Stock index futures signal mixed Wall Street open

LONDON (Reuters) - Stock futures pointed to a mixed open on Wall Street on Friday, with futures for the S&P 500 rising 0.2 percent, the Dow Jones futures down 0.2 percent and the Nasdaq 100 futures up 0.3 percent.

Apple stepped up audits of working conditions at major suppliers last year, discovering multiple cases of underage workers, discrimination and wage problems.

Samsung Electronics turned cautious on spending for the first time since the global financial crisis, keeping its annual investment plan unchanged at 2012 levels, as demand for computer chips wanes and the smartphone market slows.

Procter & Gamble , the world's top household products maker, and smaller rival Kimberly-Clark will kick off the earnings season for U.S. household products makers. Halliburton , the world's second-largest oilfield services company, is also due to report results.

Honeywell , the diversified U.S. manufacturer, will be in focus as it reports earnings, with modest growth in demand for systems used to manage large buildings expected to be offset by declining sales to the military.

The Commerce Department releases new home sales data for December at 1500 GMT. Economists forecast a total of 385,000 annualized units, compared with 377,000 in November.

Economic Cycle Research Institute releases its weekly index of economic activity for January 18 at 1530 GMT. In the prior week the index read 130.

European shares <.fteu3> rose 0.1 percent after a survey showed German business morale improved for a third consecutive month in January.

The smallest of gains gave the Standard & Poor's 500 its seventh straight winning day on Thursday, but the index failed to hold above the 1,500 line, restrained by Apple's worst day in more than four years.

The Dow Jones industrial average <.dji> rose 0.33 percent at the close, the S&P 500 <.spx> ended flat and the Nasdaq Composite <.ixic> dropped 0.74 percent. Most of the Nasdaq's loss was due to Apple's slide of more than 12 percent after disappointing earnings.

(Reporting by Atul Prakash; Editing by Susan Fenton)

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NCAA announces problems with Miami investigation

CORAL GABLES, Fla. (AP) — The NCAA's probe of Miami's athletic compliance practices is ramping up yet again.

Only this time, the Hurricanes aren't exactly the subject of the inquiry.

In a bizarre twist, it's college sports' governing body itself that is being investigated after NCAA President Mark Emmert acknowledged on Wednesday "a very severe issue of improper conduct" by former investigators working the long, complex Miami case.

The NCAA said its investigation was based, at least in part, on information that it should not have had access to, the testimony of those who appeared under subpoena to be deposed in the bankruptcy case involving former Miami booster Nevin Shapiro, one of the most notorious Ponzi scheme architects in history.

The NCAA does not have subpoena power. Shapiro's attorney did, and used it — and apparently entered into some sort of contractual agreement with the NCAA, one that apparently either was not or should never have been approved.

"We cannot have the NCAA bringing forward an allegation ... that was collected by processes none of us could stand for," Emmert said. "We're going to move it as fast as possible, but we have to get this right."

Wednesday's revelations mean that the notice of allegations against Miami — the NCAA's findings of wrongdoing, a document that was nearly completed and was expected to be released by the end of this week — will be delayed for at least a couple more weeks, if not longer. The long-term ramifications could be more damning for the NCAA, especially if the outside investigator they have commissioned to look into the mess finds more problems.

The NCAA did not name the attorney involved, whom Emmert only referred to as "she." The NCAA said it would not confirm that it was Maria Elena Perez, a Miami graduate and Shapiro's longtime defense attorney.

Perez did not respond to telephone or email messages. A person in her office said the attorney was working in New York and would be forwarded requests for comment.

"As we have done since the beginning, we will continue to work with the NCAA and now with their outside investigator hoping for a swift resolution of the investigation and our case," Miami President Donna Shalala said.

Emmert said two depositions are involved in this allegation of improper conduct by former enforcement-office staffers. One of those two depositions was given Dec. 19, 2011, by former Miami equipment-room staffer Sean Allen — who has been linked to Shapiro and many of the allegations that he made against the university.

Among the questions Allen was asked in that deposition:

— "Did you ever witness Mr. Shapiro paying any money to any University of Miami football or basketball players?"

— "Would it be fair to say that Mr. Shapiro did, in fact, confer various financial benefits on the University of Miami Athletic Program and its players?"

— "Did you ever overhear any of the coaches or any other staff for the University of Miami providing Mr. Shapiro with inside information regarding, you know, the condition of any particular athlete for the purposes of Mr. Shapiro's gambling?"

It's unknown which of Allen's answers caught the NCAA investigators' attention.

What is known publicly now, and has been suspected by some for months, is that those investigators never should have known those questions were asked.

"How in the world can you get this far without it being recognized that this was an inappropriate way to proceed?" Emmert asked.

That's the question that the NCAA wants answered, and fast.

Emmert spoke angrily at times during a half-hour conference call to discuss the findings, in which he revealed that he briefed the NCAA's executive committee and the Division I board presidents with some information about the Miami matter. He said he developed a better understanding of what went on in the days that followed, which led to the hiring of Kenneth L. Wainstein of the firm Cadwalader, Wickersham & Taft LLP to conduct the external review of what happened.

Wainstein, Emmert said, will begin his probe on Thursday, with the NCAA hoping that he can finish within two weeks.

"We want to make sure that any evidence that's brought forward is appropriately collected and it has the integrity that we expect and demand," Emmert said.

It was part of a stunning day for Hurricane athletics: The 25th-ranked men's basketball team routed No. 1 Duke later Wednesday, 90-63.

Emmert said the NCAA was trying to find out why part of the investigation was based on depositions specific to the bankruptcy case against Shapiro, who will have to repay $82.7 million to his victims as part of his sentence. And the timing of this also is curious. Several people who were to be named in the NCAA's notice of allegations against Miami have been told that the document was in the final stages of preparation — and one person who spoke with the AP said at least one person who was to have faced a charge of wrongdoing was told the letter was scheduled for delivery to Miami on Tuesday.

Now it's anyone's guess when that will happen.

Emmert said the NCAA learned of the alleged misconduct, in part, through legal bills presented by Shapiro's attorney for work that was not properly approved by the organization's general counsel's office.

"One of the questions that has to be answered, unequivocally, is what was the nature of that contractual arrangement and what was all the activity that that individual was involved with," Emmert said. "There is some uncertainty about all of that and it's one of the first orders of business for the firm that we've hired to investigate."

The Hurricanes' athletic compliance practices have been probed by the NCAA for nearly two years. Allegations of wrongdoing involving Miami's football and men's basketball programs became widely known in August 2011 when Yahoo Sports published accusations brought by Shapiro, who is serving a 20-year term in federal prison for masterminding a $930 million Ponzi scheme.

Miami has self-imposed two football postseason bans in response to the investigation. The Hurricanes also would have played in the Atlantic Coast Conference championship game this past season, meaning they could have qualified for the Orange Bowl.

"In my two-and-a-half years I've certainly never seen anything like this, and don't want to see it again," Emmert said.

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Benghazi blame-game is useless

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STORY HIGHLIGHTS

• Anthony Cordesman: Questions for Hillary Clinton on Benghazi attack inevitable, important


• But political blame game useless, a discouraging message to diplomats, military advisers, he says


• He says in hindsight, warnings, pleas for support mistakenly make crisis seem obvious


• Writer: U.S. must focus forward: encourage, support risk-takers doing crucial work in field

Editor's note: Anthony H. Cordesman holds the Arleigh A. Burke Chair in Strategy at the Center for Strategic and International Studies. Follow CSIS on Twitter.

(CNN) -- Politics are politics, and partisan congressional challenges over the death of Ambassador Chris Stevens and other Americans in Benghazi, Libya, last September were inevitable.

But while some of the questions Secretary of State Hillary Clinton was asked in her appearance before the Senate Foreign Relations Committee bordered on politics at their worst, some represented democracy at its best: A legitimate challenge of how the government works. The fact is, we do need to ask serious questions about the way our diplomats function, how they are deployed and protected.

In her responses, Clinton took responsibility, as the top official in every department always must. The question now, however, is what, if anything, will we really learn from the events that led to the deaths of Stevens and his colleagues?

Anthony H. Cordesman

Do we actually learn something from their courage and sacrifice, and the similar experience of other American diplomats and officers that have faced similar attacks in the past? Or do we go on playing a pointless blame game, creating a climate that discourages our diplomats, U.S. military advisory teams and intelligence officers from taking necessary risks -- and relies even more on fortifying our embassies.

Three lessons here. The first: Virtually every post mortem that relies on the blame game has the same result. There is always someone who asked for more resources and warned of the risk before the event. There are always enough intelligence indicators so that once you go back -- knowing the pattern of actual events -- it becomes possible to predict the past with 20-20 hindsight.

The problem is that the post mortems and hearings tend to be useless. Every prudent security officer has always asked for more; the indicators that could provide warning with 20-20 hindsight will still be buried in a flood of other reporting that warns of crises that don't take place; U.S. officials will still have to deal with what intelligence experts call "noise" -- the vast amount of reporting and other data that make it impossible to sort out the right information until the event actually occurs and the patterns are known. All of this makes it hard to know what request or warning ever matters.

Opinion: Algeria hostage crisis shows jihadists on rise

Yes, intelligence and warning can always be improved if the post mortem is realistic and objective. But the resulting improvements will never be enough. No one will ever assess all the risks correctly, U.S. diplomats and other Americans will be vulnerable when they operate in a hostile environment, and risk-taking will remain inevitable.

The second lesson is that we cannot deal with crises like the political upheavals in the Arab world, or the more direct threats that countries like Iran and North Korea can pose, unless our diplomats and military advisers take risks -- and more casualties -- in the process.

Stevens and those around him did what had to be done. These are the teams that can help lead unstable countries towards democracy and stability. They are the crucial to our counterterrorism efforts in the field and to building up the military security capabilities of developing states. They are key to uniting given factions, creating effective governance, and persuading states to move toward development and greater concern for human rights.

They can only be effective if they are on the scene, work with the leaders and factions involved, and often go into harms way where there are terrorist and military threats. Like Stevens, they cannot wait for perfect security, stay in a safe area, or minimize risks and deal with the realities of Libya, filled with local power struggles, extremist elements and potential threats.

We need risk-takers. We need them in any country that is going through the kind of upheavals taking place in Libya, as well as in countries where our enemies operate, and semi-war zones like Afghanistan, Iraq, Somalia, Syria, and Yemen. We need diplomats, U.S. military advisory teams, and intelligence officers that reach far beyond our embassies and go into high risk zones. We need to reward and honor those risk-takers, not those who shelter in safety and avoid the risks they should take or fear their career will be damaged if anyone is killed or hurt.

Opinion: Algeria crisis is a wakeup call for America

The third lesson is that we do need to steadily strengthen our ability to provide secure mobility, better intelligence, better communications, and better protection for those diplomats, U.S. military advisory teams and intelligence officers. We need to be able to better provide emergency help to those American NGO personnel and businessmen who take similar risks.

We need both an administration and a Congress that look beyond the blame game and understand that some things are worth spending money on. We need them to understand that what we once called the Arab Spring is clearly going to be the Arab Decade, and we face different but equally real risks in the field in Asia, Africa, and Latin America.

It is far better -- and cheaper even, in the medium term -- to fund strong U.S. country teams, military advisers, counterterrorism teams and development efforts than to let nations collapse, to let extremists take over, to lose allies, and see American NGOs and businesses unable to operate.

We need to see what new methods and investments can protect our people in the field and reduce the risks they should be taking. The answer may be special communications, intelligence system, helicopters and armored vehicles, emergency response teams and new career security personnel to replace contractors and foreign nationals.

What the answer is not is partisan blame, risk avoidance, punishing those who do take risks for the result, and failing to make the improvements in security for risk takers -- while building larger fortress embassies. If you want to honor the Americans lost in the line of duty, focus on the future and not the past.

The opinions expressed in this commentary are solely those of Anthony Cordesman

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Broadway’s “Spider-Man” producers, Taymor, near settlement, again

NEW YORK (Reuters) – The producers of “Spider-Man: Turn Off The Dark” and Julie Taymor, the musical’s ousted director, are once again ready to settle their long-running court case, a court filing showed on Wednesday.

“We anticipate notifying the Court within the next week that a final settlement agreement has been executed,” attorney Charles T. Spada, who represents Taymor, wrote in a January 22 letter to U.S. District Judge Katherine Forrest in Manhattan.

The letter comes less than two weeks after the parties resumed litigation after failing to reach a final settlement of Taymor‘s copyright infringement lawsuit, court records show.

The latest development comes five months after Taymor had reached a settlement in principle with 8 Legged Productions, the producer, in the copyright infringement case

“Spider-Man,” which became a hit, got off to a disastrous start in 2010 with opening night delays, injured actors and the firing of Taymor, who won a Tony Award for her work on “The Lion King.” She sued 8 Legged Productions in November 2011.

Any settlement is conditioned on 8 Legged Productions coming to terms with Marvel Entertainment, a unit of Walt Disney Co, to extend its license to produce the musical in other venues, Spada wrote in a December 19 letter to the judge.

In Wednesday’s letter, Spada said an agreement between the producer and Marvel to amend the license is likely within days.

Taymor and 8 Legged Productions intend to execute their agreement at the same time, the letter said.

“We are moving closer to finalizing the settlement,” Dale Cendali, a lawyer for 8 Legged Productions, said in an email.

A spokesperson for Marvel didn’t immediately respond to requests for comment.

The case is Julie Taymor et al v. 8 Legged Productions et al, U.S. District Court for the Southern District of New York, No. 11-cv-8002.

(Reporting By Karen Freifeld; Editing by Jeremy Laurence)

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Europe Groans at Cameron’s Talk of an EU Exit

Viewed from across the English Channel, Prime Minister David Cameron’s call Wednesday for a referendum on British membership in the European Union was either a pretty bad idea—or a downright dangerous one.

EU leaders accused Cameron of pandering to British euroskeptics and warned that uncertainty about London’s commitment would hurt Britain as well as other bloc members. He “is playing a dangerous game for tactical, domestic reasons,” Martin Schulz, a German Social Democrat who is president of the European Parliament, told Bloomberg News.

In a speech at Bloomberg headquarters in London, Cameron promised to call a referendum by 2017 if his Conservative Party wins reelection in 2015. The prime minister faces pressure within his own ranks for Britain to negotiate more-flexible EU ties or leave the bloc altogether.

While Cameron says he wants to remain in the union, critics warned that he risks triggering a wave of anti-EU sentiment that will overwhelm him. Cameron “resembles the sorcerer’s apprentice who cannot tame the forces that he has conjured,” Schulz said.

Others rebuked Britain for trying to set its own ground rules for EU membership. “Imagine the EU was a football club,” French Foreign Minister Laurent Fabius said in an interview on France Info radio. “Once you’re joined up and you’re in this club, you can’t then say you want to play rugby.” German Foreign Minister Guido Westerwelle told reporters in Berlin that British “cherry picking is not an option.” The EU needs “more, not less, integration,” he said.

German Chancellor Angela Merkel sounded a more conciliatory tone. “Every member state of the EU has its own interest,” she told reporters in Berlin. “In this context, we are certainly prepared to talk about British interests, but [we] have to keep in mind that other countries have their own wishes, and we always have to come to a fair compromise in the end.”

The U.S. also signaled concern over a possible British exit. “A strong Britain in a strong EU is what I think is best for Britain, Europe, and the United States,” Undersecretary of State Robert Hormats said in a Bloomberg News interview Wednesday at the World Economic Forum in Davos.

British business officials attending the Davos forum said that even if Britain remains in the EU, leaving the question unresolved for four years could cause damage to the country’s economy. “Uncertainty over this relationship with Europe risks making the U.K. less attractive as an international center across many industries,” said Mark Boleat, policy chairman at the City of London Corporation, the financial district’s local government.

Indeed, there’s plenty at risk. About half of Britain’s exports go to EU neighbors, and London serves as the financial hub of the region’s $ 17 trillion economy. Economists at Citigroup (C) estimate that EU trade accounts for 15 percent of Britain’s gross domestic product, while trade with Britain amounts to only 2.5 percent of the EU’s total GDP.

“The British economy is highly interdependent with the rest of Europe,” John Nelson, chairman of the Lloyd’s of London insurance group, told Bloomberg News in Davos. “My guess and hope is that common sense will break out and we’ll stay” in the EU.

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Stock futures signal losses; all eyes on Apple

PARIS (Reuters) - Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500 down 0.22 percent, Dow Jones futures up 0.02 percent and Nasdaq 100 futures down 1.3 percent at 1014 GMT.

Shares of Apple Inc will be in the spotlight after the world's biggest tech company missed Wall Street's revenue forecast for the third straight quarter after iPhone sales came in below expectations, fanning fears that its dominance of consumer electronics is slipping.

Shares of the company traded in Frankfurt were down 8 percent early. They sank 10 percent to $463 in after-hours trade on Wall Street on Wednesday night, wiping out some $50 billion of its market value - nearly equivalent to that of Hewlett-Packard and Dell combined.

A U.S. trade panel that specializes in patent disputes will review a potentially key decision in the patent fight between Samsung Electronics and Apple Inc over smartphones and tablets.

European shares were mostly flat in morning trade, as bullish economic data out of China offset Apple's weaker-than-expected figures which fanned earnings worries in the technology sector. <.eu/>

Noble Corp , owner of the world's third-largest offshore drilling fleet, reported on Wednesday a lower-than-expected quarterly profit as it struggled with maintenance for five high-end rigs, even as demand for its most capable units increased.

Raymond James Financial Inc said quarterly profit rose 27.6 percent, boosted by strong performance from its brokerage and capital markets divisions.

Investors in U.S.-based mutual funds pumped $9.32 billion into stock funds in the week ended January 16, the second consecutive week of inflows for such funds, data from the Investment Company Institute showed on Wednesday.

Hard disk drive maker Western Digital Corp's second-quarter results beat analysts' expectations, helped by growth in its enterprise segment. Shipment in the enterprise segment rose about 10 percent from first-quarter levels to 6.63 million units, analyst Nehal Chokshi of Technology Insights Research told Reuters.

Japanese regulators have joined their U.S. counterparts in all but ruling out overcharged batteries as the cause of recent fires on the Boeing Co 787 Dreamliner, which has been grounded for a week with no end in sight.

Amgen Inc on Wednesday projected revenue for 2013 that exceeds Wall Street estimates and said it was on track to deliver on its 2015 forecasts well ahead of schedule.

Pamplona Capital Management, holder of 9.3 percent of Nabors Industries Ltd , has become "increasingly concerned" about the underperformance of the drilling rig contractor's shares, according to a regulatory filing on Wednesday.

Symantec Corp plans to slash its management ranks and reorganize into 10 business areas, but has decided not to sell off major assets after a strategic review by its new early this month.

SanDisk Corp's modest revenue outlook disappointed investors looking for a rebound in memory chips widely used in smartphones and tablets, sending its shares lower.

Netflix Inc surprised Wall Street on Wednesday with a quarterly profit after the video subscription service added nearly 4 million customers in the United States and abroad, sending its shares 35 percent higher in after-hours trading.

Among the companies set to report results on Thursday feature Bristol-Myers Squibb , Lockheed Martin , 3M Company , Microsoft , Raytheon , Starbucks , AT&T Inc. , and Xerox Corp. .

On the macro front, investors awaited weekly jobless claims, at 1330 GMT, Markit Manufacturing PMI for January, due at 1358 GMT, and December leading economic indicators, due at 1500 GMT.

The S&P 500 rose for a sixth day on Wednesday after stronger-than-expected profits from IBM and Google but the rally could be halted as Apple's after-hours miss sent its shares lower.

The Dow Jones industrial average <.dji> rose 67.12 points or 0.49 percent, to 13,779.33, the S&P 500 <.spx> gained 2.25 points or 0.15 percent, to 1,494.81, and the Nasdaq Composite <.ixic> added 10.49 points or 0.33 percent, to 3,153.67.

(Reporting by Blaise Robinson)

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Williams loses Stephens; Azarenka into semis

MELBOURNE, Australia (AP) — Serena Williams was only thinking out loud when she muttered that this Australian Open had been "the worst two weeks."

Not long after a courtside microphone picked up those comments during her quarterfinal with 19-year-old American Sloane Stephens, things got a whole lot worse.

Stephens outplayed Williams, whose movement and serves had been slowed by a back injury, and beat the 15-time Grand Slam champion 3-6, 7-5, 6-4. It was Williams' first loss since Aug. 17, and her first defeat at a Grand Slam tournament since last year's French Open.

Williams' downer of a Grand Slam Down Under started badly when she turned her right ankle in her opening match at Melbourne Park.

"I've had a tough two weeks between the ankle ... and my back, which started hurting," Williams said. "A lot of stuff."

While Williams packed for home — she and sister Venus have also lost in doubles — Stephens advanced to a semifinal Thursday against defending champion Victoria Azarenka.

The top-seeded Azarenka beat Svetlana Kuznetsova 7-5, 6-1 in the early quarterfinal at Rod Laver Arena. Maria Sharapova, who has lost only nine games in five matches, plays Li Na in the other semifinal Thursday.

On the men's side, Andy Murray advanced to the semis with a 6-4, 6-1, 6-2 victory over Jeremy Chardy. Murray, the U.S. Open champion, will play the winner of Wednesday's late quarterfinal between No. 2 Roger Federer and No. 7 Jo-Wilfried Tsonga.

The other semifinal has defending champion Novak Djokovic taking on No. David Ferrer on Thursday.

Williams hurt her back in the eighth game of the second set and things got progressively worse. She yelled at herself on several occasions, and smashed a racket into the court, earning a $1,500 fine from tournament officials.

"I was running to the net for a drop shot," Williams said, describing the lead up to her injury. "As I went to hit it, it was on the backhand. I even screamed on the court. I totally locked up after that."

She reiterated after the match that her injuries had made this Australian Open difficult for her.

"Absolutely, I'm almost relieved that it's over because there's only so much I felt I could do," she said. "I've been thrown a lot of (curve) balls these two weeks."

Stephens has been, too, but has coped well, and the magnitude of her accomplishment only hit her while she was warming down after the match.

"I was stretching, and I was like, 'I'm in the semis of a Grand Slam.' I was like, 'Whoa. It wasn't as hard as I thought,'" she said. "To be in the semis of a Grand Slam is definitely a good accomplishment. A lot of hard work."

The No. 29-seeded Stephens hadn't been given much of a chance of beating Williams, who lost only four matches in 2012 and was in contention to regain the No. 1 ranking at the age of 31.

Williams' latest winning streak included a straight-set win over Stephens at the Brisbane International this month.

Stephens wasn't even sure that she could beat Williams until she woke up Wednesday.

"When I got up, I was like, 'Look, Dude, like, you can do this.' Like, 'Go out and play and do your best," she said.

Williams walked around the net to congratulate Stephens, who then clapped her hand on her racket and waved to the crowd, a look of disbelief on her face.

Stephens has said she had a photo of Williams in her room when she was a child, and had long admired the Williams sisters.

"This is so crazy. Oh my goodness," Stephens said, wiping away tears in her post-match TV interview. "I think I'll put a poster of myself (up) now."

Azarenka, with her most famous fan sitting in the crowd wearing a shirt reminding her to keep calm, overcame some early jitters to beat Kuznetsova.

After dropping serve in a long fourth game that went to deuce 10 times, Azarenka recovered to dominate the rest of the match against Kuznetsova, a two-time major winner who was floating dangerously in the draw with a No. 75 ranking as she recovers from a knee injury.

Azarenka's American rapper friend, Redfoo, returned from a concert in Malaysia to attend Wednesday's quarterfinal match.

Wearing a red sleeveless T-shirt that read "Keep Calm and Bring Out the Bottles," the name of his next single, Redfoo stood, clapped and yelled "Come on, Vika!" during the tight first set.

Williams' loss was a boost for Azarenka, who lost all five head-to-heads against the American in 2012 and is 1-11 in their career meetings.

The 25-year-old Murray had his service broken for only the second time while serving for the match. But he broke back immediately to clinch a quarterfinal victory.

Murray discounted comments in the British media that he was upset with an almost full schedule of day matches while Federer was given featured cooler night slots on Rod Laver Arena.

"The scheduling for me is part and parcel of playing in really any tennis tournament," Murray said. "It's tough to make the schedule perfect for every single player."

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2013 could be 'climate game-changer'

An ice sculpture entitled 'Minimum Monument' by Brazilian artist Nele Azevedo outside Berlin's Concert Hall, September 2, 2009.

STORY HIGHLIGHTS

• The "neglected" risk of climate change seems to be rising to the top of leaders' agendas


• Extreme weather events are costing the global economy billions of dollars each year


• Gas can be an important bridge to a lower carbon future but it's not the answer


• More investment in renewable energy is needed, with fewer risks

Editor's note: Andrew Steer is President and CEO of the World Resources Institute, a think tank that works with governments, businesses and civil society to find sustainable solutions to environmental and development challenges.

(CNN) -- As leaders gather for the World Economic Forum in Davos, signs of economic hope are upon us. The global economy is on the mend. Worldwide, the middle class is expanding by an estimated 100 million per year. And the quality of life for millions in Asia and Africa is growing at an unprecedented pace.

Threats abound, of course. One neglected risk -- climate change -- appears to at last be rising to the top of agendas in business and political circles. When the World Economic Forum recently asked 1,000 leaders from industry, government, academia, and civil society to rank risks over the coming decade for the Global Risks 2013 report, climate change was in the top three. And in his second inaugural address, President Obama identified climate change as a major priority for his Administration.

Andrew Steer

For good reason: last year was the hottest year on record for the continental United States, and records for extreme weather events were broken around the world. We are seeing more droughts, wildfires, and rising seas. The current U.S. drought will wipe out approximately 1% of the U.S. GDP and is on course to be the costliest natural disaster in U.S. history. Damage from Hurricane Sandy will cost another 0.5% of GDP. And a recent study found that the cost of climate change is about $1.2 trillion per year globally, or 1.6% of global GDP.

Shifting to low-carbon energy sources is critical to mitigating climate change's impacts. Today's global energy mix is changing rapidly, but is it heading in the right direction?

Coal is the greatest driver of carbon dioxide emissions from energy, accounting for more than 40% of the total worldwide. Although coal demand is falling in the United States -- with 55 coal-powered plants closed in the past year -- it's growing globally. The World Resources Institute (WRI) recently identified 1,200 proposed new coal plants around the world. And last year, the United States hit a record-high level of coal exports—arguably transferring U.S. emissions abroad.

Meanwhile, shale gas is booming. Production in the United States has increased nearly tenfold since 2005, and China, India, Argentina, and many others have huge potential reserves. This development can be an economic blessing in many regions, and, because carbon emissions of shale gas are roughly half those of coal, it can help us get onto a lower carbon growth path.

However, while gas is an important bridge to a low carbon future—and can be a component of such a future—it can't get us fully to where we need to be. Greenhouse gas emissions in industrial countries need to fall by 80-90% by 2050 to prevent climate change's most disastrous impacts. And there is evidence that gas is crowding out renewables.

Renewable energy -- especially solar and wind power -- are clear winners when it comes to reducing emissions. Unfortunately, despite falling prices, the financial markets remain largely risk-averse. Many investors are less willing to finance renewable power. As a result of this mindset, along with policy uncertainty and the proliferation of low-cost gas, renewable energy investment dropped 11%, to $268 billion, last year.

What do we need to get on track?

Incentivizing renewable energy investment

Currently, more than 100 countries have renewable energy targets, more than 40 developing nations have introduced feed-in tariffs, and countries from Saudi Arabia to South Africa are making big bets on renewables as a growth market. Many countries are also exploring carbon-trading markets, including the EU, South Korea, and Australia. This year, China launched pilot trading projects in five cities and two provinces, with a goal of a national program by 2015.

Removing market barriers

Despite growing demand for renewable energy from many companies, this demand often remains unmet due to numerous regulatory, financial, and psychological barriers in the marketplace.

In an effort to address these, WRI just launched the Green Power Market Development Group in India, bringing together industry, government, and NGOs to build critical support for renewable energy markets. A dozen major companies from a variety of sectors—like Infosys, ACC, Cognizant, IBM, WIPRO, and others— have joined the initiative. This type of government-industry-utility partnership, built upon highly successful models elsewhere, can spur expanded clean energy development. It will be highlighted in Davos this week at meetings of the Green Growth Action Alliance (G2A2).

De-risking investments

For technical, policy, and financial reasons, risks are often higher for renewables than fossil-based energy. Addressing these risks is the big remaining task to bring about the needed energy transformation. Some new funding mechanisms are emerging that can help reduce risk and thus leverage large sums of financing. For example, the Green Climate Fund could, if well-designed, be an important venue to raise funds and drive additional investments from capital markets. Likewise, multi-lateral development banks' recent $175 billion commitment to sustainable transport could help leverage more funds from the private and public sectors.

Some forward-looking companies are seeking to create internal incentives for green investments. For example, companies like Unilever, Johnson & Johnson, and UPS have been taking actions to reduce internal hurdle rates and shift strategic thinking to the longer-term horizons that many green strategies need.

Davos is exactly the type of venue for finding solutions to such issues, which requires leadership and coalition-building from the private and public sectors. For example, the the G2A2, an alliance of CEOs committed to addressing climate and environmental risks, will launch the Green Investment Report with precisely the goal of "unlocking finance for green growth".

Depending on what happens at Davos—and other forums and meetings like it throughout the year—2013 could just be a game-changer.

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The opinions expressed in this commentary are solely those of Andrew Steer.

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Did she or didn’t she? Beyonce causes lip-synching stir

(Reuters) – Never mind President Barack Obama’s inauguration address or what Michelle Obama was wearing at the ball.

Was Beyonce lip-synching the U.S. national anthem on Monday, or wasn’t she?

The Grammy-winning singer remained silent on Tuesday amid a media storm over whether she was lip-synching, singing over her own pre-recorded track, or performing live when she delivered a flawless version of “The Star-Spangled Banner” to hundreds of thousands of people in Washington and millions watching on television.

A spokeswoman for the U.S. Marine band first told U.S. news outlets on Tuesday that the “Single Ladies” star “decided to go with the pre-recorded music at the last minute” and that, to the spokeswoman’s knowledge, she was not actually singing the anthem.

But the U.S. Marine band later backtracked, saying in a statement: “Regarding Ms. Knowles-Carter’s vocal performance, no one in the Marine Band is in a position to assess whether it was live or pre-recorded.”

The statement said the band and Beyonce, whose surname is Knowles-Carter, had no chance to rehearse together before Monday’s inauguration “so it was determined that a live performance by the band was ill-advised for such a high-profile event.

“Each piece of music scheduled for performance in the Inauguration is pre-recorded for use in case of freezing temperatures, equipment failure, or extenuating circumstances,” the Marine Band added.

Beyonce, 31, was giving her first major public performance since giving birth to a baby with husband, rapper Jay-Z, in January 2012. On Sunday, she posted on Instagram photo of herself in a recording studio holding the sheet music for “The Star-Spangled Banner.”

Her representatives did not return calls for comment on Tuesday. Kelly Clarkson and James Taylor, who also performed at the inauguration ceremony, both sang live, their publicists said.

Whatever Beyonce’s choices on Monday, she was not the first artist cause a stir on such occasions.

Classical musicians Yo-Yo Ma, Itzhak Perlman and two others played along to a pre-recorded tape at Obama’s 2009 inauguration because the cold and wind on the Washington Mall raised the potential of broken strings and sharp notes.

Madonna lip-synched her way through her 2012 Super Bowl half-time performance last year, as did the late Whitney Houston in her 1991 Super Bowl rendition of the national anthem. Singing to pre-recorded tracks has become widespread in the pop music industry

The lip-synching question made headlines around the world and “Beyonce” was among the top Facebook conversations on Monday, according to the social networking site.

Fans were divided. “I enjoyed the performance and do not care whether it was lip-synched or not – it was a beautiful rendition, with some originality, of a song we have all heard so many times,” wrote LeeAnne24 on the Washington Post comment board.

Twitter user hiphopdancerJen was disappointed. “There’s honestly no reason for Beyonce to lip-sync… Especially the national anthem. I may despise most of her music, but she has a voice.”

Beyonce is due to take the spotlight again next month – this time at the February 3 Super Bowl half-time show.

(Reporting By Jill Serjeant in Los Angeles and Anna Yukhananov in Washington; Editing by David Brunnstrom)

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Japan’s Abe treads warily around military shift after Algeria deaths

TOKYO (Reuters) – The Algeria hostage crisis has given ammunition to Japanese conservatives keen to ease limits on military actions abroad, but Japan’s post-World War Two pacifist legacy is forcing Prime Minister Shinzo Abe to tread carefully.

Abe, already labeled a right-wing nationalist, seems wary of upsetting volatile voters – whose top priority is reviving a stagnant economy – by appearing to use the deaths of seven Japanese to push his broader, hawkish security agenda.

Narushige Michishita, a professor at the National Graduate Institute for Political Studies in Tokyo, said the crisis would bolster the argument of Abe and those in the ruling Liberal Democratic Party (LDP) who want to expand the role of the Self-Defence Forces, as Japan’s military is known.

“But they shouldn’t overplay this game … because it might backfire,” he said.

Japan has for decades been stretching the limits of its 1947, U.S.-drafted pacifist constitution – which if strictly interpreted bans even the maintenance of a military. It has dispatched troops for international peace keeping operations and to Iraq on a non-combat reconstruction mission in 2004-2006.

But changes have been politically contentious, while signs Japan is flexing its military muscle have the potential to upset rival China, where memories of Tokyo’s wartime aggression run deep and which is now locked in a territorial row with Japan.

The seven Japanese were among the 38 mostly foreign hostages killed during the four-day siege of a desert gas plant complex in Algeria by Islamic militants and another three Japanese nationals are missing.

Defence Minister Itsunori Onodera ordered a government plane to bring home the seven surviving employees of engineering firm JGC Corp and the bodies, the first time a military plane has gone on such a distant mission.

But under the existing law governing the SDF, military personnel can only be sent to evacuate citizens if the area is deemed safe. Even then, land transport is banned and the use of weapons to protect the civilians is restricted.

The LDP, which proposed easing those stringent conditions two years ago, says the hostage crisis had underscored the need for change.

“Under the current SDF law, if an upheaval occurs overseas and our citizens make it at risk to their lives to airports or ports, military personnel cannot go there unless their safety is assured,” the party’s No.2 executive, former defence minister Shigeru Ishiba, told reporters this week.

BROADER AGENDA, WARY TONE

On Tuesday, the LDP and its smaller coalition partner agreed to speed up talks on the topic with an eye to submitting changes to parliament in a session that begins on Monday.

Abe and his top government spokesman, however, have sounded a warier tone out of what analysts said was consideration not only for public opinion ahead of an upper house poll in July but for its more dovish coalition partner, the New Komeito Party.

“For troops who must make life or death decisions in a tenth of a second to be forced to act within the limits of the law or risk violating, it is a harsh restriction,” Abe said in a TV interview late on Tuesday, referring to the law’s restrictions to use of weapons by troops on overseas rescue missions.

“But we have no idea of using this incident to try to pass such a law (revising this),” Abe added. “There are various problems including information gathering so after investigating it will be necessary to consider how to resolve such problems.”

Abe and like-minded conservatives, in fact, want to go beyond the piece-meal approach of past governments in expanding the military’s role abroad to implement a broader agenda that would break what they consider the shackles of a pacifist regime imposed on Japan by the United States after World War Two.

Included in that agenda is a push to re-interpret the constitution to allow Japan to exercise its right of collective self-defence, or coming to the aid of an ally under attack, and eventually, to revise the constitution’s pacifist Article Nine to make clear Japan’s right to maintain a standing military.

Shorter term, Abe’s government is embarking on the first revision of U.S.-Japan defence cooperation guidelines in 15 years and a make-over of its basic defence policy to better cope with a rising China. But precisely because of that well-known agenda, Abe seems for now intent on going slow.

“Abe knows he has that image (as a right-wing hawk) and he is wary of appearing to use this incident in such a way,” said Katsuhiko Nakamura, executive director at think tank Asian Forum Japan. “He is going to be very careful about how he responds and I think that is reflected in his choice of words.”

Close Abe aide Isao Iijima, who advises the premier on political strategy, said it was premature for Abe to push his broader security agenda since the election win that propelled the LDP back to power was mainly a vote against its rivals.

“Seventy-five percent of the people didn’t like either Mr. Abe or the LDP,” Iijima told Reuters in an interview. “The Abe cabinet has a responsibility to take into account the view of that 75 percent,” he said. “I think Mr. Abe understands that. So constitutional revision is far off.”

(Additional reporting by Kiyoshi Takenaka; Editing by Nick Macfie)

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