Williams loses to Stephens; Federer advances

MELBOURNE, Australia (AP) — Serena Williams was only thinking out loud when she muttered this Australian Open had been "the worst two weeks."

Not long after a courtside microphone picked up those comments during her quarterfinal with 19-year-old American Sloane Stephens, things got a whole lot worse.

Stephens outplayed Williams, whose movement and serves had been slowed by a back injury, and beat the 15-time Grand Slam champion 3-6, 7-5, 6-4. It marked Williams' first loss since Aug. 17, and her first defeat at a Grand Slam tournament since last year's French Open.

Four-time Australian Open winner Roger Federer, a 17-time Grand Slam champion, looked for a while like he might join Williams on the sideline. But Federer eked out a 7-6 (4), 4-6, 7-6 (4), 3-6, 6-3 win over 2008 finalist Jo-Wilfried Tsonga in a match that lasted 3 hours, 34 minutes.

Federer, who broke Tsonga in the fourth game of the deciding set, converted his fifth match point while serving after Tsonga saved four match points in the previous game. Federer, who advanced to the semifinals for the 10th consecutive year at Melbourne Park, will play U.S. Open champion Andy Murray on Friday.

"I thought he played very aggressive," Federer said. "I love those four-set or five-set thrillers and I was part of one tonight."

Murray beat Jeremy Chardy of France 6-4, 6-1, 6-2. The other men's semifinal has defending champion Novak Djokovic playing David Ferrer on Thursday

Williams' downer of a Grand Slam Down Under started badly when she turned her right ankle in her opening match at Melbourne Park.

"I've had a tough two weeks between the ankle ... and my back, which started hurting," Williams said. "A lot of stuff."

While Williams packed for home — she and sister Venus have also lost in doubles — Stephens advanced to her first Grand Slam semifinal Wednesday night against defending champion Victoria Azarenka.

The top-seeded Azarenka beat Svetlana Kuznetsova 7-5, 6-1 in the early quarterfinal at Rod Laver Arena. Maria Sharapova, who has lost only nine games in five matches, plays Li Na in the other semifinal.

Williams hurt her back in the eighth game of the second set and things got progressively worse. She yelled at herself on several occasions, and smashed a racket into the court, earning a $1,500 fine from tournament officials.

"I was running to the net for a drop shot," said Williams, describing the injury. "As I went to hit it, it was on the backhand. I even screamed on the court. I totally locked up after that."

She reiterated after the match that her injuries had made this Australian Open difficult for her.

"Absolutely, I'm almost relieved that it's over because there's only so much I felt I could do," she said. "I've been thrown a lot of (curve) balls these two weeks."

Stephens has coped well this week, and the magnitude of her accomplishment only hit her while she was warming down after the match.

"I was stretching, and I was like, 'I'm in the semis of a Grand Slam.' I was like, 'Whoa. It wasn't as hard as I thought,'" she said. "To be in the semis of a Grand Slam is definitely a good accomplishment. A lot of hard work."

The No. 29-seeded Stephens hadn't been given much of a chance of beating Williams, who lost only four matches in 2012 and was in contention to regain the No. 1 ranking at age 31.

Williams' latest winning streak included a straight-set win over Stephens at the Brisbane International this month.

Stephens wasn't even sure that she could beat Williams until she woke up Tuesday.

"When I got up, I was like, 'Look, Dude, like, you can do this.' Like, 'Go out and play and do your best," she said.

Williams walked around the net to congratulate Stephens, who then clapped her hand on her racket and waved to the crowd, a look of disbelief on her face.

Stephens has said she had a photo of Williams in her room when she was a child, and had long admired the Williams sisters.

"This is so crazy. Oh my goodness," Stephens said, wiping away tears in her post-match TV interview. "I think I'll put a poster of myself (up) now."

Azarenka, with her most famous fan Redfoo sitting in the crowd wearing a shirt reminding her to keep calm, overcame some early jitters to beat Kuznetsova.

After dropping serve in a long fourth game that went to deuce 10 times, Azarenka recovered to dominate the rest of the match against Kuznetsova, a two-time major winner who was floating dangerously in the draw with a No. 75 ranking as she recovers from a knee injury.

Azarenka's American rapper friend returned from a concert in Malaysia to attend the quarterfinal match.

Wearing a red sleeveless T-shirt that read "Keep Calm and Bring Out the Bottles," the name of his next single, Redfoo stood, clapped and yelled "Come on, Vika!" during the tight first set.

Williams' loss was a boost for Azarenka, who lost all five head-to-heads against the American in 2012 and is 1-11 in their career meetings.

Tsonga said he was in a "bad mood" because he lost despite playing a good match against Federer.

"I was solid. I was there every time," he said. "I just gave my best today, so I'm proud of that."

The 25-year-old Murray had his service broken for only the second time while serving for the match. But he broke back immediately to clinch a quarterfinal victory.

Murray discounted comments in the British media that he was upset with an almost full schedule of day matches while Federer was given cooler night slots on Rod Laver Arena.

"The scheduling for me is part and parcel of playing in really any tennis tournament," Murray said. "It's tough to make the schedule perfect for every single player."

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Defterios: What keeps Davos relevant

STORY HIGHLIGHTS

• Since the late 20th Century, the ski resort of Davos has been synonymous with the World Economic Forum


• Defterios: I first came to Davos as a relatively junior correspondent, two months after the Berlin Wall fell


• Fall of Communism, China's opening, removal of apartheid in South Africa unfolded in the 90s
  
  


• It's the inter-play between geo-politics and business is what keeps the forum relevant

Davos (CNN) -- Veterans of Davos often refer to nature's awe-inspiring work as the Magic Mountain.

The name comes from an early 20th century novel by Thomas Mann -- reflecting on life in an alpine health retreat, and the mystery of time in this breath-taking setting.

Read more from John Defterios: Why Egypt's transition is so painful

Since the late 20th century, this ski resort has been synonymous with the World Economic Forum, which represents networking on its grandest scale.

This year nearly 40 world leaders -- a record for this annual meeting -- 2000 plus executives and it seems an equal number of people in the media, like yours truly, are in pursuit of them all. The setting is certainly more chaotic then a decade ago. The agendas of the Fortune 500 chief executives are to filled with bi-lateral meetings and back door briefings to allow for the spontaneity that made this venue unique.

Davos gets ready for leaders' gathering

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I first came to Davos as a relatively junior correspondent in 1990, two months after the fall of the Berlin Wall. It was arguably then, after nearly two decades in the conference business, when the forum became a fixture on the global calendar.

Quest: U.S. economy to dominate Davos 2013

I can remember, quite vividly, working out of a bunker (like we do today) in the Davos Congress Centre. West German Chancellor Helmut Kohl sat side-by-side with his East German counterpart Hans Modrow. That meeting before the global community helped set the stage for monetary union, a huge unification fund for what became Eastern Germany and shortly thereafter German elections.

The early 90s at Davos were dominated by European reconstruction after the fall of communism. Former party bosses came to the forum to convince business leaders that a transition to market economics could be delivered. Boris Yeltsin made his Davos appearance during that chaotic transition from the USSR to today's Russia.

Davos 2013: New year, same old problems?

In 1992, Chinese Premier Li Peng used the setting here in the Alps to articulate plans for the country's economic opening up to the world. Not by chance, the architect of Washington's engagement with Beijing, the former U.S. Secretary of State Henry Kissinger also took a high profile that year.

Again only two years later in 1994, Yasser Arafat and Shimon Peres walked hand in hand on stage, holding a public dialogue leading up to the creation and recognition of the Palestinian Authority.

The World Economic Forum, as the saying goes, was positioned to be in the right place at the right time. While the author of the Magic Mountain talked about the complexity of time around World War I, in the 1990s time was compressed here.

The fall of communism, the lowering of global trade barriers, the opening up of China, the removal of apartheid in South Africa and the proliferation of the internet all unfolded in that decade.

Interactive: How's your economic mood?

As those events came together, so too did the major players as they made the journey to Davos. Michael Bloomberg, evolving as a global name in financial data and now the Mayor of New York City, sat alongside Microsoft CEO Bill Gates. U.S. President Bill Clinton outlined his party's historic move to the political center before a packed audience of global business executives.

To spice things up, rock stars and actors, as they became activists, chose the Davos platform: Bono, Richard Gere, Sharon Stone, Brad and Angelina would have the wealthiest and most powerful corporate titans freeze in their tracks.

Earlier this week, I walked into the main plenary hall as workers put the final touches on the stage and lighting. It is a venue which has welcomed countless political leaders and business executives, during internet booms and banking busts, in the midst of a Middle East crisis and even during the lead up to two Gulf Wars.

But that inter-play between geo-politics and business -- during the best and worst of times -- is what keeps the forum relevant. It allows this setting at the base of the Magic Mountain to endure and recreate something unique during what Mann rightly described as the ongoing complexity of our times.

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Michelle Obama wears Wu to the balls again

WASHINGTON (AP) — Michelle Obama made it a fashion tradition Monday night, wearing a custom-made Jason Wu gown to the inauguration balls. The ruby-colored dress was a follow-up to the white gown Wu made for her four years ago when she was new to Washington, the pomp and circumstance, and the fashion press.

She now emerged in velvet and chiffon as a bona fide trendsetter.

“I can’t believe it. It’s crazy,” said Wu, reached at his Manhattan studio. “To have done it once was already the experience of my life. To have a second time is tremendous.”

President Barack Obama also struck a similar style chord to his first-term inaugural balls: He wore a white tie with his tuxedo.

The red halter dress was the only one Wu, who went from fashion insider to household name on this night in 2009, submitted for Mrs. Obama’s consideration. He collaborated with jeweler Kimberly McDonald on the jeweled neckline. “For this occasion, it had to be real diamonds,” Wu said.

He said he felt the dress showed how he has grown up as a designer — and how Mrs. Obama’s style has evolved to be even more confident.

The first family headed out to inaugural festivities earlier on Monday with Mrs. Obama leading a very coordinated fashion parade in a navy-silk, checkered-patterned coat and dress by Thom Browne that were inspired by a menswear necktie.

The outfit was specifically designed for Mrs. Obama, but Browne said he wasn’t 100 percent sure she was going to wear it until she came out with it on at Inauguration. “I am proud and humbled,” he said.

The rest of Mrs. Obama’s Inauguration Day outfit included a belt from J. Crew, necklace by Cathy Waterman and a cardigan by Reed Krakoff, whose ensemble she also wore to yesterday’s intimate, indoor swearing-in ceremony.

Obama wore a blue tie with his white shirt, dark suit and overcoat. Malia Obama had on a plum-colored J. Crew coat with the hemline of an electric-blue dress peeking out and a burgundy-colored scarf, and her younger sister Sasha had on a Kate Spade coat and dress in a similar purple shade.

“It is an honor that Sasha Obama chose to wear Kate Spade New York,” said the company’s creative director, Deborah Lloyd, in an email to the Associated Press. “She epitomizes the youthful optimism and colorful spirit of the brand. We are so proud to have been a part of this historic moment.”

Jenna Lyons, creative director of J. Crew, said it was “a huge point of pride for all of us” to be a part of the day — as the brand was back in 2009 when the girls wore outfits by CrewCuts, its children’s label.

“It’s amazing to see the evolution of the family. I love the way Michelle looks. She looks beautiful in something so clean and tailored. It’s such an elegant choice,” Lyons said, “and they all look so sophisticated! You can see how the girls have grown up in the four years, and they’re still so alive and vibrant, but more sophisticated.”

The vice president’s wife, Jill Biden, wore a gray coat and dress by American designer Lela Rose.

Mrs. Obama has worn Browne’s designs for other occasions, including a gray dress with black lace overlay to one of the presidential debates last fall, and she honored him last summer at the Smithsonian’s Cooper-Hewitt National Design Awards for his contribution to fashion.

Browne made his name in modern — very modern — menswear, but he launched womenswear in 2011. He was in Paris on Monday, just finishing previews for his next menswear collection. The idea to use the tie fabric came to him because he was indeed designing these men’s clothes at the same time, he explained.

“I wanted ‘tailored’ for her. For me, she stands for strength and confidence, and that’s what I wanted to design for her,” he said.

Simon Collins, dean of the school of fashion at Parsons The New School for Design in New York, said the Obamas dressed in their typical fashion: one that shows pride in their appearance.

“They are a stylish couple and their children look fabulous. Too many people get dressed in the dark,” he said. “They show it’s good to dress up, take pride in how you look. … It’s a wonderful example for America and the rest of the world.”

He also noted that the Obamas seem to understand that the fashion industry is a driving force in the U.S. economy and that its lobby is a powerful one. They don’t treat fashion frivolously, he observed.

The first lady “is so supportive of so many American designers,” Browne noted.

But Collins said he was a bit surprised the public doesn’t pay much attention to the president’s wardrobe. He joked that Obama should perhaps try one of Browne’s signature shrunken suits — the ones that show a man’s ankles.

At the end of the Inaugural festivities, Mrs. Obama’s outfit and accompanying accessories will go to the National Archives.

___

Samantha Critchell tweets fashion at (at)AP_Fashion, and can be reached on Twitter at (at)Sam_Critchell.

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The Market’s Unrelenting Cheer Makes Some Nervous

The late economist Hyman Minsky posited that a long stretch of calm on Wall Street and in the broader markets sows the seeds of its own demise. His 1960s-era “financial-instability hypothesis” didn’t get much love in the mostly deregulated half-century that followed—until so much financial laxity crashed and burned into 2008 and 2009. (Witness how blind the Federal Reserve was in the run-up to financial meltdown that would force it to take trillions of dollars worth of action.)

According to Minsky, investors take on more risk and debt in boom times, when complacency and easy money are the rage, until they hit a point when they realize they can’t service that debt. The ensuing rush to the exits is dominated by margin calls and forced selling; in an inflection known as a “Minsky moment,” markets fall, as does access to capital. The preliminaries to the ’08 financial crisis were marked by such instances, including subprime homeowner distress and the financial pyromania practiced by Bear Stearns, Lehman Brothers, and AIG (AIG).

In light of today’s calm and renewed risk-taking, could another Minsky moment be in the offing? Of late, that thought seems to be getting more mention on Wall Street.

“The ghost of Hyman Minsky hovers over Taleb’s work,” wrote Michael Lewitt, in the Jan. 1 Credit Strategist he edited. He was referring to Antifragile, the recently released bestseller by Black Swan and Fooled by Randomness author Nassim Nicholas Taleb. “The lesson for portfolio managers,” wrote Lewitt, “is we should stop worrying about things we can’t predict (such as the timing of the inevitable market dislocations to which current monetary and fiscal policy failures will lead) and instead focus on structuring our portfolios to be strong enough not only to withstand such events but even to profit from them.”

While Lewitt is arguing that you can’t necessarily time the elusive Minsky moments as much as brace yourself for them, there is fresh fodder for worry.

For one thing, volatility is at its lowest reading since June 2007, the month that a pair of Bear Stearns hedge funds blew up, sending shock waves across Wall Street. By at least one composite measure, aversion to risk is presently at a three-decade low. The U.S. markets have finally returned to pre-2008 levels, global debt issuance just staged a record year, and the individual investor is finally peeking his head back into the tent (a development that some on the Street swear is the best contrarian indicator of all). Bad credit? No credit? No problem.

All of this is being suborned by a super-accommodative Federal Reserve—far more generous than Alan Greenspan ever was during the early-to-mid 2000s swelling of the credit bubble.

Next, throw in the fact that leverage at hedge funds just hit the highest level to start any year since at least 2004, according to Morgan Stanley (MS). At the New York Stock Exchange (NYX), margin debt among member firms rose in November to the highest level since February 2008—a month before Bear Stearns collapsed.

Robert J. Barbera, co-director of the Center for Financial Economics at Johns Hopkins University, is a Minsky expert. He explains that in the wake of a recession, safety is paramount until an economic recovery eclipses memories of the decline, and higher-risk/higher-return thinking takes hold. Then takes greater hold. And then. …

Barbera says that today’s recovery from a once-in-a-generation downturn is not as easily diagnosable. “A Minsky moment in the making?” he asks, via e-mail. “Not so fast! The deadly admixture that elicits Minsky like financial system crises is a combination of risky finance and CENTRAL BANK TIGHTENING OF MONEY AND CREDIT” (his caps).

It is true, Barbera says, that some financial measures are looking relatively risky. But the economic backdrop to date has not signaled that easy money the world over will soon be reined in. The paradox, he says, is that a rapid upturn in the economy would force investors to have to “radically recalculate” the Federal Reserve’s tightening schedule. The result is that the boom and the attendant prospects of tighter monetary policy—normalcy, if you will—could beget market distress.

“The delicious Minskyian irony?” he says. “Angst about a return to recession, which has persisted in this recovery for four years, keeps the Fed on hold and the asset market recovery on track. Unambiguous economic strength, and the recognition that Fed largesse is no longer needed on Main Street, is the more serious threat to asset market returns.”

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Wall Street opens flat as investors eye earnings

NEW YORK (Reuters) - U.S. stocks opened little changed on Tuesday as investors held back from making large bets at the start of a busy week for corporate earnings after major indexes notched five-year highs.

The Dow Jones industrial average <.dji> gained 16.95 points, or 0.12 percent, to 13,666.65. The Standard & Poor's 500 Index <.spx> shed 0.33 point, or 0.02 percent, to 1,485.65. The Nasdaq Composite Index <.ixic> added 0.21 point, or 0.01 percent, to 3,134.91.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Jim, John Harbaugh ready for rematch at Super Bowl

SANTA CLARA, Calif. (AP) — Jim and John Harbaugh have exchanged a handful of text messages, and plan to leave it at that. No phone conversations necessary while the season's still going. No time for pleasantries, even for the friendly siblings.

There is work to be done to prepare for the Super Bowl, prepare for each other, prepare for a history-making day already being widely hyped as "Harbowl" or "Superbaugh" depending which nickname you prefer.

"It doesn't matter who the coach is, what relationship you have with the person on the other side," 49ers coach Jim Harbaugh said so matter-of-factly Monday afternoon.

Their parents sure aren't picking sides for the Feb. 3 matchup in New Orleans.

These days, the Harbaughs' longtime coaching father, Jack, stays away from game-planning chatter or strategy sessions with his Super Bowl-bound coaching sons. Baltimore's John Harbaugh and little brother Jim have been doing this long enough now to no longer need dad's input.

Yet, they still regularly seek it. And, their father does offer one basic mantra: "Get ahead, stay ahead."

"Probably the greatest advice that I've ever been given and the only advice that I've ever found to be true in all of coaching, I think we mentioned it to both John and Jim ... the coaching advice is, 'Get ahead, stay ahead,'" Jack Harbaugh said.

"If I'm called upon, I'll repeat that same message."

His boys still call home regularly to check in with the man who turned both on to the coaching profession years ago, and the mother who has handled everything behind the scenes for decades in a highly competitive, sports-crazed family — with all the routine sports clichés to show for it.

The Harbaugh brothers will become the first siblings to square off from opposite sidelines when their teams play for the NFL championship at the Superdome.

Not that they're too keen on playing up the storyline that has no chance of going away as hard as they try.

"Well, I think it's a blessing and a curse," Jim Harbaugh said Monday. "A blessing because that is my brother's team. And, also, personally I played for the Ravens. Great respect for their organization. ... The curse part would be the talk of two brothers playing in the Super Bowl and what that takes away from the players that are in the game. Every moment that you're talking about myself or John, that's less time that the players are going to be talked about."

Both men love history, just not the kind with them making it.

"I like reading a lot of history ... I guess it's pretty neat," John Harbaugh offered Monday. "But is it really going to be written about? It's not exactly like Churchill and Roosevelt or anything. It's pretty cool, but that's as far as it goes."

Nice try, guys.

John watched the end of Jim's game from the field in Foxborough, Mass., as Baltimore warmed up for the AFC championship game. Jim called his sister's family from the team plane before takeoff after a win at Atlanta and asked how his big brother's team was doing against New England.

The improbable Super Bowl features a set of brothers known around the NFL as fierce competitors unafraid to make a bold move during the season. Unafraid to upset anyone who stands in their way.

In fact, each one made a major change midseason to get this far — John fired his offensive coordinator, while Jim boosted his offense with a quarterback switch from Alex Smith to Colin Kaepernick.

Leading up to Sunday's games, parents Jack and Jackie said they would wait to decide whether to travel to New Orleans if both teams advanced or stick to what has been working so well — watching from the comfort of their couch in Mequon, Wis.

"We enjoy it very much. We get down in our basement, turn on the television and just have a fantastic day watching outstanding football," Jack said last week. "We share our misery with no one but ourselves. Not only the misery, but the ups and downs, the ins and outs of an outstanding professional game."

And, no, the Harbaughs weren't looking ahead to a potential big trip to the Big Easy.

Jack insists his wife is quick to pull out that old sports cliche: "It's one game at a time. I think it's very appropriate," he said.

Jim figures they won't possibly miss this history-making game.

"I think they'll be there," he said with a smile.

The brothers, separated in age by 15 months, have taken different paths to football's biggest stage — years after their intense games of knee football at the family home. They tried to beat each other at cards, or whatever other game it was at the time. Sometimes, they tried to beat each other up. Sister, Joani Crean, often got in on the fun, too.

The 49-year-old Jim never reached a Super Bowl, falling a last-gasp pass short during a 15-year NFL career as a quarterback. The 50-year-old John never played in the NFL.

Still, both will tell you, "Who's got it better than us? No-body!" — one catchphrase they got from their dad.

"We can't put into words what it means to see John and Jim achieve this incredible milestone," their brother-in-law, Indiana basketball coach Tom Crean, said on Twitter. "We talked to Jim (before) his team plane left. All he wanted to know was how was John doing? How were they playing? One incredible family who puts the care, well-being and love for each other at the forefront like most families do. Again, we are very proud of them. Going to be exciting to watch it unfold."

John worked his way up from the bottom of the coaching ranks, while Jim was the star college quarterback at Michigan, a first-round draft pick and eventual Pro Bowler who made coaching his career once he retired.

John already has the one-up, while Jim's team is the early favorite. John's Ravens beat the 49ers 16-6 on Thanksgiving night 2011, in Jim's rookie season as an NFL coach — though both know that means nothing now.

"I just want everybody to know, that was a four-day deal and every story has been told," John said. "We're not that interesting. There's nothing more to learn. The tape across the middle of the room story, OK, you got it? It's OK. It was just like any other family, really. I really hope the focus is not so much on that. We get it, it's really cool and it's exciting and all that."

Said Jim, "Completely new business."

In spite of his efforts to avoid the topic, Jim did take the opportunity to express how proud he is of John.

"He's a great football coach, a real grasp of all phases — offense, defense, special teams. I think he could coordinate at least two of those phases and do it as well as anyone in the league," Jim said. "I've got half the amount of coaching experience he does. Again, it's not about us. I keep coming back to that. I'm really proud of my brother. I love him. That's the blessing part, that this is happening to him."

And, fittingly for the big brother, John feels the exact same way.

___

AP Sports Writer Dave Ginsburg in Baltimore contributed to this story.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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How Obama made opportunity real

STORY HIGHLIGHTS

• LZ Granderson: Specifics of Obama's first term may not be remembered


• He says his ability to win presidency twice is unforgettable


• Granderson: Obama, the first black president, makes opportunity real for many


• He says it makes presidency a possibility for people of all backgrounds

Editor's note: LZ Granderson, who writes a weekly column for CNN.com, was named journalist of the year by the National Lesbian and Gay Journalists Association and is a 2011 Online Journalism Award finalist for commentary. He is a senior writer and columnist for ESPN the Magazine and ESPN.com. Follow him on Twitter: @locs_n_laughs.

(CNN) -- In his first term, President Barack Obama signed 654 bills into law, the Dow Jones Industrial Average increased by about 70% and the national debt by $5.8 trillion.

And in 10 years -- maybe less -- few outside of the Beltway will remember any of that. That's not to suggest those details are not important. But even if all of his actions are forgotten, Obama's legacy as the first black president will endure.

And even though this is his second term and fewer people are expected to travel to Washington this time to witness the inauguration, know that this moment is not any less important.

For had Obama not been re-elected, his barrier-breaking election in 2008 could have easily been characterized as a charismatic politician capturing lightning in a bottle. But by becoming the first president since Dwight Eisenhower to win at least 51% of the vote twice, Obama proved his administration was successful.

And not by chance, but by change.

A change, to paraphrase Martin Luther King Jr., that was not inevitable but a result of our collective and continuous struggle to be that shining city on a hill of which President Ronald Reagan spoke so often.

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For much of this country's history, being a white male was a legal prerequisite to being president. Then it was accepted as a cultural norm. Because of that, we could not be the country we set out to be.

But today, somewhere in the Midwest, there is a little Asian-American girl with the crazy idea she could be president one day, and because of Obama, she knows that idea is not very crazy at all.

That's power -- the kind of power that can fade urgent numbers and debates of the day into the background of history.

Gergen: Obama 2.0 version is smarter, tougher

Few remember the number of steps Neil Armstrong took when he landed on the moon, but they remember he was the first human being who stepped on the moon. Few can tell you how many hits Jackie Robinson had in his first Major League Baseball game, but they know he broke baseball's color barrier. Paying homage to a person being first at something significant does not diminish his or her other accomplishments. It adds texture to the arc of their story.

I understand the desire not to talk about race as a way of looking progressive.

But progress isn't pretending to be color blind, it's not being blinded by the person's color.

Or gender.

Or religion.

Or sexual orientation.

Somewhere in the South, there is an openly gay high schooler who loves student government and wants to be president someday. And because of Obama, he knows if he does run, he won't have to hide.

That does not represent a shift in demographics, but a shift in thought inspired by a new reality. A reality in which the president who follows Obama could be a white woman from Arkansas by way of Illinois; a Cuban-American from Florida; or a tough white guy from Jersey. Or someone from an entirely different background. We don't know. Four years is a long time away, and no one knows how any of this will play out -- which I think is a good thing.

For a long time, we've conceived of America as the land of opportunity. Eight years ago, when it came to the presidency, that notion was rhetoric. Four years ago, it became a once in a lifetime moment. Today, it is simply a fact of life.

Ten years from now, we may not remember what the unemployment rate was when Obama was sworn in a second time, but we'll never forget how he forever changed the limits of possibility for generations to come.

Somewhere out West, there is an 80-year-old black woman who never thought she'd see the day when a black man would be elected president. Somehow I doubt Obama's second inauguration is less important to her.

Follow us on Twitter @CNNOpinion.

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The opinions expressed in this commentary are solely those of LZ Granderson.

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Legend, 2 Chainz, MC Lyte honored at Hip-Hop Ball

WASHINGTON (AP) — John Legend believes hip-hop played its part in helping Barack Obama become president, and he’s proud at how the genre has matured over the years.

“I think hip-hop had a role in making sure we elected a black president in America because we made it so that black people were in people’s homes … through our music and through our culture,” the R&B crooner said Sunday night at the Hip-Hop Inaugural Ball.

“I think it made Barack Obama and more people like him possible, so I’m really thankful for hip-hop and the role it plays in society,” he continued.

Legend was awarded the humanitarian award at Sunday’s event, and it was one of many honors handed out at the Harman Center for Arts.

Hip-hop pioneers MC Lyte and Doug E. Fresh were both given lifetime achievement awards. Fresh even hit the stage, beat boxing while comedian-actor-singer Wayne Brady cooed Marvin Gaye’s “What’s Going On?” At one point, Brady even busted out his own rhymes.

Rapper Yo Yo earned a roaring cheer when she hit the stage to honor MC Lyte; Lil Mama also paid tribute to the “Ruffneck” rapper.

2 Chainz, who had a breakthrough year with his Grammy-nominated solo debut and multiple rap hits, earned the street soldier award for encouraging young voters as a spokesperson for the Hip-Hop Caucus’ “Respect My Vote!” campaign.

“Doing my thing on the charts is one thing, but to be getting honored on another avenue, it just feels like a blessing,” he said in an interview. “I’m keeping my head leveled and staying humble.”

Actress Rosario Dawson won the vanguard award for her work as chairman of the Voto Latino organization.

“It’s time to step out of the shadows. It’s time to not just be talked about by other people, it’s time to take the leadership ourselves and that first step of leadership is voting,” Dawson said of the importance of the Latino vote.

Rappers Swizz Beatz and Meek Mill also earned honors at the event, attended by a few hundred hip-hop fans, including model Tyson Beckford, former NBA star Dikembe Mutumbo and Victor Cruz of the New York Giants. La La Anthony and Terrence J hosted the ball.

British singer Marsha Ambrosius also delivered a rousing performance, and playful jokes about Obama.

“I got a call from the president and he asked me to perform his favorite song,” she said before singing the R&B jam “Hope She Cheats on You (With a Basketball Player).”

Then she sang “Butterflies,” a song she co-wrote for Michael Jackson’s 2001 “Invincible” album.

“This might have been his favorite,” she said.

___

Follow Mesfin Fekadu on Twitter at http://twitter.com/MusicMesfin

Entertainment News Headlines – Yahoo! News

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Gift cards to be accepted at HMV

21 January 2013 Last updated at 08:03 ET

The administrators of HMV have said that the music and DVD retailer will start accepting gift vouchers in stores from Tuesday.

Deloitte had previously said that gift cards could not be redeemed in stores, leading to anger among many customers.

Deloitte said it was able to honour the vouchers after assessing HMV’s financial position.

Meanwhile restructuring specialist Hilco has emerged as the frontrunner to save HMV, reports say.

An industry consortium of music labels and film studios, including Universal Music and Sony, are believed to favour Hilco, according to newspaper reports.

Hilco bought out HMV Canada from parent HMV group in 2011 for £2m.

Deloitte, HMV’s administrator, has said there are 50 separate groups or individuals who have expressed an interest in buying all, or part of HMV.

If Hilco is successful with its bid, the suppliers are believed to be willing to give HMV stores generous credit terms.

In Canada, Hilco said the support of HMV’s key suppliers had been of “critical importance” to the business’s performance.

HMV has 223 UK stores in total, and a workforce of about 4,000.

The music, DVD and games retailer went into administration last Tuesday.

HMV’s administration came after the firm failed in recent years to cope with increasing competition from online rivals, supermarkets, and illegal music and film downloads

Hilco was not immediately available to comment.

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How to Cut Costs in Retirement

Finding success in retirement is a matter of trade-offs. Some pre-retirees will say that they’d like to have every bit as much, if not more, money in retirement as they had while they were working, even if it means they have to work longer or economize more in advance. Ticking off items on their bucket lists is a key goal, and hiking in the Himalayas and playing golf at Pebble Peach don’t come cheaply.

Other pre-retirees are comfortable with a different type of trade-off. They, too, would like a good quality of life in retirement, but don’t mind economizing a bit in their later years, especially if it means they can be retired longer. They consider time to be the true luxury that accompanies retirement. To get there, they’re willing to downsize their homes, hang on to their cars long enough to earn plaudits from tightwad pals, and entertain at home rather than enjoying lavish meals out.

Many others will balance the above two styles, economizing on some items but considering other splurges sacrosanct. I’ve known plenty of retirees who weren’t wealthy but still managed to travel to fascinating places and contribute to charitable organizations that mirrored their values. They made room in their budgets for these priorities by saving on other line items.

If you’re nearing retirement and you don’t have as much saved as you had hoped, working longer, taking Social Security later, and continuing to sock money away are key ways to help bridge the shortfall. But you might also take heart in knowing that your successful retirement will depend on identifying your own trade-offs–areas where you’re able to trim costs in exchange for what you really want, which might be the ability to retire sooner.

Here are some of the key ways in which retirees might be able to cut their costs.

Make Changes on the Home Front
Moving is a pain in the neck, but one of the easiest ways to make retirement more affordable is to consider moving to a less-expensive residence, usually someplace smaller. If you own your home, you might be able to reduce your mortgage amount or unlock equity by downsizing to a smaller place; you’re also likely to cut your property taxes, maintenance costs, and utility bills. You may even cut your health-care costs, as Morningstar contributor Mark Miller discussed in this recent analysis (http://news.morningstar.com/articlenet/article.aspx?id=580488). Of course, downsizing carries its own trade-offs; Morningstar.com users discussed them in this Discuss forum thread (http://socialize.morningstar.com/NewSocialize/forums/p/310170/3289160.aspx#3289160), and I summarized their comments in this article (http://news.morningstar.com/articlenet/article.aspx?id=565050). Several cited the ability to shed unnecessary objects as one of the key side benefits of downsizing, though many also noted that they didn’t plan to downsize because they had never “upsized” in the first place.

In a related vein, some retirees and pre-retirees in the same Discuss forum thread noted that relocating to cheaper geographic locales had helped them dramatically reduce their in-retirement cost loads (and escape brutal Northern winters). Not only do housing costs vary significantly by geography, but so do tax burdens. This handy map (http://www.retirementliving.com/taxes-by-state) provides an overview of the tax rates in each state, including the skinny on property, income, and sales taxes. For adventurous pre-retirees who would like to economize, moving to a foreign country with low costs may be an option; this article (http://news.morningstar.com/articlenet/article.aspx?id=564465) provides an overview of some of the trade-offs that accompany retirement overseas.

Trim Day-to-Day Expenses
Making changes to your housing situation is one of the biggest-ticket ways to cut your in-retirement costs, but it’s also the one that will require the most dramatic lifestyle adjustment. For those who aren’t prepared to take that plunge, there are a host of simple ways to reduce expenses on everything from food to utilities to personal care–small changes that will add up over time. This article (http://news.morningstar.com/articlenet/article.aspx?id=376020) details some of the easiest tweaks you can make to reduce your day-to-day outlay, and users also offered terrific tips of their own in the Comments field below the article.

Slice Travel and Leisure Costs
Retirees have something working folks don’t have, and they have it in abundance: time. But many retirees will also tell you that having more time gives them more opportunities to bust their budgets by overspending. Online alerts and daily deal sites make it particularly easy to save on everything from meals to vacations to skydiving, but there are oldfangled ways to economize on travel and leisure costs, too. This article (http://news.morningstar.com/articlenet/article.aspx?id=377819) amalgamates money-saving tips on everything from cultural and sporting events to travel, entertaining, and dining out.

Watch Your Investment and Other Financial Costs Like a Hawk
The aforementioned tips all relate to lifestyle changes. But if you want to cut your in-retirement expenses without having to change your living habits one little bit, the easiest way to do so is to reduce how much you’re paying your financial institutions. Consumers don’t typically write checks for most of these services; instead, their share of expenses is automatically deducted from their balances. That might be convenient, but the end result is that they’re usually not particularly sensitive to what they’re spending, even though financial-services costs can easily be one of the biggest line items in many retiree households. To boot, higher investment costs are inversely related to investment performance, making mutual funds and exchange-traded funds some of the rare consumer products where paying up doesn’t typically buy you a better product. This article (http://news.morningstar.com/articlenet/article.aspx?id=376989) provides 50 tips for cutting your investment, insurance, and banking costs.

A version of this article appeared Sept. 12, 2012.

See More Articles by Christine Benz

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

LONDON (Reuters) - European shares inched towards two-year highs and German Bunds dipped 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 1400 GMT London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were up 0.3 to 0.4 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 quite for investors.

Ahead of the first European finance ministers' meeting of the year, 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.

"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 centre-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.

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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Harbaugh brothers take 49ers, Ravens to Super Bowl

This Super Bowl will be filled with firsts — and one significant last.

The Harbaughs, San Francisco's Jim and Baltimore's John, will be the first pair of brothers to coach against each other in the NFL title game.

Quarterbacks Colin Kaepernick of the 49ers and Joe Flacco of the Ravens each will be playing in his first Super Bowl — where success is the ultimate measure of elite QBs.

It'll be Baltimore's first crack at a championship in a dozen years, San Francisco's first in 18. They are a combined 6-0 in Super Bowls (the 49ers own five of those victories), so one club will lose the big game for the first time.

And middle linebacker Ray Lewis, Baltimore's emotional leader and top tackler, will be playing in the final game of his 17-year career before heading into retirement.

"This is our time," Lewis pronounced.

For all of those story lines, none is expected to command as much attention as Harbaugh vs. Harbaugh. The game in New Orleans on Feb. 3 was quickly given all manner of nicknames: The Brother Bowl. The Harbaugh Bowl. The Har-Bowl. The Super-Baugh.

The Harbaughs' sister, Joani Crean, wrote in a text to The Associated Press: "Overwhelmed with pride for John, Jim and their families! They deserve all that has come their way! Team Harbaugh!"

As John prepared to coach the Ravens in the AFC championship game Sunday night, he watched on the stadium's big video screen as Jim's 49ers wrapped up the NFC championship.

John looked into a nearby TV camera, smiled broadly and said: "Hey, Jim, congratulations. You did it. You're a great coach. Love you."

Less than four hours later, the Ravens won, too. Some siblings try to beat each other in backyard games. These guys will do it in the biggest game of all.

Who's a parent to cheer for?

During the 2011 regular season, the Harbaughs became the only brothers to coach against each other in any NFL game (the Ravens beat the 49ers 16-6 on Thanksgiving Day that year).

The NFC West champion 49ers (13-4-1) opened as 5-point favorites, seeking a record-tying sixth Super Bowl title to add to those won by Hall of Fame quarterbacks Joe Montana and Steve Young.

Lewis was the MVP when the AFC North champion Ravens (13-6) beat the New York Giants in 2001.

With Kaepernick's terrific passing — he was 16 of 21 for 233 yards and a touchdown in only his ninth career NFL start — and two TD runs by Frank Gore, San Francisco erased a 17-point deficit to beat the Atlanta Falcons 28-24 Sunday.

Baltimore then fashioned a comeback of its own, scoring the last 21 points to defeat the New England Patriots 28-13, thanks in large part to Flacco's three second-half touchdown tosses, two to Anquan Boldin. Lewis and the rest of Baltimore's defense limited the high-scoring Patriots to one touchdown.

In the often risk-averse NFL, each Harbaugh made a critical change late in the regular season in a bid to boost his team's postseason chances. Clearly, both moves worked.

After 49ers quarterback Alex Smith, the starter in last season's overtime NFC title game loss to the Giants, got a concussion, Jim switched to Kaepernick for Week 11 — and never switched back. Now San Francisco has its first three-game winning streak of the season, at precisely the right time.

Baltimore, meanwhile, was in the midst of a three-game losing streak when John fired offensive coordinator Cam Cameron and promoted quarterbacks coach Jim Caldwell to replace him.

The 50-year-old John is 15 months older than Jim and generally the less demonstrative of the pair, although John certainly did not lack intensity while making his case with officials a couple of times Sunday.

The ever-excitable Jim — who was treated for an irregular heartbeat in November — was up to his usual sideline antics in Atlanta.

He spun around and sent his headset flying when the original call stood after he threw his red challenge flag on a catch by the Falcons. He hopped and yelled at his defense to get off the field after their key fourth-down stop with less than 1½ minutes left. He made an emphatic-as-can-be timeout signal with 13 seconds remaining.

Expect CBS to fill plenty of time during its Super Bowl broadcast with shots of Jim, that trademark red pen dangling in front of his chest, and John, who usually wears a black Ravens hat. That is sure to be a focal point, right up until they meet for a postgame handshake in two weeks' time.

___

AP Sports Writer Janie McCauley in San Francisco contributed to this report.

___

Follow Howard Fendrich on Twitter at http://twitter.com/HowardFendrich

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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Mali war turns musicians into military

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STORY HIGHLIGHTS

• Until recently, Mali was better known for its music, mosques and manuscripts than for conflict


• Andy Morgan: Music and culture are Mali's shop-window to the world, its primary asset


• Conflict turns musicians, artists and writers into frontline soldiers, says Morgan


• Morgan: In Mali they're still singing, still writing, still fighting

Editor's note: Andy Morgan recently ended a seven-year stint as manager of Touareg rockers Tinariwen, leaving the music industry after 29 years to concentrate on writing. He has contributed features and reviews to The Independent, fRoots, Songlines, NME and Rolling Stone, and is currently working on books about the Sahara and West Africa.

(CNN) -- It's safe to assume that most people outside West Africa had never even heard of Mali until a few weeks ago. If they had, there's a good chance it was thanks to some beautifully flowing song or instrumental by one of the country's many world-renowned musicians: Salif Keita, Tinariwen, Oumou Sangare, Toumani Diabate, Rokia Traore... the list is long.

If it wasn't music then it might have been Mali's priceless medieval manuscripts that drew their attention, or its majestic mud-built mosques, its filmmakers, poets, photographers and writers.

Like Jamaica or Ireland, Mali's music and culture are its primary asset, its shop-window to the world, its "gold and cotton" as one famous musician put it.

Andy Morgan is a world music journalist and former manager of Touareg band Tinariwen.

Certainly, very few people would have included the words "Mali" and "Islamism" in the same sentence before April last year, when Islamist militia took control of over two thirds of the country and started amputating the hands of thieves, stoning adulterers and whipping women who happened to venture out into the streets 'improperly' dressed.

With the arrival of French forces and the mass hostage seizure at the Algerian oil facility of In Amenas, Mali and Islamism are two words that now appear not only to be inextricably linked but on the front page.

Six reasons why Mali matters

Of course, the association goes back much further than April 2012.

Al Qaeda and the Islamic Maghreb (AQIM) moved south from Algeria and into Mali's remote northern deserts over a decade ago. It proceeded to amass a fortune from kidnapping, smuggling and money laundering whilst undermining the local economy, disrupting social relations and destroying the local tourist industry.

It brought along a hardcore form of Islam inspired by Wahabism and a hatred of the West that was previously almost unheard of in Mali, a country which has long contented itself with gentler and more tolerant brands of Sufism richly tinted by local pre-Islamic beliefs.

AQIM also managed to hijack a rebellion against the central government in Bamako by the nomadic Touareg people of the north that had been grinding on and off for the best part of fifty years.

This conflict, which first erupted in 1963, was always about power, influence and the self-determination of a marginalized people. It was also about preserving the Touareg's unique Berber culture. It had never been about imposing hard line Islam on anyone. But from round 2006 onwards, Touareg nationalism and Islamic terrorism became inextricably confused with each other.

Why Africa backs French in Mali

Indeed, there's a widespread theory, confirmed by the word of just a few bit-players in the drama but lacking any more conclusive evidence, that certain parties who were utterly averse to the idea of an independent Touareg state -- the Malian government, Algeria and others -- either deliberately implanted AQIM in the region, or at the very least tolerated its presence there.

It was hoped that the strategy would attract military aid and doom the Touareg nationalist project to failure. The theory might seem strange given the damage that terrorism has wrought in both Mali and Algeria but most Touareg I know accept it as gospel. We'll probably never know the whole truth.

What's certain is that the Sahara is one of the hardest places on earth for an outsider to understand. Its interlocking cogs of power and influence -- geopolitical, regional, governmental, tribal, mineral, criminal, spiritual, clan and family -- are fiendishly complex.

No foreign intervention can hope to achieve any long-term benefits if it cannot get to grips with the underlying political and social mechanism of this vast region.

2011 brought the Arab Spring and the end of Muammar Gadhafi, who had long been a stabilizing force in the Sahel, and both a promoter and a hinderer of Touareg nationalist ambitious. His weapons arsenals were opened up to armed groups of every stripe and in January 2012, the Touareg used this opportunity to reignite their rebellion in northern Mali. But it was al Qaeda in the Islamic Maghreb who eventually took control, either directly or through a network of alliances.

Now Mali's hopes lie with the French, who intervened on Friday January 11, after months of diplomatic wrangling at the U.N. and elsewhere.

France 'not a pacifist nation'

So the world has a new front on the global war on terror and France has a new battle to fight in Africa.

Within northern Mali itself, however, and throughout the Muslim world, this is not seen as a war on terror but as a cultural conflict, one that pits a group of people who feel that the future of their society will be best served by rejecting Western liberal values and returning to the core tenets of Islam against another group who believe in religious tolerance, secularism, democracy and music.

This conflict turns musicians, artists and writers into frontline soldiers.

Saudi Arabia destroyed its mausoleums and silenced its musicians decades, even centuries, ago. In the Algerian civil war of the 1990s, many musicians, writers and cultural figures were killed, prompting others to flee overseas.

In Mali they're still singing, still writing, still fighting, for the time being at least.

In this new battleground in the cultural wars of the Muslim world, a distant mirror of the religious wars that shook Europe in the 15th and 16th centuries, Malian musicians are taking a stand. That's why music matters. That's why Mali matters.

The opinions expressed in this commentary are solely those of Andy Morgan.

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Dan Lin, Roy Lee Counter Sue Legendary over ‘Godzilla’

LOS ANGELES (TheWrap.com) – Producers Dan Lin, Roy Lee and Doug Davison have hit back at Legendary Pictures over “Godzilla,” filing a cross complaint Thursday in L.A. Superior Court seeking millions in damages and credit for their contributions to the upcoming movie.

Lin, Lee and Davison allege breach of contract and mistreatment, rehashing the history of how they came to work with Legendary. They began work in 2009 and helped Legendary secure the rights because they were assured they’d be treated well.

“Apparently, Legendary’s idea of treating the producers who brought them ‘Godzilla’ well included concocting a scheme to try to force them off the project, and depriving them of their screen credit and substantial fixed and backend compensation in order to keep more of the money and to aggrandize themselves,” the suit claims.

Legendary preemptively sued the producers last week to kick them off of the movie, anticipating a restraining order that could impede the looming production. Legendary unveiled its plans for the movie at Comic-Con last July, and has slated it for a 2014 release. It would begin production in Spring with Gareth Edward directing.

Legendary alleged that it had entered an agreement in March 2011 that gave the producers $ 25,000 in development money but no right to the intellectual property. In order to receive credit as a producer or backend money from the movie’s profits, their early work would need to be the basis for the movie.

Lin, Lee and Davison say they were responsible for bringing the rights to Legendary and never signed a written agreement because Legendary changed the terms of the deal. However, they say, Legendary had orally agreed to pay $ 1.3 million and three percent of first dollar cross receipts in addition to the development money.

Legendary has since hired a new writer, Frank Darabont, and sought other producers.

The producers are all based at Warner Bros., Legendary’s main partner – Lin at Lin Pictures and Lee and Davison for Vertigo Entertainment. Their suit against Legendary places most of the blame with president and chief creative officer Jon Jashni rather than CEO Thomas Tull.

However, they are still pointed in their claims, explaining that they “seek substantial punitive damages to make an example of Legendary so that it and no other studio will in the future treat their producers in this outrageous manner.”

Legendary had no comment on the suit.

(Pamela Chelin contributed to this report)

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Dotcom starts new file-sharing site

19 January 2013 Last updated at 20:58 ET

Megaupload boss Kim Dotcom has set up a new cloud storage and file-sharing site.

Mega, a web-based service that lets people upload and store files of any kind, is a sequel to the Megaupload system that was shut down last January.

Police raids on the offices and home of Kim Dotcom led to the closure of Megaupload.

The Mega site went online at dawn on Sunday, with Mr Dotcom due to hold a gala at his New Zealand mansion later.

Mr Dotcom has said the new site complies with the law and warned that attempts to take it down would be futile.

“This is not some kind of finger to the US government or to Hollywood,” he told Reuters on Saturday.

“Legally, there’s just nothing there that could be used to shut us down. This site is just as legitimate and has the right to exist as Dropbox, Boxnet and other competitors.”

Extradition hearing

Hours after the site was launched, Mr Dotcom tweeted that it had received 250,000 user registrations, although limited server capacity meant Mega was unreachable to many.

In a series of earlier tweets Mr Dotcom said every customer would have 50 gigabytes of free storage – far more than is offered by rival services such as Dropbox or Microsoft’s SkyDrive.

Mega will be encrypted so only those who upload data have access to it.

Data is also being held in the cloud to make it easy for users to get and share files.

The 2012 raids on Megaupload were carried out because, said US law enforcement, many users of Megaupload were engaged in pirating content and illegally sharing it.

They accused Mr Dotcom and other managers at Megaupload of profiting from piracy.

Mr Dotcom, who was born Kim Schmitz, has rebuffed the accusations and is fighting a legal battle to stay in New Zealand from where he ran Megaupload.

A hearing on whether he can be extradited to the US is due to be held in March.

The case has generated controversy in New Zealand over the way the police and intelligence services gathered evidence before the raid and won an apology to Mr Dotcom from the country’s prime minister.

Mr Dotcom has also won support from prominent computer pioneers such as Apple co-founder Steve Wozniak.

The raid on Megaupload put 25 petabytes of data uploaded to it by its 50 million members into a legal limbo.

In one message, Mr Dotcom said he was working with lawyers and the Electronic Frontier Foundation, which campaigns on digital rights issues, to get access to that seized data and return it to users.

BBC News – Business

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Minister Paradis to Talk Manufacturing, Innovation and Investment in Germany

OTTAWA, ONTARIO–(Marketwire – Jan 20, 2013) – From January 20 to January 24, the Honourable Christian Paradis, Minister of Industry, will visit Berlin as well as Munich, Germany to discuss Canadian and German approaches to manufacturing and innovation and to promote greater investment ties.

“Germany”s economic success demonstrates the importance of a strong and modern manufacturing sector – something we have long understood in Canada,” said Minister Paradis. “We know that innovation is the best way for high-wage economies like Canada and Germany”s to compete with low-wage countries around the world. Our two countries have much in common, and much to gain through greater dialogue, cooperation, and investment.”

As two innovation-driven economies, Canada and Germany have a long and successful trading relationship. Several major Canadian companies have significant operations in Germany, allowing them to capitalize on opportunities throughout the European Union. Similarly, with over 800 German subsidiaries in Canada, Germany is Canada”s tenth largest foreign direct investor. In addition to these economic ties, Canada and Germany have closely collaborated on scientific research for more than 41 years. During this time, over 500 projects in more than a dozen fields have been undertaken, with approximately 100 ongoing at any given time. This collaboration has helped fuel innovation in both countries.

“Manufacturing lies at the intersection of innovation and fabrication, where creative ideas are turned into commercial opportunities. Today”s manufacturing is not about bigger factories but about smarter ones driven by digital technologies,” added Minister Paradis. “Globalization means that manufacturing is spreading across borders and around the world. Advanced economies have to become leaders in the high-value-added stages of production. Canada and Germany are crucial players in the global supply chain and must remain so if we are to succeed.”

The Minister will then travel to Davos, Switzerland on January 25 to attend the World Economic Forum.

Marketwire News Archive – Yahoo! Finance

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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.

The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.

Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.

Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.

"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.

Major technology companies also report next week, but the bar for the sector has been lowered even further.

Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.

Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.

Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.

CASH POURING IN, HOUSING DATA COULD HELP

Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.

The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.

"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."

Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.

Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.

The new home sales report on Friday is expected to show a 2.1 percent increase.

The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.

Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.

The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.

"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.

"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)

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Djokovic survives to advance at Australian Open

MELBOURNE, Australia (AP) — Novak Djokovic got a huge scare from 15th-seeded Stanislas Wawrinka before hanging on to win in the 22nd game of the fifth set to advance to the quarterfinals of the Australian Open.

The top-seeded Djokovic needed 5 hours, 2 minutes for a 1-6, 7-5, 6-4, 6-7 (5), 12-10 victory that ended early Monday morning.

Djokovic broke Wawrinka's serve in the final game to clinch the win on his third match point with a cross-court backhand.

Djokovic is the two-time defending champion and has an 18-match winning streak at Melbourne Park. He is trying to become the first man in the Open era to win the tournament three times in a row.

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Joshua Tree spider species named for U2′s Bono

JOSHUA TREE NATIONAL PARK, Calif. (AP) — It appeared Bono and arachnids didn’t mix when his “Spider-Man” musical had a rough Broadway run, but that didn’t keep a biologist from naming an actual spider species after the U2 singer.

Jason Bond of Alabama’s Auburn University has identified 33 new species of trapdoor spider, including three of them in the California desert at Joshua Tree National Park. The park’s namesake is featured in the title and cover of U2′s 1987 album, “The Joshua Tree.”

The Riverside Press-Enterprise (http://bit.ly/UWsRjW ) reports that Bond named two of the spiders after Indian tribes and one, A. bonoi, after Bono.

Bond has named other spider species after Angelina Jolie, Cesar Chavez and Stephen Colbert.

The trapdoor spider, found in the Southwestern U.S., is so-named because it makes a hatch to hide from prey.

___

Information from: The Press-Enterprise, http://www.pe.com

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Caterpillar writes off most of China deal after fraud

(Reuters) – Caterpillar Inc uncovered “deliberate, multi-year, coordinated accounting misconduct” at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wiping out more than half its expected earnings for the fourth quarter of 2012.

Shares of Caterpillar fell 1.5 percent in afterhours trading following news of the fraud, which was discovered after problems were found with the Chinese company’s inventory.

Caterpillar, the world’s largest maker of tractors and excavators, said on Friday it would take a non-cash goodwill impairment charge of $ 580 million, or 87 cents per share, in the quarter.

Analysts had expected the company to report $ 1.70 per share when it reports its results on January 28, according to Thomson Reuters I/B/E/S.

Caterpillar closed the purchase of ERA Mining Machinery Ltd and its subsidiary Siwei, China‘s fourth-largest maker of hydraulic roof supports, last June, paying HK$ 5.06 billion, or $ 653.4 million. ERA had been publicly traded in Hong Kong, doing business through Siwei, which is known for making equipment to support roofs in mines.

A member of the Caterpillar board during the course of the Siwei deal told Reuters the board was distracted at the time by a larger transaction and paid relatively little attention to the Siwei acquisition.

“It came as a complete surprise to us,” the former board member said of the fraud, speaking on condition of anonymity because of the sensitivity of the situation. “It was presented to us as a pretty straightforward transaction. It’s a shame. It should have been investigated further.”

The source said the driving force behind the deal was Ed Rapp, the former Caterpillar chief financial officer who now serves as a group president with responsibility for China, among other operations. The source said it was Rapp who presented the deal to the board and pushed for its completion.

A Caterpillar spokesman declined to comment on Rapp’s role in the deal. Rapp could not be immediately located for comment.

REVERSE TAKEOVER

At the time of the Caterpillar purchase, ERA Mining was listed in the Growth Enterprise Market (GEM) of the Hong Kong stock exchange, which is “designed to accommodate companies to which a higher investment risk may be attached,” according to the offering circular filed by Caterpillar last year in Hong Kong.

The company was previously known as ERA Holdings Global Ltd. and provided “corporate secretarial services” before being acquired by Siwei in September 2010 through a reverse takeover.

Caterpillar’s write-off could revive concerns over accounting scandals and corporate governance issues of Chinese companies voiced by investors including Muddy Waters founder Carson Block.

Reverse takeovers have been of particular concern, since most of the recent accounting scandals in the United States have come from small Chinese companies who went public via a reverse takeover, including China MediaExpress Holdings Inc. A Hong Kong arbitration panel on Wednesday ruled China MediaExpress was a “fraudulent enterprise.”

‘COMPLETELY UNACCEPTABLE’

In a statement, Caterpillar said an ongoing investigation launched after the deal closed “determined several Siwei senior managers engaged in deliberate misconduct beginning several years prior to Caterpillar’s acquisition of Siwei.”

According to a question-and-answer dialog Caterpillar included in its statement, the company found discrepancies in November between the inventory in Siwei’s books and its actual physical inventory, triggering the probe.

The company also said it had replaced several senior managers at Siwei, adding that their conduct was “offensive and completely unacceptable.”

Representatives for Siwei didn’t respond to calls and requests for comment on the Caterpillar announcement. The company employs about 4,000 people in Zhengzhou and produces hydraulic roof supports used to prevent rocks from falling into a coal mine’s working area.

Siwei competes with market leader Zhengzhou Coal Mining Machinery, according to Zhengzhou Coal’s IPO prospectus filed in November.

Citigroup and law firm Freshfields Bruckhaus Deringer LLP served as financial and legal advisers to Caterpillar on the transaction. Blackstone and DLA Piper acted as ERA’s financial and legal advisers.

Freshfields said in an emailed statement that it wasn’t able to comment on client matters. Representatives for Blackstone, Citigroup and DLA Piper didn’t respond to requests for comment on Saturday.

CHINA AMBITIONS

The Siwei deal came as part of Caterpillar’s larger ambitions in China. In early 2012, it added Jon Huntsman, the former U.S. ambassador to China, to its board of directors.

The company, which already has 23 manufacturing facilities in China and four more under construction, said the Siwei episode would not change its strategy in the country.

Caterpillar’s experience with Siwei may also renew focus on the standoff between the U.S. Securities and Exchange Commission and audit firms over access to accounting documents of U.S.-listed Chinese companies suspected of fraud.

While Siwei was not U.S.-listed, the broader accounting question has been a thorny one for U.S. companies looking to grow their business in China.

($ 1=HK$ 7.75)

(Reporting by Ernest Scheyder; Additional reporting by Soyoung Kim in New York, Elzio Barreto in Hong Kong and Kevin Yao in Beijing; Writing by Ben Berkowitz; Editing by Gary Hill, Tim Dobbyn and Susan Fenton)

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