It News

August 29, 2012

Second-quarter growth revised up to 1.7 percent

WASHINGTON | Wed Aug 29, 2012

A man pushes his shopping cart down an aisle at a Home Depot store in New York, July 29, 2010. REUTERS/Shannon Stapleton

(Reuters) - The economy fared slightly better than initially thought in the second quarter, but the pace of growth remained too slow to shut the door on further monetary easing from the Federal Reserve.

Gross domestic product expanded at a 1.7 percent annual rate, the Commerce Department said in its second estimate on Wednesday as stronger export growth offset a pull-back in restocking by businesses wary of sluggish domestic demand.

That was up from last month's 1.5 percent estimate and in line with economists' expectations. The economy grew at a 2.0 percent pace in the January-March period.

US election: Ann Romney tells of her Welsh roots

US election: Ann Romney tells of her Welsh roots
29 August 2012 Last updated at 07:37 ET Help
The wife of Republican presidential candidate Mitt Romney has spoken of her south Wales roots at the US Republican National Convention in Tampa, Florida.

Ann Romney described how her miner grandfather in Nantyffyllon was determined to prevent his family going down the pit, and saw "hope and opportunity" in the US.

She spoke as her husband was officially selected as the Republican nominee for this year's US presidential election.

Just to be clear, Maria Sharapova is not pregnant

US OPEN | COMMENTS
2012/8/28

By tennis.si.com
Maria Sharapova withdrew from two summer hard-court tournaments because of a stomach issue, but she insists she’s all better now. She definitely looked it in her 6-2, 6-2 opening-round win over Hungarian Melinda Czink on the first day of the U.S. Open.

The French Open champion was moving extremely well and hitting a clean ball off both sides. It was an encouraging performance for Sharapova, who hasn’t played a match since the Olympics.

Sharapova says she felt pain in her stomach in London before her Olympic final against Serena Williams, which she lost 6-0, 6-1, but dismissed any insinuation that the illness affected her play there. The pain worsened when she returned to North America to play the Rogers Cup in Montreal.

“I think it was some stomach bug,” she said. “But I thought it was getting better. Then I started eating like the normal Maria, and it wasn’t better.

Home Prices In 20 U.S. Cities Mark First Gain Since 2010
By Shobhana Chandra - Aug 28, 2012

Home prices in 20 U.S. cities climbed in June from a year earlier, the first gain in almost two years, indicating the market that triggered the recession is beginning to rebound.
The S&P/Case-Shiller index of property values in 20 cities increased 0.5 percent from June 2011, the first gain since September 2010, a report from the group showed today in New York. The median forecast of 29 economists surveyed by Bloomberg News called for a 0.05 percent drop. Nationally, prices jumped

Mars rover sends amazing photos, 1st human voice from red planet

By Mike Wall Space.com

Published August 28, 2012
NASA's Mars rover Curiosity has beamed home the first human voice ever sent from another planet, as well as some spectacular new images of its Martian environs.
The 1-ton Curiosity rover broadcast a pre-loaded greeting from NASA administrator Charlie Bolden, who congratulated the mission team for getting the huge robot to Mars safely. While the significance of the audio accomplishment is largely symbolic, NASA officials hope it presages a more substantial human presence on the Red Planet down the road.

Prince Harry - After Naked Pictures, Prince Harry Offered $10 Million For Adult Movie

28 August 2012

Prince Harry and Prince William, the Duke of

By contactmusic.com
After Naked Pictures, Prince Harry Offered $10 Million For Adult Movie
We could see this one coming. After Prince Harry 's Vegas pictures became the talk of the world's media last week, it seems one adult movie studio is looking to cash in. Vivid Entertainment boss Steve Hirsch has a habit of offering tons of money to get unlikely celebrities to star in his movies, though he rarely succeeds in landing his targets.

Lindsay Lohan suspect in $100,000 jewelry theft, reports say

Published August 28, 2012
New York Post

Lindsay Lohan has often been accused of having sticky fingers — but so far, none of the charges against her has stuck.

Now she faces more jewel-fueled drama.
The Los Angeles Police Department considers her a suspect in the theft of $100,0000-worth of watches and sunglasses — and the “Herbie Fully Loaded” star could be facing serious jail time if she is found to have violated her probation, TMZ reported Monday night.
Lohan’s latest legal woes erupted last week when she and her assistant, Gavin Doyle, were party guests at the Hollywood Hills home of millionaire Sam Magid, who later called cops to report a jewel theft.
Lohan tried to leave the all-night party at around noon the next day, Aug. 20, but the owner realized several expensive watches and some sunglasses were missing before she got the chance.

Spanish Recession Deepens

By DAVID ROMÁN
202/8/28

MADRID—Spain's economic recession deepened in the second quarter amid the country's largest-ever bank failure and a steep downturn in domestic spending that could sharpen as the government raises sales taxes starting next month.

Fresh figures Tuesday from the statistics institute INE for the second-quarter and 2011 suggest "the economy is much weaker than previously thought," said Tullia Bucco, an economist at UniCredit Research. "This risks weighing on the government's capacity to reach the fiscal targets set for this year and the next."

Central bank, growth concerns halt share gains

By Richard Hubbard

Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange August 27, 2012. REUTERS-Remote-Marte Kiessling

LONDON | Tue Aug 28, 2012
(Reuters) - A month-long rally in world shares and riskier currencies such as the Australian dollar stalled on Tuesday as uncertainty over global growth and the next moves by the world's major central banks put investors in a cautious mood.

However, the threat of a tropical storm in the Gulf of Mexico hitting oil supplies supported crude prices, while Wall Street looked set to open unchanged ahead of a key speech by Federal Reserve Chairman Ben Bernanke on Friday. .N

Major risk asset markets have enjoyed broad-based gains over the past month due to hopes for a third round of monetary easing by the Fed and a promise from the European Central Bank President Mario

Tropical Storm Isaac Nears With Rainfall the Biggest Concern

By ANTHONY CASTELLANO, ALEXANDRA LUDKA and CHRISTINA NG (@ChristinaNg27)

PHOTO: Workers stack sandbags on top of retaining wall baskets in preparation for Tropical Storm Isaac, which is expected to make landfall on the Louisiana coast as a hurricane, in Port Sulphur, La., Monday, Aug. 27, 2012.

Aug. 28, 2012
Tropical Storm Isaac is on the verge of becoming a Category 1 hurricane before it makes landfall, but forecasters say the biggest threat will be the rainfall and storm surge, not the wind.

Forecasters have projected landfall as early as tonight, a day short of the seventh anniversary of Hurricane Katrina. New Orleans Mayor Mitch Landrieu Monday said Isaac's path is similar to Katrina's and the anniversary has left much of the Gulf Coast on "a high level of anxiety."

Winds will be an issue initially when Isaac makes landfall with gusts up to 80 mph. Forecasters say the big threat will be the storm surge around New Orleans and Biloxi, Miss., where water might rise six to nine feet. The slow-moving storm is forecasted to hover over the Gulf Coast and could punish coastal areas with up to

Gold Is Going to $1,700 and Beyond Says Trader

Wiener Philharmoniker gold coins are pictured at the Ginza Tanaka store in Tokyo

By Jeff Macke | Breakout 2012/8/27
After dominating the headlines for years it's been a tough slog for gold of late. The barbaric metal is getting outpaced by the broader equity markets so far in 2012 and has lost more than 5% over the last twelve months. According to Eric Wilkinson of Blue Group Trading, all of that is about to change.
Wilkinson's bullishness has both fundamental and technical reasoning. Technically last week saw big volumes in gold at $1,640 an ounce, followed by a $20 rip in almost a straight line. That makes $1,640 good support on a technical basis. It's where other traders will be putting money to work which creates natural price support.
The quick rise also forms the trader's fundamental view. Wilkinson and others think European countries have been huge sellers of gold to pay down their debts.

Is More Fed Action the Answer? All Eyes on Bernanke’s Jackson Hole Speech

By Bernice Napach | Daily Ticker
2012/8/27
By Friday mid-morning the financial markets will have turned their attention away from the Republican national convention to focus on Fed Chairman Ben Bernanke. That's when he'll be speaking at the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming, as he does every year.
The title of this year's speech: "Monetary Policy Since the Crisis."
Financial markets will be looking for any sign of a change in Fed policy, specifically whether the Fed will embark on another round of quantitiative easing. That's when the Fed buys government debt in order to lower interest rates and increase the money supply, which can ultimately boost economic activity.
The Fed has already commenced two programs of quantitative easing (a.k.a. QE), extended "Operation Twist" until the end of the year and depressed short-term interest rates to near zero until at least 2014.

Tim Tebow Fantasy Football Stock Unchanged Against Panthers

By Alex Welch
2012/8/27

Tim Tebow didn't do much to impress fantasy owners against the Panthers. We break down the fantasy implications.

Like SBNation.com on Facebook.

Aug 27, 2012 - The New York Jets struggled once again to put points on the scoreboard, and Tim Tebow was not the answer to their issues during Sunday night's preseason game against the Carolina Panthers. He completed only 4-of-14 passes for 55 yards and an interception, rushing for 45 yards on five carries as well.

Analysis: In Tebow's defense, several of his incompletions came at the end of the fourth quarter when the Jets were simply throwing up bombs to the end zone in hopes of winning the game. Tebow proved he can get the ground game going, averaging 9.0 yards per carry and breaking off a 20-yard run at one point. New York has yet to unveil the Wildcat

"The Expendables 2" snags No. 1 box-office spot for second-straight weekend

August 27, 2012

(CBS/AP) Sylvester Stallone's "The Expendables 2" snagged the No. 1 box-office spot for the second-straight weekend with $13.5 million. Released by Lionsgate, the film raised its domestic total to $52.3 million after two weekends.
Holdover movies easily led the weekend box office again, as "The Bourne Legacy" landed in second place with $9.3 million, followed by "ParaNorman" with $8.5 million.

Hollywood may have run out of summer hits, but an anti-Obama documentary is helping to fill the gap.

The weekend's new wide releases were overshadowed by "2016: Obama's America," which expanded from limited to nationwide release and took in $6.2 million to finish at No. 8.

Jersey Shore Stars Tweet Congrats to New Mom Snooki!

by Bruna Nessif Sun., Aug. 26, 2012
Lorenzo Dominic LaValle's here!
There was a collective fist-pump today when Jersey Shore fans heard the news of Snooki giving birth to her and Jionni's anticipated baby guido at St. Barnabas Medical Center in Livingston, N.J., just before 3 a.m.
And, of course, her Shore costars were just as excited.
Get all the deets on Lorenzo's arrival!

"So proud of @snooki and @JLaValle! Lorenzo is the cutest baby I ever seen. Love him already," Snooks' BFF JWoww tweeted.
Uncle Pauly D wrote, "I Love It This Time A Yearrr When Baby Lorenzo's Here !!!!! Congrats @snooki And @JLaValle !!! #BabyBlowout"
"Congrats @snooki !!!!! So happy for you," Sammi tweeted, while Ronnie posted, "Congratulations to @snooki !!! Luv ya baby sis! Remember breathe and push!!"
Chris Pratt tweets about baby Jack's arrival

Strong Earthquake Strikes El Salvador's Coast

August 27, 2012
A strong 7.3-magnitude earthquake has struck off the coast of El Salvador, triggering a small tsunami and initial warnings for the region that have been canceled.

The U.S. Geological Survey reports the epicenter of Monday's earthquake was located about 120 kilometers south of Usulutan. A magnitude 5.4 aftershock hit the same area about an hour later.
The Pacific Tsunami Warning Center says a small tsunami was observed along the coast in Acajutla, El Salvador. It canceled its warnings for Costa Rica, Nicaragua, El Salvador, Honduras, Guatemala, Panama and

Roger Clemens looks good with Skeeters ... next stop an MLB team?

By Chuck Schilken
August 26, 2012

Roger Clemens threw 3 1/3 innings, giving up only one hit, striking out two and walking none for the Sugar Land Skeeters on Saturday night.

Not a bad outing for a 50-year-old man who hasn't pitched for a team in five years and has become more known to some as the guy who was charged with lying to Congress about alleged steroid use (he was acquitted in June).

KATY PERRY $20 Mil 'Idol' Offer REJECTED

By tmz.com/2012/08/25

"American Idol" desperately wanted Katy Perry to fill one of its vacant judge's seats, so much so, they offered her $20 MILLION ... but she she still turned it down ... TMZ has learned.

Sources close to the production tell TMZ ... "Idol" pursued Perry relentlessly for weeks, eager to get her to sign on the dotted line. According to our sources, they started the offer at $18 million, but threw even more cash on the table ... $20 MILLION for a one year contract!!!

GOP angling for Catholic votes

In a bold move, the Republican Party invited Cardinal Timothy Dolan to close out the national convention, and he accepted.

August 26, 2012
Priests are in the praying business, and political conventions long have invited men and women of the cloth to seek God's blessing on their deliberations. But in asking the leader of the nation's Roman Catholic bishops to close out next week's Republican National Convention in Tampa, Fla., with a benediction, the GOP is not so subtly angling for Catholic votes and seeking to capitalize on the hierarchy's disputes with the Obama administration. Instead of lending his presence to the proceedings, Cardinal Timothy Dolan of New York should have followed protocol and allowed a local and lower-profile cleric to do the honors.

To be fair, Dolan expressed a willingness to offer a prayer at the Democratic convention as well. He insists that his participation in the Republican proceedings is not a partisan gesture. The cardinal's spokesman said that, before accepting, Dolan told convention organizers that it was standard church practice for the local bishop of the

Snooki Delivers Baby Boy!

by Jefferson Reid and Brandi Fowler
2012/8/26
The self-described "pregnant whale" is pregnant no more. Yep, Jersey Shore star Snooki is a mom!
The tiny "Guidette" gave birth to an even tinier meatball, son Lorenzo Dominic LaValle, at St. Barnabas Medical Center in Livingston, N.J. just before 3 a.m. Sunday morning.
"The world just got another Guido!!! Lorenzo Dominic LaValle has entered the world weighing 6lbs, 5oz. Nicole, Jionni & Enzo are doing great!," a rep for the reality star told E! News.
Take her word for it, Snooki is a whale of a woman
Following the delivery, Snooki headed to Twitter to share the good news with fans, tweeting, "I am SO IN LOVE with my son Lorenzo Dominic ! I had my little

Tropical Storm Isaac gains strength, expected to become hurricane Sunday

Published August 26, 2012 Associated Press

KEY WEST, Fla. – Tropical Storm Isaac gained fresh muscle Sunday as it bore down on the Florida Keys, with forecasters warning it could grow into a dangerous Category 2 hurricane as it nears the northern Gulf Coast.
Isaac drew new strength early Sunday during a warm-water crossing of the Florida Straits after causing weekend havoc in Cuba, where it downed trees and power lines. Before that, Isaac was blamed for four deaths in Haiti.

Elisabeth Murdoch denies she wants top News Corp job

Fri Aug 24, 2012
Elisabeth Murdoch, Shine Group chairman and daughter of News Corporation chairman and CEO Rupert Murdoch, gestures during a rehearsal of her MacTaggart Lecture at the Edinburgh International Conference Centre (EICC) during the Edinburgh International Television Festival in Edinburgh, Scotland August 23, 2012. REUTERS/David Moir

Elisabeth Murdoch, Shine Group chairman and daughter of News Corporation chairman and CEO Rupert Murdoch, gestures during a rehearsal of her MacTaggart Lecture at the Edinburgh International Conference Centre (EICC) during the Edinburgh International Television Festival in Edinburgh, Scotland August 23, 2012. REUTERS/David Moir

(Please note that the story contains strong language in the final paragraph)

By Paul Sandle

(Reuters) - Elisabeth Murdoch denied on Friday she wanted to succeed her father as head of the News Corp media empire, but acknowledged her role in forcing out one of his favorite newspaper executives over a phone hacking scandal.

Speaking at the Edinburgh Television Festival, she said that as a daughter it had been heartbreaking to see Rupert Murdoch humbled by the scandal which engulfed his News of the World newspaper, but played down her own ambitions.

Armstrong, First Man on Moon, Dies

August 25, 2012
By online.wsj.com

Neil Armstrong was a quiet, self-described nerdy engineer who became a global hero when as a steely-nerved U.S. pilot he made "one giant leap for mankind" with a small step on to the moon. The modest man who entranced and awed people on Earth has died. He was 82.
Mr. Armstrong died following complications resulting from cardiovascular procedures, his family said Saturday. It didn't say where or when he died.

Mr. Armstrong commanded the Apollo 11 spacecraft that landed on the moon July 20, 1969, capping the most daring of the 20th century's scientific expeditions. His first words after setting foot on the surface are etched in history books and in the memories of those who heard them in a live broadcast.

"That's one small step for man, one giant leap for mankind," Mr. Armstrong said.

Mr. Armstrong's family described him as "a reluctant American hero who always believed he was just doing his job." The statement mentioned his success after the lunar walk "in business and academia" and as a "community leader in Cincinnati."

Madonna Extends Thorny Olive Branch To Elton John

'I forgive him. Gotta start somewhere,' Madge said onstage after John made some unkind comments about her earlier this month.
By Gil Kaufman 2012/8/24
Would a "fairground stripper" extend an olive branch in such a generous manner? We think not.

Whatever Elton John may think of Madonna, the pop diva proved that she has more class than John indicated in recent harsh comments  when she extended the olive branch of forgiveness during a recent show in France.

"I'd like to dedicate this next song to Mr. Elton John," Madonna said on Tuesday during a performance of the song "Masterpiece" in Nice, France in a video posted by Madonna-TV.com. "I know he's a big fan of it. And I know he's a big fan of mine. And you know? I forgive him. Gotta start somewhere." The gesture came on the final show on her