Bank of Canada keeps “over time” condition on rate hike

OTTAWA (Reuters) – Bank of Canada Deputy Governor Tim Lane repeated on Wednesday the central bank‘s message that interest rate increases will likely be needed, but only over time.

The “over time” phrase was introduced in the bank’s key guidance in its rate statement on October 23 as a way of signaling that while the next rate move is likely to be up, such a move was less imminent than it had been.

“Over time, some gradual withdrawal of monetary policy stimulus will likely be required, consistent with achieving the inflation-control target,” Lane said, according to a prepared presentation he was giving on Wednesday in Moncton, New Brunswick.

Another part of the presentation, which was posted on the central bank’s website, noted: “The Canadian economy continues to operate with a small amount of excess supply.”

The Bank of Canada is alone in the Group of Seven leading industrialized countries in signaling an intention to raise rates despite expectations of modest and unbalanced global growth.

Lane forecast “very robust growth” in emerging markets, stagnation in Europe and significant dampening of U.S. growth due to fiscal consolidation. He said Canada‘s real gross domestic product was still expected to grow at a moderate pace.

(Reporting by Randall Palmer; Editing by Jeffrey Hodgson; and Peter Galloway)

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Fitch cuts Sony, Panasonic debt ratings to “junk” status

TOKYO (Reuters) – Ratings agency Fitch downgraded the debt ratings of Japan’s Sony Corp and Panasonic Corp to “junk” status citing weakness in their consumer electronics and TV operations, further diminishing the luster of the once-great Japanese brands.

The cut to below investment grade, the first by a ratings firm, comes as the floundering Japanese tech giants face weak demand and fierce competition from Apple Inc and Samsung Electronics.

A strong yen and bumps in China, where growth has slowed and Japanese goods have been targeted in sometimes violent protests recently, have also weighed on their earnings.

The two companies, along with Sharp Corp, racked up combined losses of $ 20 billion last year, leading them to axe jobs, sell assets and close facilities.

“Both Sony and Panasonic are struggling to generate operating profits, but each is restructuring and I don’t envision the current situation continuing,” said Masahi Oda, Chief Investment Officer at Sumitomo Mitsui Trust Bank.

“A collapse of their core business would be a problem, but we are not at the point yet, and to me Fitch looks too negative,” Oda added.

Fitch downgraded Sony by three notches to BB-minus from BBB- minus, saying meaningful recovery will be slow. The move came after Sony, the maker of PlayStation game consoles and Vaio laptops, last week announced plans to raise 150 billion yen ($ 1.82 billion) through the sale of convertible bonds.

“Fitch believes that continuing weakness in the home entertainment and sound and mobile products and communications segments will offset the relatively stable music and pictures segments and improvement in the devices segment which makes semiconductors and components,” it said in statement.

In a separate statement, Fitch cut Panasonic to BB from BBB-minus, a two-notch downgrade, citing weakened competitiveness in its TVs and display panels as well as weak cash generation from its operations. It has a negative outlook on both the companies.

The downgrade sent Sony’s five-year credit default swaps (CDS), insurance-like contracts against debt default or restructuring, 5 basis points wider to 382.5/402.5 basis points.

Panasonic’s CDS for the same maturity were quoted at 295/315 basis points, 15 basis points wider than in Thursday morning Asian trade.

Standard & Poor’s rates the two consumer electronics makers at BBB, the second lowest of the investment grade, while Moody’s Investors Service has Baa3 on them, the lowest of the high-grade category.

With two of the three major ratings agencies still having the two companies as investment grade, institutional investors won’t face too great a pressure to cut their debt holdings in them, analysts said.

SONY SHARES TUMBLE

Sony shares shed 4.4 percent in Frankfurt on Thursday. The shares ended 1.8 percent higher at 834 yen in Tokyo before the Fitch announcement, trading not too far from their 32-year closing low of 793 yen hit on November 15. Sony stock is down 40 percent so far this year.

Panasonic shares were down 0.6 percent in Frankfurt in low volume. The stock inched up 0.7 percent to close at 407 yen in Tokyo trading, near its 34-year closing low of 385 yen reached on November 13.

Last month, Panasonic cut its forecast and warned it will lose close to $ 10 billion in the year to March, as it writes off billions of yen in tax-deferred assets and goodwill related to its mobile phone, solar panel and small lithium battery businesses.

Ahead of its earnings revision, Panasonic won $ 7.6 billion in loan commitments in October from banks including Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group, a funding backstop it says will help it avoid having to seek capital from credit markets.

Sony made a small operating profit in the July-September quarter, helped by the sale of a non-core chemicals business, and kept its forecast for a full-year profit of $ 1.63 billion.

(Additional reporting by Dominic Lau in Tokyo and Umesh Desai in Hong Kong; Editing by Muralikumar Anantharaman)

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SpongeBob Christmas special goes stop-motion

LOS ANGELES (AP) — How does “It’s a SpongeBob Christmas!” squeeze even more fun out of our porous little hero and the Bikini Bottom gang? By turning the animated characters three-dimensional for their holiday special.

In a tribute to classic fare such as “Rudolph the Red-Nosed Reindeer,” the “SpongeBob SquarePants” crew has been re-imagined as puppets and put through their comedy paces for stop-motion photography.

The story line as dreamed up by Tom Kenny, the voice of SpongeBob, and his musical collaborator Andy Paley: The denizens of Bikini Bottom are suddenly rude because of exposure to jerktonium, a plot by naughty Plankton to get on Santa’s (voiced by guest star John Goodman) nice list.

Plankton “wants to put everyone on their worst behavior when they should be on their best behavior, and zany mayhem ensues,” Kenny said.

“It’s a SpongeBob Christmas!” debuts 9:30 p.m. EST Friday on CBS, followed by an encore on the show’s home network, Nickelodeon, at 7:30 p.m. EST Sunday, Dec. 9.

The first-time foray into stop-motion is a welcome change for the 13-year-old “SpongeBob,” Kenny said.

“It’s fun that after all these years we can still do stuff that’s a little different. It’s like reinventing the wheel a little bit — if you can refer to a square character as a wheel,” he added, unable to resist the quip.

The actor looks back fondly on childhood memories of “Rudolph” from the Rankin-Bass studio and other stop-action projects. Even the TV commercial that put Santa on an electric razor subbing for a sleigh gets a Kenny shoutout.

Asked if young viewers might be fazed by seeing the familiar characters in a new guise, Kenny mulled the question before rebutting it.

“The characters act the same, the recording process is exactly the same. Our job is exactly the same. … There’s still plenty of the animated mayhem and anarchy that happens in the 2-D version of the show.”

Screen Novelties, the Los Angeles studio that produced the Christmas special, made a feast out of the job. In just one of their inventive approaches, filmmakers used fruit-flavored cereal to create a coral reef.

“I came to the studio and they had hundreds of boxes of cereal open and were hot-gluing it together,” Kenny recalled.

The Patrick Star puppet was covered in wool-like material and SpongeBob “wasn’t a sponge but some kind of weird material they found somewhere,” he said. “They’re like ‘MacGyver,’ always repurposing something.”

The TV special has a small element of recycling. Kenny calls it a testament to “a goofy little song” he and Paley wrote three years ago — “Don’t Be a Jerk, (It’s Christmas).”

“Bring joy to the world, it’s the thing to do. But the world does not revolve around you. Don’t be a jerk, it’s Christmas” is among its bouncy yet cautionary verses.

The tune is among a dozen included on the digital release “It’s a SpongeBob Christmas! Album,” most written by Kenny and Paley (a songwriter-producer who’s worked with artists including Brian Wilson and Blondie). Four songs are part of the special.

Music fans might want to check out the album for its craftsmanship. The veterans who play on it include harpist Corky Hale and harmonica player Tommy Morgan, both of whom have backed a roster of big stars, including Billie Holliday and Frank Sinatra.

The recording sessions proved an early holiday gift for Kenny.

“We’d spend a half-hour working and then make the musicians tell stories about who they played with,” he said.

___

Online:

http://spongebob.nick.com/

http://www.cbs.com/

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Docs Push for Over-the-Counter Pill

In an attempt to lower the alarmingly high rate of unplanned pregnancy — and the high cost associated with it — an expert panel of doctors recommended Tuesday that birth control pills be made available without a prescription.

Specifically, the committee said the potential benefits of over-the-counter birth control pills outweigh the danger, which includes a small risk of dangerous blood clots.

Nearly half of all pregnancies happen by accident, according to government data. These pregnancies cost taxpayers an estimated $ 11.1 billion each year, according to the American College of Obstetricians and Gynecologists’ Committee on Gynecologic Practice.

The birth control pill, commonly called “the pill,” is a formulation of hormones, usually progestin and estrogen, that helps prevent pregnancy mainly by keeping the ovaries from releasing eggs. Right now “the pill” is only available in the United States with a prescription, which the committee said poses a significant barrier.

“Access to and cost issues are common reasons why women do not use contraception or use it inconsistently,” said Dr. Kavita Nanda, one of the physicians on the committee.

A survey from 2004, cited by the committee, found that almost half of all uninsured women and 40 percent of low-income women who were not using birth control pills, the patch or the ring, said they would more likely use the pill if it were available over the counter.

This same survey also found that more than two out of three women at risk of an unintended pregnancy would use their pharmacy if more methods of birth control were available over the counter.

The committee said that birth control pills are good options for these women, with efficacy ranging from 92 to 99 percent depending on use.

Dr. Daniel Grossman, an American College of Obstetricians and Gynecologists fellow, who was not part of the committee, said oral contraceptives are also safe. “We have over 50 years of experience with this method,” he said.

There are still many steps that would have to occur for the American College of Obstetricians and Gynecologists recommendation to translate into the availability of birth control pills over the counter. And not all doctors support the idea that birth control pills are safely sold without a prescription.

“I think that the risks far outweigh the benefits,” said ABC News’ senior medical contributor Dr. Jennifer Ashton, who is also an obstetrician and gynecologist.

“Even though they’re hormones … they’re at much higher doses than our body makes, and as such there can be side effects ranging from minor to life threatening,” Ashton said. She went on to list some of the side effects associated with birth control pills, including low risks of blood clot, stroke and heart attack. “It’s a full spectrum of things that really needs a medical provider in the picture.”

Still, the committee noted in its recommendation that the risk of blood clots associated with birth control pills was low, with three to 10 women out of 10,000 taking the pill experiencing such a problem each year. By comparison, past research has found that the risk of blood clots associated with being pregnant is five to 20 women out of 10,000 each year, while the risk of clots associated with having just given birth is 40 to 65 per 10,000.

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NJ jury convicts NY man in iPad data breach case

NEWARK, N.J. (AP) — A federal jury on Tuesday convicted a man of illegally gaining access to AT&T‘s servers and stealing more than 120,000 email addresses of iPad users including New York Mayor Michael Bloomberg and film mogul Harvey Weinstein.

Andrew Auernheimer, of New York, was convicted of identity theft and conspiracy to gain unauthorized access to computers. Each count carries a maximum prison sentence of five years.

Prosecutors said the former Fayetteville, Ark., resident was part of an online group that tricked AT&T’s website into divulging email addresses including those of Bloomberg, Weinstein, then-White House chief of staff Rahm Emanuel, who’s now Chicago’s mayor, and other celebrities.

The group then shared the addresses with the website Gawker, which published them in redacted form accompanying a news article about the breach, prosecutors said.

A second man arrested with Auernheimer early last year, Daniel Spitler, of San Francisco, pleaded guilty that June.

At the time of the arrests, U.S. Attorney Paul Fishman said there was no evidence the men used the swiped information for criminal purposes. But authorities cautioned that it could have wound up in the hands of spammers and scam artists.

According to court papers, the men used a computer script they called the iPad3G Account Slurper to fool AT&T’s servers into thinking they were communicating with an iPad. The theft of the email addresses occurred in June 2010.

Prosecutors said at the time of Auernheimer’s arrest that he had bragged about the operation in a blog posting and in an interview with CNET published online after the Gawker article. Court papers also quoted him declaring in a New York Times article: “I hack, I ruin, I make piles of money. I make people afraid for their lives.”

Auernheimer, after he was charged and released on bail, had declined to comment.

iPad maker Apple Inc., based in Cupertino, Calif., referred questions to AT&T, which acknowledged a security weak spot on a website that exposed the email addresses. AT&T said the vulnerability affected only iPad users who signed up for its 3G wireless Internet service and said it had fixed the problem.

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Academy Sues Over “Deer Hunter” Oscar Statuette

LOS ANGELES (TheWrap.com) – A possibly counterfeit Oscars trophy for the 1978 film has sparked a very real lawsuit.

The Academy of Motion Picture Arts and Sciences has filed suit in U.S. District Court in Washington state over an Oscar statuette that “was either a genuine statuette or a very convincing counterfeit.”

If it’s real, the trophy was the one awarded to Aaron Rochin for his sound work on the 1978 film “The Deer Hunter.”

The Academy is suing Washington resident James Dunne, who sold the statue, and Edgard G. Francisco, who purchased it.

Dunne initially offered the statuette for sale on eBay in September but deleted the listing for fear that the Academy might discover it, according to the suit, which was filed last week. He later privately sold the statue of Florida resident Francisco for $ 25,000, the suit says.

The suit goes on to allege that after an appraisal, Francisco decided the statuette was fake and demanded a $ 15,000 refund. Dunne claims he provided a full refund. He also claims that he told Francisco that the trophy might not be authentic before he bought it.

Dunne told the Academy that he had either picked up the statuette at a moving sale or obtained it from a third party who got it at an estate sale.

After getting the refund, the suit says, Francisco threw the statuette away.

The Academy’s suit is two-fold: If the trophy was real, the Academy is seeking restitution for the loss of its property; if it was fake, the Academy claims that the pair infringed on the organization’s Oscars copyright.

The latter would seem to be the more probable scenario in this case. For one thing, the Academy says that the identification number for the statuette would place its manufacture in 1979, while the eBay auction billed it as a “Rare Pre-1950 Academy of Motion Picture Arts and Sciences OSCAR Statue Award!”

The Academy is asking for unspecified damages, plus suit costs and attorneys’ fees.

(Pamela Chelin contributed to this report)

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Task Force Backs HIV Screening

In an effort to curb HIV transmission and get treatment to those already infected, the U.S. Preventive Services Task Force has recommended that every American between the ages of 15 and 65 be tested for HIV.

Experts hope that the new recommendations will encourage more Americans to get tested and, if necessary, get treated.

“HIV screening is an important way to help people who have HIV, and also to prevent transmission,” said Dr. Doug Owens, a leader of the task force and professor of medicine at Stanford University and the Veterans Affairs Palo Alto Health Care System. Owens said that HIV treatment “decreases the amount of circulating virus,” making it less likely for it to spread from person to person.

Roughly 1.2 million Americans are currently living with HIV, a number that has been increasing steadily over the past five years, according to the U.S. Centers for Disease Control and Prevention. There continue to be about 48,000 new cases per year in the United States, but new treatments are allowing people to live long lives after they’re diagnosed.

“Hopefully, more people with HIV will be identified and treated earlier,” said Dr. Roger Chou of the Pacific Northwest Evidence Based Practice Center, whose study on the evidence supporting the new recommendation was published today in the Annals of Internal Medicine.

HIV-positive patients who start treatment while their immune systems are relatively intact live longer and are less likely to spread the virus to other people. But 20 percent of patients are unaware they have the virus, said Dr. Carlos Del Rio, co-director of the Emory Center for AIDS research in Atlanta.

“This news about screening is very exciting,” Del Rio said.

Previous task force recommendations on HIV testing, published in 2005, called for adults to get tested only if they’d had unprotected sex with multiple partners or used intravenous drugs — in other words, were at high risk. But up to a quarter of patients who test positive for HIV report no risk factors, according to the new Preventive Services Task Force statement.

“People are terrible at knowing their own risk,” said Del Rio, adding that people may be unaware of the HIV status of their sexual partners. “And doctors are terrible at asking them about risk. It can be difficult to discuss sex and drugs with our patients.”

The task force recommendations are used by Medicare and other insurance companies to determine what laboratory tests should be covered. Other important task force recommendations included screening for breast and colon cancer, as well as high cholesterol.

“I don’t have to ask my patients if they eat hamburgers before ordering a cholesterol test,” said Del Rio. “Now I can do a routine HIV test when patients come to clinic.”

In order for the U.S. Preventive Services Task Force to make a testing recommendation, the test has to be accurate, treatment for the disease must be available and the benefits of the treatment outweigh the harms.

“HIV testing is one of the most accurate tests that we have for any condition,” said Chou.

Coupled with the fact that the benefits of HIV treatment are now known to outweigh the risks, screening now makes sense, according to the experts on the task force.

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U.S. fiscal impact of great concern to Canada: Canada’s Harper

TORONTO (Reuters) – Any fiscal problems that would significantly slow the U.S. economy would be of great concern to Canada, Canadian Prime Minister Stephen Harper said on Monday.

The United States needed a credible medium-term fiscal plan, Harper said at a business forum in Ottawa, adding that he was following the U.S. fiscal debate with “great interest.”

(Reporting by Solarina Ho)

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Kopp: Impostor filed motion in NY Facebook case

BUFFALO, N.Y. (AP) — Lawyers fighting a New York man’s ownership claim against Facebook Inc. say a bizarre motion bearing the name of convicted abortion doctor killer James Charles Kopp earlier this month was apparently filed by an impostor.

In court papers, Facebook lawyers say they received a sworn statement from the imprisoned Kopp Monday denying he’s filed any motion in Paul Ceglia‘s lawsuit. An accompanying letter from Kopp to the federal judge handling the case says someone is impersonating him.

The motion signed with Kopp’s name had sought permission to intervene in Ceglia’s lawsuit while accusing Ceglia of a litany of personal slights, threats and crimes. Kopp’s serving life in prison for the 1998 killing of Dr. Barnett Slepian in suburban Buffalo.

Facebook says the Kopp motion, even if it’s real, should be denied.

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Patrick Wilson, Rose Byrne to reprise roles for “Insidious” sequel

LOS ANGELES (TheWrap.com) – FilmDistrict, Alliance Films and Sony Pictures Worldwide Acquisitions will bring “Insidious Chapter 2,” the sequel to last year’s hit film “Insidious,” to U.S. theaters on August 30, 2013, the companies announced Monday.

Patrick Wilson, Rose Byrne, Lin Shaye and Ty Simpkins will reprise their roles in the film, which “Insidious” director James Wan will direct from a script written by Leigh Whannell who also wrote the first film.

Jason Blum, who produced “Insidious,” is producing the low-budget sequel through his Blumhouse Productions. Brian Kavanaugh Jones, Oren Peli, Steven Schneider, and Charles Layton are executive producing. Production on the sequel is set to begin on January 15 in Los Angeles.

Sony Pictures Worldwide Acquisitions acquired the U.S. rights to the film in conjunction with FilmDistrict. The film is being financed by Alliance Films. FilmDistrict will distribute the film theatrically in the United States, with Sony handling the majority of ancillary rights in the U.S.

Alliance Films will distribute in Canada, the U.K. (via its Momentum Pictures subsidiary) and Spain (via Aurum), and Sony Pictures Worldwide Acquisitions will distribute in all other international territories.

Peter Schlessel, FilmDistrict’s CEO, said: “We are all very excited to see the next chapter of James and Leigh’s vision of the Further. It’s great to be in business again with Blumhouse, Alliance and Sony.”

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