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How News Group hid the phone-hacking scandal Judge criticises Murdoch empire as it agrees aggravated damages for 37 victims of News of the World

Phone hacking: News International to pay out to 37 victims News of the World publisher settles with victims including Jude Law, Ashley Cole, Sadie Frost and Lord Prescott

Judge orders search of News of the World computers Laptops and deskop computers alleged to contain evidence that executives deliberately destroyed evidence of phone hacking

Guardian News & Media – Senior Administrator & PA to General Manager National Newspaper Operations Stratford/contract/full time

Groupon UK – PR ManagerLondon/permanent/full time

Zooid Pictures – Commercial Manager/COO South East/permanent/full time

For more jobs, career advice and workplace news visit guardianjobs.co.uk

The Guardian

Lies, evasions, cover-ups – how Murdoch firm hid hacking trail. P130 months on, an “admission of sorts”. P1Phone-hacking: 37 victims settle damages. P4,5Stars and “ordinary people” had privacy violated. P5Phone-hacking: company accused of “massive conspiracy” to deceive – and it could get even worse. P6Analysis: the real reason for the News of the World’s closure is finally revealed. P6Judge orders search for computer material. P6Amazonian clubbers dance to Facebook’s tune. P20China: Communism’s rival to iPad goes on sale. P24Google climbs to a record $10.6bn high. P27Christmas shoppers spend £8bn online. P28Editorial: in praise of stargazing. P32TV review. G2, P33

The Independent

We hacked emails too – News International. P1Wapping’s day of humility. P8,9Joan Smith: I’ve waited for this every since they told me I’d been hacked. P9PCC is damaging genuine journalism, Evgeny Lebedev tells MPs. P18Is Wikipedia winning online copyright war? P34China – rival to iPad that toes party line. P36Obituary: Reginald Collin, TV producer and director of Bafta. P52Apple eyes interactive textbook revolution. P61Endemol gets deal to restructure €2bn debt. P62Pearson reveals profit upgrade. P62The IT Crowd star groomed for stardom. Arts&books, P2

i

News International settles 37 lawsuits for phone hacking. P1,4Former Countryfile presenter Miriam O’Reilly profile. P3Evgeny Lebedev: libel laws damage the press. P5Protests prompt supporters of online privacy bills to back away. P8Apple promises iPad revolution in classroom. P41Endemol secures £1.7bn debt deal. P42Pearson expects profits to rise by 10%. P42Angry Birds firm delays float. P42

Daily Telegraph

News of the World directors accused of hacking cover up. P1Emmerdale producers accused of damaging Yorkshire landmark. P6Victorian railway guide becomes best-seller after featuring in BBC2’s great British Railway Journeys. P9Tabloid executives led cover-up, say phone hacking victims. P10The Times editor and the unanswered questions over reporter’s methods. P10Harold Shipman’s son’s emails intercepted by News of the World. P11FBI inquiry: did Murdoch tabloid break US law? P11Leader: there’s an app for that. P23

The Times

Emails were deleted says phone hacking case judge as celebrities and politicians settle claims. P1,8,9Google market value slumps with dramatic slowdown in profits. P39BBC Magazines on the move. P46Pearson raises profit guidance. P47Obituary: Stuart Hood, former controller of television programmes at the BBC. P56

Financial Times

Murdoch executives drew up plan to delate hacking emails, says judge. P1Google disappoints with latest results. P1Apple moves into digital textbook market. P1,23Jude Law settles hacking claim. P2Blair to face questions over links with Murdoch. P2Apps to reshape the way you read the news. P14Lex column: Endemol, Sony Ericsson. P16Novelist threatens Apple with US lawsuit over China ebook dispute. P17Endemol reaches deal on €2.8bn debt. P23

Wall Street Journal Europe

News Corp settles most phone-hacking lawsuits. P1Google rises 6.3% but revenue disappoints. P17Apple pushes for iPad textbooks. P19Pearson raises its profit view. P19

Daily Mail

Sex and the City prequel planned. P3Phone hacking bill nears £10m. P8Diary: Michael Gove asks ITV’s Laura Kuenssberg to ditch report. P19Jan Moir on Downton Abbey. P29

Daily Express

Phone hacking: Jude Law gets £130,000 but final bill may hit £10m. P4Simon Cowell says he had a “big wake up call”. P9Diary: Michael Portillo’s all over the BBC. P15Celebrity big Brother review. P35

The Sun

Simon Cowell interview: “I got a bit too cocky. We got a big wake-up call.” P1,4,5£130,000 for Jude Law as 37 get hacking payouts. P12BBC’s Test Match Special stays on air with iPad. P13Gary Glitter on Twitter? P15EastEnders killer plot shock. TVBIZ, P1Sex and the City prequel planned. TVBIZ, P1Interview with TV magician Dynamo. TVBIZ, P2

Daily Mirror

BBC Test Match Special broadcast via iPad. P2ITV making own version of Jim’ll Fix it – with Leigh Francis creation Keith Lemon. P3Next Britain’s got Talent winners will go into space. P12,13Phone-hacking payouts. P22Sex scene plays behind TV presenter. P30

Daily Star

Britain’s got Talent winner to go into space. P1Celebrity big Brother latest. P5Phone-hacking payouts. P25Apple targets schools. B1Pearson boost. B3Endemol debt restructure. B3Asos thanks Twitter for sales surge. B5

And finally …

Forget all the speculation about how Sherlock faked his own death on the acclaimed BBC1 drama. What the Daily Telegraph really wants to know is – wardrobe spoiler alert – where did he get his lovely coat? Turns out it’s made by Belstaff who – shock horror – are not producing any more for the foreseeable future and only have one left in store. “Are they insane?” asks the Telegraph’s Lisa Armstrong. “Zillions of men and women would kill for one, especialy now the weather’s finally on the turn.” Elementary stuff. DAILY TELEGRAPH, P26

Channel 5 to launch in-house production arm Broadcaster develops programmes including cookery format fronted by Marco Pierre White and show featuring Jedward

Endemol reaches deal on £2.3bn debt big Brother maker to restructure finances, slashing its debt to about €500m

Sudan police close two newspapers Titles shut down for violating journalistic ethics

Honduras newspaper source murdered Lawyer shot dead after telling of police torture of prisoners

Irish student tries to gag six newspapers Publishers claim man is seeking superinjunction to prevent publication

Kodak falls in the ‘creative destruction of the digital age’ Pioneering company files for bankruptcy protection after decision not to invest in the digital camera – its own invention

Harold Shipman’s son ‘horrified’ at NoW email intercepts Christopher Shipman tells court how tabloid was privy to confidential emails about the death of his serial killer father

Jude Law: phone hacking made me suspect friends and family Inaccurate and distorted News of the World articles had ‘profound effect’ on life of actor, who has accepted £130,000 settlement

Facebook, the club: social networking on the dancefloor in Brazilian Amazon Nightspot in remote region close to Bolivia pays homage to website whose popularity has exploded in South America

<a href="http://www.guardian.co.uk/media/2012/jan/20/1?newsfeed=truetag:news.google.com,2005:cluster=http://www.guardian.co.uk/media/2012/jan/20/1?newsfeed=trueFri, 20 Jan 2012 09:09:31 GMT”>Today’s media stories from the papers

HCP Inc (HCP) recently announced the pricing of $450 million of 3.75% senior unsecured notes, scheduled to mature in 2019. the transaction is expected to generate net proceeds of approximately $443.7 million. HCP expects to utilize the proceeds to repay the debt under its revolving credit facility and for general corporate purposes. the offering is slated to close on January 23, 2012.

HCP has a conservative approach toward financial management given its active debt-to-equity management, coupled with efficient maintenance of  multiple sources of liquidity like revolving credit facility, access to capital markets and secured debt providers, and divesture of assets. the financial flexibility enables the company to seize potential investment opportunities. At quarter end, the company had cash and cash equivalents of $44.9 million.

HCP reported FFO (funds from operations) of $259.6 million or 63 cents per share in the third quarter of 2011 compared with $96.1 million or 31 cents per share in the year-earlier quarter. Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

HCP is the leading medical REIT in the US with one of the largest and most diversified portfolios in the healthcare sector with exposure to all types of facilities. the product diversity of the company allows it to capitalize on opportunities in different markets based on individual market dynamics, and provides a hard-to-replicate competitive advantage over its peers.

HCP currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Health Care REIT, Inc. (HCN) holds a Zacks #2 Rank, which implies a short-term Buy rating.

Read the full analyst report on HCP

Read the full analyst report on HCN

<a href="http://www.zacks.com/stock/news/68112/HCP+Prices+Unsecured+Notes+tag:news.google.com,2005:cluster=http://www.zacks.com/stock/news/68112/HCP Prices Unsecured Notes Thu, 19 Jan 2012 16:42:28 GMT”>HCP Prices Unsecured Notes

Link It’s EZ Maintenance(TM) Software for Windows Certified for Use in the Army Enterprise Infrastructure Network

SANTA CLARITA, Calif., Feb. 17, 2011 /NEWS.GNOM.ES/ — Link It Software Corporation today announced that EZ Maintenance for Windows has been awarded the Certificate of Networthiness (CoN) from the U.S. Army Network Enterprise Technology Command.

This accreditation ensures EZ Maintenance for Windows meets strict U.S. Army and Department of Defense (DoD) standards for security, compatibility and sustainability. the CoN is required for all enterprise software products in the Army Enterprise Infrastructure Network. the certification also applies to all National Guard, Army Reserve and DoD organizations that use the Army Enterprise Infrastructure Network.

“We are extremely proud that EZ Maintenance for Windows has received this recognition from the U.S. Army and Department of Defense,” said Wayne McFarland, Link It Software CEO. “EZ Maintenance has always been recognized for its scalability and accountability on all maintenance processes, and we believe our CoN certification validates this.”

EZ Maintenance for Windows provides a complete software package for scheduling, tracking and controlling maintenance for any type of equipment and any kind of vehicle. It includes inventory control. EZ Maintenance for Windows is designed to meet the unique needs of maintenance management for a virtually unlimited range of equipment or vehicles. the software is structured as an easy-to-use, cost-effective Windows solution that is network-ready for multiple users and scalable to any size fleet or equipment roster. EZ Maintenance is also available in a web (SaaS) version.

“EZ Maintenance currently has thousands of users in civilian organizations throughout the world including many that work with the military,” McFarland stated. “our Certificate of Networthiness will now allow Link It to provide the features of EZ Maintenance where appropriate and needed directly to the U.S. Army. our Link It team is very pleased and excited about this opportunity.”

About Link It Software Corporation

Link It Software Corporation, begun in 1996, is a leading provider of enterprise software for businesses and high-level business marketing solutions. For more information, visit http://www.linkitsoftware.com.

This press release was issued through eReleases(R).  For more information, visit eReleases Press Release Distribution at http://www.ereleases.com.

SOURCE Link It Software Corporation

http://www.linkitsoftware.com

<a href="http://news.gnom.es/news/european-stocks-euro-firm-on-economy-hopes-news-gnom-estag:news.google.com,2005:cluster=http://news.gnom.es/news/european-stocks-euro-firm-on-economy-hopes-news-gnom-esTue, 03 Jan 2012 10:09:26 GMT”>Link It Receives U.S. Army Certificate of Networthiness for EZ Maintenance Software

Wall Street led investors on a wild ride in 2011.

Buffeted by concerns over the European debt crisis, erratic energy pricing and fears that the federal government was doing more harm than good for the U.S. economy, stocks were all over the map.

In the end – despite all of that volatility – Wall Street ended 2011 pretty much where it began. But as we ease further into 2012, there have been some positive signs.

On Thursday, a trio of reports brought good news – weekly unemployment benefit applications have fallen to levels last seen more than three years ago, holiday sales were solid and service companies grew a little faster in December.

Friday delivered more welcome news. Employers added 200,000 jobs in December and the nation’s unemployment rate fell to 8.5 percent, its lowest level in three years.

But an ominous undercurrent is lurking beneath those numbers. November’s job gains have been revised downward, and December’s decline in unemployment was fueled, in part, by the fact that the U.S. labor force shrank by 50,000.

So where does all of this leave investors and businesses for 2012?

“I’m highly uncertain about the results for 2012,” said Jim Hotvet, president of Jim Hotvet Financial Advisors in Pasadena. “It could be a good year, but two things concern me – the political campaign and the situation in Europe. If things go right we could have a nice year where earnings are up 10 percent because companies have good earnings and good balance sheets. And it looks good from a hiring perspective.”

But if economic factors conspire to turn the other way investors could just as easily see their investments decline by 10 percent, Hotvet said.

“If I had to guess, I’d say we’ll have another flat year,” he said. “And I think we’ll have another year of volatility.”

Alan Fluhrer, CEO of Fluhrer & Bridges, an executive search firm in Pasadena that specializes in technology and energy, also figures investors will weather some more erratic ups and downs.

“The thing is that our economy has become so global,” he said.

Few would disagree that Europe’s financial crisis has weighed heavily on investors. And it’s a known fact that the U.S. economy is increasingly global and therefore affected by economic events that happen throughout the world.

European leaders are scrambling again to stem the march of the crisis, which pushed the euro to a 16-month low against the U.S. dollar on Friday, drove Italy’s borrowing rates to unsustainable levels and is threatening France’s prized AAA credit rating.

With the debt jitters regarding core economies, economic indicators show that even powerhouse Germany hasn’t been spared. Economic sentiment and retail sales are falling across the region, according to new data released Friday, while unemployment in the 17-nation eurozone is stuck at 10.3 percent.

Many U.S. companies have taken a beating amid all of this uncertainty. But locally there have been some gains.

STAAR Surgical co., a Monrovia-based maker of implantable lenses for the correction of cataracts and other disorders of the eye, began 2011 with a stock price of $6.30. But it ended the year at $10.49 and has so far remained above $10 in 2012.

Edison International, the Rosemead-based parent of Southern California Edison, also saw its shares rise. Edison’s stock began last year at $37.40 and ended at $41.40.

But other companies, including La Canada Flintridge-based Sport Chalet inc., haven’t fared so well. Over the past 52 weeks the retail chain’s stock has ranged from a high of $4 to a low of $1.87. on Friday shares of Sport Chalet closed at $2.19.

In November, Chairman and CEO Craig Levra announced the company’s fiscal 2012 second quarter results.

Sport Chalet’s net income rose $1.1 million to $600,000 compared with a net loss of $500,000 in the second quarter of fiscal 2012.

“This quarter marked our second profitable quarter in the last three quarters and we continued to experience positive trends in comparable store sales and online sales,” Levra said in a statement. “Our data suggests our online business is helping drive customers into our stores, while establishing a national footprint online.”

Levra has also said that Sport Chalet will continue to “micro-merchandise” in fiscal 2012 using Action Pass data. the Action Pass is a kind of customer loyalty card that allows shoppers to get discounts on merchandise.

On Friday the Dow Jones industrials closed down 55.78 points, or 0.45 percent, to 12,360. the Nasdaq market managed a slight gain of 4 points to end the day at 2,674 and the S&P 500 lost 3.25 points to close at 1,277.

kevin.smith@sgvn.com

626-962-8811, ext. 2701

<a href="http://www.whittierdailynews.com/news/ci_19695382tag:news.google.com,2005:cluster=http://www.whittierdailynews.com/news/ci_19695382Sun, 08 Jan 2012 06:40:33 GMT”>Experts predict more market volatility for 2012

Yahoo has tapped PayPal boss Scott Thompson as its new CEO, effective January 9, the troubled internet giant has announced.

Yahoo fired Carol Bartz, its last chief executive, in September and has been undergoing a strategic review as the business has struggled to compete with Google and Facebook. after Bartz’s controversial ouster, Yahoo said it was looking at a range of strategic options, including the sale of all or part of the company.

Thompson will takeover from interim chief executive Tim Morse, who will resume his role as chief financial officer.

Yahoo’s new boss has served as president of PayPal, eBay’s payment company, since 2008. Under his leadership PayPal grew its user base from 50 million to 104 million active users across 190 countries.

“Scott brings to Yahoo! a proven record of building on a solid foundation of existing assets and resources to reignite innovation and drive growth, precisely the formula we need at Yahoo!,” said Roy Bostock, Yahoo chairman, in a statement today.

Scott Thompson. Photograph: Terrence McCarthy / PAYPAL/EPA

“His deep understanding of online businesses combined with his team building and operational capabilities will restore the energy, focus, and momentum necessary to grow the core business and deliver increased value for our shareholders. the search committee and the entire Board concluded that he is the right leader to return the core business to a path of robust growth and industry-leading innovation.”

Michael Gartenberg, analyst at Gartner, said Yahoo had some strong assets including Yahoo News, Yahoo Messenger and mail and Flickr, its photo-sharing site, but successive managements had failed to bring those assets together.

“There’s room for this company. It’s a survivor,” he told the Guardian. “It still has a large user base and a great brand among consumers. the question is, can the new man step up and put those pieces together?”

The news of Thompson’s appointment was broken by All things Digital, part of the Wall Street Journal, and came as a surprise to many tech watchers. He was not seen as a front-runner for the post and many had expected a sale of the company might come before a chief was appointed.

Two private equity firms, Silver Lake and TPG Capital, have made tentative offers for Yahoo but shareholders are unhappy with the price. Rival tech firms including China’s Alibaba, part owned by Yahoo, are also considering offers. Microsoft, which made an unsuccessful $44.6bn hostile bid for Yahoo in 2008, is also said to be taking another look.

But the price Yahoo would fetch today illustrates how far the tech firm has fallen. Yahoo is now valued at $20bn and its share price has fallen hard as Google and Facebook – which overtook Yahoo as the largest online display advertiser in the US – have emerged as the big forces in online advertising and innovation.

<a href="http://www.guardian.co.uk/technology/2012/jan/04/yahoo-ceo-scott-thompson-paypal?newsfeed=truetag:news.google.com,2005:cluster=http://www.guardian.co.uk/technology/2012/jan/04/yahoo-ceo-scott-thompson-paypal?newsfeed=trueWed, 04 Jan 2012 15:37:58 GMT”>Yahoo search for CEO ends with PayPal boss Scott Thompson

Snce Warren Buffett recently acquired the Omaha-World News for the portfolio of Berkshire Hathaway (NYSE: BRK-A) and mutli-billionaire Carlos Slim increased his holdings of The New York Times Corporation (NYSE: NYT), small cap income investors should look at the stock of a. H. Belo Corporation (NYSE: AHC).a.H. Belo Corporation has a high dividend income for its shareholders of 5.21%.  The average dividend yield for a stock on the Standard & Poor’s 500 Index is under 2%.  Neither The New York Times Corporation (NYT) nor Berkshire Hathaway (BRK-A) pays a dividend.Many features of the balance sheet of a.H. Belo Corporation are as impressive as its high dividend yield.  The price-to-sales ratio is 0.21.  The price-to-book ratio is 0.54.  The gross magin is over 85%.  there is no debt.  by contrast, The New York Times Corporation (NYT) has a great deal of debt.a.H. Belo Corporation operates four newspapers: The Dallas Morning News, The Providence Journal, The Press Enterprise and The Denton Record Chronicle.  Like so many others in the newspaper business, The great Recession and the rise of the Internet have not been salutary for the share price of AHC or NYT.  for 2011, it is off more than 40%.but there are bullish signs.  over the past month, the stock is up more than 8%.  Insiders are buying a.H. Belo Corporation on the open market.  Uber investor Peter Lynch stated that there are many reasons for insiders to sell a stock (buy home, pay tuition, etc…).  but there is only one reason for an insider to buy: they believe the price will rise.Institutions are also bullish on a.H. Belo: the ownership level is over 70%.  both institutional and insider ownership at a.H. Belo Corporation is rising, which is a very positive sign.

<a href="http://www.smallcapnetwork.com/Warren-Buffett-likes-Newspapers-and-AH-Bello-has-No-Debt-Strong-Balance-Sheet-NYT-BRK-A-AHC/s/via/3420/article/view/p/mid/1/id/499/tag:news.google.com,2005:cluster=http://www.smallcapnetwork.com/Warren-Buffett-likes-Newspapers-and-AH-Bello-has-No-Debt-Strong-Balance-Sheet-NYT-BRK-A-AHC/s/via/3420/article/view/p/mid/1/id/499/Fri, 23 Dec 2011 15:06:51 GMT”>Warren Buffett likes Newspapers and AH Bello has No Debt, Strong Balance Sheet (NYT, BRK-A, AHC)

Today: Stock market indexes fall more than 1 percent in very light volume, hurting S&P 500’s chance to turn a profit for the year. also: Google (GOOG) hits a new 52-week high after search, Android and Google+ receive good news; and holiday shopping’s early returns are positive.

Wall Street falls amid light trading, clouding end-of-year prospects

Wall Street broke its run of five consecutive positive trading sessions with losses across the board Wednesday, sending the S&P 500 index back into the red for 2011 and severely damaging the possibility that all three indexes could show positive movement for the year.

The Associated Press and Bloomberg News attributed the negative movement — losses of more than 1 percent for all three major indexes — to evidence that European banks are stashing their cash instead of loaning it out, which could hasten the continent’s long fall toward recession.

“The economy is not benefiting from the ECB lending to banks,” Timothy Ghriskey, chief investment officer of Solaris Group, told Bloomberg News. “With Europe likely to lapse into a recession, banks are reluctant to actually lend.”

However, Robert Pavlik, chief market strategist at asset-management company Banyan Partners, told the Wall Street Journal that Wednesday’s fall more likely stemmed from the fact that few trades were made. the Journal reported that only 2.3 billion shares traded hands Wednesday, slightly more active than the quietest day of 2011, which was Tuesday.

“It’s a low-volume day with just the skeleton crews around, so small moves are accentuated,” Pavlik said.

With Wednesday’s losses, the Dow Jones composite seems to be the only one of the three major stock market indexes guaranteed positive movement on the year, barring a dramatic drop in the last two days of trading. the Dow closed Wednesday at 12,151, up 574 points — nearly 5 percent — on the year. the S&P closed at 1,250, down 8 points for 2011, or 0.6 percent; and the Nasdaq closed at 2,560, a yearly loss of 93 points, or 3.5 percent.

Google stock hits new high after several positive reports

Google bucked the stock market’s negative trend early in trading and managed to hit a new 52-week high at $645.

The Mountain View-based Internet giant has been deluged with good news this week, even as most employees are home enjoying the holidays. Goldman Sachs was the latest investment firm to increase its price target for the stock in advance of its quarterly earnings report, with Goldman upping its target for the stock from $660 to $685. Analysts at Benchmark and Citigroup increased their Google stock targets last month, setting them at $700 and $680, respectively.

The upgrades follow news that Google is seeing growth in three separate areas of its wide-net approach to technology. the company’s core search business is still dominating the Web, according to a report from the analytics firm Hitwise — Web surfers used Google to perform searches at a nearly 62 percent clip in the four weeks leading up to Christmas Eve, the company reported. the closest competitor was Sunnyvale-based Yahoo (YHOO), which recorded slightly more than 16 percent of the searches in that time period.

Android, Google’s open-source mobile operating system, had a wonderful holiday season as well, according to multiple sources. Andy Rubin, senior vice president for mobile at Google, tweeted that 3.7 million Android devices were activated in just two days last week — Christmas Eve and Christmas Day. That’s far higher than the usual daily tally of activations, which Rubin tweeted last week was averaging about 700,000. Mobile analytics firm Flurry seemed to back up that claim, but also give Apple (AAPL) a reason to claim victory in the holiday season, when it reported that 6.8 million Android and iOS devices were activated on Christmas Day alone.

One of Google’s youngest ventures is also reportedly growing at an incredible clip: Paul Allen, Ancestry.com founder and “unofficial statistician” for Google’s social network Google+, said the Facebook competitor is adding 625,000 members a day and has already reached 62 million. In his post — which, of course, appeared on Google+ — Allen predicted that the social network would have more than 400 million users by the end of 2012.

After hitting its new 52-week high early in the session, Google couldn’t maintain its gains, and its stock lost $0.55, 0.1 percent, on the day to close at $639.70. Competitors felt Wall Street’s pain to a greater degree, however: Apple fell 1 percent, and Yahoo declined 1.9 percent.

Holiday shopping hit its target, according to research

Early returns from the full holiday shopping season show retailers have reason to celebrate, as spending rose 4.7 percent between Dec. 1 and Dec. 24 from the previous year, according to research firm ShopperTrak. Sales rose 4.1 percent in November, which included Black Friday.

While more complete data will be available next week, early returns show that retailers found what they were hoping for — a 4 percent increase is considered a successful holiday season. the money came in fits and starts, however, with most of it being spent at Black Friday weekend sales and in the week before Christmas, according to the index, which estimates sales at 24 major stores including Macy’s and Costco.

The effects of holiday sales have not ended, either: according to a different survey, 18 percent of holiday gifts this year were gift cards, and stores do not count that cash until the cards are used.

Silicon Valley tech stocks

Up: SunPower (SPWRA), Gilead

Down: Jive, Zynga, Nvidia, VMware, Cisco (CSCO), Electronic Arts (ERTS), Netflix (NFLX), Yahoo, AMD, LinkedIn, Hewlett-Packard (HPQ), Adobe (ADBE), eBay (EBAY), Juniper

The tech-heavy Nasdaq composite index: down 35.22, or 1.34 percent, to 2,589.98

The blue chip Dow Jones industrial average: down 139.94, or 1.14 percent, to 12,151.41

And the widely watched Standard & Poor’s 500 index: down 15.79, or 1.25 percent, to 1,249.64

Check in weekday afternoons for the 60-Second Business Break, a summary of news from Mercury News staff writers, the Associated Press, Bloomberg News and other wire services. Contact Jeremy C. Owens at 408-920-5876; follow him at Twitter.com/mercbizbreak.

<a href="http://www.mercurynews.com/top-stories/ci_19633478tag:news.google.com,2005:cluster=http://www.mercurynews.com/top-stories/ci_19633478Wed, 28 Dec 2011 22:55:23 GMT”>Biz Break: Wall Street falls, but Google hits a new high

INTERNATIONAL. Investment gurus Jim Rogers and Marc Faber agree to various degrees on many issues but the one thing separating them this week is the future direction of the Chinese economy and if this could have a devastating impact on commodities around the world.

Both Faber and Rogers have been warning about the effects of monetary and fiscal policies on the US economy, since the recent rally has been mostly based on printed money, a kind of ‘reverse Robin Hood policy’ of governments, to steal from the peasants to give to the rich.

As with Faber, Rogers is mostly to be seen being interviewed on CNBC and Bloomberg Asia or Europe as they both live in Asia now and since their views are to put it mildly, somewhat negative on the prospects of a sustainable US recovery.

The clash Marc Faber, the Swiss fund manager and Gloom Boom & Doom editor, believes a Chinese slowdown is already under way.

In a phone interview with CNBC Friday, he said that a hard landing for China will have a major negative impact on global commodities and risk currencies, before going as far as saying that he is “more worried about a Chinese economic downturn than a recession in Europe”.

For his part, legendary global investor and chairman of Singapore- based Rogers Holdings, Jim Rogers thinks Faber has got it wrong about China.

“Marc still does not understand China. there are going to be several hard landings in the next few years, but China’s will be less hard overall than others such as Greece, U.S…” Rogers told CNBC Friday.

China’s manufacturing activity slumped to its lowest level in 32 months in November, banking giant HSBC said November 23, renewing fears the Asian powerhouse is losing steam amid global economic woes.

HSBC chief China economist Qu Hongbin said he expected cooling domestic demand and weakening external demand for China’s exports heralded a further slowdown in production in coming months.

“The (Chinese) economy consists of many sectors and I think some sectors are already probably in a recession,” Faber elaborated.

“I think growth will be much lower and it is possible that we could have a hard landing with no growth at all,” he predicted.

The commodities market, in particular, will bear the brunt of a China economic deceleration, according to Faber.

“I think a lot of people will care if china grows only at 5% rather than 10% or 0% in a hard landing case because china is the largest buyer of commodities in the world,” he said.

“If the Chinese economy slows down the demand for commodities slows down and then the economies of brazil, Argentina, everybody is affected and then they can buy less from china and then you have a downward spiral, Faber added.

Rogers agrees the commodity market will have a correction, but rebutted Faber’s view that it would be devastating. “Yes, there will be consolidations in the commodity bull market just as all markets have consolidations,” he said. “In 1987, stocks declined 40%-80% worldwide, but it was not the end of the secular bull market in stocks.”

“If I was always bullish about commodities and completely missed out on the crash in 2008, then obviously, having tied essentially my reputation to commodities, I’d continue to be bullish,” Faber had earlier said about Rogers’ view on commodities.

“I proclaimed repeatedly far and wide that one should not buy commodities in the run up phase”, replied Rogers. “I also explained that I was not selling mine since we were [and are] in a secular bull market,” Rogers stressed.

When one’s shorts decline 90%-100%, it is a good year even when one’s longs decline,” Rogers added.

According to Rogers, Faber is the one who has made many wrong calls, arguing that he “totally missed” the secular bull market in commodities that began in early 1999.

China’s economic growth eased to 9.1% in the third quarter from 9.5% in the second quarter, as government efforts to tame inflation and economic turbulence in Europe and the United States curbed activity.

Vice Premier Wang Qishan, China’s top finance official recently warned that China needed to fix “structural problems” in its financial system to cope with a “long-term” global downturn that threatens the world’s second largest economy. ”For an economy like China that depends heavily on exports, the key is to understand the situation and put one’s own house in order,” the state Xinhua news agency quoted him as saying.

Speaking in a subsequent interview on Saturday with CNBC’s Simon Hobbs and the Money In Motion traders, Faber reiterated his view: the data can be manipulated, but in general I would say there is an obvious slowdown in the Chinese economy and I think there is a chance for a hard landing.

Faber went on to elaborate on the unintended consequences of easing: “When mr. Bernanke became fed chairman, the S&P was at 1264 – that was on February 1st, 2006. We’re now at 1244. So, the market is lower than it was at that time. In the meantime, gold has gone to US$1,746…the easing may not mean that the economy will do particularly well as the easing can shift money into some sectors of the economy…the stock market in China may rebound, but I don’t think we’ll see new highs, and I think the economy will weaken because we have a very capital goods oriented economy, and capital spending is very volatile.”

We are not selling our gold

But if China and commodities have succeeded in driving a wedge between the two legendary investors, the one investment still uniting them is gold, although they both warn of possible corrections.

Gold prices fell to US$1731 per ounce by lunchtime today in London – 0.8% below where it ended last week.

Faber predicted Friday gold should get some support over the near-to-medium term as he expects central banks in Europe and the U.S. to print more money to prop up their economies.

Gold’s recent rally above US$1,900 an ounce shows no signs of a “bubble” as central banks continue to boost money supply that has helped spur bullion to a record, according to Faber.

“I don’t think that gold is in a bubble,” Faber told Bloomberg in a recent phone interview from Chiang Mai, Thailand.

“When you buy gold, it’s an insurance against systematic failure and problems in the financial markets,” he said.

The Gold price is cheaper today than 10 years ago, although in nominal terms it is up 4-5 times, Faber argues. ”Compared with the monetary base, compared to government debt, compared to the increase of wealth in the world, and compared to the increase in international reserves, the gold price today is low,” Faber was quoted as saying August 5.

Faber says he is staying well diversified with his portfolio divided equally in four parts between gold, real estate, stocks, and cash and bonds. He adds that he is keeping ready cash on hand to scoop up assets should markets correct further.

For his part, Rogers is still long commodities. “Gold went up 600% in the 1970s and then corrected by 50% scaring a lot of people,” he told CNBC Friday.

“It then continued its secular bull market and rose 850%. Corrections are the normal way of all markets.”

In an interview with Investment Week, published today, Rogers reiterated gold may be overdue for a stronger correction. “It is very unusual for any asset to go up for 11 years in a row with no correction. I own gold and I am not selling my gold.”

“It has been correcting for the past three months so it is overdue for a stronger correction, but I have no idea by how much. it is very unusual for any asset to go up for 11 years in a row with no correction. I own gold and I am not selling my gold.

“If it is going down because the world is going bankrupt then it would need to be priced at US$900 for me to buy it. if there is an artificial occurrence then maybe between US$1,200 and US$1,400,” he said.

About Dr. Marc Faber

Dr Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics. between 1970 and 1978, Dr Faber worked for White Weld & Co in new York, Zurich and Hong Kong.

Since 1973, he has lived in Asia. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK). In June 1990, he set up his own business which acts as an investment advisor and fund manager.

In 2000 Faber decided to spend more time writing his newsletters as well as growing his advisory business. He moved back to his home in Chiang Mai, Thailand, maintaining only a small administrative office in Hong Kong.

Dr Faber publishes a widely read monthly investment newsletter ‘The Gloom Boom & Doom Report’ which highlights unusual investment opportunities, and is the author of several books.

About Jim Rogers

Jim Rogers has spent a career being one step ahead of mainstream investment thinking. amongst his many accomplishments, Rogers was co-founder with George Soros of Quantum Fund. during his ten years with the fund, the portfolio gained more than 4,000%, while the S&P rose less than 50%.

Rogers retired from Quantum in 1980 and became a guest professor of finance at Columbia University Graduate School of Business and in 1989 and 1990, the moderator of the Dreyfus Roundtable and the Profit Motive with Jim Rogers.

Underscoring his convictions that future prosperity will come from China, Rogers’ two young children speak Mandarin.

RELATED ARTICLES

Marc Faber says Americans need to tighten their belts, save more and work more for lower salaries

Jim Rogers says US needs to face reality, not QE3

‘I can smell QE3, QE4 and many more,’ says Marc Faber

Ultra bearish Marc Faber says current gold price ‘low’, investors must prepare for the worst as ‘it will come to war’

Marc Faber sees substantially higher gold prices over the next 5-10 years, lower purchasing power of paper money

Gold is very cheap in comparison to the money and credit that has been created, says Marc Faber

“Fed will print and print and print until the final crisis,” says Marc Faber

Jim Rogers says the US will certainly lose its AAA credit rating

Jim Rogers says all parabolic moves end badly, gold & silver not yet in a bubble

<a href="http://www.bi-me.com/main.php?id=55620&t=1&c=33&cg=4&mset=tag:news.google.com,2005:cluster=http://www.bi-me.com/main.php?id=55620″>Marc Faber, Jim Rogers clash over China and commodities, agree on gold – Business Intelligence Middle East – bi-me.com – News, analysis, reports

JANUARY

New leadership: Newcomers Larry Kramer, Derek Reeve and John Taylor were sworn into office as council members. Larry Kramer is elected Mayor Pro Tem and council member Sam Allevato is chosen to serve his second term as mayor.

Mobile home park fight: Residents of Capistrano Terrace Mobile Home Park are awarded $1.1 million after bringing a failure-to-maintain lawsuit in 2007 listing more than 100 plaintiffs. Residents complained about low water pressure, sewer spills, open electrical wiring and other issues. Owners said the geology and age of the park made repairs prohibitively expensive. Some of the owners of the park are also associated with Advanced Real Estate Services, which is the developer of the planned commercial, residential and equestrian project directly adjacent to the park. they purchased the property in 2003 for $8.3 million and have tried to close the park twice.

FEBRUARY

Smart meters: San Diego Gas and Electric begins the installation of 120,000 smart meters across Orange County at a cost of $500 million. the move was a response to a state mandate calling for utility companies to swap existing electric and natural gas meters with digital versions. the high tech meters record energy use and allow customers to receive alerts about their energy usage via email, text, or phone.

Outsourcing: the city begins to consider outsourcing three positions that offer yearly salary and benefits worth more than $110,000 – historical preservation manager, code-enforcement officer and senior traffic engineer.

Redevelopment: Councilwoman Laura Freese testified before a state committee about the importance of redevelopment agencies in the wake of Gov. Jerry Brown’s proposal to strip them of their funding source. San Juan Capistrano has several projects under way involving redevelopment funds, including millions slated for use by incoming car dealerships and a proposed downtown revamp. the city sent a letter last month to the state describing its disagreement with the governor’s proposal.

MARCH

Interim city manager named: Former City Manager Dave Adams returns to civil service again as interim City Manager, after the incumbent City Manager and Utilities Director Joe Tait attracts unfavorable attention across the state for his salary, which was $324,000. City officials defended Tait’s pay, saying that Tait saves the city more then $100,000 by pulling double duty as utilities director and city manager. Adams serves for three months and a new city manager is selected in August.

City’s second hotel breaks ground: A Marriott Residence Inn on the site of the former Capistrano Ford dealership at Camino Capistrano and Stonehill Drive began construction. Developed by R.D. Olson Construction and a team of investors, the 130-room extended-stay hotel will have more than 91,000 square feet, including an 11,104 square foot storage facility for classic cars. when it is completed, it will become the second hotel in the city, preceded by best Western Capistrano Inn at 27174 Ortega Highway.

Irvine farm on the market: Joan Irvine Smith announces that she’s selling the 20-acre farm, known as the Oaks, for $20 million. the farm housed her horse breeding program since 1985. in its heyday, the farm bred 50-60 sport horses a year, but that number dwindled to just two this past year. Retired at 77, Smith said she’s trying to dial back her commitments and focus on her environmental and philanthropic efforts. Smith’s great-grandfather, James Irvine, was a prominent Orange County landowner and the city of Irvine is carries her family name.

County’s oldest public school celebrates 160th year: San Juan Elementary School, the oldest public school in Orange County, rang in its 160th year by re-dedicating the bell that once signaled the start of class. the elementary school was established in 1850. the bell was dedicated in 1907 by William Strocheim. though the bell survived several renovations and still sits on the front lawn, it’s no longer used to signal the end of class. San Juan Elementary was the only school in Orange County until Santa Ana’s school district was established in 1854.

Chevron pays city $3.1 million for gas station leaks: Gasoline additive Methyl Tertiary Butyl Ether, or MtBE, was discovered in the city’s groundwater in January of 2008, causing the temporary closure of two of the city’s groundwater wells. Chevron agreed to pay the city up to $3.1 million to cover the costs of the cleanup, on which the city has spent more than $5 million. An audit would later estimate the financial effect of the MtBE leaks at $7.2 million. the leak also restricted production at the city’s groundwater recovery plant, as one the plant’s largest wells was affected.

Juaneno tribe denied federal recognition again: After a three year effort, the more than 400 declared members of the Juaneno Band of Mission Indians of the Acjachemen Nation could not satisfy four out of seven criteria for federal recognition of Indian tribes. the Bureau of Indian Affairs said that the group was not recognized as a tribe by the community at large, lacked functioning autonomous government and did not have political influence over its members as an autonomous entity. without recognition, the tribe is not considered a sovereign nation and cannot operate casinos, among other privileges granted to recognized tribes.

APRIL

City’s 50th anniversary: the city was founded by Father Junipero Serra on Nov. 1, 1776, but San Juan Capistrano was officially incorporated as a city on April 19, 1961. the city rang in its 50th year of incorporation with a party at the Historic Town Center Park that featured a talent show, food, games, dancing and other activities. Professional story tellers told stories accompanied by music at the San Juan Capistrano Regional Library. A series of celebratory historical and cultural events took place throughout the year, culminating in the burial of a time capsule that will be opened on 100th anniversary of the city.

City’s water utility has $8.2 million deficit: A budget update revealed that the city’s water utility was running an $8.2 million deficit. in addition to increased costs stemming from MtBE cleanup, the city saw its lowest water sales in more than 15 years. the discovery of unusual amounts of arsenic in the city’s water supply also contributed to the deficit, reducing the city’s water production by more than 4 million gallons daily. the decline in water production also caused the city to miss out on a $750,000 grant from the Municipal Water District of Orange County, which pays cities to provide their own water.

MAY

Financial trouble: A $6.35 million settlement in a lawsuit with the Scalzo Family Trust took out about a third of the city’s general fund-reserves. the City Council approves the issue of about $3 million in bonds to help pay for the settlement. without the aid of the bond issuance, the city’s general fund reserves would be “dangerously low,” City Treasurer Cindy Russell said at the time. the Scalzo family sued the city in 2006 after the council placed 121 development conditions on the planned Belladonna Estates housing project. Fitch Ratings, a global credit rating agency, downgraded the city’s bond rating to what was called a dramatic weakening of the city’s financial profile. A depletion of cash reserves, costs from water cleanup, decreased revenues overall and a drop in water production were listed as causes. the City Council voted to cut about $7.5 million in spending.

Bra lady: the story of Janice Cleaves, known as the “Bra Lady,” came to light. Cleaves is a corsetiere, or a bra-fitter, and makes a living by training woman about bras. She runs a fitting business in a small office in an industrial part of the city. She spends about 45 minutes with each client, and even helps breast cancer survivors who have had mastectomies find a good fit.

New City Manager: Karen Brust was hired as the new city manager, with council members citing her strong financial background and experience dealing in water issues. She was lured from the city of Del Mar with an annual salary of $218,000. before that, she was the director of finance and treasurer for the San Diego Water Authority and finance director for the cities of Garden and South Gate. More than 80 people applied for the job, which was vacated by Joe Tait in April, who left amid controversy over a $324,000 salary that he received for serving as city manager and utilities director. her employment began on June 30.

JUNE

San Juan Hills High School graduates first class: the school at 29211 Vista Montana opened in 2007 and now has about 2,000 students. More than 4,000 people attended the school’s first graduation ceremony on June 23 at the Bren Events Center in Irvine. Principal Tom Ressler left the graduating class with this: “You have created traditions,” Ressler told the graduates: “Now, after four years, you have become better men and women, and that has been our task.”

City’s third hotel moves forward: the Robert Green Company was named the developer of a 124-room hotel, restaurant and retail complex at Ortega Highway and El Camino Real. Developer Stroscher G3 LLC also built a four Seasons hotel in Jackson Hole in Wyoming and a Park Hyatt hotel in Carlsbad. City officials hope that the hotel, named Plaza Banderas, will be an economic engine that drives commerce in the city’s downtown.

Voters approve Distrito La Novia and San Juan Meadows developments: 55.5 percent of voters approved large residential, commercial and equestrian developments on both sides of La Novia Avenue east of the I-5.

San Juan Meadows covers 135 acres on the south side of La Novia Avenue. Distrito La Novia comprises about 18 acres on the north side of La Novia Avenue. Advanced Real Estate Services purchased the properties in 1999 and has worked with city officials to prepare the land for development for years. the City Council approved the development in November 2010. After the approval, a group calling themselves Citizens for sensible Development began to gather signatures to allow voters to decide on the development in a referendum. ARES raised about $145,000 to fund their referendum campaign, while Citizens for sensible Development raised just $7,000. Council members said they hoped that the project would bring in much-needed revenue for the city. Construction could begin in 2012.

German restaurant opens: Barth’s Continental Cuisine opened at 27221 Ortega Highway, featuring German treats like schnitzel, sauerkraut and a selection of beers. the traditionally decorated restaurant also features a snuff machine, which produces pulverized tobacco that can be inhaled through the nostrils.

Jewelry store robbery is unsuccessful: On the morning of June 24, Robert Earl Avery entered Monaco Jewelers on Doheny Park Road, pulled a handgun from his pocket and grabbed an employee at the rear of the store. Another employee pulled out a handgun and shot Avery. Avery’s collaborators, Desmond Brown and another man, ran into the store. the armed employee fired again, hitting Brown in the torso. Another employee armed himself and shot Brown another time. the third man ran out of the store and got into a light-blue Toyota Camry. Avery and Brown died from their injuries.

Nearby, at the same time, Costco was opening its new gas station with a grand opening ceremony. the station was evacuated as dozens of police cars and a swat team descended on the scene of the shooting.

JULY

Capistrano Terrace fight continues: the owners of Capistrano Terrace Mobile Home Park declare bankruptcy, throwing the millions of dollars in settlements won by residents into question. the announcement came just hours before residents were offered a $4.85 million settlement by the owner’s insurance company, which would supersede January’s $1.1 million settlement. All payments and settlements are currently wending their way through a bankruptcy court.

In-N-Out Burger is out: After two years of back and forth with the city, the Irvine-based burger company abandoned their plans to open a location on Del Obispo Street. the City Council voted 3-2 to lift an 18-year-old ban on new drive-thru restaurants in 2010, but new applications for drive-thru restaurants had to be approved by the City Council. Some council member supported the project, but the company’s interest waned.

AUGUST

West Coast Film Festival: the Regency San Juan Capistrano Theatre hosted the first annual West Coast Film Festival. Inaugural films included “Casablanca,” “Ben Hur,” and award-winning independent films from local filmmakers. Lionsgate Films previewed a major fall release, and programming included tributes to Gene Autry and Mary Pickford. Charlton Heston’s son, Fraser Heston, presented a film about his father’s role in “Ben-Hur.”

SEPTEMBER

Bible studies: After a neighbor complained, city code enforcement officers fined Chuck and Stephanie Fromm $300 for hosting Bible studies in their home that would often draw a crowd of up to 50 people. the couple appealed the fines in Orange County Superior Court. the story drew attention nationwide after some news outlets cast it as an issue of religious freedom. the city was inundated with letters, calls and emails from around the nation. later, the city would refund the fees to the Fromms and the couple would drop their lawsuit. the city is currently examining the code by which the Fromms were fined.

NOVEMBER

St. Margaret’s Performing Arts Center moves forward: Construction on a 44,000 square foot performing arts facility at the St. Margaret’s Episcopal School proceeds on schedule and on budget. when completed in May 2012, the facility will have a main theater that seats 450, a ‘teaching’ theatre with about 130 seats, a dance studio and large rooms for orchestra, band and choir rehearsals, as well as 11 soundproof practice rooms for tutoring and instruction. the center’s final price tag is about $16 million.

Historical manager leaves: Teri Delcamp leaves to take a historical preservation job in the city of Riverside. her departure threw the fate of several historical preservation projects into question, including renovation efforts at the Blas Aguilar Adobe and the Silvas Adobe. Delcamp’s position was one of three the city had looked at for possible outsourcing. City Manager Karen Brust has yet to make a decision on whether to fill the position with a full-time employee or a contractor, and will provide more information next year.

DECEMBER

The Historic Cook Barn Burns: Built in 1898, one of the city’s oldest barns burned down in a fire that caused about $150,000 of damage and left just one wall of the historical landmark intact. the fire was ruled accidental. the fate of the barn is still in question. the Cook family, whose ancestor Rodolphus Cook built the barn, has publically disagreed about whether to sell the property or restore the barn. four different Cook relatives own the barn and three of them want to sell. Teresa Cook, who was living in the barn at the time, wants to restore the barn and turn it into community garden.

New leadership: the City Council reorganizes, with Larry Kramer selected as mayor and John Taylor selected to serve as Mayor Pro Tem.

<a href="http://www.ocregister.com/news/city-333210-million-water.htmltag:news.google.com,2005:cluster=http://www.ocregister.com/news/city-333210-million-water.htmlWed, 28 Dec 2011 10:13:35 GMT”>San Juan Capistrano year in review