Japan new PM Abe wants to correct strong yen trend

Japan's incoming Prime Minister Shinzo Abe reiterated on Tuesday a pledge to revive the economy by correcting the recent trend towards a stronger yen.
Abe is set to be selected as prime minister by lawmakers on Wednesday after leading his Liberal Democratic Party (LDP) to a landslide victory in a lower house election earlier this month.
Abe, who spoke after naming a new leadership team for the LDP, said he wanted to show voters who still doubt the party that the LDP has changed.
The LDP is returning to government after three years in the opposition.
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Health care tax hikes for 2013 may be just a start

New taxes are coming Jan. 1 to help finance President Barack Obama's health care overhaul. Most people may not notice. But they will pay attention if Congress decides to start taxing employer-sponsored health insurance, one of the options in play if lawmakers can ever agree on a budget deal to reduce federal deficits.
The tax hikes already on the books, taking effect in 2013, fall mainly on people who make lots of money and on the health care industry. But about half of Americans benefit from the tax-free status of employer health insurance. Workers pay no income or payroll taxes on what their employer contributes for health insurance, and in most cases on their own share of premiums as well.
It's the single biggest tax break allowed by the government, outstripping the mortgage interest deduction, the deduction for charitable giving and other better-known benefits. If the value of job-based health insurance were taxed like regular income, it would raise nearly $150 billion in revenue in 2013, according to congressional estimates. By comparison, wiping away the mortgage interest deduction would bring in only about $90 billion.
"If you are looking to raise revenue to pay for tax reform, that is the biggest pot of money of all," said Martin Sullivan, chief economist with Tax Analysts, a nonpartisan publisher of tax information.
It's hard to see how lawmakers can avoid touching health insurance if they want to eliminate loopholes and curtail deductions so as to raise revenue and lower tax rates. Congress probably wouldn't do away with the health care tax break, but limit it in some form. Such limits could be keyed to the cost of a particular health insurance plan, the income level of taxpayers, or a combination.
Many economists think some kind of limit would be a good thing, because it would force consumers to watch costs, and that could help keep health care spending in check. Obama's health law took a tentative step toward limits by imposing a tax on high-value health insurance plans. But that doesn't start until 2018.
Next spring will be three years since Congress passed the health care overhaul, but because of a long phase-in, many of the taxes to finance the plan are only now coming into effect. Medicare spending cuts that help pay for covering the uninsured have started to take effect, but they also are staggered. The law's main benefit, coverage for 30 million uninsured people, will take a little longer. It doesn't start until Jan. 1, 2014.
The biggest tax hike from the health care law has a bit of mystery to it. The legislation calls it a "Medicare contribution," but none of the revenue will go to the Medicare trust fund. Instead, it's funneled into the government's general fund, which does pay the lion's share of Medicare outpatient and prescription costs, but also covers most other things the government does.
The new tax is a 3.8 percent levy on investment income that applies to individuals making more than $200,000 or married couples above $250,000. Projected to raise $123 billion from 2013-2019, it comes on top of other taxes on investment income. And while it does apply to profits from home sales, the vast majority of sellers will not have to worry since another law allows individuals to shield up to $250,000 in gains on their home from taxation. (Married couples can exclude up to $500,000 in home sale gains.)
Investors have already been taking steps to avoid the tax, selling assets this year before it takes effect. The impact of the investment tax will be compounded if Obama and Republicans can't stave off the automatic tax increases scheduled at the end of the year if there's no budget agreement.
High earners will face another new tax under the health care law Jan. 1. It's an additional Medicare payroll tax of 0.9 percent on wage income above $200,000 for an individual or $250,000 for couples. This one does go to the Medicare trust fund.
Donald Marron, director of the nonpartisan Tax Policy Center, calls the health care law tax increases medium-sized by historical standards. The center, a joint project of the Brookings Institution and the Urban Institute, provides in-depth analysis on tax issues.
They also foreshadow the current debate about raising taxes on people with high incomes. "These were an example of the president winning, and raising taxes on upper-income people," said Marron. "They are going to happen."
Other health care law tax increases taking effect Jan. 1:
— A 2.3 percent sales tax on medical devices used by hospitals and doctors. Industry is trying to delay or repeal the tax, saying it will lead to a loss of jobs. Several economists say manufacturers should be able to pass on most of the cost.
— A limit on the amount employees can contribute to tax-free flexible spending accounts for medical expenses. It's set at $2,500 for 2013, and indexed thereafter for inflation.
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Latin Americans rank as happiest people on planet

The world's happiest people aren't in Qatar, the richest country by most measures. They aren't in Japan, the nation with the highest life expectancy. Canada, with its chart-topping percentage of college graduates, doesn't make the top 10.
A poll released Wednesday of nearly 150,000 people around the world says seven of the world's 10 countries with the most upbeat attitudes are in Latin America.
Many of the seven do poorly in traditional measures of well-being, like Guatemala, a country torn by decades of civil war followed by waves of gang-driven criminality that give it one of the highest homicide rates in the world. Guatemala sits just above Iraq on the United Nations' Human Development Index, a composite of life expectancy, education and per capita income. But it ranks seventh in positive emotions.
"In Guatemala, it's a culture of friendly people who are always smiling," said Luz Castillo, a 30-year-old surfing instructor. "Despite all the problems that we're facing, we're surrounded by natural beauty that lets us get away from it all."
Gallup Inc. asked about 1,000 people in each of 148 countries last year if they were well-rested, had been treated with respect, smiled or laughed a lot, learned or did something interesting and felt feelings of enjoyment the previous day.
In Panama and Paraguay, 85 percent of those polled said yes to all five, putting those countries at the top of the list. They were followed closely by El Salvador, Venezuela, Trinidad and Tobago, Thailand, Guatemala, the Philippines, Ecuador and Costa Rica.
The people least likely to report positive emotions lived in Singapore, the wealthy and orderly city-state that ranks among the most developed in the world. Other wealthy countries also sat surprisingly low on the list. Germany and France tied with the poor African state of Somaliland for 47th place.
Prosperous nations can be deeply unhappy ones. And poverty-stricken ones are often awash in positivity, or at least a close approximation of it.
It's a paradox with serious implications for a relatively new and controversial field called happiness economics that seeks to improve government performance by adding people's perceptions of their satisfaction to traditional metrics such as life expectancy, per capita income and graduation rates.
The Himalayan kingdom of Bhutan famously measures policies by their impact on a concept called Gross National Happiness.
British Prime Minister David Cameron announced a national well-being program in 2010 as part of a pledge to improve Britons' lives in the wake of the global recession. A household survey sent to 200,000 Britons asks questions like "How satisfied are you with your life nowadays?"
The Organization for Economic Co-operation and Development, which unites 34 of the world's most advanced countries, recently created a Better Life Index allowing the public to compare countries based on quality of life in addition to material well-being.
Some experts say that's a dangerous path that could allow governments to use positive public perceptions as an excuse to ignore problems. As an example of the risks, some said, the Gallup poll may have been skewed by a Latin American cultural proclivity to avoid negative statements regardless of how one actually feels.
"My immediate reaction is that this influenced by cultural biases," said Eduardo Lora, who studied the statistical measurement of happiness as the former chief economist of the Inter-American Development Bank
"What the empirical literature says is that some cultures tend to respond to any type of question in a more positive way," said Lora, a native of Colombia, the 11th most-positive country.
For the nine least positive countries, some were not surprising, like Iraq, Yemen, Afghanistan and Haiti. For others at the bottom, Armenia at the second lowest spot, Georgia and Lithuania, misery is something a little more ephemeral.
"Feeling unhappy is part of the national mentality here," said Agaron Adibekian, a sociologist in the Armenian capital, Yerevan. "Armenians like being mournful; there have been so many upheavals in the nation's history. The Americans keep their smiles on and avoid sharing their problems with others. And the Armenians feel ashamed about being successful."
The United States was No. 33 in positive outlook. Latin America's biggest economies, Mexico and Brazil, sat more than 20 places further down the list.
Jon Clifton, a partner at Gallup, acknowledged the poll partly measured cultures' overall tendency to express emotions, positive or negative. But he said skeptics shouldn't undervalue the expression of positive emotion as an important phenomenon in and of itself.
"Those expressions are a reality, and that's exactly what we're trying to quantify," he said. "I think there is higher positive emotionality in these countries."
Some Latin Americans said the poll hit something fundamental about their countries: a habit of focusing on posivites such as friends, family and religion despite daily lives that can be grindingly difficult.
Carlos Martinez sat around a table with 11 fellow construction workers in a Panama City restaurant sharing a breakfast of corn empanadas, fried chicken and coffee before heading to work on one of the hundreds of new buildings that have sprouted during a yearslong economic boom driven in large part by the success of the Panama Canal. The boom has sent unemployment plunging, but also increased traffic and crime.
Martinez pronounced himself unhappy with rising crime but "happy about my family."
"Overall, I'm happy because this is a country with many natural resources, a country that plays an important role in the world," he said. "We're Caribbean people, we're people who like to celebrate, to eat well and live as well as we can. There are a lot of possibilities here, you just have to sacrifice a little more."
Singapore sits 32 places higher than Panama on the Human Development Index, but at the opposite end of the happiness list. And things weren't looking good Wednesday to Richard Low, a 33-year-old businessman in the prosperous Asian metropolis.
"We work like dogs and get paid peanuts. There's hardly any time for holidays or just to relax in general because you're always thinking ahead: when the next deadline or meeting is. There is hardly a fair sense of work-life balance here," he said.
In Paraguay, tied with Panama as the most-positive country while doing far worse than Panama by objective measures, street vendor Maria Solis said tough economic conditions were no reason to despair.
"Life is short and there are no reasons to be sad because even if we were rich, there would still be problems," she said while selling herbs used for making tea. "We have to laugh at ourselves."
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Source: Gallup Inc., http://www.gallup.com/poll/159254/latin-americans-positive-world.aspx
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Associated Press writers Romina Ruiz-Goiriena in Guatemala City; Juan Zamarano in Panama City; Sylvia Hui in London; Angela Charlton in Paris; Heather Tan in Singapore; Avet Demourian in Yerevan, Armenia; and Pedro Servin in Asuncion, Paraguay, contributed to this report.
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Quotes from the most, least positive countries

MOST POSITIVE
1. PANAMA
"We're naturally very happy. We have our problems in life but we forget them quickly and we start over; it's a question of culture." — Hildaura Ortega, 30, English professor, Panama City.
1. PARAGUAY
"The farmers, the peasants, they are happy and joyful despite the problems of everyday life, but the city dwellers, those used to the city routine, are very individualistic and colder because life is too fast and competitive." — Franca La Carrubba, dean of psychology, Paraguay Autonomous University.
3. EL SALVADOR
"Salvadorans are positive, very contented, friendly people, but that doesn't mean we're happy. We live in a country with low salaries, where many are out of work and we're threatened by gangs and drug dealers." — Juan Carlos Hernandez, bank worker, San Salvador.
5. TRINIDAD AND TOBAGO
"As a people, we are laid back, even on serious matters. To take life that way even if you're facing difficult situations is good for your health." — Hugo James, 35, copywriter for advertising agency.
5. THAILAND
"I don't aspire to be the king. I just want to have enough — a house, a car, a bit of money saved up. That's enough to make me happy, whereas some wealthy people just keep wanting more." — Natthinee Sriboonmee, 32, clothing vendor in Bangkok.
7. GUATEMALA
"We're so used to these problems that we ignore what's going on and live our lives despite them." — Estefani Brolo, singer, 28, Guatemala City.
7. PHILIPPINES
"Just being with my family makes me happy ... We have fun together as a family. ... We have bonding time and we say prayers together. ... They are my inspiration. As long as we are all healthy, I am happy. There is nothing better than that." — Felicio Sayat, 35, security guard who works 12 hours a day at parking lot, Manila.
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LEAST POSITIVE
1. SINGAPORE
"There's a lot of pressure to perform to expectations and conform to norms here so I think that overrides our personal happiness ... Most of my kids are very focused and spend long hours dedicated to school. As a teacher you want what is best for your students but you can't help but feel they miss out on a childhood." — Fung Yeewai, 25, part-time teacher.
2. ARMENIA
"As for me, I feel fine and see no reason to be unhappy. But many people I know feel unhappy about various problems." — Lilit Babadzhanian, 28, medical worker, Yerevan.
4. GEORGIA
"There have been so many conflicts after the Soviet collapse, and so many refugees." — Marina Kupreishvili, 52, doctor.
4. SERBIA
"What is there to be happy about? Poverty, no jobs and even the possibility of more wars? No way. The only strategy for many young people here is to get out as soon as possible. The sooner, the better." — Petar Jovanovic, medical student, Belgrade.
7. BELARUS
"I want to go abroad. It's stupid to live in a dictatorship in the middle of Europe. It's fear that makes Belarusians unhappy. Everyone is afraid of being crushed by the state. Living in Belarus means no freedom, no money and no future." — Maxim Luksha, 20, university student.
8. LITHUANIA
"Lithuanians feel unhappy, because they believe that there is no sociological justice in the country. The conditions for family business are not conducive, and the basis of Lithuanian economy is big business. The wages of employees are low, and the whole social situation is unfair. This makes the main difference between Lithuania and other countries in Europe." — Vladas Gaidys, director of public opinion firm Vilmorus, Vilnius.
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Associated Press writers Juan Zamorano in Panama City; Pedro Servin in Asuncion, Paraguay; Marcos Aleman in San Salvador; Tony Fraser in Port-of-Spain, Trinidad; Romina Ruiz-Goiriena in Guatemala City; Oliver Teves in Manila, Philippines; Heather Tan in Singapore; Misha Dzhindzhikhashvili in Tbilisi, Georgia; Dusan Stojanovic in Belgrade, Serbia; Gary Peach in Riga, Latvia; and Yuras Karmanau in Minsk, Belarus, contributed to this report.
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YPF, Chevron sign Argentina petroleum pact

 Argentina's cash-strapped state energy company signed a partnership deal Wednesday with Chevron Corp. for a "massive development" of the South American country's vast nonconventional oil and gas resources.
YPF President Miguel Galuccio and Chevron's Latin America and Africa chief, Ali Moshiri, signed a letter of intent to start on a shale pilot project by drilling more than 100 wells within 12 months in the Vaca Muerta area of Patagonia. YPF hopes the effort will help it boost production to meet Argentina's growing energy demands.
The companies said the pilot project will cost a shared $1 billion, while it could take more than $15 billion for full development of the Vaca Muerta ("Dead Cow") formation that was discovered in Neuquen province in 2010.
Argentina expropriated a majority stake in YPF from Spain's Grupo Repsol in April after accusing the Spanish company of bleeding YPF dry and forcing Argentina to import record amounts of energy by failing to invest in Argentine operations.
Galuccio, who was picked by President Cristina Fernandez to lead YPF shortly after the company was nationalized, said he was delighted by the agreement with Chevron. Since taking charge, Galuccio had insisted on the need for YPF to find wealthy partners willing to make long-term bets on developing Argentina's energy potential.
The preliminary accord is key to YPF's plans to develop what experts believe are the third-largest shale resources in the world and boost the company's output, which dwindled under the control of Repsol.
Argentina needs billions of dollars to exploit its energy reserves, and until now major oil companies had failed to commit. Analysts blamed the government's heavy hand in the market and Repsol's threat to sue any partner for the $10 billion investment that Argentina seized when it took over YPF.
"YPF is top-notch when it comes to technology and human resources," Chevron's Moshiri told reporters in Buenos Aires via a teleconference.
"The issue will be how big the investment will be beyond the pilot," Moshiri said, adding that the companies plan to begin work as soon as possible.
He said the partnership will serve as a foundation for the development of nonconventional oil and natural gas resources and other interesting investments in Argentina.
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Massachusetts fines Morgan Stanley over Facebook IPO

Morgan Stanley , the lead underwriter for Facebook Inc's initial public offering, will pay a $5 million fine to Massachusetts for violating securities laws governing how investment research can be distributed.
Massachusetts' top securities regulator, William Galvin, charged on Monday that a top Morgan Stanley banker had improperly coached Facebook on how to disclose sensitive financial information selectively, perpetuating what he calls "an unlevel playing field" between Wall Street and Main Street.
Morgan Stanley has faced criticism since Facebook went public in May for revealing revised earnings and revenue forecasts to select clients before the media company's $16 billion initial public offering.
This is the first time a case stemming from Morgan Stanley's handling of the Facebook offering has been settled.
Facebook had privately told Wall Street research analysts about softer forecasts because of less robust mobile revenues. A top Morgan Stanley banker coached Facebook executives on how to get the message out, Galvin said.
A Morgan Stanley spokeswoman said on Monday the company is "pleased to have reached a settlement" and that it is "committed to robust compliance with both the letter and the spirit of all applicable regulations and laws." The company neither admitted nor denied any wrongdoing.
Galvin, who has been aggressive in policing how research is distributed on Wall Street ever since investment banks reached a global settlement in 2003, said the bank violated that settlement. He fined Citigroup $2 million over similar charges in late October.
"The conduct at Morgan Stanley was more egregious," he said in an interview explaining the amount of the fine. "With it we will get their attention and begin to take steps in restoring some confidence for retail investors to invest."
Galvin also said that his months-long investigation into the Facebook IPO is far from over and that he continues to review the other banks involved. Goldman Sachs and JP Morgan also acted as underwriters. The underwriting fee for all underwriters was reported to be $176 million at the time, or 1.1 percent of the proceeds.
As lead underwriter, Morgan Stanley took in $68 million in fees from the IPO, according to a Thomson Reuters estimate.
Massachusetts did not name the Morgan Stanley banker in its documents but personal information detailed in the matter suggest it is Michael Grimes, a top technology banker who was instrumental in the Facebook IPO.
The report says the unnamed banker joined Morgan Stanley in 1995 and became a managing director in 1998, dates that correlate with Grimes' career at the firm. It also says the banker works in Morgan Stanley's Menlo Park, California, office, where Grimes also works.
Grimes did not immediately respond to a request for comment, and was not accused of any wrongdoing by name.
The state said the banker helped a Facebook executive release new information and then guided the executive on how to speak with Wall Street analysts about it. The banker, Galvin said, rehearsed with Facebook's Treasurer and wrote the bulk of the script Facebook's Treasurer used when calling the research analysts.
A number of Wall Street analysts cut their growth estimates for Facebook in the days before the IPO after the company filed an amended prospectus.
Facebook's treasurer then quickly called a number for Wall Street analysts providing even more information.
The banker "was not allowed to call research analysts himself, so he did everything he could to ensure research analysts received new revenue numbers which they then provided to institutional investors," Galvin said.
Galvin's consent order also says that the banker spoke with company lawyers and then to Facebook's chief financial officer about how to prove an update "without creating the appearance of not providing the underlying trend information to all investors."
The banker and all others involved with the matter at Morgan Stanley are still employed by the company, a person familiar with the matter said.
Retail investors were not given any similar information, Galvin said, saying this case illustrates how institutional investors often have an edge over retail investors.
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ARM security improvement to speed mobile e-commerce

 British chip designer ARM Holdings and its partners Gemalto and Giesecke & Devrient have launched a new security standard for smartphones that can speed up e-commerce transactions.
Trustonic, a joint venture between the companies formed in April, said the security standard could be built into every level of a device, from the chip through the operating system to applications.
Ben Cade, Trustonic's chief executive, said it would eliminate the need for third-party devices, like bank card readers and secure ID tags, and enable content to be shared easily between devices.
He said the technology could reduce the time needed for an e-commerce transaction on a smartphone to seven seconds from the two and a half minutes typical today.
"It will enable us to trust our smart connected devices to protect us as they deliver essential services and innovative user experiences," he said.
Security is becoming increasingly important for smartphone users as more operations move from PCs to mobile devices.
Trustonic has signed up partners ranging from chipmakers NVIDIA and Samsung Electronics to payments company Mastercard and content provider 20th Century Fox Home Entertainment, Cade said.
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Online shopping to breathe new life into run-down sheds

 Owners of run-down warehouses on the edge of European cities could be sitting on goldmines because online shopping will force firms to seek distribution sites closer to customers who think speedy delivery is the norm.
In an increasingly fierce market where the likes of Amazon and Tesco pledge next-day or same-day delivery in specific time slots, warehouse rents could rise 40 percent over the next decade, property consultant CBRE said.
"Your industrial estate (near heavily populated areas) is the high street of the future," said Jonathan Holland, senior manager of Legal & General Property's industrial fund, which has 770 million pounds ($1.25 billion) under management.
"We are very much looking at owning warehouses around major conurbations."
Some 43 percent of European Union citizens shop online, the European Commission said in February, up from 26 percent six years ago. They were expected to fuel a 12-15 percent growth in online sales across the region over the next five years, Forrester Research predicted.
Meanwhile, falling sales in austerity-hit Britain have forced retail property values down 28 percent since end-2007, data from Investment Property Databank showed. Values in euro zone countries fell 5 percent over the same period, CBRE said.
The yield, or annual rent as a percentage of the property value, on an industrial warehouse in a good location in Europe was 7.8 percent at the end of September compared with 5.8 percent for offices and 5.2 percent for shops, CBRE said.
Industrial yields depend more on lease length and the financial strength of the tenant than location, compared with offices or shops, and would "edge downwards" where demand from retailers was strong, CBRE said.
Retailers currently favor large sites in locations away from big population centers but with good transport links.
Amazon's huge warehouses include sites in Dunfermline, Scotland and Rheinberg, Germany while Marks & Spencer will open a warehouse the size of 11 soccer fields in Castle Donington, Leicestershire, next year.
That is changing, said Amaury Gariel, managing director of CBRE's European industrial logistics team.
Places such as Croydon, 16 kilometers south of central London, strewn with empty office blocks and suffering high unemployment, and Créteil, a scruffy suburb 19 km southeast of Paris, are examples of areas that could be targeted as they are close to major highways and large local workforces, Gariel said.
Warehouse rents at such sites could rise 20-40 percent over the next decade, he said, citing the greatest demand in areas near the biggest European cities such as Amsterdam, London and Paris for sites that have typically been used by mail delivery firms and food distributors.
A tendency by governments to prioritize such areas for homes would squeeze supply and push prices higher, he said.
Retailers and property investors are at "a tipping point" in waking up to the changing real estate map for distribution points in Europe, Holland said.
Amazon is on the hunt for about 20 sheds close to British cities while Asda and Tesco are opening so-called 'dark stores' - distribution centers which look like supermarkets on the inside but are closed to customers - across Britain.
Industrial developer Prologis has bought a significant number of such sites near large towns and cities, such as Milton Keynes in Britain and Hannover in Germany, to meet future demand, European president Philip Dunne told Reuters.
Retailers face obsolescence unless they recognize how the type of property they rent needs to change, Gariel said.
"We are on the first page of the story regarding new ways to distribute goods. What happens if retailers do not recognize it? Just look at what happened to the fax and the telegram.
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"Hebrew Hammer" sequel profits from crowdfunding campaign

The Hebrew Hammer vs. Hitler," the sequel to 2003's "The Hebrew Hammer," will begin filming next year, after an innovative crowdfunding campaign that's raised $35,000 on Jewcer.com, the filmmakers announced Tuesday.
Adam Goldberg will return in the lead role, with principle photography expected to begin in May 2013.
In the film, Goldberg's character, now married and enjoying the good life in suburbia, is forced to dust off his black-leather couture to confront a new menace: a time-traveling Hitler intent on altering key moments in Jewish history.
The original film launched at Sundance and had a limited theatrical release before being picked up by Comedy Central in a five-year deal.
"It's been amazing," filmmaker Jonathan Kesselman, writer and director of both movies, said in a statement. "The fans are making this happen. The cult status of the first movie attracted millions of fans around the world, making crowd-funding a viable option. Funding is now in the hands of fans who can help make the movies they want to see."
Kesselman negotiated for the rights to the sequel with John Schmidt at ContentFilm, ending a near decade-long tussle and several attempts at getting it made.
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Instagram says no plans to put user photos in ads

 Instagram, the popular photo-sharing service owned by Facebook Inc, said on Tuesday it has "no plans" to incorporate user photos into ads in response to a growing public outcry over new privacy policies unveiled this week.
Instagram Chief Executive Kevin Systrom said in a blog post that users had incorrectly interpreted Instagram's revised terms of service, released on Monday, to mean that user photos would be sold to others without compensation.
"This is not true and it is our mistake that this language is confusing," Systrom said. "To be clear: it is not our intention to sell your photos. We are working on updated language in the terms to make sure this is clear."
But Systrom said Instagram may display users' profile pictures and information about who they follow as part of an ad - a social marketing technique similar to what Facebook uses in its "sponsored stories" ad product.
He added that Instagram will not incorporate users' uploaded photos as ads because the service wants "to avoid things like advertising banners."
Instagram, which is free to use, triggered an uproar this week when it revised its terms of service in order to begin carrying advertising.
Facebook bought the fast-growing photo service - now with 100 million users - earlier this year in a cash-and-stock deal valued initially at $1 billion. The transaction closed in September at $715 million, reflecting a decline in the value of Facebook shares.
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