, perhaps in part because of the government’s efforts to avoid the pageantry that has unfolded around the funerals of Russian mob bosses in the past.

Mr. Usoyan, a Kurd born in 1937 in Tbilisi, Georgia, rose through the ranks of the Vory v Zakone, or Thieves-in-Law, a shadowy criminal organization that emerged in the Soviet prisons, to become boss of the Moscow underworld. Mr. Usoyan survived four stints in prison, the gang wars of the 1990s and two assassination attempts, including one in 2010.

Many of Mr. Usoyan’s contemporaries are interred at the best cemeteries in Moscow and St. Petersburg, but Mr. Usoyan’s relatives wanted him to be laid to rest in his birthplace. But a plane carrying Mr. Usoyan’s body was reportedly turned away from Georgia, fueling rumors that the country had refused to allow Mr. Usoyan to be buried there. (Membership in Thieves-in-Law carries a criminal sentence of more than five years in Georgia.) And then all the cemeteries inside the Moscow beltway turned away his relatives as they sought a burial place.

On Friday, they traveled with his body to Donetsk, Ukraine, and had left for Georgia to bury him before dusk on Saturday when a Tbilisi airport denied landing rights to the plane carrying the coffin, a member of Mr. Usoyan’s family told Georgian television. The plane returned to Donetsk.

Back in Moscow, people within the mayor’s office told the news agency Interfax that “there would be no discussion” of a burial plot within the city limits.

Mr. Usoyan’s family eventually settled on a plot south of the city, where several hundred mourners, many of whom appeared to be from the Caucasus like Mr. Usoyan, arrived to pay their respects on Sunday.

It was a far cry from the 2009 funeral for the kingpin Vyacheslav K. Ivankov, better known as Yaponchik, who was shot to death in Moscow outside of a Thai restaurant.

He was buried at the Vagankovo Cemetery, several miles from the Kremlin, where some of Russia’s most celebrated artists, like the poet Sergei Yesenin and the folk singer Vladimir Vysotsky, are interred. Hundreds of rough-looking men carrying wreaths with inscriptions like “Forgive us, we could not protect you” gathered to see Mr. Ivankov buried in a coffin that was rumored to be equipped with an air-conditioner.

Russian mobsters are partial to ornate graves, and even in smaller cities like Yekaterinburg the burial markers show them wearing designer suits, casually smoking cigarettes or standing with their favorite BMW.

Mr. Usoyan, by contrast, was buried under a relatively simple Russian Orthodox cross.

On a bed of roses in front of the grave, mourners placed a black-and-white photograph of Mr. Usoyan wearing a pinstriped suit, and dozens of wreaths carrying inscriptions to “Grandpa Hassan,” Mr. Usoyan’s nickname, were stacked nearby.

Sergei Kanev, a crime reporter for Novaya Gazeta, said that the authorities had barred Mr. Usoyan’s relatives from burying his body in Moscow, to avoid what he called a “bandit spectacle,” like the one at Mr. Ivankov’s funeral.

“The government tried to do everything it could this time to avoid the sense that this is a country of thieves,” Mr. Kanev said in a telephone interview. “They could not have him buried as a hero.”

Mr. Usoyan was generally recognized as Russia’s most powerful crime boss, the successor to Mr. Ivankov. The police have not named any suspects in his killing.

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Google CEO Page on Apple’s ‘thermonuclear’ Android war: ‘How well is that working?’

Google (GOOG) CEO Larry Page seems unimpressed by Apple’s (AAPL) “thermonuclear war” against his company’s operating system. In an interview with Wired posted Thursday, Page was asked to respond to reports about the late Steve Jobs being “competitive enough to claim that he was willing to ‘go to thermonuclear war’ on Android.” Page responded with one sentence: “How well is that working?” Wired followed up by asking Page whether he though that “Android’s huge lead in market share is decisive” in the battle between the companies and Page only responded that “Android has been very successful, and we’re very excited about it.”

[More from BGR: Cable companies called ‘monopolies that stifle competition and innovation’]

While Apple’s strategy of suing Android vendors has had some notable successes for the company — particularly this past summer when it won a $ 1 billion patent verdict against rival Samsung (005930) — it still hasn’t stopped Android’s rise in both the smartphone and tablet markets, and devices such as the Galaxy S III and the Nexus 7 have proven to be among the most popular released over the past year. So when Page dismisses the significance of Apple’s legal war against Android, he’s got a good point: Some high-profile Apple victories have done very little to hurt consumer interest in Google’s open-source mobile OS so far.

This article was originally published on BGR.com

Linux/Open Source News Headlines – Yahoo! News

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Five Things to Know About The Lumineers

By Marisa Laudadio

01/19/2013 at 06:00 PM EST

From left: Wesley Schultz, Neyla Pekarek and Jeremiah Fraites

Alan Poizner/PictureGroup

You already know their hit song "Ho Hey" with its catchy shout-it-out chant that sticks in your head – but what's behind Denver-based band The Lumineers' cool blend of indie rock and Americana?

Here are five things to know about the trio – Wesley Schultz (lead vocals, guitar), 30; Jeremiah Fraites (guitar), 27; and Neyla Pekarek (cello, piano), 26 – who are up for two Grammys (best new artist and best Americana album) and are also performing on Saturday Night Live this week alongside host Jennifer Lawrence.

1. Most people think that 'Ho Hey' – which reached No. 1 on three different charts – is about a romantic relationship, but that's not the whole story.
"The essence of the song was that I was really struggling to make ends meet in the big city when I was living in Brooklyn and working in New York. It was a myth, this idea that you'd go there and get discovered and it would be this great place for music," explains Schultz, who, like Fraites, hails from New Jersey and moved to Denver in recent years, where they met Pekarek.

"It's about a lost love in some ways, but it's also a lost dream. It's funny that a lot of people play it at their weddings because it was written from a different place. But it's kind of a beautiful thing, actually, that people can take something I was feeling really, really down about and turn it into a message of hope."

2. They've only recently been able to quit their day jobs.
"I was working as a busser, a bartender, a barista, a guitar teacher, caterer – a lot of service industry jobs, because it allows you to get away and tour if you need to or take a night off to play," explains Schultz.

"Jer was bussing tables right along beside me. And Neyla was a hostess and a substitute teacher. She'd been offered a full-time teaching position while we were in the midst of touring – and losing a lot of money – and she still stuck with it. Somehow she chose this over that, which is absurd, but we're glad she did!"

3. They named their hit song carefully.
Were they ever concerned people might call it "Hey Ho" in a derogatory way? "Yeah, at some point we laughed about it," says Schultz. "We specifically named it 'Ho Hey' instead of 'Hey Ho' [for that reason]. If people searched for it online, we'd rather it not be something that takes you in that direction."

Do they mind when people get the title wrong? "Oh no, that would be a little pretentious!" says Schultz with a chuckle. "It's kind of a silly name to begin with."

4. That's Schultz's mom on the cover of their debut, self-titled album.
"It's my mom, Judy, as a child, and her mother," he explains. "I'd asked my mom if she had any old photos that I could look through a while back, and I fell in love with it. You know if you set up a child for a picture then can't get out of the frame in time? My mom had a funny take on it: It's our first album, kind of our baby, like this child."

Schultz thanked his mom for all her years of emotional support with some heavy metal when their album went gold. "I had the plaque sent to my mom, because she'd been really supportive of us and believed in us when a lot of people were pretty concerned. And now she's got a platinum one!"

5. Their band name has more than one meaning.
While Schultz and Fraites have been playing music together for more than eight years (previous band names include Free Beer, 6Cheek, and Wesley Jeremiah), they've only been known as The Lumineers for the last four thanks to a mistake.

"We were playing a small club in Jersey City, N.J.," explains Schultz, "and there was a band out there at the time called Lumineers who were slotted for the same time, same day, the next week. The person running the show that night [mistakenly] announced us as The Lumineers."

The name stuck. "It doesn't mean anything literally. It's a made-up word," says Schultz. Another strange coincidence they learned? "It's also the name of a dental veneer company," he adds.

So how are Schultz's teeth? "I have a pretty good smile," he says with a big laugh. "I won 'Best Smile' in high school. It's a pretty big deal."

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Lilly drug chosen for Alzheimer's prevention study

Researchers have chosen an experimental drug by Eli Lilly & Co. for a large federally funded study testing whether it's possible to prevent Alzheimer's disease in older people at high risk of developing it.

The drug, called solanezumab (sol-ah-NAYZ-uh-mab), is designed to bind to and help clear the sticky deposits that clog patients' brains.

Earlier studies found it did not help people with moderate to severe Alzheimer's but it showed some promise against milder disease. Researchers think it might work better if given before symptoms start.

"The hope is we can catch people before they decline," which can come 10 years or more after plaques first show up in the brain, said Dr. Reisa Sperling, director of the Alzheimer's center at Brigham and Women's Hospital in Boston.

She will help lead the new study, which will involve 1,000 people ages 70 to 85 whose brain scans show plaque buildup but who do not yet have any symptoms of dementia. They will get monthly infusions of solanezumab or a dummy drug for three years. The main goal will be slowing the rate of cognitive decline. The study will be done at 50 sites in the U.S. and possibly more in Canada, Australia and Europe, Sperling said.

In October, researchers said combined results from two studies of solanezumab suggested it might modestly slow mental decline, especially in patients with mild disease. Taken separately, the studies missed their main goals of significantly slowing the mind-robbing disease or improving activities of daily living.

Those results were not considered good enough to win the drug approval. So in December, Lilly said it would start another large study of it this year to try to confirm the hopeful results seen patients with mild disease. That is separate from the federal study Sperling will head.

About 35 million people worldwide have dementia, and Alzheimer's is the most common type. In the U.S., about 5 million have Alzheimer's. Current medicines such as Aricept and Namenda just temporarily ease symptoms. There is no known cure.

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Online:

Alzheimer's info: http://www.alzheimers.gov

Alzheimer's Association: http://www.alz.org

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Follow Marilynn Marchione's coverage at http://twitter.com/MMarchioneAP

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