Christine Lagarde Warns of Lord Voldemort, Hopes to Put Deflation Ogre in a Bottle

In a speech at the National Press Club in Washington, IMF managing director stated “If inflation is the genie, then deflation is the ogre that must be fought decisively.”

With that sentence Lagarde did something most central banks won’t: discuss Lord Voldemort, the deflation ogre, by name.

Please consider Christine Lagarde warns of growing threat of deflation.

“With inflation running below many central banks’ targets, we see rising risks of deflation, which could prove disastrous for the recovery,” said Ms Lagarde, in a speech at the National Press Club in Washington. “If inflation is the genie, then deflation is the ogre that must be fought decisively.”

With central bankers afraid even to mention the word “deflation”, Ms Lagarde’s remarks make her the first high-profile policy maker to give warning that extremely low inflation in rich countries could result in the kind of falling prices that have dogged Japan’s economy for two decades.

Ms Lagarde’s comments were echoed by Charles Evans, president of the Chicago Fed. “The recent news on inflation has not been good,” he said in a speech on Wednesday. “Inflation is too low and is running well below the FOMC’s 2 per cent target.”

Time to Unbottle the Inflation Genie

Clearly Lagarde wants to unbottle the inflation genie. How do I know the inflation genie is in a bottle? Well the ECB told us so in December of 2005.

Here is proof the monster was captured:

The above images is from a self-serving ECB video that attempts to brainwash school kids and teachers about ECB definition of “price stability“.

The wizards’ main worry now is “You-Know-Who” and “He-Who-Must-Not-Be-Named“.

At a recent conference of economic wizards, Lagarde dares to speak the unspeakable: “Lord Voldemort is on the loose”.

Charlatans or Wizards?

In reality, charlatans like Christine Lagarde and all the alleged central bankers wizards would not know “price stability” if it flew up and bit off their noses.

For a thorough trashing of the propaganda spouted by the central bank wizards, please see Money as Communication: A Purposely “Non-Educational” Fallacious Video by the Atlanta Fed

Looking for Real Economic Wizards?

I am pleased to again mention that John Hussman is a speaker and host of the second annual Wine Country Conference will be held May 1st & 2nd, 2014.

We have an exciting lineup of speakers for this year’s conference.

• John Hussman: Founder of Hussman Funds, Director of the John P. Hussman Foundation which is dedicated to providing life-changing assistance through medical research


• Steen Jakobsen: Chief Economist of Saxo Bank


• Stephanie Pomboy: Founder of MacroMavens macroeconomic research


• David Stockman: Ronald Reagan’s budget director, best-selling author, former Managing Director of The Blackstone Group 


• Mebane Faber: Co-founder and the Chief Investment Officer of Cambria Investment Management


• Jim Bruce: Producer, Director, and Writer of Money For Nothing: Inside the Federal Reserve 


• Chris Martenson: Reknown speaker and founder of Peak Prosperity


• Mike “Mish” Shedlock: Investment advisor for Sitka Pacific and Founder of Mish’s Global Economic Trend Analysis

In addition, we expect confirmation from a number of other highly respected fund managers and speakers. This year’s event is two days and will include additional “break-out” groups.

For speaker bios, please check out Wine Country Conference Speakers.

This Year’s Cause: Autism

$ 100,000 of the money raised last year came from a generous matching grant from the John P. Hussman Foundation.

Some of us in the industry who have done well are making an effort to make a difference. John Hussman is at the very top of that list.

One of John’s kids has severe autism. This year, all net proceeds will go to support autism programs.

Conference Details

For further details about the 2014 conference, please see Wine Country Conference May 1st & 2nd, 2014

Nothing Like It!

This event is not just another “come and hear someone talk” kind of thing. Attendees and their significant others can expect an educational, fun, and relaxed time.

Last conference, we arranged wine tours. They were a big hit. We will do so again. One of the wine estates we visited had a Bocce Ball court. On a couple of miracle shots, I won both games I played.

Stay an extra day and golf or travel. I did. The conference hotel is a fun place in and of itself.

Unlike many other conferences, you will have easy access to speakers.

Want to chat with me, Steen, John, or anyone else at the conference? You will have an easy chance.

Not only do we have an excellent lineup of speakers, you will have an opportunity to meet with them, have intimate discussions on important investment topics, with a lot of fun on the side, including wine tours and great wine.

There’s nothing like it in the investment business. And your money goes to a great cause! What can be better?

Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com

Mike “Mish” Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Mish’s Global Economic Trend Analysis

Christine Lagarde Warns of Lord Voldemort, Hopes to Put Deflation Ogre in a Bottle

Still Dreaming: My Hopes for the Immigration Reform Bill

FTSE LIVE: Shares rally on hopes of US deal to avert a debt default

By This Is Money Reporters

PUBLISHED: 02:39 EST, 10 October 2013 | UPDATED: 09:53 EST, 10 October 2013

15:45: The Footsie remains in positive territory this afternoon spurred on by a rally on Wall Street which has raced ahead by 200 points in its first hour of trading as hope of a possible resolution to the US government shutdown.

The Dow Jones Industrial Average is now 206 points, or 1.4 per cent, higher at 15,009. Meanwhile the US dollar rose to a two-week high against a basket of major currencies.

Treasury prices have slipped, sending yields higher, as signs of progress in Washington buoyed risk appetite. The benchmark 10-year note rose 4.5 basis points to 2.709 per cent.

US crisis: Democrats want a no-strings budget resolution and debt ceiling hike passed before they negotiate with Republicans led by John Boehner, pictured right

In London the FTSE 100 Index has pushed higher by 0.5 per cent in the last hour as investors took heart from the rally across the Atlantic taking it 1.4 per cent higher on the day to 6,426.

 

Overnight a Republican leadership aide, U.S. House of Representatives Republicans are considering agreeing to a short-term increase in the government’s borrowing authority, keeping a possible default after October 17 at bay and buying time for negotiations on broader policy measures.

Markets have also been lifted by the nomination of Janet Yellen by US president Barack Obama to the post of Federal Reserve chair. Believed to be a fiscal policy dove, Ms Yellen is seen likely to postpone any tapering of the central bank’s massive monthly asset purchase programme until at least the start of next year.

14:35: Shares in London are just shy of 1 per cent higher in afternoon trading as hope of a resolution to the political deadlock over budget negotiations in the US were raised overnight.

The FTSE 100 Index is 0.97 per cent higher at 6,399 while in the US the Dow Jones Industrial Average opened just a few moments ago sharply higher also up 1 per cent at 14,947.16.

According to a Republican leadership aide, U.S. House of Representatives Republicans are considering agreeing to a short-term increase in the government’s borrowing authority, keeping a possible default after October 17 at bay and buying time for negotiations on broader policy measures.

President Barack Obama and congressional leaders are set to meet on Thursday for further discussions.

‘There is one major ‘if’ attached to the President’s potential olive branch, and that is reopening the government, something that still looks very unlikely in the interim as the partisan politics from both sides continues to rage,’ Evan Lucas, an analyst at IG, said in a morning note.

Markets have also been lifted by the nomination of Janet Yellen by US president Barack Obama to the post of Federal Reserve chair. Believed to be a fiscal policy dove, Ms Yellen is seen likely to postpone any tapering of the central bank’s massive monthly asset purchase programme until at least the start of next year.

12.15: The FTSE 100 has extended morning gains to move 66.5 points higher to 6,404.4.

‘Reassurances from the US that short-term measures will be instigated to avert the upcoming debt-ceiling deadline have given European equity markets a jolt upwards, helping to stem some of the risk aversion of the past few days,’ said Brenda Kelly of IG.

‘News that Hong Kong has raised collateral haircuts [increased its buffers against risk] on US treasury bills appears to be something of a warning shot to US politicians.

‘The implications are that US treasury bonds are considered broadly more risky and the Hong Kong exchange is clearly preparing for the worst case scenario – a US default. The more likely explanation is that Hong Kong is simply telling the US to get its act together.’

10.50:

The FTSE 100 has rallied 47.7 points to 6,385.6 on hopes that US politicians will cobble together some kind of deal to avoid a debt default, if only for a short while before they inevitably resume hostilities.

In London, SSE shares rose 22.5p to 1476.5p after the energy firm said it was increasing average bills by 8.2 per cent from November, while British Gas rival Centrica was 5.25p higher at 366.05p on expectations it will follow suit.

Charles Church housebuilder Persimmon was again prominent on the FTSE 100 risers board amid expectations that it will reap the benefit of the Government’s Help to Buy housing scheme. Shares rose 24.5p to 1155.5p, having climbed by 5 per cent yesterday.

Shares in retail chain WH Smith jumped 8 per cent or 66p to 901p in the FTSE 250 after it posted a 6 per cent rise in full-year profits to £108million and said it would return another £50million to shareholders.

And Ladbrokes was 6 per cent higher, up 10.9p to 190.7p, as fresh takeover talk was ignited by the mystery purchase of a near 3 per cent stake in the struggling firm.

Monex Capital said of the latest developments in Washington: ‘Lawmakers in Washington do seem now to be accepting just how big the fall-out would be for both the US and the global economy in the event of the debt ceiling being breached.

‘As such there have been murmurings that a short-term increase in the borrowing limit may be on the table, although with a week to run until doomsday, there will doubtless be further political grandstanding to be seen.

‘Regardless, both the dollar and equities across the globe are finding support off this news.’

Matt Basi of CMC Markets said: ‘Any evidence of politicians coming back to the negotiating table was always going to be met with some kind of relief rally, so today’s move will not be a huge surprise to the market majority, but reading between the lines it would seem that this optimism could still be short lived.

‘Firstly, while Republicans seem to be readying something to take to the President, reports still suggest that the proposal would have “attachments”, and Obama has continuously stated that there will be no concessions from the ruling house, so this would indicate someone has to swallow what is left of their pride and give in.

‘It seems from reports that the Republicans have given up on their attack on Obamacare to move to pastures new, perhaps giving room for the two sides to meet somewhere in the middle on other issues. 

‘The other thing to note is that anything passed looks to at best stall, only to endure it all again in the near future. So yet again it appears the job of the US politician is simply to apply a strong foot to that poor old can on a never ending road, rather than to find a cure. So for the markets…relief yes, solution no.’

8.35:

The FTSE 100 has opened up 22.5 points at 6,360.4 amid signs of progress to end the US budget stand-off and prevent a possible debt default.

US Republicans are considering a short-term hike in the government’s borrowing authority to buy time for talks on broader policy issues, a party leadership aide said.

President Barack Obama has said he would accept a short-term ceiling debt increase as long as no strings were attached. House Republican leaders will visit the White House today as the search intensifies for a way to break the impasse.

But Capital Spreads commented: ‘This meeting already looks like a non starter. Although a positive start is expected today, traders should be wary about the meeting resembling a boxing match weigh-in and knocking any optimism about the political stalemate out for the count.’

Wall Street and Asian markets rose overnight. However, the FTSE 100 closed down 27.92 points at 6,337.91 yesterday, its lowest closing level since ending at 6,229.87 on July 3.

Investors will keep an eye on today’s meeting of the Bank of England, although it is expected to leave interest rates unchanged despite more signs of economic strength – sticking to its commitment of a freeze at 0.5 per cent while joblessness stays above target.

Stocks to watch today include:

BARCLAYS: Senior investment banker John Miller was appointed to the newly created position of head of banking for the Americas, according to an internal memo seen by Reuters.

ROYAL DUTCH SHELL: Shell Nigeria said it had shut down its Trans Niger Pipeline owing to reports of leaks, deferring 150,000 barrels per day of crude oil just 10 days after the pipeline was re-opened.

GKN: Informa’s Adam Walker will join the GKN board next January as group finance director, succeeding William Seeger who intends to step down from the board on 25 February.

MELROSE: The corporate turnaround specialist agreed to sell Crosby and Acco to KKR for $ 1billion.

BAE SYSTEMS: The defence contractor said its earnings could be hit by 6-7 pence per share should it fail to reach agreement on a jet deal with Saudi Arabia this year.

SSE: The energy supplier said it would raise its household charges for electricity and gas by an average of 8.2 per cent next month.

ASHMORE: The asset manager reported total assets under management for the first-quarter were estimated at $ 78.5billion, up 1.4 per cent in the previous quarter and in line with management’s expectations.

HAYS: The recruiter reported net fees were up 2 per cent on an organic basis.

WH SMITH: The retailer said annual profit rose 6 per cent to £108million and its total dividend was up 14 per cent to 30.7 pence per share. It announced plans to buy back an additional £50million worth of shares.

AIR PARTNER: The aviation company reported full-year profit up 31 per cent on revenue down 3 percent to £220.6million. It said trading prospects for the six months to 31 January 2014 were currently in line with expectations.

SYNERGY HEALTH: The specialist servicer to healthcare providers said trading was in line with its expectations.

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FTSE LIVE: Shares rally on hopes of US deal to avert a debt default

Philippine Navy Still Hopes For Survivors From Ferry Crash

Enlarge image i

A relative of one of the missing passengers writes down contact numbers on Sunday at the office of the ferry involved in a collision, in Cebu City.

Ted Aljibe/AFP/Getty Images

A relative of one of the missing passengers writes down contact numbers on Sunday at the office of the ferry involved in a collision, in Cebu City.

Ted Aljibe/AFP/Getty Images

Divers in the Philippines are making scant progress in their efforts to recover survivors — or bodies — from the scene where a ferry sank after colliding with a cargo ship near the central port city of Cebu.

About 35 people have been confirmed dead from MV Thomas Aquinas, which was carrying more than 800 passengers when it was struck late Friday and then sank within minutes.

Authorities says 750 people were rescued in the hours after the collision, but that more than 80 are still missing and presumed trapped inside the ferry as it went down.

Earlier, officials said 170 remained missing, but the number was reduced after a tallying error was discovered.

Philippine Navy spokesman Lt. Cdr. Gregory Fabic was quoted by AFP as saying rough seas hampered what he still described as a rescue effort.

“It is possible that there are air pockets in its compartments and there might be survivors,” Fabic said. “There is still hope that there might just be survivors there.”

News

Philippine Navy Still Hopes For Survivors From Ferry Crash

Philippine Navy Still Hopes For Survivors From Ferry Crash

Enlarge image i

A relative of one of the missing passengers writes down contact numbers on Sunday at the office of the ferry involved in a collision, in Cebu City.

Ted Aljibe/AFP/Getty Images

A relative of one of the missing passengers writes down contact numbers on Sunday at the office of the ferry involved in a collision, in Cebu City.

Ted Aljibe/AFP/Getty Images

Divers in the Philippines are making scant progress in their efforts to recover survivors — or bodies — from the scene where a ferry sank after colliding with a cargo ship near the central port city of Cebu.

About 35 people have been confirmed dead from MV Thomas Aquinas, which was carrying more than 800 passengers when it was struck late Friday and then sank within minutes.

Authorities says 750 people were rescued in the hours after the collision, but that more than 80 are still missing and presumed trapped inside the ferry as it went down.

Earlier, officials said 170 remained missing, but the number was reduced after a tallying error was discovered.

Philippine Navy spokesman Lt. Cdr. Gregory Fabic was quoted by AFP as saying rough seas hampered what he still described as a rescue effort.

“It is possible that there are air pockets in its compartments and there might be survivors,” Fabic said. “There is still hope that there might just be survivors there.”

News

Philippine Navy Still Hopes For Survivors From Ferry Crash

Qatar urges prisoner release as Egypt mediation hopes fade

1 of 3. Supporters of deposed Egyptian President Mohamed Mursi hold up posters, including Egypt’s army chief General Abdel Fattah al-Sisi (L) that reads, ”A murderer,” during a protest at the Rabaa al-Adawiya square where they are camping, in Cairo, August 6, 2013.

Credit: Reuters/Mohamed Abd El Ghany

By Michael Georgy and Maggie Fick

CAIRO | Wed Aug 7, 2013 5:24am EDT

CAIRO (Reuters) – Egypt must release jailed Muslim Brotherhood leaders to help end political turmoil following the overthrow of Islamist President Mohamed Mursi, Qatar’s foreign minister said as international mediation efforts to avert more bloodshed appeared to be fading.

Khaled al-Attiya, who has been trying to mediate an end to the crisis along with envoys from the United States, European Union and United Arab Emirates, returned home on Wednesday after several days in Cairo.

“My wish for the brothers in Egypt is to release the political prisoners as soon as possible because they are the key to unlocking this crisis,” he told Qatar-based Al Jazeera television in an interview.

Qatar was the main financial backer of Mursi’s Muslim Brotherhood-dominated government which ruled Egypt for a turbulent year until a July 3 military takeover backed by massive street demonstrations.

“Without a serious dialogue with all the parties, and most importantly with the political prisoners because they are the main element in this crisis, I believe things will be difficult,” Attiya said.

His comments echoed those of two senior U.S. senators who, after talks in Cairo on Tuesday, forecast bloodshed within weeks unless the new authorities released prisoners and began a national dialogue including the Brotherhood. Their warning drew an official rebuke and Egyptian media outrage.

The Dutch foreign minister was the latest foreign emissary due to hold talks with his Egyptian counterpart, the prime minister and the president and other officials on Wednesday as time appeared to be running out for a diplomatic solution.

Fears that Mursi was trying to establish an Islamist autocracy, coupled with a failure to ease economic hardships afflicting most of Egypt’s 84 million people, led to mass street protests, triggering the army intervention.

Almost 300 people have been killed in political violence since the overthrow, including 80 shot dead by security forces on July 27.

Mursi’s supporters have been staging sit ins and two areas of Cairo to demand his reinstatement. Egyptian authorities have said their patience has limits.

TALKS ON THE ROCKS

Prospects of a negotiated end to the crisis looked to be on the rocks on the last day of the Muslim fasting month of Ramadan, with the army-installed government reportedly ready to declare that foreign mediation efforts had failed.

However a person directly involved in the mediation effort told Reuters: “It’s still open. We are still trying.”

State-run Al-Ahram newspaper, citing official sources, said the government would make an announcement to that effect soon.

The paper said the authorities would also declare that Muslim Brotherhood protests were non-peaceful – a signal that the government intends to end them by force.

Interim head of state Adly Mansour, installed by the military after Mursi’s ouster, was due to address the nation later on Wednesday ahead of the Eid al-Fitr Muslim feast which begins on Thursday. Egypt traditionally closes down for several days for the Eid.

A military source had earlier said the interim government and army were mulling the possibility of releasing Muslim Brotherhood detainees in a bid to end the turmoil.

But now that the judiciary has taken up the cases and set trial dates for top Brotherhood leaders, it may be difficult for army chief Abdel Fattah al-Sisi, who toppled Mursi, to offer releases.

It may be easier to release the head of the Brotherhood political party, Saad al-Katatni, who like Mursi is under judicial investigation but has not been charged.

The country’s first freely elected president, Mursi is now being detained at an undisclosed location and thousands of his supporters remain camped out at two protest sites in Cairo.

The al-Ahram report doused hopes of a breakthrough, with the government-owned media casting the blame on what it called the intransigence of Mursi’s Muslim Brotherhood.

The newspaper said the interim government would announce “the failure of all U.S., European, Qatari and UAE delegations in convincing the Brotherhood of a peaceful solution to the current crisis”.

Asked to comment on the newspaper report, a senior U.S. State Department official in Washington said: “We are still committed to our ongoing efforts at calming tensions, preventing violence and moving toward an inclusive political process.”

Two U.S. senators who visited Cairo on Tuesday, Lindsey Graham and John McCain, called on the military to release political prisoners and start a national dialogue to return the country to democratic rule.

“I didn’t know it was this bad. These folks are just days or weeks away from all-out bloodshed,” Graham told the CBS network.

(Additional reporting by Sami Aboudi in Dubai; Editing by Paul Taylor)

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Reuters: Top News

Qatar urges prisoner release as Egypt mediation hopes fade

It"s Not Growth "Hopes" That Has Backed Up Rates

While the back up in interest rates over the last few weeks has been heralded by those with a bias for these things as some indication of growth expectations improving – confirming the equity exuberance they stand on as sensible; it appears, if one actually takes a look a little deeper into market movements, that in fact this is ‘all’ about ‘Taper’ concerns and nothing to do with growth. The driver of this reasoning is straightforward. If the move higher in rates were really about perceived improvement in the growth outlook, we would expect credit markets to rally – as they have during all prior periods of rate spikes. This time is different as they sold off together. Simply put, this is not a growth-driven rate reversion, it is short-term fears (and JGB VaR shock driven concerns) of a Fed worried about bubbles and taking its foot off the throttle modestly.

 

The past three weeks have seen intraday spread moves correlate extremely closely with rates – suggesting Fed Taper concerns – not growth at all – as the flow may slow.

Chart: Barclays

Zero Hedge

It"s Not Growth "Hopes" That Has Backed Up Rates

"Trek" does $70.6M but falls short of studio hopes

This undated publicity film image released by Paramount Pictures shows, Zachary Quinto, left, as Spock and Chris Pine as Kirk in a scene in the movie, “Star Trek Into Darkness,” from Paramount Pictures and Skydance Productions. Since premiering Wednesday, May 15, 2013 in huge-screen IMAX theaters and expanding Thursday to general cinemas, “Into Darkness” has pulled in $ 84.1 million, well below distributor Paramount’s initial forecast of $ 100 million. (AP Photo/Paramount Pictures, Zade Rosenthal)

This undated publicity film image released by Paramount Pictures shows, Zachary Quinto, left, as Spock and Chris Pine as Kirk in a scene in the movie, “Star Trek Into Darkness,” from Paramount Pictures and Skydance Productions. Since premiering Wednesday, May 15, 2013 in huge-screen IMAX theaters and expanding Thursday to general cinemas, “Into Darkness” has pulled in $ 84.1 million, well below distributor Paramount’s initial forecast of $ 100 million. (AP Photo/Paramount Pictures, Zade Rosenthal)

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LOS ANGELES (AP) — “Star Trek: Into Darkness” has warped its way to a $ 70.6 million domestic launch from Friday to Sunday, though it’s not setting any light-speed records with a debut that’s lower than the studio’s expectations.

The latest voyage of the starship Enterprise fell short of its predecessor, 2009′s “Star Trek,” which opened with $ 75.2 million.

Since premiering Wednesday in huge-screen IMAX theaters and expanding Thursday to general cinemas, “Into Darkness” has pulled in $ 84.1 million, well below distributor Paramount’s initial forecast of $ 100 million. The film added $ 40 million overseas, pushing its total to $ 80.5 million since it began rolling out internationally a week earlier.

The “Star Trek” sequel bumped “Iron Man 3″ down to second place after two weekends on top. Robert Downey Jr.’s superhero saga took in $ 35.2 million domestically to lift its receipts to $ 337.1 million. Overseas, “Iron Man 3″ added $ 40.2 million, raising its international total to $ 736.2 million and its worldwide tally to nearly $ 1.1 billion.

While “Iron Man 3″ and “Into Darkness” did well overseas, they were outmatched by the debut of Baz Luhrmann’s “The Great Gatsby,” which followed its domestic debut a week earlier with a wide rollout internationally. “Gatsby” pulled in $ 42.1 million overseas, coming in a bit ahead of both “Iron Man 3″ and “Into Darkness.”

Domestically, “Gatsby” held up well at No. 3 with $ 23.4 million, lifting its total to $ 90.2 million.

In today’s Hollywood of bigger, better sequels, follow-up films often outdo the box office of their predecessors, as each “Iron Man” sequel has done. While “Into Darkness” earned good reviews and is getting strong word-of-mouth from fans, the film did not quite measure up to the opening weekend of director J.J. Abrams’ “Star Trek” reboot from four years ago, at least domestically.

“‘Star Trek’ remains a fan-boy movie. It doesn’t seem to have the same kind of cross-over appeal as say an ‘Iron Man’ or some of these others,” said Paul Dergarabedian, an analyst for box-office tracker Hollywood.com. “It’s a very specific brand, but I think the general public would love this movie, because it’s such an action movie. But to get a hundred-million-plus opening weekend, unless you’re ‘Twilight,’ you really have to cross over to all audiences.”

Paramount points out that overseas business is up in many markets, though, so worldwide, the sequel is off to a better start.

“Because of the nature of the franchise, because of how many movies have been made and the various forms of the TV shows, I’m not sure that ‘Star Trek’ goes by the rules of normal sequels. I think each movie stands on its own, because it’s a unique franchise,” said Don Harris, Paramount’s head of distribution. “My goal was always that we grow the franchise. We’re clearly seeing by today’s numbers that the movie is being embraced on a worldwide basis in a way we’ve never seen before.”

Harris said that domestically, “Into Darkness” finished its first weekend 6 percent ahead of revenues for 2009′s “Star Trek,” which got a head-start with $ 4 million in Thursday night previews to give it a $ 79.2 million haul through the first Sunday.

But “Into Darkness” had a full day of screenings Thursday plus its Wednesday IMAX business. Unlike the first movie, which played only in 2-D, the sequel also had the benefit of 3-D screenings that cost a few dollars more. Yet even with the 3-D upcharge and the earlier debut, it came away with just $ 4.9 million more than its predecessor through Sunday.

Still, it’s a solid starting place for the movie to live long and prosper at theaters, with Paramount hoping “Into Darkness” can surpass the $ 385 million worldwide total of “Star Trek.”

“I think we’re well along on that road,” Harris said.

Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Hollywood.com. Where available, latest international numbers are also included. Final domestic figures will be released Monday.

1. “Star Trek: Into Darkness,” $ 70.6 million ($ 40 million international).

2. “Iron Man 3,” $ 35.2 million ($ 40.2 million international).

3. “The Great Gatsby,” $ 23.4 million ($ 42.1 million international)

4. “Pain & Gain,” $ 3.1 million.

5. “The Croods,” $ 2.75 million.

6. “42,” $ 2.73 million.

7. “Oblivion,” $ 2.2 million.

8. “Mud,” $ 2.16 million.

9. “Peeples,” $ 2.15 million.

10. “The Big Wedding,” $ 1.1 million.

__

Estimated weekend ticket sales at international theaters (excluding the U.S. and Canada) for films distributed overseas by Hollywood studios, according to Rentrak:

1. “The Great Gatsby,” $ 42.1 million.

2. “Iron Man 3,” $ 40.2 million.

3. “Star Trek: Into Darkness,” $ 40 million.

4. “Epic,” $ 14.5 million.

5. “Fast & Furious 6,” $ 13.8 million.

6. “The Croods,” $ 10.6 million.

7. “Evil Dead,” $ 5.6 million.

8. “Oblivion,” $ 4.7 million.

9. “Montage,” $ 4.1 million.

10. “Mama,” $ 1.7 million.

__

Online:

http://www.hollywood.com

http://www.rentrak.com

___

Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by News Corp.; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.

Associated Press

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

U.S. Headlines

"Trek" does $70.6M but falls short of studio hopes

Michelle Obama hopes to put spotlight on her to good use

1 of 11. U.S. first lady Michelle Obama dances on stage with school children during an event to bring physical activity back to schools, hosted by the American Alliance for Health, Physical Education, Recreation and Dance (AAHPERD) and the Alliance for a Healthier Generation in Chicago, Illinois, February 28, 2013.

Credit: Reuters/Jeff Haynes

By Deborah Charles

CHICAGO | Thu Feb 28, 2013 3:23pm EST

CHICAGO (Reuters) – First lady Michelle Obama knows she has star power, and she has used it for four years to champion her causes of fighting childhood obesity and helping military families.

But now that she has successfully made it through the last political campaign for her husband, President Barack Obama, the first lady is also having fun with her popularity – raising questions over whether she has gone too far in becoming a pop culture icon.

Her surprise appearance at the Academy Awards – where she was beamed in from the White House dressed in a sparkling evening gown to announce the Best Picture award – provided ammunition for her critics.

The first lady has enjoyed a steady positive approval rating over the past four years, even at times when her husband sank in the polls.

But the Oscar appearance – coming on the heels of the “mom dance” that she did with late night comedian Jimmy Fallon, which quickly went viral on the Internet – sparked a debate on the proper role of a first lady.

Washington Post columnist Courtland Milloy, who often writes about minority issues, described Obama’s Oscar appearance as “unbecoming frivolity” and urged the first lady to “raise her game” and take up a more expanded role in the second term championing more serious causes.

“Enough with the broccoli and Brussels sprouts,” Milloy wrote this week in the Washington Post. “Where is that intellectually gifted Princeton graduate, the Harvard-educated lawyer and mentor to the man who would become the first African American president of the United States?”

His column sparked hundreds of comments, ranging from people who thought Obama was doing a great job raising awareness about the childhood obesity problem to others who thought she was trying too hard to be like a Hollywood star.

The first lady said she was not surprised by the controversy over her Oscars appearance, but said she would use all forms of media to get out her message and would reach out to all demographics – including filmmakers who could help with her efforts to introduce children to arts and culture.

“Anyone in this position has a huge spotlight,” Obama told a small group of reporters traveling with her on a three-city tour to promote her Let’s Move program to fight childhood obesity.

“We’ve always thought about that spotlight. And taking it, while it’s looking at you, to stand in front of something good so it shines on that too,” Obama said, before jumping and dancing with more than 6,500 kids gathered in Chicago to highlight the importance of daily exercise.

NO JOB DESCRIPTION

Obama gained much of her popularity because Americans could relate to her, whether she was recounting stories of struggling to pay student loans early in her marriage with President Obama or talking about the difficulties of raising daughters Sasha and Malia on her own in Chicago while her husband worked as a U.S. senator in Washington.

As she travels about the country championing the Let’s Move program, she talks of how she was forced into rethinking her daughters’ eating habits several years ago after their pediatrician warned that they could be on the road to becoming overweight.

She said the Obama administration was the first to face such intense media scrutiny – from 24-hour news cycles to Twitter to innumerable blogs – so it was just inevitable that there was more of a focus on everything she does.

Her programs have shown some progress, with healthier school lunches now being served across the country and childhood obesity rates dropping in some states like Mississippi.

But should Obama be dancing on TV with a comedian dressed in drag or stunning 40 million viewers and the actors attending the Academy Awards?

“You don’t really have a job description as first lady. And you’re held up to this standard where it’s impossible to please everyone all the time,” said Anita McBride, former chief of staff to Laura Bush when she was first lady.

“I wouldn’t say this has crossed the line. But coming on the heels of the very popular ‘Mom Dance’ … It’s saturating. You have to say – how much is too much?,” said McBride.

SECOND TERM

Although the second Obama administration has only just begun, the first lady said she was aware that time was short for her to have an impact.

She said she planned to keep working on her two main projects – Let’s Move and the Joining Forces military families program – but was also trying to decide what other causes she might champion in the next four years.

She said in the coming weeks she would decide what to pursue, but it would certainly focus on kids. Obama said she might begin to get more involved in the international arena but it would have to dovetail with her domestic projects.

Education Secretary Arne Duncan, in Chicago with Obama to announce a new public-private partnership to help kids get 60 minutes of exercise a day, said when the first lady was involved in a cause it added weight to the program.

“I think having the first lady leading that effort – as the mom-in-chief, as she’s called – I think that can be really, really powerful,” he said. “She is beloved, she is respected and I think people will pay attention.”

A 2007 study said only 4 percent of elementary schools and 8 percent of middle schools provide daily physical education courses for the entire school year.

(Editing by Claudia Parsons)

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Reuters: Lifestyle

Michelle Obama hopes to put spotlight on her to good use