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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