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Google's stock price breaks $800 mark

Written By Unknown on Selasa, 19 Februari 2013 | 08.52

INTERNET search king Google's shares have pushed past $US800 ($A780.85) for the first time despite a tough new challenge from Microsoft and looming European Union action over alleged privacy violations.

Google's shares hit $804.00 in early trade on the Nasdaq exchange on Tuesday, pushing the company's market valuation to $US265 billion ($A258.65 billion), after rising 13 per cent from the beginning of 2013 and 33 per cent over the past 52 weeks.

Around 11 am (0300 AEDT Wednesday) the shares were at $801.71, up 1.1 per cent.

On January 22 Google reported firm 2012 fourth-quarter gains, with profit up 6.7 per cent from a year earlier at $US2.89 billion. For the full year Google's earnings grew 10 per cent to $US10.74 billion, on revenues topping $US50 billion.

Several analysts strengthened their recommendations for the shares with price targets ranging from $800 to $900, the latter from Cantor Fitzgerald.

But the company faces fresh challenges.

In a new push for its Outlook email service, Microsoft has launched a negative ad campaign against Google, asking readers if they have been "Scroogled" by Google's use of personal data from users of its Gmail service.

"Think Google respects your privacy? Think again," the Microsoft ads say.

"Google goes through every Gmail that's sent or received, looking for keywords so they can target Gmail users with paid ads."

Microsoft says its Outlook service will not scan emails to target online ads.

On Monday, France's CNIL data protection agency said that European data privacy regulators intended to take action against Google after it failed to follow their orders to comply with EU privacy laws.

"At the end of a four-month delay accorded to Google to comply with the European data protection directive and to implement effectively (our) recommendations, no answer has been given," said CNIL.

National authorities responsible for enforcing data protection laws in the EU said they plan to set up a working group to "coordinate their coercive actions which should be implemented before the summer."


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Europe horsemeat scandal widens

THE world's biggest food company, Swiss-based Nestle, and the world's top beef producer, JBS of Brazil, are the latest in a long list of firms to be caught up in Europe's spiralling horsemeat scandal.

Their involvement in the fast-moving drama marked another milestone in a scandal that has seen supermarket chains across Europe pull from their shelves millions of "beef" products that are thought to contain horsemeat.

Nestle announced it was removing two ready-to-eat meals - beef ravioli and beef tortellini - from supermarket shelves in Italy and Spain after tests found traces of horse DNA in the products.

A Nestle frozen lasagne product made for the catering business was also being withdrawn from sale in France and Portugal because horse traces were found in them.

The firm insisted there was no food safety issue but said the tainted products breached the one per cent threshold the British Food Safety Agency uses to indicate likely adulteration or gross negligence.

The horse DNA was found in products made with meat supplied by German firm HJ Schypke, Nestle said in a statement late Monday.

JBS of Brazil, which used HJ Schypke as a subcontractor, meanwhile said in a statement that it would stop buying European meat "until confidence is restored in the European beef supply chain."

It sought to distance itself from the scandal, saying Schypke was "not in any way part of the JBS Group" and adding that "no case of co-mingling of species has been identified in products produced in or at JBS factories."

Schypke on Tuesday denied any wrongdoing.

"We buy all raw materials already chopped up, fresh or frozen, from certified suppliers... We would like to point out expressly that HJ Schypke has at no time purchased horsemeat," it said.

The firm said it "greatly regretted" the current case and vowed to carry out genetic tests on raw meat in future.

German authorities meanwhile announced on Tuesday that 24 samples out of 360 official tests carried out on meat had revealed traces of horsemeat.

"It's too early to assign blame unilaterally... the authorities are working in the federal states to work out who should take responsibility," consumer affairs ministry spokesman Holger Eichele told reporters.

But he said the authorities would eventually be able to tell who were the "main culprits" and the "co-culprits" once the tests of ready meals and inspections of slaughterhouses and food production centres were complete.

On Monday, German discount chain Lidl pulled ready-made meals from the shelves of its Finnish, Danish, Swedish and Belgian stores as it also confirmed the presence of horsemeat.

The French firm that sparked the Europe-wide food alert, by allegedly passing off 750 tonnes of horsemeat as beef, was on Monday allowed to resume production of minced meat, sausages and ready-to-eat meals.

But Spanghero, whose horsemeat found its way into 4.5 million "beef" products sold across Europe, will no longer be allowed to stock frozen meat, officials said.

Upholding that ban means it cannot act as middleman between abattoirs and food-processing companies, the situation which allegedly allowed it to change labels on horsemeat from Romania and sell it on as beef.

The firm's sanitary licence was suspended last Thursday after it was accused of passing off huge quantities of mislabelled meat over a period of six months.

Concerns about horsemeat first emerged in mid-January when Irish authorities found traces of horse in beefburgers made by firms in Ireland and Britain and sold in supermarket chains including Tesco and Aldi.

The scandal then intensified when French firm Comigel alerted Findus earlier this month to the presence of horsemeat in the meals it had made for the food giant and which were on sale in Britain.

Since then, supermarket chains have removed millions of "beef" products as tests are carried out to detect horsemeat, which is eaten in many European countries but considered taboo in Britain.

Horsemeat in "beef" dishes has now been confirmed in products found in Britain, Ireland, France, Austria, Norway, the Netherlands, Germany, Italy, Spain, Portugal and Belgium.


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Blasts near presidential palace in Syria

TWO mortar shells fired by "terrorists" have exploded near Tishreen presidential palace in the Syrian capital, causing some damage but no casualties, state media says.

The mortars "landed near the southern wall of Tishreen palace, only causing material damage", state news agency SANA quoted an unnamed official as saying on Tuesday. The rebel Free Syrian Army claimed responsibility for the attack.

According to SANA, the shells slammed into an area around the Al-Mouwassat and Children's hospital in west Damascus, "leaving no casualties".

The hospitals are several hundred metres (yards) from Tishreen which is reserved for visiting dignitaries but is not an actual residence of President Bashar al-Assad.

This is the first time that the Syrian authorities have reported shells falling near a presidential palace.

The military council of the rebel Free Syrian Army meanwhile announced on Facebook that "the Free Army has fired mortars at the Tishreen presidential palace, resulting in a definite hit".

Tishreen is one of three such palaces in the capital. The others are the Peoples' palace atop Mount Qassioun in the north and Rawda palace in the centre, which holds the executive offices.


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Missing Sydney boy found

POLICE have found a boy who was reported missing in Sydney's southwest.

Tyreese Tutudua was last seen just before 9.30pm (AEDT) on Tuesday after leaving his house on Moore Street at Campsie.

A taxi driver later spotted the nine-year-old and contacted police.

The boy has since been returned to his family.


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NKorea envoy warns South of 'destruction'

SOUTH Korea faces "final destruction" if Seoul and its allies continue to push for tougher UN resolutions against North Korea's nuclear program, Pyongyang has warned.

"We have never recognised the propagandist resolutions on sanctions by the UN Security Council," North Korean envoy Jon Yong Ryong told a session of the UN Conference on Disarmament on Tuesday.

"As the saying goes, 'a newborn puppy knows no fear of a tiger.' South Korea's erratic behaviour could only herald its final destruction," he insisted.

North and South Korea traditionally trade barbs at the UN forum - which meets regularly in Geneva and focusses on a raft of global arms-control issues.

But in the wake of North Korea's latest nuclear test last week and a global outpouring of condemnation, the rhetoric was unusually high-pitched on Tuesday.

Last week's test was North Korea's most powerful to date, with Pyongyang claiming a breakthrough with a "miniaturised" device.

North Korea's secretive regime repeatedly has rejected international calls to halt its nuclear program, belittling international sanctions.

Jon also slammed the United States, blaming the superpower for the current stand-off with his country - known officially as the Democratic People's Republic of Korea, or DPRK.

"The DPRK nuclear test is just a measure for self-defence, to cope with intensified US nuclear blackmail against it," he said.

"It is the disposition and firm will of the army and people of the DPRK to counter a high-handed policy with the toughest policy and react to pressure and sanctions with an all-out counter action," he added.

"The DPRK does not make any empty talk. It will take the toughest measure against foreign aggressors and violation of sovereignty in the future," he insisted.


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Pistorius denies he intended shooting

SOUTH African Olympic hero Oscar Pistorius has tearfully denied the premeditated murder of his model girlfriend Reeva Steenkamp, telling a court he repeatedly shot at her through a locked bathroom door believing she was an intruder.

"I am absolutely mortified by the events and the devastating loss of my beloved Reeva," Pistorius said on Tuesday in an affidavit at a court hearing in the capital Pretoria, his first public comments on the Valentine's Day killing.

The 26-year-old double amputee track star broke down in tears repeatedly as his own words filled the court: "We were deeply in love and couldn't be more happy."

"I had no intention to kill my girlfriend," he said in the affidavit read out by his lawyer as Pistorius sat in the dock, struggling to hold his composure.

As the court hearing was under way, Steenkamp was being laid to rest at an emotional private ceremony at a crematorium in her hometown of Port Elizabeth.

The Blade Runner who became an inspiration to millions when he became the first double amputee to compete against able-bodied athletes in the Olympics, faces a charge of premeditated murder, which will likely result in remand without bail and, if convicted, a life sentence behind bars.

Pistorius said the couple, who had been dating since late last year, had spent the evening at his upscale Pretoria home watching television and with the 29-year-old Steenkamp doing yoga.

He awoke in the dead of night "filled with horror and fear" that someone was in the bathroom and said he felt "very vulnerable" because he did not have his prosthetic legs on.

"I fired shots at the toilet door and shouted to Reeva to phone the police.

"Reeva was not responding. When I reached the bed, I realised that Reeva was not in bed.

"That is when it dawned on me that it could have been Reeva who was in the toilet."

After breaking down the door with a cricket bat, Pistorius said "Reeva was slumped over but alive". She died a short time later in his arms.

Prosecutors argued that far from being an accident, Steenkamp's death was a premeditated act of murder.

Prosecutor Gerrie Nel told the court Pistorius had armed himself, put on his prosthetic legs, walked seven metres and fired four shots into the bathroom door, hitting a terrified Steenkamp three times and fatally wounding her.

"She could go nowhere," Nel said.

There was no decision on bail on Tuesday, with court proceedings delayed until Wednesday.

Magistrate Desmond Nair said he could not rule out that there was some planning involved in the killing, which may be considered as a premeditated murder for the purposes of bail.

But Pistorius's legal team rejected the claims as he sought to argue he was not a flight risk.

"I have no intention to relocate to any other country as I love my country," he said.

Pistorius revealed he earned 5.6 million rand ($A624,665)) a year and owned the $US570,000 ($A556,342) house in the gated estate where the killing took place and two other homes.

Lawyers submitted affidavits from friends of both Pistorius and Steenkamp, which spoke of the couple's close relationship.

"She said she could see a future with him. She said if Oscar asked her to marry him she'd probably say yes," said friend Samantha Greyvenstein.

Pistorius, who off the track has a rocky private life of rash behaviour, beautiful women, guns and fast cars, has built up a powerful team of lawyers, medical specialists and public relations experts for his defence.

In 2009 Pistorius - who once admitted to a newspaper that he slept with a pistol, machine gun, cricket bat and baseball bat for fear of burglars - spent a night in jail after allegedly assaulting a 19-year-old woman at a party.

Meanwhile in Port Elizabeth, tearful friends and family said goodbye to Steenkamp, whose cloth-draped coffin with white flowers laid on top was carried into a chapel in the southeastern coastal city where she grew up.

"There's a space missing inside all of the people that she knew that can't be filled again," her brother Adam, who gave the eulogy, told reporters after the ceremony.

"We're going to keep all the positive things that we remember and know about my sister and we will try and continue with the things that she tried to make better. We'll miss her."

A funeral program simply entitled Reeva bore the dates of her birth and death, and a black-and-white portrait of Steenkamp with the words God's Gift, A Child written on the back.

On Saturday a celebrity television show aired haunting footage of Steenkamp speaking about the need to leave a positive mark on life, words laden with poignancy after her death.

Pistorius, a Paralympian gold-medallist, became the first double amputee to run against able-bodied athletes at last year's Olympics in London on the carbon-fibre running blades that inspired his nickname.

But his career has been put on hold since the shooting, forcing him to cancel races in Australia, Brazil, Britain and the United States between March and May.


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At least three dead in US shooting spree

POLICE in a California city say at least three people are dead and others are wounded after a chaotic 25-minute shooting spree.

Tustin police Supervisor Dave Kanoti says there are several crime scenes as authorities work to determine if the shootings were connected.

He says the shootings are believed to have started on Tuesday with a fatal carjacking. As the carjacker moved into the city, police started getting reports of shots fired.

Kanoti says two victims are confirmed dead. He says the shooter then killed himself nearby.

Kanoti says it's possible there are more victims.


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