Global Update: GlaxoSmithKline Tops Access to Medicines Index


Sang Tan/Associated Press







GlaxoSmithKline hung on to its perennial top spot in the new Access to Medicines Index released last week, but its competitors are closing in.


Every two years, the index ranks the world’s top 20 pharmaceutical companies based on how readily they get medicines they hold patents on to the world’s poor, how much research they do on tropical diseases, how ethically they conduct clinical trials in poor countries, and similar issues.


Johnson & Johnson shot up to second place, while AstraZeneca fell to 16th from 7th. AstraZeneca has had major management shake-ups. It did not do less, but the industry is improving so rapidly that others outscored it, the report said.


The index was greeted with skepticism by some drugmakers when it was introduced in 2008. But now 19 of the 20 companies have a board member or subcommittee tracking how well they do at what the index measures, said David Sampson, the chief author.


The one exception was a Japanese company. As before, Japanese drugmakers ranked at or near the index’s bottom, and European companies clustered near the top. Generic companies — most of them Indian — that export to poor countries are ranked separately.


Johnson & Johnson moved up because it created an access team, disclosed more and bought Crucell, a vaccine company.


The foundation that creates the index now has enough money to continue for five more years, said its founder, Wim Leereveld, a former pharmaceutical executive.


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In ‘Fiscal Cliff’ Talks, First Step Is the Hardest





WASHINGTON — For all the growing angst over the state of negotiations to head off a fiscal crisis in January, the parties are farthest apart on a relatively small part of the overall deficit reduction program — the down payment.




President Obama and the House speaker, John A. Boehner, are in general agreement on the overarching issue: that the relevant Congressional committees must sit down next year and work out changes to the tax code and entitlement programs to save well more than $1 trillion over the next decade.


But before that work begins, both men want Congress to approve a first installment on deficit reduction that would replace the automatic spending cuts and tax increases that make up the “fiscal cliff,” while signaling Washington’s seriousness about getting its fiscal house in order. That is where the chasm lies in size and scope.


Mr. Obama says the down payment should be large, real and made up almost completely of tax increases on top incomes. He is putting such emphasis on the tax increases partly because he and Congressional leaders last year agreed on some spending cuts over the next decade but have yet to agree on any tax increases.


Republicans have countered by arguing for a smaller down payment that must include immediate savings from Medicare and other entitlements. Republicans, using almost the mirror-image language of Mr. Obama, have said that they do not want to agree to specific tax increases and vague promises of future spending cuts.


“I think there’s a lot of confusion between the initial down payment and the framework. That’s for sure,” said Senator Kent Conrad of North Dakota, chairman of the Senate Budget Committee and part of a bipartisan “Gang of Six” senators who devised the two-stage process.


The two sides are trying to get to a deal that would start with a specific down payment and then fix targets for larger savings in the tax code and entitlement programs. They are expected to spend much of the next year hashing out the specific policy changes needed to hit those targets.


The argument over the size of the down payment is critical. Republicans and Democrats alike worry that canceling roughly $600 billion in deficit-reducing tax increases and spending cuts next year might spook financial markets, which could take the move as proof that the United States’ fiscal problems are politically intractable.


But neither side believes Congress could meaningfully overhaul the main drivers of future deficits — Medicare and Medicaid — in the four weeks that remain before the fiscal deadline.


“Entitlement reform is a big step, and it affects tens of millions of people,” said Senator Richard J. Durbin, Democrat of Illinois and another architect of the two-stage framework. “It’s not just a matter of cutting spending in an appropriation. It’s changing policy. And that’s why I was reluctant to include it in the down-payment conversation. I want this to be a thoughtful effort on both sides that doesn’t jeopardize this program.”


Republican leaders have said that they are willing to raise new revenues in a broad deficit deal, but they want taxes to rise by closing loopholes and curbing tax deductions and credits — a tall order for Congress in a year, let alone a month. They explicitly do not want to allow tax rates to rise on income over $250,000, an issue that is becoming the main stumbling block in the talks.


Mr. Obama is seeking to lock in $1.6 trillion in higher revenue as the bulk of the first stage of deficit reductions before stage two even begins. House Republicans say the down payment should be at least $110 billion, the value of the automatic spending cuts they would cancel next year, and they want those savings to come largely from cuts in Medicare and other benefit programs.


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A Spate of Rebranding for Spanish-Language Television





It’s a race to be the best of the second best. On Monday, Univision, the dominant Spanish-language network in the United States, will announce a new name and look for its second-largest network, TeleFutura. The move is a direct shot at Telemundo, a rival for second place among domestic Spanish-speaking viewers.







RTI Colombia

A scene from the new show “Quien Eres Tu” on Univision’s newly named UniMás network.







Telemundo

Telemundo’s redesigned “T” logo.






John Van Beekum for The New York Times

"We have been focused on making TeleFutura the undisputed No. 2 Spanish-language network in the U.S. behind Univision,” said Cesar Conde, the president of Univision Networks.






The new name for the network will be UniMás. The network will offer new content and a consumer marketing campaign aimed at a younger, male Latino demographic. The rebranding of TeleFutura is also the latest effort from Univision to connect all of its properties under the Univision brand. The moves will be announced at an industry event in New York City on Monday, and the revamped network will make its debut on Jan. 7.


“We have been focused on making TeleFutura the undisputed No. 2 Spanish-language network in the U.S. behind Univision,” César Conde, the president of Univision Networks, said in an interview. “This new brand positioning is going to really identify and connect UniMás with the main mother ship brand of Univision.”


The rebranding of TeleFutura is just one of many Spanish-language television changes this year.


Many of the efforts may appear to be geared toward consumers, but they are also an attempt by the networks to attract dollars from advertisers wanting to cater to the growing Hispanic marketplace.


“Media companies are being forced to change because audience behavior is changing pretty radically,” said Karl Heiselman, the chief executive at Wolff Olins, the advertising agency that worked with Univision on a redesigh of its tulip logo, unveiled in October. “The Hispanic market is not the old stereotype of the past at all. It’s incredibly young and tech savvy.”


The Univision parent company presented a refreshed three-dimensional version of the green, blue, red and purple tulip logo, along with a new tag line “The Hispanic Heartbeat of America.”


“There was a huge opportunity for Univision to tell a more relevant contemporary story, not only to their audience but to a new audience and to their advertisers,” said Jordan Crane, a creative director at Wolff Olins. “When it was first done, the world was more flat. Now we have so many different platforms that this identity has to live on.”


In November, Univision announced a new logo for its Galavisión unit to celebrate that network’s 33rd anniversary. The new logo included a line underneath clearly identifying Galavisión as “A Univision Network” and connecting it further to the parent company. The new logo was designed by PMcD Design and featured an orange “G” and the tagline in gray.


At Advertising Week this fall, Telemundo announced a major rebranding effort of its own, including a new fire-red “T” logo that replaced its 11-year old blue “T” logo. The network, owned by NBCUniversal, will start the campaign this month with marketing initiatives including commercials featuring network personalities. The ads will run on networks like A&E, Bravo, CNBC, Lifetime and MTV. The network’s morning show, “Un Nuevo Dia,” will be live from Times Square on Dec. 10.


“It is the year of the brands in the Hispanic space,” said Jacqueline Hernández, the chief operating officer for Telemundo. “When you’re doing a brand refresh, your goal is to keep, maintain and attract.”


The new campaign, created by the DixonBaxi Creative Agency, features bold hues of yellow, purple, blue and red and centers on the Spanish word “te,” the informal pronoun for “you,” with phrases like “Te sorprende” and “Te informa” (It surprises you. It informs you).


But despite all of UniVision’s branding efforts, content is still king. And while Univision attracts a significant portion of domestic Spanish-language television viewers, TeleFutura will have some catching up to do if it expects to compete with Telemundo. According to data from Nielsen, from Sept. 24 through Nov. 25, Univision averaged 3.7 million viewers in prime time, Telemundo had 1.2 million viewers and TeleFutura had 710,000.


Univision hopes to counter that momentum by striking content partnerships that hit close to Telemundo’s turf, including a multiyear agreement with the Colombian production company Caracol Televisión, which at the end of this year will cease to offer Telemundo first right of refusal on content.


Univision will also benefit from a new content agreement with RTI Colombia, which distributes content through the Univision partner Televisa. Telemundo owns a 40 percent share in RTI, but new RTI shows including “Quien Eres Tú” (Who are you?) and “Made in Cartagena” will make their debut on UniMás. A third RTI dramatic series, a boxing-themed show called “Cloroformo,” is also part of the new production slate.


While the network is setting its sights on edgier, alternative content, many of the shows will still feature the essential ingredient in many Spanish-language series: romance.


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Here’s How to Turn Nicki Minaj into Jay-Z












We realize there’s only so much time one can spend in a day watching new trailers, viral video clips, and shaky cell phone footage of people arguing on live television. This is why every day The Atlantic Wire highlights the videos that truly earn your five minutes (or less) of attention. Today:


RELATED: It’s Sort of Fun Watching Pippa Middleton Squirm












This is silly, but it’s Friday and a unicorn lair has been found in North Korea, rendering all other silliness moot. But the folks over at Reddit seem to dig the idea of slowing down Nicki Minaj’s songs so much that they sound like an over-enunciating Jay-Z. And well, it’s oddly relaxing: 


RELATED: ‘Roseanne’ Predicted Internet Addiction; A Weather Alert from Hell


RELATED: The Honey Boo Boo Nature Special; Everyone’s Favorite Sleepwalking Mom


Another week has passed by and we still haven’t figured out the Fiscal Cliff situation. Let’s fix it—and not just because we want to avoid getting downgraded (again). Because honestly, we just don’t think CNBC’s Rick Santelli can make it another two weeks: 


RELATED: Cookie Monster Takes a Bite Out of ‘Call Me Maybe’


RELATED: Paul Ryan Was In a Band Called Steak Baby


James Lipton, let’s hang out: 


Finally, it’s Friday. What are you still doing here?  Go enjoy the weekend or something or … watch this video of a husky which sort of sounds like Dame Edna at time imitating a baby until 6 p.m. rolls around: 


Wireless News Headlines – Yahoo! News


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Chiefs beat Panthers at somber Arrowhead Stadium

KANSAS CITY, Mo. (AP) — Romeo Crennel stood in the middle of the Kansas City Chiefs' locker room Sunday, the emotion threatening to overcome the good-natured coach.

Chiefs owner Clark Hunt was at his side, offering support. Members of the team hugged each other, the mud smearing with tears on their cheeks. And over along the wall stood the empty locker that once belonged to Jovan Belcher, his jersey still hanging from a hook.

Just one day after the linebacker killed his girlfriend and then turned the gun on himself, the Chiefs banded together to play their finest game of the season, an inspired 27-21 victory over the Carolina Panthers that ended an eight-game losing streak suddenly rendered trivial.

"As far as playing the game, I thought that was the best for us to do, because that's what we do," Crennel said, tears forming in the corners of his eyes. "We're football players and football coaches and that's what we do, we play on Sunday."

According to authorities, Belcher shot his girlfriend multiple times early Saturday at a residence near Arrowhead Stadium, then sped to the team's practice facility and turn the gun on himself as Crennel and general manager Scott Pioli watched in the parking lot.

Pioli walked through the press box before the game and said he was doing "OK."

"It's been an incredibly difficult 24 hours for our family and our entire organization," Hunt said. "We have so many guys on our team and our coaching staff who are really, really hurting."

Chiefs players gathered in the tunnel leading to the field for a brief prayer before their pregame stretching. A few fans in the half-empty stadium held up signs referencing the shootings, and there was a moment of silence to remember all victims of domestic violence.

Kansas City police have not released a motive for the shootings, which claimed the life of Belcher and 22-year-old Kasandra M. Perkins, and left a 3-month-old girl, Zoey, an orphan.

"I'm just trying to get through the rest of today," said the Chiefs' Brady Quinn, who threw his first two touchdown passes in three years. "The emotions of what has taken place will probably hit home for a few guys the next few days, when they realize what's taken place."

Cam Newton threw for 232 yards and three touchdowns for the Panthers (3-9), who were informed the game would be played as scheduled while they were heading to Kansas City on Saturday.

DeAngelo Williams added 67 yards rushing, carrying the load with Jonathan Stewart out with an injury. Steve Smith, Greg Olsen and Louis Murphy caught Carolina's TD passes.

"You definitely feel for them. What they are going through is tragic," Olsen said. "But we have a job to do. Our job is to come here and prepare to win. They wouldn't expect any less."

Peyton Hillis had a touchdown run for Kansas City (2-10), while Tony Moeaki and Jon Baldwin had touchdown catches. Ryan Succop hit a pair of field goals, including a 52-yarder with 4:54 left that forced the Panthers try for a touchdown to steal the win.

Instead, they went three-and-out, and the Chiefs were able to run the clock down to 31 seconds before giving back the ball. Newton completed two quick passes to reach the Carolina 38, but his final heave as time expired was caught by Smith short of the end zone.

Panthers coach Ron Rivera greeted Crennel at midfield and gave him a hug.

"They played an inspired football game," Rivera said. "They did some really good things, and we have to give them credit, because they suffered through a very difficult time."

The emotions were raw even after the kickoff.

Kansas City took the opening possession and marched 74 yards in just six plays, including a 21-yard pass to Dwayne Bowe and a 34-yarder to Baldwin that got the Chiefs to the Carolina 2.

Hillis powered in to score the first touchdown for Kansas City on the opening possession of a game since Dec. 26, 2010. It was also the first touchdown drive engineered by Quinn since December 2009, when he helped the Browns beat the Chiefs at Arrowhead Stadium.

Hillis ran to the sideline after scoring his first touchdown of the season and handed the ball to Crennel, then gave the guy who managed to hold the team together a hug.

The Panthers answered with a long touchdown drive of their own. The big play came when safety Abe Elam watched Olsen haul in a 47-yard pass from Newton for the tying touchdown.

The Chiefs had tacked on a field goal when the Panthers struck again, this time after Newton completed three passes to convert third downs, the last finding Smith in the end zone.

But Kansas City finished off the half with one of its best drives of the year, an 80-yard march that took up the final 7:25. Hillis was stuffed at the line on third-and-goal, and Crennel allowed the clock to hit 2 seconds before calling timeout. On the final play of the half, Quinn saw Moeaki open in the back of the end zone and delivered a soft toss for a 17-14 lead.

Breathing room came late in the third quarter when the Chiefs used 17 plays to go 87 yards on a drive that lasted another 10 minutes. Quinn finished it with a 3-yard touchdown pass to Baldwin.

Carolina mounted a comeback with the opening drive of the fourth quarter, with Newton hitting Murphy on a quick slant route from the 8 to get the Panthers within a field goal. But the Chiefs added their own field goal, and then burned enough of the clock to ensure the victory.

One that allowed the Chiefs to celebrate in the midst of their mourning.

"There were pockets in the game where reality hits you again, and that's sobering," said Chiefs linebacker Andy Studebaker. "I've been telling people, Jovan was like a brother to us. His family was family to us. Our hearts go out to them, man, and the game maybe took our heads off it for a while — it brought us closer as a team today, I think — but it's never going to be easy."

NOTES: Chiefs CB Brandon Flowers (hamstring), S Abe Elam (left leg) and LB Derrick Johnson (left hamstring) left the game with injuries. Carolina lost LB James Anderson (eye), Murphy (foot) and S Sherrod Martin (right knee) during the game. ... Chiefs WR Dwayne Bowe caught four passes to move into third place in franchise history with 413 catches. ... Carolina has attempted 11 FGs this season.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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Unboxed: Stand-Up Desks Gaining Favor in the Workplace





THE health studies that conclude that people should sit less, and get up and move around more, have always struck me as fitting into the “well, duh” category.




But a closer look at the accumulating research on sitting reveals something more intriguing, and disturbing: the health hazards of sitting for long stretches are significant even for people who are quite active when they’re not sitting down. That point was reiterated recently in two studies, published in The British Journal of Sports Medicine and in Diabetologia, a journal of the European Association for the Study of Diabetes.


Suppose you stick to a five-times-a-week gym regimen, as I do, and have put in a lifetime of hard cardio exercise, and have a resting heart rate that’s a significant fraction below the norm. That doesn’t inoculate you, apparently, from the perils of sitting.


The research comes more from observing the health results of people’s behavior than from discovering the biological and genetic triggers that may be associated with extended sitting. Still, scientists have determined that after an hour or more of sitting, the production of enzymes that burn fat in the body declines by as much as 90 percent. Extended sitting, they add, slows the body’s metabolism of glucose and lowers the levels of good (HDL) cholesterol in the blood. Those are risk factors toward developing heart disease and Type 2 diabetes.


“The science is still evolving, but we believe that sitting is harmful in itself,” says Dr. Toni Yancey, a professor of health services at the University of California, Los Angeles.


Yet many of us still spend long hours each day sitting in front of a computer.


The good news is that when creative capitalism is working as it should, problems open the door to opportunity. New knowledge spreads, attitudes shift, consumer demand emerges and companies and entrepreneurs develop new products. That process is under way, addressing what might be called the sitting crisis. The results have been workstations that allow modern information workers to stand, even walk, while toiling at a keyboard.


Dr. Yancey goes further. She has a treadmill desk in the office and works on her recumbent bike at home.


If there is a movement toward ergonomic diversity and upright work in the information age, it will also be a return to the past. Today, the diligent worker tends to be defined as a person who puts in long hours crouched in front of a screen. But in the 19th and early 20th centuries, office workers, like clerks, accountants and managers, mostly stood. Sitting was slacking. And if you stand at work today, you join a distinguished lineage — Leonardo da Vinci, Ben Franklin, Winston Churchill, Vladimir Nabokov and, according to a recent profile in The New York Times, Philip Roth.


DR. JAMES A. LEVINE of the Mayo Clinic is a leading researcher in the field of inactivity studies. When he began his research 15 years ago, he says, it was seen as a novelty.


“But it’s totally mainstream now,” he says. “There’s been an explosion of research in this area, because the health care cost implications are so enormous.”


Steelcase, the big maker of office furniture, has seen a similar trend in the emerging marketplace for adjustable workstations, which allow workers to sit or stand during the day, and for workstations with a treadmill underneath for walking. (Its treadmill model was inspired by Dr. Levine, who built his own and shared his research with Steelcase.)


The company offered its first models of height-adjustable desks in 2004. In the last five years, sales of its lines of adjustable desks and the treadmill desk have surged fivefold, to more than $40 million. Its models for stand-up work range from about $1,600 to more than $4,000 for a desk that includes an actual treadmill. Corporate customers include Chevron, Intel, Allstate, Boeing, Apple and Google.


“It started out very small, but it’s not a niche market anymore,” says Allan Smith, vice president for product marketing at Steelcase.


The Steelcase offerings are the Mercedes-Benzes and Cadillacs of upright workstations, but there are plenty of Chevys as well, especially from small, entrepreneurial companies.


In 2009, Daniel Sharkey was laid off as a plant manager of a tool-and-die factory, after nearly 30 years with the company. A garage tinkerer, Mr. Sharkey had designed his own adjustable desk for standing. On a whim, he called it the kangaroo desk, because “it holds things, and goes up and down.” He says that when he lost his job, his wife, Kathy, told him, “People think that kangaroo thing is pretty neat.”


Today, Mr. Sharkey’s company, Ergo Desktop, employs 16 people at its 8,000-square-foot assembly factory in Celina, Ohio. Sales of its several models, priced from $260 to $600, have quadrupled in the last year, and it now ships tens of thousands of workstations a year.


Steve Bordley of Scottsdale, Ariz., also designed a solution for himself that became a full-time business. After a leg injury left him unable to run, he gained weight. So he fixed up a desktop that could be mounted on a treadmill he already owned. He walked slowly on the treadmill while making phone calls and working on a computer. In six weeks, Mr. Bordley says, he lost 25 pounds and his nagging back pain vanished.


He quit the commercial real estate business and founded TrekDesk in 2007. He began shipping his desk the next year. (The treadmill must be supplied by the user.) Sales have grown tenfold from 2008, with several thousand of the desks, priced at $479, now sold annually.


“It’s gone from being treated as a laughingstock to a product that many people find genuinely interesting,” Mr. Bordley says.


There is also a growing collection of do-it-yourself solutions for stand-up work. Many are posted on Web sites like howtogeek.com, and freely shared like recipes. For example, Colin Nederkoorn, chief executive of an e-mail marketing start-up, Customer.io, has posted one such design on his blog. Such setups can cost as little as $30 or even less, if cobbled together with available materials.


UPRIGHT workstations were hailed recently by no less a trend spotter of modern work habits and gadgetry than Wired magazine. In its October issue, it chose “Get a Standing Desk” as one of its “18 Data-Driven Ways to Be Happier, Healthier and Even a Little Smarter.”


The magazine has kept tabs on the evolving standing-desk research and marketplace, and several staff members have become converts themselves in the last few months.


“And we’re all universally happy about it,” Thomas Goetz, Wired’s executive editor, wrote in an e-mail — sent from his new standing desk.


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Some Economists Doubt Dire Effects From Tax Increases





As anxious investors assess their portfolios in light of expected tax increases on investment income, hedge fund manager Douglas Kass has a simple message: Relax.




Mr. Kass, the founder of Seabreeze Partners Management, thinks much of the investing world has overestimated how hard the markets and investors would be hit if tax rates on dividends and capital gains rise at the end of the year, as the White House has proposed.


Mr. Kass can look for support to several economists who have studied past changes in tax rates and found that the shifts had less of an impact on investor behavior than was initially expected.


That’s largely because a dwindling number of investors are subject to the taxes on investment gains that are set to rise at the end of the year, with most stocks held in accounts that are exempt from taxes.


For example, only 14.7 percent of American households have mutual funds in taxable accounts, down from as high as 23.9 percent in 2001, according to data from the Investment Company Institute. Douglas A. Shackelford, an economist who has examined the 2003 legislation that lowered the tax rates on capital gains and dividends, said that when those changes were being put in place “people thought this would be revolutionary,” sparking a wave of changes in the way companies rewarded their investors, and how investors evaluated companies.


In the end, “it made a difference, but it certainly was not revolutionary,” said Mr. Shackelford, a professor of taxation at the University of North Carolina’s business school. The limited number of investors who were subject to the changes in 2003 has grown even smaller today, he said.


While data on the tax status of all stockholders is hard to come by, many economists agree than an increasing proportion of the entire equities market is now held by retirement investors whose holdings are not subject to current tax law; by foreign investors who don’t pay American taxes, or by institutional investors like insurance companies and pension funds that are exempt from taxes.


Sam Stovall, the chief investment strategist at S&P Capital IQ, said that even among individual investors who do pay the taxes, many have incomes under $250,000 and would not be subject to the increased rates on investment income proposed by the White House. The result Mr. Stovall is anticipating is that the coming changes will cause “a lot less of a hit than most people are making it out to be.”


Mr. Stovall and others who share his views are not discounting the potential disruption to the financial markets if the White House and Congress fail to reach any agreement on the broad set of tax increases and spending cuts scheduled to hit at the start of the year. The largest of these changes are not on investment income. An increase in the payroll tax, for example, could remove $95 billion from the take-home pay of Americans.


But even if a broad agreement is reached, many strategists are expecting that taxes will rise on investment income, with the White House proposing that for households earning over $250,000 the rate on dividends rise to a peak of 39.6 percent from the current 15 percent, and the rate on capital gains increasing to 20 percent from 15 percent.


Wealthy households will face an additional 3.8 percent charge on most investment income to help pay for the recent health care legislation.


Neil J. Hennessy, the founder of Hennessy Funds, said at a year-end investing event last week that if politicians allow the rates to rise as much as the White House has proposed, dividends will become much less attractive and there could be “disastrous effect” on the willingness of investors to put money into stocks.


Some companies have already acted ahead of the changes, with Costco and Las Vegas Sands leading the way in issuing special dividends before the end of the year so their shareholders can take advantage of current tax rates. Some investors have sold off stocks that issue regular dividends expecting the companies to become less valuable once a greater proportion of dividend income is lost to taxes.


Andrew Garthwaite, an analyst at Credit Suisse, has predicted that if the White House’s view on investment taxes prevails, it could lead to a long-term reduction in the value of the Standard & Poor’s 500-stock index of as much as 5 percent. Mr. Garthwaite cautioned that the figure is likely to be lower, and that investors have already incorporated some of those losses into the market by selling stocks.


Mr. Kass disputed Mr. Garthwaite’s estimates in a note to clients, and said he was looking at market losses of at most 1.6 percent and more likely closer to 0.8 percent. Part of the disagreement arises from Mr. Kass’s contention that many people who are subject to tax are either uninformed about tax law — and unlikely to respond to changes — or more focused on the long-term performance of their portfolio than on short-term tax payments.


Mr. Kass said that even the losses he has predicted assume that wealthy people will be willing to cash out of their stock positions and stay out, something that he said is unlikely given the small returns available in other financial investments.


But an even larger source of misunderstanding has come from the difficulty of ascertaining the amount of all United States stocks held by people who will have to pay the new, higher tax rates. Foreign investors controlled 12.4 percent of American stocks in 2011, up from 8.8 percent in 2004, Treasury Department data shows.


Among the stocks that are held in the United States, 48 percent are held directly by households, down from 65 percent in 1988, according to Federal Reserve figures. In contrast, 40.7 percent of households have mutual funds in tax-exempt accounts.


But only some of these have income over $250,000 a year, and a portion of those people have their money in accounts protected from taxes. Eric Toder, a co-director of the Tax Policy Center, said as a result market prices should have little to do with the taxes paid on gains because prices are largely “being determined by tax-exempt investors and by foreign investors.”


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North Korea Is Preparing to Launch Another Long-Range Rocket





SEOUL, South Korea — North Korea said Saturday that it would try to launch another long-range rocket later this month, as the country prepares to commemorate the death a year ago of its longtime ruler Kim Jong-il, and as his son Kim Jong-un works to bolster his credentials as a leader.




The launching, which North Korea said would take place between Dec. 10 and Dec. 22, is likely to prompt international condemnations and heighten tensions with Washington and its allies. Critics consider North Korea’s launching of a Unha-3 rocket a cover for testing technology for intercontinental ballistic missiles that could eventually be used to carry nuclear weapons.


In April, North Korea launched a rocket, only to have it disintegrate shortly afterward, failing in its stated goal of putting an earth-observation satellite into orbit.


Saturday’s announcement came at a delicate time in the region. South Korea is gearing up for a presidential election on Dec. 19, and Japan plans parliamentary elections on Dec. 16. In Washington, President Obama will begin his second term in January.


“For Kim Jong-un, a successful rocket launching may be the best he can think of to show his achievements in his first year in power,” said Kim Yong-hyun, a professor of North Korean studies at Dongguk University in Seoul and a visiting scholar in international studies at Johns Hopkins University. Kim Jong-un took over after the death of his father last Dec. 17.


The North’s announcement also came a day after Mr. Kim met a delegation sent by China’s new leader, Xi Jinping. South Korean news media had speculated that one of the missions of the Chinese delegation might be to try to persuade Pyongyang to refrain from launching a rocket again, with satellite photos appearing to indicate launching preparations.


If so, North Korea’s apparent rejection would be particularly brazen, given that Mr. Xi has just been elevated. China is North Korea’s only real ally, and a source of much-needed aid and trade, but Pyongyang has ignored some of China’s requests in the past.April’s launching led to the collapse of a deal under which Washington promised to ship humanitarian aid to North Korea in return for North Korea’s promise to suspend nuclear and missile tests, as well as uranium enrichment, and allow United Nations monitors back into its main nuclear complex.


The official Korean Central News Agency quoted an unidentified spokesman for the Korean Committee for Space Technology as saying that North Korea had “analyzed the mistakes” made in April and had improved the precision and reliability of the rocket and satellite. The rocket is expected to take the same path as that abortive launching, traveling between China and the Korean Peninsula, and North Korea said Saturday that it would conduct the launching “transparently.”


South Korea expressed “serious concern” about the plan, calling it “a grave provocation” in defiance of international warnings. “The North must realize that its repeated provocations have only deepened its isolation,” the South Korean Foreign Ministry said in a statement.


In Washington, the Obama administration also denounced the planned launching. “A North Korean ‘satellite’ launching would be a highly provocative act that threatens peace and security in the region,” Victoria Nuland, the State Department spokeswoman, said in a statement on Saturday. She added that the United States was consulting with allies on the issue.


Since 1998, North Korea has launched several long-range rockets, which the United States and South Korean officials say have all exploded in midair or failed in their stated goal of putting satellites into orbit. North Korea, however, has insisted that two satellites were circling the earth.


North Korea has often used nuclear and missile threats during changes of power in the region as a way to try to force the new governments to engage in talks and possibly offer concessions. North Korea has also been accused of using military provocations to influence elections in the South.


This time, the announcement about the launching “could very well have to do primarily with domestic political considerations, that Kim Jong-un wants a demonstrable feat to boost his legitimacy, and his technicians have assured him they are ready,” said John Delury, a North Korea expert at Yonsei University in Seoul.


“It doesn’t hurt that South Korea is in the middle of a string of aborted efforts at launching a satellite of their own; should Pyongyang succeed, it scores points in the ongoing inter-Korean rivalry, but also highlights what it sees as the hypocrisy of banning one Korea from doing what the other Korea does freely,” he said.


Mr. Kim, the analyst, said it would be hard to predict how the planned rocket launching would affect the election in South Korea, which pits Park Geun-hye, the conservative candidate from the governing Saenuri Party, against Moon Jae-in, the liberal opposition candidate.


The North’s planned action may be a disadvantage for Ms. Park, who has never served in the military, but at the same time it could help rally conservative voters. Mr. Moon could try to use the planned launching to rally liberal voters who oppose the conservatives’ hard line and prefer a more aggressive engagement with North Korea as the best means of taming its behavior.


Elisabeth Bumiller contributed reporting from Washington.



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Police: Chiefs' Belcher kills girlfriend, self

KANSAS CITY, Mo. (AP) — Kansas City Chiefs linebacker Jovan Belcher killed his girlfriend Saturday morning and minutes later, holding a gun to his head, thanked his general manager and coach before shooting himself outside the team's practice complex.

Authorities did not release a motive for the murder-suicide, though police said that Belcher and his girlfriend, 22-year-old Kasandra M. Perkins, had been arguing recently. The two of them have a 3-month-old girl who was being cared for by family.

Belcher thanked general manager Scott Pioli and coach Romeo Crennel before pulling the trigger, police spokesman Darin Snapp said. Officers had locked down the Chiefs facility by midmorning.

The team said it would play its home game against the Carolina Panthers as scheduled on Sunday at noon local time "after discussions between the league office, Head Coach Romeo Crennel and Chiefs team captains."

A spokesman for the team told The Associated Press that Crennel plans to coach on Sunday.

Belcher was a 25-year-old native of West Babylon, N.Y., on Long Island, who played college ball at Maine. He signed with the Chiefs as an undrafted free agent, made the team and stayed with it for four years, moving into the starting lineup. He had played in all 11 games this season.

"The entire Chiefs family is deeply saddened by today's events, and our collective hearts are heavy with sympathy, thoughts and prayers for the families and friends affected by this unthinkable tragedy," Chiefs chairman Clark Hunt said in a statement.

"We sincerely appreciate the expressions of sympathy and support we have received from so many in the Kansas City and NFL communities, and ask for continued prayers for the loved ones of those impacted," Hunt said. "We will continue to fully cooperate with the authorities and work to ensure that the appropriate counseling resources are available to all members of the organization."

The NFL released a statement that also expressed sympathy and said, "We have connected the Chiefs with our national team of professional counselors to support both the team and the families of those affected. We will continue to provide assistance in any way that we can."

Authorities reported receiving a call Saturday morning from a woman who said her daughter had been shot multiple times at a residence about five miles from the Arrowhead Stadium complex. The call came from Belcher's mother, who referred to the victim as her daughter, leading to some initial confusion.

"She treated Kasandra like a daughter," Snapp said. Belcher's mother, who is from New York, had recently moved in with the couple, "probably to help out with the baby," Snapp said.

Police then received a phone call from the Chiefs' training facility.

"The description matched the suspect description from that other address. We kind of knew what we were dealing with," Snapp said. The player was "holding a gun to his head" as he stood in front of the front doors of the practice facility.

"And there were Pioli and Crennel and another coach or employee was standing outside and appeared to be talking to him. It appeared they were talking to the suspect," Snapp said. "The suspect began to walk in the opposite direction of the coaches and the officers and that's when they heard the gunshot. It appears he took his own life."

The coaches told police they never felt in any danger, Snapp said.

"They said the player was actually thanking them for everything they'd done for him," he said. "They were just talking to him and he was thanking them and everything. That's when he walked away and shot himself."

At the home of Belcher's mother on Long Island, relatives declined to talk to reporters. An SUV in the home's driveway was flying a small Kansas City Chiefs flag.

The somber mood lightened somewhat as darkness fell, with music playing and people drinking from Styrofoam cups. Belcher's family turned the front yard into a shrine, with a large poster of the player, an array of his trophies, and jerseys and jackets from Kansas City, Maine and West Babylon High.

"He was a good, good person ... a family man. A loving guy," said family friend Ruben Marshall, 42, who said he coached Belcher in youth football. He was stunned by the shooting and suicide. "You couldn't be around a better person."

At least 20 people gathered for a large group hug in the driveway.

"I still can't believe it," neighbor Roy Brown said. "I don't believe it."

Perkin's Facebook page shows the couple smiling and holding the baby.

"His move to the NFL was in keeping with his dreams," said Jack Cosgrove, who coached Belcher at Maine. "This is an indescribably horrible tragedy."

Belcher is the latest among several players and NFL retirees to die from self-inflicted gunshot wounds in the past couple of years. The death of the beloved star Junior Seau, who shot himself in the chest at his California home last May, sent shockwaves around the league.

Seau's family, like those of other suicide victims, has donated his brain tissue to determine if head injuries he sustained playing football might be linked to his death.

Belcher did not have an extensive injury history, though the linebacker showed up on the official injury report on Nov. 11, 2009, as being limited in practice with a head injury. Belcher played four days later against the Oakland Raiders.

Earlier this year, the NFL provided a grant to help establish an independently operated phone service that connects players, coaches, team officials and other staff with counselors trained to work through personal and emotional crises. The NFL Life Line is available 24 hours a day.

Kansas City Mayor Sly James said that he spoke to Pioli after the shooting.

"I can tell you that you have absolutely no idea what it's like to see someone kill themselves," James said. "You can take your worst nightmare and put someone you know and love in that situation, and give them a gun and stand three feet away and watch them kill themselves. That's what it's like.

"It's unfathomable."

The season has been a massive disappointment for the Chiefs, who were expected to contend for the AFC West title. They're just 1-10 and mired in an eight-game losing streak marked by injuries, poor play and fan upheaval, with constant calls the past several weeks for Pioli and Crennel to be fired.

The Twitter account for a fan group known as "Save Our Chiefs" recently surpassed 80,000 followers, about 17,000 more than the announced crowd at a recent game. The group was organizing a "Can Scott Pioli" food drive for Sunday that has since been canceled.

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Associated Press writers Heather Hollingsworth and Frank Eltman contributed to this report.

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Online: http://pro32.ap.org and http://twitter.com/AP_NFL

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Opinion: A Health Insurance Detective Story





I’VE had a long career as a business journalist, beginning at Forbes and including eight years as the editor of Money, a personal finance magazine. But I’ve never faced a more confounding reporting challenge than the one I’m engaged in now: What will I pay next year for the pill that controls my blood cancer?




After making more than 70 phone calls to 16 organizations over the past few weeks, I’m still not totally sure what I will owe for my Revlimid, a derivative of thalidomide that is keeping my multiple myeloma in check. The drug is extremely expensive — about $11,000 retail for a four-week supply, $132,000 a year, $524 a pill. Time Warner, my former employer, has covered me for years under its Supplementary Medicare Program, a plan for retirees that included a special Writers Guild benefit capping my out-of-pocket prescription costs at $1,000 a year. That out-of-pocket limit is scheduled to expire on Jan. 1. So what will my Revlimid cost me next year?


The answers I got ranged from $20 a month to $17,000 a year. One of the first people I phoned said that no matter what I heard, I wouldn’t know the cost until I filed a claim in January. Seventy phone calls later, that may still be the most reliable thing anyone has told me.


Like around 47 million other Medicare beneficiaries, I have until this Friday, Dec. 7, when open enrollment ends, to choose my 2013 Medicare coverage, either through traditional Medicare or a private insurer, as well as my drug coverage — or I will risk all sorts of complications and potential late penalties.


But if a seasoned personal-finance journalist can’t get a straight answer to a simple question, what chance do most people have of picking the right health insurance option?


A study published in the journal Health Affairs in October estimated that a mere 5.2 percent of Medicare Part D beneficiaries chose the cheapest coverage that met their needs. All in all, consumers appear to be wasting roughly $11 billion a year on their Part D coverage, partly, I think, because they don’t get reliable answers to straightforward questions.


Here’s a snapshot of my surreal experience:


NOV. 7 A packet from Time Warner informs me that the company’s new 2013 Retiree Health Care Plan has “no out-of-pocket limit on your expenses.” But Erin, the person who answers at the company’s Benefits Service Center, tells me that the new plan will have “no practical effect” on me. What about the $1,000-a-year cap on drug costs? Is that really being eliminated? “Yes,” she says, “there’s no limit on out-of-pocket expenses in 2013.” I tell her I think that could have a major effect on me.


Next I talk to David at CVS/Caremark, Time Warner’s new drug insurance provider. He thinks my out-of-pocket cost for Revlimid next year will be $6,900. He says, “I know I’m scaring you.”


I call back Erin at Time Warner. She mentions something about $10,000 and says she’ll get an estimate for me in two business days.


NOV. 8 I phone Medicare. Jay says that if I switch to Medicare’s Part D prescription coverage, with a new provider, Revlimid’s cost will drive me into Medicare’s “catastrophic coverage.” I’d pay $2,819 the first month, and 5 percent of the cost of the drug thereafter — $563 a month or maybe $561. Anyway, roughly $9,000 for the year. Jay says AARP’s Part D plan may be a good option.


NOV. 9 Erin at Time Warner tells me that the company’s policy bundles United Healthcare medical coverage with CVS/Caremark’s drug coverage. I can’t accept the medical plan and cherry-pick prescription coverage elsewhere. It’s take it or leave it. Then she puts CVS’s Michele on the line to get me a Revlimid quote. Michele says Time Warner hasn’t transferred my insurance information. She can’t give me a quote without it. Erin says she will not call me with an update. I’ll have to call her.


My oncologist’s assistant steers me to Celgene, Revlimid’s manufacturer. Jennifer in “patient support” says premium assistance grants can cut the cost of Revlimid to $20 or $30 a month. She says, “You’re going to be O.K.” If my income is low enough to qualify for assistance.


NOV. 12 I try CVS again. Christine says my insurance records still have not been transferred, but she thinks my Revlimid might cost $17,000 a year.


Adriana at Medicare warns me that AARP and other Part D providers will require “prior authorization” to cover my Revlimid, so it’s probably best to stick with Time Warner no matter what the cost.


But Brooke at AARP insists that I don’t need prior authorization for my Revlimid, and so does her supervisor Brian — until he spots a footnote. Then he assures me that it will be easy to get prior authorization. All I need is a doctor’s note. My out-of-pocket cost for 2013: roughly $7,000.


NOV. 13 Linda at CVS says her company still doesn’t have my file, but from what she can see about Time Warner’s insurance plans my cost will be $60 a month — $720 for the year.


CVS assigns my case to Rebecca. She says she’s “sure all will be fine.” Well, “pretty sure.” She’s excited. She’s been with the company only a few months. This will be her first quote.


NOV. 14 Giddens at Time Warner puts in an “emergency update request” to get my files transferred to CVS.


Frank Lalli is an editorial consultant on retirement issues and a former senior executive editor at Time Warner’s Time Inc.



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