Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.

The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.

Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.

Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.

"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.

Major technology companies also report next week, but the bar for the sector has been lowered even further.

Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.

Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.

Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.

CASH POURING IN, HOUSING DATA COULD HELP

Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.

The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.

"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."

Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.

Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.

The new home sales report on Friday is expected to show a 2.1 percent increase.

The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.

Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.

The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.

"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.

"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)

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Veteran jihadist claims bloody Algeria siege for al Qaeda

ALGIERS/IN AMENAS, Algeria (Reuters) - A veteran Islamist fighter claimed responsibility on behalf of al Qaeda for the Algerian hostage crisis, a regional website reported on Sunday, tying the bloody desert siege to France's intervention across the Sahara in Mali.

Algeria said it expected to raise its preliminary death tolls of 23 hostages and 32 militants killed in the four-day siege at a gas plant deep in the Sahara.

Western governments whose citizens died nevertheless held back from criticizing tactics used by their ally in the struggle with Islamists across the vast desert.

"We in al Qaeda announce this blessed operation," Mokhtar Belmokhtar said in a video, according to the Sahara Media website, which quoted from the recording but did not immediately show it.

"We are ready to negotiate with the West and the Algerian government provided they stop their bombing of Mali's Muslims," said Belmokhtar, a one-eyed veteran guerrilla who fought in Afghanistan in 1980s and in Algeria's civil war in the 1990s.

Belmokhtar's fighters launched their attack on the In Amenas gas plant before dawn on Wednesday, just five days after French warplanes began strikes to halt advances by Islamists in neighboring northern Mali.

European and U.S. officials say the raid was almost certainly too elaborate to have been planned in so short a time, although the French campaign could have been one trigger for fighters to launch an assault they had already prepared.

"We had around 40 jihadists, most of them from Muslim countries and some even from the West," Sahara Media quoted Belmokhtar as saying. Algerian officials say Belmokhtar's group was behind the attack but he was not present himself.

Some Western governments have expressed frustration at not being informed in advance of the Algerian authorities' plans to storm the complex. However, Britain and France both defended the Algerian action in public.

"It's easy to say that this or that should have been done. The Algerian authorities took a decision and the toll is very high but I am a bit bothered ... when the impression is given that the Algerians are open to question. They had to deal with terrorists," French Foreign Minister Laurent Fabius said.

British Prime Minister David Cameron said in a televised statement: "Of course people will ask questions about the Algerian response to these events, but I would just say that the responsibility for these deaths lies squarely with the terrorists who launched this vicious and cowardly attack."

"We should recognize all that the Algerians have done to work with us and to help and coordinate with us. I'd like to thank them for that. We should also recognize that the Algerians too have seen lives lost among their soldiers."

OIL VULNERABILITIES EXPOSED

The Islamists' assault has tested Algeria's relations with the outside world, exposed the vulnerability of multinational oil operations in the Sahara and pushed Islamist radicalism in northern Africa to centre stage.

Algeria, scarred by the civil war with Islamist insurgents in the 1990s which claimed 200,000 lives, has insisted there would be no negotiation in the face of terrorism.

France especially needs close cooperation from Algeria to have a chance of crushing Islamist rebels in northern Mali. Algiers has promised to shut its porous 1,000-km border with Mali to prevent al Qaeda-linked insurgents simply melting away into its empty desert expanses and rugged mountains.

Algeria's permission for France to use its airspace, confirmed by Fabius last week, also makes it much easier to establish direct supply lines for its troops which are trying to stop the Islamist rebels from taking the whole of Mali.

Algeria's Interior Ministry had reported on Saturday that 23 hostages and 32 militants were killed during the assaults launched by Algerian special forces to end the crisis, with 107 foreign hostages and 685 Algerian hostages freed.

Minister of Communication Mohamed Said said the toll would rise when final numbers were issued in the next few hours: "I am afraid unfortunately to say that the death toll will go up," Said was quoted as saying by the official APS news agency.

Private Algerian television station Ennahar said on Sunday that 25 bodies had been discovered at the Tiguentourine plant, adding that the operation to clear the base would last 48 hours.

The bodies were believed to belong to hostages executed by the militants, said Ennahar TV, which is known to have good sources within Algerian security.

With so much still unknown about the fates of foreigners held at the sites, countries that have faced casualties have yet to issue full counts of the dead. The plant was run jointly by Britain's BP and Norway's Statoil with the Algerian state oil company. A Japanese engineering firm and a French catering company also operated there.

In London, Cameron said three British nationals were confirmed killed and another three plus a British resident were also believed to be dead. One American has been confirmed killed. Statoil says five Norwegians are missing. Japanese and French citizens are also among those missing or presumed dead.

MULTINATIONAL HOSTAGE-TAKERS

Said reported that the militants had six different nationalities and the operation to clear the plant of mines laid by the hostage-takers was still under way.

Believed to be among the 32 dead militants was their leader, Abdul Rahman al-Nigeri, a Nigerien close to Belmokhtar.

Mauritanian news agencies identified the field commander of the group that attacked the plant as Nigeri, a fighter from one of the Arab tribes in Niger who had joined the Algerian Salafist Group for Preaching and Combat (GSPC) in early-2005.

That group eventually joined up with al Qaeda to become Al Qaeda in the Islamic Maghreb (AQIM). It and allied groups are the targets of the French military operation in Mali.

The apparent ease with which the fighters swooped in from the dunes to take control of an important energy facility, which produces some 10 percent of the natural gas on which Algeria depends for its export income, has raised questions over the country's outwardly tough security measures.

Algerian officials said the attackers may have had inside help from among the hundreds of Algerians employed at the site.

Security in the half-dozen countries around the Sahara desert has long been a preoccupation of the West. Smugglers and militants have earned millions in ransom from kidnappings.

The most powerful Islamist groups operating in the Sahara were severely weakened by Algeria's secularist military in the civil war in the 1990s. But in the past two years the regional wing of al Qaeda gained fighters and arms as a result of the civil war in Libya, when arsenals were looted from Muammar Gaddafi's army.

(Additional reporting by Balazs Koranyi in Oslo, Estelle Shirbon and David Alexander in London, Brian Love in Paris, Daniel Flynn in Dakar; Writing by David Stamp; Editing by Peter Graff)

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Galaxy S IV benchmarks may confirm 1.8GHz CPU and Android 4.2

Apple needs a new product targeting its next generation of customers which will be fueled by this newly announced product

“iPotty: Brilliant, or worst idea ever? Experts weigh in on new potty training device – Unveiled last week at the 2013 Consumer Electronics Show in Las Vegas, the base of the iPotty looks like a regular ol’ plastic toilet with removable bowl— but there’s an adjustable stand attached, specifically for an iPad.”

Something easy to clean which will survive toddlers dropping them into their training potty.

Wireless News Headlines – Yahoo! News

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The Wanted I Found You Music Video Teaser

ET is bringing you the latest sneak peek of The Wanted's highly anticipated music video for I Found You, and this brand-new, exclusive clip stars the youngest member of the group, 19-year-old Nathan Sykes.

Video: Sexy Siva Stars in The Wanted's 'I Found You'

The black-and-white clip shows the talented singer on the keyboards doing what The Wanted does best -- driving the ladies wild.

Video: The Wanted Teases 'I Found You' Video

The group's latest single is off their upcoming album Third Strike, out later this year. ET will premiere the full music video for I Found You Tuesday, January 22nd, and you can catch the full video on Vevo.com and ETonline.com Tuesday night.

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Flu season fuels debate over paid sick time laws

NEW YORK (AP) — Sniffling, groggy and afraid she had caught the flu, Diana Zavala dragged herself in to work anyway for a day she felt she couldn't afford to miss.

A school speech therapist who works as an independent contractor, she doesn't have paid sick days. So the mother of two reported to work and hoped for the best — and was aching, shivering and coughing by the end of the day. She stayed home the next day, then loaded up on medicine and returned to work.

"It's a balancing act" between physical health and financial well-being, she said.

An unusually early and vigorous flu season is drawing attention to a cause that has scored victories but also hit roadblocks in recent years: mandatory paid sick leave for the 40 percent of American private-sector workers — more than 40 million people — who don't have it.

Supporters and opponents are particularly watching New York City, where lawmakers are weighing a sick leave proposal amid a competitive mayoral race.

Pointing to a flu outbreak that the governor has called a public health emergency, dozens of doctors, nurses, lawmakers and activists — some in surgical masks — rallied Friday on the City Hall steps to call for passage of the measure, which has awaited a City Council vote for nearly three years. Two likely mayoral contenders have also pressed the point.

The flu spike is making people more aware of the argument for sick pay, said Ellen Bravo, executive director of Family Values at Work, which promotes paid sick time initiatives around the country. "There's people who say, 'OK, I get it — you don't want your server coughing on your food,'" she said.

Advocates have cast paid sick time as both a workforce issue akin to parental leave and "living wage" laws, and a public health priority.

But to some business owners, paid sick leave is an impractical and unfair burden for small operations. Critics also say the timing is bad, given the choppy economy and the hardships inflicted by Superstorm Sandy.

Michael Sinesky, an owner of seven bars and restaurants around the city, was against the sick time proposal before Sandy. And after the storm shut down four of his restaurants for days or weeks, costing hundreds of thousands of dollars that his insurers have yet to pay, "we're in survival mode."

"We're at the point, right now, where we cannot afford additional social initiatives," said Sinesky, whose roughly 500 employees switch shifts if they can't work, an arrangement that some restaurateurs say benefits workers because paid sick time wouldn't include tips.

Employees without sick days are more likely to go to work with a contagious illness, send an ill child to school or day care and use hospital emergency rooms for care, according to a 2010 survey by the University of Chicago's National Opinion Research Center. A 2011 study in the American Journal of Public Health estimated that a lack of sick time helped spread 5 million cases of flu-like illness during the 2009 swine flu outbreak.

To be sure, many employees entitled to sick time go to work ill anyway, out of dedication or at least a desire to project it. But the work-through-it ethic is shifting somewhat amid growing awareness about spreading sickness.

"Right now, where companies' incentives lie is butting right up against this concern over people coming into the workplace, infecting others and bringing productivity of a whole company down," said John A. Challenger, CEO of employer consulting firm Challenger, Gray & Christmas.

Paid sick day requirements are often popular in polls, but only four places have them: San Francisco, Seattle, Washington, D.C., and the state of Connecticut. The specific provisions vary.

Milwaukee voters approved a sick time requirement in 2008, but the state Legislature passed a law blocking it. Philadelphia's mayor vetoed a sick leave measure in 2011; lawmakers have since instituted a sick time requirement for businesses with city contracts. Voters rejected a paid sick day measure in Denver in 2011.

In New York, City Councilwoman Gale Brewer's proposal would require up to five paid sick days a year at businesses with at least five employees. It wouldn't include independent contractors, such as Zavala, who supports the idea nonetheless.

The idea boasts such supporters as feminist Gloria Steinem and "Sex and the City" actress Cynthia Nixon, as well as a majority of City Council members and a coalition of unions, women's groups and public health advocates. But it also faces influential opponents, including business groups, Mayor Michael Bloomberg and City Council Speaker Christine Quinn, who has virtually complete control over what matters come to a vote.

Quinn, who is expected to run for mayor, said she considers paid sick leave a worthy goal but doesn't think it would be wise to implement it in a sluggish economy. Two of her likely opponents, Public Advocate Bill de Blasio and Comptroller John Liu, have reiterated calls for paid sick leave in light of the flu season.

While the debate plays out, Emilio Palaguachi is recovering from the flu and looking for a job. The father of four was abruptly fired without explanation earlier this month from his job at a deli after taking a day off to go to a doctor, he said. His former employer couldn't be reached by telephone.

"I needed work," Palaguachi said after Friday's City Hall rally, but "I needed to see the doctor because I'm sick."

___

Associated Press writer Susan Haigh in Hartford, Conn., contributed to this report.

___

Follow Jennifer Peltz at http://twitter.com/jennpeltz

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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.

The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.

Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.

Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.

"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.

Major technology companies also report next week, but the bar for the sector has been lowered even further.

Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.

Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.

Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.

CASH POURING IN, HOUSING DATA COULD HELP

Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.

The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.

"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."

Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.

Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.

The new home sales report on Friday is expected to show a 2.1 percent increase.

The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.

Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.

The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.

"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.

"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)

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Algerian army stages "final assault" on gas plant

ALGIERS/IN AMENAS, Algeria (Reuters) - The Algerian army carried out a dramatic final assault to end a siege by Islamic militants at a desert gas plant on Saturday, killing 11 al Qaeda-linked gunmen after they took the lives of seven more foreign hostages, the state news agency said.

The state oil and gas company, Sonatrach, said the militants who attacked the plant on Wednesday and took a large number of hostages had booby-trapped the complex with explosives, which the army was removing.

"It is over now, the assault is over, and the military are inside the plant clearing it of mines," a source familiar with the operation told Reuters.

British Defence Secretary Philip Hammond said the hostage situation had been "brought to an end" by the Algerian army assault on the militants.

The exact death toll among the gunmen and the foreign and Algerian workers at the plant near the town of In Amenas remained unclear, although a tally of reports from various sources indicated that several dozen people had been killed.

The Islamists' attack on the gas plant has tested Algeria's relations with the outside world, exposed the vulnerability of multinational oil operations in the Sahara and pushed Islamic radicalism in northern Africa to centre stage.

Some Western governments expressed frustration at not being informed of the Algerian authorities' plans to storm the complex. Algeria's response to the raid will have been conditioned by the legacy of a civil war against Islamist insurgents in the 1990s which claimed 200,000 lives.

HOSTAGES FREED

As the army closed in, 16 foreign hostages were freed, a source close to the crisis said. They included two Americans and one Portuguese. Britain said fewer than 10 of its nationals at the plant were unaccounted for and it was urgently seeking to establish the status of all Britions caught up in the crisis.

The base was home to foreign workers from Britain's BP, Norway's Statoil, Japanese engineering firm JGC Corp and others.

BP's chief executive Bob Dudley said on Saturday four of its 18 workers at the site were missing. The remaining 14 were safe.

The crisis at the gas plant marked a serious escalation of unrest in northwestern Africa, where French forces have been in Mali since last week fighting an Islamist takeover of Timbuktu and other towns.

The captors said their attack on the Algerian gas plant was a response to the French offensive in Mali. However, some U.S. and European officials say the elaborate raid probably required too much planning to have been organized from scratch in the week since France launched its strikes.

Scores of Westerners and hundreds of Algerian workers were inside the heavily fortified gas compound when it was seized before dawn on Wednesday by Islamist fighters who said they wanted a halt to the French intervention in neighboring Mali.

Hundreds escaped on Thursday when the army launched a rescue operation, but many hostages were killed.

Before the final assault, different sources had put the number of hostages killed at between 12 and 30, with many foreigners still unaccounted for, among them Norwegians, Japanese, Britons and Americans.

The figure of 30 came from an Algerian security source, who said eight Algerians and at least seven foreigners were among the victims, including two Japanese, two Britons and a French national. One British citizen was killed when the gunmen seized the hostages on Wednesday.

The U.S. State Department said on Friday one American, Frederick Buttaccio, had died but gave no further details.

U.S. Defense Secretary Leon Panetta said nobody was going to attack the United States and get away with it.

"We have made a commitment that we're going to go after al Qaeda wherever they are and wherever they try to hide," he said during a visit to London. "We have done that obviously in Afghanistan, Pakistan, we've done it in Somalia, in Yemen and we will do it in North Africa as well."

BURNED BODIES

Earlier on Saturday, Algerian special forces found 15 unidentified burned bodies at the plant, a source told Reuters.

The field commander of the group that attacked the plant is a fighter from Niger called Abdul Rahman al-Nigeri, according to Mauritanian news agencies. His boss, Mokhtar Belmokhtar, a veteran of fighting in Afghanistan in the 1980s and Algeria's civil war of the 1990s, appears not to have joined the raid.

Britain, Japan and other countries have expressed irritation that the army assault was ordered without consultation and officials grumbled at the lack of information.

But French President Francois Hollande said the Algerian military's response seemed to have been the best option given that negotiation was not possible.

"When you have people taken hostage in such large number by terrorists with such cold determination and ready to kill those hostages - as they did - Algeria has an approach which to me, as I see it, is the most appropriate because there could be no negotiation," Hollande said.

The apparent ease with which the fighters swooped in from the dunes to take control of an important energy facility, which produces some 10 percent of the natural gas on which Algeria depends for its export income, has raised questions over the value of outwardly tough Algerian security measures.

Algerian officials said the attackers may have had inside help from among the hundreds of Algerians employed at the site.

Security in the half-dozen countries around the Sahara desert has long been a preoccupation of the West. Smugglers and militants have earned millions in ransom from kidnappings.

The most powerful Islamist groups operating in the Sahara were severely weakened by Algeria's secularist military in the civil war in the 1990s. But in the past two years the regional wing of al Qaeda gained fighters and arms as a result of the civil war in Libya, when arsenals were looted from Muammar Gaddafi's army.

France says the hostage incident proves its decision to fight Islamists in neighboring Mali was necessary. Al Qaeda-linked fighters, many with roots in Algeria and Libya, took control of northern Mali last year.

(Additional reporting by Balazs Koranyi in Oslo, Estelle Shirbon and David Alexander in London, Brian Love in Paris; Writing by Giles Elgood; Editing by Mark Trevelyan and Rosalind Russell)

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Dotcom says new site legal, no revenge for Megaupload saga

AUCKLAND (Reuters) – Kim Dotcom, founder of outlawed file-sharing website Megaupload, said his new “cyberlocker” was not revenge on U.S. authorities who planned a raid on his home, closed Megaupload and charged him with online piracy for which he faces jail if found guilty.

Dotcom said his new offering, Mega.co.nz, which will launch on Sunday even as he and three colleagues await extradition from New Zealand to the United States, complied with the law and warned that attempts to take it down would be futile.

“This is not some kind of finger to the U.S. government or to Hollywood,” Dotcom told Reuters at his sprawling estate in the bucolic hills of Coatesville, just outside Auckland, New Zealand, a country known more for sheep, rugby and the Hobbit than flamboyant tech tycoons.

“Legally, there’s just nothing there that could be used to shut us down. This site is just as legitimate and has the right to exist as Dropbox, Boxnet and other competitors,” he said, referring to other popular cloud storage services.

His lawyer, Ira Rothken, added that launching the site was compliant with the terms of Dotcom’s bail conditions. U.S. prosecutors argue that Dotcom in a statement said he had no intention of starting a new internet business until his extradition was resolved.

CODES AND KEYS

Dotcom said Mega was a different beast to Megaupload, as the new site enables users to control exactly which users can access uploaded files, in contrast to its predecessor, which allowed users to search files, some of which contained copyrighted content allegedly without permission.

A sophisticated encryption system will allow users to encode their files before they upload them on to the site’s servers, which Dotcom said were located in New Zealand and overseas.

Each file will then be issued a unique, sophisticated decryption key which only the file holder will control, allowing them to share the file as they choose.

As a result, the site’s operators would have no access to the files, which they say would strip them from any possible liability for knowingly enabling users to distribute copyright-infringing content, which Washington says is illegal.

“Even if we wanted to, we can’t go into your file and snoop and see what you have in there,” the burly Dotcom said.

Dotcom said Mega would comply with orders from copyright holders to remove infringing material, which will afford it the “safe harbor” legal provision, which minimizes liability on the condition that a party acted in good faith to comply.

But some legal experts say it may be difficult to claim the protection if they do not know what users have stored.

The Motion Pictures Association of America said encrypting files alone would not protect Dotcom from liability.

“We’ll reserve final judgment until we have a chance to analyze the new project,” a spokesman told Reuters. “But given Kim Dotcom’s history, count us as skeptical.”

The German national, who also goes by Kim Schmitz, expects huge interest in its first month of operation, which would be a far cry from when Megaupload went live in 2005.

“I would be surprised if we had less than one million users,” Dotcom said.

A YEAR ON

Mega’s launch starts the next chapter of the Dotcom narrative, dotted with previous cyber crime-related arrests and whose twists and turns have been scrutinized by all facets of the entertainment industry, from film studios and record labels to internet service companies and teenage gamers.

The copyright infringement case, billed as the largest to date given that Megaupload in its heyday commanded around four percent of global online traffic, could set a precedent for internet liability laws and depending on its outcome, may force entertainment companies to rethink their distribution methods.

A year on, the extradition hearing has been delayed until August, complicated by illegal arrest warrants and the New Zealand government’s admission that it had illegally spied on Dotcom, who has residency status in the country.

Last January, New Zealand’s elite special tactics forces landed by helicopter at dawn in the grounds of Dotcom’s mansion, worth roughly NZ$ 30 million ($ 25.05 million) and featuring a servants’ wing, hedge maze and life-size statues of giraffes and a rhinoceros, to arrest him and his colleagues at the request of the FBI.

Police armed with semi-automatic weapons found Dotcom cowering alone in a panic room in the attic, while outside, a convoy of police cars and vans pulled up in the driveway. Around 70 officers took part in the raid.

They left with computers, files and some of Dotcom’s fleet of Rolls-Royces, Mercedes and a vintage pink Cadillac tricked with personalized license plates screaming “HACKER”, “EVIL”, and “MAFIA”.

“Every time you hear a helicopter, you automatically think, ‘Oh, another raid’, so it’s something that stays with you for a long time,” said Dotcom, who says he and his wife still panic when they hear sudden, loud noises in the house.

Dotcom was coy about the details of the launch party as builders put the finishing touches to a festival-sized concert stage in the mansion’s grounds, while two helicopters circled overhead.

But if the impromptu, Willy Wonka-styled ice cream social he threw in Auckland earlier in the week is any indication, the party could be a more wholesome affair compared with the well-documented soirees of Dotcom’s past, where nightclubs, hot tubs and scantily clad women were a common fixture.

“I had to grow up, you know, I was a big baby,” he said. “Big baby with too much money usually leads to baby craziness.

“I am going to be more of a person that wants to help to make things better and help internet innovation to take off without all these restrictions by governments. That is going to be my primary goal if this business is successful.”

($ 1 = NZ$ 1.2)

(Editing by Daniel Magnowski and Nick Macfie)

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Buzzmakers: Golden Globes Glamour and Jennifer Lawrence's Butt

1. Jennifer Lawrence: That's Not My Flabby Butt!

Jennifer Lawrence has been silent long enough! The Silver Linings Playbook actress showed up on the Late Show With David Letterman this week to both clarify her Meryl Streep comments during her Golden Globes acceptance speech, and set the record straight on a photoshopped pic of her bikini backside.

The actress is convinced that the paparazzi put a much older butt on her body while she was in Hawaii, telling Letterman as he held up the photo, "It's not my butt and I will not take responsibility for it. It's a 90-year-old butt that's been photoshopped onto my body, and is posing as my butt."

Causing roars of laughter in the audience, The Hunger Games beauty, 22, admits she's not the most photogenic person and she does have some "bloat" at times, but wants everyone to take away from her Late Show appearance Tuesday night that this is not her butt.

Lawrence also felt the need to address her Streep joke while at the Globes. The actress revealed that she was merely quoting Bette Midler in First Wives Club when she said Sunday night, "Look what it says, 'I beat Meryl.'"

"I had no idea Lindsay Lohan would take to the Twitterverse," she joked with Letterman. "Well, first of all it's Meryl Streep. You can't offend Meryl Streep."

2. Golden Globes Fashion Tops & Flops

Which star at the Golden Globes had the best dress, and which ones just looked like a hot mess? You decide!

Click through our gallery and vote here!

3. LeAnn Rimes Talks Infidelity & Her Ex

No topic was off limits when LeAnn Rimes sat down exclusively with ET's Nancy O'Dell.

The country superstar, whose controversial relationship with husband Eddie Cibrian has become both a blessing and a curse, tells Nancy her upcoming album Spitfire was born unexpectedly during her extra-marital affair with Eddie. In fact, a handful of infidelity themed tracks included in the album were initially written about a friend of hers while LeAnn was married to her ex, Dean Sheremet.

"What Have I Done is one of the first songs that I wrote for the record, before anything was actually starting to happen," said LeAnn. "It was written about a friend of mine, but I didn't realize I was writing it for myself at the time... It was my subconscious talking and I didn't know yet."

Speaking on the feelings that sparked her and Eddie's infamous affair, LeAnn acknowledged that her then husband had heard the troubling track and perhaps knew she would soon be led astray.

"He actually heard the song when I wrote it and, actually, he knew what it was about before I did," she reveals. "He knew I was feeling feelings. I'm not sure what those were that he knew."

Sighed LeAnn, "It's a very complicated situation."

When asked if she ever worries whether her husband Eddie would ever cheat on her, LeAnn admits that she does.

"I would be ignorant to say, and everyone else would think I am a liar if I didn't say yes, and I have at times," said LeAnn, going on to reveal that Eddie has had the same concerns about her.

"Speaking for him, I would actually say that's creeped into his [mind]…I think we've been very honest and open with that to each other and our conversations about it have only made me understand how much he actually cares, as much as I do, about being faithful to each other."

4. Mindy McCready's Boyfriend Dies from Self-Inflicted Gunshot Wound

More details into the death of Mindy McCready's boyfriend and father of her child David Wilson, who was found dead on January 13 at his Arkansas home, have surfaced.

McCready's rep, Kat Atwood, told People.com that Wilson suffered "a self-inflicted gunshot wound," adding, "Now they're working on funeral arrangements and figuring out where to go from here."

Following the news of her boyfriend's death, the country crooner was reportedly alone for the first 24 hours with her children. "Her family drove up from Florida," Atwood told the website. "I'm not exactly sure when they got there, but her personal friends arrived late last night."

"David was my soulmate," McCready, 37, said in a statement about the late singer-songwriter. "He was a precious gift from God to all of us and, yesterday, he returned home and is now with his mother and father. David loved and was loved. Those who knew and loved him will miss him; those who did know David missed the opportunity to know a truly loving and gifted man."

McCready and Wilson had been together for about two years, and share a 9-month-old son named Zayne (McCready has an older son Zander with country singer Billy McKnight).

5. Jessica Simpson on New Pregnancy: Eric Keeps Knocking Me Up!

Jessica Simpson told Jay Leno on Tuesday night's Tonight Show that she "needs to keep her legs closed" after getting pregnant twice and missing two planned wedding dates.

Wearing a leopard minidress that showed off her growing baby bump, the mommy-to-be admitted that she and her fiancé of two years Eric Johnson are planning to get married if they can quit having children. "We've had two different wedding dates, but he keeps knocking me up," Simpson, 32, joked. "We're doing it very backwards, I know. ... I'll just keep my legs crossed, I guess, this time."

The Weight Watchers spokeswoman, who reportedly lost 60 pounds after giving birth to daughter Maxwell this past year, revealed that this was not a planned pregnancy, telling Leno, "Apparently it was a part of God's plan for my life. I was extremely shocked because I was going through a lot of hormonal changes, trying to get back to the old, vibrant Jessica. You know, it was kind of like a one-night stand. And it happened, all over again!"

Simpson spilled the news on Tuesday that she'll be starring in a NBC show inspired by her life. The once Newlywed reality star quipped that the show will be about "a girl who keeps getting pregnant."

"We don't have a name yet," she confessed to Leno. "We're just now in the process of casting everyone, doing the pilot. I will be playing myself but we'll have actors playing Eric and my dad. That'll be funny."

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Lilly drug chosen for Alzheimer's prevention study

Researchers have chosen an experimental drug by Eli Lilly & Co. for a large federally funded study testing whether it's possible to prevent Alzheimer's disease in older people at high risk of developing it.

The drug, called solanezumab (sol-ah-NAYZ-uh-mab), is designed to bind to and help clear the sticky deposits that clog patients' brains.

Earlier studies found it did not help people with moderate to severe Alzheimer's but it showed some promise against milder disease. Researchers think it might work better if given before symptoms start.

"The hope is we can catch people before they decline," which can come 10 years or more after plaques first show up in the brain, said Dr. Reisa Sperling, director of the Alzheimer's center at Brigham and Women's Hospital in Boston.

She will help lead the new study, which will involve 1,000 people ages 70 to 85 whose brain scans show plaque buildup but who do not yet have any symptoms of dementia. They will get monthly infusions of solanezumab or a dummy drug for three years. The main goal will be slowing the rate of cognitive decline. The study will be done at 50 sites in the U.S. and possibly more in Canada, Australia and Europe, Sperling said.

In October, researchers said combined results from two studies of solanezumab suggested it might modestly slow mental decline, especially in patients with mild disease. Taken separately, the studies missed their main goals of significantly slowing the mind-robbing disease or improving activities of daily living.

Those results were not considered good enough to win the drug approval. So in December, Lilly said it would start another large study of it this year to try to confirm the hopeful results seen patients with mild disease. That is separate from the federal study Sperling will head.

About 35 million people worldwide have dementia, and Alzheimer's is the most common type. In the U.S., about 5 million have Alzheimer's. Current medicines such as Aricept and Namenda just temporarily ease symptoms. There is no known cure.

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Online:

Alzheimer's info: http://www.alzheimers.gov

Alzheimer's Association: http://www.alz.org

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Follow Marilynn Marchione's coverage at http://twitter.com/MMarchioneAP

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