Friday, January 27, 2012

AEP's 4Q profit jumps 75 percent thanks to ruling (AP)

COLUMBUS, Ohio ? American Electric Power Co. said Friday that its fourth-quarter earnings surged 75 percent, largely due to a court decision in Texas that went in the company's favor.

The power supplier said that its net income rose to $308 million, or 64 cents per share, in the three months ending Dec. 31. That compares with $176 million, or 37 cents per share, a year ago.

AEP said a Texas Supreme Court ruling that reversed an unfavorable state regulatory ruling was worth $558 million to the company's bottom line. The company's revenue for the quarter held steady at $3.4 billion.

Excluding special items, AEP earned $194 million in the quarter, or 40 cents a share. Analysts polled by FactSet expected adjusted earnings of 41 cents a share on revenue of $3.1 billion. Those estimates typically do not include special items.

By early afternoon Friday, AEP's stock was down $1.34, or 3.2 percent, at $39.94. The shares have traded in a range of $33.09 to $41.98 over the past year.

"We had solid financial performance for both the fourth quarter and the year," president and CEO Nicholas Akins said in a statement. "We benefited from favorable weather conditions throughout most of the year, and our industrial volumes were up 4 percent in 2011."

AEP's industrial sales have had a tough recovery from a recession which sapped demand for power from manufacturers and other major customers that closed plants and made other cutbacks.

For the full year, AEP said that its net income rose to $1.9 billion, or $4.02 per share, from $1.2 billion, or $2.53 per share, in 2010. Revenue in 2011 was $15.1 billion, up from $14.4 billion the previous year.

American Electric Power, based in Columbus, Ohio, is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks among the nation's largest generators of electricity, owning nearly 38,000 megawatts of capacity.

___

Online:

http://www.aep.com/

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20120127/ap_on_bi_ge/us_earns_aep

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Wednesday, January 18, 2012

Currencies: Dollar slips ahead of Greek debt talks

By Michael Kitchen, MarketWatch

LOS ANGELES (MarketWatch) ? The dollar traded lower during East Asian hours Wednesday, extending its losses ahead of a key meeting between Greece and its creditors later in the day.

The dollar index /quotes/zigman/1652083 DXY -0.21% , a measure of the U.S. unit?s value compared to six other currencies, slipped to 80.958, down from 81.175 late Tuesday in North American trade.

Feds going after S&P again

Federal prosecutors are again going after Standard & Poor's over the company's financial crisis-era ratings of troubled mortgage securities. Photo: Getty Images.

The move furthered a weakening trend after stronger-than-expected Chinese and German data helped investors to leave the relative safe haven of the greenback. See report on Tuesday?s currency action.

The euro /quotes/zigman/4867933/sampled EURUSD +0.2576% ticked higher, rising to $1.2760 from $1.2728 late Tuesday.

Later Wednesday, the Greek government was slated to resume talks with its bond holders, represented by the Institute of International Finance, to discuss a voluntary write-down on Greece?s sovereign debt.

The New York Times reported ahead of the meeting that Prime Minister Lucas Papademos would consider raising legislation to force a private-sector haircut on the debt if a deal can?t be reached voluntarily.

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?Talks on Greece debt swaps ... will likely be the main source of headline risk? for Wednesday, wrote Royal Bank of Canada senior forex strategist Sue Trinh, who said that price action ahead of the negotiations ?was biased toward risk-on.?

The Japanese yen strengthened slightly against the dollar /quotes/zigman/4868099/sampled USDJPY -0.1790% , which bought ?76.69, down from ?76.84 late Tuesday.

The euro /quotes/zigman/4868097/sampled EURJPY +0.0681% ?was little changed against the yen, changing hands at ?97.82, compared to Tuesday?s ?97.81.

The British pound /quotes/zigman/4867886/sampled GBPUSD +0.0929% ?inched higher to $1.5335, up from $1.5325.

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Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles.

Source: http://www.marketwatch.com/news/story.asp?guid=%7B22D1A0A0-419C-11E1-BCAF-002128040CF6%7D&siteid=rss&rss=1

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Tuesday, January 17, 2012

Iran cautious over Golden Globe film "A Separation" (Reuters)

TEHRAN (Reuters) ? The Iranian government sounded a note of caution on Tuesday about the success of "A Separation" which won a Golden Globe for best foreign film, saying gritty realist films favored by critics showed a skewed version of the Islamic Republic.

While Iranian movie fans were thrilled to see director Asghar Farhadi receive the award from Madonna in a ceremony in Los Angeles on Sunday, the Tehran government, which keeps a tight control on movie output, has shown less enthusiasm.

"You have always got to look at these festivals tactfully," Foreign Ministry spokesman Ramin Mehmanparast said when asked to comment on the movie which has also won the Berlin Film Festival's Golden Bear and is tipped for an Oscar.

"Sometimes we see those who run these festivals grant precious awards to films whose main theme is centered on the poverty and hardships of a country's people.

"This should not lead our artists to ignore the glaring positive points and features of our nation and instead illustrate the kind of things welcomed by such festivals' organizers."

The emotional story of a marriage break-up won over audiences with its natural dialogue and dramatic treatment of themes of loyalty, class and family, scoring 100 percent from critics on U.S. website Rotten Tomatoes and 94 percent from viewers.

The added exposure from U.S. awards juries comes as relations between the United States and Iran are severely strained, with Iran saying it could close a major oil shipping lane if new sanctions block its crude exports -- something that would likely lead to a military stand-off.

"I just prefer to say something about my people. I think they are a truly peace-loving people," Farhadi said in an acceptance speech that pointedly lacked any overtly political message.

Avoiding the faux pas of Iran's best known film maker Abbas Kiarostami who was kissed by Catherine Deneuve when accepting the 1997 Palme d'Or at Cannes, Farhadi did not even shake hands with Madonna, conforming with Iranian law that bans contact between unmarried men and women.

PRIDE AND PREJUDICE

Javad Shamaghdari, Deputy Minister of Culture and Islamic Guidance of Iran, congratulated Farhadi for the win, saying his movie had overcome anti-Iranian prejudice. "Wise judgment has put his movie on the podium of the chosen ones," he said in a statement carried by the ILNA news agency.

The movie's growing international profile is likely to renew concerns for film makers in Iran where scripts have to be submitted to Shamaghdari's ministry for approval and several high-profile directors have been arrested, jailed or banned.

Farhadi has in the past spoken up for Jafar Panahi, an award-winning director who was sentenced to jail in 2010 for security offences and banned from making films - putting himself in the line of fire from hardliners in the government.

In recent days, the government has closed the main Iranian film makers' association House of Cinema, a move criticized as political by the group's supporters.

Among the thousands of messages posted online by Iranians delighted by A Separation's win was one that said: "I am so proud of you, it was a proud moment for all Iranians. With this event we have really upset those who closed the House of Cinema."

A YouTube posting of the award presentation carried the message: "Too Bad this vid can't make it all the way over there," a reference to Iran's strict Internet censorship which clocks access to most western news sites.

Iranians can access banned sites like YouTube and Facebook by using VPN (virtual private network) software, but even that is something that may be put at risk by government plans to create its own version of the Internet in coming weeks or months that some people fear could further isolate the country.

Minister of Communications and Information Technology Reza Taqipour told Mehr news agency that Iran would not be disconnecting itself from the Web. "This National Information Network will under no circumstances be a replacement for the Internet," he said.

(Writing by Robin Pomeroy, editing by Paul Casciato)

Source: http://us.rd.yahoo.com/dailynews/rss/movies/*http%3A//news.yahoo.com/s/nm/20120117/film_nm/us_iran_movie_minister

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Monday, January 16, 2012

China denounces U.S. sanctions on company dealing with (Reuters)

BEIJING (Reuters) ? China criticized U.S. sanctions on a Chinese company selling refined petroleum products to Iran, calling Washington's punishment an unreasonable step beyond international sanctions on Tehran's nuclear program.

Thursday, the Obama administration invoked U.S. law to sanction China's state-run Zhuhai Zhenrong Corp, which it said was Iran's largest supplier of refined petroleum products.

"Imposing sanctions on a Chinese company based on a domestic (U.S.) law is totally unreasonable, and does not conform to the spirit or content of U.N. Security Council resolutions about the Iran nuclear issue," the Chinese Foreign Ministry spokesman Liu Weimin said in a statement issued on the ministry's website (www.mfa.gov.cn) late Saturday.

"China expresses its strong dissatisfaction and adamant opposition," said Liu.

The Obama administration said its sanctions against the Chinese company and two other firms are part of a broadening effort to target Iran's energy sector and press Tehran to curb its nuclear ambitions, which Western governments say appear aimed at developing the means to make atomic weapons.

Iran says its nuclear activities are legitimate and entirely for peaceful ends.

The U.S. sanctions threat is a worry for China, the biggest buyer of Iranian oil, followed by India and Japan. Only Saudi Arabia and Angola sell more crude than Iran to China.

As a permanent member of the United Nations Security Council, China can veto resolutions mandating sanctions. But Beijing has voted for them, while working to ensure its energy ties are not threatened.

China has, however, also long criticized the United States and EU for imposing separate, unilateral sanctions on Iran and said they should take no steps reaching beyond the U.N. resolutions.

"Like many other countries, China and Iran maintain normal energy and trade and economic cooperation," said the foreign ministry spokesman Liu.

Analysts have said the U.S. move was largely symbolic, given that China's Zhuhai Zhenrong was unlikely to have much U.S. business, but that it sent a warning to Beijing and its state-run oil giants such as China National Petroleum Corp (CNPC), China Petroleum and Chemical Corp (Sinopec Corp) and China National Offshore Oil Corp..

These companies have invested billions of dollars in the U.S. energy sector, and are much more exposed to the impact of potential sanctions.

(Reporting by Chris Buckley, Editing by Jonathan Thatcher)

Source: http://us.rd.yahoo.com/dailynews/rss/iran/*http%3A//news.yahoo.com/s/nm/20120115/wl_nm/us_china_usa_iran

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Sunday, January 15, 2012

Scientists unveil biggest ever map of universe's dark matter

Even though it cannot be seen directly, dark matter, which represents 98 percent of the mass of the universe, exerts a gravitational pull on normal matter,?including?light. By measuring its tug on starlight, astronomers have mapped the?distribution?of this mysterious substance.?

The hidden side of the universe is now a bit more illuminated thanks to the largest map yet of dark matter, the strange substance thought to inhabit much of space.

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Scientists have created the largest scale rendering of dark matter across the universe, revealing a picture of the invisible stuff thought to represent?98 percent of all matter?in the universe.

Dark matter has never been directly detected, but its presence is felt through its gravitational pull on normal matter. Scientists suspect dark matter is made of some exotic particle that doesn't interact with regular atoms.

"We know very little about the dark universe," said co-leader of the study, Catherine Heymans of the University of Edinburgh's School of Physics and Astronomy, during a press conference announcing the findings here at the 219th meeting of the American Astronomical Society."We don't know what the dark matter particle is. It's very widely believed that the final understanding of the dark universe is going to have to invoke some new physics."

The new map reveals the distribution of?dark matter?over a larger swath of space than ever before. It covers more than 1 billion light-years. One light-year is the distance light travels in a year, about 6 trillion miles (10 trillion kilometers). [See the new giant dark matter map]

Warping light

To trace?invisible dark matter, the researchers searched for signs of its gravitational tug on other matter. They measured an effect called gravitational lensing, which occurs when gravity from a massive body bends space-time, causing light to travel along a curved path through space and appear distorted when it reaches Earth.

The scientists measured warped light from 10 million distant galaxies in four different regions of the sky, caused when those galaxies' light passed by large bundles of dark matter that bent its path.

"It is fascinating to be able to 'see' the dark matter using space-time distortion," another co-author of the study, Ludovic Van Waerbeke of the University of British Columbia, said in a statement. "It gives us privileged access to this mysterious mass in the universe which cannot be observed otherwise. Knowing how dark matter is distributed is the very first step towards understanding its nature and how it fits within our current knowledge of physics."

Scientists hope that by plotting out the distribution of?dark matter throughout space, they will come closer to understanding what it is.

"By analyzing light from the distant universe, we can learn about what it has travelled through on its journey to reach us," Heymans said. "We hope that by mapping more dark matter than has been studied before, we are a step closer to understanding this material and its relationship with the galaxies in our universe."

A close match

Source: http://rss.csmonitor.com/~r/feeds/science/~3/mtsKtzDWKpg/Scientists-unveil-biggest-ever-map-of-universe-s-dark-matter

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Space Station Dodges Space Junk from Satellite Crash (SPACE.com)

The International Space Station dodged a piece of space junk today (Jan. 13) to avoid a potentially dangerous collision.

The orbiting laboratory, currently home to six astronauts from three countries, burned its thrusters at 11:10 a.m. EST, boosting its orbit slightly to take it out of range of a piece of broken satellite that was due to pass between 0.6 and 15 miles (1 and 24 km) of the station today.

"At this point indications are that the debris avoidance maneuver was carried out as planned and carried out successfully," NASA commentator Pat Ryan said on NASA TV. "The crewmembers continued their work onboard while the burn happened this morning."

The space junk was part of the Iridium 33 communications satellite, which collided with a defunct Russian Cosmos spacecraft in 2009, creating a cloud of thousands of bits of debris that now orbit Earth and sometimes pose a collision hazard to working spacecraft.

The particular bit of space junk the station dodged today was only about 4 inches (10 cm) in diameter, but could have been catastrophic to the $100 billion outpost if the two had collided at their high orbital speeds.

Potential space debris conjunctions are not uncommon for the space station. In November 2011 NASA was considering sending the three station crewmembers at the time into their Russian Soyuz spacecraft lifeboats to wait out a close pass by a piece of orbital trash. However, a subsequent analysis showed that the debris would stay far enough away to render the precaution unnecessary.

NASA astronaut Dan Burbank is currently leading the space station's Expedition 30 mission, which includes flight engineers Don Pettit of NASA, Andre Kuipers of the European Space Agency, and Russian cosmonauts Anton Shkaplerov, Anatoly Ivanishin and Oleg Kononenko.

The crewmembers spent today working on scientific research and routine maintenance on their football field-size home in orbit.

Today's maneuver comes coincidentally timed with two other space junk events: the release of Space Junk 3D, a new IMAX film chronicling the growing danger of space debris in orbit, and the looming crash of the failed Russian Mars probe Phobos Grunt, which is expected to fall back to Earth in the next few days.

You can follow SPACE.com assistant managing editor Clara Moskowitz on Twitter @ClaraMoskowitz.?Follow SPACE.com for the latest in space science and exploration news on Twitter @Spacedotcom and on Facebook.

Source: http://us.rd.yahoo.com/dailynews/rss/space/*http%3A//news.yahoo.com/s/space/20120113/sc_space/spacestationdodgesspacejunkfromsatellitecrash

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