Apple and the iWatch conundrum

Will Apple ever make an iWatch?

(Credit:
Sarah Tew/CNET)

Ever since the sixth-generation iPod Nano, lots of people have thought that Apple making its own branded watch is not merely a smart potential move but simply a matter of time. No matter what some have recently argued, I doubt, however, that today's Apple is hungry enough to create the fabled iWatch device.

I've been covering the technology beat long enough to feel, no, smell certain shifts in the gadget market. I'm talking about those cycles when a new product category springs up from nowhere and first seems like a completely goofy notion. Soon after, the segment really heats up with scores of companies jumping into the fray to make a quick buck.

Traditionally, if Apple senses a legitimate opportunity it steps in at the right moment after figuring out the secret to success and sucks the air right out of the market.
Tablets and MP3 players existed well before Apple launched the
iPod and iPad, but their arrival completely transformed the playing field. Remember music players from Creative Labs, Rio, or even Microsoft's clunky Windows Tablet PCs?

I'm getting the same tingling sensation right now from smartwatches. At
CES in January the sleeper hit of the show was wearable tech, essentially devices you could strap or clip to yourself as you would an accessory or article of clothing. A lot of smartwatches, fitness bands, or some hybrid of the two, were talked up at the conference.

These included everything from the long-awaited and crowd-funded Pebble and the Dick Tracy/007-inspired Martian Passport Watch to the Fitbit Flex fitness tracker and the Basis Band. When you factor in the success of the Nike FuelBand, Nike being a company Apple has partnered with in the past to create fitness products, I'd say the time is ripe for Apple to swoop in for the kill.

Chat through the Martian Passport like a speakerphone.

(Credit:
Brian Bennett/CNET)

This is a move the Cupertino company used to accomplish without breaking a sweat. Apple has the knack of catching the competition completely flat-footed, surprising since many already had a big head start. The iPhone is a perfect example. Smartphones had existed for years but the iPhone sounded the death knell for Microsoft's struggling Windows Mobile products -- trust me, I was saddled with a T-Mobile Wing at the time. The Sidekick and a legion of keyboarded feature phones suffered the same fate.

I'm afraid Apple hasn't demonstrated its signature ferocity in recent years. We haven't seen a truly disruptive product from the company since the first iPad. Every noteworthy hardware release since then has been evolutionary and incremental, not transformative. The iPad Mini is simply a smaller iPad, while the iPhone 5 essentially increased the screen from 3.7 to 4 inches. Its A6 processor is also dual-core where many Android CPUs have gone to full quad-core and it received 4G LTE well after its rivals.

What Apple needs here is true out-of-the-box action to quell the doubters at large and on Wall Street. A serious example of nonlinear thinking that matches the creation of the iPod, iPhone, and iPad. Something that would merge multiple gadgets and applications into something entirely new or perhaps clean up the confused mess other manufacturers tout as useful gadgets. Something like a fabulous, shiny Apple iWatch.

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In letter, Sue Paterno defends late husband

STATE COLLEGE, Pa. Breaking more than a year of silence, Sue Paterno is defending her late husband as a "moral, disciplined" man who never twisted the truth to avoid bad publicity.

The wife of the former Penn State coach is fighting back against the accusations against Joe Paterno that followed the Jerry Sandusky scandal. Her campaign started with a letter sent Friday to former Penn State players.

She wrote that the family's exhaustive response to former FBI director Louis Freeh's report for the university on the Sandusky child sex abuse case will officially be released to the public at 9 a.m. Sunday on paterno.com.

Freeh in July accused Joe Paterno and three university officials of covering up allegations against Sandusky, a retired defensive coordinator. Less than two weeks later, the NCAA levied unprecedented sanctions on the program that Joe Paterno built into one of the most well-known in college football.

"When the Freeh report was released last July, I was as shocked as anyone by the findings and by Mr. Freeh's extraordinary attack on Joe's character and integrity. I did not recognize the man Mr. Freeh described," Sue Paterno wrote. "I am here to tell you as definitively and forcefully as I know how that Mr. Freeh could not have been more wrong in his assessment of Joe."

The family directed its attorney, Washington lawyer Wick Sollers, to assemble experts to review Freeh's findings and Joe Paterno's actions, Sue Paterno wrote.

She did not offer details on findings in the letter, "except to say that they unreservedly and forcefully confirm my beliefs about Joe's conduct.

"In addition, they present a passionate and persuasive critique of the Freeh report as a total disservice to the victims of Sandusky and the cause of preventing child sex offenses," Sue Paterno wrote.

Sue Paterno said neither Freeh's report, nor the NCAA's actions, should "close the book" on the scandal.

"This cannot happen," she wrote. "The Freeh report failed and if it is not challenged and corrected, nothing worthwhile will have come from these tragic events."

In a statement released through a spokesman, Penn State called Sue Paterno "an important and valued member of the Penn State community.

25 Photos

Joe Paterno, 1926-2012

"We have and continue to appreciate all of her work on behalf of the university," the school said. "She has touched many lives and continues to be an inspiration to many Penn Staters."

The Associated Press left messages Friday for representatives for Freeh.

Sandusky's arrest in November 2011, triggered the sweeping scandal, including the firing of Paterno and the departure under pressure of Graham Spanier as president days later. Prosecutors filed perjury and failure to report charges against former athletic director Tim Curley and retired vice president Gary Schultz.

Sandusky, 69, was sentenced last fall to at least 30 years in prison in after being convicted in June on 45 criminal counts. Prosecutors said allegations occurred on and off campus.

"The crimes committed by Jerry Sandusky are heartbreaking," Sue Paterno, who has five children and 17 grandchildren, wrote. "It is incomprehensible to me that anyone could intentionally harm a child. I think of the victims daily and I pray that God will heal their wounds and comfort their souls."

Freeh released his findings the following month. His team conducted 430 interviews and analyzed over 3.5 million emails and documents, his report said.

"Taking into account the available witness statements and evidence, it is more reasonable to conclude that, in order to avoid the consequences of bad publicity, the most powerful leaders at Penn State University — Messrs. Spanier, Schultz, Paterno and Curley — repeatedly concealed critical facts relating to Sandusky's child abuse" from authorities, trustees and the university community, Freeh wrote in releasing the report.

Less than two weeks later, Penn State hastily took down the bronze statue of Paterno outside Beaver Stadium. The next day, the NCAA said Freeh's report presented "an unprecedented failure of institutional integrity leading to a culture in which a football program was held in higher esteem."

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Northeast Shuts Down as Blizzard Batters Millions

A blizzard of possibly historic proportions battered the Northeast Friday into Saturday, and forecasters feared as much as two feet of snow and strong winds could shut down densely populated cities such as New York and Boston, where cars were ordered off the streets.

State officials declared states of emergencies throughout the region, and utilities estimated more than a half-million customers were without power by late Friday night.

Some wondered if the storm could top Boston's all-time single-storm snowfall record of 27.6 inches, set in 2003.

By 9 p.m. Friday, according to the National Weather Service, the storm was spinning off the coast of Long Island, N.Y., and expected to move north-northeastward past New England's coast before its effects tapered off on Saturday afternoon.

"Storm total snowfall accumulations of 1 to 2 feet ... with locally higher amounts are possible across much of the Northeast," the National Weather Service said. "The heaviest snow is forecast to fall across parts of eastern Massachusetts ... Connecticut and Rhode Island where snowfall amounts higher than two feet are possible. In addition to the heavy snowfall ... wind gusts as high as 70 mph are possible ... especially near the coasts."

By 9 p.m. Friday, parts of Connecticut and New York had the highest actual snowfall totals listed by the National Weather Service, with 13 inches measured in Ogdensburg and East Setaukey, N.Y., and Lisbon and North Branford, Conn.

Peak wind gusts included a 71-mph measurement in Buzzards Bay, Mass., the National Weather Service said.

Power outages also were reported across the region. As of 11 p.m. Friday, for instance, approximately 300,000 Massachusetts customers were without power, ABC News station WCVB reported. Utilities also reported approximately 170,000 without power in Rhode Island, 30,000 in Connecticut and nearly 20,000 in New York.

The blizzard conditions came together after a storm from the west joined forces with one from the south to form a nor'easter.

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Weather Forecast: Blizzard Headed for Northeast Watch Video

The storm showed the potential for such ferocity that, before it even hit with full force, Massachusetts Gov. Deval Patrick declared a state of emergency Friday afternoon and signed an executive order banning vehicular traffic on roads in his state effective at 4 p.m. ET. It was believed that the last time the state enacted such a ban was during the blizzard of 1978. Violating the ban could result in a penalty of up to a year in jail and a $500 fine.

"[It] could definitely be a historic winter storm for the Northeast," said Adrienne Leptich of the National Weather Service in Upton, N.Y. "We're looking at very strong wind and heavy snow and we're also looking for some coastal flooding."

Airlines began shutting down operations Friday afternoon at major airports in the New York area as well as in Boston, Portland, Maine, Providence, R.I., and other Northeastern airports. By early evening Friday, more than 4,300 flights had been cancelled on Friday and Saturday, according to FlightAware. Airlines hoped to resume flights by Saturday afternoon, though normal schedules were not expected until Sunday.

The snow fell heavily Friday afternoon in New York City. Mayor Michael Bloomberg said clearing the roads was his main concern, and the city readied 1,700 snow plows and 250,000 tons of salt to clear the streets.

New York City was expecting up to 14 inches of snow, which started falling early this morning, though the heaviest amounts were expected to fall at night and into Saturday. Wind gusts of 55 mph were expected in New York City.

"Stay off the city streets. Stay out of your cars and stay at home while the worst of the storm is on us," Bloomberg said Friday.

Connecticut Gov. Dannel P. Malloy declared a state of emergency, deploying National Guard troops across the state to assist in rescues and other emergencies. Schools and state courthouses were closed, and all flights after 1:30 p.m. at Bradley Airport, north of Hartford, Conn., were cancelled. The state's largest utility companies planned for the possibility that 30 percent of customers -- more than 400,000 homes and businesses -- would lose power.

Malloy also directed drivers to stay off the state's major highways.

"Please stay off of 95, 91, 84, Merritt Parkway and any other limited-access road in the state," he said Friday evening.

PHOTOS: Northeast Braces for Snowstorm

Boston, Providence, R.I., Hartford, Conn., and other New England cities canceled school today.

"Stay off the streets of our city. Basically, stay home," Boston Mayor Tom Menino warned Thursday.

On Friday, Menino applauded the public's response.

"I'm very pleased with the compliance with the snow emergency," he said. "You drive down some of the roadways, you don't see one car."

Friday evening, Gov. Patrick also applauded the public's cooperation with the statewide vehicle ban, noting the clear roads were helping utility crews get their work done.

"It's been a great, great help and I thank everyone," Patrick said. "I know it's been an imposition."

As of 4:30 p.m. Friday, according to the Department of Defense, 837 National Guard soldiers and airmen under state control had been activated in Connecticut, Massachusetts and New York in anticipation of the storm -- 552 in Massachusetts, 235 in Connecticut and 50 in New York. The extra hands were helping with roadways, transportation, making wellness checks on residents and other emergency services.

Beach erosion and coastal flooding was possible from New Jersey to Long Island, N.Y., and into New England coastal areas. It was feared some waves off the coast could reach more than 20 feet.

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Tens of thousands mourn slain Tunisia opposition leader

TUNIS (Reuters) - Tens of thousands of Tunisians took to the streets amid scattered violence on Friday to mourn secular opposition leader Chokri Belaid, whose assassination has plunged Tunisia deeper into political crisis.

Braving chilly rain, at least 50,000 people turned out for Belaid's funeral in his home district of Jebel al-Jaloud in the capital, chanting anti-Islamist and anti-government slogans.

It was Tunisia's biggest funeral since the death of Habib Bourguiba, independence leader and first president, in 2000.

Tunisia, cradle of the Arab uprisings, is riven by tensions between dominant Islamists and their secular opponents, and by frustration at the lack of social and economic progress since President Zine al-Abidine Ben Ali was ousted in January 2011.

"The people want a new revolution," shouted mourners in Tunis, who also sang the national anthem.

Crowds surged around an open army truck carrying Belaid's coffin, draped in a red and white Tunisian flag, from a cultural center in Jebel al-Jaloud towards the leafy Jallaz cemetery, as a security forces helicopter flew overhead.

Police fired teargas and shots in the air to disperse youths who were smashing cars near the cemetery, forcing some mourners to run from the choking clouds. Police also used teargas against demonstrators outside the Interior Ministry.

"Belaid, rest in peace, we will continue the struggle," mourners chanted, holding portraits of the politician killed near his home on Wednesday by a gunman who fled on a motorcycle.

Some demonstrators denounced Rachid Ghannouchi, leader of the ruling Islamist Ennahda party. "Ghannouchi, assassin, criminal," they chanted. "Tunisia is free, terrorism out."

Police fired teargas to disperse anti-government protesters throwing stones and petrol bombs in the southern mining town of Gafsa, a stronghold of support for Belaid, witnesses said.

Crowds there had chanted "The people want the fall of the regime", a slogan first used against Ben Ali.

CRADLE OF REVOLT

In Sidi Bouzid, the southern town where the revolt against the ousted strongman began, about 10,000 marched to mourn Belaid and shout slogans against Ennahda and the government.

Banks, factories and some shops were closed in Tunis and other cities in response to a strike called by unions in protest at Belaid's killing, but buses were running normally.

Tunis Air suspended all its flights because of the strikes, a spokesman for the national airline said, adding that flights operated by other airlines were not affected.

However, airport sources in Cairo said Egypt's national airline EgyptAir had canceled two flights to Tunisia after staff at Tunis airport joined the general strike.

After Belaid's assassination, Prime Minister Hamdi Jebali, an Islamist, said he would dissolve the government and form a cabinet of technocrats to rule until elections could be held.

But his own Ennahda party and its secular coalition partners complained they had not been consulted, casting doubt over the status of the government and compounding political uncertainty.

No one has claimed responsibility for the killing of Belaid, a lawyer and secular opposition figure.

His family have blamed Ennahda but the party has denied any hand in the shooting. Crowds have attacked several Ennahda party offices in Tunis and other cities in the past two days.

"Hope still exist in Tunisia," Fatma Saidan, a noted Tunisian actor, told Reuters at Belaid's funeral. "We will continue to struggle against extremism and political violence."

She called for national unity, saying: "We are ready to accept Islamists, but they don't accept us."

SECULAR SYMBOL

While Belaid had only a modest political following, his criticism of Ennahda policies spoke for many Tunisians who fear religious radicals are bent on snuffing out freedoms won in the first of the revolts that rippled through the Arab world.

Secular groups have accused the Islamist-led government of a lax response to attacks by ultra-orthodox Salafi Islamists on cinemas, theatres and bars in recent months.

The economic effect of political uncertainty and street unrest could be serious in a country which has yet to draft a new constitution and which relies heavily on the tourist trade.

Mohamed Ali Toumi, president of the Tunisian Federation of Travel Agencies, described the week's events as a catastrophe that would have a negative impact on tourism, but he told the national news agency TAP no cancellations had been reported yet.

France, which had already announced the closure of its schools in Tunis on Friday and Saturday, urged its nationals to stay clear of potential flashpoints in the capital.

"Unless unavoidable, it is best to stay away from the city center today, and steer clear of demonstrations and major road crossings or sensitive buildings," said Helene Conway-Mouret, minister in charge of French people living abroad.

The Austrian foreign ministry issued a similar warning.

The cost of insuring Tunisian government bonds against default rose to its highest level in more than four years on Thursday and ratings agency Fitch said it could further downgrade Tunisia if political instability continues or worsens.

(For an interactive look at Tunisia please click on http://link.reuters.com/tub85t )

(Additional reporting by Alexander Dziadosz in Cairo, Brian Love in Paris and Michael Shields in Vienna; Editing by Andrew Heavens)

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Police working with Interpol in global effort against match-fixing

SINGAPORE: The Singapore Police Force (SPF) is working with Interpol in relation to recent claims of a match-fixing syndicate originating in Singapore.

SPF said that evidence of alleged match-fixing needs to be further developed in order for Singapore law enforcement agencies to take concrete follow-up actions against the alleged suspects.

That is why the SPF will send its officers to Interpol to assist in the current investigations and join the global fight against match-fixing and illegal betting in football.

The authorities reiterated that Singapore remains highly committed in the fight against match-fixing and other trans-national crimes.

If evidence of such crimes exist, the police will pursue the case vigorously to bring the perpetrators to justice.

- CNA/al

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Apple releases raw support for Nikon D5200, Sony RX1

The Sony RX1 comes with an optional viewfinder, shown here perched atop the camera body in the flash hot shoe. The camera comes with a Carl Zeiss lens, too.

(Credit:
Stephen Shankland/CNET)

With the release of its raw compatibility update 4.04, Apple software now can handle raw-format photos from two hot new cameras, the Nikon D5200 SLR and the high-end compact Sony RX1.

The D5200 is a relatively inexpensive SLR whose 24-megapixel sensor looks to have promisingly high performance -- the top rating for an APS-C-sized sensor, according to DxO Labs' DxOMark test results. The $2,800 RX1 has an even larger full-frame sensor, also with a 24-megapixel resolution, but its design uses a fixed 35mm lens.

Also supported in the Apple update is support for raw photos from Pentax's K-5 II and K-5 IIs, which also get high marks from the DxO sensor test.

Apple has been turning the crank faster to keep up with the constant stream of new cameras, with eight raw support updates in the last year. Each update means that software such as iPhoto and Aperture that rely on OS X's raw-image support can handle newer cameras' formats. Raw photos, available on higher-end cameras, offer higher image quality and more flexibility than JPEGs, but they also require some manual processing that makes them less convenient than JPEGs.

Also supported in the update are Leica's D-Lux 6, V-Lux 4, and X2, and Pentax's Q and K-30.

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Ex-LA cop, murder suspect sent parcel to Anderson Cooper

In this image provided by the Irvine, Calif., Police Department via The Orange County Register, former Los Angeles police officer Christopher Jordan Dorner is shown. Dorner is a suspect in the killings of Monica Quan and her fiance, Keith Lawrence, who were found shot to death in their car at a parking structure Sunday night. (AP Photo/Irvine Police Department via The Orange County Register) / AP/Irvine Police Department via Orange County Register

LOS ANGELES Law enforcement officials are inspecting a package CNN's Anderson Cooper received from a former Los Angeles police officer who allegedly killed three in a shooting spree.

CNN spokeswoman Shimrit Sheetrit said Thursday that a parcel containing a note, a DVD and a bullet hole-riddled memento were sent by Christopher Dorner and addressed to Cooper's office.

LAPD Cmdr. Andrew Smith says LAPD robbery-homicide detectives will inspect the package for clues.

The package arrived Feb. 1, days before the first two killings Dorner is accused of.

It contained a note on it that read, in part, "I never lied."

Dorner was fired from the LAPD in 2008 for making false statements.

A coin typically given out as a souvenir by the police chief was also in the package, and riddled with bullet holes.

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Door-to-Door Search for Suspected Cop Killer

More than 100 police officers were going door-to-door and searching for new tracks in the snow in the hopes of catching suspected cop killer Christopher Dorner overnight in Big Bear Lake, Calif., before he strikes again as laid out in his chilling online manifesto.

Police held a news conference late Thursday, alerting the residents near Big Bear Lake that Dorner was still on the loose after finding his truck burning around 12:45 p.m. local time.

San Bernardino County Sheriff's spokeswoman Cindy Bachman said the authorities can't say for certain he's not in the area. More than half of the 400 homes in the area have been searched by police, who are traveling in two-man teams. Bachman urged people in the area to not answer the door, unless you know the person or law enforcement in uniform.

After discovering Dorner's burning truck near a Bear Mountain ski resort, police discovered tracks in the snow leading away from the vehicle. The truck has been taken to the San Bernardino County Sheriffs' crime lab.

Read More About Chris Dorner's Allegations Against the LAPD

Bachman would not comment on Dorner's motive for leaving the car or its contents, citing the ongoing investigation. Police are no aware of Dorner having any ties to others in the area.

Christopher Dorner: Ex-Cop Wanted in Killing Spree Watch Video

Engaged California Couple Found Dead in Car Watch Video

She added that the search in the area would continue as long as the weather cooperates. However, a snowstorm was forecast for the area. About three choppers were being used overnight, but weather conditions were deteriorating, according to Bachman.

Dorner, a former Los Angeles police officer and Navy reservist, is suspected of killing one police officer and injured two others Thursday morning in Riverside, Calif. He was also accused of killing two civilians on Sunday. And he allegedly released an angry "manifesto" airing grievances against police and warning of coming violence toward cops.

In the manifesto Dorner published online, he threatened at least 12 people by name, along with their families.
"Your lack of ethics and conspiring to wrong a just individual are over. Suppressing the truth will leave to deadly consequences for you and your family," Dorner wrote in his manifesto.

One passage from the manifesto read, "I will bring unconventional and asymmetrical warfare to those in LAPD uniform whether on or off duty."

"I never had the opportunity to have a family of my own," it read. "I'm terminating yours."

Hours after the extensive manhunt dragged police to Big Bear Lake, CNN's Anderson Cooper said Dorner had sent him a package at his New York office that arrived on Feb. 1, though Cooper said he never knew about the package until Thursday. It contained a DVD of court testimony, with a Post-It note signed by Dorner claiming, "I never lied! Here is my vindication."

PHOTOS: Former LAPD Officer Suspected in Shootings

It also contained a keepsake coin bearing the name of former Los Angeles Police Chief William J. Bratton that came wrapped in duct tape, Cooper said. The duct tape bore the note, "Thanks, but no thanks Will Bratton."

Bratton told Cooper on his program, "Anderson Cooper 360," that he believed he gave Dorner the coin as he was headed overseas for the Navy, Bratton's practice when officers got deployed abroad. Though a picture has surfaced of Bratton, in uniform, and Dorner, in fatigues, shaking hands, Bratton told Cooper he didn't recall Dorner or the meeting.

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Khamenei rebuffs U.S. offer of direct talks

DUBAI (Reuters) - Iran's highest authority, Ayatollah Ali Khamenei, on Thursday slapped down an offer of direct talks made by U.S. Vice President Joe Biden this week, saying they would not solve the problem between them.

"Some naive people like the idea of negotiating with America, however, negotiations will not solve the problem," Khamenei said in a speech to officials and members of Iran's air force carried on his official website.

"If some people want American rule to be established again in Iran, the nation will rise up to face them," he said.

"American policy in the Middle East has been destroyed and Americans now need to play a new card. That card is dragging Iran into negotiations."

Khamenei made his comments just days after Joe Biden said the United States was prepared to meet bilaterally with the Iranian leadership. "That offer stands but it must be real and tangible," Biden said in a speech in Munich.

With traditional fiery rhetoric, Khamenei lambasted Biden's offer, saying that since the 1979 revolution the United States had gravely insulted Iran and continued to do so with its threat of military action.

"You take up arms against the nation of Iran and say: 'negotiate or we fire'. But you should know that pressure and negotiations are not compatible and our nation will not be intimidated by these actions," he added.

Relations between Iran and the United States were severed in 1979 after the overthrow of Iran's pro-western monarchy and diplomatic meetings between officials have since been very rare.

ALL OPTIONS STILL "ON THE TABLE"

Currently U.S.-Iran contact is limited to talks between Tehran and a so-called P5+1 group of powers on Iran's disputed nuclear program which are to resume on February 26 in Kazakhstan.

Israel's Deputy Prime Minister Dan Meridor said he was skeptical the negotiations in Almaty could yield a result, telling Israel Radio that the United States needed to demonstrate to Iran that "all options were still on the table".

Israel, widely recognized to be the only nuclear power in the Middle East, has warned it could mount a pre-emptive strike on Iranian atomic sites. Israel sees its existence as directly threatened by the prospect of an nuclear-armed Iran, given Tehran's refusal to recognize the existence of the Jewish state.

"The final option, this is the phrasing we have used, should remain in place and be serious," said Meridor.

"The fact that the Iranians have not yet come down from the path they are on means that talks ...are liable to bring about only a stalling for time," he said.

Iran maintains its nuclear program is entirely peaceful but Western powers are concerned it is intent on developing a weapons program.

Many believe a deal on settling the nuclear issue is impossible without a U.S.-Iranian thaw. But any rapprochement would require direct talks addressing many sources of mutual mistrust that have lingered since Iran's 1979 Islamic Revolution and the subsequent U.S. embassy hostage crisis in Tehran.

Moreover, although his re-election last November may give President Barack Obama a freer hand to pursue direct negotiations, analysts say Iran's own presidential election in June may prove an additional obstacle to progress being made.

(Additional reporting by Dan Williams; Editing by William Maclean and Jon Boyle)

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CapitaMalls Asia Q4 net profit dips 10% on-year

SINGAPORE: Shopping mall developer and operator CapitaMalls Asia announced on Thursday a 10 per cent on-year decline in its fourth-quarter net profit.

The company attributed the drop mainly to lower fair value gains from investment properties in China and Singapore, as well as impairment losses in India and higher finance costs.

Net profit for the quarter fell to S$184.8 million from S$205.4 million a year ago.

Revenue for Q4 rose 71.4 per cent to S$113.6 million from S$66.3 million the year before.

The company cited its acquisition of Olinas Mall in Tokyo, additional stakes in three malls in Japan and higher management fees for its revenue increase.

In addition, CapitaMalls posted a record profit of S$546 million for 2012 -- a 19.7 per cent jump from the S$456 million booked the year before.

The developer said more than 50 per cent of its malls in China started operations in 2012.

Besides opening seven malls in China, the company also opened two new malls in Singapore -- The Star Vista and JCube. It also enhanced existing properties like Bugis+ and The Atrium@Orchard.

The CEO of CapitaMalls Asia, Lim Beng Chee, said the firm will focus on opening five new malls in 2013 -- two in China, two in Singapore, and one in India.

He expects the company's key markets in Singapore, China and Malaysia to continue to grow this year, with robust growth in China.

"If you look at China, I think the growth is going to be strong, particularly because our business is focused on what we call 'middle-class shopping'... So mostly everyone can come to our mall to enjoy a meal (or) go to the supermarket... I think this is going to be very positive," said Mr Lim

The company has a pan-Asian portfolio of 102 shopping malls across 52 cities in five countries -- Singapore, China, Malaysia, Japan and India.

CapitaMalls stocks closed down more than 4 per cent at S$2.08 a share on Thursday on the Singapore Exchange.

- CNA/jc

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