Canadian job creation seen sharply lower in December

OTTAWA (Reuters) – Canada‘s job market is expected to slow markedly in December to reflect the sluggish economy and employers’ fears about the U.S. fiscal crisis following outsized gains of over 50,000 jobs in two of the previous three months.

The median forecast in a Reuters poll is for the economy to add just 5,000 jobs in the month, with forecasts ranging from a loss of 20,000 positions to a gain of 21,000.

The forecast compares with employment growth of 59,600 in November, 1,800 in October and 52,100 in September.

The unemployment rate is seen ticking higher in the final month of the year to 7.3 percent from 7.2 percent.

Derek Holt, vice president of economics at Scotiabank, said he’s been surprised by the strength of job growth which he estimates to be the equivalent in the United States of about 1.5 million non-farm payroll jobs over the last three months.

“Here we are with the conundrum where we have zero growth in the Canadian economy, long predating the appearance of the greatest fiscal-cliff risks and yet we’re heaping on jobs like there’s no tomorrow,” Holt said.

Unlike the United States, Canada has long recovered all the jobs lost during the 2008-09 recession but the pace of hiring in 2012 was unsteady.

Benjamin Reitzes, economist at BMO Capital Markets, said if the 5,000-job forecast was accurate, it would put 2012 job growth at just 1.1 percent, “the weakest non-recession year since 1996.”

Canadian employers have faced uncertainty in one form or another during the recovery and are now fretting about the U.S. fiscal cliff, a set of tax hikes and spending cuts that will automatically take effect and could throw the United States into recession unless the White House and Congress reach an alternative agreement.

“For as long as Washington cannot agree on the new tax rules and spending focus, they’re not going to give business the confidence to go out and hire and engage in capital spending projects and that’s going to impede the pace of recovery until we get more clarity,” said Holt.

With the Canadian economy now expected to grow by far less in the fourth quarter than the Bank of Canada‘s projection of 2.5 percent, annualized, the blockbuster jobs growth of recent months looks suspect. The six-month trend shows more sustainable gains of about 21,000 a month.

The moderation means the Bank of Canada will be in no hurry to raise its benchmark interest rate, which it has held at 1.0 percent since September 2010.

Market players surveyed by Reuters in late November predicted the bank would resume hiking rates in the fourth quarter of 2013.

(Reporting by Louise Egan; Editing by Kenneth Barry)

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Angry Birds, YouTube among top apps of 2012

TORONTO (Reuters) – Angry Birds, Instagram and Facebook continued to be among the most downloaded apps of the year but rising stars also earned coveted spots on smartphones and tablets.

This year consumers spent on average two hours each day using mobile applications, an increase of 35 percent over last year, according to analytics firm Flurry. The number is expected to continue growing in 2013.

“2012 was a transformative tipping point in the way consumers use apps,” said Craig Palli, a vice president at mobile marketing company Fiksu, adding that the biggest shift is in consumers’ eagerness to turn to apps for a broad range of day-to-day tasks.

Categories such as social networking, media and entertainment, photo editing, and games, continued to captivate consumer interest, with YouTube and Angry Birds being the top free and paid apps respectively at Apple’s App Store.

Meanwhile, several apps released this year quickly joined the ranks of the top downloaded and revenue grossing apps of the year.

The game Draw Something for iPhone and Android quickly gained widespread popularity when it was released in February, and despite dropping off, is still the second most downloaded paid app of the year Android and Apple devices.

“It had a big run and other multi-player puzzle-oriented games like newcomers LetterPress and ScrambleWithFriends proved popular, too,” Palli said. “But in many respects these titles were inspired by the more revolutionary Words With Friends.”

Songza, a music-discovery app for iPhone, Android and Kindle Fire, saw significant growth in both the United States and Canada, where it is now one of the top free apps on the App Store.

Paper, a sketchbook app for the iPad, is estimated to be one of the top grossing apps released this year according to Distimo, an app analytics company. It was named by Apple as the iPad app of the year.

But the real revolution, according to Palli, is among consumers who are eager to turn to apps for their day-to-day tasks, such as finding a taxi or hotel, following current events or increasingly, making payments.

“It is really consumers who are turning to apps first and traditional methods second,” said Palli.

Uber and Hailo, which allow users to book limos and taxis, and AirBnB and HotelTonight, for finding accommodations, began to move mainstream in 2012, Palli said.

Payment apps such as Square, and Apple’s introduction of the Passbook has further positioned the smartphone as a digital wallet.

This year, during major events such as the Olympics, Hurricane Sandy and the U.S. presidential election, the top apps on the App Store reflected those events, said Palli, showing the demand for keeping up with current events through apps.

(Editing by Patricia Reaney and Bill Trott)

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Lake Superior State’s 38th list of banished words

DETROIT (AP) — Lake Superior State University‘s 38th annual list of banished words:

— fiscal cliff

— kick the can down the road

— double down

— job creators/creation

— passion/passionate

— YOLO

— spoiler alert

— bucket list

— trending

— superfood

— boneless wings

— guru

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U.S. approves J&J drug-resistant tuberculosis treatment

(Reuters) – U.S. health regulators have approved a new Johnson & Johnson drug for patients with tuberculosis who do not respond to other treatments, the company said.

The drug is the first in 40 years to tackle the disease using a new mechanism of action, according to J&J. The drug blocks an energy-producing enzyme that tuberculosis bacteria need to survive.

The U.S. Food and Drug Administration approved the drug, chemically known as bedaquiline and to be marketed as Sirturo, on Monday following a positive review by an advisory panel last month.

Tuberculosis is an air-spread infection that usually attacks the lungs but it can also affect the brain, the spine and the kidneys.

In 2011, nearly 9 million people around the world became sick with TB, according to the Centers for Disease Control and Prevention, and there were 1.4 million TB-related deaths. The disease requires six to nine months of drug treatment.

TB is more prevalent now than at any time in history, FDA Commissioner Margaret Hamburg wrote in a blog on the FDA website. This drug will help treat and cure patients who are putting themselves and others at serious health risk, she said.

The drug itself has significant potential risks, she wrote, and will carry a warning about an increased rate of death observed in patients who received it.

Her comments followed those of the FDA advisers who found the drug to be effective, though they noted that more deaths were seen in the group of patients who took bedaquiline in combination with standard treatments than in the group that took standard drugs alone.

Doctors Without Borders said that the drug was a “potential game changer” against drug-resistant forms of the disease and an important milestone in fighting TB.

Multidrug-resistant tuberculosis is caused by strains of the bacterium that have become resistant to at least isoniazid and rifampin, the two most potent drugs for TB.

Support has not been unanimous. Consumer advocacy group Public Citizen earlier this month said it had written to the FDA because of the risks of death asking it not to approve of the drug, which received a fast approval.

DETAILS FROM TRIAL

Chrispin Kambili, medical affairs leader for bedaquiline at J&J’s Janssen Therapeutics unit, said in a recent interview that the company is studying the difference in death rates but has so far seen no common pattern.

Almost every death was due to a different cause, including a motor vehicle accident. What was unusual, he said, was the low rate of death in the placebo group.

Advisers to the FDA expressed concern that a greater number of patients had elevated liver enzymes, a potential sign of liver toxicity, and elongated QT levels, an electrical irregularity in the heart that can cause sudden death.

But Kambili said none of the patients died due to serious QT prolongation and there was no unifying findings in the data.

Kambili said J&J’s drug is designed for a relatively small portion of patients – some 650,000 – who do not respond to existing therapies.

And while investment analysts at Cowen and Co have forecast peak annual sales of the product at a relatively modest $ 300 million, the drug is important from a public health standpoint, Kambili said.

J&J shares were 0.1 percent higher to $ 69.56 in late morning trading on the New York Stock Exchange.

(Additional reporting by Ransdell Pierson and Caroline Humer; Editing by John Wallace, Jeffrey Benkoe and Tim Dobbyn)

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Possible deal emerging in debt talks

WASHINGTON (AP) — The contours of a deal to avert the 'fiscal cliff' emerged Monday, with Democrats and Republicans agreeing to raise tax rates on family income over $450,000 a year, increase the estate tax rate and extend unemployment benefits for one year, officials familiar with the negotiations said.

But with a midnight deadline rapidly approaching, both sides were at an impasse over whether to put off automatic, across-the-board spending cuts set to take effect on Jan. 1, and if so, how to pay for that. Democrats want to put off the cuts for one year and offset the so-called sequester with unspecified revenue.

Officials emphasized that negotiations were continuing and the emerging deal was not yet final. President Barack Obama was to speak about the status of the negotiations from the White House early Monday afternoon.

The proposal in the works would raise the tax rates on family income over $450,000 to 39.6 percent, the same level as under former President Bill Clinton. Also, estates would be taxed at 40 percent after the first $5 million, up from 35 percent to 40 percent. Unemployment benefits would be extended for one year.

A Republican official familiar with the plans confirmed the details described to The Associated Press.

The officials requested anonymity in order to discuss the internal negotiations.

Urgent talks were continuing Monday afternoon between the White House and congressional Republicans, with longtime negotiating partners Vice President Joe Biden and Senate Republican leader Mitch McConnell at the helm.

An agreement on the proposed deal would also shield Medicare doctors from a 27 percent cut in fees and extend tax credits for research and development, as well as renewable energy.

The deal would also extend for five years a series of tax credits meant to lessen the financial burden on poorer and middle-class families, including one credit that helps people pay for college.

The deal would achieve about $600 billion in new revenue, the officials said.

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Canadian job creation seen sharply lower in December

OTTAWA (Reuters) – Canada‘s job market is expected to slow markedly in December to reflect the sluggish economy and employers’ fears about the U.S. fiscal crisis following outsized gains of over 50,000 jobs in two of the previous three months.

The median forecast in a Reuters poll is for the economy to add just 5,000 jobs in the month, with forecasts ranging from a loss of 20,000 positions to a gain of 21,000.

The forecast compares with employment growth of 59,600 in November, 1,800 in October and 52,100 in September.

The unemployment rate is seen ticking higher in the final month of the year to 7.3 percent from 7.2 percent.

Derek Holt, vice president of economics at Scotiabank, said he’s been surprised by the strength of job growth which he estimates to be the equivalent in the United States of about 1.5 million non-farm payroll jobs over the last three months.

“Here we are with the conundrum where we have zero growth in the Canadian economy, long predating the appearance of the greatest fiscal-cliff risks and yet we’re heaping on jobs like there’s no tomorrow,” Holt said.

Unlike the United States, Canada has long recovered all the jobs lost during the 2008-09 recession but the pace of hiring in 2012 was unsteady.

Benjamin Reitzes, economist at BMO Capital Markets, said if the 5,000-job forecast was accurate, it would put 2012 job growth at just 1.1 percent, “the weakest non-recession year since 1996.”

Canadian employers have faced uncertainty in one form or another during the recovery and are now fretting about the U.S. fiscal cliff, a set of tax hikes and spending cuts that will automatically take effect and could throw the United States into recession unless the White House and Congress reach an alternative agreement.

“For as long as Washington cannot agree on the new tax rules and spending focus, they’re not going to give business the confidence to go out and hire and engage in capital spending projects and that’s going to impede the pace of recovery until we get more clarity,” said Holt.

With the Canadian economy now expected to grow by far less in the fourth quarter than the Bank of Canada‘s projection of 2.5 percent, annualized, the blockbuster jobs growth of recent months looks suspect. The six-month trend shows more sustainable gains of about 21,000 a month.

The moderation means the Bank of Canada will be in no hurry to raise its benchmark interest rate, which it has held at 1.0 percent since September 2010.

Market players surveyed by Reuters in late November predicted the bank would resume hiking rates in the fourth quarter of 2013.

(Reporting by Louise Egan; Editing by Kenneth Barry)

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Can Samsung survive without Android?

Samsung (005930) is the world’s top Android smartphone vendor by a staggering margin. Aside from LG (066570), which managed a small $ 20 million profit from its mobile division last quarter, no other global Android vendor can figure out how to make money selling Android phones. Meanwhile, Samsung posted a $ 6 billion profit on $ 47.6 billion in sales in the third quarter, thanks largely to record smartphone shipments and a massive marketing budget. Even as industry watchers turn sour on Apple, Samsung is seen steamrolling into 2013 and its stock is up nearly 50% on the year while Apple (AAPL) shares continue to fall from a record high hit in September. As unstoppable as Samsung appears right now, one key question remains: Is Samsung driving Android’s success or is Android driving Samsung’s success? Starting in 2013, we may finally begin to find out.

[More from BGR: Unreleased ‘BlackBerry X10′ QWERTY phone appears again in new photos]

Earlier this year, BGR wrote about Samsung’s effort to look beyond Android. Even with its own UI and application suite — and even with its own content services — Samsung will always rely on Google (GOOG) if it continues to base its devices on Google’s latest Android builds.

[More from BGR: RIM teases BlackBerry 10 launch with image of first BB10 smartphone]

This isn’t necessarily a bad thing, but it means Samsung will never truly control the end-to-end experience on its products. It also means Samsung will never truly own its smartphones and tablets. Instead, Samsung’s devices will deliver an experience that is an amalgamation of Google’s vision and its own.

But there are alternative options. One example is the path Amazon (AMZN) has taken. Amazon let Google do the grunt work and then took its open-source Android OS and built its own software and service layer on top. Kindle Fire users don’t sit around waiting for Android updates — many of them don’t even know they’re using an Android-powered tablet.

Samsung could do the same thing, but there is a great deal of prep work that would need to be done first. Amazon’s efforts were so successful (depending on your measure of success) because the company already had a massive ecosystem in place before it even launched its first device. Streaming movies and TV shows, eBooks, retail shopping and a stocked application store were all available on the Kindle Fire from day one.

Samsung doesn’t have this luxury. Yet.

Samsung could also take ownership of a new OS, and Tizen may or may not end up being that OS. Samsung is co-developing the new Linux-based mobile platform with Intel (INTC) and others, and a new rumor from Japan’s The Daily Yomiuri suggests Samsung plans to launch its first Tizen phone in 2013. “Samsung will probably begin selling the [Tizen] smartphones next year and they are likely to be released in Japan and other countries at around the same time,” the site’s sources claim.

This will be a slow process. If Samsung follows the same path it took with Bada, Samsung’s earlier Linux-based OS that was folded into the Tizen project, things will start out slow as Samsung launches regional devices that are restricted to a few Eastern markets. Testing the waters before dumping serious marketing dollars into the project isn’t a bad idea, especially considering the battle at the bottom of the smartphone OS food chain that will already be taking place in 2013.

But one thing is clear: Samsung is looking to broaden its strategy and move beyond a point where it relies entirely on another company for its smartphone software.

This article was originally published by BGR

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FDA approves 1st new tuberculosis drug in 40 years

WASHINGTON (AP) — The Food and Drug Administration says it has approved a Johnson & Johnson tuberculosis drug that is the first new medicine to fight the deadly infection in more than four decades.

The agency approved J&J’s pill, Sirturo, for use with other older drugs to fight hard-to-treat tuberculosis.

Sirturo is the first medicine specifically designed for treating multi-drug-resistant tuberculosis. That’s an increasingly common form of the disease that cannot be treated with at least two of the four primary antibiotics used to treat tuberculosis.

The standard drugs used to fight the disease were developed in the 1950s and 1960s.

Roughly one-third of the world’s population is estimated to be infected with the bacteria causing tuberculosis.

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Biden, McConnell 'jump-start' stalled talks

Vice President Joe Biden looks on as President Barack Obama announces the nomination of Senator John Kerry as Secretary …Merry Cliffmas Eve? Vice President Joe Biden and Republican Senate Minority Leader Mitch McConnell on Monday pursued their behind-closed-doors efforts to avoid the “fiscal cliff” with just hours to halt painful automatic income tax hikes from biting into American paychecks.

McConnell announced on Sunday that he had reached out to Biden to help “jump-start” stalled negotiations with Democratic Senate Majority Leader Harry Reid. The two veteran Washington deal-makers spoke at 12:45 a.m. and 6:30 a.m., a McConnell aide said.

“The Leader and the VP continued their discussion late into the evening and will continue to work toward a solution,” McConnell spokesman Don Stewart told reporters by email on Monday, promising “more information as it becomes available.”

“We really are running out of time,” Reid said shortly after 11 a.m. as lawmakers began a highly unusual New Year’s Eve session. “There are a number of issues on which the two sides are still apart, but negotiations are continuing as I speak.”

The two sides were wrangling over how to extend massive tax cuts adopted in 2001 and 2003 and expiring at midnight. President Barack Obama campaigned on letting tax rates rise on income above $200,000 for individuals and $250,000 for households, but any final deal is expected to set the threshold considerably higher.

“I hope we can keep in mind – and I know we will – that our single most-important goal is to protect middle class families,” said Reid. “Whether or not we reach an agreement in the short time we have left, we’ll need cooperation on both sides to prevent taxes from going up tomorrow for every family in America.”

They were also battling over the estate tax paid on large inheritances. Republicans have fought to extend the current levels of what they call the “death tax” – exempting estates under $5 million and taxing transfers above that at 35%.  Absent a deal, the tax will hit estates above $1 million and impose a top tax rate of 55%.

The two sides were also struggling with the so-called sequester -- $1.2 trillion in automatic cuts to domestic and defense programs over ten years. Democrats suggested Sunday that they hoped to use some of the new tax revenues to postpone some proportion of those cuts. Republicans objected, saying that only new spending cuts could be used to offset the sequester.

And there was feuding over how to spare tens of million of Americans who otherwise would find themselves paying the Alternative Minimum Tax (AMT), and over how to prevent cuts in payments to doctors who treat Medicare patients.

Any deal would need to clear both the Democratic-led Senate and the Republican-held House of Representatives. Neither looked to be an easy effort.

And it was unlikely that the compromise would spare the country another bruising partisan battle over whether and how to raise the national debt limit. Republicans have signaled that they will hold the threat of a first-ever default as leverage to win more spending cuts from the Administration. President Barack Obama has signaled that he will not negotiate on the issue the way he did in 2011, when the partisan feuding over what had typically been a routine vote in the past led to the first-ever downgrade of America’s credit rating.

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List: No love for ‘fiscal cliff,’ ‘spoiler alert’

DETROIT (AP) — Spoiler alert: This story contains words and phrases that some people want to ban from the English language. “Spoiler alert” is among them. So are “kick the can down the road,” ”trending” and “bucket list.”

A dirty dozen have landed on the 38th annual List of Words to be Banished from the Queen’s English for Misuse, Overuse and General Uselessness. The nonbinding, tongue-in-cheek decree released Monday by northern Michigan’s Lake Superior State University is based on nominations submitted from the United States, Canada and beyond.

“Spoiler alert,” the seemingly thoughtful way to warn readers or viewers about looming references to a key plot point in a film or TV show, nevertheless passed its use-by date for many, including Joseph Foly, of Fremont, Calif. He argued in his submission the phrase is “used as an obnoxious way to show one has trivial information and is about to use it, no matter what.”

At the risk of further offense, here’s another spoiler alert: The phrase receiving the most nominations this year is “fiscal cliff,” banished because of its overuse by media outlets when describing across-the-board federal tax increases and spending cuts that economists say could harm the economy in the new year without congressional action.

“You can’t turn on the news without hearing this,” said Christopher Loiselle, of Midland, Mich., in his submission. “I’m equally worried about the River of Debt and Mountain of Despair.”

Other terms coming in for a literary lashing are “superfood,” ”guru,” ”job creators” and “double down.”

University spokesman Tom Pink said that in nearly four decades, the Sault Ste. Marie school has “banished” around 900 words or phrases, and somehow the whole idea has survived rapidly advancing technology and diminishing attention spans.

Nominations used to come by mail, then fax and via the school’s website, he said. Now most come through the university’s Facebook page. That’s fitting, since social media has helped accelerate the life cycle of certain words and phrases, such as this year’s entry “YOLO” — “you only live once.”

“The list surprises me in one way or another every year, and the same way every year: I’m always surprised how people still like it, love it,” he said.

Rounding out the list are “job creators/creation,” ”boneless wings” and “passion/passionate.” Those who nominated the last one say they are tired of hearing about a company’s “passion” as a substitute for providing a service or product for money.

Andrew Foyle, of Bristol, England, said it’s reached the point where “passion” is the only ingredient that keeps a chef from preparing “seared tuna” that tastes “like dust swept from a station platform.”

“Apparently, it’s insufficient to do it ably, with skill, commitment or finesse,” Foyle said. “Passionate, begone!”

As usual, the etymological exercise — or exorcise — only goes so far. Past lists haven’t eradicated “viral,” “amazing,” ”LOL” or “man cave” from everyday use.

___

Follow Jeff Karoub on Twitter: http://twitter.com/jeffkaroub

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