Weekly unemployment applications fall to 366,000

WASHINGTON — Fewer Americans sought unemployment benefits last week, indicating companies continue to hire at a modest but steady pace.

The Labor Department said Thursday that weekly applications for unemployment benefits fell 5,000 to a seasonally adjusted 366,000.

The four-week average, a less volatile measure, dropped to 350,500, the lowest in nearly five years. The average is low because of seasonal factors, which reduced applications sharply last month.

Weekly applications are a proxy for layoffs. When layoffs decline, net hiring typically rises.

The four-week average of applications has dropped nearly 6 percent in the past three months. At the same time, hiring has picked up: Employers added an average of 200,000 jobs a month from November through January.

In January, employers added 157,000 jobs. And annual revisions included in the Labor Department's January employment report showed the economy created 600,000 more jobs in 2011 and 2012 than previously thought.

Still, the unemployment rate ticked up to 7.9 percent in January from 7.8 percent in December. Economists expect unemployment will decline if hiring continues at last year's monthly pace of 180,000. The rate fell 0.7 percentage points in 2012.

More hiring and income are needed to fuel greater economic growth. The economy shrank at an annual rate of 0.1 percent in the October-December quarter. But the decline was mostly caused by deep cuts in defense spending and sluggish growth in company stockpiles — one-time events that analysts say are likely rebounding in the current quarter.

Economists expect growth of around 2 percent this year. Strength in areas like housing and auto sales could partly offset government spending cuts this year.

Home builders are stepping up construction to meet rising demand. That should create more construction jobs. Home prices and sales are also increasing.

The housing recovery is boosting jobs at home-supply stores and retailers. Home Depot said Wednesday that it plans to hire 80,000 temporary employees for the spring selling season. The jobs will be part-time and full-time, the company said.

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American Airlines-US Airways merger may be announced soon

FORT WORTH --
A merger between American Airlines and US Airways could be announced as early as next week as the two companies move closer to finalizing details of a deal, sources familiar with the negotiations say.

Neither airline's board has met to formally approve a union, however. The AMR Corp. board is expected to meet early next week.

US Airways Chief Executive Doug Parker is likely to lead the merged carrier, while AMR Chief Executive Tom Horton may serve as chairman for a specific period before departing, according to one source, who declined to be identified because the talks are private.

Discussions are also ongoing over the financial aspects. Creditors and bondholders at AMR have agreed on an equity split, sources said, though they cautioned that details could change.

Wall Street Journal reported Wednesday that American creditors would own about 72 percent of the airline and US Airways shareholders about 28 percent, although those figures are tentative.

Both American and US Airways, which have signed a nondisclosure agreement, declined to comment.

The management plan being discussed is similar to what happened when United Airlines merged with Continental Airlines in 2010.

United CEO Glenn Tilton was named chairman while Continental Chief Executive Jeff Smisek kept the CEO and president titles. Tilton stepped down as chairman at the end of 2012.

An American-US Airways merger would create the largest airline in the U.S., with over $38.7 billion in revenue and more than 100,000 employees. The combined company is expected to retain the American Airlines name and be based in Fort Worth.

Wall Street analysts began speculating about a merger as soon as AMR filed for bankruptcy in November 2011. In April, Parker negotiated conditional labor agreements with American's three major unions and began to publicly advocate for a merger.

Until midsummer, Horton insisted that American would emerge from bankruptcy as a stand-alone carrier and evaluate possible partners afterward.

But pressure from creditors rose and merger discussions intensified when US Airways signed a nondisclosure agreement with American in August.

That allowed the two companies to share financial information and discuss the benefits and challenges of a merger.

Horton began to publicly discuss a possible merger within bankruptcy in the fall. After American's pilots union ratified a new contract in December and agreed to a memorandum of understanding on terms for a merger, a deal with US Airways has become increasingly more likely, analysts have said.

Executives at both companies, along with American's unsecured creditors committee and an ad hoc bondholder group, have been meeting in recent weeks to discuss a possible merger.

Previous media reports said the bondholders had signed a nondisclosure agreement that expires Feb. 15.

The agreement gives debt owners access to the discussions but restricts them from trading AMR or US Airways debt, giving them incentive to push for a quick deal.

On Friday, the US Airways pilots union is scheduled to release the results of a vote to approve or reject a memorandum of understanding with the carriers. Like the agreements signed by American's three major unions, it would outline details such as pay and seniority integration in a merger.

If the US Airways pilots reject the memorandum, it could delay a possible merger announcement. The airlines and the creditors committee had invited several unions into merger discussions to get a clearer picture of the labor costs that a combined airline may incur.

Last week, American asked the Bankruptcy Court to extend its exclusivity period to file a reorganization plan until April 15 from its current deadline of March 11.

If the carriers and the creditors committee work out a merger deal, the Bankruptcy Court would need to give other creditors time to examine it before approving a merger agreement.

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Miami Heat has scholarships for graduation high school seniors

The Miami Heat is offering South Florida high school seniors college scholarships for the 2013-2014 school year.

Four scholarships of $2,500 each will go to seniors who excel in academics and community service.

One of the four scholarships is reserved for a student who plays sports.

Applicants must have at least a 3.2 grade point average by their final semester in high school, attend school in Miami-Dade, Broward or Palm Beach counties, be accepted to an accredited four-year college or university and demonstrate financial need.

Applications are available at nba.com/heat/community/community_education_scholarships.html and must be submitted by April 6.

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David Beckham Underwear Short Film

If you thought the billboards and photoshoots for David Beckham's H&M underwear line were hot, wait until you get a load of this!

PHOTOS - David's Hot Photoshoot

To promote the updated David Beckham Bodywear for H&M collection, director Guy Ritchie has created an exclusive two-minute film that reveals what happens when Becks is accidentally locked out of the house and the universe bends its will to strip him down to his skivvies.

RELATED - David's Next Move

Ace choice of Foster The People's Don't Stop as the soundtrack for David's underwear run because we never want this video to end! Watch!

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Time Warner's fourth-quarter earnings up 51 percent

Time Warner is reporting a 51 percent increase in fourth-quarter earnings even as revenue was largely unchanged. Rising fees from cable and satellite companies and higher ad revenue at the TV networks offset revenue declines at its movie studio and magazine businesses.

Net income was $1.17 billion, or $1.21 a share, for the final three months of 2012. That's up from $773 million, or 76 cents a share, a year earlier.

Adjusted for one-time items, earnings came to $1.17 per share. That beat the $1.10 per share that analysts expected.

Revenue was almost steady at $8.16 billion. Analysts surveyed by FactSet expected revenue of $8.22 billion.

WireImage

Time Warner CEO Jeff Bewkes

The company expects 2013 adjusted earnings to be up in the low double-digit percentage.

Time Warner Inc. is raising its quarterly dividend by 11 percent to 28.75 cents per share.

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Sweetest Android Jelly Bean phones

After waiting for what seemed like an eternity for Android Jelly Bean phones to ship, we’re glad to see a flood of handsets with the coveted software. Some older phones, like the Samsung Galaxy S3 and Motorola Droid Razr HD Maxx, also have received this significant upgrade, but these smartphones rolled straight off the assembly line boasting Google’s most modern OS. From the pure flavor only a true Nexus device can bring, to the tricked-out tweaks phone designers like to bring to the table, chances are good there’s a Jelly Bean handset here that will suit your tastes.

HTC Droid DNA

Rating: 4 stars out of 5 (Excellent)

The good: This beautifully designed phone features a quad-core processor, Android 4.1 Jelly Bean, 4G LTE, a sharp 5-inch screen, an excellent camera and long battery life.

The bad: Its large size makes it tricky to fit in tight pockets, and it lacks both an SD card slot and a removable battery.

The cost: $99.99 to $199.99

The bottom line: With quad-core power, 4G LTE, a lovely 5-inch screen and a stunning design, the $199.99 HTC Droid DNA may be Verizon’s best Android deal.

HTC One X+

Rating: 4 stars out of 5 (Excellent)

The good: Has a quad-core processor, 64GB of storage and Android Jelly Bean, plus a great camera, all for $199.99.

The bad: The battery life is short. The phone also lacks an SD card slot, and its battery can’t be removed.

The cost: $169.99 to $509

The bottom line: Although it does have some flaws, the $199.99 HTC One X+ is currently the best Android buy on AT&T.

LG Nexus 4

Rating: 3.5 stars out of 5 (Very good)

The good: The competitively priced phone delivers a pure and polished experience with Android 4.2 Jelly Bean, it’s powered by a snappy quad-core processor, and it’s packed with new photo-editing and camera features.

The bad: Construction is solid but uninspiring, its call volume is too low, and it lacks 4G LTE.

The cost: $299 (currently sold out)

The bottom line: While the LG Nexus 4 wins on internal performance and user experience, anyone shopping for an unlocked phone should consider a comparable LTE handset first.

Samsung Galaxy Note 2

Rating: 4 stars out of 5 (Excellent)

The good: Oodles of screen real estate make this phone terrific for videos, games, and reading; and its improved stylus aids productivity. A blazing quad-core processor, a great camera and strong battery life round out the advantages of this Android 4.1 phone.

The bad: The huge display makes it unwieldy to carry, and hiccups in the S Pen stylus and apps can slow you down. The pricey Note 2 isn’t a suitable tablet replacement across all categories.

The cost: $139.99 to $299.99

The bottom line: In the Galaxy Note 2, Samsung delivers a powerful, boundary-pushing device that gets a lot right. Yet its complicated features and high price raise questions about its purpose.

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Woman gets 30 days in jail for giving the finger to Miami-Dade judge

A woman facing a drug possession charge was sentenced to 30 days in jail for flipping the bird to a Miami-Dade judge.

Penelope Soto, 18, appeared in court on video after her arrest for possession of Xanax. In front of Circuit Judge Jorge Rodriguez-Chomat on Monday, she was asked about her assets.

Soto appeared as if the hearing was a big joke and laughed off the judge's questions, blurted out "Adios" and then gave him the finger.

The judge, feeling disrespected, demanded she return to the podium and then sentenced her to 30 days in jail for contempt of court.

The hearing began when Soto, sporting an orange jail jumpsuit, laughed when she was asked how much her jewelry was worth.

"It's not a joke, you know, we're not in a club now," Rodriguez-Chomat told her. "We are not in a club, be serious about it."

"I'm serious about it, you just made me laugh," Soto replied. "You just made me laugh, I apologize. It's worth a lot of money."

"Like what?" the judge asked.

"Like Rick Ross. It's worth money," she said.

The judge, not understanding the odd reference to the South Florida rapper who made news last week when his car was fired at on Las Olas Boulevard, asked Soto if she had taken drugs in the past 24 hours.

"Actually, no," she replied.

Rodriguez-Chomat set her bond at $5,000 and said "bye, bye," and Soto laughed and replied " Adios."

Annoyed, Rodriguez-Chomat summoned her back and reset her bond at $10,000, shocking Soto.

"Are you serious?" she asked.

"I am serious. Adios," he replied.

When she walked away, she flipped the bird. She was summoned back again and sentenced.

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Grammys Flashback: Justin Bieber 2011

Amid the hoopla over Justin Bieber's Grammy snub this year for his album Believe, let's flash back to when he was nominated. Two years ago, the teen pop sensation received two nominations for his debut album, My World 2.0, and performed at the show. Best of all, he came dressed for the occasion.

After sweeping the charts with his singles "Baby" and "One Time," the then-16-year-old singer was nominated for the treasured Best New Artist Award as well as Best Pop Vocal Album. While he didn't win either award, he took pride in his performance--and his attire.

PICS: Stars Set to Perform at Grammys

"I was like, 'I want a cream suit and I want it [to]...look like...James Bond,'" Bieber says. "I'm not feeling as cool as James Bond. He's like the coolest, and plus, he has a gun and I don't have a gun."

Like a cold-blooded professional, though, the young pop star reveals that he wasn't at all nervous for his first Grammys performance. As he assesses, performing is routine for him.

Grammys Flashback '11: Black Keys Get In and Out

"I don't really get nervous," he says. "It's kind of like second nature now [because I'm] just always performing. ...At first I got nervous, but [I don't] anymore 'cause...once you do it for so long, it's like riding a bike. You don't get nervous when you a ride a bike 'cause you just do it all the time."

The Best New Artist Award was granted to jazz artist Esperanza Spalding that year and Best Pop Vocal Album went to Bruno Mars.

VIDEO: Justin Bieber Views Himself as the 'Underdog'

Nevertheless, Bieber impressed with his performance, confidence, and attire that year, and can look forward to more nominations in the future.

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North Korea threatens 'stronger' measures than nuclear test

EPA

A researcher at the Korea Institute of Nuclear Safety in Daejeon looks at radiation detection monitors Tuesday amid reports on North Korea's imminent third nuclear test.

SEOUL — North Korea stepped up its bellicose rhetoric on Tuesday threatening to go beyond carrying out a promised third nuclear test in response to what it believes are "hostile" sanctions imposed after a December rocket launch.

The North frequently employs fiery rhetoric aimed at South Korea and the United States and in 2010 was blamed for sinking a South Korean naval vessel. It also shelled a South Korean island in the same year, killing civilians.

It did not spell out the actions it would take. The North is not capable of staging a military strike on the United States, although South Korea is in range of its artillery and missiles and it can hit Japan with its missiles.

"The DPRK (Democratic Peoples Republic of Korea, or North Korea) has drawn a final conclusion that it will have to take a measure stronger than a nuclear test to cope with the hostile forces nuclear war moves that have become ever more undisguised," the North's KCNA state news agency said.

The United States and South Korea are staging military drills that North Korea says are a rehearsal for an invasion, something both Washington and Seoul deny.

The North successfully launched a long-range rocket in December in violation of U.N. resolutions that banned it from developing missile or nuclear technology after nuclear tests in 2006 and 2009.

The North says that it has the sovereign right to launch rockets for peaceful purposes.

Its widely trailed third nuclear test was announced in response to the sanctions agreed in January, although satellite imagery indicates that the isolated and impoverished state has been readying its nuclear test site for more than a year.

While most experts believe the North will stage a test, the timing is not known. It could come around Feb. 16, the anniversary of former leader Kim Jong-il's birth.

Another unknown is what the North will use as fissile material. In the past it has used its diminishing supply of plutonium stocks, but is believed to have enriched weapons grade uranium that would give it a second path to a nuclear bomb.

US nuclear expert Siegfried Hecker, who visited a North Korean nuclear facility in 2010 believes the North could stage two explosions, one using plutonium to as to perfect its capacity to design a warhead small enough to be mounted on a missile, and a second using highly enriched uranium.

"Such (dual) tests have some technical limitations and are more challenging to conduct, but they have the huge advantage of not incurring additional political cost - in other words, they can get two for the price of one," Hecker wrote in the Feb. 4 issue of Foreign Policy magazine.

Pyongyang's two tests so far have been puny. The yield of the 2006 test is estimated at somewhat less than 1 kiloton (1,000 tons of TNT equivalent) and the second some 2-7 kilotons, compared with say 20 kilotons for a Nagasaki type bomb, Hecker wrote.

North Korea has in the past used the leverage gained from its nuclear and rocket tests to try to restart six-party talks aimed at securing international recognition and aid for the country whose only major diplomatic backer is China.

There are few signs that the United States is willing to talk after the North rebuffed a food aid deal in March 2012 when it launched a long-range rocket after promising not to.

The planned third nuclear test and "stronger" measures come as South Korea prepares to swear in new President Park Geun-hye on Feb. 25. Park had pledged talks and aid if the North gives up its nuclear ambitions.

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Skyscanner.com opening Miami office

One of Kayak and Expedia’s international rivals in the online-travel business is opening up a Miami office in a bid to capture a larger share of the North American market.

Skyscanner, the No. 1 travel site in Europe, picked Miami to open its first U.S. office, according to a company press release. A spokesman said the company plans to put 10 executives in the Miami office, and that the hunt is on for a specific location.

While big in Europe and Asia, Skyscanner.com has a low profile in the Americas. Skyscanner said it selected Miami as its first U.S. location given the city’s ties to South America.

DOUGLAS HANKS

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