Tax Time Is ID Theft Time






The Internal Revenue Service began accepting 2012 tax returns this week, sending thousands of individual taxpayers and tax professionals to their computers to fill out forms and then e-file them.


You, however, are an electronic tax-filing holdout. You’ve heard the reports about all the tax-related identity theft. So you’re still sending Uncle Sam your tax data on paper.






You might want to reconsider.


Yes, tax-time identity theft is a growing problem. A Government Accountability Office, or GAO, investigation last fall found that as of Sept. 30, 2012, the IRS had identified almost 642,000 incidents of identity theft.


Worse, according to the GAO, the IRS does not know the full extent of tax-filing ID theft. While the agency keeps count of the occurrences it discovers, it does not estimate the number of identity theft cases that go undetected.


Worst, the ID thieves are getting away with it. Unless the IRS pursues a criminal investigation, says the GAO, the feds generally do not know the real identity of the thieves.


But while the identity thieves do e-file fraudulent returns using stolen information from real taxpayers, the security breach that allowed them to get the info generally doesn’t come from the e-filing system.


“For the most part, there is not substantially more risk for e-filing,” says Denis G. Kelly, president of IDCuffs.com, an identity theft prevention and protection company. “In fact, when the check-clearing process was changed from physical checks to digital checks, the percentage of fraud decreased. The consensus for this decrease is the number of eyes that see checks in the process was significantly reduced.”


So those thieving eyes get your tax and personal financial information from other sources and then use it to file a fake tax return in your name, usually tweaking the numbers to get a large refund.


And you, the taxpayer whose ID has been stolen, don’t find out about it until you file your own 1040 and are told by the IRS that they already sent you your refund.


Jay Foley, a partner at ID Theft Info Source in San Diego, says a major problem is where a taxpayer’s personal data is stored.


Reports of former tax preparation firm employees stealing client data is not uncommon, says Foley. “If I were an identity thief, I’d find a CPA office, steal a copy of his files and dummy up tax returns and shoot them through before his clients file. Tax thieves will shoot off a thousand returns. If they only get 200 back as fraudulent refunds, that’s great. That’s still 200 more than they had to begin with.”


So what can you do to prevent tax-related identity theft? The same thing, say security experts at TrustedID, that you do at nontax time:


  • Don’t talk to strangers. File your taxes with a reputable tax professional or use legitimate tax prep software programs.

  • Don’t fall for phishing schemes. The IRS does not initiate communications with taxpayers via email or phone. So that urgent email message about a possible refund is probably a scam.

  • Do update your computer spyware and firewall. If you do open a malicious email, it could protect you from malware designed to steal your personal information.


Go ahead and e-file, and soon.

“An argument could be made that e-filing actually decreases the rate of tax identity theft,” says Kelly, in part because it reduces the number of possible criminals who handle your return and see your personal data.


Plus, says Kelly, “the absolute best tactic to prevent a criminal from stealing your tax refund is to file before them.”


Yahoo! Finance – Personal Finance | Taxes





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NBA union head Hunter placed on indefinite leave


NEW YORK (AP) — Billy Hunter is being placed on an indefinite leave of absence as executive director of the NBA players' association, following a report that was critical of his leadership and decision making.


The union is forming an interim executive committee and advisory committee, president Derek Fisher says in a statement released Friday.


Fisher pushed for the outside review of Hunter and the union, which found no illegal use of funds but cited Hunter for a number of poor choices and urged players to consider whether he should remain in charge during their All-Star weekend meetings.


Fisher says "immediate change is necessary."


Union attorney Ron Klempner was appointed acting executive director.


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Fear and loathing in Egypt's Port Said

























Behind the mask


Scales of justice


Moment of truth


Fans celebrate


Armed and ready


Rally at the club


Portrait of the dead


ACAB


Down with Morsi


Army in control


Port Said women protest


Al Masry ultras


The sound of machine guns


Aftermath


Protest


Shots fired


Empty stands


Harrowing reminder





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STORY HIGHLIGHTS


  • Chaos erupted in Egypt after 21 people were sentenced to death following a football riot

  • More than 70 people died after match in Port Said between local club Al Masry and Al Ahly

  • Egyptian league was suspended and has yet to restart due to threats of further violence

  • Verdicts for 52 other defendants who were arrested after riot is expected March 9




(CNN) -- The faces of more than 70 young men and boys bore down on the crowd of thousands outside Al Ahly's training complex in Cairo.


As many as 15,000 members of the Ahlawy, the organized ultras fan group of Egypt's most popular soccer club, had gathered here early for the news they, and the country, had been waiting almost a year to hear.


At 10 a.m. a judge was to deliver a verdict on one of the darkest moments in the history of the game.


It happened on February 1, 2012, when more than 70 -- those young men and boys whose faces now appear on a billboard high above the entrance of the club -- lost their lives after a match in the Mediterranean city of Port Said, against local club Al Masry.


Most of the dead were crushed when the Al Masry fans stormed the pitch.








The players sprinted for their lives, finding sanctuary in the dressing room. And then the floodlights went out.


When the lights came back on 10 minutes later, the dead lay piled in a tunnel, in front of a locked, metal gate that had prevented escape before it collapsed under the weight of bodies.


Direct action


Seventy-three people were arrested, many accused of murder. They were mostly Al Masry fans, but included several members of the security forces.


The man allegedly responsible for cutting the power to the lights was also arrested. The Ahlawy suspected that a hidden hand was at work.


There were conspiracy theories, many asked questions: was this just a football rivalry gone very wrong? Or did police allow the violence as payback against the ultras for their part in the revolution?


Read: Clashes erupt after Egypt court sentences


The Ahlawy had played a crucial role in the revolution. They were an organized group of tens of the thousands of young men willing to fight the police -- as they had both inside and out of Egypt's soccer stadiums for the previous four years -- to make their voices heard.


The authorities denied any collusion. It was a tragic accident, they said. Hooliganism and ineptitude, no more, no less, no hidden hand.


But many of the Ahlawy fans were not convinced. The Egyptian soccer league was canceled and the Ahlawy waged a successful direct action campaign to prevent its restart until justice had been served.


The young men waited for the verdict on Saturday. Several had come armed, in anticipation of a further postponement or, worst still, a not guilty verdict. Some carried clubs, others homemade pistols and double-barreled sawn-off shotguns.


Tear gas


At 10 a.m. the judge rose on national television and delivered his verdict. Twenty-one of the accused were sentenced to death. The verdicts for the remaining defendants are expected March 9.


The news swept through the crowd, reducing those in its path to tears of joy; teenagers who had lost friends, mothers who had lost sons, wives who had lost husbands.











Scores dead in Egypt soccer riot














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"It's a very good decision by the court," said Mihai, a member of the Ahlawy who had come to hear the verdict. As with all the ultras, he declined to give his last name.


The guns that had been brought in anticipation of violence were fired into the sky in celebration.


One fan fired an automatic pistol until it jammed. He inspected the piece of failing, unfamiliar equipment. Unable to fix it, he tucked it into his belt and jumped into the sea of celebrating men.


"We hope it will be a perfect ending for this story. We have been waiting for this for so long. For 21 to get executed is a very good decision. So now we wait for the police decision. For sure it wasn't just them that made this," Mihai said.


Back in February, with the raw memories of Port Said just a few weeks old, the Ahlawy had demanded that those responsible should be put to death.


With the court verdict, they received their wish. Justice, they believed, had been served. At least partially.


"The police will be (put to) trial on March 9," said Mohamed, a founding member of the Ahlawy.


The previous night -- on the Egyptian revolution's anniversary -- Cairo was blanketed in tear gas as protesters roamed the streets surrounding Tahrir Square, venting their anger at President Mohamed Morsy and what they see as a lack of any real reforms.


Many, including the Ahlawy, expected further confrontations after the verdict.


But as the crowd moved inside the complex, holding a rally on the club's main soccer pitch, it became clear that no fighting would take place that day.


"I feel satisfied that some of those who committed what we suffered a year ago are going to face what they deserve," said Ahmed, another founding member of the Ahlawy who believed that the right decision had been made.


"It's a strong verdict but they don't deserve less than a strong verdict. Nobody ever wants to see someone dying but when someone kills he deserves a death sentence. He deserves that his life is taken. I don't see a way the police can get away with this."


Port Said ignited


Not everyone was happy, especially those who saw the verdict as a potential springboard to challenge Morsy, whom many of the Ahlawy view as no different from Hosni Mubarak, the former dictator who ruled Egypt for almost 30 years.


"They are giving us something of a painkiller to take out the anger from the young lads -- for me it is not enough," said Hassan, an Ahly fan standing on the training ground pitch.









Egypt unstable after days of protest











































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"All the other political movements and parties were looking at what was going to happen today. Everyone had their hopes for the ultras and now they have given us this painkiller and it has lost its momentum of something really happening against the new regime," he added.


But what had -- if only temporarily -- calmed the Ahlawy, it ignited Port Said.


The verdicts were greeted with astonishment, disbelief, and anger by Al Masry's fans and the families of the 73 accused who had gathered outside the prison in Port Said where the suspects were held.


Like the Ahlawy supporters in Cairo, they too had come prepared. Two policemen were shot dead as the relatives tried to storm the prison. The police fired back. At least 30 people were killed in clashes. Among them was a former Al Masry player.


President Morsy addressed the nation and announced a 30-day curfew, from 9 p.m. until 6 a.m. in the cities worst effected by the violence.


A few hours before the first curfew was due to fall, a storm rolled into Port Said. The streets were empty, the skies dark and pregnant with rain as 9 p.m. approached.


The only sound was the faint, periodic burst of gunfire. It emanated from near the Al Arab police station by the sea.


Smoldering barricades


On approaching it, the dead streets suddenly came alive, as if the entire energy of the city had been focused on one point. Barricades made from burning tires separated the police from groups of young men, exchanging rocks for gunfire.


The clashes had followed the funeral of more protesters, killed the day after the violence outside the prison.


"There are some injuries here," a member of the Red Crescent said as he sheltered from the gunfire in a side street. Ambulances flew by, their sirens blaring.


"We've seen gun bullets from the government. In four days we have seen more than 450 (injured)."


The prospects of a hastily arranged march to defy Morsy's curfew, looked bleak.


But at 8.30 p.m. a crowd of thousands gathered near the same spot the Red Crescent had been waiting to ferry the injured to hospital. They marched through the smoldering barricades towards where the gunfire had previously come from.


Now the army, not the police, was in charge.


Armored personnel carriers and armed troops were stationed on street corners and outside important military and civilian buildings.


At its core were the fans of Al Masry ultras group the Green Eagles. But they were by no means alone. The marchers had come from all sections of Port Said. Several hundred women marched together, denouncing Morsy and Cairo.


The curfew came and went, the crowd mocking its passing. "It's 9 o'clock!" they chanted as they passed the stationed troops.


But there was no animosity towards the army. The police was the enemy. Protesters took it in turns to hug and kiss the young soldiers.


Few would readily admit to being Al Masry fans, nor say whether they were there on that fateful night almost a year ago that set in motion this chain of deadly events.


Vendetta


What they would say is that they believed a miscarriage of justice had taken place, that Morsy had sacrificed Port Said to prevent chaos in Cairo, that traditional antipathy towards Port Said was at play.


"People are truly sure that these people (the 21 sentenced to death) didn't kill anyone. We didn't do it and they (the Ahlawy) don't believe we didn't do this," said Tariq Youssef, a 32-year-old accountant who was on the march with a friend.


"Al Masry will not be back for five years. I'm a big Masry fan. But I can't go anywhere. All the supporters for the big teams in Cairo or anywhere believe that Al Masry supporters did this."


For Tariq, admitting to being an Al Masry supporter outside of Port Said was impossible.


"They say, 'You killed them the Ahly supporters. You are like a terrorist.' Nobody believes us we didn't do anything here. There will be no football in the next five years."


As the march moved back towards the place it had started, machine gun fire rang out once again.


This time it was all around the march, front and back. The crowd scattered. A protester had been shot dead at the back of the march, next to the Al Arab police station.


"In three days we have lost 21 people, judged to be executed, and also about 39 murdered and many injured so there is no family which have not lost a friend, a colleague, a neighbor.


"You can consider this a sort of vendetta between the people and the police," said Muhammad el Agiery, an English tutor who had stayed until the end.


"People are going to stay out all of the night, every day for a month. They reject and refuse the curfew imposed by Morsy," he added.


The next morning the storm was gone and the sun was shining. But the cycle of violence continues. Another funeral march will begin, another barricade will likely be set on fire, and another curfew broken.







Read More..

ABC orders pilots for “Big Thunder” drama, Gothic soap opera






LOS ANGELES (TheWrap.com) – ABC has ordered pilots for the dramas “Big Thunder” and “Gothica,” the network said Tuesday.


“Big Thunder,” which is written by “Ice Age” writer Jason Fuchs (pictured) and executive produced by Chris Morgan (“Wanted,” “The Troop”) follows a brilliant doctor in late 19th century New York whose family is given a once-in-a-lifetime opportunity to relocate to a frontier mining town run by a powerful, but mysterious tycoon. However, they quickly realize that not everything in Big Thunder is as it seems.






ABC Studios is producing the pilot, which is based on the Big Mountain Thunder Railroad ride at several Disney-owned theme parks.


“Gothica,” meanwhile, is described as a “sexy gothic soap opera set in present day” that “weaves together a mythology that incorporates the legends of Dracula, Jekyll and Hyde, Frankenstein and Dorian Gray among others.”


The project, written by Matt Lopez, comes from ABC Studios and the Mark Gordon Company.


TV News Headlines – Yahoo! News





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Wall Street flat after mixed data; Qualcomm lifts Nasdaq

NEW YORK (Reuters) - Stocks were little changed on Thursday as investors mulled a mixed bag of economic data, though earnings from Qualcomm helped lift the Nasdaq.


Data showed the labor market improved modestly; the number of Americans filing new claims last week for unemployment benefits rose, beating expectations and bouncing off five-year lows in the prior week.


That comes ahead of Friday's payrolls report, which is expected to show employers added 160,000 jobs in January after an increase of 155,000 in December.


A separate report showed incomes climbed in December by the most in eight years, in an encouraging sign that the economy may be propelled forward through consumer spending.


A gauge of business activity in the U.S. Midwest showed a pick up in January from a more than three-year low in December as new orders jumped. The report followed a disappointing survey from the mid-Atlantic and New York regions.


Qualcomm Inc gained 5.9 percent to $67.25 as the top boost to the Nasdaq 100 <.ndx> after the world's leading supplier of chips for cellphones beat analysts' expectations for quarterly profit and revenue, and raised its targets for the year.


The worst performer on the Nasdaq was Facebook Inc , which lost 5.9 percent to $29.39. The social network company said Wednesday it doubled its mobile advertising revenue in the fourth quarter; however, that growth trailed some of Wall Street's most aggressive estimates.


The Dow Jones industrial average <.dji> gained 22.88 points, or 0.16 percent, to 13,933.30. The Standard & Poor's 500 Index <.spx> gained 0.21 points, or 0.01 percent, to 1,502.17. The Nasdaq Composite Index <.ixic> gained 8.43 points, or 0.27 percent, to 3,150.73.


The S&P 500 <.spx> has gained 5.3 percent in January, after legislators in Washington temporarily sidestepped a "fiscal cliff" of automatic tax increases and spending cuts that could have derailed the economic recovery, and amid improving economic data and better-than-expected corporate earnings.


But the benchmark index has stalled recently and is virtually flat for the week, hovering near the 1,500 mark, as investors look for fresh trading incentives to justify further gains.


"Unfortunately it's still a mixed picture, it appears we are just getting a lot of conflicting data right now," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.


"There is certainly a lot of information coming out this week - a lot of economic data, a lot of earnings and of course we have the employment number looming Friday, so with 1,500 right here, my guess is there is just not enough conviction to push us substantially higher yet."


United Parcel Service Inc lost 1.6 percent to $79.95 after the world's largest parcel delivery reported fourth-quarter earnings below analysts' estimates on Thursday and forecast weaker-than-expected profit for 2013.


But the Dow Jones Transportation average <.djt> gained 0.5 percent as Kirby Corp added 7.6 percent to $71.57 and Ryder Systems Inc climbed 4.7 percent to $56.79 after posting quarterly results.


Thomson Reuters data through Thursday morning shows that of the 231 companies in the S&P 500 that have reported earnings this season, 69.3 percent have exceeded expectations, a higher proportion than over the past four quarters and above the average since 1994.


Overall, S&P 500 fourth-quarter earnings are forecast to have risen 3.7 percent. That's above a 1.9 percent forecast at the start of the earnings season, but well below a 9.9 percent profit growth forecast on October 1, the data showed.


WMS Industries Inc surged 52.5 percent to $24.96 after the company agreed to be acquired by Scientific Games Corp for $26 per share in cash. Scientific Games jumped 19 percent to $10.63.


(Editing by Bernadette Baum)



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Banks pay for ‘swap’ mis-selling







Four banks will now compensate tens of thousands of small businesses who were mis-sold complex insurance deals, says the Financial Services Authority.






In a pilot study, the FSA found that 90% of deals sold to “unsophisticated” customers broke at least one rule.


Some 40,000 “interest rate hedging products” (IRHPs) have been sold to small businesses since 2001.


Last summer, the FSA said several banks were guilty of mis-selling and decided that compensation should be paid.


Following last June’s initial announcement that redress was due, the FSA ordered the banks to carry out the study to see precisely how it should be calculated.


The FSA says the four big banks involved – Barclays, HSBC, Lloyds and the Royal Bank of Scotland – will now have to work out how much their customers lost.


It is not yet clear how many businesses are likely to receive compensation.


“It depends whether a business would have bought that product anyway,” says Martin Wheatley, the incoming chief executive of the new Financial Conduct Authority (FCA), which will replace the FSA later this year.


“In such cases, it’s a case of ‘caveat emptor’ ['let the buyer beware'], but in other cases, the contract should be ripped up,” he told the BBC.


Who will get compensation?


The idea behind the original deals mis-sold to bank customers was to swap the variable interest rates on their loans for fixed rates, thus insuring the businesses if interest rates rose.


But in recent years, interest rates have fallen to record low levels, leaving many businesses paying an excessive interest rate on their loans, which many did not understand would happen when they took out their loans.


In some cases, there were also expensive fees to get out of the deals.



As a result of the pilot review, the FSA has now decided exactly how the banks should proceed, and has also revised the criteria for who can claim.


For instance, it was concerned that some companies, which might not have understood the complexity of the products they were being sold, might have been excluded from any redress.


For example, a bed and breakfast business may, on paper, look like a large operation, purely because it employs a large number of seasonal staff.


But it still may not have been sophisticated enough to fully understand the hedging policies it was sold.


The Federation of Small Businesses (FSB) has welcomed the decision to broaden the compensation criteria, but it is still concerned that payments to the banks have not been automatically suspended.


It is also worried that there is no clear way for businesses to appeal if they are refused compensation by their banks.


“With the pilot showing such a significant level of mis-selling, we are concerned that the FSA has not mandated that all payments are suspended when a firm enters into the scheme,” said John Walker, the FSB’s national chairman.


Principles of redress


The FSA has now established how compensation should be calculated.


Continue reading the main story

There is a lack of clarity on what full redress looks like, with banks determining what constitutes consequential losses, and how an appeals process will work”



End Quote John Walker Federation of Small Businesses


It says redress “should aim to put customers back in the position they would have been in, had the breach of regulatory requirements not occurred”.


For full compensation, customers will have to show that they would not have bought an IRHP, had the sales rules not been broken.


If they would have bought a different kind of product from the one recommended, they might be offered partial compensation, depending on the losses they suffered.


But if the business suffered no loss, or if they would have bought the product anyway, had it not been improperly sold to them, they will be offered no compensation.


The British Bankers’ Association (BBA), which represents all of the UK’s banks, says that where customers have been treated unfairly, they will be compensated.


“Banks will be contacting those companies affected shortly, prioritising those with the greatest need,” said BBA chief executive Anthony Browne.


“Any business which is currently facing financial distress and is seeking a suspension of payments should get in touch with their bank immediately.”


“Consequential” losses


Some small business have complained of making huge losses beyond the money they were paying out on their loans.


Some said they had ended up having to sack staff, or sell assets, in order to save money to make the loan repayments.


These costs, known as “consequential losses,” might also include overdraft charges or additional borrowing costs.


The banks will have to ask whether these losses were directly caused by their rule breaches and whether such losses were foreseeable at the time.


But John Walker, of the FSB, was sceptical about the process.


“There is a lack of clarity on what full redress looks like, with banks determining what constitutes consequential losses and how an appeals process will work,” he said.


The FSA review only covers mis-selling by the first four banks identified.


A report on a further six banks will follow in the next few weeks.


BBC News – Business





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49ers' Culliver apologizes for anti-gay remarks


NEW ORLEANS (AP) — San Francisco 49ers cornerback Chris Culliver apologized Thursday for anti-gay comments he made to a comedian during Super Bowl media day, saying "that's not what I feel in my heart."


"I'm sorry if I offended anyone. They were very ugly comments," Culliver said during an hour-long media session. "Hopefully I learn and grow from this experience and this situation."


He said he would welcome a gay teammate to the 49ers, a reversal of his remarks to Artie Lange two days earlier during an interview at the Superdome.


"I treat everyone equal," Culliver said. "That's not how I feel."


He added that he realized his comments were especially offensive to many people in San Francisco and the Bay Area, which is home to a large gay community.


"I love San Francisco," Culliver said.


During the interview with Lange, Culliver responded to questions by saying he wouldn't welcome a gay player in the locker room. He also said the 49ers didn't have any gay players, and if they did those players should leave.


San Francisco coach Jim Harbaugh met privately with Culliver to discuss the remarks.


"I reject what he said," Harbaugh said. "That's not something that reflects the way the organization feels, the way the rest of the players feel."


The coach would not discuss if Culliver would face discipline from the team, such as a fine or loss of playing time.


"He pledged to grow from it," Harbaugh said.


The interview began with Lange asking Culliver about his sexual plans with women during Super Bowl week. Lange followed up with a question about whether Culliver would consider pursuing a gay man.


"I don't do the gay guys, man. I don't do that," Culliver said during the one-minute taped interview. "Ain't got no gay people on the team. They gotta get up outta here if they do. Can't be with that sweet stuff."


Lange asked Culliver to reiterate his thoughts, to which the player said, "It's true." He added he wouldn't welcome a gay teammate — no matter how talented.


"Nah. Can't be ... in the locker room, nah," he said. "You've gotta come out 10 years later after that."


The 24-year-old Culliver, a third-round draft pick in 2011 out of South Carolina, made 47 tackles with two interceptions and a forced fumble this season while starting six games for the NFC champion Niners (13-4-1).


He had his first career postseason interception in San Francisco's 28-24 win at Atlanta for the NFC title.


The 49ers participate in the NFL's "It Gets Better" anti-bullying campaign. Three organizations working for LGBT inclusion in sports — Athlete Ally, You Can Play, and GLAAD — reacted to Culliver's remarks and later acknowledged his apology.


"Chris Culliver's comments were disrespectful, discriminatory and dangerous, particularly for the young people who look up to him," said Athlete Ally Executive Director Hudson Taylor. "His words underscore the importance of the athlete ally movement and the key role that professional athletes play in shaping an athletic climate that affirms and includes gay and lesbian players."


Calling Lange's questions "real disrespectful," Culliver said he realized he was speaking to a comedian and not a journalist.


"That was pretty much in a joking manner," the player said. "It's nothing about how I feel."


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Follow Paul Newberry on Twitter at www.twitter.com/pnewberry1963


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


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Spielberg seen winning director Oscar for “Lincoln”






LOS ANGELES (Reuters) – American filmmaker Steven Spielberg is clear favorite among the public to win the best director award for his film about President Abraham Lincoln at the Academy Awards this year, a Reuters poll showed on Wednesday.


While the race to win best film at the February 24 ceremony was shaken up by “Argo” stealing the thunder of “Lincoln” at two award ceremonies last weekend, the best director statuette was deemed destined for one man.






Spielberg, 66, who has been nominated seven times for best director at the Oscars and won twice – for the World War Two dramas “Schindler’s List” in 1993 and “Saving Private Ryan” in 1998 – was seen as far ahead in the all-male field of five.


A Reuters Ipsos poll of 1,641 Americans found 41 percent thought Spielberg should win and 38 percent said he was most likely to win for his U.S. Civil War-era drama in which British actor Daniel Day-Lewis plays Lincoln.


Almost half of the respondents to the survey conducted Friday through Tuesday were unsure who should or was most likely to be voted best director. The accuracy of the poll uses a statistical measure called a “credibility interval” and is precise to within 2.8 percentage points.


The online poll comes before the Directors Guild of America awards on Saturday in Los Angeles. Since 1948, there have been only six occasions where the winner of the DGA Award for Feature Film has not gone on to win the Oscar for best director.


But this year, the Academy of Motion Picture Arts and Sciences, whose members choose Oscar winners, overlooked the directors of four of the year’s biggest movies – Ben Affleck (“Argo”), Kathryn Bigelow (“Zero Dark Thirty”), Quentin Tarantino (“Django Unchained”) and Tom Hopper (“Les Miserables”) – opening the possibility of a rare split in February in the best film and best director categories.


Betting agencies also have earmarked Spielberg as clear favorite, with William Hill offering odds of 1-5 on Spielberg.


“Our theory is that Spielberg will win best director but not best film,” said Rupert Adams, a spokesman for bookmaker William Hill. “If you listen to what people are saying it is that ‘Lincoln’ is a brilliant film in terms of direction but it is not that exciting to watch unlike ‘Argo.’”


Ang Lee, with his 3-D film adaptation of the best-selling novel “Life of Pi” about an Indian boy adrift at sea with a tiger, was ranked second in the Reuters poll with about one in 10 respondents saying he should or was most likely to win.


The Taiwanese director won the Academy Award for best director in 2005 for the gay-themed Western romance “Brokeback Mountain.”


David O. Russell with the quirky comedy “Silver Linings Playbook” was rated third in the poll with about 5 percent.


The two surprise contenders in the race ranked fourth and fifth: Benh Zeitlin, 30, with his first feature, “Beasts of the Southern Wild,” and Austrian director Michael Haneke with the French-language drama “Armour” about illness and old age.


The exclusion of Bigelow for her film about the hunt for Osama bin Laden has been controversial in the run-up to the 85th Academy Awards. Bigelow, 61, is the only woman to win a best director Oscar, for “The Hurt Locker” in 2009.


Affleck, 40, whose Iran hostage thriller “Argo” swept the board at last weekend’s Hollywood awards shows, was also notable by his absence, as were Hooper and Tarantino. However, all four of their movies are in the running for best film at the Oscars.


(Editing by Jill Serjeant and Belinda Goldsmith)


Movies News Headlines – Yahoo! News





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Wall Street edges higher, Amazon offsets GDP

NEW YORK (Reuters) - Stocks were flat on Wednesday as an unexpectedly weak read on fourth-quarter economic activity was offset by strong results at Boeing and Amazon.com.


Equities continued to shrug off negative news, with the S&P 500 staying above 1,500, a level that market technicians call an inflection point that will determine the overall direction in the near term.


The first read showed gross domestic product fell 0.1 percent, far below expectations for growth of 1.1 percent. However, private sector employment topped forecasts, with the ADP National Employment report showing 192,000 jobs added in January, higher than the 165,000 expectation.


"The GDP report is the only negative shock we've had in a while, and it isn't terrible since it showed increases in business and consumer spending, which is what everyone wants to drive growth from here," said Randy Frederick, managing director of active trading and derivatives for Charles Schwab in Austin, Texas.


Deeper losses were prevented by a rise in both Boeing Co and Amazon.com Inc , which rallied after earnings beat expectations, continuing a trend this quarter of high-profile names advancing after results.


Amazon.com Inc rose 6.7 percent to $277.87 a day after reporting strong revenue growth. Boeing rose 0.5 percent to $74 after its results. The Dow component also said that while production continued on its Dreamliner jet, which has had technical problems recently, it was suspending delivery until clearance was granted by the Federal Aviation Administration.


Thomson Reuters data showed that of the 174 companies in the S&P 500 that have reported earnings this season, 68.4 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.


The Dow Jones industrial average <.dji> was up 5.50 points, or 0.04 percent, at 13,959.92. The Standard & Poor's 500 Index <.spx> was up 1.09 points, or 0.07 percent, at 1,508.93. The Nasdaq Composite Index <.ixic> was up 5.73 points, or 0.18 percent, at 3,159.39.


The S&P 500 is on track to post its best monthly performance since October 2011 as investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record.


The Dow Jones industrial average has been flirting with 14,000, a level it hasn't seen since October 2007. Many analysts have said markets may need to take a pause.


"I'm neutral on markets at these levels, even though there aren't a lot of negatives out there," Frederick said. "At some point there will be a pullback, but the underlying trends remain strong and I think it is possible the S&P could hit a new all-time high sometime this quarter."


The all-time intraday high for the S&P 500 is 1,576.09, reached October 11, 2007.


The Federal Reserve concludes a two-day meeting on Wednesday, and while the central bank is expected to keep monetary policy on a steady path, intensive debates continue behind the scenes over when the controversial bond-buying program should be curtailed.


Chesapeake Energy Corp rose 11 percent to $21.11 as the S&P's biggest percentage gainer, a day after saying Aubrey McClendon would step down as chief executive after a year in which a series of Reuters investigations triggered civil and criminal probes of the second-largest U.S. natural gas producer.


(Editing by Chizu Nomiyama and Nick Zieminski)



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US economy in surprise downturn







The US economy unexpectedly shrank at an annualised rate of 0.1% in the fourth quarter of 2012, initial official estimates indicate.






If confirmed, it would be the first contraction logged by the US economy since the 2009 global recession.


The world’s largest economy grew 3.1% in July to September.


The fourth quarter period was dominated by the “fiscal cliff” – the spending cuts and tax rises that had been due to come into force from 1 January.


These were avoided by a last-minute deal between the Republican-dominated Congress and the White House. However, economists warned at the time that fears of an abrupt cut in government spending were undermining business and consumer confidence.


However, part of that deal includes tax rises for the highest-earning Americans and – more significantly for the economy – the expiry of a payroll tax holiday for all US employees, something which is widely expected by economists to further weigh on growth during the current quarter.


Spending cuts


The fourth-quarter shrinkage in economic output comes as a shock to analysts on Wall Street, who had been expecting 1.1% growth according to a poll by news agency Reuters. Not one economist surveyed had predicted an economic contraction.


It will add to pressure on the US Federal Reserve to do more to stimulate the economy. Members of its Federal Open Markets Committee are due to announce the conclusions of their latest policy-setting meeting later on Wednesday, and will have had an advance look at the economic data.


Growth was dragged down by public spending cuts – notably a 22% reduction in federal defence spending – and by the decision of many businesses to halt the rapid rebuilding of their inventories that began over the summer.


However, consumer spending did pick up, as did business investment, suggesting that the economy may have some underlying momentum. Sales of computers and cars both made positive contributions to the economy’s performance.


Residential investment also grew 15%, adding to evidence that the housing market has finally turned the corner.


Growth for 2012 as a whole came in at 2.2%, up from 1.8% in 2011, but still unusually slow compared with previous economic recoveries in the US following recessions in the post-War era.


The recently re-elected President Barack Obama and Congress are expected to clash once again in the coming months over the debt ceiling.


The US Treasury is approaching the $ 16.4tn (£10.3tn) legal limit on its total debt, and must gain permission from Congress to borrow the money needed for it to continue meeting its bills.


Last time there was a stand-off over the issue, in the summer of 2011, the political deadlock prompted ratings agency Standard & Poor’s to deprive the US of its top AAA rating, a move that sent stock markets sharply lower.


The US House of Representatives has passed a bill to extend the country’s debt limit until May, deferring the budget debate for a few months at least.


BBC News – Business





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