Samsung takes aim at Japanese rivals with Android camera












SEOUL (Reuters) – South Korean consumer electronics giant Samsung Electronics Co is taking aim at its Japanese rivals with an Android-powered digital camera that allows users to swiftly and wirelessly upload pictures to social networking sites.


The Galaxy camera lets users connect to a mobile network or Wi-Fi to share photographs and video without having to hook up the camera to a computer.












While it’s not the first to the market, Samsung‘s financial and marketing clout suggest it could be the biggest threat to Japanese domination of a digital camera industry which research firm Lucintel sees growing to $ 46 billion by 2017 and where big brands include Canon Inc, Sony Corp, Panasonic Corp, Nikon Corp and Olympus Corp.


“Samsung has a tough row to hoe against the likes of Canon and Nikon in the camera brand equity landscape,” said Liz Cutting, senior imaging analyst at research firm NPD Group. “Yet as a brand known more in the connected electronic device arena, Samsung has a unique opportunity to transfer strength from adjacent categories into the dedicated camera world.”


The Korean group, battling for mobile gadget supremacy against Apple Inc, is already a global market leader in televisions, smartphones and memory chips.


Samsung last year brought its camera and digital imaging business – one of its smallest – under the supervision of JK Shin, who heads a mobile business that generated 70 percent of Samsung’s $ 7.4 billion third-quarter profit.


“Our camera business is quickly evolving … and I think it will be able to set a new landmark for Samsung,” Shin said on Thursday at a launch event in Seoul. “The product will open a new chapter in communications – visual communications,” he said, noting good reviews for the Samsung Galaxy camera which went on sale in Europe and the United States earlier this month.


AIMING AT ‘PRO-SUMERS’


The Galaxy camera, which sells in the United States for $ 499.99 through AT&T with various monthly data plans, features a 4.8-inch LCD touchscreen and a 21x optical zoom lens. Users can send photos instantly to other mobile devices via a 4G network, access the Internet, email and social network sites, edit photos and play games.


The easy-to-use camera, and the quality of the pictures, is aimed at mid-market ‘pro-sumers’ – not quite professional photographers but those who don’t mind paying a premium for user options not yet available on a smartphone – such as an optical, rather than digital, zoom, better flash, and image stabilization.


The appeal of high picture quality cameras with wireless connection has grown as social media services such as Facebook Inc drive a boom in rapid shoot-and-share photos.


“At a price point higher than some entry-level interchangeable-lens cameras, the Galaxy camera should appeal to a consumer willing to pay an initial and ongoing premium for 24/7 creative interactivity,” said Cutting.


Traditional digital camera makers are responding.


Canon, considered a leader in profitability in corporate Japan with its aggressive cost cutting, saw its compact camera sales eroded in the most recent quarter by smartphones, and has just introduced its first mirrorless camera to tap into a growing market for small, interchangeable-lens cameras that rival Nikon entered last year.


Nikon has also recently introduced an Android-embedded Wi-Fi only camera.


($ 1 = 1086.4000 Korean won)


(This story fixes typing error in paragraph 9)


(Additional reporting by Dhanya Skariachan in NEW YORK; Editing by Ian Geoghegan)


Wireless News Headlines – Yahoo! News


Read More..

Angus T. Jones Is Not Leaving Two and a Half Men: Source















11/28/2012 at 07:50 PM EST



The Half is back!

Ever since Angus T. Jones bashed Two and a Half Men in a now-viral video, it begged the question: Will the 19-year-old actor return to the hit show?

If he has it his way, he will.

"Angus expects to report to work after the holiday break in January," says a source close to the star. "He intends to honor his contract through the end of the season."

Jones, who called the show "filth" and urged viewers in a video interview on a religious website to stop watching, issued an apology Tuesday night, saying he has the "highest regard" for the "wonderful people" on the show.

Although Jones is not featured in an episode that tapes next week, he intends to show up on schedule after the break, the source says.

In the meantime, the source adds, "Angus is feeling positive and he is concentrating on spending some downtime with family and friends."

Read More..

CDC: HIV spread high in young gay males

NEW YORK (AP) — Health officials say 1 in 5 new HIV infections occur in a tiny segment of the population — young men who are gay or bisexual.

The government on Tuesday released new numbers that spotlight how the spread of the AIDS virus is heavily concentrated in young males who have sex with other males. Only about a quarter of new infections in the 13-to-24 age group are from injecting drugs or heterosexual sex.

The Centers for Disease Control and Prevention said blacks represented more than half of new infections in youths. The estimates are based on 2010 figures.

Overall, new U.S. HIV infections have held steady at around 50,000 annually. About 12,000 are in teens and young adults, and most youth with HIV haven't been tested.

___

Online:

CDC report: http://www.cdc.gov/vitalsigns

Read More..

Wall Street falls, hit by Reid's "fiscal cliff" comments

NEW YORK (Reuters) - Stocks slid on Tuesday in a choppy session, losing ground in the last hour before the close after Senate Majority Leader Harry Reid expressed disappointment that there has been "little progress" in dealing with the "fiscal cliff."


The market was flat for most of the session but fell sharply after Reid's comments, a signal that investors remain skittish about the wrangling in Washington. The CBOE Volatility Index, or VIX, rose on Reid's words.


"It may be that the market feels the goodwill before (last week's) Thanksgiving is evolving into more political intransigence," said Quincy Krosby, market strategist at Prudential Financial in Newark.


"The clock is ticking on Wall Street, regarding a framework for (political) consensus," she said.


Markets are focused on whether Congress and the White House can agree on ways to avoid some $600 billion in automatic spending cuts and tax increases that are due to kick in early next year.


As budget talks linger, Las Vegas Sands and Supertex added their names to a growing list of companies announcing special dividends aimed at helping investors avoid a possibly higher tax burden next year.


Higher dividend and capital gains taxes are part of the negotiations in Washington and may rise even if a deal is crafted.


Las Vegas Sands jumped 5.3 percent to $46.36. Supertex rose 6.9 percent to $18.


The S&P 500's modest losses on Tuesday marked its worst day in eight sessions - indicating traders are unwilling to sell aggressively as a deal probably would trigger a rally. The benchmark S&P 500 once again closed below 1,400, a key psychological level that it had reclaimed last week as it rose nearly 4 percent.


The VIX <.vix> shot up 2.7 percent to 15.92 at the close. Between 2 p.m. and 3 p.m. in New York, the VIX was up 3.9 percent.


The Dow Jones industrial average <.dji> fell 89.24 points, or 0.69 percent, to 12,878.13 at the close. The S&P 500 <.spx> dropped 7.35 points, or 0.52 percent, to finish at 1,398.94. The Nasdaq Composite <.ixic> lost 8.99 points, or 0.30 percent, to end at 2,967.79.


Dealings in Washington obscured strong economic figures, including an increase in planned business spending and consumer confidence hitting its highest level in more than four years.


Strengthening the case for a sustained rebound in housing, single-family home prices rose for an eighth straight month in September. Shares of M/I Homes gained 2.1 percent to $22.36. KB Home added 1.1 percent to $14.61.


"As long as you have interest rates as low as they are right now, housing is definitely back," said Brian Amidei, managing director at HighTower Advisors in Palm Desert, California.


In another good sign for consumer demand, Corning Inc shares rose 6.9 percent to $12.13 after the specialty glass maker said it expects full-year sales of its Gorilla glass, used in smartphones and tablets, to approach $1 billion.


Food maker Ralcorp Holdings shares jumped 26.4 percent to $88.80 after long-time suitor ConAgra Foods sealed a deal to buy it for $5 billion. ConAgra shares gained 4.7 percent to $29.63.


McMoRan Exploration Co shares tumbled 15.2 percent to $8.18 a day after the oil and gas driller gave a disappointing update on a key gas prospect in a Gulf of Mexico well.


About 5.9 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.5 billion shares.


On the NYSE, roughly five issues fell for every four that rose. On Nasdaq, six stocks fell for every five that rose.


(Reporting by Rodrigo Campos; Additional reporting by Caroline Valetkevitch; Editing by Jan Paschal)


Read More..

Egyptians challenge Mursi in nationwide protests

CAIRO (Reuters) - Tens of thousands of Egyptians rallied on Tuesday against President Mohamed Mursi in one of the biggest outpourings of protest since Hosni Mubarak's overthrow, accusing the Islamist leader of seeking to impose a new era of autocracy.


Police fired tear gas at stone-throwing youths in streets near the main protest in Cairo's Tahrir Square, heart of the uprising that toppled Mubarak last year. Clashes between Mursi's opponents and supporters erupted in a city north of Cairo.


But violence could not overshadow the show of strength by the normally divided opponents of Islamists in power, posing Mursi with the biggest challenge in his five months in office.


"The people want to bring down the regime," protesters in Tahrir chanted, echoing slogans used in the 2011 revolt.


Protesters also turned out in Alexandria, Suez, Minya and other Nile Delta cities.


Tuesday's unrest by leftists, liberals and other groups deepened the worst crisis since the Muslim Brotherhood politician was elected in June, and exposed the deep divide between the newly empowered Islamists and their opponents.


A 52-year-old protester died after inhaling tear gas in Cairo, the second death since Mursi last week issued a decree that expanded his powers and barred court challenges to his decisions.


Mursi's administration has defended the decree as an effort to speed up reforms and complete a democratic transformation in the Arab world's most populous country.


"Calls for civil disobedience and strikes will be dealt with strictly by law and there is no retreat from the decree," Refa'a Al-Tahtawy, Mursi's presidential chief of staff, told the Al-Hayat private satellite channel.


But opponents say Mursi is behaving like a modern-day pharaoh, a jibe once leveled at Mubarak. The United States, a benefactor to Egypt's military, has expressed concern about more turbulence in a country that has a peace treaty with Israel.


"We don't want a dictatorship again. The Mubarak regime was a dictatorship. We had a revolution to have justice and freedom," 32-year-old Ahmed Husseini said in Cairo.


The fractious ranks of Egypt's non-Islamist opposition have been united on the street by crisis, although they have yet to build an electoral machine to challenge the well-organized Islamists, who have beaten their more secular-minded rivals at the ballot box in two elections held since Mubarak was ousted.


MISCALCULATION


"There are signs that over the last couple of days that Mursi and the Brotherhood realized their mistake," said Elijah Zarwan, a fellow with The European Council on Foreign Relations. He said the protests were "a very clear illustration of how much of a political miscalculation this was".


Mursi's move provoked a rebellion by judges and has battered confidence in an economy struggling after two years of turmoil. The president still must implement unpopular measures to rein in Egypt's crushing budget deficit - action needed to finalize a deal for a $4.8 billion International Monetary Fund loan.


Some protesters have been camped out since Friday in Tahrir and violence has flared around the country, including in a town north of Cairo where a Muslim Brotherhood youth was killed in clashes on Sunday. Hundreds have been injured.


Supporters and opponents of Mursi threw stones at each other and some hurled petrol bombs in the Delta city of el-Mahalla el-Kubra. Medical sources said almost 200 people were injured.


"The main demand is to withdraw the constitutional declaration (decree). This is the point," said Amr Moussa, a former Arab League chief and presidential candidate who has joined the new opposition coalition, the National Salvation Front. The group includes several top liberal politicians.


Some scholars from the prestigious al-Azhar mosque and university joined Tuesday's protest, showing that Mursi and his Brotherhood have alienated some more moderate Muslims. Members of Egypt's large Christian minority also joined in.


Mursi formally quit the Brotherhood on taking office, saying he would be a president for all Egyptians, but he is still a member of its Freedom and Justice Party.


The decree issued on Thursday expanded his powers and protected his decisions from judicial review until the election of a new parliament, expected in the first half of 2013.


In Washington, White House spokesman Jay Carney urged demonstrators to behave peacefully.


"The current constitutional impasse is an internal Egyptian situation that can only be resolved by the Egyptian people, through peaceful democratic dialogue," he told reporters.


New York-based Human Rights Watch said the decree gives Mursi more power than the interim military junta from which he took over.


U.N. Secretary-General Ban Ki-moon told an Austrian paper he would encourage Mursi to resolve the issue by dialogue.


DECREE'S SCOPE DEBATABLE


Trying to ease tensions with judges, Mursi assured Egypt's highest judicial authority that elements of his decree giving his decisions immunity applied only to matters of "sovereign" importance. That should limit it to issues such as declaring war, but experts said there was room for interpretation.


In another step to avoid more confrontation, the Muslim Brotherhood cancelled plans for a rival mass rally in Cairo on Tuesday to support the decree. Violence has flared in Cairo in the past when both sides have taken to the streets.


But there has been no retreat on other elements of the decree, including a stipulation that the Islamist-dominated body writing a new constitution be protected from legal challenge.


"The decree must be cancelled and the constituent assembly should be reformed. All intellectuals have left it and now it is controlled by Islamists," said 50-year-old Noha Abol Fotouh.


With its popular legitimacy undermined by the withdrawal of most of its non-Islamist members, the assembly faces a series of court cases from plaintiffs who say it was formed illegally.


Mursi issued the decree on November 22, a day after he won U.S. and international praise for brokering an end to eight days of violence between Israel and Hamas around the Gaza Strip.


Mursi's decree was seen as targeting in part a legal establishment still largely unreformed from Mubarak's era, when the Brotherhood was outlawed.


Though both Islamists and their opponents broadly agree that the judiciary needs reform, Mursi's rivals oppose his methods.


Rulings from an array of courts this year have dealt a series of blows to the Brotherhood, leading to the dissolution of the first constitutional assembly and the lower house of parliament elected a year ago. The Brotherhood dominated both.


The judiciary blocked an attempt by Mursi to reconvene the Brotherhood-led parliament after his election victory. It also stood in the way of his attempt to sack the prosecutor general, another Mubarak holdover, in October.


In his decree, Mursi gave himself the power to sack that prosecutor and appoint a new one. In open defiance of Mursi, some judges are refusing to acknowledge that step.


(Additional reporting by Tom Perry, Seham Eloraby, Marwa Awad and Yasmine Saleh in Cairo and Michael Shields in Vienna; Writing by Edmund Blair and Tom Perry; Editing by Giles Elgood/Mark Heinrich)


Read More..

Cyber Monday sales best ever, for Amazon’s Kindle too












(Reuters) – Internet sales jumped more than 30 percent on Cyber Monday, making it the biggest online shopping day ever, according to data released on Tuesday.


Walmart.com, the online division of Walmart U.S., had its best sales day in history, a spokeswoman said.












Cyber Monday also was a record day for sales of Amazon.com Inc’s Kindle devices, the online retailer said, without specifying the number sold.


Still, eBay Inc, operator of one of the largest online marketplaces, outperformed its arch rival Amazon.com over the crucial first five days of the holiday shopping season, according to one closely watched measure.


Cyber Monday has been the biggest online shopping day in recent years, as workers return to offices and make holiday purchases on their computers. This year, the boom in smart phone and tablet adoption has added extra fuel to online shopping.


Cyber Monday sales online jumped 30.3 percent from the same day last year, according to International Business Machines Corp, which analyzes transactions from 500 U.S. retailers.


Mobile devices accounted for 18 percent of visits to retailer websites and 13 percent of sales on Cyber Monday. That was up 70 percent and 96 percent, respectively, compared with the same day last year, IBM reported.


To that end, Walmart.com said Cyber Monday online traffic from Walmart’s mobile apps jumped 280 percent versus a year ago.


On Monday, when retailers offered big Cyber Monday online deals, web shopping peaked at 11:25 a.m. EST (1625 GMT), IBM said. That timing suggests shoppers continue to check out online offers while still at work, even though more people have high-speed Internet access at home than in previous years.


AMAZON’S KINDLE DEAL


Amazon.com cut the price of its 7-inch Kindle Fire tablet by $ 30 to $ 129 on Monday, and it was the company’s most successful Cyber Monday deal ever, the retailer said.


Nine of the top 10 best-selling products on Amazon.com have been Kindles, Kindle accessories and digital content since the company unveiled new devices on September 6, it said.


Worldwide sales of Kindle devices more than doubled during the Thanksgiving weekend from the 2011 period, Amazon said.


“Demand for Kindle Fire is stronger than expected,” said Chad Bartley, an analyst at Pacific Crest Securities. “This suggests Amazon is competing effectively against Apple and Google in the near term, and increased device ownership could drive sales of digital media and physical products over the long term.”


Bartley raised his estimate for fourth-quarter Kindle Fire unit sales to 8 million from 5.5 million and increased his forecast for Amazon’s fourth-quarter revenue to $ 22.75 billion from $ 22.25 billion.


Shares of Amazon closed down almost 0.1 percent at $ 243.40 on Nasdaq. Stock in Wal-Mart Stores Inc shed 0.6 percent to close at $ 69.50.


A FIRST FOR EBAY


Still, eBay sales may have outperformed Amazon during the early part of the holiday shopping season, according to ChannelAdvisor, which helps third-party merchants sell more via websites including eBay.com and Amazon.com.


ChannelAdvisor data excludes sales specifically by Amazon, so the data does not capture Kindle device revenue and many other transactions. About 60 percent of Amazon’s unit sales are generated by the company itself, while 40 percent come from third parties operating on its platform.


ChannelAdvisor said client sales – sales generated by third-party merchants using the company’s service – soared 55.2 percent on eBay.com on Cyber Monday from a year earlier. That was about five times faster than last year’s growth.


For the five-day period from Thanksgiving through Cyber Monday, which ChannelAdvisor calls the “Cyber Five,” client sales on eBay.com rose 38.3 percent compared with the same days in 2011.


ChannelAdvisor said client sales on Amazon.com jumped 42.4 percent on Cyber Monday compared with a year earlier. Over the “Cyber Five,” client sales on Amazon.com rose 37.7 percent, the firm said.


This is the first time since at least 2007 that client sales on eBay.com have grown faster than client sales via Amazon.com during the holiday season, according to Scot Wingo, chief executive of ChannelAdvisor. The firm started tracking this in 2007, he noted.


EBay shares lost 0.5 percent to close at $ 51.15 on Tuesday. The stock rose almost 5 percent to a new multi-year high on Monday after ChannelAdvisor released its early Cyber Monday results.


EBay’s holiday advertising campaign, which included TV commercials, likely attracted more shoppers to its online marketplace, Wingo said.


EBay was also “aggressive” with holiday promotions and gift guides, and the company’s category-specific websites focused on things like fashion and electronics, were well integrated with the broader holiday promotions, unlike last year, Wingo explained.


However, the main driver may have been mobile shopping, an area in which eBay and its payments division PayPal invested early and heavily, Wingo added.


“With less than 10 percent of commerce coming from mobile devices and far higher levels ahead, we believe this trend will carry eBay Marketplace and PayPal for the next few years,” Gil Luria, an analyst at Wedbush Securities, wrote in a note to investors on Tuesday.


(Reporting by Alistair Barr in San Francisco and Jessica Wohl in Chicago, additional reporting by Lisa Baertlein in Los Angeles; Editing by Sofina Mirza-Reid, Lisa Von Ahn, Gunna Dickson and David Gregorio)


Gadgets News Headlines – Yahoo! News


Read More..

Dancing with the Stars Crowns an All-Star Winner






Update








UPDATED
11/27/2012 at 11:00 PM EST

Originally published 11/27/2012 at 10:50 PM EST







Tom Bergeron and Brooke Burke Charvet


Adam Larkey/ABC


There's a new leading lady!

The first all-female finale of Dancing with the Stars featured all-stars Shawn Johnson, Kelly Monaco and Melissa Rycroft in a fierce battle Tuesday night for the mirror ball trophy.

After taking big risks in Monday night's performance show, the stars and their pro partners – Derek Hough, Val Chmerkovskiy and Tony Dovolani – performed "instant dances."

With the competitors getting their dance-style instructions less than an hour before hitting the floor, the field was whittled down to two couples. Read on to find out who won.

After Monaco was the first eliminated, it came down to Johnson and Rycroft. And the winner was ... Rycroft!

Amid showering confetti, the reality star and Dovolani clutched the trophy. They embraced and jumped up and down.

Rycroft was the only competitor among the final three all-stars to not have won before. Dovolani had labored 14 seasons without previously winning.

Read More..

Bounce houses a party hit but kids' injuries soar

CHICAGO (AP) — They may be a big hit at kids' birthday parties, but inflatable bounce houses can be dangerous, with the number of injuries soaring in recent years, a nationwide study found.

Kids often crowd into bounce houses, and jumping up and down can send other children flying into the air, too.

The numbers suggest 30 U.S. children a day are treated in emergency rooms for broken bones, sprains, cuts and concussions from bounce house accidents. Most involve children falling inside or out of the inflated playthings, and many children get hurt when they collide with other bouncing kids.

The number of children aged 17 and younger who got emergency-room treatment for bounce house injuries has climbed along with the popularity of bounce houses — from fewer than 1,000 in 1995 to nearly 11,000 in 2010. That's a 15-fold increase, and a doubling just since 2008.

"I was surprised by the number, especially by the rapid increase in the number of injuries," said lead author Dr. Gary Smith, director of the Center for Injury Research and Policy at Nationwide Children's Hospital in Columbus, Ohio.

Amusement parks and fairs have bounce houses, and the playthings can also be rented or purchased for home use.

Smith and colleagues analyzed national surveillance data on ER treatment for nonfatal injuries linked with bounce houses, maintained by the U.S. Consumer Product Safety Commission. Their study was published online Monday in the journal Pediatrics.

Only about 3 percent of children were hospitalized, mostly for broken bones.

More than one-third of the injuries were in children aged 5 and younger. The safety commission recommends against letting children younger than 6 use full-size trampolines, and Smith said barring kids that young from even smaller, home-use bounce houses would make sense.

"There is no evidence that the size or location of an inflatable bouncer affects the injury risk," he said.

Other recommendations, often listed in manufacturers' instruction pamphlets, include not overloading bounce houses with too many kids and not allowing young children to bounce with much older, heavier kids or adults, said Laura Woodburn, a spokeswoman for the National Association of Amusement Ride Safety Officials.

The study didn't include deaths, but some accidents are fatal. Separate data from the product safety commission show four bounce house deaths from 2003 to 2007, all involving children striking their heads on a hard surface.

Several nonfatal accidents occurred last year when bounce houses collapsed or were lifted by high winds.

A group that issues voluntary industry standards says bounce houses should be supervised by trained operators and recommends that bouncers be prohibited from doing flips and purposefully colliding with others, the study authors noted.

Bounce house injuries are similar to those linked with trampolines, and the American Academy of Pediatrics has recommended against using trampolines at home. Policymakers should consider whether bounce houses warrant similar precautions, the authors said.

___

Online:

Pediatrics: http://www.pediatrics.org

Trade group: http://www.naarso.com

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

Read More..

Asian shares, euro rise on Greek debt deal

TOKYO (Reuters) - The euro hit a one-month high, commodities rose and Asian shares climbed for a seventh consecutive day on Tuesday as global lenders reached a deal on new debt targets for Greece and a political agreement on disbursing the next installment of aid.


European shares will likely track Asian peers higher, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> to open as much as 0.7 percent higher. <.l><.eu><.n/>


U.S. stock futures were up 0.3 percent, hinting at a firm Wall Street open.


After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed on a package of measures to cut Greek debt to 124 percent of gross domestic product by 2020, and pledged to take further steps to lower the debt below 110 percent of GDP in 2022.


Eurogroup Chairman Jean-Claude Juncker said ministers would formally approve the release of crucial aid for debt-stricken Greece, removing uncertainty over whether Athens could avoid a near-term bankruptcy.


MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> gained 0.7 percent to a near three-week high, led by a 1 percent advance in Korean shares <.ks11> and a 0.7 percent rise in Australian shares <.axjo>. Indian shares <.bsesn> also jumped 1.2 percent.


Shanghai shares <.ssec> bucked the trend to fell 1 percent to their lowest since 2009, dragged by weakness in growth-sensitive companies.


"Overhanging the market for a little while has been these macro concerns, so progress towards sorting the situation out gives room for the market to move higher," said Phillip Weinberg, director at BestEx.


Investors' focus is likely to shift now to another major concern hanging over markets, a looming U.S. fiscal crisis.


Republicans in the U.S. Congress on Monday called on President Barack Obama to detail long-term spending cuts to help solve the country's fiscal crisis, while holding firm against the income tax rate increases for the wealthy that Democrats seek.


"Now people will start focusing on the U.S. fiscal cliff and there could be some nervousness there, particularly if it drags on," said Burrell & Co dealer Jamie Elgar of Australian shares.


The euro gained as much as about 0.3 percent to $1.3010, its highest level since October 31, in reaction to the Greek news, before paring gains to be up 0.1 percent at $1.2982.


"The euro gained but the rise is small, and it's unlikely that it will climb further, with big funds winding down their positions ahead of the year-end. Any rise will be countered by selling to cap the euro's upside," said Hiroshi Maeba, head of FX trading Japan for UBS in Tokyo.


He cautioned that the euro still faced downside risks as the latest agreement does not offer a fundamental resolution to the euro zone's debt crisis.


"While the Eurogroup has set December 13 for formal approval of the disbursement, and Germany's planned parliamentary vote later this week will be watched with interest, for markets the deal should put Greece largely on the backburner for a couple of months before it starts missing its fiscal targets again," Sean Callow, senior currency strategist at Westpac bank in Sydney, said in a note.


He doubted if the euro's short-covering will produce sustained trade beyond $1.3050/$1.3100.


Japan's Nikkei stock average <.n225> rose 0.5 percent, just below Monday's seven-month closing high. The benchmark has climbed more than 8 percent in two weeks as the yen has weakened on expectations of easier monetary policy with the likely election of a new government. <.t/>


WEAK USD, CHINA HELP COMMODITIES


The dollar inched up 0.2 percent against the yen to 82.22 yen. The euro rose 0.3 percent against the yen to 106.72.


Traders said some investors unwound long positions in the dollar built up in recent weeks on expectations the Bank of Japan would come under pressure for more aggressive easing.


The dollar eased 0.1 percent against a basket of key currencies <.dxy>, helping to underpin dollar-based commodities.


U.S. crude futures rose 0.3 percent to $88.03 a barrel and Brent was up 0.2 percent to $111.09.


Spot gold was up 0.1 percent to $1,749.65 an ounce, just below a six-week high of $1,754.10 hit on Friday.


London copper hit a near one-month high of $7,821.50 a metric ton (1.1023 tons) as the Greek debt deal added to confidence over copper demand after recent positive data from its top consumer China.


Sentiment may be further underpinned by a report saying China has approved construction of two city subway projects worth 49 billion yuan ($7.87 billion), adding to the list of recent railway project approvals aimed at boosting growth in the world's second-biggest economy.


In another possible sign that the economy is regaining traction, China's industrial profits in October were up 20.5 percent from a year earlier, accelerating from 7.8 percent growth in September.


Asian credit markets firmed slightly, narrowing the spreads on the iTraxx Asia ex-Japan investment-grade index by 1 basis point.


(Additional reporting by Victoria Thieberger in Melbourne; Editing by Edwina Gibbs & Kim Coghill)


Read More..

Euro zone, IMF reach deal to cut long-term Greek debt

BRUSSELS (Reuters) - Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece's debt on Monday in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat.


After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed on a package of measures to reduce Greek debt by 40 billion euros, cutting it to 124 percent of gross domestic product by 2020.


In a significant new pledge, ministers committed themselves to take further steps to lower Greece's debt to "significantly below 110 percent" in 2022 -- the most explicit recognition so far that some write-off of loans may be necessary from 2016, the point when Greece is forecast to reach a primary budget surplus.


"When Greece has achieved, or is about to achieve, a primary surplus and fulfilled all of its conditions, we will, if need be, consider further measures for the reduction of the total debt," German Finance Minister Wolfgang Schaeuble said.


Eurogroup Chairman Jean-Claude Juncker said ministers would formally approve the release of a major aid installment needed to recapitalize Greece's teetering banks and enable the government to pay wages, pensions and suppliers on December 13.


Greece will receive up to 43.7 billion euros in stages as it fulfills the conditions. The December installment will comprise 23.8 billion for banks and 10.6 billion in budget assistance.


The IMF's share, less than a third of the total, will only be paid out once a buy-back of Greek debt has occurred in the coming weeks, but IMF Managing Director Christine Lagarde said the Fund had no intention of pulling out of the program.


To reduce Greece's debt pile, ministers agreed to cut the interest rate on official loans, extend their maturity by 15 years to 30 years, and grant Athens a 10-year interest repayment deferral.


They promised to hand back 11 billion euros in profits accruing to their national central banks from European Central Bank purchases of discounted Greek government bonds in the secondary market.


They also agreed to finance Greece to buy back its own bonds from private investors at what officials said was a target cost of around 35 cents in the euro.


European Central Bank President Mario Draghi said on leaving the talks: "I very much welcome the decisions taken by the ministers of finance. They will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece."


BETTER FUTURE


The euro strengthened against the dollar after news of the deal was first reported by Reuters.


Juncker said the accord opened new hope for Greeks.


"This is not just about money. This is the promise of a better future for the Greek people and for the euro area as a whole, a break from the era of missed targets and loose implementation towards a new paradigm of steadfast reform momentum, declining debt ratios and a return to growth," he told a 2 a.m. news conference.


Greek Finance Minister Yannis Stournaras said earlier that Athens had fulfilled its part of the deal by enacting tough austerity measures and economic reforms, and it was now up to the lenders to do their part.


Greece, where the euro zone's debt crisis erupted in late 2009, is the currency area's most heavily indebted country, despite a big "haircut" this year on privately-held bonds. Its economy has shrunk by nearly 25 percent in five years.


Negotiations had been stalled over how Greece's debt, forecast to peak at 190-200 percent of GDP in the coming two years, could be cut to a more sustainable 120 percent by 2020.


The agreed figure fell slightly short of that goal, and the IMF was still insisting that euro zone ministers should make a firm commitment to further steps to reduce the debt stock if Athens implements its adjustment program faithfully.


The key question remains whether Greek debt can become sustainable without euro zone governments having to write off some of the loans they have made to Athens.


Germany and its northern European allies have hitherto rejected any idea of forgiving official loans to Athens, but EU officials believe that line may soften after next year's German general election.


DEBT RELIEF "NOT ON TABLE"


Schaeuble told reporters earlier that debt forgiveness was legally impossible, not just for Germany but for other euro zone countries, if it was linked to a new guarantee of loans.


"You cannot guarantee something if you're cutting debt at the same time," he said. That did not preclude possible debt relief at a later stage if Greece completed its adjustment program and no longer needs new loans.


At Germany's insistence, earmarked revenue and aid payments will go into a strengthened "segregated account" to ensure that Greece services its debts.


A source familiar with IMF thinking said a loan write-off once Greece has fulfilled its adjustment program would be the simplest way to make its debt viable, but other methods such as forgoing interest payments, or lending at below market rates and extending maturities could all help.


The German banking association (BDB) said a fresh "haircut" or forced reduction in the value of Greek sovereign debt, must only happen as a last resort.


The ministers agreed to reduce interest on already extended bilateral loans from the current 150 basis points above financing costs to 50 bps.


No figures were announced for the debt buy-back in an effort to avoid triggering a rise in market prices in anticipation of a buyer. But before the meetings, officials had spoken of a 10 billion euro buy-back, that would achieve a net reduction of about 20 billion euros in the debt stock.


German central bank governor Jens Weidmann has suggested that Greece could "earn" a reduction in debt it owes to euro zone governments in a few years if it diligently implements all the agreed reforms. The European Commission backs that view.


An opinion poll published on Monday showed Greece's anti-bailout SYRIZA party with a four-percent lead over the Conservatives who won election in June, adding to uncertainty over the future of reforms.


(Additional reporting by Robert-Jan Bartunek, Ethan Bilby, Luke Baker in Brussels, Reinhardt Becker in Berlin; Writing by Paul Taylor; Editing by Luke Baker)


Read More..