Afghanistan: Blast kills 7 civilians after raid

KABUL, Afghanistan (AP) — An explosion Sunday killed seven Afghan villagers as they tried to pull bodies of dead insurgents from the rubble of a village mosque after a night raid by NATO and Afghan troops, officials said. Four insurgents and an Afghan soldier were also reported killed in the operation.
Night raids have long been a contentious issue between Afghanistan's president, who says he does not want international troops in Afghan villages, and the NATO alliance, which says they are key to capturing Taliban commanders.
Even though Sunday's deaths came hours after the troops left, locals were quick to protest against the U.S. troops that operate in the area.
"Death to America!" one man shouted as he shook his fist, shown in an Associated Press video. The villagers displayed the bodies of the dead wrapped in blankets and sheets.
The pre-dawn operation in Sayd Abad district was aimed at capturing a Taliban fighter who had holed up in a village, said Wardak province spokesman Shahidullah Shahid. The international and Afghan forces captured the militant but came under attack from insurgents, sparking a two-hour gunfight during which at least one large blast was heard, he said. Four insurgents were dead by the time fighting ended around 4:30 a.m.
Then about 6 a.m. local time, residents came out to find the local mosque partly destroyed and started digging through the rubble to uncover bodies. Shahid says something exploded as they dug, killing seven civilians. He says the insurgents were wearing suicide bomb vests, but it was not immediately clear if that caused the explosion.
A spokesman for international forces in Afghanistan confirmed that four insurgents were killed but did not have any immediate reports of civilian deaths.
"I am aware of reports that indicate there may have been civilians killed, and ISAF and Afghan officials are assessing the situation to determine the facts," said Jamie Graybeal, a spokesman for the international military coalition in Afghanistan.
He said that there was no airstrike as part of the operation, but the NATO and Afghan troops did discover a large cache of weapons, which they destroyed on the site, causing a large explosion.
The NATO force said in a statement that an Afghan soldier was also killed in the operation.
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Pakistan sacks provincial government after attack

QUETTA, Pakistan (AP) — Pakistani leaders dismissed the government of southwest Baluchistan province early Monday in response to the demands of protesters angry about an attack on minority Shiite Muslims there that killed 86 people.
In another part of the country, a roadside bomb killed 14 Pakistani soldiers.
Over the past three days, thousands of Shiites have blocked a main road in the Baluchistan capital of Quetta with dozens of coffins of relatives killed in the twin bombing of a billiards hall in the city Thursday. They demanded the provincial government be dismissed and that the army take over responsibility for the city.
Last year was the deadliest ever for Shiites in Pakistan, with over 400 dead in targeted killings. Violence has been especially intense in Baluchistan, home of the largest number of Shiites in the country.
Pakistani Prime Minister Raja Pervaiz Ashraf said in a televised address shortly early Monday that the governor has been made head of Baluchistan province, replacing the chief minister. Also, paramilitary forces will receive police powers and launch an operation against militants behind the billiards hall attack.
The prime minister flew to Quetta on Sunday after other efforts to pacify the protesters failed. Human rights organizations have accused the Pakistani government of not doing enough to protect Shiites targeted by radical Sunni Muslims who believe they are heretics.
The billiards hall attack was carried out by Lashkar-e-Jhangvi, a sectarian militant group allied with al-Qaida and the Pakistani Taliban.
Taliban militants and their allies have also been waging a bloody insurgency against the Pakistani government over the past several years.
A roadside bomb hit a Pakistani army convoy Sunday in a mountainous militant stronghold in the northwest, killing 14 soldiers, one of the deadliest attacks against the army in that sector, intelligence officials said.
The North Waziristan tribal area is a major trouble spot that the military has been reluctant to tackle. The remote region is home to Pakistani Taliban and al-Qaida militants at war with the government. It is also used as a sanctuary by other militants who have focused their attacks in neighboring Afghanistan.
The attack Sunday occurred near Dosalli village in North Waziristan, said Pakistani intelligence officials. The blast destroyed two vehicles and damaged a third, they said.
The 14 dead and 20 wounded were brought to a military hospital in the nearby town of Miran Shah, the officials said.
Pakistani military officials confirmed the bombing but said four soldiers were killed and 11 others wounded. The discrepancy could not immediately be reconciled.
Then officials spoke on condition of anonymity because they were not authorized to talk to reporters.
The Pakistani military is worried that if it targets its enemies in North Waziristan, that could trigger a backlash whereby other militants in the area turn against Pakistan. The most powerful group in the area, the Afghan Haqqani network, is also believed to be seen by the army as a potential ally in Afghanistan after foreign forces withdraw, making a military offensive even more complicated.
North Waziristan has been a sore point in relations between Pakistan and the United States. Washington has repeatedly pushed Islamabad to launch an operation in the area, especially against the Haqqani network, considered one of the most dangerous groups fighting in Afghanistan. But Pakistan has refused.
North Waziristan has also become an increasing problem for Pakistan. It is the only part of the tribal region where the army has not conducted an offensive, and many Pakistani Taliban militants have fled there to escape army operations. The Taliban and their allies have staged hundreds of attacks across Pakistan that have killed thousands of people.
Also Sunday, a Pakistani cleric and thousands of his supporters left the eastern city of Lahore on a "long march" to demand sweeping election reforms before national elections expected this spring.
Police officer Suhail Sukhera estimated the crowd to be at least 15,000. They left for Islamabad in hundreds of buses, cars and trucks. Some waved flags and pictures of the 61-year-old Sunni Muslim cleric, while others shouted, "Revolution is our goal, brave and religious leader Qadri."
Critics of Qadri, who returned last month after years in Canada, are worried he is bent on derailing elections, possibly at the behest of the country's powerful military — allegations the cleric has denied.
Qadri has a large following that extends outside Pakistan and has a reputation for speaking out against terrorism and promoting his message through hundreds of books, an online television channel and videos.
Now, Qadri's focus is on Pakistan's election laws. He is suggesting vaguely worded changes, such as making sure candidates are honest as well as ending exploitation and income disparities so that poor people are free to vote for whomever they want.
His plan to hold a massive rally in Islamabad on Monday has alarmed many members of Pakistan's political system. The government has deployed a large number of police throughout the capital and set up shipping containers to block protesters from reaching sensitive areas.
Qadri accused the provincial government of Punjab, where Lahore is the capital, of harassing his supporters Sunday to make it difficult for them to participate in the march.
"These negative tactics will not work, and God willing the march will reach Islamabad with a sea of people," Qadri told reporters.
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Correction: Philippines-Fatal Fire story

MANILA, Philippines (AP) — In a story Jan. 12 about a hotel fire that killed seven people in Olongapo, Philippines, The Associated Press misspelled a victim's surname based on incorrect information provided by city police. He was James Brighenti from Kodiak, Alaska, not James Brigati.
A corrected version of the story is below:
3 US men, SKorean among 7 dead in Philippine fire
3 Americans, South Korean among 7 people killed in hotel fire in Philippine resort city
MANILA, Philippines (AP) — A fire swept through a hotel in a Philippine resort city early Friday, killing seven people, including three Americans, three Filipinos and a South Korean, authorities said.
The three American men and the South Korean man were found dead in separate rooms in the Dryden Hotel, a small two-story tourist hotel in Olongapo city, a former U.S. naval base west of the capital, Manila, said police Senior Inspector Gil Arizo Domingo. The bodies of three Filipino women were found in separate parts of the hotel, he said.
Adjacent bars and another hotel were not affected by the three-hour blaze, which started at around 3 a.m., Domingo said.
The building's facade and ground floor are made of concrete, but the second floor is largely wooden. The cause of the fire was under investigation.
One of the Americans was identified as James Brighenti of Kodiak, Alaska. The two others were identified as Patrick Burt and Joseph Valuso, whose hometowns were not immediately available. The South Korean man was identified as Kyung Ook-kim of Suwan City.
The victims' ages were not immediately available.
Olongapo, which is about 80 kilometers (50 miles) west of Manila, is a popular beach destination, especially among American visitors, many of whom are former service members who were deployed there when the coastal city hosted one of the largest U.S. bases overseas. The base closed two decades ago.
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Nationals convince LaRoche to extend Washington stay

inning in Game 4 of their MLB NLDS baseball series in Washington October 11, 2012. …more
(Reuters) - The Washington Nationals finally persuaded Adam LaRoche to put pen to paper on Tuesday after spending the first half of the off-season courting their lead slugger.
The free agent inked a two-year deal worth $24 million with an option for a third season, adding solidity to an improving Nationals team and rewarding the franchise for their patience.
The 33-year-old had earlier declined to re-sign with the Nationals as he sought out a three-year deal but the first baseman eventually opted to return to a team where he has spent the last two seasons.
"We were patient with Adam and his representatives," Nationals general manager Mike Rizzo told the team's website (washingtonnationals.mlb.com).
"At the end of the day, I think we both agreed (Washington) was the best place for Adam to be."
Last season, LaRoche was instrumental in helping lead the Nationals to their first post-season berth since the team relocated from Montreal in 2004.
He hit .271 and led the team with 33 home runs and 100 RBIs as Washington (98-64) captured the National League East Division with the best overall MLB record.
Washington were beaten 3-2 in the best-of-five NL Division Series by the St Louis Cardinals, giving up four runs in the top of the ninth inning to fall 9-7 in the series decider.
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Baseball-Record earnings for South Korean league

Jan 9 (Reuters) - South Korean baseball underlined its continuing growth by posting a record $33 million in revenue last year, local media reported on Wednesday.
Winning gold at the Beijing Olympics and finishing runners-up at the 2009 World Baseball Classic boosted baseball's popularity and attendances crossed the 7 million-mark for the first time last year, Yonhap News agency reported.
The league pocketed 35 billion won ($32.9 million) in 2012, bettering the 34 billion it earned a year earlier, the report said citing figures from the marketing wing of the Korea Baseball Organisation (KBO).
The league received 25 billion won from its television broadcasting contract and 8 billion from corporate sponsorship, while 2 billion came from merchandise sales.
Each of the eight KBO clubs, having collectively drawn 7.15 million fans, took home 3.8 billion won after the league broke its attendance record for the fourth straight year.
The KBO will welcome a ninth club this year in what would be the league's first expansion since 1991 while another team could be included in 2015.
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Record earnings for South Korean league

(Reuters) - South Korean baseball underlined its continuing growth by posting a record $33 million in revenue last year, local media reported on Wednesday.
Winning gold at the Beijing Olympics and finishing runners-up at the 2009 World Baseball Classic boosted baseball's popularity and attendances crossed the 7 million-mark for the first time last year, Yonhap News agency reported.
The league pocketed 35 billion won ($32.9 million) in 2012, bettering the 34 billion it earned a year earlier, the report said citing figures from the marketing wing of the Korea Baseball Organization (KBO).
The league received 25 billion won from its television broadcasting contract and 8 billion from corporate sponsorship, while 2 billion came from merchandise sales.
Each of the eight KBO clubs, having collectively drawn 7.15 million fans, took home 3.8 billion won after the league broke its attendance record for the fourth straight year.
The KBO will welcome a ninth club this year in what would be the league's first expansion since 1991 while another team could be included in 2015.
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Samsung's big push for 2013: content, corporates

LAS VEGAS (Reuters) - Samsung Electronics, the global leader in consumer smartphones, is planning two major thrusts in 2013: bulking up mobile content and moving faster into the corporate market dominated by Research in Motion.
The South Korean electronics company is investing in devices that enterprise users like corporations will endorse, with a higher level of security and reliability than general users need. In doing so, Samsung is capitalizing on doubts about the longevity of the BlackBerry as its Canadian maker struggles to revive growth.
Samsung's corporate market ambitions have advanced as the Galaxy SIII, its popular flagship smartphone, won the requisite security certifications from companies, said Kevin Packingham, chief product officer for Samsung Mobile USA.
As RIM prepares to launch its next-generation BlackBerry 10 this quarter, the company's future remains shaky. Corporate technology officers have begun to explore other smartphones, such as those by Apple Inc or Samsung.
"The enterprise space has suddenly become wide open. The RIM problems certainly fueled a lot of what the CIOs are going through, which is they want to get away from a lot of the proprietary solutions," Packingham said in an interview at the Consumer Electronics Show in Las Vegas. "They want something that integrates what they are doing with their IT systems. Samsung is investing in that area."
"It's been a focus for a long time but the products have evolved now that we can really take advantage of that," he added. "We knew we had to build more tech devices to successfully enter the enterprise market. What really turned that needle was that we had the power of the GS3."
Samsung in 2012 overtook Apple as the world's largest maker of smartphones, with a vastly larger selection of cellphones that attacked different price points and proved popular in emerging markets.
German business software maker SAP provides employees with Samsung's Galaxy S III, the larger Galaxy Note and the Galaxy Tab, SAP Chief Information Officer Oliver Bussmann said in an interview.
"The one clear trend in enterprise is the shift away from one device to multiple devices," said Bussman, who makes 10 devices available to SAP employees for official use. The list includes Apple's iPhone and iPad, Nokia Lumia and RIM's Blackberry.
"Because of the fragmentation of the Android software, we decided to go with just one Android company and we went with Samsung," he added.
Now, the Korean hardware specialist is beefing up its software - an area in which it has lagged arch-enemy Apple, which revolutionized the mobile phone from 2007 with its content-rich, developer-led iPhone ecosystem.
Packingham sees an area ripe for innovation - combining the mobile phone with Samsung's strength, the TV, which has barely evolved in the past decade.
Still, the U.S.-based executive remained cagey about Samsung's plans for content and enterprise.
"You are going to see from content services, we'll start to integrate what's happening on the big screen, what's happening on the tablet," he said.
"We know now that people like to explore content that they are watching on TV while they have a tablet in their lap, and that's going to be a big theme for this year.
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ZTE Grand S ‘phablet’ announced with a quad-core CPU and 1080p display

ZTE (0763) on Tuesday became the latest company to showcase a full HD “phablet” at the Consumer Electronics Show in Las Vegas. The Android-powered Grand S smartphone comes with a 5-inch 1080p display, a quad-core Snapdragon S4 processor clocked at 1.7GHz and a 13-megapixel rear camera. The handset is also remarkably thin, measuring in at a mere 6.9 millimeters, and also includes 2GB of RAM, 16GB of internal storage, 4G LTE and Android 4.1 Jelly Bean. The Grand S is slated to arrive in China during the first quarter of 2013, but no pricing information was announced and it is unclear if the device will make its way to the U.S. market. ZTE’s press release follows below.
[More from BGR: Corning demonstrates the strength of Gorilla Glass 3 [video]]
ZTE Announces World Debut of the Thinnest 5.0 FHD Quad-core Smartphone Grand S at CES 2013
[More from BGR: Apple’s next iPhone to reportedly feature larger screen and ‘brand new exterior design’]
Introducing more High-end Smartphones with Power and Style in 2013
LAS VEGAS, N.V. – January 8, 2012 – From the 2013 International Consumer Electronics Show (CES), ZTE Corporation (“ZTE”) (H share stock code: 0763.HK / A share stock code: 000063.SZ), a publicly-listed global provider of telecommunications equipment, network solutions and mobile devices, today announced the world debut of the ZTE Grand S – 5.0 FHD LTE. As the flagship handset in ZTE’s high-end Grand Series line of products, the ZTE Grand S is the company’s first FHD smartphone and the world’s thinnest within 5 inch FHD quad-core smartphones, enabled by the Qualcomm Snapdragon S4 Pro processor, a product of Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated. Developed by ZTE, the ultrathin body and high definition display of the ZTE Grand S offer consumers the latest in style, quality and functionality.
From the full-website display which enables optimal content browsing, to the 4G LTE high-speed network which powers a world-class multimedia experience, the ZTE Grand S offers cutting-edge features for even the most discerning smartphone user. The blazingly fast 4G LTE network allows for top-speed downloading and establishes the handset as a premier gaming and movie-viewing portal. Furthermore, the ZTE Grand S offers smartphone photography mavens advanced functions for more vivid self-photography and video calling effects. With face recognition, anti-shake and a panoramic camera, the ZTE Grand S truly presents a high-quality multimedia option for today’s smartphone audience.
The introduction of the ZTE Grand S completes the new Grand Series, which also includes the Grand Era and Grand X. In the series, the ZTE Grand X is for consumers with a passion for high tech, the ZTE Grand Era is for the most advanced smartphone user and the ZTE Grand S is the flagship handset offering the perfect combination of art and technology. The ZTE Grand S represents the company’s latest entry in a new era of smartphone design, which will continue in 2013 with the introduction of additional high-end smartphones.
“The ZTE Grand S gives our customers the latest in technology, functionality and style. We understand that today’s consumers call for advanced features and state-of-the-art multimedia options in their handsets, and the ZTE Grand S confidently addresses those demands,” said Mr. Kan Yulun, Corporate Vice President of ZTE Corporation and CTO of the ZTE Mobile Device Division. “It is fitting that we can announce the world debut of the ZTE Grand S at CES 2013, the world’s largest annual innovation event.”
Key features of the ZTE Grand S include:
4G LTE –Customers can expect fast download speeds of 100 Mbps and upload speeds of 50 Mbps in 4G LTE Mobile Broadband coverage areas
Qualcomm Snapdragon S4 Pro processor with 1.7GHz quad-core CPU
Android Jelly Bean operating system
13M AF camera with Flash and 2M FF 1080P video
Expert hardware and software safety protection standard – Palm Manager helps users manage mobile phone software, optimize electricity use and protect private information
5 inch FHD screen capable of full-website display
Dolby Digital surround sound
Memory: 2GB RAM + 16GB EMMC
Dimensions: 142*69*6.9mm
The ZTE Grand S was introduced at a special press event at the Las Vegas Convention Center and will remain on display at the ZTE booth (Las Vegas Convention Center, Booth #36612) throughout CES.
The ZTE Grand S will be available for online purchase in China first in Q1 of 2013.
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Flextronics looks to Android for manufacturing innovation

LAS VEGAS (Reuters) - Flextronics International Ltd's recent agreement to take over Motorola Mobility's factories amounts to a big bet by the contract manufacturer on Google Inc's Android ecosystem, a senior executive said.
"We're doubling down on Android because we believe strongly in Google's innovative capability and ability to be a leader like Microsoft and Apple in iconic hardware," said Mike Dennison, head of Flextronics' High Velocity Solutions group, which manufactures smartphones, tablets, laptops, game consoles and other consumer electronics.
In December, Flextronics said it had agreed to take over manufacturing operations in Tianjin, China and in Jaguariuna, Brazil, owned by Motorola Mobility, a unit of Google.
The deal with Motorola includes manufacturing and service for Android mobile devices.
Dennison told Reuters at the Consumer Electronics Show in Las Vegas on Tuesday that Motorola's factories give Flextronics more exposure to leading-edge technology and manufacturing techniques used in smartphones and tablets.
The factories also give Flextronics access to employees trained in specialized manufacturing.
"You want to be in the Android ecosystem because it's driving so much hardware technology innovation," Dennison said. "There are so many new technologies out there that a factory of yesterday can't do.
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Credit score focus of new celeb-backed debit card

NEW YORK (AP) — Personal finance media personality Suze Orman is thinking big. She's the   first out of the gate in the fast-growing prepaid debit card market with a card that aims to help its users build a credit score. It's a gamble that could pay off, if it can help create a way measure the creditworthiness of millions who function outside the traditional financial system.
The latest in a string of celebrities to put their stamp on a prepaid card, Orman will likely avoid the criticism about high fees lobbed at earlier offerings, such as those of hip-hop mogul Russell Simmons and reality show stars the Kardashians. Orman's card costs $3 to obtain, and then just $3 a month, rivaling the hugely popular Walmart MoneyCard.
Although some will question how Orman will recoup the more than $1 million she has invested in the card when charging that little, the real twist isn't the low fee structure. Orman is working with credit reporting agency TransUnion to create a new kind of credit score for users of "The Approved" prepaid MasterCard, one that's based on their spending habits.
Right now, using debit cards — both the prepaid kind and those tied to bank accounts — does not influence an individual's credit score, which is calculated with data related to borrowing. If Orman's experiment is successful, this new type of score could be a game-changer for the estimated 60 million Americans who do most or all of their personal business in cash or with cash alternatives like prepaid cards.
The TV adviser said she approached several companies, urging them to agree to develop such a score, and TransUnion ultimately agreed to gather spending data for 18 to 24 months. It will use that data to try to come up with a formula that works as a way to predict whether the user is a good risk for lenders.
"This is truthfully a work in progress," said Orman.
Banks and other lenders are interested in creating ways to measure how prepaid cards are used, because of the huge market they represent. Consumers loaded an estimated $70.7 billion onto prepaid cards in 2011, up from $2.7 billion in 2005, according to consultancy Mercator Advisory Group.
Mercator projects the market will top $120 billion this year if adoption continues at the same pace.
In general, users can be divided into three groups. The first subset is those caught up in the economy — people who had good credit until it was damaged by events like unemployment or foreclosure. Second are those who have not yet built credit histories, mainly the young and recent immigrants. The third group avoids banks, often because of negative experiences, such as racking up high overdraft fees.
"Wouldn't it be fabulous if, for the first time in history, people are literally rewarded for spending cash, versus penalized, in my opinion, for doing so?" Orman said.
The problem with traditional credit scores from FICO Inc. and its competitors is that they measure how well individuals keep up with their payments, but don't pay any attention to their overall financial health, she said. "Scoring doesn't question where the money is coming from to make payments."
Prepaid cards have already filled some of the void for those who don't use banks, especially because they can be used to receive paychecks via direct deposit. But because they don't contribute to credit scores, the cards can't help users get a mortgage, a car loan or a credit card.
Not having a credit score, or having a low one, also drives up the cost of living in other ways. Lower scores can mean higher car insurance rates, higher rent, difficulty getting a job and paying higher interest rates for any credit available. People with little credit history — known as a "thin file" in the industry — are also the most likely to use alternative services like payday lenders, check cashing stores and bill pay services. These are expensive options when compared with credit cards and banks.
FICO Inc. and other companies use data tied to borrowing to determine a score meant to measure the likelihood an individual will pay back future loans. FICO's 300-to-850 scale is based on an individual's history making payments on loans, the percentage of available credit that is being used and how long the individual has used credit, among other data.
Those with thin credit files have a better chance of having their creditworthiness reflected by FICO's "expansion score," which factors in data like utility bill payments and rent payments. FICO CEO Mark Greene said the expansion scores have shown that the population without traditional scores mirrors to the larger population in terms of credit risk. Other credit score providers are beginning to provide measures based on utility payments and other nontraditional data.
One big difference for developing a prepaid score, however, is that these alternatives still measure how well individuals meet obligations, not how they spend the rest of their income.
"Spending is not actually a great indicator of the thing that we're trying to measure, which is the likelihood you're going to pay your bill," Greene said. "We need to be careful about how we approach that issue."
Another issue a prepaid-linked score must address is the fact that the typical reloadable card is used for just three to four months, said Brian Riley, who analyzes the card market for the consultant The Tower Group.
That timeframe is likely to expand, however, because more users are beginning to have their paychecks deposited to reload prepaid cards. Adding rewards and services, and cutting fees, may also increase customer loyalty.
Orman is adamant that her card will carry only a $3-per-month fee for users who load at least $20 per month onto it. Fees will rise only if the user uses ATMs outside the network it is linked to when withdrawing cash. Consumers who use The Approved Card will also get daily text messages updating their balance, along with one after each purchase, and other free services like ID theft monitoring, credit monitoring and free credit reports from TransUnion.
The media star, whose new show on the Oprah Winfrey Network premieres Monday, said she knows creating the score will be an uphill battle, but believes that if successful, it will help both lenders and borrowers. "You've got to start it somewhere, and this is the beginning of that process.
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Low prices boost SF home sales to 5-year Jan. high

LOS ANGELES (AP) — Home sales in the San Francisco Bay area reached a five-year high for January, as prices and mortgage rates plunged, a real estate tracking firm reported Thursday.
However, many of those purchases involved properties that were subject to foreclosures or short sales, indicating the housing market is far from recovered.
The survey by San Diego-based DataQuick also showed the median sales price in the region fell nearly 3 percent last month from December to $326,000 — less than half the peak price of $665,000 reached in 2007 but up from the low of $290,000 recorded in 2009.
A total of 5,479 new and existing homes were sold in the nine-county area, according to DataQuick. The figure was down nearly 27 percent from December but marked a 10.3-percent improvement over January 2011.
The December-to-January drop was normal for the season, while the January-to-January jump showed real improvement, DataQuick said.
The year-over-year increase in January marked the seventh annual jump in a row, the firm said.
Home sales were buoyed by "lower prices, ultra-low mortgage rates, a modestly improved economy and a record level of investor purchases," DataQuick said in a statement.
The lower median price in January was "a reflection of how skewed the market has become toward distressed, lower-cost properties," DataQuick President John Walsh said in the statement. "The higher-end sales have slowed in recent months as many struggle to qualify for loans and others just sit tight."
Distressed property sales — the combination of foreclosure and short sales — made up more than half of all sales of existing homes. Absentee buyers, who mostly are investors, bought more than a quarter of all homes sold, DataQuick reported
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Why the Slowest Investors Win the Race

Anyone who attended kindergarten remembers Aesop's fable about the tortoise and the hare. The story's moral has implications for investors: Slow but steady wins the race.
Hare investors try to sprint to the finish line of a comfortable retirement without girding their portfolios against the perils of volatility — frequent ups and downs in asset value. So they tend to lag far behind tortoise investors, who take these precautions, which I'll explain in a moment.
Volatility reflects uncertainty, and markets tend to punish uncertainty with lower prices. Yet just because an investment is volatile doesn't mean it has no place in your portfolio. Because they may be less likely to go down with other assets in the portfolio, volatile investments may add highly beneficial variety, known as diversification.
Let's say you own tech stocks like Apple and IBM. Adding more tech stocks to your portfolio doesn't decrease overall risk, so you add a gold-mining stock instead. Though highly volatile in itself, the gold-mining stock is less likely to go up or down with tech stocks, so it increases the portfolio's diversification.
Because there's little correlation between gold-mining stocks' price movements with those of tech stocks, these categories are said to have a low correlation. That sounds complicated, but you can easily look up the differences in price movements between different types of investments to see whether they're correlated, and if so, how closely.
Aware of the downsides of volatility, tortoises avoid it by assembling highly diversified portfolios. That means traditional investments such as U.S. stocks and bonds, mixed with a dash of non-traditional (alternative) assets. These may include emerging market stocks, Treasury bonds and real estate securities. The price movements of these investments have a history of not being highly correlated with U.S. stocks or bonds.
Tortoises are like a savvy retailer on a tropical resort island who wisely sells umbrellas as well as sunscreen to help cover losses during rainy periods. Every once in while, the rain falls on everything -- which is what happened in late 2008, much to the dismay of investors. In the financial meltdown, stocks, bonds and real estate both in the US and abroad swooned, leaving little quarter for investors.
Tortoise-style investors add a touch of alternative investments, knowing this may cut their overall returns some years, but they'll sleep more peacefully with the knowledge that it can counter-balance heavy losses in traditional investments.
Hares aren't focused on this balanced approach. Instead, they assemble highly aggressive portfolios of assets that tend to rise or fall in lockstep. They're not concerned with cutting their losses because, compelled by greed, they're not planning to have any losses ior they believe they can defy gravity. This was not unlike the employees who loaded up on their company's shares before the recession, only to see their investment go south along with their job.
Like the Aesop's hare, hare investors are overconfident and turn a blind eye to the ravages of volatility, which take a long time to recover from. Tortoises, having sustained less damage, continue their slow but steady progress.
The math of recovering from hits may astonish you. Let's say your portfolio loses 33 percent of its value, leaving you with two thirds of what you had. Many believe they'd be back where they started if they gain 33 percent. But this gain wouldn't restore their losses. They would actually need to make a 50 percent gain to get back to where they started. The reason is that the gain is based on a lower value than what you started with.
Heavy gains followed by just a large losses from volatile investments is comparable to the hare in Aesop's fable sprinting for periods and then, winded, lying down to take a nap. Like the tortoise, investors with adequately diversified portfolios don't tend to need as much recovery time.
Such losses are even more damaging than they appear at first blush. Not only do hare portfolios lose time that could be used to make progress toward the goal, but they also miss out on the benefits of compounding from reinvested gains . Though tortoises' gains may be far lower than those made by hares during their sprints, they're more likely to enjoy the benefits of compounding.
These awkward reptiles plod steadily toward the finish line while the halting progress of hares leaves them far behind.
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Ichiro's patience snaps with Yankees: report

TOKYO (Reuters) - Japanese outfielder Ichiro Suzuki has lost patience with the New York Yankees over a contract extension and has begun talking with other teams, his agent said on Friday.
The Yankees have been busy locking up their principle pitchers, paying Hiroki Kuroda $15 million, Andy Pettitte $12 million and Mariano Rivera $10 million, drawing frustration from Ichiro.
"At the beginning we talked a lot but since that time, zero," Ichiro's agent Tony Attanasio told Friday's New York Post.
"As far as we are concerned we don't care what the Yankees do. We have had conversations with multiple clubs. If we see something we like he will go through with it."
Only a week ago Attanasio said the 39-year-old outfielder preferred to stay with the Yankees despite interest from several Major League Baseball teams.
Ichiro, who holds MLB's single-season hits record with 262, one of several he set at the Seattle Mariners from 2001-12, had become a fan favorite in New York.
During a seven-game streak in August, Ichiro, Japan's most successful sporting export, batted .526 - going 10 for 19 - and finished .322 for the season in 67 games as a Yankee.
Yankees general manager Brian Cashman refused to rule out Ichiro staying.
"Our focus was first on pitching and see the amount of dollars we needed to secure pitching," said Cashman. "Now we will focus on players who want to talk to us."
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Yankees' Rodriguez to have hip surgery

NEW YORK (Reuters) - New York Yankees third baseman Alex Rodriguez will likely miss the start of the 2013 Major League Baseball (MLB) season because of hip surgery, the team said on Monday.
The 37-year-old Rodriguez, MLB's active home runs leader, must complete a four-to-six week pre-rehabilitation regimen before having a left hip arthroscopy in January that will require four to six months of recovery, the Yankees said in a statement.
That means the 14-times All-Star and three-time American League Most Valuable Player, who was benched in the playoffs after struggling at the plate, will likely miss at least the start of the Yankees' season set to begin on April 1.
Doctors believe there is a strong possibility that the hip condition might have had a negative effect on Rodriguez's playoff performance, according to the Yankees.
The surgery to repair a torn labrum, bone impingement and the correction of a cyst is similar but not identical to the one performed on Rodriguez's right hip in 2009, according to the Yankees.
Rodriguez, who has a career 647 home runs, is coming off a disappointing season in which he hit 18 homers, drove in 57 runs and batted .272, and slumped during the postseason with a .120 batting average and no runs batted in.
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Ex-baseball star Lenny Dykstra sentenced in bankruptcy fraud case

LOS ANGELES (Reuters) - Lenny Dykstra, the 1980s World Series hero who pleaded guilty earlier this year to bankruptcy fraud, was sentenced on Monday to six months in federal prison and ordered to perform 500 hours of community service.
The 49-year-old former ballplayer - who is already serving time in state prison for grand theft auto, lewd conduct and assault with a deadly weapon - was also ordered to pay $200,000 in restitution.
In the federal case, Dykstra pleaded guilty in July to bankruptcy fraud and other charges.
According to the written plea agreement, he admitted defrauding his creditors by declaring bankruptcy in 2009, then stealing or destroying furnishings, baseball memorabilia and other property from his $18.5 million mansion.
He also admitted giving false or misleading testimony about the property he removed from the Los Angeles-area home, which he had purchased from hockey great Wayne Gretzky, according to the court documents.
Dykstra, nicknamed "Nails" during his playing days, spent 11 years in the major leagues, mostly as an outfielder for the Mets and Philadelphia Phillies.
He is perhaps best remembered by Mets fans for the 1986 season, when he struck a walk-off game-winning home run in Game 3 of the National League Championship Series.
And in Game 3 of the World Series, he hit a key lead-off home run, sparking a comeback by the Mets from a 2-0 series deficit to win the championship over the Boston Red Sox.
But in recent years Dykstra has become embroiled in a series of criminal cases.
In March of this year, he was sentenced to three years in state prison after pleading no contest to grand theft auto in what Los Angeles County prosecutors said was a scheme to lease cars using phony business and credit information.
And in April, the former athlete was sentenced to 270 days in jail and 36 months probation after pleading no contest to lewd conduct and assault with a deadly weapon.
Those charges stemmed from accusations that Dykstra exposed himself to women who answered his Craigslist ad for an assistant and housekeeper. One of the women told authorities the former athlete held a knife and forced her to massage him.
A no contest plea is the legal equivalent to pleading guilty under California law.
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Average on 30-year US mortgage stays at 3.55 pct.

 The average rate on the 30-year fixed mortgage held steady this week, staying slightly above the lowest level on record. Low mortgage rates have aided a modest housing recovery.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan was unchanged at 3.55 percent. In July, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.
The average on the 15-year fixed mortgage, a popular refinancing option, slipped to 2.85 percent, down from 2.86 percent last week. That's above the record low of 2.80 percent.
Cheap mortgages have helped lift the housing market. Sales of new and previously occupied homes are well above last year's levels. Low rates have also allowed people to refinance, which lowers monthly mortgage payments and helps boosts consumer spending.
Home prices are increasing more consistently this year, largely because the supply of homes has shrunk while sales have risen. And the number of Americans who owe more on their mortgages than their homes are worth declined in the second quarter.
Still, the housing market has a long way back. Home sales are below healthy levels. And many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks.
Mortgage rates are low because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.6 point, down from 0.7 point last week. The fee for 15-year loans was changed at 0.6.
The average rate on one-year adjustable rate mortgages was steady at 2.61 percent. The fee for one-year adjustable rate loans also was unchanged, at 0.4 point.
The average rate on five-year adjustable rate mortgages fell to 2.72 percent from 2.75 percent. The fee declined to 0.6 point from 0.7.
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Ahead of the Bell: Weekly mortgage rates

WASHINGTON (AP) — Loan buyer Freddie Mac reports Thursday on whether mortgage rates are continuing to hold near recent low rates.
Last week the average rate on the 30-year fixed mortgage held steady at 3.55 percent, slightly above the record low of 3.49 percent that was reached in July. Meanwhile, the average rate on the 15-year fixed mortgage, a popular refinancing option, dipped to 2.85 percent from 2.86 percent.
Cheap mortgages have helped the housing market recover this year. Sales of new and previously occupied homes are well above last year's levels.
Home prices are increasing more consistently this year, largely because the supply of homes has shrunk while sales have risen. And the number of Americans who owe more on their mortgages than their homes are worth declined in the second quarter.
Still, the housing market has a long way back. Home sales are below healthy levels. And many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks.
The report is expected at 10 a.m. Eastern.
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Rate on 30-year mortgage hits record low 3.40 pct.

WASHINGTON (AP) — Average U.S. rates on fixed mortgages fell again to new record lows. The decline suggests the Federal Reserve's stimulus efforts may be having an impact on mortgage rates.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.40 percent. That's down from last week's rate of 3.49 percent, which was the lowest since long-term mortgages began in the 1950s.
The average on the 15-year fixed mortgage, a popular refinancing option, fell to 2.73 percent, down from the record low of 2.77 percent last week.
The Fed is spending $40 billion a month to buy mortgage-backed securities. The goal is to lower mortgage rates and help the housing recovery. Fed Chairman Ben Bernanke says the program will continue until there is substantial improvement in the job market.
Some economists expect mortgage rates to fall even further because of the Fed's bond purchases.
The housing market already is benefiting from the lowest mortgage rates on record. Sales of both previously occupied and newly built homes in the U.S. are up from last year. Home prices are rising more consistently. And builders are more confident in the market and are starting to build more homes.
The broader economy is also likely to benefit from a revival in the housing market. When home prices rise, Americans typically feel wealthier and spend more.
Still, the housing market has a long way back. Sales and construction rates remain below healthy levels.
And some economists question whether lower rates will make much of a difference. The average rate on the 30-year fixed mortgage has been below 4 percent since early December. So most people who can qualify have likely already taken advantage of the lower rates.
Many people who would like to refinance or buy a home can't because they fail to meet stricter lending requirements or don't have enough money to make a down payment.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.6 point, unchanged from last week. The fee for 15-year loans also held steady at 0.6 point.
The average rate on one-year adjustable-rate mortgages dipped to 2.60 percent from 2.61 percent. The fee for one-year adjustable rate loans was unchanged at 0.4 point.
The average rate on five-year adjustable-rate mortgages fell to 2.71 percent from 2.76 percent. The fee remained at 0.6 point.
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Rebels in C. African Republic seize another town

BANGUI, Central African Republic (AP) — Rebels in Central African Republic seized control of another town on Saturday, just days before they are to begin negotiations with the government in nearby Gabon.
Alindao town was taken by rebels of the Seleka alliance, who now control 11 cities and towns, according to residents of a nearby community.
"In the early morning hours the attackers burst into Alindao without meeting any resistance from the Central African armed forces," said Jean Balipio, speaking by telephone from the neighboring town of Bangassou.
Alindao is not on the path to Bangui, the capital of 700,000 which is heavily fortified by Chadian troops and other forces sent from neighboring countries. Alindao is located about 75 miles (120 kilometers) from Bambari, the third largest city which is already under rebel control.
The insurgents have taken 11 towns and cities within a month. They had previously said they would halt their advances pending talks with President Francois Bozize's government, which are set to begin in Gabon on Tuesday. The new move by rebels on Saturday casts doubt on the possible success of the talks. Already the rebels said they are seeking Bozize's departure but the president said he does not intend to leave office before his term ends in 2016.
On Friday, the United Nations Security Council urged the rebels to withdraw from the towns they hold and take part in the negotiations in Libreville, Gabon "without preconditions and in good faith."
Pakistan's U.N. Ambassador Masood Khan, the current council president who read the press statement, was asked whether the talks would definitely take place given uncertainty about participation of all the rebels in the alliance and other groups.
"Right now preparations are being made and we're hoping the talks will take place — and all parties are being urged in that direction," Khan said. "The talks are important to reduce tension and de-escalate the situation and look towards diplomatic solutions."
Seleka, which means alliance in the local Sango language, is made up of four separate groups which have previously fought one another. Bozize has offered to form a government of national unity but the rebels have questioned his sincerity and demanded that he relinquish power.
The rebels also want the Bozize government to respect previous peace accords providing for the disarmament, demobilization and reintegration of former rebels into society.
Central African Republic is a desperately poor, landlocked nation that has suffered numerous rebellions since independence from France in 1960. Bozize himself came to power in 2003 through a rebellion that was backed by Chadian forces. He has since won two elections.
Despite the nation's wealth of gold, diamonds, timber and uranium, the government remains perpetually cash-strapped and many of the 5 million people depend upon subsistence agriculture.
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Zimbabwe bus crash kills 8

HARARE, Zimbabwe (AP) — Zimbabwean police say eight people died in a bus crash that has brought the traffic accident death toll during the holiday period to the highest on record in the southern African nation.
Police officials in the second city of Bulawayo said Sunday that eight died and 57 were injured Saturday in western Zimbabwe when their bus, headed for neighboring Botswana, veered off the highway and overturned.
The driver was among the injured.
The central police traffic command said 209 people have died in accidents since Dec. 15. In the same holiday period last year, 147 people died. Bus accidents, common in Zimbabwe, are blamed on poor vehicle maintenance and speeding.
On Dec. 23, 18 passengers died when a truck ferrying them home for the holidays plunged into a mountain ravine.
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S. Africa sends troops to Central African Republic

JOHANNESBURG (AP) — The South African presidency announced Sunday that is sending 400 army troops to Central African Republic to help the country's army as it faces a threat from a coalition of rebel groups.
Sending soldiers to Central African Republic is part of South Africa's efforts "to bring about peace and stability in the region," said the announcement by President Jacob Zuma's office.
Central African Republic's neighboring countries Cameroon, Gabon and Republic of Congo already have sent about 120 troops each to help stabilize the country confronted by the rebellion.
Chad, a longtime ally of President Francois Bozize's government, also has provided hundreds of forces who are fortifying the road to the capital, Bangui, to prevent rebels from reaching the seat of power, a city of 700,000.
The South African National Defense Force troops will "assist with capacity building of the CAR Defense Force and will also assist CAR with the planning and implementation of the disarmament, demobilization and re-integration processes" to deal with the country's rebels, said Zuma's statement.
The rebels had pledged to halt their advance pending peace talks in Gabon that are due to start Tuesday. However, residents say rebels seized two more towns over the weekend, though they are not en route to the capital.
A dozen towns have come under rebel control since the rebel alliance calling itself Seleka began its offensive on Dec. 10.
Negotiations between the rebels and the Bozize government are set to begin in the nearby country of Gabon on Tuesday.
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HPV tied to throat cancers: study

NEW YORK (Reuters Health) - A sexually transmitted infection usually thought of in connection to cervical cancer is also tied to a five times greater risk of cancer of the vocal chords or voice box, a new report suggests.
Combining the results of 55 studies from the past two decades, Chinese researchers found 28 percent of people with laryngeal cancers had cancerous tissue that tested positive for human papillomavirus (HPV).
But that rate varied widely by study, from no throat cancer patients with HPV to 79 percent with the infection.
"We're finding that HPV appears to be linked to a number of squamous cell carcinomas of the head, neck and throat," said Dr. William Mendenhall, a radiation oncologist from the University of Florida in Gainesville who didn't participate in the analysis.
However, he told Reuters Health, "I think the risk of HPV on laryngeal cancer is probably relatively low. Most of the patients we see currently that come in with laryngeal cancer have a strong history of cigarette smoking, also heavy drinking."
Along with tobacco and alcohol, having a poor diet and exposure to certain chemicals can increase a person's risk of laryngeal and other head and neck cancers.
The American Cancer Society estimates 12,360 people will be diagnosed with laryngeal cancer in the United States in 2012 and that there will be 3,650 deaths from the disease.
Along with their larger review, researchers led by Dr. Xiangwei Li, from the Chinese Academy of Medical Sciences and Peking University Medical College in Beijing, analyzed 12 studies that compared cancerous and non-cancerous tissues from a total of 638 patients. They found the cancerous throat tissue had 5.4 times the odds of testing positive for HPV infection, compared to non-cancerous tissue.
The analysis was published last week in the Journal of Infectious Diseases.
Mendenhall said that of all head and neck cancers, HPV seems to play the biggest role not in laryngeal cancer, but in cancer of the tonsils and back of the tongue.
However, he added, "the exposure is probably decades earlier. Someone who develops a base of tongue cancer when they're 50, they probably were exposed to the virus years before, in their teens or 20s."
At least half of sexually-active people get HPV at some point in their lives, according to the Centers for Disease Control and Prevention (CDC), but the virus is usually cleared by the immune system. Only some of the 40-plus HPV strains have been tied to cancer.
Based on the current findings, it's difficult to know how many of the laryngeal cancers in the original studies were actually caused by the virus, researchers said.
But Mendenhall said extending HPV vaccination to boys and young men, as the CDC has recommended, "will hopefully reduce at least some of these HPV-related cancers."
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Uncircumcised boys and men may face more UTIs

NEW YORK (Reuters Health) - Infections of the kidney, bladder and urethra happen in uncircumcised baby boys at ten times the rate of circumcised boys, and over a lifetime uncircumcised men are four times more likely to experience one, according to a new analysis of past research.
Urinary tract infections (UTIs) are most common in boys' first year of life, and circumcision was already known to make a difference in their risk, but how much and whether that carried through to adulthood was unclear, Australian researchers say.
They found that circumcision "provides considerable protection and over the lifespan makes about a three- to four-fold difference by our prediction, which is quite striking in public health terms," lead study author Brian Morris, professor of molecular medical science at the Sydney Medical School, University of Sydney, told Reuters Health.
Morris and a colleague examined 22 studies published between 1987 and 2012 that included a total of 407,902 males across the globe, a quarter of whom were uncircumcised.
Breaking down the results by age, they calculated that the likelihood of a UTI between birth and one year of age is 9.9 times higher in uncircumcised boys compared to circumcised boys. Between ages 1 and 16, uncircumcised boys are at 6.6 times higher risk, and after age 16 their risk is 3.4 times that of uncircumcised men.
Based on those findings, the researchers projected that doctors could prevent one UTI with every four circumcisions, "which is astronomical," Morris said.
The younger the infant, the more serious a UTI can be, the researchers note in their report, which is published in the Journal of Urology. Side effects of a UTI in infants can include kidney scarring, fever, pain and blood infections.
Health experts have mostly framed circumcision as a public health preventive measure focused on HIV and other sexually transmitted diseases.
In August, the American Academy of Pediatrics for the first time stated that the health benefits of circumcision outweigh the risks, but added that the decision to circumcise a child remains with parents.
The U.S. Centers for Disease Control and Prevention is currently evaluating the potential health impact of circumcision, according to a spokeswoman, but any recommendations that come of that will also be voluntary, she said.
The estimated health benefit Morris and his colleague found was several times larger than what was projected in two previous studies, which suggested 111 or 195 circumcisions would be needed to prevent one case of UTI in the first year of life.
One expert questioned the new findings based on the methods Morris' team used.
Zbys Fedorowicz, director of the Bahrain branch of the UK Cochrane Centre, a non-profit organization that evaluates medical studies, said that the 22-study analysis combined different types of studies and the researchers failed to assess their quality.
"It doesn't mean to say that these guys are necessarily wrong, it's just that we don't know because the methodological approach that they used isn't thorough enough, it's not transparent, it's not reproducible and it's not clear," Fedorowicz said.
In November, Fedorowicz and colleagues published a report concluding that no existing study that examined the risk of urinary tract infections and circumcision was of high enough quality for any recommendation.
Dr. Robert Van Howe, clinical professor of pediatrics at the Michigan State University College of Human Medicine and vocal critic of circumcision, also found the new study problematic.
Van Howe said that diagnostic criteria for urinary tract infections differ between researchers and that the cost/ benefit analysis of circumcision as a preventive tool for infections doesn't add up.
At $200 each circumcision, preventing one urinary tract infection would cost $40,000, "which you can treat with an $18 antibiotic; it's overkill," Van Howe said.
"You would think we have long lists for dialysis in men because they're not circumcised, but it just isn't a problem, it's fear mongering," Van Howe told Reuters Health.
A middle ground might be to let boys decide for themselves at age 14 or 16 to become circumcised, Van Howe suggested. "You can leave this choice up to the person who has to live with the consequences," Van Howe said.
Morris maintains that the study sends "a really strong signal for advocacy of circumcision as a public health intervention in reducing these various - and in many cases very serious - conditions over the lifetime.
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In Search of a Better Condom

It's hard to believe, but the condom is still the only way to protect against pregnancy and HIV at the same time. But researchers say they believe they can develop a kind of 21st-century contraceptive that offers superior protection against pregnancy and sexually transmitted diseases and that people will like enough to use consistently.
A paper describing early work on the project was published earlier this month in the journal PLoS One. The research team, led by Kim Woodrow at the University of Washington, received a grant of nearly $1 million last month from the Bill & Melinda Gates Foundation to pursue the research.
The product is an electrically spun cloth with nanometer-sized fibers that can dissolve to release drugs, such as medications that prevent pregnancy and HIV infection. The drug-eluting fibers represent "multipurpose prevention technology," a method that simultaneously prevents sexually transmitted infections and unintended pregnancy through a combined physical and chemical barrier.
MORE: HIV Vaccine Under Study May Last A Lifetime
"Condoms and vaginal rings and IUDs have been around for a very long time," Cameron Ball, a co-author of the paper and graduate student in bioengineering, told TakePart. "People would like more options. No one option will be the silver bullet. The idea is to have multiple options that people can choose for their lifestyle."
Improved methods to protect against STDs and pregnancy are needed in both developing and developed countries. The spermacide nonoxynol-9 is highly effective at pregnancy prevention but promotes vaginal inflammation, which then increases the risk of STD transmission.
"What we're hoping to provide is a method of drug delivery that could be used with a variety of drug compounds," Ball says. "There are multiple products in the development pipeline to address this need. These are largely vaginal rings, but vaginal rings are limited in what they are able to deliver. They deliver compounds that are less water soluble. Using fibers allows you to work with multiple drugs with different properties. You can have combinations of pharmaceutical agents that you couldn't necessarily have with a vaginal ring or with a condom."
MORE: HIV-Positive Women Benefit from Human Papillovirus Vaccination
During electrospinning, an electric field is used to launch a charged fluid jet through the air to create extremely delicate nanometer-scale fibers that stick to a collection plate. (One nanometer is about one 25-millionth of an inch.) The stretchy fibers are the platform for delivering medications in the same way that drugs are delivered through pills or gels. The fibers can also carry larger molecules, such as proteins and antibodies, that are hard to deliver through other methods. So far, the team has created a fabric that serves as a physical barrier to block sperm or to release drugs, such as contraceptives and antiviral medications.
The fabric dissolves within minutes, which is considered a benefit because it offers immediate and discreet protection. But the approach also allows for controlled release of multiple compounds, Ball says. Last year, a study aimed at preventing heterosexual HIV transmission using a gel with the drug tenofovir failed—the likely result of the drug's strength fading by the time of sex.
"If you can have a longer-lasting gel with nanoparticles, that would be beneficial," Ball says. "We're trying to fill a niche in terms of product lifespan."
MORE: Ob-Gyns: Sell 'The Pill' Over The Counter
The cloth could be inserted directly into the body or used as a coating on vaginal rings or other products, Ball says. While the primary goal of the research is for products that can be used in places like Africa, where HIV transmission is especially high,  the technology could appeal to a wide range of societies and cultures.
"You could have fibers that stay in place for longer or be shaped in the shape of a diaphragm," he says. "You could include herpes medication. Herpes prevention is somewhat controversial—it's not clear whether taking herpes medications prophylactically will help prevent the spread of the virus. That is another application, potentially.
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Venezuelans on edge amid shifting news on Chavez

CARACAS, Venezuela (AP) — Supporters and opponents of President Hugo Chavez alike nervously welcomed the new year Tuesday, left on edge by shifting signals from the government about the Venezuelan leader's condition three weeks after cancer surgery in Cuba.
With rumors swirling that Chavez had taken a turn for the worse, Vice President Nicolas Maduro said in a televised interview in Cuba that he had met with the president twice, spoken with him and planned to return to Venezuela on Wednesday.
Maduro said Chavez faces "a complex and delicate situation." But Maduro also said that when he talked with the president and looked at his face, he seemed to have "the same strength as always."
"All the time we've been hoping for his positive evolution. Sometimes he has had light improvements, sometimes stationary situations," Maduro said in the prerecorded interview, which was broadcast Tuesday night by the Caracas-based television network Telesur.
"I was able to see him twice, converse with him. He's totally conscious of the complexity of his post-operative state and he expressly asked us ... to keep the nation informed always, always with the truth, as hard as it may be in certain circumstances," Maduro said.
Chavez has not been seen or heard from since the Dec. 11 operation, and officials have reported a series of ups and downs in his recovery — the most recent, on Sunday, announcing that new complications from a respiratory infection had put the president in a "delicate" state.
Speculation has grown since Maduro announced those latest troubles, which were a sharp shift from his remark nearly a week earlier that the president had been up and walking.
In Tuesday's interview, Maduro did not provide any new details about Chavez's complications. But he joined other Chavez allies in urging Venezuelans to ignore gossip, saying rumors are being spread due to "the hatred of the enemies of Venezuela."
He didn't refer to any rumors in particular, though one of them circulating online had described Chavez as being in a coma.
Political opponents of Chavez have complained that the government hasn't told the country nearly enough about his health.
Maduro's remarks about the president came at the end of an interview in which he praised his government's programs at length, recalled the history of the Cuban revolution and touched on what he called the long-term strength of Chavez's socialist Bolivian Revolution movement.
He mentioned that former Cuban President Fidel Castro had been in the hospital, and praised Cuba's government effusively. "Today we're together on a single path," Maduro said.
Critics in Venezuela sounded off on Twitter while the interview was aired, some saying Maduro sounded like a mouthpiece for the Cuban government. In their online messages, many Chavez opponents criticized a dearth of information provided by Maduro, accusing him of withholding key details about Chavez's condition. Opposition politicians have demanded that the government provide the country with a full medical report.
Even some of his supporters said on Tuesday that they wished they knew more.
"We're distressed by El Comandante's health," said Francisca Fuentes, who was walking through a downtown square with her grandchildren. "I think they aren't telling us the whole truth. It's time for them to speak clearly. It's like when you have a sick relative and the doctor lies to you every once in a while."
Chavez has been fighting an undisclosed type of pelvic cancer since June 2011. He has declined to reveal the precise location of the tumors that have been surgically removed. The president announced on Dec. 8, two month after winning re-election, that his cancer had come back despite previous surgeries, chemotherapy and radiation treatment.
"There's nothing we can do except wait for the government to deign to say how he is really," said Daniel Jimenez, an opposition supporter who was in a square in an affluent Caracas neighborhood.
Jimenez and many other Venezuelans say it seems increasingly unlikely that Chavez can be sworn in as scheduled Jan. 10 for his new term.
Venezuelans rang in 2013 as usual with fireworks raining down all over the capital of Caracas. But some of Chavez's supporters had long faces as they gathered in Bolivar Plaza on Monday night holding pictures of the president. A government-sponsored New Year's Eve celebration there had been called off, and instead his supporters strummed guitars and read poetry in Chavez's honor.
Maduro didn't discuss the upcoming inauguration plans, saying only that he's hopeful Chavez will improve.
Chavez has been in office since 1999 and was re-elected in October, three months after he announced that his latest tests showed him to be cancer-free. If he dies or is unable to continue in office, the Venezuelan Constitution says a new election should be held within 30 days.
Before his operation, Chavez acknowledged he faced risks and designated Maduro as his successor, telling supporters they should vote for the vice president if a new presidential election was necessary.
The vice president said that Chavez "has faced an illness with courage and dignity, and he's there fighting, fighting."
"Someone asked me yesterday by text message: How is the president? And I said, 'With giant strength,'" Maduro said. He recalled taking Chavez by the hand, saying "he squeezed me with gigantic strength as we talked.
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Chavez's VP says ailing leader still 'delicate'

CARACAS, Venezuela (AP) — Venezuela's vice president is returning home Wednesday from a visit with Hugo Chavez in Cuba and says the ailing president's condition remains "delicate" three weeks after his cancer surgery.
With rumors swirling that Chavez had taken a turn for the worse, Vice President Nicolas Maduro said Tuesday that he had met with the president twice and had spoken with him.
"He's totally conscious of the complexity of his post-operative state and he expressly asked us ... to keep the nation informed always, always with the truth, as hard as it may be in certain circumstances," Maduro said in the prerecorded interview in Havana, which was broadcast Tuesday night by the Caracas-based television network Telesur.
Both supporters and opponents of Chavez have been on edge in the past week amid shifting signals from the government about the president's health. Chavez has not been seen or heard from since the Dec. 11 operation, and officials have reported a series of ups and downs in his recovery — the most recent, on Sunday, announcing that he faced new complications from a respiratory infection.
Maduro did not provide any new details about Chavez's complications during Tuesday's interview. But he joined other Chavez allies in urging Venezuelans to ignore gossip, saying rumors were being spread due to "the hatred of the enemies of Venezuela."
He didn't refer to any rumors in particular, though one of them circulating online had described Chavez as being in a coma.
Maduro said Chavez faces "a complex and delicate situation." But Maduro also said that when he talked with the president and looked at his face, he seemed to have "the same strength as always."
"All the time we've been hoping for his positive evolution. Sometimes he has had light improvements, sometimes stationary situations," he said.
Maduro's remarks about the president came at the end of an interview in which he praised Venezuelan government programs at length, recalled the history of the Cuban revolution and touched on what he called the long-term strength of Chavez's socialist Bolivarian Revolution movement.
He mentioned that former Cuban President Fidel Castro had been in the hospital, and praised Cuba's government effusively. "Today we're together on a single path," Maduro said.
Critics in Venezuela sounded off on Twitter while the interview was aired, some saying Maduro sounded like a mouthpiece for the Cuban government. In their messages, many Chavez opponents criticized Maduro for the dearth of information he provided, accusing him of withholding key details about Chavez's condition.
Chavez's political opponents have complained that the government hasn't told the country nearly enough about his health, and have demanded it provide the country with a full medical report.
Even some of his supporters say they wished they knew more.
"We're distressed by El Comandante's health," said Francisca Fuentes, who was walking through a downtown square with her grandchildren Tuesday. "I think they aren't telling us the whole truth. It's time for them to speak clearly. It's like when you have a sick relative and the doctor lies to you every once in a while."
Chavez has been fighting an undisclosed type of pelvic cancer since June 2011. He has declined to reveal the precise location of the tumors that have been surgically removed. The president announced on Dec. 8, two month after winning re-election, that his cancer had come back despite previous surgeries, chemotherapy and radiation treatment.
"There's nothing we can do except wait for the government to deign to say how he is really," said Daniel Jimenez, an opposition supporter who was in a square in an affluent Caracas neighborhood.
Jimenez and many other Venezuelans say it seems increasingly unlikely that Chavez can be sworn in as scheduled Jan. 10 for his new term. If he dies or is unable to continue in office, the Venezuelan Constitution says a new election should be held within 30 days.
Before his operation, Chavez acknowledged he faced risks and designated Maduro as his successor, telling supporters they should vote for the vice president if a new presidential election was necessary.
Maduro didn't discuss the upcoming inauguration plans, saying only that he is hopeful Chavez will improve.
The vice president said that Chavez "has faced an illness with courage and dignity, and he's there fighting, fighting."
"Someone asked me yesterday by text message: How is the president? And I said, 'With giant strength,'" Maduro said. He recalled taking Chavez by the hand: "He squeezed me with gigantic strength as we talked.
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Venezuela opposition: Chavez secrecy feeds rumors

Venezuela opposition: Chavez secrecy feeds rumors
CARACAS, Venezuela (AP) — Venezuela's opposition demanded that the government reveal specifics of President Hugo Chavez's condition Wednesday, criticizing secrecy surrounding the ailing leader's health more than three weeks after his cancer surgery in Cuba.
Opposition coalition leader Ramon Guillermo Aveledo said at a news conference that the information provided by government officials "continues to be insufficient."
Chavez has not been seen or heard from since the Dec. 11 operation, and Vice President Nicolas Maduro on Tuesday said the president's condition remained "delicate" due to complications from a respiratory infection.
Chavez's elder brother, Adan, arrived in Havana on Wednesday, said Jorge Arreaza, the president's son-in-law and science minister. "We're meeting with him, Vice President Maduro and Attorney General Cilia Flores," Arreaza said in a message on Twitter.
"The medical team explains to us that President Chavez's condition continues to be stable within his delicate state," Arreaza said in another message, adding that Chavez "continues battling hard and he sends all his love to our people."
Maduro and other government officials have urged Venezuelans not to heed rumors about Chavez's condition.
Aveledo said the opposition has been respectful during Chavez's illness, and said that "the secrecy is the source of the rumors, which increase the uncertainty and cause distress."
"They should tell the truth," Aveledo said, noting that Maduro had pledged to provide full reports about Chavez's condition. He reiterated the opposition's call for the government to release a medical report and said all indications are that Chavez won't be able to be sworn in to begin a new term Jan. 10.
If Chavez can't take office on that date, Aveledo said the constitution is clear that the National Assembly president should then take over temporarily until a new election is held. He said what happens next in Venezuela should be guided by "the truth and the constitution."
If Chavez dies or is unable to continue in office, the Venezuelan Constitution says a new election should be held within 30 days.
With rumors swirling that Chavez had taken a turn for the worse, Maduro said on Tuesday that he had met with the president twice and had spoken with him.
"He's totally conscious of the complexity of his post-operative state and he expressly asked us ... to keep the nation informed always, always with the truth, as hard as it may be in certain circumstances," Maduro said in the prerecorded interview in Havana, which was broadcast Tuesday night by the Caracas-based television network Telesur.
Both supporters and opponents of Chavez have been on edge in the past week amid shifting signals from the government about the president's health. Officials have reported a series of ups and downs in his recovery — the most recent, on Sunday, announcing that he faced the new complications from a respiratory infection.
Maduro said on Tuesday that Chavez faces "a complex and delicate situation." But he also said that when he talked with the president and looked at his face, he seemed to have "the same strength as always."
The vice president said he planned to return to Caracas on Wednesday, though there was no confirmation of a return trip as of Wednesday night.
His remarks about the president came at the end of an interview in which he praised Cuba's government effusively and touched on what he called the long-term strength of Chavez's socialist Bolivarian Revolution movement. He mentioned that former Cuban President Fidel Castro had visited the hospital where Chavez was treated.
In Washington, the U.S. State Department said procedures under the Venezuelan Constitution should be followed if Chavez is no longer able to carry out his duties as president.
"We want to see any transition take place in a manner that is consistent with the Venezuelan Constitution, that any election be fully transparent, democratic, free and fair," State Department spokeswoman Victoria Nuland told reporters on Wednesday.
Asked if Chavez being out of the picture would make it easier to improve long-strained ties between Venezuela and the U.S., Nuland said, "Obviously we will judge our ability to improve our relationship with Venezuela based on steps they are able to take."
The U.S. Embassy in Caracas has been without an ambassador since July 2010. Chavez rejected the U.S. nominee for ambassador, accusing him of making disrespectful remarks about Venezuela's government. That led Washington to revoke the visa of the Venezuelan ambassador.
But recently U.S. and Venezuelan diplomats began high-level conversations aimed at improving relations, a U.S. government official said. The official spoke on condition of anonymity because he wasn't authorized to speak publicly about the matter.
The official confirmed recent reports that Roberta Jacobson, assistant secretary of state for Western Hemisphere affairs, spoke by telephone with Maduro in November and discussed ways of improving relations. He also confirmed that U.S. diplomat Kevin Whitaker had a subsequent conversation with Roy Chaderton, Venezuela's ambassador to the Organization of American States.
Venezuelan diplomats could not be reached to comment about those recent contacts with U.S. officials.
In Bolivia, meanwhile, President Evo Morales said he is concerned about his friend and ally.
"I hope we can see him soon," Morales said at a news conference Wednesday. "But it's a very worrying situation."
"I've tried to make contact with the vice president, and it's been difficult. I hope all of their aims are achieved to save President Chavez's life."
Before his operation, Chavez acknowledged he faced risks and designated Maduro as his successor, telling supporters they should vote for the vice president if a new presidential election were necessary.
Maduro didn't discuss the upcoming inauguration plans, saying only that he is hopeful Chavez will improve.
"Someone asked me yesterday by text message: How is the president? And I said, 'With giant strength,'" Maduro said. He recalled taking Chavez by the hand: "He squeezed me with gigantic strength as we talked."
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Venezuelan gov't: Chavez fighting lung infection

CARACAS, Venezuela (AP) — Venezuela's government says President Hugo Chavez is being treated for a respiratory deficiency after complications from a severe lung infection.
Information Minister Ernesto Villegas provided the update on the ailing president's condition Thursday night. He read from a statement saying that Chavez's lung infection had led to "respiratory deficiency" and required strict compliance with his medical treatment.
The government expressed confidence in the medical team treating Chavez in Cuba.
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Disputes brewing over Hugo Chavez's inauguration

CARACAS, Venezuela (AP) — President Hugo Chavez is due to be sworn in for a new term in less than a week and his closest allies still aren't saying what they plan to do if the ailing leader is unable to return from a Cuban hospital to take the oath of office.
The Venezuelan government on Thursday night described Chavez's lung infection as "severe" and said he is now being treated for "respiratory deficiency."
Chavez hasn't been seen or heard from since his Dec. 11 cancer surgery, and speculation has grown that his illness could be reaching its final stages. The president's elder brother Adan and National Assembly President Diosdado Cabello joined a parade of visitors who saw Chavez in Havana this week, and then returned to Caracas on Thursday along with Vice President Nicolas Maduro.
"In the past hours, we've been accompanying President Hugo Chavez and taking him the courage and strength of the Venezuelan people," Maduro said on television. Appearing next to Cabello visiting a government-run coffee plant in Caracas, he said they had been with Chavez together with the president's brother, his son-in-law Jorge Arreaza, Oil Minister Rafael Ramirez and Attorney General Cilia Flores.
Chavez's health crisis has raised contentious questions ahead of the swearing-in set for Jan. 10, including whether the inauguration could legally be postponed, whether Supreme Court justices might travel to Havana to administer the oath of office, and, most of all, what will happen if Chavez can't begin his new term.
The main fault lines run between Chavez's backers and opponents.
But while the president's allies so far appear united, analysts have speculated that differences might emerge between factions led by Maduro, Chavez's chosen successor, and Cabello, who is thought to wield power within the military and who would be in line to temporarily assume the presidency until a new election can be held.
Standing together on Thursday, Maduro and Cabello said they are more united than ever.
"We've sworn before commander Hugo Chavez, and we've ratified the oath today before commander Chavez, that we're going to be united, together with our people, with the greatest loyalty," Maduro said.
He and Cabello dismissed rumors of divisions waiting to erupt, calling such talk lies cooked up by their adversaries.
"They're going to spend 2,000 years waiting for that to happen," Cabello said, urging Venezuelans: "Don't fall for the opposition's rumors."
"We aren't going to betray the nation," Cabello added.
The former military officer has been making similar assurances on Twitter and suggesting that the socialist party has its plans for the coming days all thought out.
"We Chavistas are very clear on what we will do," Cabello said in one message.
But the plans of Chavez's allies remain a mystery.
The Venezuelan Constitution says the presidential oath should be taken Jan. 10 before the National Assembly, and officials have raised the possibility that Chavez might not be well enough to do that, without saying what will happen if he can't.
Information Minister Ernesto Villegas provided the latest update on Chavez's condition Thursday night.
"Chavez has faced complications as a result of a severe respiratory infection. This infection has led to respiratory deficiency that requires Commander Chavez to remain in strict compliance with his medical treatment," Villegas said, reading from a statement.
The government expressed confidence in Chavez's medical team and condemned what it called "a campaign of psychological warfare" in the international media regarding the president's condition.
Chavez said before his fourth cancer-related operation that if his illness prevented him from remaining president, Maduro should finish his current term and be his party's candidate to replace him in a new election.
The constitution says that if a president or president-elect dies or is declared unable to continue in office, presidential powers should be held temporarily by the president of the National Assembly, who is now Cabello. It says a new presidential vote should be held within 30 days.
Opposition leaders have argued that Chavez, who was re-elected to a six-year term in October, seems no longer fit to continue as president and have demanded that a new election be held within 30 days if he isn't in Caracas on inauguration day.
But some of Chavez's close confidants dismiss the view that the inauguration date is a hard deadline, saying Chavez could be given more time to recover from his surgery if necessary.
Cabello noted last month that the constitution says if a president is unable to be sworn in by the legislature, he may be sworn in by Supreme Court justices, who were appointed by the mostly pro-Chavez legislature.
"When? It doesn't say. Where? It doesn't say where," Cabello recently told a crowd of government supporters. His indication that the constitution does not specify where a president-elect should be sworn in by the Supreme Court has led to speculation that justices could travel to Cuba for the ceremony.
Opposition leaders chafe at the suggestion that Chavez could take office from a foreign country, saying the president made it clear before he left for the operation that his health was deteriorating by designating Maduro as his successor.
Aristobulo Isturiz, a state governor and leader of Chavez's United Socialist Party of Venezuela, said Thursday that if Chavez's swearing-in isn't held Jan. 10, it will be up to the Supreme Court to determine the place and date of the ceremony.
"The president has a right to recover," Isturiz said in remarks published by the state-run Venezuelan News Agency.
More than three weeks after Chavez's cancer surgery, government officials have been providing vague and shifting updates on his condition. Maduro announced over the weekend that Chavez had suffered complications due to a respiratory infection and was in "delicate" condition.
The vice president initially had said he would return from Cuba to Venezuela on Wednesday, but stayed another day while visiting Chavez along with Cabello and others.
Maduro said Chavez's respiratory problems "have seriously affected him."
Still, Maduro expressed hope: "In our hearts, we feel it, sooner rather than later we're going to see commander Hugo Chavez here in his homeland, here with us."
Caracas Mayor Antonio Ledezma, an opposition politician, proposed earlier Thursday that a commission travel to Cuba to determine the state of Chavez's health. He said the delegation should be made up of doctors, lawmakers and other officials such as state governors, including opposition leader Henrique Capriles.
"I'm not asking for permission to go to Cuba. I think it's our right to go there and see what's going on," Ledezma said in comments reported by the television channel Globovision. "Enough mysteries. Venezuela isn't a colony of Cuba."
Some of the brewing disagreements could begin to be aired Saturday, when the National Assembly, which is controlled by a pro-Chavez majority, convenes to select legislative leaders. That session will be held just five days before the scheduled inauguration day.
Law professor Vicente Gonzalez de la Vega agrees with Cabello's view that the constitution is ambiguous regarding the time and place of a swearing-in ceremony before the Supreme Court.
Supreme Court President Luisa Estella Morales said following Cabello's proposal last month that justices could rule on whether it's constitutional to postpone the date of the swearing-in ceremony. The issue has not yet been brought before the court, but Morales said Dec. 20 that the court could take up such issues if asked and would have the final word.
Before Chavez's inauguration date could be postponed, Gonzalez said, lawmakers would have to approve a 90-day extension of Chavez's "temporary absence" granted for his trip to Cuba for surgery. The president of the National Assembly would then be sworn in as an interim president for 90 days, said Gonzalez, a professor at the Central University of Venezuela.
In order for that to occur, though, Gonzalez said the Supreme Court would need to appoint a panel of doctors to examine Chavez to determine whether his health could improve and whether he might be capable of continuing his duties as president.
Opposition leader Ramon Guillermo Aveledo on Wednesday reiterated demands for the government to provide a full medical report.
He said sending a medical team to Cuba to assess Chavez's condition would be an option, if necessary. In the meantime, he said, "There are two keys here to facing this and any situation, which are the truth and the constitution."
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Discover Financial Services 4Q net income rises

Discover Financial Services on Thursday reported higher earnings for its fiscal fourth quarter, as users of its namesake credit card stepped up purchases and the company wrote off fewer unpaid balances.
Even so, the Riverwoods, Ill.-based company's results fell short of Wall Street expectations, and investors sent its shares down over 3 percent Thursday.
Discover, the nation's sixth-largest credit card issuer, said total loans, credit card loans and Discover card sales volume increased 6 percent in the quarter, which coincided with the tail end of the back-to-school shopping season and the ramp up to the December holidays — key periods when consumers traditionally spend more.
Discover card sales volume increased to $26.5 billion, while credit card loans at the end of the quarter totaled $49.6 billion. Private student loans rose 6 percent, while personal loans climbed 24 percent, the company said.
"Our strong receivables and sales growth results demonstrate the effectiveness of our marketing programs, consumers' preference for cash rewards and our acceptance and awareness initiatives," Chairman and CEO David Nelms said during a conference call with analysts.
While Discover's customers racked up more debt, more of them paid off credit card balances on time. The delinquency rate on credit-card loans over 30 days past due was 1.86 percent, an improvement of 53 basis points from a year earlier. The rate of charge-offs, when the company writes off unpaid credit card balances, dropped to a historic low of 2.29 percent.
"While the continued improvement in credit appears to be nearing an end, we don't believe we are at a point where charge-offs are poised to rise significantly," Nelms said.
Nationwide the rate of credit card payments at least 90 days overdue edged up in the third quarter to 0.75 percent, according to credit reporting agency TransUnion. The rate is coming off historically low levels, however.
Discover has traditionally had one of the lowest rates for default and delinquency in the credit card industry, the result of tighter lending standards and close monitoring of problem accounts.
The company has reported improvement in its customers' default and late-payment rates since the Great Recession, as cardholders moved to pay down debt and boost savings.
Late-payment rates tend to creep higher in the fall, particularly as cardholders spend more money on holiday shopping, travel and other expenses. The company said that seasonal factor led to a slight increase in its credit card loan delinquency rate between the third and fourth quarter.
While Discover's rates for late payments and defaults remain low, the company has been making more loans. As a result, it has been setting aside more funds to cover potential loan losses.
In the September-to-November quarter, Discover increased its provision for loan losses by 6 percent to $338 million, noting that was somewhat offset by a drop in the number of unpaid credit card balances that had to be written off.
Meanwhile Discover's payment-services business, which competes with Visa and MasterCard, saw dollar volume increase 13 percent in the latest quarter.
In a client note Thursday, RBC Capital Markets analyst Jason Arnold said Discover is benefiting from increased acceptance of its cards and favorable credit trends.
"We remain very enthused by Discover's fundamental position and believe the company remains well positioned for loan and (earnings per share) growth," wrote Arnold, who has a $50 price target on the stock.
For the period ended Nov. 30, Discover earned $541 million, or $1.07 per share. That compares with $513 million, or 95 cents per share, a year earlier.
Analysts surveyed by FactSet expected earnings of $1.12 per share.
Revenue climbed 11 percent to $2 billion, after interest expense. Wall Street forecast $1.96 billion.
Also on Thursday, Discover declared a dividend of 14 cents per share. It will be paid on Jan. 17 to shareholders of record on Jan. 3.
Discover shares fell $1.36, or 3.4 percent, to close at $38.41 Thursday. The stock is up 60 percent this year.
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RIM shares fall at the open after earnings

TORONTO (Reuters) - Research In Motion Ltd fell in early trading on Friday following the BlackBerry maker's Thursday earnings announcement, when the company outlined plans to change the way it charges for services.
RIM, pushing to revive its fortunes with the launch of its new BlackBerry 10 devices next month, surprised investors when it said it plans to alter its service revenue model, a move that could put the high-margin business under pressure.
Shares fell 16.0 percent to $11.86 in early trading on the Nasdaq. Toronto-listed shares fell 15.8 percent to C$11.74.
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Walgreen fiscal 1Q profit sinks nearly 26 pct

Walgreen's fiscal first-quarter earnings sank nearly 26 percent as costs tied to a couple big deals and Superstorm Sandy helped put a bigger-than-expected dent in the drugstore chain's performance.
CEO Greg Wasson told analysts he saw the quarter as a "turning point" for the Deerfield, Ill., company, which has been working to recapture customers it lost during a contract dispute with Express Scripts Holding Co. But investors didn't buy that message at least initially, as the stock fell deeper than broader market declines in Friday trading.
Walgreen Co. spent $4 billion in cash earlier this year to buy a stake in Alliance Boots, a Swiss company that runs the largest drugstore chain in the United Kingdom. It also spent $438 million on a drugstore chain focused on the mid-South under the USA Drug, Super D Drug and Med-X names.
Costs tied to those deals totaled $23 million in the quarter, and Walgreen said it only counted a small portion of the gains it received from Alliance Boots. It is reporting those gains a quarter after they occur to address audit and regulatory requirements.
The storm system that swept up the East Coast in late October also cost $24 million in the quarter, as it forced Walgreen to temporarily close hundreds of stores.
Overall, Walgreen earned $413 million, or 43 cents per share, in the three months that ended Nov. 30. That compares with net income of $554 million, or 63 cents per share, a year ago. Walgreen said earlier this month revenue fell nearly 5 percent to $17.34 billion.
Excluding one-time costs, adjusted earnings were 58 cents per share.
Analysts forecast, on average, earnings of 70 cents per share, according to FactSet.
Shares dropped 3.3 percent, or $1.24, to close at $36.31 Friday, while the Standard & Poor's 500 index fell 1 percent.
Walgreen runs more than 8,000 drugstores in all 50 states as the nation's largest drugstore chain. The company's revenue has slumped through 2012 after it started the year stuck in a contract squabble with Express Scripts, for which it fills prescriptions.
The companies had let a contract between them expire last December, and their new agreement didn't start until September. The split meant many Express Scripts customers migrated to new drugstores for their prescriptions.
Walgreen is trying to bring those customers back, but competitors like CVS Caremark Corp. and Rite Aid Corp. are pushing aggressively to keep them.
Walgreen said prescriptions filled at stores open at least a year fell nearly 5 percent in the quarter, a smaller decrease than the 8 percent drop it reported in the previous quarter. The drugstore chain saw that improvement as a sign that customers are returning.
"We think we can redeem significant portion of these customers over time," Wasson said.
Walgreen said prescription revenue from stores open at least a year fell 11.3 percent, while revenue from the front end, or rest of the store, dropped 2 percent. Revenue from stores open at least a year is considered a key indicator of retailer health because it excludes stores that recently opened or closed.
Generic drugs have squeezed revenue for Walgreen and other drugstores this year because they are cheaper than brand-name drugs. But they help profitability because they come with a wider margin between the cost for the pharmacy to purchase the drugs and the reimbursement it receives.
Walgreen launched a customer loyalty program called Balance Rewards during the quarter. It allows shoppers to gain points at both Walgreen and Duane Reade stores and for online purchases that translate into cash rewards they can then use at the stores.
Walgreen executives said the program will encourage customers to visit their stores more frequently and to buy more.
"We now have a new kind of currency in place that will help drive our front-end business," Wasson said.
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Nigeria's Dangote Cement expects 38 pct rise in Q1 profit

Nigeria's biggest listed company, Dangote Cement, expects pretax profit to rise 38.9 percent year-on-year to 42.09 billion naira in the first three months of next year, it said in a filing with the Nigerian Stock Exchange.
Dangote Cement, Nigeria's biggest cement producer, said it expected turnover of around 81.6 billion naira in the first quarter, compared with 64.1 billion naira it achieved in the same period in 2012.
The company which is majority owned by billionaire tycoon Aliko Dangote earlier this month shut down a fifth of its production capacity because of a glut in the market caused by imported cement from Asia.
It is yet to release its 2012 full year results.
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