Apple testing new iPhone, iOS 7: report






(Reuters) – Apple Inc has started testing a new iPhone and the next version of its iOS software, news website The Next Web reported.


Apple shares were up 2.6 percent at $ 546.06 in premarket trading. The stock closed at $ 532.17 on the Nasdaq on Monday.






Application developers have found in their app usage logs references to a new iPhone identifier, iPhone 6.1, running iOS 7 operating system, the website reported. (http://r.reuters.com/fyd94t)


Apple‘s iPhone 5 bears the identifiers “iPhone 5.1″ and “iPhone 5.2″ and is powered by iOS 6 operating system.


Developer logs show that the app requests originate from an internet address on Apple’s Cupertino campus, suggesting that Apple engineers are testing compatibility for some of the popular apps, the website said.


“Although OS and device data can be faked, the unique IP footprint leading back to Apple’s Cupertino campus leads us to believe this is not one of those attempts,” the website said.


Apple launched iPhone 5 in September and it has been reported that the new iPhone will be released in the middle of 2013.


(Reporting by Supantha Mukherjee in Bangalore)


Tech News Headlines – Yahoo! News





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Los Angeles photog killed shooting Bieber's car


LOS ANGELES (AP) — Justin Bieber says his thoughts and prayers are with the family of a paparazzo who was fatally struck by a car after taking pictures of the singer's Ferrari sports car in Los Angeles.


In a statement released Wednesday by Island Def Jam Music Group, Bieber says he hopes the tragedy will inspire legislation to protect the lives of celebrities, police, bystanders and photographers themselves.


Police Officer James Stoughton says the photographer died Tuesday evening at a hospital. Stoughton says Bieber was not in the Ferrari at the time.


Sgt. Rudy Lopez told the Los Angeles Times (http://lat.ms/ZTtuCt ) that the pop star's friend was driving the car when it was pulled over for a traffic stop.


Police say the paparazzo was struck by another motorist while returning to his own car.


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In Theory: Pill Could Join Arsenal Against Bedbugs

THE HYPOTHESIS

A common deworming drug can be used to kill bedbugs.

THE INVESTIGATOR

Dr. Johnathan M. Sheele, Eastern Virginia Medical School

It was a visit to a cousin in New York City two years ago that inspired Thang D. Tran, a medical student at Eastern Virginia Medical School, to volunteer to become a human booby trap in the war on bedbugs.

“She told me everyone in New York was scared of bedbugs,” he said of his cousin. So when Dr. Johnathan M. Sheele, an emergency medicine specialist at his school, asked for volunteers to test a new way of killing the pests, Mr. Tran raised his arm. Soon, it was covered with itchy welts.

Dr. Sheele’s study, released at a tropical medicine convention in November, unveiled a possible new superweapon against Cimex lectularius: a deworming pill.

You take the pill and go to bed — perchance even to sleep, if you can sleep knowing how patiently bedbugs wait in your walls or mattress, sniffing for the sweet stream of your exhaled carbon dioxide and for your warm skin to grow still. You let them bite you. And then — in a few days — they die.

The technique is known as xenointoxication, which sounds like intergalactic beer pong but in medical pathology is Greek for “poisoning the guest.” In Dr. Sheele’s study, over 60 percent of the bedbugs died after volunteers like Mr. Tran took a single pill. Bigger or more regular doses might improve the lethality.

And it’s not as if the drug is rare and dangerous. It’s already in thousands of American households: ivermectin, the active ingredient in the beef-flavored Heartgard Chewables that kill heartworm in dogs.

(For humans, the brand name is Stromectol, and it is available by prescription only, usually for travelers who pick up worms overseas, or toddlers who get them from playing in sandboxes used by dogs.)

Ivermectin is also very safe. Millions of doses have been given to African children to kill the worms that cause river blindness. Many Papua New Guineans get double doses to kill scabies. One early study of the drug found that up to 10 times the normal dose was safe.

Ivermectin attacks a type of “gated chloride channel” in the nerves of insects that does not exist in mammals.

Dr. Sheele is not advising bedbug-tormented Americans to start eating Fido’s worm tablets. With only four volunteers, his study was tiny and preliminary, he emphasized. Neither the Food and Drug Administration nor any medical society has approved using ivermectin this way, and no one yet knows what the ideal antibedbug dose is.

But ivermectin experts say his idea isn’t crazy.

“Maybe partially crazy,” said Dr. Peter J. Hotez, dean of the National School of Tropical Medicine at Baylor College of Medicine. “But not entirely crazy.”

Dr. Hotez’s hesitation is mostly that bedbugs, unlike body lice and worms, do not cause disease, so xenointoxication seems heavy-handed.

But many Americans, including many New Yorkers, are so terrified of the bugs that they have spent thousands of dollars fighting them, so ivermectin could be cost-effective.

Brian D. Foy, a virologist at Colorado State University’s veterinary school, has shown that it also kills mosquitoes, and so could be used against malaria. His initial reaction to using it against bedbugs was that he thought it would be easier to clean one’s house and throw out one’s mattress.

“But maybe that’s just my ignorance about bedbugs,” he admitted. “We don’t have them out here in Colorado.”

(Local news reports do not back him up on that.)

“Needless to say,” he correctly pointed out, “this isn’t going to solve the problem of bedbugs in hotel rooms.”

Dr. Sheele speculated that ivermectin might be best used in combination with current measures like pesticides, desiccant powders, mattress covers, heat treatment, steaming and vacuuming. While it might not work alone, it could give exterminators a head start.

Dr. Frank O. Richards Jr., a parasitologist at the Carter Center in Atlanta who has spent years running programs in Africa and Asia that give out ivermectin donated by Merck to fight river blindness, said he was “excited to see how this plays out.” Americans might be initially squeamish about deworming pills, he said, but the country does have “a lot of worried rich people who don’t like bug bites.”

He has tracked women in his river-blindness programs who took ivermectin before realizing they were pregnant, he said, “and all their babies were cool.”Nonetheless, he said, even though one 2002 study found a huge dose to be safe, which theoretically means that multiple small ones also would be, “as a physician, I’d be very concerned about an off-label use like that.”

“If I gave that out, and something happened,” he continued, “I would not have a leg to stand on in court.”

Because each bug feeds only occasionally, he said, “I don’t buy that a week would do the trick. I think you’re going to need two, three, four weeks. And that’s concerning. We don’t have any toxicity data like that.”

Like Dr. Sheele, he favors more testing of multiple doses.

Ivermectin is not cheap. In the United States, a typical adult dose of Stromectol is about $40, and no generic version is sold legally. A year’s supply of Heartgard for a big dog can cost more than $100.

But, Dr. Sheele said, that pales beside the price of multiple visits by a team of exterminators.

He got interested in bedbugs, he said, because they plagued so many of his Norfolk, Va., emergency room patients.

“I even had one patient come in with a baggie full of them,” he said. “As a physician, there’s nothing you can do for them except give them Benadryl and steroids for the itching.”

He knew about ivermectin’s power to kill skin parasites because he had done a fellowship in international emergency medicine, he said.

His school provided financing but was nervous about letting him officially import bedbugs to campus, so he had to borrow the lab of a tick researcher at Old Dominion University. (Mr. Tran remembers it as humid and redolent of lab rats.)

Eastern Virginia Medical School also wanted animal studies before he recruited medical students, so he dosed mice first; in that case, 86 percent of the bedbugs died.

Now he hopes to find support for a full-fledged clinical trial.

And he is working on a new project: If xenointoxication kills bedbugs, he surmised, how about ticks?

The parasite-host relationship isn’t as predictable as it is between bedbugs and their dinner. But the stakes are higher, since ticks carry serious diseases like Lyme and babesiosis.

“It could be interesting for people who have to spend a lot of time in the woods — like soldiers,” he said.

Meanwhile, Mr. Tran and An Teng, another medical student and study participant, are enjoying their new notoriety.

“My friends were completely grossed out that I let myself be bitten,” said Mr. Tran, whose rash from the bites lasted for a month. “But working on something so relevant to society caught my attention.”


In this video from Eastern Virginia Medical School, one of the bedbug study participants demonstrates how he became human bait for bedbugs.

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Avis will acquire Zipcar car-sharing business for $500 million









In a bid to expand its breadth and adapt to changing consumer habits, the Avis car rental company announced a deal Monday to purchase car-sharing business Zipcar for about $500 million.


Zipcar Inc. has been growing as more people in urban areas forgo owning a car and instead tap car-sharing and hourly rental services when they need a vehicle. The company’s third-quarter sales grew 15% to $78.2 million while its membership (renters) grew 18% to more than 767,000. Zipcar earned $4.3 million in the three-month period and has said it expected 2012 to be the first full year for which it posts a profit.


"We see car sharing as highly complementary to traditional car rental, with rapid growth potential and representing a scalable opportunity for us as a combined company,” said Ronald L. Nelson, chief executive of Avis Budget Group. “We expect to apply Avis Budget's experience and efficiencies of fleet management with Zipcar's proven, customer-friendly technology to accelerate the growth of the Zipcar brand and to provide more options for Zipsters in more places.”





Avis Budget, the nation’s third-largest car rental company -- after Enterprise Holdings and Hertz -- will pay $12.25 a share in cash for Zipcar, a 49% premium over the stock's closing price Monday.


The deal is subject to approval by Zipcar shareholders and other customary closing conditions, but owners of 32% of Zipcar’s stock have already agreed to the transaction.  It is scheduled to be completed in the spring.


“We believe this combination is a win across the board for our members, shareholders and employees,” said Zipcar CEO Scott Griffith. “We will be well positioned to accelerate enhancements to the Zipcar member experience with more offers and additional services as well as an expanded network of locations."


Avis believes it can whittle $50 million to $70 million of expenses out of the combined operations of the companies by eliminating duplication of functions such as the cost of maintaining Zipcar as a publicly traded company.


"Avis Budget's existing infrastructure, scale and experience with managing multiple brands make us uniquely positioned to accelerate the growth and profitability of Zipcar," said Nelson.


Griffith will continue to run Zipcar’s day-to-day operations. The car-sharing business operates in 20 major metropolitan areas in the United States, Canada and Europe and has cars at 300 college and university campuses. 


ALSO:


Luxury car sales soar


GM starts truck price war


Camry, Prius fail crash test


Follow me on Twitter (@LATimesJerry), Facebook and Google+.





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Ruling over bumper-car injury supports amusement park









SAN FRANCISCO — The California Supreme Court, protecting providers of risky recreational activities from lawsuits, decided Monday that bumper car riders may not sue amusement parks over injuries stemming from the inherent nature of the attraction.


The 6-1 decision may be cited to curb liability for a wide variety of activities — such as jet skiing, ice skating and even participating in a fitness class, lawyers in the case said.


"This is a victory for anyone who likes fun and risk activities," said Jeffrey M. Lenkov, an attorney for Great America, which won the case.








But Mark D. Rosenberg, who represented a woman injured in a bumper car at the Bay Area amusement park, said the decision was bad for consumers.


"Patrons are less safe today than they were yesterday," Rosenberg said.


The ruling came in a lawsuit by Smriti Nalwa, who fractured her wrist in 2005 while riding in a bumper car with her 9-year-old son and being involved in a head-on collision. Rosenberg said Great America had told ride operators not to allow head-on collisions, but failed to ask patrons to avoid them.


The court said Nalwa's injury was caused by a collision with another bumper car, a normal part of the ride. To reduce all risk of injury, the ride would have to be scrapped or completely reconfigured, the court said.


"A small degree of risk inevitably accompanies the thrill of speeding through curves and loops, defying gravity or, in bumper cars, engaging in the mock violence of low-speed collisions," Justice Kathryn Mickle Werdegar wrote for the majority. "Those who voluntarily join in these activities also voluntarily take on their minor inherent risks."


Monday's decision extended a legal doctrine that has limited liability for risky sports, such as football, to now include recreational activities.


"Where the doctrine applies to a recreational activity," Werdegar wrote, "operators, instructors and participants …owe other participants only the duty not to act so as to increase the risk of injury over that inherent in the activity."


Amusement parks will continue to be required to use the utmost care on thrill rides such as roller coasters, where riders surrender control to the operator. But on attractions where riders have some control, the parks can be held liable only if their conduct unreasonably raised the dangers.


"Low-speed collisions between the padded, independently operated cars are inherent in — are the whole point of — a bumper car ride," Werdegar wrote.


Parks that fail to provide routine safety measures such as seat belts, adequate bumpers and speed controls might be held liable for an injury, but operators should not be expected to restrict where a bumper car is bumped, the court said.


The justices noted that the state inspected the Great America rides annually, and the maintenance and safety staff checked on the bumper cars the day Nalwa broke her wrist. The ride was functioning normally.


Reports showed that bumper car riders at the park suffered 55 injuries — including bruises, cuts, scrapes and strains — in 2004 and 2005, but Nalwa's injury was the only fracture. Nalwa said her wrist snapped when she tried to brace herself by putting her hand on the dashboard.


Rosenberg said the injury stemmed from the head-on collision. He said the company had configured bumper rides in other parks to avoid such collisions and made the Santa Clara ride uni-directional after the lawsuit was filed.


Justice Joyce L. Kennard dissented, complaining that the decision would saddle trial judges "with the unenviable task of determining the risks of harm that are inherent in a particular recreational activity."


"Whether the plaintiff knowingly assumed the risk of injury no longer matters," Kennard said.


maura.dolan@latimes.com





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Relive the Paralympics’ Most Inspiring Moment of the Year






Back in July, we covered how social media would be critical to the success of the 2012 Paralympic Games. The Paralympics ended in September, but the International Paralympic Committee is still using the web to shine a light on unheralded athletes and tell stories of remarkable inspiration.


[More from Mashable: Watch the Scariest Skiing Lesson of All Time]






The committee revealed its top moment of 2012 in a video posted to YouTube on Sunday. It profiles Italian cyclist Alex Zanardi winning gold in London after losing his legs in an auto racing accident in 2001. The image of a triumphant Zanardi lifting his hand-cycling tricycle above his head with one arm post-race is nothing short of astounding.


[More from Mashable: NBA Star’s Kick to the Groin Sparks Online Debate]


For a longer look at Zanardi’s amazing achievement and to relive one of 2012′s sweetest sports moments, watch the full video above.


BONUS: 2012′s best sports social media moments


1. Devin McCourty Tweets While Playing in the Super Bowl (Sort of)


As New England Patriot Devin McCourty took on the New York Giants in Super Bowl XLVI, his followers were still able to receive real-time updates from his social feeds. But he wasn’t sneaking tweets between plays or during timeouts. Devin and twin brother Jason, who plays for the Tennessee Titans, share their Twitter and Facebook accounts. The Super Bowl showcased one of the more creative approaches to social media in the sports world.


Image courtesy of Devin and Jason McCourty’s Instagram.


Click here to view this gallery.


Thumbnail image credit Getty Images/AFP/Leon Neal


This story originally published on Mashable here.


Tech News Headlines – Yahoo! News





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Pasadena's Rose Parade kicks off on a cold morning


PASADENA, Calif. (AP) — The 124th Rose Parade in Pasadena kicked off on a chilly New Year's morning with the theme "Oh the Places You'll Go!" named in honor of the Dr. Seuss book.


Led by this year's grand marshal, British primatologist Jane Goodall, the parade features 42 floats covered with flowers and plant material, 23 marching bands and 21 equestrian units from across the country.


An estimated 700,000 spectators are lining the streets to view the 5-mile-long spectacle, which is broadcast around the world. This year's parade features the first-ever float entered by the Defense Department and a couple getting married on a float.


The $247,000 military float is a replica of the Korean War Veterans Memorial in Washington to commemorate the veterans from that conflict.


The float that scooped up the parade's grand "Sweepstakes" prize for the most beautiful floral presentation and design was "Dreaming in Paradise" by fruit and vegetable producer Dole.


Die-hard parade fans staked out their spots early Monday with folding chairs, hammocks and portable barbeque grills.


They brought in the new year by throwing marshmallows, shaving cream and tortillas, and then hunkered down to stay warm in sleeping bags during a particularly cold night for Southern California.


The wave of under-40-degree temperature spurred a number of cold-weather exposure calls to emergency personnel, police department spokeswoman Lisa Derderian told City News Service.


As of 8 a.m. Tuesday, police had made a total of 22 arrests along the parade route since 6 p.m. Monday, said police Lt. Rick Aversan.


All but one arrest were for public intoxication. The other was for possession of burglary tools that could have been used to break into cars, police said.


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Hispanic Pregnancies Fall in U.S. as Women Choose Smaller Families





ORLANDO, Fla. — Hispanic women in the United States, who have generally had the highest fertility rates in the country, are choosing to have fewer children. Both immigrant and native-born Latinas had steeper birthrate declines from 2007 to 2010 than other groups, including non-Hispanic whites, blacks and Asians, a drop some demographers and sociologists attribute to changes in the views of many Hispanic women about motherhood.




As a result, in 2011, the American birthrate hit a record low, with 63 births per 1,000 women ages 15 to 44, led by the decline in births to immigrant women. The national birthrate is now about half what it was during the baby boom years, when it peaked in 1957 at 122.7 births per 1,000 women of childbearing age.


The decline in birthrates was steepest among Mexican-American women and women who immigrated from Mexico, at 25.7 percent. This has reversed a trend in which immigrant mothers accounted for a rising share of births in the United States, according to a recent report by the Pew Research Center. In 2010, birthrates among all Hispanics reached their lowest level in 20 years, the center found.


The sudden drop-off, which coincided with the onset of the recession, suggests that attitudes have changed since the days when older generations of Latinos prized large families and more closely followed Roman Catholic teachings, which forbid artificial contraception.


Interviews with young Latinas, as well as reproductive health experts, show that the reasons for deciding to have fewer children are many, involving greater access to information about contraceptives and women’s health, as well as higher education.


When Marucci Guzman decided to marry Tom Beard here seven years ago, the idea of having a large family — a Guzman tradition back in Puerto Rico — was out of the question.


“We thought one, maybe two,” said Ms. Guzman Beard, who gave birth to a daughter, Attalai, four years ago.


Asked whether Attalai might ever get her wish for a little brother or sister, Ms. Guzman Beard, 29, a vice president at a public service organization, said: “I want to go to law school. I’m married. I work. When do I have time?”


The decisions were not made in a vacuum but amid a sputtering economy, which, interviewees said, weighed heavily on their minds.


Latinos suffered larger percentage declines in household wealth than white, black or Asian households from 2005 to 2009, and, according to the Pew report, their rates of poverty and unemployment also grew more sharply after the recession began.


Prolonged recessions do produce dips in the birthrate, but a drop as large as Latinos have experienced is atypical, said William H. Frey, a sociologist and demographer at the Brookings Institution. “It is surprising,” Mr. Frey said. “When you hear about a decrease in the birthrate, you don’t expect Latinos to be at the forefront of the trend.”


D’Vera Cohn, a senior writer at the Pew Research Center and an author of the report, said that in past recessions, when overall fertility dipped, “it bounced back over time when the economy got better.”


“If history repeats itself, that will happen again,” she said.


But to Mr. Frey, the decrease has signaled much about the aspirations of young Latinos to become full and permanent members of the upwardly mobile middle class, despite the challenges posed by the struggling economy.


Jersey Garcia, a 37-year-old public health worker in Miami, is in the first generation of her family to live permanently outside of the Dominican Republic, where her maternal and paternal grandmothers had a total of 27 children.


“I have two right now,” Ms. Garcia said. “It’s just a good number that I can handle.”


“Before, I probably would have been pressured to have more,” she added. “I think living in the United States, I don’t have family members close by to help me, and it takes a village to raise a child. So the feeling is, keep what you have right now.”


But that has not been easy. Even with health insurance, Ms. Garcia’s preferred method of long-term birth control, an IUD, has been unaffordable. Birth control pills, too, with a $50 co-payment a month, were too costly for her budget. “I couldn’t afford it,” she said. “So what I’ve been doing is condoms.”


According to research by the National Latina Institute for Reproductive Health, the overwhelming majority of Latinas have used contraception at some point in their lives, but they face economic barriers to consistent use. As a consequence, Latinas still experience unintended pregnancy at a rate higher than non-Hispanic whites, according to the institute.


And while the share of births to teenage mothers has dropped over the past two decades for all women, the highest share of births to teenage mothers is among native-born Hispanics.


“There are still a lot of barriers to information and access to contraception that exist,” said Jessica Gonzáles-Rojas, 36, the executive director of the institute, who has one son. “We still need to do a lot of work.”


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Optimistic stock investors reaped rewards worldwide in 2012









Wall Street closed out the year with a surge in the final trading session, betting on a last-minute resolution of the so-called fiscal cliff.


The market may have jumped the gun, but investors' hopefulness fit the pattern of 2012: It was a year of solid stock price gains worldwide, as various predictions of Armageddon fell flat.


That has reinforced many market pros' conventional cautious optimism as the new year begins. Bears can still find plenty to be dour about, but the bulls have called it right in three of the last four years since the 2008 financial-system crash.





On Monday, the Dow Jones industrial average jumped 166 points, or 1.3%, to end the year at 13,104. Stocks rallied late in the session as rumors spread that Congress would approve a deal to limit the tax increases and spending cuts otherwise set to kick in Tuesday.


But after the closing bell, a deal to avert the fiscal cliff appeared uncertain — raising fears of a blistering market sell-off Wednesday.


Still, investors who had expected a sustained slump in stocks in 2012 found themselves left behind as most world markets posted double-digit percentage gains, underpinned by a resilient U.S. economy and by central banks' efforts to keep interest rates at rock bottom.


Wall Street optimism about 2013 remains rooted in expectations that the U.S. economy will continue to expand, albeit slowly, and with it corporate earnings.


"Absent a complete failure from Washington, growth should remain positive," said Russ Koesterich, global chief investment strategist at money management giant BlackRock Inc. in New York.


That bet paid off in 2012: The Standard & Poor's 500 index, a popular benchmark for many Americans' retirement accounts, rose 1.7% to 1,426 on Monday and was up 13.4% for the year.


That was the biggest advance since the index rose 23.4% in 2009. Stocks' gains last year also beat returns on most kinds of bonds and on low-yielding short-term cash accounts.


The S&P index now has rebounded 111% from its decade low in March 2009, restoring most of the wealth lost by investors in the Great Recession — if they held on.


In Europe, the Stoxx index of 600 big-name shares rose 14.4% for the year, also the biggest rally since 2009. Japan's main market index soared 22.9%. Most so-called emerging markets also were up sharply, including those in India, Mexico and Turkey.


The 30-stock Dow index was a relative laggard, rising 7.3% for the year. It was hurt by weakness in major energy stocks as crude oil prices fell and by a collapse of shares of troubled tech giant Hewlett-Packard Co.


Markets worldwide had rallied in the first few months of 2012, then dived in spring as doubts multiplied about the global economy.


Europe, gripped for a third year by its government-debt crisis, was the epicenter of those fears: Many investors expected the Eurozone to finally break up under its debt strains, consigning Greece, Spain, Portugal and perhaps other nations to economic death spirals.


But the doomsday predictions were thwarted by the European Central Bank. In late July, ECB President Mario Draghi shocked markets by declaring that the central bank would do whatever was necessary to preserve the Eurozone. "And believe me, it will be enough," Draghi said.


The ECB followed that pledge with a commitment to buy unlimited sums of Eurozone governments' bonds, if necessary, to pull down countries' borrowing costs — similar to the U.S. Federal Reserve's ongoing program of buying Treasury debt.


The ECB's move sparked a sharp rally in the euro that buoyed confidence in European stocks as well, despite deep recessions in the Continent's hardest-hit economies.


The U.S. economy, meanwhile, confounded expectations that it would slide back into recession. The economy grew at a 3.1% annualized rate in the third quarter after slowing to a 1.3% rate in the second quarter. Growth was supported in part by the housing market's continuing rebound.


"Housing got us into this mess. Now it's one of the sectors to get us out," said Sam Stovall, chief investment strategist at S&P Capital IQ in New York.


Housing-related stocks were some of the year's biggest winners, with builder PulteGroup Inc. up 188%, appliance maker Whirlpool Corp. rising 114% and paint producer Sherwin-Williams Co. up 72%.


Worldwide, investors' confidence also benefited as worries dissipated about a war between Israel and Iran. And late in the year, hopes rose that China's slowing economy would avoid a so-called hard landing — which could have put it in a recession — and instead would help drive global growth in the new year. The Shanghai stock market rocketed nearly 15% in December alone.


Emerging markets such as China could be a big lure for global investors in 2013, some experts said. Many governments in those markets have more leeway than developed economies to bolster growth with fiscal stimulus measures and with lower interest rates, said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.


By contrast, Ablin worries that U.S. economic growth and corporate earnings growth will be much slower than many investors are anticipating in the new year.


Whatever the ultimate workout of the fiscal cliff, Ablin said, "We are going to see taxes go up incrementally and spending go down incrementally," weighing on the economy.


Market pessimists believe that stock markets since 2009 have been driven largely by cheap credit supplied by central banks, particularly the Federal Reserve. Critics say the Fed's latest decision to ramp up purchases of Treasury bonds, aimed at pumping more money into the economy, smacks of desperation.


Fed Chairman Ben S. Bernanke, however, has insisted that the Fed still has plenty of tools left to help the U.S. recovery gain speed. Wall Street, by and large, believes Bernanke.


"If they can print money," Stovall said, "are the central banks ever really out of bullets?"


business@latimes.com





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Venezuela's Hugo Chavez said to suffer 'complications'









CARACAS, Venezuela — Venezuelan President Hugo Chavez is confronting "new complications" due to a respiratory infection nearly three weeks after undergoing cancer surgery, his vice president said in Cuba as he visited the ailing leader for the first time since his operation.


Vice President Nicolas Maduro looked weary and spoke with a solemn expression in a televised address from Havana on Sunday. He described Chavez's condition as delicate.


"Several minutes ago we were with President Chavez. We greeted each other and he himself referred to these complications," Maduro said, reading from a prepared statement.





The vice president's comments suggest an increasingly difficult fight for Chavez. The Venezuelan leader has not been seen or heard from since undergoing his fourth cancer-related surgery Dec. 11, and government officials have said he might not return in time for his scheduled Jan. 10 inauguration for a new six-year term.


"The president gave us precise instructions so that, after finishing the visit, we would tell the (Venezuelan) people about his current health condition," Maduro said. "President Chavez's state of health continues to be delicate, with complications that are being attended to, in a process not without risks."


Maduro was seated alongside Chavez's eldest daughter, Rosa, and son-in-law Jorge Arreaza, as well as Attorney General Cilia Flores. He held up a copy of a newspaper confirming that his message was recorded on Sunday.


"Thanks to his physical and spiritual strength, Comandante Chavez is facing this difficult situation," Maduro said.


Maduro said he had met various times with Chavez's medical team and relatives. He said he would remain in Havana "for the coming hours" but didn't specify how long.


Maduro, who arrived in Havana on Saturday for a sudden and unexpected trip, is the highest-ranking Venezuelan official to see Chavez since the surgery in Cuba, where the president's mentor Fidel Castro has reportedly made regular visits to check on him.


Before flying to Cuba, Maduro said that Energy Minister Hector Navarro would be in charge of government affairs in the meantime.


"The situation does not look good. The fact that Maduro himself would go to Cuba, leaving Hector Navarro in charge only seems understandable if Chavez's health is precarious," said David Smilde, a University of Georgia sociologist and analyst for the Washington Office on Latin America think tank.


Smilde said that Maduro probably made the trip "to be able to talk to Chavez himself and perhaps to talk to the Castros and other Cuban advisers about how to navigate the possibility of Chavez not being able to be sworn in on Jan. 10."


"Mentioning twice in his nationally televised speech that Chavez has suffered new complications only reinforces the appearance that the situation is serious," Smilde said.


Before his operation, Chavez acknowledged he faced risks and designated Maduro as his successor, telling supporters they should vote for the vice president if a new presidential election were necessary.


Chavez said at the time that his cancer had come back despite previous surgeries, chemotherapy and radiation treatment. He has been fighting an undisclosed type of pelvic cancer since June 2011.


Medical experts say that it's common for patients who have undergone major surgeries to suffer respiratory infections and that how a patient fares can vary widely from a quick recovery in a couple of days to a fight for life on a respirator.


Maduro's latest update differed markedly from last Monday, when he had said he received a phone call from the president and that Chavez was up and walking.


The vice president spoke on Sunday below a picture of 19th century independence hero Simon Bolivar, the inspiration of Chavez's leftist Bolivarian Revolution movement.


Maduro said that Chavez had sent year-end greetings to his homeland and a "warm hug to the boys and girls of Venezuela."


The vice president expressed faith that Chavez's "immense will to live and the care of the best medical specialists will help our president successfully fight this new battle." He concluded his message saying: "Long live Chavez."


Chavez has been in office since 1999 and was re-elected in October, three months after he had announced that his latest tests showed he was cancer-free.


Opposition politicians have criticized a lack of detailed information about Chavez's condition, and last week repeated their demands for a full medical report.


Information Minister Ernesto Villegas defended the government's handling of the situation, saying during a televised panel discussion on Sunday night that Chavez "has told the truth in his worst moments" throughout his presidency.


He also referred to a new surge of rumors about Chavez's condition and called for respect for the president and his family.


Villegas said a government-organized New Year's Eve concert in a downtown Caracas plaza had been canceled, and he urged Venezuelans to pray for Chavez.


Chavez's daughter Maria, who has been with the president since his surgery, said in a message on her Twitter account: "Thank you people of Venezuela. Thank you people of the world. You and your love have always been our greatest strength! God is with us! We love you!"


Allies of the president also responded on Twitter, repeating the phrase: "Chavez lives and will triumph."






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