Record earnings for South Korean league

(Reuters) - South Korean baseball underlined its continuing growth by posting a record $33 million in revenue last year, local media reported on Wednesday.
Winning gold at the Beijing Olympics and finishing runners-up at the 2009 World Baseball Classic boosted baseball's popularity and attendances crossed the 7 million-mark for the first time last year, Yonhap News agency reported.
The league pocketed 35 billion won ($32.9 million) in 2012, bettering the 34 billion it earned a year earlier, the report said citing figures from the marketing wing of the Korea Baseball Organization (KBO).
The league received 25 billion won from its television broadcasting contract and 8 billion from corporate sponsorship, while 2 billion came from merchandise sales.
Each of the eight KBO clubs, having collectively drawn 7.15 million fans, took home 3.8 billion won after the league broke its attendance record for the fourth straight year.
The KBO will welcome a ninth club this year in what would be the league's first expansion since 1991 while another team could be included in 2015.

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Column: No suspense for Bonds, Clemens in HOF vote

Barry Bonds can go for a bike ride. Roger Clemens might want to head to the gym for one of those famous workouts that used to make him pitch like he was 22 when he was 42.
If the polls are right — and my guess is they're pretty spot on — there's no need for either to wait by the phone Wednesday when baseball writers weigh in with their first verdict on what is arguably the greatest class of Hall of Fame candidates since Ty Cobb and Babe Ruth were among the inaugural inductees 77 years ago.
Bonds and Clemens won't get in, and no one else may either. In a fitting twist, the player who is most likely the leading candidate to make it is known almost as much for getting hit by pitches as hitting them himself.
Actually, Craig Biggio had 3,060 hits to go with the 285 times he got hit, and being a member of the 3,000-hit club usually guarantees a spot in Cooperstown. But in any other time the greatest home run hitter ever and only pitcher to win seven Cy Young awards would be absolute locks, too.
This, however, is as much a referendum on the Steroids Era as it is on the numbers that are so sacrosanct in baseball. This is about what people suspect players did while they were off the field, not what they accomplished while on it.
And this may be the last chance anyone has of somehow trying to make it right.
No, denying Bonds a spot in the Hall of Fame won't wipe away the bloated numbers that will almost surely scar the record books for generations to come. But it does put a giant asterisk that Bud Selig and the rest of baseball refuse to attach next to the 73 home runs he hit in one season, or the 762 he slugged through his career.
And while Clemens will keep his Cy Young awards, keeping him out of Cooperstown at least sends a message that maybe next time we won't be so easily hoodwinked again.
It shouldn't be the job of baseball writers to make the final statement about the Steroids Era; indeed some of the voters I know are quite uncomfortable with trying to sort out who did what and when. They're not the steroid police, as they often point out, and don't know any better than the guy next to them in the locker room who did what and when.
But Selig and his minions failed time and time again to confront the epidemic that swept through the game the last few decades. They used the power surge — four of the top 10 all-time home run hitters are either admitted steroid users or associated with them — to bring fans back to the ballparks who were disillusioned with baseball after a bitter strike wiped out the playoffs and the World Series in 1994.
They sat back and watched the cash registers heat up, knowing all along that much of it was built on a giant fraud. And they certainly didn't follow criteria that is spelled out for Hall of Fame voters, who are pledged to look at not only a player's numbers but the "integrity, sportsmanship, character and contributions to the team(s)" on which he played.
Under those guidelines, Bonds and Clemens don't qualify. Neither does Sammy Sosa, who thankfully will receive only a handful of votes in his first year of eligibility.
Unlike Sosa and Mark McGwire — who at least admitted he used steroids — the odds are that Bonds and Clemens will one day be enshrined in the hall. As the years go by and the stigma of the steroid era fades, they'll gain support among voters and probably make the 75 percent threshold required for admittance.
Unfortunately for some of those on the ballot with them, they may have to wait, too. That includes Mike Piazza and Jeff Bagwell, whose numbers have to be looked at twice not because they've been accused of wrongdoing but because they were put up in the heart of the Steroids Era.
That may not be fair to them, but the Hall of Fame is an exclusive place where fairness does not always carry the day. How else to explain why the late Roger Maris was never voted in, despite breaking Ruth's home run record with 61, a mark that stood for 37 years before McGwire and Sosa obliterated it in the home run orgy of 1998.
We may never know exactly what Bonds did to hit home runs unlike any human being before him. He's not talking, though a look at the newly svelte slugger today suggests that the change in his body size isn't completely due to his new love of cycling.
Don't expect Clemens to be any more forthcoming, either. Not after a jury in Washington, D.C., sided with him over accusations by former trainer Brian McNamee that he injected the pitcher with human growth hormone to salvage what was left of his good name.
They hurt baseball more than the banned and disgraced Pete Rose ever did by betting on games. Maybe, like Rose, they need some more time before explaining what really happened.
Meanwhile, they'll continue to keep us all hanging, including the sport and fans that made them rich.
Fortunately, baseball writers are in a position to return the favor.

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Soccer-41 players get life bans for South Korea match-fixing

Jan 9 (Reuters) - Forty one South Korean players have been handed worldwide lifetime bans following a match-fixing scandal in the country's K-League, world governing body FIFA said on Wednesday.
The 41, charged after a domestic match-fixing investigation dating back to 2011, received lifetime bans from all football activity by the K-League and the Korea Football Association's disciplinary committee with FIFA's Disciplinary Committee extended the sanctions to have worldwide effect.
South Korean sport has been marred by match-fixing allegations in professional soccer, volleyball and baseball, forcing the government to declare war on the issue.
In February soccer officials scrapped the K-League Cup competition as part of sweeping changes brought in to avoid a repeat of last year's match-fixing scandal.
Ten other players involved in match-fixing were given worldwide bans by FIFA in June while in March, South Korea's volleyball association banned 11 players for life in a bid to curb corruption in domestic sport. (Reporting by Martyn Herman)

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Zynga carries out planned games shutdown, including "Petville"

SAN FRANCISCO (Reuters) - Social games publisher Zynga Inc confirmed on Monday that it has carried out 11 of the planned shutdowns of 13 game titles, with "Petville" being the latest game on which it pulled the plug.
Zynga in October said it would shut down 13 underperforming titles after warning that its revenues were slowing as gamers fled from its once-popular titles published on the Facebook platform in large numbers and sharply revised its full-year outlook.
The San Francisco-based company announced the "Petville" shutdown two weeks ago on its Facebook page. All the 11 shutdowns occurred in December.
The 11 titles shut down or closed to new players include role-playing game "Mafia Wars 2," "Vampire Wars," "ForestVille" and "FishVille."
"In place of 'PetVille,' we encourage you to play other Zynga games like 'Castleville,' 'Chefville,' 'Farmville 2,' 'Mafia Wars' and 'Yoville,'" the company told players on its 'PetVille' Facebook page. "PetVille" players were offered a one-time, complimentary bonus package for virtual goods in those games.
"Petville," which lets users adopt virtual pets, has 7.5 million likes on Facebook but only 60,000 daily active users, according to AppData. About 1,260 users commented on the game's Facebook page, some lamenting the game's shutdown.
Zynga has said it is shifting focus to capture growth in mobile games. It also applied this month for a preliminary application to run real-money gambling games in Nevada.
Zynga is hoping that a lucrative real-money market could make up for declining revenue from games like "FarmVille" and other fading titles that still generate the bulk of its sales.
Zynga shares were up 1 percent at $2.36 in afternoon trade on Monday on the Nasdaq.

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Judge rejects part of Apple App Store suit vs Amazon

SAN FRANCISCO (Reuters) - A U.S. judge on Wednesday rejected part of Apple Inc's lawsuit against Amazon.com Inc's use of the term App Store, ruling Apple cannot bring a false advertising claim against the online retailer.
U.S. District Judge Phyllis Hamilton in Oakland, California, granted Amazon's motion for partial summary judgment, which only challenged Apple's false advertising allegations. Apple leveled other claims against Amazon, including trademark infringement.
An Apple spokeswoman declined to comment, and an Amazon representative could not be reached immediately.
Amazon has stepped up competition against Apple in recent years, launching its cheaper Kindle tablet computer to go after the dominant iPad and trying to lure mobile application developers to its Kindle platform.
One of the first public clashes in their tussle was Apple's 2011 lawsuit.
Apple accused Amazon of misusing what it calls its APP STORE to solicit developers for a mobile software download service. However, Amazon said its so-called Appstore has become so generic that its use could not constitute false advertising.
In a legal filing last year, Amazon added that even Apple Chief Executive Tim Cook and his predecessor, Steve Jobs, used the term to discuss rivals. Cook commented on "the number of app stores out there" and Jobs referred to the "four app stores on Android."
In her ruling on Wednesday, Hamilton wrote that the mere use of "Appstore" by Amazon cannot be taken as a representation that its service is the same as Apple's.
"Apple has failed to establish that Amazon made any false statement (express or implied) of fact that actually deceived or had the tendency to deceive a substantial segment of its audience," Hamilton wrote.
A trial on Apple's remaining claims is scheduled for August.
The case is Apple Inc v. Amazon.com Inc et al, U.S. District Court, Northern District of California, No. 11-01327.

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China shuts website of leading reformist magazine

BEIJING (Reuters) - China shut the website of a leading pro-reform magazine on Friday, apparently because it ran an article calling for political reform and constitutional government, sensitive topics for the ruling Communist Party which brooks no dissent.
"Yanhuang Chunqiu" (China Through the Ages) is an influential Beijing magazine that features essays from reformist retired officials.
In a message posted on its official Sina Weibo microblog, the magazine said that it had been informed on Thursday that the site's registration had been canceled and that it had not been given a reason.
"The magazine is trying to find out details," it said.
Wu Si, the magazine's chief editor, did not answer calls seeking comment.
Attempts to open the website (www.yhcqw.com) bring up a cartoon picture of a policemen holding up a badge and the message that the site has been closed.
However, the article which seems to have offended the censors, written in the form of a new year's message, is still up on the magazine's microblog.
"In more than 30 years of reform, the abuses caused by political reform lagging economic reform have become daily more visible, and the factors for social instability have gradually accumulated. Promoting reform of the political system is an urgent task," the piece says.
Analysts have been searching for signs that China's new leaders might steer a path of political reform, whether by allowing freer expression on the internet, greater experimentation with grassroots democracy or releasing jailed dissidents.
But the party, which tolerates no challenge to its rule and values stability above all else, has so far shown little sign of wanting to go down this path, despite president-in-waiting and party chief Xi Jinping trying to project a softer and more open image than his predecessor.
Weibo users flocked to offer their support for the magazine and to excoriate Xi.
"People who are putting their hopes in Xi need to wake up," wrote one.
Xi, who became party boss in November, takes over from Hu Jintao as president at the annual meeting of parliament in March, part of a generational leadership change.
Last month, a prominent group of Chinese academics warned in a bold open letter that the country risks "violent revolution" if the government does not respond to public pressure and allow long-stalled political reforms.

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US stocks fall ahead of earnings season kickoff

U.S. stocks closed lower Tuesday as traders awaited the start of the corporate earnings season.
The Dow Jones industrial average dropped 55.44 points, or 0.4 percent, to 13,328.85. The Standard & Poor's 500 index fell 4.74, or 0.3 percent, to 1,457.15. The Nasdaq composite index shed 7.01, or 0.2 percent, to 3,091.81.
Alcoa reported its fourth-quarter financial results after the market closed, marking the unofficial kickoff to weeks of earnings announcements from U.S. companies. The aluminum maker said its revenue results exceeded the expectations of Wall Street analysts, while per-share earnings were roughly in line with expectations. Alcoa rose 20 cents, or 2.1 percent, to $9.30 in late trading.
Alcoa is traditionally the first of the 30 companies in the Dow average to report earnings.
Market-watchers expect the quarter's results could include many surprises because of events like Superstorm Sandy, the presidential election, and the narrowly avoided tax increases and spending cuts known collectively as the "fiscal cliff."
"Earnings is going to be the big driver for the next couple of weeks, and we're just sitting around waiting for it to begin," said Kim Caughey Forrest, vice president and senior analyst at Fort Pitt Capital Group, an investment management firm.
The European debt crisis continued to cast a pall over the market. Unemployment in the 17 countries that use the euro hit a new high, leading the European Union to warn about the risk of fraying social welfare systems in southern Europe.
Trading has been cautious in the week since Congress and the White House struck a deal to maintain lower tax rates and postpone sweeping cuts in government spending. Enthusiasm about the compromise pushed the Dow up 300 points last Wednesday, its biggest gain since December 2011.
In corporate news:
— Agriculture products giant Monsanto rose $2.56, or 2.7 percent, to $98.50 after saying its profit nearly tripled in the first fiscal quarter, helped by strong seed sales in Latin America. Monsanto raised its earnings guidance for the year.
— Video game seller GameStop lost $1.56, or 6.3 percent, to $23.19 after reporting weak holiday-season sales and cutting its revenue guidance.
— Yum Brands, operator of the KFC and Taco Bell fast food chains, plunged after saying a key sales metric in China fell more than expected in the fourth quarter. The decline was related to problems at two of its small chicken suppliers; nearly half of the company's revenue came from China in 2011. Yum lost $2.85, or 4.2 percent, to $65.04.
— In Korea, electronics giant Samsung said it expects record earnings for the fourth quarter as shoppers continue to embrace its smartphones and tablets. But there were signs its momentum is slowing, and the company's stock closed down 1.3 percent in Seoul.

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TSX flat as Goldcorp offsets softer energy stocks

TORONTO (Reuters) - Canada's main stock index finished little changed on Tuesday, with weakness in the energy sector offset by Goldcorp Inc stock, following an update on the company's production outlook and a plan to be more transparent on how it reports mining costs.
Investor sentiment was cautious at the start of the U.S. earnings season with U.S. stocks retreating from last week's rally to five-year highs. Investors anticipate lukewarm quarterly results and analyst estimates are down sharply from October.<.n>
"It's cautious in part because the comparables versus a year ago will be difficult. More importantly investors are looking for insight on the outlook for the next three months or 12 months," said Robert McWhirter, president and portfolio manager at Selective Asset Management.
Shares of Goldcorp, Canada's second largest gold miner, rose 3.23 percent, to C$35.81, making it the index's most influential positive stock. The overall materials sector, home to miners, gained 0.24 percent.
Barrick Gold Corp shares, however, were down 1.28 percent at C$33.14 after the world's top gold miner said it had ended talks to sell a stake in its African Barrick Gold subsidiary to a Chinese buyer.
"There is a disappointment with that as it could have freed up some capital for them," McWhirter said.
The Toronto Stock Exchange's S&P/TSX composite index <.gsptse> closed up 5.26 points, or 0.04 percent, at 12,504.81. Six of the index's 10 main sectors edged higher.
Investors were approaching earnings season with a mixture of hope and caution, said Irwin Michael, portfolio manager at ABC Funds.
"People are hoping that 2013 will be a better year than it was in 2012, particularly in Canada. But there's still a lot of confusion, a lot of cash on the sidelines," he said.
The heavily weighted financials group advanced 0.12 percent, led by Manulife Financial Corp , which saw Barclays raise its price target. The large insurer rose 2.57 percent to C$14.39.
Energy stocks retreated 0.4 percent and the mining subgroup fell 1.17 percent.
Oil and gas companies tracked softer U.S. crude prices, with Canadian Natural Resources Ltd falling 1.48 percent to C$29.34, the biggest drag on the index. Encana Corp was off 1.86 percent to C$19.55.
Diversified mining firm Teck Resources Ltd fell 2.56 percent to C$36.20.
Talisman Energy Inc said it may seek partners for its Canadian shale-gas holdings. The company's shares rose 1.20 percent to C$11.76.

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Alcoa earnings as expected, revenue tops forecasts

NEW YORK (AP) — Alcoa Inc. on Tuesday reported fourth-quarter earnings that met Wall Street's expectations, and the company said it expects slightly higher demand for aluminum this year.
The sluggish global economy has weakened prices for aluminum used in everything from airplanes to soda cans.
But Alcoa forecast demand growing 7 percent in 2013, up from a 6 percent gain in 2012. It sees the best prospects in aerospace but slower improvement in demand for autos, packaging, and building and construction materials.
Separately, the company announced that Chief Financial Officer Charles D. McLane Jr., 59, will retire and be replaced by William F. Oplinger, the chief operating officer of Alcoa's primary-products business unit. The change will happen April 1.
Oplinger, 45, joined Alcoa in 2000 and has held several finance and planning jobs. He is on the executive council, which plots company strategy.
In the fourth quarter, Alcoa's net income was $242 million, or 21 cents per share. That includes one-time gains like income from selling a hydroelectric project on the Tennessee-North Carolina border.
Without those gains, the company would have made 6 cents per share — exactly what analysts expected, according to FactSet — on revenue of $5.90 billion. Sales were higher than the $5.58 billion that analysts predicted.
A year ago, the company posted a fourth-quarter loss of $191 million, or 18 cents per share, on revenue of $5.99 billion, and a loss after special items of 3 cents per share.
The company said it hit record profits in its aluminum-rolling and product-making businesses while cutting costs in its mining and refining or "upstream" segment.
Chairman and CEO Klaus Kleinfeld said the company overcame volatile aluminum prices and global economic weakness and was in "strong position to maximize profitable growth" in 2013.
Kleinfeld said aerospace sales were helped by aircraft-order backlogs at Airbus and Boeing, plus improved profits at the world's airlines.
The price that Alcoa received for aluminum fell 2 percent from a year ago but rose nearly 5 percent from the third quarter. Shipments were flat from a year ago.
The low prices were a factor in the announcement last month by Moody's Investor Service that it could downgrade Alcoa's credit rating to junk status. Alcoa has been trying to reduce debt to keep its investment-grade rating. In the fourth quarter, it cut spending by 12 percent to $6.23 billion.
Alcoa is the first company in the Dow Jones industrial average to report fourth-quarter earnings. Because it makes aluminum for so many key industries, investors study Alcoa's results for clues about the health and direction of the overall economy.
Alcoa shares ended regular trading where they began, unchanged at $9.10. In after-hours trading following the earnings report, the stock rose 8 cents to $9.18.

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UPDATE 1-Golf-U.S. PGA Tour Tournament of Champions scores

Jan 8 (Infostrada Sports) - Scores from the U.S. PGA Tour Tournament of Champions at the par-73 course on Tuesday in Kapalua, Hawaii
203 Dustin Johnson (U.S.) 69 66 68
207 Steve Stricker (U.S.) 71 67 69
209 Brandt Snedeker (U.S.) 70 70 69
210 Bubba Watson (U.S.) 70 69 71
Keegan Bradley (U.S.) 71 69 70
211 Rickie Fowler (U.S.) 70 74 67
Tommy Gainey (U.S.) 72 69 70
212 Carl Pettersson (Sweden) 70 72 70
214 Ian Poulter (Britain) 71 74 69
Matt Kuchar (U.S.) 74 71 69
215 Mark Wilson (U.S.) 69 76 70
Webb Simpson (U.S.) 72 72 71
216 J.J. Henry (U.S.) 71 74 71
Johnson Wagner (U.S.) 72 72 72
Scott Stallings (U.S.) 72 74 70
Scott Piercy (U.S.) 72 71 73
Nick Watney (U.S.) 69 73 74
218 Jonas Blixt (Sweden) 72 74 72
Ben Curtis (U.S.) 70 76 72
John Huh (U.S.) 73 71 74
Zach Johnson (U.S.) 74 72 72
Jason Dufner (U.S.) 72 77 69
221 Charlie Beljan (U.S.) 71 75 75
Bill Haas (U.S.) 71 75 75
Marc Leishman (Australia) 75 75 71
223 Hunter Mahan (U.S.) 72 77 74
Ted Potter Jr. (U.S.) 75 75 73
225 Ryan Moore (U.S.) 72 77 76
George McNeill (U.S.) 79 73 73
230 Kyle Stanley (U.S.) 78 80 72

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Golf-Johnson wins windswept PGA season-opener at Kapalua

Jan 8 (Reuters) - It required a lot patience and overtime but American Dustin Johnson opened the PGA Tour season with a comfortable victory at the windswept Tournament of Champions in Hawaii on Tuesday.
Johnson fired a five-under 68 on another blustery day at the Kapalua Resort to finish four shots clear of defending champion Steve Stricker (69).
With the win, Johnson becomes the first player since Tiger Woods to win at least one tournament in six consecutive years straight out of college.
Johnson posted a 16-under 203 total at the weather-hit event that was trimmed to three rounds and forced to a rare Tuesday finish because of relentless howling winds that did not allow the first round to be played until Monday.
Stricker got to within a shot of his U.S. Ryder Cup team mate with five holes to play but could not keep up the rally as Johnson went on to collect his seventh career win.
American Brandt Snedeker, last season's FedExCup champion, had a solid start to his 2013 campaign, also closing with a 69, to finish alone in third, six shots back of Johnson.

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Rose, Sugar will host 1st semifinals in playoff

KEY BISCAYNE, Fla. (AP) — The first semifinal games in the new college football playoff system will be played in the Rose Bowl and the Sugar Bowl on Jan. 1, 2015.
The BCS conference commissioners announced the dates and rotation for all 12 years of the upcoming postseason format after a meeting in Key Biscayne on Monday, the day after the BCS championship game in Miami.
"It was not a one-year decision, it had to be a 12-year decision," BCS executive director Bill Hancock said. "Calendar issues, days of rest. Sugar and Rose were paired together because of the days of rest since they are playing the same day."
Whether they are hosting a semifinal or just a marquee bowl game, the Rose Bowl and the Sugar Bowl will always be played on Jan. 1, or Jan. 2 in years in which New Year's Day falls on a Sunday. In the eight years in which the Rose and Sugar do not host the semifinals, the four playoff teams will kick off on New Year's Eve or Saturday, Dec. 30.
Either way there will be a triple-header of major college football games, two semifinals and four other marquee bowl games, on New Year's Eve and New Year's Day starting from the 2014 season to the 2025 season.
"Those days will belong to college football," Hancock said.
The Rose Bowl will also be the site of the last BCS championship game on Jan. 1, 2014.
The site of the first championship game in the new system is still to be picked, though Cowboys Stadium in Arlington, Texas, seems to be the front-runner. The title games will always be played on Mondays, at least seven days after the semifinals. The first one will be played Jan. 12, 2015.
The earliest the championship game will be played is Monday, Jan. 7, 2019. The latest the championship game will be played is Jan. 13, and that will happen twice, in 2020 and 2025.
In the second year of the playoff, the Orange Bowl will host a semifinal on Dec. 31, 2015, along with one of three other sites still to be determined.
The preference is to have three more sites in three times zones, and they are expected to be Atlanta (Chick-fil-A Bowl), Arlington, Texas (Cotton Bowl) and Glendale, Ariz. (Fiesta).
Hancock said the commissioners are on track to have those sites locked in by the end of their late April meetings in Pasadena. The site for the first championship game is expected to be chosen sooner.
"This was really a basic meeting," Hancock said. "The balls that are still in the air are the (selection) committee, protocol and structure, what we're going to call it."
It was a year ago in New Orleans that the commissioners had what was the first meeting that led to the end of the BCS as we know it and the implementation of the four-team playoff.
"When we met this date last year in New Orleans we all knew that we were going to embark on a very significant review and potential restructuring," Southeastern Conference Commissioner Mike Slive said.
With the calendar set, the sites coming into focus, the next big issue left is the selection committee.
"I think April will be the action month in a lot of respects," Big Ten Commissioner Jim Delany said.
The concept the commissioners are working with is about 18 people, mostly current college sports administrators, such as conference commissioners and athletic directors. Every conference and independent in major college football would be represented.
Delany said he hopes that by requiring the committee to emphasize strength of schedule it will force programs to rethink some of those cupcake games that inflate records. And that a couple of losses against good teams won't necessarily eliminate a team from playing in the four-team playoff
"It certainly has evolved in men's basketball," he said. "Everybody who is 20-10 doesn't get to the tournament. I think the new committee is sort of important to reinforce that. What they do in the first two, three, four years is going to really determine the messages that are being sent. The basketball committee has consistently sent the message that who you play and who you beat is more important than the record."

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Lilly 2013 profit forecast tops expectations

INDIANAPOLIS (AP) — Eli Lilly and Co. unveiled a better-than-expected 2013 earnings forecast Friday, in part because the pharmaceutical company expects growth from several established drugs to help make up for revenue lost to generic competition.
The Indianapolis drug developer saw sales for its all-time best-selling drug, the antipsychotics Zyprexa, crater in 2012 after it lost U.S. patent protection. Lilly will take another hit next December when it loses patent protection for its current top seller, the antidepressant Cymbalta.
But company executives told analysts Friday they still expect Cymbalta and another product that loses patent protection in 2013, the insulin Humalog, to help drive revenue growth along with products like the cancer treatment Alimta and the erectile dysfunction drug Cialis.
Lilly also expects more growth from Japan, developing countries and its animal health business.
All told, the drugmaker forecast 2013 adjusted earnings of between $3.75 and $3.90 per share on $22.6 billion to $23.4 billion in revenue.
That topped analyst expectations, on average, for per-share earnings of $3.72, according to FactSet. Analysts also expected $22.87 billion in revenue.
Company shares climbed $1.84, or 3.7 percent, to close at $51.56 Friday, while broader indexes rose less than 1 percent.
Lilly said it expects operating expenses will be flat or drop slightly compared with 2012, and that was slightly better than what Edward Jones analyst Judson Clark expected.
He called Lilly's 2013 forecast "a pleasant surprise," but he also noted that plenty of long-term concerns remain. Lilly won't feel the brunt of the Cymbalta patent loss until 2014, and Clark expects the company's earnings to shrink then. What remains to be seen, he said, is whether the drugmaker is willing to preserve its dividend and cut expenses enough to tame that loss.
"We think the real question marks are in 2014," he said.
Lilly also expects to counter the patent expirations by developing new drugs, and the company said Friday it has 13 experimental drugs in late-stage testing, the last phase before a company seeks regulatory approval.
Lilly reiterated on Friday that it expects at least $3 billion in net income and revenue of at least $20 billion through 2014. It also expects to keep paying its dividend and to buy back $1.5 billion in shares this year.
Zyprexa once brought in more than $5 billion in annual revenue for Lilly, but its sales sank 66 percent through the first nine months of 2012 after generic competition entered the market. The company expects revenue from Cymbalta, which topped $4 billion in 2011, to start falling in this year's fourth quarter.
Humalog, Lilly's best-selling insulin, brought in about $1.4 billion in U.S. revenue in 2011. That product may take less of a sales hit after it loses U.S. patent protection in May because it's a biologic drug made from living cells instead of a chemical formula. Those are harder for generic drugmakers to replicate.
Lilly should not expect to replace blockbuster drug revenue with another round of blockbusters, said WBB Securities analyst Steve Brozak. He said the company's success will depend on a combination of drug development, partnerships with other companies and acquisitions that help stoke its product pipeline.
But that approach will be difficult because other drugmakers also are facing patent expirations and will be competing with Lilly on those deals.
"If (Lilly executives) think that business as usual applies, their shareholders are going to vote with their sell orders," he said.

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IMF cuts Malawi 2013 growth forecast on inflation, drought

The International Monetary Fund expects Malawi's economy to grow by 5.5 percent this year, more than double the rate estimated for 2012, but slightly lower than the 5.7 percent the IMF had previously projected.
IMF head Christine Lagarde said a spike in inflation, lower-than-expected foreign exchange earnings and a drought that has cut into farm production have hurt the economy. But she was optimistic reforms would restore financial stability.
"Malawi has already made significant progress in addressing the serious imbalances that were hampering economic growth just a few months ago," she said at the weekend, wrapping up a two-day visit to the country.
Malawi President Joyce Banda, who took office less than a year ago, has been trying to rebuild an economy sent into a tailspin by her predecessor, but prices have soared since she devalued the currency on International Monetary Fund advice.
Lagarde said investors were set to return and inflation, running at about 33 percent in December, was poised to drop this year because of Banda's economic policies.
"Following these reforms, the economic wheels started spinning again," Lagarde said, urging the country to stay on course.
But many economists do not share her optimism, saying the drought has severely damaged the maize crop while earnings from tobacco, a major source of hard currency for the destitute country, have dropped by more than 50 percent since 2010.
The economy of the aid-dependent country had been teetering under former President Bingu wa Mutharika, who picked fights with donors. The cut in aid, which has traditionally accounted for 40 percent of the budget, coincided with a steady decline in tobacco sales.
Banda, who took office in April 2012 after Mutharika died of a heart attack, has restored aid flows, but soaring commodity prices have made her unpopular, pushing inflation to 33.3 percent in December, far higher than the forecast of around 18 percent for 2012.

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Nepali charged with torture appears in UK court

LONDON (AP) — A British court on Saturday denied bail to a colonel in the Nepalese army facing charges of torture allegedly committed during the Himalayan nation's civil war.
Kumar Lama, 46, was arrested Thursday at a residential address in the English town of St. Leonards-on-Sea, about 70 miles (115 kilometers) southeast of London. He was later charged with intentionally "inflicting severe pain or suffering" on two individuals as a public official — or person acting in official capacity.
Britain's Metropolitan Police said the charges relate to one incident that allegedly occurred between April 15 and May 1, 2005, and another that allegedly occurred between April 15 and Oct. 31, 2005 at the Gorusinghe Army Barracks in Nepal. Scotland Yard has said that the arrest did not take place at the request of Nepalese authorities.
British authorities claim "universal jurisdiction" over serious offenses such as war crimes, torture, and hostage-taking, meaning such crimes can be prosecuted in Britain regardless of where they occurred.
Lama spoke only to confirm his identity when he appeared at Westminster Magistrates' Court on Saturday. Two diplomats from the Nepalese embassy were in court for the short hearing, according to Britain's Press Association news agency.
The court heard that Lama has served in the Nepalese Army since 1984 and was in charge of the barracks at the time of the alleged offenses. The colonel is currently serving as a U.N. peacekeeper in South Sudan, having previously served in Sierra Leone and Lebanon, and he was due to return to Africa on Saturday after spending Christmas in England.
The case has touched off a diplomatic spat, with the Nepalese government summoning the U.K. ambassador in Kathmandu to protest. Britain's Foreign Office confirmed on Friday that Nepal's government summoned the U.K. ambassador in Kathmandu because it was upset over the arrest, but declined to comment further.
Thousands of people died and thousands were injured or tortured during Nepal's civil war, a decade-long conflict that ended in 2006.
Judge Quentin Purdy remanded Lama in custody pending a Jan. 24 court date.

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Missoni scion on small plane missing in Venezuela

ROME (AP) — Rescue crews used boats and aircraft on Saturday to search for a small plane that disappeared in Venezuela carrying the CEO of Italy's iconic Missoni fashion house and five other people.
But 24 hours after the BN-2 Islander aircraft disappeared from radar screens on its short flight from Venzuela's coastal resort island of Los Roques to Caracas, the capital, no sign of the plane had been found, officials said.
"We have no other news" about the plane carrying Vittorio Missoni, the head of the company; his wife, Maurizia Castiglioni; two of their Italian friends; and two Venezuelan crew members, said Paolo Marchetti, a Missoni SpA official. He spoke briefly to reporters as he left company headquarters in the northern Italian town of Sumirago on Saturday afternoon.
Missoni's younger brother, Luca, who is active in the family-run business, was reportedly traveling to Venezuela on Saturday to monitor search efforts.
"We're holding onto a glimmer of hope," said Oswaldo Scalvenzi , a relative of Elda Scalvenzi, one of the Missoni friends aboard the flight. "Until we can see the wreckage" hope will remain, Scalvenzi told Italian state TV on Saturday night.
The La Repubblica.it, website of the Rome newspaper said Venezuelan aircraft, motorboats and helicopters took off at dawn Saturday to resume the search for the missing plane, which had been suspended on Friday night. The Italian news agency ANSA, reporting from Rome, said a specialized ocean-searching naval vessel also was being deployed.
Vittorio Missoni is the eldest son of the company's founder, Ottavio, who at 91 still follows the business.
The Corriere della Sera newspaper reported that Ottavio and his wife Rosita were at their home in Italy, along with their daughter Angela, creative director of the company, waiting for information about the search. Rosita Missoni designs housewares for the company, and Angela's daughter, Margherita, has been infusing its classic designs with fresh appeal.
The Missoni fashion house, with its trademark zigzag and other geometric patterns in sweaters, scarves and other knitwear, is one of Italy's most famous fashion brands abroad.
Vittorio Missoni played a key role in marketing the Missoni family creations in Asia, especially in Japan, Hong Kong and South Korea as general director of marketing for Missoni SpA. He also spearheaded a push for the company's products in the United States and France. His efforts to expand the brand abroad led Missoni to be dubbed the company's "ambassador."
On Friday, Venezuela's Interior Minister Nestor Reverol said the plane was declared missing hours after taking off from Los Roques, a string of islands popular for scuba diving, white beaches and coral reefs, and where the Missonis and their friends were on vacation.
Vittorio Missoni has been described as an active sportsman and lover of the outdoors. He and his wife and their friends from northern Italy were scheduled to fly back to Italy on Friday, but their internal flight never made it to Caracas.
La Repubblica said the plane disappeared off radar screens shortly after takeoff from Los Roques on what was to been a 90-mile (140-kilometer) flight to the mainland.
The Missoni brand is scheduled to display its latest menswear creations at a fashion show in Milan later this month.
On Jan. 4, 2008, another plane returning to the Venezuelan mainland from Los Roques disappeared with 14 people aboard, including eight Italians. The body of the plane's Venezuelan co-pilot later washed ashore, but despite a search lasting weeks no other victims or the wreckage were found.
In 2009, a small plane returning from Los Roques with nine people aboard plunged into the Caribbean Sea, but all survived.

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Bulgarians celebrate Epiphany with an icy dip

SOFIA, Bulgaria (AP) — Thousands of young men are plunging into icy rivers and lakes across Bulgaria to retrieve crucifixes cast by priests in an old ritual marking the feast of Epiphany.
By tradition, a wooden cross is cast into the water and it is believed that the person who retrieves it will be freed from evil spirits.
In the central city of Kalofer, 350 men in traditional dress waded into the icy Tundzha River with national flags. Led by the town's mayor and encouraged by a folk orchestra and homemade plum brandy, they dance and stomp the rocky riverbed.

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