New home sales stagnant, cast shadow on housing

WASHINGTON (Reuters) – New U.S. single-family home sales fell slightly in October and the prior month’s pace of sales was revised sharply lower, casting a faint shadow over one of the brighter spots in the U.S. economy.

The Commerce Department said on Wednesday sales dropped 0.3 percent last month to a 368,000-unit annual rate, while September’s sales pace was revised to 369,000 from 389,000.

The housing sector has been a point of relative strength this year in an economy beset by flagging business confidence and cooling demand from abroad.

A report last week showed a surprisingly sharp gain in home resales in October, while data this week showed prices for single-family homes have risen continuously since February.

Economists expect home construction to add to economic growth this year for the time since 2005.

Wednesday’s data did not change the view that housing is still in recovery mode, although the pace of new home sales in October was below the level of May, suggesting little upward momentum.

“It’s just that progress will be slow,” said Yelena Shulyatyeva, an economist at BNP Paribas in New York.

U.S. homebuilder stocks fell, even as broad market indexes rose slightly.

While weakness in business spending has been restraining growth, most recent data has suggested housing is gaining momentum. Consumer confidence has also been more bullish.

Wednesday’s report showed the median sales price for a new home in October was 5.7 percent higher than a year earlier, but the pace of year-over-year price gains slowed for a second straight month.

Some analysts suggested the decline in sales in October might be partially due to a mammoth storm that slammed into the U.S. East Coast at the end of October. New sales plunged 32.3 percent in the Northeast, which bore the brunt of the storm.

“Some of this could potentially be Hurricane Sandy,” said Megan McGrath, an analyst at MKM Partners in Stamford, Connecticut.

However, the Commerce Department said the storm did not affect data collection at all and its impact on the pace of sales was likely “minimal.”

Economists polled by Reuters had forecast sales rising to a 390,000-unit rate last month from September’s previously reported 389,000-unit rate.

To provide support for the housing market, the Federal Reserve has kept interest rates at rock-bottom levels since 2008. In September, it launched an open-ended program to buy mortgage-backed securities, driving mortgage rates to record lows.

In a separate report, data from the Mortgage Bankers Association showed an index for home purchase loans, a leading indicator of home sales, rose 2.6 percent last week to its highest level of the year.

(Additional reporting by Gabriel Debenedetti in New York; Editing by Andrea Ricci)

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Rapper PSY wants Tom Cruise to go ‘Gangnam Style’

BANGKOK (AP) — The South Korean rapper behind YouTube’s most-viewed video ever has set what might be a “Mission: Impossible” for himself.

Asked which celebrity he would like to see go “Gangnam Style,” the singer PSY told The Associated Press: “Tom Cruise!”

Surrounded by screaming fans, he then chuckled at the idea of the American movie star doing his now famous horse-riding dance.

PSY’s comments Wednesday in Bangkok were his first public remarks since his viral smash video — with 838 million views — surpassed Justin Bieber‘s “Baby,” which until Saturday held the record with 803 million views.

“It’s amazing,” PSY told a news conference, saying he never set out to become an international star. “I made this video just for Korea, actually. And when I released this song — wow.”

The video has spawned hundreds of parodies and tribute videos and earned him a spotlight alongside a variety of superstars.

Earlier this month, Madonna invited PSY onstage and they danced to his song at one of her New York City concerts. MC Hammer introduced the Korean star at the American Music Awards as, “My Homeboy PSY!”

Even President Barack Obama is talking about him. Asked on Election Day if he could do the dance, Obama replied: “I think I can do that move,” but then concluded he might “do it privately for Michelle,” the first lady.

PSY was in Thailand to give a free concert Wednesday night organized as a tribute to the country’s revered King Bhumibol Adulyadej, who turns 85 next month. He paid respects to the king at a Bangkok shopping mall, signing his name in an autograph book placed beside a giant poster of the king. He then gave an outdoor press conference, as screaming fans nearby performed the pop star’s dance.

Determined not to be a one-hit wonder, PSY said he plans to release a worldwide album in March with dance moves that he thinks his international fans will like.

“I think I have plenty of dance moves left,” he said, in his trademark sunglasses and dark suit. “But I’m really concerned about the (next) music video.”

“How can I beat ‘Gangnam Style’?” he asked, smiling. “How can I beat 850 million views?”

___

Associated Press writer Thanyarat Doksone contributed to this report.

Asia News Headlines – Yahoo! News

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Google Breaks All Android App Reviews, Threatens Android Fans’ Safety

“A Google User” is now the number one Android game and app reviewer on Google Play, Android’s version of Apple’s App Store. That’s because every single one of the millions of existing reviews, possibly including yours, has had its author replaced with this nameless, faceless person.

Screenshots taken by Jeremiah Rice of the Android Police blog show this prolific (but completely generic) author has taken over the Google Play store. Meanwhile, if you visit the store on your Android smartphone or tablet you won’t see a name attached to most reviews at all; just the review’s title, and the device that the game or app was run on.

Believe it or not, this is all intentional. It’s the start of a new Google policy … one which may threaten some Android fans’ safety or privacy.

​Google+, whether you like it or not

Google now requires you to have a Google+ (pronounced “Google Plus”) account in order to leave reviews on Google Play, the Chrome Web Store, and Google Maps. No reason for the switchover is given in the pop-up which explains this; you simply click “Continue” if you want your reviews tied to your Google+ account, and if you don’t want them linked you don’t write them at all. If you don’t have a Google+ account, you have to sign up for one before you can write a review.

​Why Google is Plus-ifying everything

Google’s success as a company is determined by how many ads it sells. Google’s share of the ad market is being eaten into by Facebook, which has essentially “walled off” a huge part of people’s day-to-day lives in a place Google can’t index or sell any ads on. For better or for worse, Google’s execs feel that what they need to do to compete is copy Facebook, in the form of Google+.

Why? Because if everyone is “Plusing” things instead of “Liking” them, and if everything people do shows up on Google+ instead of Facebook, then now Google (instead of Facebook) knows what you’re doing online and where you’re doing it — and that gives it a much better position from which to display and sell ads.

​Why this is a problem for many

Besides the obvious privacy concerns (although Google offers limited tools to manage how much it tracks you), Google+’s “real names” policy is dangerous to anyone whose safety is jeopardized by attaching their given name to their online activities. This includes women who are victims of stalking, minors who are victims of abuse, transgender persons in transition, and dissidents in repressive political or religious regimes. By requiring a Google+ account to use more and more of its services, Google is forcing these people to choose between excluding themselves and running the risk of having ​all​ of their Google services terminated for a “real name” policy violation, including their personal Gmail accounts.

Google+ policy allows for pseudonymous accounts, if you’re widely known by that pseudonym online. Everyone’s Google+ page, however, has a button to report what anyone feels is a suspicious name, which puts marginalized persons like those listed above at the mercy of every “troll” who comes by.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.
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Disney Channel to debut ‘Sofia the First’ Jan. 11

NEW YORK (AP) — Disney says its animated children‘s series “Sofia the First” will premiere Jan. 11 on the Disney Channel and Disney Junior networks.

Created for kids ages 2 to 7, “Sofia the First” is about a young girl who becomes a princess and learns that honesty, loyalty and compassion are what makes a person royal.

Sofia is voiced by “Modern Family” actress Ariel Winter, and her mother is played by “Grey’s Anatomy” star Sara Ramirez.

Last week’s premiere of the “Sofia the First” animated movie drew a total audience of more than 5 million viewers. It was the year’s top-rated cable TV telecast among kids ages 2 to 5.

In the series’ debut episode, Sofia strives to become the first princess to earn a spot on her school’s flying derby team.

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Infected and unaware: HIV hitting America’s youth

CHICAGO (Reuters) – More than half of young people in the United States who are infected with HIV are not aware of it, according to a new report by government health officials that zeroes in on one of the remaining hot spots of HIV infection in America.

Young people ages 13 to 24 account for 26 percent of all new HIV infections, according to the report by the U.S. Centers for Disease Control and Prevention, which was released on Tuesday.

“Given everything we know about HIV and how to prevent it in 30 years of fighting the disease, it’s just unacceptable that young people are becoming infected at such high rates,” CDC Director Dr. Thomas Frieden said on a conference call with reporters.

Every month, 1,000 young people in America become infected with HIV, an incurable infection that costs $ 400,000 to treat over a lifetime, Frieden said. If left untreated, HIV infection leads to AIDS and early death.

“The data are stark and worrying,” Dr. Kevin Fenton, director of the National Center for HIV/AIDS, Viral Hepatitis, STD and TB Prevention at the CDC, said in a telephone interview.

In 2010, 72 percent of the estimated 12,000 new HIV infections in young people occurred in young men who have sex with men, and nearly half of new infections were among young, black males.

“We are particularly concerned about what is happening with HIV among young black and bisexual men,” Fenton said. “They account for 39 percent of all new infections among youth and more than half of new infections among young men who have sex with men.”

Fenton said the proportion of young people infected with HIV has remained relatively stable during the last few years, but infection rates appear to be increasing in these populations.

And because many of the newly infected gay or bisexual males are just beginning to explore their sexuality, stigma and homophobia are making HIV testing and treatment far more challenging.

Although the CDC and the American Academy of Pediatrics recommend routine screening for HIV starting in the early teens, “too few young people are getting tested,” Frieden said.

Only 13 percent of all high school students and only 22 percent of sexually active high school students have ever been tested for HIV, the CDC found.

The figures for young adults aged 18 to 24 are not much better, with only 35 percent of people in this age group reporting ever having been tested for HIV.

Frieden said one reason for the higher rates of infection among young gay and bisexual men of all races was a higher rate of risky behaviors compared with their heterosexual peers.

According to the report, a large analysis of risk behaviors among high school students revealed that gay and bisexual males are much more likely to have multiple sex partners, to inject illegal drugs and to use alcohol or drugs before sex. They are much less likely to use condoms.

And because so few get tested, HIV-infected people under age 25 are significantly less likely than those who are older to get and stay in care, and to have their virus controlled at a level that helps them stay healthy and reduce their risk of transmitting HIV to partners.

The CDC also found that many young men who have sex with men are less likely than others to have been taught about HIV or AIDS in school.

“We have to correct a lot of myths and misconceptions,” Frieden said. “It is astonishing the level of ignorance about basic physiology that may high school and middle school students have.”

To address some of the issues, the CDC is funding a program that targets both at-risk youths and the homophobia and stigma in the community that drives them underground.

In September, Georgia, a state where new HIV infections among those 13 to 24 years old exceed the national average – accounting for as many as one-third of all new HIV infections – won a grant as part of a pilot project to find better ways of targeting these at-risk youth.

“We think that it’s really critical that the discussions we have about HIV prevention and access to HIV become fully integrated into the social fabric of the youth culture,” Dr. Melanie Thompson, of the Georgia Department of Public Health, said in a telephone interview.

Care and Prevention in the United States, known as CAPUS, is a three-year program led by the CDC and other government agencies aimed at reducing HIV and AIDS among racial and ethnic minorities in the United States. It focuses on addressing social, economic, clinical and structural factors influencing HIV health outcomes.

“It is a huge challenge,” said Thompson, “but I think if we do this from the point of view of trying to end an epidemic that is decimating our young people, and do it in a way that is science-based, I think we can make progress.”

(Reporting by Julie Steenhuysen; Editing by Maureen Bavdek and Leslie Adler)

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From Wartime Technology Comes Hurricane Relief

A parking lot on Rockaway Beach Boulevard, in the heart of the Hurricane Sandy-ravaged New York coastline, has been serving as the base of operations for Team Rubicon, a volunteer organization staffed by military veterans who show up when disasters strike. The lot has many of the things you’d expect to see at a disaster-recovery site: stacks of hand tools, portable toilets, palettes of food, and water. What’s most interesting is the matte-green school bus parked in back.

Courtesy Team RubiconThat bus is a mobile command post, a place from which dispatchers can direct teams of volunteers to various addresses to assess damage, provide assistance, or call for supplies. To make that process more efficient, Team Rubicon employs software that is more commonly used on the battlefield but is now helping aid workers as they move from house to house.

The software comes from Palantir, a tech company in Silicon Valley that makes software used by the military, intelligence. and law-enforcement communities. Palantir’s software, which works on both laptops in the bus and on volunteers’ smartphones, allows dispatchers to see the volunteers’ locations, via their phones’ GPS function, along with the whereabouts of houses that need assistance. Aid workers can call up notes associated with a particular property and can add their own comments. They can also upload geo-tagged photos in case the address information is faulty and visual confirmation is more reliable.

Members of Team Rubicon and Palantir first met in August at the Classy Awards, a philanthropic awards ceremony held in San Diego. “The initial intent was to use Palantir to better understand their volunteer base,” says Jason Payne, who heads up Palantir’s “philanthropy engineering” team. The first plan was to more accurately match volunteers’ skills to needed tasks, but Sandy’s arrival forced a pivot to the more immediate concerns of recovery management. “It became an alpha or beta run to see how the platform could be applied to their activities on the ground,” Payne says.

Palantir’s software is designed to deal with large, disparate data sets, which can be useful in peacetime, as well as during conflicts. If you want to determine where to send aid, Payne explains, you would benefit by combining several layers of information: the status of neighborhood pharmacies and gas stations, demographic and census data, poverty rates, and other information. In the future, Payne says, such use of Palantir’s system could result in more accurate targeting of resources.

Team Rubicon began its efforts in the area on Oct. 29, and it plans to remain there until Dec. 3, at which point the group will hand over operations to longer-term recovery organizations. Its success with Palantir—the group has successfully managed more than 10,000 volunteers in the Rockaways—means that the software will likely be expanded to other aid groups. Payne mentions that such organizations as AmeriCorps, AmeriCares, and Points of Light have expressed interest in the platform.

Team Rubicon also plans to use the software again to make future relief campaigns faster and more efficient. “The Palantir software acts as a force-multiplier,” says Ford Sypher, a regional director of Team Rubicon who served as an Army Ranger in Iraq and Afghanistan. The software addresses a common problem in dispatching crews for disaster relief: lack of real-time communication. “You’d send people out to check a house, and you had no idea where they were or what they needed until they came back,” says Brendan Kraft, a volunteer who was an Army public health technician. “Now we can all share information as it comes in.”

“Before we had this,” Kraft adds, gesturing toward the satellite map imagery, overlaid with data points, “we had a pad and a pen.”

Businessweek.com — Top News

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Rugby-England add flyhalf Burns to squad for All Blacks’ test

LONDON, Nov 27 (Reuters) – England called up uncapped Gloucester flyhalf Freddie Burns on Tuesday to their squad for Saturday’s test against New Zealand in place of the injured Toby Flood.

Flood sustained ligament damage to a big toe during the 16-15 loss to South Africa at Twickenham last Saturday.

Owen Farrell, whose last start was in the first test in South Africa this year, is set to replace Flood in the starting XV against the world champions.

Lock Courtney Lawes, who missed England’s first three tests of the November series because of a knee injury, has also been included in the 23-man squad. Two other locks, Mouritz Botha and Tom Palmer, have been omitted.

After beating Fiji in their opening match, England have lost to Australia and the Springboks and now face a daunting match against the All Blacks who are unbeaten in 20 tests since the start of their victorious World Cup campaign last year.

“For those in Saturday’s squad the message is clear – last week we went toe to toe with the second best team in the world and felt we should have won,” England head coach Stuart Lancaster said in a statement.

“Now we have a chance to take on the number one side in front of a passionate Twickenham crowd, who have been fantastic throughout the Internationals, and it is a challenge we will meet head on.” (Reporting by John Mehaffey; Editing by Ken Ferris)

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Online sales jump 24 percent early on Cyber Monday: IBM

SAN FRANCISCO (Reuters) – Online sales jumped during the first hours of Cyber Monday suggesting strong growth from earlier in the holiday shopping season continues, according to data from International Business Machines Corp.

Online sales were up 24.1 percent as of 12:00pm EST on Cyber Monday, compared to the same period a year earlier, said IBM, which tracks transaction data from 500 U.S. retail websites. In 2011, the early Cyber Monday year-over-year growth was 15 percent, IBM noted.

Strong online sales growth on Thanksgiving Day and Black Friday sparked concern that shoppers may just be buying earlier, threatening revenue later in the season.

“So far that is not the case,” said Jay Henderson, Strategy Director, IBM Smarter Commerce. “Extending the shopping season has really just fueled additional online spending rather than cannibalizing days later in the season.”

(Reporting By Alistair Barr)

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Obama spoke with House Speaker Boehner, others on “fiscal cliff”

WASHINGTON (Reuters) – President Barack Obama spoke with House of Representatives Speaker John Boehner over the weekend on efforts to avert the looming “fiscal cliff” of budget cuts and tax rises that threatens to tip the U.S. economy back into recession.

A White House official said on Monday that Obama also spoke with Senate Majority Leader Harry Reid, a fellow Democrat, and said discussions among staff members continued.

The president met with congressional leaders, including Boehner and Reid, 10 days ago seeking common ground following Obama’s re-election for another four-year term on November 6.

Boehner and fellow Republicans oppose the Democrats’ proposal to raise taxes on the very wealthy as part of arrangements to rein in the enormous U.S. budget deficits.

Starting on January 2, about $ 600 billion worth of tax increases and spending reductions, including $ 109 billion in cuts to domestic and defense programs, will begin to kick in if Congress cannot decide how to replace them with less extreme deficit-reduction measures.

(Reporting by Mark Felsenthal; Editing by David Storey)

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Surprise choice for Bank governor

26 November 2012 Last updated at 13:00 ET

Mark Carney: “I am very honoured and excited”

Mark Carney has been named as the new governor of the Bank of England by Chancellor George Osborne.

Mr Carney, the governor of the Canadian central bank, will serve for five years and will hold new regulatory powers over banks.

He was a surprise choice for the head of the UK’s central bank and had previously ruled himself out.

The post is seen as one of the most important positions in the stewardship of the UK economy.

Current governor Sir Mervyn King steps down from the post next June.

Sir Mervyn said Mr Carney represented “a new generation of leadership for the Bank of England, and is an outstanding choice to succeed me”.

‘Critical time’

Mr Osborne told Parliament that Mr Carney, 47, would bring the “strong leadership and external experience the Bank needs” and added that the Canadian would apply for British citizenship.

Continue reading the main story

“Start Quote

Mr Osborne regarded Mr Carney as the central banking equivalent of Sir Alex Ferguson or Pep Guardiola”

End Quote

He said Mr Carney was acknowledged as “the outstanding central banker of his generation”.

During Mr Carney’s five years as governor in Canada, Mr Osborne said he was “acknowledged to have weathered the economic storm better than any other major Western economy”.

Mr Carney said he was “honoured to accept this important and demanding role” at a “critical time for the British, European and global economies”.

He will serve in his current post until May next year. Mr Carney said he was “not without ties” to the UK – his wife is a dual national of the UK and Canada.

Shadow chancellor Ed Balls welcomed the incoming governor as a “good choice, good judgement”.

Andrew Tyrie, chairman of the Treasury Select Committee, told the BBC that Mr Carney “ticks all the boxes” but added that his committee would question him on matters such as how he will approach macro-prudential stability and what his views on quantitative easing are.

The British Chambers of Commerce said it hoped that the new governor would “focus relentlessly on supporting business growth across the UK – not just in the Square Mile”.

The CBI said Mr Carney’s “strong track record as the Canadian central bank governor and extensive experience in international financial regulation mean that he is well positioned to guide Britain through challenging economic times”.

Continue reading the main story

Mark Carney

• Educated at Harvard and Oxford


• Spent 13 years with the investment bank Goldman Sachs


• Has a British wife


• Currently serves as chairman of the Financial Stability Board


• Fluent French speaker

Pay package

The term for a Bank governor is eight years. But the chancellor told Parliament that Mr Carney indicated he intended to serve for five years and to stand down at the end of June 2018.

“Mr Osborne was keen to get his preferred central governor, because Mr Carney was widely perceived to have all the bits: he is admired by monetary economists, regulators and – allegedly – his staff (or to put it another way, he is an unusual economist and central banker, in that he is seen as a half-decent manager),” the BBC’s business editor Robert Peston said.

The governor of the Bank chairs the monetary policy committee, which has responsibility for setting interest rates in the UK.

Following the government’s decision to scrap the Financial Services Authority and hand some of its responsibilities to the Bank, the governor will also oversee important regulatory powers as well.

Other candidates for the post included Bank deputy governor Paul Tucker, FSA chairman Lord Turner, Sir John Vickers, who led the government’s recent review into breaking up the banks, and Santander bank’s UK chairman Lord Burns.

Mark Carney ruling himself out of the position on HARDtalk in August 2012

Mr Tucker, who has spent most of his career with the Bank, was seen by many as the favourite for the job.

The BBC understands that Mr Carney will be offered a total pay package of about £624,000 a year.

Sir Mervyn’s salary is £305,000 a year, but he receives much more generous pension contributions making his total pay and pension package worth about £519,000.

Mr Osborne also announced the re-appointment of Charlie Bean as Bank of England deputy governor for monetary stability for a further year until the end of June 2014.

BBC News – Business

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