Paul Notley: One of the more annoying things about the Oscars is that cunning people set up a narrative and suckers fall for it. For example, back for 2002, Miramax went around saying "Isn't it time a musical won best picture? By a stunning coincidence we happen to have one right here." In retrospect, The Pianist, Spirited Away, Russian Ark, and The Two Towers are much better choices.
WASHINGTON (Reuters) ? Signed contracts for the sale of existing U.S. homes retreated from a 1-1/2-year high in December and demand for home loans fell last week, pointing to a moderation in home sales after recent hefty gains.
But the reports on Wednesday did not change perceptions that a nascent recovery is under way in the housing market, which continues to be challenged by an oversupply of properties.
"This is potentially negative for January existing home sales although the two do not always go hand in hand," said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. "So does this mean the story has changed and housing is back in the dumps? Nope."
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in December, dropped 3.5 percent to 96.6 in December, after hitting a 19-month high in November.
Economists had expected signed contracts for sales, which lead existing home sales by a month or two, to fall by only 1.0 percent. However, sales were up 5.6 percent in the 12 months to December.
A glut of unsold homes is weighing on house prices and frustrating the sector's recovery, even though mortgage rates are near record lows. Home resales have risen for three straight months.
The Federal Reserve has suggested a number of ways other policymakers could step in to help the beaten-up market, including giving government-controlled mortgage finance firms Fannie Mae and Freddie Mac a bigger role in refinancing loans.
Some officials at the Fed say the central bank should consider further purchase of mortgage-backed securities as a way to help spur a stronger recovery, but no action is expected at the end of the Fed's first policy meeting of 2012 later on Wednesday.
"I don't think that lower mortgage interest rates are going to help much right now," said Robert Dye, chief economist at Comerica in Dallas. "That's not where the bottleneck is, and that is in two places: credit availability and the processing of paper work."
Lenders have adopted stringent requirements for potential homeowners, demanding down payments of as much as 20 percent, and contract cancellations have averaged about a third over the past few months.
Applications for home purchase loans declined 5.4 percent last week after two straight weeks of sturdy gains, the Mortgage Bankers Association said in a separate report.
Another report showed house prices measured by the Federal Housing Finance Agency rose 1 percent in November from October.
"We are encouraged by the pop in prices as it may be a signal of further stabilization in the housing market and evidence that the erosion in home prices may be nearing an end," said Millan Mulraine, senior macro strategist at TD Securities in New York.
However, prices were down 1.8 percent in the 12 months to November, indicating the recovery in the housing market would be painfully slow.
(Reporting by Lucia Mutikani; Editing by Leslie Adler)
MUNICH (AP) -Bayern Munich midfielder Bastian Schweinsteiger has cut short a training session because of a recurring problem with his left knee.
Bayern spokesman Markus Hoerwick says Schweinsteiger felt discomfort in the knee on Tuesday but there is no tendon damage.
Schweinsteiger, who recently missed more than two months due to a broken collarbone, hurt the same knee last week.
Any possible absence of Schweinsteiger would be a blow to Bayern, with central defender Daniel van Buyten set to miss two months with a broken foot.
Schweinsteiger played as Bayern lost 3-1 at Borussia Moenchengladbach on Friday to drop into a three-way tie atop the Bundesliga.
? 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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More newsGiuseppe Cacace / AFP - Getty Images
Barca awaits Real Madrid again
Real Madrid probably will abandon its defensive strategy and go on the attack against Barcelona in the second leg of the Copa del Rey quarterfinals on Wednesday.
Stefano Rellandini / Reuters
That's a reason?
AC Milan's Kevin-Prince Boateng is hurt again, and his girlfriend says it's because they have sex "7-10 times a week." Oh.
NEW BRUNSWICK, N.J. (AP) ? Johnson & Johnson said Tuesday that fourth-quarter profit was barely a tenth what it made a year ago as a slew of charges for recalls, litigation and an acquisition dragged down income. But the health care giant's revenue jumped last year, ending an unprecedented two-year decline.
After two tough years overshadowed by an embarassing series of product recalls and other problems, the maker of Tylenol, prescription drugs and medical devices managed to beat Wall Street's forecast for adjusted profit and came in just below its revenue forecast.
The company said net income was $218 million, or 8 cents per share, down from $1.94 billion, or 70 cents a share, a year earlier.
Excluding charges, net income was $3.13 billion, or $1.13 per share.
Revenue totaled $16.26 billion, up from $15.64 billion in 2010's fourth quarter.
Analysts polled by FactSet, on average, expected earnings per share of $1.09 and revenue of $16.28 billion.
"We delivered solid results for 2011, built on the strong growth of our recently launched pharmaceutical products, and continued the steady momentum of new product approvals across all our businesses," CEO Bill Weldon said in a statement.
Revenue fell 3.4 percent in the U.S., to $6.99 billion, but jumped 10.2 percent in foreign countries, to $9.27 billion. The U.S. decline was mostly due to an 8 pecent drop in sales of prescription drugs.
J&J said it expects 2012 earnings of $5.05 to $5.15 per share, excluding special items. Analysts had expected $5.20 per share.
Clusters of distant galaxies that were bursting with newborn stars in the early universe eventually became the most massive galaxies today, a new study finds.
A team of astronomers found a strong link between active starburst galaxies of the early universe and the giant elliptical galaxies we now see. The star formation in these early galaxies was abruptly cut short, and the researchers pointed to the eating habits of supermassive black holes as the likely culprit.
"This is the first time that we've been able to show this clear link between the most energetic starbursting galaxies in the early universe and the most massive galaxies in the present day," lead scientist Ryan Hickox, of Dartmouth College and England's Durham University, said in a statement.
The astronomers combined data from the European Southern Observatory's Atacama Pathfinder Experiment (APEX) telescope and Very Large Telescope, NASA's Spitzer Space Telescope, and others to examine the way bright, distant galaxies are grouped in clusters. [Video and photo of the massive galaxies]
What they found was that galaxies that are closely huddled together have larger halos of dark matter, the elusive, invisible material thought to make up most of the mass in the universe.
To study how these galaxies evolved, the researchers measured the masses of the dark matter halos around the galaxies and used computer simulations to predict how they grow over time. Their calculations showed that these starburst galaxies become giant elliptical galaxies, which are the most massive galaxies in the universe today.?
The starburst galaxies are so distant that their light takes roughly 10 billion years to reach Earth. This allows astronomers to observe them as they were 10 billion years ago, in the early universe. At that time, the galaxies were undergoing a frenzy of intense star formation, which scientists classify as starbursts.
The results of the new study are the most accurate clustering measurements ever made for this type of galaxy, European Southern Observatory officials said in a statement.
The astronomers found that these starbursts were extremely productive, doubling the number of stars in the galaxies. But the phase lasted only 100 million years ? a relatively brief period on cosmological scales. What caused this abrupt end to the rapid star formation was a process that has not been well understood.
"We know that massive elliptical galaxies stopped producing stars rather suddenly a long time ago and are now passive," study team member Julie Wardlow, of the University of California at Irvine and Durham University, said in a statement. "And scientists are wondering what could possibly be powerful enough to shut down an entire galaxy's starburst."
Observations from this new study point to supermassive black holes as a possible explanation. The intense bursts of star formation could have powered quasars, which are regions around black holes that gobble matter and give off intense radiation into space.
At that stage in the universe's history, starburst galaxies were gathered together in a way that is similar to quasars and were found within the same dark matter halos. Quasars are powered by supermassive black holes at their centers, and as they flung powerful bursts of energy into the cosmos, they also could have ?blown away the galaxies' surrounding gas, which is the raw material from which stars are born.
This dynamic process could have been powerful enough to abruptly shut down rapid star formation.
"In short, the galaxies' glory days of intense star formation also doom them by feeding the giant black hole at their center, which then rapidly blow away or destroys the star-forming clouds," David Alexander, of Durham University, said in a statement.
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La Jolla Institute scientist takes quest to conquer Type 1 diabetes to the next levelPublic release date: 23-Jan-2012 [ | E-mail | Share ]
Contact: Bonnie Ward contact@liai.org 619-303-3160 La Jolla Institute for Allergy and Immunology
Renowned researcher to lead new translational center
SAN DIEGO (January 23, 2012) La Jolla Institute scientist Matthias von Herrath, M.D., a world leader in basic research on type 1 diabetes, has long dreamed of seeing his discoveries translated into new therapies to better treat this serious and chronic disorder. Dr. von Herrath may soon get his chance as head of a new translational type 1 diabetes center to be opened in Seattle in 2012 by Novo Nordisk, a global healthcare company specializing in diabetes care. Dr. von Herrath will continue to lead his vibrant and renowned research program at the La Jolla Institute for Allergy & Immunology on a part-time basis.
"We are excited by the opportunities that this dual appointment will provide Dr. von Herrath to take his discoveries to the next level clinical development," said Mitchell Kronenberg, Ph.D., La Jolla Institute president & chief scientific officer. "As a nonprofit biomedical research institute, our mission is to find the molecular causes of diseases, with the hope that our discoveries will one day be translated into new and better therapies. This is an important step toward that goal."
Dr. Jacob Sten Petersen, Novo Nordisk corporate vice president, said the new translational center will be based on an innovative strategic concept to move early stage discovery projects rapidly from mouse models into small clinical exploration trials in type 1 diabetes patients. "The primary goal of this initiative is to find new, innovative ways to treat people with type 1 diabetes," he said, adding that the Center is planned to open this summer.
The company sought Dr. von Herrath to lead the Center due to his stellar record in type 1 diabetes research. "Dr. von Herrath is generally regarded as one of the top researchers in the world in type 1 diabetes," said Dr. Petersen. "He has made several key advances and is the kind of dedicated, talented researcher that can fuel true innovation in type 1 diabetes treatment." Dr. von Herrath is the recipient of the Juvenile Diabetes Research Foundation's prestigious Scholar Award and in 2008 received the Outstanding Scientific Achievement Award from the American Diabetes Association.
The Center will focus on the development of type 1 diabetes immunotherapies, an area where Dr. von Herrath has specialized expertise. "My dream has always been to see the most promising immune-based interventions translated into better treatments for patients with diabetes," he said. "As head of the translational center, I will have an opportunity to pursue this dream, as well as forge new public-private collaborations to access other novel research ideas for potential development into better treatment options for people with type 1 diabetes."
Dr. Kronenberg said Novo Nordisk has the kind of strong biopharmaceutical development infrastructure that is necessary to take discoveries from research laboratories, into human clinical trials, and, if successful, into approved drugs. "By establishing this relationship with Novo Nordisk, Dr. von Herrath is accelerating an important and complementary process that is strongly supported by this Institute; one that moves discoveries toward becoming treatments available to patients," he said. "We are pleased that Dr. von Herrath has entered into this exciting endeavor, while at the same time maintaining his laboratory and research efforts at our Institute. Clearly, this type of arrangement is a win-win for the scientific community and for patients."
Based in Denmark, Novo Nordisk has a longstanding history in type 1 diabetes treatment and markets several drugs for diabetes sufferers worldwide. Globally, about 6,000 people work on the company's research and development activities.
###
About La Jolla Institute
Founded in 1988, the La Jolla Institute for Allergy & Immunology is a biomedical research nonprofit focused on improving human health through increased understanding of the immune system. Its scientists carry out research seeking new knowledge leading to the prevention of disease through vaccines and the treatment and cure of infectious diseases, cancer, inflammatory and autoimmune diseases such as rheumatoid arthritis, type 1 (juvenile) diabetes, Crohn's disease and asthma. La Jolla Institute's research staff includes more than 150 Ph.D.s and M.D.s. To learn more about the Institute's work, visit www.liai.org.
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
La Jolla Institute scientist takes quest to conquer Type 1 diabetes to the next levelPublic release date: 23-Jan-2012 [ | E-mail | Share ]
Contact: Bonnie Ward contact@liai.org 619-303-3160 La Jolla Institute for Allergy and Immunology
Renowned researcher to lead new translational center
SAN DIEGO (January 23, 2012) La Jolla Institute scientist Matthias von Herrath, M.D., a world leader in basic research on type 1 diabetes, has long dreamed of seeing his discoveries translated into new therapies to better treat this serious and chronic disorder. Dr. von Herrath may soon get his chance as head of a new translational type 1 diabetes center to be opened in Seattle in 2012 by Novo Nordisk, a global healthcare company specializing in diabetes care. Dr. von Herrath will continue to lead his vibrant and renowned research program at the La Jolla Institute for Allergy & Immunology on a part-time basis.
"We are excited by the opportunities that this dual appointment will provide Dr. von Herrath to take his discoveries to the next level clinical development," said Mitchell Kronenberg, Ph.D., La Jolla Institute president & chief scientific officer. "As a nonprofit biomedical research institute, our mission is to find the molecular causes of diseases, with the hope that our discoveries will one day be translated into new and better therapies. This is an important step toward that goal."
Dr. Jacob Sten Petersen, Novo Nordisk corporate vice president, said the new translational center will be based on an innovative strategic concept to move early stage discovery projects rapidly from mouse models into small clinical exploration trials in type 1 diabetes patients. "The primary goal of this initiative is to find new, innovative ways to treat people with type 1 diabetes," he said, adding that the Center is planned to open this summer.
The company sought Dr. von Herrath to lead the Center due to his stellar record in type 1 diabetes research. "Dr. von Herrath is generally regarded as one of the top researchers in the world in type 1 diabetes," said Dr. Petersen. "He has made several key advances and is the kind of dedicated, talented researcher that can fuel true innovation in type 1 diabetes treatment." Dr. von Herrath is the recipient of the Juvenile Diabetes Research Foundation's prestigious Scholar Award and in 2008 received the Outstanding Scientific Achievement Award from the American Diabetes Association.
The Center will focus on the development of type 1 diabetes immunotherapies, an area where Dr. von Herrath has specialized expertise. "My dream has always been to see the most promising immune-based interventions translated into better treatments for patients with diabetes," he said. "As head of the translational center, I will have an opportunity to pursue this dream, as well as forge new public-private collaborations to access other novel research ideas for potential development into better treatment options for people with type 1 diabetes."
Dr. Kronenberg said Novo Nordisk has the kind of strong biopharmaceutical development infrastructure that is necessary to take discoveries from research laboratories, into human clinical trials, and, if successful, into approved drugs. "By establishing this relationship with Novo Nordisk, Dr. von Herrath is accelerating an important and complementary process that is strongly supported by this Institute; one that moves discoveries toward becoming treatments available to patients," he said. "We are pleased that Dr. von Herrath has entered into this exciting endeavor, while at the same time maintaining his laboratory and research efforts at our Institute. Clearly, this type of arrangement is a win-win for the scientific community and for patients."
Based in Denmark, Novo Nordisk has a longstanding history in type 1 diabetes treatment and markets several drugs for diabetes sufferers worldwide. Globally, about 6,000 people work on the company's research and development activities.
###
About La Jolla Institute
Founded in 1988, the La Jolla Institute for Allergy & Immunology is a biomedical research nonprofit focused on improving human health through increased understanding of the immune system. Its scientists carry out research seeking new knowledge leading to the prevention of disease through vaccines and the treatment and cure of infectious diseases, cancer, inflammatory and autoimmune diseases such as rheumatoid arthritis, type 1 (juvenile) diabetes, Crohn's disease and asthma. La Jolla Institute's research staff includes more than 150 Ph.D.s and M.D.s. To learn more about the Institute's work, visit www.liai.org.
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?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Automotive Company Study incorporates thorough research of the automotive business and a in depth survey on top automotive firms, such as BMW, Ford, GM, Honda, Hyundai, Nissan, Porsche, PSA, Renault, Toyota, and Volkswagen. The Automotive Company Research is carried out by automotive industry specialists who have years of knowledge in the field. These pros go by way of the automotive business profiles, demand forecast, reviews, books, magazines, newspapers, trade journals, white papers, industry portals and industry news. Primarily based on the Automotive Business Analysis different Automotive Market place Study Reports are generated that have correct and authentic information and info on the automotive sector. Automotive Enterprise Study Reports give valuable details on Automobile Distribution, Automotive engineering, Automotive Insurance, Automobile Parts, Tires and Aftermarket, Vehicle Manufacturing, Car Rental, Leasing and Fleet Management. These research reports give the suppliers, suppliers, and the buyers? in-depth insight of the automotive industry.Automotive Company Analysis Reports cover info about the latest happenings in the automotive market, such as the new launches, invention and innovation in style of the automobiles, adding of new elements and accessories to the cars, and so forth. The reports are a complete and detailed document of the marketing, managing, and manufacturing methods of the automotive organizations. Automotive Enterprise Research Reports explain the demand and provide graphs of a variety of automotive giants in detail and show their development prospective in the worldwide marketplace. Automotive Enterprise Investigation Reports also are a excellent support to the automotive businesses as they help them to know about the competitive dynamics prevalent in automotive market. The crucial trends and concerns of the automotive business are taken into consideration by the specialists although developing these reports. These reports are an immense aid to the suppliers as they give the understanding of world-wide scope of the automotive organizations. Automotive Enterprise Study Reports obviously illustrates the key segments of the automotive sector and information & figures give a clear picture of the automotive enterprise forecast.
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Public release date: 23-Jan-2012
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