News Analysis: St. Jude Medical Suffers for Redacting a Product Name

Peter Muhly for The New York Times

Dr. Ernest Lau holds a Durata lead from a St. Jude Medical Fortify ICD, an implanted heart defibrillator.

IS covering a product’s name in a public document a sign that a company has something to hide? And how should doctors, patients and investors react if the product at issue is one on which peoples’ lives and a company’s fortunes depend?

Such questions now loom over St. Jude Medical after the disclosure last week that its executives had blacked out the name of a heart device component when they released a critical federal report involving the product. The value of St. Jude has since plummeted more than $1 billion, or 12 percent. But the company’s actions may have a more lasting impact on its reputation and the health of patients, some experts say.

Last week’s incident was the latest development in a controversy involving the component, an electrical wire that connects an implanted defibrillator to a patient’s heart. St. Jude officials say the wire, which is known as the Durata, is safe. But uncertainty about the company’s statements is growing, underscored by its handling of the report, which involved a Food and Drug Administration inspection of a plant that makes the Durata.

St. Jude released that report in October as part of a filing with the Securities and Exchange Commission. The F.D.A. provides device makers with the reports in an unaltered form, and they may contain criticisms of a company’s procedures.

But the version of the report that St. Jude filed with the S.E.C. left some doctors and analysts uncertain about which company product or products were at issue for a simple reason — St. Jude had redacted, or blocked out, all 20 references to the Durata in it.

Company executives said they had done so based on their “good faith” interpretation of how the F.D.A. would act if it publicly released the report under the Freedom of Information Act. But both an F.D.A spokeswoman and a lawyer who specializes in medical devices took exception with that view, saying that names of approved products typically do not qualify as the type of confidential business information that the F.D.A. would redact.

Among other things, F.D.A. inspectors found significant flaws in the company’s testing and oversight of the Durata. It was those revelations and the implications that the problems could lead to further F.D.A. action against St. Jude that led to the sharp fall last week in its stock price.

In 2005, Guidant, a device maker that no longer exists, also found itself under scrutiny. Back then, its executives decided not to tell doctors that one of its defibrillators could short-circuit when a patient needed an electrical jolt to save a life. The expert who brought the Guidant problem to light, Dr. Robert Hauser, a heart specialist in Minnesota, has also raised concerns about the St. Jude wires, adding that he believes that its executives have been less than forthright.

“Patients and physicians would appreciate more information,” Dr. Hauser said.

In an earlier interview, St. Jude’s chief executive, Daniel J. Starks, said the company had hidden nothing about the Durata or another heart wire named the Riata, which it stopped selling in 2010.

“We’ve been more transparent than others,” said Mr. Starks, referring to company competitors like Medtronic.

Still, some Wall Street analysts share Dr. Hauser’s view. And if one St. Jude executive can claim credit for shaping their opinion, it would be Mr. Starks.

Earlier this year, he sought, among other things, to have a medical journal retract an article written by Dr. Hauser that was critical of the Riata. The publication refused.

Now, after St. Jude’s latest misfire, Wall Street analysts, who usually agree more than disagree, are placing wildly differing bets on St. Jude, with some valuing it at $48 a share and others at $30. On Monday, St. Jude closed at $31.86 on the New York Stock Exchange.

One of those bearish analysts, Matthew Dodds of Citigroup, said he thought the Food and Drug Administration might act soon on Durata. “I believe that a lot of their actions have made the situation worse, ” he said of the company’s executives.

A St. Jude spokeswoman, Amy Jo Meyer, reiterated the company’s stance that it had interpreted agency rules in “good faith” when releasing the redacted report about the Durata. An F.D.A. spokeswoman, Mary Long, said the agency did not consider the names of approved products to be confidential. And a lawyer, William Vodra, said that while device makers try to make a confidentiality argument for product data they consider embarrassing, like injury reports, they rarely succeed.

“In my experience, the F.D.A. consistently rejects” such arguments, Mr. Vodra wrote in an e-mail.

For patients, the dilemma may become more excruciating. The company’s earlier heart wire, the Riata, has begun failing prematurely in some of the 128,000 patients worldwide who received it. And those patients and their doctors face a difficult decision: whether to leave it in place or have it surgically removed, a procedure that carries significant risks.

St. Jude executives say that the Durata, which uses a different type of insulation than the Riata, is not prone to such problems.

And with the Durata already implanted in 278,000 people, many heart specialists certainly hope they are right.

Read More..

Japan Expands Its Regional Military Role

Ko Sasaki for The New York Times

Coast guard officials from a dozen Asian and African nations, at right, joined a training cruise around Tokyo Bay aboard a Japanese Coast Guard cutter.

TOKYO — After years of watching its international influence eroded by a slow-motion economic decline, pacifist Japan is trying to raise its profile in a new way, offering military aid for the first time in decades and displaying its own armed forces in an effort to build regional alliances and shore up other countries’ defenses to counter a rising China.

Ko Sasaki for The New York Times

Visiting coast guard officers from other nations snapped photos of the engine room, above, the electronics-studded bridge and 20-millimeter cannon.

Already this year, Japan crossed a little-noted threshold by providing its first military aid abroad since the end of World War II, approving a $2 million package for its military engineers to train troops in Cambodia and East Timor in disaster-relief and skills like road building. Japanese warships have not only conducted joint exercises with a growing number of military forces in the Pacific and Asia, they have also begun making regular port visits to countries long fearful of a resurgence of Japan’s military.

And after stepping up civilian aid programs to train and equip the coast guards of other nations, Japanese defense officials and analysts say, Japan could soon reach another milestone: beginning sales in the region of military hardware like seaplanes, and perhaps eventually the stealthy diesel-powered submarines considered well suited to the shallow waters where China is making increasingly assertive territorial claims.

Taken together those steps, while modest, represent a significant shift for Japan, which had resisted repeated calls from the United States to become a true regional power for fear that would move it too far from its postwar pacifism. The country’s quiet resolve to edge past that reluctance and become more of a player comes as the United States and China are staking their own claims to power in Asia, and as jitters over China’s ambitions appear to be softening bitterness toward Japan among some Southeast Asian countries trampled last century in its quest for colonial domination.

The driver for Japan’s shifting national security strategy is its tense dispute with China over uninhabited islands in the East China Sea that is feeding Japanese anxiety that their country’s relative decline — and the financial struggles of their country’s traditional protector, the United States — are leaving them increasingly vulnerable.

“During the cold war, all Japan had to do was follow the U.S.,” said Keiro Kitagami, a special adviser on security issues to Prime Minister Yoshihiko Noda. “With China, it’s different. Japan has to take a stand on its own.”

Japan’s moves do not mean it might transform its military, which serves a purely defensive role, into an offensive force anytime soon. The public has resisted past efforts by some politicians to revamp Japan’s pacifist constitution, and the nation’s vast debt will limit how much military aid it can extend. But it is also clear that attitudes in Japan are evolving as China continues its double-digit annual growth in military spending and asserts that it should be in charge of the islands Japan claims as well as vast swaths of the South China Sea that various Southeast Asian nations say are in their control.

Japanese leaders have met the Chinese challenge over the islands known as the Senkaku in Japan and the Diaoyu in China with an uncharacteristic willingness to push back, and polls show the public is increasingly in agreement. Both major political parties are also talking openly about instituting a more flexible reading of the constitution that would allow Japan to come to the defense of allies — shooting down any North Korean missile headed for the United States, for instance — blurring the line between an offensive and defensive force.

The country’s self-defense forces had already begun nosing over that line in Iraq and Afghanistan, where Japan backed up the United States-led campaigns by deploying naval tankers to refuel warships in the Indian Ocean.

Japanese officials say their strategy is not to begin a race for influence with China, but to build up ties with other nations that share worries about their imposing neighbor. They acknowledge that even building the capacity of other nation’s coast guards is a way of strengthening those countries’ ability to stand up to any Chinese threat.

“We want to build our own coalition of the willing in Asia to prevent China from just running over us,” said Yoshihide Soeya, director of the Institute of East Asian Studies at Keio University in Tokyo.

Or, as the vice minister of defense, Akihisa Nagashima, said in an interview, “We cannot just allow Japan to go into quiet decline.”

Read More..

Nokia unveils 2 new cellphone models, priced at $62

HELSINKI (Reuters) – Struggling Finnish cellphone maker Nokia unveiled on Monday two new cellphone models, the Asha 205 and the Asha 206, pricing both models at around $ 62, excluding subsidies and taxes.

Both models will go on sale this quarter.

Nokia unveiled a new Slam feature which allows consumers to share multimedia content like photos and videos with nearby friends almost instantly through Bluetooth connection.

(Reporting By Tarmo Virki)

Tech News Headlines – Yahoo! News

Read More..

Beyonce documentary premiering on HBO in February

NEW YORK (AP) — Beyonce is getting personal.

HBO announced Monday that a documentary about the Grammy-winning singer will debut Feb. 16, 2013. Beyonce is directing the film, which will include footage she shot herself with her laptop.

The network said the documentary will include "video that provides raw, unprecedented access to the private entertainment icon and high-voltage performances." It will also feature home videos of her family and of the singer as a new mother and owner of her company, Parkwood Entertainment.

Beyonce said in a statement the untitled project was "personal" to her. She is married to Jay-Z. They had their first child, daughter Blue Ivy Carter, in January.

The 31-year-old will perform at the 2013 Super Bowl halftime show on Feb. 3, 13 days before the documentary airs.

Read More..

Well: The ‘Love Hormone’ as Sports Enhancer

Is playing football like falling in love? That question, which would perhaps not occur to most of us watching hours of the bruising game this holiday season, is the focus of a provocative and growing body of new science examining the role of oxytocin in competitive sports.

Phys Ed

Gretchen Reynolds on the science of fitness.

Oxytocin is, famously, the “love hormone,” a brain peptide known to promote positive intersocial relations. It makes people like one another, especially in intimate relationships. New mothers are awash in oxytocin (which is involved in the labor process), and it is believed that the hormone promotes bonding between mother and infant.

New-formed romantic couples also have augmented bloodstream levels of the peptide, many studies show. The original attraction between the lovers seems to prompt the release of oxytocin, and, in turn, its actions in the brain intensify and solidify the allure.

Until recently, though, scientists had not considered whether a substance that promotes cuddliness and warm, intimate bonding might also play a role in competitive sports.

But the idea makes sense, says Gert-Jan Pepping, a researcher at the Center for Human Movement Sciences at the University of Groningen in The Netherlands, and the author of a new review of oxytocin and competition. “Being part of a team involves emotions, as for instance when a team scores, and these emotions are associated with brain chemicals.”

Consider, he says, what happens during soccer shootouts. For a study that he and his colleagues published in 2010, they watched replays of a multitude of penalty shootouts that had decided recent, high-pressure World Cup and European Championship games.

They found that when one of the first shooters threw his arms in the air to celebrate a goal, his teammates were far more likely to subsequently shoot successfully than when no exuberant gestures followed a goal.

The players had undergone, it seems, a “transference of emotion,” Dr. Pepping and his colleagues wrote. Emotions such as happiness and confidence are known to be contagious, with one person’s excitement sparking rolling biochemical reactions in onlookers’ brains.

In the shootouts, he says, each player almost certainly had experienced a shared burst of oxytocin, and in the rush of positive feeling, had shot better.

It is difficult, however, to directly quantify changes in oxytocin levels during sports, largely because of practical logistics. Few teams (or referees) will willingly pause games or celebrations after a thrilling play in order for scientists to draw blood.

But there are hints that physical activity, by itself, may heighten production of oxytocin. In a 2008 study, distance runners had significantly higher bloodstream levels of oxytocin after completing an ultramarathon than at the start.

More telling, in a study presented last month at the annual meeting of the Society for Neuroscience in New Orleans, male prairie voles that exercised by running on wheels over six weeks displayed changes in their nervous systems related to increased oxytocin production and bonded rapidly and sturdily with new female cage cohabitants, while unexercised males showed little interest in any particular mate.

“Lots of stresses can trigger oxytocin release, among them exercise,” says William Kenkel, a doctoral candidate at the University of Illinois at Chicago, who led the study. He continued that “it stands to reason, then,” that such exercise-related oxytocin release “could facilitate social bonding.”

What this means for competitive athletes is that, in unexpected ways, every game or race may be a kind love match. And that’s good, Dr. Pepping says.

“In any social setting that requires some form of social interaction, be it cooperation, trust or competition, we require social information to guide our behavior and a nervous system and associated brain chemicals that are sensitive to this social information,” he said. A player needs to accurately scrutinize the body language of his or her opponents and teammates in order to gauge how they will respond during the next play, he points out. They also generally benefit from a tug of fellow feeling toward teammates, their “in-group,” and antagonism toward the other team or competitors, the “out-group.”

Oxytocin facilitates the ability to read other people’s emotions, and it deepens bonds between group members and heightens suspicion of and antagonism toward those outside the group, Dr. Pepping says.

It is also believed, as blood and brain levels rise, to encourage gloating.

So oxytocin is almost certainly an essential, if unacknowledged, player in most competitions.

But people differ in how much oxytocin they produce and in how their bodies respond to the hormone, a situation that has not, to date, been considered when judging athletes and their potential, Dr. Pepping points out, or when planning training routines. “Performance is not simply a matter of physique and strength” or of technique, he says. “It is important to start taking social emotions seriously,” he says, “and in particular those linked to positive emotional experiences.”

Encourage athletes to celebrate openly after a big play or new personal record (within the bounds of what referees will tolerate, of course). High-five often. Even gloat. “A healthy degree of gloating,” prompted by squirts of oxytocin, “could well be associated with and feed an athlete’s self-confidence,” Dr. Pepping says.

Athletes, by the way, aren’t the only group affected by oxytocin in a sports setting, “Sports fans, too, experience spurts of oxytocin release,” Dr. Pepping says, including the half-hearted. “Even when you don’t much like sports,” he says, watching others high-five and leap about the living room after their favored team scores will lead “your body to release oxytocin.” At that moment, we are all a fervent Bears or Giants or Oklahoma City Thunder fan, whatever we might think, in our more sober moments, about that James Harden trade.

Read More..

DealBook: S.E.C. Chief Who Overhauled Agency to Step Down

11:42 a.m. | Updated

Mary L. Schapiro, who overhauled the Securities and Exchange Commission after the financial crisis, announced Monday that she was stepping down as chairwoman of the agency.

In recent days, the S.E.C. informed the White House and Treasury Department that Ms. Schapiro planned to leave Dec. 14, becoming the first major departure from the Obama administration’s team of financial regulators. Ms. Schapiro will also relinquish her position as one of the five members of the agency’s commission, the group that oversees Wall Street and the broader financial markets.

The White House announced on Monday that President Obama was naming Elisse B. Walter, a commissioner at the S.E.C., as the new chairwoman. In a somewhat surprising move, Ms. Walter will not step into an interim post, but will take over the top spot for the foreseeable future.

Ms. Walter’s appointment does not require Congressional approval because the Senate previously confirmed her as a commissioner. Eventually, the White House is expected to nominate another agency chief, according to a person briefed on the matter.

Ms. Schapiro’s departure, which follows a bruising four-year tenure, was widely telegraphed. Ms. Schapiro, 57, has confided in staff members for more than a year that she was exhausted and hoped to leave after the November elections.

“It has been an incredibly rewarding experience to work with so many dedicated S.E.C. staff who strive every day to protect investors and ensure our markets operate with integrity,” Ms. Schapiro said in a statement. “Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rule-making periods, and gained greater authority from Congress to better fulfill our mission.”

In 2008, Mr. Obama nominated Ms. Schapiro, a political independent, to head the S.E.C. at a time when extreme economic turmoil had shaken investor confidence in the country’s securities regulators.

The agency was faulted for its lax oversight of brokerage firms like Lehman Brothers, which failed in 2008 and contributed to the worst economic downturn since the Great Depression. Just weeks before Ms. Schapiro started as chairwoman, the Wall Street investor Bernard L. Madoff was accused of running a large Ponzi scheme, further damaging the credibility of regulators like the S.E.C., which missed crucial warning signs about the fraud.

“When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the S.E.C. and our economy as a whole,” Mr. Obama said in a statement. “But she accepted the challenge, and today, the S.E.C. is stronger and our financial system is safer and better able to serve the American people – thanks in large part to Mary’s hard work.”

Ms. Schapiro, a lifelong regulator who previously ran the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority, quickly gained a reputation as a consensus builder determined to repair the agency’s reputation. A tireless preparer and self-described pragmatist, Ms. Schapiro overhauled the agency’s management ranks, revived the enforcement unit and secured more money and technology at a time when other agencies were being asked to cut back. She also helped craft new rules for Wall Street oversight, as part of the Dodd-Frank regulatory overhaul.

“The S.E.C. came back from the brink,” said Harvey L. Pitt, a former chairman of the agency under President George W. Bush. “I give her enormous credit for that.”

Consumer advocates and other critics, however, say she failed to grab the bully pulpit at a time the country needed a vocal critic of Wall Street. Since the financial crisis, the agency brought few enforcement cases against the Wall Street executives at the center of the crisis.

The S.E.C. notes it has brought a record number of cases over the last two years. While no top banking executives have been charged, the agency has filed actions against 129 people and firms tied to the crisis.

Ms. Walter, a Democrat who became an S.E.C. commissioner in 2008 and briefly served as the agency’s acting leader a year later, is a longtime ally of Ms. Schapiro. They overlapped at the Commodity Futures Trading Commission and Finra, where Ms. Walter was a senior regulator and lawyer. At the S.E.C., Ms. Walter was often the only reliable vote for Ms. Schapiro’s rule-making efforts and is now expected to carry out a similar agenda as chairwoman.

While Ms. Walter will take over, she may not serve the whole term. Among the other people that Mr. Obama may consider naming as agency chief include Mary J. Miller, a senior Treasury Department official, a person briefed on the matter said. Sallie L. Krawcheck, a former top executive at Citigroup and Bank of America, is also in the running, according to people with knowledge of the matter. The agency’s enforcement chief, Robert Khuzami, is a long-shot contender.

As for Ms. Schapiro, few expect her to follow her predecessors and move into private legal practice, where she would defend the banks she has spent years regulating. Instead, they say she is more likely to seek out a position at a university or research group.

Read More..

New Senate’s First Task Will Likely Be Trying to Fix Itself

Jacquelyn Martin/Associated Press

At a news conference after meeting with President Obama about the budget, from left, Nancy Pelosi, the House Democratic leader; Harry Reid, the Senate Democratic leader; Speaker John A. Boehner; and Mitch McConnell, the Senate Republican leader.

WASHINGTON — Senator Bob Dole had just assumed the mantle of Senate majority leader, after the Republican landslide of 1994, when he confronted a problem.

Piles of Republican legislation from Newt Gingrich’s self-styled “revolutionary” House were stacking up in a narrowly divided, more deliberate Senate, and Democrats were threatening to gum up the works with amendments that would stall the bills.

Mr. Dole turned to the Senate’s Democratic master of floor procedure, Robert C. Byrd of West Virginia, who taught him a parliamentary trick known to Senate insiders as “filling the tree,” Mr. Dole recalled.

The convoluted procedure allows the majority leader to claim all opportunity for offering changes to a bill, effectively preventing any other senator from proposing an amendment intended to slow down legislation or force a politically embarrassing vote.

“I never knew what ‘filling the tree’ was until I tried it, but it turned out to be pretty good,” Mr. Dole said, ruefully accepting a share of the blame for the parliamentary arms race that has consumed the Senate in recent years. “I don’t think there’s any credit.”

The increased use of the tactic, which had previously been rare, is part of the procedural warfare that has reached a zenith over the past two years in the Senate. Republicans threaten to filibuster and propose politically charged amendments, Democrats fill the amendment tree, and Republicans filibuster in retaliation.

The tactic initially meant to speed bills has instead helped slow them down. The Senate — the legislative body that was designed as the saucer to cool the House’s tempestuous teacup — has become a deep freeze, where even once-routine matters have become hopelessly stuck and a supermajority is needed to pass almost anything.

As a result, the first fight of the next Senate, which convenes in January, is not likely to be over a fiscal crisis, immigration, taxes or any issue that animated the elections of 2012. It will instead probably be over how and whether to change a troubled Senate, members and aides say.

With his majority enhanced and a crop of frustrated young Democrats pushing him hard, Senator Harry Reid of Nevada, the Democratic leader, says he will move on the first day of the 113th Congress to diminish the power of Republicans to obstruct legislation. “We need to change the way we do business in the Senate,” said Senator Tom Udall, Democrat of New Mexico. “Right now, we have gridlock. We have delay. We have obstruction, and we don’t have any accountability.”

The pressure leaves Mr. Reid with a weighty decision: whether to ram through a change in the rules with a simple majority that would significantly diminish Republicans’ power to slow or stop legislation.

The changes under consideration may sound arcane, but they would have such a profound impact that they are referred to as the “nuclear option.” In effect, they would remake a Senate that was long run on compromise and gentlemen’s agreements into something more like the House, where the majority rules almost absolutely.

Critics of the idea, who exist in both parties, say such a change would do great damage, causing Washington to career from one set of policies to another, depending on which party held power.

Senator Mitch McConnell of Kentucky, the Republican leader, said he would aggressively fight any rule change and blamed the Democratic majority for the Senate’s dysfunction. “This notion that the Senate is dysfunctional is not because of the rules,” he said. “It’s because of behavior.”

Supporters of the idea, who also do not fit a neat ideological profile, argue that the collegial Senate of the past no longer exists and that American democracy is often paralyzed as a result. Today’s Senate, they say, has left crucial positions unfilled, like a confirmed head for the new Consumer Financial Protection Bureau, and is preventing action on major issues like job creation proposals.

“There is a tendency to look to the past through rose-colored glasses, to some mythical golden era when everyone got along and cooperated. That’s not true. It’s always been tough, and it’s always been rough,” said George Mitchell, a former Democratic majority leader who would now back some changes. “But I do believe and accept the premise that it’s worse now.”

Read More..

Saudi telco regulator suspends Mobily prepaid sim sales

(Reuters) – Saudi Arabia‘s No.2 telecom operator Etihad Etisalat Co (Mobily) has been suspended from selling pre-paid sim cards by the industry regulator, the firm said in a statement to the kingdom’s bourse on Sunday.

Mobily’s sales of pre-paid, or pay-as-you-go, sim cards will remain halted until the company “fully meets the prepaid service provisioning requirements,” the telco said in the statement.

These requirements include a September order from regulator, Communication and Information Technology Commission (CITC). This states all pre-paid sim users must enter a personal identification number when recharging their accounts and that this number must be the same as the one registered with their mobile operator when the sim card was bought, according to a statement on the CITC website.

This measure is designed to ensure customer account details are kept up to date, the CITC said.

Mobily said the financial impact of the CITC’s decision would be “insignificant”, claiming data, corporate and postpaid revenues would meet its main growth drivers.

The firm, which competes with Saudi Telecom Co (STC) and Zain Saudi, reported a 23 percent rise in third-quarter profit in October, beating forecasts.

Prepaid mobile subscriptions are typically more popular among middle and lower income groups, with telecom operators pushing customers to shift to monthly contracts that include a data allowance.

Customers on monthly, or postpaid, contracts are also less likely to switch provider, but the bulk of customers remain on pre-paid accounts.

Mobily shares were trading down 1.4 percent at 0820 GMT on the Saudi bourse.

(Reporting by Matt Smith; Editing by Dinesh Nair)

Tech News Headlines – Yahoo! News

Read More..

'Twilight,' Bond, 'Lincoln' lead record weekend

LOS ANGELES (AP) — Bella Swan, James Bond and Abe Lincoln have combined to lift Hollywood to record Thanksgiving revenue at the box office.

Kristen Stewart's finale as Bella in "The Twilight Saga: Breaking Dawn — Part 2" was No. 1 again with $64 million during the five-day holiday stretch that began Wednesday, according to studio estimates Sunday.

Daniel Craig's Bond adventure "Skyfall" came in at No. 2 with $51 million, while Daniel Day-Lewis and Steven Spielberg's Civil War saga "Lincoln" finished third with $34.1 million.

According to box-office tracker Hollywood.com, the three films paced Hollywood to an all-time Thanksgiving week best of about $290 million from Wednesday to Sunday.

That tops the previous record of $273 million over Thanksgiving in 2009, when "The Twilight Saga: New Moon" led the weekend.

This Thanksgiving also was a huge 25 percent jump from a year ago, when domestic revenues were a weak $232 million as some big holiday releases fizzled.

With a strong December lineup ahead, Hollywood has resumed its record revenue pace for the year after a brief box-office lull in late summer and early fall.

Domestic revenues for 2012 are at $9.75 billion, putting Hollywood potentially on track for its first $11 billion year, which would beat the 2009 record of $10.6 billion, said Hollywood.com analyst Paul Dergarabedian.

"We're barreling toward a record-breaking box-office year," Dergarabedian said. "It's built on the back of just a lot of really strong movies that have come out over the past few weekends. It bodes very well for the rest of the holidays."

The "Twilight" finale, "Skyfall" and "Lincoln" finished in the same top-three rankings for the second-straight weekend as new releases were unable to dislodge the holdovers.

Released by Lionsgate's Summit Entertainment banner, "Breaking Dawn — Part 2," pulled in $43.1 million from Friday to Sunday, raising its domestic total to $227 million. The movie added $97.4 million overseas to bring its international total to $350.8 million and its worldwide take to $577.7 million.

Sony's "Skyfall" also topped $200 million domestically, ringing up $36 million for the three-day weekend to put its U.S. total at $221.7 million. With $41.3 million more overseas, "Skyfall" raised its international revenues to $568.4 million and its worldwide sales to $790.1 million.

"Lincoln," a DreamWorks film distributed by Disney, took in $25 million over the weekend to lift its domestic revenue to $62.2 million.

Leading the newcomers was Paramount and DreamWorks Animation's tale "Rise of the Guardians" at No. 4 with $24 million for the weekend and $32.6 million since opening Wednesday.

Based on William Joyce's "Guardians of Childhood" books, "Rise of the Guardians" gathers Santa Claus, the Easter Bunny, the Tooth Fairy and other mythical beings as a team of heroes battling an evil overlord.

Close behind at No. 5 was director Ang Lee's shipwreck saga "Life of Pi" at No. 5 with $22 million over the weekend. The 20th Century Fox release has taken in $30.2 million domestically since its Wednesday debut and added $17.5 million in four Asian markets.

"Life of Pi" was adapted from Yann Martel's best-selling novel about an Indian youth adrift on a lifeboat with a Bengal tiger. Many fans considered the introspective novel impossible to film, but Lee has charmed audiences and critics with an inspiring survival story told through dazzling 3-D images.

The weekend's other new wide release, a remake of the 1980s U.S.-invasion tale "Red Dawn," opened at No. 7 with $14.6 million, raising its total to $22 million since debuting Wednesday.

"Red Dawn" sat on the shelf for three years while studio backer MGM went through bankruptcy, with distributor FilmDistrict eventually picking it up for domestic release. The movie's cast includes Chris Hemsworth ("Thor") and Josh Hutcherson ("The Hunger Games") in a story of young guerrillas battling North Korean invaders.

In limited release, Fox Searchlight's "Hitchcock" opened solidly with about $300,000 in 17 theaters. The movie stars Anthony Hopkins as Alfred Hitchcock in a behind-the-scenes story of the making of "Psycho."

The weekend's overall strength came from a broad range of films that clicked with various audiences, from action and family fare to thoughtful drama.

"This is a marketplace that has something for everyone," said Chris Aronson, head of distribution for 20th Century Fox. "You have something deeper like 'Life of Pi,' yet you have a very successful sequel in 'Twilight' at the same time. Adult bio-drama, if you will, in 'Lincoln,' and you have Bond. That's the secret to a very successful and balanced marketplace."

Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Hollywood.com. Where available, latest international numbers are also included. Final domestic figures will be released Monday.

1. "The Twilight Saga: Breaking Dawn — Part 2," $43.1 million ($97.4 million international).

2. "Skyfall," $36 million ($41.3 million international).

3. "Lincoln," $25 million.

4. "Rise of the Guardians," $24 million.

5. "Life of Pi," $22 million ($17.5 million international)

6. "Wreck-It Ralph," $16.8 million ($2.1 million international).

7. "Red Dawn," $14.6 million.

8. "Flight," $8.6 million.

9. "Silver Linings Playbook," $4.6 million.

10. "Argo," $3.9 million.

___

Online:

http://www.hollywood.com

http://www.rentrak.com

___

Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by News Corp.; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.

Read More..

Lobbying, a Windfall and a Leader’s Family

The New York Times

Ping An, one of China’s largest financial services companies, is building a 115-story office tower in Shenzhen. The company is a $50 billion powerhouse now worth more than A.I.G., MetLife or Prudential.

SHENZHEN, China — The head of a financially troubled insurer was pushing Chinese officials to relax rules that required breaking up the company in the aftermath of the Asian financial crisis.

The survival of Ping An Insurance was at stake, officials were told in the fall of 1999. Direct appeals were made to the vice premier at the time, Wen Jiabao, as well as the then-head of China’s central bank — two powerful officials with oversight of the industry.

“I humbly request that the vice premier lead and coordinate the matter from a higher level,” Ma Mingzhe, chairman of Ping An, implored in a letter to Mr. Wen that was reviewed by The New York Times.

Ping An was not broken up.

The successful outcome of the lobbying effort would prove monumental.

Ping An went on to become one of China’s largest financial services companies, a $50 billion powerhouse now worth more than A.I.G., MetLife or Prudential. And behind the scenes, shares in Ping An that would be worth billions of dollars once the company rebounded were acquired by relatives of Mr. Wen.

The Times reported last month that the relatives of Mr. Wen, who became prime minister in 2003, had grown extraordinarily wealthy during his leadership, acquiring stakes in tourist resorts, banks, jewelers, telecommunications companies and other business ventures.

The greatest source of wealth, by far, The Times investigation has found, came from the shares in Ping An bought about eight months after the insurer was granted a waiver to the requirement that big financial companies be broken up.

Long before most investors could buy Ping An stock, Taihong, a company that would soon be controlled by Mr. Wen’s relatives, acquired a large stake in Ping An from state-owned entities that held shares in the insurer, regulatory and corporate records show. And by all appearances, Taihong got a sweet deal. The shares were bought in December 2002 for one-quarter of the price that another big investor — the British bank HSBC Holdings — paid for its shares just two months earlier, according to interviews and public filings.

By June 2004, the shares held by the Wen relatives had already quadrupled in value, even before the company was listed on the Hong Kong Stock Exchange. And by 2007, the initial $65 million investment made by Taihong would be worth $3.7 billion.

Corporate records show that the relatives’ stake of that investment most likely peaked at $2.2 billion in late 2007, the last year in which Taihong’s shareholder records were publicly available. Because the company is no longer listed in Ping An’s public filings, it is unclear if the relatives continue to hold shares.

It is also not known whether Mr. Wen or the central bank chief at the time, Dai Xianglong, personally intervened on behalf of Ping An’s request for a waiver, or if Mr. Wen was even aware of the stakes held by his relatives.

But internal Ping An documents, government filings and interviews with bankers and former senior executives at Ping An indicate that both the vice premier’s office and the central bank were among the regulators involved in the Ping An waiver meetings and who had the authority to sign off on the waiver.

Only two large state-run financial institutions were granted similar waivers, filings show, while three of China’s big state-run insurance companies were forced to break up. Many of the country’s big banks complied with the breakup requirement — enforced after the financial crisis because of concerns about the stability of the financial system — by selling their assets in other institutions.

Ping An issued a statement to The Times saying the company strictly complies with rules and regulations, but does not know the backgrounds of all entities behind shareholders. The company also said “it is the legitimate right of shareholders to buy and sell shares between themselves.”

In Beijing, China’s foreign ministry did not return calls seeking comment for this article. Earlier, a Foreign Ministry spokesman sharply criticized the investigation by The Times into the finances of Mr. Wen’s relatives, saying it “smears China and has ulterior motives.”

Read More..