India’s Infosys denies report of firing 5,000 staff






(Reuters) – India‘s Infosys Ltd said on Friday a newspaper report it was planning to fire up to 5,000 poorly performing workers was “wrong”, although it encourages “chronic underperformers” to leave as part of its routine staff management.


The Economic Times newspaper had earlier said Bangalore-based Infosys, India’s second-largest software services exporter and an icon in the country’s $ 100 billion outsourcing sector, was sacking up to 5,000 workers to trim costs.






Infosys, which has more than 150,000 staff, said there was no mass lay-off planned at the company and the number of underperformers that could potentially leave was “significantly lower” than the 5,000 mentioned in the paper.


“We have a robust performance management system that includes structured appraisals and performance feedback,” it said in a statement. “This is done regularly and is not a one-time event.”


Infosys, for years an investor favorite for exceeding its earnings targets, has struggled recently as its big customers cut costs, missing its own revenue guidance in three of the past four quarters.


The software exporter may cut its revenue forecast for the year to March when it reports its December quarter earnings on January 11, as U.S. business clients put off spending and balk at signing big deals.


With about 60 percent of its business in the United States, Infosys is particularly vulnerable to swings in U.S. corporate sentiment and has been hit hard by spending deferrals by the companies in the world’s largest economy.


However, Infosys executive co-chairman S. Gopalakrishnan was quoted by other media reports on Friday as saying 2013 would be better than last year for India’s export-driven information technology industry.


Gopalakrishnan was quoted as saying brighter prospects for the United States and China would help the IT sector, as he addressed an event for the Infosys Science Foundation on Thursday.


Infosys shares were up 0.1 percent at 0829 GMT at 2,339 rupees, while the broader market index was down 0.2 percent and the IT sub-index was trading 0.5 percent higher.


(Reporting by Harichandan Arakali in BANGALORE and Rafael Nam in MUMBAI; Writing by Sumeet Chatterjee; Editing by Stephen Coates and Alex Richardson)


Economy News Headlines – Yahoo! News





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Grantham University Named Top University for Veterans






KANSAS CITY, MO–(Marketwire – Jan 4, 2013) – For the third year in a row, Grantham University, an online university dedicated to providing educational opportunities to working adults, has been named a top university for veterans by Military Times EDGE.


In the midst of a competitive field of 650 higher learning institutions, Grantham University ranked among the top twenty online educational institutions for veterans. Learning institutions were evaluated on their performance against twelve criteria, which included presence of a veteran’s office and veteran-specific staff and academic support.






“It is an honor to be recognized by Military Times EDGE for our work with veterans and to be associated with such a fine group of colleges and universities as a ‘Best for Vets’ program,” said Dr. Jeffrey Cropsey, Grantham’s vice president for strategic initiatives. “We have worked hard to meet the educational needs of our nation’s veterans, service members and their families for more than six decades. Our commitment to the future success of our nation’s finest is one of our greatest strengths.”


Grantham University received 3.5 out of 4 stars for its high quality veterans staff. Students receive one-on-one support in the form of a student advisor who is there to answer questions and provide motivation and encouragement. Its Veterans Services department provides guidance related to VA education benefits. Faculty is trained in military culture, adult learning strategies and online best practices.


As part of its ongoing commitment to military and veteran students, Grantham University is heavily involved in the Association of Private Sector Colleges and Universities (APSCU) Blue Ribbon Taskforce for Military and Veterans Education with Dr. Cropsey serving as co-chair. The group is comprised of key veteran service organizations, institutional leaders and representatives from military and veteran organizations. Its goal is to develop a series of best practices for veterans education to be used by all colleges and universities.


“The mission of the taskforce is to ensure that our veterans, service members, and their families are provided with the quality education they deserve at every institution of higher education,” said Dr. Cropsey. ”We believe that by working together, this task force can develop actionable ideas on how we might better serve those who have served us.”


For more information about Grantham University and its online degree programs, visit: www.grantham.edu or call 1-800-955-2527.


About Grantham University:
Established in 1951, Grantham University is a private institution that specializes in online education for the working adult student. Its mission is to provide accessible, affordable, professionally relevant degree programs in a continuously changing global society. Grantham’s courses are 100% online, allowing students to study at home, at work, on Temporary Duty (TDY) or from almost anywhere in the world. Accredited since 1961 by the Accrediting Commission of the Distance Education and Training Council, Grantham University has compiled a distinguished record as a respected and accredited distance learning university spanning six decades of service to education.


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Global shares, oil slip on Fed stimulus nerves

LONDON (Reuters) - World shares edged lower and the dollar rose before U.S. jobs data on Friday which investors will watch even more closely than usual after Fed officials raised concerns about possible side effects of its stimulus program.


Minutes from the Federal Reserve's December policy meeting unsettled financial markets on Thursday after they showed some policymakers were worried about the program's longer-term impact.


Fed bond-buying has underpinned appetite for risk and the comments reopened debate on how much longer the central bank will keep stimulating the U.S. economy, unnerving investors before the U.S. employment figures.


European shares echoed their Asian peers to edge lower. But following a sharp jump on Wednesday after the United States edged back from the "fiscal cliff" budget crisis, they were on track for weekly gains of almost 2.7 percent.


Tentative signs that the euro zone economy may have passed the worst of its downturn also helped to restrict the moves.


Markit's Euro zone Composite PMI, which gauges business activity across thousands of the region's companies, rose in December to 47.2 from 46.5 in November - below the 50 line which divides growth from contraction but at its highest level since March last year.


"The surveys at least bring some substance to the belief that the worst is over and that a return to growth is in sight for the region in 2013," said Chris Williamson, chief economist at Markit.


London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were down 0.1-0.5 percent by mid-morning, while the MSCI index of world shares was just over 0.2 percent lower at 345.85.


Wall Street was expected to open slightly higher though, with S&P 500 futures up 0.1 percent and contracts for the Dow Jones and the Nasdaq 100 up 0.2 percent.


U.S. stocks will largely depend on the non-farm payrolls report due at 8:30 a.m. ET and any clues it gives on the health of the U.S. and global economies.


Analysts polled by Reuters expect a 150,000 rise in jobs, with unemployment holding steady at 7.7 percent. However, after a better-than-expected ADP employment report on Thursday, many may now be betting on an above-consensus jobs number.


"The Fed has made it clear that it will keep policy loose until unemployment drops to 6.5 percent or below, so strong jobs data will undoubtedly raise expectations of a more hawkish Fed," analysts at Tradition brokerage said in a note.


CORE WEAKNESS


The Fed's concerns about the longer-term impact of its policies gave fresh momentum to the recent slide by low-risk bonds including U.S. and German debt.


Bund futures slipped almost half a point to 143.12, having already fallen steeply from last week's close of 145.64.


Benchmark U.S. Treasury yields continued their climb, hitting an eight-month high of 1.96 percent, while in Asia, 10-year Japanese government bond yields touched a 3-1/2-month high of 0.83 percent.


In the currency market, the dollar hit its highest level against the yen since July 2010 at 87.835 while the euro fell to a three-week low of $1.3006. The dollar <.dxy> also touched a six-week high against a basket of currencies.


"We have seen quite a broad-based dollar rally after the minutes which has ignited a fresh debate about how much liquidity the Fed is going to pump into the economy," said Daragh Maher, FX strategist at HSBC.


The yen has fallen in recent weeks as investors bet the new government will push the Bank of Japan to weaken the currency by implementing aggressive economic stimulus.


"Breaking through 88 in dollar/yen is a significant move. It was a target for a number of people in the market and the question is now whether we have a mindset of taking profit or we look to extend," added Maher.


The dollar's recent climb makes dollar-based assets more expensive for non-dollar investors and this hit precious metals and oil.


Brent crude shed 0.6 percent to $111.47 a barrel while gold fell 1 percent to $1,645, dragging silver down more than 2 percent to $29.48.


(Additional reporting by William James and Anooja Debnath; editing by David Stamp)



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Louisville upsets Florida 33-23 in Sugar Bowl


NEW ORLEANS (AP) — Terell Floyd and the Louisville Cardinals gave the embattled Big East Conference at least one more triumphant night in a major bowl — and at the expense of a top team from the mighty SEC.


Floyd returned an interception 38 yards for a touchdown on the first play, dual-threat quarterback Teddy Bridgewater directed a handful of scoring drives and No. 22 Louisville stunned the fourth-ranked Gators 33-23 in the Sugar Bowl on Wednesday night.


"I can't speak for the whole Big East, but I can speak for Louisville and I think this means a lot for us," Floyd said. "We showed the world we can play with the best."


The Big East is in a transitional phase and losing some of its top football programs in the process. Boise State has recently backed out of its Big East commitment and Louisville has plans to join the ACC.


Even this year, the Big East wasn't getting much respect. Louisville, the league champion, was a two-touchdown underdog in the Sugar Bowl.


But by the end, the chant, "Charlie, Charlie!" echoed from sections of the Superdome occupied by red-clad Cardinals fans. It was their way of serenading third-year Louisville coach Charlie Strong, the former defensive coordinator for the Gators, who has elevated Cardinals football to new heights and recently turned down a chance to leave for the top job at Tennessee.


"I look at this performance tonight, and I sometimes wonder, 'Why didn't we do this the whole season,'" Strong said. "We said this at the beginning: We just take care of our job and do what we're supposed to do, don't worry about who we're playing."


Shaking off an early hit that flattened him and knocked off his helmet, Bridgewater was 20 of 32 passing for 266 yards and two touchdowns. Among his throws was a pinpoint, 15-yard timing toss that DeVante Parker grabbed as he touched one foot down in the corner of the end zone.


"I looked at what did and didn't work for quarterbacks during the regular season," said Bridgewater, picked as the game's top player. "They faced guys forcing throws ... and coach tells me, 'No capes on your back or 'S' on your chest, take what the defense give you.' That's what I took. Film study was vital."


His other scoring strike went to Damian Copeland from 19 yards one play after a surprise onside kick by the Gators backfired. Jeremy Wright had a short touchdown run that gave Louisville (11-2) a 14-0 lead the Gators couldn't overcome.


Florida (11-2) never trailed by more than 10 points this season. The defeat dropped SEC teams to 3-3 this bowl season, with Alabama, Texas A&M and Mississippi still to play.


"We got outcoached and outplayed," Florida coach Will Muschamp said. "That's what I told the football team. That's the bottom line."


Gators quarterback Jeff Driskel, who had thrown only three interceptions all season, turned the ball over three times on two interceptions — both tipped passes — and a fumble. He finished 16 of 29 for 175 yards.


Down 33-10 midway through the fourth period, Florida tried to rally. Andre Debose scored on a 100-yard kickoff return and Driskel threw a TD pass to tight end Kent Taylor with 2:13 left. But when Louisville defenders piled on Driskel to thwart the 2-point try, the game was essentially over.


Florida didn't score until Caleb Sturgis's 33-yard field goal early in the second quarter.


The Gators finally got in the end zone with a trick play in the closing seconds of the half. They changed personnel as if to kick a field goal on fourth-and-goal from the 1, but lined up in a bizarre combination of swinging-gate and shotgun formations and handed off to Matt Jones.


The Gators tried to keep the momentum with a surprise onside kick to open the third quarter, but not only did Louisville recover, Florida's Chris Johnson was called for a personal foul and ejected for jabbing at Louisville's Zed Evans. That gave Louisville the ball on the Florida 19, from where Bridgewater needed one play to find Copeland for his score.


"We game-planned it and felt good about it," Muschamp said of the onside kick attempt. "We wanted to steal a possession at the start of the second half."


On the following kickoff, Evans cut down kick returner Loucheiz Purifoy with a vicious low, high-speed hit that shook Purifoy up. Soon after, Driskel was sacked hard from behind and stripped by safety Calvin Pryor, ending another Florida drive with a turnover.


"We had the right attitude, had the right mindset that we would go out and beat this team," Pryor said.


After Louisville native Muhammad Ali was on the field for the coin toss, the Cardinals quickly stung the Gators. Floyd, one of nearly three dozen Louisville players from Florida, made the play.


Driskel was looking for seldom-targeted Debose, who'd had only two catches all season.


"I threw it behind him, (he) tried to make a play on it, tipped it right to the guy," Driskel said. "Unfortunate to start the game like that."


When Louisville's offense got the ball later in the quarter, the Florida defense, ranked among the best in the nation this season, sought to intimidate the Cardinals with one heavy hit after another.


One blow by Jon Bostic knocked Bridgewater's helmet off moments after he'd floated an incomplete pass down the right sideline. Bostic was called for a personal foul, however, which seemed to get the Cardinals opening drive rolling. Later, Wright lost his helmet during a 3-yard gain and took another heavy hit before he went down.


Louisville kept coming.


B.J. Butler turned a short catch into a 23-yard gain down to the Florida 1. Then Wright punched it in to give the Cardinals an early two-TD lead over a team that finished third in the BCS standings, one spot too low to play for a national title in Miami.


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How Donald Trump hijacks U.S. media






STORY HIGHLIGHTS


  • Howard Kurtz: Donald Trump said the GOP can go nuclear in budget showdown

  • Kurtz: It's remarkable that Trump draw attention no what what he says

  • He says it's so easy to hijack the media in the age of Twitter

  • Kurtz: Journalists like sexy stories but shouldn't lose focus of what's important




Editor's note: Howard Kurtz is the host of CNN's "Reliable Sources" and is Newsweek's Washington bureau chief. He is also a contributor to the website Daily Download.


(CNN) -- After a year of national gridlock that ended on the precipice of a cliff, Donald Trump went nuclear.


The man who called Barack Obama's re-election a travesty said Republicans could gain control of the budget showdown because they "are sitting there with a nuclear weapon": the specter of voting against a rise in the debt ceiling in the coming weeks. In other words, the GOP could get its way by again threatening to push the country into default.


The remarkable thing here is not Trump's apocalyptic advice but that the man who still doesn't concede that the president was born in Hawaii draws attention no matter what he says. The colorful businessman has a knack for hijacking the media -- and he's hardly alone.


Watch: Hey Fox, Hillary Clinton was sick after all



Howard Kurtz

Howard Kurtz



In fact, one of the most striking developments in recent years is how easy it is to carry out the hijacking. You don't need a weapon, nuclear or otherwise. You don't have to be a famous zillionaire to pull it off. In the Twitter age, almost anyone can capture the spotlight for 15 seconds.



We're so easy. If it's new, novel or naughty, we are there.


A critical mass of tweeters hijacked the presidential debates by turning Big Bird and "binders full of women" into trending topics. What, you thought what was most important was what the candidates said during those 90-minute face-offs? Nope, it's just as much about winning the post-game chatter. A single "oops" by Rick Perry enables the press to wipe out everything else that was said.


Watch: Are critics being too harsh on Chelsea Clinton?


Clint Eastwood, telling Obama (in the guise of an empty chair) to perform an anatomically impossible act? That hijacked Mitt Romney's convention.


Eric Fehrnstrom inadvertently hijacked his boss' campaign when he compared Romney's election strategy to an Etch A Sketch. Nothing like a kid's toy to seize the attention of grown-up journalists.


Any invocation of a celebrity has great hijacking potential, even if the story is a sprinkling of fairy dust.


The political press recently surrendered to the notion that Ben Affleck might run for John Kerry's Senate seat in Massachusetts. This was based on nothing more than local chatter, amplified by Politico. Affleck shrewdly kept the door ajar -- such speculation helps in the gravitas department --but on Christmas Eve, he gave the press a lump of coal by admitting he wasn't running.


Watch: Were the media swept away by fiscal cliff madness?


Next the media got excited by the idea that Ted Kennedy Jr. would run for office -- until he quickly popped that trial balloon.


Sometimes the hijacker wants no part of the limelight but is swept along for the ride.


Paula Broadwell was embedded in the nation's consciousness for weeks after her affair with David Petraeus prompted his resignation as CIA director. And her romantic rival, Jill Kelley, became a captive as well.


Racial tension can grab the media's attention like few other issues.


There are more than 15,000 murders annually in the United States, but only a few move beyond local headlines. The killing of Trayvon Martin, initially overlooked even in Florida, became a national sensation once activists persuaded the media that race played a role in the teenager's shooting (a perception deepened by NBC's misleading editing of George Zimmerman's 911 call). Week after week of routine murders in cities such as Chicago barely register on the radar.


Most journalists gravitate toward sensational and sexy stories (and I haven't been immune to the temptation) because we want the clicks and the ratings. And perhaps to alleviate our own boredom with the daily grunt work of reporting. The on-and-off negotiations over the fiscal cliff have been tedious and incremental. Along comes Trump and boom, you've got an easy headline.


The problem with all this media hijacking goes beyond the strange twists and turns along the way. It's that we cede control of what's important.


Follow us on Twitter @CNNOpinion


Join us on Facebook/CNNOpinion


The opinions expressed in this commentary are solely those of Howard Kurtz.






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Jay-Z composing original score for “The Great Gatsby”






LOS ANGELES (TheWrap.com) – If you liked the music in the trailer for Baz Luhrmann‘s “The Great Gatsby,” you’ll be happy to hear Jay-Z isn’t just lending a few of his songs to the soundtrack, he’s composing the upcoming film’s entire original score.


The rapper is, apparently, hard at work to accomplish the task with another artist, who goes by the name The Bullitts.






The latter broke the news on Twitter in the early morning hours Sunday.


Jay-Z and myself have been working tirelessly on the score for the upcoming #CLASSIC ‘The Great Gatsby,’” Bullitts exclaimed. “It is too DOPE for words!”


Don’t expect the collaborators to start producing tunes from the Roaring Twenties. The trailer certainly indicates otherwise and Luhrmann mixed in modern music for “Romeo + Juliet,” as well as the musical period piece “Moulin Rouge!”


It appears the flappers in Luhrmann’s latest film will be dancing to a very different beat than what F. Scott Fitzgerald imagined while writing his classic novel.


The Great Gatsby,” starring Leonardo DiCaprio and Tobey Maguire, hits theaters on May 10.


Warner Bros. and Jay-Z‘s rep did not immediately respond to TheWrap’s request for comment.


Music News Headlines – Yahoo! News





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DoubleLine launches stock management division






NEW YORK (Reuters) – DoubleLine Capital LP, the $ 53 billion firm run by star bond investor Jeffrey Gundlach, said on Wednesday it is now managing stock portfolios in a new division called DoubleLine Equity LP.


The firm, which surpassed $ 50 billion in bond assets last year after launching in 2009, said in a news release that it has tapped former TCW Group Inc portfolio managers Brendt Stallings and Husam Nazer to expand its stock division.






In an interview on Wednesday, Gundlach, DoubleLine‘s chief executive officer and chief investment officer, said stock mutual fund strategies suffer from a lack of new ideas.


“We think the equity business is ripe for creative thinking,” he said.


Gundlach said he plans to start with one or two mutual funds that offer a strategy focusing on U.S. stocks, and quickly follow with a hedge fund whose strategy would focus on “best ideas” in international stock investing.


“We’re really not prepared to do a lot of individual stock selection outside of the United States,” he said.


Gundlach had hinted at the firm’s move into stocks in a webcast on September 11, citing the broad disinterest in equities and their potential as a hedge against inflation.


He said on Wednesday that some of the stock funds he plans to offer will have a strategy that focuses on specific sectors among small and mid-cap stocks, while others will have a broader strategy that could vary widely in its stock selection.


Gundlach said DoubleLine’s business plan had been to build the firm’s bond management side to between $ 50 billion and $ 60 billion in assets before diversifying into areas such as stocks, a goal it has achieved.


“This is our first move to diversify. There’s very likely to be one if not two more over the course of 2013,” Gundlach said. He said he is seeking to reach a maximum of about $ 10 billion in assets within DoubleLine’s equity division.


Gundlach has made pointed calls on stocks in the past, including one at the Ira Sohn investing conference in May to buy natural gas while betting on a decline in the shares of Apple Inc, the world’s most valuable technology company.


On Wednesday, Gundlach recommended trading the volatility in Apple’s stock price.


“Apple’s flopping around like a fish in a boat. When it has a big rally, you should probably sell it. When it goes down a lot, you should probably buy it,” he said, and reiterated a call he on CNBC in November that its stock price may drop to $ 425 a share. Apple’s stock was up 3.2 percent to $ 549.03 at the close of trading on Wednesday.


DoubleLine Total Return Bond Fund, the firm’s flagship, earned a return of 9.2 percent in 2012, beating 97 percent of other U.S. mortgage-focused funds, according to Lipper. The fund, which oversees $ 37.1 billion, took in $ 19.7 billion last year, making it the most popular mutual fund by asset growth.


Pacific Investment Management Co, the world’s largest bond fund manager with $ 1.92 trillion in assets as of September 30, 2012, began moving into equities when it launched its first actively managed stock mutual fund in 2010.


Gundlach told Reuters that his foray into stock investing could also come with a downturn in the stock market, which he said he could overcome through active management.


“There’s a really good argument that you could have a major correction in the S&P 500 in 2013,” he said. He cited the heavy influence of U.S. policymakers on markets.


Stallings and Nazer were previously group managing directors at TCW, the highest title for managers at the firm, where they oversaw $ 5 billion in assets in stock portfolios.


Gundlach founded DoubleLine after a nasty split with TCW, where he was fired as chief investment officer in December 2009. The two sued one another in 2010, but settled in December of that year without disclosing terms.


Private equity firm Carlyle Group struck a deal in August to buy a 60 percent stake in TCW from French bank Societe Generale. TCW management and employees will own the remaining 40 percent stake in the Los Angeles-based investment firm, which has $ 135 billion in assets.


DoubleLine, which is also based in Los Angeles, employs more than 80 people. Stallings and Nazer plan to hire at least five investment professionals this year, the news release said.


Nazer said in an interview on Wednesday that dividend-paying stocks in general and consumer staple stocks are particular bright spots.


(Reporting by Sam Forgione; Editing by Kenneth Barry and Mohammad Zargham)


Business News Headlines – Yahoo! News





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Auto loan rates for Jan. 3, 2013






  • 4.16% (60-month, new car)

  • 4.87% (36-month, used car)

Auto loan rates are down slightly this week.


Average rates for 60-month and 48-month new-car loans fell 1 basis point to 4.16 percent and 4.08 percent, respectively. A basis point is one-hundredth of 1 percentage point.






For used cars, the average rate on a 36-month loan fell 2 basis points to 4.87 percent.


This week, Avis announced plans to buy Zipcar, the nation’s largest car-sharing service, for $ 491.2 million. Under the terms of the deal, Zipcar, which opened its doors in 2000 and has 760,000 members nationwide, will become a subsidiary of the car rental giant. Unlike traditional car rental agencies, which typically rent their cars out by the day, car-sharing services such as Zipcar typically rent vehicles out on an hourly basis.


Yahoo! Finance – Personal Finance | Loans





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Asia stocks eke out gains on China hopes, oil eases

HONG KONG (Reuters) - Most Asian stock markets edged higher on Thursday on hopes of a steady economic revival in China, although oil gave back part of the previous session's strong gains as investors took some money off the table and braced for more U.S. budget battles.


The MSCI Asia Pacific ex-Japan index of stocks <.miapj0000pus> rose 0.2 percent following Wednesday's 2 percent jump on relief that U.S. politicians had averted the "fiscal cliff".


Data from China showing the services sector expanded in December continued to underpin expectations of an economic recovery that has helped spur a strong rally in Hong Kong-listed Chinese shares <.hsce> over the past month.


The China Enterprises index <.hsce> which rallied more than 4 percent in the previous session eased 0.2 percent. Onshore Chinese markets will resume trading on Friday.


"China looks like it's improving at the margin and the market has momentum that could last for at least a few months," said Christian Keilland, head of trading at BTIG in Hong Kong.


"Investors seem to have accepted that reforms are underway but they're going to happen at a slower pace."


Australian stocks <.axjo> rose 0.7 percent to their highest in more than 19 months, with mining giants Rio Tinto up 2.4 percent and BHP Billiton up 0.8 percent, among the top gainers on the benchmark S&P ASX/200 index. <.axjo/>


South Korea's Kospi <.ks11> underperformed the region, falling 0.4 percent as automakers and other exporters slumped on a stronger Korean won, which hit a 16-month high against the dollar overnight.


In other currency markets, the Japanese yen bounced after hitting a 29-month low versus the dollar earlier in the day but analysts warned that any strength is likely to be short-lived.


"Technically dollar/yen looks somewhat overbought here. It's gone a long way in a very short time," said Callum Henderson, global head of FX research for Standard Chartered Bank in Singapore, adding that the dollar could see some consolidation in the near term before heading higher.


The euro which in overnight trading was close to a 8-1/2 month high against the dollar, slipped 0.1 percent.


The U.S. dollar rose 0.2 percent <.dxy> against a basket of major currencies.


President Barack Obama and congressional Republicans face even bigger budget battles in the next two months after a hard-fought deal averted the fiscal cliff of automatic tightening that threatened to push the U.S. into recession.


Strength in the dollar and profit-taking pushed oil prices lower with Brent crude slipping 0.3 percent and U.S. crude futures down 19 cents to $92.93.


"After the initial excitement, reality sets in," said Victor Shum, oil consultant at IHS Purvin & Gertz. "There will be other negotiations and the deal is a compromise."


(Reporting by Vikram Subhedar; Editing by Kim Coghill and Eric Meijer)



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Stanford holds off Wisconsin 20-14 in Rose Bowl


PASADENA, Calif. (AP) — Andrew Luck, Toby Gerhart and coach Jim Harbaugh started Stanford's improbable football renaissance, yet they never stood in the center of the Rose Bowl with the West Coast's most coveted trophy raised above their heads.


In fact, the last Stanford team to do what the Cardinal did Tuesday night had a defense known as the Thunderchickens.


Forty years after Stanford's last Rose Bowl victory, the favored Cardinal lived up to the legacy created by Luck, Harbaugh and every Thunderchicken that came before them by winning the bowl game that matters most to any Pac-12 team.


Stepfan Taylor rushed for an early touchdown, Kevin Hogan passed for 123 yards and No. 8 Stanford's defense shut out the Badgers in the second half of a 20-14 victory in the 99th Rose Bowl.


"I had heard that 1972 was our last win," said Hogan, the freshman quarterback who won Stanford's last five games. "It's been too long since we've had one at The Farm. It's a great feeling."


Instead of slipping back off the college football map when their biggest names graduate to NFL glory, the Cardinal (12-2) have just kept getting better under coach David Shaw. After winning the Orange Bowl two years ago and losing the Fiesta Bowl in overtime last season, Stanford followed up with its first conference title and its first trip to the Granddaddy of Them All in 13 years.


Stanford's unique combination of brains and brawn was too much for its opponents during eight straight wins to close the season.


"We've been in BCS games the past two years, but neither of those mean as much as this one did," said Zach Ertz, the tight end who had three catches for 61 yards. "This is the one we play for every year. It shows Stanford is here to stay."


Usua Amanam capped the defensive performance with an interception that stopped Wisconsin's final drive at midfield with 2:30 to play in a grind-it-out game. Stanford allowed the Badgers just 82 yards and four first downs after halftime.


"There's a sense of accomplishment, because we got somewhere we hadn't been yet," said linebacker Shayne Skov, who made eight tackles while leading Stanford's second-half shutout. "If you looked at our goals at the beginning of the season, this was on top of the list, and we got it done. We're extremely satisfied."


The Cardinal finished with 12 victories for just the second time in school history — and the second time in the last three years.


Stanford clamped down on the Big Ten champion Badgers (8-6), who lost the Rose Bowl in heartbreaking fashion for the third consecutive season. Montee Ball rushed for 100 yards and his FBS-record 83rd touchdown, but Wisconsin couldn't score after the final seconds of the first half.


With an impressive defense of its own, Wisconsin stayed in position for an upset in the one-game return of Hall of Fame coach Barry Alvarez, who was back on the Badgers' sideline in his red sweater-vest seven years after hanging up his whistle.


"This group of kids has been through a lot, and they competed extremely hard against a very high-quality team," said Alvarez, who nearly pulled off a stunner while bridging the gap between coaches Bret Bielema and Gary Andersen. "We've played three very good football games (at the Rose Bowl). These guys played hard. In fact, most people would like to get here once. But we just didn't get it done."


Kelsey Young took his only carry 16 yards for a score on Stanford's opening possession, and Taylor scored on the second drive after a big catch by Ertz. Wisconsin kept the Cardinal out of the end zone for the final 51 minutes, holding them to three points in the second half, but Stanford's defense didn't need any more help.


When Bielema abruptly left Wisconsin for Arkansas after winning the Big Ten title game, Alvarez agreed to coach his fourth Rose Bowl before handing off his program to Andersen, who met with Alvarez on the field before the game. But the Badgers' third consecutive January in Pasadena ended in much the same way as the last two: With the offense failing to get the late score the Badgers desperately needed.


"This stings just as much, because we fell extremely short when we had the opportunity to win," Ball said. "We had numerous opportunities to capitalize on big plays, and we fell short. ... This is not the way we want to be remembered. Speaking for the entire senior group, this is not the way we wanted to go out."


Curt Phillips went 10 for 16 for 83 yards passing and that crucial interception for Wisconsin, doing more with 64 yards on the ground. Jordan Fredrick caught his first career TD pass right before halftime, but no Badgers receiver had more than Jared Abbrederis' three catches.


And though Ball became the first player to score touchdowns in three Rose Bowls, the powerful back fell short of Ron Dayne's career Rose Bowl rushing record, swarmed under by waves of tacklers from one of the toughest defenses in the nation — a defense that shut down the top-ranked Ducks in mid-November to pave Stanford's path to Pasadena.


Wisconsin became the first five-loss team to make the Rose Bowl by steamrolling Nebraska in the conference title game, becoming the first Big Ten team in three straight Rose Bowls since Michigan in the late 1970s.


With the Rose Bowl filled with fans wearing the schools' near-identical cardinal-and-white gear, Stanford went up 14-0 on Taylor's 3-yard TD run just 8½ minutes in. Wisconsin briefly got rolling behind Ball, who rushed for 296 yards in his first two Rose Bowls.


Stanford stopped James White inside the 1 on fourth down early in the second quarter, but Ball scored on the next drive. The Badgers then mounted an 85-yard drive in the waning minutes of the first half ending with Fredrick's short TD catch.


After a scoreless third quarter, Wisconsin's personal foul on a fair-catch punt return finally sparked the Cardinal early in the fourth. Stanford got inside the Wisconsin 5 before stalling, and Jordan Williamson's short field goal put the Cardinal up by six points with 4:23 to go.


The Badgers got to midfield, but Phillips threw behind Jacob Pedersen, and Amanam easily made the pick.


"I just happened to be at the right place at the right time," Amanam said. "We were able to kind of seal the game on that one."


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