Asian shares off highs, Fed's stance weighs on dollar

TOKYO (Reuters) - Asian shares fell slightly on Thursday after rallies to multi-month highs, and longer for some Southeast Asian markets, while the U.S. Federal Reserve's pledge to retain its stimulus policy undermined the dollar.

Sentiment in Asian markets remained underpinned, however, by positive factory output data in Japan, and strong gross domestic product reports from Taiwan and the Philippines.

A weak dollar and signs of stabilization in the euro zone underpinned gold, and expectations that demand will pick up for industrial commodities supported oil and copper prices.

European markets are likely to extend losses, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open down as much as 0.3 percent. A 0.1 percent drop in U.S. stock futures suggested a soft open at Wall Street. <.l><.eu><.n/>

After recent gains that took several markets to multimonth highs, investors appeared to adopt a cautious stance ahead of key data such as China's official manufacturing PMI and U.S. monthly nonfarm payrolls on Friday.

Data on Wednesday showing the U.S. economy unexpectedly contracted in the fourth quarter also crimped demand, but traders were quick to note that the underlying fundamentals of the U.S. GDP report were not as bad as the headline number.

"After many years of fears that the (U.S.) economy is going to crash, it seemed like the worst is behind us. So better news out of China and expectations for recovery in the United States caused risk money to come back into equities, commodities and energy," said Tony Nunan, an oil risk manager at Mitsubishi.

Upbeat economic reports from Asia failed to galvanize buying in regional equities, which have sped to multimonth highs, but the data reinforced optimism about the global economic outlook.

Taiwan raised its economic growth forecast for 2013, after the fourth quarter expanded faster than expected and posted its best growth in five quarters on improved demand for the island's electronics exports and stronger consumption.

The Philippines said on Thursday its economy grew 1.5 percent in the December quarter from the previous three months, better than market forecasts.

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> eased 0.4 percent after rising 1.3 percent over the past two sessions to nearly an 18-month high. The index was set for a monthly gain of about 2.5 percent.

Australian shares <.axjo> eased 0.4 percent, pausing after a 10-day winning streak, the longest in more than nine years, which hoisted local shares to 21-month highs.

Southeast Asian stock markets were generally softer but remained near their highs. The Philippines <.psi> hit a record high for the third day running on Wednesday and Thailand's <.seti> market surged to a more than 18-year high on Wednesday.

DOLLAR LANGUISHES

The Federal Reserve on Wednesday kept in place its monthly $85 billion bond-buying stimulus plan, arguing the support was needed to lower unemployment.

The Fed's pledge to support the economy with easy money policies underpinned sentiment, but put the dollar on the defensive.

The dollar languished, easing 0.2 percent to 90.93 yen, off Wednesday's 91.41 yen which was its highest since June 2010. The euro steadied near 123.53 yen, after hitting 123.87 on Wednesday, its peak since May 2010.

A firmer yen weighed on Japan's benchmark Nikkei stock average <.n225>, but the market managed to wipe out earlier losses to close up 0.2 percent at a fresh 33-month high. <.t/>

Japan's December factory output rose at the fastest pace in a year and a half and firms expect further gains, raising hopes that stabilizing global demand and exports will help pull the economy from its slump.

The euro held near a 14-month high of $1.3588 scaled on Wednesday.

"Euro/dollar we now think will rise to $1.37. The euro crosses are also likely to benefit from the return of exiled capital that left the euro zone," said Gareth Berry, G10 FX strategist for UBS in Singapore.

"Europe is not out of the crisis yet, there is still lots of uncertainty out there, but there has been enough stabilization to encourage some investors to return," he added.

Reports from the euro zone on Wednesday showed economic sentiment improving more than expected across all sectors in January and a gauge for the phase of the business cycle also rising this month.

Spot gold hovered near its one-week high of $1,683.39 an ounce reached on Wednesday. A weak yen pushed the most active gold contract on the Tokyo Commodity Exchange to a record high of 4,944 yen a gram on Thursday.

U.S. crude futures steadied around $97.96 a barrel and Brent crude was up to a more than three-month high above $115.

Asian credit markets were weighed by the selling in equities, widening the spread on the iTraxx Asia ex-Japan investment-grade index by 5 basis points.

(Additional reporting by Jessica Jaganathan and Masayuki Kitano in Singapore and Ian Chua in Sydney; Editing by Jacqueline Wong and Shri Navaratnam)

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India Ink: Gandhi's Relationship With Kallenbach Focus of New Exhibition in Delhi

“My Dear Lower House,” begins one letter, from Hermann Kallenbach, to Mohandas Karamchand Gandhi, dated Aug. 20, 1912.

“We are to blame for all the misery in the world and therefore all the imperfections of our surroundings. They will be perfect when we are.”

In the letter, Mr. Kallenbach requests that Gandhi meet him to discuss “Tolstoy Farm,” a project that Mr. Kallenbach, an architect by profession, was financing by giving Gandhi a gift of land in Johannesburg.

It is signed “With love, your sinly [sincerely] — Upper House.”

The letter is one of dozens of documents and photos on display in an exhibition that opened Wednesday at the National Archives of India in New Delhi. The exhibition centers on the intimate and loving friendship between Gandhi and his German-Jewish friend, Mr. Kallenbach.

Wednesday was the 65th anniversary of Gandhi’s assassination in New Delhi.

The “Gandhi-Kallenbach papers,” as the documents that make up the exhibition are known, were purchased by the Indian government from the Kallenbach family for $1.1 million last year, on the back of controversy over the nature of their friendship.

In a book about Gandhi’s time in South Africa, Joseph Lelyveld, a former New York Times executive editor, detailed the relationship between the two men. The book was denounced by some in India, who believed it portrayed the man often called the “father of the nation” as a homosexual.

“It is clear from these letters, there was a deep emotional attachment that Gandhi shared with Kallenbach,” Mushirul Hasan, director general of the National Archives, said in an interview. But Mr. Hasan dismissed the idea that the two men shared a sexual relationship.

“Gandhi as a person tended to get very enthusiastic about certain relationships, and expressed the intensity in words that conveyed the impression that it is more than a normal relationship,” he said.

Most of the documents on display center on Gandhi’s life in South Africa, including the management of Tolstoy farm and the growth of the nonviolent resistance movement that Gandhi led there. The exhibition also includes correspondence between the families of the two men and letters to their acquaintances.

Gandhi was not the only one who had a special term of address for Kallenbach; his secretary Mahadev Desai in a letter dated Aug. 23, 1937, refers to Kallenbach as “dear Uncle Hanuman,” a reference to the Hindu monkey-god.

Also on display are photographs of Gandhi and Kallenbach in their younger years, life on Tolstoy farm and Kallenbach with Gandhi’s sons, grandchildren and other leaders of the Indian national movement.

Spread across two spacious halls at the National Archives, the public exhibition was inaugurated by the minister of culture, Chandresh Kumari Katoch, and will continue until Feb 15.

The Kallenbach family was originally planning to auction the papers through Sotheby’s, but then came the controversy over Mr. Lelyveld’s book, which heightened interest in what they contained.

“It cost us a lot of money,” Mr. Hasan said. “The controversy raised the price of the papers.”

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Facebook’s mobile ad revenue doubles in fourth quarter

SAN FRANCISCO (Reuters) – Facebook Inc doubled its mobile advertising revenue in the fourth quarter, a sign that the No.1 social network is seeing early success in expanding onto handheld devices as more of its users migrate to smartphones and tablets.

Investors want to see evidence that CEO Mark Zuckerberg‘s 8-year-old company is delivering on promises to develop a full-fledged mobile advertising business, a challenge facing many of today’s technology leaders including Google Inc.

But the growth trailed some of Wall Street‘s most aggressive estimates. Shares of Facebook were down roughly 3 percent at $ 30.21 in after-hours trading on Wednesday, regaining ground after falling more than 8 percent immediately after the numbers were released.

Mobile revenue estimates among some analysts and investors were unreasonably high, said Sterne, Agee & Leach analyst Arvind Bhatia.

“As a result the stock was set up for disappointment,” he said. Overall, he said, Facebook’s results were encouraging.

The company’s overall advertising business grew at its fastest clip since before its May initial public offering, helping the company’s revenue expand 40 percent and surpass Wall Street targets.

Facebook has rolled out a wide variety of new services in recent months as the company seeks to stay ahead in the fast-moving Web market and to convince Wall Street that it can turn its audience of more than 1 billion users into a sustainable business.

Zuckerberg said the company plans to spend heavily to recruit talent in 2013 as the company pushes forward with new product development, particularly “mobile-first” services.

“We aren’t operating to maximize our profit this year but we’re doing what we think will build the best service and business over the long term,” Zuckerberg said during a conference call with analysts on Wednesday.

The strategy makes sense for an Internet company, said Stifel Nicolaus Jordan Rohan. But it will force Wall Street analysts to “ratchet down” their profit expectations.

“The conference call was a bit of a sobering event,” said Rohan. “The company advised analysts and investors to expect lower margins, and downplayed the near-term opportunity for revenues from Gifts,” Facebook’s recently-launched online commerce service.

FUTURE OPPORTUNITIES

Facebook shares, which lost more than half their value following a rocky IPO, have regained ground in recent months as concerns about its mobile ad business and insider selling have eased. Shares have surged roughly 60 percent since mid-November.

Zuckerberg said that recently introduced products such as Gifts, which allows Facebook users to purchase retail goods for their friends, as well as its new social search tool could become important businesses in the future. But in the near term he said that Facebook’s advertising efforts will be the core of its business.

The number of monthly active users on the social network reached 1.06 billion at the end of last year, with 618 million daily active users, Facebook said. But much of that growth again came from emerging markets like Asia, rather than the United States or Europe, where revenue per user is several times higher. For instance, average revenue per user is $ 13.58 for the United States and Canada, but just $ 2.35 in Asia.

Overall fourth-quarter revenue came to $ 1.585 billion, up 40 percent versus $ 1.131 billion a year earlier. Analysts were looking for revenue of $ 1.53 billion.

Executives said some revenue from its payments business dating back to September 2012 had been booked in the October-December quarter, inflating the number somewhat. Excluding those deferred sales, overall revenue would have been up just 34 percent in the quarter.

But it was the fledgling mobile business that dominated Wednesday’s discussion on the call. Finance Chief David Ebersman said Facebook had “basically doubled” mobile ad revenue from the third quarter to the fourth quarter.

“Two quarters ago we really had no mobile revenue,” Ebersman told Reuters in an interview. “In the course of a pretty short period of time, we’ve dramatically ramped up our ability to monetize mobile.”

Facebook said net income in the fourth quarter was $ 64 million, or 3 cents a share, compared to $ 302 million, or 14 cents a share a year earlier.

Excluding certain items, Facebook said it earned 17 cents a share, compared to the 15 cents a share expected by analysts polled by Thomson Reuters I/B/E/S.

Facebook expects expenses — excluding stock-based compensation for employees — to jump 50 percent in 2013, likely outpacing revenue growth. Capital investments may climb to $ 1.8 billion, up 14 percent from last year’s $ 1.575 billion.

“They’re going to have to continue to develop new products, which will cost them,” said Bhatia of Sterne, Agee & Leach.

But he said, “the market would be less happy if they were not finding enough opportunities.”

(Reporting by Alexei Oreskovic; Editing by Phil Berlowitz and Ryan Woo)

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American Idol Discovers Big Talent in Texas and California

TV Watch

American Idol

By Jamie Bufalino

01/30/2013 at 11:00 PM EST

From left: Randy Jackson, Mariah Carey, Ryan Seacrest, Nicki Minaj and Keith Urban

Michael Becker/FOX.

It's the final week of American Idol's cross-country talent search. And as the judges head to San Antonio, Texas, a surprising lack of diva-on-diva trash-talking allowed the focus to fall squarely on the contestants who seemed like they could be serious contenders this season (or at least keep things interesting).

Case in point: 19-year-old Mississippi native Papa Peachez who described himself as "a cute little white boy and ... so much more than that. I'm really just a big black woman trapped in a trapped in a little boy's body."

After Peachez belted out an original song, Nicki Minaj immediately showed him some love. "I think that you are a superstar," she said. The other judges weren't as convinced, but Minaj managed to twist enough arms (not literally) to get the boy through to Hollywood.

Peachez is going to have some steep competition from another 19-year-old – San Antonio's Adam Sanders, who blew away the judges with his rendition of the Etta James classic "At Last."

"You shocked us all, Dawg," Randy Jackson told the singer before giving him a standing ovation along with Mariah Carey and Keith Urban.

Other notables from the Lone Star State included an Arkansas beauty queen, a vibrant mariachi singer and 16-year-old Senni M'mairura, whose rendition of the Jackson 5's "Who's Lovin You" drew raves and left Minaj sputtering about other things that apparently make her feel good: "Candy canes, strawberries, whip cream, rainbows and sunny skies," she said.

Next the judges hopped aboard the Queen Mary in Long Beach, Calif., to see what the West Coast had to offer. That's where Jesaiah Baer, 16, had to contend with an impromptu fire drill but still managed to blaze her way to Hollywood.

Then, after an emotional number from Iraq war veteran Matt Farmer, the episode ended with two powerful stories from young, would-be Idols who've overcome bullying.

Briana Oakley, 16, had to change schools after her classmates turned on her when she found success on a televised talent show. But she won the judges over with her performance Patty Griffin's "Up to the Mountain."

And 21-year-old Matheus Fernandes, who was quite a bit shorter than everyone else in the room, broke down in tears after getting praise from the judges for his version of "A Change Is Gonna Come."

"To me," Randy told him, "You're 10 feet tall."

Thursday American Idol heads to Oklahoma – and next week to Hollywood.

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Sex to burn calories? Authors expose obesity myths

Fact or fiction? Sex burns a lot of calories. Snacking or skipping breakfast is bad. School gym classes make a big difference in kids' weight.

All are myths or at least presumptions that may not be true, say researchers who reviewed the science behind some widely held obesity beliefs and found it lacking.

Their report in Thursday's New England Journal of Medicine says dogma and fallacies are detracting from real solutions to the nation's weight problems.

"The evidence is what matters," and many feel-good ideas repeated by well-meaning health experts just don't have it, said the lead author, David Allison, a biostatistician at the University of Alabama at Birmingham.

Independent researchers say the authors have some valid points. But many of the report's authors also have deep financial ties to food, beverage and weight-loss product makers — the disclosures take up half a page of fine print in the journal.

"It raises questions about what the purpose of this paper is" and whether it's aimed at promoting drugs, meal replacement products and bariatric surgery as solutions, said Marion Nestle, a New York University professor of nutrition and food studies.

"The big issues in weight loss are how you change the food environment in order for people to make healthy choices," such as limits on soda sizes and marketing junk food to children, she said. Some of the myths they cite are "straw men" issues, she said.

But some are pretty interesting.

Sex, for instance. Not that people do it to try to lose weight, but claims that it burns 100 to 300 calories are common, Allison said. Yet the only study that scientifically measured the energy output found that sex lasted six minutes on average — "disappointing, isn't it?" — and burned a mere 21 calories, about as much as walking, he said.

That's for a man. The study was done in 1984 and didn't measure the women's experience.

Among the other myths or assumptions the authors cite, based on their review of the most rigorous studies on each topic:

—Small changes in diet or exercise lead to large, long-term weight changes. Fact: The body adapts to changes, so small steps to cut calories don't have the same effect over time, studies suggest. At least one outside expert agrees with the authors that the "small changes" concept is based on an "oversimplified" 3,500-calorie rule, that adding or cutting that many calories alters weight by one pound.

—School gym classes have a big impact on kids' weight. Fact: Classes typically are not long, often or intense enough to make much difference.

—Losing a lot of weight quickly is worse than losing a little slowly over the long term. Fact: Although many dieters regain weight, those who lose a lot to start with often end up at a lower weight than people who drop more modest amounts.

—Snacking leads to weight gain. Fact: No high quality studies support that, the authors say.

—Regularly eating breakfast helps prevent obesity. Fact: Two studies found no effect on weight and one suggested that the effect depended on whether people were used to skipping breakfast or not.

—Setting overly ambitious goals leads to frustration and less weight loss. Fact: Some studies suggest people do better with high goals.

Some things may not have the strongest evidence for preventing obesity but are good for other reasons, such as breastfeeding and eating plenty of fruits and vegetables, the authors write. And exercise helps prevent a host of health problems regardless of whether it helps a person shed weight.

"I agree with most of the points" except the authors' conclusions that meal replacement products and diet drugs work for battling obesity, said Dr. David Ludwig, a prominent obesity research with Boston Children's Hospital who has no industry ties. Most weight-loss drugs sold over the last century had to be recalled because of serious side effects, so "there's much more evidence of failure than success," he said.

___

Online:

Obesity info: http://www.cdc.gov/obesity/data/trends.html

New England Journal: http://www.nejm.org

___

Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

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Asian shares gain on global recovery outlook

TOKYO (Reuters) - Asian shares advanced on Wednesday as investor confidence in the global economic outlook strengthened on solid U.S. data, giving comfort to investors ahead of the U.S. Federal Reserve's monetary policy decision due later in the session.

Optimism over economic recovery from strong U.S. housing data and China's promising economic growth forecast for 2013 raised expectations for robust demand for fuel and industrial commodities, underpinning oil prices and lifting copper.

European markets are seen pausing after hitting two-year highs, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open nearly flat. A 0.1 percent drop in U.S. stock futures suggested a cautious start on Wall Street. <.l><.eu><.n/>

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rose 0.4 percent, after rising to near a 18-month high, building on the previous day's 1 percent rally. Gains were led by a 1 percent rise in the energy sector <.miapjen00pus>.

London copper added 0.5 percent to $8,146.50 a tonne after hitting $8,159, its highest since January 11, while U.S. crude oil held steady around $97.56 a barrel after rising over 1 percent on Tuesday on expectations of higher demand. Brent inched up 0.1 percent to $114.45.

Shanghai rebar steel futures climbed more than 1 percent to their highest since May on views demand from top steel consumer China will pick up after a week-long holiday in February.

"Sentiment has changed this year, with signs of stabilization in the euro zone, a U.S. economic recovery and a shift to a new Chinese political regime removing obstacles which had stood in the way of investors taking risks last year," said Xiao Minjie, an independent economist based in Tokyo.

"Domestic demand holds the key this year. Beijing's drive to urbanize inner China will boost infrastructure spending while Southeast Asia will also likely see expansion in domestic demand accelerating," he said.

Commodity-reliant Australian shares <.axjo> inched up 0.2 percent to a fresh 21-month high, with rising copper prices bolstering top miners. It was the 10th straight day of gains, the longest winning run since October 2003.

"The bar is set almost embarrassingly low for the vast majority of key macro indicators for the U.S., and anything mildly positive is serving to feed more buying enthusiasm. The prevailing market psyche is easily pleased," said Tim Waterer, senior trader at CMC Markets.

Hong Kong shares <.hsi> jumped 0.8 percent and Shanghai shares <.ssec> rose 0.3 percent.

Japan's Nikkei stock average <.n225> soared 2.3 percent to a fresh 33-month high, partly due to a weaker yen. <.t/>

FED STATEMENT EYED

The 10-year U.S. Treasury yield rose to as high as a nine-month high of 2.021 percent in Asia on Wednesday.

"A big question is whether the Fed is still cautious on the economy following recent improvements in Europe and U.S. fiscal cliff talks," said Hiroki Shimazu, fixed income analyst at SMBC Nikko Securities, adding that a more optimistic Fed economic assessment could pressure Treasuries.

The Fed ends a two-day policy meeting on Wednesday, and few market watchers expect any near-term shift in its current, very accommodative stance.

But investors will focus on the statement for any clues to the Fed's thinking on if and when it might pull back from its aggressive easing stimulus. The minutes from the December meeting, released earlier this month, hinted at uneasiness within the Fed around its asset-buying program and sparked a sell-off in Treasuries and lifted yields up out of ranges.

Morgan Stanley said in a research note that global stimulus efforts and structural reallocation paved the way for a sustained period of asset-price reflation.

"This has three implications: Reflation would lend support to higher-yielding emerging markets assets, safe-haven assets would continue to weaken, and expectations about emerging markets policy would likely shift," it said.

The yen stayed pressured, with the Bank of Japan set to pursue strong monetary easing as Prime Minister Shinzo Abe's administration pushes for radical reflationary policies to end stubborn deflation.

The dollar rose 0.2 percent to 90.93 yen, near its highest level since June 2010 of 91.32 reached on Monday. The euro gained 0.2 percent to 122.66 yen, not far from 122.91 also touched on Monday, its highest point since April.

The prospect of continued weakness in the yen and rising risk appetite lifted the Australian dollar to four-year highs on the yen and New Zealand dollars hovered near a four-year high against the yen.

Aussie rose as high as 95.34 yen while Kiwi rose as high 76.27 yen, close to 76.37 set Friday, its strongest since 2008.

The euro traded at $1.3496, a tad below Tuesday's 14-month high of $1.3498.

Asian credit markets underperformed the region's equities as the spread on the iTraxx Asia ex-Japan investment-grade index widened by 2 basis points on an increase in new issues and some caution before the Fed's statement.

(Additional reporting by Miranda Maxwell in Melbourne, Gyles Beckford in Wellington and Hideyuki Sano in Tokyo; Editing by Eric Meijer & Kim Coghill)

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Israel to Transfer Tax Funds to Palestinians

JERUSALEM — Israel has decided to transfer tax and customs revenues collected last month on behalf of the Palestinian Authority to help ease the economic crisis there, a senior Israeli government official said on Wednesday.

This reverses an earlier decision to use the revenues to offset at least part of the Palestinian debts to Israeli utility companies as a punitive measure following the Palestinians’ successful bid to upgrade their status at the United Nations to that of a nonmember observer state in late November.

But the official emphasized that the decision was “a one-time event” and was “not an indication of what Israel might do next month.”

The decision to transfer the funds came after a meeting on Monday between Prime Minister Benjamin Netanyahu and Tony Blair, the envoy of the so-called quartet of Middle East peacemakers that groups the United States, the European Union, the United Nations and Russia. In a statement after the meeting, both men pledged to work on peace and security issues.

Nour Odeh, a spokeswoman for the Palestinian Authority, said that Palestinian and Israeli officials were scheduled to hold a regular technical meeting on Wednesday where they would calculate the amount of revenues collected and owed. Revenues usually amount to around $100 million a month.

The Palestinian Authority, a self-rule body with limited control over parts of the West Bank, has been in financial crisis for about two years, largely because of a drop in donor funds, and it has been struggling to pay its 150,000 government workers their full salaries on time, leading to growing restiveness and strikes.

Israel’s decision to withhold the transfers after the United Nations move was expected, but special funds pledged by Arab states to the authority as a so-called “safety net” after the diplomatic clash with Israel have not yet materialized.

Israel has withheld transfers of Palestinian tax revenues at least five times before, sometimes for weeks and, after the outbreak of the Palestinian uprising in 2000, for two years. But this was the first time that Israel had used the money, which constitutes about two-thirds of the authority’s income, to pay off Palestinian debts to the Israel Electric Corporation and other Israeli providers without the consent of the authority.

The prime minister of the Palestinian Authority, Salam Fayyad, called in December for a voluntary boycott of Israeli goods by Palestinian consumers in what he called a “logical response” to the Israeli measure because the tax revenues are accrued on Palestinian trade with Israel. The call did not appear have had much impact either in the Palestinian territories or on the Israeli economy.

Israel’s former foreign minister, Avigdor Lieberman, had said in December that it would take four months of tax revenues collected by Israel for the Palestinian Authority to repay its debts. He had threatened that no money would be transferred from Israel to the authority until the debts were paid.

In a statement released by the Palestinian Authority cabinet after a meeting on Tuesday, the withholding of tax revenues was described as “Israeli piracy.” The cabinet said that government workers would be paid the remaining half of their November salaries in the next two days, “if work is resumed in the ministries, at the least by those responsible for executing the salary payment procedures.”

The cabinet also “affirmed the urgency for our Arab brethren to accelerate the implementation of their commitments to support the state treasury,” according to the statement.

Israel is engaged in a delicate balancing act since it does not have an interest in seeing the Palestinian Authority collapse, officials there have said. In the weeks before the United Nations action, they said, Israel advanced money to the Palestinian Authority in response to calls for help and to provide some relief ahead of a Muslim holiday.

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Critical, long-overdue BlackBerry makeover arrives

TORONTO (AP) — BlackBerry maker Research In Motion Ltd. will kick off a critical, long-overdue makeover when chief executive Thorsten Heins shows off the first phone with the new BlackBerry 10 system in New York on Wednesday.

Repeated delays have left the once-pioneering BlackBerry an afterthought in the shadow of Apple’s trend-setting iPhone and Google’s Android-driven devices. There has even been talk that the fate of the company that created the BlackBerry in 1999 is no longer certain.

Now, there’s some optimism. Previews of the BlackBerry 10 software have gotten favorable reviews on blogs. Financial analysts are starting to see some slight room for a comeback. RIM‘s stock has more than doubled to $ 15.66 from a nine-year low in September, though it’s still nearly 90 percent below its 2008 peak of $ 147.

RIM redesigned the system to embrace the multimedia, apps and touch-screen experience prevalent today. The company is promising a speedier device, a superb typing experience and the ability to keep work and personal identities separate on the same phone.

Most analysts consider a BlackBerry 10 success to be crucial for the company’s long-term viability. Doubts remain about the ability of BlackBerry 10 to rescue RIM.

“We’ll see if they can reclaim their glory. My sense is that it will be a phone that everyone says good things about but not as many people buy,” BGC Financial analyst Colin Gillis said.

Jefferies analyst Peter Misek called it a “great device” and said RIM does have some momentum just months after the Canadian company was written off for dead.

“Six months ago we talked to developers and carriers, and everybody was just basically saying ‘We’re just waiting for this to go bust,’” Misek said. “It was bad.”

The BlackBerry has been the dominant smartphone for on-the-go business people and crossed over to consumers. But when the iPhone came out in 2007, it showed that phones can do much more than email and phone calls. Suddenly, the BlackBerry looked ancient. In the U.S., according to research firm IDC, shipments of BlackBerry phones plummeted from 46 percent of the market in 2008 to 2 percent in 2012.

RIM promised a new system to catch up, using technology it got through its 2010 purchase of QNX Software Systems. RIM initially said BlackBerry 10 would come by early 2012, but then the company changed that to late 2012. A few months later, that date was pushed further, to early 2013, missing the lucrative holiday season. The holdup helped wipe out more than $ 70 billion in shareholder wealth and 5,000 jobs.

Although executives have been providing a glimpse at some of BlackBerry 10′s new features for months, Heins will finally showcase a complete system at Wednesday’s event. Devices will go on sale soon after that. The exact date and prices are expected Wednesday.

Regardless of BlackBerry 10′s advances, though, the new system will face a key shortcoming: It won’t have as many apps written by outside companies and individuals as the iPhone and Android. RIM has said it plans to launch BlackBerry 10 with more than 70,000 apps, including those developed for RIM’s PlayBook tablet, first released in 2011. Even so, that’s just a tenth of what the iPhone and Android offer. Popular service such as Instagram and Netflix won’t have apps on BlackBerry 10.

Gillis said he’ll be looking to see when RIM releases a keyboard version of the new phone. The first BlackBerry 10 phone will have only a touch screen. RIM has said a physical keyboard version will be released soon after. He said a delay could alienate RIM’s 79 million subscribers.

“The No. 1 feature that they like is the physical keyboard,” Gillis said.

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Ashley Judd Splits from Husband Dario Franchitti

01/29/2013 at 08:05 PM EST

Ashley Judd and Dario Franchitti

Robin Marchant/Wireimage

Ashley Judd and Dario Franchitti are splitting after more than a decade of marriage.

"We have mutually decided to end our marriage. We'll always be family and continue to cherish our relationship based on the special love, integrity, and respect we have always enjoyed," Judd, 44, and Franchitti, 39, tell PEOPLE exclusively in a statement on Tuesday.

After being engaged for about two years, the Missing star and the racecar driver tied the knot in a highly private ceremony in Scotland in 2001.

Judd's sister, Wynonna Judd, served as maid of honor, while the groom's brother Mario was the best man. – Julie Jordan

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Asian shares rally, eye Fed, U.S. data

TOKYO (Reuters) - Asian shares rallied on Tuesday as recent selling drew bargain hunters ahead of more U.S. economic data and a Federal Reserve policy decision later in the week that may offer clues to the Fed's stimulus plans.

European markets were seen following Asia higher, with financial spread-betters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open up as much as 0.3 percent.

U.S. stock futures were up 0.1 percent, hinting at a firm Wall Street start. <.l><.eu><.n/>

Solid U.S. earnings and an improving U.S. business spending gauge have combined with a recent run of positive global economic data, along with signs of easing financial stress in the euro zone, putting upwards pressure on Treasury yields.

Further signs of brightening U.S. growth prospects would fuel speculation the Fed may consider pulling back on aggressive easing stimulus. The Fed ends a two-day policy meeting on Wednesday.

The first estimate of U.S. fourth-quarter gross domestic product also will be released on Wednesday, followed by non-farm payrolls on Friday.

Few expect any immediate change to the Fed's very accommodative monetary stance while other central banks such as the Bank of Japan also embark on fresh easing to help spur economic activities. India's central bank cut interest rates on Tuesday for the first time in nine months.

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rallied 0.9 percent to snap a four-day losing streak, led by a 1.1 percent jump in Australian shares <.axjo> to a fresh 21-month high on gains in financial shares.

"It seems that a lower interest rate environment is starting to improve confidence among the Australian business community. Mix this in with the China rebound and we have a sharp rise in confidence," said Ben Taylor, sales trader at CMC Markets.

South Korean shares <.ks11>, which slumped to an 8-week low on Monday, rebounded 0.8 percent.

Japan's Nikkei stock average <.n225> reversed earlier declines and closed up 0.4 percent, buoyed by optimism over earnings of major banks. <.t/>

"With yields on U.S. Treasury and German government bonds inching higher, one might say investors may be shifting funds to riskier assets from safe-havens," said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.

The benchmark U.S. 10-year note yield briefly pierced 2 percent on Monday for the first time since last April, and inched up 2.5 basis points (bps) in Asia from New York close. The 10-year Japanese government bond yield also rose.

Naka Matsuzawa, fixed income strategist at Nomura Securities, said in research note that a sell-off in 5-year Treasury notes over the last two days "would not have occurred unless expectations of an economic recovery have gained ground to the extent that the monetary policy outlook begins to change."

"The market is aware that risks are toward more hawkish FOMC statements in the future rather than dovish ones," considering a pick-up in the U.S. economic recovery and stock market rally, as well as the underlying global risk-on trend, he said.

STUBBORN YEN

Yen selling paused, helping to bolster the benchmark South Korean stock index which is vulnerable to exchange rate swings as exporters lead market capitalization.

The dollar fell 0.1 percent to 90.78 yen after touching 91.32 on Monday, its highest level since June 2010, while the euro recouped earlier losses against the yen to steady around 122.10 yen after hitting 122.91 on Monday, its highest point since April.

The euro was at $1.3450, not far from an 11-month high of $1.3480 hit on Friday.

The euro's strength sharply contrasted with the crumbling pound, which has been pressured by worries about the weak UK economy, prospects of more monetary easing by the Bank of England and the UK's unclear role within the European Union.

The euro extended its recent stellar run to hit 0.8575 sterling, its highest since late 2011, on Tuesday. The pound fell to $1.5687, near a five-month low.

"The UK is a small open economy that has benefited from capital inflows because it is not in the euro area but is in the EU. The former is less helpful now, the uncertainty about the latter is a clear negative. The result could be to take EUR/GBP close to 0.90 before long-term downtrend resumes," said Kit Juckes, FX strategist at Societe Generale in a note.

Commodities were underpinned by a more positive global growth outlook.

"I don't think there's much downside risk," said Tetsu Emori, a commodities fund manager at Astmax Investments in Tokyo. "I think economic data out of the United States has improved, so I don't think there are any negative factors in the market."

U.S. crude rose 0.4 percent to $96.80 a barrel and Brent inched up 0.1 percent to $113.64.

London copper gained 0.4 percent to $8,078 a tonne.

Gold inched up 0.4 percent to $1,661.95 an ounce but was capped by receding investor appetite for safe-haven assets.

Asian credit markets lagged the region's rallying equities, pushing the spread on the iTraxx Asia ex-Japan investment-grade index wider by 2 basis points.

(Additional reporting by Jessica Jaganathan in Singapore and Thuy Ong in Sydney; Editing by Eric Meijer & Kim Coghill)

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