UPDATE 1-Golf-Johnson wins windswept PGA season-opener at Kapalua

* Matches Tiger Woods for consecutive wins out of college
* Johnson holds off charge by defending champion Stricker (Adds quotes, detail)
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, who had a three-shot overnight lead, fired a five-under 68 for a 16-under 203 total on another blustery day at the Kapalua Resort to finish four shots clear of defending champion Steve Stricker (69).
"Obviously it gives me a lot of confidence going into this year," Johnson, the first player since Tiger Woods to win at least one tournament in six consecutive years straight out of college, told reporters. "I'm very pleased to come out and get a win this week, I played very good golf the last two days.
"It's tough when you have a three-shot lead to stay aggressive. I just hit a couple of bad drives that cost me a few shots but other than that I played really good golf today."
The weather-hit event was trimmed to three rounds and forced to a rare Tuesday finish because of relentless howling winds.
The elite field of champions from last year's PGA Tour completed 36 holes on Monday after play had been abandoned the previous three days because of strong winds.
Stricker, who carded an error-free round, 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.
Masters champion Bubba Watson (71) was a further shot back in a tie for fourth with fellow American Keegan Bradley (70).
LEAD CHOPPED
Holding a four-shot lead through eight holes, Johnson saw his lead chopped to two when he bogeyed the ninth and Stricker birdie the same hole.
Johnson's roller coaster back nine ride continued with a birdie at the 12th before taking another nosedive with a double-bogey at 13 to leave the steady Stricker just one off the pace.
But Johnson immediately hit back in spectacular fashion, chipping in for an eagle two at the par-four 14th followed by birdies at 15 and 18 to close out a final round that was nearly as wild as the Hawaiian weather.
"I had some opportunities if I could have made some putts early in the round and a couple on the backside as well but all-in-all it was a pretty good round," said Stricker, who battled a shooting pain down his left side all tournament and will take time off to have it treated.

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Johnson wins windswept PGA season-opener at Kapalua

(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, who had a three-shot overnight lead, fired a five-under 68 for a 16-under 203 total on another blustery day at the Kapalua Resort to finish four shots clear of defending champion Steve Stricker (69).
"Obviously it gives me a lot of confidence going into this year," Johnson, the first player since Tiger Woods to win at least one tournament in six consecutive years straight out of college, told reporters. "I'm very pleased to come out and get a win this week, I played very good golf the last two days.
"It's tough when you have a three-shot lead to stay aggressive. I just hit a couple of bad drives that cost me a few shots but other than that I played really good golf today."
The weather-hit event was trimmed to three rounds and forced to a rare Tuesday finish because of relentless howling winds.
The elite field of champions from last year's PGA Tour completed 36 holes on Monday after play had been abandoned the previous three days because of strong winds.
Stricker, who carded an error-free round, 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.
Masters champion Bubba Watson (71) was a further shot back in a tie for fourth with fellow American Keegan Bradley (70).
LEAD CHOPPED
Holding a four-shot lead through eight holes, Johnson saw his lead chopped to two when he bogeyed the ninth and Stricker birdie the same hole.
Johnson's roller coaster back nine ride continued with a birdie at the 12th before taking another nosedive with a double-bogey at 13 to leave the steady Stricker just one off the pace.
But Johnson immediately hit back in spectacular fashion, chipping in for an eagle two at the par-four 14th followed by birdies at 15 and 18 to close out a final round that was nearly as wild as the Hawaiian weather.
"I had some opportunities if I could have made some putts early in the round and a couple on the backside as well but all-in-all it was a pretty good round," said Stricker, who battled a shooting pain down his left side all tournament and will take time off to have it treated.
"He (Johnson) played well when he had to. ... I knew it was going to be tough today but I gave him a bit of a run for a little while.

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RIM shares jump in Toronto, rebound from sharp decline

TORONTO (Reuters) - Shares of Research In Motion Ltd jumped nearly 10 percent on the Toronto Stock Exchange on Thursday, following similar gains in New York on Wednesday, in a rebound from last week's sharp decline.
Last Friday, the volatile stock plunged more than 20 percent after the company said on an earnings conference call that it was rolling out a new fee structure for its services segment, which some investors fear could pressure the high-margin business.
"It got hit so hard after the conference call," said Ed Snyder, an analyst with Charter Equity Research. "People are still fairly optimistic about (BlackBerry 10) coming out in January, so (the rebound is) really just a value play."
The new fee structure overshadowed stronger-than-expected quarterly results.
RIM shares were up 9.7 percent to C$11.42 in midday trade on the Toronto Stock Exchange. The company's Nasdaq-listed stock was down 2 percent to $11.60 after big gains on Wednesday, when Canadian equity markets were closed for Boxing Day.
Through the autumn of 2012, RIM rallied as investors grew optimistic about prospects for its new make-or-break BlackBerry 10 devices, to be formally unveiled January 30. On Thursday, the shares were still up more than 80 percent from the year's low, touched in September.
The Wednesday and Thursday gains also came after several websites posted photos of what they said could be the first BlackBerry 10 phone with a physical keyboard.
Evercore Partners analyst Mark McKechnie said the photos boosted RIM's stock, which he said was depressed from last week's selloff, on a quiet trading day.
"There certainly are folks that believe in the new product cycle," he said. "The whole Wall Street community's been trying to handicap how strong that product cycle will be for RIM."
RIM has said it plans to roll out touchscreen-only devices first, a few weeks before it releases a smartphone with the QWERTY keyboard many longtime BlackBerry users rave about. But some analysts believe devices with hard keyboards will not hit the market until spring.
Management has touted BlackBerry 10's new on-screen keyboard, but some see the company's reputation for building solid, usable physical keyboards as an important competitive advantage as RIM fights for market share against Apple Inc and Samsung Electronics .
McKechnie said volatility is not unusual ahead of big smartphone launches.
"There's so much scale involved in this industry, one way or the other. A successful product versus a failure is going to really change the earnings power of a company," he said.

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A surprisingly good vintage as market logs gains

If you'd told investors what was going to happen in 2012 — U.S. economic growth at stall speed, an intensifying European debt crisis, a slowdown in China, fiscal deadlock in Washington, decelerating corporate earnings growth — and asked how the stock market would perform, few would have predicted a good year.
But that's just what they got.
The Dow Jones industrial average, the Standard & Poor's 500 and the Nasdaq composite index all ended the year substantially higher, despite losing ground in the final days of year as concerns about the looming "fiscal cliff" mounted.
The Dow gained 7 percent for the year, its fourth consecutive annual advance, having started the year at 12,217. The S&P 500, which started the year at 1,257, is up 13 percent, beating the 7.8 percent average annual gain of the past 20 years. The Nasdaq also logged a better-than-average gain, 16 percent.
Including dividends, the total return on the S&P 500 index was even better: 16 percent.
Financial companies led the gains among S&P 500 stocks, advancing 26 percent, as banks continued their restructuring efforts after the recession. Bank of America more than doubled, gaining $6.05 to $11.61 and Citigroup advanced $13.25, or 50 percent, to $39.56. Utilities, the best-performing industry group last year, was the only sector of 10 industry groups in the index to decline, dropping 2.9 percent.
"There's been a lot thrown at this market, and it's proven to be very resilient," said Gary Flam, a portfolio manager at Bel Air Investment Advisors in California. "Here we are at the end of the year, and it's still relatively strong."
Stocks started the year on a tear, with optimism about an improving job market and a broader economic recovery providing the backdrop to the S&P 500's best first-quarter rally in 14 years.
The index advanced 12 percent by the end of March, closing the quarter at 1,408, its highest in almost four years, with financial companies and technology firms leading the charge. The Dow ended the first quarter at 13,212, logging an 8 percent gain.
Apple was one of the star performers of the first quarter and was probably the year's most talked-about company.
The popularity of the iPhone and iPad led to staggering sales growth that helped push its stock up 48 percent to almost $600 at the end of March. Apple also announced a dividend and overtook Exxon Mobil as the U.S.'s most valuable company.
At the start of the second quarter, the intensifying European debt crisis and concerns about the impact that it would have on global economic growth prompted a sell-off.
By the start of June, U.S. stocks had given up the year's gains. Borrowing costs for Spain surged and investors fretted over the outcome of Greek elections that had the potential to pull the euro currency bloc apart.
The outlook for growth in China, the world's second-largest economy, also began to weigh on investors' minds. Economic growth there slowed to 8.1 percent in the first quarter as export demand waned, and investors worried that it would keep falling.
The Dow fell as low as 12,101 June 4. The S&P dropped to 1,278 June 1.
The second quarter was also marred by Facebook's initial public offering.
The stock sale was one of the most keenly anticipated initial public offerings in years, but investors didn't "like" the $16 billion market debut. The social network priced its IPO at $38 per share, and the stock started to fall soon after the first day of trading on concern about the company's mobile strategy.
Facebook closed as low as $17.73 on Sept. 4 before recovering some of the ground it lost to close the year at $26.62.
Company earnings reports were also starting to make uncomfortable reading for investors. Earnings growth for S&P 500 companies fell as low as 0.8 percent in the second quarter, according to S&P Capital IQ data.
The stock market only recovered its poise after the European Union put together loans to bail out Spain's banks on June 10 and the head of the European Central Bank, Mario Draghi, pledged to do "whatever it takes" to save the euro.
Speculation that the Federal Reserve was set to provide the economy with more stimulus to prevent it from slipping back into recession also bolstered stocks.
The rally even survived a blip when a software glitch at trading firm Knight Capital threw stock prices into chaos Aug. 1.
The firm said the problem was triggered by new trading software it installed. Erroneous orders were sent to 140 stocks listed on the New York Stock Exchange, causing sudden price swings and surging trading volume.
Apple launched the iPhone 5, the latest version of its smartphone, in September, and the company's stock climbed to a record close of $702.10 on Sept. 19. That gave Apple a market value of $658 billion, and many analysts predicted more gains lay ahead.
By the time Fed Chairman Ben Bernanke announced Sept. 13 that the U.S. central bank would start a third round of its bond-purchase program, which is intended to push longer term interest rates lower and encourage borrowing and investment, the S&P 500 had surged 14 percent from its June 1 low. A day later, the index peaked at five-year high of 1,466. The Dow Jones reached its peak for the year of 13,610, Oct. 5.
As is often the case on Wall Street, investors "bought the rumor and sold the fact," and quickly turned their attention to the challenges that lay ahead.
Analysts had also been cutting their outlook for growth in the final quarter of the year. At the start of the second quarter, estimated earnings growth for the period was 15.7 percent. That forecast had fallen to 3.4 percent by Dec. 27.
"One of the blessings that supported the stock market's moves in prior years was earnings growth," said Lawrence Creatura, a portfolio manager at Federated Investors. "That's true this year, but at a decelerating rate. It's not gone unnoticed that earnings growth is slowing, and many forecasts now include a full stall."
Apple's halo also began to slip in the final three months of the year. Its iPad Mini tablet, launched Nov. 2, met with lukewarm reviews, there were hints of unrest among its executive ranks. Investors began to fret that the intensifying competition in the smartphone market would crimp Apple's profits. The stock tumbled, and despite rallying in recent days is still down 27 percent from its September peak.
The year's final twist came in Washington.
Stocks wavered ahead of a presidential election that at times seemed too close to call, and while President Barack Obama ultimately reclaimed the White House by a comfortable margin, the Republicans retained control of the House.
The divided government set the stage for a tense end to the year as Democrats and Republicans sought to thrash out a budget plan that would avoid the U.S. falling off the "fiscal cliff," a series of tax hikes and government spending cuts that economists say would push the economy back into recession.
Initially, markets fell as much as 5 percent in the 10 days after the elections as investors worried that a divided government would not be able to agree on a budget plan to cut the U.S. deficit.
While the S&P 500 managed to recoup those losses by December on optimism that a deal would be reached, some investors are still urging caution. Any agreement will still be "ill-tasting medicine" to the economy, as it will almost certainly involve both spending cuts and tax hikes, says Joe Costigan, director of equity research at Bryn Mawr Trust Company.
"The question is, how much will the drag from the government be offset by business and personal spending," says Costigan. "The market has reasonable expectations for growth priced in, so I don't think we're going to see a big run-up."

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Eli Lilly banks on cost controls for higher 2013 profit

(Reuters) - Eli Lilly and Co said on Friday it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.
Lilly, whose shares were up nearly 4 percent on Friday, said 2013 sales will be flat to a bit higher, despite the loss of patent on its $5 billion-a-year antidepressant, Cymbalta, in December.
The Indianapolis-based drugmaker is coming off a particularly difficult 2012 when sales declined sharply because of competition from cheaper generics.
It expects 2013 earnings to increase to $3.75 to $3.90 per share excluding items, from a forecast of $3.30 to $3.40 per share in 2012. In 2011, its adjusted earnings were $4.41 per share.
Analysts on average forecast earnings of $3.71 for 2013 and $3.36 per share for 2012, according to Thomson Reuters I/B/E/S.
"Overall, it was better than anyone expected," said Barclays Capital analyst Tony Butler. "From an earnings perspective, no one believed that operating expenses would be kept in check."
Morningstar analyst Damien Conover said, "They're cutting costs at a pace that's maybe a little quicker than people were anticipating, and that was one of the reasons for the outperformance in their guidance."
The company said 2013 net profit would benefit from a tax credit that had been pushed into this year because of the late signing of the American Taxpayer Relief Act of 2012 - the legislation that prevented the so-called fiscal cliff.
The company said it is not sure yet of the amount of the tax credit, which is related to research and development accounting, and said it would provide more information during its January 29 earnings conference call. Lilly said it excluded the impact from all of its financial guidance.
Similar uncertainty could face other drugmakers, as well as other corporate sectors with extensive research budgets, such as technology and defense. However, "It could be resolved by the time everybody else reports," Butler said of the pharmaceutical industry. "We've got another three weeks before anyone reports."
Lilly said the adjusted earnings forecast also excludes payment and income for revenue sharing with Bristol-Myers Squibb Co's Amylin unit on Byetta, a diabetes drug, and restructuring charges. Lilly severed ties with Amylin when it agreed to collaborate with Boehringer Ingelheim on diabetes drug development.
HELP ON THE WAY
Lilly forecast 2013 revenue of $22.6 billion to $23.4 billion, driven by sales of its drugs for diabetes, osteoporosis, cancer, erectile dysfunction and animal health. The company said it also expects significant revenue growth from Japan and emerging markets, such as China.
Analysts are looking for 2013 revenue of $22.82 billion.
While Cymbalta is not expected to start facing generic competition until the end of the year, the company cautioned that sales declines could begin sooner if wholesalers start to reduce inventory supplies prior to the patent expiration.
As a result, it said, the fourth quarter could look significantly different than the first three.
Lilly has already been battered by generic competition for its once top-selling schizophrenia drug, Zyprexa, and will face generic competition for its $1 billion-a-year Evista osteoporosis drug in early 2014.
But help is on the way. Lilly said it now has 13 drugs in late-stage testing, the most at any one time in its history. It could seek approvals this year for drugs for Type 1 and Type 2 diabetes, gastric cancer and for a type of lymphoma.
Chief Financial Officer Derica Rice told analysts on a conference call that the company was firmly focused on replenishing the developmental pipeline. "This is our future and it's our first priority."
The company also vowed to maintain its dividend payout and complete its share repurchase plan.
"Lilly has financially done a really good job. Obviously, you need the pipeline to come through," said Barclay's Butler, adding that positive late-stage data on ramucirumab in breast cancer could signal an important new product for Lilly. The drug is also in late-stage testing for the smaller gastric cancer market.
Other key events for Lilly in 2013 include the start of a new Phase III trial of solanezumab in patients with mild Alzheimer's disease after an earlier study failed but showed some signs of hope for the memory-robbing condition, and an August trial challenging a method of use patent on the $3 billion-a-year lung cancer drug Alimta.
Should Lilly prevail in court, the company could have patent protection on the medicine into 2022 even though the basic patent lapses in 2016.
Asked if the company would consider settling the case before it comes to trial, Phil Johnson, Lilly's vice president for investor relations, said: "Nothing is off the table, but we have not historically entered into those kinds of agreements."
Eli Lilly shares were up 3.8 percent at $51.60 on Friday afternoon on the New York Stock Exchange.

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Pope makes longtime aide a bishop in St. Peter's

VATICAN CITY (AP) — Pope Benedict XVI has rewarded his longtime loyal secretary by making him a bishop in an elaborate ceremony in St. Peter's Basilica.
The pontiff and Monsignor Georg Gaenswein, a fellow German, embraced warmly. Benedict, 85, held up well during the nearly three-hour long service Sunday, which also marked Epiphany, a Catholic feast day.
Gaenswein, 56, has been Benedict's closest aide for years, and helped steer the papal household through an embarrassing scandal of leaked documents last year. A Vatican court convicted the pope's former butler, Paolo Gabriele, of stealing the documents from the papal apartment. Benedict has since pardoned him.

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Orthodox believers celebrate Epiphany with icy dip

SOFIA, Bulgaria (AP) — Thousands of young men are plunging into icy rivers and lakes across Bulgaria and Romania 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 Bulgarian 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 in the rocky riverbed.
In the Romanian Black Sea port of Constanta, some 3,000 Orthodox believers turned out to watch priests hurl three crosses into the icy sea. Dozens— some wearing diving suits— dived into the waters to retrieve the crosses.

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Cameron plays down status of top credit rating

LONDON (Reuters) - Prime Minister David Cameron said the credibility of his deficit-cutting policy was more important than the judgment of credit rating agencies, as the threat of third recession since the financial crisis looms.
Britain has held onto its top triple-A credit rating while the United States and France have suffered downgrades, but that endorsement has looked increasingly shaky as the economic outlook darkens.
A loss of the rating would be a blow to Cameron and his Conservative-led coalition, which has staked its political reputation on maintaining the top rating and nursing Britain's economy back to health by cutting its deficit.
Cameron told BBC television on Sunday the opinion of the international debt markets was more significant than a credit rating.
"What matters most of all is are you able to pay your debts, maintain your debts at a low rate of interest," he said.
"The ratings you have are all hugely important, but in a way the real test is, what are the interest rates the rest of the world is demanding in order to own your debt."
Ministers have been increasingly playing down the significance of credit ratings as the economy struggles and the crisis in the euro zone, Britain's largest trading partner, reduces the near term prospects for growth.
Cameron said the key to keeping the faith of financial markets was the government's programme of cutting state spending to bring its deficit under control.
"You can only keep your interest rates low if you have a credible strategy for getting on top of your deficit and getting on top of your debt," he said.
Britain has seen the interest rate on its government debt fall to extremely low levels, thanks in part to the Bank of England buying 375 billion pounds of the debt, while rates have soared in euro zone countries like Greece, Spain and Portugal.
Cameron said it was important the Bank kept interest rates low to help companies expand and help the housing market, but dismissed a suggestion that the bank's incoming head Mark Carney had been hired to inject a dose of inflation into the economy.
"Right now Britain needs low interest rates because we need businesses to get out there and invest. It lets people get onto the housing ladder. So we want to maintain a situation where low interest rates are possible," he said.
Data on Friday suggested Britain's economy may have shrunk in late 2012, raising the chances of the country sinking back into its third recession since the 2008-09 financial crisis.
Last month rating agency Fitch said Britain's credibility had been damaged by government forecasts that it would not meet a key debt reduction target, and said it would review its triple-A rating later in 2013.

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FedEx says it can grow by cutting costs

NEW YORK (AP) — FedEx may be pessimistic about the U.S. economy, but it's confident about growing its earnings.
The world's second-largest package delivery company, a bellwether for economic health because of the vast number and kinds of shipments it handles, lowered its economic forecast for the U.S., saying there remains a lot of uncertainty for the country.
FedEx maintained its earnings forecast for the full fiscal year ending in May, counting on a massive cost reduction plan and a slightly more optimistic view of growth overseas. Shares rose 84 cents to close at $93.20 Wednesday, even though its forecast for the current quarter, which includes the critical holiday season, falls short of Wall Street expectations.
FedEx Corp. posted earnings of $438 million, or $1.39 per share for the quarter that ended in November, compared with $497 million, or $1.57 per share, a year ago. Superstorm Sandy shaved 11 cents per share off of earnings in this year's quarter, as shipping volumes fell and costs rose.
Revenue rose to $11.1 billion from $10.6 billion a year ago, as the company scaled back its operation to better match demand and some of its raised rates.
Wall Street expected $1.41 per share in the recent quarter on revenue of $10.84 billion, according to FactSet.
Growth in the company's freight and ground operations boosted results, but FedEx reported "persistent weakness" in its core express network. Operating income in that segment fell 33 percent. FedEx and its larger rival UPS Inc. have seen consumers and businesses opt for slower shipping options to cut costs. As a result, FedEx is offering buyouts and shedding aircraft and other assets to reduce its costs and adjust to the new normal.
Earlier this month FedEx said it will offer some employees up to two years pay to leave, starting next year. The voluntary program is part of an effort to cut annual costs by $1.7 billion within three years.
FedEx said on Wednesday that it expects earnings of $1.25 to $1.45 per share in the third quarter. Analysts predicted per-share earnings of $1.45.
The company, based in Memphis, Tenn., also estimated $6.20 and $6.60 per share for the year ending in May, excluding charges from the company's buyout plan. Wall Street is looking for $6.34 per share.

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Burundi tea earnings rise 27 pct in November on high prices

BUJUMBURA (Reuters) - Burundi's tea export revenues rose 27 percent in November from the same month last year thanks to a stronger regional market, a tea board official said on Thursday.
The state-run tea board (OTB) said it collected $1.80 million from the sale of 589,907 kg, up from $1.42 million earned in November 2011 from the export of 563,140 kg.
"Supplies of the commodity in the region were low following a fall in overall production, especially with Kenya," Joseph Marc Ndahigeze, OTB's export official, told Reuters.
"This has boosted prices and earnings for Burundi's tea."
Kenya is the top tea producer in the East African region and landlocked Burundi exports 80 percent of its tea through a weekly auction held in Kenya's Indian Ocean port city of Mombasa.
Ndahigeze said the export average price per kg jumped to $3.06 from $2.54 the previous year.
OTB said total export earnings between January and November reached $24.7 million, exceeding the $22.2 million collected in 2011.
Tea is Burundi's second largest hard currency earner after coffee and employs some 300,000 small holder farmers in a nation of 8 million people.

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