Black Friday Deals Will Start Earlier This Year

There was an outcry last year when some retailers opened at midnight on Thanksgiving, with workers and shoppers saying the holiday should be reserved for family, not spent lining up for the start of the Christmas shopping season.

This year, retailers are responding to the criticism by opening even earlier on Thanksgiving evening — and a handful are even planning to be open all day.

The lesson of 2011 was clear: earlier shopping hours were good for the top line. Retailers said their midnight openings drew a younger crowd who wanted to party — and shop — late rather than get up early. At Macy’s Herald Square store in Manhattan, for instance, about 9,000 people were in line as it opened, compared with 7,000 for an early Friday opening the previous year.

“We got customer feedback that says, ‘I like to shop earlier so I can go to bed earlier,’ so as we looked at the balance of being competitive in the marketplace and being customer-centric,” said Duncan Mac Naughton, chief merchandising and marketing officer for Wal-Mart, which will put its first doorbuster items on sale at 8 p.m. on Thanksgiving.

Just a few years ago, most major stores opened about 5 a.m. on the Friday after Thanksgiving, usually the busiest shopping day of the year. This year, not only are the openings scattered across two days, but several retailers are offering staggered deals — some items at a certain time, other items a few hours later, still others over the weekend.

“We had Black Friday pretty cleanly teed up, with, here are the ads, here are the stores opening Friday morning, pick a retailer and go,” said Brad Wilson, who lists Black Friday ads at BradsDeals. “Now you have this multiday affair, and you can go at different times.”

Kmart has perhaps the most confusing hours. Like last year, it will open at 6 a.m. on Thanksgiving. It will then stay open until 4 p.m., close from 4 to 8 p.m., reopen at 8, stay open until 3 a.m. on Friday, close from 3 to 5 a.m., reopen at 5, and then stay open until 11 p.m. on Friday.

Sears, which was closed on Thanksgiving last year, will open at 8 p.m. on Thursday night.

Sears Holdings, which owns both Sears and Kmart, said in a news release that customers wanted “more flexible Black Friday in-store shopping times.”

Lord & Taylor was closed last year on Thanksgiving, but this year it will be open from 10 a.m. to 7 p.m.

Walmart, which is generally open 24 hours anyway, is offering the first deals on Thanksgiving two hours earlier than last year. Mr. Mac Naughton said customer feedback and competitiveness with other retailers were factors.

Target, which last year got angry feedback from employees when it opened at midnight on Thanksgiving, this year moved it up three hours to 9 p.m., according to a holiday circular posted online on Friday.

Some workers object to Thanksgiving Day holiday openings, saying it cuts into family time. It shows “disregard for all of our families,” said Mary Pat Tifft, a Walmart employee in Kenosha, Wis., who is part of the union-backed OUR Walmart group, in a statement. But in many cases, it can also mean a higher hourly pay rate for holiday duty.

Now, the handful of retailers who are holding off until midnight on Thanksgiving suddenly look like the respectful ones.

“We believe that Thanksgiving Day is a time to spend and celebrate with family, and we want our associates to do so,” said Jim Sluzewski, a spokesman for Macy’s, which will open at midnight. Kohl’s will also open at midnight Thanksgiving, as will Best Buy, according to a circular posted online Friday.

Companies are also sprinkling sales throughout the weekend in an effort to keep traffic coming.

After its initial 8 p.m. sale, Walmart will put another set of items on sale at 10, and a third group at 5 a.m. Friday. “Whether they like to start early, stay up late, or go to bed early and get up early, we’re going to have three different events that will meet their needs,” Mr. Mac Naughton said. Then, Walmart will “kick off a weekend full of savings with more specialty offers” on items like jewelry, sewing machines and tools.

Target, after its 9 p.m. doorbuster special, will offer a free gift card for purchases made between 4 a.m. and noon on Friday, according to the circular posted on Mr. Wilson’s site and elsewhere. (Target declined to confirm the authenticity of the circular, saying it had not yet publicly announced holiday details.)

Sears will do a second wave of promotions at 4 a.m. on Friday, eight hours after it opens. Sports Authority will do some doorbusters at its midnight opening, then put numerous others on sale over the weekend. And Ace Hardware is offering different percentages or dollars off, on Friday, Saturday and Sunday.

Mr. Wilson of BradsDeals says the retailers may be intentionally trying to confuse shoppers. “They’re trying to introduce more variables,” he said, to make it harder to figure out exactly which is the best deal.

All of the twists and turns, though, may just end up frustrating consumers.

Only 6 percent of shoppers plan to hit stores on Thanksgiving night, and just under one-fifth will go to stores on Black Friday, according to a new survey from Ipsos and Offers.com, accurate within three percentage points.

At least one major retailer is going against the grain. Sam’s Club, which last year opened at 5 a.m. on Black Friday, this year is opening two hours later, at 7 a.m., and offering coffee and pastries to shoppers.

“If they want to chill out on Thanksgiving day and not go out and get into the rat race of everything, they can do that,” said Todd Harbaugh, executive vice president for operations at Sam’s Club. “Our members said they want hassle-free shopping.”

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The New Old Age Blog: The Emotional Aftermath of Hurricane Sandy

Let’s talk about the emotional aftermath of the storm that left tens of thousands of older people on the East Coast without power, bunkered down in their homes, chilled to the bone and out of touch with the outside world.

Let’s name the feelings they may have experienced. Fear. Despair. Hopelessness. Anxiety. Panic.

Linda Leest and her staff at Services Now for Adult Persons in Queens heard this in the voices of the older people they had been calling every day, people who were homebound and at risk because of medical conditions that compromise their physical functioning.

“They’re afraid of being alone,” she said in a telephone interview a few days after the storm. “They’re worried that if anything happens to them, no one is going to know. They feel that they’ve lost their connection with the world.”

What do we know about how older adults fare, emotionally, in a disaster like that devastating storm, which destroyed homes and businesses and isolated older adults in darkened apartment buildings, walk-ups and houses?

Most do well — emotional resilience is an underappreciated characteristic of older age — but those who are dependent on others, with pre-existing physical and mental disabilities, are especially vulnerable.

Most will recover from the disorienting sense that their world has been turned upside down within a few weeks or months. But some will be thrown into a tailspin and will require professional help. The sooner that help is received, the more likely it is to prevent a significant deterioration in their health.

The best overview comes from a November 2008 position paper from the American Association for Geriatric Psychiatry that reviewed the effects of Hurricane Katrina and other disasters. After Katrina, “the elderly had the highest mortality rates, health decline and suicide rates of any subgroup,” that document notes. “High rates of psychosomatic problems were seen, with worsening health problems and increased mortality and disability.”

This is an important point: Emotional trauma in older adults often is hard to detect, and looks different from what occurs in younger people. Instead of acknowledging anxiety or depression, for instance, older people may complain of having a headache, a bad stomachache or some other physical ailment.

“This age group doesn’t generally feel comfortable talking about their feelings; likely, they’ll mask those emotions or minimize what they’re experiencing,” said Dr. Mark Nathanson, a geriatric psychiatrist at Columbia University Medical Center.

Signs that caregivers should watch out for include greater-than-usual confusion in an older relative, a decline in overall functioning and a disregard for “self care such as bathing, eating, dressing properly and taking medication,” Dr. Nathanson said.

As an example, he mentioned an older man who had “been sitting in a cold house for days and decided to stop taking his water pill because he felt it was just too much trouble.” Being distraught or distracted and forgetting or neglecting to take pills for chronic conditions like diabetes or heart disease can have immediate harmful effects.

Especially at risk of emotional disturbances are older adults who are frail and advanced in age, those who have cognitive impairments like Alzheimer’s disease, those with serious mental illnesses like schizophrenia or major depression, and those with chronic medical conditions or otherwise in poor physical health, according to the geriatric psychiatry association’s position paper.

A common thread in all of the above is the depletion of physical and emotional reserves, which impairs an older person’s ability to adapt to adverse circumstances.

“In geriatrics, we have this idea of the ‘geriatric cascade’ that refers to how a seemingly minor thing can set in motion a functional, cognitive and psychological downward spiral” in vulnerable older adults, said Dr. Mark Lachs, chief of the division of geriatrics at Weill Cornell Medical College. “Well, the storm was a major thing — a very large disequilibrating event — and its impact is an enormous concern.”

Of special concern are older people who may be in the early stages of Alzheimer’s disease or other types of dementia who are living alone. For this group, the maintenance of ordinary routines and the sense of a dependable structure in their lives is particularly important, and “a situation like Sandy, which causes so much disruption, can be a tipping point,” Dr. Lachs said.

Also of concern are older people who may have experienced trauma in the past, and who may suffer a reignition of post-traumatic stress symptoms because of the disaster.

Most painful of all, for many older adults, is the sense of profound isolation that can descend on those without working phones, electricity or relatives who can come by to help.

“That isolation, I can’t tell you how disorienting that can be,” said Bobbie Sackman, director of public policy for the Council of Senior Centers and Services of New York City. “They’re scared, but they won’t tell you because they’re too proud and ashamed to ask for help.”

The best remedy, in the short run, is the human touch.

“Now is the time for people to reach out to their neighbors in high-rises or in areas where seniors are clustered, to knock on doors and ask people how they are doing,” said Dr. Gary Kennedy, director of the division of geriatric psychiatry at Montefiore Medical Center in the Bronx.

Don’t make it a one-time thing; let the older person know you’ll call or come by again, and set up a specific time so “there’s something for them to look forward to,” Dr. Kennedy said. So-called naturally occurring retirement communities with large concentrations of older people should be organizing from within to contact residents who may not be connected with social services and find out how they’re doing, he recommended.

In conversations with older adults, offer reassurance and ask open-ended questions like “Are you low on pills?” or “Can I run out and get you something?” rather than trying to get them to open up, experts recommended. Focusing on problem-solving can make people feel that their lives are being put back in order and provide comfort.

Although short-term psychotherapy has positive outcomes for older adults who’ve undergone a disaster, it’s often hard to convince a senior to seek out mental health services because of the perceived stigma associated with psychological conditions. Don’t let that deter you: Keep trying to connect them with services that can be of help.

Be mindful of worrisome signs like unusual listlessness, apathy, unresponsiveness, agitation or confusion. These may signal that an older adult has developed delirium, which can be extremely dangerous if not addressed quickly, Dr. Nathanson said. If you suspect that’s the case, call 911 or make sure you take the person to the nearest hospital emergency room.

This is a safe place to talk about all kinds of issues affecting older adults. Would you be willing to share what kinds of mental health issues you or family members are dealing with since the storm so readers can learn from one another?

Read More..

The New Old Age Blog: The Emotional Aftermath of Hurricane Sandy

Let’s talk about the emotional aftermath of the storm that left tens of thousands of older people on the East Coast without power, bunkered down in their homes, chilled to the bone and out of touch with the outside world.

Let’s name the feelings they may have experienced. Fear. Despair. Hopelessness. Anxiety. Panic.

Linda Leest and her staff at Services Now for Adult Persons in Queens heard this in the voices of the older people they had been calling every day, people who were homebound and at risk because of medical conditions that compromise their physical functioning.

“They’re afraid of being alone,” she said in a telephone interview a few days after the storm. “They’re worried that if anything happens to them, no one is going to know. They feel that they’ve lost their connection with the world.”

What do we know about how older adults fare, emotionally, in a disaster like that devastating storm, which destroyed homes and businesses and isolated older adults in darkened apartment buildings, walk-ups and houses?

Most do well — emotional resilience is an underappreciated characteristic of older age — but those who are dependent on others, with pre-existing physical and mental disabilities, are especially vulnerable.

Most will recover from the disorienting sense that their world has been turned upside down within a few weeks or months. But some will be thrown into a tailspin and will require professional help. The sooner that help is received, the more likely it is to prevent a significant deterioration in their health.

The best overview comes from a November 2008 position paper from the American Association for Geriatric Psychiatry that reviewed the effects of Hurricane Katrina and other disasters. After Katrina, “the elderly had the highest mortality rates, health decline and suicide rates of any subgroup,” that document notes. “High rates of psychosomatic problems were seen, with worsening health problems and increased mortality and disability.”

This is an important point: Emotional trauma in older adults often is hard to detect, and looks different from what occurs in younger people. Instead of acknowledging anxiety or depression, for instance, older people may complain of having a headache, a bad stomachache or some other physical ailment.

“This age group doesn’t generally feel comfortable talking about their feelings; likely, they’ll mask those emotions or minimize what they’re experiencing,” said Dr. Mark Nathanson, a geriatric psychiatrist at Columbia University Medical Center.

Signs that caregivers should watch out for include greater-than-usual confusion in an older relative, a decline in overall functioning and a disregard for “self care such as bathing, eating, dressing properly and taking medication,” Dr. Nathanson said.

As an example, he mentioned an older man who had “been sitting in a cold house for days and decided to stop taking his water pill because he felt it was just too much trouble.” Being distraught or distracted and forgetting or neglecting to take pills for chronic conditions like diabetes or heart disease can have immediate harmful effects.

Especially at risk of emotional disturbances are older adults who are frail and advanced in age, those who have cognitive impairments like Alzheimer’s disease, those with serious mental illnesses like schizophrenia or major depression, and those with chronic medical conditions or otherwise in poor physical health, according to the geriatric psychiatry association’s position paper.

A common thread in all of the above is the depletion of physical and emotional reserves, which impairs an older person’s ability to adapt to adverse circumstances.

“In geriatrics, we have this idea of the ‘geriatric cascade’ that refers to how a seemingly minor thing can set in motion a functional, cognitive and psychological downward spiral” in vulnerable older adults, said Dr. Mark Lachs, chief of the division of geriatrics at Weill Cornell Medical College. “Well, the storm was a major thing — a very large disequilibrating event — and its impact is an enormous concern.”

Of special concern are older people who may be in the early stages of Alzheimer’s disease or other types of dementia who are living alone. For this group, the maintenance of ordinary routines and the sense of a dependable structure in their lives is particularly important, and “a situation like Sandy, which causes so much disruption, can be a tipping point,” Dr. Lachs said.

Also of concern are older people who may have experienced trauma in the past, and who may suffer a reignition of post-traumatic stress symptoms because of the disaster.

Most painful of all, for many older adults, is the sense of profound isolation that can descend on those without working phones, electricity or relatives who can come by to help.

“That isolation, I can’t tell you how disorienting that can be,” said Bobbie Sackman, director of public policy for the Council of Senior Centers and Services of New York City. “They’re scared, but they won’t tell you because they’re too proud and ashamed to ask for help.”

The best remedy, in the short run, is the human touch.

“Now is the time for people to reach out to their neighbors in high-rises or in areas where seniors are clustered, to knock on doors and ask people how they are doing,” said Dr. Gary Kennedy, director of the division of geriatric psychiatry at Montefiore Medical Center in the Bronx.

Don’t make it a one-time thing; let the older person know you’ll call or come by again, and set up a specific time so “there’s something for them to look forward to,” Dr. Kennedy said. So-called naturally occurring retirement communities with large concentrations of older people should be organizing from within to contact residents who may not be connected with social services and find out how they’re doing, he recommended.

In conversations with older adults, offer reassurance and ask open-ended questions like “Are you low on pills?” or “Can I run out and get you something?” rather than trying to get them to open up, experts recommended. Focusing on problem-solving can make people feel that their lives are being put back in order and provide comfort.

Although short-term psychotherapy has positive outcomes for older adults who’ve undergone a disaster, it’s often hard to convince a senior to seek out mental health services because of the perceived stigma associated with psychological conditions. Don’t let that deter you: Keep trying to connect them with services that can be of help.

Be mindful of worrisome signs like unusual listlessness, apathy, unresponsiveness, agitation or confusion. These may signal that an older adult has developed delirium, which can be extremely dangerous if not addressed quickly, Dr. Nathanson said. If you suspect that’s the case, call 911 or make sure you take the person to the nearest hospital emergency room.

This is a safe place to talk about all kinds of issues affecting older adults. Would you be willing to share what kinds of mental health issues you or family members are dealing with since the storm so readers can learn from one another?

Read More..

Bits Blog: On Twitter, Steve Jobs Is Immortal

Steve Jobs is gone, but on Twitter his @name lives on. And on.

The chief executive of Apple, who died in 2011, is memorialized on Twitter by about a thousand fans, parodists, traffic seekers, unrepentant haters and crypto-historians, among others. The accounts use his name as either as a title or, with many variations, as an address.

The copycats include @FakeSteveJobs, @FauxSteve and @SteveJobsFalso, a collection of admitted imposters who are following in the footsteps of a parody Web site that was active from 2006 to 2011. Other versions include @RememberSteve, @PulseonJobs and @RealSteveJobs. There are a couple of @BlackSteveJobs, plus Twitter accounts by various articles of clothing and body parts.

Several of the accounts are operated by start-ups hoping to generate attention for themselves. Their tweets contain links to corporate Web pages. Some of the accounts are in languages like Arabic, Thai or Japanese. Many others use Mr. Jobs’s name for the account but have a different address.

Searching the name “Steve Jobs” on Twitter yields about 1,080 accounts, some of which are unrelated to the Apple co-founder; there are people on Twitter who are really named Steve Jobs.

Twitter does not keep score of how many of its 140 million accounts are fakes, but it generally supports the idea of parody accounts. “It’s very helpful for political dissidents, who can’t write under their own name,” said Rachael Horwitz, a company spokeswoman. She also noted that Dick Costolo, Twitter’s chief executive, has a parody account. Jack Dorsey, the chairman of the company’s board, is likewise roasted.

Possibly for his close identification with technology, Mr. Jobs does appear to be the most popular identity on Twitter to leverage. President Obama has about 600 versions of his name, either through the “@” address, or in the name of the account. Given much of the venom of the recent election, several of these accounts are remarkably ugly, certainly worse than the treatment afforded Mr. Jobs. Michelle Obama, who like the president has an official and verified Twitter account, has about 500 copycats.

Bill Gates, Mr. Jobs’s longtime nemesis and eventual frenemey, does better than the president and first lady, with about 840 imitators and parodists. There is also a Klingon version of him, which to date Mr. Jobs’s name does not appear to share. There also appear to be a lot more people on Twitter who are simply named “Bill Gates,” a characteristic that must fill their lives with a lot of predictable humor.

Justin Beiber gets a mere 240 people hoping for a bit of his lustre. John Lennon, Mr. Jobs’ idol, has fewer than 100.

Twitter will take down parody accounts, but usually when it is not clear that they are parodies. That is not a problem in the case of most public figures. “It’s a form of speech,” Ms. Horwitz said. On the Internet, everyone needs a thicker skin. The situation does come up enough that the company has published formal policies on acceptable parody and fan accounts , along with impersonation.

There are parody accounts for Oracle’s chief executive, Larry Ellison; for Larry Page, the chief executive and co-founder of Google; and for Mark Zuckerberg, the chief of Facebook. With so many parody accounts around, some technology chief executives may worry if they are not being parodied.

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In Soldier’s Hearing, Afghans Tell of Horror

JOINT BASE LEWIS-McCHORD, Wash. — Through a live video feed from half a world away in Afghanistan, in an extraordinary night court session, descriptions of chaos and horror poured into a military courtroom here as if from an open spigot.

Lois Silver/FR 170774 Associated Press, via Associated Press

In a courtroom sketch, Staff Sgt. Robert Bales, lower right, is shown during testimony on Friday.

Reuters

Sergeant Bales, left, during a 2011 training exercise in Fort Irwin, California.

“Their brains were still on the pillows,” said Mullah Khamal Adin, 39, staring into the camera with his arms folded on the table, describing the 11 members of his cousin’s family he found dead in the family compound — most of the bodies burned in a pile in one room.

Mr. Adin, in a hearing that started here late Friday, was asked about the smell. Was there an odor of gasoline or kerosene?

Just bodies and burned plastic, he replied through a translator.

The Army’s preliminary hearing in the case against Staff Sgt. Robert Bales, accused of killing 16 Afghan civilians in Kandahar Province this year, unfolded last week mostly in the bustling daylight of a working military base an hour south of Seattle. But to accommodate witnesses in Afghanistan, and the 12-and-a-half-hour time difference, the schedule was shifted at week’s end, with testimony through cameras and uplinks in Afghanistan and here at Lewis-McChord starting at 7:30 p.m. Pacific time on Friday and running until shortly after 2 a.m. Saturday.

The attacks, which occurred on March 11 in a deeply poor rural region while most of the victims were asleep, were the deadliest war crime attributed to a single American soldier in the decade of war that has followed the terrorist attacks of Sept. 11, 2001, and they further frayed the relationship between the American and Afghan governments.

The military says Sergeant Bales, 39, was serving his fourth combat tour overseas when he walked away from his remote outpost in southern Afghanistan and shot and stabbed members of several families in a nighttime ambush on two villages. At least nine of the people he is accused of killing were children, and others were women. After the victims were shot, some of the bodies were dragged into a pile and burned.

“ ‘What are you doing? What are you doing?’ ” one witness, a farmer named Haji Naim, said he had shouted to the American soldier, whom he described as wearing a blindingly bright headlamp in a house that, without electricity, was pitch black. The gunman said nothing, Mr. Naim said, and simply kept firing.

“He shot me right here, right here, and right here,” he said, indicating wounds from which he has apparently recovered.

Most of the testimony, however graphic, was circumstantial, pointing to a lone American gunman but not directly implicating Sergeant Bales. The villagers testified on the fifth day of a military proceeding known as an Article 32 investigation, held to establish whether there is enough evidence to bring Sergeant Bales before a court-martial. If a court-martial is ordered and the Army decides to continue the prosecution as a capital case, the sergeant could face the death penalty.

Sergeant Bales, a decorated veteran of three tours in Iraq before being sent to Afghanistan last December, was deployed from Joint Base Lewis-McChord. He was held at the military prison at Fort Leavenworth in Kansas before being brought here for the hearing.

Witnesses earlier in the week talked about the blood-soaked clothes that Sergeant Bales was seen wearing when he returned to his base in Kandahar and his comments to fellow soldiers about having done “the right thing.” There was also testimony about the test for steroids in his system that came back positive three days after the killings.

The hearing’s night sessions, which were scheduled to continue on Saturday, were all about the violence that unfolded the night of March 11. Mr. Adin, who was summoned to his cousin’s compound by a telephone call early the next morning, told of boot prints that were on some bodies, including the head of a child who had apparently been shot and stomped or kicked. Mr. Adin talked about a small child who he said appeared to have been “grabbed from her bed and thrown on the fire.” But Mr. Adin never saw the gunman, arriving after the fact.

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Heavy Lending Creates a Surge in Chinese Economy

BEIJING — The Chinese economy grew faster than expected last month even as inflation slowed, official statistics showed on Friday, as the government continued heavy lending through its state-owned banks to rekindle growth.

The latest data, including industrial production, retail sales, fixed-asset investment and electricity generation, were stronger than most economists had anticipated. They presented a consistent picture of an economy that is starting to show real growth again after a very weak spring and summer.

“It has become increasingly clear that the Chinese economy is now moving in a better direction,” Zhou Xiaochuan, the governor of the People’s Bank of China, the central bank, said at a news conference Thursday, before the October figures were publicly released.

Bank economists increasingly agree. “October’s growth data delivered pleasant upside surprises across the board, providing fresh evidence that the economy has indeed bottomed out thanks to the filtering through of Beijing’s policy easing,” Sun Junwei, a China economist at HSBC, wrote in a research report Friday afternoon.

To be sure, the economic statistics released by the government Friday showed a return to the fairly strong economic expansion that prevailed through much of last year and early this year, and not a return to the torrid, double-digit growth that China has enjoyed for much of the last decade.

Australia & New Zealand Banking said in a research note that the latest figures were consistent with 8 percent economic growth in the last quarter of this year and even faster expansion in the first quarter of next year.

Growth had weakened to 7.4 percent in the third quarter and 7.6 percent in the second quarter, according to official statistics. Many economists have been suspicious that even the figures from earlier this year might have been overstated, given the weakness in categories like electricity generation, which grew barely at all in the second quarter and only slowly in the third quarter.

By contrast, the economic expansion this autumn appears more broadly based. Business executives have begun to describe recovering exports and domestic sales, and cranes have begun moving again on the skylines of big cities like Guangzhou and Beijing.

Steel mills and concrete factories are busier. Power generation increased 6.4 percent last month from the same period a year ago, its strongest gain since March, although still well below the double-digit annual gains in previous years.

But the renewed growth has been fueled by rapidly mounting debt, as state-owned banks and the central bank have funneled hundreds of billions of dollars in additional lending to state-owned enterprises and government agencies to finance further investment projects.

Stock markets in China, Hong Kong, Australia and South Korea were all down about half a percent in late afternoon trading, or about half the loss Thursday on Wall Street, as good news from China seemed to partially offset global worries about the so-called fiscal cliff in the United States and economic troubles in Europe.

The Chinese National Bureau of Statistics said Friday that industrial production had risen 9.6 percent in October from the same month a year earlier, compared with 9.2 percent in September and 8.9 percent in August. Retail sales were up 14.5 percent in October from a year earlier, compared with 14.2 percent in September, even though slower inflation at the consumer level was acting as a brake on the increase in retail sales.

Fixed-asset investment was up 20.7 percent for the first 10 months of this year, after having been up 20.5 percent for the first nine months of this year. China releases only year-to-date figures for fixed-asset investment, partly because of the difficulty in tracking when money is actually spent on big construction projects.

Consumer prices were up only 1.7 percent in October from a year ago, compared with an increase of 1.9 percent in September. Western economists had expected inflation in China to stay steady in October instead of slowing.

Producer prices were down 2.8 percent in October from a year ago, a slightly faster pace than the 2.7 percent decrease that economists had expected but not as fast a decline as in September, when they were down 3.6 percent.

China has begun a once-a-decade leadership transition at its Party Congress, which began in Beijing on Thursday and will last through the middle of the coming week.

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Malaria Vaccine Candidate Produces Disappointing Results in Clinical Trial

The latest clinical trial of the world’s leading malaria vaccine candidate produced disappointing results on Friday. The infants it was given to had only about a third fewer infections than a control group.

But researchers said they wanted to press on, assuming they keep getting financial support, because the number of children who die of malaria is so great that even an inefficient vaccine can save thousands of lives.

Three shots of the vaccine, known as RTS, S or Mosquirix and produced by GlaxoSmithKline, gave babies fewer than 12 weeks old 31 percent protection against detectable malaria and 37 percent protection against severe malaria, according to an announcement by the company at a vaccines conference in Cape Town.

Last year, in a trial in children up to 17 months old, the same vaccine gave 55 percent protection against detectable malaria and 47 percent against severe malaria.

The new trial “is less than we’d hoped for,” Moncef Slaoui, Glaxo’s chairman of research and development said in a telephone interview. “But if a million babies were vaccinated, we would prevent 260,000 cases of malaria a year. This is a disease that kills 655,000 babies a year — 31 percent of that is a very large number.”

The company, which has already spent more than $300 million on the vaccine, wants to keep forging ahead, he said, “but it is not just our decision.”

It also depends on the PATH Malaria Vaccine Initiative, which has put more than $200 million of its Bill and Melinda Gates Foundation financing into the vaccine, and on the World Health Organization, which has helped talk seven African countries into allowing the vaccine to be tested on their children.

The Gates Foundation declined to say how much money it was ultimately prepared to spend on an imperfect vaccine; this set of trials is set to go into 2014.

“The efficacy came back lower than we had hoped, but developing a vaccine against a parasite is a very hard thing to do,” Bill Gates said in a prepared statement. “The trial is continuing, and we look forward to getting more data to help determine whether and how to deploy this vaccine.”

All the families in the trial were given insecticide-impregnated mosquito nets and encouraged to use them; 86 percent did, so the vaccine worked despite other anti-malaria measures.

RTS, S contains a protein found on the parasite’s surface that provokes an immune reaction. It was first identified decades ago by two New York University scientists, Ruth and Victor Nussenzweig. The vaccine was developed by Glaxo in Belgium and initially tested on American volunteers by the Walter Reed Army Institute of Research. When the Gates Foundation began focusing on global health in the early part of this century, it was one of the first projects the foundation adopted. Different ways to make the vaccine more effective, including adding different boosters and giving more shots, are being experimented with. Other vaccines using different ways to provoke an immune reaction exist, but none are as far along in clinical trials.

Like an H.I.V. vaccine, one against malaria has proved an elusive goal. The parasite morphs several times, exhibiting different surface proteins as it goes from mosquito saliva into blood and then into and out of the liver. Also, even the best natural “vaccine” — catching the disease itself — is not very effective. While one bout of measles immunizes a child for life, it usually takes several bouts of malaria to confer even partial immunity. Pregnancy can cause women to stop being immune, and immunity can fade out if someone moves away from a malarial area — presumably because they no longer get “boosters” from repeated mosquito bites.

Read More..

Malaria Vaccine Candidate Produces Disappointing Results in Clinical Trial

The latest clinical trial of the world’s leading malaria vaccine candidate produced disappointing results on Friday. The infants it was given to had only about a third fewer infections than a control group.

But researchers said they wanted to press on, assuming they keep getting financial support, because the number of children who die of malaria is so great that even an inefficient vaccine can save thousands of lives.

Three shots of the vaccine, known as RTS, S or Mosquirix and produced by GlaxoSmithKline, gave babies fewer than 12 weeks old 31 percent protection against detectable malaria and 37 percent protection against severe malaria, according to an announcement by the company at a vaccines conference in Cape Town.

Last year, in a trial in children up to 17 months old, the same vaccine gave 55 percent protection against detectable malaria and 47 percent against severe malaria.

The new trial “is less than we’d hoped for,” Moncef Slaoui, Glaxo’s chairman of research and development said in a telephone interview. “But if a million babies were vaccinated, we would prevent 260,000 cases of malaria a year. This is a disease that kills 655,000 babies a year — 31 percent of that is a very large number.”

The company, which has already spent more than $300 million on the vaccine, wants to keep forging ahead, he said, “but it is not just our decision.”

It also depends on the PATH Malaria Vaccine Initiative, which has put more than $200 million of its Bill and Melinda Gates Foundation financing into the vaccine, and on the World Health Organization, which has helped talk seven African countries into allowing the vaccine to be tested on their children.

The Gates Foundation declined to say how much money it was ultimately prepared to spend on an imperfect vaccine; this set of trials is set to go into 2014.

“The efficacy came back lower than we had hoped, but developing a vaccine against a parasite is a very hard thing to do,” Bill Gates said in a prepared statement. “The trial is continuing, and we look forward to getting more data to help determine whether and how to deploy this vaccine.”

All the families in the trial were given insecticide-impregnated mosquito nets and encouraged to use them; 86 percent did, so the vaccine worked despite other anti-malaria measures.

RTS, S contains a protein found on the parasite’s surface that provokes an immune reaction. It was first identified decades ago by two New York University scientists, Ruth and Victor Nussenzweig. The vaccine was developed by Glaxo in Belgium and initially tested on American volunteers by the Walter Reed Army Institute of Research. When the Gates Foundation began focusing on global health in the early part of this century, it was one of the first projects the foundation adopted. Different ways to make the vaccine more effective, including adding different boosters and giving more shots, are being experimented with. Other vaccines using different ways to provoke an immune reaction exist, but none are as far along in clinical trials.

Like an H.I.V. vaccine, one against malaria has proved an elusive goal. The parasite morphs several times, exhibiting different surface proteins as it goes from mosquito saliva into blood and then into and out of the liver. Also, even the best natural “vaccine” — catching the disease itself — is not very effective. While one bout of measles immunizes a child for life, it usually takes several bouts of malaria to confer even partial immunity. Pregnancy can cause women to stop being immune, and immunity can fade out if someone moves away from a malarial area — presumably because they no longer get “boosters” from repeated mosquito bites.

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A Transfer of Power Begins in China

Military delegates arrived for the 18th Communist Party Congress at the Great Hall of the People in Beijing on Thursday. The weeklong meeting precedes the naming of China’s top leader, who will replace Hu Jintao. The meeting also introduces a new generation of party leaders.

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DealBook: On Wall Street, Time to Mend Fences With Obama

Del Frisco’s, an expensive steakhouse with floor-to-ceiling windows overlooking the Boston harbor, was a festive scene on Tuesday evening. The hedge fund billionaires Steven A. Cohen, Paul Singer and Daniel Loeb were among the titans of finance there dining among the gray velvet banquettes before heading several blocks away to what they hoped would be a victory party for their presidential candidate, Mitt Romney.

The next morning was a cold, sobering one for these executives.

Few industries have made such a one-sided bet as Wall Street did in opposing President Obama and supporting his Republican rival. The top five sources of contributions to Mr. Romney, a former top private equity executive, were big banks like Goldman Sachs and JPMorgan Chase, according to the Center for Responsive Politics. Wealthy financiers — led by hedge fund investors — were the biggest group of givers to the main “super PAC” backing Mr. Romney, providing almost $33 million, and gave generously to outside groups in races around the country.

On Wednesday, Mr. Loeb, who had supported Mr. Obama in 2008, was sanguine. “You win some, you lose some,” he said in an interview. “We can all disagree. I have friends and we have spirited discussions. Sure, I am not getting invited to the White House anytime soon, but as citizens of the country we are all friendly.”

Wall Street, however, now has to come to terms with an administration it has vilified. What Washington does next will be critically important for the industry, as regulatory agencies work to put their final stamp on financial regulations and as tax increases and spending cuts are set to take effect in the new year unless a deal to avert them is reached. To not have a friend in the White House at this time is one thing, but to have an enemy is quite another.

“Wall Street is now going to have to figure out how to make this relationship work,” said Glenn Schorr, an analyst who follows the big banks for the investment bank Nomura. “It’s not impossible, but it’s not the starting point they had hoped for.”

Traditionally, the financial industry has tended to support Republican candidates, but, being pragmatic about power, has also donated to Democrats. That script got a rewrite in 2008, when many on Wall Street supported Mr. Obama as an intelligent leader for a country reeling from the financial crisis. Goldman employees were the leading source of campaign donations for Mr. Obama, who reaped far more contributions — roughly $16 million — from Wall Street than did his opponent, John McCain.

The love affair between Wall Street and Mr. Obama soured soon after he took office and championed an overhaul in financial regulations that became the Dodd-Frank Act.

Some financial executives complained that in meetings with the president, they found him uninterested and disengaged, while others on Wall Street never forgave Mr. Obama for calling them “fat cats.”

The disillusionment with the president spawned reams of critical commentary from Wall Street executives.

“So long as our leaders tell us that we must trust them to regulate and redistribute our way back to prosperity, we will not break out of this economic quagmire,” Mr. Loeb wrote in one letter to his investors.

The rhetoric at times became extreme, like the time Steven A. Schwarzman, co-founder of the private equity firm Blackstone Group, compared a tax proposal to “when Hitler invaded Poland in 1939.” (Mr. Schwarzman later apologized for the remark.)

Mr. Loeb was not alone in switching allegiances in the recent presidential race. Hedge fund executives like Leon Cooperman who had supported Mr. Obama in 2008 were big backers of Mr. Romney in 2012. And Wall Street chieftains like Jamie Dimon of JPMorgan Chase and Lloyd C. Blankfein of Goldman Sachs, who have publicly been Democrats in the past, kept a low profile during this election. But their firms’ employees gave money to Mr. Romney in waves.

Starting over with the Obama White House will not be easy. One senior Wall Street lawyer who spoke on condition of anonymity said Wall Street “made a bad mistake” in pushing so hard for Mr. Romney. “They are going to pay a price,” he said. “It will soften over time, but there will be a price.”

Mr. Obama is not without supporters on Wall Street. Prominent executives like Hamilton James of Blackstone, and Robert Wolf, a former top banker at UBS, were in Chicago on Tuesday night, celebrating with the president.

“What we learned is the people on Wall Street have one vote just like everyone else,” Mr. Wolf said. Still, while the support Wall Street gave Mr. Romney is undeniable, Mr. Wolf said, “Mr. Obama wants a healthy private sector, and that includes Wall Street.

“If you look at fiscal reform, infrastructure, immigration and education, they are all bipartisan issues and are more aligned than some people make it seem.”

Reshma Saujani, a former hedge fund lawyer who was among Mr. Obama’s top bundlers this year and is planning to run for city office next year, agreed.

“Most people in the financial services sector are social liberals who support gay marriage and believe in a woman’s right to choose, so I think many of them will swing back to Democrats in the future,” she said.

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This post has been revised to reflect the following correction:

Correction: November 8, 2012

An earlier version of this article misidentified Reshma Saujani as a male.

A version of this article appeared in print on 11/08/2012, on page B1 of the NewYork edition with the headline: On Wall Street, Time to Mend Fences With Obama.

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