Wells Fargo beats estimates on lower loan losses (Reuters)

(Reuters) ? Wells Fargo & Co beat Wall Street estimates with a 20 percent increase in fourth-quarter profit, boosted by improving credit quality and continued loan growth.

The jump in profit at the fourth-largest U.S. bank contrasted with an 11 percent decline in profit at Citigroup Inc, which saw its capital markets business battered by the European debt crisis.

"Wells Fargo has a better business model for the environment we're in now because commercial lending is their biggest sector," said Jeffrey Sica, president of SICA Wealth Management in Morristown, New Jersey, which is generally negative on the banking sector.

"They're not overly involved in the trading activities that the other banks are involved in."

The San Francisco-based bank said it earned 73 cents per share. The average estimate from analysts was 72 cents per share, according to Thomson Reuters I/B/E/S.

The bank's total loans grew about $9.5 billion from the end of September to $769.6 billion at the end of December. The loan growth mirrored a trend shown in JPMorgan's results, a potential sign of an improving U.S. economy.

Wells said the planned run-off of loans in liquidating portfolios was more than offset by growth in a broad range of loan types. Loans made to businesses were a significant driver of the increase as the bank made more loans to existing and new customers.

The bank's total loan growth also included purchases of U.S. commercial real estate portfolios from European banks and other one-time additions. Citigroup analyst Keith Horowitz in a research note estimated "core" loans increased 1 percent from the previous quarter, which he called "weak."

In a conference call with analysts, Chief Financial Officer Tim Sloan said there was "actual growth" in the quarter, while the bank also noted it gained market share from other banks.

Net income applicable to common shareholders in the fourth quarter was $3.89 billion, compared with from $3.23 billion, or 61 cents per share, a year earlier. For all of 2011, Wells posted net income applicable to common shareholders of about $15 billion, up from $11.6 billion in 2010.

The report came the same day that Citigroup Inc posted net income of $1.16 billion, or 38 cents per share, down from $1.31 billion, or 43 cents per share, a year earlier. JPMorgan Chase & Co on Friday reported fourth-quarter net income of $3.72 billion, or 90 cents a share, down from $4.83 billion, or $1.12 a share, a year earlier.

Wells Fargo shares climbed 1.3 percent to $30 in morning trading, while Citigroup's fell 5.6 percent to $29.01.

Wells Fargo, which became a coast-to-coast bank with its 2008 purchase of Wachovia, recorded a loan-loss provision of about $2 billion, which was down from about $3 billion a year earlier. For the seventh straight quarter the bank reversed reserves the bank had previously booked for bad loans.

The so-called reserve release in the fourth quarter was about $600 million, down from $800 million in the third quarter. Chief credit officer Mike Loughlin said the bank expects additional releases in 2012, absent "significant credit deterioration in the economy."

Still, big banks are struggling to pad revenues at a time when low interest rates are making it difficult for them to earn money from loans and as new regulations curb fees they can charge for debit card use.

Wells reported total revenue of $20.6 billion, down from $21.5 billion a year ago but up from $19.6 billion in the third quarter.

Mortgage banking income increased to $2.4 billion in the fourth quarter, up from $1.8 billion in the third, but down from $2.8 billion a year ago, as the bank benefited from an increase in home loan refinancings. Wells is the largest originator of home loans in the U.S.

The bank also posted a $430 million gain from trading activities, an improvement from a $442 million loss in the third quarter but down about $100 million from a year ago.

In a bid to improve profits, Wells Fargo, like other banks, has launched a wide-ranging efficiency program called Project Compass. Wells said fourth-quarter noninterest expense was up from the third-quarter as expected on higher seasonal expenses and mortgage-related costs. But the bank reiterated its goal of reducing quarterly expenses to about $11 billion by the end of this year, a reduction of about $1.5 billion.

Wells also said it purchased 27 million shares of its common stock in the fourth quarter, plus an additional 6 million shares through a transaction that will settle in the first quarter of this year.

"We're seeing continued progress in Wells Fargo," Marty Mosby, bank analyst with Guggenheim Partners, said. "Earnings continue to move northward and there's still growth. On the disappointing side, the expense number was higher. We were looking for greater efficiency."

(Reporting By Rick Rothacker in Charlotte, North Carolina; Additional reporting by Lauren Tara LaCapra in New York; editing by Dave Zimmerman)

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/nm/20120117/bs_nm/us_wellsfargo

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Tripp Roth Loses Epidermolysis Bullosa Battle (ContributorNetwork)

Tripp Roth, a Pontchatoula, La., toddler who had junctional epidermolysis bullosa, died Saturday, ABC News reported. Here are details for parents dealing with this illness, dubbed "the worst disease you didn't know about."

* Epidermolysis bullosa is one of a family of inherited skin disorders in which the skin blisters in response to minor injury, says the National Library of Medicine. Varieties of the condition can range from mild to severe and deadly. Mild cases may not be caught until adulthood, but most forms are identified at birth or in childhood. Some types are linked to Crohn's Disease (an inflammatory bowel disorder) and autoimmune problems.

* According to Tripp's mother Courtney Roth, who wrote about her son's illness in her blog "EB"ing a Mommy, doctors said her son was diagnosed with epidermolysis bullosa when they noticed a lesion on his face and several blackened fingernails. Roth gives advice for other parents on her blog.

* Roth says children with EB can get blisters anywhere on the body but mostly on the face, eyelids, mucus membranes, esophagus, genital and rectal area. Some children's eyelids fuse shut from lack of skin-repair proteins and repeated scarring. Scarring will also cause skin on fingers and toes to fuse together, making movement difficult, says NLM. As the disease progresses, a feeding tube might be inserted because feeding by mouth is too painful. Throat and mouth lesions make speech challenging.

* Tripp died at two years and eight months. That's almost two years longer than most doctors give children with severe junctional EB. The disease degenerates quickly because the skin becomes so thin. In time, only the slightest pressure is needed for a blister to form.

* There is no known cure for EB, but the Dystrophic Epidermolysis Bullosa Research Association says genetic research is showing some promise for gene transfer, stem cell use and protein therapy. Clinical Trials is exploring Alwextin cream for relief of blister pain. Current treatment involves symptom care and preventative measures to reduce infection.

* Parents with a family history epidermolysis bullosa may want to explore genetic testing and counseling to explore the possibility of transmission to children, says NLM.

* NLM lists several recommendations for parents caring for a child with EB. Bandaging the skin and using topical ointments can prevent infection and further blistering. Good nutrition is essential as blisters prevent children from eating comfortably. Soft foods are recommended and temporary use of oral steroids can help children swallow more comfortably. Physical therapy, particularly aqua therapy, can help soothe lesions and help children with mobility issues from scar-damaged tissue. DEBRA says parents should be mindful of good oral care, as children's teeth are often affected by the disease, too.

Marilisa Kinney Sachteleben writes about parenting from 23 years raising four children and 25 years teaching K-8, special needs, adult education and home-school.

Source: http://us.rd.yahoo.com/dailynews/rss/parenting/*http%3A//news.yahoo.com/s/ac/20120117/hl_ac/10841289_tripp_roth_loses_epidermolysis_bullosa_battle

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Americans fed up with getting stuck with bill (Politico)

The voters of Southwest Missouri sent me to Washington because I was fed up.

I was fed up with out-of-control spending and an out-of-touch Washington. Fed up with the way Washington works and the poor results that it keeps churning out, year after year, no matter who?s elected. Fed up with more spending, more bailouts and more carelessness by our officials, elected to serve the country, not protect their reelection chances.

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The American people are tired of the policies that are destroying our economy, redistributing our wealth and adding to the debt that our children and grandchildren will have to pay. It recently started with the Troubled Asset Relief Program, then the economic stimulus package, then ?Obamacare.? All are big expensive programs that few wanted and no one had any idea how to pay for ? just more expenses to put on the country?s credit card. For years, the debt ceiling was raised without so much as a whimper.

I?m not a politician. I?m a former small businessman of 30 years and a former morning talk show host. I?ve signed the fronts of paychecks all my life and had never run for political office. Many of my colleagues in the freshman class of 2010 share my background. They?re small-business owners, doctors, nurses and car salesmen, pizza shop owners and exterminators ? just regular people who decided they needed to get involved in politics to change the direction of our nation. Like the Founding Fathers, they want to serve their country, then go home to live under the laws they helped create.

I came into office on a wave of public approval for the ideas that I ran on: smaller government, lower taxes and more liberty. We had a mandate to control spending. Unfortunately, I think everyone, including myself, underestimated how dysfunctional our government has become.

I might have run as the fed-up candidate, but I was hopeful that, with a little bit of wit and will, common sense could prevail. But the realities of not having a Republican-controlled Senate or White House slapped me in the face. Most politicians care more about getting reelected than about doing the right thing. Sadly, even among the core group that does want to accomplish real change, folks all too often end up in a circular firing squad attacking each other, rather than taking aim at the politicians who jealously guard the broken system that benefits them.

Given my business background, I was shocked to learn that there are many members of Congress, mostly in the Senate, who don?t even support having a budget. A business can?t run successfully without a budget to keep track of revenue and expenses. Refusing to even operate under a budget is a powerful symbol of the ?money-is-no-object? attitude that still runs Washington. As the old saying goes, common sense isn?t common, at least not in Washington.

Source: http://us.rd.yahoo.com/dailynews/rss/politics/*http%3A//us.rd.yahoo.com/dailynews/external/politico_rss/rss_politico_mostpop/http___www_politico_com_news_stories0112_71481_html/44200714/SIG=11mldtgn4/*http%3A//www.politico.com/news/stories/0112/71481.html

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Video: College essays in 25 words or less

Some college admissions departments are now asking prospective students to provide very brief answers to playful questions, similar to a tweet. NBC?s Kevin Tibbles reports.

Related Links:

http://www.facebook.com/nbcnightlynews

Source: http://video.msnbc.msn.com/nightly-news/46032112/

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Video: The last stand for Romney?s rivals?

>> now to presidential politics and another shake-up to the republican field. jon huntsman is quitting the race just five days before south carolina 's primary. peter alexander is in charleston, south carolina , this morning with the details. peter, good morning.

>> reporter: savannah, good morning to you. and then there were five. governor jon huntsman will make official today the announcement he's coming out of the race at 11:00 . one adviser says huntsman's concern was that his path going forward would only take votes from governor mitt romney saying he was not one to stand in the way of a candidate best able to beat barack obama . just hours after winning the endorsement of south carolina 's largest newspaper, former utah governor jon huntsman told advisers he's dropping out of the race. short on cash and struggling to revive the campaign after a third place finish in new hampshire he's expected to endorse mitt romney today. barely a week ago he got into this exchange with mitt romney .

>> this nation is divided because of attitudes like that.

>> reporter: south carolina may also be the last stand for romney 's remaining republican rivals who this weekend courted the large block of social conservatives .

>> we are endowed by our creator with certain unalienable rights .

>> who will be faithful to your values?

>> faith at the center of your lives and the center of our country's life.

>> reporter: rick santorum wins a coveted endorsement from 150 evangelical christian leaders in texas.

>> we're going to get a network of grassroots leaders here lining up behind us and giving us the surge we need coming down to this last week.

>> reporter: the influential group in texas hopes to rally behind a conservative to the front-runner romney . several candidates are targeting evangelicals including rick perry who counts on christian conservatives to keep his campaign alive.

>> we are the most social conservative and fiscal conservative in the race.

>> reporter: and newt gingrich .

>> i hope every conservative will reach the conclusion that to vote for anybody but gingrich is to help romney win the nomination.

>> reporter: gingrich and his supporters are consistetinuing to attack mitt romney 's business background. but newt gingrich was booed when he started to boo romney again.

>> he said he created 100,000 jobs in the sector.

>> we said we won't allow comment on the other candidates.

>> reporter: mitt romney has been mailing flyers ott touting he, quote, shares our values. without jon huntsman the remaining five republicans in the race will meet this evening in myrtle beach for another debate. that's where we are headed now. we'll see you there tomorrow morning .

>> peter alexander in charleston, thank

Source: http://video.today.msnbc.msn.com/today/46011832/

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Largest bird alters its foraging due to climate change

Friday, January 13, 2012

Wandering albatrosses have altered their foraging due to changes in wind fields in the southern hemisphere during the last decades. Since winds have increased in intensity and moved to the south, the flight speed of albatrosses increased and they spend less time foraging. As a consequence, breeding success has improved and birds have gained 1 kilogram. These are the results of the study of an international research team published in the latest issue of the Science journal. However, these positive consequences of climate change may last short if future wind fields follow predictions of climate change scenarios, researchers warn.

For this study, biologists had combined data on the duration of foraging trips and breeding success over the last 40 years, as well as foraging and body mass over the last 20 years of wandering albatross (Diomedea exulans) breeding in Crozet Islands. This archipelago lies approximately in the heart of the southern Indian Ocean (halfway between Madagascar and Antarctica). It belongs to the French Southern Territories and it is located in the windiest part of the Southern Ocean. The new findings are the result of an international research team from the French National Centre for Scientific Research (CNRS-CEBC) and the German Helmholtz-Centre for Environmental Research (UFZ).

Thanks to miniaturised tracking devices, researchers were able to track the foraging movement of albatrosses at a distance of 3500 kilometers from the colony. They found that albatross have altered their search patterns following changes in wind conditions over the past two decades. Females used increasingly more poleward and windy areas for foraging. As a consequence their travel speed increased while the total distance covered during foraging flights did not change. "This means that they spend less time at sea while incubating the egg and thus the breeding success increases" explains Dr. Henri Weimerskirch of the French National Centre for Scientific Research (CNRS-CEBC). Researchers were surprised that both females and males have increased their body mass in one kilogram, which corresponds approximately to one tenth of their total body weight. This could be not only a result of shorter incubation periods on the nest, but also an adaptation to windier conditions.

"The wandering albatross Crozet population has decreased as a result of adult mortality on longline fishing in subtropical waters, especially females since they favour warmer subtropical waters in the north compared to the more southerly distribution of males" says Dr. Maite Louzao Arsuaga, who has been modelling albatross movement from 2009 to 2011 at the UFZ. "Due to the changing wind conditions, females are now foraging in more southward areas where such fishing is not that widespread". However, the positive effects of changing environmental conditions of the last decades will not last in the future. Climate scenarios predict that westerly winds will move even further south by 2080 and wandering albatrosses might have to fly further to find optimal conditions for flying.

The total population of the wandering albatross is currently estimated at around 8,000 breeding pairs. All populations have shown a decrease at some stage over the last 25 years. This endangered species is threatened primarily by incidental catch in fisheries, especially longline fishing at sea, whereas the introduction of alien species (such as rats or cats) are a key conservation threat for the species on breeding colonies. Additionally, the accumulation of anthropogenic debris such as plastic and fishing hooks on albatrosses have negative effects on their populations. Thus, it is important to continue with monitoring programs of population trends and distribution at sea, as well as to undertake effective conservation measures. The foraging habitat of wandering albatrosses is managed by more than one Regional Fisheries Management Organisations, which makes it difficult to implement conservation measures for the species.

The wandering albatross has fascinated people for centuries. With a wingspan of over three meters and a half, it is the largest seabird in the world, surpassing just the Andean condor (Vultur fulvus). This elegant sailor, which spends most of its life flying, breeds on remote subantarctic islands over the Southern Ocean. They travel thousand of kilometers searching for fish and cephalopods like squids, often following ships and feeding on offal. The plumage of wandering albatrosses is variable, whitening with age. The maximum known age is 55 years old. Since the rearing of chicks takes a whole year, they breed only every second year

Apart from the study published in the latest Science issue, the research team has identified the key marine areas for the conservation of wandering albatrosses in the southern Indian Ocean published in 2011 in the Journal of Applied Ecology. This study provided the first map to support the future development of a network of priority protected areas in the southern part of the Indian Ocean, which are based on habitat predictions. "Because the species has no natural enemies and is at the top of the food web, it is particularly well suited as an indicator of the health of marine ecosystems," says Dr. Thorsten Wiegand from the UFZ, who supervised the work of Dr. Maite Louzao. "This could help not only a single species, but the underlying biodiversity associated with pelagic key habitats to protect Southern Ocean. Moreover, we have developed methods of habitat modelling broadly applicable and can be used to assess changes in species distribution within the current global change scenario."

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Helmholtz Association of German Research Centres: http://www.helmholtz.de/en/index.html

Thanks to Helmholtz Association of German Research Centres for this article.

This press release was posted to serve as a topic for discussion. Please comment below. We try our best to only post press releases that are associated with peer reviewed scientific literature. Critical discussions of the research are appreciated. If you need help finding a link to the original article, please contact us on twitter or via e-mail.

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Source: http://www.labspaces.net/116717/Largest_bird_alters_its_foraging_due_to_climate_change

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Drilling around the globe

Public release date: 13-Jan-2012
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Contact: F. Ossing
ossing@gfz-potsdam.de
49-331-288-1040
Helmholtz Association of German Research Centres

New round of scientific drilling -- professor Horsfield is the new chairman

On 15 January the International Continental Scientific Drilling Program ICDP heads into a new round. About a dozen proposals for drilling projects to explore our planet have been filed for the year 2012. The topics cover a wide range of research projects, ranging from earthquake research over paleao -climate research to the exploration of natural resources. The planned drill sites span the globe, from Iceland to South Africa.

New is also the Chairman of the Executive Committee, Professor Brian Horsfield of the GFZ German Research Centre for Geosciences, who now directs the evaluation of the proposals and the planning of the suggested research. New in the office but in business for a long time: Brian Horsfield heads the Center for Integrated Hydrocarbon Research at the GFZ, holds the Chair of Organic Geochemistry and Hydrocarbon Systems at the Technical University Berlin, and is a member of acatech, the National Academy of Science and Engineering. He has over 30 years of experience in the petroleum industry and research.

About his ideas concerning the importance of scientific research boreholes, he says: "Drilling the Earth's crust is an indispensable tool for the geosciences and ICDP is the global leader in the effort to contribute to the understanding and sustainable use of our planet, be it the protection against natural disasters, serving an ever-growing population with natural resources or exploring the natural and anthropogenic processes of our dynamic earth."

In December last year, Brian Horsfield took over the chair of the ICDP from Professor Rolf Emmermann, formerly the founding Director of the GFZ. It was Professor Emmerman who initiated the founding of the ICDP. In February 1996 in Tokyo, he encouraged China, the United States and Germany to sign an agreement establishing the International Continental Scientific Drilling Program, which serves the exploration of the active processes on the continents. The research topics cover the whole spectrum of Earth Sciences: Volcanoes are drilled, earthquake epicenters are pierced, sediments in lakes acting as climate archives are opened, geothermal energy and methane hydrates are examined as an energy source - there are very few geoscientific issues that are not examined by research drilling.

"The ICDP scientific drilling program has proved highly successful and has set new standards in the exploration of our planet," explains Professor Reinhard Huettl, Chair of the Executive Board of the GFZ and Vice President of the Helmholtz Association. "Today, 24 states and UNESCO are members of and the ICDP. 29 drilling projects and 57 international workshops have already been conducted that have completely changed our view of Earth. In addition, this drilling program has the character of a role model for international cooperation. The achievement of Professor Emmermann against this background cannot be overstated." After his retirement as the Chair of the Scientific Executive Board of the GFZ (1992 - 2007), Rolf Emmermann was the chairman of the ICDP governing board until December 2011.

###

A photo of Prof. Brian Horsfield can be found here: http://www.gfz-potsdam.de/portal/gfz/Public+Relations/Ressourcen-Images/120113_Portrait_Horsfield

Info about ICDP: http://icdp.gfz-potsdam.de/

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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.

Public release date: 13-Jan-2012
[ | E-mail | Share ]

Contact: F. Ossing
ossing@gfz-potsdam.de
49-331-288-1040
Helmholtz Association of German Research Centres

New round of scientific drilling -- professor Horsfield is the new chairman

On 15 January the International Continental Scientific Drilling Program ICDP heads into a new round. About a dozen proposals for drilling projects to explore our planet have been filed for the year 2012. The topics cover a wide range of research projects, ranging from earthquake research over paleao -climate research to the exploration of natural resources. The planned drill sites span the globe, from Iceland to South Africa.

New is also the Chairman of the Executive Committee, Professor Brian Horsfield of the GFZ German Research Centre for Geosciences, who now directs the evaluation of the proposals and the planning of the suggested research. New in the office but in business for a long time: Brian Horsfield heads the Center for Integrated Hydrocarbon Research at the GFZ, holds the Chair of Organic Geochemistry and Hydrocarbon Systems at the Technical University Berlin, and is a member of acatech, the National Academy of Science and Engineering. He has over 30 years of experience in the petroleum industry and research.

About his ideas concerning the importance of scientific research boreholes, he says: "Drilling the Earth's crust is an indispensable tool for the geosciences and ICDP is the global leader in the effort to contribute to the understanding and sustainable use of our planet, be it the protection against natural disasters, serving an ever-growing population with natural resources or exploring the natural and anthropogenic processes of our dynamic earth."

In December last year, Brian Horsfield took over the chair of the ICDP from Professor Rolf Emmermann, formerly the founding Director of the GFZ. It was Professor Emmerman who initiated the founding of the ICDP. In February 1996 in Tokyo, he encouraged China, the United States and Germany to sign an agreement establishing the International Continental Scientific Drilling Program, which serves the exploration of the active processes on the continents. The research topics cover the whole spectrum of Earth Sciences: Volcanoes are drilled, earthquake epicenters are pierced, sediments in lakes acting as climate archives are opened, geothermal energy and methane hydrates are examined as an energy source - there are very few geoscientific issues that are not examined by research drilling.

"The ICDP scientific drilling program has proved highly successful and has set new standards in the exploration of our planet," explains Professor Reinhard Huettl, Chair of the Executive Board of the GFZ and Vice President of the Helmholtz Association. "Today, 24 states and UNESCO are members of and the ICDP. 29 drilling projects and 57 international workshops have already been conducted that have completely changed our view of Earth. In addition, this drilling program has the character of a role model for international cooperation. The achievement of Professor Emmermann against this background cannot be overstated." After his retirement as the Chair of the Scientific Executive Board of the GFZ (1992 - 2007), Rolf Emmermann was the chairman of the ICDP governing board until December 2011.

###

A photo of Prof. Brian Horsfield can be found here: http://www.gfz-potsdam.de/portal/gfz/Public+Relations/Ressourcen-Images/120113_Portrait_Horsfield

Info about ICDP: http://icdp.gfz-potsdam.de/

---

[ | E-mail | Share ]

?

AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.

Source: http://www.eurekalert.org/pub_releases/2012-01/haog-dat011312.php

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