Dow Jones industrial average blows past 13,000 on hope for action in Europe

NEW YORK — Faced with Facebook, Starbucks and Angela Merkel, the market chose to focus on Merkel.

For a second day, the U.S. stock market powered higher after European leaders, including German chancellor Merkel, pledged to protect the union of 17 countries that use the euro. The Dow Jones industrial average blew past 13,000, a key psychological marker that it hadn't hit since early May.
It wasn't that there weren't any troubling signs about the economy. In fact, they abounded: U.S. economic growth was anemic in the second quarter. A measure of consumer sentiment fell in July as people worried about their job prospects. And Facebook and Starbucks dropped sharply after reporting disappointing quarterly results.

But on this day, investors homed in on a couple of remarks coming from Europe.

Most notably, Merkel and French president Francois Hollande released a joint statement saying they were "determined to do everything to protect the eurozone." That followed a similar pledge the day before from Mario Draghi, the president of the European Central Bank.

Merkel's statement was closely watched because Germany will have to sign on if any plan to keep the euro countries together is to succeed. As one of the stronger countries, Germany usually foots the bill for bailing out the weaker ones.

For all the rejoicing, a longstanding roadblock remains: Strong countries like Germany want other European nations to agree to cut spending. Weaker countries like Greece are resisting. The statement from Merkel and Hollande made clear that individual countries aren't off the hook, but "must comply with their obligations" — meaning a showdown over spending cuts is still possible.

"Talk is cheap," said Michael Strauss, chief investment strategist and chief economist at the Commonfund investment firm in Connecticut. "While there's some euphoria over this, at the end of the day, is Spain going to still be in a recession? Yes. Is Greece still going to be in a recession? Yes. So I wouldn't get too carried away."

Others said they were heartened that Europe appeared to be fleshing out more of the details of its plans. Leaders recently agreed that Europe's bailout fund could give money directly to banks, rather than slowing down the process by going through a country's government. Investors also hope that Draghi's remarks mean that Europe's powerful central bank will buy the bonds of distressed countries like Spain and Italy, lowering their borrowing costs.

"In our estimate, this is the first real step in the right direction that Europe has taken in terms of concrete plans," said Mitch Schlesinger, chief investment officer of FBB Capital Partners in Maryland. "Everything to date has been very politically motivated and kicking the can down the road. These are things that actually make a difference."

Jim Millstein, CEO of the Washington, D.C., financial advisory firm Millstein & Co., said investors shouldn't be surprised if any rescue plan takes a long time. The eurozone countries currently function with no real unity on their fiscal policies, even though they use the same currency.

"They are engaged in a very difficult project, which is to transform a monetary union into a fiscal union, and that is a cumbersome process," Millstein said. "It takes longer than the markets might otherwise like."

But the markets liked what they heard Friday. The Dow obliterated the 13,000 mark, climbing 187.73 points to 13,075.66. In two days, it's climbed 400 points.

The Standard & Poor's 500 jumped 25.95 to 1,385.97. The Nasdaq composite index rose 64.84 to 2,958.09.

Bond trading was also a study in optimism. The yield on the benchmark 10-year Treasury note jumped to 1.54 percent from 1.44 percent the day before. That means investors are feeling more confident about the economy and more willing to put their money in the stock market instead of low-risk government bonds.

In other positive signs, the euro rose against the dollar, stock indexes moved higher in Europe — including a 4 percent leap in Spain's benchmark index — and borrowing costs fell for Italy and Spain.

But there were plenty of red flags for anyone looking for them. The government reported that the U.S. economy grew at an annual rate of just 1.5 percent in the second quarter, a paltry number that likely isn't enough to bring down the unemployment rate. The government also said consumers pulled back on their spending. The Thomson Reuters/University of Michigan index of consumer sentiment fell in July as people worried about job prospects.

Among other stocks making big moves:

• Expedia, the online travel company, jumped 20 percent after blowing past analysts' earnings estimates. A jump in hotel bookings offset a decline in airline ticket revenue. The stock surged $9.19 to $54.90.

• Starbucks fell 9 percent, losing $4.94 to $47.47. Investors were disappointed that the company cut its outlook for the current quarter, and is considering closing unprofitable stores in Europe.

• Facebook fell 12 percent, giving up $3.14 to $23.70. Investors were disappointed that the company, in its first quarterly report since going public, reported a slowdown in revenue growth. It has now lost nearly 38 percent of its value since its initial pricing at $38.

'Ice Age: Continental Drift' gets lukewarm reception from critics

Film franchises that make it past three movies don't tend to be known for the fourth — "Batman and Robin," anyone? "Indiana Jones and the Kingdom of the Crystal Skull"? — and critics' reviews indicate "Ice Age: Continental Drift" won't be one to buck the trend. The 3-D animated adventure follows a group of prehistoric animal pals (voiced by Ray Romano, Denis Leary and John Leguizamo) adrift on an iceberg, but many critics say the film itself is equally directionless.

The Los Angeles Times' Betsy Sharkey pens one of the more positive reviews, calling this fourth installment "an improvement over No. 3, 2009's 'Dawn of the Dinosaurs,' which completely lost it when the Ice Age went tropical." The filmmakers, Sharkey says, "have gone a little crazy … but in a good way." Among the wacky highlights is "a big Broadway-style number involving pirates," the captain of whom is none other than "Game of Thrones" star Peter Dinklage.

In the minus column, "the dialogue is sometimes too sluggish and definitely too preachy, [and] the ending is a little too sappy." The final verdict: "consistently likable, if not quite lovable."

USA Today's Claudia Puig, on the other hand, finds "far too little here that's fresh." The premise, which involves the critters navigating the breakup of the supercontinent Pangaea, "rarely satisfies viewers of any age," and at the film's core, it's "the same old story, modified slightly, with just a few new voices added." Puig is also among the numerous critics who prefer the "Simpsons" short that precedes the film to the main event, declaring it "far more clever and whimsical than any sequence in 'Ice Age.' "

A.O. Scott of the New York Times agrees, lamenting that viewers who wish to see the "four-and-a-half-minute dialogue-free delight … must also buy a ticket to 'Ice Age: Continental Drift.' " The main problem with "Continental Drift," Scott writes, "is that its sense of fun is essentially parasitic." The film's gimmicks — pirates, cute creatures, a surfeit of celebrity cameos — "try to entertain you by reminding you of things you’ve seen before." In the end, "a little more conviction might be nice."

Chicago Sun-Times critic Roger Ebert describes his viewing experience as "a cheerless exercise." He continues, "The characters are manic and idiotic, the dialogue is rat-a-tat chatter, the action is entirely at the service of the 3-D, and the movie depends on bright colors, lots of noise and a few songs in between the whiplash moments." However, the film "will perhaps be a delight for little kids.… Real little kids. Real, real little kids."

And in the Village Voice, Jonathan Kiefer pegs the series' endurance to "the Sisyphean tenacity of its mascot, the acorn-chasing prehistoric squirrel, Scrat," who apperas in a " 'Looney Tunes'-worthy prologue." After that, alas, it's all "filler."

Four films in, it looks as though fresh ideas have gone extinct in the Ice Age.

No arrest for Sandoval in alleged assault

There is not enough evidence to arrest Giants third baseman Pablo Sandoval in connection with an alleged sexual assault at a hotel near Santa Cruz, authorities said Thursday.

Sandoval was named in a complaint that a woman filed with the county Sheriff's Department on June 1. However, "there is insufficient evidence to support an arrest for the alleged crime," the sheriff's office said in a statement Thursday.

Sandoval, 25, was questioned at the oceanfront Seascape Beach Resort in Aptos about the alleged incident and cooperated with authorities, the sheriff's office said.

Eric Geffon, Sandoval's attorney, said Thursday, "The Sheriff's Department has completed a thorough and professional investigation, and we are pleased that they have concluded that there is insufficient evidence to support an arrest. Pablo will continue to focus on helping the Giants toward a playoff run this season."

Geffon has previously called the incident a "consensual, personal relationship of a sexual nature."

According to deputies, the woman met a small group of people that included Sandoval in downtown Santa Cruz on May 31 and went with them to the Aptos resort. She said the alleged assault had taken place there.

The woman, whose name has not been released, filed the complaint at 4:25 a.m. June 1. Deputies said Sandoval had been questioned by detectives at the resort and later at the sheriff's office, with his attorneys present.

Sandoval was on the disabled list at the time with a broken bone in his hand and was not with the Giants.

Deputy April Skalland, a spokeswoman for the sheriff's office, said Thursday that investigators had interviewed a number of people and had collected biological and physical evidence, some of which was analyzed by the state Department of Justice.

The sheriff's investigation has been forwarded to prosecutors for their review, Skalland said.

No joke: Scientists name blood-drinking parasite after Bob Marley

A tiny, blood-drinking crustacean parasite has been discovered by Paul Sikkel of the Arkansas State University. Dr. Sikkel, an assistant professor of marine ecology, named the new species Gnathia marleyi after legendary reggae artist Bob Marley. Sikkel and his research team presented their findings concerning the new species in the June 6 issue of Zootaxia.

Dr. Sikkel says of the new species: “I named this species, which is truly a natural wonder, after Marley because of my respect and admiration for Marley’s music. Plus, this species is as uniquely Caribbean as was Marley.” Naming the Caribbean crustacean after Bob Marley is a fitting tribute, as the reggae singer was born in the village of Nine Mile in Saint Ann Parish, Jamaica.

The Christian Science Monitor notes that Bob Marley now belongs to a very special club of people who have each had a biological species named after them. That club includes President Barack Obama, whose name encouraged researchers to name a lichen growing in California after him. Other members of the club include comedian former President George W. Bush, Stephen Colbert, Rolling Stones singer Mick Jagger and R&B star Beyonce.

Google Nexus 7 tablet available through Staples

Consumers eyeing Google's new Nexus 7 tablet now have another choice of retailer.

Staples announced yesterday that it will carry both models of the new tablet -- the 8GB version for $199 and the 16GB edition for $249.

The Nexus 7 is currently available for preorder through the Staples Web site, an offer good until July 11.

Staples expects to ship the tablet between July 12 and July 17. Consumers can opt to have the tablet delivered to their homes or to their nearest Staples store. Either way, shipping is free.

Potential buyers who'd like to play with the Nexus 7 first can wait until later this month when the tablet arrives on the shelves of Staples stores.

"We are thrilled to offer early availability of this amazing new product," Mike Edwards, executive vice president of retail merchandising for Staples, said in a statement. "We invite customers to come in and experience a live demonstration of Nexus 7 at one of our U.S. locations or enjoy the convenience of free shipping when ordering on Staples.com."
Staples joins Google itself and GameStop as the latest major outlet to offer the Nexus 7.

Preorders are available through all three vendors. Google kicks in a charge for shipping, while Staples and GameStop both ship for free.

Among the three, GameStop seems to offer the best deal since it also allows you to trade in used games and other products in exchange for a credit good toward the purchase of the tablet.

Unveiled late last month at Google's I/O conference, the Nexus 7 comes with Android 4.1 Jelly Bean, a 1,280x800 pixel HD display, an Nvidia Tegra 3 quad-core processor, and a 1.2-megapixel front-facing camera.

The Associated Press

HOUSTON —

Police say an 86-year-old partially blind man who cannot speak English became unruly

onboard a Spirit Airlines flight to Florida, compelling the pilot to divert to Houston.

Spirit Airlines says Flight 310 from Los Angeles to Fort Lauderdale, Fla., landed at George

Bush Intercontinental Airport early Sunday due to a "disruptive customer."

Police spokesman Kese (KEES) Smith said Monday the man apparently spoke only French and was

traveling alone. Smith said he became frightened and swung at other passengers. Police

found an interpreter and contacted the man's son, who flew to Houston and accompanied his

father to Florida.

Smith did not provide the man's name.

Spirit spokeswoman Misty Pinson says the other passengers were assigned to a new flight on

Sunday and that they will be refunded for the inconvenience.

Meera Ali’s ‘Sense of a Woman’, a stunner

Femininity cut in modern style: The penultimate show of the evening on Day 5 of the Wills Lifestyle India Fashion Week, Autumn/Winter 2012, Meera Ali played with sharp cuts, flowing designs on evening wear and soft colours to retain elegance. The clothing line aimed at stitching fitted garments according to body shape while ensuring the wearer a comfortable breathing space. The show opened with model Tinu Verghese strolling down the ramp in a full-sleeved emerald green polo-neck sweater paired with rust-colour trousers and a hanging neckpiece that completed the hip look. What followed was a pleasant and breezy array of silhouettes ranging from cardigans, skirts, jackets, halter tops, pants and tunics of varied lengths.

Designs and style: An amalgamation of structure and flowing lines, Meera's creation constituted bamboo shoot patterns, coats of asymmetric cuts and lengths, skirts and shirts made of wool, suede, chiffon, bamberg crepe and sequin fabrics. With pleated harem pants, golf skirts with box pleats and sometimes giving way to wide slits or turning velvet tight minis, the range experimented with sartorial elements of structure and detailing.

Colours: The colour palette, in order to match the subdued character of the collection did not stretch much, but preferred to stick to shades of black, grey, blue, brown changing to burgundy or occasional emerald green.

Irrfan Khan makes a subtle entry: As the last segment of the show approached closer, whispers and murmurs about the possible celeb showstopper started echoing through the hall. Amidst this chatter of speculation, entered, Bollywood's critically acclaimed actor Irrfan Khan as the evening's star. Looking dashing in a striped black blazer and a pair of well-fitted charcoal hued trousers, Irrfan was subtlety personified. A crisp green muffler loosely knot, shy, kid-like smile on the face and hypnotic eyes that bespoke serenity accessorised the signature 'Kotwara' visage.

An introvert Irrfan was all praises for Meera and said, "It is always a privilege to wear her designs. I am particularly a fan of her technique with aesthetics in form and style."

Designer speak: With reference to her clothing range, Meera Ali explained, "The collection is for women who want to be confident and look glamorous without going overboard. If you notice, the range is more about structure and detailing rather than an overdose of embroidery. While keeping the traditional craft alive, we also wanted to break away from the couture framework while adding a modern bent to it," she concluded.

As a mother, she hopes to see her daughter Sama Ali carve a niche for herself in this industry of fashion.

Accessories: Junk jewellery using motifs of Buddha face masks on neck pendants, extended bow-ties reaching upto the waist, coin-like crafted necklaces, gold danglers and neatly pin-up mufflers of varied fabrics, stilettos and wedges in footwear added an extra edge to every outfit.

Guests at the do: While Muzaffar Ali was the supportive husband who later joined wife Meera on the ramp as she took her mandatory bow; eminent figures from the Delhi page 3 circle were present in good number.

A sensible and sensuous collection by architect Meera Ali was responded with satisfying nods and a ringing applause.