Barnes & Noble's earnings slide on declining Nook business

The Nook is having some trouble.

(Credit:
James Martin/CNET)

Barnes & Noble had a rough fiscal third quarter -- the three-month period ended January 26 -- due mainly to its ailing Nook operation.

During the period, Barnes & Noble snagged $2.2 billion in revenue, down 8.8 percent compared to the same period last year. The company's earnings before interest, taxes, depreciation, and amortization slumped 63 percent from $150 million last year to $55.5 million this year.

The big decline in its operation during the period was its Nook business. Revenue in its Nook division, which includes its e-reader and related services, hit $316 million, down 26 percent compared to the prior year. That division's losses widened by 130 percent from $82.8 million to $190.4 million.

Barnes & Noble has been indicating that its Nook business is in trouble for months. The company in January reported that its Nook operation "fell short of expectations" after a relatively strong
Black Friday weekend.

In an attempt to improve its Nook business, Barnes & Noble and Microsoft signed a deal that made them joint owners of the Nook operation. Pearson earlier this year signed up for the joint venture with 5 percent ownership. Still, the division is in a state of flux.

Another part of Barnes & Noble that's in a state of flux is its retail business. Just yesterday, the company announced that its founder Leonard Riggio, offered up a plan to purchase all of the assets in its retail operation. In a statement today on the matter, Barnes & Noble said that it's planning to evaluate the proposal, but cautioned that there "can be no assurance" that a deal might happen.

Barnes & Noble's retail operation was another troublesome operation in the third quarter. Revenues were down 10.3 percent year-over-year to $1.5 billion. Earnings, however, jumped 7.3 percent to $212 million.

Barnes & Noble's shares are down 2.2 percent in pre-market trading following today's earnings announcement.

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Five major psychiatric disorders linked in new study

(CBS News) An international group of scientists have identified genetic links between five major psychiatric disorders, including autism, ADHD, bipolar disorder, depression and schizophrenia.

Their study, published in the medical journal Lancet, could change how we understand and treat the illnesses.

For the first time, researchers were able to see if there are any genetic variants that are linked to not just one of those disorders, but to all five. "And there were," Dr. Jordan Smoller, one of the lead researchers in the study, said on "CBS This Morning."

Smoller, a psychiatry professor at Massachusetts General Hospital, explained, "There were several regions of the genome, several variations that seemed to increase the risk for all five. It's important to realize, of course, that this is a small part of the genetic component of these disorders, but it points to a shared biology."

The researchers took this approach because disorders often cluster in families. Smoller added, "It's not only that, we sometimes see the same family being affected with multiple kinds of disorders, so there was some evidence that there would be shared links, but this is the first time we've been able to see specific DNA variations."

Will the study affect how we treat these disorders?

"Well, not immediately," Smoller said. "But one of the interesting findings from the study was that genes involved in how calcium channels operate in the brain. These are important for how brain cells communicate. It seemed to be associated with all of these disorders, so it raises the possibility that treatments that target those channels might have broad effects."

But just because you have family members that have one of these disorders doesn't mean you will develop a disorder, Smoller explained. "We do know that all psychiatric disorders do seem to run in families to a degree," he said. "We also know that genes are not destiny. It is not the entire picture. But the hope is that we're going learn something fundamental about how these disorders occur."

Asked if eventually predicting these disorders is possible, Smoller said, "We're not there yet, but the more we learn about the genetic and non-genetic causes of these disorders, the better position we're going to be to know who might be at risk and what we might be able to do."

For more with Smoller, watch the video in the player above.

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Why Should We Care? The Politics of Picking a Pope

Feb 28, 2013 9:34am

                             (Image Credit: L’Osservatore Romano/Vatican/Getty Images)

ANALYSIS

VATICAN CITY – In a U.S presidential campaign, the New Hampshire primary is thought of as “retail politics,” where the candidates actually get to meet and have contact with real voters.

That’s Walmart, compared to a Vatican conclave. This process is more of a boutique.

READ MORE: Benedict XVI Begins Final Day as Pope

All the voters and all the viable candidates can fit into one room. In some cases, they have known each other – or known “of” each other – for years. In some cases, they have worked with (or against) each other in the daily management of the church.

It’s not just the fancy costumes, the churchly rituals or the sweep of history that makes this process so fascinating. There’s also the sheer human drama of it all.

VIDEO: Pope Benedict’s Last Sunday Prayer Service

For the 115 men planning to take part in the conclave to elect a pope, all of whom have devoted their lives to the Catholic church, this choice might well be the most important contribution they make. A lifetime of service reduced to a single election.

It’s also crucial for the world’s 1.2 billion Roman Catholics.

The new pope will set the tone of the institution on issues of life and death: abortion, birth control, genetic medicine, euthanasia and more.

He’ll frame the church’s role in the moral debate about the way we live our lives, as individuals and as families. Divorce, gay rights, adoption, education, the role of women (not least in the church) are all areas in which previous pope’s have exerted tremendous influence.

He’ll instantly be the most powerful spiritual leader in the world, a global ambassador for Christian values (however he and the rest of the church interpret that mandate).

9 Men Who Could Replace Pope Benedict XVI

Will he be able to win over a wayward flock? Many have left the church, bitterly disappointed by the betrayal of pedophile priests, the mismanagement of arrogant administrators or even what they perceive as the institution’s irrelevance in the modern era.

At its best, the church is a voice of compassion and social justice. But it has also, at times, been a voice of intolerance, as well as a bastion of the status quo.

On one level, this is local politics. Each voting cardinal – even the ones who live thousands of miles away – has a titular church, an actual church here in Rome assigned to them where they officially serve as the pastor. So the conclave represents the Roman clergy’s electing the next Bishop of Rome.

At another level, it’s global. Prelates from 50 countries do their best to discern (through the guidance of the Holy Spirit) how to make the universal church thrive in a new millennium.

Win or lose in a presidential election, we all know it’ll start all over again in four years’ time. There are checks and balances too, so, for better or worse, “change” tends to be largely a campaign slogan.

It would be sheer exaggeration to say any presidential contest were a battle for the soul of the United States.

But in a very real way that’s what this process is for the world’s largest church.

SHOWS: Good Morning America World News

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Portugal seizes 79 tonnes of meat containing horse

LISBON: Portuguese authorities said they had launched fraud proceedings after seizing 79 tonnes of wholesale food and thousands of packaged meals that contained horsemeat despite not being labelled with it.

The 79 tonnes of "meat and meat-based products" were seized in plants that processed, packaged and distributed meat to supermarkets, the government's Economic and Food Safety Authority said in a statement.

Authorities also seized nearly 19,000 packets of food "such as lasagne, hamburgers, canneloni and meatballs" in retail and distribution outlets, said the statement published on Tuesday.

Five criminal cases of fraud were opened over the seizures, it added, without giving further derails.

A vast food scandal has erupted across Europe after horsemeat was found in supposedly beef ready-made meals and burgers in Britain and Ireland.

Among various companies implicated in the scandal, Swiss food giant Nestle last week withdrew dishes destined for restaurants in Portugal, Spain and Italy.

- AFP/xq

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Lily Cole's social network Impossible starts granting wishes in April

Model Lily Cole attends a photo call to announce the winners of the Gatwick Runway Models competition at Gatwick Airport North Terminal on Aug.6, 2010, in London.

(Credit:
Photo by Chris Jackson/Getty Images)

A social network based on making wishes and helping others, backed by Lily Cole and Jimmy Wales, is to launch in April -- but first, it's helping Oxbridge students help each other.

I caught up with the folks behind 'altruistic social network' Impossible at mobile industry bunfest Mobile World Congress in Spain. Before it launches to the public in April, Impossible will run as a closed beta among students of Oxford and Cambridge Universities, Britain's most august seats of drinking learning.

Model, actress, and occasional Time Lord-bothering sea creature Lily Cole conceived the selfless social network. Members 'make a wish', publishing something they need or want to do, like learning Spanish. Other members in the local area then offer to help.

It doesn't have to be reciprocal -- if someone teaches you los lingo, you don't necessarily have to do anything for them. Instead, they're rewarded with the warm glow of a selfless act, and within Impossible they're awarded a 'thank you'.

I saw a rough demo version of the site and mobile app, in which a wish, represented by a block of text, is converted to a thank you, represented by a lovely picture. Collecting a thank you forms a sort of currency or rating -- like your eBay feedback number -- although there's no plans to make it possible to spend them. Instead you rack up the thanks just to show what a jolly wonderful person you are.

One could argue that putting a number on how much you help people isn't entirely altruistic. Still, it's a noble idea, and we like the idea of meeting new people based on a desire to help others. If you're feeling helpful, click play on the video below to see Lily explain more, or sign up for email alerts at Impossible.com.

For the latest smartphones,
tablets and other cool stuff -- including a Wi-Fi coffee machine, a 21st century walking stick, and a Spotify app with a car attached -- check out our in-depth news, previews and videos from Mobile World Congress.

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Gun control fight entering final round in Senate

Senate lawmakers this week are beginning what appears to be their final push to pass gun control legislation in response to the deadly massacre at a Newtown, Conn., elementary school in December.

On Wednesday, Sen. Dianne Feinstein, D-Calif., is chairing a Senate Judiciary Committee hearing on the "Assault Weapons Ban of 2013," which she introduced last month. The following day, the Judiciary Committee plans to consider the assault weapons ban, which would also ban high-capacity ammunition magazines, as well as three other bills. 

The assault weapons ban is seen as having virtually no chance to get through Congress. The decision by Senate Judiciary Committee Chairman Patrick Leahy, D-Vt., to nonetheless consider it in committee signals that the Senate is taking a piecemeal approach to passing gun control legislation, rather than trying to pass a comprehensive bill. That's because the assault weapons bill, which has a good chance to clear the committee, would almost certainly drag down the other gun control legislation if it were part of a comprehensive package presented to the full Senate. Feinstein herself acknowledged this week that her bill faced "very tough" prospects on the Senate floor.

The other gun control bills scheduled to be taken up Thursday are a Leahy-backed measure to combat illegal arms trafficking; a bill sponsored by Sen. Barbara Boxer, D-Calif., focused on school safety; and a bill mandating universal background checks sponsored by Sen. Chuck Schumer, D-N.Y.  

Because Judiciary Committee rules allow any senator to ask for a one-week delay, it is likely the markup will be postponed until March 7. (A spokesman for the ranking member of the committee, Sen. Charles Grassley, R-Iowa, said in a statement that no decision had been made but that "there are some shenanigans going on" because a final version of Schumer's bill has yet to be introduced.) The Judiciary Committee will put together final versions of the bills and vote on them, and the Senate leadership can then decide how to bring them to the Senate floor for consideration.

Schumer has been working with Sen. Tom Coburn, R-Okla., and two other senators to reach compromise on the background check bill. The parties have reached an impasse over the issue of whether gun sellers should be forced to keep a record of gun sales.

By law, the federal government must destroy evidence of background checks within 24 hours - otherwise, some argue, the government would have a de facto federal gun registry. Schumer thus argues that sellers should be required to maintain a record of the sale.

The idea is that if a gun is used in a crime and is traced to the seller, the seller would be able to produce a record of the transaction. That incentivizes the seller to perform the background check. That's because he would be in trouble if he sold the weapon to someone who the government could show would have failed a background check.

Jim Kessler of the centrist-Democratic think tank Third Way, who was formerly with Americans for Gun Safety, called the records "critically important."

"It is very difficult to enforce a universal background check law without being able to ask someone to prove that they did the background check," he said.

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Pope Thanks Crowd in Final Address

On his final full day as the leader of the Roman Catholic Church, Pope Benedict XVI thanked a huge crowd for respecting his historic decision to step down and told them that God will continue to guide the church.

"The decision I have made, after much prayer, is the fruit of a serene trust in God's will and a deep love of Christ's Church," Benedict said to cheers in his last public words as pope.

Benedict, 85, is the first pope to resign in 600 years. He told the crowd today that he was "deeply grateful for the understanding, support and prayers of so many of you, not only here in Rome, but also throughout the world."

Pope Benedict's Last Sunday Prayer Service

Under sunny skies on this late February day, hundreds of thousands of people, some waving flags, some banners, flocked to Vatican City to see Benedict make a final lap around St. Peter's Square. Throughout his eight-year papacy, Benedict has conducted a weekly audience from St. Peter's. Before delivering his last papal address today, Benedict waved to the festive group of supporters as he toured the square in his glass-encased popemobile.

The city of Rome planned for more than 200,000 people to head to the Vatican for today's event. Streets around St. Peter's were blocked off to cars as pedestrians from around the world headed to the square.

The Conclave: Secret World of Picking the Pope Watch Video

Papal Appearance: Faithful Flock to Saint Peter's Square Watch Video

9 Men Who Could Replace Pope Benedict XVI

The conclave to elect Benedict's replacement will start next month at a date yet to be determined. Benedict issued a decree known as a "motu poprio" that will allow cardinals to convene the conclave sooner than the March 15 date that would have been mandated under the old rules.

Benedict today asked the faithful to pray for him and for the new pope.

"My heart is filled with thanksgiving to God who ever watches over his church," Benedict said.

The German-born Benedict, who had appeared frail at times in recent months, seemed more energized in his remarks today. He has said he will devote more time to prayer and meditation after he leaves the papacy.

Benedict will meet Thursday with his cardinals in the morning and then flies by helicopter at 5 p.m. to Castel Gandolfo, the papal residence south of Rome. Benedict will greet parishioners there from the palazzo's balcony, his final public act as pope.

Then, at 8 p.m., the exact time at which his retirement becomes official, the Swiss Guards standing outside the doors of the palazzo at Castel Gandolfo will go off duty, their service protecting the head of the Catholic Church finished.

In retirement, Benedict will continue to wear white and will be called "Pope Emeritus," or the "Supreme Roman Pontiff Emeritus" or "Your Holiness," the Vatican announced Tuesday. Benedict will ditch his trademark red shoes, opting for a pair of brown shoes given to him on a trip to Mexico. But he will still reside on Vatican grounds in a former nunnery.

Benedict's final days as pope have been marked by controversy. For nearly a week now Italian newspapers speculated that Benedict really resigned because of a dossier he was given detailing a sex and blackmail scandal in the Catholic Church. The Italian media news reports do not state any attribution.

It turns out a dossier does exist. The Vatican spokesman Monday underscored that the contents of the dossier are known only to the pope and his investigators, three elderly prelates whom the Italian papers have nicknamed "the 007 cardinals."

But the dossier itself will remain "For the Pope's Eyes Only."

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Impact of China's demand for iron ore on shipping industry

SINGAPORE : China's appetite for iron ore may be among the few bright spots for the shipping industry this year, although there are still many empty vessels plying the waterways.

Analysts have said that those unable to wait out the recovery are likely to go under.

After years of low freight rates, overcapacity and few cargoes, dry bulk shipping firms are finally seeing the light on the horizon.

Credit Suisse predicts China's appetite for iron ore will grow 11 per cent this year, fuelling a pick-up for shippers.

Credit Suisse expects this to spur global commodity demand to 5.3 per cent, from 4.8 per cent last year.

Mercator Lines (Singapore) believes 2013 may be a turning point.

During its third quarter, the dry bulk shipping company was forced to lower its debt by selling one vessel, and terminating settlement agreements with two of its chartered vessels in advance.

Shalabh Mittal, CEO of Mercator Lines (Singapore), said: "We have seen the worst in 2012. 2013 will be more of consolidation...We have already seen the current freight rates are better than 2012's average. So even though it is a very small increase from a very small base, the sentiments reflect that the growth in trade is happening."

But that does not mean a quick turnaround for the global market.

Industry watchers expect overcapacity rates to remain high.

ICAP Shipping said there is still an oversupply of about 16 per cent in the dry cargo market.

Christopher Jones, director of Sale & Purchase at ICAP Shipping, said: "This year, we do not see too much of an improvement. One of the key factors is the oversupply of tonnage in all sectors.

"Freight rates are still lolloping and we seize on any kind of upturn, but analysing ore trades into China for example, they are very slack at the moment because of the high price of iron ore."

ICAP Shipping added that unless more older vessels exit the market by 'scrapping', or the demolition of old ships, market fundamentals are not going to return to equilibrium anytime soon.

Meanwhile, others unable to hold out will either have to fold or find a more profitable business to operate in, like oil and gas.

Patrik Wheater, editor of Shipping World & Shipbuilder, said: "We are seeing a lot of diversification in the shipbuilding side. Shipyards, either building bulk carriers, tankers, that market is not as good as it once was, so they need to diversify and look at other segments and the oil and gas segment is a saving grace for some yards.

"Although last year 900 Chinese shipyards closed, more shipyards are likely to close in China this year."

So far in 2013, the Baltic Dry Index (BDI), the key benchmark for international freight rates, has risen 6.4 per cent, a minor recovery at least, from last year's near 60 per cent slump.

- CNA/ms

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Windows 8 $15 upgrade registration ends Thursday

Registration for the Windows 8 $15 upgrade offer expires this Thursday.

(Credit:
Screenshot by Lance Whitney/CNET)

Those of you who recently bought a Windows 7 PC can score Windows 8 for just $15 but you'll have to register before Thursday.

To drum up interest in its latest OS, Microsoft cooked up a couple of upgrade deals last year.

The first one allowed any user of Windows 7, Vista, or XP to upgrade to Windows 8 for $39.99. That deal ended on January 31.

The second one lets people who bought a
Windows 7 PC between June 2 of last year and January 31 of this year get
Windows 8 Pro for just $14.99. Though that deal expired last month, you can still register for it, but you'll have to act before this Thursday, February 28.

The registration process prompts you for your contact information as well as the brand and model of your Windows 7 computer, the retailer, and the date on which you bought it. The process may also ask for your Windows 7 license key.

Assuming your PC checks out, you then receive an e-mail with a promo code and a link for the Windows 8 upgrade. The link downloads the Windows 8 Upgrade Assistant, which you run on your Windows 7 PC to pay for the product and install the software.

What if you want to take advantage of the $14.99 deal but don't want to upgrade to Windows 8 right now?

You can download the upgrade and simply store the installation files on a USB stick or burn them onto a DVD from an ISO file. You can then install the upgrade anytime you want and on any PC you want. One of my previous articles explains the entire process for creating the Windows 8 installation media.

Following Thursday's registration cutoff, Windows 8 jumps in price for virtually everyone -- $119.99 for the regular edition and $199.99 for the Pro version. Only students will still be able to score a discount.

So even if you're on the fence about the new OS, those of you who qualify for the $14.99 deal may want to register for it while you still have time.

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At least 18 tourists die in balloon crash in Egypt

Updated 9:02 a.m. EST

LUXOR, Egypt A hot air balloon flying over Egypt's ancient city of Luxor caught fire and crashed into a sugar cane field on Tuesday, killing at least 19 foreign tourists, a security official said. The death toll rose Tuesday afternoon after a British tourist died of his injuries.

It was one of the worst accidents involving tourists in Egypt and is likely to push the key tourism industry deeper into recession.

The casualties included French, British, Belgian, Hungarian, Japanese nationals and nine tourists from Hong Kong, Luxor Governor Ezzat Saad told reporters.

Three survivors of the crash -- two British tourists and one Egyptian -- were taken to a local hospital. Local media reports said the pilot was among the survivors. One of the British tourists eventually succumbed to his injuries.

According to the Egyptian security official, the balloon was carrying at least 20 tourists and over Luxor when it caught fire, which triggered an explosion in its gas canister. It then plunged at least 1,000 feet from the sky.

The balloon crashed into a sugar cane field outside al-Dhabaa village just west of Luxor, 320 miles south of Cairo, said the official, speaking on condition of anonymity because he was not authorized to talk to the media.

Egyptians inspect the site where a hot air balloon exploded over the ancient temple city of Luxor on February 26, 2013.

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STR/AFP/Getty Images

Bodies of the dead tourists were scattered across the field around the remnants of the balloon. An Associated Press reporter at the crash site counted eight bodies as they were put into body bags and taken away. The security official said all 18 bodies have been recovered.

The official said foul play has been ruled out.

Egypt's civil aviation minister, Wael el-Maadawi, flew to Luxor to lead the investigation into the crash.

The head of Japan Travel Bureau's Egypt branch, Atsushi Imaeda, confirmed that four Japanese died in the crash. He said two were a couple in their 60s and from Tokyo. Details on the other two were not immediately available.

In Hong Kong, a travel agency said nine of the tourists that were aboard the balloon were natives of the semiautonomous Chinese city. There was a "very big chance that all nine have perished," said Raymond Ng, a spokesman for the agency. The nine, he said, included five women and four men from three families.

They were traveling with six other Hong Kong residents on a 10-day tour of Egypt.

Ng said an escort of the nine tourists watched the balloon from the ground catching fire around 7 a.m. and plunging to the ground two minutes later.

In Britain, tour operator Thomas Cook confirmed that two British tourists were dead and two were in hospital.

"What happened in Luxor this morning is a terrible tragedy and the thoughts of everyone in Thomas Cook are with our guests, their family and friends," said Peter Fankhauser, CEO of Thomas Cook UK & Continental Europe.

"We have a very experienced team in resort with the two guests in the local hospital, and we're providing our full support to the family and friends of the deceased at this difficult time," he said.

In Paris, a diplomatic official said French tourists were among those involved in the accident, but would give no details on how many, or whether French citizens were among those killed.

Speaking on condition of anonymity because he wasn't authorized to be publicly named according to government policy, the official said French authorities were working with their Egyptian counterparts to clarify what happened. French media reports said two French tourists were among the dead but the official wouldn't confirm that.

Hot air ballooning, usually at sunrise over the famed Karnak and Luxor temples as well as the Valley of the Kings, is a popular pastime for tourists visiting the area.

The site of the accident has seen past crashes. In 2009, 16 tourists were injured when their balloon struck a cellphone transmission tower. A year earlier, seven tourists were injured in a similar crash.

Egypt's tourism industry has been decimated since the 18-day uprising in 2011 against autocrat leader Hosni Mubarak and the political turmoil that followed and continues to this day.

Luxor's hotels are currently about 25 percent full in what is supposed to be the peak of the winter season.

Scared off by the political turmoil and tenuous security that has followed the uprising, the number of tourists coming to Egypt fell to 9.8 million in 2011 from 14.7 million the year before, and revenues plunged 30 percent to $8.8 billion.

Poverty swelled at the country's fastest rate in Luxor, which is highly dependent on visitors to its monumental temples and the tombs of King Tutankhamun and other pharaohs. In 2011, 39 percent of its population lived on less than $1 a day, compared to 18 percent in 2009, according to government figures.

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