With an air kiss or empty hug, Te’oing is Twitter craze

NEW YORK (Reuters) – Manti Te’o, the Notre Dame linebacker entangled in a girlfriend hoax that gives a whole new meaning to the term “air kiss,” is inspiring a new fad racing through social media: Te’oing.

An avalanche of pictures of people hugging empty chairs or puckering up to an otherwise empty room were posted to Twitter with the hashtag #Te’oing days after the college football star’s story about his girlfriend’s cancer death was exposed as a fraud. Not only did she never have leukemia, she never existed.

Notre Dame officials said Te’o told them he had been duped into believing he had an online relationship with the fictitious woman.

“Te’oing – Mile High Club edition” read one tweet with a photo of a man hugging the air in an airplane bathroom, an apparent reference to the whispered practice of having sex in mid-flight.

Clint Eastwood was hailed in several tweets as a “Te’oing” pioneer for the actor’s interlude with an empty chair at the 2012 Republican Convention. Other tweets showed Ronald McDonald Te’oing on his cozy bench and President Barack Obama spending quality time Te’oing with a vacant seat.

“Just some afternoon bubbly with my baby” said one Te’oing tweet with a photo of a man clinking his champagne flute against another that appeared to be suspended in mid-air.

The snarky social media frenzy recalled another similar trend called the “Tebowing,” named for New York Jets quarterback Tim Tebow, who frequently kneeled for on-field prayers and inspired copy-cat poses by people whose pictures flooded social media last year.

In its own riff on emptiness and romance, a Kentucky minor league baseball team, the Florence Freedom, has announced it will give away Manti Te’o Girlfriend Bobblehead dolls – actually empty boxes – to the first 1,000 fans at the May 23 game.

One section of the Florence, Kentucky, stadium has been reserved “for fans to sit with their imaginary friends, girlfriends/boyfriends or spouses” who may be caught on the “pretend kiss cam” and are invited to compete in an air guitar contest or an imaginary food fight.

(Writing by Barbara Goldberg; Editing by Paul Thomasch and Vicki Allen)

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Sneak Peek of The Wanted's I Found You Music Video

ET has been rolling out sneak peeks of The Wanted's highly anticipated music video for I Found You all week, and this brand new exclusive clip features the one and only Siva Kaneswaran!

Video: Max George Smolders in The Wanted's New Video

Click the video to check out the handsome 24-year-old showing off both his singing and guitar skills, with his outspoken band mate Jay McGuiness banging on the drums.

Video: The Wanted Teases 'I Found You' Music Video

The catchy jam is off their upcoming album Third Strike, out later this year. ET will premiere the full music video for I Found You Tuesday, January 22nd, and you can catch the video on Vevo.com and ETonline.com Tuesday night.

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2007 transcripts show Fed officials underestimated approaching financial crisis

WASHINGTON — Federal Reserve officials in 2007 underestimated the scope of the approaching financial crisis and how it would tip the U.S. economy into the worst recession since the Great Depression, transcripts of the Fed's policy meetings that year show.

The meetings occurred as the country was on the brink of the worst financial crisis since the 1930s. As the year went on, Fed officials shifted their focus away from the risk of inflation as they slowly began to recognize the severity of the crisis.

During 2007, the Fed began to cut interest rates and took extraordinary steps to ease credit and shore up confidence in the banking system. Throughout the year, the housing crisis deepened. Banks and hedge funds that had invested big in subprime mortgages were left with worthless assets as foreclosures rose. The damage reached the top echelons of Wall Street.

REUTERS

Ben Bernanke

At the Fed's Oct. 30 policy meeting, Janet Yellen, then-president of the Federal Reserve Bank of San Francisco, said the economy faced increased risks. But she hardly predicted anything dire.

"I think the most likely outcome is that the economy will move forward toward a soft landing," she said.

Chairman Ben Bernanke noted that housing was "very weak" and manufacturing was slowing.

"But expect for those sectors, there is a good bit of momentum in the economy," he said. Bernanke did acknowledge that there was "an unusual amount of uncertainty" surrounding the Fed's economic forecasts.

"In the aggregate data, there is yet no clear sign of a spillover from housing," Bernanke said in summing up the views of the committee.

By December, the economy had plunged into the recession, which would last until June 2009. Five years later, the economy has yet to fully recover.

The Fed did take action in 2007, although investors seemed to think it waited too long. Markets were disappointed when the Fed refused to cut interest rate cuts at its Aug. 7 meeting. After the meeting, the Fed issued a statement declaring that the threats to growth had only "increased somewhat."

At the meeting, various Fed officials signaled their belief that the biggest threat facing the economy was inflation — not slower growth, the transcripts show.

Days later, BNP Paribas, France's largest bank, announced that it was suspending withdrawals from three investment funds, a move that jolted financial markets around the world.

On Aug. 10, the Fed held the first of three emergency conference calls to discuss the emerging crisis. The committee announced that it would pump billions of dollars into financial markets to try and calm turmoil on Wall Street and ease the tightening of credit.

One week later, the Fed called an emergency meeting to cut the discount rate on loans to banks.

Then in September, the Fed cut its key short-term interest rate for the first time since June 25, 2003. The Fed would cut the rate two more times in 2007 as the financial crisis worsened.

Still, the transcripts showed the central bank struggled through the year to develop a clear sense of how serious the unfolding crisis could be and what harm it might do to the U.S. economy.

At the Fed's final meeting of that year in December, the central bank's staff presented an economic forecast for 2008 that proved to be overly optimistic.

And despite concerns about the lending market and the quality of loans — particularly in real estate — Bernanke predicted that no major bank would fail.

"The result of this is that, although I do not expect insolvency or near insolvency among major financial institutions, they are certainly going to become more cautious."

In March 2008, investment banking giant Bear Stearns was rescued with the help of Fed support. In the fall, mortgage giants Fannie Mae and Freddie Mac were taken over by the government and the collapse of Lehman Brothers in September 2008 set off a full-blown financial panic.

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Bioethics commission meets at UM to consider testing anthrax vaccine on children

In “Dark Zephyr,” fictional terrorists released a cloud of anthrax on San Francisco. Adults were successfully vaccinated, but doctors didn’t know the safe dosage to give children.

Fortunately this was just a practice exercise in emergency response in 2011. But the realization that modern medicine had no protocol to protect children from a deadly bacterial pathogen prompted U.S. Secretary of Health Kathleen Sebelius to ask the Presidential Commission for the Study of Bioethical Issues to consider the ethics of using healthy children in anthrax vaccine research.

The discussion has taken the 13-person commission a full year. The central question is to find the balance between the hypothetical risk of not knowing how to treat children in an anthrax bioterrorism attack and the real risk to healthy children who would participate in a study.

The commission, composed of leaders in medicine, social policy and law, met at the University of Miami Miller School of Medicine this week for the last of four sessions to publicly ponder these ethical issues. The UM Ethics Program has long been identified by the World Health Organization as one of the six global “Collaborating Centres for Bioethics.”

Amy Gutmann, the commission’s chair, reminded participants the commission’s role is advisory only. “The question we must address is whether the U.S. Government could ethically support a pediatric [anthrax vaccine] study under any circumstance,” Gutmann said. “We will not render a final decision as to whether a particular study should move forward. Nor are we working to justify any particular protocol or outcome.”

An existing vaccine is routinely administered to adults in the military and other fields to protect against anthrax spores that are deadly if inhaled. Before the vaccine can be ethically researched with children, new trials in young adults should occur, said Col. Nelson Michael, director of the U.S. Military HIV Research Program and member of the commission. These studies would administer lower doses of the vaccine to determine the safest dosage in 18- to 20-year old adults.

Such studies would not be efficacy studies, however, which have been done in animals. Researchers would never infect humans with anthrax for a study, according to Michael, who is an expert in vaccine research.

“It would be completely unethical to conduct an anthrax challenge trial in humans,” Michael said.

The issues surrounding this research question are unprecedented in bioethics for a few reasons, according to Lisa Lee, the director of the commission’s staff. First, testing an anthrax vaccine on healthy children is unlike other pediatric research because research subjects will enjoy no direct benefit, as would, for example, a child with cancer who could be saved by previously untested treatment.

Second, anthrax is not a naturally occurring disease, and the probability of an attack is “unknowable.’’ The capability to use anthrax as a biological weapon is widely acknowledged, since letters infected with anthrax spores were sent to politicians and media outlets in 2001, killing five people. (A 2010 FBI investigation blamed the attacks on an Army scientist who helped develop the anthrax vaccine and later committed suicide.) Security analysts have presented their interpretation of the likelihood of a bioterrorism attack, but even the best intelligence cannot put a percentage on the chance that terrorists will unleash anthrax on American cities.

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Amazon holiday results to show sales tax impact

SAN FRANCISCO (Reuters) – Acting as a tax collector may have hurt Amazon.com, Inc’s holiday sales analysts and industry executives said, but they expect to know more when the internet retailer reports its fourth-quarter results on January 29.

Best Buy Co., an archrival of Amazon in consumer electronics, saw holiday online sales increase in three states where Amazon started collecting sales tax ahead of the period.

“There was a little softness in states where Amazon is now collecting sales tax,” said R.J. Hottovy, an equity analyst at Morningstar. “That isn’t surprising to me. It levels the playing field for brick-and-mortar retailers.”

Critics of Amazon argued it had an unfair advantage because most retailers have had to collect state sales tax on online sales for years because they have stores and other physical operations in these locations.

But many states, hungry for extra tax revenue in the wake of the 2008 financial crisis, introduced new laws requiring that Internet-only retailers also collect sales tax. Brick-and-mortar retailers hope the requirement will reduce Amazon’s price advantage and help them recoup lost sales.

CHANNELADVISOR DATA

Amazon, the world’s biggest Internet retailer, began collecting sales tax of 7.25 percent to 9.75 percent in California on Sept 15, about two weeks before the start of the fourth-quarter. Third-party sellers on Amazon.com saw a drop in sales during the quarter, compared to other states, according to an analysis by e-commerce firm ChannelAdvisor.

It also started collecting sales tax in Pennsylvania in September and in Texas in July.

Amazon’s fourth-quarter results should provide clues on whether consumers changed their shopping habits when faced with higher taxes on their purchases from the company’s website.

ChannelAdvisor, which helps merchants sell more online, analyzed its clients’ sales on Amazon.com in California, and compared them to other states before and after the sales tax kicked in.

Before Amazon began collecting the tax in California, ChannelAdvisor client sales were 5 percent to 10 percent above other states. The week before the September 15 start of the tax, sales spiked as high as 70 percent compared to other states.

“The surge before the tax went into effect was much larger than I thought it would be,” said Scot Wingo, chief executive of ChannelAdvisor. “Californians definitely bought a lot in the three or four days before the tax went into effect.”

After Amazon began collecting tax, its California sales leveled with other states. Then, in early November, they slipped as much as 10 percent below other states, ChannelAdvisor data showed.

During one of the busiest holiday periods, in late November and early December, sales dipped further in California vs other states. Toward the end of the holiday period, client sales in California recovered, the data showed.

“There was a sales impact of about 10 percent at the worst point of the dip,” Wingo said. EBay, another Amazon rival, is an investor in ChannelAdvisor. Wingo also owned Amazon shares, but sold them in the fourth quarter for personal tax-related reasons.

Amazon’s tax collection in California had the most impact on fourth-quarter sales of more expensive items priced at $ 200 to $ 250, Wingo said.

PRICES, PROFIT

Amazon probably lowered prices by 8 percent to 9 percent on items most affected by this, although it is tricky to separate such reductions from the usual holiday season promotions that were also happening, Wingo said.

The extra price competition may dent Amazon’s profitability in the fourth quarter, Morningstar’s Hottovy said.

Amazon is expected to make 52 cents a share in the fourth quarter, on revenue of $ 22.3 billion, according to Thomson Reuters I/B/E/S. In late October, the company forecast operating results ranging from a profit of $ 310 million to a loss of $ 490 million.

Hottovy expects $ 22.4 billion in revenue and an operating loss of $ 210 million, or a $ 135 million loss after excluding stock-based compensation and other operating expenses.

BEST BUY

In California, Texas and Pennsylvania, Best Buy said it saw a 4 percent to 6 percent increase in online sales during the holiday versus the rest of its chain.

The retailer also saw an increase of 6 percent to 9 percent in online orders that are picked up in its stores in those three states compared with the rest of its chain.

Overall, Best Buy reported better-than-expected holiday sales last week, sending its shares up more than 10 percent.

“This makes Amazon equal to everyone else. They no longer have that sales tax advantage,” said Anne Zybowski, vice president of retail insights at Kantar Retail. “If this had happened to Amazon when they were just a bookseller years ago, they may not be as big as they are now.

Despite the tax changes, Amazon’s consumer electronics prices were still at least 5 percent below Best Buy’s during the holiday season, Zybowski said. But Best Buy may have benefited from even a small change in this area.

“Particularly in consumer electronics, any narrowing of Amazon’s price advantage at the margin is important because Best Buy brings service and other shopper benefits to the category,” she said.

Best Buy will take away people’s old TVs when they buy a new one and the company’s Geek Squad service will install devices in shoppers’ homes, services Amazon does not provide, she noted.

An Amazon spokesman declined to comment when asked if the company saw an impact on fourth-quarter sales from the collection of sales taxes in the three states.

In the past, Amazon executives have said there was little or no impact from such changes in other regions.

Several analysts have argued that shoppers use Amazon for its vast product selection and convenient, fast shipping and returns, and not just its low prices.

“While not great for Amazon, it’s just one of many consumer benefits its service offers,” said Ken Sena, an analyst at Evercore Partners. “And while there may be early effects from this change, I still see usage trends remaining in Amazon’s favor.”

(Editing by Leslie Gevirtz)

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Advice Columnist Dear Abby Dies

Longtime newspaper advice columnist Pauline Friedman Phillips -- who wrote Dear Abby under the name Abigail Van Buren -- has died at age 94.

Her publicist confirmed to the Associated Press that Phillips died Wednesday after a long battle with Alzheimer's disease.

Since her family revealed in 2002 that Phillips had been diagnosed with Alzheimer's, her daughter, Jeanne Phillips (pictured above), has been the sole author for the syndicated Dear Abby column.

Phillips' column competed for decades with the advice column of Ann Landers, which was written by her twin sister, Esther Friedman Lederer, who died in June 2002. 

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JM Family Enterprises and Baptist Health South Florida make FORTUNE’s list of best companies

Two South Florida companies made the ranking on FORTUNE magazine's 2013 list of the “100 Best Companies to Work For” in America, released on Thursday.

Diversified automotive company JM Family Enterprises, based in Deerfield Beach, was ranked No. 32, marking its 15th consecutive year on the list. Two-thirds of the company’s score is based on responses to an anonymous survey sent to 1,664 randomly selected associates in the United States, and the remainder is determined by an evaluation of the company’s overall culture, JM Family Enterprises said.

Baptist Health South Florida also made FORTUNE’S list, coming in at No. 76. Baptist Health, based in Miami, has 14,145 employees, up 6.8 percent in 2012, according to FORTUNE.

INA PAIVA CORDLE

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Driver in Rickenbacker Causeway cyclist death to be sentenced

A motorist who killed cyclist Aaron Cohen in a hit-and-run crash on the Rickenbacker Causeway will learn his fate Wednesday.

A Miami-Dade judge on Wednesday afternoon will sentence Michele Traverso, 26, who earlier pleaded guilty for the crash that killed Cohen last February.

The fatality, and a similar hit-and-run wreck in 2010, has renewed calls for increased safety for cyclists and joggers on the popular causeway. Fellow cyclists staged a memorial ride and erected a billboard overlooking Interstate 95 in Cohen’s honor.

Members of Miami’s avid cycling community are expected to be on hand for the 1 p.m. sentencing.

Traverso, driving on a suspended license, struck Cohen and cycling partner Enda Walsh as the two rode in the northbound lanes near the crest of the bridge. Traverso surrendered to police 18 hours after the crash.

Though there were reports of Traverso drinking in Coconut Grove that night, investigators could not prove that his blood alcohol content level was above the legal limit because of the delay in turning himself in.

Traverso pleaded guilty to leaving the scene of an accident involving a death, leaving the scene of an accident with great bodily harm, and driving with a suspended license. He also pleaded guilty to earlier cocaine possession charge.

Miami-Dade Circuit Judge William Thomas could sentence him to as little as 22.8 months in prison, and as much as 35 years behind bars.

In May, Thomas told Cohen’s widow, Patricia Cohen, that he would be unlikely to deliver the maximum sentence, although he could consider “20 or 25 years” after hearing from her and Traverso’s own family at a possible sentencing.

The Cohen family is suing Traverso and his father, who owned the car.

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Facebook search to generate revenue, no rival to Google: analysts

(Reuters) – Facebook Inc’s new search tool has strong potential to generate revenue for the social networking company, though it is unlikely to challenge Google Inc as the world’s dominant search engine, Wall Street analysts said on Wednesday.

Facebook’s “graph search” tool, rolled out on Tuesday, lets its more than 1 billion users trawl their network of friends to find everything from restaurants to movie recommendations and is the company’s biggest foray into online search.

Graph search contains some category suggestions that can be easily monetized, BofA Merrill Lynch analysts said in a note.

“It should be easy to incorporate commercial search results via Facebook’s partnership with Bing,” they added.

Facebook currently has a partnership with Microsoft Corp, whose Bing search engine provides search results for external websites. Microsoft also integrates certain Facebook results into its Bing search results.

BofA Merrill Lynch analysts estimated Facebook could add $ 500 million in annual revenue if it can generate just one paid click per user per year, and raised its price target on the stock by $ 4 to $ 35.

Facebook’s shares were flat at $ 30.10 in early trading on Wednesday. They have jumped about 50 percent since November to Tuesday’s close after months of weakness following its bungled Nasdaq listing in May.

However, analysts at J.P. Morgan Securities said the lack of a timeline for the possible launch of graph search on mobile devices may weigh on the tool’s prospects.

The success of the graph search, which will rely heavily on local information, depends on Facebook launching a mobile product, the analysts said. Half of all searches on mobile devices seek local information, according to Google.

Graph search also lacks the depth of review content of Yelp Inc, the analysts added.

Pivotal Research Group analyst Brian Wieser said monetization potential would be largely determined by Facebook’s ability to generate a significant portion of search query share volumes and he expects that quantity to be relatively low.

“Consumers are likely to continue prioritizing other sources, i.e. Google. Advertisers would consequently only use search if they can, or are perceived to, satisfy their goals efficiently with Facebook,” Wieser said.

NO GOOGLE KILLER

Analysts mostly agreed that Facebook’s search tool was unlikely to challenge Google’s dominance in web search at least in the near term.

“As of now, we do not see Graph Search as a threat to Google Web search. Looking forward, Facebook Graph searches could be competitive with certain categories of Google searches, such as Places and Maps,” BofA Merrill said.

Internet search, social networking tools and e-commerce are among the biggest weapons that companies such as Facebook, Google and Amazon.com Inc have in their battle for supremacy. A successful combination of the three could win the day for them.

Google has been trying to combine social networking and search for more than a year by integrating Google+ into its search engine.

“Overall, Graph Search offers users a unique view to information not available on Google, but does not replace Google. We view the relationship between Facebook Graph Search and Google as both competitive and complementary,” Piper Jaffray & Co analysts said.

The brokerage said users looking to buy a cellphone, for example, could search for friends’ reviews on Facebook and expert reviews on Google.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Sriraj Kalluvila)

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First ET Interview: Naomi Watts

Naomi Watts is making waves with her intense performance in The Impossible, and now we're flashing back to Naomi's first-ever ET interview, when she sported brunette locks and was starring in a 1996 TV movie.

Video: 'Impossible' Oscar Buzz Makes Naomi Watts Nervous

Naomi starred opposite James Earl Jones, Ellen Burstyn, Richard Thomas and Kevin Kilner in Timepiece, a drama about an old clockmaker who faces racism and is tried for murder. The film is set in the 1940s, and despite the serious nature of the plot, the mood was light on the set as Naomi was filming a Christmas scene and enthusiastically reminiscing about her own family's holiday traditions.

Video: Naomi Talks Princess Diana Movie

There's also a fun outtake featuring Naomi and co-star Kilner doing a holiday promo for ET; Kilner gets uncomfortably close to Naomi, and you can see her blush while attempting to keep her composure…

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