China may consider ending its decade-long ban on video game consoles






Shares of Sony (SNE) and Nintendo (NTDOY) surged on Monday following a report from China’s official newspaper that claimed the country is considering the lift of a decade-long ban on video game consoles. An unnamed source told the China Daily newspaper that the Ministry of Culture is “reviewing the policy,” and has conducted surveys and held discussions with other ministries on the possibility of lifting the ban. An official at the ministry’s cultural market department denied the report in a statement to Reuters, however, claiming it “is not considering lifting the ban.”


[More from BGR: BlackBerry 10 debuts on Wednesday – strap in for a wild ride]






China banned the sale of video game consoles in 2000 to safeguard children’s mental and physical development. In order for the ban to be lifted, the seven different ministries who issued the ruling must all agree to reverse it.


[More from BGR: Apple releases iOS 6.1 to iPhone, iPad and iPod touch users]


Shares of Sony’s stock were up more than 8% in Tokyo on Monday, while Nintendo gained 3.5% on a weaker Nikkei index.


This article was originally published on BGR.com


Gaming News Headlines – Yahoo! News





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Report links A-Rod with PED use; MLB investigates


NEW YORK (AP) — Major League Baseball said it is "extremely disappointed" about new allegations of performance-enhancing drug use against Alex Rodriguez and other players contained in a newspaper report.


The Miami New Times, a popular alternative weekly, said in a story Tuesday that it had obtained files through an employee at a recently closed clinic in south Florida that show Rodriguez purchased HGH and other substances.


"We are always extremely disappointed to learn of potential links between players and the use of performance-enhancing substances. ... Through our Department of Investigations, we have been actively involved in the issues in South Florida," MLB's statement said.


Rodriguez, the New York Yankees slugger currently recovering from hip surgery, has admitted using steroids from 2001-03 but insisted he stopped after that.


"We fully support the Commissioner's Joint Drug Prevention and Treatment Program. This matter is now in the hands of the Commissioner's Office," the Yankees said in a statement. "We will have no further comment until that investigation has concluded."


Other players named by the New Times as appearing in the records at Biogenesis include Melky Cabrera, Gio Gonzalez, Bartolo Colon and Nelson Cruz. Cabrera, the All-Star game MVP for the San Francisco Giants last season, was suspended 50 games in August for failing a drug test. The outfielder has signed with the Toronto Blue Jays as a free agent.


Colon, a pitcher for the Oakland A's, was also suspended 50 games in August.


Gonzalez, who went 21-8 for the Washington Nationals last season, and Cruz, who hit 24 home runs for the Texas Rangers, had not previously been linked to performance-enhancing drugs.


The Rangers said in a statement that after being contacted by the New Times late last week, they notified Major League Baseball. The club said it had no further comment.


Gonzalez posted on his Twitter feed: "I've never used performance enhancing drugs of any kind and I never will, I've never met or spoken with tony Bosch or used any substance."


The report said that the notes of clinic chief Anthony Bosch list the players' names and the substances they received, including human growth hormone and steroids. Several unidentified employees and clients confirmed to the publication that the clinic distributed the substances, the paper said. The employees said that Bosch bragged of supplying drugs to professional athletes but they never saw the sports stars in the office.


Any player found by MLB to use banned, performance-enhancing substances, is subject to suspension.


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Well: Ask Well: Long-Term Use of Nicotine Gum

In small doses, like those contained in the gum, nicotine is generally considered safe. But it does have stimulant properties that can raise blood pressure, increase heart rate and constrict blood vessels. One large report from 2010 found that compared to people given a placebo, those who used nicotine replacement therapies had a higher risk of heart palpitations and chest pains.

That’s one reason that nicotine gum should, ideally, be used for no more than four to six months, said Lauren Indorf, a nurse practitioner with the Cleveland Clinic’s Tobacco Treatment Center. Yet up to 10 percent of people use it for longer periods, in some cases for a decade or more she said.

Some research has raised speculation that long-term use of nicotine might also raise the risk of cancer, though it has mostly involved laboratory and animal research, and there have not been any long-term randomized studies specifically addressing this question in people. One recent report that reviewed the evidence on nicotine replacement therapy and cancer concluded that, “the risk, if any, seems small compared with continued smoking.”

Ultimately, the biggest problem with using nicotine gum for long periods is that the longer you stay on it, the longer you remain dependent on nicotine, and thus the greater your odds of a smoking relapse, said Ms. Indorf. “What if the gum is not available one day?” she said. “Your body is still relying on nicotine.”

If you find yourself using it for longer than six months, it may be time to consider switching to sugar-free gum or even another replacement therapy, like the patch or nasal spray.

“Getting people on a different regimen helps them break the gum habit and can help taper them off nicotine,” Ms. Indorf said.

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DealBook: Gleacher to Leave His Investment Bank

9:32 a.m. | Updated with interview with Mr. Gleacher

Eric J. Gleacher, a veteran deal maker who participated in the fight over RJR Nabisco, said on Tuesday that he would leave the investment bank he founded about 23 years ago.

The departure of Mr. Gleacher as chairman comes months after his struggling firm hired Credit Suisse to explore a sale.

Gleacher & Company disclosed last month that the Nasdaq stock market had initiated a move to delist the investment bank, after its stock price lingered below $1 for months. The firm is appealing the decision.

Mr. Gleacher, 72, told DealBook in an interview on Tuesday that his decision was prompted in part by finishing work on the sale of Archstone, a massive real estate company once owned by Lehman Brothers. Since the deal was announced in late November, he has been approached by a number of companies seeking advice, and he is weighing opportunities to essentially become a freelance adviser.

“As the business model on Wall Street changes, I’m looking forward to working with C.E.O.’s and investors in helping them realize their goals,” he said. “I’m looking forward to doing so in an independent manner.”

(He has been contemplating a move for some time, having put up his Manhattan town house for sale earlier this month.)

Mr. Gleacher, a former Marine and long one of Wall Street’s top golfers, founded his company after having become one of the top deals bankers on Wall Street during the 1980s. He founded the mergers department at Lehman Brothers in 1978, and then led Morgan Stanley‘s deal team from 1985 to 1990.

He then founded his firm, maintaining it for years as an independent merger advisory shop. He sold it to the British bank Natwest in 1995, but bought it back four years later.

Mr. Gleacher and his partners decided in 2009 to sell their business to Broadpoint Securities, a small brokerage, giving rise to the current Gleacher & Company. But the firm struggled, burdened with rising regulatory constraints and tepid deal activity.

Under Thomas Hughes, Gleacher & Company’s chief executive, the investment bank has sold off businesses in an attempt to revive its flagging fortunes. In the fall, the firm explored a potential sale to a larger concern, Stifel Financial, but the talks fell apart over price, according to people briefed on the matter.

It is unclear whether the investment bank is still pursuing a sale. Mr. Hughes suggested in a statement that the firm continued to weigh its options.

“We will continue to grow our M.&A. and capital-raising capabilities in line with the vision we have described previously, a vision that Eric helped author,” Mr. Hughes said. “On behalf of the company, I want to wish Eric the best in his future endeavors.”

While striking off on his own will allow him more personal time, Mr. Gleacher added that he intended to keep busy.

“To me, retirement is just time allocation,” he said. “I’ve always just enjoyed what I’ve done.”

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India Ink: At Literature Festival, Yearning for Bollywood Past

Nostalgia for classic Bollywood cinema reigned at the Jaipur Literature Festival, which celebrated 100 years of Indian cinema with several sessions featuring veteran actors and writers, who offered critiques of contemporary Indian film-making.

In the session titled “Bollywood and National Narrative,” Javed Akhtar, the Indian poet and lyricist who scripted several popular Hindi films in the 1970s and ’80s, said that India is a nation of great “movie buffs,” noting that perhaps it was the only country where temples dedicated to movie stars exist.

“If you watch cinema carefully, it tells you a lot about the last 60 to 70 years in India,” Mr. Akhtar, 68, said.

The influence of society on filmmaking was so ingrained that drawing a list of a villain’s character over the years gives a sense of the socioeconomic history of the country, he said. In the 1940s, the villain was the zamindar, or landlord, who exploited the oppressed farmers, he noted. But today, he said, there is no such clear-cut character in society because the line between the heroes and the villains has become blurred.

Pointing to a generational shift in the art of storytelling in Bollywood, Mr. Akhtar argued that nowadays the screenplay is driven by a formulaic method that is aimed at a young, affluent audience who wants to have a good time at the theater and is not willing to engage with serious subjects.

“There is no shortage of stories, but an average producer wants a brand new story that has come before,” he said.

Wistfully, he commented that with the exception of a handful of films, the young generation of filmmakers had “left literature, poetry, art and aesthetics behind.”

But he also said he was hopeful that the next 10 years would usher in an era of more depth in film-making.

In another session on Bollywood, titled “Sex and Sensibility: Women in Cinema,” Shabana Azmi, the veteran Bollywood actress, along with Prasoon Joshi, lyricist, writer and poet, discussed the role of cinema in creating gender perceptions.

Ms. Azmi, who has also worked as a social activist on several issues including women’s rights, argued that Hindi cinema has created an ideal of womanhood based on mythological constructs taken from epics like the Ramayana. While the character of the vamp was created to satisfy men’s sexual appetites, the ideal woman was docile, submissive and had no sexuality, she said.

“The movies are setting the wrong kinds of role models for young girls,” she said.

Mr. Joshi said it was time that “we realize we are not only mirroring society we are shaping it. People are emulating cinema in their daily lives.”

In a fiery debate among the panelists, a consensus was reached that it was ultimately those involved in the business of film-making who were responsible for perpetuating the stereotypes.

“We are all culpable,” Ms. Azmi said.

The younger generation of writers may have been criticized by some veterans for the lack of sensibility in their work, but even they seemed to agree that some of the more recent films did not have a moral compass.

“The line between the hero and the antihero is blurring, and that is very dangerous,” said Mr. Joshi, who is 41. “The antihero is becoming cool. Crime can’t become cool.”

During a session on screenwriting, Jaideep Sahni, a screenwriter and lyricist who has some notable films to his credit, including “Kholsa Ka Ghosla” and “Chake De India” warned against having too much nostalgia for the past. He grew up watching films in the 1980s and the 1990s, and “they had bad scripts,” he said.

“There was a tyranny of listening to the same thing again and again,” he said.

He said a certain kind of popular, commercial entertainment was being considered the “be all and end all” but is having a negative impact on cinema.

However, the screenwriter, who is in his 40s, defended young screenwriters and lyricists like him, saying that they watched old films and listened to old Bollywood music but made films about the present times.

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Siemens picks banks for two disposals: sources






FRANKFURT (Reuters) – Siemens AG has picked banks to organize the sale of two units as part of its efforts to streamline operations and stay competitive in a weak global economy, people familiar with the matter said.


Goldman Sachs Group Inc will advise the German conglomerate on the sale of its Water Technologies units, while Rothschild will oversee the divestment of its smaller security products arm, which makes access card readers and technology for intruder detection and surveillance, the sources said on Monday.






Siemens, Goldman and Rothschild all declined comment.


Siemens, which ranks as Germany’s second-most valuable company and which makes products ranging from trains to hearing aids, late last year announced the plan to divest several units in a bid to focus on its most profitable businesses.


It also aims to put itself in a better position to compete in core product areas with the likes of Switzerland’s ABB Ltd and U.S.-based General Electric Co.


Since then, several possible bidders for the water unit – which has annual sales of about 1 billion euros ($ 1.4 million) and employs 600 – have approached the Munich-based group and investment bankers have started to work on the possible sale, the sources said.


HATS IN THE RING


Siemens built up its water technology operations through a flurry of acquisitions over the last decade, buying the water systems and services division of U.S. Filter from Veolia Environnement for instance for $ 1 billion in 2004.


Since much of Siemens’s water business is focused on North America, industry sources expect U.S.-based peers Xylem Inc and Pentair Ltd to take a look at the asset.


“Asian companies are also likely to throw their hats into the ring,” one of the people said.


The region is experiencing rapid economic growth, climate change effects, rising populations and stricter energy and water regulations and is therefore expected to see heavy investment in water treatment equipment in coming years, he said.


Kurita Water Industries Ltd, Hyflux Ltd, Hitachi Ltd and Marubeni Corp are seen as possible suitors, he added.


Big private equity groups like KKR & Co LP, Bain and Permira are also expected to show interest.


Permira in 2011 bought Israel-based Netafim, a maker of irrigation technology, for 800 million euros.


Siemens Water Technologies offers products ranging from conventional water treatment to emergency water supply and water disinfection systems.


A report published in 2010 by Global Water Intelligence, an industry journal, put the size of the global water market at more than $ 500 billion.


Siemens shares were down 0.3 percent by 8.25 a.m, backtracking from a five-month high set last week, compared with a 0.1 percent drop in the main German index.


(Additional reporting by Jens Hack; Editing by Hans-Juergen Peters)


Tech News Headlines – Yahoo! News





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Tiger headed toward another win at Torrey


SAN DIEGO (AP) — The Pacific air was so cold at the end of a 10-hour day at Torrey Pines that Tiger Woods thrust both hands in the front pockets of his rain pants as he walked off the course at the Farmers Insurance Open.


It was a fitting image. Woods made a marathon day look like he was out for a stroll.


Staked to a two-shot lead going into the third round of this fog-delayed tournament, Woods drove the ball where he was aiming and was hardly ever out of position. Even with a bogey on the final hole — the easiest on the back nine — Woods still had a 3-under 69 and expanded his lead by two shots.


In the seven holes he played in the fourth round later Sunday afternoon, Woods hit the ball all over the course and still made three birdies to add two more strokes to his lead.


Thanks to the fog that wiped out an entire day of golf on Saturday, the Farmers Insurance Open didn't stand a chance of finishing on Sunday.


Woods just made it look like it was over.


He had a six-shot lead with 11 holes to play going into the conclusion of the final round on Monday. The two guys chasing him were Brandt Snedeker, the defending champion, and Nick Watney, who won at Torrey Pines in 2008. Neither was waving a white flag. Both understood how much the odds were stacked against them.


"I've got a guy at the top of the leaderboard that doesn't like giving up leads," Snedeker said. "So I have to go catch him."


"All we can do tomorrow is go out and try to make him think about it a little bit and see what happens," Watney said.


And then there was Erik Compton, a two-time heart transplant recipient who had a birdie-eagle finish in the third round that put him in third place through 54 holes, still five shots behind Woods. Someone asked Compton about trying to chase Woods. He laughed.


"I'm trying to chase myself," he said.


Woods was at 17-under par for the tournament, and more than just a six-shot lead was in his corner.


He finished the third round at 14-under 202, making it the 16th time on the PGA Tour that he had at least a four-shot lead going into the final round. His record on the PGA Tour with the outright lead after 54 holes is 38-2, the exceptions being Ed Fiori in 1996 when Woods was a 20-year-old rookie and Y.E. Yang in the 2009 PGA Championship.


Woods attributed his big lead to the "whole package."


"I've driven the ball well, I've hit my irons well, and I've chipped and putted well," he said. "Well, I've hit good putts. They all haven't gone in."


Woods has a good history of Monday finishes, starting with Torrey Pines. It was on this course along the coast north of La Jolla that Woods won a 19-hole playoff against Rocco Mediate to capture the 2008 U.S. Open for his 14th major.


He also won the Pebble Beach National Pro-Am on a Monday in 2000 when he rallied from seven shots behind with seven holes to play. He won his lone title in The Players Championship on a Monday, along with a five-shot win in the Memorial in 2000, and a scheduled Monday finish in the Deutsche Bank Championship outside Boston.


Woods even gets to sleep in.


A Monday finish because of weather typically resumes in the morning so players can get to the next tournament. CBS Sports, however, decided it wanted to televise the conclusion, and so play won't begin until 2 p.m. EST. That decision might have been based on Woods being headed toward victory — just a hunch.


Woods already has won seven times at Torrey Pines, including the U.S. Open. That matches his PGA Tour record at Bay Hill and Firestone (Sam Snead won the Greensboro Open eight times, four each on a different course).


The tournament isn't over, and Woods doesn't see it that way.


"I've got to continue with executing my game plan. That's the idea," he said. "I've got 11 holes to play, and I've got to play them well."


He seized control with his 69 in the third round that gave him a four-shot lead, and he might have put this away in the two hours he played before darkness stopped play.


He badly missed the first fairway to the left, but had a gap through the Torrey pines to the green and had a two-putt par. He missed his next shot so far to the left that the ball wound up in the first cut of the adjacent sixth fairway. He still managed a simple up-and-down for par.


After a 10-foot birdie on the par-3 third, Woods couldn't afford to go left off the tee again because of the PGA Tour's largest water hazard — the Pacific Ocean. So he went miles right, beyond a cart path, a tree blocking his way to the green. He hit a cut shot that came up safely short of the green, and then chipped in from 40 feet for birdie.


"I was able to play those holes in 2-under par," Woods said. "And then I hit three great drives right in a row."


One of them wasn't that great — it was in the right rough, the ball so buried that from 214 yards that Woods hit a 5-wood. It scooted down the fairway and onto the green, setting up a two-putt birdie the stretched his lead to six shots. And after another good drive, the horn sounded to stop play. Because it was due to weather, Woods was able to finish the hole, and he two-putted for par.


Eleven holes on Monday were all that were keeping him from his 75th career win on the PGA Tour, and delivering a message to the rest of golf that there could be more of this to follow no matter what the golf course.


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Well: Keeping Blood Pressure in Check

Since the start of the 21st century, Americans have made great progress in controlling high blood pressure, though it remains a leading cause of heart attacks, strokes, congestive heart failure and kidney disease.

Now 48 percent of the more than 76 million adults with hypertension have it under control, up from 29 percent in 2000.

But that means more than half, including many receiving treatment, have blood pressure that remains too high to be healthy. (A normal blood pressure is lower than 120 over 80.) With a plethora of drugs available to normalize blood pressure, why are so many people still at increased risk of disease, disability and premature death? Hypertension experts offer a few common, and correctable, reasons:

¶ About 20 percent of affected adults don’t know they have high blood pressure, perhaps because they never or rarely see a doctor who checks their pressure.

¶ Of the 80 percent who are aware of their condition, some don’t appreciate how serious it can be and fail to get treated, even when their doctors say they should.

¶ Some who have been treated develop bothersome side effects, causing them to abandon therapy or to use it haphazardly.

¶ Many others do little to change lifestyle factors, like obesity, lack of exercise and a high-salt diet, that can make hypertension harder to control.

Dr. Samuel J. Mann, a hypertension specialist and professor of clinical medicine at Weill-Cornell Medical College, adds another factor that may be the most important. Of the 71 percent of people with hypertension who are currently being treated, too many are taking the wrong drugs or the wrong dosages of the right ones.

Dr. Mann, author of “Hypertension and You: Old Drugs, New Drugs, and the Right Drugs for Your High Blood Pressure,” says that doctors should take into account the underlying causes of each patient’s blood pressure problem and the side effects that may prompt patients to abandon therapy. He has found that when treatment is tailored to the individual, nearly all cases of high blood pressure can be brought and kept under control with available drugs.

Plus, he said in an interview, it can be done with minimal, if any, side effects and at a reasonable cost.

“For most people, no new drugs need to be developed,” Dr. Mann said. “What we need, in terms of medication, is already out there. We just need to use it better.”

But many doctors who are generalists do not understand the “intricacies and nuances” of the dozens of available medications to determine which is appropriate to a certain patient.

“Prescribing the same medication to patient after patient just does not cut it,” Dr. Mann wrote in his book.

The trick to prescribing the best treatment for each patient is to first determine which of three mechanisms, or combination of mechanisms, is responsible for a patient’s hypertension, he said.

¶ Salt-sensitive hypertension, more common in older people and African-Americans, responds well to diuretics and calcium channel blockers.

¶ Hypertension driven by the kidney hormone renin responds best to ACE inhibitors and angiotensin receptor blockers, as well as direct renin inhibitors and beta-blockers.

¶ Neurogenic hypertension is a product of the sympathetic nervous system and is best treated with beta-blockers, alpha-blockers and drugs like clonidine.

According to Dr. Mann, neurogenic hypertension results from repressed emotions. He has found that many patients with it suffered trauma early in life or abuse. They seem calm and content on the surface but continually suppress their distress, he said.

One of Dr. Mann’s patients had had high blood pressure since her late 20s that remained well-controlled by the three drugs her family doctor prescribed. Then in her 40s, periodic checks showed it was often too high. When taking more of the prescribed medication did not result in lasting control, she sought Dr. Mann’s help.

After a thorough work-up, he said she had a textbook case of neurogenic hypertension, was taking too much medication and needed different drugs. Her condition soon became far better managed, with side effects she could easily tolerate, and she no longer feared she would die young of a heart attack or stroke.

But most patients should not have to consult a specialist. They can be well-treated by an internist or family physician who approaches the condition systematically, Dr. Mann said. Patients should be started on low doses of one or more drugs, including a diuretic; the dosage or number of drugs can be slowly increased as needed to achieve a normal pressure.

Specialists, he said, are most useful for treating the 10 percent to 15 percent of patients with so-called resistant hypertension that remains uncontrolled despite treatment with three drugs, including a diuretic, and for those whose treatment is effective but causing distressing side effects.

Hypertension sometimes fails to respond to routine care, he noted, because it results from an underlying medical problem that needs to be addressed.

“Some patients are on a lot of blood pressure drugs — four or five — who probably don’t need so many, and if they do, the question is why,” Dr. Mann said.


How to Measure Your Blood Pressure

Mistaken readings, which can occur in doctors’ offices as well as at home, can result in misdiagnosis of hypertension and improper treatment. Dr. Samuel J. Mann, of Weill Cornell Medical College, suggests these guidelines to reduce the risk of errors:

¶ Use an automatic monitor rather than a manual one, and check the accuracy of your home monitor at the doctor’s office.

¶ Use a monitor with an arm cuff, not a wrist or finger cuff, and use a large cuff if you have a large arm.

¶ Sit quietly for a few minutes, without talking, after putting on the cuff and before checking your pressure.

¶ Check your pressure in one arm only, and take three readings (not more) one or two minutes apart.

¶ Measure your blood pressure no more than twice a week unless you have severe hypertension or are changing medications.

¶ Check your pressure at random, ordinary times of the day, not just when you think it is high.

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DealBook: Iceland Wins Major Case Over Failed Bank

BRUSSELS — Iceland won a landmark case at a European court, ending an acrimonious legacy from the collapse of its banking system more than four years ago.

On Monday, the court upheld the country’s refusal to promptly cover the losses of British and Dutch depositors who put more than $10 billion in Icesave, the bankrupt online offshoot of a failed Icelandic bank.

In a judgment issued in Luxembourg, the court of the European Free Trade Association, or EFTA, cleared Iceland of complaints that it violated rules governing the protection of depositors drawn up by the European Union. While Iceland is not a member of the Union, it is bound by most of its rules, as a member of EFTA.

The case has attracted widespread attention because it touches on issues of cross-border banking that have been at the center of the European Union’s efforts to ensure the future stability of the region’s financial system. The Iceland banking collapse in 2008 — and the mayhem it caused far beyond the country’s borders — raised issues directly relevant to the 27-nation Union.

Monday’s court ruling in Luxembourg marks a significant victory for Iceland. Unlike Ireland, Iceland declined to use taxpayer money to bail out foreign bondholders and depositors. This triggered a bitter dispute with Britain, which used anti-terrorism rules to take control of assets held in Britain by Icesave’s parent, Landsbanki.

In a recent interview with British television, Iceland’s president Olafur Ragnar Grimsson denounced Britain for its legal approach — using anti-terrorist rules — to seize Icelandic assets. “We were there together with al Qaeda and the Taliban on that list,” he said. “We have not forgotten that in Iceland.” He referred to the maneuver as Britain’s “eternal shame.”

After the 2008 crash, the Icelandic government tried twice to settle the Icesave debts. But the country’s voters, asked to approve settlement plans in two separate referenda, rejected the proposals. Foreign holders of bonds issued by Icesave’s corporate parent, Landsbanki, and two other failed Icelandic banks lost some $85 billion. Those losses were not at issue in the Luxembourg case, which involved only customers with bank deposits.

The Iceland government, in a statement by its foreign ministry after Monday’s verdict, said that Landisbanki had already paid out some $4.5 billion to Icesave depositors, covering nearly half of all initial claims by individuals, chartities and others in Britain and the Netherlands. The ministry said the bank would eventually reimburse the rest.

“It is a considerable satisfaction that Iceland’s defense has won the day in the Icesave case,” the Icelandic government said in its statement. The Luxembourg ruling, it added, “brings to a close an important stage in a long saga” and “Icesave is now no longer a stumbling block to Iceland economic recovery.”

Iceland’s economy, which went into a nosedive after the banking crash, is now growing again. The credit-rating agency Fitch recently raised its rating of the country’s debt, noting that its ‘‘unorthodox crisis policy response has succeeded in preserving sovereign creditworthiness.’’

But the Icesave saga has clouded the recovery.

Icesave collapsed in October 2008 along with its parent, Landsbanki, and the rest of Iceland’s banking sector in a spectacular blowout. Caught in the wreckage were some 350,000 people in Britain and the Netherlands who, lured by unusually high-interest rates, had put their money in Icesave accounts.

The Icelandic government protected the deposits of Icelanders who had money in failed banks by moving them into new, solvent versions of the banks. But the government declined to cover the losses of foreigners with on-line accounts operated by Icesave, a move that prompted complaints of illegal discrimination to the court in Luxembourg.

The case against Iceland was bought by the Surveillance Authority of the European Free Trade Association and revolved around interpretation of a European Union directive requiring that deposits in European banks be covered equally by deposit guarantee systems. Britain and the Netherlands supported the case.

But the court, according to a statement summarizing the verdict, ruled that the directive on guaranteeing bank deposits did not oblige Icelandic authorities to ensure immediate payment to depositors in Britain and the Netherlands “in a systemic crisis of the magnitude experienced in Iceland.”

Iceland argued that all Icesave depositors will eventually get their money back but that the government, confronted in 2008 with a total breakdown of the financial system, did not have the means to offer immediate payment of all claims. The court also cleared Iceland of complaints that it violated non-discrimination rules when it protected domestic depositors by moving their accounts to solvent new banks but reneged on protecting foreign depositors in Icesave.

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The Lede Blog: Fire at a Nightclub in Southern Brazil

Victims of the fire are attended by medics.

An intense fire ripped through a nightclub crowded with university students in southern Brazil early on Sunday morning, leaving behind a scene of horror with bodies piled in the club’s bathrooms and outside on the street.

At least 245 people were killed, police officials said.

As my colleague, Simon Romero reports, a flare from a live band’s pyrotechnic show ignited the fire in the nightclub, called Kiss, in the southern city of Santa Maria. Throughout the morning on Sunday, rescue workers hauled bodies from the still smoldering building.

One video posted to YouTube showed several bodies of apparently unconscious victims splayed on concrete outside of the club as medics check them for signs of life.

Shortly before the fire, a club D.J. posted a photo on Facebook from inside the crowded club with the caption: “Kiss is pumping.”

A short time later, another photo purportedly taken inside the club and widely disseminated through social media showed smoke billowing on the crowded dance floor.

The fire quickly engulfed the building.

Firefighters, apparently joined by volunteers who shielded their faces with T-shirts, struggled to pull people from the burning building.

Firefighters and volunteers tried to pull people from the burning building

Photos from the scene showed frantic friends and family members gathered outside the club and the hospital.


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