Carpe Twitter: Vatican tweets on new Latin academy
















VATICAN CITY (Reuters) – A senior Vatican cardinal tweeted in Latin on Wednesday to urge people to attend the inauguration of, you guessed it, the Holy’s See’s new Academy for Latin Studies.


“Hodie una cum Ivano Dionigi novam aperiemus academiam pontificiam latinitatis a Benedicto conditam, hora XVII, via Conciliationis V,” was the tweet by Cardinal Gianfranco Ravasi.













The approximate translation: “Today at 5 p.m., along with Ivano Dionigi, we will open the new Pontifical Academy for Latin Studies founded by Benedict. Via della Conciliazione, 5.”


It was not the first tweet in Latin – an Italian professor has been doing it for some time – but evidently Ravasi wanted to seize the day, or “carpe diem”.


The pope earlier this month announced that he had instituted the Pontifical Academy for Latin Studies, placing it under the auspices of the Vatican’s ministry for culture.


Dionigi, a Latin scholar who is rector of Bologna University – widely recognized to be the world’s oldest – is the academy’s first president.


The pope started the academy to promote the study and use of Latin in the Roman Catholic Church and beyond.


When instituting the academy, the pope said Latin, which is still the official language of the universal Church, was the subject of renewed interest around the world and the academy was mandated to encourage further growth.


(Reporting By Paolo Biondi and Philip Pullella)


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Chevy Chase Exiting “Community”
















NEW YORK (TheWrap.com) – Chevy Chase is leaving “Community” after a rocky run on the NBC series.


The actor is leaving by mutual agreement with the show’s producers, a person close to the show told TheWrap. He will appear in most of the 13 episodes of the show’s upcoming fourth season, but not the final one or two episodes.













Chase had a very public feud with former showrunner Dan Harmon that included Harmon airing an angry rant by Chase. The situation hardly improved when new showrunners Moses Port and David Guarascio took over this season.


The original “Saturday Night Live” player reportedly used the N-word last month in an on-set rant complaining about the racism of his character, Pierce Hawthorne. Chase asked how far the character’s bigotry would go, and whether he would be forced to say the word. He later apologized.


Chase made little effort to hide his mixed feelings about the show, telling the Huffington Post in March, “I probably won’t be around that much longer, frankly.”


“I have creative issues with this show,” he said. “I always have. With my character, with how far you can take character … just to give him a long speech about the world at the end of every episode is so reminiscent. It’s like being relegated to hell and watching ‘Howdy Doody‘ for the rest of your life. It’s not particularly necessary, but that’s the way they do these things. I think it belies the very pretenses that his character, Jeff, has, that he’s giving these talks. They’re supposed to, in some way, be a little lesson to people who watch sitcoms … to that degree, I can’t stand sitcoms. … I think, if you know me and my humor over the years, you know that this is certainly not my kind of thing.”


“Community” returns February 7.


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Ob-Gyns: Sell ‘The Pill’ Over The Counter
















Women’s health and reproductive rights experts are lining up to lend support to the push to make oral contraceptives available without a prescription.


This week, the American College of Obstetricians and Gynecologists issued a committee opinion, calling for the switch.













The aim is to increase access and lower the unintended pregnancy rate, which has held steady at 50% in the U.S. for two decades.


RELATED: Affordable Care Act Won’t End Disparities


“I think it’s great,” says Jeff Peipert, MD, PhD, the Robert J. Terry professor of obstetrics and gynecology at Washington University in St. Louis. “These pills are very, very safe. Pregnancy is far riskier than taking a birth control pills. In fact aspirin has greater health risks than the birth control pill.”


“I think the benefits outweigh any downsides,” says Dan Grossman, MD, vice president for research at  Ibis Reproductive Health, a nonprofit organization dedicated to research and the promotion of reproductive rights and women’s health.


Ibis issued a statement applauding the move.


Easier access to birth control pills should help reduce the U.S. unintended pregnancy rate, according to the ACOG.  The price tag for U.S. taxpayers is about $ 11.1 billion every year.


No birth control pills are currently available over the counter. Emergency contraception (such as Plan B) is sold over the counter.


Making the pill available over the counter will reduce or remove two barriers–access and convenience, the doctors say. Teens who may be reluctant to ask a family doctor for the pill would have access.


How it will affect the barrier of cost remains to be seen. On average, the cost for birth control pills is about $ 16 a month, surveys suggest.


Some women could be affected adversely if the pills goes over-the-counter and they lose insurance coverage. While the U.S. Department of Health and Human Services guidelines require new private health plans to cover, cost-free, all FDA-approved contraceptive methods, it is not clear how those guidelines will play out. Medicaid is exempted.


RELATED: Pediatrician Group Urges Doctors To Offer Teens Emergency Birth Control In Advance


“But it’s important to remember this would [if approved by the FDA] add another way to access birth control–it wouldn’t eliminate any existing ways,” Grossman tells Take Part. “Women who want to go to a doctor [for their contraceptives] would still have that option.”


In a video released by ACOG along with the announcement, it emphasizes the importance of an annual ”well woman” visit to her doctor, regardless of  how a woman gets her birth control method.


Research suggests that those who get birth control pills without a prescription will still see their doctor for screening and other preventive health needs.


One oft-mentioned risk of oral contraceptives–blood clots–is low, the ACOG says, “and significantly lower than the risk of blood clots during pregnancy and the postpartum period.”


Women are able to determine their own health risks and decide if they should or should not take the pill, according to ACOG.


The process of reclassifying drugs from prescription to over-the-counter status is regulated by the Food and Drug Administration. It relies on its advisory panels to make the decision.


That takes time, of course. “I think the timeline might be two to four years,” Grossman says.


The complete opinion by the college is published in the December 2012 issue of the journal Obstetrics & Gynecology.



Kathleen Doheny is a Los Angeles journalist who writes about health. She doesn’t believe inmiracle cures, but continues to hope someone will discover a way for joggers to maintain their pace.


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HSBC China flash PMI at 13-month high as growth quickens
















BEIJING (Reuters) – China‘s vast manufacturing sector saw expansion accelerate in November for the first time in 13 months, preliminary results from a factory survey showed, a sign that the pace of economic growth has revived after seven consecutive quarters of slowdown.


The China HSBC Flash Manufacturing Purchasing Managers Index (PMI) rose to a 13-month high of 50.4 in November, the latest indicator of recovery in the real economy after data showing solid credit growth, firmer exports and rising industrial output in the previous month.













A sub-index measuring output rose to 51.3, also the highest since October 2011.


“This reflects that conditions for smaller firms, especially exporters, are looking up,” said Li Wei, a Shanghai-based economist for Standard Chartered. “The consensus in the market is already for a small, gradual improvement.”


An uptick in key economic activity indicators in October, following encouraging signs in September, cemented the view of many analysts and investors that a rebound in the world’s second largest economy gathered momentum as it entered the fourth quarter, thanks to a raft of pro-growth policies rolled out by the government over recent months.


China is currently shuffling its senior officials after the seven top leaders of the ruling Communist Party were selected at a congress last week. The new appointments should end months of uncertainty in the highest ranks, although economic policy is not expected to change abruptly in the near-term.


Even before the congress, the central bank had moved to ease liquidity by pumping short-term cash into money markets rather than resorting to the interest rate cuts or reduction in banks’ required reserve ratios that many investors had expected.


STEADY THROUGH YEAR-END


This month’s PMI reading above 50 is likely to be seen as a turning point by the market, particularly if it is born out by the final reading due on December 1 and by official indicators.


Asian shares <.MIAPJ0000PUS> extended gains slightly after the data to stand up nearly 1 percent on the day and the Australian dollar, sensitive to demand from the biggest customer for Australia’s resources, rose as far as $ 1.04.


“This confirms that the economic recovery continues to gain momentum towards the year-end,” Qu Hongbin, chief China economist at index sponsor HSBC, said in a statement accompanying the data.


“However, it is still the early stage of recovery and global economic growth remains fragile. This calls for a continuation of policy easing to strengthen the recovery.”


With a one-month exception in October 2011, the HSBC PMI — which largely reflects the private manufacturing sector — has remained stubbornly below the 50-point level separating accelerating from slowing growth since June 2011.


Unlike the patchy results seen in previous months, in November almost all the sub-indices in the HSBC survey concurred in showing an improving economy.


The one exception was a fall in the sub-index measuring output prices, demonstrating that manufacturers are still struggling with overcapacity and relatively weak domestic demand.


That could also reflect the weight in the survey of exporting firms, which have less ability to raise sales prices, said Standard Chartered’s Li.


Indeed, China’s exporters are increasingly squeezed by rising domestic costs and competition from new international suppliers, Zhou Haijiang, head of Chinese textile exporter Hodo Group, told reporters this month.


“Not only Western countries manufacture industrial goods, but also a lot of developing countries including former socialist countries who now have market economies are all exporting, thus creating a global surplus that cannot be changed,” Zhou said.


“Because of this it is hard to raise sales prices, everyone is selling and it is hard for manufactured goods prices to rise. In some cases prices have even fallen.”


Analysts expect no further cuts to interest rates this year or next after back-to-back cuts in June and July, and only one more 50 basis point cut to banks’ required reserve ratios (RRR) in 2012 after three since late 2011 that have freed an estimated 1.2 trillion yuan for new lending.


Chinese banks are on course to make new loans worth more than 8.5 trillion yuan ($ 1.4 trillion) in 2012, expansionary versus the 7.5 trillion of new loans extended in 2011 and above the 8 trillion yuan that sources told Reuters back in February was the target for 2012.


Total social financing aggregate, a broad measure of liquidity in the economy, weakened to 1.29 trillion yuan in October, down from 1.65 trillion yuan in September, but still remained on track to hit a record 14 trillion yuan this year.


China also opened many previously-closed sectors to private investment with a view to funding new infrastructure projects and supporting economic growth without piling on more debt that local governments can ill-afford.


Although analysts expect fourth quarter GDP growth to outpace the 7.4 percent seen in the third quarter, full-year expansion for 2012 is expected to be the slowest in 13 years.


(Editing by Alex Richardson)


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Ivory Coast: New prime minister named
















ABIDJAN, Ivory Coast (AP) — President Alassane Ouattara has tapped Foreign Minister Daniel Kablan Duncan to serve as prime minister in a new government one week after the surprise dissolution of cabinet.


The appointment of Duncan, a member of the PDCI party of former President Henri Konan Bedie, was announced at a press conference Wednesday by Amadou Gon Coulibaly, general secretary of the presidency.













Ouattara dissolved the cabinet last week over a feud between his political party and the PDCI over proposed changes to the country’s marriage law.


The PDCI supported Ouattara in the November 2010 runoff election in exchange for the prime minister’s post, helping him defeat incumbent President Laurent Gbagbo. Gbagbo’s refusal to cede office led to five months of violence that claimed at least 3,000 lives before Ouattara’s forces won.


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Scott Derrickson to direct feature adaptation of hit video game “Deus Ex: Human Revolution”
















LOS ANGELES (TheWrap.com) – Scott Derrickson (“Sinister,” “The Exorcism of Emily Rose“) has signed on to direct the big screen adaptation of the hit Square Enix video game, “Deus Ex: Human Revolution,” for CBS Films, the company announced on Thursday.


Derrickson will also write the screenplay for the film with C. Robert Cargill (“Sinister.”)













Roy Lee and Adrian Askarieh are attached to produce the film, with John P. Middleton serving as the executive producer.


Set in the near future, when dramatic advances in science, specifically human augmentation, have triggered a technological renaissance, “Deus Ex: Human Revolution” follows Adam Jensen, an ex-SWAT security specialist who must embrace mechanical augments in order to unravel a global conspiracy.


“‘Deus Ex’ is a phenomenal cyberpunk game with soul and intelligence,” said Derrickson. “By combining amazing action and tension with big, philosophical ideas, ‘Deus Ex‘ is smart, ballsy, and will make one hell of a movie. Cargill and I can’t wait to bring it to the big screen.”


The “Deus Ex” franchise was originally introduced in June 2000. Its latest entry, “Deus Ex: Human Revolution,” launched in 2011, ranked number one across global sales charts and earned over 100 industry awards.


Developed by Eidos-MontrĂ©al and published by Square Enix, “Deus Ex: Human Revolution” will serve as the primary template for the film.


Derrickson and Cargill, pictured above, are represented by WME and managed by Brillstein Entertainment Partners.


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U.S. soldier accused of Iraq shooting “psychotic”: doctor
















TACOMA (Reuters) – A U.S. soldier accused of killing five fellow servicemen at a military combat stress center in Baghdad in 2009 was psychotic and suffered from post-traumatic stress disorder during the shooting frenzy, a top U.S. forensic psychiatrist testified on Tuesday.


Sergeant John Russell, 48, is accused of going on a shooting spree at Camp Liberty, near the Baghdad airport, in an assault the military said at the time could have been triggered by combat stress.













Russell, of the 54th Engineer Battalion based in Bamberg, Germany, faces five charges of premeditated murder, one charge of aggravated assault and one charge of attempted murder in connection with the May 2009 shootings.


Six months ago, he was ordered to stand trial in a military court that has the power to sentence him to death, if he is convicted.


Russell’s civilian attorney, James Culp, entered no plea at an arraignment on Monday at a military base in Washington state. Russell’s court martial is tentatively set for mid-March and could last four to five weeks, attorneys told Reuters on Tuesday.


In a second day of hearings to discuss Russell’s state of mind at the time of the shooting and establish what evidence or testimony to admit at the court martial, Robert Sadoff, a University of Pennsylvania forensic psychiatry expert, gave the opinion that Russell was suffering from post-traumatic stress disorder.


Russell has “dissociative disorder,” or a lack of memory about the shootings, said Sadoff, who examined Russell for a total of 20 hours after the shootings. “He cannot remember. It’s a legitimate disorder. He also has post-traumatic stress disorder.”


Sadoff, a veteran of 10,000 criminal cases added: “It’s a matter of what’s going on in this man’s mind. He was psychotic. He was not dealing with reality. That’s what psychosis is.”


If the defense can persuade a jury that Russell was not in control of his actions, it may be able to argue that he is not legally responsible and could spare him from the death penalty, if convicted.


During Tuesday’s hearing, Culp sought authority from Judge Colonel David Conn to hire a forensic hypnotist to unlock Russell’s buried memories and conduct a specialized magnetic resonance imaging (MRI) test to measure Russell’s “mild diffused brain atrophy”, which Culp argues played a part in his behavior.


This would help diagnose “the extent of brain damage as it relates to criminal responsibility,” Culp said.


Army prosecutors urged the judge to decline. Major Dan Mazzone, one of four Army attorneys prosecuting the case, told the judge that an Army medical review already indicated that Russell’s brain atrophy was typical of a man his age and further testing is an unnecessary expense to the Army.


“The bottom line, this is just not necessary. It’s something the government should not be entitled to fund,” Mazzone said.


The judge is set to rule on the matter over the next few days.


The proceedings, held at Joint Base Lewis-McChord near Tacoma, Washington, come at a sensitive time for the Army, which is in the process of deciding how to prosecute Staff Sergeant Robert Bales, a soldier accused of killing Afghan villagers in cold blood earlier this year.


A two-week hearing at Lewis-McChord to establish if there is sufficient evidence to send Bales to a court martial wrapped up last week after harrowing testimony from Afghan adults and children wounded in the attack.


Bales’ civilian defense lawyers have also suggested he was suffering from post-traumatic stress disorder.


On Monday, Russell’s attorney outlined a defense based on his declining mental state.


Russell suffered from depression, thoughts of suicide, anxiety and stress from multiple deployments, and suffered “at least one traumatic experience involving civilian casualties” and “mass grave sites” while serving in Bosnia and Kosovo during 1998 and 1999, Culp said in presenting arguments to the judge after the arraignment.


(Reporting by Bill Rigby; Editing by Lisa Shumaker)


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Asia stocks fall after Greece aid delayed
















BANGKOK (AP) — Asian stock markets were mostly lower Wednesday, shedding morning gains after European Union officials failed to release a loan payment to debt-mired Greece and postposed further action until next week.


European finance ministers adjourned a meeting in Brussels without granting Greece the next installment of an emergency bailout loan that has been on hold for months. The €31.5 billion ($ 40 billion) loan is needed so that Athens can pay its bills and avoid running out of cash.













The aid is being delayed until officials can resolve a dispute over whether to give Greece an extra two years to get to a point where it can independently raise funds on bond markets. Greece has been locked out of the international long-term debt market since 2010 and thus relies on rescue loans.


The reform program attached to the bailout was to steadily reduce Greece’s debt to 120 percent of its annual gross domestic product by a 2020 deadline. But some officials say the deadline may have been too ambitious and that Greece needs two more years.


South Korea’s Kospi fell 0.4 percent to 1,882.62 after a higher open. Meanwhile, Australia’s S&P/ASX 200 fell further into negative territory, down 0.3 percent at 4,371.10. Benchmarks in Thailand, New Zealand and Taiwan also were lower.


But Japan’s Nikkei 225 index rose 0.4 percent to 9,178.05, with export shares enjoying the benefits of a weakened yen. Hong Kong‘s Hang Seng added 0.2 percent to 21,272.48. Benchmarks in India and the Philippines also rose.


Mainland China‘s Shanghai Composite Index briefly dipped below 2,000, an important psychological mark. The benchmark hasn’t gone above 2,100 since July 6.


The benchmark “has been hovering around 2,000 for such a long time that investors have lost interest,” said Francis Lun, managing director of Lyncean Holdings in Hong Kong. “The weakness in China‘s market is dragging down the Hong Kong market.”


The losses reflected disappointment among investors hoping to see changes in how the stock market is run now that China has new leaders. But reforms have so far not materialized.


“There has been too much resistance to cleaning up the malpractice” in mainland Chinese markets, Lun said. “Investors have lost confidence.”


Among individual stocks, Japanese snack food maker Calbee dropped 3.7 percent after announcing the recall of millions of bags of potato chips due to possible contamination with glass fragments.


Wall Street stocks finished roughly flat Tuesday after a warning from the Federal Reserve chairman about the “fiscal cliff” of tax increases and government spending cuts set to take effect Jan. 1.


The Dow Jones industrial average fell 0.1 percent to 12,788.51. The Standard & Poor’s 500 index rose 0.1 percent to 1,387.81. The Nasdaq composite index inched up to 2,916.68.


In a speech in New York on Tuesday, Bernanke urged Congress and the Obama administration to strike a budget deal to avert the combination of tax increases and spending cuts that will automatically take effect in January if nothing is done.


“This overshadowed some positive economic data which came in the form of better-than-expected housing starts,” said Stan Shamu of IG Markets in Melbourne in a market commentary.


Benchmark oil for January delivery was down 1 cent at $ 86.74 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $ 2.53 to close at $ 86.75 a barrel on Tuesday, falling sharply after signs that Israel and Hamas are close to putting a halt to fighting that has lasted nearly a week.


In currencies, the dollar rose to 81.79 yen from 81.71 yen late Tuesday in New York. The euro fell to $ 1.2747 from $ 1.2807.


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AP Exclusive: Syrian rebels seize base, arms trove
















BASE OF THE 46TH REGIMENT, Syria (AP) — After a nearly two-month siege, Syrian rebels overwhelmed a large military base in the north of the country and made off with tanks, armored vehicles and truckloads of munitions that rebel leaders say will give them a boost in the fight against President Bashar Assad‘s army.


The rebel capture of the base of the Syrian army’s 46th Regiment is a sharp blow to the government’s efforts to roll back rebels gains and shows a rising level of organization among opposition forces.













More important than the base’s fall, however, are the weapons the rebels found inside.


At a rebel base where the much of the haul was taken after the weekend victory, rebel fighters unloaded half a dozen large trucks piled high with green boxes full of mortars, artillery shells, rockets and rifles taken from the base. Parked nearby were five tanks, two armored vehicles, two rocket launchers and two heavy-caliber artillery cannons.


Around 20 Syrian soldiers captured in the battle were put to work carrying munitions boxes, barefoot and stripped to the waist. Rebels refused to let reporters talk to them or see where they were being held.


“There has never been a battle before with this much booty,” said Gen. Ahmad al-Faj of the rebels Joint Command, a grouping of rebel brigades that was involved in the siege. Speaking on Monday at the rebel base, set up in a former customs office at Syria’s Bab al-Hawa border crossing with Turkey, he said the haul would be distributed among the brigades.


For months, Syria’s rebels have gradually been destroying government checkpoints and taking over towns in the northern provinces of Idlib and Aleppo along the Turkish border.


Rebel fighters say that weapons seized in such battles have been essential to their transformation from ragtag brigades into forces capable of challenging Assad’s professional army. Cross-border arms smuggling from Turkey and Iraq has also played a role, although the most common complaint among rebel fighters is that they lack ammunition and heavy weapons, munitions and anti-aircraft weapons to fight Assad’s air force.


It is unclear how many government bases the rebels have overrun during the 20-month conflict, mostly because they rarely try to hold captured facilities. Staying in the captured bases would make them sitting ducks for regime airstrikes.


“Their strategy is to hit and run,” said Elias Hanna, a retired Lebanese army general and Beirut-based strategic analyst. “They’re trying to hurt the regime where it hurts by bisecting and compartmentalizing Syria in order to dilute the regime’s power.”


The 46th Regiment was a major pillar of the government’s force near the northern city of Aleppo, Syria’s economic hub, and its fall cuts a major supply line to the regime’s army, Hanna said. Government forces have been battling rebels for months over control of Aleppo.


“It’s a tactical turning point that may lead to a strategic shift,” he said.


At the 46th Regiment’s base, about 25 kilometers (15 miles) west of Aleppo, the main three-story command building showed signs of the battle — its walls punctured apparently from rebel rocket attacks. The smaller barracks buildings scattered around the compound, about 2.6 square kilometers (1 square mile) in size, had been looted, with mattresses overturned. A number of buildings had been torched.


Reporters from The Associated Press who visited the base late Monday saw no trace of the government troops who had been defending it — other than the dead bodies of seven soldiers.


Two of them, in camouflage uniforms, lay outside the command building. One of them was missing his head, apparently blown off in an explosion.


The rest were in a nearby clinic. Four dead soldiers were on stretchers set on the floor, one with a large gash in his arm, another with what appeared to be a large shrapnel hole in the back of his head. The last lay on a gurney in another room, his arms and legs bandaged, a bullet hole in his cheek and a splatter of blood on the wall and ceiling behind him as if he had been shot where he lay.


It could not be determined how or when the soldiers had been killed.


The final assault that took the base came after more than 50 days of siege that left the soldiers inside demoralized, according to fighters who took part.


Working together and communicating by radio, a number of different rebels groups divided up the area surrounding the base and each cut the regime’s supply lines, said Abdullah Qadi, a rebel field commander. Over the course of the siege, dozens of soldiers defected, some telling the rebels that those inside were short of food, Qadi said.


The rebels decided to attack Saturday afternoon when they felt the soldiers inside were weak and the rebels had enough ammunition to finish the battle, Qadi said. The battle was over by nightfall on Sunday. Seven rebel fighters were killed in the battle, said al-Faj of the rebels’ Joint Command. Other rebel leaders gave similar numbers.


It remains unclear how many soldiers remained in the base when the rebels launched their attack and what happened to them.


Al-Faj said all soldiers inside were either killed or captured. He said he didn’t know how many were killed, but that the rebels had taken about 50 prisoners, all of whom would be tried in a rebel court. Aside from the 20 prisoners seen at the rebel’s Bab al-Hawa base, the AP was unable to see any other captured soldiers.


The Syrian government does not respond to requests for comment on military affairs and said nothing about the base’s capture. It says the rebels are terrorists backed by foreign powers that seek to destroy the country.


Disorganization has plagued the Syrian opposition since the start of the anti-Assad uprising in March 2011, with exile groups pleading for international help even when they have no control over those fighting inside of Syria.


A newly formed Syrian opposition coalition received a boost Tuesday, when Britain officially recognized it as the sole representative of the Syrian people.


The National Coalition of the Syrian Revolutionary and Opposition Forces was formed in the Gulf nation of Qatar on Oct. 11 under pressure from the United States for a stronger, more united opposition body to serve as a counterweight to more extremist forces.


British Foreign Secretary William Hague said Tuesday the body’s members gave assurances to be a “moderate political force committed to democracy” and that the West must “support them and deny space to extremist groups.”


The United States and the European Union have both spoken well of the body but stopped short of offering it full recognition.


Key to the body’s success will be its ability to build ties with the disparate rebel groups fighting inside Syria. Many rebel leaders say they don’t recognize the new body, and a group of extremist Islamist factions on Monday rejected it, announcing that they had formed an “Islamic state” in Aleppo.


Anti-regime activists say nearly 40,000 people have been killed since Syria’s crisis started 20 months ago.


___


Associated Press write Elizabeth Kennedy contributed reporting from Beirut, Lebanon.


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Yahoo shares reach 18-month high as investors warm to new CEO
















SAN FRANCISCO (Reuters) – Yahoo Inc shares reached their highest level in a year and a half, as investor confidence grows that new Chief Executive Marissa Mayer can pull off a comeback that eluded three of her predecessors.


The Internet pioneer has yet to actually provide Wall Street with any hard evidence that its business is turning a corner – and she has warned that it will be a lengthy job – but investor faith in the ex-Google executive is running high.













Hedge funds Tiger Global Management and Greenlight Capital Management recently disclosed large stakes in Yahoo, accumulated during the third quarter.


“Money managers are staring to want to own this name again,” said Colin Gillis, an analyst with BGC Partners.


“For the amount of traffic they have, and the assets they have, they should be able to squeeze some value out of that,” Gillis said, referring to Yahoo. With Mayer at the helm, he said, Yahoo has “finally got somebody who the market believes can do that.”


Gravity Capital Management’s Adam Seessel said that Mayer’s recruitment of various Google Inc employees, including recently hired Yahoo Chief Operating Officer Henrique de Castro, has also helped burnish Yahoo‘s image.


“What the market is seeing is not (financial) numbers so much as they’re seeing people voting with their feet, people moving from Google to Yahoo,” said Seessel, whose firm owns Yahoo shares.


“All these people from Google wouldn’t be following her if they didn’t think that she didn’t have some good cards to play,” he said.


Shares of Yahoo finished Monday’s regular trading session up 2.8 percent at $ 18.36, amid a broad market rally. The last time Yahoo traded above $ 18.30 was in May 2011.


Yahoo ranks among the world’s most popular websites, with roughly 700 million monthly visitors. But the company’s revenue has eroded, amid competition from Google and Facebook and an industry-wide change in the online advertising market that has compressed prices for the online display ads that are key to its business.


The company has been rocked by internal turmoil: CEO Carol Bartz was fired over the phone and CEO Scott Thompson left after less than six months on the job due to questions about his academic credentials. Mayer, Google‘s first female engineer, took the top job at Yahoo in July.


In a conference call with investors last month, Mayer said that making Yahoo‘s online products more smartphone-friendly was her top priority.


Investors and analysts on Monday dismissed a weekend report in The Telegraph that said Yahoo was in discussions with Facebook about a search deal, particularly after Facebook issued a statement denying any such talks.


“People expect a better search experience on Facebook. We are working on improvements to better meet those expectations but are not in talks to enter into a new search partnership,” Facebook said in a statement on Monday.


Still, analysts say that search represents one of the key opportunities that Mayer will focus on as she moves to revive Yahoo‘s fortunes. A 2010 deal struck by former CEO Bartz outsourced the back-end technology of Yahoo‘s search to Microsoft Corp, but deal has failed to deliver an expected boost to Yahoo‘s search advertising revenue.


“Certainly search could be resuscitated,” said Gabelli & Company analyst Brett Harriss, who said Yahoo should be worth $ 26 a share based on a six-times multiple of its earnings before interest, taxes, depreciation and amortization.


“It was a disaster for a year and a half,” said Harris. “Everybody hated the board, you had a while of transition where you went through three or four CEOs quickly.”


Now, he said, there’s finally a CEO “that investors can believe in.”


(Reporting By Alexei Oreskovic; Editing by Steve Orlofsky)


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