Senators urge Obama to release more water into Mississippi River












WASHINGTON (Reuters) – Sixteen U.S. senators have appealed to President Barack Obama to divert more water to the Mississippi River to prevent barge traffic from shutting down due to low water on the country’s inland waterway, a crucial route for goods bound for export.


Low water is a looming disaster, said the senators in a letter to Obama that was released on Friday.












The senators, from states along the Mississippi and Missouri rivers, asked for emergency action to release more water from Missouri River reservoirs to feed the drought-sapped Mississippi River.


Water levels are forecast to reach near-historic lows by mid-December, and shippers say low water will make it impossible to move cargo. Grain exporters have already slashed by up to 50 percent the weight of cargo shipped by barges on the Mississippi River to the Gulf of Mexico.


“Substantial curtailment of navigation will effectively sever the country’s inland waterway superhighway, imperil the shipment of critical cargo for domestic consumption and for export, threaten manufacturing industries and power generation, and risk thousands of related jobs in the Midwest,” wrote the senators.


Signing the letter were senators Chuck Grassley and Tom Harkin of Iowa; Roy Blunt and Claire McCaskill of Missouri; Mark Pryor and John Boozman of Arkansas; Al Franken and Amy Klobuchar of Minnesota; Mary Landrieu and David Vitter of Louisiana; Thad Cochran and Roger Wicker of Mississippi; Mark Kirk of Illinois; Lamar Alexander of Tennessee; Joe Manchin of West Virginia; and Sherrod Brown of Ohio.


The U.S. Army Corps of Engineers has been battling extreme low-water conditions on the Mississippi for months following the country’s worst drought in half a century.


(Reporting By Charles Abbott; editing by Jim Marshall)


Celebrity News Headlines – Yahoo! News


Read More..

Diabetes may be linked to hearing loss: study












(Reuters) – Diabetes has already been tied to an increased risk of kidney and cardiovascular troubles, nerve damage and vision loss, and now a Japanese study finds diabetics to be more than twice as likely as those without the disease to have hearing impairment.


In a review of past research on the issue, published in the Journal of Clinical Endocrinology and Metabolism, scientists found that younger diabetics were at even higher risk than older adults, though they could not explain why.












“Current meta-analysis suggests that the higher prevalence of hearing impairment in diabetic patients compared with nondiabetic patients was consistent regardless of age,” wrote lead researcher Chika Horikawa, at Niigata University Faculty of Medicine, and colleagues.


It’s not the first time researchers have found a link between diabetes and hearing loss. In 2008, researchers from the U.S. National Institutes of Health (NIH) saw similar patterns in a sample of more than 11,000 people, with people with diabetes twice as likely to have hearing loss as those without.


It’s thought that high blood sugar levels brought on by diabetes may lead to hearing loss by damaging blood vessels in the ears, said Horikawa.


Horikawa and colleagues collected information from 13 previous studies examining the link between diabetes and hearing loss and published between 1977 and 2011. Together, the data covered 7,377 diabetes and 12,817 people without the condition.


Overall, Horikawa‘s team found that diabetics were 2.15 times as likely as people without the disease to have hearing loss. But when the results were broken down by age, people under 60 had 2.61 times the risk while people over 60 hand 1.58 times higher risk.


Some experts caution that this kind of study does not prove that diabetes is directly responsible for the greater hearing loss rates.


“It doesn’t definitively answer the question, but it continues to raise an important point that patients might ask about,” said Steven Smith, a diabetes specialist at the Mayo Clinic in Rochester, Minnesota.


The researchers note that future studies that take more factors into account, such as age and noisy environment, are needed to clarify the link between diabetes and hearing loss.


Still, Horikawa told Reuters Health in an email, people should recognize that diabetics may be at risk for hearing loss based on their results.


“Furthermore, these results propose that diabetic patients are screened for hearing impairment from (an) earlier age compared with non-diabetics,” said Horikawa, adding that hearing loss has also been linked to an increased risk of depression and dementia. SOURCE: http:.//bit.ly/RIVeeW


(Reporting from New York by Andrew Seaman at Reuters Health; editing by Elaine Lies)


Diseases/Conditions News Headlines – Yahoo! News


Read More..

Yahoo ‘ordered to pay $2.7bn’













Internet group Yahoo says it has been ordered to pay $ 2.7bn (£1.68bn) by a Mexican court.












The reported ruling follows a lawsuit stemming from allegations of breach of contract and lost profits related to a yellow pages listing service.


Yahoo said it “believes the plaintiffs’ claims are without merit and will vigorously pursue all appeals”.


The lawsuit had been brought by Worldwide Directories SA de CV and Ideas Interactivas SA de CV.


In a statement on its website Yahoo said the 49th Civil Court of the Federal District of Mexico City had “entered a non-final judgment of US $ 2.7 billion against Yahoo! Inc. and Yahoo de Mexico” in the case.


Shares in Yahoo, which is based in Sunnyvale, California, fell by 1.4% in after-the-bell trading following the news.


BBC News – Business


Read More..

Egypt’s Mursi calls referendum as Islamists march












CAIRO (Reuters) – Egypt‘s President Mohamed Mursi called a December 15 referendum on a draft constitution on Saturday as at least 200,000 Islamists demonstrated in Cairo to back him after opposition fury over his newly expanded powers.


Speaking after receiving the final draft of the constitution from the Islamist-dominated assembly, Mursi urged a national dialogue as the country nears the end of the transition from Hosni Mubarak‘s rule.












“I renew my call for opening a serious national dialogue over the concerns of the nation, with all honesty and impartiality, to end the transitional period as soon as possible, in a way that guarantees the newly-born democracy,” Mursi said.


Mursi plunged Egypt into a new crisis last week when he gave himself extensive powers and put his decisions beyond judicial challenge, saying this was a temporary measure to speed Egypt’s democratic transition until the new constitution is in place.


His assertion of authority in a decree issued on November 22, a day after he won world praise for brokering a Gaza truce between Israel and the Palestinian Islamist Hamas movement, dismayed his opponents and widened divisions among Egypt’s 83 million people.


Two people have been killed and hundreds wounded in protests by disparate opposition forces drawn together and re-energized by a decree they see as a dictatorial power grab.


A demonstration in Cairo to back the president swelled through the afternoon, peaking in the early evening at least 200,000, said Reuters witnesses, basing their estimates on previous rallies in the capital. The authorities declined to give an estimate for the crowd size.


“The people want the implementation of God’s law,” chanted flag-waving demonstrators, many of them bussed in from the countryside, who choked streets leading to Cairo University, where Mursi’s Muslim Brotherhood had called the protest.


Tens of thousands of Egyptians had protested against Mursi on Friday. “The people want to bring down the regime,” they chanted in Cairo‘s Tahrir Square, echoing the trademark slogan of the revolts against Hosni Mubarak and Arab leaders elsewhere.


Rival demonstrators threw stones after dark in the northern city of Alexandria and a town in the Nile Delta. Similar clashes erupted again briefly in Alexandria on Saturday, state TV said.


“COMPLETE DEFEAT”


Mohamed Noshi, 23, a pharmacist from Mansoura, north of Cairo, said he had joined the rally in Cairo to support Mursi and his decree. “Those in Tahrir don’t represent everyone. Most people support Mursi and aren’t against the decree,” he said.


Mohamed Ibrahim, a hardline Salafi Islamist scholar and a member of the constituent assembly, said secular-minded Egyptians had been in a losing battle from the start.


“They will be sure of complete popular defeat today in a mass Egyptian protest that says ‘no to the conspiratorial minority, no to destructive directions and yes for stability and sharia (Islamic law)’,” he told Reuters.


Mursi has alienated many of the judges who must supervise the referendum. His decree nullified the ability of the courts, many of them staffed by Mubarak-era appointees, to strike down his measures, although says he respects judicial independence.


A source at the presidency said Mursi might rely on the minority of judges who support him to supervise the vote.


“Oh Mursi, go ahead and cleanse the judiciary, we are behind you,” shouted Islamist demonstrators in Cairo.


Mursi, once a senior Muslim Brotherhood figure, has put his liberal, leftist, Christian and other opponents in a bind. If they boycott the referendum, the constitution would pass anyway.


If they secured a “no” vote to defeat the draft, the president could retain the powers he has unilaterally assumed.


And Egypt’s quest to replace the basic law that underpinned Mubarak’s 30 years of army-backed one-man rule would also return to square one, creating more uncertainty in a nation in dire economic straits and seeking a $ 4.8 billion loan from the IMF.


“NO PLACE FOR DICTATORSHIP”


Mursi’s well-organized Muslim Brotherhood and its ultra-orthodox Salafi allies, however, are convinced they can win the referendum by mobilizing their own supporters and the millions of Egyptians weary of political turmoil and disruption.


“There is no place for dictatorship,” the president said on Thursday while the constituent assembly was still voting on a draft constitution which Islamists say enshrines Egypt’s new freedoms.


Human rights groups have voiced misgivings, especially about articles related to women’s rights and freedom of speech.


The text limits the president to two four-year terms, requires him to secure parliamentary approval for his choice of prime minister, and introduces a degree of civilian oversight over the military – though not enough for critics.


The draft constitution also contains vague, Islamist-flavored language that its opponents say could be used to whittle away human rights and stifle criticism.


For example, it forbids blasphemy and “insults to any person”, does not explicitly uphold women’s rights and demands respect for “religion, traditions and family values”.


The draft injects new Islamic references into Egypt’s system of government but retains the previous constitution’s reference to “the principles of sharia” as the main source of legislation.


“We fundamentally reject the referendum and constituent assembly because the assembly does not represent all sections of society,” said Sayed el-Erian, 43, a protester in Tahrir and member of a party set up by opposition figure Mohamed ElBaradei.


Several independent newspapers said they would not publish on Tuesday in protest. One of the papers also said three private satellite channels would halt broadcasts on Wednesday.


Egypt cannot hold a new parliamentary election until a new constitution is passed. The country has been without an elected legislature since the Supreme Constitutional Court ordered the dissolution of the Islamist-dominated lower house in June.


The court is due to meet on Sunday to discuss the legality of parliament’s upper house.


“We want stability. Every time, the constitutional court tears down institutions we elect,” said Yasser Taha, a 30-year-old demonstrator at the Islamist rally in Cairo.


(Additional reporting by Marwa Awad, Yasmine Saleh and Tom Perry; Editing by Myra MacDonald and Jason Webb)


World News Headlines – Yahoo! News


Read More..

The Boy Genius Report: Microsoft is blowing it and RIM could too












Who would have thought a couple of years ago that Research In Motion (RIMM) would be on the ropes and Microsoft (MSFT) could be getting close? Well, me… but not many others. Microsoft’s latest strategy of trying to make a no compromise tablet has resulted in, you guessed it, compromise. It’s not as polished as an iPad, it’s more limited in almost every possible way, it’s slow, clunky, unresponsive at times, offers a worse display, weighs more, and is thicker. Plus it costs over $ 100 more when you factor in a Touch Cover or Type Cover keyboard. Plus, you can’t even run Windows applications even though you get the actual Windows desktop.


The best part is the Surface Pro. An even more expensive version of the Surface, an even thicker version of the Surface, and an even heavier version of the Surface, and you get a fan to cool your heating tablet when you’re doing your Excel speadsheets or when Outlook keeps freezing — oh my god why does it freeze so much when you’re typing — and you get half the battery life of the current Surface model.












There’s a very big issue with Microsoft’s strategy of no compromise, because time and time again this company fails to realize that the reason Apple (AAPL) is winning is because Apple choses to compromise.


Apple chooses to throw out the USB port, the DVD drive, the kickstand, the fan, the Intel processor. Apple understands that laptops are still useful but at this point in the game, the only use for a multitouch laptop should be in the trackpad. Microsoft is trying to introduce the Surface Pro as your new laptop, except it doesn’t work well is a variety of situations, especially on your lap. Plus, consumers don’t care, and with enterprises and large companies (and small companies) not rushing out to buy brand new computers or brand new software licenses for their employees and workstations due to cost, and the fact that more and more employees are bringing in their own laptops and also asking for Macs, Microsoft has a tremendous problem.


Compounding Windows 8′s failure is the fact that Microsoft is still not prepared for the consumerization of the enterprise world, Microsoft’s bread and butter, and the reason why Microsoft has $ 60 billion in cash. As Windows licenses erode and Office sales slow, Microsoft isn’t going to have another hugely profitable business to rely on — that’s why this is so scary.


Switching to RIM, the company is actually doing a lot of things right in my book. I respect that everyone there has been huddled up, focused on a single product and operating system and put all of their time into getting it as right as they can. Whether that means anything at all, we’ll soon see; RIM has probably been one of the worst players in the mobile space as far as execution is concerned but Thorsten Heins seems to have a better grasp on where the company can take advantage in different markets and at what price point, though RIM’s market share is declining so rapidly that not even BrickBreaker can save the company there.


I have two concerns from a very high level (in-depth thoughts at a later date) about BlackBerry 10 and the devices RIM is introducing on the hardware front. First off, going with a touch only phone first sends the wrong message to me. What is RIM’s biggest strength? Some would say email, some would say security, most would say the keyboard. Introducing a brand new operating system, with a brand new smartphone that doesn’t feature RIM’s fantastic keyboard feels like a marketing blunder. If there is one single reason BlackBerry owners (yes! they do still exist) still have a BlackBerry, it’s for the keyboard.


Yes, I know, there is a QWERTY BlackBerry 10 smartphone coming just a couple of weeks or months after the first touchscreen device, but these two should have been joined at the hip at the very minimum.


My other concern is RIM is already showing a break in the company’s focus by introducing two different screen sizes from the gate. The BlackBerry L-series will have a 1280 x 768 screen resolution and the BlackBerry N-series have a 720 x 720-pixel display. In my time playing with an N-series prototype, this square resolution felt incredibly awkward and it’s now two screen sizes that RIM’s developer community has to account for when making apps. Add this to the fact that RIM has enough trouble getting developers on board — of course Microsoft is having trouble there, too — and this feels like it’s not the most optimal scenario.  


Get more from BGR.com: Follow us on Twitter, Facebook


Gadgets News Headlines – Yahoo! News


Read More..

The Boy Genius Report: Microsoft is blowing it and RIM could too












Who would have thought a couple of years ago that Research In Motion (RIMM) would be on the ropes and Microsoft (MSFT) could be getting close? Well, me… but not many others. Microsoft’s latest strategy of trying to make a no compromise tablet has resulted in, you guessed it, compromise. It’s not as polished as an iPad, it’s more limited in almost every possible way, it’s slow, clunky, unresponsive at times, offers a worse display, weighs more, and is thicker. Plus it costs over $ 100 more when you factor in a Touch Cover or Type Cover keyboard. Plus, you can’t even run Windows applications even though you get the actual Windows desktop.


The best part is the Surface Pro. An even more expensive version of the Surface, an even thicker version of the Surface, and an even heavier version of the Surface, and you get a fan to cool your heating tablet when you’re doing your Excel speadsheets or when Outlook keeps freezing — oh my god why does it freeze so much when you’re typing — and you get half the battery life of the current Surface model.












There’s a very big issue with Microsoft’s strategy of no compromise, because time and time again this company fails to realize that the reason Apple (AAPL) is winning is because Apple choses to compromise.


Apple chooses to throw out the USB port, the DVD drive, the kickstand, the fan, the Intel processor. Apple understands that laptops are still useful but at this point in the game, the only use for a multitouch laptop should be in the trackpad. Microsoft is trying to introduce the Surface Pro as your new laptop, except it doesn’t work well is a variety of situations, especially on your lap. Plus, consumers don’t care, and with enterprises and large companies (and small companies) not rushing out to buy brand new computers or brand new software licenses for their employees and workstations due to cost, and the fact that more and more employees are bringing in their own laptops and also asking for Macs, Microsoft has a tremendous problem.


Compounding Windows 8′s failure is the fact that Microsoft is still not prepared for the consumerization of the enterprise world, Microsoft’s bread and butter, and the reason why Microsoft has $ 60 billion in cash. As Windows licenses erode and Office sales slow, Microsoft isn’t going to have another hugely profitable business to rely on — that’s why this is so scary.


Switching to RIM, the company is actually doing a lot of things right in my book. I respect that everyone there has been huddled up, focused on a single product and operating system and put all of their time into getting it as right as they can. Whether that means anything at all, we’ll soon see; RIM has probably been one of the worst players in the mobile space as far as execution is concerned but Thorsten Heins seems to have a better grasp on where the company can take advantage in different markets and at what price point, though RIM’s market share is declining so rapidly that not even BrickBreaker can save the company there.


I have two concerns from a very high level (in-depth thoughts at a later date) about BlackBerry 10 and the devices RIM is introducing on the hardware front. First off, going with a touch only phone first sends the wrong message to me. What is RIM’s biggest strength? Some would say email, some would say security, most would say the keyboard. Introducing a brand new operating system, with a brand new smartphone that doesn’t feature RIM’s fantastic keyboard feels like a marketing blunder. If there is one single reason BlackBerry owners (yes! they do still exist) still have a BlackBerry, it’s for the keyboard.


Yes, I know, there is a QWERTY BlackBerry 10 smartphone coming just a couple of weeks or months after the first touchscreen device, but these two should have been joined at the hip at the very minimum.


My other concern is RIM is already showing a break in the company’s focus by introducing two different screen sizes from the gate. The BlackBerry L-series will have a 1280 x 768 screen resolution and the BlackBerry N-series have a 720 x 720-pixel display. In my time playing with an N-series prototype, this square resolution felt incredibly awkward and it’s now two screen sizes that RIM’s developer community has to account for when making apps. Add this to the fact that RIM has enough trouble getting developers on board — of course Microsoft is having trouble there, too — and this feels like it’s not the most optimal scenario.  


Get more from BGR.com: Follow us on Twitter, Facebook


Gadgets News Headlines – Yahoo! News


Read More..

Seth MacFarlane on “Family Guy” movie: “it’s just a matter of when”












NEW YORK (TheWrap.com) – “Family Guy” creator Seth MacFarlane wants to bring his beloved and controversial Fox show to the big screen, telling students at UCLA on Wednesday that a theatrical version of the show will definitely happen.


“It’s just a matter of when,” MacFarlane said, according to Entertainment Weekly. “It’s hard to do that while you have the series going on at the same time; I think that’s why it took ‘The Simpsons’ 20 seasons to figure out how to do it.”












“Family Guy,” which is in its 11th season, has made MacFarlane one of the most successful writers in television. A writer, director, voice actor and animator – not to mention singer-of-standards and this year’s Oscar host – MacFarlane created that show, as well Fox shows “American Dad” and “The Cleveland Show.”


He also had been working on a reboot of “The Flintstones,” but that appears to be shelved for now.


MacFarlane then transformed into one of the film industry’s hottest commodities this summer thanks to the breakout success of “Ted,” the Universal comedy that has set a new box-office record for an original, R-rated comedy.


While Universal has every intent of making another “Ted,” MacFarlane said he also has developed the ideas for a “Family Guy” film.


“We do know what the ‘Family Guy’ movie will be,” he told the students. Drawing another comparison to “The Simpsons Movie,” he said his one criticism of the cinematic version of that iconic show was that the plot would have worked on TV.


He claimed his “Family Guy” idea “would be impossible to do on TV.”


The Hollywood Reporter wrote last year that there is a deal in place for a ‘Family Guy” movie, but MacFarlane’s representatives did not respond to a request for more information about the rights to the movie or MacFarlane’s plans.


While MacFarlane still spends a good deal of his time working on television projects, the prospect of a “Family Guy” movie raises two questions: Does he have to make “Ted” first? Does Fox have the rights to the movie?


Neither Universal nor Fox have returned requests for comment.


TV News Headlines – Yahoo! News


Read More..

Asperger’s dropped from revised diagnosis manual












CHICAGO (AP) — The now familiar term “Asperger‘s disorder” is being dropped. And abnormally bad and frequent temper tantrums will be given a scientific-sounding diagnosis called DMDD. But “dyslexia” and other learning disorders remain.


The revisions come in the first major rewrite in nearly 20 years of the diagnostic guide used by the nation’s psychiatrists. Changes were approved Saturday.












Full details of all the revisions will come next May when the American Psychiatric Association‘s new diagnostic manual is published, but the impact will be huge, affecting millions of children and adults worldwide. The manual also is important for the insurance industry in deciding what treatment to pay for, and it helps schools decide how to allot special education.


This diagnostic guide “defines what constellations of symptoms” doctors recognize as mental disorders, said Dr. Mark Olfson, a Columbia University psychiatry professor. More important, he said, it “shapes who will receive what treatment. Even seemingly subtle changes to the criteria can have substantial effects on patterns of care.”


Olfson was not involved in the revision process. The changes were approved Saturday in suburban Washington, D.C., by the psychiatric association’s board of trustees.


The aim is not to expand the number of people diagnosed with mental illness, but to ensure that affected children and adults are more accurately diagnosed so they can get the most appropriate treatment, said Dr. David Kupfer. He chaired the task force in charge of revising the manual and is a psychiatry professor at the University of Pittsburgh.


One of the most hotly argued changes was how to define the various ranges of autism. Some advocates opposed the idea of dropping the specific diagnosis for Asperger’s disorder. People with that disorder often have high intelligence and vast knowledge on narrow subjects but lack social skills. Some who have the condition embrace their quirkiness and vow to continue to use the label.


And some Asperger’s families opposed any change, fearing their kids would lose a diagnosis and no longer be eligible for special services.


But the revision will not affect their education services, experts say.


The new manual adds the term “autism spectrum disorder,” which already is used by many experts in the field. Asperger’s disorder will be dropped and incorporated under that umbrella diagnosis. The new category will include kids with severe autism, who often don’t talk or interact, as well as those with milder forms.


Kelli Gibson of Battle Creek, Mich., who has four sons with various forms of autism, said Saturday she welcomes the change. Her boys all had different labels in the old diagnostic manual, including a 14-year-old with Asperger’s.


“To give it separate names never made sense to me,” Gibson said. “To me, my children all had autism.”


Three of her boys receive special education services in public school; the fourth is enrolled in a school for disabled children. The new autism diagnosis won’t affect those services, Gibson said. She also has a 3-year-old daughter without autism.


People with dyslexia also were closely watching for the new updated doctors’ guide. Many with the reading disorder did not want their diagnosis to be dropped. And it won’t be. Instead, the new manual will have a broader learning disorder category to cover several conditions including dyslexia, which causes difficulty understanding letters and recognizing written words.


The trustees on Saturday made the final decision on what proposals made the cut; recommendations came from experts in several work groups assigned to evaluate different mental illnesses.


The revised guidebook “represents a significant step forward for the field. It will improve our ability to accurately diagnose psychiatric disorders,” Dr. David Fassler, the group’s treasurer and a University of Vermont psychiatry professor, said after the vote.


The shorthand name for the new edition, the organization’s fifth revision of the Diagnostic and Statistical Manual, is DSM-5. Group leaders said specifics won’t be disclosed until the manual is published but they confirmed some changes. A 2000 edition of the manual made minor changes but the last major edition was published in 1994.


Olfson said the manual “seeks to capture the current state of knowledge of psychiatric disorders. Since 2000 … there have been important advances in our understanding of the nature of psychiatric disorders.”


Catherine Lord, an autism expert at Weill Cornell Medical College in New York who was on the psychiatric group’s autism task force, said anyone who met criteria for Asperger’s in the old manual would be included in the new diagnosis.


One reason for the change is that some states and school systems don’t provide services for children and adults with Asperger’s, or provide fewer services than those given an autism diagnosis, she said.


Autism researcher Geraldine Dawson, chief science officer for the advocacy group Autism Speaks, said small studies have suggested the new criteria will be effective. But she said it will be crucial to monitor so that children don’t lose services.


Other changes include:


—A new diagnosis for severe recurrent temper tantrums — disruptive mood dysregulation disorder. Critics say it will medicalize kids’ who have normal tantrums. Supporters say it will address concerns about too many kids being misdiagnosed with bipolar disorder and treated with powerful psychiatric drugs. Bipolar disorder involves sharp mood swings and affected children are sometimes very irritable or have explosive tantrums.


—Eliminating the term “gender identity disorder.” It has been used for children or adults who strongly believe that they were born the wrong gender. But many activists believe the condition isn’t a disorder and say calling it one is stigmatizing. The term would be replaced with “gender dysphoria,” which means emotional distress over one’s gender. Supporters equated the change with removing homosexuality as a mental illness in the diagnostic manual, which happened decades ago.


___


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


Medications/Drugs News Headlines – Yahoo! News


Read More..

AMR wants keep control over bankruptcy through March 11












NEW YORK (Reuters) – American Airlines‘ bankrupt parent has asked a judge to extend by six weeks, through March 11, the period in which it has the exclusive right to propose a plan to exit bankruptcy.


The request, made jointly with its creditors‘ committee, was filed on Friday in U.S. Bankruptcy Court in Manhattan. The current exclusive window is set to end on January 28.












AMR Corp filed for bankruptcy a year ago in hopes of reducing labor costs and returning to profitability.


Its smaller competitor, US Airways Group Inc , is making a push to acquire it out of bankruptcy. AMR said earlier this year it would prefer to exit as a standalone company, but is discussing merger options, including with US Airways.


Friday’s filing is a sign that discussions with creditors on how to bring AMR out of bankruptcy are progressing cooperatively, if a bit slower than initially expected.


“American and the (creditors’ committee) believe that the proposed extensions will facilitate the expedition of the chapter 11 cases and benefit all parties in interest,” the filing said.


Sean Collins, a spokesman for American, said in a statement that the company “has made significant progress in its restructuring.”


“The work, while progressing well, takes time,” he said.


The exclusivity period bars creditors and other parties from proposing their own plans for how AMR should exit bankruptcy.


That effectively blocks US Airways from making a hostile bid, as any merger plan unveiled during exclusivity would have to be proposed by AMR itself.


AMR’s pilots union, in the midst of bitter contract talks with the company, supports a US Airways merger and called Friday’s extension request a sign that “things are proceeding in a positive way.”


“We assume that the strategic alternative talks, which include US Airways, are functional,” union spokesman Dennis Tajer said.


A hearing on the extension request is set for December 19.


The case is In re AMR Corp et al, U.S. Bankruptcy Court, Southern District of New York, No. 11-15463.


(Reporting by Nick Brown; editing by Tim Dobbyn and Matthew Lewis)


Business News Headlines – Yahoo! News


Read More..

Zynga shares slide after privileged status with Facebook ends












(Reuters) – Shares of gaming company Zynga Inc fell as much as 10 percent, a day after the “Farmville” creator reached an agreement with Facebook Inc that reduces its dependence on the social networking giant.


The companies reported in regulatory filings on Thursday that they have reached an agreement to amend a 2010 deal that was widely seen as giving Zynga privileged status on the world’s No.1 social network.












Zynga gets a freer hand to operate a standalone gaming website, but gives up its ability to promote its site on Facebook and to draw from the thriving social network of about 1 billion users.


“Although Zynga investors have reacted negatively to Thursday’s announcements so far, we view them as a long-term positive for both companies,” Wedbush Securities analyst Michael Pachter said in a note to clients.


“Zynga now has an advantage to offer more payment options which could result in additional subscribers who are not Facebook users,” he said, maintaining his “outperform” rating and price target of $ 4 on the stock.


Both internet companies have been trying to reduce their interdependence, with Zynga starting up its own Zynga.com platform, and Facebook wooing other games developers.


In recent quarters, fees from Zynga contributed 15 percent of Facebook’s revenue, while Zynga relies on Facebook for roughly 80 percent of its revenue.


Francisco-based Zynga’s shares were down 7 percent at $ 2.44 in morning trading on the New York Stock Exchange on Friday.


Facebook shares were down more than 1 percent at $ 26.98.


(Reporting By Aurindom Mukherjee in Bangalore; Editing by Don Sebastian)


Tech News Headlines – Yahoo! News


Read More..