Well: Waiting for Alzheimer's to Begin

My gray matter might be waning. Then again, it might not be. But I swear that I can feel memories — as I’m making them — slide off a neuron and into a tangle of plaque. I steel myself for those moments to come when I won’t remember what just went into my head.

I’m not losing track of my car keys, which is pretty standard in aging minds. Nor have I ever forgotten to turn off the oven after use, common in menopausal women. I can always find my car in the parking lot, although lots of “normal” folk can’t.

Rather, I suddenly can’t remember the name of someone with whom I’ve worked for years. I cover by saying “sir” or “madam” like the Southerner I am, even though I live in Vermont and grown people here don’t use such terms. Better to think I’m quirky than losing my faculties. Sometimes I’ll send myself an e-mail to-do reminder and then, seconds later, find myself thrilled to see a new entry pop into my inbox. Oops, it’s from me. Worse yet, a massage therapist kicked me out of her practice for missing three appointments. I didn’t recall making any of them. There must another Nancy.

Am I losing track of me?

Equally worrisome are the memories increasingly coming to the fore. Magically, these random recollections manage to circumnavigate my imagined build-up of beta-amyloid en route to delivering vivid images of my father’s first steps down his path of forgetting. He was the same age I am now, which is 46.

“How old are you?” I recall him asking me back then. Some years later, he began calling me every Dec. 28 to say, “Happy birthday,” instead of on the correct date, Dec. 27. The 28th had been his grandmother’s birthday.

The chasms were small at first. Explainable. Dismissible. When he crossed the street without looking both ways, we chalked it up to his well-cultivated, absent-minded professor persona. But the chasms grew into sinkholes, and eventually quicksand. When we took him to get new pants one day, he kept trying on the same ones he wore to the store.

“I like these slacks,” he’d say, over and over again, as he repeatedly pulled his pair up and down.

My dad died of Alzheimer’s last April at age 73 — the same age at which his father succumbed to the same disease. My dad ended up choosing neurology as his profession after witnessing the very beginning of his own dad’s forgetting.

Decades later, grandfather’s atrophied brain found its way into a jar on my father’s office desk. Was it meant to be an ever-present reminder of Alzheimer’s effect? Or was it a crystal ball sent to warn of genetic fate? My father the doctor never said, nor did he ever mention, that it was his father’s gray matter floating in that pool of formaldehyde.

Using the jarred brain as a teaching tool, my dad showed my 8-year-old self the difference between frontal and temporal lobes. He also pointed out how brains with Alzheimer’s disease become smaller, and how wide grooves develop in the cerebral cortex. But only after his death — and my mother’s confession about whose brain occupied that jar — did I figure out that my father was quite literally demonstrating how this disease runs through our heads.

Has my forgetting begun?

I called my dad’s neurologist. To find out if I was in the earliest stages of Alzheimer’s, he would have to look for proteins in my blood or spinal fluid and employ expensive neuroimaging tests. If he found any indication of onset, the only option would be experimental trials.

But documented confirmation of a diseased brain would break my still hopeful heart. I’d walk around with the scarlet letter “A” etched on the inside of my forehead — obstructing how I view every situation instead of the intermittent clouding I currently experience.

“You’re still grieving your father,” the doctor said at the end of our call. “Sadness and depression affect the memory, too. Let’s wait and see.”

It certainly didn’t help matters that two people at my father’s funeral made some insensitive remarks.

“Nancy, you must be scared to death.”

“Is it hard knowing the same thing probably will happen to you?”

Maybe the real question is what to do when the forgetting begins. My dad started taking 70 supplements a day in hopes of saving his mind. He begged me to kill him if he wound up like his father. He retired from his practice and spent all day in a chair doing puzzles. He stopped making new memories in an all-out effort to preserve the ones he already had.

Maybe his approach wasn’t the answer.

Just before his death — his brain a fraction of its former self — my father managed to offer up a final lesson. I was visiting him in the memory-care center when he got a strange look on his face. I figured it was gas. But then his eyes lit up and a big grin overtook him, and he looked right at me and said, “Funny how things turn out.”

An unforgettable moment?

I can only hope.



Nancy Stearns Bercaw is a writer in Vermont. Her book, “Brain in a Jar: A Daughter’s Journey Through Her Father’s Memory,” will be published in April 2013 by Broadstone.

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Chinese Hackers Infiltrate New York Times Computers





SAN FRANCISCO — For the last four months, Chinese hackers have persistently attacked The New York Times, infiltrating its computer systems and getting passwords for its reporters and other employees.







The New York Times published an article in October about the wealth of the family of China's prime minister, Wen Jiabao, in both English and Chinese.







After surreptitiously tracking the intruders to study their movements and help erect better defenses to block them, The Times and computer security experts have expelled the attackers and kept them from breaking back in.


The timing of the attacks coincided with the reporting for a Times investigation, published online on Oct. 25, that found that the relatives of Wen Jiabao, China’s prime minister, had accumulated a fortune worth several billion dollars through business dealings.


Security experts hired by The Times to detect and block the computer attacks gathered digital evidence that Chinese hackers, using methods that some consultants have associated with the Chinese military in the past, breached The Times’s network. They broke into the e-mail accounts of its Shanghai bureau chief, David Barboza, who wrote the reports on Mr. Wen’s relatives, and Jim Yardley, The Times’s South Asia bureau chief in India, who previously worked as bureau chief in Beijing.


“Computer security experts found no evidence that sensitive e-mails or files from the reporting of our articles about the Wen family were accessed, downloaded or copied,” said Jill Abramson, executive editor of The Times.


The hackers tried to cloak the source of the attacks on The Times by first penetrating computers at United States universities and routing the attacks through them, said computer security experts at Mandiant, the company hired by The Times. This matches the subterfuge used in many other attacks that Mandiant has tracked to China.


The attackers first installed malware — malicious software — that enabled them to gain entry to any computer on The Times’s network. The malware was identified by computer security experts as a specific strain associated with computer attacks originating in China. More evidence of the source, experts said, is that the attacks started from the same university computers used by the Chinese military to attack United States military contractors in the past.


Security experts found evidence that the hackers stole the corporate passwords for every Times employee and used those to gain access to the personal computers of 53 employees, most of them outside The Times’s newsroom. Experts found no evidence that the intruders used the passwords to seek information that was not related to the reporting on the Wen family.


No customer data was stolen from The Times, security experts said.


Asked about evidence that indicated the hacking originated in China, and possibly with the military, China’s Ministry of National Defense said, “Chinese laws prohibit any action including hacking that damages Internet security.” It added that “to accuse the Chinese military of launching cyberattacks without solid proof is unprofessional and baseless.”


The attacks appear to be part of a broader computer espionage campaign against American news media companies that have reported on Chinese leaders and corporations.


Last year, Bloomberg News was targeted by Chinese hackers, and some employees’ computers were infected, according to a person with knowledge of the company’s internal investigation, after Bloomberg published an article on June 29 about the wealth accumulated by relatives of Xi Jinping, China’s vice president at the time. Mr. Xi became general secretary of the Communist Party in November and is expected to become president in March. Ty Trippet, a spokesman for Bloomberg, confirmed that hackers had made attempts but said that “no computer systems or computers were compromised.”


Signs of a Campaign


The mounting number of attacks that have been traced back to China suggest that hackers there are behind a far-reaching spying campaign aimed at an expanding set of targets including corporations, government agencies, activist groups and media organizations inside the United States. The intelligence-gathering campaign, foreign policy experts and computer security researchers say, is as much about trying to control China’s public image, domestically and abroad, as it is about stealing trade secrets.


This article has been revised to reflect the following correction:

Correction: January 31, 2013

An earlier version of this article misstated the year that the United States and Israel were said to have started a cyberattack that caused damage at Iran’s main nuclear enrichment plant, and the article misstated the specific type of attack. The attack was a computer worm, not a virus, and it started around 2008, not 2012.



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Egypt Rivals Hold Rare Meeting, Call for Dialogue





CAIRO — Summoned by one of Egypt’s most authoritative Muslim scholars, the country’s rival political groups held extraordinary talks Thursday after days of political chaos threatening the transition to democracy, and urged continued dialogue to counter the violence.




But, a statement after the gathering of prominent secular opponents of President Mohamed Morsi along with the Egyptian leader’s Islamist allies made no direct reference to a call on Wednesday by some of Mr. Morsi’s critics for the creation of a government of national unity.


The talks were held under the chairmanship of the country’s leading Muslim cleric, the Grand Imam Ahmed al-Tayyeb of Al Azhar mosque and university, one of the highest seats of learning in the Muslim world.


A national dialogue, the cleric said, “ in which all the components of the Egyptian society  participate without any exclusion” was “ the only means to resolve any problems or disagreements.”


He urged the participants to “commit to peaceful competition for power and the peaceful rotation of power” and to prohibit and outlaw “all types of violence and coercion to achieve goals, demands and policies.” 


Television footage from the highly unusual encounter showed some of the country’s main political rivals sitting down across a table, news reports said.


Facing dire warnings from the military about the country’s growing chaos, Egyptian opposition leaders from both secular and Islamist groups banded together for the first time on Wednesday to urge President Morsi to form a national unity government as a way to halt the violence that has led to dozens of deaths over the past week.


Those who attended the talks on Thursday included Mohamed ElBaradei, a former United Nations diplomat and prominent figure in the secular opposition, and Amr Moussa, a former Egyptian foreign minister in the Mubarak era and onetime head of the Arab League.


Unusually, the gathering also brought together leading Islamists including Saad al-Katatni, the head of Mr. Morsi’s Freedom and Justice Party, the political wing of the Muslim Brotherhood, along with Islamist and Christian figures.


But even before the gathering, Mr. Morsi rejected the idea of unity government during a visit to Germany, where he said a new administration would be formed only after parliamentary elections in April.


“In Egypt there is a stable government working day and night in the interest of all Egyptians,” Mr. Morsi said after meeting with Chancellor Angela Merkel in Berlin.


Still, the opposition’s gamble offered the first recent indication that the nation’s political leaders were searching for common ground and a way out of the chaos. Egypt’s largest secular-leaning opposition bloc, the National Salvation Front, joined a hard-line Islamist group, the Nour party, which had been allied with the president and his movement, the Muslim Brotherhood, in calling for a new government.


The political maneuvers came a day after Egypt’s defense chief warned of “the collapse of the state” if the country’s quarreling political forces did not reconcile. The statement, by Gen. Abdul Fattah al-Sisi, was a stark reminder that Mr. Morsi’s authority had been weakened after days of protests led him to declare a state of emergency in three cities along the Suez Canal when the police lost control.


Egyptians have reacted with growing frustration to the political feuding in Cairo, the sense of lawlessness and the deteriorating economy. Many have warned that the standoff — between a weak and often intractable opposition movement and the Muslim Brotherhood, which has grown increasingly dismissive of its critics — could lead to even worse political violence. Days of street clashes have intensified those fears.


As he left for Germany, Mr. Morsi abruptly backed down from some of the emergency measures he had imposed — and which the public had already ignored — saying that he would leave it to the provincial authorities to set their own curfews. On Wednesday, all three cities on the Suez Canal reduced curfews to just a few hours early in the morning.


The visit to Germany further highlighted Mr. Morsi’s troubles. The president, who had scheduled the visit before the protests started, was forced to cut it short, and he canceled a trip to France. At several public appearances, Mr. Morsi appeared defensive while describing the situation in Egypt. He attributed much of the violence to remnants of Egypt’s deposed government, or so-called infiltrators, including a little-known group that the Egyptian authorities have turned into a scapegoat and called a national security threat.


On Tuesday, Egypt’s public prosecutor declared that the group, which calls itself the Black Bloc, was a terrorist organization and issued warrants for its members’ arrests. Five people were detained on Wednesday, state news media reported.


Kareem Fahim reported from Cairo, Nicholas Kulish from Berlin and Alan Cowell from London. Mayy El Sheikh contributed reporting from Cairo, and Melissa Eddy from Berlin.



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Chrysler Earnings Soar


DETROIT – Chrysler, the smallest of the American automakers, said Wednesday that its profit in 2012 soared to $1.66 billion – about nine times as much as the $183 million it earned previous year.


The dramatic increase underscored the company’s comeback from its government bailout and bankruptcy in 2009, when it was taken over by the Italian automaker Fiat.


In the fourth quarter alone, Chrysler said it earned $378 million, a 68 percent increase from $225 million in the same period in 2011. Revenue in the quarter was $17.1 billion, a 13 percent gain from $15.1 billion a year earlier.


“Chrysler concluded a very successful 2012 with a robust fourth quarter performance,” said Jesse Toprak, an analyst with the auto-research site TrueCar.com. “The company was the only domestic automaker to gain market share last year.”


Chrysler also benefitted from having little exposure to the deepening economic crisis in Europe, where vehicle sales have fallen to the lowest levels in about 20 years.


The European problems, however, are expected to take a heavy toll on profits at Fiat, Chrysler’s parent company, when it reports earnings later Wednesday.


Chrysler said its revenue for the year was $65.7 billion, a 19 percent improvement from $54.9 billion in 2011.


For the year, its global vehicle sales increased to 2.2 million, an 18 percent increase from 1.9 million the prior year, and its market share in the United States improved to 11.2 percent, up from 10.5 percent a year earlier.


Sergio Marchionne, who serves as chief executive of both Chrysler and Fiat, said the turnaround at Chrysler is gaining momentum due to solid sales of core products such as the Ram pickup and Jeep Grand Cherokee.


“We pause for a moment to enjoy our accomplishments, but we will not stop,” Mr. Marchionne said in a statement.


Mr. Marchionne forecast continued improvement for Chrysler this year. He said the company expects to earn net income of $2.2 billion in 2013, on revenue of $72 billion or higher.


Chrysler’s 2011 earnings were depressed by $551 million in payments to the U.S. and Canadian governments to retire debt associated with its bailout.


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The New Old Age Blog: For Some Caregivers, the Trauma Lingers

Recently, I spoke at length to a physician who seems to have suffered a form of post-traumatic stress after her mother’s final illness.

There is little research on this topic, which suggests that it is overlooked or discounted. But several experts acknowledge that psychological trauma of this sort does exist.

Barry Jacobs, a clinical psychologist and author of “The Emotional Survival Guide for Caregivers” (The Guilford Press, 2006), often sees caregivers who struggle with intrusive thoughts and memories months and even years after a loved one has died.

“Many people find themselves unable to stop thinking about the suffering they witnessed, which is so powerfully seared into their brains that they cannot push it away,” Dr. Jacobs said.

Flashbacks are a symptom of post-traumatic stress disorder, along with feelings of numbness, anxiety, guilt, dread, depression, irritability, apathy, tension and more. Though one symptom or several do not prove that such a condition exists — that’s up to an expert to determine — these issues are a “very common problem for caregivers,” Dr. Jacobs said.

Dolores Gallagher-Thompson, a professor of psychiatry at the Stanford University School of Medicine who treats many caregivers, said there was little evidence that caregiving on its own caused post-traumatic stress. But if someone is vulnerable for another reason — perhaps a tragedy experienced earlier in life — this kind of response might be activated.

“When something happens that the individual perceives and reacts to as a tremendous stressor, that can intensify and bring back to the forefront of consciousness memories that were traumatic,” Dr. Gallagher-Thompson said. “It’s more an exacerbation of an already existing vulnerability.”

Dr. Judy Stone, the physician who was willing to share her mother’s end-of-life experience and her powerful reaction to it, fits that definition in spades.

Both of Dr. Stone’s Hungarian parents were Holocaust survivors: her mother, Magdus, called Maggie by family and friends, had been sent to Auschwitz; her father, Miki, to Dachau. The two married before World War II, after Maggie left her small village, moved to the city and became a corset maker in Miki’s shop.

Death cast a long shadow over the family. During the war, Maggie’s first baby died of exposure while she was confined for a time to the Debrecen ghetto. After the war, the family moved to the United States, where they worked to recover a sense of normalcy and Miki worked as a maker of orthopedic appliances. Then he died suddenly of a heart attack at the age of 50.

“None of us recovered from that,” said Dr. Stone, who traces her interest in medicine and her lifelong interest in fighting for social justice to her parents and trips she made with her father to visit his clients.

Decades passed, as Dr. Stone operated an infectious disease practice in Cumberland, Md., and raised her own family.

In her old age, Maggie, who her daughter describes as “tough, stubborn, strong,” developed macular degeneration, bad arthritis and emphysema — a result of a smoking habit she started just after the war and never gave up. Still, she lived alone, accepting no help until she reached the age of 92.

Then, in late 2007, respiratory failure set in, causing the old woman to be admitted to the hospital, then rehabilitation, then assisted living, then another hospital. Maggie had made her preferences absolutely clear to her daughter, who had medical power of attorney: doctors were to pursue every intervention needed to keep her alive.

Yet one doctor sent her from a rehabilitation center to the hospital during respiratory crisis with instructions that she was not to be resuscitated — despite her express wishes. Fortunately, the hospital called Dr. Stone and the order was reversed.

“You have to be ever vigilant,” Dr. Stone said when asked what advice she would give to families. “You can’t assume that anything, be it a D.N.R. or allergies or medication orders, have been communicated correctly.”

Other mistakes were made in various settings: There were times that Dr. Stone’s mother had not received necessary oxygen, was without an inhaler she needed for respiratory distress, was denied water or ice chips to moisten her mouth, or received an antibiotic that can cause hallucinations in older people, despite Dr. Stone’s request that this not happen. “People didn’t listen,” she said. “The lack of communication was horrible.”

It was a daily fight to protect her mother and make sure she got what she needed, and “frankly, if I hadn’t been a doctor, I think I would have been thrown out of there,” she said.

In the end, when it became clear that death was inevitable, Maggie finally agreed to be taken off a respirator. But rather than immediately arrange for palliative measures, doctors arranged for a brief trial to see if she could breathe on her own.

“They didn’t give her enough morphine to suppress her agony,” Dr. Stone recalled.

Five years have passed since her mother died, and “I still have nightmares about her being tortured,” the doctor said. “I’ve never been able to overcome the feeling that I failed her — I let her down. It wasn’t her dying that is so upsetting, it was how she died and the unnecessary suffering at the end.”

Dr. Stone had specialized in treating infectious diseases and often saw patients who were critically ill in intensive care. But after her mother died, “I just could not do it,” she said. “I couldn’t see people die. I couldn’t step foot in the I.C.U. for a long, long time.”

Today, she works part time seeing patients with infectious diseases on an as-needed basis in various places — a job she calls “rent a doc” — and blogs for Scientific American about medical ethics. “I tilt at windmills,” she said, describing her current occupations.

Most important to her is trying to change problems in the health system that failed her mother and failed her as well. But Dr. Stone has a sense of despair about that: it is too big an issue, too hard to tackle.

I’m grateful to her for sharing her story so that other caregivers who may have experienced overwhelming emotional reactions that feel like post-traumatic stress realize they are not alone.

It is important to note that both Dr. Jacobs and Dr. Gallagher-Thompson report successfully treating caregivers beset by overwhelming stress. It is hard work and it takes time, but they say recovery is possible. I’ll give a sense of treatment options they and others recommend in another post.

Read More..

The New Old Age Blog: For Some Caregivers, the Trauma Lingers

Recently, I spoke at length to a physician who seems to have suffered a form of post-traumatic stress after her mother’s final illness.

There is little research on this topic, which suggests that it is overlooked or discounted. But several experts acknowledge that psychological trauma of this sort does exist.

Barry Jacobs, a clinical psychologist and author of “The Emotional Survival Guide for Caregivers” (The Guilford Press, 2006), often sees caregivers who struggle with intrusive thoughts and memories months and even years after a loved one has died.

“Many people find themselves unable to stop thinking about the suffering they witnessed, which is so powerfully seared into their brains that they cannot push it away,” Dr. Jacobs said.

Flashbacks are a symptom of post-traumatic stress disorder, along with feelings of numbness, anxiety, guilt, dread, depression, irritability, apathy, tension and more. Though one symptom or several do not prove that such a condition exists — that’s up to an expert to determine — these issues are a “very common problem for caregivers,” Dr. Jacobs said.

Dolores Gallagher-Thompson, a professor of psychiatry at the Stanford University School of Medicine who treats many caregivers, said there was little evidence that caregiving on its own caused post-traumatic stress. But if someone is vulnerable for another reason — perhaps a tragedy experienced earlier in life — this kind of response might be activated.

“When something happens that the individual perceives and reacts to as a tremendous stressor, that can intensify and bring back to the forefront of consciousness memories that were traumatic,” Dr. Gallagher-Thompson said. “It’s more an exacerbation of an already existing vulnerability.”

Dr. Judy Stone, the physician who was willing to share her mother’s end-of-life experience and her powerful reaction to it, fits that definition in spades.

Both of Dr. Stone’s Hungarian parents were Holocaust survivors: her mother, Magdus, called Maggie by family and friends, had been sent to Auschwitz; her father, Miki, to Dachau. The two married before World War II, after Maggie left her small village, moved to the city and became a corset maker in Miki’s shop.

Death cast a long shadow over the family. During the war, Maggie’s first baby died of exposure while she was confined for a time to the Debrecen ghetto. After the war, the family moved to the United States, where they worked to recover a sense of normalcy and Miki worked as a maker of orthopedic appliances. Then he died suddenly of a heart attack at the age of 50.

“None of us recovered from that,” said Dr. Stone, who traces her interest in medicine and her lifelong interest in fighting for social justice to her parents and trips she made with her father to visit his clients.

Decades passed, as Dr. Stone operated an infectious disease practice in Cumberland, Md., and raised her own family.

In her old age, Maggie, who her daughter describes as “tough, stubborn, strong,” developed macular degeneration, bad arthritis and emphysema — a result of a smoking habit she started just after the war and never gave up. Still, she lived alone, accepting no help until she reached the age of 92.

Then, in late 2007, respiratory failure set in, causing the old woman to be admitted to the hospital, then rehabilitation, then assisted living, then another hospital. Maggie had made her preferences absolutely clear to her daughter, who had medical power of attorney: doctors were to pursue every intervention needed to keep her alive.

Yet one doctor sent her from a rehabilitation center to the hospital during respiratory crisis with instructions that she was not to be resuscitated — despite her express wishes. Fortunately, the hospital called Dr. Stone and the order was reversed.

“You have to be ever vigilant,” Dr. Stone said when asked what advice she would give to families. “You can’t assume that anything, be it a D.N.R. or allergies or medication orders, have been communicated correctly.”

Other mistakes were made in various settings: There were times that Dr. Stone’s mother had not received necessary oxygen, was without an inhaler she needed for respiratory distress, was denied water or ice chips to moisten her mouth, or received an antibiotic that can cause hallucinations in older people, despite Dr. Stone’s request that this not happen. “People didn’t listen,” she said. “The lack of communication was horrible.”

It was a daily fight to protect her mother and make sure she got what she needed, and “frankly, if I hadn’t been a doctor, I think I would have been thrown out of there,” she said.

In the end, when it became clear that death was inevitable, Maggie finally agreed to be taken off a respirator. But rather than immediately arrange for palliative measures, doctors arranged for a brief trial to see if she could breathe on her own.

“They didn’t give her enough morphine to suppress her agony,” Dr. Stone recalled.

Five years have passed since her mother died, and “I still have nightmares about her being tortured,” the doctor said. “I’ve never been able to overcome the feeling that I failed her — I let her down. It wasn’t her dying that is so upsetting, it was how she died and the unnecessary suffering at the end.”

Dr. Stone had specialized in treating infectious diseases and often saw patients who were critically ill in intensive care. But after her mother died, “I just could not do it,” she said. “I couldn’t see people die. I couldn’t step foot in the I.C.U. for a long, long time.”

Today, she works part time seeing patients with infectious diseases on an as-needed basis in various places — a job she calls “rent a doc” — and blogs for Scientific American about medical ethics. “I tilt at windmills,” she said, describing her current occupations.

Most important to her is trying to change problems in the health system that failed her mother and failed her as well. But Dr. Stone has a sense of despair about that: it is too big an issue, too hard to tackle.

I’m grateful to her for sharing her story so that other caregivers who may have experienced overwhelming emotional reactions that feel like post-traumatic stress realize they are not alone.

It is important to note that both Dr. Jacobs and Dr. Gallagher-Thompson report successfully treating caregivers beset by overwhelming stress. It is hard work and it takes time, but they say recovery is possible. I’ll give a sense of treatment options they and others recommend in another post.

Read More..

Canon Forecast Falls Short of Expectations


TOKYO — Canon expects a 26.6 percent increase in operating profit this year as it cuts costs and increases revenue — but the projection Wednesday still fell short of analysts’ expectations.


Canon, a camera and printer maker considered a leader in profitability in corporate Japan with its aggressive cost-cutting, is angling for a foothold in the growing market for mirrorless cameras with interchangeable lenses, where it faces stiff competition from Sony, Olympus and Nikon.


Canon’s operating profit for the three months that ended Dec. 31 fell 17.9 percent, to ¥77.7 billion, or $853 million, below the average estimate of ¥100.9 billion among seven analysts surveyed by Thomson Reuters I/B/E/S.


“Both its full-year earnings and forecast are below market consensus, so the results were seen as negative,” said Makoto Kikuchi, the chief executive of Myojo Asset Management. “Investors have bought Canon on overly high expectations that a weaker yen will lift its bottom line, but such excitement should recede.”


Demand for compact cameras is shrinking as consumers shift to smartphones, while stretched budgets among customers in Europe have eroded sales of Canon’s office printers. And the company, which derives 80 percent of its revenue from overseas, was badly hit by the firmness of the Japanese currency last year. Canon officials said Wednesday that economic recovery in India and China, as well as aggressive economic stimulus policies in Japan, were likely to support the company’s earnings.


The company set its exchange rate assumptions for the business year ending in December at ¥85 to the dollar and ¥115 to the euro, weaker than the average last year of ¥79.96 per dollar and ¥102.8 per euro.


As one of the first blue-chip Japanese companies to report quarterly results, Canon is often seen as a barometer for technology sector earnings.


The company forecast a full-year operating profit of ¥410 billion for the current year through December, compared with the average expectation of a ¥443.3 billion profit among 21 analysts, according to Thomson Reuters StarMine.


Canon’s shares have fallen about 1 percent since the start of last year, underperforming the Nikkei average’s gain of 31 percent. The shares slipped to a three-year low in July, when Canon cut its outlook on fears of shrinking demand in China.


The stock ended nearly 3 percent higher Wednesday before the earnings announcement.


Xerox, with which Canon competes for a share of the global printer market, overshot expectations with its quarterly earnings and maintained its full-year targets as it restructures parts of its business and commits to further cost cuts.


Nikon is due to report its results next Wednesday, with Sony following the next day.


 


 


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India Ink: Prime Minister Pledges to Act Quickly to Curb Sexual Violence

Prime Minister Manmohan Singh promised Wednesday to swiftly adopt a special committee’s recommendations for sweeping changes to curb sexual violence against women in India.

A three-member committee, headed by a retired Supreme Court chief justice, J.S. Verma, last week criticized the way the police handle sex crimes against women and recommended an overhaul of law enforcement’s training and procedures.

In a brief letter addressed to the retired justice, Mr. Singh wrote: “On behalf of our government, I assure you that we will be prompt in pursuing the recommendations of the Committee.”

The gang rape on Dec. 16 of a young woman on a moving bus in New Delhi sparked a national debate on the efficacy of India’s legal system in preventing and punishing sexual violence against women.

Nationwide protests in reaction to the rape, and the victim’s eventual death, pushed the government to form a three-person commission, headed by Mr. Verma, to suggest changes to India’s legal system.

In a scathing report, the committee said that the laws were not the problem. Instead, the members said, the problem was the lack of will to enforce the laws. The committee recommended that police officers be required to register all reported cases of rape, that voyeurism and stalking be punished with prison terms and that the humiliating medical examinations of rape victims be eliminated, among other suggestions.

Mr. Verma said in a televised news conference that the committee had worked quickly so that it could present its findings before the Parliament meets in February.

“We have submitted the report in 29 days. If we are able to do it in half the time available, the government, with its might and resources, should also act fast,” he said.

In his letter, the prime minister also expressed his gratitude to the three members of the committee, which included retired justice Leila Seth and senior Supreme Court lawyer Gopal Subramaniam, for their “labor of love” in their prompt work on the report. “That the Committee submitted its report within a short period of 30 days is testimony to your commitment and concern for the public good,” Mr. Singh wrote.

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North American Results Bolster Ford Earnings





DETROIT – Ford Motor Company, the nation’s second-biggest automaker, reported a 54 percent gain in adjusted fourth-quarter profit, as strong results in North America overshadowed heavy losses in the troubled European market.




Ford said it earned $1.59 billion in the fourth quarter of 2012 compared to $1.03 billion a year earlier, excluding the impact of tax-valuation allowances in 2011. Those allowances inflated last year’s fourth-quarter net income to $13.6 billion.


For the full year, Ford said it earned $5.66 billion, a 5 percent drop from $5.97 billion in 2011 not including the tax-valuation changes that had increased the 2011 earnings to $20.2 billion.


Ford’s overall revenue in the fourth quarter was $36.5 billion, a 5 percent increase from $34.6 billion in the same period a year earlier. For all of 2012, revenue was $134.3 billion, a 1 percent decrease from $136.3 billion in 2011.


The fourth-quarter results were a microcosm of Ford’s recent overall performance.


Healthy sales of new models in North America resulted in good profit margins in the region. The company introduced several new products, such as the Ford Fusion midsize sedan, in the United States, where the overall industry grew by 13 percent last year.


Ford said it had $1.87 billion in pretax earnings in North America during the quarter, a 110 percent increase from $889 million in the fourth quarter of 2011. For all of 2012, Ford had pretax profit of $8.34 billion in North America, compared to $6.19 billion in 2011.


The company’s European operations continued to struggle, as overall demand for new vehicles on the Continent plunged to its lowest level in more than a decade.


Ford reported a $732 million pretax loss in Europe for the fourth quarter, compared to a $190 million loss in the same period in 2011.


For all of 2012, Ford said it had a pretax loss of $1.75 billion in the region. By comparison, the company reported a loss of $27 million in Europe for all of 2011.


The automaker had mixed results in its two other major divisions, South America and Asia.


In South America, Ford reported a pretax profit of $145 million in the fourth quarter, compared to a $108 million pretax profit in the fourth quarter of 2011.


The company had pretax income of $213 million in South America for all of 2012. The previous year it reported an $861 million profit.


In Asia, where Ford is making substantial investments in new factories, the company had pretax income of $39 million in the fourth quarter, compared to a loss of $83 million in the same period a year earlier.


For all of 2012, Ford said it had pretax losses of $77 million in the region, versus a $92 million loss in Asia in 2011.


Ford’s chief executive, Alan R. Mulally, said the company’s efforts to globalize its products has helped it weather the downturn in Europe while it expands in Asia and delivers new models in its core North American market.


“We are well-positioned for another strong year in 2013, as we continue our plan to serve customers in all markets around the world with a full family of vehicles,” Mr. Mulally said in a statement.


The company’s strong performance in North America translated into hefty profit-sharing checks for its unionized workers in the United States.


As part of its contract with the United Auto Workers union, Ford said it will pay an average of $8,300 to each of its 45,800 hourly workers in March, with individual payments based on the number of hours worked in 2011.


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Rescuer Appears for New York Downtown Hospital





Manhattan’s only remaining hospital south of 14th Street, New York Downtown, has found a white knight willing to take over its debt and return it to good health, hospital officials said Monday.




NewYork-Presbyterian Hospital, one of New York City’s largest academic medical centers, has proposed to take over New York Downtown in a “certificate of need” filed with the State Health Department. The three-page proposal argues that though New York Downtown is projected to have a significant operating loss in 2013, it is vital to Lower Manhattan, including Wall Street, Chinatown and the Lower East Side, especially since the closing of St. Vincent’s Hospital after it declared bankruptcy in 2010.


The rescue proposal, which would need the Health Department’s approval, comes at a precarious time for hospitals in the city. Long Island College Hospital, just across the river in Cobble Hill, Brooklyn, has been threatened with closing after a failed merger with SUNY Downstate Medical Center, and several other Brooklyn hospitals are considering mergers to stem losses.


New York Downtown has been affiliated with the NewYork-Presbyterian health care system while maintaining separate operations.


“We are looking forward to having them become a sixth campus so the people in that community can continue to have a community hospital that continues to serve them,” Myrna Manners, a spokeswoman for NewYork-Presbyterian, said.


Fred Winters, a spokesman for New York Downtown, declined to comment.


Presbyterian’s proposal emphasized that it would acquire New York Downtown’s debt at no cost to the state, a critical point at a time when the state has shown little interest in bailing out failing hospitals.


The proposal said that if New York Downtown were to close, it would leave more than 300,000 residents of Lower Manhattan, including the financial district, Greenwich Village, SoHo, the Lower East Side and Chinatown, without a community hospital. In addition, it said, 750,000 people work and visit in the area every day, a number that is expected to grow with the construction of 1 World Trade Center and related buildings.


The proposal argues that New York Downtown is essential partly because of its long history of responding to disasters in the city. One of its predecessors was founded as a direct result of the 1920 terrorist bombing outside the J. P. Morgan Building, and the hospital has responded to the 1975 bombing of Fraunces Tavern, the 1993 and 2001 attacks on the World Trade Center, and, this month, the crash of a commuter ferry from New Jersey.


Like other fragile hospitals in the city, New York Downtown has shrunk, going to 180 beds, down from the 254 beds it was certified for in 2006, partly because the more affluent residents of Lower Manhattan often go to bigger hospitals for elective care.


The proposal says that half of the emergency department patients at New York Downtown either are on Medicaid, the program for the poor, or are uninsured.


NewYork-Presbyterian would absorb the cost of the hospital’s maternity and neonatal intensive care units, which have been expanding because of demand, but have been operating at a deficit of more than $1 million a year, the proposal said.


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