Goldman: PlayStation 4 could send Sony into a ‘downward spiral’

Count Goldman Sachs analyst Takashi Watanabe as being pessimistic on the PlayStation 4′s chances for success. Per Business Insider, Watanabe has penned a new research note that casts doubt not only on Sony’s (SNE) new console specifically, but on the gaming console business as a whole. Specifically, Watanabe thinks that smartphones and tablets are poised to erode consoles’ installed base because more people can get their gaming fix through cheap games such as Angry Birds and Cut the Rope rather than spending $ 60 to buy the latest version of Call of Duty. This lower installation base leads to negative reinforcement where developers are less likely to invest in developing top-notch games for the platform, which further erodes consumers’ willingness to shell out cash for the console.

[More from BGR: The insane pricing of the new HTC One]

“We see little reason for developers to produce top titles for platforms with a low installed base,” he writes. “In turn there is a danger the installed base will not grow because the content lineup is weak.”

[More from BGR: Google unveils $ 1,300 touch-enabled Chromebook Pixel [video]]

Just this week, mobile app data firm App Annie released a new report in conjunction with research firm IDC showing that mobile games for the first time ever generated more revenue than console games in the fourth quarter of 2012, so Watanabe certainly has some legitimate reasons to be concerned about the future upside of dedicated gaming consoles. Combine this with the fact that Nintendo (NTDOY) Wii U sales have absolutely tanked in the past few weeks, and it’s easy to see why there’s a lot of anxiety around the console industry at the moment.

This article was originally published on BGR.com

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Cirque Du Soleil Announces New Michael Jackson-Themed Show in Las Vegas

By Mark Gray

02/21/2013 at 09:15 PM EST

The logo

Courtesy Cirque du Soleil

The King of Pop will live in Vegas!

The long-rumored Cirque Du Soleil show based on the music of Michael Jackson was formally announced Thursday afternoon.

Premiering June 29 at Las Vegas's Mandalay Bay, the show, Michael Jackson ONE, will run 90 minutes and will feature more than 60 dancers and aerialists performing to Jackson's best known music.

Executives say the show will be different from the current Cirque Du Soleil show Immortal, which features Jackson's music.

Jackson friend and choreographer Jamie King said, "Everything [Jackson] does is with a childlike heart. For Michael, every day was fresh, every day was new, every day had to be bigger and better than the last one."

Tickets for the general public go on sale March 7.

Which Jackson song are you most excited to see performed in the show? Sound off in the comments below!

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APNewsBreak: Govs to hear Oregon health care plan

SALEM, Ore. (AP) — Oregon Gov. John Kitzhaber will brief other state leaders this weekend on his plan to lower Medicaid costs, touting an overhaul that President Barack Obama highlighted in his State of the Union address for its potential to lower the deficit even as health care expenses climb.

The Oregon Democrat leaves for Washington, D.C., on Friday to pitch his plan that changes the way doctors and hospitals are paid and improves health care coordination for low income residents so that treatable medical problems don't grow in severity or expense.

Kitzhaber says his goal is to win over a handful of other governors from each party.

"I think the politics have been dialed down a couple of notches, and now people are willing to sit down and talk about how we can solve the problem" of rising health care costs, Kitzhaber told The Associated Press in a recent interview.

Kitzhaber introduced the plan in 2011 in the face of a severe state budget deficit, and he's been talking for two years about expanding the initiative beyond his state. Now, it seems he's found people ready to listen.

Hospital executives from Alabama visited Oregon last month to learn about the effort. And the U.S. Department of Health and Human Services announced Thursday that it's giving Oregon a $45 million grant to help spread the changes beyond the Medicaid population and share information with other states, making it one of only six states to earn a State Innovation Model grant.

Kitzhaber will address his counterparts at a meeting of the National Governors Association. His talk isn't scheduled on the official agenda, but a spokeswoman confirmed that Kitzhaber is expected to present.

"The governors love what they call stealing from one another — taking the good ideas and the successes of their colleagues and trying to figure out how to apply that in their home state," said Matt Salo, director of the National Association of Medicaid Directors.

There's been "huge interest" among other states in Oregon's health overhaul, Salo said, not because the concepts are brand new, but because the state managed to avoid pitfalls that often block health system changes.

Kitzhaber persuaded state lawmakers to redesign the system of delivering and paying for health care under Medicaid, creating incentives for providers to coordinate patient care and prevent avoidable emergency room visits. He has long complained that the current financial incentives encourage volume over quality, driving costs up without making people healthier.

Obama, in his State of the Union address this month, suggested that changes such as Oregon's could be part of a long-term strategy to lower the federal debt by reigning in the growing cost of federally funded health care.

"We'll bring down costs by changing the way our government pays for Medicare, because our medical bills shouldn't be based on the number of tests ordered or days spent in the hospital — they should be based on the quality of care that our seniors receive," Obama said.

The Obama administration has invested in the program, putting up $1.9 billion to keep Oregon's Medicaid program afloat over the next five years while providers make the transition to new business models and incorporate new staff and technology.

In exchange, though, the state has agreed to lower per-capita health care cost inflation by 2 percentage points without affecting quality.

The Medicaid system is unique in each state, and Kitzhaber isn't suggesting that other states should adopt Oregon's specific approach, said Mike Bonetto, Kitzhaber's health care policy adviser. Rather, he wants governors to buy into the broad concept that the delivery system and payment models need to change.

That's not a new theory. But Oregon has shown that under the right circumstances massive changes to deeply entrenched business models can gain wide support.

What Oregon can't yet show is proof the idea is working — that it's lowering costs without squeezing on the quality or availability of care. The state is just finishing compiling baseline data that will be used as a basis of comparison.

One factor driving the Obama administration's interest in Oregon's success is the president's health care overhaul. Under the Affordable Care Act, millions more Americans will join the Medicaid rolls after Jan. 1, and the health care system will have to be able to absorb the influx of patients in a logistically and financially sustainable way.

The federal government will pay 100 percent of the costs for those additional patients in the first three years before scaling back to 90 percent in 2020 and beyond.

"There are a lot of governors who are facing the same challenges we're facing in Oregon," Kitzhaber said. "They recognize that the cost of health care is something they're going to have to get their arms around."

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Wall Street ends lower on growth worries

NEW YORK (Reuters) - U.S. stocks fell for a second straight day on Thursday and the S&P 500 posted its worst two-day loss since November after reports cast doubt over the health of the U.S. and euro-zone economies.

But a late-day rally helped stocks erase some of their losses with most of the pullback concentrated in the technology- heavy Nasdaq. The move suggested investors were still willing to buy on dips even after the sharp losses in the last session.

In Europe, business activity indexes dealt a blow to hopes that the euro zone might emerge from recession soon, showing the downturn across the region's businesses unexpectedly grew worse this month.

"The PMI numbers out of Europe were really a blow to the market," said Jack De Gan, chief investment officer at Harbor Advisory in Portsmouth, New Hampshire. "The market was expecting signs that recovery is still there, but the numbers just highlighted that the euro-zone problem is still persistent."

U.S. initial claims for unemployment benefits rose more than expected last week while the Federal Reserve Bank of Philadelphia said its index of business conditions in the U.S. mid-Atlantic region fell in February to the lowest in eight months.

Gains in Wal-Mart Stores Inc shares helped cushion the Dow. The shares gained 1.5 percent to $70.26 after the world's largest retailer reported earnings that beat expectations, though early February sales were sluggish.

The Dow Jones industrial average <.dji> fell 46.92 points, or 0.34 percent, to 13,880.62 at the close. The Standard & Poor's 500 Index <.spx> lost 9.53 points, or 0.63 percent, to 1,502.42. The Nasdaq Composite Index <.ixic> dropped 32.92 points, or 1.04 percent, to close at 3,131.49.

The two-day decline marked the U.S. stock market's first sustained pullback this year. The Standard & Poor's 500 has fallen 1.8 percent over the period and just managed to hold the 1,500 level on Thursday. Still, the index is up 5.3 percent so far this year.

The abrupt reversal in markets, which started on Wednesday after minutes from the Federal Reserve's January meeting suggested stimulus measures may end earlier than thought, looks set to halt a seven-week winning streak for stocks that had lifted the Dow and the S&P 500 close to all-time highs.

Wall Street will soon face another test with the upcoming debate in Washington over the automatic across-the-board spending cuts put in place as part of a larger congressional budget fight. Those cuts, set to kick in on March 1 unless lawmakers agree on an alternative, could depress the economy.

Semiconductor stocks ranked among the weakest of the day, pressuring the Nasdaq as the Philadelphia Semiconductor Index <.sox> fell 1.8 percent. Intel Corp fell 2.3 percent to $20.25 while Advanced Micro Devices lost 3.7 percent to $2.60 as the S&P 500's biggest percentage decliner.

The Dow also got a helping hand from personal computer maker Hewlett-Packard Co , which rose 2.3 percent to end the regular session at $17.10. The company was scheduled due to report first-quarter results after the closing bell.

Shares of Boeing Co rose 1.6 percent to $76.01 as a senior executive was set to meet with the head of the U.S. Federal Aviation Administration on Friday and present a series of measures to prevent battery failures that grounded its 787 Dreamliner fleet, according to a source familiar with the plans.

In other company news, shares of supermarket operator Safeway Inc jumped 14.1 percent to $22.97 after the company reported earnings that beat expectations.

Shares of VeriFone Systems Inc tumbled nearly 43 percent to $18.24 after the credit-card swipe machine maker forecast first- and second-quarter profits well below expectations.

Of the 427 companies in the S&P 500 that have reported results so far, 69.3 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data through Thursday morning.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.9 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

Berry Petroleum Co jumped 19.3 percent to $46.02 after oil and gas producer Linn Energy LLC said it would buy the company in an all-stock deal valued at $4.3 billion, including debt. Linn Energy shares advanced 2.8 percent to $37.68.

About two stocks fell for everyone that rose on the New York Stock Exchange and Nasdaq. About 7.64 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, well above the 20-day moving average of around 6.6 billion shares.

(Editing by Jan Paschal)

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Embezzlement Scandal Threatens Spain’s Royal Family

MADRID — The Web site of the Spanish royal family features pictures of the king, Juan Carlos I, in a blue sash, his bejeweled wife, Queen Sofía, and the couple’s three glamorous children. But most of the photographs of the dashing Duke of Palma, the king’s son-in-law, were scrubbed from the site last month.

The duke’s official biography was also banished from the site. And for more than a year, the royal family has barred the duke, a former Olympic handball player named Iñaki Urdangarin, from attending official family functions.

With a multitude of graft cases undermining Spaniards’ faith in just about every institution of government, an intensifying investigation aimed at Mr. Urdangarin has placed the palace under siege as well, and left the nation’s aging monarch and his aides struggling to quell the crisis.

Mr. Urdangarin, 45, who is married to the king’s youngest daughter, Cristina, 47, is scheduled to testify on Saturday before an investigating judge over allegations that he embezzled millions of euros after leveraging his blue-blood connections to gain inflated, no-bid contracts from regional politicians for his nonprofit sports foundation, Instituto Nóos.

The royal family has tried mightily to distance itself from the investigation. Officially, the palace has insisted that the king knew nothing about the foundation activities of Mr. Urdangarin, who has pledged to prove his innocence. It publicly maintains that Juan Carlos ordered his son-in-law to abandon the troubled foundation in 2006, a year before dubious financial dealings surfaced.

But last weekend, the duke’s former business partner, Diego Torres, who is also under investigation, told a judge that the duke made no move without palace approval, and he turned over nearly 200 e-mails to support his claim. Many of those e-mails have now surfaced in the Spanish news media. Others were provided to The New York Times by a person close to the legal process who did not want to be identified for fear of retribution.

The e-mails suggest that the palace was concerned about what was going on at the sports charity well before it has acknowledged, and began pressuring Mr. Urdangarin to leave it at a time when investigators now say he and his partner were involved in inflating contracts and moving money offshore. Despite the palace’s insistence that the king had little to do with his son-in-law, the e-mails show that the king was monitoring his affairs. They include boasts by Mr. Urdangarin about the king’s backing of sponsorships for events he was organizing.

The e-mails do not indicate any wrongdoing by the king. But they have brought the scandal to the palace doorstep, further tarnishing a monarchy that has come under scrutiny as Spaniards suffer through an economic downturn and as corruption cases — including envelopes of cash handed out to top politicians — stoke their resentment over the privileges and special connections that have insulated Spain’s elite from the same pain.

Meanwhile, the king and his courtiers have been working aggressively at damage control. Over the past 10 days, the king, his attendants and the Spanish intelligence service have been pressuring the suspected sources of leaks and approaching top newspaper executives to tone down coverage of the investigation, according to people with ties to the palace and some of Spain’s leading newspapers.

Top editors at leading newspapers like El País and ABC, a loyal supporter of the monarchy, have denied being pressured.

The e-mails obtained by The Times suggest that the worries over potential harm to the palace are not new. Some show the palace searching relentlessly for a way to steer Mr. Urdangarin away from the sports foundation, scouring for a new job for him through a blue-chip network of contacts in 2004, two years before it has publicly acknowledged.

As the hunt extended into 2005, the duke complained about mounting pressures to avoid conflicts of interest. “We have been suffering a permanent surge of press releases, not always precise concerning our professional and private lives,” he wrote in stilted English in an e-mail to an associate, Corinna Sayn-Wittgenstein.

Ms. Sayn-Wittgenstein, a German princess through a former marriage, has described her role as an unpaid adviser and friend of the king, dismissing reports in the Spanish news media that they had a romantic relationship.

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Sony unveils new PlayStation 4 console

NEW YORK (Reuters) – Sony Corp took the wraps off its next-generation video game console called “PlayStation 4” on Wednesday that will allow users to stream and play video games hosted on servers.

The company revealed the new console, which will succeed the seven-year-old PlayStation 3, in New York.

The controller dubbed “DualShock 4″ will have a touch pad, Mark Cerny, lead system architect on PlayStation 4, said.

Sony purchased U.S. cloud-based gaming company Gaikai for $ 380 million in July. Using that technology, the new console will offer a cloud-gaming service, the company said.

The 8GB PlayStation 4 can also instantly stream game content from the console to Sony’s handheld PlayStation Vita through a feature called “Remote Play,” the company said.

Sony has also revamped the user interface on the new console that keeps tabs on user preferences and added social networking features.

(Reporting By Liana Baker; Editing by Gary Hill, Bernard Orr)

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Baby Girl on the Way for Big Brother's Britney Haynes

Mom & Babies
Celebrity Baby Blog

02/20/2013 at 08:45 PM ET

Britney Haynes is expecting a little houseguest of her own!

“Halfway there and it’s definitely a GIRL!! She arrives in July; couldn’t be happier,” the Big Brother star Tweeted Wednesday.

Along with her tweet, Haynes, 25, posted a photo of herself holding sonogram photos of her baby girl.

The outspoken player competed as a houseguest on season 12 of the CBS reality show where she placed fourth before returning as a “coach” and eventually a player during season 14, where she placed eighth.

During season 14, Haynes often discussed missing her husband — high school sweetheart Nathan ‘Ryan’ Godwin, whom she married in between seasons in March 2012 — and expressed her desire to become a mother to fellow coach and new mom Janelle Pierzina, who’s currently expecting her second child in August.

Courtesy Britney Haynes

– Patrick Gomez

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Scientists use 3-D printing to help grow an ear

WASHINGTON (AP) — Printing out body parts? Cornell University researchers showed it's possible by creating a replacement ear using a 3-D printer and injections of living cells.

The work reported Wednesday is a first step toward one day growing customized new ears for children born with malformed ones, or people who lose one to accident or disease.

It's part of the hot field of tissue regeneration, trying to regrow all kinds of body parts. Scientists hope using 3-D printing technology might offer a speedier method with more lifelike results.

If it pans out, "this enables us to rapidly customize implants for whoever needs them," said Cornell biomedical engineer Lawrence Bonassar, who co-authored the research published online in the journal PLoS One.

This first-step work crafted a human-shaped ear that grew with cartilage from a cow, easier to obtain than human cartilage, especially the uniquely flexible kind that makes up ears. Study co-author Dr. Jason Spector of Weill Cornell Medical Center is working on the next step — how to cultivate enough of a child's remaining ear cartilage in the lab to grow an entirely new ear that could be implanted in the right spot.

Wednesday's report is "a nice advancement," said Dr. Anthony Atala, director of the Institute for Regenerative Medicine at Wake Forest Baptist Medical Center, who wasn't involved in the new research.

Three-dimensional printers, which gradually layer materials to form shapes, are widely used in manufacturing. For medicine, Atala said the ear work is part of broader research that shows "the technology now is at the point where we can in fact print these 3-dimensional structures and they do become functional over time."

Today, people who need a new ear often turn to prosthetics that require a rod to fasten to the head. For children, doctors sometimes fashion a new ear from the stiffer cartilage surrounding ribs, but it's a big operation. Spector said the end result seldom looks completely natural. Hence the quest to use a patient's own cells to grow a replacement ear.

The Cornell team started with a 3-D camera that rapidly rotates around a child's head for a picture of the existing ear to match. It beams the ear's geometry into a computer, without the mess of a traditional mold or the radiation if CT scans were used to measure ear anatomy.

"Kids aren't afraid of it," said Bonassar, who used his then-5-year-old twin daughters' healthy ears as models.

From that image, the 3-D printer produced a soft mold of the ear. Bonassar injected it with a special collagen gel that's full of cow cells that produce cartilage — forming a scaffolding. Over the next few weeks, cartilage grew to replace the collagen. At three months, it appeared to be a flexible and workable outer ear, the study concluded.

Now Bonassar's team can do the process even faster by using the living cells in that collagen gel as the printer's "ink." The 3-D technology directly layers the gel into just the right ear shape for cartilage to cover, without having to make a mold first.

The next step is to use a patient's own cells in the 3-D printing process. Spector, a reconstructive surgeon, is focusing on children born without a fully developed external ear, a condition called microtia. They have some ear cartilage-producing cells in that tissue, just not enough. So he's experimenting with ways to boost those cells in the lab, "so we can grow enough of them from that patient to make an ear," he explained.

That hurdle aside, cartilage may be the tissue most amenable to growing with the help of 3-D printing technology, he said. That's because cartilage doesn't need blood vessels growing inside it to survive.

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Wall Street ends down sharply after Fed minutes

TORONTO, Feb 20 (Reuters) - Canada's Rebecca Marino, a rising star in women's tennis, stepped away from the sport in search of a normal life on Wednesday, weary of battling depression and cyber-bullies. Ranked number 38 in the world two years ago, the 22-year-old admitted she had long suffered from depression and was no longer willing to make the sacrifices necessary to reach the top. "After thinking long and hard, I do not have the passion or enjoyment to drive myself to the level I would like to be at in professional tennis," Marino explained in a conference call. ...

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Egypts Floods Smuggling Tunnels to Gaza With Sewage

Hatem Moussa/Associated Press

A Palestinian clearing a tunnel of sewage in Rafah, between Egypt and the southern Gaza Strip.

GAZA —The Egyptian military is resorting to a pungent new tactic to shut down the smuggling tunnels connecting Sinai and Gaza: flooding them with sewage. Along with the stink, the approach is raising new questions about relations between Egypt’s new Islamist leaders and their ideological allies in Hamas who control the Gaza Strip.

“Awful,” said Abu Mutair Shalouf, 35, a Palestinian smuggler on the Gaza side, watching workers haul buckets of sewage-soaked soil from the shaft of a tunnel flooded by the Egyptian military 15 days ago. “I don’t know why they did this.”

Advisers to the Egyptian president, Mohamed Morsi, a leader of the Muslim Brotherhood’s political arm, say the answer is simple: they are determined to shut the tunnels to block the destabilizing flow of weapons and militants into Sinai from Gaza — a vow Mr. Morsi made with evident passion in an interview five months ago.

And the more muted response from Hamas, a militant offshoot of the Brotherhood, is the strongest indication yet that its leaders are now pinning their hopes on their ideological allies in Cairo, even if at the moment they appear to be harming the interests of the citizens of Gaza. The tunnels remain a vital source of certain imports to Gaza and smuggling-tax revenue for Hamas, and when the former president, Hosni Mubarak, used far less effective methods to close the tunnels, Hamas screamed of betrayal.

After the sewage flooding, several Hamas officials instead emphasized Egypt’s right to protect its borders as it chose. “Egypt is a state of sovereignty and we do not impose on it anything,” said Salah al-Bardawil, a Hamas official in Gaza. “We address the Egyptian side about the issue and hope they will understand us and our needs,” he added. “We trust the Egyptian leadership that they will not leave the Palestinian people alone.”

Analysts offer many theories about the timing. At a moment of political and economic difficulties, with a financial aid package stalled in the United States Congress, Egypt’s Islamist-led government “is showing itself once more as a valuable ally,” speculated Yasser el-Shimy, Egypt analyst at the International Crisis Group. “It can do something like this, which, perhaps, promotes strategic interests.”

Or perhaps, Mr. Shimy said, Mr. Morsi’s government aimed to remind Israel that it, and not Egypt, still bore responsibility for Gaza’s poverty and problems. Or perhaps the Egyptian military was sending some domestic message of its own, either to the Brotherhood or other domestic constituents, about the generals’ independence from the Islamists.

Concern in Cairo about the tunnels spiked last August, when 16 Egyptian soldiers died in a militant attack on a military outpost in Sinai. The Egyptian government believes the attackers came through the tunnels.

Then, after Egypt helped broker a truce between Hamas and Israel to end a week of fighting in Gaza last November, Israel eased restrictions on imports over the border. Most notably, it began allowing in more construction material previously considered to have a potential military use, though Palestinians say the Israelis still block steel and other materials.

Essam el-Hadded, Mr. Morsi’s national security adviser, suggested this week that the loosened restrictions at the border crossing might have encouraged the crackdown on tunnels. “Now we can say that the borders are open to a good extent — it could still be improved — and the needs of the Gazan people are allowed in,” Mr. Hadded told Reuters.

Under Mr. Mubarak, Palestinians said, the Egyptians sometimes flooded tunnels with gas, which was easily remedied by pumping in air.

But around the beginning of February the Egyptian military began for the first time to use waste water instead, eventually flooding about two dozen of the 200-odd tunnels. (The Egyptian authorities say there are 225; Palestinians say 250.)

Mr. Shalouf, 35, who imported mainly gravel, said that before removing the buckets of dirt he had pumped out the water. Now he plans to lay down sand and sawdust and reinforce the ceiling. Repairs could take three weeks.

Palestinians say that so far the flooding has hurt individual livelihoods but not the total volume of goods moving below ground. On Wednesday, about two cargo trucks per minute were pulling out of the main smuggling zone inside Gaza, laden with cement, gravel, canned food, citrus and vegetables. Hamas customs officers kept a record of each truck and load.

Fares Akram reported from Gaza, and David D. Kirkpatrick from Cairo. Mayy El-Sheikh contributed reporting from Cairo.

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