Serious About Free Markets? Prove It

On Friday the Republican Study Committee, a policy shop for congressional Republicans, published a memo on how to fix copyright law. By Saturday afternoon the group’s executive director had pulled the memo, which had evidently failed to approach the subject with “all facts and viewpoints in hand.” This is Washington’s way of saying that an interest group hit the roof, and indeed, Ars Technica reports that lobbyists from the “content industry”—Hollywood and recording companies—pressured the group to renounce the memo.

Copyright being in fact broken, you can still read copies of the memo online. It lays out what copyright reform advocates have been saying for years. Copyright protections now extend 70 years past the life of the author; for a corporation, 95 years after publication. This, along with punitive laws on copyright violation, hinders creativity and innovation. These facts aren’t new. What’s new is the tone. Derek Khanna, the memo’s author, writes like an unashamed free marketeer, and in doing so manages to latch on to a larger point: Laws that help businesses often harm markets. From the memo:

Today’s legal regime of copyright law is seen by many as a form of corporate welfare that hurts innovation and hurts the consumer. It is a system that picks winners and losers, and the losers are new industries that could generate new wealth and added value. We frankly may have no idea how it actually hurts innovation, because we don’t know what isn’t able to be produced as a result of our current system. (Emphasis in the original.)

Radical stuff. There’s no one in Washington to lobby for industries that don’t exist yet, and ever so briefly, Khanna and the Republican Study Committee stepped into that breach. Then they stepped back, to gather more facts and viewpoints. Here’s one: Pro-business and pro-market are not the same thing. The most pleasant place for a business is not elbows-out in the middle of a free market, but sitting alone, atop a fat monopoly. Ask your local cable provider. The larger a business gets, the more it has to protect from the companies and industries that might follow it with something better or cheaper. And the best way to protect what you have is to have it written into law.

Real markets, with real competition, are most helpful to newcomers. Small businesses and new industries create new value. Once created, they, too, move to Washington to protect it. Witness the growth of Google (GOOG) and Facebook’s (FB) lobbying operations in the Capitol. Khanna describes extended copyright protection as rent-seeking—in his words, “non-productive behavior that sucks economic productivity and potential from the overall economy.” What’s true of Hollywood and the recording industry could be said of any established industry.

Luigi Zingales, a professor at the University of Chicago Booth School of Business and a regular contributor to Bloomberg View, points out that larger companies can lobby for special exemptions in the tax code. This creates complexity in the tax code, which punishes smaller businesses that can’t pay for tax lawyers and don’t have anyone’s buttonhole on Capitol Hill. Zingales prefers simple regulations and simple taxes, which are harder for lobbyists to game and easier for democracies to understand. He sees this as a bipartisan problem. The left is inclined toward more regulation, and the right is pro-business, rather than pro-markets.

The direction Khanna was headed—a defense of open, competitive markets at the expense of existing businesses—is still wide open space, claimed by no party. This summer, conservatives such as Timothy Carney at the Examiner and Yuval Levin at National Review urged Mitt Romney to back markets, not businesses. But he chose not to, even though he, in his day, disrupted existing markets of his own. Some enterprising Republican can still do it. Derek Khanna in 2016! He’s young. Maybe VP.

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Gaza ceasefire holds but mistrust runs deep

GAZA/JERUSALEM (Reuters) – A ceasefire between Israel and Hamas held firm on Thursday with scenes of joy among the ruins in Gaza over what Palestinians hailed as a victory, and both sides saying their fingers were still on the trigger.

In the sudden calm, Palestinians who had been under Israeli bombs for eight days poured into Gaza streets for a celebratory rally, walking past wrecked houses and government buildings.

But as a precaution, schools stayed closed in southern Israel, where nerves were jangled by warning sirens – a false alarm, the army said – after a constant rain of rockets during the most serious Israeli-Palestinian fighting in four years.

Israel had launched its strikes last week with a declared aim of ending rocket attacks on its territory from Gaza, ruled by the Islamist militant group Hamas, which denies Israel’s right to exist. Hamas had responded with more rockets.

The truce brokered by Egypt’s new Islamist leaders, working with the United States, headed off an Israeli invasion of Gaza.

It was the fruit of intensive diplomacy spurred by U.S. President Barack Obama, who sent his secretary of state to Cairo and backed her up with phone calls to Israeli Prime Minister Benjamin Netanyahu and Egyptian President Mohamed Mursi.

Mursi’s role in cajoling his Islamist soulmates in Gaza into the U.S.-backed deal with Israel suggested that Washington can find ways to cooperate with the Muslim Brotherhood leader whom Egyptians elected after toppling former U.S. ally Hosni Mubarak, a bulwark of American policy in the Middle East for 30 years.

Mursi, preoccupied with Egypt’s economic crisis, cannot afford to tamper with a 1979 peace treaty with Israel, despite its unpopularity with Egyptians, and needs U.S. financial aid.

MORE DEATHS

Despite the quiet on the battlefield, the death toll from the Gaza conflict crept up on both sides.

The body of Mohammed al-Dalu, 25, was recovered from the rubble of a house where nine of his relatives – four children and five women – were killed by an Israeli bomb this week.

That raised to 163 the number of Palestinians killed, more than half of them civilians, including 37 children, during the Israeli onslaught, according to Gaza medical officials.

Nearly 1,400 rockets struck Israel, killing four civilians and two soldiers, including an officer who died on Thursday of wounds sustained the day before, the Israeli army said.

Israel dropped 1,000 times as much explosive on the Gaza Strip as landed on its soil, Defense Minister Ehud Barak said.

Municipal workers in Gaza began cleaning streets and removing the rubble of bombed buildings. Stores opened and people flocked to markets to buy food.

Jubilant crowds celebrated, with most people waving green Hamas flags but some carrying the yellow emblems of the rival Fatah group, led by Western-backed President Mahmoud Abbas.

That marked a rare show of unity five years after Hamas, which won a Palestinian poll in 2006, forcibly wrested Gaza from Fatah, still dominant in the Israeli-occupied West Bank.

Israel began ferrying tanks northwards, away from the border, on transporters. It plans to discharge gradually tens of thousands of reservists called up for a possible Gaza invasion.

But trust between Israel and Hamas remains in short supply and both said they might well have to fight again.

“The battle with the enemy has not ended yet,” Abu Ubaida, spokesman of Hamas‘s armed wing Izz el-Deen Al-Qassam Brigades, said at an event to mourn its acting military chief Ahmed al-Jaabari, whose killing by Israel on November 14 set off this round.

“HANDS ON TRIGGER”

The exiled leader of Hamas, Khaled Meshaal, said in Cairo his Islamist movement would respect the truce, but warned that if Israel violated it “our hands are on the trigger”.

Netanyahu said he had agreed to “exhaust this opportunity for an extended truce”, but told Israelis a tougher approach might be required in the future.

Facing a national election in two months, he swiftly came under fire from opposition politicians who had rallied to his side during the fighting but now contend he emerged from the conflict with no real gains for Israel.

“You don’t settle with terrorism, you defeat it. And unfortunately, a decisive victory has not been achieved and we did not recharge our deterrence,” Shaul Mofaz, leader of the main opposition Kadima party, wrote on his Facebook page.

In a speech, Ismail Haniyeh, Hamas‘s prime minister in Gaza, urged all Palestinian factions to respect the ceasefire and said his government and security services would monitor compliance.

According to a text of the agreement seen by Reuters, both sides should halt all hostilities, with Israel desisting from incursions and targeting of individuals, while all Palestinian factions should cease rocket fire and cross-border attacks.

The deal also provides for easing Israeli curbs on Gaza’s residents, but the two sides disagreed on what this meant.

Israeli sources said Israel would not lift a blockade of the enclave it enforced after Hamas won a Palestinian election in 2006, but Meshaal said the deal covered the opening of all of the territory’s border crossings with Israel and Egypt.

Israel let dozens of trucks carry supplies into the Palestinian enclave during the fighting. Residents there have long complained that Israeli restrictions blight their economy.

Barak said Hamas, which declared November 22 a national holiday to mark its “victory”, had suffered heavy military blows.

“A large part of the mid-range rockets were destroyed. Hamas managed to hit Israel’s built-up areas with around a metric tone of explosives, and Gaza targets got around 1,000 metric tonnes,” he said.

He dismissed a ceasefire text published by Hamas, saying: “The right to self-defense trumps any piece of paper.”

He appeared to confirm, however, a Hamas claim that the Israelis would no longer enforce a no-go zone on the Gaza side of the frontier that the army says has prevented Hamas raids.

(Additional reporting by Noah Browning in Gaza, Ori Lewis, Crispian Balmer and Dan Williams in Jerusalem; Writing by Jeffrey Heller and Alistair Lyon; Editing by Giles Elgood)

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Carpe Twitter: Vatican tweets on new Latin academy

VATICAN CITY (Reuters) – A senior Vatican cardinal tweeted in Latin on Wednesday to urge people to attend the inauguration of, you guessed it, the Holy’s See’s new Academy for Latin Studies.

“Hodie una cum Ivano Dionigi novam aperiemus academiam pontificiam latinitatis a Benedicto conditam, hora XVII, via Conciliationis V,” was the tweet by Cardinal Gianfranco Ravasi.

The approximate translation: “Today at 5 p.m., along with Ivano Dionigi, we will open the new Pontifical Academy for Latin Studies founded by Benedict. Via della Conciliazione, 5.”

It was not the first tweet in Latin – an Italian professor has been doing it for some time – but evidently Ravasi wanted to seize the day, or “carpe diem”.

The pope earlier this month announced that he had instituted the Pontifical Academy for Latin Studies, placing it under the auspices of the Vatican’s ministry for culture.

Dionigi, a Latin scholar who is rector of Bologna University – widely recognized to be the world’s oldest – is the academy’s first president.

The pope started the academy to promote the study and use of Latin in the Roman Catholic Church and beyond.

When instituting the academy, the pope said Latin, which is still the official language of the universal Church, was the subject of renewed interest around the world and the academy was mandated to encourage further growth.

(Reporting By Paolo Biondi and Philip Pullella)

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Study finds mammograms lead to unneeded treatment

Mammograms have done surprisingly little to catch deadly breast cancers before they spread, a big U.S. study finds. At the same time, more than a million women have been treated for cancers that never would have threatened their lives, researchers estimate.

Up to one-third of breast cancers, or 50,000 to 70,000 cases a year, don’t need treatment, the study suggests.

It’s the most detailed look yet at overtreatment of breast cancer, and it adds fresh evidence that screening is not as helpful as many women believe. Mammograms are still worthwhile, because they do catch some deadly cancers and save lives, doctors stress. And some of them disagree with conclusions the new study reached.

But it spotlights a reality that is tough for many Americans to accept: Some abnormalities that doctors call “cancer” are not a health threat or truly malignant. There is no good way to tell which ones are, so many women wind up getting treatments like surgery and chemotherapy that they don’t really need.

Men have heard a similar message about PSA tests to screen for slow-growing prostate cancer, but it’s relatively new to the debate over breast cancer screening.

“We’re coming to learn that some cancers — many cancers, depending on the organ — weren’t destined to cause death,” said Dr. Barnett Kramer, a National Cancer Institute screening expert. However, “once a woman is diagnosed, it’s hard to say treatment is not necessary.”

He had no role in the study, which was led by Dr. H. Gilbert Welch of Dartmouth Medical School and Dr. Archie Bleyer of St. Charles Health System and Oregon Health & Science University. Results are in Thursday’s New England Journal of Medicine.

Breast cancer is the leading type of cancer and cause of cancer deaths in women worldwide. Nearly 1.4 million new cases are diagnosed each year. Other countries screen less aggressively than the U.S. does. In Britain, for example, mammograms are usually offered only every three years and a recent review there found similar signs of overtreatment.

The dogma has been that screening finds cancer early, when it’s most curable. But screening is only worthwhile if it finds cancers destined to cause death, and if treating them early improves survival versus treating when or if they cause symptoms.

Mammograms also are an imperfect screening tool — they often give false alarms, spurring biopsies and other tests that ultimately show no cancer was present. The new study looks at a different risk: Overdiagnosis, or finding cancer that is present but does not need treatment.

Researchers used federal surveys on mammography and cancer registry statistics from 1976 through 2008 to track how many cancers were found early, while still confined to the breast, versus later, when they had spread to lymph nodes or more widely.

The scientists assumed that the actual amount of disease — how many true cases exist — did not change or grew only a little during those three decades. Yet they found a big difference in the number and stage of cases discovered over time, as mammograms came into wide use.

Mammograms more than doubled the number of early-stage cancers detected — from 112 to 234 cases per 100,000 women. But late-stage cancers dropped just 8 percent, from 102 to 94 cases per 100,000 women.

The imbalance suggests a lot of overdiagnosis from mammograms, which now account for 60 percent of cases that are found, Bleyer said. If screening were working, there should be one less patient diagnosed with late-stage cancer for every additional patient whose cancer was found at an earlier stage, he explained.

“Instead, we’re diagnosing a lot of something else — not cancer” in that early stage, Bleyer said. “And the worst cancer is still going on, just like it always was.”

Researchers also looked at death rates for breast cancer, which declined 28 percent during that time in women 40 and older — the group targeted for screening. Mortality dropped even more — 41 percent — in women under 40, who presumably were not getting mammograms.

“We are left to conclude, as others have, that the good news in breast cancer — decreasing mortality — must largely be the result of improved treatment, not screening,” the authors write.

The study was paid for by the study authors’ universities.

“This study is important because what it really highlights is that the biology of the cancer is what we need to understand” in order to know which ones to treat and how, said Dr. Julia A. Smith, director of breast cancer screening at NYU Langone Medical Center in New York. Doctors already are debating whether DCIS, a type of early tumor confined to a milk duct, should even be called cancer, she said.

Another expert, Dr. Linda Vahdat, director of the breast cancer research program at Weill Cornell Medical College in New York, said the study’s leaders made many assumptions to reach a conclusion about overdiagnosis that “may or may not be correct.”

“I don’t think it will change how we view screening mammography,” she said.

A government-appointed task force that gives screening advice calls for mammograms every other year starting at age 50 and stopping at 75. The American Cancer Society recommends them every year starting at age 40.

Dr. Len Lichtenfeld, the cancer society’s deputy chief medical officer, said the study should not be taken as “a referendum on mammography,” and noted that other high-quality studies have affirmed its value. Still, he said overdiagnosis is a problem, and it’s not possible to tell an individual woman whether her cancer needs treated.

“Our technology has brought us to the place where we can find a lot of cancer. Our science has to bring us to the point where we can define what treatment people really need,” he said.

___

Online:

Study: http://www.nejm.org/doi/full/10.1056/NEJMoa1206809

Screening advice: http://www.uspreventiveservicestaskforce.org/uspstf/uspsbrca.htm

___

Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

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HSBC China flash PMI at 13-month high as growth quickens

BEIJING (Reuters) – China‘s vast manufacturing sector saw expansion accelerate in November for the first time in 13 months, preliminary results from a factory survey showed, a sign that the pace of economic growth has revived after seven consecutive quarters of slowdown.

The China HSBC Flash Manufacturing Purchasing Managers Index (PMI) rose to a 13-month high of 50.4 in November, the latest indicator of recovery in the real economy after data showing solid credit growth, firmer exports and rising industrial output in the previous month.

A sub-index measuring output rose to 51.3, also the highest since October 2011.

“This reflects that conditions for smaller firms, especially exporters, are looking up,” said Li Wei, a Shanghai-based economist for Standard Chartered. “The consensus in the market is already for a small, gradual improvement.”

An uptick in key economic activity indicators in October, following encouraging signs in September, cemented the view of many analysts and investors that a rebound in the world’s second largest economy gathered momentum as it entered the fourth quarter, thanks to a raft of pro-growth policies rolled out by the government over recent months.

China is currently shuffling its senior officials after the seven top leaders of the ruling Communist Party were selected at a congress last week. The new appointments should end months of uncertainty in the highest ranks, although economic policy is not expected to change abruptly in the near-term.

Even before the congress, the central bank had moved to ease liquidity by pumping short-term cash into money markets rather than resorting to the interest rate cuts or reduction in banks’ required reserve ratios that many investors had expected.

STEADY THROUGH YEAR-END

This month’s PMI reading above 50 is likely to be seen as a turning point by the market, particularly if it is born out by the final reading due on December 1 and by official indicators.

Asian shares <.MIAPJ0000PUS> extended gains slightly after the data to stand up nearly 1 percent on the day and the Australian dollar, sensitive to demand from the biggest customer for Australia’s resources, rose as far as $ 1.04.

“This confirms that the economic recovery continues to gain momentum towards the year-end,” Qu Hongbin, chief China economist at index sponsor HSBC, said in a statement accompanying the data.

“However, it is still the early stage of recovery and global economic growth remains fragile. This calls for a continuation of policy easing to strengthen the recovery.”

With a one-month exception in October 2011, the HSBC PMI — which largely reflects the private manufacturing sector — has remained stubbornly below the 50-point level separating accelerating from slowing growth since June 2011.

Unlike the patchy results seen in previous months, in November almost all the sub-indices in the HSBC survey concurred in showing an improving economy.

The one exception was a fall in the sub-index measuring output prices, demonstrating that manufacturers are still struggling with overcapacity and relatively weak domestic demand.

That could also reflect the weight in the survey of exporting firms, which have less ability to raise sales prices, said Standard Chartered’s Li.

Indeed, China’s exporters are increasingly squeezed by rising domestic costs and competition from new international suppliers, Zhou Haijiang, head of Chinese textile exporter Hodo Group, told reporters this month.

“Not only Western countries manufacture industrial goods, but also a lot of developing countries including former socialist countries who now have market economies are all exporting, thus creating a global surplus that cannot be changed,” Zhou said.

“Because of this it is hard to raise sales prices, everyone is selling and it is hard for manufactured goods prices to rise. In some cases prices have even fallen.”

Analysts expect no further cuts to interest rates this year or next after back-to-back cuts in June and July, and only one more 50 basis point cut to banks’ required reserve ratios (RRR) in 2012 after three since late 2011 that have freed an estimated 1.2 trillion yuan for new lending.

Chinese banks are on course to make new loans worth more than 8.5 trillion yuan ($ 1.4 trillion) in 2012, expansionary versus the 7.5 trillion of new loans extended in 2011 and above the 8 trillion yuan that sources told Reuters back in February was the target for 2012.

Total social financing aggregate, a broad measure of liquidity in the economy, weakened to 1.29 trillion yuan in October, down from 1.65 trillion yuan in September, but still remained on track to hit a record 14 trillion yuan this year.

China also opened many previously-closed sectors to private investment with a view to funding new infrastructure projects and supporting economic growth without piling on more debt that local governments can ill-afford.

Although analysts expect fourth quarter GDP growth to outpace the 7.4 percent seen in the third quarter, full-year expansion for 2012 is expected to be the slowest in 13 years.

(Editing by Alex Richardson)

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Ivory Coast: New prime minister named

ABIDJAN, Ivory Coast (AP) — President Alassane Ouattara has tapped Foreign Minister Daniel Kablan Duncan to serve as prime minister in a new government one week after the surprise dissolution of cabinet.

The appointment of Duncan, a member of the PDCI party of former President Henri Konan Bedie, was announced at a press conference Wednesday by Amadou Gon Coulibaly, general secretary of the presidency.

Ouattara dissolved the cabinet last week over a feud between his political party and the PDCI over proposed changes to the country’s marriage law.

The PDCI supported Ouattara in the November 2010 runoff election in exchange for the prime minister’s post, helping him defeat incumbent President Laurent Gbagbo. Gbagbo’s refusal to cede office led to five months of violence that claimed at least 3,000 lives before Ouattara’s forces won.

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Scott Derrickson to direct feature adaptation of hit video game “Deus Ex: Human Revolution”

LOS ANGELES (TheWrap.com) – Scott Derrickson (“Sinister,” “The Exorcism of Emily Rose“) has signed on to direct the big screen adaptation of the hit Square Enix video game, “Deus Ex: Human Revolution,” for CBS Films, the company announced on Thursday.

Derrickson will also write the screenplay for the film with C. Robert Cargill (“Sinister.”)

Roy Lee and Adrian Askarieh are attached to produce the film, with John P. Middleton serving as the executive producer.

Set in the near future, when dramatic advances in science, specifically human augmentation, have triggered a technological renaissance, “Deus Ex: Human Revolution” follows Adam Jensen, an ex-SWAT security specialist who must embrace mechanical augments in order to unravel a global conspiracy.

“‘Deus Ex’ is a phenomenal cyberpunk game with soul and intelligence,” said Derrickson. “By combining amazing action and tension with big, philosophical ideas, ‘Deus Ex‘ is smart, ballsy, and will make one hell of a movie. Cargill and I can’t wait to bring it to the big screen.”

The “Deus Ex” franchise was originally introduced in June 2000. Its latest entry, “Deus Ex: Human Revolution,” launched in 2011, ranked number one across global sales charts and earned over 100 industry awards.

Developed by Eidos-Montréal and published by Square Enix, “Deus Ex: Human Revolution” will serve as the primary template for the film.

Derrickson and Cargill, pictured above, are represented by WME and managed by Brillstein Entertainment Partners.

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“Hitchcock” trains lens on the love story of Alfred and Alma

NEW YORK (Reuters) – She won Oscar gold for her uncanny performance as Britain’s Queen Elizabeth, but Helen Mirren‘s latest portrayal finds her as the power behind the throne — or, more precisely, the director’s chair.

In “Hitchcock,” Mirren stars opposite Anthony Hopkins as legendary director Alfred Hitchcock’s devoted wife Alma Reville, and early buzz has her a contender for another Oscar nomination.

The film, which opens in limited release on Friday, explores the domestic life of one of Hollywood‘s most iconic and revered directors, set during the days of his struggle to put the ground-breaking 1960 classic, “Psycho” on the silver screen.

Toggling back and forth between his on-set battles with censors and his cast including Janet Leigh (Scarlett Johansson), Vera Miles (Jessica Biel) and Tony Perkins (James D’Arcy), and his strained relationship with Alma as she copes with his well-documented obsession with his ravishing leading ladies, “Hitchcock” treats film fans to a glimpse of bygone Hollywood.

But it paints a more nuanced and sympathetic portrait of the director Hopkins called “a damaged man” than the recent television film “The Girl,” which dramatized the hell Hitchcock put Tippi Hedren through during filming of “The Birds.”

“It’s a great role,” Mirren said of Alma, a film editor and assistant director in her own right who ceded the spotlight to her husband, but as the film makes clear was involved in virtually every aspect of his films and even re-cut “Psycho” into the masterpiece it is known as today.

“So, you don’t turn that down,” she told Reuters.

Having won her Oscar as one of the world’s most famous women, Mirren said she finds herself drawn to “the ones I don’t know anything about, like Alma. Those are the most fun.”

With little to go on, Mirren said she turned to the 2003 book “Alma Hitchcock: The Woman Behind the Man,” by the couple’s daughter Patricia, who also acted in several Hitchcock films.

“I’m not that much of a film buff that I knew about Alma, and I had no idea about Hitchcock‘s private life,” she said, adding the book aimed “to bring her mother out of the shadows.”

HITCH THE BRAND

By all accounts making the movie about the movies was a joy, with Mirren and Hopkins co-starring in their first film together under first-time director Sacha Gervasi (“Anvil: The Story of Anvil”), who fixed a script that had made the rounds.

Hopkins described it as the “most fun” since his Oscar-winning role in the thriller “Silence of the Lambs.”

Mirren recalled rushing off to work each day: “I couldn’t wait.” And it helped that the actors have the same approach.

“There’s no mystery to it … They talk about chemistry, and Helen agrees with me, there’s no such thing. You know your part, she knows hers, and off you go, hope it works,” Hopkins said.

But Mirren and Hopkins, who is also being touted for an Oscar nomination, parted ways when speculating on how the auteur director, who never won an Oscar during five decades of work, would have fared in the Hollywood of today.

“He would have despaired,” Hopkins said. “It would have been anathema to him. That kind of artistry is gone.”

Corporate control means “you have eight or nine producers on the set, everyone’s got a say in the scripts, and even craft services!”

But Mirren differed, imagining “he’d do brilliantly well.”

“He was a great salesman, and the Hollywood of today is so much about being a salesman and being able to sell yourself as a brand,” she explained. “He did that brilliantly. I think the two of them sold Hitch. Hitch was the faceman, he was the brand.”

“Also,” she added, “his filmmaking techniques would be incredibly successful,” given the technological advances since Hitchcock’s death in 1980.

Hitchcock was on a roll in his early 60s, with his “Psycho” follow-up, the shocking thriller “The Birds” becoming a hit and a much-loved classic. But none of the handful of films he made afterward attained their iconic status.

Mirren, 67, by contrast, truly hit her stride during her 40s, despite a steady two-decade career by that point.

Starting with the TV show “Prime Suspect” to the films “Gosford Park,” “The Queen” and “The Last Station,” she racked up four Oscar nominations and a mantel full of Emmys, which raises a question about the validity of complaints that Hollywood has no use for actresses over 40.

“I think what has changed is, the world around has changed,” Mirren said when reflecting on her success and acclaim.

“I was lucky that I hit my 40s just as the world around me was changing. Twenty years before I never would have been cast in ‘Prime Suspect’ because there were no women inspectors.”

And so, she looks forward.

“As I’ve carried on, my God, 20 years ago it was inconceivable that you’d have a female president of the United States,” she said.

“Now, the next president of America may well be a woman, and if there is a female president, that means that if a movie comes along, and there’s the president of America …” She laughs.

“You know what I mean?”

(Editing by Christine Kearney)

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Xoma’s drug combo lowers high blood pressure in late-stage study

(Reuters) – Xoma Corp said its experimental combination of two drugs met the main goal of lowering hypertension better than a treatment based on either of the drugs alone in a late-stage study, sending the biotechnology company‘s shares up 6 percent.

The combination of perindopril arginine and amlodipine besylate showed statistically significant reduction in sitting systolic and diastolic blood pressure after six weeks of treatment, compared with either drugs alone, Xoma said.

The company is likely to file a new drug application for the combination in 2013, said RBC Capital Markets analyst Adnan Butt.

Xoma said it does not plan to market the product directly but intends to sublicense it to a third party.

“The next thing we expect is for the company to get a partnership for this drug. The terms could include an upfront payment and possible royalties on product sales,” Butt said.

He added that the result would be a modest positive but the key driver is the company’s experimental anti-inflammatory drug gevokizumab. The drug is being tested in a late-stage study for treatment of non-infectious uveitis, an inflammation of the middle layer of the eye.

Xoma’s partner, French pharmaceutical company Les Laboratoires Servier, already markets the combination under the trade name Coveram in 91 countries outside the United States.

Perindopril and amlodipine each target different cardiovascular functions and are, therefore, used in combination to treat high blood pressure, Xoma said. The company bought the rights to Servier’s perindopril franchise in January.

The combination was well tolerated in the trial, and there were no serious adverse events, Xoma said.

Shares of the company rose to $ 2.84 in extended trade. They closed nearly 3 percent higher at $ 2.68 on Tuesday on the Nasdaq.

(Reporting By Vrinda Manocha in Bangalore; Editing by Sriraj Kalluvila)

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Asia stocks fall after Greece aid delayed

BANGKOK (AP) — Asian stock markets were mostly lower Wednesday, shedding morning gains after European Union officials failed to release a loan payment to debt-mired Greece and postposed further action until next week.

European finance ministers adjourned a meeting in Brussels without granting Greece the next installment of an emergency bailout loan that has been on hold for months. The €31.5 billion ($ 40 billion) loan is needed so that Athens can pay its bills and avoid running out of cash.

The aid is being delayed until officials can resolve a dispute over whether to give Greece an extra two years to get to a point where it can independently raise funds on bond markets. Greece has been locked out of the international long-term debt market since 2010 and thus relies on rescue loans.

The reform program attached to the bailout was to steadily reduce Greece’s debt to 120 percent of its annual gross domestic product by a 2020 deadline. But some officials say the deadline may have been too ambitious and that Greece needs two more years.

South Korea’s Kospi fell 0.4 percent to 1,882.62 after a higher open. Meanwhile, Australia’s S&P/ASX 200 fell further into negative territory, down 0.3 percent at 4,371.10. Benchmarks in Thailand, New Zealand and Taiwan also were lower.

But Japan’s Nikkei 225 index rose 0.4 percent to 9,178.05, with export shares enjoying the benefits of a weakened yen. Hong Kong‘s Hang Seng added 0.2 percent to 21,272.48. Benchmarks in India and the Philippines also rose.

Mainland China‘s Shanghai Composite Index briefly dipped below 2,000, an important psychological mark. The benchmark hasn’t gone above 2,100 since July 6.

The benchmark “has been hovering around 2,000 for such a long time that investors have lost interest,” said Francis Lun, managing director of Lyncean Holdings in Hong Kong. “The weakness in China‘s market is dragging down the Hong Kong market.”

The losses reflected disappointment among investors hoping to see changes in how the stock market is run now that China has new leaders. But reforms have so far not materialized.

“There has been too much resistance to cleaning up the malpractice” in mainland Chinese markets, Lun said. “Investors have lost confidence.”

Among individual stocks, Japanese snack food maker Calbee dropped 3.7 percent after announcing the recall of millions of bags of potato chips due to possible contamination with glass fragments.

Wall Street stocks finished roughly flat Tuesday after a warning from the Federal Reserve chairman about the “fiscal cliff” of tax increases and government spending cuts set to take effect Jan. 1.

The Dow Jones industrial average fell 0.1 percent to 12,788.51. The Standard & Poor’s 500 index rose 0.1 percent to 1,387.81. The Nasdaq composite index inched up to 2,916.68.

In a speech in New York on Tuesday, Bernanke urged Congress and the Obama administration to strike a budget deal to avert the combination of tax increases and spending cuts that will automatically take effect in January if nothing is done.

“This overshadowed some positive economic data which came in the form of better-than-expected housing starts,” said Stan Shamu of IG Markets in Melbourne in a market commentary.

Benchmark oil for January delivery was down 1 cent at $ 86.74 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $ 2.53 to close at $ 86.75 a barrel on Tuesday, falling sharply after signs that Israel and Hamas are close to putting a halt to fighting that has lasted nearly a week.

In currencies, the dollar rose to 81.79 yen from 81.71 yen late Tuesday in New York. The euro fell to $ 1.2747 from $ 1.2807.

Economy News Headlines – Yahoo! News

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