SEOUL (Reuters) ? A consortium led by South Korean retailer E-Land is among the short-listed bidders vying to buy the U.S. Major League Los Angeles Dodgers baseball franchise, Yonhap News Agency reported on Monday, estimating the price tag at between $1.2 billion and $1.5 billion for the storied team.
The Dodgers filed for bankruptcy protection in June last year and a sale of the franchise was announced last week. A preliminary round of bidding has been completed.
The E-Land consortium was on a short-list of bidders for the Dodgers, Yonhap reported, quoting an unnamed industry official.
Blackstone Group LP, which is handling the high-profile auction of one of baseball's oldest franchises, picked suitable bidders from among some of the biggest names in business and sports to advance.
A preferred bidder is expected to be selected in April, Yonhap reported.
An estimated 12 parties lodged non-binding first-round bids for the team, the first to break the color barrier in Major League Baseball by signing black player Jackie Robinson, who played his first game with the team on April 15, 1947 when the team was based in Brooklyn.
The team left Brooklyn after the 1957 season.
Robinson helped the Brooklyn Dodgers capture their first World Series title in 1955 by defeating cross-town rival New York Yankees for the first time in the so-called subway series, a feat chronicled in the book, "The Boys of Summer."
Baseball is one of most popular sports in South Korea, along with soccer and golf. South Korean pitcher Park Chan-ho made his Major League Baseball debut with the Dodgers in 1994. Los Angeles also is home to a large Korean population and the city has defined an area in the Wilshire neighborhood as Koreatown.
Sources familiar with the matter told Reuters earlier that billionaire hedge fund manager Steve Cohen and ex-Yankees and Dodgers manager Joe Torre had received the green light, while basketball great Magic Johnson was also in the running.
E-Land executives were not immediately available to comment.
The unlisted retail group recently expanded into construction and restaurants.
It operates discount retail outlets and its apparel brands include Teenie Weenie, New Balance and Eblin. The group recorded an operating profit of 462 billion won ($411.3 million) for 2010 on sales of 4.6 trillion won, according to its website.
The cruise ship Costa Concordia lays on its side off the Tuscan island of Giglio, Italy, Sunday, Jan. 29, 2012. Officials called off both the fuel removal and search operations of the cruise ship Costa Concordia after determining the ship had moved 4 centimeters (an inch and a half) over six hours. (AP Photo/Pier Paolo Cito)
The cruise ship Costa Concordia lays on its side off the Tuscan island of Giglio, Italy, Sunday, Jan. 29, 2012. Officials called off both the fuel removal and search operations of the cruise ship Costa Concordia after determining the ship had moved 4 centimeters (an inch and a half) over six hours. (AP Photo/Pier Paolo Cito)
Italian forest police officers patrol the coast overlooking the grounded cruise ship Costa Concordia in the Tuscan island of Giglio, Italy, Sunday, Jan. 29, 2012. Officials called off both the fuel removal and search operations of the cruise ship Costa Concordia after determining the ship had moved 4 centimeters (an inch and a half) over six hours. (AP Photo/Pier Paolo Cito)
An Italian Coast Guard dinghy sails around the grounded cruise ship Costa Concordia off the Tuscan island of Giglio, Italy, Sunday, Jan. 29, 2012. Rough seas off the Tuscan coast have delayed for a second day the start of operations to remove half a million gallons of fuel from the grounded Costa Concordia. Officials called off both the fuel removal and search operations Sunday after determining the ship had moved 4 centimeters (an inch and a half) over six hours. (AP Photo/Pier Paolo Cito)
GIGLIO, Italy (AP) ? Residents of Giglio are growing increasingly worried about threats to the environment and the future of the Italian island as bad weather again forced suspension of the recovery operation of the capsized cruise ship Costa Concordia.
Officials on Monday set off another explosion in an underwater compartment but held off both operations to remove 500,000 gallons of fuel and the search for people still missing because of rough seas.
Residents are concerned after being told that it will take up to 10 months to remove the cruise ship, and have called for an island-wide meeting to discuss how to protect their interests.
Officials have recovered 17 bodies from the Jan. 13 disaster. Sixteen crew and passengers remain listed as missing.
A 24-year-old snowboarder has died after becoming trapped in an avalanche in a steep Utah backcountry area that the public was warned to avoid after potent snowstorms.
The death marks the ninth avalanche fatality in the West this season, and experts say the risk of additional slides could remain high all winter.
NBC affiliate KSL TV reported that Alecsander Barton was with two other men when the avalanche occurred Saturday morning in the Wasatch Range's Big Cottonwood Canyon near Salt Lake City.?
Heading back from Stewart, British Colombia, Aaron Garner captures a controlled avalanche technicians set off to clear a highway pass. TODAY.com's Dara Brown reports.
The other two ? a snowboarder and skier ? watched as?Barton descended Kessler Peak and triggered an avalanche that carried him an estimated 2,400 feet, or half a mile,?down the mountain. They found his body under three feet of snow about an hour later using avalanche beacons.?
STORY: Avalanche danger across West is high
Experts say a weak base layer of snow, packed with large grains of ice, is plaguing parts of Utah, Colorado, Montana and California. They say these conditions could keep avalanche risks high for the rest of the season.
Helmet-cam video shows a snowmobiler caught in an avalanche in Washington State and his friends quickly rushing to his rescue. KING-TV's Jim Forman reports.
So far, four people have died in avalanches in Colorado, three on the Wyoming-Montana border and two in Utah.
Last season saw 25 avalanche deaths, and the one before saw 36.
Did a strong performance in Thursday night's GOP debate lock up the nomination for Romney? Robert Costa, National Review; Ed Rogers, BGR Group; and Phil Musser, fmr. Romney 2008 campaign advisor, discuss.
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FRANKFURT, Germany (AP) ? Fitch Ratings downgraded the debt of Italy, Spain and three other countries that use the euro on Friday, a setback as European leaders work on several fronts to contain the continent's government-debt crisis.
The lower government-debt ratings for Italy, Spain, Belgium, Cyprus and Slovenia could make it more expensive for these countries to borrow.
Fitch said its decision was based on the deteriorating economic outlook in Europe, a concern that Europe's bailout fund is not large enough and a belief that European leaders are not acting quickly or boldly enough to prevent the debt crisis from worsening.
The downgrade came after European financial markets had closed. The major stock indexes of Germany, France and Britain fell slightly on Friday, while the euro rose 0.83 percent to $1.3189.
Government debt ratings matter because they play a significant role in determining countries' borrowing costs. The higher the costs the greater the likelihood of default for a heavily indebted country.
Ireland, Greece and Portugal have been cut off from bond market borrowing because of investors' fears that they might default. They have had to take bailout loans from other eurozone governments and the International Monetary Fund.
Lower debt ratings do not guarantee higher borrowing costs, however.
Borrowing costs for many European countries have fallen in recent weeks despite Standard and Poor's decision on Jan. 13 to lower its ratings for nine countries that use the euro. This reflects growing investor confidence in those countries' economic policies and the impact of the European Central Bank's decision to loan hundreds of billions of euros to banks at very low rates. Some of that money has been used to buy government bonds, which are paying higher interest rates and enabling banks to earn a tidy profit.
Fitch lowered its ratings for the five countries by one notch and placed a negative outlook on all of them ? meaning there is more than a 50 percent chance of a further downgrade over the next two years.
Italy was lowered to a rating of A-, while Spain was downgraded to A. The rating of a sixth country, Ireland, was affirmed at BBB+, but it also received a negative outlook.
Fitch also issued a warning to Italy, a recent focus of the crisis because of its ?1.9 trillion ($2.5 trillion) in debt and sluggish, bureaucracy-choked economy. The agency said the third-largest eurozone economy would face permanently higher borrowing costs that would make it harder to keep its debt under control. It resisted stronger ratings action because of the "strong commitment" of the new Italian government under Prime Minister Mario Monti to balance the country's budget and make Italy a better place to do business.
European leaders have been criticized for moving too slowly in tackling the crisis, which started in October 2009 when Greece admitted it was in deep financial trouble.
Led by Germany, the eurozone's largest member, governments have resisted sweeping solutions such as pooling their borrowing power in so-called eurobonds and have balked at increasing the financing of their bailout funds from ?500 billion. Efforts have focused instead on making bailed-out countries try to cut spending and reduce their budget deficits. The 17 members have also agreed to come up with a treaty requiring national laws to limit deficits.
At the World Economic Forum gathering in Davos this week, leading European finance chiefs have sought to reassure anxious global business leaders that Europe is on track to solve its debt crisis.
But Fitch said that European leaders' "gradualist" approach to tackling the crisis meant that Europe will continue to face episodes of severe financial volatility that would erode government's ability to repay debt.
Fitch said the eurozone's difficulties would be compounded by a shrinking economy.
"The eurozone crisis will only be resolved as and when there is broad economic recovery," Fitch said. "It is evident that further substantial reforms of the governance of the eurozone will be required to secure economic and financial stability, including greater fiscal integration."
Greece is locked in talks to secure a crucial debt relief deal with private investors while also tackling demands from its European partners and the IMF for deeper economic reforms.
Failure on either front would force the recession-bound country to default on its debt in less than two months, pouring new fuel on the fires of Europe's debt crisis.
Brain bank examines hard hits The world's largest collection of athletes' brains is being used to understand exactly what hits on the field are doing to the brain.
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ROMULUS, Mich. ? President Barack Obama has put colleges and universities on notice to control tuition costs or face losing federal dollars. Now, schools are waiting to hear how big a stick he plans to wield to enforce his message.
Obama was expected to spell out his plan in a speech Friday at the University of Michigan in Ann Arbor focused on college affordability. His plan could set a new precedent in the federal government's role in controlling the rising costs of college ? a move making people in higher education nervous. Obama's speech will cap a three-day post-State of the Union trip by the president to promote different components of his economic agenda in politically important states.
The president hinted at what's ahead in education during his State of the Union address Tuesday night, which coincided with the release of a White House "blueprint" that said he wants to shift federal aid away from colleges that don't keep net tuition down and provide a good value. But it's unclear exactly what pot of federal dollars Obama plans to target and how his plan would work.
The Obama administration already has taken a series of steps to expand the availability of grants and loans and to make loans easier to pay back, and Obama spelled out Tuesday other proposals to make college more affordable such as extending tuition tax breaks and asking Congress to keep loan interest rates from doubling on July. His administration has also targeted career college programs ? primarily at for-profit institutions ? with high loan default rates among graduates over multiple years by taking away their ability to participate in such programs.
But until now, it has done little to turn its attention to the rising cost of tuition at traditional colleges and universities. The average in-state tuition and fees at four-year public colleges last fall rose 8.3 percent and with room and board now exceed $17,000 a year, according to the College Board. Rising tuition costs have been blamed on a variety of factors, including a decline in state dollars, an over-reliance on federal student loan dollars and competition for the best facilities and professors.
During Tuesday's speech, the president said he'd met with university presidents who described to him ways some universities through technology and redesigning courses were able to help students finish more quickly ? efforts that helped curtail costs.
"The point is, it's possible. So let me put colleges and universities on notice: If you can't stop tuition from going up, the funding you get from taxpayers will go down. Higher education can't be a luxury_ it's an economic imperative that every family in America should be able to afford," Obama said.
Barry Toiv, spokesman for the Association of American Universities, said some of its members participated in the meeting Obama referred to and agree that there are good examples of things that can be done to make colleges more efficient. But he said universities are concerned that any proposal by the president "doesn't hurt students" because anything that does is "obviously counterproductive."
Sen. Lamar Alexander, R-Tenn., a former education secretary, said the autonomy of U.S. higher education is what makes it the best of the world, and he questioned whether Obama could enforce any such plan without hurting students. Potentially, billions of dollars are at stake. In the 2010-2011 school year, the federal government awarded $142 billion in federal student aid ? most of it directly to students in the form of grants and loans, according to the Education Department.
"It's hard to do without hurting students and it's not appropriate to do," Alexander said. "The federal government has no business doing this."
Some public institutions worry about being unfairly blamed for state cuts that led to an increase in tuition prices. Neal McCluskey, an education analyst at the libertarian Cato Institute, said it's difficult for the federal government to dictate what is a reasonable increase because some colleges and universities might have legitimate reasons to raise tuition some years, such as the need to replace buildings in disrepair.
Obama's plan reflects that in the race between subsidizing tuition with student aid and rising tuition, student aid is going to lose, said Andrew P. Kelly, a research fellow at the American Enterprise Institute. Instead of redesigning their business model or using more online programs to save money, many colleges and universities have made small changes hoping to wait out the nation's fiscal crisis that don't solve the problem long term, Kelly said.
"This signals I think a sense of how acute that problem is and the fact that it can't just be about pouring money into federal student aid programs and hoping that affordability is maintained, that there has to be some kind of way, or at least a signal sent, to the institutions that benefit, and the states, frankly ... that they just can't continue to ratchet up prices and use federal aid to fill in the gaps," Kelly said.
Even though it's not politically popular, McCluskey said a good way to control rising tuition costs would be to cut federal aid to students, which would force colleges and universities to keep tuition low.
This isn't the first time a politician has sought to control tuition costs. In 2003, Rep. Howard "Buck" McKeon, R-Calif., proposed a plan to hold back aid to colleges and universities that raised tuition much faster than inflation. It met resistance from higher education and wasn't passed.
Come Friday, "we'll be watching and listening carefully," said Molly Corbett Broad, president of the American Council on Education.
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NEW YORK ? A public viewing will be held Friday for singer Etta James, and the Rev. Al Sharpton will eulogize the late legend at a private funeral Saturday.
A statement from Sharpton's representative Tuesday said the funeral will include performances by celebrities, but those names were not announced.
James died last Friday at age 73 after battling leukemia and other ailments, including dementia. She was most famous for her classic "At Last," but over her decades-long career, she became revered for her passionate singing voice.
The public viewing will be held in Inglewood and the funeral will be held in Gardena, both in the Los Angeles area.
The family is asking that any donations be sent to the Philadelphia-based Rhythm & Blues Foundation.
DAVOS, Switzerland (Reuters) ? The rich and powerful of the world were divided at their annual huddle on Wednesday over Barack Obama's threat to raise their taxes, with some saying policies that go after the wealthy will hurt growth, but others saying Obama was right to address capitalism's imbalances.
Obama's State of the Union address focused on channeling middle class anger at inequality, including a call for a 30 percent minimum tax on millionaires that could make the wealth of Republican rival Mitt Romney a central election issue.
It was delivered on the eve of World Economic Forum in the Swiss ski resort of Davos, which found many of the world's titans of industry and politics in reflective mood, focusing more than ever on the question of whether capitalism needs to be more fair if it is to be successful.
Many of the wealthy at Davos made clear they don't like being in the president's crosshairs.
"I don't think any presidential election in the history of America has been won on the politics of envy and I think if anything it divides the country more than unites it," said John Studzinski, senior managing director of investment and advisory firm Blackstone Group.
Roger Altman, chairman of investment advisory group Evercore, disagreed and said improvements in the U.S. economy and the Republican party's difficulties selecting a presidential candidate meant "the picture is brightening" for Obama's re-election chances in November.
"I liked the speech," said Altman. "I can understand why some people in the business community, particularly gauging the reaction to it, may not like it. But I thought it was a reasonable speech.
"It's actually a relatively moderate speech by historical standards. Has the president taken a move on the spectrum towards more populism? Yes. Is it an extreme move, or a big move by historical standards? I don't really think so," he said.
As for the 30 percent minimum millionaire's tax proposal - known as the "Buffett tax" because it is favored by billionaire Warren Buffett - Altman said: "Speaking for myself, I find that hard to argue with."
"TAX ON GROWTH"
Investment income from dividends and capital gains is taxed at a much lower top rate than wages in the United States, an issue that is likely to gain more notice now that Romney, a wealthy former businessman and one of the favorites to be Republican nominee, has released returns showing he paid less than 14 percent of his income in federal tax last year.
"I think this issue is going to become an important political issue. There has been a widening of wealth and income inequality both in the United States and across advanced economies," said economist Nouriel Roubini, once known as "Dr. Doom" for bearish views predicting the financial crisis.
"Having 15 percent tax on carried interest, or capital gains or dividends, is something that is creating a wedge in the country, so that's an issue that has to be addressed. So politically it's going to help Obama this year," Roubini said.
But Harvard economist Kenneth Rogoff said the 30 percent rate could hurt the economy. "The solution I think is a flat tax or something like that. I think what's being proposed of making the tax system more superficially progressive is just going to be a growth-slower," he said.
Obama also turned his fire on banks, promising tough regulation and threatening to find and punish those responsible for the financial crash. Bankers in Davos were unsurprisingly wary.
"We should not throw the baby out with the washtub. When it comes to banks, there is no mechanism by which a modern economy can grow without strong banks and a strong financial sector," said Jacob Frenkel, chairman of JP Morgan Chase International.
HUMILITY
Whatever they think of Obama's plans, business chiefs praised his political acumen, and others said they expect inequality to remain at the top of the agenda this year.
Sir Martin Sorrell, CEO of communications giant WPP, said Obama's address "was a very good political campaign speech and I think probably heightens the probability that he will be re-elected in mid-November." Sorrell spoke on the CNBC network.
Rogoff said rhetoric such as Obama's is likely to continue from both the left and the right.
"There is so much anger out there, the Tea Party tap into in their way, President Obama is tapping into it in his way. And I'm afraid we're in for a lot of (that)."
With the Eurozone in crisis, U.S. economic growth dragging and protesters across much of the world demanding greater economic equality, there is an undercurrent of humility at this year's Davos meeting. One of the first sessions of the meeting was a debate on capitalism, sponsored by Time magazine.
Sharan Burrow, general secretary of the International Trade Union Confederation, said, "When you have the greatest inequity since just before the '30s depression, this is actually bad news for capitalism."
"If you look at taxation, this is a national sport everywhere, avoid taxation," Burrow said. "We need to say if capitalism is going to sustain itself, if it is going to provide secure jobs, it has to distribute wealth evenly and it has to make a contribution to the common good."
Sounding a humble note, Coca-Cola CEO Muhtar Kent told CNBC: "We all have to ensure that capitalism is better connected to society than it has been so far, and we all have to regenerate jobs.... We all have to find a better evolving model than what we have in our hands today."
(Reporting by Ben Hirschler, Emma Thomasson and Jon Boyle; Writing by Warren Strobel and Peter Graff; For full Reuters coverage from Davos, go to www.reuters.com/davos)
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SAN FRANCISCO ? Kyle Williams put his hands on his helmet and dropped his head in disgust. A second big mistake by its backup punt returner did in San Francisco at the worst possible time.
Williams fumbled in overtime to set up Lawrence Tynes' 31-yard field goal, and the 49ers lost the NFC championship game to the New York Giants 20-17 on Sunday.
Williams, returning kicks in place of the injured Ted Ginn Jr., muffed one punt early in the fourth quarter to set up a go-ahead touchdown for New York, then was stripped by Jacquian Williams in overtime to give the Giants the ball at the 24.
"You hate to be the last guy that had the ball, to give it away in that fashion and to lose a game of this magnitude," Williams said. "It is what it is. We're going to move forward as a team. Everyone has come to pat me on the back and the shoulder to say it's not me."
After three runs and a kneeldown, Tynes kicked the game-winner, and Williams slowly made a dejected walk back to the locker room as the 49ers missed out on a prime chance to go to the Super Bowl.
"It will be a tough one," coach Jim Harbaugh said. "It will take a while to get over."
The fact that turnovers did in San Francisco was truly surprising. The 49ers tied an NFL record with just 10 giveaways all season ? including none on special teams ? and had a plus-28 turnover margin in the regular season. They took advantage of five New Orleans turnovers to win 36-32 last week but were on the wrong end in this game because of Williams.
Williams, the son of Chicago White Sox general manager Ken Williams, did not look smooth fielding punts after doing it just twice in the regular season.
He made a dangerous, sliding catch on one return and called a fair catch on another with room to run. He then made his first big miscue after San Francisco forced a punt early in the fourth quarter while protecting a 14-10 lead.
Steve Weatherford hit a short, bouncing punt that Williams came up to try to field. He backed away at the last minute, but the ball glanced off his right knee and was recovered by Devin Thomas at the San Francisco 29. The play was originally not ruled a fumble but was overturned by instant replay.
"I told him we're all in this together," San Francisco All Pro linebacker Patrick Willis said. "I believe in him. If I had a do-over, he'd still be my guy back there. He's a tremendous athlete."
Six plays later, Eli Manning threw a 17-yard touchdown pass to Mario Manningham, who beat backup cornerback Tramaine Brock on third-and-15. Brock was playing in place of starter Tarell Brown, who left late in the third quarter after a violent collision with teammate Dashon Goldson.
Williams helped atone for his miscue when he returned the ensuing kickoff 40 yards to help set up David Akers' tying field goal late in regulation.
But on his second return in overtime, Williams gave the ball away again. He fielded the punt at the 19 and was stripped by Jacquian Williams. Thomas once again pounced on the ball at the 24, setting up the Giants' winning kick and ending San Francisco's most successful season in years.
"It was one of those situations where I caught the ball, tried to head upfield, tried to make a play and it ended up for the worse," Williams said.
Harbaugh got the Niners to the brink of the Super Bowl in his first season, taking over a 6-10 team and going 13-3 to win the NFC West. The ability to protect the ball and cause turnovers was the biggest reason for the turnaround.
But the Niners forced no turnovers by the Giants and were ultimately done in by Williams' costly giveaways.
The Niners really did miss Ginn, who injured his right knee in last week's thrilling 36-32 win over New Orleans. San Francisco was already thin at receiver after releasing Braylon Edwards late in the regular season and was unable to get anything out of its wideouts this game.
San Francisco's wide receivers had just one catch all game ? a 3-yarder by Michael Crabtree on a third-and-5 play before Akers' tying field goal with 5:39 left in regulation.
The bulk of San Francisco's offense came on two big passes from Alex Smith to Vernon Davis. They connected on a 73-yarder to open the scoring in the first quarter and a 28-yarder to take a 14-10 lead in the third.
The 49ers converted just one of 13 third downs all game, with the only conversion coming on the final play of regulation, leaving plenty of blame to go to players besides Williams.
"We all know him," Smith said. "We know how committed he is to winning. It's not on him. I look at the 1-for-13 on third downs. I know he's going to feel bad, but he's still part of our team. We didn't lose the game there. We lost it across the board offensively. We just couldn't get it done."
So now instead of the 49ers' coach taking on his brother, John, in the "Superbaugh" in Indianapolis in two weeks, the Harbaughs will be watching the big game in part because of special teams.
John's Ravens fell earlier in the day to New England 23-20 when Billy Cundiff pushed a 32-yard field goal attempt wide left in the closing seconds of the AFC title game.
LOS ANGELES ? "The Artist" followed its Golden Globe win by taking top honors at the Producers Guild Awards on Saturday, as the silent film continues its unlikely run toward Oscar night.
Producer Thomas Langmann received the award handed out at the Beverly Hilton by the Producers Guild of America, as "The Artist" beat out George Clooney's family drama and another Oscar favorite, "The Descendants."
"The Artist" won best musical or comedy at Sunday's Golden Globes and "The Descendants" won best drama along with a best actor nod for Clooney, making the movies likely rivals for Best Picture at the Academy Awards.
The other nominees in the movie category were "War Horse," "The Help," "Bridesmaids," "Hugo," "The Girl With the Dragon Tattoo," "Midnight in Paris," "Moneyball" and another Clooney movie, "The Ides of March."
Along with honors from other Hollywood professional groups such as actors, directors and writers guilds, the producer prizes have become part of the preseason sorting out contenders for the Oscars, whose nominations come out Jan. 24.
HBO's saga of mobsters in Prohibition-era Atlantic City "Boardwalk Empire" won the producers' award for television drama series, keeping AMC's "Mad Men" from winning its fourth straight PGA Award.
A team of seven producers including Martin Scorcese received the award for "Boardwalk Empire," which also beat out Showtime's "Dexter," CBS's "The Good Wife," and another HBO series, "Game of Thrones."
The ABC sitcom "Modern Family" took the award for best comedy series for the second straight year, beating "30 Rock," "The Big Bang Theory," "Glee," and "Parks and Recreation."
Other winners at the PGA awards include PBS's "Downton Abbey" for long-form television, "The Adventures of Tintin" for animated film, "Beats, Rhymes & Life" for movie documentary and "The Colbert Report" for talk and live entertainment shows.
The housing market ended the year on a positive note with strong sales in December, but a glut of unsold homes will likely push prices lower through much of this year, forecasters said Friday.
Sales of existing homes hit an 11-month high last month and the number of properties on the market fell to the lowest level in nearly seven years, according to the National Association of Realtors.
Unseasonably warm weather may have helped boost sales, but analysts said a strengthening job market and record low mortgage rates should buoy housing in coming months. Still, they were troubled by the high level of "distressed homes" for sale, including short sales of underwater properties or sales of foreclosed properties. Nearly one-third of existing-home sales were distressed last month, according to the Realtors.
In addition, one-third of Realtors said home sales fell through last month because of declined mortgage applications or appraisals that fell short of the required values.
"These strong negative undercurrents in the housing market and absence of support from strong labor market conditions will continue to trim home sales in the near term," said Asha Bangalore, economist at Northern Trust Co.
The median sale price for an existing home in December was $162,500, down 2.5 percent from December 2010. For the full year, the median price for existing homes fell nearly 4 percent.
"Home sales will gradually improve in 2012. ... However, prices will continue to decline in the near term, despite the better sales," said Stuart Hoffman, chief economist of PNC. He pointed out that many home foreclosures are stuck in the pipeline due to paperwork issues and will pressure home prices in the year to come.
"The market for single-family homes picked up in the second half of 2011, after being stuck near the bottom for nearly three years," said economist Patrick Newport of IHS Global Insight. "This pickup is real, but the road to recovery will be a slow one."
While the home sales pace was a touch below economists' expectations, December marked the third straight month of gains, adding to hopes that a tentative recovery was taking shape.
But a glut of unsold properties that is weighing down on prices and stringent lending practices by banks is likely to make progress painfully slow.
There were 2.38 million unsold homes on the market last month, the fewest since March 2005. That represented a 6.2 months' supply at December's sales pace, the lowest since April 2006 and down from a 7.2 months' supply in November.
The Realtors group noted, however, that the inventory of unsold homes tends to decline in winter.
Data earlier this week showed single-family home starts rose for a third straight month in December and optimism among builders this month was the highest in four-and-a-half years.
"It is very encouraging that the current phase of the recovery is being driven by economic fundamentals as opposed to being fostered by temporary stimulus," said Millan Mulraine, a senior macro strategist at TD Securities in New York.
Reuters contributed to this report.
What are home prices doing in your area?
Existing home sales increased 5 percent last month, the highest pace in nearly a year. So, which investments may be the best bets as housing shows signs of life? CNBC's Diana Olick has the details.
January 20, 2009: ?At 12:00 noon Barack Obama became the 44th President of the United States and the first African-American to hold the office.? NBC's Brian Williams reports.? ????
LONDON (Reuters) ? European regulators took another step towards opening the market for copies of biotech drugs on Friday by releasing a draft guideline on how companies should test biosimilar medicines containing interferon beta, used to treat multiple sclerosis.
The guideline is open for consultation until the end of May 2012 and is part of a package of new regulations being prepared by the London-based agency.
Guido Rasi, the organization's new executive director, told Reuters on January 6 the watchdog would issue its final guideline on biosimilar monoclonal antibodies -- the biggest category of biotech medicines -- in March or April.
Leading multiple sclerosis (MS) drugs containing interferon beta include Merck KGaA's Rebif and Biogen Idec's Avonex.
Up to now, complex biotechnology medicines, which are given by injection, have been largely immune from generic competition, unlike conventional chemical pills and capsules.
But the regulatory landscape is starting to change, posing a threat to leading biotech groups like Roche and Amgen, as well as makers of MS drugs and suppliers of insulin, such as Novo Nordisk.
(Reporting by Ben Hirschler; Editing by Mike Nesbit)
YouMail announced this morning a new partnership with online retailer LetsTalk.com, which will preload the visual voicemail app on select Android and Blackberry devices sold through its site. In addition, LetsTalk.com will power the YouMail Online Store, which will be accessible through YouMail and will be custom tailored to your current carrier and plan. The announcement comes on the heels of a well-publicized tiff between YouMail and T-Mobile, which resulted in the app being yanked from Android Market early last month. Hit the break for YouMail's official announcement.
National & World Salvage experts weigh options for stricken cruise ship (Photo Gallery)
By MIKE CORDER Associated PressPublished: at Last Updated: Jan 18, 2012 at 11:42 AM MST
The Costa Concordia hit a reef Friday night off the tiny island of Giglio after its captain, Francesco Schettino, made an unauthorized detour from the ship's programmed course.
COLUMBIA, S.C. ? With independent groups known as super PACs playing a pivotal role in the presidential contest, the Republican hopefuls are increasingly calling one another to account for the ads run by groups backing their candidacies.
The pressure on front-runner Mitt Romney, who has benefitted mightily from a blizzard of super PAC-funded attack ads against his rivals, has been especially strong.
No one has played the game more shrewdly than the former Massachusetts governor, who has risen to the top of the GOP field thanks in large part to the ads run by Restore Our Future, a super PAC staffed by his longtime advisers. The ads depict both Newt Gingrich and Rick Santorum as unscrupulous Washington insiders, to devastating effect.
In a nationally televised debate this week from South Carolina, Romney called super PACs "outrageous" and said he'd prefer that they weren't a factor in the race.
"Let people make contributions they want to make to campaigns. Let campaigns then take responsibility for their own words and not have this strange situation where we have people out there who support us, who run ads we don't like," Romney said in the debate.
In fact, Restore Our Future has been a bulwark of Romney's campaign, taking on the task of doing all the negative advertising on his behalf. That saves his campaign millions in television costs while allowing the candidate himself to keep his distance from unsavory attacks on his rivals.
Super PACs can raise unlimited amounts but are barred by law from coordinating with the candidates they support, and Romney professes to have no influence on the group's strategy and spending. His opponents, desperate to slow Romney's momentum before South Carolina's primary Saturday, call that a disingenuous dodge and are pressing him to disavow the ads.
"Gov. Romney's super PAC, over which he apparently has no influence ... makes you wonder how much influence he'd have if he were president," Gingrich said to applause in Monday's debate.
The new PACs, born of a 2010 Supreme Court decision easing campaign finance restrictions, are facing the first major test of their influence in presidential politics.
An Associated Press analysis this week found that ad spending by super PACs has been the most influential factor in the primary contests so far, more important than personal candidate speeches and other appearances.
So when the candidates profess frustration with the groups, it can sound like they protest too much.
"The candidates are using the law as cover to duck responsibility and duck accountability," said John Geer, a Vanderbilt University political science professor who studies campaign ads.
Geer pointed out that third-party campaign ads aren't new; the "swiftboat" ads run by allies of President George W. Bush helped sink John Kerry's candidacy in 2004. "What's new is the amount of money being spent on them," Geer said.
Restore Our Future pummeled Gingrich with some $3 million in negative ads in Iowa, reducing the former House speaker from a top-tier contender to fourth-place finisher in Iowa and in New Hampshire a week later.
The group has spent at least $2 million pounding both Gingrich and Santorum in South Carolina as the two battle to become Romney's chief conservative rival before the state's first-in-the-South primary.
Gingrich cried foul over Restore Our Future's ads in Iowa, accusing Romney of "buying millions in attack ads through a phony super PAC run by his former staff, paid for by his millionaire friends." He called on Romney to be "man enough" to take responsibility for the content of the ads.
Now, anger over super PACs is boiling over in South Carolina.
In Charleston on Tuesday, Rick Santorum blasted Romney for an ad by his super PAC suggesting that Santorum supports voting rights for felons. The former Pennsylvania senator voted for a bill that included a provision allowing prisoners to vote once they had completed their sentences and parole.
Romney is "playing dirty, dishonest politics" by refusing to accept responsibility for the ads, Santorum said. "The lie they are putting out there is a lie that he is going to stand behind," he added.
But Santorum himself arguably owes the survival of his campaign to a similar group, the Red White and Blue Fund, which is funded in part by Wyoming billionaire Foster Friess. The super PAC has helped Santorum's cash-strapped candidacy by spending more than $1.3 million on ads in early voting states, including South Carolina.
Romney stood by the Restore Our Future ad's message at a campaign appearance Tuesday while insisting again that he had no control of the ads Restore Our Future is running.
"I hear that Rick Santorum is very animated that the super PAC ad says he is very in favor of felons voting," Romney said. "Well, he is. That's his position."
Santorum had initially confronted Romney on the ad at Monday's debate, after Romney claimed anew that super PACs are "completely out of the control of candidates."
Santorum shot back, "If I had something ? the super PAC that was supporting me ? that was inaccurate, I would go out and say, `Stop it.'"
Santorum's complaints apparently had an effect ? Restore Our Future omitted a mention of Santorum supporting felon voting rights in a new ad released Wednesday in South Carolina.
For his part, Romney has criticized Gingrich for a film produced by Winning Our Future, a super PAC backing the former House speaker.
The film, "King of Bain," paints Romney as a corporate raider who fired people and bankrupted companies while he led the private equity firm Bain Capital, but it's full of inaccuracies.
"It's probably the biggest hoax since Bigfoot," Romney said in the debate.
Gingrich himself has backed away from the film, calling on the super PAC to edit it or take it down. But the film echoes a core Gingrich campaign message ? that Romney's history at Bain will make him a ripe target for Democrats if he wins the Republican nomination.
___
Follow Beth Fouhy on Twitter at www.twitter.com/bfouhy
US high-tech jobs lost as technological lead shrinksPublic release date: 17-Jan-2012 [ | E-mail | Share ]
Contact: Leslie Fink lfink@nsf.gov 703-292-5395 National Science Foundation
New NSB report provides deep insights on the economy
The United States lost 28 percent of its high-technology manufacturing jobs over the last decade, as the nation's rapidly shrinking lead in science and technology in the global marketplace was accompanied by a toll on U.S. high-tech jobs, according to a new study released today by the National Science Board (NSB), the policymaking body for the National Science Foundation.
One of the most dramatic signs of this trend was the loss of 687,000 high-technology manufacturing jobs since 2000. U.S. multinational corporations also created research and development (R&D) jobs overseas at an unprecedented rate. Meanwhile, China became the world leader in high-technology trade, and, for the first time, Asia matched the U.S. in R&D investments.
Those were among the key findings released today by the NSB, as it unveiled the most comprehensive and up-to-date information and analysis on the nation's position in science and technology. The biennial report, Science and Engineering Indicators (SEI), highlights trends and factors that have an impact on the nation's economy, competitiveness, and innovation capacity.
U.S. employment in high-technology manufacturing reached a peak in 2000, with 2.5 million jobs. The recession of 2001 provided the first big hit causing "substantial and permanent" job losses, the report said. By the end of the decade, more than a quarter of the jobs were gone.
"The latest data clearly show the economic consequences of the eroding competitive advantage the United States has historically enjoyed in science and technology," said Dr. Jos-Marie Griffiths, chairman of the NSB committee that oversees production of the report. "Other nations clearly recognize the economic and social benefits of investing in R&D and education, and they are challenging the United States leadership position. We're seeing the result in the very real, and substantial, loss of good jobs."
"The volume gives a clear picture of the United States' position in globalization," said Griffiths. "Over the last decade, the world has changed dramatically. It's now a world with very different actors who have made advancement in science and technology a top priority. And many of the troubling trends we're seeing are now very well established."
U.S. Firms Create More R&D Jobs Abroad
On top of the lost manufacturing employment, U.S. multinational corporations are rapidly expanding their R&D jobs overseas. For a decade, from 1994-2004, U.S. firms established R&D jobs abroad at a relatively slow annual rate of three percent, increasing the share of their R&D employment overseas from 14 percent to 16 percent. But according to preliminary figures, in the next five years, 2004-2009, the number of new R&D jobs overseas took off, growing to 27 percent of all R&D jobs at these U.S. firms. Since 2004, about 85 percent of R&D employment growth in U.S. multinational corporations has been abroad.
That rapid increase in employment by U.S. firms abroad contrasts with very modest growth in R&D employment in the United States by foreign companies.
"This apparent acceleration of U.S. R&D jobs overseas, along with other indicators, suggests that the capabilities of Asian countries are strong enough to accommodate such a rapid shift," said Rolf Lehming, NSF's program director for the report. "The policies of Asian governments appear to be paying off for them, and U.S. companies seem to be confident in the quality of R&D work done abroad."
The relative shift of R&D to Asia can also be seen in overall expenditures. The U.S. still does more R&D than any other single country, spending $400 billion in 2009. But, for the first time, the Asian region has nearly matched the U.S., with R&D expenditures of $399 billion.
Reversed Positions on High-tech Trade
Recent trends are also reflected in the dramatic change in shares of global high-tech exports. After rising from 19 percent to 22 percent between 1995 and 1998, by 2010 the U.S.'s share of the global high-tech exports dropped to 15 percent. At the same time, China's share nearly quadrupled, growing from 6 percent in 1995 to 22 percent in 2010.
Asia now produces more than half of all high-tech goods exports worldwide, while the U.S. and the European Union countries each produce 15 percent. During the 15-year period of 1995-2010, Japan's share fell from 19 percent to 7 percent.
Until 1997, the U.S. enjoyed surpluses in trade of high-tech goods. But by 2010 those surpluses had turned into large annual trade deficits of nearly $100 billion, largely driven by the shift in production of communications and computer goods to Asia at a time of growing U.S. demand. At the same time, China's 2010 high-tech trade surpluses reached $157 billion, while eight Asian countries (excluding China and Japan) collectively enjoyed trade surpluses of $226 billion.
Prepared biennially for the President and Congress, the comprehensive, 575-page Science and Engineering Indicators 2012 report provides information on the scope, quality, and vitality of America's science and engineering enterprise. It is a policy-neutral document, providing facts that are widely used by policymakers, federal agencies, researchers, and the news media.
Other key findings in the report include:
Three countries the United States, China, and Japan performed over half of the world's $1.28 trillion in R&D spending in 2009. (China overtook Japan during the last decade to become the second largest R&D-performing nation.)
Between 1999 and 2009, the United States' share of R&D dropped from 38 percent to 31 percent; the EU's share declined from 27 percent to 23 percent; and the Asian region grew from 24 percent to 32 percent.
Many Asian countries have increased the share of their GDPs devoted to R&D, with China almost tripling its R&D/GDP ratio since 1996. The United States R&D/GDP ratio has recently edged upward, while that of the EU has remained steady.
The developed world's lead in higher education has declined dramatically. In 2008, the U.S. produced only four percent of the world's engineering degrees, while 56 percent were awarded in Asia, including a third in China.
The number of natural sciences and engineering doctorates awarded by Chinese universities more than tripled since 2000. At 26,000 awarded in 2008, the number of these Chinese doctorates now exceeds the number earned in the United States. And, unlike in China, a large share of these U.S. doctorate degrees are awarded to foreign students. In 2009, 44 percent of the 24,700 U.S. natural sciences and engineering doctorates were awarded to temporary visa holders. For engineering doctorates, 57 percent were awarded to foreign students.
American industry, which historically has supported about 60 percent of U.S. R&D, reduced R&D funding by nearly four percent in 2009. (A rise in U.S. government R&D funding under the American Recovery and Reinvestment Act partially offset the private-sector reduction.)
Job losses from the 2007-2009 recession were less severe for science and engineering workers than for the U.S. workforce as a whole. In 2010, the median income for workers in science and engineering jobs ($73,290) was more than double the median income of all U.S. workers ($33,840).
###
SEI is prepared by NSF's National Center for Science and Engineering Statistics (NCSES) on behalf of the National Science Board. The publication is subject to extensive review by outside experts, other federal agencies, National Science Board members, and NCSES internal reviewers.
Science and Engineering Indicators 2012 goes live on the Web on Jan. 18 at noon ET at www.nsf.gov/statistics/indicators/ .
[ | E-mail | Share ]
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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.
US high-tech jobs lost as technological lead shrinksPublic release date: 17-Jan-2012 [ | E-mail | Share ]
Contact: Leslie Fink lfink@nsf.gov 703-292-5395 National Science Foundation
New NSB report provides deep insights on the economy
The United States lost 28 percent of its high-technology manufacturing jobs over the last decade, as the nation's rapidly shrinking lead in science and technology in the global marketplace was accompanied by a toll on U.S. high-tech jobs, according to a new study released today by the National Science Board (NSB), the policymaking body for the National Science Foundation.
One of the most dramatic signs of this trend was the loss of 687,000 high-technology manufacturing jobs since 2000. U.S. multinational corporations also created research and development (R&D) jobs overseas at an unprecedented rate. Meanwhile, China became the world leader in high-technology trade, and, for the first time, Asia matched the U.S. in R&D investments.
Those were among the key findings released today by the NSB, as it unveiled the most comprehensive and up-to-date information and analysis on the nation's position in science and technology. The biennial report, Science and Engineering Indicators (SEI), highlights trends and factors that have an impact on the nation's economy, competitiveness, and innovation capacity.
U.S. employment in high-technology manufacturing reached a peak in 2000, with 2.5 million jobs. The recession of 2001 provided the first big hit causing "substantial and permanent" job losses, the report said. By the end of the decade, more than a quarter of the jobs were gone.
"The latest data clearly show the economic consequences of the eroding competitive advantage the United States has historically enjoyed in science and technology," said Dr. Jos-Marie Griffiths, chairman of the NSB committee that oversees production of the report. "Other nations clearly recognize the economic and social benefits of investing in R&D and education, and they are challenging the United States leadership position. We're seeing the result in the very real, and substantial, loss of good jobs."
"The volume gives a clear picture of the United States' position in globalization," said Griffiths. "Over the last decade, the world has changed dramatically. It's now a world with very different actors who have made advancement in science and technology a top priority. And many of the troubling trends we're seeing are now very well established."
U.S. Firms Create More R&D Jobs Abroad
On top of the lost manufacturing employment, U.S. multinational corporations are rapidly expanding their R&D jobs overseas. For a decade, from 1994-2004, U.S. firms established R&D jobs abroad at a relatively slow annual rate of three percent, increasing the share of their R&D employment overseas from 14 percent to 16 percent. But according to preliminary figures, in the next five years, 2004-2009, the number of new R&D jobs overseas took off, growing to 27 percent of all R&D jobs at these U.S. firms. Since 2004, about 85 percent of R&D employment growth in U.S. multinational corporations has been abroad.
That rapid increase in employment by U.S. firms abroad contrasts with very modest growth in R&D employment in the United States by foreign companies.
"This apparent acceleration of U.S. R&D jobs overseas, along with other indicators, suggests that the capabilities of Asian countries are strong enough to accommodate such a rapid shift," said Rolf Lehming, NSF's program director for the report. "The policies of Asian governments appear to be paying off for them, and U.S. companies seem to be confident in the quality of R&D work done abroad."
The relative shift of R&D to Asia can also be seen in overall expenditures. The U.S. still does more R&D than any other single country, spending $400 billion in 2009. But, for the first time, the Asian region has nearly matched the U.S., with R&D expenditures of $399 billion.
Reversed Positions on High-tech Trade
Recent trends are also reflected in the dramatic change in shares of global high-tech exports. After rising from 19 percent to 22 percent between 1995 and 1998, by 2010 the U.S.'s share of the global high-tech exports dropped to 15 percent. At the same time, China's share nearly quadrupled, growing from 6 percent in 1995 to 22 percent in 2010.
Asia now produces more than half of all high-tech goods exports worldwide, while the U.S. and the European Union countries each produce 15 percent. During the 15-year period of 1995-2010, Japan's share fell from 19 percent to 7 percent.
Until 1997, the U.S. enjoyed surpluses in trade of high-tech goods. But by 2010 those surpluses had turned into large annual trade deficits of nearly $100 billion, largely driven by the shift in production of communications and computer goods to Asia at a time of growing U.S. demand. At the same time, China's 2010 high-tech trade surpluses reached $157 billion, while eight Asian countries (excluding China and Japan) collectively enjoyed trade surpluses of $226 billion.
Prepared biennially for the President and Congress, the comprehensive, 575-page Science and Engineering Indicators 2012 report provides information on the scope, quality, and vitality of America's science and engineering enterprise. It is a policy-neutral document, providing facts that are widely used by policymakers, federal agencies, researchers, and the news media.
Other key findings in the report include:
Three countries the United States, China, and Japan performed over half of the world's $1.28 trillion in R&D spending in 2009. (China overtook Japan during the last decade to become the second largest R&D-performing nation.)
Between 1999 and 2009, the United States' share of R&D dropped from 38 percent to 31 percent; the EU's share declined from 27 percent to 23 percent; and the Asian region grew from 24 percent to 32 percent.
Many Asian countries have increased the share of their GDPs devoted to R&D, with China almost tripling its R&D/GDP ratio since 1996. The United States R&D/GDP ratio has recently edged upward, while that of the EU has remained steady.
The developed world's lead in higher education has declined dramatically. In 2008, the U.S. produced only four percent of the world's engineering degrees, while 56 percent were awarded in Asia, including a third in China.
The number of natural sciences and engineering doctorates awarded by Chinese universities more than tripled since 2000. At 26,000 awarded in 2008, the number of these Chinese doctorates now exceeds the number earned in the United States. And, unlike in China, a large share of these U.S. doctorate degrees are awarded to foreign students. In 2009, 44 percent of the 24,700 U.S. natural sciences and engineering doctorates were awarded to temporary visa holders. For engineering doctorates, 57 percent were awarded to foreign students.
American industry, which historically has supported about 60 percent of U.S. R&D, reduced R&D funding by nearly four percent in 2009. (A rise in U.S. government R&D funding under the American Recovery and Reinvestment Act partially offset the private-sector reduction.)
Job losses from the 2007-2009 recession were less severe for science and engineering workers than for the U.S. workforce as a whole. In 2010, the median income for workers in science and engineering jobs ($73,290) was more than double the median income of all U.S. workers ($33,840).
###
SEI is prepared by NSF's National Center for Science and Engineering Statistics (NCSES) on behalf of the National Science Board. The publication is subject to extensive review by outside experts, other federal agencies, National Science Board members, and NCSES internal reviewers.
Science and Engineering Indicators 2012 goes live on the Web on Jan. 18 at noon ET at www.nsf.gov/statistics/indicators/ .
[ | E-mail | Share ]
?
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.
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Public release date: 17-Jan-2012
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