Obama Still Hopeful in Final Days Before 'Cliff'

Dec 29, 2012 6:00am

AP Photo/ Evan Vucci

Three days remain for Congress to pass a federal budget agreement that would avoid the so-called “fiscal cliff” and today President Obama said he believes the House and Senate leadership can squeak out a deal in time.

In his weekly address, released this morning, the president said allowing the package of perilous tax increases and budget cuts set to take effect in the New Year “would be the wrong thing to do for our economy.”

“Congress can prevent it from happening if they act now,” he said. “Leaders in Congress are working on a way to prevent this tax hike on the middle class, and I believe we may be able to reach an agreement that can pass both houses in time.”

The president was referring to Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., who were attempting to quickly fashion a deal that can pass both chambers of Congress. Although not mentioned specifically in the video, the two leaders and their House counterparts, Speaker John Boehner, R-Ohio, and Rep. Nancy Pelosi, D-Calif., met with the president and his staff at the White House Friday that left both parties’ leadership cautiously optimistic in public statements following the meeting.

INFOGRAPHIC: Fiscal Cliff: Why It Matters

Largely repeating remarks he made following the meeting, the president noted that should the last-minute wrangling fail he has asked Reid to deliver a basic proposal to the Senate floor for a simple up-or-down vote.

“We believe such a proposal could pass both houses with bipartisan majorities -as long as these leaders allow it to come to a vote.  If they still want to vote no and let this tax hike hit the middle class, that’s their prerogative – but they should let everyone vote.  That’s the way this is supposed to work,” he said. “We just can’t afford a politically self-inflicted wound to our economy.”

Reid’s backup legislation would reflect the Democrats’ side in this quagmire, demanding a tax boost for household incomes greater than $250,000 and an extension of unemployment benefits for roughly 2 million Americans that is set to expire without their reauthorization.

Fiscal Cliff: By The Numbers

“You meet your deadlines and your responsibilities every day,” Obama said. “The folks you sent here to serve should do the same.”

The president’s statement came a day before what could be a critical turning point in the “cliff” ordeal. On Sunday, the House of Representatives returns from holiday recess, the same day McConnell and Reid could offer up a hypothetical deal for a vote. Meanwhile, NBC’s “Meet the Press” will air a televised interview with Obama that morning.

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Work-life harmony in S'pore remains stable: study

SINGAPORE: A national study has shown that work-life harmony in Singapore has been stable over the past six years.

The 2012 National Work-Life Harmony Study, conducted by the Social and Family Development Ministry, shows Singapore having an index of 63.

This is a notch lower than the index of 64, achieved in the inaugural study in 2006.

In the study, zero indicates "no harmony", while 100 means "total harmony".

The study found that employees who scored 70 or higher tend to report better work, family and personal outcomes.

Those with children and who spend more time dining with family members also enjoy better work-life harmony.

While the workplace is generally supportive of work-life needs, the study showed more could be done with regard to flexibility at work.

This is especially so for mothers and younger employees.

"I hope that more employers will take the initiative to even just have a chat with these mothers. To understand the needs and requirements, before these women decide to quit, when they face a no-solution situation, because it is very costly for any business to lose a talented employee," said Yeo Mui Ean, president of Women Empowered for Work and Mothering.

"And of course one other group we have in the workforce is really the Generation Y. They have dreams they want to pursue beyond work. And in order to energise and engage them, we need to realise that this group of Generation Y work best in a manner that is different from the baby boomers and Generation X."

- CNA/xq

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Senate leaders tackle fiscal cliff deal

STORY HIGHLIGHTS

• Chiefs of staff for the Senate's top Democrat and Republican will lead fiscal cliff talks


• McConnell hopes there will be a plan to present to the Senate "as early as Sunday"


• If there isn't one, Reid says that he'll put an Obama-backed bill up for a vote


• Some congressmen say Americans have a right to be frustrated by the stalemate

As the fiscal cliff looms, what's your New Year's message to Washington? Go to CNNiReport to share your video.

Washington (CNN) -- The Senate's top Democrat and Republican are working this weekend to forge a compromise to prevent the country from going over the fiscal cliff, the combination of sweeping spending cuts and widespread tax increases that will otherwise take effect in days.

Senate Majority Leader Harry Reid, D-Nevada, on late Friday afternoon called the next 24 hours "very important" in the grueling effort to avert a crisis that has been two years in the making. House Speaker John Boehner has called on the Senate to go first, and then his chamber -- which reconvenes Sunday -- will act.

Sen. Mitch McConnell of Kentucky, the Senate Minority Leader, expressed hope that he and Reid will agree on a plan to present to their respective caucuses "as early as Sunday."

Early Friday evening after a meeting involving him, congressional leaders and top administration officials, President Barack Obama said he was "modestly optimistic" the Senate leaders would reach an agreement. At the same time, he conceded, "Nobody's going to get 100% of what they want."

The two senators' chiefs of staff -- David Krone for Reid, and Sharron Soderstrom for McConnell -- will lead the talks, much of which will be carried on over the phone and by e-mail, aides said. Neither of their bosses is expected to be in the Capitol on Saturday, though that could change.

Staffers for Boehner, the top man in Republican-led House of Representatives, won't directly take part in the negotiations, but they'll be kept informed by McConnell's staff, a GOP aide said. The White House will learn what's going on through Reid's staff.

Democrats believe Republicans should make the "first move" -- basically by saying what changes should be made to the president's proposal, which calls for tax rates to stay the same for all annual family income below $250,000. The expectation is that Republicans will try to raise that income threshold to $400,000 and push to keep estate taxes low; Democrats said they might be open to one such scenario, but not both.

If the offer is "laughable," a Democratic aide said it will probably be leaked to the media. If it is reasonable, it should remain private -- which would mean, for Saturday at least, that no news may be good news.

And if the two sides don't agree on a bill over the weekend, Obama said he wants his latest proposal to be put up for a vote in both the Senate and House. He predicted his plan -- which, in addition to his tax rate proposal, would extend unemployment benefits and "lay the groundwork" for deficit reduction -- would pass in both chambers with bipartisan support.

As members of Congress and their staffs talk, Obama will make his case to the public by appearing Sunday on NBC's "Meet the Press," his first appearance on a Sunday political talk show in three years.

Reid said, at the very least, that he'd prepare legislation that includes elements favored by for a vote by Monday. Still, he insisted he'd first work with his GOP colleagues.

"I look forward to hearing any good-faith proposals Sen. McConnell has for altering this bill," the Nevada Democrat said.

If no legislation passes both chambers and therefore remains unsigned by the president by year's end, the fiscal cliff will go into effect -- something economists warn could trigger a recession.

The lack of political movement thus far, and lack of confidence Washington politicians can get anything done with so little time left, has spurred consumer confidence to sag and stock market values to sink.

Some like Democratic Sen. Chuck Schumer of New York expressed cautious optimism Friday that the looming deadline, and the key players renewed engagement, would spur a deal. But others, like Republican Sen. Bob Corker of Tennessee, derided the process so far as "a total dereliction of duty on every level."

"I've been very surprised that the president has not laid out a very specific plan to deal with this," he said on CBS "This Morning."

"But candidly, Congress should have done the same. And I think the American people should be disgusted."

The principal dispute continues to be over taxes, specifically Democrats' demand to extend most tax cuts passed under President George W. Bush while allowing higher rates of the 1990s to return on top income brackets. During his re-election campaign, Obama said this would protect 98% of Americans and 97% of small businesses from tax hikes.

Republicans have opposed any kind of increase in tax rates, and Boehner suffered the political indignity last week of offering a compromise -- a $1 million threshold for the higher rates to kick in -- that his GOP colleagues refused to support because it raised taxes and had no chance of passing the Senate.

Obama and Democrats have leverage, based on the president's reelection last month and Democrats' gains in the House and Senate in the new Congress. In addition, polls consistently show majority support for Obama's position on taxes, and Democrats insist the House would pass the president's plan with Democrats joined by some Republicans if Boehner allowed a vote on it.

However, influential anti-tax crusader Grover Norquist has vowed to back primary challenges against Republicans who violate his widely signed pledge not to raise taxes. Even if a deal is reached, Norquist has predicted yet more budget showdowns every time the government needs additional money to operate.

The two sides seemingly had made progress early last week on forging a $2 trillion deficit reduction deal that included new revenue sought by Obama and spending cuts and entitlement changes desired by Boehner.

Boehner appeared to move on increased tax revenue, including higher rates on top income brackets and eliminating deductions and loopholes. But his inability to rally all House Republicans behind his plan raised questions about his role and what comes next.

All this has fueled disdain for politicians by many Americans. Such contempt is deserved, said Rep. Steven LaTourette, an Ohio Republican, who is retiring from Congress.

"I think America should be embarrassed by its leadership in D.C.," he told CNN on Friday. "The fact that we have been unable to do things, and instead worried about our next elections. ... I think it's sinful."

What happens to the economy if we go over the cliff?

CNN's Jessica Yellin, Tom Cohen, Dana Bash, Deirdre Walsh, Ted Barrett, Greg Botelho and Kevin Liptak contributed to this report.

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Putin signs bill barring adoptions of Russian kids by Americans

Updated 6:45 a.m. EST

MOSCOW President Vladimir Putin on Friday signed a bill banning Americans from adopting Russian children, part of a harsh response to a U.S. law targeting Russians deemed to be human rights violators.

Although some top Russian officials, including the foreign minister, openly opposed the bill and Putin himself had been noncommittal about it last week, he signed it less than 24 hours after receiving it from Parliament, where both houses passed it overwhelmingly.

The law also calls for closure of non-governmental organizations receiving American funding if their activities are classified as political -- a broad definition that many fear could be used to close any NGO that offends the Kremlin.

It was not immediately clear when the law would take effect, but presidential spokesman Dmitry Peskov was quoted by the Interfax news agency as saying "practically, adoption stops on Jan. 1."

Children's rights ombudsman Pavel Astakhov said this week that 46 children who were about to be adopted in the U.S. would remain in Russia if the bill goes into effect.

The bill has angered Americans and Russians who argue it victimizes children to make a political point, cutting off a route out of frequently dismal orphanages for thousands of children.

UNICEF estimates there are about 740,000 children not in parental custody in Russia while about 18,000 Russians are on the waiting list to adopt a child. The U.S. is the biggest destination for adopted Russian children -- more than 60,000 of them have been taken in by Americans over the past two decades.

Russians historically have been less enthusiastic about adopting children than most Western cultures.

Lev Ponomarev, one of Russia's most prominent human rights activists, hinted at that reluctance when he said Parliament members who voted for the bill should take custody of the children who were about to be adopted.

"The moral responsibility lies on them," he told Interfax. "But I don't think that even one child will be taken for upbringing by deputies of the Duma."

The law is in response to a measure signed into law by U.S. President Barack Obama this month that calls for sanctions against Russians assessed to be human rights violators.

That stems from the case of Sergei Magnitsky, a Russian lawyer who was arrested after accusing officials of a $230 million tax fraud. He was repeatedly denied medical treatment and died in jail in 2009. Russian rights groups claimed he was severely beaten and accused the Kremlin of failing to prosecute those responsible; a prison doctor who was the only official charged in the case was acquitted by a Moscow court on Friday.

The U.S. law galvanized Russian resentment of the United States, which Putin has claimed funded and encouraged the wave of massive anti-government protests that arose last winter.

The Parliament initially considered a relatively similar retaliatory measure, but amendments have expanded it far beyond a tit-for-tat response.

Many Russians have been distressed for years by reports of Russian children dying or suffering abuse at the hands of their American adoptive parents. The new Russian law was dubbed the "Dima Yakovlev Bill," after a toddler who died in 2008 when his American adoptive father left him in a car in broiling heat for hours.

Russians also bristled at how the widespread adoptions appeared to show them as hardhearted or too poor to take care of orphans.

Astakhov, the children's ombudsman, charged that well-heeled Americans often got priority over Russians who wanted to adopt.

A few lawmakers even claimed that some Russian children were adopted by Americans only to be used for organ transplants or become sex toys or cannon fodder for the U.S. Army. A spokesman with Russia's dominant Orthodox Church said that children adopted by foreigners and raised outside the church will not enter God's kingdom.

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White House Says It Has No New Fiscal Cliff Plan

The White House said today it has no plans to offer new proposals to avoid the fiscal cliff which looms over the country's economy just five days from now, but will meet Friday with Congressional leaders in a last ditch effort to forge a deal.

Republicans and Democrats made no conciliatory gestures in public today, despite the urgency.

The White House said President Obama would meet Friday with Democratic and Republican leaders. But a spokesman for House Speaker John Boehner said the Republican "will continue to stress that the House has already passed legislation to avert the entire fiscal cliff and now the Senate must act."

The White House announced the meeting after Senate Minority Leader Mitch McConnell, R-Ky., called the budget situation "a mess" and urged the president to present a fresh proposal.

"I told the president I would be happy to look at whatever he proposes, but the truth is we're coming up against a hard deadline here, and as I said, this is a conversation we should have had months ago," McConnell said of his phone call with Obama Wednesday night.

McConnell added, "Republicans aren't about to write a blank check for anything Senate Democrats put forward just because we find ourselves at the edge of the cliff."

"That having been said, we'll see what the president has to propose," the Republican Senate leader said.

But a senior White House official told ABC News, "There is no White House bill."

That statement, however, may have wiggle room. Earlier today White House spokesman Jay Carney said, "I don't have any meetings to announce," but a short time later, Friday's meeting was made public.

It's unclear if the two sides are playing a game of political chicken or whether the administration is braced for the fiscal cliff.

Earlier today, fiscal cliff, Senate Majority Leader Harry Reid lashed out at Republicans in a scathing speech that targeted House Republicans and particularly Boehner.

Charles Dharapak/AP Photo

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Reid, D-Nev., spoke on the floor of the Senate as the president returned to Washington early from an Hawaiian vacation in what appears to be a dwindling hope for a deal.

The House of Representatives will meet for legislative business Sunday evening, leaving the door cracked open ever so slightly to the possibility of a last-minute agreement.

But on a conference call with Republican House members Thursday afternoon, Boehner kept to the Republican hard line that if the Senate wants a deal it should amend bills already passed by the House.

That was the exact opposite of what Reid said in the morning, that Republicans should accept a bill passed by Democratic led Senate.

Related: What the average American should know about capital gains and the fiscal cliff.

"We are here in Washington working while the members of the House of Representatives are out watching movies and watching their kids play soccer and basketball and doing all kinds of things. They should be here," Reid said. "I can't imagine their consciences."

House Republicans have balked at a White House deal to raise taxes on couples earning more than $250,000 and even rejected Boehner's proposal that would limit the tax increases to people earning more than $1 million.

"It's obvious what's going on," Reid said while referring to Boehner. "He's waiting until Jan. 3 to get reelected to speaker because he has so many people over there that won't follow what he wants. John Boehner seems to care more about keeping his speakership than keeping the nation on a firm financial footing."

Related: Starbucks enters fiscal cliff fray.

Reid said the House is "being operated with a dictatorship of the speaker" and suggested today that the Republicans should agree to accept the original Senate bill pass in July. Reid's comments, however, made it clear he did not expect that to happen.

"It looks like" the nation will go over the fiscal cliff in just five days, he declared.

"It's not too late for the speaker to take up the Senate-passed bill, but that time is even winding down," Reid said. "So I say to the speaker, take the escape hatch that we've left you. Put the economic fate of the nation ahead of your own fate as Speaker of the House."

Boehner's spokesman Michael Steel reacted to Reid's tirade in an email, writing, "Senator Reid should talk less and legislate more. The House has already passed legislation to avoid the entire fiscal cliff. Senate Democrats have not."

Boehner has said it is now up to the Senate to come up with a deal.

Obama, who landed in Washington late this morning, made a round of calls over the last 24 hours to Reid, Boehner, Senate Minority Leader Mitch McConnell, R-Ky., and House Minority Leader Nancy Pelosi, D-Calif.

Related: Obama pushes fiscal cliff resolution.

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Approval for gene-modified salmon spawns controversy

Fast-growing salmon have cleared another hurdle in an upstream battle to be the first genetically modified animal approved for human consumption. After a long and possibly politically motivated delay, federal regulators have released preliminary documents declaring the fish safe to eat and environmentally harmless.

Since 1995, a company called AquaBounty, based in Maynard, Massachusetts, has been seeking approval from the US government to sell its AquAdvantage fish. These Pacific salmon have been modified with a growth hormone gene from Chinook salmon, which causes them to grow twice as fast as normal fish.

Rather than releasing the fish into the wild, the company plans to engineer its eggs in highly secure tanks in Canada, then ship them to Panama to mature. As a precaution, the fish are all female and contain three copies of each chromosome rather than two, rendering them sterile.

Controversy has engulfed the fish since their creation, but the concern is more about their potential ecological impacts than dangers to human health. Organisations such as the Marine Fish Conservation Network, which promotes sustainable fishing practices, worry that the transgenic salmon could outcompete wild salmon if they escape. "The risk of escapes and damage to wild ocean fisheries is simply too great to be left to chance," director Matt Tinning said in a statement.

The organisation says it has not yet had time to review the newly released assessment, published on 27 December by the US Food and Drug Administration (FDA). In two preliminary documents, it declares that AquaBounty's safety measures are sufficient, that the fish would have no significant environmental impact and that they are safe for human consumption.

Delayed release

The timing of the release has sparked suspicion of political interference, as it came hours after a non-profit organisation called the Genetic Literacy Project published FDA documents showing that the assessment had been complete since April and should have been released immediately. The organisation's investigation suggests that the White House's Office of Science and Technology Policy (OSTP), concerned over the issue's sensitivity, had blocked the documents' release until after the presidential election.

Asked about the allegations, the OSTP referred New Scientist to the FDA, whose spokesperson Shelly Burgess declined to comment. But she says that the agency is being particularly cautious as the salmon are the first transgenic animal to reach this point in the approval process.

Final approval of the salmon could still be some way off, however. The public now has 60 days to comment on the documents before the FDA will review them again. Burgess says it is impossible to predict how long the next review might take.

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FEOrchard appoints Koh Boon Hwee as non-exec director, non-exec chairman

SINGAPORE : Far East Orchard (FEOrchard), formerly known as Orchard Parade Holdings, has appointed Koh Boon Hwee as a non-executive director and non-executive chairman with effect from 1 January 2013.

62-year-old Mr Koh will take over from Philip Ng who will be stepping down as a non-executive director and non-executive chairman from next year.

In a statement issued on Friday, FEOrchard said Mr Ng will also cease to be a member of the Nominating Committee, but will remain as a strategic advisor.

It added that the appointment of Mr Koh is a continuing progression in the organisational development of the company and its business growth.

FEOrchard has undergone a strategic corporate restructuring this year with a new diversified portfolio focusing on property development, hospitality real estate development and management, and healthcare real estate space.

Commenting on the appointment, Mr Ng, who is also chief executive officer of FEOrchard's parent, Far East Organization, said: "As FEOrchard begins the next phase of its transformative growth, we will actively develop and expand on our domain real estate capabilities and will also seek to enlarge our footprint beyond Singapore.

"Boon Hwee brings immense value to this endeavour with his excellent record of accomplishments in developing people, businesses and customers across a broad spectrum of industries and markets."

Mr Koh is currently chairman (executive) at Credence Capital Fund II (Cayman) Ltd and Credence Partners Pte Ltd.

He is also currently non-executive chairman of Sunningdale Tech, Yeo Hiap Seng Limited, Yeo Hiap Seng (Malaysia) Berhad, AAC Technologies Holdings, Rippledot Capital Advisers, FEO Hospitality Asset Management, and FEO Hospitality Trust Management.

- CNA/ms

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Top 12 tech stories of the year

Microsoft's big Windows 8 push

SOPA backlash

Live-tweeting war

Apple maps stumble

Apple vs. Samsung

Facebook's botched IPO

The Instagram boom

Megaupload and Kim Dotcom

Mid-sized tablets make their mark

Nintendo launches Wii U

Yahoo hires Marissa Mayer

Tech's role in the 2012 election

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STORY HIGHLIGHTS

• In 2012, older tech companies such as Microsoft tried to revamp their brands


• The year kicked off with a huge online protest against SOPA


• Facebook bought photo-sharing app Instagram, but its IPO was a disappointment


• Apple released its iPhone 5 and iPad Mini but bungled its new mobile maps app

(CNN) -- In the tech world, 2012 was the year of the reboot. Older, established tech companies such as Microsoft, Yahoo and Nintendo all tried to restart their brands with bold new products and fresh blood in the executive suites.

Facebook struggled with its new life as a publicly traded company, and Instagram, the photo-sharing network it acquired in April, was dragged along for the ride.

There were inspiring stories, such as the Internet coming together to protest anti-piracy legislation. And there was darker news, like the Israeli military live-tweeting its strikes against Gaza.

And as always, the world's dominant and most closely watched tech company was all over the news. Apple did a little bit of everything in 2012, from hit new products (the iPad Mini) to high-profile failures (Apple Maps) to some old-fashioned courtroom drama in its patent war with Samsung.

Here are our picks for the top 12 tech stories of 2012. What did we leave out? Let us know in the comment section below.

Microsoft's big push

This was the year Microsoft took a big, bold and surprisingly fun step with a new version of Windows, an updated mobile operating system and its very own iPad rival.

The company, best known for its efficient but stodgy desktop software, needed to do something fresh to get customers' attention in 2012 and started with its flagship product. Windows 8 is a complete overhaul of the Windows operating system. Microsoft nixed the Start button and mixed a playful touchscreen interface with a more traditional desktop experience that runs on tablets, traditional computers, and hybrid machines.

The company also made a leap into the hardware market, releasing its first tablet, the Microsoft Surface, which ran a truncated version of the new Windows 8 operating system. And finally, there was Windows Phone 8, a major revamp of its smartphone operating system, which Microsoft hopes can compete with Apple's iOS and Google's Android.

It's still too soon to judge any of the new releases as successes or failures, but give Microsoft credit for taking chances.

SOPA backlash

In January, a pair of anti-piracy bills united the Internet in outrage. The proposed legislation, the Stop Online Piracy Act, or SOPA, and the Protect IP Act, or PIPA, would have restricted access to sites associated with pirated content, including the search engines and ad networks that do business with them.

The Internet cried censorship, and on January 18 some of the most popular sites blacked out their pages in protest. Reddit, Craigslist, Boing Boing, The Oatmeal, the English-language version of Wikipedia and thousands of other sites went dark. Even Google put a black censorship box over its logo. There were also petitions and organized boycotts of companies that supported the bills.

The protests worked, as both SOPA and PIPA were shelved. It was an impressive demonstration of the power of an organized Internet community.

Live-tweeting war

Violence and war have long been documented on Twitter and other social networks -- typically by journalists and by regular people on the ground (notably the Pakistani witness to the 2011 raid that killed Osama bin Laden).

But in November, the Israeli military took this concept to a new level. During its conflict with Palestinian forces in Gaza, the Israel Defense Force tweeted updates, including the news it had "eliminated" Hamas leader Ahmed Jabari. The military arm of Hamas responded on Twitter with its own provocations.

The back-and-forth between the warring sides signaled a jarring evolution in how war is broadcast in real time.

iPhone 5 and Apple Maps stumble

Every Apple hardware release is a big news story, starting with rumors months in advance and peaking with a well-oiled Apple press event, followed by usually glowing reviews and huge sales numbers. But in 2012, Apple made a major misstep when it released the iPhone 5 and its new operating system, iOS 6.

The company dropped the Google-powered maps that had come pre-installed on every iPhone since 2007. In its place, Apple introduced its own mapping app. Apple Maps looked stunning, with 3-D graphics and neat features like Flyover and turn-by-turn directions. All it was missing was transit directions and accuracy -- the maps were riddled with mistaken locations and outdated information.

The resulting criticism inspired an apology from CEO Tim Cook and led to an executive shakeup at Apple. Customers turned to third-party map apps until Google finally released an iOS version of its popular maps in December.

Apple vs. Samsung

It was the biggest tech trial of the year. Two of the top phone and tablet manufacturers went to war when Apple accused Samsung of infringing on its iPad and iPhone patents for a variety of tablets and smartphones. The drama culminated in a federal jury trial over the summer that offered a rare peek into how notoriously secretive Apple operates.

The story became huge because of the large amount of money at stake and the implications that its verdict would have on Samsung's business and the Android platform.

The jury decided in Apple's favor, awarding the company just over $1 billion in damages. But the case is far from over. Lawyers for both sides will continue bickering over potential appeals for months and possibly years to come.

Facebook's botched IPO

It was the most anticipated IPO of the year, and one of the largest ever for a tech company. Social-media darling Facebook looked primed for a big public opening: The company was valued at $104 billion, snapped up popular photo-sharing app Instagram and was still growing.

But then an array of problems and misjudgments led to a botched IPO in May, and the company's stock plummeted. The initial offer price of $38 was too high, too many shares were issued, its opening day was marred by Nasdaq's technical glitches, and underwriter Morgan Stanley was fined for improperly influencing share sales.

The stock price dropped significantly, hitting a low of $17.55 on September 4. Facebook is still struggling to recover some of its early-2012 luster.

The Instagram boom

Instagram started out scrappy two years ago as a fun little app for sharing sepia-shaded photos with friends. But when its user base skyrocketed, Facebook bought it for $1 billion in cash and shares of Facebook stock. That amount later dropped to $735 million as the value of Facebook shares plummeted.

By September, Instagram had more than 100 million users. The app capped off its big year with a rite of passage for social networks: a bungled update to its terms of service that sparked user outrage and led to a hasty backtrack by founder Kevin Systrom.

Instagram's challenge for 2013 is to figure out how to grow its free service into a business that makes money so that Facebook can begin to get its money's worth.

Megaupload and Kim Dotcom

The Megaupload case would have been mildly interesting on its own. A popular file-sharing company and its various sites were shut down by the F.B.I for piracy. But when Megaupload founder Kim Dotcom was arrested in January at his lavish New Zealand estate, he went from unknown entrepreneur to a flamboyantly rich cult hero.

Dotcom (he legally changed his last name from Schmitz in 2005) did what any self-respecting boy video-game nerd would do with millions of dollars. He bought a yacht, helicopter, luxury cars and motorcycles. He lived with his model wife in a $24 million rented mansion in New Zealand where he spent hours playing "Call of Duty: Modern Warfare 3," earning a spot as the top-ranked player in the world.

But after Dotcom was jailed and his assets were seized, he slowly emerged as a leader for Internet freedom activists who thought he was unfairly targeted. He's still fighting the charges and using his newfound fame to launch new projects. His current plans include a new file-sharing site that encrypts all its files, and a streaming music service called Megabox.

Mid-sized tablets take off

It was the rare case of Apple following a trend instead of setting it. Apple introduced its 7.9-inch iPad Mini in October to take on its new rivals in the tablet market: cheaper 7-inch devices from Google and Amazon. While the Kindle Fire and Nexus 7 were only selling modestly compared to the iPad, Apple quickly recognized the growing demand for a smaller, more portable device.

The iPad Mini proved especially notable because Apple's late CEO, Steve Jobs, famously stated a 7-inch tablet would never make it in the market because it was "too big to compete with a smartphone; too small to compete with an iPad." This may have been one of those rare cases in which Jobs was wrong.

Nintendo launches Wii U

In November, Nintendo released a new version of its popular Wii game console, which while groundbreaking when launched in 2006 was badly in need of a refresh.

The Wii U's most novel feature is a touchscreen tablet controller called a GamePad, which communicates with the main console. Inside the tablet are motion control sensors, speakers, a camera, buttons and other bells and whistles -- all of which the gamer uses to interact with what's happening on the larger screen.

It's a bold move for the company and brings a new perspective to console gaming, although the Wii U has received mixed reviews so far.

Yahoo hires Marissa Mayer

Aging Internet giant Yahoo was facing slumping revenues and internal strife in July when it hired Google exec Marissa Mayer as its new chief executive. The hire made headlines for many reasons: Mayer was a bold choice that showed Yahoo was serious about shaking things up. She was also young, a Silicon Valley power player, and a woman who was expecting her first child.

There was much media hand-wringing over her pregnancy, with some pundits wondering aloud whether Mayer could juggle a newborn baby and a demanding new job. Many saw her as a role model for working mothers.

But when the news settled, the real question returned: Could Mayer save the floundering Yahoo? So far she has shaken up Yahoo's executive team, given employee morale a much-needed boost and begun to improve the company's mobile offerings, including a stunning new Flickr app.

It will take a while to properly gauge her impact, but investors seem optimistic. Yahoo's stock price has risen $4 a share since her hiring was announced.

Tech's role in the presidential election

Technology issues such as net neutrality weren't discussed much during the 2012 presidential election, but tech played a huge role in rallying supporters and getting out the vote. President Obama, arguably the most tech-savvy of U.S. presidents, went on Google Plus and Reddit to take questions from voters.

And both his campaign and that of his GOP challenger, Mitt Romney, sent social media messages almost daily in attempts to sway media reports and public opinion.

But the most impressive use of tech took place behind the scenes, where both sides used new and powerful computer databases to target voters. The Romney campaign's get-out-the-vote program, called Orca, suffered technical glitches on Election Day and was perceived to have been outflanked by Obama campaign software which compiled massive amounts of data on voters and dispatched volunteers to pinpoint locations across the country.

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Former President Bush in ICU

Updated 6:40 p.m. ET

A "stubborn" fever that kept former President George H.W. Bush in a hospital over Christmas has gotten worse, and doctors have put him on a liquids-only diet, his spokesman said Wednesday, describing Bush's condition as guarded to CBS News.

Jim McGrath, Bush's spokesman in Houston, had said earlier in the day that the fever had gone away, but he later corrected himself.

"It's an elevated fever, so it's actually gone up in the last day or two," McGrath told The Associated Press. "It's a stubborn fever that won't go away."

"Following a series of setbacks including a persistent fever, President Bush was admitted to the intensive care unit at Methodist Hospital on Sunday where he remains in guarded condition," McGrath said in an emailed statement. "Doctors at Methodist continue to be cautiously optimistic about the current course of treatment. The President is alert and conversing with medical staff, and is surrounded by family."

Doctors at Methodist Hospital in Houston have run tests and are treating the fever with Tylenol, but they still haven't nailed down a cause, McGrath said. Doctors also have put Bush on a liquid diet, though McGrath could not say why.

The bronchitis-like cough that initially brought Bush to the hospital on Nov. 23 has improved, McGrath said. The 88-year-old is now coughing about once a day, he said.

Bush was visited on Christmas by his wife, Barbara, his son, Neil, and Neil's wife, Maria, and a grandson, McGrath said. Bush's daughter, Dorothy, will arrive Wednesday in Houston from Bethesda, Md. The 41st president has also been visited twice by his sons, George W. Bush, the 43rd president, and Jeb Bush, former governor of Florida.

Bush and his wife live in Houston during the winter and spend their summers at a home in Kennebunkport, Maine.

The former president was a naval aviator in World War II - at one point the youngest in the Navy - and was shot down over the Pacific. He achieved notoriety in retirement for skydiving on at least three of his birthdays since leaving the White House in 1992.

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