"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.


Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.


That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.


Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.


In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.


"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.


Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.


U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.


Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.


"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.


Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.


REVENUE WORRIES


One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.


S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.


On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.


For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.


Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.


In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.


"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.


Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.


Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.


(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)



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Manziel leads A&M to Cotton Bowl rout of Sooners


ARLINGTON, Texas (AP) — At one point early in the Cotton Bowl, with "Johnny B. Goode" blaring through the stadium speakers, Heisman Trophy winner Johnny Manziel peeked up at the accompanying highlights on the huge video board hanging over the field.


Texas A&M's exciting dual-threat quarterback known as Johnny Football sure puts on a show worth watching.


"Best player I've ever played. He does so many good things. He's got magic," Oklahoma defensive coordinator Mike Stoops said. "He'll have a chance to win four (Heismans) if he stays healthy."


Manziel tiptoed down the sideline for a 23-yard TD on the game's opening drive and went on to an FBS bowl record for quarterbacks with 229 yards rushing on 17 carries. He also set a Cotton Bowl record with 516 total yards as the 10th-ranked Aggies beat No. 12 Oklahoma 41-13 on Friday night to wrap up their first SEC season.


With first-year coach Kevin Sumlin and their young star quarterback after leaving the Big 12 for the SEC, the Aggies (11-2) overwhelming won the only bowl game matching teams from those two power conferences. They won 11 games for the first time since 1998, their only Big 12 title season.


The Aggies never trailed while winning their last six games and became the first SEC team with more than 7,000 total yards — 7,261 after gaining 633 in the Cotton Bowl.


"It's huge for this program, and for me especially, with the kind of woes A&M has had over the past decade or however long it's been since they had 11 wins," Manziel said. "For us to get up tonight and watch them battle back, it's good when we strike first. That's what we like to do. It was good to do that and not really look back."


Texas A&M led by only a point at halftime, but scored on its first three drives of the second half — on drives of 91 and 89 yards before Manziel threw a short pass to Ryan Swope on fourth-and-5 that turned into a 33-yard TD and a 34-13 lead.


Oklahoma (10-3), which like the Aggies entered the game with a five-game winning streak, went three-and-out on its first three drives after halftime in what was quarterback Landry Jones' 50th and final career start.


"Feel just disappointed that he's going out this way, getting beat like that," Sooners center Gabe Ikard said.


Jones completed 35 of 48 passes for 278 yards with a touchdown and an interception. He won 39 games and three bowls for the Sooners, in a career that started on the same field in the 2009 season opener when he replaced injured Heisman winner Sam Bradford in the first college game at Cowboys Stadium.


But Jones missed out becoming only the third NCAA quarterback to go 4-0 as a starter in bowl games.


"It was obvious tonight that we didn't play the way we should have played," said Jones, whose frustration was evident when he yelled at a teammate after a failed fourth-down play. "We couldn't run it. We couldn't throw it. It happens, you know."


SEC teams have won the last five Cotton Bowls, all against Big 12 teams, and nine out of 10. That included Texas A&M's loss to LSU only two years ago.


It had been six weeks since the Aggies played their last game, and four weeks since Manziel became the first freshman to win college football's highest individual award.


Manziel got it started with an electrifying 24-yard run on third down on the opening drive. Then on a third-and-10, Manziel rolled to his left and took off, juked around a defender and got near the sideline. He tiptoed to stay in bounds and punctuated his 23-yard score with a high-step over the pylon for a quick lead.


Officials reviewed the play to make sure he did stay in bounds, and the replays showed clearly that he did.


"There is too much talk about how you perform after the Heisman and about the layoff and all of that," said Manziel, who set an SEC record with 4,600 total yards in the regular season. "There wasn't anything holding us back. No rust, there was no nothing. We played as a unit."


The chants of "S-E-C! S-E-C!" began after Swope's TD catch with 4 minutes left in the third quarter. They got louder and longer after that, and Manziel spread both his arms out and ran off the field like he was flying.


Oklahoma was in the Cotton Bowl for only the second time. It was the first bowl matchup between the former Big 12 rivals, but the 17th consecutive season they have played each other.


The Sooners had won 11 of 13 in the series since Bob Stoops became their coach. That included a 77-0 Oklahoma win in 2003 that was the most-lopsided loss in Texas A&M history.


Sumlin was the A&M offensive coordinator in 2002 when the Aggies upset the top-ranked Sooners. The next year, Sumlin was hired by Stoops as an assistant, and he stayed there five seasons before going to Houston as head coach and now the Aggies.


"I think tonight was really indicative of this season," Sumlin said. "It's one of the teams I thought in the country that truly got better every week."


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Polar ends of fight for female equality




Hillary Clinton in Kolkata, India, last May. Clinton said that women still suffered from a 'glass ceiling' in politics.




STORY HIGHLIGHTS


  • Frida Ghitis: Hillary Clinton illness and New Delhi rape tell different stories about state of women

  • She says women's equality faces sharp divide; some ascend, most kept powerless

  • She says Egypt's new constitution presents time-bomb for new oppression of women

  • Ghitis: Progress for women needs strong legislation, education, sometimes protests




Editor's note: Frida Ghitis is a world affairs columnist for The Miami Herald and World Politics Review. A former CNN producer and correspondent, she is the author of "The End of Revolution: A Changing World in the Age of Live Television." Follow her on Twitter: @FridaGColumns


(CNN) -- As the New Year approached, millions anxiously followed the news from two very different parts of the world about two very different women -- women whose lives somehow touched us, whose fate seemed, somehow, linked to all of us.


The world held its breath when word came that Secretary of State Hillary Clinton was hospitalized in New York. The news arrived at a time when we were trying to absorb, with profound sadness, a seemingly unrelated drama unfolding thousands of miles away. In New Delhi, a 23-year-old woman, a university student on her way home after watching a movie with her boyfriend, was brutally raped and beaten by a group of men. She later died from her injuries.



Frida Ghitis

Frida Ghitis



The parallel stories point to a sharp divide in the worldwide struggle for women's equality. While women have made major strides, in some cases reaching the pinnacle of power, the most fundamental human rights -- such as freedom to go outside without risking harassment and physical attack -- elude millions, and full equality remains an unreached goal for most.


iReport: 'She could have been me'


Clinton, one of the world's most powerful women and an icon of the global fight for women's equality, has returned home and doctors say they expect a full recovery. In India, the plight of an anonymous woman nicknamed "Nirbhaya," Sanskrit for dauntless, has become a turning point for the country. (That we don't use Nirbhaya's real name proves the grotesque reality that being raped remains a source of shame for the victim.)


Nirbhaya's ashes have been scattered, and it seems her death was not in vain. The attack sent tens of thousands of people -- men and women -- into New Delhi's streets and pulled the thick cover from India's unspeakable rape statistics. Most rapes go unreported for good reason. Of the more than 600 cases filed with the Delhi police last year, only one resulted in conviction. Powerless rape victims often resort to suicide.


News: Clinton's future 'as good as her past,' docs say



The contrast could not be sharper with the woman many call simply Hillary. Speculation about whether she will run for president in 2016 is unending. The day she was hospitalized with a blood clot, we heard that she again came in first in Gallup's Most Admired Woman poll, finishing at the top for 11 years in a row and a total of 17 times since 1993, more than anyone in Gallup's history.


She is probably the world's best-known woman and unquestionably one of the most influential. But she is only one of many who have reached so far. Women lead some of the globe's biggest, most important countries. Chancellor Angela Merkel heads the government of Germany, Julia Gillard leads Australia, Dilma Rousseff is president of Brazil, and the list goes on.


American voters just elected 20 women to the Senate, the largest number in history. And yet, that's just 20% of the seats. It's sad we find this an accomplishment worth celebrating.


The push for equality has unleashed push-back. Rape, we are told, is about power. In traditional societies, men see improvements in the status of women as a challenge to their own. Sexual assaults by gangs of self-congratulating, hyperventilating men, whether in New Delhi, in Cairo's Tahrir Square or somewhere in Somalia, amount to chest-pounding assertions of dominance from fearful, cowardly individuals. In countries with strong laws and changing attitudes about women, the number of rapes has been plummeting.


Opinion: End global rape culture








Then there are the murders and attempted murders. Last year we saw Pakistan's Taliban try to kill Malala Yousafzai, the 14-year-old girl who demanded nothing more than the right to an education. And last month, in neighboring Afghanistan, gunmen murdered Najia Sediqi, the provincial director of women's affairs.


Between the two extremes in women's status, we have a much less dramatic -- but still crucial -- struggle.


The women of Egypt, who stood on the front lines of the revolution, will now have to live with a new constitution that commits the state to "preserve the genuine character of the Egyptian family" and vaguely notes the "duties of a woman toward her family," opening the door to who-knows-what efforts by the state to keep women in their place.


In the United States, where progress is indisputable in so many areas, women still make, in the aggregate, 76 cents for every dollar men earn.


Inequality is pervasive in areas that are subtly important. Despite having a female secretary of State, and even, possibly, a female secretary of Defense on the horizon, Washington remains a "city of men," as the writer Micah Zenko noted, with women woefully underrepresented in the corridors of power, in think tanks and in academia.


Women's minds and ideas don't receive an equal hearing on the national stage partly because, as one survey showed, only 20% of all op-eds are written by women, and just 15% of columns dealing with foreign policy and security issues.


Opinion: House GOP failed women on Violence Against Women Act


Every women walks on the path laid painstakingly and deliberately by people like Hillary Clinton, or accidentally, tragically, by women like Nirbhaya. The road to women's equality, it turns out, is paved with potholes, quicksand and death traps.


There is a reason so many feel a close connection to Hillary Clinton and to Nirbhaya. Their stories, like those of 3 billion others, are of women seeking to make it in what is still today mostly a man's world.


As Clinton recovers and as the people of India work to build a positive legacy from Nirbhaya's death, the obvious lesson is that much work remains ahead. Strong headwinds will push against women's progress, but progress can be achieved through urgent legislation, through patient education, and when necessary -- as it is now -- through mass protests and unrelentingly firm demands.


Follow @CNNOpinion on Twitter.


Join us at Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of Frida Ghitis.






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Anna Faris Joins Chuck Lorre’s CBS Pilot ‘Mom’






LOS ANGELES (TheWrap.com) – Anna Faris has joined the ranks of big-screen talent taking on small-screen projects.


The House Bunny” and “Scary Movie 4” star Faris has been cast to star in “Mom,” the CBS pilot from “Two and a Half Men” and “The Big Bang Theory” executive producer Chuck Lorre, individuals familiar with the situation told TheWrap on Friday.






Faris will play a newly sober single mom who attempts to pull her life together in California’s Napa Valley. (Which could pose a problem, given the region’s prodigious wine output.)


The half-hour, multi-camera comedy, which has received a pilot production order from a spec script, is executive-produced by Lorre and Eddie Gorodetsky (who’s served as a producer on “The Big Bang Theory” and “Two and a Half Men“). The pair are also writing, along with Gemma Baker (“Two and a Half Men“). Baker is also a producer on the project.


Chuck Lorre Productions is producing in association with Warner Bros. Television.


TV News Headlines – Yahoo! News





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Job Interviews Are the New First Date






At a recent job interview at Summit Partners, a private equity firm in Boston, an applicant was asked, “If you could pick one person to play you in a movie, who would it be?” An audit staff applicant at New York accounting firm Ernst & Young was asked, “What are the top five cities you want to go to and why?” An online magazine asked an editor, “Where do you vacation in the summer?”


Job interviews are becoming more like first dates. The employment site Glassdoor has collected 285,000 questions asked by hiring managers, and the following four rank among 2012’s 50 most common, though they have little to do with work: What’s your favorite movie? What’s your favorite website? What’s the last book you read for fun? What makes you uncomfortable? Over the last couple of years, spokesman Scott Dobroski says, the site has found “a significant rise in questions asked about cultural fit.”






In the December issue of the American Sociological Review, Northwestern professor Lauren Rivera concludes that companies are making hiring decisions “in a manner more closely resembling the choice of friends or romantic partners.” Rivera found that apparently off-topic questions have become central to the hiring process. “Whether someone rock climbs, plays the cello, or enjoys film noir may seem trivial,” she wrote, “but these leisure pursuits were crucial for assessing someone as a cultural fit.” As a result, Rivera argues, “employers don’t necessarily hire the most skilled candidates.”


The phrase “cultural fit” may summon up obnoxious images of old boys clubs and social connections, but it’s a powerful buzzword among human resources professionals. A cooperative, creative atmosphere can make workdays more tolerable and head off problems before they begin. “I used to work for an e-commerce company that spent a lot of time refining its culture,” says Mercedes Douglas, now head of recruiting at Kikin, an Internet search startup. “I hired someone as a manager, and it created a lot of tension because he didn’t fit in. People tried to alienate him because they weren’t interested in him as a friend,” she says. And it also goes the other way. “I once hired a woman who really didn’t have the right background or experience for the job, but who I hit it off with during the interview,” says Rebecca Grossman-Cohen, a marketing executive at News Corp. (NWS). “And because we got along so well, I was able to train her easily, and she ended up doing great things for us.”


Especially in this slow economy, more employers are asking “Star Trek or Star Wars?” (as a programmer was recently asked by an employer) because fit is believed to be a strong predictor of employee retention. The longer employees stay around, the more companies save in hiring and on-boarding costs. For instance, the online retailer Zappos (AMZN) offers new employees who are struggling $ 4,000 to quit after a week’s work, rather than waste resources to train someone who doesn’t gel with the group. The sandwich chain Pret A Manger even goes so far as to have potential employees work for one day, after which they’re either voted in or out by the existing team. Applicants who don’t get along with others are paid for their time and asked to leave.


Glassdoor’s Dobroski reports that job seekers cite company culture as their second-highest priority, “almost tied with salary.” In an employment market in which many first-time employees relocate for work, offices are becoming surrogate families and social communities. New hires, especially young workers, want the secret Santa gift exchanges, the karaoke nights, and, increasingly, like-minded colleagues who share their values.


“These trends are being driven by millennials because they care about culture,” says Dan Schawbel, author of Me: 2.0. “Research shows that millennials typically stay at a job for about two years—and they have different priorities. They’d rather have meaningful work over more pay, or work for a company that gives back or cares about the environment. They want a culture that’s less hierarchical, more flexible, and more understanding of difference, because millennials are the most diverse generation.”


This last point presents a modern quandary: How do companies value diversity and cultural fit, especially if hiring managers are often biased toward hiring people much like themselves?


“A lot of times, cultural fit is used as an excuse” for feelings interviewers aren’t comfortable expressing, says Eric Peterson, manager of diversity and inclusion at the Society for Human Resources and Management. “Maybe a hiring manager can’t picture himself having a beer with someone who has an accent. Sometimes, diversity candidates are shown the door for no other reason than that they made the interviewer a little less at ease.”


In Rivera’s study, one Indian woman says hiring based on cultural fit “seems to me a very [shakes her head] American thing. But it’s what [companies] want.” Yet this idea of tightly knit cultural affinity seems to run counter to the U.S.’s melting-pot ethos, as well as our glorification of diverse cinematic superteams—from The Magnificent Seven to Ocean’s Eleven, and onto Star Trek, Star Wars, The Matrix, and The Avengers. “In all of these stories,” says Sean Howe, author of the history Marvel Comics: The Untold Story, “it’s not just the accumulation of complementary abilities that makes the group succeed, it’s the ways in which each individual is challenged and transformed by the very environment of diversity. Which, come to think of it, is really what society is all about.”


Hiring is the moment when these American ideals about team diversity collide with the reality of building a cohesive, practical staff. For the manager, it’s also the time when abstract notions about corporate culture collide with instinct and bias. We may aspire to model our workplaces after the Starship Enterprise but in reality they often look more like the Borg Cube. Most companies have elaborate systems of checks and balances and executive-level diversity officers who work hard to ensure inclusiveness of race, gender, and sexuality. And working exclusively with your pals can also have a major competitive downside: groupthink.


“It’s probably human nature to generally like to hire people who look like us, sound like us, act like us. But you get a culture of sameness,” says Randy Hains, managing partner of Atlanta’s Bell Oaks Executive Search. “People lack an understanding of how to go out and recruit for a diversity of thought—those people who break the rules but are great for the company. An EBay (EBAY) or a Google (GOOG) will hire those intellectual guys who won’t fit into most Fortune 500 companies, whereas a Home Depot (HD) or a Coca-Cola (KO) will hire a guy because he fits in perfectly, not realizing that he’s not going to move the needle—not even a little bit.”


Numerous studies have proven that diverse workforces give companies competitive advantages in skill, employee retention, innovation, and profits: A 2009 study by University of Illinois sociologist Cedric Herring found that companies with the highest levels of racial diversity reported, on average, 15 times more sales revenue than those with less diverse staffs. And the American Sociological Review survey warns that a focus on hiring employees with the same hobbies and backgrounds can limit diversity. To avoid this tendency, companies now struggle to codify what, exactly, they mean when they talk about cultural fit.


“A skilled recruiter can override those biases,” says Amy Hirsh Robinson, principal of workplace consulting firm Interchange Group. “Sometimes you need to change your culture because there might be that one person who has a different thought that could have saved a business.”


The trick to building a creative, modern workforce might be asking all those silly questions—What’s your favorite movie? What’s your favorite book? What makes you uncomfortable?—and valuing most highly the answers you’ve never heard before. “It’s quite possible to define that office culture as one that’s open to diversity, so that you’re looking for openness in an employee,” says SHRM’s Peterson. “You just have to decide if you’re hiring for the culture you have or the culture you want.”


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Primary Petroleum Completes Phase I Exploration Program on its Southern Alberta Basin Prospect in NW Montana








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Mediocre job growth points to slow grind for U.S. economy


WASHINGTON (Reuters) - The pace of U.S. job growth slowed a bit in December, keeping the unemployment rate steady at 7.8 percent, but details of the Labor Department's U.S. employment report were fairly encouraging.


* Nonfarm payrolls increased 155,000, but job gains for the previous month were revised up to show 15,0000 more positions created than previously reported.


* Construction employment rebounded strongly, gaining 30,000 jobs after sagging 10,000 in November, reflecting increased residential construction activity as the housing market recovery gains traction.


* Manufacturing payrolls gained 25,000 after rising 5,000 in November. Manufacturing working hours increased, a positive sign for a sector that has been cooling in recent months. That helped to lift the overall average workweek to 34.5 hours from 34.4 hours in November.


* With workers putting in more time, the average hourly earnings increased 0.3 percent after rising by the same margin in November.


* More people entered the labor force, a sign of confidence in the jobs market, keeping the unemployment rate elevated. The household survey also showed a modest increase in employment, but more people reported they did not have jobs.


* The bad news is that government shed 13,000 jobs in December after a loss of 10,000 the prior month.


* Temporary help jobs, often seen as a harbinger for permanent hiring, fell in December and retail employment declined by 11,300 jobs after a hiring spree the previous months.


(Reporting By Lucia Mutikani)



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Oregon runs past K-State 35-17 at Fiesta Bowl


GLENDALE, Ariz. (AP) — As Oregon coach Chip Kelly was about to receive the massive Fiesta Bowl trophy, Ducks fans inside University of Phoenix Stadium started a chant of "We want Chip!"


Whether he returns or not is up in the air.


If Kelly does head to the NFL, this was a great send off.


Sparked by De'Anthony Thomas' 94-yard touchdown return on the opening kickoff, No. 5 Oregon turned the Fiesta Bowl into a track meet from the start and bolted past No. 7 Kansas State 35-17 Thursday night in what could be Kelly's final game with the Ducks.


"This wasn't going to be a distraction," Kelly said of reports that he was headed to the NFL. "It wasn't a distraction for me — I think it's an honor. But I think it's an honor because of the players we have in this program that people want to talk to me."


Teams that had their national title aspirations end on the same day, Oregon and Kansas State ended up in the desert for a marquee matchup billed as a battle of styles: The fast-flying Ducks vs. the methodical Wildcats.


With Kelly reportedly talking to several NFL teams, Oregon (12-1) was too much for Kansas State and its Heisman Trophy finalist, Collin Klein, who were playing catch-up from the start.


Thomas followed his before-everyone-sat-down kickoff return with a 23-yard touchdown catch, finishing with 195 total yards.


Kenjon Barner ran for 143 yards on 31 carries and scored on a 24-yard touchdown pass from Marcus Mariota in the second quarter. Mariota later scored on a 2-yard run in the third quarter, capped by an obscure 1-point safety that went in the Ducks' favor.


Even Oregon's defense got into the act, intercepting Klein twice and holding him to 30 yards on 13 carries.


"We got beat by a better team tonight, combined by the fact that we let down from time to time," coach Bill Snyder said after Kansas State's fifth straight bowl loss.


Last year's Fiesta Bowl was an offensive fiesta, with Oklahoma State outlasting Stanford 41-38 in overtime.


The 2013 version was an upgrade: Nos. 4 and 5 in the BCS, two of the nation's best offenses, dynamic players and superbly successful coaches on both sides.


Oregon has become the standard for go-go-go football under Kelly, its fleet of Ducks making those shiny helmets — green like Christmas tree bulbs for the Fiesta Bowl — and flashy uniforms blur across the grassy landscape.


Thomas offered the first flash of speed, picking up a couple of blocks and racing toward a not-so-photo finish at the line.


Thomas hit the Wildcats (11-2) again late in the first quarter, breaking a couple of tackles and dragging three defenders into the end zone for a catch-and-run TD that put the Ducks up 15-0.


It's nothing new for Oregon's sophomore sensation: He had 314 total yards and two long touchdown runs in the 2012 Rose Bowl. The Ducks are used to it, too, averaging more than 50 points per game.


And they kept flying.


Oregon followed a missed 40-yard field goal by Kansas State's Anthony Cantele by unleashing one of its blink-and-you'll-miss-it scoring drives late in the second quarter. Moving 77 yards in 46 seconds, the Ducks went up 22-10 at halftime after Mariota hit Barner on 24-yard TD pass.


Alejandro Maldonado hit a 33-yard field goal on Oregon's opening drive of the third quarter and Mariota capped a long drive with an easy 2-yard TD run to the left. Kansas State's Javonta Boyd blocked the point-after attempt, but even that went wrong for the Wildcats. Chris Harper was tackled in the end zone for a bizarre 1-point safety that put Oregon up 32-10.


It was the first 1-point safety in major college football since 2004 when Texas did it against Texas A&M, STATS said.


"There were so many things that could have changed the outcome of this game," Kansas State linebacker Arthur Brown said.


Kansas State needed a little time to get its wheels spinning on offense, laboring early before Klein scored on a 6-yard run early in the second quarter.


Klein kept the Wildcats moving in the quarter, though not toward touchdowns: Cantele hit a 25-yard field goal and missed from 40 after a false-start penalty.


Klein hit John Hubert on a 10-yard touchdown pass early in the fourth quarter, but all that did was cut Oregon's lead to 32-17.


He threw for 151 yards on 17 of 32 passing.


"It wasn't really complicated," Kelly said of slowing Klein. "He's a great player, one of the greats of college football. I had my heart in my throat a couple of times watching him around, but our guys just made plays when they had to make plays."


By doing so, they may have put a nice exclamation point on Kelly's college career.


Read More..

Myanmar: Evolution, not revolution




Tourists walk around the Shwedagon Pagoda in Yangon in April. The tourism industry is set for expansion.




STORY HIGHLIGHTS


  • Myanmar is undergoing incremental change, welcomed by all, says Parag Khanna

  • But he says people still tread lightly, careful not to overstep or demand too much

  • Myanmar has survived succession of natural and man-made ravages, Khanna adds

  • With sanctions lifted, foreign investment is now pouring in from Western nations




Editor's note: Parag Khanna is a Senior Research Fellow at the New America Foundation and Senior Fellow at the Singapore Institute of International Affairs. His books include "The Second World," "How to Run the World," and "Hybrid Reality."


Yangon, Myanmar (CNN) -- Call it a case for evolution instead of revolution. While the Arab world continues in the throes of violence and uncertainty, Myanmar is undergoing incremental change -- and almost everyone seems to want it that way.


The government is lightening up: holding elections, freeing political prisoners, abolishing censorship, legalizing protests, opening to investment and tourists and welcoming back exiles. But the people still tread lightly, careful not to overstep or demand too much. Still, the consensus is clear: Change in Myanmar is "irreversible."


Read more: Aung San Suu Kyi and the power of unity


As the British Raj's jungle frontier, Burma was a key Asian battleground resisting the Japanese occupation of Southeast Asia during World War II. As with many post-colonial countries, the euphoria of independence and democracy in 1948 gave way in just over a decade to the 1962 coup in which General Ne Win nationalized the economy and abolished most institutions except the army.



Parag Khanna

Parag Khanna



Non-alignment gave way to isolationism. Like Syria or Uzbekistan, Myanmar became an ancient Silk Road passageway that almost voluntarily choked itself off, choosing the unique path of a Buddhist state conducting genocide, slavery, and human trafficking.


Watch: Myanmar in grip of economic revolution


The military junta began its increasingly cozy rapproachment with Deng Xiaoping's China in the 1970s, just as China was opening to the world, and used cash from its Golden Triangle drug-running operations to pay for Chinese weapons.


Mass protests, crackdowns and another coup in 1988 led to a rebranding of the junta as the State Law and Order Restoration Council (SLORC) and the country's official renaming as the Union of Myanmar.


Terrorized, starving and homeless: Myanmar's Rohingya still forgotten


The 1990 elections, in which Aung San Suu Kyi's National League for Democracy (NLD) won a majority of the seats, were annulled by the SLORC, which continued to rule until 2011 when it was formally disbanded. Most international sanctions on Myanmar have now been lifted.






Read more: Myanmar: Is now a good time to go?


In just the past few years, Myanmar has survived a succession of natural and man-made ravages, from the brutal crackdown on the Saffron Revolution of 2007 (led by Buddhist monks but more widely supported in protest against rising fuel prices and economic mismanagement), to Cyclone Nargis (which killed an estimated 200,000 people in 2008) to civil wars between the government's army and ethnic groups such as the Kachin in the north and Shan and Karen in the east, and communal violence between the Muslim Rohingya (ethnic Bengalis) and Buddhist Rakhine in the west.


There are still approximately 150,000 Karen refugees in Thailand (and over 300,000 total refugees on the Thai-Burmese border) and more than 100,000 displaced Rohinya living in camps in Sittwe. So difficult is holding Myanmar together that even Aung San Suu Kyi, who helps lead the national reconciliation process, ironically advocated the use of the army (which kept her under house arrest for almost two decades) to pacify the rebellions.


Though sectarian conflict between Muslims and Buddhists in Rakhine underscores the Myanmar's tenuous search for national unity, the genuine efforts at religious pluralism are reminiscent of neighboring India: Every religion is officially recognized, and days are given off for observance. Surrounding Yangon's downtown City Hall is not only the giant Sule Pagoda but also a mosque, synagogue, church and Jain temple. The roundabout is therefore a symbol of the country's diversity -- but also the place where protesters flock when the government doesn't live up to promises.


Q&A: What's behind sectarian violence in Myanmar?


Scarred from decades of oppressive and ideological rule and still beset by conflict, it is therefore against all odds that Myanmar would become the most talked about frontier market of the moment, a top Christmas holiday destination and a case study in democratic transitions. Myanmar's political scene is now a vibrant but cacophonous discourse involving the still-powerful army; upstart parliament; repatriated civilian advisers; flourishing civil society, including human rights groups, ambitious business community, the Buddhist religious community, and a feisty media (especially online).


The parliament is pushing for accountability in telecom and energy contracts, and its speaker, Shwe Mann, is already maneuvering to challenge the chairman of his Union Solidarity and Development Party (USDP) -- current president Thein Sein -- in the 2015 elections.


In the meantime, however, the establishment in Yangon and the new capital of Napyidaw need to focus much more on building capacity. Thein Sein, who traded in his uniform for indigenous attire in 2011, has reshuffled the Cabinet to make room for functional experts in the energy and economic portfolios. He's even spearheaded an anti-corruption drive, admitting recently that Myanmar's "governance falls well below international standards." By many accounts he is also very open to advice on investment and other reforms.


He will need it, as Myanmar faces crucial tests of its international credibility in the coming years. In 2013, Myanmar will play host to the World Economic Forum (WEF) as well as the Southeast Asian Games. In 2014 it will chair the ASEAN regional group, and in 2015 it is expected to enter a new ASEAN Free Trade Area.


The military's power is still pervasive, placing it somewhere on the spectrum between Indonesia, where military influence has been rolled back, and Pakistan, where the military still dominates. On the streets, it's often difficult to know who is in charge.


One numerological fetish led to the driving side being unilaterally changed, making Myanmar the rare place where the steering wheel is (mostly) on the right, and cars drive (mostly) on the right. At least a dozen official and private newspapers (though private daily papers are not allowed yet) are on offer from meandering street hawkers, while you inch through Yangon's increasingly dense daily traffic jams.


At this time of year, visitors to Burma enjoy crisp, smoky morning air and dry, starry nights. Yangon is undergoing a construction boom, with faded colonial embassies turned into bustling banks, the national independence column being refurbished and redesigned with a park, and tycoons building columned mansions near downtown -- and seeking Buddhist blessings by pledging lavish donations for the construction of even more monasteries and pagodas.


By 2020, the population of Yangon could easily double from the current 5 million, at which point it may look like a mix of Calcutta and Kuala Lumpur.


Thant Myint-U, the grandson of former U.N. Secretary-General U Thant and noted historian of modern Burma, now wears several hats related to ethnic reconciliation, foreign donor trust funds and urban conservation. He says that as foreign aid flows grow from trickles into a flood, they have to be systematically focused on sustainable employment creation and infrastructure. USAID has pledged to spend more than $150 million in Myanmar in the next three years.



Myanmar's opening, however, is strongly motivated by an anti-Chinese sentiment that is part of a much wider global blowback against China's commercial and strategic encroachment
Parag Khanna



Outside of Yangon, the pace of Burmese society slows to a timeless pace -- as do Internet connections. On village roads, cycle rickshaws and monks with parasols amble by fruit vendors and car part stalls. Whether at the Dhammayazika Pagoda in Bagan or Mandalay Hill in that city, locals enjoy watching sunrises and sunsets as much as tourists.


Traveling around Myanmar, one observes the paradox of a country that has massive potential yet still needs just about everything. Yangon's vegetable market is a maze of tented alleys overflowing with cabbage, pineapples, eggplant and flowers, but they are still transported by wheelbarrows and bicycles. Ox-drawn ploughs still power farming in much of the country, meaning agricultural output of rice, beans and other staples could grow immensely through mechanization.


Similarly, the British-era light-rail loop circling Yangon takes about three hours to ride once around, with no linking bus services into downtown. But with cars already clogging the city, a major transport overhaul is essential. The communications sector actually needs to be re-invented. At present, the country's Internet and mobile phone penetration are only just growing; both are still governed by India's 1886 Telegraph Act. Mobile penetration is only 3 million but could easily grow to 30 million (half the population) within the next couple of years, as the price of SIM cards come down (so far from $2,000 to about $200), and foreign telecoms are allowed in to provide data coverage.


With sanctions lifted, foreign investment is now pouring in from Western nations, in addition to the players who have been making inroads for years such as China, Thailand and Singapore. The paradox, however, is that Myanmar lacks the infrastructure (physical and institutional) to absorb all the investor interest.


Major nations have thus focused on special economic zones that they themselves effectively run. The way Japan has moved into Myanmar, one would think that its World War II imperialism has been forgotten. After their major bet on the Thilawa special economic zone south of Yangon, Japanese contractors have plans to deepen the Yangon River's estuary so that cargo ships can sail directly up to the city's shores and offload more containers of cars that are already being briskly snapped up at busy dealerships.


Besides natural gas and agriculture, everyone agrees that tourism will comprise an ever-larger share of the country's GDP. Especially with much of the country off-limits to foreigners due to security restrictions and the military's economic operations, tourists already clog all existing suitable hotels in Yangon, Bagan and Mandalay, meaning a massive upgrade is needed in the hospitality sector.


Annual tourist visits are climbing 25% annually to an estimated 400,000 for 2012. Daily flights arrive packed from around the region, with longer-haul routes beginning from as far afield as Istanbul and Doha.


Still, Myanmar is a traveler's dream come true. In Bagan, you can walk or take a sunrise jog around countless pagodas that feel like they haven't been touched in 800 years -- some actually haven't. There is also the sacred and enchanting Golden Rock; the pristine beaches of Ngwe Saung, which rival the best of Thailand and the Philippines; the temperate climate of Inle Lake; the Himalayan foothills near Putao in far northern Kachin state where one can trek; the rich dynastic history of Mandalay; and the languorous Irrawaddy River cruises that harken to George Orwell's "Burmese Days."


Yangon has a pleasant charm and gentle energy, with vast gardens and riverside walks, the grandeur of centuries-old monuments such as the Shwedegon Pagoda, a fast-growing cultural scene of art galleries and music performances, and a melting pot population of all Myanmar's tribes as well as industrious overseas Indians and Chinese, who make up 5% of the nation's population.


Mandalay in particular is where one feels the depth of China's demographic penetration into Myanmar, owing not only to recent decades of commercial expansion from gems trading to real estate but also centuries of seasonal migrations across the rugged natural border with Yunnan province. Some have begun to call the Shan region "Yunnan South."


The combination of the Saffron Revolution, civil strife, sanctions, its economic lag behind the rest of ASEAN, and the status of becoming a captive resource supplier to China all played crucial roles in Myanmar's opening. China has traditionally been a kingmaker in isolated and sanctioned countries and well-placed to capitalize on the infrastructural and extractive needs of emerging economies as well.


For China, Myanmar represents a crucial artery to evade the "Malacca trap" represented by its dependence on shipping transit through the Straits of Malacca. In 2011 China was still far and away the largest foreign investor in Myanmar, bringing in $5 billion (of a total of $9 billion) across their 2,000-kilometer (1250-mile)-long border. The massive ongoing investments include 63 hydropower projects, a 2,400-kilometer (1500-mile) Sittwe-to-Kunming oil pipeline from the Bay of Bengal and a proposed gas pipeline to China's Yunnan beginning at Myanmar's Ramree Island -- not to mention an entire military outfitted with Chinese tanks, helicopters, boats and planes.


Myanmar's opening, however, is strongly motivated by an anti-Chinese sentiment that is part of a much wider global blowback against its commercial and strategic encroachment. Even well-kept generals are fundamentally Burmese nationalists and awoke to the predicament of total economic and strategic dependence on China. The government has taken major steps to correct this excessive tilt, suspending a major hydroelectric dam project at Myitsone and re-evaluating Wanbao Mining company's giant copper mine concession near Monywa.


Myanmar is now deftly playing the same multi-alignment game mastered by countries such as Kazakhstan in trying to escape the Soviet-Russian sphere of influence: courting all sides and gaining whatever one can from multiple great powers and neighbors while giving up as little autonomy as possible.


India sees Myanmar as the crucial gateway for its "Look East" policy and is offering substantial investments in oil and gas as well as port construction and information technology; Europe has become a larger investor, especially Great Britain; Russia is being courted as a new arms supplier; Japan is viewing Myanmar as its new Thailand for automobile production; and of course, U.S. President Barack Obama visited in December, paving the way not only for greater U.S. investment but even for Myanmar to potentially participate in the Cobra Gold military exercises held annually with America's regional allies.


Obama was not only the first U.S. president to visit Myanmar but also the first to call it by that name, conceding ground in a long-running dispute. The administration hopes that North Korea, Asia's still frozen outcast, will learn the lessons from Myanmar's steady but determined opening.


But countries that are playing multi-alignment don't have to thaw domestically -- witness Saudi Arabia and Kazakhstan. Myanmar is simultaneously undergoing political liberalization and international rehabilitation -- a tricky and laudable feat for sure but not one North Korea is likely to emulate entirely. What the two do have in common, however, is the growing realization that having China as a neighbor is both a blessing and a curse.


During my visit to the "Genius Language School," where university students go for professional English tutoring, I asked the assembled round table whether they were happy that Obama came to visit and whether they considered America a friend. All giggled and chanted: "Yes."


Then I asked, "Are you afraid of China?" And the answer came in immediate, resounding unison: "Yes!"


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The opinions expressed in this commentary are solely those of Parag Khanna.






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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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