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Mark Sanchez has been benched. Tim Tebow has been bypassed. Greg McElroy is the New York Jets? starting quarterback. McElroy, who has played in only one game in his NFL career, has been announced as the starter for the Jets on Sunday against the Chargers. Jets coach Rex Ryan made the decision after Sanchez had a disastrous four-interception game in a Monday night loss that eliminated the Jets from playoff contention.
Source: http://video.msnbc.msn.com/hardball/50241561/
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DUBLIN (AP) ? Ireland's government says it will draft a new law spelling out the right of women to receive abortions in cases where the pregnancy poses a risk to their lives ? including from a woman's own threats to commit suicide.
For two decades, successive governments have resisted passing any law in support of a 1992 Supreme Court judgment that such abortions should be legal in Ireland.
Catholic conservatives particularly oppose the suicide-threat justification, arguing it could be used to expand access to abortion beyond relatively rare cases where a pregnancy endangers a woman's life.
Tuesday's announcement follows international uproar over the October death of a miscarrying Indian woman in an Irish hospital.
Her widower said she was denied a prompt termination because the fetus had a heartbeat.
Source: http://news.yahoo.com/ireland-legislate-life-saving-abortions-204205340.html
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BANGALORE (Reuters) - Infosys, India's No. 2 software services provider, may cut its revenue forecast next month as U.S. business clients defer spending and balk at signing big deals.
The outsourcing icon, which has missed its own revenue guidance in three of the past four quarters, has struggled as its big customers cut costs, and analysts have criticized management for sticking with a rigid pricing policy when competitors have offered more flexible plans.
Infosys executives have sounded downbeat in recent interviews and in meetings with analysts, citing client troubles ranging from Hurricane Sandy-related shutdowns to worries about the U.S. "fiscal cliff" of tax hikes and spending cuts.
"From what they've been saying in various conversations, it's not unlikely that they will cut guidance," said Ambit Capital analyst Ankur Rudra, who has maintained a "sell" rating on Infosys shares since January 2011.
An Infosys spokeswoman declined to comment, noting that the company is in a mandatory quiet period ahead of its earnings results due in January.
With about 60 percent of its business in the United States, Infosys is particularly vulnerable to swings in U.S. corporate sentiment and has been hit hard by spending deferrals.
Diviya Nagarajan, an analyst at UBS, wrote in a December 6 note to clients that the company's growth forecast for the fiscal year ending in March could be under threat because of cutbacks on large projects and delays in closing deals.
UBS organized an investor meeting on December 6, featuring Infosys Chief Executive Officer S.D. Shibulal.
Longer-than-expected client shutdowns due to Hurricane Sandy, especially in the manufacturing sector, were also hurting Infosys, wrote Nagarajan in her report.
Infosys's guidance of 5 percent dollar revenue growth for the current fiscal year compares with an estimate of 11 percent for the sector by the National Association of Software and Services Companies, or NASSCOM.
Infosys, for years an investor favorite for exceeding its targets, stopped providing quarterly guidance in July after a string of disappointing results. It now provides only an annual revenue forecast.
It is expected to update its outlook for the fiscal year ending in March when it reports quarterly results on January 11. A forecast cut would be the second this fiscal year. In July, Infosys halved its dollar revenue growth estimate from as much as 10 percent - forecast in April - to 5 percent.
LEANING OVER THE CLIFF
Long the sector bellwether, Infosys is in the midst of a strategy shift that it calls "Infosys 3.0" as it tries to diversify away from businesses that have become commoditized. It is focusing on developing its own software and building technological expertise.
At the same time, industry insiders say, it is quietly becoming more flexible on its premium pricing, given fierce competition.
"Things have become challenging, because in the U.S., which is the largest market for all of us, the fiscal cliff is still not resolved, they are still talking about it, there is a lot of uncertainty, so all the corporates are sitting tight on their spending," V. Balakrishnan, who was previously chief financial officer and now heads three Infosys units, told reporters on December 12.
The company is also heavily exposed to discretionary spending in the financial sector. While such business is lucrative during good times, it is vulnerable when the industry is retrenching.
"Previously, the banks would come and talk to us, you know. Now, discretionary projects, they can pull the plug with 48 hours notice," Infosys CFO Rajiv Bansal told Reuters on December 8.
UNDERPERFORMER
Infosys shares are down almost 18 percent this year, compared with a 7 percent gain for larger rival Tata Consultancy Services and a 3.1 percent fall for the sector index. That compares with a 25 percent gain for the broader market.
Some investors are betting the stock will continue to fall. Nearly three-quarters of Infosys American depositary receipts that can be borrowed are out on loan, compared with an average of about 8.7 percent for all ADRs, according to data from Markit Securities Finance.
In the nine months ended September, Infosys's operating profit dropped about five percentage points as a proportion of revenue, from 31.2 percent for the quarter ended December 2011 to 26.3 percent, according to data on the company's website.
Cowen and Co analysts downgraded Infosys to "neutral" from "outperform" on December 3, expecting it to have a "protracted revenue growth recovery."
In a Cowen survey of IT buyers, Infosys scored poorly, behind competitors such as Cognizant Technology Solutions Corp, on both new client additions and project workload, which the analysts define as spending intentions from existing and new clients.
U.S. based Cognizant expects to end the year to December with 20 percent revenue growth.
Infosys's difficulties stand in contrast with commentary from larger rival TCS, which is known to be more flexible on pricing and has maintained that it will beat NASSCOM's estimate this year and that next year will be even better.
Cognizant and India's HCL Technologies have also been winning market share by being more flexible on pricing, which puts more pressure on Infosys at a time when customers are hesitant to add new spending.
"While the net new scope of work hasn't been increasing greatly, a large number of contracts of significant value are coming back to the market as renewals or recompetes," said Siddharth Pai, partner at Information Services Group, which advises global clients on outsourcing strategies.
"Our data suggests that incumbents win these contracts the majority of the time, but each renewal constitutes an opportunity for a rival to displace the incumbent," he said.
(Additional reporting by Nishant Kumar in Hong Kong; Editing by Tony Munroe and Emily Kaiser)
Source: http://news.yahoo.com/infosys-may-trim-forecast-again-u-clients-cut-074409396--sector.html
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In the aftermath of Friday's Newtown school shooting, we've heard tales mostly horrifying and occasionally heroic, from surviving witnesses and mourning citizens alike, but this one lies somewhere in between, all the more unshakeable. One six-year-old Sandy Hook student played dead in her first-grade classroom, her family pastor said late Sunday, with the kind of quick thinking that ended up saving her life but now leaves her with the unshakeable memories of watching all her classmates being shot and killed. ...
Source: http://news.yahoo.com/charlie-browns-christmas-reunion-ruin-childhood-224319358.html
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Ng Han Guan / AP
North Koreans clap beneath part of a slogan that calls on people to carry out the revolutionary ideology of late North Korean leaders Kim Il Sung and Kim Jong Il at the Kumsusan Palace of the Sun in Pyongyang, North Korea on Monday.
By NBC News wire services
PYONGYANG, North Korea ? The embalmed body of Kim Jong Il, still in his trademark khaki jumpsuit, was unveiled on the anniversary of the North Korea leader's death Monday as mourning mixed with pride over a recent satellite launch that was a long-held goal of the late authoritarian leader.
Kim lies in state a few floors below his father, national founder Kim Il Sung, in the Kumsusan mausoleum, the cavernous former presidential palace.
Kim Jong Il was presented lying beneath a red blanket, a spotlight shining on his face in a room suffused in red.
Wails echoed through the chilly hall as a group of North Korean women sobbed into the sashes of their traditional Korean dresses as they bowed before his body.
North Korean state television showed a pudgy Kim Jong Un and his wife paying homage on Monday at a national memorial service at the mausoleum.?
Pregnant? North Korea leader's wife reportedly returns to public eye after long silence
In the footage, Kim's wife, Ri Sol-ju, was wearing traditional Korean black mourning clothes and looked to be pregnant - in accordance with recent rumors - but there was no official announcement on her status by North Korean media.
North Korea also unveiled Kim's yacht and his armored train carriage, where he is said to have died. Among the personal belongings featured in the mausoleum are the parka, sunglasses and pointy platform shoes he famously wore in the last decades of his life. A MacBook Pro lay open on his desk.
'Event with great significance'
North Koreans paid homage to Kim and basked in the success of last week's launch of a long-range rocket that sent a satellite named after him to space.
Ng Han Guan / AP
North Korean leader Kim Jong Un, right, officially reopens the Kumsusan Palace of the Sun mausoleum in Pyongyang, North Korea on Monday.
The launch, condemned in many other capitals as a violation of bans against developing its missile technology, was portrayed not only as a gift to Kim Jong Il but also as proof that his young son, Kim Jong Un, has the strength and vision to lead the country.
North Korean satellite 'tumbling out of control,' US officials say
The elder Kim died last Dec. 17 from a heart attack while traveling on his train. His death was famously followed by scenes of North Koreans dramatically wailing in the streets of Pyongyang, and of the 20-something son leading ranks of uniformed and gray-haired officials through funeral and mourning rites.
The mood in the capital was decidedly more upbeat a year later, with some of the euphoria carrying over from last Wednesday's launch.
North Korea claims discovery of 'unicorn lair'
North Koreans across the country stopped in their tracks at midday to bow their heads and honor the former ruler as the national flag fluttered at half-staff along streets and from buildings.
China has offered a rare criticism of Pyongyang, the capital of North Korea, after the country fired a long-range rocket that has been described by U.S. officials as a weapons test. NBC's Andrea Mitchell reports.
Pyongyang construction workers took off their yellow hard hats and bowed at the waist as sirens wailed across the city for three minutes. Earlier, Kim Jong Un attended a solemn ceremony to reopen the sprawling granite mausoleum where his father and his grandfather lie in state in separate halls.
Tens of thousands of North Koreans gathered in the frigid plaza outside, newly transformed into a public park with lawns and pergolas.
Speaking outside the mausoleum, renamed the Kumsusan Palace of the Sun, the military's top political officer, Choe Ryong Hae, said North Korea should be proud of the satellite, calling it "a political event with great significance in the history of Korea and humanity."
North Korea pays tribute to Kim Jong Il's 'threadbare and discolored' parka
Much of the rest of the world, however, was swift in condemning the launch, which was seen by the United States and other nations as a thinly disguised cover for testing missile technology that could someday be used for a nuclear warhead.
The test, which potentially violates a United Nations ban on North Korean missile activity, underlined Kim Jong Un's determination to continue carrying out his father's hardline policies even if they draw international condemnation.
Rep. Mike Rogers, R-Mich., talks about the mounting international pressure on North Korea and Syria for their recent rebellious behavior.
Despite inviting further isolation for his impoverished nation and the threat of stiffer sanctions, Kim Jong Un won national prestige and clout by going ahead with the rocket launch.
ANALYSIS: 'Spoiled child' North Korea snubs key ally China with rocket test
The reopening of the mausoleum on the anniversary of the leader's death also follows tradition. Kumsusan, the palace where his father, Kim Il Sung, served as president, was reopened as a mausoleum on the first anniversary of his death in 1994.
The Associated Press and Reuters contributed to this report.
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