Roubini's research firm is reportedly for sale

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Chocolate lovers have fewer strokes, study finds

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Chocolates made by Belgian Christine Scholtes Covic are displayed in her Lika Chocolate workshop in the village of Rakovica, in the Croatian region of Lika, some 150 kilometres (93 miles) south of Zagreb January 21, 2011.

Credit: Reuters/Nikola Solic

By Frederik Joelving

NEW YORK | Mon Oct 10, 2011 5:39pm EDT

NEW YORK (Reuters Health) - A sweet tooth isn't necessarily bad for your health-- at least not when it comes to chocolate, hints a new study.

Researchers studying more than 33,000 Swedish women found that the more chocolate women said they ate, the lower their risk of stroke.

The results add to a growing body of evidence linking cocoa consumption to heart health, but they aren't a free pass to gorge on chocolate.

"Given the observational design of the study, findings from this study cannot prove that it's chocolate that lowers the risk of stroke," Susanna Larsson from Karolinska Institutet in Stockholm told Reuters Health in an email.

While she believes chocolate has health benefits, she also warned that eating too much of it could be counterproductive.

"Chocolate should be consumed in moderation as it is high in calories, fat, and sugar," she said. "As dark chocolate contains more cocoa and less sugar than milk chocolate, consumption of dark chocolate would be more beneficial."

Larsson and her colleagues, whose findings appear in the Journal of the American College of Cardiology, tapped into data from a mammography study that included self-reports of how much chocolate women ate in 1997. The women ranged in age from 49 to 83 years.

Over the next decade, there were 1,549 strokes, and the more chocolate women ate, the lower their risk.

Among those with the highest weekly chocolate intake -- more than 45 grams -- there were 2.5 strokes per 1,000 women per year. That figure was 7.8 per 1,000 among women who ate the least (less than 8.9 grams per week).

Scientists speculate that substances known as flavonoids, in particular so-called flavanols, may be responsible for chocolate's apparent effects on health.

According to Larsson, flavonoids have been shown to cut high blood pressure, a risk factor for stroke, and improve other blood factors linked to heart health. Whether that theoretical benefit translates into real-life benefits remains to be proven by rigorous studies, however.

Nearly 800,000 Americans suffer a stroke every year, with about a sixth of them dying of it and many more left disabled. For those at high risk, doctors recommend blood pressure medicine, quitting smoking, exercising more and eating a healthier diet -- but so far chocolate isn't on the list.

SOURCE: bit.ly/qhsaZ0 Journal of the American College of Cardiology, October 10, 2011.

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North Face stretches further into yoga, running

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* 2012 spring running, yoga collections bigger

* Running gear lighter, yogawear technical, casual

* Sales still small but key to brand's growth

By Phil Wahba

NEW YORK, Oct 10 (Reuters) - VF Corp will get more athletic next spring with the launch of its most extensive lines of clothes for running and yoga under its The North Face brand.

The North Face, known for outerwear for mountain climbers, is banking on its reputation for technologically advanced gear to win more customers in those two fast-growing sports.

The move puts The North Face into more direct competition with the likes of Nike Inc , Lululemon Athletic , and Under Armour Inc, which, like The North Face, are in an arms race to help improve an athlete's performance with lighter, more comfortable clothing.

"The consumer is asking us to take this formula of solving real athlete needs to new activities," Todd Spaletto, The North Face's president for the Americas, told Reuters.

As of last December, running and yoga gear made up about $40 million of The North Face's roughly $1.5 billion in annual sales. Expanding the collections every year will be a key part of VF's goal of doubling the brand's sales by 2015.

The North Face's spring collection, displayed this month at its Manhattan showroom, features running shorts and jackets that it says are 10 percent lighter. Its yoga collection is broader, with more technical items like shorts designed for the increasingly popular "hot yoga," and casual clothes like hooded sweatshirts for after the workout.

Spaletto said sales of running gear have more than tripled in five years, helped by responsive retailers, which account for the bulk of the brand's sales.

The North Face operates some 63 stores of its own. Its sales grew 21 percent worldwide in the most recent quarter.

TOUGH COMPETITION

Running and yoga are two of the fastest-growing sports in the United States.

About 13 million Americans finished a road race in 2010, up from 9.4 million in 2005, according to Running USA. The National Sporting Goods Association said the number of Americans who did yoga in 2010 rose 28.1 percent from a year earlier.

In addition to clothing, The North Face is selling a small collection of running shoes, adding its lightest shoes yet, and competing with brands like New Balance and Saucony. But runners are notorious for sticking to one brand, and even one model.

"People are brand loyal in running shoes and wear," said Morningstar analyst Paul Swinand, who follows Nike. "This is going to be a tough road for the North Face."

The key to success for The North Face will be to tout the technical advantages of its merchandise over those from tough competitors who are also adding sophisticated features, analysts said.

"The North Face has a great brand that's associated with all sorts of activities now," said Diana Katz, an analyst with Lazard Capital Markets. "The North Face can push some technical aspects others don't have."

The brand also faces stiff competition in yoga. Lululemon has a rabid following that goes beyond hard-core yogis and doesn't mind paying top dollar for its fashionable yoga wear.

Gap Inc is also pushing further into yoga wear. The company plans to have 50 locations in its Athleta yoga store chain within a few years, up from five now.

The North Face even competes with sister company, Lucy Activewear, which has about 65 yoga stores and is also owned by VF, the world's largest clothing maker. VF's other brands range from Wrangler to Eastpak to Seven for All Mankind.

Still, analysts said yoga's growth means there is room for relative newcomers.

"Shoppers want more," said Keybanc Capital Markets analyst Edward Yruma. "Other companies can also make inroads."

Spaletto said the rationale of The North Face's push into yoga and running is that many of its customers who ski and climb mountains also run and do yoga.

"We're also selling a lot of these activities to our existing customer," Spaletto said.

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FTC weakens proposals for food ads to children

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WASHINGTON | Tue Oct 11, 2011 5:22pm EDT

WASHINGTON (Reuters) - A government regulator that is part of a working group concerned about junk food ads to children will announce on Wednesday it is backing off of some proposals for voluntary marketing principles.

An interagency working group, made up of the Federal Trade Commission, Centers for Disease Control and Prevention, Food and Drug Administration, and the U.S. Department of Agriculture, said in April companies should voluntarily end all food advertising to children unless they were for healthy choices, such as whole grains, fresh fruits or vegetables.

Under the original proposal, salty, fatty or very sweet foods or foods with trans fats would no longer be advertised to children, defined as age 17 or under.

But David Vladeck, head of the FTC's Bureau of Consumer Protection, is expected to testify to a congressional committee on Wednesday that the working group made major changes in its proposals.

First, it lowered the age of the affected children to 11 or under.

"FTC staff has determined that, with the exception of certain in-school marketing activities, it is not necessary to encompass adolescents ages 12 to 17 within the scope of the covered marketing," according to Vladeck's written testimony.

The testimony was posted on the House Energy and Commerce Committee website.

In the testimony, the FTC excluded advertising aimed at a general audience and advertising that was part of charitable or community events.

It also said it would not recommend banning clowns and cartoon characters - think Ronald McDonald and SpongeBob SquarePants - used to advertise unhealthy foods.

Advertisers, who had been lobbying hard on the issue, were pleased with the changes, but said the fight was not over.

"I think the best thing that they can do is to withdraw the proposal and endorse the (industry-supported) Children's Food and Beverage Advertising Initiative," said Dan Jaffe, vice president of the Association of National Advertisers.

The effort sets voluntary standards such as barring added sugars in juices and limiting flavored milk to 24 grams of sugar. It includes companies such as McDonalds Inc's, General Mills Inc and PepsiCo Inc.

"We believe that the food, beverage, restaurant and advertising community has done far more, unfortunately, than any other segment of society in regard to obesity problems," he said. "We don't see why the government really needs to step into this area."

Margo Wootan, director of nutrition policy at the Center for Science in the Public Interest, said she was concerned Congress, which has oversight over the agencies, would press for the advertising principles to be scrapped.

"The thing that worries me the most is that the congress is not asking for little tweaks to the standards ... they're asking the agencies to kill the whole thing," she said. "The overwhelming majority of advertising to kids is for unhealthy food, about 80 percent."

A background memo prepared for the U.S. House of Representatives Energy and Commerce Committee indicated some hostility to the proposed limits. Lawmakers sent a letter to the agencies in September asking questions such as what evidence is there that junk food advertisements are linked obesity and what would the proposal cost, in terms of ad revenues and jobs?

The Obama administration, with its goal of containing healthcare costs, has emphasized children's health. First Lady Michelle Obama's "Let's Move" campaign has pushed children to eat better and exercise more.

Concern about obesity rates prompted the campaign. About 17 percent of U.S. children aged 2-19 are obese, according to data on the CDC website. Nearly one in three U.S. children are overweight.

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Annie Leibovitz gets personal with inspiring Russia

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1 of 4. U.S. photographer Annie Leibovitz poses for a picture during a media preview prior to the opening of her exhibition in Moscow October 11, 2011.

Credit: Reuters/Sergei Karpukhin

By Nastassia Astrasheuskaya

MOSCOW | Tue Oct 11, 2011 12:34pm EDT

MOSCOW (Reuters) - Photographer Annie Leibovitz paid homage to Russia's rich cultural past on Tuesday when she opened a 200-piece exhibit spanning 15 years of her professional and private life.

Pictures of the births of the 62-year-old Leibovitz's three daughters were hung in Moscow's state Pushkin Museum next to her portraits of such famous personalities as Mick Jagger, Demi Moore and others for covers of Rolling Stone and Vanity Fair.

"Russia is definitely at a crossroads now. Coming to Moscow, it feels very young and very moving," Leibovitz told reporters as she guided them around her pieces.

Dressed all in black with her blonde hair tousled, Leibovitz said Russian literature and ballet had inspired her work.

"Russia is a great country for art and film and dance. It is where great art is born. I'm thinking of the Ballet Russes and everything that's ever meant something to me," she said.

Called "Annie Leibovitz. A photographer's life. 1990-2005," the collection captures the emotional period when Leibovitz found herself caught between the burgeoning lives of her young daughters and the deaths of her lover Susan Sontag and father.

But Leibovitz said she felt her exploration of deeply personal joy and tragedy spoke to the universal experience.

"I really felt the personal work is everyone's story, it's not just my story," she said.

Leibovitz's naked self-portrait taken when pregnant at age 51 drew surprise and praise from viewers in a country where most women give birth before age 30.

"This photographer should be an example to all Russian women. She has a terrific career but also gave birth at an age when most women here wouldn't do it," Anna Payesova, a scientist at Moscow State University, told Reuters.

Last month Leibovitz presented the exhibit at St Petersburg's 18th century State Hermitage Museum.

The exhibit will be open to the public from October 12 to January 15 2012.

(Reporting By Nastassia Astrasheuskaya; editing by Amie Ferris-Rotman and Paul Casciato)

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MOVES-BlackRock, Gazprom, Man Group

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n" readability="66">Oct 10 (Reuters) - The following financial service industry appointments were announced on Monday. To inform us of other job changes, email to moves@thomsonreuters.com.

ALVAREZ & MARSAL

The global professional services firm appointed Spyros Martsekis as managing director and head of A&M Greece. Previously, Martsekis served as deputy general manager and country head of corporate finance and private equity advisory at KPMG's Athens office.

FIRST STATE INVESTMENTS

The asset manager appointed Richard Wastcoat to its board as the first non-executive director.

J.P. MORGAN

The company appointed David Koh as head of treasury & securities services, China and head of treasury services, Greater China. Previously, he worked at Deutsche Bank.

CARMIGNAC GESTION

The asset management company appointed Matthew Wright as head of UK. Previously, Wright was head of sales at LV Asset Management.

BARING ASSET MANAGEMENT

The investment management firm appointed Michael Simpson as head of Latin American equities. Simpson previously worked with Wells Capital Management.

BLACKROCK INC

iShares, the exchange-traded funds platform of BlackRock, appointed Matt Mack as head of Strategic Accounts and Stephen Cohen as head of Investment Strategies in Europe, the Middle East and Africa (EMEA).

GAZPROM MARKETING & TRADING

The UK-registered wholly-owned unit of Gazprom appointed Tony West as power strategy manager. Previously, he worked with Scottish Power.

MAN GROUP

The world's biggest listed hedge fund manager appointed Nina Shapiro as a non-executive director with immediate effect. Shapiro was previously vice-president, finance and treasurer at the International Finance Corp.

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Yes, Wall Street workers earn a lot more than you

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Why are the Occupy Wall Streeters so angry at bankers? This chart might give you some idea:

Via New York State Comptroller report.

That chart is from a new report from the New York State Comptroller’s office on the securities industry in New York City.

It shows that the average salary in the industry in 2010 was $361,330 — five and a half times the average salary in the rest of the private sector in the city ($66,120). By contrast, 30 years ago such salaries were only twice as high as in the rest of the private sector.

Dollars to doughnuts.

Last year helped contribute to the widening of that gap, too.

That’s not to say that bankers have job security.

The overall financial services sector was disproportionately hit by the financial crisis. The sector employs just 12 percent of the city’s work force, but accounted for one out of every three jobs lost in the recession. Some (not all) of those jobs were regained, but the comptroller’s office says the industry “is likely to experience significant job losses over the course of the next year.”

In particular, the securities sub-sector of financial services “could lose an additional 10,000 jobs by the end of 2012, which would bring total job losses in the industry to 32,000 since January 2008,” the report said.

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