DealBook: Deutsche Bank Posts Surprise $3 Billion Loss

FRANKFURT – Deutsche Bank, Germany’s largest lender, reported a surprise net loss of 2.2 billion euros ($3 billion) for the fourth quarter of 2012 on Thursday, hurt by the diminished value of some assets as well as costs related to numerous legal proceedings.

The results underline the task ahead for Jürgen Fitschen and Anshu Jain, the co- chief executives who took over the bank less than seven months ago and have declared their intention to deal more severely with the legacy of the financial crisis.

“This is the most comprehensive reconfiguration of Deutsche Bank in recent times,” Mr. Fitschen and Mr. Jain said in a statement. They warned that “deliberate but sometimes uncomfortable change” lay ahead, adding that “this journey will take years not months.”

Deutsche Bank avoided a government bailout during the financial crisis, but has faced numerous lawsuits and official investigations, including a tax-evasion inquiry that led to a raid on company headquarters last month by German police.

“Significant” charges related to legal proceedings contributed to the loss, Deutsche Bank said, without providing specifics.

Analysts consider the bank to be among the most highly leveraged in Europe, and bank management has promised to reduce the number of risky activities, a process that sometimes requires it to recognize the reduced value of assets and book losses.

Despite the loss, Deutsche Bank said fourth-quarter revenue rose 14 percent, to 7.9 billion euros, from the period a year earlier. The bank also said it had increased the amount of capital held as insurance against risk, and reduced the amount of money it needed to set aside to cover possible bad loans. The bank said it had reduced total employee pay to the lowest level in years.

The bank had warned in December that it would incur major charges in the quarter, without saying how much.

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Toyota recalls 1 million of its Corollas and Lexus IS sport sedans

Toyota Motor Corp. announced recalls of 1 million vehicles, including some models of its popular Toyota Corolla and its Lexus IS sports sedan.

About 752,000 Corolla and Corolla Matrix vehicles are being recalled to fix an air-bag control module that is susceptible to short circuiting that could eventually cause the front air bags and seat belt pretensioners to deploy when they shouldn't.

The recall affects Corollas from the 2003 and 2004 model years. There have been two reported accidents and 18 injuries linked to the problem, said Brian Lyons, a Toyota spokesman.

For years, the Corolla has played a key role in Toyota's sales success in the U.S.  It was the second-best-selling compact car nationally last year with sales of 291,000 vehicles, second only to the Honda Civic, which sold about 318,000.

The Corolla was last redesigned in 2009. Toyota introduced a concept version of what is expected to become the new Corolla at the North American International Auto Show in Detroit this month.

Toyota also said it will recall 270,000 IS sport sedans sold by its luxury Lexus division because a nut on the front windshield wiper arms could be insufficiently tight. If movement of the wipers is restricted by an external load, such as a buildup of heavy snow on the windshield, one or both of the wipers could stop working.

The recall includes vehicles from the 2006 model year through the beginning of the 2013 model year. There have been 25 reports of wipers not functioning correctly, but no reports of accidents as a result.

Toyota plans to roll out a new generation of the IS line this year.
 
Owners of vehicles covered by these safety recalls will be notified by mail. Dealers will fix the problems at no cost to the vehicle owner.

Toyota has had a series a large recalls in recent years and has paid record federal fines for not recalling its vehicles fast enough.  But that doesn’t seem to bother buyers.

Toyota’s share of U.S. auto sales rose to 14.4% last year from 12.9% the year before. Globally, it recaptured the position as the world’s biggest auto seller last year, knocking General Motors from the No. 1 spot.

“Despite the flood of recalls, buyers continue to be extremely loyal to Toyota,” said George Cook, professor at the Simon School of Business at the University of Rochester. “Toyota is keenly aware of post-recall challenges and continues to be extremely proactive about announcing even the smallest of problems to ensure a positive consumer response.”

ALSO:

Fisker seeks cash

Prius tops California car sales

GM makes big plant investment

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Love Blooms on the Battlefield in <cite>Fire Emblem</cite>

Fire Emblem: Awakening might be a tactical role-playing game, but the most compelling part for me wasn’t plotting out intricate strategies or watching a risky plan came together. What kept me going was watching my army fall in love with each other.

To be released on February 4 for Nintendo 3DS, Awakening keeps the series’ trademark strategic design: Players deploy the units they’ve recruited and trained and then position them around a grid-based map, taking turns with the opponent for moving and performing actions. This basic formula has been tweaked a little in each of the 13 Fire Emblem games released so far, and Awakening’s twist is that it makes you more conscious of your army’s composition than any series entry before it.

If you place “compatible” soldiers next to each other, they’ll fight together and grow closer emotionally, as shown in dialogue sequences that take place after the battles. If the two units are of opposite genders, they will eventually get married. To be fair, this was always possible to a certain extent in past Fire Emblem games, but it had minimal impact on the story, and required you to sacrifice smart tactics for the tedious process of forcing units to stand next to each other. Here, as long as any two compatible units take part in a fight, their relationship will develop.

The marriage system is inextricably linked to the storyline as well. Awakening‘s story revolves around the use of time travel and will eventually have you meeting the future children of any units you’ve paired together. Depending on how they’ve been trained, the parents can pass on unique skills to their offspring, who can then be used in combat.

I never thought myself to be the romantic type but I was enthralled with this. I loved playing matchmaker with my favorite characters and watching their interactions. I purposely sent them into battle together whenever I possibly could and I meticulously manipulated the parents’ stats so their children could be as powerful as possible.

As a result, I found myself more attached to my army in Awakening than any previous Fire Emblem. One of Fire Emblem‘s defining features is that any characters lost in battle are permanently dead. But for me in this case, the stakes were higher than ever because your characters have real emotional weight. They have families, lives. So any time one of my units died, I immediately reset the game to try from my last save point.

Sure it meant resetting in the middle of an otherwise excellent run, but there was no way I was going to let anyone in my army die. They had come too far for that.

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Barbra Streisand to sing at Oscars for first time in decades

NEW YORK (Reuters) – Actress, singer and director Barbra Streisand may be a familiar figure at Hollywood‘s Oscars, but she has only sung on the annual awards show once.

Streisand will perform again at the Academy Awards on February 24, producers said on Wednesday, without providing details about how her appearance would fit into the show or what she might sing.

Streisand, 70, has won two Oscars, one for best actress in “Funny Girl” and another for best original song, “Evergreen” from her 1976 vehicle “A Star Is Born.” Her performance of the song at the 1977 Oscars show was her only previous onstage stint at Hollywood’s biggest night.

“In an evening that celebrates the artistry of movies and music, how could the telecast be complete without Barbra Streisand?” producers Craig Zadan and Neil Meron said in a statement. “We are honored that she has agreed to do a very special performance on this year’s Oscars.”

Streisand has also been nominated for several Oscars, including for best actress in “The Way We Were” and as producer for best picture nominee “The Prince of Tides.”

Most recently she co-starred with Seth Rogen in “The Guilt Trip,” a Christmas 2012 release.

Earlier this month, the Film Society of Lincoln Center announced that Streisand would be this year’s recipient of its annual Chaplin Award, a prestigious honor recognizing achievement in film.

The Oscars will be presented at Hollywood’s Dolby Theatre, hosted by Seth MacFarlane and broadcast live on ABC as well as in more than 225 countries worldwide.

(Editing by Chris Michaud and Lisa Von Ahn)

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SciTimes Update: Recent Developments in Health and Science News

Charles A. Nelson Lab, University of Minnesota

Studying the infant brain. From the book:  "Raising America: Experts, Parents and a Century of Advice About Children" by Ann Hulbert.

Wednesday in Science, babies who know what’s on your mind, a sinkhole in China, coral reefs in crisis and a soldier who can now talk with his hands. Check out these and other headlines from around the Web.

Baby Mind Readers: Even babies as young as 1 ½ can guess what other people are thinking, LiveScience.com reports. Previously, scientists thought this ability to understand other people’s perspectives emerged much later in children.

Time Wasters: An explosion in technology aimed at helping people manage their time and tasks may actually be making it harder, reports The Wall Street Journal. Many people choose something that doesn’t fit the way they think and work, or they jump from one tool to another, wasting time and energy.

More Housework, Less Sex: Married men who spend more time doing traditionally female chores, like cooking, cleaning and shopping, report having less sex than husbands who don’t do as much, reports The Houston Chronicle. Conversely, men who did more manly chores, such as yard work, paying bills and auto repairs, reported having more sex.

Roman Tag Artists: A facelift of the Colosseum in Rome that began last fall has revealed centuries of graffiti, National Geographic reports.

Sinkhole Swallows Building: An enormous sinkhole opened up under a building complex in China’s southern city of Guangzhou Tuesday, swallowing five shops and one building. Watch the video from The Christian Science Monitor.

Sandwiched Generation: More middle-aged adults are caring for both children and aging parents, reports USA Today. About 15 percent of American adults in their 40s and 50s provided financial support to both an aging parent and a child in 2012, according to a survey of 2,511 adults from the Pew Social and Demographic Trends Project.

Misleading Trials: A rare peek into drug company documents reveals troubling differences between publicly available information and materials the company holds close to its chest, reports ScienceNews.org. In comparing public and private descriptions of drug trials conducted by the pharmaceutical giant Pfizer, researchers discovered discrepancies,including changes in the number of study participants and inconsistent definitions of protocols and analyses.

Reuters

A diver swam past a healthy colony of Caribbean elkhorn coral near Molasses Reef, Florida, in 2009.

Coral in Crisis: Coral reefs are producing less calcium carbonate and growth rates have slowed dramatically, reports Science News.

Severe Flu Cases Among Chinese: A genetic variant commonly found in Chinese people may help explain why some got seriously ill with swine flu, reports The Boston Globe. The discovery could help pinpoint why flu viruses hit some populations particularly hard and change how they are treated.

Video by AssociatedPress

Double-Arm Transplant Recipient: Feels Amazing

Double-Arm Transplant Soldier Speaks: Brendan Marrocco, a soldier who lost all four limbs in Iraq and then received a double-arm transplant said he hated living without arms. “Not having arms takes so much away from you. Even your personality, you know. You talk with your hands. You do everything with your hands, and when you don’t have that, you’re kind of lost for a while,” the 26-year-old New Yorker told reporters Tuesday at Johns Hopkins Hospital, reports The Associated Press.

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Today's Economist: Casey B. Mulligan: The Health Care Law and Retirement Savings

Casey B. Mulligan is an economics professor at the University of Chicago. He is the author of “The Redistribution Recession: How Labor Market Distortions Contracted the Economy.”

Because of its definition of affordability, beginning next year the Affordable Care Act may affect retirement savings.

Employer contributions to employee pension plans are exempt from payroll and personal income taxes at the time that they are made, because the employer contributions are not officially considered part of the employee’s wages or salary (employer health insurance contributions are treated much the same way). The contributions are taxed when withdrawn (typically when the worker has retired), at a rate determined by the retiree’s personal income tax situation.

Employees are sometimes advised to save for retirement in this way in part because the interest, dividends and capital gains accrue without repeated taxation. In addition, people sometimes expect their tax brackets to be lower when retired than they are when they are working.

These well-understood tax benefits of pension plans will change a year from now if the act is implemented as planned. Under the act, wages and salaries of people receiving health insurance in the law’s new “insurance exchanges” will be subject to an additional implicit tax, because wages and salaries will determine how much a person has to pay for health insurance.

While much about the Affordable Care Act is still being digested by economists, they have long recognized that high marginal tax rates lead to fringe benefit creation. And the Congressional Budget Office has concluded that the act will raise marginal tax rates.

Were an employer to reduce wages and salaries (or fail to increase them) and compensate employees by introducing an employer-matching pension plan, the employee is likely to benefit by receiving additional government assistance with his health-insurance costs. The pension contributions will add to the worker’s income during retirement, except that the income of elderly people does not determine health-insurance eligibility to the same degree, because the elderly participate in Medicare, most of which is not means-tested.

Take, for example, a person whose four-member household would earn $95,000 a year if his employer were not making contributions to a pension plan or did not offer one. He would be ineligible for any premium assistance under the Affordable Care Act because his family income would be considered to be about 400 percent of the poverty line.

If instead the employer made a $4,000 contribution to a pension plan and reduced the employee’s salary so that household income was $91,000, the employee would save the personal income and payroll tax on the $4,000 and would become eligible for about $2,600 worth of health-insurance premium assistance under the act. (The employer would come out ahead here, too, by reducing its payroll tax obligations).

Even though the Affordable Care Act is known as a health-insurance law, in effect it could be paying for a large portion of employer contributions to pension plans. This has the potential of changing retirement savings and the relative living standards of older and working-age people.

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Sheriff's response time is longer in unincorporated areas, audit finds

It took Los Angeles County sheriff's deputies a minute longer to respond to emergency calls from unincorporated parts of the county than from cities that contract with the department for police services, according to a county audit.

The finding comes days after Supervisor Gloria Molina accused Sheriff Lee Baca of "stealing" police resources from residents in unincorporated neighborhoods and threatened to hire "independent private patrol cars" to backfill cuts in sheriff's patrols. She has accused Baca of providing better service to contract cities than to unincorporated areas.

According to the audit, which examined the last fiscal year, it took deputies, on average, 4.8 minutes to respond to emergency calls in contract cities compared with 5.8 minutes in unincorporated areas.

Sheriff's officials said the extra minute was because neighborhoods in unincorporated areas are more spread out and have more difficult road conditions.

The audit also found that Baca provided 91% of promised patrol hours to unincorporated areas, compared with 99% for cities and agencies that buy his services. Sheriff's officials blamed the difference on deep budget cuts imposed by the board that caused the department to leave dozens of deputy positions unfilled.

Adjusted for those cuts, the department was much closer to its goal — averaging 98.5% fulfillment of its pledged patrol hours, according to the audit.

The findings by the county's auditor-controller are expected to add more fuel to the ongoing debate between the sheriff and the board about whether the sheriff is shortchanging county residents who live outside city borders.

Baca and his predecessors have long wrangled with supervisors over funding and patrol resources.

Although the board sets the sheriff's budget, Baca, an elected official, has wide discretion on how to spend it. The Sheriff's Department polices about three-fourths of the county. Along with the unincorporated areas, Baca's deputies patrol more than 40 cities within the county that don't have their own police forces. The patrol obligations for those cities are set in contracts with the department, so county budget cuts are more likely to affect unincorporated areas.

On Tuesday, the board is expected to discuss Molina's idea to empower unincorporated neighborhoods to negotiate police contracts with the Sheriff's Department or some other agency — the same way incorporated cities do.

According to the audit, it costs the sheriff about $552 million to provide police services for contract cities and agencies, but the department gets approximately $371 million back. The auditor-controller suggested pursuing changes in state law or board policy to allow the sheriff to recoup more.

State law prohibits sheriffs from billing contract cities for non-patrol services provided countywide. So the department has provided a broad range of services — such as homicide and narcotics detectives, bomb squads and the county crime lab — at no extra charge.

Sheriff's spokesman Steve Whitmore said those rigid agreements — with contract cities, the county's courts, community colleges and public transit lines — limited where the sheriff could slash in the face of county budget woes.

The board has cut the sheriff's budget — now at $2.8 billion — by $128 million in 2010, $96 million in 2011 and $140 million last year, according to Whitmore.

The sheriff has already reassigned about two dozen gang enforcement deputies to patrol in unincorporated areas and has identified more than 90 other deputies to do the same, Whitmore said.

Molina's spokeswoman declined to suggest other areas where sheriff's officials should slash in light of funding cuts from the board but said that services to unincorporated areas should not be one of them.

"We respectfully request they go back to the drawing board," spokeswoman Roxane Márquez said.

robert.faturechi@latimes.com

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Google's Plan to Snatch Shopping From Amazon Is Working

Of all the great match-ups among tech’s Fantastic Four — Google, Apple, Facebook, Amazon — it’s Google versus Amazon that’s becoming the most fascinating, and not because of who has the better tablet.

Quietly, Google has been retooling in a bid to beat Amazon as the place to shop — and some early evidence suggests the search giant isn’t crazy to try.

In a survey released today, Google’s transition last fall to all-paid product listing display ads in search results is paying off. (These are the product photos that show up next to price and seller info at the top of “organic” Google search results for products, such as at the top of this search for “iPhone 5.”) Digital ad management provider Marin Software found that advertisers managing $4 billion annually in online ad campaigns through its platform spent 600 percent more on Google product listing ads after the change in October than before. That result alone doesn’t necessarily surprise: If Google says pay to play, advertisers have little choice.

But they may be paying gladly. Marin found that the paid product listings were turning up more in Google search results, especially around the holidays, which means advertisers’ products are getting seen more by potential buyers. And that visibility is translating into action: Marin says click-throughs on product listing ads have increased 210 percent since last year.

(Marin also is releasing a new product today to help advertisers manage Google paid product listing campaigns, though the company says it has no strong reason to show bias toward Google, since advertisers also use its software to manage campaigns on competing sites such as Yahoo, Bing and Facebook.)

When Google announced its plans to require companies to pay to be listed in product searches, critics and competitors complained the change would hurt consumers by tainting the objectivity of the search results. While the results may now be plainly biased, Marin vice president of marketing Matt Lawson says users are responding to the paid listings more because Google is putting more effort into them.

And so are advertisers, who had less incentive to care about the quality of listings they got for free. “As soon as it became clear they were going to be paying for them and contributing a significant amount of their budget to them, then they became interested in managing it,” Lawson says.

What does any of this have to do with Amazon? Lawson and Marin Software CEO Chris Lien say that online shoppers today tend to start in one of two places for product information: Google or Amazon. In effect, Amazon has become a “commerce search engine,” which cuts into Google’s core function. To compete, Google wants to give shoppers every reason not to go straight to Amazon by becoming as reliable a destination not just to learn about products, but to buy them.

“What you’re going to see them do is do everything they can to enable marketers to sell through their platform,” Lawson says.

Not that Google likely plans to set up its own warehouses, he says. But he adds that the days when merchants see Google as a conduit for clicks to their own sites is fading. If Google can package the sale from search to checkout, merchants can handle the inventory and shipping themselves. If Google and retailers — especially brick-and-mortar Amazon competitors — can come together in that way, suddenly online shoppers have another broad, deep Amazon alternative.

At the same time, Lien says, the competition between Google and Amazon isn’t all-or-nothing. Shoppers are too smart for that.

“Consumers are looking on Amazon and they’re looking on Google,” Lien says. “I think most thoughtful consumers are to take the best deal.”

Homepage photo: Halilgokdal/Flickr

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Dior: Jennifer Lawrence dress had no malfunction

LOS ANGELES (AP) — That was no wardrobe malfunction — that was couture.

When Jennifer Lawrence ascended the stairs to accept her SAG Award Sunday night, a bit of skin showed through the skirt of her gown, leading to some speculation that it had ripped.

Dior Couture told The Associated Press that wasn’t so.

The design house said Lawrence’s gown was designed by Raf Simons “with different levels of tulle and satin.” That was what viewers saw on television when she lifted her gown to walk upstairs.

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Well: Ask Well: Long-Term Use of Nicotine Gum

In small doses, like those contained in the gum, nicotine is generally considered safe. But it does have stimulant properties that can raise blood pressure, increase heart rate and constrict blood vessels. One large report from 2010 found that compared to people given a placebo, those who used nicotine replacement therapies had a higher risk of heart palpitations and chest pains.

That’s one reason that nicotine gum should, ideally, be used for no more than four to six months, said Lauren Indorf, a nurse practitioner with the Cleveland Clinic’s Tobacco Treatment Center. Yet up to 10 percent of people use it for longer periods, in some cases for a decade or more she said.

Some research has raised speculation that long-term use of nicotine might also raise the risk of cancer, though it has mostly involved laboratory and animal research, and there have not been any long-term randomized studies specifically addressing this question in people. One recent report that reviewed the evidence on nicotine replacement therapy and cancer concluded that, “the risk, if any, seems small compared with continued smoking.”

Ultimately, the biggest problem with using nicotine gum for long periods is that the longer you stay on it, the longer you remain dependent on nicotine, and thus the greater your odds of a smoking relapse, said Ms. Indorf. “What if the gum is not available one day?” she said. “Your body is still relying on nicotine.”

If you find yourself using it for longer than six months, it may be time to consider switching to sugar-free gum or even another replacement therapy, like the patch or nasal spray.

“Getting people on a different regimen helps them break the gum habit and can help taper them off nicotine,” Ms. Indorf said.

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