DealBook: Goldman Sachs Earnings Soar

9:46 a.m. | Updated

Goldman Sachs on Wednesday reported a fourth-quarter profit of $2.89 billion, or $5.60 a share, a significant jump from the period a year earlier.

The per-share figure is after the company paid preferred dividends, and comes in well ahead of analysts’ expectations of $3.78 a share, according to Thomson Reuters.

Analysts had been anticipating a fairly decent quarter for Goldman, and its results were buoyed by strong trading and investment banking results and lower compensation costs. In the fourth quarter of 2011, the bank earned $1.01 billion, or $1.84 a share.

The bank’s most recent results reflect a continued focus on cutting expenses as well as a number of investing gains, including $485 million from debt and security loans, the company said.

“While economic conditions remained challenging for much of last year, the strengths of our business model and client franchise, coupled with our focus on disciplined management, delivered solid performance for our shareholders,” Goldman’s chairman and chief executive, Lloyd C. Blankfein, said in a news release.

The results had an immediate effect on the firm’s stock, sending it up 2.7 percent in early morning trading.

Over all, the firm produced $9.24 billion in revenue in the quarter ended Dec. 31, up 53 percent from the same quarter in 2011. That also beat analysts’ estimates of quarterly revenue of $7.91 billion.

Goldman also revealed how much it had set aside for compensation, paying out $12.9 billion in 2012, an average of $399,506 to each of its 32,400 employees. This represented 37.9 percent of Goldman’s revenue for the year.

Over the last year, Goldman has reduced its payroll by 900 people. In 2011, the bank set aside $12.22 billion, or 42.4 percent, of its 2011 net revenue to pay compensation and benefits for its employees.

Goldman partners, a small group of top managers at the firm, will learn their 2012 compensation packages on Wednesday. The vast majority of employees, however, will be told what their bonuses will be on Thursday in what is known at Goldman as compensation communication day. These bonuses are on top of annual salaries, which can range from roughly $100,000 to $2 million for executives like Mr. Blankfein.

Bonuses on Wall Street — both the size of them and how they are paid — always draw scrutiny. Goldman Sachs decided this week not to delay the payment of bonuses to its staff members in Britain, a move that would have helped investment bankers and other highly paid employees benefit from a lower income tax rate.

Goldman Sachs was already drawing attention in the United States after it distributed $65 million in stock to 10 senior executives in December instead of January, when the firm typically makes such awards. That move helped the executives avoid the higher tax rates that will now be imposed on income of $450,000 or more.

The firm’s annual return on equity was 10.7 percent, up from 2011, when it was 5.8 percent. While this is far below its performance in boom years like 2006, when its return on equity was 41.5 percent, it is an achievement that it has broken above 10 percent.

Banks continue to fight difficult economic conditions at home and abroad, and Goldman’s results are still well below what it was producing before the financial crisis. Those outsize profits, however, were fueled by borrowing on credit and selling mortgage-linked products, and they have dwindled. New regulations aimed at reining in risk-taking have also reduced the profitability of certain businesses.

Revenue from investment banking came in at $1.41 billion, up 64 percent from the year-ago period.

Net revenue in Goldman’s powerful division that trades bonds, currencies and commodities was $2.04 billion, up 50 percent from levels in the quarter a year earlier. The firm said those results reflected an increase in mortgage revenues, which were “significantly higher” when compared with 2011.

The firm’s investing and lending division also had a stronger-than-expected quarter, posting revenue of $1.97 billion, up 126 percent from year-ago levels. The firm said this unit benefited from an increase in equity prices in Asia and Europe and a number of one-time gains. For instance, it logged a gain of $334 million from its investment in the Industrial and Commercial Bank of China, a strategic investment the firm made in 2006. It also had gains from the debt securities and loans it holds.

Goldman is one of a number of banks releasing earnings this week. JPMorgan Chase also Wednesday weighed in with its results, reporting a strong profit of $5.7 billion for the fourth quarter, up 53 percent from the previous year.

These positive results put pressure on Morgan Stanley to post good results when it releases its fourth quarter numbers on Friday. Analysts polled by Thomson Reuters are expecting Morgan Stanley to report earnings of 27 cents a share, up from a loss of 14 cents in the year-ago period.

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The Caucus: In Debt Game, an Early Move From Obama

In a high-stakes negotiation, the most important moves often come not in the end game but at the very start, when one side or the other prevails in defining what is on the table. If you listened closely, you might have heard President Obama try to do just that in his news conference on Monday, when he suggested that Washington will have tamed the government’s debt problems if the two parties can agree on another $1.5 trillion or so in spending cuts and tax increases.

Fiscal hawks and small-government conservatives say the White House is setting the bar for fiscal responsibility way too low and just kicking the can down the road again on hard decisions that will only become more painful as time goes by. But Mr. Obama appeared intent on establishing that he was just one more deal away from putting the government back on sound footing, if only Republicans would go along.

His numbers are relatively straightforward. During his re-election campaign he committed himself to $4 trillion in deficit reduction over 10 years — he referred to that figure on Monday as the “consensus” on what is necessary “to stabilize our debt and deficit” — including savings he and Congress had already agreed to. Altogether, they have enacted roughly $2.5 trillion in budget cuts and tax increases so far.

At around $4 trillion in deficit reduction, the United States would have a good shot at achieving what Mr. Obama and a growing number of Democrats consider to be a politically plausible and economically meaningful outcome: holding the national debt steady for a decade or so at under 75 percent of gross domestic product. (As recently as last summer the Congressional Budget Office was projecting a debt-to-G.D.P. ratio climbing into the 80s by the end of this decade if the government did not act to cut spending further and raise more tax revenue.)

Banking that last $1.5 trillion in budget savings would no doubt be achieved only after considerable partisan warfare, and the task will be that much tougher because it is tied up in the showdown over whether Congress will raise the debt ceiling. But if the president can threaten, cajole and compromise his way to one more big deficit-reduction pact, the job of putting the nation’s fiscal house in order, in his telling, would be more or less complete.

Best of all, from a Democratic perspective, reaching that goal would not require immediate deep cuts to Medicare or Social Security or a fundamental rethinking of the social welfare compact.

“If we combine a balanced package of savings from spending on health care and revenues from closing loopholes, we can solve the deficit issue without sacrificing our investments in things like education that are going to help us grow,” he said, referring to his existing proposals for modest trims to Medicare and tax-code changes that would generate more revenue from the wealthy.

“Solve” might be too strong a term for the impact on the nation’s fiscal challenges, and there are a lot of technical assumptions in Mr. Obama’s numbers that might prove overly optimistic. But if the United States does not suffer another deep recession, reaching $4 trillion in deficit reduction could buy Washington a decade or so to experiment with ways to curb the main driver of fiscal pressures — rising health care costs. The two parties might be able to nurture greater consensus during that period on whether or how to reshape the entitlement programs to make them sustainable for decades to come.  And if the country was especially lucky, a burst of economic growth could wipe away some portion of the remaining long-term problem.

But Mr. Obama’s effort to define success on his terms is coming up against two primary counterarguments as the White House and Congress hurtle toward the next budget showdown in coming weeks.

Fiscal hawks — those most concerned with the potential economic and financial impact of chronic deficits — say Mr. Obama’s approach is merely a short-term patch, sufficient only to create a 10-year illusion that the nation has made the hard decisions necessary to maintain long-term solvency. In their view, bolder action is needed now to assure that the debt does not spiral out of control in the following decade as the full costs of providing for an aging population put vastly greater strains on the government’s finances.

“Getting some of the easier reforms is not victory, not even close,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget and the leader of Fix the Debt, advocacy groups dedicated to greater budget austerity. “I’m incredibly worried about the argument that we don’t need to do anything more quickly.”

Then there are the small-government conservatives. They want lower deficits, but they also want to lead the nation to a philosophical shift away from what they see as a society too dependent on entitlements and an economy being suffocated by the growth of government.

“Government can’t solve our problems,” said Chris Chocola, president of the Club for Growth, a conservative advocacy group. “We can’t tax our way out of this. We need to structurally reform the way we do things.”

The limits of Mr. Obama’s case are laid out in a recent report  from the Center on Budget and Policy Priorities, a liberal research organization. The center’s report calculated that Congress and Mr. Obama could stabilize the debt at 73 percent of G.D.P. by later in this decade by agreeing on another $1.2 trillion in tax increases and/or spending cuts (a change that would also yield an additional $200 billion in savings over a decade by reducing what the government would otherwise have to pay in interest on the debt).

Stabilizing the debt during periods of economic growth, the report said, is the “minimum appropriate budget policy,” since any nation needs to maintain the flexibility to borrow when times get tough. At 73 percent, the ratio would still be higher than the level recommended for healthy industrial economies by institutions like the International Monetary Fund; the Bowles Simpson report two years ago recommended policy changes that would have put the debt ratio on a declining path for decades to come. And even achieving stability at 73 percent would be a temporary victory.

“In ensuing decades, the aging of America’s population and projected increases in per-capita health care costs — which are likely to rise faster than per-capita G.D.P. — will put considerable pressure on federal health and retirement programs,” the center’s report said, “returning the budget to an unsustainable path of rising debt as a share of the economy.”

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Tata Consultancy says demand in U.S. strong across segments

MUMBAI/BANGALORE (Reuters) – India’s top software services provider Tata Consultancy Services Ltd (TCS) said demand in the key U.S. market is strong across its business segments, with regional banks stepping up spending on technology.

The Mumbai-based company said on Monday that profit jumped 23 percent in the quarter ended December, beating analysts‘ expectations. TCS also gave an upbeat growth outlook, sending its shares up the most in more than eight months and prompting analyst upgrades on the stock.

Economic uncertainty in the United States had fuelled investor worry that clients may keep their IT budgets tight and postpone decision-making on technology spending.

“The U.S. is still a growth market,” Chief Financial Officer S Mahalingam told Reuters in an interview at his Mumbai office on Tuesday. “If it sneezes then we have got a big problem. (But) the demand is very good across all segments.”

The United States accounts for about half of TCS’ revenue, compared with more than 60 percent overall for India’s $ 100 billion outsourcing industry.

Banks, insurers and other financial services clients usually account for more than a third of the revenue at companies such as TCS’ rival Infosys Ltd , where better-than-expected results on Friday and an increased revenue outlook powered a 20 percent rise in its shares over two sessions.

“(The) U.S. economy has regional banks as well, and they are starting to spend. So there is growth,” Mahalingam said.

While Monday’s results prompted analysts from HSBC and CLSA to increase their ratings on TCS stock, some analysts said volume growth was not especially impressive.

Volumes, or billable hours, rose 1.25 percent on a sequential basis, while revenue in dollar terms increased 3.3 percent over the September quarter.

“The key disappointment was soft volume growth of 1.25 percent quarter-on-quarter. However, we remain assured by management’s optimistic outlook on FY14 growth,” Nomura analysts wrote in a note to clients.

(Editing by Tony Munroe and Ryan Woo)

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AP NewsBreak: Rewrite for National Book Awards

NEW YORK (AP) — The National Book Awards are getting a rewrite.

New rules announced Tuesday include a "long list" of 10 nominees to be offered for each of the four competitive categories before being narrowed to the traditional five finalists. And the pool of judges will be expanded beyond writers to include critics, booksellers and librarians.

The changes are the most extensive since the mid-1990s for the awards, presented each fall by the National Book Foundation, as the major New York publishers attempt to broaden their appeal. The publishers have been unhappy with the selection of fiction finalists in recent years and the omission of such high-profile works as Jonathan Franzen's "Freedom" and Marilynne Robinson's "Gilead."

The expansion to 10 mirrors a recent change in the Oscars, but foundation board members said they had been looking to Britain's popular Man Booker Prize as a model.

"We just basically borrowed some of their ideas," said foundation board vice president and Grove/Atlantic CEO Morgan Entrekin, citing the Bookers' use of long lists and non-writers as judges. "The Bookers do a fantastic job at getting a conversation going about good books. With the long list, for instance, you get this conversation bubbling up about what made it and then about what doesn't get on the short list."

Entrekin said that some of the recent National Book Award fiction lists, which usually get the most attention, had been "very eccentric" and that allowing critics and booksellers as judges could open up the process. The results, he thinks, will be a "little more mainstream," and less likely to include "a collection of stories by a university press."

"I think there are plenty of awards that recognize those kinds of books," Entrekin said. "If one of those books is truly the best book of the year, that's no problem. But it seemed like the judges had been recognizing lesser-known authors for the sake of choosing lesser-known authors."

The revisions cap a year-long process during which the book foundation hired an independent consulting firm to discuss the awards with booksellers, editors, writers and others in the literary community. Some ideas were rejected, such as allowing celebrities to be judges. The board also voted not to limit the number of books a publisher could submit, a suggested solution to the complaint that the time commitment needed to read hundreds of new works had made it difficult to find judges.

"We're asking people to read a lot of books, but some of these librarians and booksellers we hope to bring in are reading a lot of books anyway," Entrekin said.

"Our mission is to celebrate literature and expand its audience and we chose the path most consistent with our mission," said David Steinberger, chairman of the foundation's board and CEO of the Perseus Books Group.

This fall's long list will be announced Sept. 12, followed by the short list on Oct. 15 and the winners on Nov. 20.

The National Book Awards have changed several times since being founded in 1950. Winners, who have included William Faulkner, Ralph Ellison and Saul Bellow, were originally announced in advance of the ceremony. The number of categories and nominees have expanded and contracted, with 17 finalists for nonfiction in 1957 and more than 20 competitive categories in the early 1980s.

Awards for translation, "contemporary thought" and first novel have been added, then dropped. For a brief time, even the awards' name was changed, to the American Book Awards.

The format had been stable in recent years: competitive awards given for fiction, nonfiction, poetry and young people's literature, and five finalists announced for each category, picked by five-judge panels of writers that change annually. Over the past two decades, the National Book Foundation has attempted to draw more attention to the actual ceremony, bringing in such celebrities as Steve Martin and Andy Borowitz to host and moving the venue from a Marriott hotel ballroom to the more upscale Cipriani Wall Street.

Like the Academy Awards or the Grammys, the National Book Awards ceremony is an industry's showcase for itself, a balance between rewarding excellence and increasing sales that ideally achieves both. Major publishers are directly invested. They're represented on the board of the National Book Foundation and pay thousands of dollars for tables at the ceremony.

Ironically, publishers were happy with the fiction nominees of 2012, the last group to be voted on under the old rules. The finalists included a mix of well-known writers (Louise Erdrich, Junot Diaz, Dave Eggers) and debut novelists (Ben Fountain and Kevin Powers).

For years, foundation executive director Harold Augenbraum has issued oral instructions to judges that they should not pick books based on the publisher or commercial success or the author's reputation. In 2012, the point was reinforced in written guidelines that stated "fame or obscurity, small press or large, should have no bearing" on their decisions.

"I have no idea if that made any difference," Augenbraum said. "In fact, one judge thought the rules meant not to overlook the smaller presses."

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Personal Best: Training Insights From Star Athletes

Of course elite athletes are naturally gifted. And of course they train hard and may have a phalanx of support staff — coaches, nutritionists, psychologists.

But they often have something else that gives them an edge: an insight, or even an epiphany, that vaults them from the middle of the pack to the podium.

I asked several star athletes about the single realization that made the difference for them. While every athlete’s tale is intensely personal, it turns out there are some common themes.

Stay Focused

Like many distance swimmers who spend endless hours in the pool, Natalie Coughlin, 30, used to daydream as she swam laps. She’d been a competitive swimmer for almost her entire life, and this was the way she — and many others — managed the boredom of practice.

But when she was in college, she realized that daydreaming was only a way to get in the miles; it was not allowing her to reach her potential. So she started to concentrate every moment of practice on what she was doing, staying focused and thinking about her technique.

“That’s when I really started improving,” she said. “The more I did it, the more success I had.”

In addition to her many victories, Ms. Coughlin won five medals in the 2008 Beijing Olympics, including a gold medal in the 100-meter backstroke.

Manage Your ‘Energy Pie’

In 1988, Steve Spence, then a 25-year-old self-coached distance runner, was admitted into the United States Long Distance Runner Olympic Development Program. It meant visiting David Martin, a physiologist at Georgia State University, several times a year for a battery of tests to measure Mr. Spence’s progress and to assess his diet.

During dinner at Dr. Martin’s favorite Chinese restaurant, he gave Mr. Spence some advice.

“There are always going to be runners who are faster than you,” he said. “There will always be runners more talented than you and runners who seem to be training harder than you. The key to beating them is to train harder and to learn how to most efficiently manage your energy pie.”

Energy pie? All the things that take time and energy — a job, hobbies, family, friends, and of course athletic training. “There is only so much room in the pie,” said Mr. Spence.

Dr. Martin’s advice was “a lecture on limiting distractions,” he added. “If I wanted to get to the next level, to be competitive on the world scene, I had to make running a priority.” So he quit graduate school and made running his profession. “I realized this is what I am doing for my job.”

It paid off. He came in third in the 1991 marathon world championships in Tokyo. He made the 1992 Olympic marathon team, coming in 12th in the race. Now he is head cross-country coach and assistant track coach at Shippensburg University in Pennsylvania. And he tells his teams to manage their energy pies.

Structure Your Training

Meredith Kessler was a natural athlete. In high school, she played field hockey and lacrosse. She was on the track team and the swimming team. She went to Syracuse University on a field hockey scholarship.

Then she began racing in Ironman triathlons, which require athletes to swim 2.4 miles, cycle 112 miles and then run a marathon (26.2 miles). Ms. Kessler loved it, but she was not winning any races. The former sports star was now in the middle of the pack.

But she also was working 60 hours a week at a San Francisco investment bank and trying to spend time with her husband and friends. Finally, six years ago, she asked Matt Dixon, a coach, if he could make her a better triathlete.

One thing that turned out to be crucial was to understand the principles of training. When she was coaching herself, Ms. Kessler did whatever she felt like, with no particular plan in mind. Mr. Dixon taught her that every workout has a purpose. One might focus on endurance, another on speed. And others, just as important, are for recovery.

“I had not won an Ironman until he put me on that structure,” said Ms. Kessler, 34. “That’s when I started winning.”

Another crucial change was to quit her job so she could devote herself to training. It took several years — she left banking only in April 2011 — but it made a huge difference. Now a professional athlete, with sponsors, she has won four Ironman championships and three 70.3 kilometer championships.

Ms. Kessler’s parents were mystified when she quit her job. She reminded them that they had always told her that it did not matter if she won. What mattered was that she did her best. She left the bank, she said, “to do my best.”

Take Risks

Helen Goodroad began competing as a figure skater when she was in fourth grade. Her dream was to be in the Olympics. She was athletic and graceful, but she did not really look like a figure skater. Ms. Goodroad grew to be 5 feet 11 inches.

“I was probably twice the size of any competitor,” she said. “I had to have custom-made skates starting when I was 10 years old.”

One day, when Helen was 17, a coach asked her to try a workout on an ergometer, a rowing machine. She was a natural — her power was phenomenal.

“He told me, ‘You could get a rowing scholarship to any school. You could go to the Olympics,’ ” said Ms. Goodroad. But that would mean giving up her dream, abandoning the sport she had devoted her life to and plunging into the unknown.

She decided to take the chance.

It was hard and she was terrified, but she got a rowing scholarship to Brown. In 1993, Ms. Goodroad was invited to train with the junior national team. Three years later, she made the under-23 national team, which won a world championship. (She rowed under her maiden name, Betancourt.)

It is so easy to stay in your comfort zone, Ms. Goodroad said. “But then you can get stale. You don’t go anywhere.” Leaving skating, leaving what she knew and loved, “helped me see that, ‘Wow, I could do a whole lot more than I ever thought I could.’ ”

Until this academic year, when she had a baby, Ms. Goodroad, who is 37, was a rowing coach at Princeton. She still runs to stay fit and plans to return to coaching.

The Other Guy Is Hurting Too

In 2006, when Brian Sell was racing in the United States Half Marathon Championships in Houston, he had a realization.

“I was neck-and-neck with two or three other guys with two miles to go,” he said. He started to doubt himself. What was he doing, struggling to keep up with men whose race times were better than his?

Suddenly, it came to him: Those other guys must be hurting as much as he was, or else they would not be staying with him — they would be pulling away.

“I made up my mind then to hang on, no matter what happened or how I was feeling,” said Mr. Sell. “Sure enough, in about half a mile, one guy dropped out and then another. I went on to win by 15 seconds or so, and every race since then, if a withering surge was thrown in, I made every effort to hang on to the guy surging.”

Mr. Sell made the 2008 Olympic marathon team and competed in the Beijing Olympics, where he came in 22nd. Now 33 years old, he is working as a scientist at Lancaster Laboratories in Pennsylvania.

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This post has been revised to reflect the following correction:

Correction: January 15, 2013

An earlier version of this post misstated the year in which Steve Spence competed in the Olympic marathon, finishing 12th. It was 1992, not 2004. It also misidentified the institution at which he is a coach. It is Shippensburg University, not Shippensburg College.

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DealBook: Alibaba's Founder to Give Up C.E.O. Title, but Will Remain Chairman

After 14 years of building up the Alibaba Group into one of the biggest Internet companies in the world, Jack Ma is taking a step back from the chief executive role of the Chinese e-commerce giant.

But Mr. Ma isn’t leaving entirely; he will hold on to the role of executive chairman, he told DealBook in an interview on Monday. He plans to name his successor when his title change becomes effective on May 10.

He won’t be the only one to hand over some of the company’s reins. Mr. Ma said that most of Alibaba’s leaders “born in the 1960s” will pass their leadership responsibilities to younger colleagues, born in the 1970s and 1980s.

“We believe that they understand the future better than us, and then have a better chance of seizing the future,” he wrote in an e-mail to employees explaining his change in duties.

The shift is the biggest change yet at Alibaba in some time, as it continues to ready itself for the next chapter of its existence. Last week, the company said that it was cleaving itself into 25 smaller divisions — to give managers more flexibility.

And it follows the transformative deal that Alibaba struck with Yahoo last year, in which the Chinese company agreed to buy back about half of the stake in itself held by Yahoo, its American partner. Alibaba had long sought to repurchase the shares to help regain control over its corporate destiny.

For Mr. Ma, the decision to step back from day-to-day management was borne of several reasons. One of them was personal: the job is increasingly tiring.

“I’m 48. I’m no longer young enough to run such a fast-growing business,” Mr. Ma said in the interview. “When I was 35, I was so energetic and fresh-thinking. I had nothing to worry about.”

Come May, Mr. Ma will slide into the role of executive chairman, which he said would let him focus on broad strategic issues, as well as corporate development and social responsibility.

It is a move that the entrepreneur said had been in the works for some time. He has been training “a few candidates” among the younger generation for the chief executive position.

Speculation about who will take over is likely to focus on the heads of Alibaba’s biggest businesses, including Alibaba.com, an online market for small businesses; Taobao, an enormous consumer shopping site; and Alipay, an online payment platform.

Mr. Ma’s early departure will give his replacement time to grow into the role, Mr. Ma said. That could be important when Alibaba finally goes public, sometime down the road. Mr. Ma added that the exact timing or other details of an initial offering haven’t been determined.

Until then, Mr. Ma will remain a powerful figure within the company he founded.

“I will still be very active,” he said. “It is impossible for me to retire.”

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Obama to Press House G.O.P. on Debt Limit

WASHINGTON — President Obama will hold his final news conference of his first term at 11:30 Monday morning in the East Room of the White House with the intention of reiterating his tough line with Congressional Republicans about the need to increase the debt limit soon, administration officials said.

Just one month after the school massacre in Newtown, Conn., Mr. Obama is likely to be questioned, however, about proposals to address gun violence that Vice President Joseph R. Biden Jr. plans to unveil on Tuesday. Mr. Biden has a meeting scheduled with House members later Monday morning to discuss various gun control proposals.

Six days before he is to be inaugurated again, Mr. Obama is preparing a rapid-fire agenda for the early days of his second term. In addition to negotiations over the debt limit, Mr. Obama is preparing for a difficult debate over spending cuts and has said he will propose a comprehensive overhaul of the nation’s immigration system.

The president is also seeking approval of a new team to lead his government, having made nominations to replace his secretaries of the state department, the Pentagon and the treasury department. The effort to reshape his administration -- some of which -- are already proving difficult, will likely dominate much of the next several weeks.

Holding a news conference now suggests that the president is eager to begin pushing that agenda even in advance of his inaugural speech next Monday and his State of the Union speech on February 12.

On the debt limit, the Treasury has said it must be increased between mid-February and March so the government can continue to borrow to pay its bills, including to foreign creditors, Social Security beneficiaries and myriad others over obligations incurred by presidents and Congresses over the years.

Congressional Republicans have said they will not support an increase without dollar-for-dollar spending cuts. But Mr. Obama vows that he will not be forced into negotiations that put the nation’s credit at risk, as it was in mid-2011, when, he said, brinkmanship damaged the economy and led one rating firm to downgrade the nation’s credit rating.

Mr. Obama’s news conference also comes amid reports of dramatic fighting in the West African nation of Mali, where French forces are resisting advances by Islamist insurgents. Mr. Obama said over the weekend that American provided what he called “limited technical support” to French forces.

The president is likely to get questions about the scope of any future American involvement in the efforts to fight the Islamist extremists in Mali.

And the president could face questions about his plans for the war in Afghanistan following his meeting last week with Hamid Karzi, the president of that country. Mr. Obama has said he wants to accelerate the drawdown of American troops in that country.

President Obama has tended to avoid full-blown press conferences during his first four years in office, preferring to answer questions from reporters in pre-scheduled interviews. He occasionally takes question after impromptu remarks in the White House briefing room or after meetings with world leaders.

The last time he appeared in the briefing room to talk about gun violence, he was also peppered by reporters with questions about the fiscal cliff, which had yet to be resolved.

This time, the gun issue may be front and center as the president awaits the recommendations from Mr. Biden. Among the questions that have been raised is how hard the president plans to push for an assault weapons ban as part of a broader package of legislation to address gun violence.

The administration said last week that the president will include a proposed ban on military-style assault weapons in whatever the White House proposes.

On immigration, the White House said over the weekend that the president plans to propose a comprehensive bill that would give illegal immigrants a pathway to citizenship. A similar effort failed to advance six years ago despite a push by then President George W. Bush.

But White House aides believe that Republicans will be more amenable to that effort now, following last year’s presidential election, in which Hispanic voters overwhelmingly supported Mr. Obama.

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RIM says 15,000 BlackBerry 10 apps submitted in under two days

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'Argo,' 'Les Mis' win at Golden Globes

BEVERLY HILLS, Calif. (AP) — Ben Affleck got some vindication and Jodie Foster made a revelation at the Golden Globe Awards.

Affleck's "Argo" earned him best motion picture drama and director honors at Sunday night's ceremony. The awards came just a few days after Affleck was surprisingly omitted from the best-director category at the Academy Award nominations. Affleck also stars in the real-life drama as the CIA operative who orchestrated a daring rescue of six American embassy employees during the 1979 Iranian hostage crisis.

These wins seem to shake up the Oscar race, in which Steven Spielberg's stately, historical epic "Lincoln" was looking like a juggernaut. Despite seven Golden Globe nominations, "Lincoln" earned just one award: best actor for Daniel Day-Lewis' intense, richly detailed portrayal of Abraham Lincoln as he fought for passage of the 13th Amendment, abolishing slavery. Spielberg's film heads into the Feb. 24 Academy Awards with a leading 12 nominations.

The other big winner of the Hollywood Foreign Press Association's honors was "Les Miserables." Based on the international musical sensation and Victor Hugo's novel of strife and redemption in 19th century France, it won best picture musical or comedy, best actor for Hugh Jackman and best supporting actress for Anne Hathaway.

"Honestly, I would have played a musket, so I'm thrilled I got to sing a really good song," Hathaway joked backstage. She belts out the dramatic "I Dreamed a Dream" as the doomed prostitute Fantine.

But perhaps the biggest news of the night was from Foster, who came out without really coming out and suggested she was retiring from acting but then backpedaled a bit backstage. Foster was this year's recipient of the Cecil B. DeMille Lifetime Achievement Award, which is announced beforehand and is usually a pretty respectful and predictable part of the evening.

But the 50-year-old Oscar-winner for "The Silence of the Lambs" and "The Accused," who's been protective of her private life and reluctant to discuss her sexual orientation, used this opportunity to speak from the heart in a rambling and emotional speech that confirmed what long had been an open secret. The veteran actress seized control of what is every year a noisy, boozy ballroom; the crowd of A-listers quickly quieted down as it became apparent that she had something serious and important to say.

She was coy at first, suggesting she had a big announcement that would make her publicist nervous. (At this point, the audio inexplicably dropped out of the NBC broadcast, even though nothing off-color was said.)

Then she stated: "I'm just going to put it out there, loud and proud ... I am, uh, single," pausing for dramatic effect before that last word. "I hope you're not disappointed that there won't be a big coming-out speech tonight. I already did my coming-out about a thousand years ago back in the Stone Age."

She also made it sound as if this would be her last time on stage, but clarified for reporters afterward: "I could never stop acting. You'd have to drag me behind a team of horses. I'd like to be directing tomorrow. I'm more into it than I have ever been."

Among the other multiple winners of the night, "Django Unchained," Quentin Tarantino's spaghetti Western-blaxploitation mashup, earned two awards: for supporting actor Christoph Waltz as a charismatic bounty hunter and for Tarantino's script. The writer-director thanked his friends for letting him read scenes to them as he works through his scripts.

"You guys don't know how important you are to my process," he said. But he added: "I don't want input. I don't want you to tell me if I'm doing anything wrong. Heavens forbid."

"Zero Dark Thirty," which also has been a major contender throughout awards season, earned Jessica Chastain a best-actress Globe for her portrayal of a driven CIA operative at the center of the hunt for Osama bin Laden. That film's director, Kathryn Bigelow, also was left out of the best-director category at the Academy Awards even though it's up for best picture — a result of having nine best-picture nominees and only five best-director slots.

Looking ahead to how the wins for "Argo" might change the Oscar race, Affleck said backstage he tries not to handicap those kinds of things.

"We got nominated for seven Oscars," he told reporters. "If you can't be happy with that, your prospects for long-term happiness are pretty dim.

"I also didn't get the acting nomination," he added, getting a big laugh. "No one is saying I got snubbed there."

On the television side, "Game Change" and "Homeland" were the big winners with three awards apiece. "Game Change," the made-for-HBO movie about 2008 vice-presidential nominee Sarah Palin, won for best motion picture or miniseries made for television, best actress for Julianne Moore and best supporting actor for Ed Harris' portrayal of John McCain. "Homeland" was named best TV drama series, and its stars Claire Danes and Damian Lewis received the dramatic acting awards.

Co-hosts Tina Fey and Amy Poehler, longtime friends and collaborators, had playfully snarky fun with several members of the audience including Taylor Swift, Day-Lewis, Bigelow and even former President Bill Clinton, who arrived on stage to rock-star applause when he introduced "Lincoln" as one of the best-picture nominees.

Fey and Poehler were also competing against each other for best actress in a TV comedy series, Fey for "30 Rock" and Poehler for "Parks and Recreation."

Neither won. Lena Dunham claimed the comedy series Globe for "Girls."

After that, Fey and Poehler showed up on stage with cocktail glasses, with Fey joking that it was time to start drinking.

"Everyone's getting a little loose now that we're all losers," Poehler said.

Poehler's final words also referred back to the biggest moment of the night. She cracked as she was signing off: "We're going home with Jodie Foster!"

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AP Entertainment Writers Anthony McCartney and Beth Harris contributed to this report.

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Well: Calling All Cauliflower

At my house we eat cauliflower like popcorn. Using a simple recipe from Alice Waters, we slice it thin, toss in olive oil and salt, and roast. One head of cauliflower is never enough.

This week in Recipes for Health, Martha Rose Shulman takes us on a trip to Sicily, where cauliflower is a favorite food. She writes:

Every once in a while I revisit the cuisine of a particular part of the world (usually it is located somewhere in the Mediterranean). This week I landed in Sicily. I was nosing around my cookbooks for some cauliflower recipes and opened my friend and colleague Clifford A. Wright’s very first cookbook, “Cucina Paradiso: The Heavenly Food of Sicily.” The cuisine of this island is unique, with many Arab influences – lots of sweet spices, sweet and savory combinations, saffron, almonds and other nuts. Sicilians even have a signature couscous dish, a fish couscous they call Cuscusù.

Cauliflower is a favorite vegetable there, though the variety used most often is the light green cauliflower that we can find in some farmers’ markets in the United States. I adapted a couple of Mr. Wright’s pasta recipes, changing them mainly by reducing the amount of olive oil and anchovies enough to reduce the sodium and caloric values significantly without sacrificing the flavor and character of the dishes.

I didn’t just look to Sicily for recipes for this nutrient-rich cruciferous vegetable, but I didn’t stray very far. One recipe comes from Italy’s mainland, and another, a baked cauliflower frittata, is from its close neighbor Tunisia, fewer than 100 miles away across the Strait of Sicily.

Here are five new ways to cook with cauliflower.

Sicilian Pasta With Cauliflower: Raisins or currants and saffron introduce a sweet element into the savory and salty mix.

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Baked Ziti With Cauliflower: A delicious baked macaroni dish that has a lot more going for it nutritionally than mac and cheese.

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Cauliflower and Tuna Salad: Tuna adds a new element to a classic Italian antipasto of cauliflower and capers dressed with vinegar and olive oil.

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Tunisian Style Baked Cauliflower Frittata: A lighter and simpler version of an authentic Tunisian frittata.

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Sicilian Cauliflower and Black Olive Gratin: A simple gratin that is traditionally made with green cauliflower, but is equally delicious with the easier-to-obtain white variety.

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