Investors face another Washington deadline

NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.

Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.

Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.

"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.

Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.

But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.

National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.

"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

OPTIONS BULLS TARGET GAINS

The spending cuts, if they go ahead, could hit the defense industry particularly hard.

Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.

Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.

"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.

The stock ended up 0.6 percent at $88.12 on Friday.

If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.

General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.

EYES ON GDP DATA, APPLE

The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.

U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.

Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.

Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.

On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.

(Additional reporting by Doris Frankel; Editing by Kenneth Barry)

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4 Handy Apps for Maintaining a Budget

In the age of smartphones, users have come to learn there is nothing you can’t do with the right app. For those looking to budget and track expenses, mobile apps are a good idea because phones are ubiquitous and makes logging easy and quick. If the apps are already connected to your bank accounts, even better.

Expense-tracking apps are aplenty, so here are four highly-recommended ones that will help you sift through your financial life electronically:

Saver. Saver is an attractive and effective app that helps you log your expenses easily. The app aggregates your expenses and creates pie charts to show you how your monthly expenses divide up amongst various major categories.

It costs $ 5, but the app is straightforward and easy to use. You enter your expenses and assign a category there are 15 available purchase categories, which you can further tag with subcategories. You can view your purchase totals by day, week, month or year, and the pie charts can be viewed by week, month or year as well.

Toshl Finance. This app is a little bit more basic. You enter your expenses similar to the way you would for Saver, but there are no preset categories and you have full control over how to categorize your purchases and expenses. Toshl organizes your expenses so you can view the total amount you spend by day or by category. You can also customize the time frame for which you want to view your expenses.

Toshl places a bigger emphasis on budgeting. Through the app, you can budget for all expenses, or pick a category that you want to budget for. You can set the budget to last varying time intervals (monthly, weekly or one-time). You also have the option to let any remaining money in the budget roll over to another.

Expensify. Expensify caters predominantly to the business crowd for those who need to track their work expenses, but it can also be useful for managing personal expenses.

In this free app, there are options to log expenses, hours, and vehicle mileage, which make this app attractive for those who often take business trips, making purchases for require reimbursement, and those who bill for services by the hour. Users can generate expense reports and file either hours, purchases, or miles to various reports, which streamlines the expense-report process.

However, the app doesn’t have an option to view your purchases by category; just by chronology.

Mint. One of the original personal finance management tools, Mint is for those who want a tried-and-true budget management experience. Mint’s biggest advantage is that it can link to a variety of bank accounts as well as mortgage and loan accounts, so it’s easy to see your entire financial life congregated in one portal.

All transactions, incomes, and debts are listed in one place and it’s easy to budget based on all the information. Mint’s budgets are easy to set up, though there aren’t as many options as offered by Toshl Finance. The app’s budget charts are fancier and more interactive for easy viewing.

Mint is a good all-in-one app if you’re not interested in tracking expenses manually, since all your bank transactions are tracked for you if they’re linked to your Mint account.

Amy He is a staff writer and columnist for MyBankTracker.com, where she covers personal finance, banking, and credit cards.

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Grief besets family of Pistorius' slain girlfriend

JOHANNESBURG (AP) — Far from the courtroom drama that has gripped South Africa, the family of Oscar Pistorius' slain girlfriend has struggled with its own private deluge of grief, frustration and bewilderment.

The victim's relatives also harbor misgivings about efforts by the Olympian's family to reach out to them with condolences.

Pistorius, meanwhile, spent Saturday at his uncle's home in an affluent suburb of Pretoria, the South African capital, after a judge released him on bail following days of testimony that transfixed South Africa and much of the world. He was charged with premeditated murder in the shooting death of girlfriend Reeva Steenkamp in the early hours of Valentine's Day, but the athlete says he killed her accidentally, opening fire after mistaking her for an intruder in his home.

"We are extremely thankful that Oscar is now home," his uncle, Arnold Pistorius, said in a statement that also acknowledged the law must run its course. "What happened has changed our lives irrevocably."

The Pistorius family took steps to lower its profile on social media after someone hacked into the Twitter account of his older brother, Carl, family spokesman Janine Hills said.

"Carl did not tweet this afternoon, out of respect to Oscar and Reeva," Hills said in a statement. "We are busy cancelling all the social media sites for both Oscar's brother and his sister."

Mike Steenkamp, Reeva's uncle, told The Associated Press that the family of the double-amputee athlete initially did not send condolences or try to contact the bereaved parents, but had since sought to reach out in what he described as a poorly timed way. After Pistorius was released on bail in what amounted to a victory for the defense, Arnold Pistorius said the athlete's family was relieved but also in mourning "with the family" of Reeva Steenkamp.

"Everybody wants to jump up with joy," Mike Steenkamp said, speculating on the mood of Pistorius' family after the judge's decision. "I think it was just done in the wrong context, completely."

A South African newspaper, the Afrikaans-language Beeld, quoted the mother of Reeva Steenkamp, a 29-year-old model, law school graduate and participant in a television reality show, as saying the family had received a bouquet of flowers and a card from the Pistorius family.

"Yes, but what does it mean? Nothing," June Steenkamp said, according to the Saturday edition of Beeld. She also said Pistorius' family, including sister Aimee, a somber presence on the bench behind the Olympian during his court hearings in the past week, must be "devastated" and had done nothing wrong.

"They are not to blame," June Steenkamp said. According to Beeld, she said she had hoped to plan a wedding for her daughter one day.

In an affidavit, 26-year-old Oscar Pistorius said he was "absolutely mortified" by the death of "my beloved Reeva," and he frequently sobbed in court during the several days during which his bail application was considered. However, prosecutor Gerrie Nel, suggested in a scathing criticism that Pistorius was actually distraught because his vaunted career was now in peril and he was in grave trouble with the law.

"It doesn't matter how much money he has and how good his legal team is, he will have to live with his conscience if he allows his legal team to lie for him," Barry Steenkamp, Reeva's father, told Beeld.

"But if he is telling the truth, then perhaps I can forgive him one day," the father said. "If it didn't happen the way he said it did, he must suffer, and he will suffer ... only he knows."

Barry Steenkamp suffered "heavy trauma" at the loss of his daughter and his remarks to the newspaper partly reflect how he is working through it, said his brother, Mike Steenkamp.

Steenkamp was cremated in a funeral ceremony on Feb. 19 in her family's hometown of Port Elizabeth on South Africa's southern coast. Mike Steenkamp delivered a statement about the family's grief to television cameras, at one point breaking down in tears.

The three-story house where Pistorius is staying with his aunt and uncle lies on a hill with a view of Pretoria. It has a large swimming pool and an immaculate garden.

Pistorius was born without fibula bones due to a congenital defect and had his legs amputated at 11 months. He has run on carbon-fiber blades and was originally banned from competing against able-bodied peers because many argued that his blades gave him an unfair advantage. He was later cleared to compete. He is a multiple Paralympic medalist, but he failed to win a medal at the London Olympics, where he ran in the 400 meter race and on South Africa's 4x400 relay team.

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Can Bersani-Monti work for Italy?

Austerity-hit Italy chooses new leader

Austerity-hit Italy chooses new leader

Austerity-hit Italy chooses new leader

Austerity-hit Italy chooses new leader

STORY HIGHLIGHTS

• Bersani wins he may be forced to form a coalition with incumbent PM Mario Monti


• Center-left leader Bersani says he plans to make the property tax "more progressive"


• Berlusconi is using his showman charm to mount a comeback for his PDL party

London (CNN) -- Italy's electoral run-off between an ex-communist and a former cruise ship singer threatens to throw the country back into the spotlight of the European debt crisis.

The enigmatic leader of the center-left Democratic Party, Pier Luigi Bersani, goes head-to-head with scandal-laden former Prime Minister Silvio Berlusconi -- back from the political grave following his resignation in November 2011.

Incumbent technocrat premier and eurozone darling Mario Monti, meanwhile, is lagging behind in the polls.

The cigar-chomping Bersani is favorite for Italy's top job and proposes to steer the country's battered economy through a debt crisis that is still plaguing the eurozone three years on.

Following six consecutive quarters of recession and with unemployment at 11.2%, Bersani is pursuing the euro area's latest fad to revive Italy's ailing economy; a pro-growth agenda.

Read more: Can the anti-Berlusconi pull Italy out of the mire?

Such policies are a stark contrast to Monti's cocktail of cuts and taxes served up to woo policymakers in Brussels and Frankfurt.

Read more: Berlusconi renaissance would be 'disaster' for Italian economy

Growth will be the "golden rule" to attract foreign investment, according to Democratic Party number two Enrico Letta. A similar sentiment was key in sweeping socialist French President Francois Hollande into the Elysee Palace in 2012.

But Letta stresses that Bersani will not follow Hollande's lead by proposing a 75% income tax for the country's wealthiest residents.

Read more: Beppe Grillo: Clown prince of Italian politics

Speaking to CNN, Letta said: "It will be different, we already have a very high level of taxation...the main point is not to increase taxes."

Bersani -- who promises to stick to the outgoing government's plans for pension and labor market reform -- will also keep Monti's reviled property tax, known as IMU. It's a policy that Berlusconi pledges to scrap if elected.

In an interview with CNN, Bersani says he plans to make the tax "more progressive" and focus on the owners of large properties if his party wins.

But for all Bersani's talk of change, bond strategist Nicholas Spiro dismisses the 71-year-old as no reformer and says he is "not up to the task" of hauling the Italian economy out of a "knee deep" recession.

Spiro, managing director of Spiro Sovereign Strategy, says "Bersani could very well go for taxes on the rich, but Italy has a massive tax evasion and compliance problem, that could be difficult."

Can a political marriage survive?

Politics in Italy is complicated and outright victory for any party is unlikely. If Bersani wins he may be forced to form a coalition.

An alliance with the flamboyant center-right leader Silvio Berlusconi is unthinkable -- which leaves Monti the most likely candidate to support a Bersani-lead government.

But Monti is viewed with suspicion Bersani's far-left partners, Left Ecology Freedom, who believe the technocrat would pull a left government too far to the economic right.

If the parties can strike a deal Monti would be offered "an important role" to be discussed "Monday afternoon," Letta told CNN. He refused to say if the technocrat would be appointed finance minister.

Monti, a former European Commissioner in financial services, wields the power to reassure European leaders that Italy is on the right track and can act as a counterbalance to a leftist government.

Bersani, by contrast, is a mystery on the international stage, according to Paola Subacchi, an economist at London-based think tank Chatham House.

"He is not known abroad and he doesn't speak English... But his whole agenda is pro-Europe and pro-euro."

A Bersani-Monti marriage is unlikely to be smooth. The two could clash over unpopular austerity measures implemented by Monti as part of a European agreement.

Filippo Cavazzuti, former Italian senator and economist at the University of Bologna, believes Bersani will be forced to maintain Monti's policies under the European fiscal compact.

He said: "Otherwise Monti leaves [the coalition], the spread [on bond yields] rises and the credibility with the eurozone will immediately disappear."

A coalition agreement is crucial to stifling a power-grab by Italy's political bad boy, Berlusconi, is gaining on Bersani's seemingly unassailable lead in the polls.

Berlusconi is using his showman charm to mount a comeback for his People of Freedom party and holds key regions in Veneto and Lombardy that could prove crucial, particularly in the battle for the Senate.

The election will hand down a "damning verdict" to the policymakers of northern Europe that Italians are fed up with austerity, according to Spiro.

The electoral campaign, Spiro added, has been: "Very ugly, devoid of substance and purely based on personalities."

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Tyler, Perry lead Songwriters Hall of Fame class

NASHVILLE, Tenn. (AP) — The Songwriters Hall of Fame is saluting 1970s and ’80s rock ‘n’ roll with its 2013 induction class.

Joe Perry and Steven Tyler of Aerosmith and Mick Jones and Lou Gramm of Foreigner will join the hall of fame this year along with the writers of iconic rock hits “Love Is a Battlefield” and “Heartache Tonight.” The ceremony will be held June 13 in New York.

Aerosmith and Foreigner will get the attention here, but inductees Holly Knight, JD Souther and Tony Hatch also have distinguished careers that helped define the sound of rock ‘n’ roll.

Knight wrote anthemic hits “Love Is a Battlefield” and “Invincible” for Pat Benatar and “The Warrior” for Patty Smyth. She also wrote several songs for Tina Turner, including “The Best” and “Better Be Good to Me,” that became standards for the star.

Souther, who has a role on the music-inspired television show “Nashville,” had a partnership with The Eagles that spawned several hits, including “Heartache Tonight,” ”Victim of Love,” ”New Kid in Town” and “Best of My Love.”

Hatch made his mark during the British invasion, teaming with Petula Clark on hits like “Downtown” and “My Love” that helped shaped the future of pop music.

Perry and Tyler have survived a sometimes contentious relationship to become one of rock’s most successful songwriting teams over the last 40 years. The Rock and Roll Hall of Famers, staples of classic rock radio and pop culture icons, are known for hits like “Sweet Emotion,” ”Dream On” and “Livin’ on the Edge,” and released their 15th studio album last year.

Jones and Gramm are contemporaries of Perry and Tyler who also ruled radio for a time, but they sometimes came at it from a different angle. They could lay down a straight-up rocker like “Jukebox Hero” or “Feels Like the First Time.” But they also could slow it down with hits like “I Wanna Know What Love Is” and “Cold as Ice” that helped foreshadow the ballad-driven rock of the late ’80s.

___

Online:

http://songhall.org

___

Follow AP Music Writer Chris Talbott: http://twitter.com/Chris_Talbott .

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Wall Street rises on HP but S&P on track to end week lower

NEW YORK (Reuters) - Stocks rebounded on Friday as Hewlett-Packard, the largest personal computer maker, surged on strong results, but the S&P 500 index was on the way to end a streak of gains that has lasted seven straight weeks.

The S&P shed 1.9 percent over the previous two sessions, its worst two-day drop since early November, putting the index on pace for its first weekly decline of the year. The retreat was triggered when the Federal Reserve's meeting minutes for January suggested stimulus measures may be halted sooner than thought.

Still, the index is up nearly 6 percent for the year and held the 1,500 support level despite the recent declines, a sign of a positive bias in the market.

"The market is addicted to Fed stimulus and gets withdrawal shakes every time that's threatened, but now we're resuming our course and remain much more attractively valued than other asset classes," said Rex Macey, chief investment officer at Wilmington Trust in Atlanta, Georgia.

Hewlett-Packard Co jumped 9.6 percent to $18.74 as the top boost on both the Dow and S&P 500 after the PC maker's quarterly revenue and forecasts beat expectations. The company cut costs under Chief Executive Meg Whitman's turnaround plan. The S&P technology sector <.splrct> was up 0.6 percent.

The Dow Jones industrial average <.dji> was up 52.22 points, or 0.38 percent, at 13,932.84. The Standard & Poor's 500 Index <.spx> was up 5.25 points, or 0.35 percent, at 1,507.67. The Nasdaq Composite Index <.ixic> was up 13.45 points, or 0.43 percent, at 3,144.94.

For the week, the Dow is off 0.3 percent in its third straight week of slight losses, the S&P is off 0.7 percent and the Nasdaq is off 1.4 percent.

Also buoying tech stocks were gains in semiconductor companies after Marvell Technology Group Ltd forecast results this quarter that were largely above analysts' expectations as it gained market share in the hard-disk drive and flash-storage businesses.

In addition, Texas Instruments Inc raised its dividend by a third and boosted its stock buyback program. Texas Instruments rose 4.3 percent at $33.88 while Marvell added 2.2 percent at $9.67. The PHLX semiconductor index <.sox> gained 1.3 percent.

"Dividends growing are another way the market's level is justified, if not especially attractive at these levels," said Macey, who manages about $20 billion in assets.

On the downside, Abercrombie & Fitch dropped 7.3 percent to $45.49 after the clothing retailer reported a drop in fourth-quarter comparable sales, even as its latest quarterly earnings topped estimates.

Insurer American International Group Inc posted fourth-quarter results that beat analysts' expectations. Shares advanced 2.6 percent to $38.26.

According to Thomson Reuters data through Friday morning, of 439 companies in the S&P 500 that have reported results, 70 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

(Editing by Kenneth Barry)

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Three Years Later, BP Is Finally Headed to Court

By now, BP (BP) and the U.S. government should have hashed out a final, all-in price tag for the April 2010 Gulf of Mexico oil spill. This sort of big-dollar case, the conventional wisdom dictates, settles out of court. Going to trial raises risks for the combatants that cautious lawyers try to avoid.

On Monday, unless the Justice Department and the London-based energy giant reach a last-minute truce, they will defy expectations and go to trial in federal court in New Orleans, where BP faces claims totaling billions of dollars.

Why are the opposing sides rolling the dice? One lawyer involved in the case explained to me that with BP trying to offload liability on its two main contractors, Halliburton (HAL) and Transocean (RIG), and Gulf state governments trying to get in on the action, the multilevel legal chess match became too complicated to resolve. Now, U.S. District Judge Carl Barbier, a Clinton appointee, will declare in a non-jury trial just how negligent BP (allegedly) was in contributing to the biggest offshore oil spill in U.S. history.

Long-running negotiations have broken down, BP general counsel Rupert Bondy said in a prepared statement: “Faced with demands that are excessive and not based on reality of the merits of the case, we are going to trial.”

About 4.9 million barrels of oil spewed from BP’s Macondo well off the Louisiana coast, according to the government. Under the Clean Water Act, polluters face a penalty ranging from $ 1,100 to $ 4,300 for each barrel spilled, depending on whether there was “gross negligence,” among other factors. Subtracting 810,000 barrels of rogue oil that BP collected immediately after the disaster, the company now faces a maximum federal pollution fine of $ 17.6 billion. States, businesses, and individuals want further billions on top of that.

BP’s Bondy said that the company won’t be found grossly negligent—the key question in the first phase of the trial. “Gross negligence is a very high bar that BP believes cannot be met in this case,” the corporate attorney said. “This was a tragic accident, resulting from multiple causes and involving multiple parties. We firmly believe we were not grossly negligent.”

Several major aspects of the Gulf litigation debacle have already settled. Transocean, which operated the doomed Deepwater Horizon rig, has won court approval for a $ 1 billion settlement of pollution claims with the U.S. Eleven workers died in the rig explosion. Transocean has also agreed to plead guilty to a misdemeanor count of violating the Clean Water Act and to pay $ 400 million to resolve federal criminal allegations.

In November, BP separately settled federal criminal charges in a plea deal with the government which included a $ 4 billion penalty and a related $ 525 million settlement with federal securities regulators over BP’s alleged misrepresentation of the size of the spill.

Our colleagues at Bloomberg News on Feb. 21 identified a quirk in the case of the sort that has made it so difficult to resolve with finality. Statements by a witness for BP, Bloomberg News reported, could help Halliburton escape paying billions of dollars in damages. Houston-based Halliburton did cement work and other tasks on the Deepwater Horizon.

The BP witness, an engineering expert named J.J. Azar, said in a deposition that Halliburton did not have an opportunity to avert the rig’s explosion. Instead, he placed potential responsibility on BP and Transocean. The blast might have been avoided if a “well integrity” test by BP and Transocean hadn’t been misinterpreted, Azar said during questioning by a Halliburton attorney. Bloomberg obtained a sealed transcript of the December 2011 deposition.

Despite the Azar testimony, BP is widely expected to try to shift responsibility to both Halliburton and Transocean, which is based in Switzerland. The contractors will point the finger back at BP, which has already set aside $ 42 billion for spill liability, much of which it has raised by selling assets over the past two years. Of that total, BP has spent more than $ 14 billion on spill cleanup and nearly $ 10 billion in payments to local governments, businesses, and individuals, according to a tally by The New York Times.

Next week in New Orleans, all sides will unleash their lawyers yet again.

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Neighborhood Joint | West Village: At the End of History, Obsessions in Color and Glass

Elizabeth D. Herman for The New York Times

Rick Rodney browsed the vast collection of midcentury wares at the End of History. More Photos »

“I call this an obsession turned into a business,” Stephen Saunders said on a recent Saturday evening. He was standing in the middle of the End of History, the West Village store he has owned since 1997, surrounded by the approximately 10,000 pieces of midcentury glassware and ceramics that make up his inventory.

Crossing the store’s threshold from Hudson Street is a little like going to sleep in Kansas and waking up in Oz. Organized by color and form, the pieces on display form an eye-popping Technicolor tableau, clustered in islands of cerulean, ivory, amber, ebony and bubble gum pink.

On one shelf, Italian Murano glass geode bowls beckon in hues of green and turquoise blue. On another, glossy, undulating orange vases — representatives of the Danish manufacturer Holmegäard’s coveted 1960s Carnaby series — form a sort of Pop Art fantasia. A 15-inch-long Murano tiger the color of a sunrise lurks above them. “It’s a fantastic object, one of a kind,” Mr. Saunders said of the $ 2,750 creature, adding, “I don’t love figurines unless they speak to me.”

Mr. Saunders’s passion for glass goes back to his childhood on the Isle of Wight, where he had relatives in the antiques business. “At 7 years old, I was picking the best rummage sale on the island,” he recalled. He arrived in New York in 1983 after moving on a whim from Honolulu, where he worked in the travel industry.

Although Mr. Saunders subsequently spent more than a decade as a fashion stylist, he was always buying and selling glass. His “light bulb moment,” he recalled, came at a flea market when he found a 1951 Murano glass vase with an original $ 350 price tag still on it, on sale for $ 25. “I started to buy every piece I could,” he said.

His shop’s somewhat inscrutable moniker was inspired by Francis Fukuyama’s book “The End of History and the Last Man.” When he opened his doors, said Mr. Saunders, 54, “the millennium was coming up and the store was full of all these 20th-century things.” At the time, he said, Hudson Street was “the cheapest place to open a store.”

“There was no Marc Jacobs or Richard Meier towers,” he said. “Everything has grown up.”

The area’s gentrification has been good for business: Many of his regular customers are well-known decorators like Amy Lau, Steven Gambrel and Shawn Henderson, and the bulk of Mr. Saunders’s inventory — priced from $ 250 to $ 16,000 — goes into the homes of wealthy families. But visitors arrive from around the world, he said, remembering a woman from Taipei who came in “waving a picture of a Danish Modern vase from New York magazine, saying, ‘I have to have this!’ ” Brazilians “absolutely love this stuff,” he added, recalling a day when the actress Sonia Braga saw the store while riding past it on a bus and made the driver let her out.

On this evening, Dori Cocoros wove her way through the shop with her friend Cindy Tanzer. “We love this,” said Ms. Cocoros, a global account executive for Canon who lives in Astoria, Queens. First-time visitors, she and Ms. Tanzer had been lured, she said, by “the name and all the pretty colors.”

“It’s magnificent,” Ms. Cocoros said. “It would be a very different store if it was organized by country or manufacturer.”

As they browsed, Mr. Saunders pondered a shelf of his “latest obsession,” white German porcelain tattooed with intricate gold embellishments. “Inasmuch as an object has a soul, these have that because they were made with care and with love by skilled people,” he said. “They have a life and a story to tell.”

NYT > Real Estate

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Pistorius granted bail pending murder trial

PRETORIA, South Africa (AP) — In an agonizingly slow announcement, a magistrate allowed Oscar Pistorius to go free on bail Friday, nine days after the Paralympian was arrested in the Valentine's Day killing of his girlfriend.

Pistorius' family members and supporters shouted "Yes!" when Chief Magistrate Desmond Nair made his decision after a more than 1 hour and 45 minute explanation of his ruling to a packed courtroom.

Radio stations and a TV news network in South Africa broadcast the audio of the decision live, and even international channels like the BBC and CNN went live with it, underscoring the huge global interest in the case.

Nair banned cameras from Friday's dramatic bail hearing and complained about cameras constantly "flashing" in Pistorius' face the previous three days of hearings, saying the spectacle made the athlete look like "some kind of species the world has never seen before."

Nair set the bail at 1 million rand ($113,000), with $11,300 in cash up front and proof that the rest is available. The magistrate said Pistorius must hand over his passports and also turn in any other guns that he owns. Pistorius also cannot leave the district of Pretoria, South Africa's capital, without the permission of his probation officer, Nair said, nor can he take drugs or drink alcohol.

The double-amputee Olympian's next court appearance was set for June 4. He left the courthouse in a silver Land Rover, sitting in the rear, just over an hour after the magistrate imposed the bail conditions.

The magistrate ruled that Pistorius could not return to his upscale home in a gated community in the eastern suburbs of Pretoria, where the killing of Reeva Steenkamp took place.

Pistorius' uncle, Arnold Pistorius said: "We are relieved at the fact that Oscar got bail today but at the same time we are in mourning for the death of Reeva with her family. As a family, we know Oscar's version of what happened on that tragic night and we know that that is the truth and that will prevail in the coming court case."

Pistorius' senior defense lawyer, Barry Roux, told reporters the defense is satisfied with the bail.

Nair made the ruling after four days of arguments from prosecution and defense in Pistorius' bail hearing. During Friday's long session in Pretoria Magistrate's Court, Pistorius alternately wept and appeared solemn and more composed, especially toward the end as Nair criticized police procedures in the case and as a judgment in Pistorius' favor appeared imminent.

Nair said Pistorius' sworn statement, in which he gave his version of the events of the shooting during the predawn hours of Feb. 14 in a sworn statement, had helped his application for bail.

"I come to the conclusion that the accused has made a case to be released on bail," Nair said.

Pistorius said in the sworn statement that he shot his girlfriend — a model and budding reality TV contestant — accidentally, believing she was an intruder in his house.

Prosecutors say he intended to kill Steenkamp and charged him with premeditated murder, saying the shooting followed a loud argument between the two.

Sharon Steenkamp, Reeva's cousin, had said earlier that the family wouldn't be watching the bail decision and hadn't been following the hearing in Pretoria.

"It doesn't make any difference to the fact that we are without Reeva," she told The Associated Press.

Despite the bail decision, prosecution spokesman Medupe Simasiku said: "We're still confident in our case," outside court.

Pistorius faced the sternest bail requirements in South Africa because of the seriousness of the charge, and his defense lawyers had to prove that he would not flee the country, would not interfere with witnesses or the case, and his release would not cause public unrest.

Nair questioned whether Pistorius would be a flight risk and be prepared to go "ducking and diving" around the world when he stood to lose a fortune in cash, cars, property and other assets. Nair also said that while it had been shown that Pistorius had aggressive tendencies, he did not have a prior record of offenses for violent acts.

He criticized Hilton Botha, the previous lead investigator in the case, for not doing more to uncover evidence that the Olympian had violent tendencies.

"There is ample room and ample time to do that by looking at the background of the accused," he said.

But while Nair leveled harsh criticism at former lead investigator Botha for "errors" and "blunders," he said one man does not represent the state's case and that the state could not be expected to put all the pieces of its puzzle together in such a short time.

Anticipating the shape of the state's case at trial, he said he had serious questions about Pistorius' account: Why he didn't try to locate his girlfriend on fearing an intruder was in the house, why he didn't try to determine who was in the toilet and why he would venture into perceived "danger" - the bathroom area - when he could have taken other steps to ensure his safety.

"There are improbabilities which need to be explored," Nair said, adding that Pistorius could clarify these matters by testifying under oath at trial.

___

AP Sports Writer Gerald Imray and AP writer Carley Petesch contributed to this report from Johannesburg.

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Wall Street falls after raft of weak data

NEW YORK (Reuters) - U.S. stocks declined on Thursday as a ream of weak economic data did little to assuage some investors' concerns that the Federal Reserve may rein in its economic stimulus measures and amid uncertainty over ongoing budget talks in Washington.

The number of Americans filing new claims for unemployment benefits rose last week and consumer prices were flat in January, buttressing the argument for the Fed to continue its accommodative monetary policy.

On Wednesday, minutes from the U.S. Federal Reserve's most recent meeting suggested the central bank may slow or stop buying bonds sooner than expected. The news sent shares lower and the benchmark S&P 500 index dropped 1.2 percent, its biggest decline since November 14.

The Fed has used quantitative easing, or QE, since 2008 in a bid to stimulate the economy. The policy, which involves expanding the Fed's balance sheet to buy bonds, has been credited with pushing money into the stock market, and its withdrawal would remove a ballast for the markets.

The benchmark S&P index has dropped 1.9 percent over the past two sessions but is still up more than 5 percent for the year. That's led many analysts to believe that the Fed minutes, the upcoming sequestration in Washington and sluggish consumer spending may be triggers for an overdue pullback in equities.

The sequestration - automatic across-the-board spending cuts put in place as part of a larger congressional budget fight - are due to kick in March 1 unless lawmakers agree on an alternative.

"It's the sequester, it's the knee-jerk reaction to yesterday's Fed minutes and it's the realization the consumer is slowing," said Phil Orlando, chief equity market strategist, at Federated Investors, in New York.

"I'd love to see a healthy 5 percent correction; let's wash out some of the weak hands and set up for a better move during the year."

Financial data firm Markit said its "flash," or preliminary U.S. Manufacturing Purchasing Managers Index slowed to 55.2 this month from 55.8, which had been the best showing since April, 2012.

Wal-Mart Stores Inc , seen as a gauge of consumer spending, said U.S. sales weakness persisted into early February, as Americans absorbed the impact of higher payroll taxes and gasoline prices, along with slow tax refunds that put some spending on hold. But shares rose 2.2 percent to $70.73 to help curb declines on the Dow as earnings topped expectations.

The Dow Jones industrial average <.dji> dropped 64.01 points, or 0.46 percent, to 13,863.53. The Standard & Poor's 500 Index <.spx> lost 10.33 points, or 0.68 percent, to 1,501.62. The Nasdaq Composite Index <.ixic> fell 25.93 points, or 0.82 percent, to 3,138.48.

In a positive sign, data showed home resales edged higher in January and left inventory of homes at its lowest level in 13 years as the housing market continues to steadily improve.

But the Federal Reserve Bank of Philadelphia said its index of business conditions in the U.S. Mid-Atlantic region fell in February to minus 12.5, the lowest level in eight months, from minus 5.8 in January.

VeriFone Systems Inc tumbled 37.7 percent to $19.86 after the credit card swipe-machine maker forecast first and second-quarter profit that were well below analysts' expectations.

According to Thomson Reuters data through Thursday morning, of the 427 companies in the S&P 500 that have reported results, 69.3 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.9 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

Berry Petroleum Co jumped 16.5 percent to $44.95 after oil and gas producer Linn Energy LLC said it would buy the company in an all-stock deal valued at $4.3 billion including debt. Linn Energy shares advanced 3 percent to $37.76.

(This story corrects share price on Berry Petroleum in last paragraph to $44.95, from $444.95)

(Editing by Bernadette Baum)

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