Bullying study: It does get better for gay teens

CHICAGO (AP) — It really does get better for gay and bisexual teens when it comes to being bullied, although young gay men have it worse than their lesbian peers, according to the first long-term scientific evidence on how the problem changes over time.

The seven-year study involved more than 4,000 teens in England who were questioned yearly through 2010, until they were 19 and 20 years old. At the start, just over half of the 187 gay, lesbian and bisexual teens said they had been bullied; by 2010 that dropped to 9 percent of gay and bisexual boys and 6 percent of lesbian and bisexual girls.

The researchers said the same results likely would be found in the United States.

In both countries, a "sea change" in cultural acceptance of gays and growing intolerance for bullying occurred during the study years, which partly explains the results, said study co-author Ian Rivers, a psychologist and professor of human development at Brunel University in London.

That includes a government mandate in England that schools work to prevent bullying, and changes in the United States permitting same-sex marriage in several states.

In 2010, syndicated columnist Dan Savage launched the "It Gets Better" video project to encourage bullied gay teens. It was prompted by widely publicized suicides of young gays, and includes videos from politicians and celebrities.

"Bullying tends to decline with age regardless of sexual orientation and gender," and the study confirms that, said co-author Joseph Robinson, a researcher and assistant professor of educational psychology at the University of Illinois in Urbana-Champaign. "In absolute terms, this would suggest that yes, it gets better."

The study appears online Monday in the journal Pediatrics.

Eliza Byard, executive director of the Gay, Lesbian & Straight Education Network, said the results mirror surveys by her anti-bullying advocacy group that show bullying is more common in U.S. middle schools than in high schools.

But the researchers said their results show the situation is more nuanced for young gay men.

In the first years of the study, gay boys and girls were almost twice as likely to be bullied as their straight peers. By the last year, bullying dropped overall and was at about the same level for lesbians and straight girls. But the difference between men got worse by ages 19 and 20, with gay young men almost four times more likely than their straight peers to be bullied.

The mixed results for young gay men may reflect the fact that masculine tendencies in girls and women are more culturally acceptable than femininity in boys and men, Robinson said.

Savage, who was not involved in the study, agreed.

"A lot of the disgust that people feel when you bring up homosexuality ... centers around gay male sexuality," Savage said. "There's more of a comfort level" around gay women, he said.

Kendall Johnson, 21, a junior theater major at the University of Illinois, said he was bullied for being gay in high school, mostly when he brought boyfriends to school dances or football games.

"One year at prom, I had a guy tell us that we were disgusting and he didn't want to see us dancing anymore," Johnson said. A football player and the president of the drama club intervened on his behalf, he recalled.

Johnson hasn't been bullied in college, but he said that's partly because he hangs out with the theater crowd and avoids the fraternity scene. Still, he agreed, that it generally gets better for gays as they mature.

"As you grow older, you become more accepting of yourself," Johnson said.

___

Online:

Pediatrics: http://www.pediatrics.org

It Gets Better: http://www.itgetsbetter.org

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

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S&P 500 posts worst day since November; McGraw-Hill shares sink

NEW YORK (Reuters) - Stocks slid on Monday, giving the S&P 500 its worst day since November, as renewed worries about the euro zone crisis caused the market to pull back from recent gains.

Shares of McGraw-Hill shed 13.8 percent to $50.30, their worst daily percentage decline since the October 1987 market crash, after news the U.S. Justice Department plans to sue Standard & Poor's, a unit of McGraw-Hill, over its mortgage bond ratings. It would be the first such federal action against a credit rating agency related to the recent financial crisis.

Chevron and Wal-Mart were among the biggest drags on the Dow after analyst downgrades, and all 10 S&P 500 sectors were lower. The losses follow Friday's market climb that left the S&P 500 at a five-year high and the Dow above 14,000.

"The market is extended and due for a pullback. I think people are looking for an excuse to make sales, and there (is) the concern coming from Europe," said Michael James, senior trader at Wedbush Morgan in Los Angeles.

Spanish and Italian bond yields rose, renewing worries about the euro zone's sovereign debt crisis. Spain's prime minister faced calls to resign over a corruption scandal, while a probe of alleged misconduct involving an Italian bank was expected to widen three weeks before a national election.

Adding to market pressure, data from the U.S. Commerce Department showed overall factory orders for December were below economists' expectations.

The Dow Jones industrial average <.dji> was down 129.71 points, or 0.93 percent, at 13,880.08. The Standard & Poor's 500 Index <.spx> was down 17.46 points, or 1.15 percent, at 1,495.71. The Nasdaq Composite Index <.ixic> was down 47.93 points, or 1.51 percent, at 3,131.17.

With 18.7 billion shares traded, it was the busiest day on record for McGraw-Hill shares. Shares of ratings agency Moody's Corp fell 10.7 percent at $49.45, their worst one-day drop since August 2011.

The benchmark S&P 500 rose on Friday, leaving it roughly 60 points away from its all-time intraday high of 1,576.09, while the Dow's march above 14,000 was the highest for the index since October 2007.

The S&P index remains up about 5 percent for the year, with nearly half of the gains coming after U.S. legislators temporarily sidestepped the "fiscal cliff" of automatic tax increases and spending cuts.

The CBOE Volatility index VIX <.vix>, Wall Street's so-called fear gauge, jumped 13.7 percent.

Chevron dipped 1.1 percent to $115.20 after UBS cut its rating to neutral, while Wal-Mart Stores Inc shed 1.2 percent to $69.63 after JP Morgan lowered its rating on the world's largest retailer and reduced its price target.

Shares of household products company Clorox rose 0.7 percent to $79.72 after quarterly profit beat analysts' estimates as a severe flu season boosted sales of disinfecting wipes.

According to Thomson Reuters data, of the 256 companies in the S&P 500 that have reported earnings through Monday morning, 68.4 percent have reported earnings above analyst expectations, compared with the 62 percent average since 1994 and the 65 percent average over the past four quarters.

S&P 500 fourth-quarter earnings are expected to rise 4.4 percent, according to the data. That estimate is above the 1.9 percent forecast at the start of earnings season, but well below the 9.9 percent forecast on October 1.

In deal news, software maker Oracle Corp agreed to buy network equipment company Acme Packet Inc for $1.7 billion net of cash. Shares of Oracle were down 3 percent at $35.13 while Acme Packet shot up 23.7 percent to $29.59.

Shares of Herbalife Ltd ended up 1.3 percent at $35.54, recovering its losses ahead of the close. The New York Post reported the seller of weight loss products is facing a probe by the Federal Trade Commission.

Volume was roughly 6.3 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.

Decliners outpaced advancers on the NYSE by nearly 4 to 1 and on the Nasdaq also by about 4 to 1.

(Editing by Kenneth Barry and Nick Zieminski)

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Europol Investigation Shows Fixing Is Suspected in 680 Soccer Matches

Robin Van Lonkhuijsen/Agence France-Presse — Getty Images

Rob Wainwright, the director of Europol, at a press conference in The Hague on Monday.

Soccer is known throughout much of the world as the beautiful game. But the sport’s ugliest side — the scourge of match-fixing — will not soon go away.

With the 2014 World Cup in Brazil drawing closer, a European police intelligence agency said Monday that its 19-month investigation, code-named Operation Veto, revealed widespread occurrences of match-fixing in recent years, with 680 games globally deemed suspicious. The list of match types is staggering: some 150 international matches, mostly in Africa, Asia and Latin America; roughly 380 games in Europe, covering World Cup and European championship qualifiers as well as two Champions League games; and games that run the gamut from lower-division semiprofessional matches to contests in top domestic leagues.

But officials at the news conference at The Hague repeatedly sidestepped questions from reporters on how many of the actual 680 matches cited had been previously reported, and, in some instances, previously prosecuted, and how many of them represented new information.

Nor would the officials identify any of the teams and individuals newly linked to match-fixing, citing the need to guard the confidentiality of police procedures.

Still, one new tantalizing detail did emerge: the revelation that one of the suspicious matches uncovered was a game in the Champions League — the most prestigious annual soccer tournament in the world — and that it was played in England in the last three or four years.

Even as the news conference continued, fans immediately took to social media to speculate on the match in question and, indeed, on which English team might have been involved. Manchester United, Manchester City, Arsenal, Chelsea, Liverpool and Tottenham are the only English teams that have participated in the Champions League during the time frame cited by officials. All six are iconic teams in England’s Premier League, which is by far the world’s most popular soccer league and has an unparalleled global following.

And while the absence of details left it unclear as to whether investigators believed an English team was culpable in fixing a Champions League game, or whether it was an opposing team from another country that had come to England for the match, the fact that match-fixing was now being linked to the country that represents the biggest international stage in soccer left many in the sport apprehensive.

“It would be naïve and complacent of those in the U.K. to think such a criminal conspiracy does not involve the English game and all the football in Europe,” Rob Wainwright, the director of the police intelligence agency, known as Europol, told reporters.

Most of the investigation’s focus, however, was elsewhere. Europol described a wide-ranging network of fixing that struck at the sport’s core. Nearly $11 million in profits and nearly $3 million in bribes were discovered during the investigation, which uncovered “match-fixing activity on a scale we have not seen before,” Wainwright said.

“This is a sad day for European football,” he added.

Fixers typically seek to dictate a game’s result by corrupting the players or the on-field officials, and the Europol officials said Monday that roughly 425 people were under suspicion because of the investigation, with 50 people having been arrested. The scope of the investigation covered games from roughly 2008 to 2011.

An organized crime syndicate based in Asia is believed to be the driving force behind the fixing activity, which stretches across at least 15 countries, Europol officials said. Individual bribes were, in some instances, higher than $136,000, and fixers would place bets on the tainted matches through bookmakers in Asia.

Various matches in Africa, Asia and South and Central America were identified as suspicious, and Declan Hill, a Canadian journalist and the author of “The Fix: Soccer and Organized Crime,” said his reporting on the subject — which was included in Europol’s investigation — had not previously indicated such widespread fixing among national teams.

David Jolly contributed reporting from The Hague.

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Facebook After Death: Who Owns Your Pages When You Die?

Most people can’t live without Facebook — but what happens to your Facebook page when you are no longer living? New Hampshire and other states are trying to figure that out.

State Rep. Peter Sullivan has introduced legislation to allow the executor of an estate control over the social networking pages of the dead. Last week, the New Hampshire House of Representatives voted 222-128 to give Sullivan more time to write an amendment that begins a study of the issue.

The bill proposed by Sullivan, a Democrat from Manchester, would allow control of someone’s Facebook, Twitter, and other accounts such as Gmail to be passed to the executor of their estate after death.

According to Sullivan, passage of his bill would bridge a gap in policies of social media sites regarding posthumous users. He said his bill would protect residents who have suffered loss.

“This would give the families a sense of closure, a sense of peace. It would help prevent this form of bullying that continues even after someone dies and nobody is really harmed by it.”

In an interview with WMUR, Sullivan tells the story of a young Canadian girl who committed suicide because of bullying. After she died the taunting continued on her Facebook page.

Read More About Teens Bullied On Facebook

“The family wasn’t able to do anything; they didn’t have access to her account.” Sullivan said. “They couldn’t go in and delete those comments, and they couldn’t take the page down completely.”

Five other states, including Oklahoma, Idaho, Rhode Island, Indiana and Connecticut, have established legislation regulating one’s digital presence after death. Rhode Island and Connecticut were first, but their bills were limited in scope to email accounts, excluding social networking sites.

According to opponents of Sullivan’s bill, contracts and provisions between the social media user and the site already lay out what happens to the page once the user passes. Opponents say Sullivan’s bill is unenforceable and incomplete. Some also say the issue would be better suited for federal law.

Ryan Kiesel, then a state legislator from Oklahoma, sponsored a similar bill in 2010 called the Digital Property Management After Death law. Though he supports states’ efforts to bring light to this issue, saying that it is a good way to get the conversation started, he also believes that this is a case that should eventually taken up by the federal government.

“Facebook and other online providers have changed their privacy policies to keep up with the times, but we still see a lot of flux within different sites like Facebook , Flickr, or Google, for example.” Keisel told ABC News. “The federal government should pass uniform laws to govern all digital assets because it is quite difficult for an estate to have to navigate endless numbers of digital policies postmortem.”

Kiesel, who now works as a civil rights activist, compared one’s digital legacy to the distribution of someone’s tangible assets after death.

Get more pure politics at ABCNews.com/Politics

“In Oklahoma, if you are administrator of the estate of a deceased person’s house and you find a box under their bed, you are well within your right to see what’s inside that box and if property is worth distributing, you should distribute it accordingly.” Kiesel told ABC News that the same idea goes for digital legacy.

Today marks the ninth Anniversary of the launch of Facebook, which currently has over 1 billion active users. That number, which has grown from just a million users in 2004, suggests there must be an enormous number of Facebook pages that must currently be occupied by deceased people.

Facebook has not completely ignored the growing number of deceased users. The site has created a function allowing Facebook pages to become memorials after they have died.

“Please use this form to request the memorialization of a deceased person’s account,” the site reads. “We extend our condolences and appreciate your patience and understanding throughout this process.”

Memorialization of a Facebook page, however, can only be done via online request. And the terms of service for Facebook’s say that it will not issue login and password information to family members of the deceased. The requestor must contact Facebook and request that the profile is taken down or memorialized.

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Beyoncé's Halftime Show Blows Up Twitter

By Maggie Coughlan

02/03/2013 at 08:55 PM EST

Was the Beyoncé Bowl everything you anticipated and more?

While the Baltimore Ravens and the San Francisco 49ers prepared to make football history at the Super Bowl, fans counted down the moments until Beyoncé took the stage.

Beyoncé, Kelly Rowland and Michelle Williams

Gerald Herbert / AP

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New rules aim to get rid of junk foods in schools

WASHINGTON (AP) — Most candy, high-calorie drinks and greasy meals could soon be on a food blacklist in the nation's schools.

For the first time, the government is proposing broad new standards to make sure all foods sold in schools are more healthful.

Under the new rules the Agriculture Department proposed Friday, foods like fatty chips, snack cakes, nachos and mozzarella sticks would be taken out of lunch lines and vending machines. In their place would be foods like baked chips, trail mix, diet sodas, lower-calorie sports drinks and low-fat hamburgers.

The rules, required under a child nutrition law passed by Congress in 2010, are part of the government's effort to combat childhood obesity. While many schools already have improved their lunch menus and vending machine choices, others still are selling high-fat, high-calorie foods.

Under the proposal, the Agriculture Department would set fat, calorie, sugar and sodium limits on almost all foods sold in schools. Current standards already regulate the nutritional content of school breakfasts and lunches that are subsidized by the federal government, but most lunchrooms also have "a la carte" lines that sell other foods. Food sold through vending machines and in other ways outside the lunchroom has never before been federally regulated.

"Parents and teachers work hard to instill healthy eating habits in our kids, and these efforts should be supported when kids walk through the schoolhouse door," Agriculture Secretary Tom Vilsack said.

Most snacks sold in school would have to have less than 200 calories. Elementary and middle schools could sell only water, low-fat milk or 100 percent fruit or vegetable juice. High schools could sell some sports drinks, diet sodas and iced teas, but the calories would be limited. Drinks would be limited to 12-ounce portions in middle schools and to 8-ounce portions in elementary schools.

The standards will cover vending machines, the "a la carte" lunch lines, snack bars and any other foods regularly sold around school. They would not apply to in-school fundraisers or bake sales, though states have the power to regulate them. The new guidelines also would not apply to after-school concessions at school games or theater events, goodies brought from home for classroom celebrations, or anything students bring for their own personal consumption.

The new rules are the latest in a long list of changes designed to make foods served in schools more healthful and accessible. Nutritional guidelines for the subsidized lunches were revised last year and put in place last fall. The 2010 child nutrition law also provided more money for schools to serve free and reduced-cost lunches and required more meals to be served to hungry kids.

Sen. Tom Harkin, D-Iowa, has been working for two decades to take junk foods out of schools. He calls the availability of unhealthful foods around campus a "loophole" that undermines the taxpayer money that helps pay for the healthier subsidized lunches.

"USDA's proposed nutrition standards are a critical step in closing that loophole and in ensuring that our schools are places that nurture not just the minds of American children but their bodies as well," Harkin said.

Last year's rules faced criticism from some conservatives, including some Republicans in Congress, who said the government shouldn't be telling kids what to eat. Mindful of that backlash, the Agriculture Department exempted in-school fundraisers from federal regulation and proposed different options for some parts of the rule, including the calorie limits for drinks in high schools, which would be limited to either 60 calories or 75 calories in a 12-ounce portion.

The department also has shown a willingness to work with schools to resolve complaints that some new requirements are hard to meet. Last year, for example, the government relaxed some limits on meats and grains in subsidized lunches after school nutritionists said they weren't working.

Schools, the food industry, interest groups and other critics or supporters of the new proposal will have 60 days to comment and suggest changes. A final rule could be in place as soon as the 2014 school year.

Margo Wootan, a nutrition lobbyist for the Center for Science in the Public Interest, said surveys by her organization show that most parents want changes in the lunchroom.

"Parents aren't going to have to worry that kids are using their lunch money to buy candy bars and a Gatorade instead of a healthy school lunch," she said.

The food industry has been onboard with many of the changes, and several companies worked with Congress on the child nutrition law two years ago. Major beverage companies have already agreed to take the most caloric sodas out of schools. But those same companies, including Coca-Cola and PepsiCo, also sell many of the non-soda options, like sports drinks, and have lobbied to keep them in vending machines.

A spokeswoman for the American Beverage Association, which represents the soda companies, says they already have greatly reduced the number of calories that kids are consuming at school by pulling out the high-calorie sodas.

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Follow Mary Clare Jalonick on Twitter at http://twitter.com/mcjalonick

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Asian shares edge higher after U.S. jobs, ISM

TOKYO (Reuters) - Asian shares edged higher on Monday, buoyed by U.S. data which maintained expectations for a mild recovery and continued loose Federal Reserve monetary policy to support it, bolstered by solid manufacturing data from Europe and China.

The yen hit its lowest since August 2008 against the Australian and New Zealand dollars early on Monday and stuck near lows against the euro and the U.S. dollar and confidence of bold monetary support to overcome Japan's stubborn deflation.

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rose 0.2 percent after posting a weekly gain of 0.7 percent.

"Asian shares are likely to take the cues from the rise in U.S. equities and prices of risk assets are generally expected to face upward pressures," said Naohiro Niimura, a partner at research and consulting firm Market Risk Advisory.

The Dow Jones industrial average <.dji> rose to 14,000 for the first time since October 2007 and the Standard & Poor's 500 Index <.spx> hit its highest point since December of that year.

U.S. data showed on Friday payrolls rose by 157,000 last month, with upward revisions for November and December, while the Institute for Supply Management said its index of national factory activity rose to its highest since April.

China followed with positive news over the weekend, saying growth in its official purchasing managers' index (PMI) for the non-manufacturing sector ticked up in January for the fourth straight monthly rise, confirming the world's second-largest economy was showing a modest recovery.

Resources-reliant Australian shares <.axjo> edged up 0.2 percent, after jumping 0.9 percent to a 21-month high on Friday. Positive economic news from China, Australia's largest export destination, usually boosts Australian investor sentiment.

South Korean shares <.ks11> opened up 0.6 percent.

Japan's benchmark Nikkei stock average <.n225> opened 0.6 percent higher, climbing to a fresh 33-month high as the yen declined. The index logged its 12th straight week of increases last week, the longest run of weekly gains since 1959. <.t/>

The dollar steadied at 92.83 yen after scaling its highest since May 2010 of 92.97 on Friday, while the euro was up 0.1 percent to 126.71 yen, near its loftiest since April 2010 of 126.97 touched on Friday.

In early Monday trade, the yen plunged to its lowest since August 2008 against both the Australian dollar, at 96.78 yen, and against the New Zealand dollar at 78.74 yen.

The euro inched 0.1 percent higher to $1.3649, off Friday's 14-1/2-month peak of $1.3711 hit after data showed euro zone factories had their best month in January in nearly a year.

On Friday, the dollar index measured against a basket of key currencies fell to a 4-1/2-month low of 78.918 <.dxy>.

"It is well understood that the EUR has been boosted by the perception of reduced financial stability risks in the euro area and the resulting rebalancing moves out of the CHF, JPY and GBP. As a result, strong trends are in place in EUR/GBP, EUR/USD and EUR/JPY," Barclays Capital said in a research note. "The US economy has maintained its momentum, but not so much as to alter our view that the Fed will remain accommodative."

As economic optimism rose and concerns about the euro zone's debt difficulties eased, investors took on more risk.

Research provider TrimTabs Investment Research said on Saturday investors poured a record $77.4 billion in new cash into stock mutual funds and exchange-traded funds in January, surpassing the previous monthly record of $53.7 billion in February 2000.

In the oil market, tension across the Middle East put Brent crude on track to its biggest weekly gain since mid-November, and U.S. crude rose for an eighth straight week, although it eased 0.3 percent to $97.53 a barrel early on Monday.

(Editing by Eric Meijer)

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Cyprus Complicates German Quest to Save Euro Zone

Andreas Manolis/Reuters

Bondholders argued with a Bank of Cyprus employee Thursday during a protest in Nicosia. Russian influence has complicated the possibility of a bailout.

PARIS — When German officials said they would save the euro zone at all costs, the prospect of bailing out Russian oligarchs was not what they had in mind.

But eight months before a crucial election in Germany, Chancellor Angela Merkel is facing charges that Europe is doing just that as the tiny island of Cyprus, a haven for Russian cash, threatens to become the next point of contention in the euro crisis.

In recent days, Germany has signaled that it is reluctantly edging toward a bailout for Cyprus, after lifelines have been extended to Greece, Ireland and Portugal to prevent potentially calamitous defaults. While Cyprus makes up just a sliver of the euro zone economy, it is proving to be a first-rate political headache.

“I don’t think that Germany has ever in the history of the euro zone crisis left itself so little wiggle room,” said Nicholas Spiro, the managing director of Spiro Sovereign Strategy in London. “But Germany wants the euro to succeed and survive, and they are saying we can’t afford a Cyprus bankruptcy.”

But giving a bailout to Cyprus is trickier than it seems. Cyprus’s politicians would prefer not to take European money, which comes with the harsh austerity conditions that have spread misery in Greece. And they can argue that Cyprus was doing relatively well until Greece’s second bailout, when Greek government bonds — of which Cypriot banks held piles — lost considerable value.

The question of keeping the euro together had seemed to be conveniently fading for Ms. Merkel, who in the fall put her full backing behind the euro zone, quieting fears of a breakup. But Berlin seems to have been caught off guard by the political tempest stirred up by Cyprus, which has been shut out of international bond markets for a year but has been kept afloat by a $3.5 billion loan from the Russian government.

With that money running out, Germany and its European partners have been locked in a fierce debate over whether and how to throw Cyprus a lifeline. The problem is, most of the money lost by Cypriot banks was Russian, and the worry is that most of the bailout money could wind up in the hands of Russian oligarchs and gangsters. That fear, backed by a recent report by German intelligence, has stoked a furor even among some of Ms. Merkel’s political partners. “I do not want to vouch for black Russian money,” Volker Kauder, a prominent member of her conservative bloc, said recently.

The Russian presence is thick on Cyprus, a picturesque Mediterranean island and a onetime British colony. The bustling, large city of Limassol has an enclave of restaurants, shops and fur boutiques so packed with Russians that locals call it “Limassolgrad.”

Officials in Cyprus say there is no proof that the Russian cash in its banks is of dubious origin, and they insist that they cracked down on money laundering before joining the European Union. The officials point to an evaluation by the Organization for Economic Cooperation and Development showing that Cyprus is compliant with more than 40 directives against money laundering.

While any lifeline for Cyprus would be small — about $22 billion compared with about $327 billion for Greece — the quandary has reverberated in Europe’s halls of power, and especially in Berlin, which appears to have been backed into a corner by Ms. Merkel’s commitment to keep the euro zone together no matter what.

The outspoken German finance minister, Wolfgang Schäuble, recently cast doubt on whether Cyprus should even be considered for a bailout, given its small size and the stark reality that it is not nearly as vital to the euro’s existence as the larger economies of Spain or Italy. His blunt assessment reportedly drew an admonishment from Mario Draghi, the president of the European Central Bank, which has spent hundreds of billions of euros on a program intended to discourage financial market speculators from attacking euro zone countries.

“We have reached a point of relative stability in the euro zone crisis, so letting Cyprus go could stir up the waters again and trigger another wave of speculation,” said Hubert Faustmann, an associate professor of history and political science at the University of Nicosia in Cyprus.

With Russia refusing to provide any further financing unless the so-called troika of creditors — the European Central Bank, the International Monetary Fund and the European Commission — provides most of the bailout, the Cypriot government has few options. It signed a memorandum of understanding in November with the troika, setting off a wave of austerity measures that are already starting to hit the enfeebled Cypriot economy.

The salaries of public sector workers have since been slashed by up to 15 percent, state pensions are to be cut by up to 10 percent and the value-added tax is set to rise. “The island has been hard hit, and there is an atmosphere of fear,” Mr. Faustmann said. “People are not sure if they will keep their jobs, and if they do, how long they will have them.”

Mr. Faustmann estimated that it would take at least a half-decade for the Cypriot economy to recover — assuming that the conditions required by Germany and the troika do not send Russian money fleeing from the banks. “If that happens,” he said, “then Cyprus is dead.”

Nicholas Kulish contributed reporting from Berlin, and Jack Ewing from Frankfurt.

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Take-Two delays launch of Grand Theft Auto V video game

(Reuters) – Take-Two Interactive Software Inc said on Thursday it has pushed back the launch of the latest game from its hit “Grand Theft Auto” franchise to September 17 from its previously announced release window of spring 2013.

Shares of Take-Two were down six percent at $ 12.31 in early afternoon trading on the Nasdaq.

The delay was to allow Take-Two’s Rockstar Games studio, which develops “Grand Theft Auto” games, additional development time, the video game company said.

“Grand Theft Auto V” will be released worldwide for Microsoft Corp‘s Xbox and Sony Corp‘s PlayStation3 game consoles on September 17, the company said.

The action-adventure game lets players complete criminal missions in urban settings. The franchise’s last title “Grand Theft Auto IV” has sold over 25 million units since its release in 2008.

Grand Theft Auto V is set in a fictional city inspired by present-day Southern California.

The delayed launch pushes earnings from Grand Theft Auto V sales from June to September, Sterne Agee analyst Arvind Bhatia said. The new title of the massively popular franchise has the potential to rake in close to $ 1 billion in retail sales and sell 15 to 20 million units, according to Bhatia.

“It adds to their development cost and it’s launching closer to what we think is going to be a period where new consoles will be coming out and there will be more competition from other titles,” Bhatia said.

The video game industry has been struggling to cope with flagging sales over the last year. Analysts say consumers are holding back from buying hardware and software as they wait for rumored next-generation versions of Sony Corp’s PlayStation and Microsoft Corp’s Xbox, expected later this year.

The delay could mean Take-Two is possibly creating a “cross-generation” title that could work on current and next-generation consoles, said analyst Mike Hickey of National Alliance Capital Markets.

“Remember, Xbox signed an exclusive deal with Rockstar at the beginning of the prior cycle for episodic content, and Sony provided exclusive resources for the completion of Grand Theft Auto IV,” Hickey said.

(Reporting by Malathi Nayak in San Francisco; Editing by Leslie Adler and Alden Bentley)

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Busy Philipps Feels No Pressure to Bounce Back After Baby

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Busy Philipps may be willing to dish out style advice to fellow expectant mamas — but she’s not about to start breaking out the postpartum weight loss lectures.

Currently pregnant with her second child, the Cougar Town star admits that while her celebrity status opens her up for public scrutiny, she’s not planning a big bounceback after baby.

“Like most things in this business, I think that you have to do what’s right for you and you can’t be too concerned about what some magazine is going to write about you,” Philipps, 33, tells HuffPost Celebrity.

“We’re in a business where a lot of people are blessed with pretty incredible bodies, that they work hard for or comes naturally, and not everybody has the same body.”

According to Philipps, staying healthy is priority during pregnancy and women “should be given a break” when it comes to packing on the extra pounds — especially by those dubious doctors!

“It’s interesting when people make comments about celebrities’ weight gain or lack of weight gain as if they’re a medical professional that’s treating that celebrity,” she notes. “Like, ‘This doctor does not treat Jessica Simpson, but thinks her weight is unhealthy.’ If you don’t treat her, then how do you know?”

After the arrival of daughter Birdie Leigh, now 4, the actress took her time regaining her post-baby bod — a journey, she says, lasted almost a year — preferring to instead instill a positive attitude (and approach) in her little girl.

“I wanted to be healthy for her and have a healthy body image so that she hopefully grows up to see that her self worth isn’t defined by how thin she is,” Philipps explains.

“Thrilled to be expecting another baby with husband Marc Silverstein, Philipps wasn’t sure if expanding their tight-knit trio was even in the cards for the couple. No one, however, was more ecstatic over the news than the big sister-to-be, whose wish is finally coming true.

“My daughter is very excited … it’s actually something that she has asked for for quite some time,” she says. “My husband and I were on the fence about whether or not we were going to add to our family, but now that we’re on our road, we’re really excited.”

– Anya Leon

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