Seoul pulls Asian shares down, solid economic data helps

TOKYO (Reuters) - Tech-heavy South Korean shares dragged down the broader Asian share index on Monday on fears of weaker earnings, but improving economic prospects in Europe and solid U.S. profit reports underpinned sentiment.

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> inched down 0.2 percent, after seeing its biggest weekly loss in two months last week. Asian markets were in positive territory except in Seoul and Jakarta.

The Korea Composite Stock Price Index (KOSPI) <.ks11> extended losses to an 8-week low with a 0.6 percent slip, as a weakening yen soured the outlook for local exporters and foreign investors reduced their holdings.

Tech-heavy South Korea was also vulnerable to a clouding outlook for high-end smartphone device shipments.

"Investors have begun preempting concerns about exporters' outlooks since automakers announced weak earnings last week, while large-caps continue to be pressured by foreign selloffs," said Kim Hyung-ryol, an analyst at Kyobo Securities.

Global investor sentiment improved on Friday when the German Ifo business morale index improved in January to its highest in more than half a year, further evidence that Europe's largest economy is gathering speed again, and European banks were set to repay the European Central Bank a larger sum of money than expected to underscore stabilising financial system in the euro zone.

In China, data on Sunday showed profits earned by industrial companies rose 17.3 percent in December from a year earlier to 895.2 billion yuan ($143.9 billion), adding to evidence of a fourth-quarter economic recovery.

The yen extended losses to fresh lows, but Japanese equities gave up earlier gains and eased ahead of Japan's corporate reporting season which enters full swing this week.

Japan's Nikkei stock average <.n225> edged down 0.1 percent after jumping 2.9 percent on Friday to log an 11th straight week of gains, its longest such run since 1971. <.t/>

Against the yen, the dollar hit 91.26 early on Monday, its highest level since June 2010 while the euro touched 122.91, its highest point since April.

New Prime Minister Shinzo Abe has called for aggressive monetary easing and huge fiscal spending to beat deflation. The yen has fallen some 13 percent since mid-November when he began making those calls as part of his election campaign.

"The potent mix of Abenomics and strong risk appetite abroad is continuing to soften the yen, which means investors will still be buying stocks," said Masayuki Doshida, senior market analyst at Rakuten Securities.

In sharp contrast to U.S. and German equities, the Nikkei remains well below levels before the financial crisis in 2008, reflecting the magnitude of negative effect from the yen's strength. The benchmark Standard & Poor's 500 Index <.spx> closed at their highest in more than five years on solid U.S. corporate earnings on Friday and Frankfurt's DAX index <.gdaxi> also scaled five-year highs.

The yen is still stronger than around 95 yen before the 2008 financial crisis, but both the euro and the dollar measured against a basket of key currencies <.dxy> hover at levels far below the pre-crisis levels.

SAFE HAVEN SUFFERS

The improving global macroeconomic environment has curbed interest in safe haven assets such as gold.

Spot gold steadied around $1,659.90 (1,053.44 pounds) an ounce on Monday, still below its 200-day moving average. As riskier equities rallied on Friday, bullion saw its biggest weekly drop this year on Friday.

U.S. crude inched up 0.1 percent to $95.95 a barrel and Brent steadied around $113.23.

London copper, another industrial commodity linked to demand prospects, rose 0.4 percent to $8,065 a tonne.

With easing stress in financial markets, investors pumped $5.65 billion into stock funds worldwide in the latest week, with most of it flowing into emerging market stock funds, data from EPFR Global showed on Friday.

The euro hovered near an 11-month high of $1.3480 hit on Friday. The Australian dollar stumbled to an eight-month low against the euro early on Monday. European shares scaled fresh multi-month peaks on Friday.

Investors will focus this week on the Federal Reserve's Open Market Committee statement on Wednesday and U.S. nonfarm payrolls due on Friday.

Sluggish equities weighed on Asian credit markets, widening the spread on the iTraxx Asia ex-Japan investment-grade index by 1 basis point.

(Additional reporting by Joyce Lee in Seoul and Sophie Knight in Tokyo; Editing by Edwina Gibbs & Kim Coghill)

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Pentagon to Beef Up Cybersecurity Force to Counter Attacks

WASHINGTON — The Pentagon is moving toward a major expansion of its cybersecurity force to counter increasing attacks on the nation’s computer networks, as well as to expand offensive computer operations on foreign adversaries, defense officials said Sunday.

The expansion would increase the Defense Department’s Cyber Command by more than 4,000 people, up from the current 900, an American official said. Defense officials acknowledged that a formidable challenge in the growth of the command would be finding, training and holding onto such a large number of qualified people.

The Pentagon “is constantly looking to recruit, train and retain world class cyberpersonnel,” a defense official said Sunday.

“The threat is real and we need to react to it,” said William J. Lynn III, a former deputy defense secretary who worked on the Pentagon’s cybersecurity strategy.

As part of the expansion, officials said the Pentagon was planning three different forces under Cyber Command: “national mission forces” to protect computer systems that support the nation’s power grid and critical infrastructure; “combat mission forces” to plan and execute attacks on adversaries; and “cyber protection forces” to secure the Pentagon’s computer systems.

The move, part of a push by Defense Secretary Leon E. Panetta to bolster the Pentagon’s cyberoperations, was first reported on The Washington Post’s Web site.

In October, Mr. Panetta warned in dire terms that the United States was facing the possibility of a “cyber-Pearl Harbor” and was increasingly vulnerable to foreign computer hackers who could dismantle the nation’s power grid, transportation system, financial network and government. He said that “an aggressor nation” or extremist group could cause a national catastrophe, and that he was reacting to increasing assertiveness and technological advances by the nation’s adversaries, which officials identified as China, Russia, Iran and militant groups.

Defense officials said that Mr. Panetta was particularly concerned about a computer attack last August on the state oil company Saudi Aramco, which infected and made useless more than 30,000 computers. In October, American intelligence officials said they were increasingly convinced that the Saudi attacks originated in Iran. They described an emerging shadow war of attacks and counterattacks already under way between the United States and Iran in cyberspace.

Among American officials, suspicion has focused on the “cybercorps” created in 2011 by Iran’s military, partly in response to American and Israeli cyberattacks on the Iranian nuclear enrichment plan at Natanz. There is no hard evidence, however, that the attacks were sanctioned by the Iranian government.

The attacks emanating from Iran have inflicted only modest damage. Iran’s cyberwarfare capabilities are weaker than those of China and Russia, which intelligence officials believe are the sources of a significant number of attacks on American companies and government agencies.

The expansion of Cyber Command comes as the Pentagon is making cuts elsewhere, including in the size of its conventional armed forces.

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Vine Has a Porn Problem Because Of Course It Does

It’s actually pretty surprising that it took everyone three days to figure out that Twitter’s new cell phone camera-powered video sharing app, Vine, is perfect for porn. Vine has it all. It can record reasonably high quality videos of anything you want, on-the-go, and post it publicly for all the Internet to see. You add hashtags so that people can easily find special interest content. There’s even a little comments section so that you can share your thoughts about the distinctively addictive six-second loops. Heck, we’d be surprised if people didn’t immediately start to post pictures of their genitals doing what genitals do. They probably did, actually. Everyone else was just too busy watching pictures of their friends pets and children to notice.

RELATED: The Chinese Want to Know Why Their News Is on Twitter and They Aren’t

But alas, by Sunday everyone had noticed. Although it had already been mentioned on smaller tech blogs, the Vine porn problem started to become widely known after New York Times reporter Nick Bilton tweeted, “Friend: ‘So are people using Vine for porn yet?’ Me: “‘Nah, I don’t think so.’ Friend: ‘Check the hashtag #porn.” Both: “Holy ****!’” And the thing is, he’s totally right. TechCrunch published a post on the NSFW trick — #NSFW works for porn seekers, too, by the way — broaching the topic of Apple‘s App Store coming down hard on the adult-only content. It’s against the rules, see, and Apple has a history of yanking apps that become magnets for all things naughty. The Verge followed up a few minutes later with the headline, “Apple has a porn problem, and it’s about the get worse.”

RELATED: How Not to Get Censored on Twitter

This got us thinking: These App Store restrictions on pornographic content have been around as long as the App Store. Surely in the past five or so years, the moderators know a porn magnet when they see one. Vine is hardly the first video-sharing app to make it through the approval process, not to mention the many photo-sharing apps. (And Apple’s certainly not afraid of enforcing those rules, as we learned when it yanked the 500px app after it started to become home to “pornographic images and material.”) It’s no anomaly that Vine made through, though. As virtually every new video- or photo-sharing service has shown us since the dawn of the Internet, from Flickr to ChatRoulette, it’s very difficult to keep these sites or apps G-rated. So the companies either learn how to police it well, like Flickr does, or they wither and die, as ChatRoulette did.

RELATED: Twitter’s New Hashtag Project Sounds Risky

So it’s hard to believe that the App Store didn’t consider the fact that people might upload pictures of their penises to Vine. It’s more likely that they did and decided to see how Twitter would deal with it, when it became a problem. After all, Vine is not going to be the last video-sharing app to be built and it certainly won’t be the last porn-friendly app to be built either. So Twitter gets to play guinea pig and navigate the tricky terrain of moderating user-generated content in real time. It’s a good thing they already have a boatload of experience doing that on Twitter! See, look how fast they came up with a solution. A company statement reads:

RELATED: The Good, the Bad, and the Fuzzy of Twitter’s New Censorship Rules

Users can report videos as inappropriate within the product if they believe the content to be sensitive or inappropriate (e.g. nudity, violence, or medical procedures). Videos that have been reported as inappropriate have a warning message that a viewer must click through before viewing the video.

Uploaded videos that are reported and determined to violate our guidelines will be removed from the site, and the user that posted the video may be terminated.

Twitter being Twitter — that is, big proponents of the free flow of information — they stop short of defining “inappropriate” in Vine’s terms and conditions. Unlike Twitter, which has been free to operate on the whole of the Internet, however, Vine lives in Apple’s house now. If Twitter’s hands off policy doesn’t do enough to keep smut off the iPhone, Apple will surely pull the plug, and then, well — then we’ll be back to where we were last week.

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How SAG Stars Got Their Start: Sofia Vergara Credits Her 'Hooker Looks'

Today, she's one of the world's sexiest stars. But Sofia Vergara wasn't quite as celebrated for her curves early in her career.

The Modern Family actress was among a handful of actors who kicked off Sunday's Screen Actors Guild Awards with personal stories about how they got started in the business. Vergara, 40, joked about her famous figure.

"I grew up in Barranquilla, Colombia, in a very traditional Catholic home," she said. "My father told me that if I ever did anything artistic, I was going to look like a hooker. I told him, 'With these huge boobs that I inherited from your mother, I already look like a hooker!' "

30 Rock's Jane Krakowski had a little fun with Hollywood's reputation for having no use for aging women. At 12 years old, she said, she played Chevy Chase's niece in National Lampoon's Vacation. Krakowski, 44, added: "Today, I would be cast as his wife. In two years, I will play his mother."

Helen Hunt detailed the crazy variety of her roles – "I've played a waitress, a cuckoo clock, a quarterback and a sex surrogate" – while Alfre Woodard said she was surprised she became an actor at all, since she always had trouble remembering people's names.

Chris Tucker said he became "fascinated with the art" as a 9-year-old when he saw Richard Pryor in Stir Crazy.

For Hal Holbrook, the inspiration was simpler. He was lazy – and acting class didn't give you homework.

How They Officially Joined the Club

Other stars reflected specifically on the moment they got their SAG cards – a momentous moment for many, including Anne Hathaway, who mentioned it at the beginning of her speech in accepting the best supporting actress honor for her role in Les Misérables.

"I got my SAG card when I was 14," she said. "It felt like the beginning of the world. I have loved every single minute of my life as an actor. And I have been the recipient of so much kindness and support from actors in this room and out of it. ... Thank you for this award."

Jennifer Lawrence also mentioned getting a SAG card in her acceptance speech, when she won best actress for Silver Linings Playbook. Like Hathaway, Lawrence – who is now 22 – was 14 at the time.

"I want to thank MTV," she said. "I did an MTV promo for My Super Sweet 16. And I remember getting [the card] in the mail and it being the best day of my entire life because it officially made me a professional actor. Which put me in a category with all of you."

"And now I have this naked statue that means that some of you even voted for me," she added.

Like many actors, Twilight's Peter Facinelli and Modern Family's Ty Burrell both got their SAG cards working on Law & Order.

Facinelli, talking on the red carpet, said he dropped out of college after that. "I ran into [Law & Order creator] Dick Wolf. ... I said, 'I didn't get my diploma because of you, but I got my SAG card because of you." But, Facinelli doesn't regret not finishing school: "I was majoring in theater. It all worked out."

Burrell says he was "unmemorable" on the crime show, which allowed him to play different roles on different episodes. "Nobody noticed that now I was playing an assassin," he joked.

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

___

CDC: http://www.cdc.gov/flu/

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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The Lede Blog: Egypt's Soccer Riots, a View From the Ground

Video posted online appears to show fans of Cairo’s Al Ahly soccer team celebrating a court verdict.

It was one of the world’s deadliest episodes of soccer violence — a clash between fans of the Egyptian team Al Masry, of Port Said, and players and fans from Al Ahly, of Cairo, a year ago that killed 74 and wounded over 1,000.

On Saturday, a court in Cairo handed down death sentences for 21 of those involved in the riots. The violence that the verdict prompted, involving hard-core “ultra” supporters of both teams, killed at least 28 and wounded at least 300, my colleagues David Kirkpatrick and Mayy El Sheikh reported.

Pictures and video from Port Said and Cairo were markedly different. In Cairo, as the video at the top of this post shows, there were widespread celebrations. In Port Said, a city of about 600,000.

Rioters looted and burned a police barracks and set fire to a police station. They attacked members of the news media, damaging television cameras that sought to film the violence and ending their broadcasts. They closed off all roads into Port Said as well as the railroad station, and the Ministry of Electricity and Energy said rioters had attacked a power facility as well.

Video posted online appears to show protesters in Port Said.

In Cairo, Mr. Kirkpatrick and Ms. El Sheikh reported, the families of those killed in the clash last year “held pictures of the victims in the air. Some danced and chanted. A few fainted. And the Cairo ultras celebrated for hours outside their team’s headquarters.”

Video posted online appears to show celebrations in Cairo.

Tara Todras-Whitehill, a photographer in Cairo, posted further pictures of the celebrations on her Twitter account.

Ultras chanting ‘Min of Interior it’s ur turn next’ and calling for execution of Tantawi. Can’t win in #Egypt #PortSaid http://t.co/Up8vK9hv

— T Todras-Whitehill (@taratw) 26 Jan 13

Ultras celebrate in their Zamalek stadium the verdict of 21 in #PortSaid massacre. #Egypt #Cairo http://t.co/bR5BtvHB

— T Todras-Whitehill (@taratw) 26 Jan 13

It was not immediately clear where the following picture also posted on Twitter, by Tom Gara of The Wall Street Journal, came from. But it apparently shows a man playing an accordion in the midst of one riot.

The craziest photo to come out of Egypt for a long time: http://t.co/PmVRM4K3

— Tom Gara (@tomgara) 26 Jan 13

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Google reportedly ‘actively exploring’ the smartwatch market

In October, Google (GOOG) was granted a patent for a smartwatch with a flip-up display, however it was assumed that the concept, like most patents, would never move beyond the drawing board. A new report from Business Insider claims that the company is now “actively exploring” the idea of producing its own smartwatch and is even looking into ways it could market such a device. Information is slim and it is unclear what size the device would be or if it would even run the company’s Android operating system. Business Insider cautioned that the project is still in a “very early stage” and “it remains to be seen if Google will actually end up bringing a smart watch to market.” As the Pebble has shown, however, there is clearly a market for smartwatches.

[More from BGR: Unlocking your smartphone will be illegal starting next week]

This article was originally published on BGR.com

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Michelle Kwan's Wedding Brings Olympic Stars Together: Pics Then & Now

Catch up with Michelle Kwan and the all-star figure skaters who attended her Jan. 19 dream wedding

Credit: Caitlin Maloney

Updated: Friday Jan 25, 2013 | 05:00 PM EST
By: NANCY MATTIA AND CYNTHIA WANG

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

___

CDC: http://www.cdc.gov/flu/

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