Wednesday, 6 February 2013

Zynga profit tops views, but it forecasts lower revenue

SAN FRANCISCO (Reuters) - Zynga Inc, the one-time Silicon Valley darling that has been wrestling with a months-long exodus of online gamers, reported an unexpected fourth-quarter profit on Tuesday,

Revenue was virtually flat from a year ago, but was down from the prior quarter. And Zynga's underlying business appeared to be continuing its downward slide, as the maker of "CityVille 2" and other games projected revenue could shrink for a third sequential quarter.

The game maker reported a quarterly profit of 1 cent per share on an adjusted basis, beating expectations for a loss of 3 cents per share, according to analysts polled by Thomson Reuters I/B/E/S.

Shares of Zynga rose 5.8 percent to $2.90 in after-hours trade on the results.

Fourth-quarter revenues were $311 million, virtually unchanged from a year ago.

Zynga forecast revenue for the first quarter of 2013 of between $255 million and $265 million, a roughly 20 percent drop from the same quarter in 2012.

Once hailed as one of Silicon Valley's fastest growing companies, Zynga suffered a dramatic reversal in 2012, when users began to abandon its once-popular games like "CityVille." The company was also caught off-guard by a sea change in consumer behavior, as people spent more time on their mobile phones instead of desktop computers - the platform for most of Zynga's most lucrative, Facebook-based games.

During the quarter, Zynga's daily active users fell to 56 million, down from a high of 72 million in the second quarter of 2012.

In October, Zynga'a chief executive, Mark Pincus, laid off staff and announced $200 million in stock buybacks after the company forecast a loss for the December quarter.

He has also vowed to make smartphone-based games a centerpiece of Zynga's line-up.

(Reporting By Gerry Shih; Editing by Leslie Adler)

Source: http://news.yahoo.com/zynga-reports-fourth-quarter-revenue-flat-311-million-211600980--finance.html

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Video: Roubini: 'I Think We Are Going To Go Into the Sequester'

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Source: http://video.msnbc.msn.com/cnbc/50703734/

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NEC's spring all-in-one PC lineup melds TV with Twitter

NEC's spring allinone PC lineup melds TV with Twitter

Like all-in-one PCs, TV and Twitter? NEC's new desktop PCs might just hit the spot -- if you live in Japan, that is. The company just launched its spring 2013 lineup of Valuestar systems which will be available in two display sizes on February 7th. Valuestar W computers pack a 23-inch screen and Core i7 processor with the 3D-capable VW970/LS costing ¥235,000 ($2,550) and the 2D-only VW770/LS listing for ¥215,000 ($2,330). The Valuestar N series boast a 21.5-inch display and come in three versions: VN770/LS with Core i7 for ¥195,000 ($2,110), VN570/LS with Core i3 for ¥160,000 ($1.740) and the ¥125,000 ($1,360) Celeron 1000M-equipped VN370/LS. While there are no details on RAM or storage options, all PCs run Windows 8 with Office 2013, and feature TV tuners, Blu-Ray drives (DVD on the VN370/LS), DLNA support, Yamaha sound systems, built-in video tutorials and access to music.jp's service. The 23-inch models provide instant-on TV functionality with three TV tuners (two for recording, one for viewing) while 21.5-inch units include dual TV tuners. NEC offers several ways to control the computer's TV functionality: via standard remote control, using gestures (except VN370/LS), with a custom smartphone / tablet app and even from Twitter. Yes, you can now DM your Valuestar system (even when it's turned off) and tell it to record TV -- you can also have it monitor Twitter for certain keywords / TV shows and overlay a popularity meter. What could possibly go wrong?

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Via: AV Watch (translated)

Source: NEC

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/P_kKULp8XA4/

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Sunday, 3 February 2013

Economist's View: Overlooking $2.3 Trillion in Debt Reduction

We have already cut around $1.5 trillion of spending from the budget. Yet Tyler Cowen says:

I would view the sequestration as a kind of referendum on whether we are ever capable of cutting or restraining spending and I fear not.??

He also says defense is untouchable becasue:

When it comes to the defense budget, ?gdp fetishism? suddenly makes a comeback.

But:

Two-fifths of the $1.5 trillion in savings from cutting and capping funding for discretionary programs comes from defense.

I'm all for more cuts to defense too, but it's only fair to note that some cuts have been made there already.

Also, why are only spending cuts mentioned when the discussion is the budget? Please don't tell me that if it's not spending cuts, i.e. if it's a tax increase, it doesn't count for budget discussions (and Keynesian economics, which is part of his discussion, does not make this distinction). Thus, note also that the American Taxpayer Relief Act (ATRA) added another half trillion in deficit reduction. Together, the $1.5 trillion in appropriations cuts, plus the $.5 trillion in tax increases in the ATRA, plus the $300 billion in interest savings amount to around a bit over $2.3 trillion in deficit reduction (see table 1 here). Once the economy can handle it, we need a bit more (though not everyone agrees) to stabilize the long-run picture, but to say we've made no progress at all is wrong and misleads about the urgency of finding further cuts. If people want more spending cuts, fine, we can debate that along with a debate over tax increases, and maybe even agree on cuts to defense and a few other areas. But in making the argument for an ideological position that government ought to be smaller, don't present the case as though nothing at all has been done to cut spending (and please don't hide the ideological call for a smaller government in a discussion about reducing debt). I was going to say that misleading people about the cuts we've made so far -- asking whether we'll ever be able to cut spending when we already have -- is no way to win an argument, but actually it is, and that's the problem.

Here's Tyler Cowen with more discussion of his column.

Here's Dean Baker with comments.

Source: http://economistsview.typepad.com/economistsview/2013/02/overlooking-23-trillion-in-deficit-reduction.html

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Pentagon expands probe of troubled components on fighter jet-sources

WASHINGTON (Reuters) - The Pentagon is inspecting other components of the F-35 fighter jet in addition to the faulty fuel lines blamed for the grounding of the Marine Corps version of the warplane, two sources familiar with the program said on Friday.

Vice Admiral David Dunaway, head of Naval Air Systems Command, asked for the expanded "material audit" this week after being briefed on plans by the Pentagon's F-35 program to resume training and test flights of the F-35B, the sources said.

"There's too much at stake here," said one of the sources, who was not authorized to speak publicly.

The grounding of the F-35B has raised questions about the ability of the $396 billion Joint Strike Fighter program to keep up with an aggressive flight test schedule for this year.

Dunaway wanted to be certain that other components made by Stratoflex, a unit of Parker Hannifin Corp, for the Lockheed Martin Corp F-35 fighter jet did not have the same problems as the fuel lines.

"He wants to assess the company's quality assurance practices and make sure they are doing business the right way," said the source.

Dunaway's office was not immediately available to comment.

It was not immediately clear how long the additional inspections would take and when the B-model would be cleared to start flying again. Dunaway is responsible for approving flights of the F-35Bs used for training, while the Pentagon's F-35 program office is responsible for approving test flights.

"This is a prudent step which will help to ensure that when we're ready to return to flight we do so with confidence," said a second source, who was not authorized to speak publicly.

The Pentagon this week began shipping fuel lines made by Stratoflex for CT scanning by an independent company in Minnesota after it determined improper crimping had caused a fuel line to detach just before a training flight at a Florida Air Force base on January 18, resulting in a grounding of the entire fleet of 25 F-35 B-model planes.

The Pentagon on Monday blamed the problem on faulty manufacturing, not the component's design or maintenance, and said both engine maker Pratt & Whitney, a unit of United Technologies Corp, and its subcontractor, Britain's Rolls-Royce, were taking steps to beef up their quality control procedures.

Stratoflex is a subcontractor to Rolls Royce.

U.S. military officials had already decided to have all the affected fuel lines produced by Stratoflex inspected using CT scans since problems could not be easily detected otherwise, but Dunaway decided to have other components made by the company inspected as well.

No comment was immediately available from Parker Hannifin, the parent company of Stratoflex.

Earlier this week, a Parker Hannifan spokeswoman said the company makes many other components for the aircraft and was working around the clock to support the Pentagon investigation.

Lockheed is building three different models of the F-35 fighter jet for the U.S. military and eight countries that helped pay for its development: Britain, Canada, Italy, Turkey, Denmark, the Netherlands, Australia and Norway.

The Pentagon plans to buy 2,443 of the warplanes in coming decades, although many analysts believe U.S. budget constraints and deficits will eventually reduce that overall number.

(Reporting by Andrea Shalal-Esa; Editing by Lisa Shumaker)

Source: http://news.yahoo.com/pentagon-expands-probe-troubled-components-fighter-jet-sources-015630909--sector.html

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Friday, 1 February 2013

Outside palace, Egypt protesters, police clash

CAIRO (AP) ? Protesters denouncing Egypt's Islamist president hurled stones and firebombs through the gates of his palace gates on Friday, clashing with security forces who fired tear gas and water cannons, as more than a week of political violence came to Mohammed Morsi's symbolic doorstep for the first time.

The march on the palace in an upscale district of the capital was part of a wave of demonstrations in cities around the country called by opposition politicians, trying to wrest concessions from Morsi after around 60 people were killed in protests, clashes and riots.

But many of the protesters go further, saying he must be removed from office, accusing his Muslim Brotherhood of monopolizing power and failing to deal with the country's mounting woes. Many have been further angered by Morsi's praise of the security forces after the high death toll, which is widely blamed on excessive use of force by the police.

The day's unrest, however, risked boosting attempts by the government and Brotherhood to taint the opposition as violent and destructive ? a tack Morsi supporters have taken for weeks.

In a statement issued amid the clashes, Morsi said "political fores involved in incitement" are responsible for the violence and spoke of an investigation. He called on all factions to condemn what he called an attempt to break into the palace and said security forces would "act decisively to protect state institutions."

A day earlier, the top opposition figures met with the Brotherhood for the first time and agreed on a joint promise to avoid violence. That drew sharp criticism from many anti-Morsi activists who said the politicians had played into the Brotherhood's hands and given legitimacy to any crackdown.

The streets outside the presidential palace ? where Morsi was not present ? were a scene of mayhem after nightfall. Police fired dozens of volleys of tear gas at a time, pushing the crowds away from the palace gates. Flames leaped as security forces set fire to protest tents, sometimes by rolling tires that protesters had set ablaze into them. Young protesters hurled stones, banged on metal fences and threw fireworks, flashing laser pointers through the smoke.

At one point, as security forces chased protesters through the side street, riot police pulled one man to the ground, stripped him and beat him before dragging him into a police van. The sound of birdshot being fired could be heard echoing through the streeets.

"People are here for many reasons, but I came here because I want to get rid of this regime," said Ahmed Hamdi, an 18-year-old protester, who wore thick gloves so he could pick up tear gas canisters and throw them back at police.

He, like others, said he wanted "retribution" ? punishment for police over protester deaths the past week and in previous clashes. "This is a matter of life and death for me," said Hamdi, who had a close friend killed in earlier clashes.

The fighting started when a crowd of several thousand marched to the palace, chanting, "the people want the fall of the regime," and "leave, leave, Morsi." Security forces allowed them to reach close to the main gate, and some protesters hurled shoes and stones through the fence into the grounds. At first, police and Republican Guards inside did not respond. But when several firebombs were thrown over the fence, the security forces unleashed water cannons, then tear gas, then riot police descended on the streets outside the palace.

More than 40 people were hurt in the clashes, according to security officials, speaking on condition of anonymity because they were not authorized to talk to the press.

The turmoil was the first significant violence at the presidential palace in the eight-day wave of protests ? though the site was the scene of clashes in November between anti-Morsi protesters and Islamists that left around 10 people dead. But other protests around the country on Friday did not see significant violence.

The unrest is Egypt's worst crisis since the 2011 fall of autocrat Hosni Mubarak. It was at its worst last weekend, when protests around the country marking the two-year anniversary of the anti-Mubarak uprising turned to clashes in many cities. It further exploded on Saturday, when residents of the Suez Canal city of Port Said rose up in fury over death sentences issued against local residents over a deadly soccer riot a year ago. Around 40 of the deaths in the crisis came in Port Said when security forces reportedly opened fire on protesters, some of whom attacked police facilities.

Morsi, who came into office in June as Egypt's first freely elected president, responded by trying a heavy hand. He imposed a state of emergency and curfews in Port Said and two other Canal cities, which responded with near open revolt. Clashes and protests continued around the country, with anti-Morsi crowds blocking railroad tracks and marching through the streets. The turmoil has only hiked opposition criticism that Morsi, and the Brotherhood, which forms the backbone of his leadership, are unable to manage the country.

Morsi's aides and the Brotherhood, in turn, have accused the opposition of using the streets and condoning violence in an attempt to overturn the results of elections that Islamists have won repeatedly, securing their power.

They have tried to link the political opposition to a group of protesters called the Black Bloc, who wear black masks and have vowed to "defend the revolution." Officials and state media depict them as conspiratorial saboteurs, but the opposition says authorities are using the group as a scapegoat to justify a crackdown.

On Friday, thousands of residents marched through Port Said, located at the Suez Canal's Mediterranean end, pumping their fists and chanting, "Leave, leave, Morsi." They massed around the city's main security headquarters, but no clashes or violence was reported.

"The people want the Republic of Port Said," protesters chanted, voicing a wide sentiment among residents that they are fed up of negligence and mistreatment by central government and that they want to virtual independence.

Egypt's main opposition political grouping, the National Salvation Front, called for Friday's protests, demanding Morsi form a national unity government and amend the constitution. They say the unrest reflects the widespread discontent over Brotherhood attempts to rule alone and keep decision-making in its own hands.

"The policies of the president and the Muslim Brotherhood are pushing the country to the brink," the opposition said in a statement.

But there were signs of splits and confusion in the opposition ranks after leaders of the Front met for the first time with the Brotherhood as part of a dialogue hosted by Egypt's premier Islamic institution, Al-Azhar. The Front had previously refused talks with the Brotherhood until its conditions were met.

With Front leader Mohamed ElBaradei and the deputy leader of the Brotherhood at the same table, the gathering of a spectrum of politicians signed a joint statement denouncing violence.

The statement, known as the Al-Azhar Document, angered some in the anti-Morsi camp. It seemed to focus on violence by protesters with no mention of excessive force by police or the wider political issues.

"Al-Azhar's initiative talks too broadly about violence," a group of 70 activists, liberal politicians, actors and writers said in a statement criticizing the meeting. They said the document gives "political cover to expand the repression, detention, killing and torture by the hands of police for the authority's benefit."

The document "didn't offer solutions but came to give more legitimacy to the existing authority," it added.

Those who attended the Thursday's meeting defended the anti-violence initiative.

"We toppled down Mubarak regime with a peaceful revolution. We insist on achieving the goals the same way whatever the sacrifices and the barbaric suppression tactics," ElBaradei wrote in a tweet.

"No one can say no to an initiative to stop violence," said Ahmed Said, an opposition party leader.

Source: http://news.yahoo.com/outside-palace-egypt-protesters-police-clash-200420622.html

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Columbia space shuttle tragedy: 10 years later

The crew of Space Shuttle Columbia's mission STS-107 pose for the traditional crew portrait. Seated in front are astronauts Rick D. Husband (L), mission commander; Kalpana Chawla, mission specialist; and William C. McCool, pilot. Standing are (L to R) astronauts David M. Brown, Laurel B. Clark, and Michael P. Anderson, all mission specialists; and Ilan Ramon, payload specialist representing the Israeli Space Agency. (Photo by NASA/Getty Images)... more?The crew of Space Shuttle Columbia's mission STS-107 pose for the traditional crew portrait. Seated in front are astronauts Rick D. Husband (L), mission commander; Kalpana Chawla, mission specialist; and William C. McCool, pilot. Standing are (L to R) astronauts David M. Brown, Laurel B. Clark, and Michael P. Anderson, all mission specialists; and Ilan Ramon, payload specialist representing the Israeli Space Agency. (Photo by NASA/Getty Images) less?

Source: http://news.yahoo.com/photos/columbia-space-shuttle-tragedy-slideshow/

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