Florence tomb opened in search for identity of Mona Lisa

FLORENCE, Italy (Reuters) - Researchers opened a centuries-old Florence tomb on Friday in a search for remains that could confirm the identity of the woman whose enigmatic smile Leonardo da Vinci immortalized in the "Mona Lisa", one of the world's most famous paintings. A round hole, just big enough for a person to wriggle through, was cut in the stone church floor above the family crypt of Florentine silk merchant Francesco del Giocondo, whose wife Lisa Gherardini is thought to have sat for the Renaissance master in the early 16th century.Theories abound about who the real Mona Lisa was, but Silvano Vinceti, a writer and researcher who heads Italy's National Committee for the Promotion of Historic and Cultural Heritage, plans to test DNA in the bones in the dank space and try to match it with those of three women buried at a convent nearby.Historians say Gherardini - whose married name 'Gioconda' is used in Italy to refer to the Mona Lisa - spent her last years at the Saint Orsola convent, a dilapidated building where the hunt for her bones began last year.Vinceti believes one of the three could be Lisa Gherardini."For centuries, historians the world over have been coming up with various theories about who this enigmatic, mysterious woman could have been," he told journalists outside the Santissima Annunziata basilica in Florence.Vinceti hopes some of the bones lying in the cramped underground room behind the Santissima Annunziata's main altar will belong to at least one blood relation of Leonardo's muse, probably her son Piero.Once a DNA match is made, Vinceti says an image of Gherardini's face can be generated from the Saint Orsola skull and compared with the painting, the biggest attraction in the Louvre museum in Paris."When we find a match between mother and child - then we will have found the Mona Lisa," he said.HALF SMILEThe painting, which draws millions of visitors each year, is famous for the sitter's mysterious half-smile. The Louvre says it was probably painted between 1503 and 1506.Opening the Giocondo family tomb for the first time in 300 years is a critical phase in the search by Vinceti and his team, who in 2010 said they had discovered that the mysterious death in 1610 of another Italian master, Caravaggio, was likely caused by lead from his paint.The researchers say carbon-dating tests on three of eight skeletons exhumed from the Saint Orsola convent are under way and they will do the same with the contents of the Giocondo tomb - although it could take a year before the DNA testing process is started."If we succeed, we can finally resolve three questions which have obsessed historians and art-lovers worldwide," Vinceti said."Was Gherardini the model for the Mona Lisa? Or was it some other model, as some people say? Or is it just a construction of the painter's fantasy?"Leonardo is famous for the huge range of his genius, ranging from painting to sculpture to anatomy. He is known not only for paintings like the "Mona Lisa" and "The Last Supper", but for conceiving modern machines like helicopters and tanks many centuries before they were finally built.(Additional reporting by Antonio Denti; Editing By Barry Moody and Sonya Hepinstall)

This article is taken from Reuters.com

ECB's Asmussen to check up on Greek reform progress

FRANKFURT (Reuters) - European Central Bank Executive Board member Joerg Asmussen will visit Greece on Wednesday to discuss progress on reforms needed to ensure more bailout money, the ECB said. Greece got an aid tranche of 5.8 billion euros ($7.75 billion) from its international lenders - the euro area, its national central banks and the International Monetary Fund - in July and stands to receive another 1 billion euros in October, subject to implementation of further reforms.The international lenders, known as the troika, will return in Athens in the autumn to find out whether the government needs to find further savings to meet its 2015-2016 budget targets."In the run-up to the next troika review mission, ECB Executive Board member Joerg Asmussen will visit Athens for bilateral meetings with Greek policy makers and representatives of society and the business community to discuss the Greek adjustment program and wider euro area developments," the ECB said in an emailed statement on Tuesday.Asmussen will meet Central Bank Governor George Provopoulos, Finance Minister Yannis Stournaras and George Zanias, chairman of Greece's biggest lender, National Bank (NBGr.AT), Greek sources told Reuters.ON TRACKProgress on reform in the recession-stricken country has been patchy and there have been several reports that Greece may need another aid package or more debt relief to get back to a more sustainable financial position.Earlier this month, the German government, one of Greece's biggest creditor, dismissed a report by Der Spiegel magazine, which quoted a document that said Europe "will certainly agree a new aid program for Greece" and that the existing aid package carried "extremely high" risks.German Economy Minister Philipp Roesler said at the time that Greece was absolutely going in the right direction. This message was echoed by France's Finance Minister Pierre Moscovici on Tuesday."It seems to me that this program is on track," Moscovici told Inter radio. "I don't see an urgent need for a new aid plan for Greece."Tax revenues continue to lag targets, however, and the Greek economy is deep into a depression. It shrank at an annual rate of 4.6 percent in the second quarter. This was, however, a little better than forecast, leading some economists to predict the contraction may decelerate in the fourth quarter.(Reporting by Eva Kuehnen, George Georgiopoulos in Athens and Nicholas Vinocur in Paris; Editing by Jeremy Gaunt)

This article is taken from Reuters.com

China oil imports to overtake U.S. by 2017: WoodMac

LONDON (Reuters) - China will overtake the United States as the world's biggest crude oil importer by 2017 as Chinese motorists drive domestic oil demand higher, consultancy Wood Mackenzie said on Tuesday. China is on track to spend $500 billion on crude oil imports by 2020, far outstripping the peak cost ever incurred by the United States on crude imports of $335 billion, Wood Mackenzie said in a report.It forecasts the U.S. crude oil import bill will fall to around $160 billion by 2020 as U.S. tight oil output from shale resources replaces imports from the Middle East and Africa."China will surpass U.S. demand for oil imports and peak spend," William Durbin, Wood Mackenzie's Beijing-based president of global markets, said in a statement.The consultancy said the turning point for Chinese crude imports to surpass U.S. imports would be around 2017.It forecasts China's oil imports will rise to 9.2 million barrels per day (bpd) by 2020 from 2.5 million bpd in 2005. U.S. oil imports, meanwhile, will fall to 6.8 million bpd from a peak of 10.1 million bpd."It means the United States is becoming more North America-centric for its supply needs and China more dependent on Middle East and OPEC crude," Durbin said."We will therefore see OPEC suppliers, who traditionally focused on the United States for crude sales, compelled to shift their focus towards China."Between 2005 and 2020, OPEC's share of Chinese oil imports is expected to rise to 66 percent from 52 percent."China will look towards OPEC supply more as the United States relies on it less," Durbin said.(Reporting by Christopher Johnson; Editing by Dale Hudson)

This article is taken from Reuters.com

BAE Systems' U.S. CEO to retire in 2014

WASHINGTON (Reuters) - Linda Hudson, chief executive officer of the U.S. unit of Britain's BAE Systems Plc (BAES.L), will retire early next year, the weapons maker said on Tuesday. The company said it would start a search for a successor. Hudson, 62, joined BAE in 2007 and took over as CEO of the U.S. unit in 2009.That promotion made Hudson the first woman to head a major U.S. defense operation and placed her in a small club of female CEOs heading what amounts to a Fortune 500 company.Hudson will stay in her post through the first quarter of 2014 and will remain on the U.S. company's board through April 2015, BAE said. She will step down from the BAE Systems Plc board and the parent group's executive committee at the end of March 2014.Hudson, who has worked in the defense industry for 40 years, held senior positions at General Dynamics Corp (GD.N), another major weapons manufacturer, before joining BAE in 2007.RBC Securities analyst Rob Stallard said Hudson won high marks for managing BAE during a time of huge growth and for aggressively attacking costs after war demand peaked."We ... don't expect this to be a major catalyst for the shares, assuming successful continuity," he said in a note to investors.BAE stock was up 0.6 percent in London.Ian King, CEO of BAE Systems Plc, credited Hudson for streamlining the U.S. unit, which accounts for about 40 percent of the company's total revenues, and diversifying its portfolio.Hudson told employees in a statement that she had mixed emotions about leaving the company, but still had many goals left to achieve."I have many more things I want to do professionally and philanthropically; many places I want to go; and family and friends I'd like to see more often," Hudson said.She said she felt confident that the company was well-positioned for success at "a time when the dysfunction in Washington has created a cloudy and uncertain environment."Charles Stanley analyst Tina Cook said Hudson was highly regarded for her management of the company and her breadth of experience.Michael Chertoff, chairman of the board of the U.S. unit, said in a statement that Hudson had guided the company through both wartime growth and preparation for defense spending cuts, "clearly establishing it as a major and leading defense company in the United States."(Additional reporting by Brenda Goh in London; Editing by W Simon, Jim Marshall and Lisa Von Ahn)

This article is taken from Reuters.com

Penney sales tumble but back-to-school 'encouraging' so far

(Reuters) - J.C. Penney Co Inc (JCP.N) said on Tuesday quarterly sales tumbled again last quarter, even as reinstated CEO Myron Ullman worked to roll back his predecessor's failed merchandising strategies, but there were signs that customers were returning for the back-to-school season. The company, which reported another steeper-than-expected loss, said sales trends improved every month in the quarter and that business so far this back-to-school period, the second-most important for Penney after the holidays, was "encouraging."Penney forecast it would have $1.5 billion in cash at the end of the year, enough to have ample merchandise on shelves.Its shares rose nearly 3 percent to $13.63 in late morning training.But the lingering impact of Penney's failed efforts to remake itself into a more upscale destination in 2012 under previous CEO Ron Johnson continued to weigh on results and Chief Executive Myron Ullman said the retailer still had a lot of work to do to steady itself."It is no secret that the company's prior merchandising and promotional strategies weren't working. We had to make changes, but these changes take time and they have financial implications," Ullman said on a call with analysts.Sales at stores open at least a year fell 11.9 percent in the quarter, during which it reverted to a promotions-heavy strategy to try to stop the sharp sales decline. Analysts were expecting a 7.4 percent drop, according to Thomson Reuters.The quarter was the first full period under Ullman, who had been CEO from 2004 to 2011, since he returned in April to fix the damage wrought by Johnson, who left after his efforts led to a 25 percent sales decline last year and a $1 billion loss.The company's gross margin fell 3.6 percentage points to 29.6 percent of sales after it had to slash prices to clear merchandise shoppers did not want, much of which was brought in by Johnson who wanted to transform Penney into an emporium of dozens of boutiques each showcasing a trendy brand.The quarter was a tough one generally for retailers, including Penney rivals Macy's Inc (M.N) and Kohl's Corp (KSS.N), which last week reported disappointing sales in an very discount-heavy retail environment.UNDOING HOME MAKEOVERShoppers have not latched on to many of the new, trendier brands in the home-goods section, Ullman said in a statement. Those have included products by designer Michael Graves,After spending hundreds of millions of dollars under Johnson to re-launch the home-goods section, which in June the company said was crucial to its turnaround, the Penney will now re-organize items by category rather than by brand and bring in more lower-priced merchandise."Ullman is rolling up his sleeves and working to get this ship back on track and bringing in the merchandise Penney shoppers want," said Walter Loeb, an analyst with Loeb Associates.Home-goods last year accounted for 12 percent of overall sales compared with 21 percent six years earlier. The relaunch was meant to re-invigorate an important business that generates shopper traffic.The company also said it expected to have $1.5 billion in overall cash liquidity at year's end. Despite the re-organization of the home section, Chief Financial Officer Ken Hannah said capital expenditures would return to the much lower levels of the past.Penney said it would have enough inventory in stores and online well in advance of the holiday season. Another encouraging sign for Penney was online sales fell 2.2 percent in the quarter, suggesting the decline in that business is bottoming out.The higher level of markdowns and lower-than-expected sales deepened Penney's net loss in the quarter to $586 million, or $2.66 per share, from $147 million, or 67 cents per share a year earlier. Overall sales fell 11.9 percent to $2.66 billion.Excluding items such as a loss associated with the tax valuation allowance, Penney lost $1.17 a share, 11 cents worse than expected.The quarter was also full of boardroom drama: William Ackman, the activist billionaire investor who brought in Johnson and is still Penney's largest shareholder, feuded publicly with Penney's chairman earlier this month before quitting the board a few days later.He and the company reached an agreement last week on how he can divest his 18 percent stake if he so chooses.(Reporting by Phil Wahba in New York; Editing by Jeffrey Benkoe and Maureen Bavdek)

This article is taken from Reuters.com

Boston police head a candidate for Homeland chief

New York (CNN) -- Boston Police Commissioner Ed Davis is on the short list of the Obama's administration candidates for the position of Homeland Security secretary, a Boston government official told CNN.

Davis "is very interested" in the position, the source said.

Commissioner since 2006, Davis recently received accolades for his handling of the Boston Marathon bombing and ensuing manhunt.

Former Boston Police Chief William Bratton is also on the short list, the source said.

The current secretary, Janet Napolitano, announced her resignation last month and said she'll be leaving the office in September to become president of the University of California system.

This article is taken from CNN.com

Cautious consumers, wet weather cloud Dick's Sporting outlook

(Reuters) - Outdoor enthusiasts spending less on camping and golfing gear due to a sluggish economy and a wetter season hit Dick's Sporting Goods Inc's (DKS.N) results, leading the company to slash its earnings forecast for the year. Shares of the company, which also sells sports footwear and apparel, fell 6 percent to $47.48 by midday.Consumers have tightened spending amid higher payroll taxes and gasoline prices and a slowing job market. A host of retailers from Macy's Inc (M.N) to Wal-Mart Stores Inc (WMT.N) have reported tepid sales for the latest quarter."It's been pretty well chronicled the consumer seems to be a bit sluggish and may have other priorities right now in the short term of where they want to spend their money," Dick's Chief Executive Edward Stack said on a conference call.Morningstar analyst Paul Swinand said people have been spending on cars and home improvement, while cutting back on discretionary items.Stack said wet and cool conditions in the most recent quarter also discouraged outdoor activity such as water sports, camping, biking and golf, hurting sales in those businesses.Dick's now expects full-year earnings of $2.60 to $2.65 per share, well below its prior estimate of $2.84 to $2.86 per share.The forecast missed the average analyst estimate of $2.83 per share. The company said it expects sales to continue to be weak in the second-half of the year.Dick's will increase advertising to help pull in customers, CEO Stack said.The company's net income in the quarter ended August 3 rose to $84.2 million, or 67 cents per share, from $53.7 million, or 43 cents per share, a year earlier.Excluding items, the company earned 71 cents per share. Net sales rose 6.6 percent to $1.53 billion.Both numbers were below the average analyst estimate of a profit of 74 cents per share on revenue of $1.57 billion, according to Thomson Reuters I/B/E/S.Adjusted for an extra week in 2012, the company's same-store sales fell 0.4 percent, missing its forecast of a 2 to 3 percent rise.Same-store sales at Dick's Sporting Goods stores rose 0.1 percent while those at Golf Galaxy shops fell 6.1 percent. As of August 3, the Company operated 527 Dick'S Sporting Goods stores and 81 Golf Galaxy stores.(Additional reporting by Siddharth Cavale in Bangalore; Editing by Saumyadeb Chakrabarty)

This article is taken from Reuters.com