The Media Equation: Buffeted by the Web, but Now Riding It





When the consumer Web exploded in the mid-1990s, part of the promise was that it would transform careers and the concept of work. Remember the signs on telephone poles and banners all over the Internet? “Work at home and turn your computer into a cash register! Ask me how.” The next generation of Americans would be able to work on their own terms.




It didn’t turn out that way. If anything, digital technology has overwhelmed those who sought to master it. The Web may be a technological marvel, but to most people who use it for work, it functions like an old-fashioned hamster wheel, except at Internet speed.


Brian Lam was both a prince and a casualty of that realm. After interning at Wired, he became a blogger for Gizmodo, Gawker Media’s gadget blog. A trained Thai boxer, he focused his aggression on cranking out enough copy to increase the site’s traffic, to 180 million page views from 13 million in the six years he was there.


He broke news, sent shrapnel into many subject areas with provocative, opinionated copy and was part of the notorious pilfered iPhone 4 story that had law enforcement officials breaking down doors on Apple’s behalf. I saw Mr. Lam on occasional trips to San Francisco, and he crackled with jumpy digital energy.


And then, he burned out at age 34. He loved the ocean, but his frantic digital existence meant his surfboard was gathering cobwebs. “I came to hate the Web, hated chasing the next post or rewriting other people’s posts just for the traffic,” he told me. “People shouldn’t live like robots.”


So he quit Gizmodo, and though he had several lucrative offers, he decided to do exactly nothing. He sold his car, rented out his house and eventually moved to Hawaii to chase surf and ponder the next thing.


This is the point in the story where we generally find out that the techie is now a wood carver, or an oboe player.


But leopards don’t change their spots, and they certainly don’t turn into unicorns. An accomplished technologist and writer, Mr. Lam worked to come up with a business that he could command instead of the other way around.


The problem is that these days, ad-supported media business models all depend on scale, because rates go lower every day. Success in Web media generally requires constant posting to build a big audience. Mr. Lam knew where that led.


With friends — including Brian X. Chen, who now works at The New York Times — he came up with his own version of a gadget blog. But instead of chasing down every tidbit of tech news, he built The Wirecutter, a recommendation site that posts four to eight updates a month — not a day — and began publishing in partnership with The Awl, a federation of blogs founded by two other veterans of Gawker Media, Choire Sicha and Alex Balk.


While there are many technology sites that evaluate and compare products, usually burying their assessments in a tsunami of other posts, Mr. Lam and his staff of freelancers decided to rely on deep examinations of specific product categories.


Using expert opinions, aggregated reviews and personal research, they recommend a single product in each category. There are no complicated rankings or deep analytics on the entire category. If you want new earphones or a robot vacuum, The Wirecutter will recommend The One and leave it at that.


“I was tired of doing posts that were obsolete three hours after I wrote them,” Mr. Lam said. “I wanted evergreen content that didn’t have to be updated constantly in order to hunt traffic. I wanted to publish things that were useful.”


He bootstrapped the site, spurning outside investment. “If you take the money, you have to pony up in terms of scale, and I don’t want to do that,” he said.


The clean, simple interface, without the clutter of news, is a tiny business; it has fewer than 350,000 unique visitors a month at a time when ad buyers are not much interested in anything less than 20 million.


But The Wirecutter is not really in the ad business. The vast majority of its revenue comes from fees paid by affiliates, mostly Amazon, for referrals to their sites. As advertising rates continue to tumble, affiliate fees could end up underwriting more and more media businesses.


“Brian’s insight is that in a world of loudest and fastest, he has turned it down, doing it slow and doing it right,” Mr. Sicha said. “And by being consumer facing, he doesn’t have to have monster numbers. The people come ready to buy.”


In fact, somewhere between 6 and 11 percent of its visitors click on links, a rate that would make ad sellers drool.


Mr. Lam hardly invented the model. The Web is full of mom-and-pop shops that live on referral fees for everything from pet supplies to camping gear. Many companies also pay for referrals — eBay, Half.com, even retailers like Gap and Old Navy. A business that used to be mired in spam is now becoming far more legitimate.


For small businesses like Wirecutter, it’s risky to rely so much on a single company, but Amazon seems disinclined to mess with its very successful model.


“We have been working hard to give publishers of all sizes the tools to work with Amazon,” said Steve Shure, Amazon’s vice president for worldwide marketing.


But it’s not just the little guys. Hearst’s Good Housekeeping has commerce links to Amazon, and Gawker Media, Mr. Lam’s old employer, is building affiliate revenue and other nonadvertising revenue into a seven-figure business by next year. In a sense, it’s back to the future, the days of the Whole Earth Catalog and its compendium of splendid things. Kevin Kelly, its former editor and publisher and now “senior maverick” at Wired, has a site called Cool Tools that will be observing its 10th anniversary.


“Affiliate income is six times as much as advertising by now,” Mr. Kelly said in a phone call, describing the revenue at Cool Tools. “Part of what is attractive about our site and Brian’s is that it is a distillation, a trusted friend. You don’t find out everything, just what you need to know.”


Mr. Lam’s revenue is low, about $50,000 a month, but it’s enough to pay his freelancers, invest in the site and keep him in surfboards. And now he actually has time to ride them.


In that sense, Mr. Lam is living out that initial dream of the Web: working from home, working with friends, making something that saves others time and money.


“I don’t want to get too hippie about it, but surf is bad when it all comes in one big lump,” he said. “Our traffic is spaced out in manageable waves, a set that we will grow over time. And even if it doesn’t, that’s fine by me.”


E-mail: carr@nytimes.com;


Twitter: @carr2n



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Stunning Views of Glaciers Seen From Space




To a geologist, glaciers are among the most exciting features on Earth. Though they seem to creep along at impossibly slow speeds, in geologic time glaciers are relatively fast, powerful landscape artists that can carve out valleys and fjords in just a few thousand years.


Glaciers also provide an environmental record by trapping air bubbles in ice that reveal atmospheric conditions in the past. And because they are very sensitive to climate, growing and advancing when it’s cold and shrinking and retreating when its warm, they can be used as proxies for regional temperatures.



Over geologic time, they have ebbed and flowed with natural climate cycles. Today, the world’s glaciers are in retreat, sped up by relatively rapid warming of the globe. In our own Glacier National Park in Montana, only 26 named glaciers remain out of the 150 known in 1850. They are predicted to be completely gone by 2030 if current warming continues at the same rate.


Here we have collected 13 stunning images of some of the world’s most impressive and beautiful glaciers, captured from space by astronauts and satellites.


Above: Bear Glacier, Alaska


This image taken in 2005 of Bear Glacier highlights the beautiful color of many glacial lakes. The hue is caused by the silt that is finely ground away from the valley walls by the glacier and deposited in the lake. The particles in this “glacial flour” can be very reflective, turning the water into a distinctive greenish blue. The lake, eight miles up from the terminus of the glacier, was held in place by the glacier, but in 2008 it broke through and drained into Resurrection Bay in Kenai Fjords National Park.


The grey stripe down the middle of the glacier is called a medial moraine. It is formed when two glaciers flow into each other and join on their way downhill. When glaciers come together, their lateral moraines, long ridges formed along their edges as the freeze-thaw cycle of the glacier breaks off chunks of rock from the surrounding walls, meet to form a rocky ridge along the center of the joined glaciers.


Image: GeoEye/NASA, 2005.


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As Conn. story unfolds, media struggle with facts






NEW YORK (AP) — The scope and senselessness of the Newtown, Conn., school shooting challenged television journalists’ ability to do much more than lend, or impose, their presence on the scene.


Pressed with the awful urgency of the story, TV, along with other media, fell prey to reporting “facts” that were often in conflict or wrong.






How many people were killed? Which Lanza brother was the shooter: Adam or Ryan? Was their mother, who was among the slain, a teacher at the school?


Like the rest of the news media, television outlets were faced with intense competitive pressures and an audience ravenous for details in an age when the best-available information was seldom as reliable as the networks’ high-tech delivery systems.


Here was the normal gestation of an unfolding story. But with wall-to-wall cable coverage and second-by-second Twitter postings, the process of updating and correcting it was visible to every onlooker. And as facts were gathered by authorities, then shared with reporters (often on background), a seemingly higher-than-usual number of points failed to pan out:


— The number of dead was initially reported as anywhere from the high teens to nearly 30. The final count was established Friday afternoon: 20 children and six adults, as well as Lanza’s mother and the shooter himself.


— For hours on Friday, the shooter was identified as Ryan Lanza, with his age alternatively reported as 24 or 20. The confusion seemed partly explainable when it was determined that 20-year-old Adam Lanza, the shooter who had then killed himself, was carrying identification belonging to his 24-year-old brother.


This case of mistaken identity was painfully reminiscent of the Atlanta Olympics bombing case in 1996, when authorities fingered an innocent man, and the news media ran with it, destroying his life. Such damage was averted in Ryan Lanza’s case largely by his public protestations on social media, repeatedly declaring “It wasn’t me.”


— Initial reports differed as to whether Lanza’s mother, Nancy, was shot at the school, where she was said to be a teacher, or at the home she shared with Adam Lanza. By Friday afternoon, it was determined that she had been shot at their home.


Then doubts arose about whether Nancy Lanza had any link to Sandy Hook Elementary. At least one parent said she was a substitute teacher, but by early Saturday, an official said investigators had been unable to establish any connection with the school.


That seemed to make the massacre even more confusing. Early on, the attack was said to have taken place in her own classroom and was interpreted by more than one on-air analyst as possibly a way for Adam Lanza to strike back at children with whom he felt rivalry for his mother’s affection.


— Lanza’s weapons were listed as two pistols (a Glock and a Sig Sauer) as well as a .223-caliber Bushmaster rifle, but whether that rifle was used in the school or left in the trunk of Lanza’s car remained unclear.


— There were numerous versions of what Lanza was wearing, including camouflage attire and black paramilitary garb.


With so many unanswered questions, TV correspondents were left to set the scene and to convey the impact in words that continually failed them.


However apt, the phrase “parents’ worst nightmare” became an instant cliche.


And the word “unimaginable” was used countless times. But “imagine” was exactly what the horrified audience was helpless not to do.


The screen was mostly occupied by grim or tearful faces, sparing everybody besides law enforcement officials the most chilling sight: the death scene in the school, where — as viewers were reminded over and over — the bodies remained while evidence was gathered. But who could keep from imagining it?


Ironically, perhaps the most powerful video came from 300 miles away, in Washington, where President Barack Obama delivered brief remarks about the tragedy. His somber face, the flat tone of his voice, the tears he daubed from his eyes, and his long, tormented pauses said as much as his heartfelt words. He seemed to speak for everyone who heard them.


But TV had hours to fill.


Children from the school were interviewed. It was a questionable decision for which the networks took heat from media critics and viewers alike. But the decision lay more in the hands of the willing parents (who were present), and there was value in hearing what these tiny witnesses had to say.


“We had to lock our doors so the animal couldn’t get in,” said one little boy, his words painting a haunting picture.


In the absence of much hard information, speculation was a regular fallback. Correspondents and other “experts” persisted in diagnosing the shooter, a man none of them had ever met or even heard of until hours earlier.


CNN’s “Piers Morgan Tonight” scored an interview with a former classmate of Lanza’s — with an emphasis on “former.”


“I really only knew him closely when we were very, very young, in elementary school together,” she said.


Determined to unlock Lanza’s personality, Morgan asked the woman if she “could have ever predicted that he would one day flip and do something as monstrous as this?”


“I don’t know if I could have predicted it,” she replied, struggling to give Morgan what he wanted. “I mean, there was something ‘off’ about him.”


The larger implications of the tragedy were broached throughout the coverage — not least by Obama.


“We’re going to have to come together and take meaningful action to prevent more tragedies like this, regardless of the politics,” he said, which may have gladdened proponents of stricter gun laws.


But CBS correspondent Nancy Cordes noted, “There’s often an assumption that after a horrific event like this, it will spark a fierce debate on the issue. But in recent years, that hasn’t been the case.”


Appearing on “The O’Reilly Factor” Friday night, Fox News correspondent Geraldo Rivera voiced his own solution.


“I want an armed cop at every school,” he said.


Entertainment News Headlines – Yahoo! News


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School Yoga Class Draws Religious Protest From Christians


T. Lynne Pixley for The New York Times


Miriam Ruiz during a yoga class last week at Paul Ecke Central Elementary School in Encinitas, Calif. A few dozen parents are protesting that the program amounts to religious indoctrination. More Photos »







ENCINITAS, Calif. — By 9:30 a.m. at Paul Ecke Central Elementary School, tiny feet were shifting from downward dog pose to chair pose to warrior pose in surprisingly swift, accurate movements. A circle of 6- and 7-year-olds contorted their frames, making monkey noises and repeating confidence-boosting mantras.




Jackie Bergeron’s first-grade yoga class was in full swing.


“Inhale. Exhale. Peekaboo!” Ms. Bergeron said from the front of the class. “Now, warrior pose. I am strong! I am brave!”


Though the yoga class had a notably calming effect on the children, things were far from placid outside the gymnasium.


A small but vocal group of parents, spurred on by the head of a local conservative advocacy group, has likened these 30-minute yoga classes to religious indoctrination. They say the classes — part of a comprehensive program offered to all public school students in this affluent suburb north of San Diego — represent a violation of the First Amendment.


After the classes prompted discussion in local evangelical churches, parents said they were concerned that the exercises might nudge their children closer to ancient Hindu beliefs.


Mary Eady, the parent of a first grader, said the classes were rooted in the deeply religious practice of Ashtanga yoga, in which physical actions are inextricable from the spiritual beliefs underlying them.


“They’re not just teaching physical poses, they’re teaching children how to think and how to make decisions,” Ms. Eady said. “They’re teaching children how to meditate and how to look within for peace and for comfort. They’re using this as a tool for many things beyond just stretching.”


Ms. Eady and a few dozen other parents say a public school system should not be leading students down any particular religious path. Teaching children how to engage in spiritual exercises like meditation familiarizes young minds with certain religious viewpoints and practices, they say, and a public classroom is no place for that.


Underlying the controversy is the source of the program’s financing. The pilot project is supported by the Jois Foundation, a nonprofit organization founded in memory of Krishna Pattabhi Jois, who is considered the father of Ashtanga yoga.


Dean Broyles, the president and chief counsel of the National Center for Law and Policy, a nonprofit law firm that champions religious freedom and traditional marriage, according to its Web site, has dug up quotes from Jois Foundation leaders, who talk about the inseparability of the physical act of yoga from a broader spiritual quest. Mr. Broyles argued that such quotes betrayed the group’s broader evangelistic purpose.


“There is a transparent promotion of Hindu religious beliefs and practices in the public schools through this Ashtanga yoga program,” he said.


“The analog would be if we substituted for this program a charismatic Christian praise and worship physical education program,” he said.


The battle over yoga in schools has been raging for years across the country but has typically focused on charter schools, which receive public financing but set their own curriculums.


The move by the Encinitas Union School District to mandate yoga classes for all students who do not opt out has elevated the discussion. And it has split an already divided community.


The district serves the liberal beach neighborhoods of Encinitas, including Leucadia, where Paul Ecke Central Elementary is, as well as more conservative inland communities. On the coast, bumper stickers reading “Keep Leucadia Funky” are borne proudly. Farther inland, cars are more likely to feature the Christian fish symbol, and large evangelical congregations play an important role in shaping local philosophy.


Opponents of the yoga classes have started an online petition to remove the course from the district’s curriculum. They have shown up at school board meetings to denounce the program, and Mr. Broyles has threatened to sue if the board does not address their concerns.


The district has stood firm. Tim Baird, the schools superintendent, has defended the yoga classes as merely another element of a broader program designed to promote children’s physical and mental well-being. The notion that yoga teachers have designs on converting tender young minds to Hinduism is incorrect, he said.


“That’s why we have an opt-out clause,” Mr. Baird said. “If your faith is such that you believe that simply by doing the gorilla pose, you’re invoking the Hindu gods, then by all means your child can be doing something else.”


Ms. Eady is not convinced.


“Yoga poses are representative of Hindu deities and Hindu stories about the actions and interactions of those deities with humans,” she said. “There’s content even in the movement, just as with baptism there’s content in the movement.”


Russell Case, a representative of the Jois Foundation, said the parents’ fears were misguided.


“They’re concerned that we’re putting our God before their God,” Mr. Case said. “They’re worried about competition. But we’re much closer to them than they think. We’re good Christians that just like to do yoga because it helps us to be better people.”


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Connecticut school shooting: 18 children among at least 24 dead









At least one gunman attacked a suburban Connecticut elementary school Friday, killing at least two dozen people, including 18 children, law enforcement sources said.


At a televised news conference from Newtown, Conn., State Police spokesman Lt. Paul Vance refused to give an exact number pending notification of the families. Other reports place the number of dead at 27, including the children.


“There were several fatalities at scene, students and staff,” Vance said. “There will be no other information until families are told.”








PHOTOS: Shooting at Connecticut elementary school


The gunman was dead at the scene, Vance said, adding that there was no longer any danger to the public.


“It’s still an evolving crime scene and it’s just hours old,” Daniel Curtin, a FBI special agent in Connecticut, said. “And it’s obviously very tragic. All we’re saying is that the FBI and our agents have a presence there to assist in any way possible. Because right now it’s a Connecticut state and local investigation at this point. But in times of trial like this we work together.”


Law enforcement sources in Washington said the gunman was in his early 20s and was the father or another relative of one of the children.  He had four or more weapons and was wearing a bulletproof vest.


A weapon was recovered at the scene.


According to sources, the event began with an argument with the principal. Some of the staffers were shot first, then the gunman advanced on a classroom, shooting.


TIMELINE: Deadliest U.S. mass shootings

In Washington, President Obama was briefed on the shooting, spokesman Jay Carney said.


Carney wouldn't say whether the shooting would make gun control a higher priority on the president's agenda, but he said there would be a day for discussion on that policy issue.


“But I don't think today is that day,” he said.


At least three wounded have been taken to a hospital in Danbury, Newtown Mayor Mark D. Boughton confirmed.

“I can’t discuss who they are but some injuries are serious,” Boughton said.


In a statement posted on its website, Danbury Hospital said: “To date, three patients have been transported to Danbury Hospital from the scene.

"Out of abundance of caution and not because of any direct threat our building is under lockdown. This allows us simply to focus on the important work at hand,” the hospital stated.


Officials were still investigating the incident, which began at about 9:40 a.m. EST at the school in Newtown, a town of about 27,000 people.


Within hours, officials were reporting that the gunman was found dead and two handguns were recovered at the scene.


Stephen Delgiadice told reporters that his  8-year-old daughter heard two big bangs and teachers told her to get in a corner. His daughter was fine.


“It's alarming, especially in Newtown, Conn., which we always thought was the safest place in America,” he said.


The superintendent's office said the district had locked down schools in Newtown, about 60 miles from  New York City. Nearby schools also were locked down as a security measure.


michael.muskal@latimes.com
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New <em>Zero Dark Thirty</em> Trailer Has More Substance, Also Metallica











So far the clips released for director Kathryn Bigelow’s Zero Dark Thirty have been of the voiceover-and-ominous-music variety — little more than a few cuts and a bit of dialog about how “Maya” (Jessica Chastain) is such a great and confident CIA operative.


Finally, we have a bit more to go on. Despite the fact that critics have been talking about Bigelow’s already critics’-award-winning account of the hunt for Osama bin Laden for weeks now, the film hasn’t been seen by common folk. So having this new trailer (above) – chock-full of CIA intrigue and actual bin Laden hunting – gives the average Joe something to go on until the movie is actually in theaters.


Also, for the trained ear, the trailer has a bit of an Easter egg. Maybe. In contrast to the heavy “duh, duh, duuuhh” drone of the music in the first trailers, the track that sneaks up halfway through the clip is the Scala & Kolacny Brothers choir covering Metallica’s “Nothing Else Matters.” Metallica’s “Enter Sandman” was famously used as part of detainee interrogations, but in Zero Dark Thirty the only track used for interrogation is “Pavlov’s Dogs” by the hardcore band Rorschach so maybe this soundtrack is a subtle nod to the forbears? Seems possible.


There are not, however, many glimpses of the much-debated torture scenes in the flick (presumably because they’re not safe for all audiences). But there is much more about the Maya character, who is essentially a catch-all stand-in for the CIA agents who actually tracked down bin Laden. Judging by this brief glimpse, it looks as though she could be one of the toughest women on screen in a year full of tough women.


We’ll find out soon. Zero Dark Thirty will have a limited release on Dec. 19 and hit theaters nationwide Jan. 11.






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“X Factor” judge L.A. Reid quitting TV talent show






LOS ANGELES (Reuters) – L.A. Reid, “The X Factor” judge, says he is leaving the TV talent show next season after two years on the panel.


Reid, 56, chairman and chief executive of Epic Records, told “Access Hollywood,” the television program and website, he has decided to leave the Fox reality singing show to return to the record label full time.






“I have decided that I will not return to ‘The X Factor’ next year,” Reid told “Access Hollywood” late Thursday. “I have to go back and I have a company to run that I’ve kind of neglected, and it saddens me a little bit, but only a little bit.”


He added that the show was “a nice break, it was a nice departure from what I’ve done for the past 20 years, but now I gotta go back to work.”


Fox declined to comment on Reid’s departure on Friday.


Reid joined “The X Factor” when Cowell introduced the show in the United States in September 2011. Reid sat alongside Paula Abdul, former Pussycat Dolls singer Nicole Scherzinger and Cowell.


Cowell fired Abdul and Scherzinger after a disappointing first season and brought in pop stars Britney Spears and Demi Lovato.


But “The X Factor” audiences have dropped this year to an average 9.7 million from about 12.5 million an episode in 2011.


The show broadcasts a two-part finale next week with the winner earning a $ 5 million prize and record contract.


Epic Records, a unit of Sony Music Entertainment, which commands a roster of artists including Avril Lavigne, will sign the winners of “The X Factor.”


(Reporting by Piya Sinha-Roy; editing by Jill Serjeant and Jeffrey Benkoe)


TV News Headlines – Yahoo! News


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Paper Links Nerve Agents in ’91 Gulf War and Ailments





Reviving a 20-year debate over illnesses of veterans of the 1991 Persian Gulf war, a new scientific paper presents evidence that nerve agents released by the bombing of Iraqi chemical weapons depots just before the ground war began could have carried downwind and fallen on American troops staged in Saudi Arabia.




The paper, published in the journal Neuroepidemiology, tries to rebut the longstanding Pentagon position, supported by many scientists, that neurotoxins, particularly sarin gas, could not have carried far enough to sicken American forces.


The authors are James J. Tuite and Dr. Robert Haley, who has written several papers asserting links between chemical exposures and gulf war illnesses. They assembled data from meteorological and intelligence reports to support their thesis that American bombs were powerful enough to propel sarin from depots in Muthanna and Falluja high into the atmosphere, where winds whisked it hundreds of miles south to the Saudi border.


Once over the American encampments, the toxic plume could have stalled and fallen back to the surface because of weather conditions, the paper says. Though troops would have been exposed to low levels of the agent, the authors assert that the exposures may have continued for several days, increasing their impact.


Though chemical weapons detectors sounded alarms in those encampments in the days after the January 1991 bombing raids, they were viewed as false by many troops, the authors report.


But a significant number of medical experts have cast doubts on the sarin gas theory over the years, and several said Thursday that the new paper did little to change their minds.


Dr. John Bailar, an emeritus professor at the University of Chicago who led a group that studied gulf war illnesses in 1996, said there was still no clear evidence that troops might have been exposed to levels of sarin significant enough to have a biological effect.


Dr. Bailar said that the stress of war rather than chemical agents might be a more likely cause of the veterans’ problems. “Gulf war syndrome is real,” he said, using the term for a constellation of symptoms. “And the veterans who have it deserve appropriate medical care. But we should not kid ourselves about its causes or about the most effective means of treatment.”


Nearly half of the 700,000 service members who were deployed in 1990 and 1991 for the gulf war have filed disability claims with the Department of Veterans Affairs, and more than 85 percent of those have been granted benefits, the department has reported.


Many of those veterans have reported long-lasting problems, including chronic pain, memory loss, persistent fatigue and diarrhea, some of which had no clear causes. Many veterans insist that their problems are not the result of stress but have a biological basis.


Paul Sullivan, a gulf war veteran who has advocated for more research into the illnesses, said the new paper provided “overwhelming scientific evidence” that exposure to chemical agents sickened those troops and that the Department of Veterans Affairs should ensure that all receive health care and benefits.


Panels of medical experts have come down on both sides of the issue, with one group in 2000 questioning whether low levels of sarin could cause long-term health problems and another in 2004 concluding that toxic chemicals had caused neurological damage in many troops.


The Pentagon has acknowledged that the postwar demolition of a chemical weapons depot at Kamisiya, in southern Iraq, may have exposed 100,000 troops to nerve gas. But the military has said it was unlikely that nerve gas caused long-term illnesses in troops, a position it reiterated on Thursday.


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European Leaders Back Banking Regulation but Delay Further Measures


BRUSSELS — E.U. leaders pledged Friday to take further steps to set up common banking rules for the bloc. But they delayed plans for a shared budget for the euro zone nations, amid signs of easing pressure on the single currency.


At the end of a two-day summit meeting, the leaders fully endorsed a deal, hashed out early Thursday by E.U. finance ministers, to place the region’s biggest banks under the supervision of the European Central Bank.


The leaders also agreed on the need to put in place by 2014 a central means for shutting down failing euro zone banks. That policy is aimed at stopping banks from accumulating so much debt that they put the finances of states like Ireland and Spain at risk, in turn threatening the future of the single currency.


But the leaders also appeared to take advantage of the relative calm in financial markets to avoid rushing toward any further central integration of banking in the region.


At a news conference Friday at the end of the meeting, Chancellor Angela Merkel of Germany brushed off suggestions that leaders were complacent. She acknowledged, however, the ongoing difficulties of pushing 27 different nations to adopt similar fiscal and economic systems in the middle of a period of low growth and high unemployment.


“On the one hand, we have accomplished a lot,” she said. “But we also have tough times ahead of us that can’t be solved with one big step.”


Analysts were mostly unimpressed by the results.


“The E.U. summit failed to deliver any big decisions,” Gizem Kara, an analyst with BNP Paribas, wrote in a research note Friday. “Certainly, some countries — Germany, in particular, with its election in September — may want to postpone major decisions as much as possible.”


Pursuing a more integrated banking framework could entail even more difficult negotiations than in the case of the banking supervisor because it implies that nations share some liability for failing lenders in other countries and that they give up some sovereign rights over how those decisions would be made.


As part of efforts to make it acceptable, the E.U. leaders said the resolution system should receive significant funding by banks, in advance. A financial “backstop” to ensure failing banks do not endanger national finances should be “fiscally neutral over the medium term” and ensure that “public assistance is recouped by means of ex post levies on the financial industry,” the leaders said in their formal conclusions.


But other plans, such as for a grander budget for the euro area, would have to wait amid continuing disagreement on what it should be used for.


France has continued to emphasize the need for a budget to counter economic shocks and better manage unemployment. But Germany wants the money mainly available for countries that carry out painful structural reforms.


Leaders agreed to establish a so-called solidarity fund for euro area countries, which would be limited to between €10 billion and €20 billion, or $13 billion and $26 billion. The fund would be linked to countries signing contracts in exchange for carrying out reforms.


“To me it seems rather intelligent to start with a specific fund dedicated to these contracts for employment, growth and competitiveness, more than waiting for an eventual budget for the euro zone that perhaps will never come,” the French president, François Hollande, said during a news conference Friday.


The current atmosphere of calm still could be broken by events in Italy, where the economy is contracting, debt levels are rising and Silvio Berlusconi, the scandal-tainted former prime minister, has threatened to try to reclaim his old office in an election next year.


It remained unclear Friday whether Mr. Berlusconi would run and, if that were to happen, whether he would campaign on promises to reverse reforms put in place by Mario Monti, the current prime minister.


But leaders are aware that the re-emergence of Mr. Berlusconi — who attended a meeting of center-right parties in Brussels on Thursday — could destabilize markets and even rekindle the financial crisis.


Ms. Merkel praised Mr. Monti during a press conference on Friday, but she said it was not her role to endorse him as a potential candidate. “What Mario Monti and his government have done in recent months has greatly contributed to a growing confidence in Italy,” she said.


Ms. Merkel said she would “not interfere as the head of the German government in the question of who is a candidate in Italy and how the elections are structured there.”


Mr. Hollande also said he did not wish to interfere in internal Italian matters, though he did take a swipe at the former prime minister. “I don’t think Berlusconi is all that serious,” Mr. Hollande told journalists in Brussels. “With him, what’s true one day is not necessarily true the next.”


David Jolly contributed reporting from Paris.


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Angels reportedly agree to deal with outfielder Josh Hamilton









One day after General Manager Jerry Dipoto said he didn’t feel like a major move was "imminent, pressing or required," the Angels reportedly made a major move on Thursday.


ESPN Dallas is reporting that highly sought free-agent outfielder Josh Hamilton has informed the Texas Rangers that he's signing with the Angels.


Multiple reports, the first by Joe McDonnell of Fox Sports West, said the Angels have been in “serious” negotiations with Hamilton on a five-year, $125-million deal, a move that would free up the team to use a young outfielder such as Mark Trumbo or Peter Bourjos in a trade for a pitcher.





Among the possible trade targets under such a scenario would be New York Mets knuckleballer R.A. Dickey, who won the 2012 National League Cy Young Award but has been unable to reach an agreement on a contract extension with the club.


Dipoto has said throughout the winter that he was pleased with his position-playing club, which features slugging first base baseman Albert Pujols and star outfielder Mike Trout, but the addition of the left-handed-hitting Hamilton would provide more balance to a predominantly right-handed-hitting lineup.


Hamilton, 31, was the first overall pick in the 1999 draft by the Tampa Bay Rays, but injuries and an addiction to drugs and alcohol derailed his career for several years beginning in 2001, and he was on baseball’s restricted list from 2003 through 2005.


When he finally reached the big leagues in 2007, Hamilton quickly emerged as a star, batting .304 with 32 home runs and 130 runs batted in for the Rangers in 2008 and winning American League most valuable player honors in 2010, when he hit .359 with 32 homers and 100 RBIs.


Hamilton, who was also being pursued by Texas, Seattle and Philadelphia, hit .285 with 43 homers and 128 RBIs this past season, which included a torrid April in which he hit .395 with nine homers and 25 RBIs and a memorable May 8 game in Baltimore, when he became the 16thplayer in major-league history to hit four home runs in a game.


But after hitting .308 with 27 homers and 75 RBIs in the first half, Hamilton cooled considerably in the second half, hitting .259 with 16 homers and 53 RBIs. He also had a career-high 162 strikeouts on the season, and for much of July, August and September, left-handed pitchers often retired him with ease.


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