Future science: Using 3D worlds to visualize data

CHICAGO (AP) — Take a walk through a human brain? Fly over the surface of Mars? Computer scientists at the University of Illinois at Chicago are pushing science fiction closer to reality with a wraparound virtual world where a researcher wearing 3D glasses can do all that and more.

In the system, known as CAVE2, an 8-foot-high screen encircles the viewer 320 degrees. A panorama of images springs from 72 stereoscopic liquid crystal display panels, conveying a dizzying sense of being able to touch what's not really there.

As far back as 1950, sci-fi author Ray Bradbury imagined a children's nursery that could make bedtime stories disturbingly real. "Star Trek" fans might remember the holodeck as the virtual playground where the fictional Enterprise crew relaxed in fantasy worlds.

The Illinois computer scientists have more serious matters in mind when they hand visitors 3D glasses and a controller called a "wand." Scientists in many fields today share a common challenge: How to truly understand overwhelming amounts of data. Jason Leigh, co-inventor of the CAVE2 virtual reality system, believes this technology answers that challenge.

"In the next five years, we anticipate using the CAVE to look at really large-scale data to help scientists make sense of that information. CAVEs are essentially fantastic lenses for bringing data into focus," Leigh said.

The CAVE2 virtual world could change the way doctors are trained and improve patient care, Leigh said. Pharmaceutical researchers could use it to model the way new drugs bind to proteins in the human body. Car designers could virtually "drive" their new vehicle designs.

Imagine turning massive amounts of data — the forces behind a hurricane, for example — into a simulation that a weather researcher could enlarge and explore from the inside. Architects could walk through their skyscrapers before they are built. Surgeons could rehearse a procedure using data from an individual patient.

But the size and expense of room-based virtual reality systems may prove insurmountable barriers to widespread use, said Henry Fuchs, a computer science professor at the University of North Carolina at Chapel Hill, who is familiar with the CAVE technology but wasn't involved in its development.

While he calls the CAVE2 "a national treasure," Fuchs predicts a smaller technology such as Google's Internet-connected eyeglasses will do more to revolutionize medicine than the CAVE. Still, he says large displays are the best way today for people to interact and collaborate.

Believers include the people at Marshalltown, Iowa-based Mechdyne Corp., which has licensed the CAVE2 technology for three years and plans to market it to hospitals, the military and in the oil and gas industry, said Kurt Hoffmeister of Mechdyne.

In Chicago, researchers and graduate students are creating virtual scenarios for testing in the CAVE2. The Mars flyover is created from real NASA data. The brain tour is based on the layout of blood vessels in a real patient.

Brain surgeon Ali Alaraj remembered the first time he viewed the brain using the CAVE2.

"You can walk between the blood vessels," said the University of Illinois College of Medicine neurosurgeon. "You can look at the arteries from below. You can look at the arteries from the side.... That was science fiction for me."

Would doctors process information faster with fewer errors using CAVE2? That's the question behind a proposed study that would compare CAVE2 to conventional methods of detecting brain aneurysms and determining proper treatment, said Andreas Linninger, UIC professor of bioengineering, chemical engineering and computer science.

But it's not all serious business at the lab.

In his spare time during the past two years, research assistant Arthur Nishimoto has been programming the CAVE2 computer with the specifications for the fictional Starship Enterprise. He now can walk around his life-size recreation of the TV spacecraft.

The original technology, introduced in the early 1990s, was called CAVE, which stood for Cave Automatic Virtual Environment and also cleverly referred to Plato's cave, the philosopher's analogy about shadows and reality. It was named by former lab co-directors Tom DeFanti and Dan Sandin.

The second generation of the CAVE, invented by Leigh and his collaborator Andy Johnson, has higher resolution. The project was funded by the National Science Foundation and the Department of Energy.

"It's fantastic to come to work. Every day is like getting to live a science fiction dream," Leigh said. "To do science in this kind of environment is absolutely amazing."

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AP Medical Writer Carla K. Johnson can be reached at http://www.twitter.com/CarlaKJohnson.

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Wall Street little changed after data, Fed minutes on tap

NEW YORK (Reuters) - Stocks were little changed on Wednesday after housing and inflation data pointed to a continuation of modest economic improvement and ahead of the minutes from the Federal Open Market Committee's January meeting later in the session.

Groundbreaking to build new U.S. homes fell 8.5 percent in January but new permits for construction rose to a 4 1/2-year high while producer prices rose in January for the first time in four months.

The data should enable the Fed to maintain its easy monetary policy in its efforts to stimulate the economy.

Later in the session, investors will look to the minutes from the Fed's January meeting for any indication as to how long the current monetary policy will remain in effect.

"It's hard in any given data point to take a strong conclusion that we are moving dramatically forward, but over time, clearly things are getting better," said Robert Lutts, chief investment officer at Cabot Money Management in Salem, Massachusetts.

Lutts described an economy that was addicted to stimulus.

"The bottom line is the economy is on heroin today and we will at one time move to a diluted form of heroin, but it's very important for people to remember we are still on an unbelievably aggressive, never-seen-before accommodative policy and this economy is going to improve."

The S&P 500 <.spx> is up more than 7 percent for the year, fueled by legislators' ability to sidestep an automatic implementation of spending cuts on tax hikes on January 1, better-than-expected corporate earnings and modestly improving economic data that has been tepid enough for the Fed to maintain its stimulus policy.

The Dow Jones industrial average <.dji> dropped 5.99 points, or 0.04 percent, to 14,029.68. The Standard & Poor's 500 Index <.spx> lost 2.60 points, or 0.17 percent, to 1,528.34. The Nasdaq Composite Index <.ixic> shed 3.12 points, or 0.10 percent, to 3,210.48.

U.S. oil and gas producer Devon Energy Corp reported a fourth-quarter loss as it wrote down the value of its assets by $896 million due to weak gas prices. Shares dipped 1.6 percent to $59.60.

OfficeMax Inc and Office Depot Inc shares were halted as the companies announced a merger agreement. An earlier online statement of the deal was pulled down as an agreement had not yet been struck.

Toll Brothers Inc lost 4 percent to $35.43 after the largest luxury homebuilder in the United States, reported first-quarter results well below analysts' estimates.

SodaStream dropped 3.2 percent to $50.79 after the seller of home carbonated drink maker machines posted fourth-quarter earnings and provided a 2013 outlook.

According to Thomson Reuters data through Tuesday morning, of the 391 companies in the S&P 500 that have reported results, 70.1 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama and Nick Zieminski)

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For His Second Act, Japanese Premier Plays It Safe, With Early Results

Toru Hanai/Reuters

Prime Minister Shinzo Abe, whose policies have sent the Tokyo stock market up, will visit Washington this week.

TOKYO — Since taking office less than two months ago, Japan’s outspokenly hawkish new prime minister, Shinzo Abe, has been in what some political analysts are calling “safe driving mode.” He has carefully avoided saying or doing anything to provoke other Asian nations, while focusing instead on wooing voters with steps to revive the moribund domestic economy.

So far, his approach seems to be working. His plans for public-works projects, stimulus measures called “Abenomics,” have sent the Tokyo stock market surging along with Mr. Abe’s own approval rating, which is now at 71 percent, according to the latest poll by Yomiuri Shimbun. On Friday, he will seek to build on his strong start when he meets President Obama at a Washington summit meeting aimed at improving relations with the United States, which regards Japan as its most important ally in Asia.

Mr. Abe, 58, has said he wants to be what Japan has not seen in almost a decade: a steady-handed leader who lasts long enough in office to actually get things done. Analysts say his success hinges on whether he can lead his Liberal Democratic Party to victory in upper house elections in July, and end the split Parliament that undermined many of his predecessors.

What is less clear is what he will do if he wins that election. One trait that makes Mr. Abe a bit of an enigma, some analysts say, is that he seems to have two sides: the realist and the right-wing ideologue. In analysts’ view, if he does jettison some of his current caution, for instance by trying to revise Japan’s antiwar Constitution to allow a full-fledged military instead of its current Self-Defense Force, he risks provoking a standoff with China over disputed islands, and possibly isolating Japan in a region still sensitive to its early-20th-century militarism.

“In his first six weeks, he has done everything he can to show he is a moderate,” said Andrew L. Oros, director of international studies at Washington College in Chestertown, Md. “But after July, he might feel he has a freer rein to do things that he thinks are justified.”

Part of the problem, Mr. Oros and others say, is that Mr. Abe faces conflicting political pressures. His base in the governing party’s most conservative wing expects bold steps to end what it sees as Japan’s overly prolonged displays of contrition for World War II. But he must also convince the broader public that he is a coolheaded, competent steward of a declining nation that also depends on China for its economic future.

There is also the ghost of his past failure. The last time he was prime minister, six years ago, he stepped down amid criticism that he had been “clueless” for having pursued a nationalistic agenda of revising the Constitution and history textbooks, and for not doing more to reduce unemployment and spur the economy.

This time, Mr. Abe is acting with the determined carefulness of a man given a second chance. He has focused on extricating Japan from its recession with steps that have quickly buoyed the country’s economy, the world’s third-largest. Since being named prime minister after his party’s election victory in December, Mr. Abe has promised $215 billion in public works spending to create jobs and promote growth.

He has also publicly pressured the central bank, the Bank of Japan, to move more aggressively to end years of corrosive price declines known as deflation — threatening, for example, to amend the law on the bank’s independence if it does not reach its target of 2 percent inflation. The bank’s governor, Masaaki Shirakawa, announced this month that he would step aside to allow Mr. Abe to appoint a new chief who will work more closely with the government by pumping more money into the economy to prompt banks to lend more and companies to spend more.

“Mr. Abe has clearly learned the lessons of his past failure,” said Norihiko Narita, a political scientist at Surugadai University, near Tokyo. “And the biggest lesson is that voters care more about the economy.”

This article has been revised to reflect the following correction:

Correction: February 19, 2013

An earlier version of this article referred incorrectly to a request for a meeting in January that the Obama administration declined. Prime Minister Shinzo Abe was proposing traveling to the United States; the Japanese did not ask President Obama to visit.

This article has been revised to reflect the following correction:

Correction: February 19, 2013

An earlier version of this article misspelled part of the name of the Japanese newspaper whose latest poll gave Mr. Abe an approval rating of 71 percent. It is Yomiuri Shimbun, not Shimbum.

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Michelle Obama: My Bangs Were a 'Midlife Crisis'

Stylewatch
Style News Now

02/19/2013 at 10:04 AM ET

Taylor Hill/WireImage

When you’re the First Lady of the United States, you don’t have many options if you’re looking to act on a midlife crisis.

So Michelle Obama did what any woman looking to shake things up (within Secret Servce-approved parameters, of course) would do: cut her bangs.

“This is my midlife crisis, the bangs,” Obama joked on The Rachael Ray Show. “I couldn’t get a sports car. They won’t let me bungee-jump. So instead, I cut my bangs.”

And unlike many midlife crises, this one has gotten a big thumbs up from her spouse. “I love her bangs!” President Barack Obama said shortly after she cut them on her 49th birthday. “She always looks good.”

Not that she needed her husband’s approval, of course; though President Obama may be the leader of the free world, his wife is strictly the boss of her own hair. “I can do this,” she told Ray, smiling and gesturing to her new cut. “This is all mine.”

Tell us: Have you ever changed up your look impulsively? What do you think of Obama’s “midlife crisis”?

–Alex Apatoff

PHOTOS: SEE MORE SURPRISING STAR HAIR CHANGES HERE!

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UK patient dies from SARS-like coronavirus

LONDON (AP) — A patient being treated for a mysterious SARS-like virus has died, a British hospital said Tuesday.

Queen Elizabeth Hospital in Birmingham, central England, said the coronavirus victim was also being treated for "a long-term, complex unrelated health problem" and already had a compromised immune system.

A total of 12 people worldwide have been diagnosed with the disease, six of whom have died.

The virus was first identified last year in the Middle East. Most of those infected had traveled to Qatar, Saudi Arabia, Jordan or Pakistan, but the person who just died is believed to have caught it from a relative in Britain, where there have been four confirmed cases.

The new coronavirus is part of a family of viruses that cause ailments including the common cold and SARS. In 2003, a global outbreak of SARS killed about 800 people worldwide.

Health experts still aren't sure exactly how humans are being infected. The new coronavirus is most closely related to a bat virus and scientists are considering whether bats or other animals like goats or camels are a possible source of infection.

Britain's Health Protection Agency has said while it appears the virus can spread from person to person, "the risk of infection in contacts in most circumstances is still considered to be low."

Officials at the World Health Organization said the new virus has probably already spread between humans in some instances. In Saudi Arabia last year, four members of the same family fell ill and two died. And in a cluster of about a dozen people in Jordan, the virus may have spread at a hospital's intensive care unit.

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Wall Street gains on M&A optimism, health insurers weigh

NEW YORK (Reuters) - U.S. stocks advanced on Tuesday after the long holiday weekend and a seven-week winning streak for the S&P 500 as merger activity buoyed investor optimism, but health insurer shares muted gains.

Office Depot Inc surged 21.6 percent to $5.58 after a person familiar with the matter said the No. 2 U.S. office supply retailer is in advanced talks to merge with smaller rival OfficeMax Inc . A deal could come as early as this week.

OfficeMax shares jumped 28.8 percent to $13.85 while larger rival Staples Inc shot up 15.1 percent to $14.91 as the best performer on the S&P 500.

"M&A is providing an enormous amount of enthusiasm in pockets and it is really a function of the cost of money, the cost of borrowing. It is a sign there is a shift going on in the economy that is very, very positive," said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.

"At the same time, if you take the M&A activity out of the picture, you will see that many on the Street are expecting a pullback.

The Dow Jones industrial average <.dji> rose 59.94 points or 0.43 percent, to 14,041.7, the S&P 500 <.spx> gained 6.62 points or 0.44 percent, to 1,526.41 and the Nasdaq Composite <.ixic> added 12.01 points or 0.38 percent, to 3,204.04.

U.S. markets were closed on Monday for the Presidents Day holiday.

Health insurer stocks tumbled, led lower by a 9 percent drop in Humana Inc to $70.98 after the company said the government's proposed 2014 payment rates for Medicare Advantage participants were lower than expected and would hurt its profit outlook.

UnitedHealth Group lost 2.9 percent to $55.68 as the biggest drag on the Dow. The Morgan Stanley healthcare payor index <.hmo> dropped 2.8 percent.

The benchmark S&P index is up 7 percent for the year and is coming off its longest weekly winning streak since January 2011.

The strong start was fueled by legislators in Washington temporarily averting automatic spending cuts and tax hikes as well as by stronger-than-expected earnings and economic data. The Federal Reserve's stimulus policy has also been a major factor.

But further gains for the S&P 500 have been a struggle as investors look for new catalysts to lift the index, which hovers near five-year highs.

The compromise by lawmakers on across-the-board spending cuts, known as sequestration, only postponed the matter, and Democrats and Republicans have until March 1 to resolve differences or the cuts, which are predicted to damage the economy, will take effect.

The uptick in merger and acquisition activity, a sign of optimism about the outlook on Wall Street, has resulted in more than $158 billion in deals announced so far in 2013.

Last week, deals were reached for the acquisition of H.J. Heinz Co by Berkshire Hathaway and the sale by General Electric of its remaining stake in NBCUniversal to Comcast Corp .

Economic data showed the NAHB/Wells Fargo Housing Market index edged down to 46 in February from 47 in the prior month and below expectations of 48 as builders faced higher material costs.

Express Scripts rose 2.6 percent to $57 after the pharmacy benefits manager posted fourth-quarter earnings.

According to the Thomson Reuters data through Monday morning, of the 391 companies in the S&P 500 that have reported results, 70.1 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama and Kenneth Barry)

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Anti-Apartheid Leader Forms New Party in South Africa

JOHANNESBURG — Mamphela Ramphele, a respected veteran of the struggle against apartheid, announced on Monday that she had formed a new political party to compete against the governing African National Congress, calling on South Africans to “join me on a journey to build the country of our dreams.”

The party is called Agang, a Sotho word meaning “build,” said Dr. Ramphele, 65, a medical doctor who became an anti-apartheid activist and a leader of the Black Consciousness movement. In recent years, Dr. Ramphele has focused on social activism and business, serving until last week as the chairwoman of Gold Fields, a major mining firm.

The new party is the latest in a string of challengers to the dominance of the A.N.C., which has handily won every national election since apartheid ended in 1994 but has come under increasing scrutiny over charges of corruption and poor governance. In addition, inequality has grown in South Africa since the end of apartheid despite the party’s pledge to bring “A Better Life for All.” The country’s education system is in shambles.

Dr. Ramphele argued forcefully to an audience at the old Women’s Jail in Johannesburg that the government had failed to deliver, and vowed to tackle corruption head on.

“The country of our dreams has unfortunately faded,” she said in a speech. “The dream has faded for the many living in poverty and destitution in our increasingly unequal society. And perhaps worst of all, my generation has to confess to the young people of our country: we have failed you. We have failed to build for you an education and training system to prepare you for life in the 21st century.”

It is a refrain that echoes the criticisms of other opposition parties, including the Democratic Alliance, the main opposition, which was reported to have courted Dr. Ramphele, seeking to put a prominent and well-respected black leader atop what is still perceived as a largely white party despite its gains in urban black townships.

In an interview, Dr. Ramphele said she opted to start her own movement because South Africa needs a fresh start.

“The country needs a new beginning,” she said, dressed in a embroidered traditional outfit from her home state, Limpopo. “It is not going to happen with the current players.”

Dr. Ramphele has been a fixture in South African public life for decades. She had a close relationship with the Black Consciousness activist Steve Biko, who died in police custody in 1977, having two children with him. She was banished for seven years to the village of Lenyenye in a bleak northern corner of the country by the apartheid regime for her political activism. Undeterred, she started a small clinic that treated thousands of rural residents. She also earned degrees in anthropology and business.

When apartheid ended she was named Vice Chancellor of the University of Cape Town, the first black person to hold that post. She later became a managing director of the World Bank, and in recent years has been sought after as a corporate board member.

While her career has given her sterling international credentials, it remains to be seen whether she can muster a mass following in a country where populist appeal has proved essential to political success. Asked about the size of her team, she responded that “we are an energetic team of five.” Hobnobbing with corporate titans and global leaders has left Dr. Ramphele open to charges of elitism, some say.

Bantu Holomisa, leader of the United Democratic Movement, which he started after leaving the A.N.C. in 1997, said in a statement that he welcomed Dr. Ramphele to politics and signaled a willingness to join forces.

“We look forward to working with Dr. Ramphele in our efforts to build a strong political alternative for the people of South Africa,” he said.

But efforts to blunt A.N.C. dominance have struggled in the past. The Congress of the People, a breakaway party started in 2008 by supporters of former president Thabo Mbeki and other disgruntled A.N.C. members, has seen its power wane.

The A.N.C. has been rocked by scandal and tragedy over the past year. President Jacob Zuma has faced repeated investigations over $27 million in government money spent on security upgrades to his private residence in his home village of Nkandla. The police killing of 33 striking workers at a platinum mine in August 2012 caused many to question the A.N.C.’s commitment to helping the poor. The crisis led credit agencies to slash the country’s debt rating, which has hurt already slowing economic growth.

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Reeva Steenkamp's Mom Wants Answers: 'Why My Little Girl?'

By Andrea Billups and Peter Cox

02/18/2013 at 10:30 AM EST

Reeva Steenkamp and Oscar Pistorius

Gallo Images/REX USA

As "Blade Runner" Oscar Pistorius prepares to return to court on Tuesday, where he will likely seek bail, the grieving mother of his dead girlfriend, model Reeva Steenkamp, has called for answers in the case, asking, "Why my little girl?"

June Steenkamp, in an interview with the Times newspaper of South Africa, wonders "Why did he do this? … She loved like no one else could love. Just like that, she is gone."

Pistorius's agent, Pete van Zyl, visited him in jail over the weekend and told PEOPLE it was too early to determine what the charges might mean for the star's running career. He would not comment on the case and said he was there to lend support to Pistorius and update him on sponsorship, contracts and future races.

"I can tell you that we have had overwhelming support from Oscar from a lot of fans on a global scale, really on a global scale. South African fans, international fans from literally all over the world," van Zyl told PEOPLE. "He knows it. I have given him that message."

Meanwhile, new details continue to emerge surrounding Steenkamp's death. Citing a police official close to the case, CNN reports that Steenkamp, 30, was shot through the bathroom door inside Pistorius's house.

She reportedly also was alive after the shooting, with Pistorius carrying her downstairs in a frantic effort to save her life. Local media in his hometown of Pretoria have reported that Pistorius, 26, thought Steenkamp was an intruder and shot her by accident.

Monday's Today show reported that Pistorius called friends around 4 a.m. the day of the shooting to ask for help, telling them there had been a terrible accident and that Steenkamp had been shot. (Neighbors who had reportedly heard commotion at the Olympian's home, called police.)

Reuters, citing an eyewitness account published in the Sunday Argus of a paramedic on the scene, said Steenkamp was already dead when he arrived.

The reports said she had been shot once in the head and in the arm, where the bullet broke the bone, and was lying at the bottom of the stairs wearing a black sweatshirt and long pants, but without shoes. When told she could not be revived, Pistorius began to cry, the medic said.

Through his agent, Pistorius has rejected any suggestion that Steenkamp was murdered. The couple had been dating since November. Her publicist told Today that the couple had "seemed happy."

Prosecutors said on Friday that they planned to pursue a charge of premeditated murder. If convicted on that charge, Pistorius would face life in prison.

Pistorius' father, Henke Pistorius, told the Sunday Telegraph that his family thinks the shooting was an accident based on their son's thinking Steenkamp was an intruder inside his home.

"When you are a sportsman, you act even more on instinct," said Henke Pistorius. "It's instinct – things happen and that's what you do."

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Study: Better TV might improve kids' behavior

SEATTLE (AP) — Teaching parents to switch channels from violent shows to educational TV can improve preschoolers' behavior, even without getting them to watch less, a study found.

The results were modest and faded over time, but may hold promise for finding ways to help young children avoid aggressive, violent behavior, the study authors and other doctors said.

"It's not just about turning off the television. It's about changing the channel. What children watch is as important as how much they watch," said lead author Dr. Dimitri Christakis, a pediatrician and researcher at Seattle Children's Research Institute.

The research was to be published online Monday by the journal Pediatrics.

The study involved 565 Seattle parents, who periodically filled out TV-watching diaries and questionnaires measuring their child's behavior.

Half were coached for six months on getting their 3-to-5-year-old kids to watch shows like "Sesame Street" and "Dora the Explorer" rather than more violent programs like "Power Rangers." The results were compared with kids whose parents who got advice on healthy eating instead.

At six months, children in both groups showed improved behavior, but there was a little bit more improvement in the group that was coached on their TV watching.

By one year, there was no meaningful difference between the two groups overall. Low-income boys appeared to get the most short-term benefit.

"That's important because they are at the greatest risk, both for being perpetrators of aggression in real life, but also being victims of aggression," Christakis said.

The study has some flaws. The parents weren't told the purpose of the study, but the authors concede they probably figured it out and that might have affected the results.

Before the study, the children averaged about 1½ hours of TV, video and computer game watching a day, with violent content making up about a quarter of that time. By the end of the study, that increased by up to 10 minutes. Those in the TV coaching group increased their time with positive shows; the healthy eating group watched more violent TV.

Nancy Jensen, who took part with her now 6-year-old daughter, said the study was a wake-up call.

"I didn't realize how much Elizabeth was watching and how much she was watching on her own," she said.

Jensen said her daughter's behavior improved after making changes, and she continues to control what Elizabeth and her 2-year-old brother, Joe, watch. She also decided to replace most of Elizabeth's TV time with games, art and outdoor fun.

During a recent visit to their Seattle home, the children seemed more interested in playing with blocks and running around outside than watching TV.

Another researcher who was not involved in this study but also focuses his work on kids and television commended Christakis for taking a look at the influence of positive TV programs, instead of focusing on the impact of violent TV.

"I think it's fabulous that people are looking on the positive side. Because no one's going to stop watching TV, we have to have viable alternatives for kids," said Dr. Michael Rich, director of the Center on Media and Child Health at Children's Hospital Boston.

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Online:

Pediatrics: http://www.pediatrics.org

___

Contact AP Writer Donna Blankinship through Twitter (at)dgblankinship

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Yen resumes fall after G20, earnings worries hit stocks

LONDON (Reuters) - The yen resumed falling on Monday after Japan signaled it would push ahead with expansionist monetary policies having escaped criticism from the world's 20 biggest economies at the weekend.

European shares and industrial metals dropped on lingering worries about the economic outlook, especially for the euro zone. The risk of an inconclusive outcome in Italian elections at the weekend also added to investor concerns.

However, activity was curtailed by the closure of markets in the United States for the Presidents' Day holiday.

The yen, which has dropped 20 percent against the dollar since mid-November, fell further after financial leaders from the G20 promised not to devalue their currencies to boost exports and avoided singling out Japan for any direct criticism.

"Future yen direction will continue to be driven by domestic monetary policy from the Bank of Japan and improving international investor confidence, which are both driving the yen weaker," said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi UFJ.

Japan's prime minister Shinzo Abe seized the opportunity to keep pressure on the central bank to loosen policy, telling the Japanese parliament that buying foreign bonds could be among options the Bank of Japan could adopt.

The result was the dollar rising 0.5 percent to 93.98 yen, near a 33-month peak of 94.47 yen set a week ago. The euro rose 0.2 percent to 125.32 yen, roughly midway between Friday's two-week low of 122.90 and a 34-month high of 127.71 yen hit earlier this month.

Strategists said that while the yen was likely to stay weak, its decline could lose momentum as investors wait for more clarity on who will be taking the helm at the Bank of Japan when the current governor steps down on March 19.

"The big unknown is who will get appointed as the new BoJ governor, so it is difficult to put on massive positions beforehand," said Saeed Amen, currency strategist at Nomura.

Abe is poised to nominate the new governor in the coming days. Sources have told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.

Elsewhere in the currency market, sterling hit a seven-month low against the dollar, after a key policymaker made comments about the need for further weakness and recent poor data which has kept alive worries of another British recession.

Sterling fell 0.15 percent to $1.5492 having earlier touched $1.5438, its lowest since July 13.

DATA LOOMS

A big week for data on the outlook for the world's economy weighed on other riskier asset markets following the recent dire fourth-quarter growth numbers for the euro zone and Japan, along with Friday's soft U.S. manufacturing figures.

In European markets, attention is focused on the euro area Purchasing Managers' Indexes for February and German sentiment indices due later in the week. These could affect hopes for a recovery this year.

Analysts expect Thursday's euro area flash PMI indices, which offer pointers to economic activity around six months out, to show growth stabilizing across the recession-hit region, leaving hopes for a recovery in the second half of 2013 intact.

Concerns over an inconclusive outcome in the Italian elections on Sunday and Monday have added to the weaker sentiment as a fragmented parliament could hamper a future government's efforts to reform the struggling economy.

The worries about the outlook for Italy were encouraging investors back into safe-haven German government bonds on Monday, with 10-year Bund yields easing 3.6 basis points to be around 1.63 percent.

"Political uncertainty will keep Bunds well bid this week," ING rate strategist Alessandro Giansanti said, adding that only better than expected economic data could create selling pressure on German debt in the near term.

Italian 10-year yields were 7 basis points higher on the day at 4.44 percent.

EARNINGS HIT

European equity markets were taking their lead from corporate earnings reports which have been reflecting the sluggish economic conditions across the region.

Danish brewer Carlsberg , which generates just over 60 percent of its sales in western Europe, became the latest to report a weaker-than-expected quarterly profit, sending its shares to their lowest level in almost a month.

The 6.8-percent drop for shares in the world's fourth biggest brewery helped send the FTSEurofirst 300 index <.fteu3> of top European shares down 0.3 percent at midday. Germany's DAX <.gdaxi>, France's CAC-40 <.fchi> and UK FTSE-100 <.ftse> ranged between 0.1 percent up and 0.3 percent lower.

Earlier, the effect of the G20 statement and the comments from Abe indicating a renewed drive to stimulate the Japanese economy lifted the Nikkei stock index <.n225> by 2.1 percent, near to its highest level since September 2008.

MSCI's world equity index <.miwd00000pus> was flat as markets extended a two-week period of consolidation that has followed the big run-up in January, when demand was buoyed by the efforts of central banks to stimulate the world economy.

Data from EPFR Global, a U.S.-based firm that tracks the flows and allocations of funds globally, shows investors pulled $3.62 billion from U.S. stock funds in the latest week, the most in 10 weeks after taking a neutral stance the prior week.

But demand for emerging market equities remained strong, with investors putting $1.81 billion in new cash into stock funds, the fund-tracking firm said.

CHINA RETURN

In the commodity markets, traders played catch-up after a week-long holiday last week in China, the world's second biggest consumer of many raw materials, which had kept activity subdued, with worries about the economic outlook weighing on sentiment.

Copper, for which China is the world's largest consumer, dipped to a near three-week low of $8,127.50 a metric ton (1.1023 tons) on the London futures market. Benchmark tin and nickel also touched three-week lows.

Bargain hunters helped gold rise from a six-month low to be up 0.2 percent to $1,611.87 an ounce with jewelers in China returning to the physical market after the Lunar New Year holiday.

Crude oil markets were mostly steady after some weak U.S. industrial production data on Friday [ID:nL1N0BF44A] was seen dampening demand, while tensions in the Middle East lent some support.

"We continue to see a mixed picture out of the United States. Industry output was lower than expected but that shouldn't affect the general upward direction," Olivier Jakob, analyst at Geneva-based Petromatrix, said.

Brent crude was flat at $117.66 a barrel after posting its first weekly loss since the first half of January. U.S. crude slipped 19 cents to $95.67.U.S. crude.

(Additional reporting by Marius Zaharia and Ron Bousso. Editing by Philippa Fletcher)

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