Dow soars 2% after deal to avoid 'cliff'

NEW YORK (Reuters) - U.S. stocks jumped on the year's first day of trading, after Washington lawmakers cut a last-minute deal to avert automatic tax hikes that threatened to stunt economic growth.

With the gains, the S&P 500 was on target for its highest close since October 19.

The rally was broad-based, with nine stocks rising for every one falling on the New York Stock Exchange. All 10 S&P 500 industry sector indexes rose at least 1 percent, led by the S&P financial index , up 2.2 percent.

The S&P Information Technology index gained 2.1 percent. Among the strongest names in the sector was Hewlett-Packard , which climbed nearly 5 percent to $14.95. HP's gain followed a miserable 2012, when the stock fell nearly 45 percent.

On New Year's Day, while the U.S. stock market was closed, Congress passed a bill to raise taxes on wealthy individuals and families, and preserve certain benefits, while avoiding immediate austerity measures. The combination of mandatory tax hikes and reduced federal spending, which had been set to go into effect on January 1, had been known as the "fiscal cliff.

"We had three choices: We were going to be off the cliff, we were going to be on the cliff, or we were going to avoid the cliff, and we avoided it," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.

"There's a relief rally, some progress because we raised revenue, but I think it's going to be short-lived because the relief rally today was created by politics, and the next cliff is going to be created by politics."

The vote avoided income-tax hikes for all U.S. households, but failed to resolve other political budget showdowns. Spending cuts of $109 billion in military and domestic programs were delayed for just two months, as another fight over the U.S. debt limit also looms then.

The market's surge was due to "the concrete news as opposed to a lack of specific news" that was common during the negotiations, said Stephen Carl, head of U.S. equity trading at The Williams Capital Group in New York.

U.S. stocks ended 2012 with the S&P 500 up 13.4 percent for the year, as investors largely shrugged off worries about the fiscal cliff. For the year, the Dow gained 7.3 percent and the Nasdaq jumped 15.9 percent.

The Dow Jones industrial average gained 223.60 points, or 1.71 percent, to 13,327.74. The Standard & Poor's 500 Index advanced 24.61 points, or 1.73 percent, to 1,450.80. The Nasdaq Composite Index climbed 66.87 points, or 2.21 percent, at 3,086.38.

Bank shares rose following news that U.S. regulators are close to securing another multibillion-dollar settlement with the largest banks to resolve allegations that they unlawfully cut corners when foreclosing on delinquent borrowers.

Bank of America Corp rose 3.4 percent to $11.99 and Wells Fargo shares added 2 percent to $34.87. JPMorgan Chase & Co shares rose 1.5 percent to $44.34.

Shares of Zipcar Inc jumped 48.4 percent to $12.23 after Avis Budget Group Inc said it would buy Zipcar for about $500 million in cash to compete with larger rivals Hertz and Enterprise Holdings Inc. Avis rose 4.5 percent to $20.72.

Shares of Apple rose 2.4 percent to $545, boosting technology stocks, following a report that the most valuable tech company has started testing a new iPhone and a new version of its iOS software. Apple stocks struggled in the final weeks of 2012 before a rally to end the year.

U.S. manufacturing expanded slightly in December after an unexpected November contraction, an Institute for Supply Management report showed on Wednesday.

A Commerce Department report showed U.S. construction spending fell in November for the first time in eight months, as an extended bout of weakness in the business sector outweighed modest growth in outlays on residential projects.

The stock market's reaction to both reports was muted.

(Editing by Jan Paschal)

Read More..

Bears general manager: 'We need to consistently be in the playoffs'

Twenty-four hours after he fired Lovie Smith, Chicago Bears general manager Phil Emery praised the former coach for the work he did and then launched into an extensive explanation of what he’s seeking in a replacement.

Emery already has begun a fast-paced process that is expected to include a large number of candidates. Denver Broncos offensive coordinator Mike McCoy, Tampa Bay Buccaneers offensive coordinator Mike Sullivan and Atlanta Falcons special teams coach Keith Armstrong have interviews set this week.

The search is expected to include coaches from all areas of the game – offense, defense, special teams, NFL and college. Emery has interviews scheduled for next week also, possibly including a candidate or two involved in wild-card round games this weekend. The general manager will conduct all of the initial interviews and then two or three finalists will be presented to a broader group including chairman of the board George McCaskey and team president Ted Phillips.

It was Phillips who mandated a year ago that Emery work with Smith for at least this past season, which ended in a 10-6 record and no playoff berth for the fifth time in six years. Emery said the year did not set him back in his goals for the franchise.

“Absolutely not,” he said. “No. 1, coach Smith is an excellent person, I’ve learned a lot from him, I’ve learned a great deal about our coaches. I like a lot of our coaches, I think we have a fine group, some of them may end up back here so that was very valuable.”

None of Smith’s assistants have been released from their contracts and Emery explained that they all received an extra year on their deals last year to protect them and give the club leverage. Emery indicated he might like a couple of them to remain and it’s easy to speculate special teams coordinator Dave Toub is part of that group.

But Emery’s focus is on finding the next leader of the team, one that can have the Bears competing immediately. He spoke multiple times about continuing to build around quarterback Jay Cutler.

“It’s very important that that person either himself or staff wise has the right person to help Jay develop, but it’s also very important that they help everyone develop,” Emery said.

Emery doesn’t have a preference for a 4-3 or a 3-4 defense but said the team’s personnel is geared for a 4-3 and that the new coach would have to do a great job of convincing him the team could make the transition to a 3-4 with the players currently in the mix.

“I think it’s really important to find the person that has the knowledge and feel to make things fit with the talent that they have,” Emery said. “That’s the mark of excellence that I’m looking for. Somebody that has adapted to the role or has the flexibility and the skill set to make the players that we have fit toward making a run for the championship.”

Emery said he has not been given a budget to use for the coaching search, a process that also involves the Bears paying the departed coaches. That figure alone could reach $10 million, including Smith’s deal.

Emery said Smith’s track record for missing the playoffs and the extended offensive ineptitude of the franchise led him to the decision he made. While he would not commit to hiring a new coach with an offensive background, you can bet Emery will grill candidates with a defensive or special teams background extensively on their offensive philosophy and the staff that the new coach has in mind.

“We haven’t had the balance between our defensive excellence (and offense),” Emery said. “We’ve had special teams excellence. We have not had consistency on the offensive side of the ball. We have gone through a number of coordinators. We have searched for answers.”

Emery also wants a positive personality that will inspire those around him to achieve the goals that are set.

“I want somebody to have some warmth that pulls everybody together in that we have synergy not only with our players but everybody in the building to work towards our common goal,” he said. “Upbeat and positive. Everybody has a different personality. Everybody represents themselves in a different way, but those qualities are paramount. We all want to work together in a position environment towards winning championships.”
 
“I want somebody that’s good on their feet. I think working with the media, not only in Chicago but in a national sense is very important. I want this person to stand up and represent us well. It’s a very tough job. It’s very demanding. Wins and losses weigh heavily week to week. There needs to be a level of consistency in this individual in how he presents himself, not only when we’re up but when we’re down and how we’re going to rebound from being down.”
 
“I’m excited to go through this process. We have started that process. We do have candidates lined up to talk to this week. We have candidates lined up for the following week. It’s an ongoing process and like I said we are working through a wide variety of people. No one has been excluded. It’s an open process. I want to talk to these individuals, listen to them, listen to their thoughts about how they can lead the Chicago Bears towards excellence.”

bmbiggs@tribune.com

Twitter @BradBiggs

Read More..

ESPN’s Hannah Storm returns 3 weeks after accident

NEW YORK (AP) — ESPN anchor Hannah Storm returns to the air New Year’s Day, exactly three weeks after she was seriously burned in a propane gas grill accident at her home.

Storm suffered second-degree burns on her chest and hands, and first-degree burns to her face and neck. She lost her eyebrows and eyelashes, and roughly half her hair.

Storm will host ABC’s telecast of the 2013 Rose Parade on Tuesday. Her left hand will be bandaged and she said viewers might notice a difference in her hair texture where extensions have been added.

“I’m a little nervous about things I used to take for granted,” she said by phone this weekend from Pasadena, Calif. “Little things like putting on makeup and even turning pages on my script.”

The award-winning sportscaster and producer was preparing dinner outside her home in Connecticut on the night of Dec. 11 when she noticed the flame on the grill had gone out. She turned off the gas and when she reignited it “there was an explosion and a wall of fire came at me.”

“It was like you see in a movie, it happened in a split-second,” she said. “A neighbor said he thought a tree had fallen through the roof, it was that loud. It blew the doors off the grill.”

With her left hand, she tore off her burning shirt. She tried to use another part of her shirt to extinguish the flames that engulfed her head and chest, while yelling for help. Her 15-year-old daughter, Hannah, called 911 and a computer technician who was working in the house grabbed some ice as Storm tried to cool the burns.

Soon, police and rescue teams arrived at the house. Storm’s husband, NBC sportscaster Dan Hicks, also had returned home with another of the couple’s three daughters. As her mother was being treated, the younger Hannah calmly said something that, days later, her mom could laugh about.

“OK, Mommy, I’m going to do my homework now,” she said.

Storm was taken by ambulance to the Trauma and Burn Center at Westchester Medical Center and was treated for 24 hours.

“I didn’t see my face until the next day and you wonder how it’s going to look,” she said. “I was pretty shocked. But my overarching thought was I’ve covered events with military members who have been through a lot worse than me, and they’ve come through. I kept thinking, ‘I can do this. I’m fortunate.’”

Other than going to Christmas Eve Mass, Storm hadn’t been outside until her trip to California. ESPN reworked its anchor schedule while she was recovering, and NBC and the Golf Channel rearranged their staffing while Hicks attended to his wife.

Storm is set to host her fifth Rose Parade, with some changes. She’s left-handed, and taking notes is almost impossible. Dressing and showering are challenges, too.

Storm said that long before her accident, she’d been inspired by Iraq War veteran, actor and “Dancing With the Stars” winner J.R. Martinez, the grand marshal at last year’s parade. He was severely burned in a land mine accident while serving overseas.

One attraction of this year’s parade that she was eager to see — the Nurses’ Float, and she hoped to use that moment on air to thank everyone who had taken care of her.

Storm wants to anchor “SportsCenter” in Bristol, Conn., next Sunday. After that, the Notre Dame alum is ready to go in person to watch the No. 1 Irish play Alabama in the national championship game at Miami. She said the school reached out after hearing about her injuries and had been very supportive.

“More than anything, I feel gratitude,” she said. “Something like this really makes you appreciate everything you have, even the chance to wake up on New Year’s Day and do your job.”

Entertainment News Headlines – Yahoo! News

Title Post: ESPN’s Hannah Storm returns 3 weeks after accident
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Hispanic Pregnancies Fall in U.S. as Women Choose Smaller Families

ORLANDO, Fla. — Hispanic women in the United States, who have generally had the highest fertility rates in the country, are choosing to have fewer children. Both immigrant and native-born Latinas had steeper birthrate declines from 2007 to 2010 than other groups, including non-Hispanic whites, blacks and Asians, a drop some demographers and sociologists attribute to changes in the views of many Hispanic women about motherhood.

As a result, in 2011, the American birthrate hit a record low, with 63 births per 1,000 women ages 15 to 44, led by the decline in births to immigrant women. The national birthrate is now about half what it was during the baby boom years, when it peaked in 1957 at 122.7 births per 1,000 women of childbearing age.

The decline in birthrates was steepest among Mexican-American women and women who immigrated from Mexico, at 25.7 percent. This has reversed a trend in which immigrant mothers accounted for a rising share of births in the United States, according to a recent report by the Pew Research Center. In 2010, birthrates among all Hispanics reached their lowest level in 20 years, the center found.

The sudden drop-off, which coincided with the onset of the recession, suggests that attitudes have changed since the days when older generations of Latinos prized large families and more closely followed Roman Catholic teachings, which forbid artificial contraception.

Interviews with young Latinas, as well as reproductive health experts, show that the reasons for deciding to have fewer children are many, involving greater access to information about contraceptives and women’s health, as well as higher education.

When Marucci Guzman decided to marry Tom Beard here seven years ago, the idea of having a large family — a Guzman tradition back in Puerto Rico — was out of the question.

“We thought one, maybe two,” said Ms. Guzman Beard, who gave birth to a daughter, Attalai, four years ago.

Asked whether Attalai might ever get her wish for a little brother or sister, Ms. Guzman Beard, 29, a vice president at a public service organization, said: “I want to go to law school. I’m married. I work. When do I have time?”

The decisions were not made in a vacuum but amid a sputtering economy, which, interviewees said, weighed heavily on their minds.

Latinos suffered larger percentage declines in household wealth than white, black or Asian households from 2005 to 2009, and, according to the Pew report, their rates of poverty and unemployment also grew more sharply after the recession began.

Prolonged recessions do produce dips in the birthrate, but a drop as large as Latinos have experienced is atypical, said William H. Frey, a sociologist and demographer at the Brookings Institution. “It is surprising,” Mr. Frey said. “When you hear about a decrease in the birthrate, you don’t expect Latinos to be at the forefront of the trend.”

D’Vera Cohn, a senior writer at the Pew Research Center and an author of the report, said that in past recessions, when overall fertility dipped, “it bounced back over time when the economy got better.”

“If history repeats itself, that will happen again,” she said.

But to Mr. Frey, the decrease has signaled much about the aspirations of young Latinos to become full and permanent members of the upwardly mobile middle class, despite the challenges posed by the struggling economy.

Jersey Garcia, a 37-year-old public health worker in Miami, is in the first generation of her family to live permanently outside of the Dominican Republic, where her maternal and paternal grandmothers had a total of 27 children.

“I have two right now,” Ms. Garcia said. “It’s just a good number that I can handle.”

“Before, I probably would have been pressured to have more,” she added. “I think living in the United States, I don’t have family members close by to help me, and it takes a village to raise a child. So the feeling is, keep what you have right now.”

But that has not been easy. Even with health insurance, Ms. Garcia’s preferred method of long-term birth control, an IUD, has been unaffordable. Birth control pills, too, with a $50 co-payment a month, were too costly for her budget. “I couldn’t afford it,” she said. “So what I’ve been doing is condoms.”

According to research by the National Latina Institute for Reproductive Health, the overwhelming majority of Latinas have used contraception at some point in their lives, but they face economic barriers to consistent use. As a consequence, Latinas still experience unintended pregnancy at a rate higher than non-Hispanic whites, according to the institute.

And while the share of births to teenage mothers has dropped over the past two decades for all women, the highest share of births to teenage mothers is among native-born Hispanics.

“There are still a lot of barriers to information and access to contraception that exist,” said Jessica Gonzáles-Rojas, 36, the executive director of the institute, who has one son. “We still need to do a lot of work.”

Read More..

Tough decisions await new Tribune Co. board

When the new seven-member Tribune Co. board officially convenes for the first time in the next few weeks, the group of media and entertainment executives will name the company's executive officers. Then comes the bigger job of assessing a diverse portfolio of broadcasting and publishing assets, with an eye toward maximizing the value of the Chicago-based media company.

Whether that means buying, selling or keeping the company intact is a story that will begin to unfold in 2013. But insiders say the new owners — senior creditors Oaktree Capital Management; Angelo, Gordon & Co.; and JPMorgan Chase & Co. — won't be in a rush to make those decisions after a contentious four-year journey through Chapter 11 bankruptcy left the reorganized company in strong financial shape.

"We're really looking forward to the opportunities and the possibilities with this asset base, with over $11 billion in debt removed from the balance sheet," said Ken Liang, a managing director at Oaktree and a member of the new board.

Tribune Co. plunged into bankruptcy in December 2008, saddled with $13 billion in debt from real estate investor Sam Zell's heavily leveraged buyout one year earlier. It emerged from bankruptcy Monday, relatively debt-free and generating cash.

The company owns 23 television stations, including WGN-Ch. 9; national cable channel WGN America; eight daily newspapers, including the Chicago Tribune; and other media assets, all of which the reorganization plan valued at $4.5 billion after cash distributions and new financing.

Tribune Co.'s biggest challenge has been declining revenue and cash flow as the advertisers that sustained it through the years defected to digital media alternatives. But 2012 was a slight improvement, likely boosted in part by election year ad spending in the company's broadcasting unit.

Data released Monday by the company showed that after several years of revenue declines, including a 3 percent drop to $3.1 billion in 2011, sales for the first three quarters of 2012 were flat at $2.3 billion compared with the same period a year earlier. Cash flow was even better: After dropping 12 percent in 2011 to about $370 million, cash flow increased 17 percent during the first three quarters of 2012, to $240 million.

Los Angeles-based investment firm Oaktree is the largest equity owner, with 23 percent of the company. All of Oaktree's distressed-debt holdings have a 10-year investment window, though the average is three or four years, executives said. That time frame usually includes an operating phase, which is where Tribune Co. now stands.

Some experts expect that phase to be relatively brief.

"I think they are temporary owners," said Marshall Sonenshine, chairman of New York banking firm Sonenshine Partners and a professor at Columbia University Business School. "They're not really there to be long-term shareholders of media assets."

While eventually selling the assets is part of Oaktree's distressed-debt investment strategy, it doesn't preclude a longer run, including strengthening the company through strategic acquisitions, Liang said. And with Tribune Co.'s balance sheet cleaned up, the timing of any asset sales will be at their discretion.

The new board also includes Tribune Co. CEO Eddy Hartenstein; Ross Levinsohn, who recently left as interim chief executive of Yahoo Inc.; Craig Jacobson, an entertainment lawyer; Peter Murphy, a former strategy executive at Walt Disney Co. and Caesars Entertainment; Bruce Karsh, Oaktree's president; and Peter Liguori, a former top television executive at Fox and Discovery, who is expected to be named CEO of Tribune Co.

The makeup of the board and the expected choice of Liguori as CEO suggests that broadcasting will be the operational focus for Tribune Co., according to insiders and media analysts. Priorities are expected to include developing WGN America, which lags cable networks such as FX and TBS in revenue, ratings and cash flow, analysts said.

"It's clear that, in a sense, we have a new Tribune media company, and it's going in a direction that many people thought it would be going," said media analyst Ken Doctor. "It makes the company entertainment leaning versus news leaning."

Meanwhile, in the face of digital competition and sagging industry revenue, Tribune Co.'s newspaper holdings have declined to $623 million in total value, according to financial adviser Lazard. While some analysts expect the newspapers to be bundled and delivered to an assortment of potential new owners — everyone from Rupert Murdoch to Warren Buffett has expressed interest in acquiring one or more of the nameplates — they are still profitable and may remain in the Tribune Co. fold for some time, according to insiders.

Tribune reporters Michael Oneal and Becky Yerak contributed.

rchannick@tribune.com

Twitter @RobertChannick

Read More..

'Fiscal cliff' deal emerging: AP

President Barack Obama says it appears that an agreement to avoid the fiscal cliff is “in sight,” but says it's not yet complete and work continues.

Obama says this has been a “pressing issue on people's minds,” and tells an audience of middle-class taxpayers the deal would, among other things, extend unemployment benefits for Americans “who are still out there looking for a job.”

He voiced regret that the work of the administration and lawmakers on Capitol Hill won't produce a “grand bargain” on tax-and-spend issues, but said that “with this Congress, it couldn't happen at that time.”

Officials familiar with the negotiations say an agreement would raise tax rates on family income over $450,000 a year and increase the estate tax rate.

Any overall deal was also likely to include a provision to prevent a spike in milk prices with the new year, extend unemployment benefits due to expire and protect doctors who treat Medicare patients from a 27 percent cut in fees.

Both the House and Senate were on track to meet on the final day of the year, although there was no expectation that a compromise could be approved by both houses by midnight, even if one were agreed to.

Instead, the hope of the White House and lawmakers was to seal an agreement, enact it and send it to Obama for his signature before taxpayers felt the impact of higher income taxes or federal agencies began issuing furloughs or taking other steps required by spending cuts.

Regardless of the fate of the negotiations, it appeared all workers would experience a cut in their-home pay with the expiration of a two-year cut in payroll taxes.

Officials who described the negotiations did so on condition of anonymity, citing the confidential nature of the discussions.

A spokesman for McConnell, Don Stewart, said the Kentucky lawmaker and Biden "continued their discussion late into the evening and will continue to work toward a solution." Underscoring the flurry of activity, another GOP aide said the two men had conversations at 12:45 a.m. and 6:30 a.m. Monday.

Unless an agreement is reached and approved by Congress by the start of New Year's Day, more than $500 billion in 2013 tax increases will begin to take effect and $109 billion will be carved from defense and domestic programs

Though the tax hikes and budget cuts would be felt gradually, economists warn that if allowed to fully take hold, their combined impact — the so-called fiscal cliff — would rekindle a recession.

"This whole thing is a national embarrassment," Sen. Bob Corker, R-Tenn., said Monday on MSNBC, adding that any solution Congress would swallow at this late stage would be inconsequential. "We still haven't moved any closer to solving our nation's problems."

In a move that was sure to irritate Republicans, Reid was planning — absent a deal — to force a Senate vote Monday on Obama's campaign-season proposal to continue expiring tax cuts for all but those with income exceeding $200,000 for individuals and $250,000 for couples.

In one sign of movement on Sunday, Republicans dropped a demand to slow the growth of Social Security and other benefits by changing how those payments are increased each year to allow for inflation.

Obama had offered to include that change, despite opposition by many Democrats, as part of earlier, failed bargaining with House Speaker John Boehner, R-Ohio, over a larger deficit reduction agreement. But Democrats said they would never include the new inflation formula in the smaller deal now being sought to forestall wide-ranging tax boosts and budget cuts, and Republicans relented.

"It's just acknowledging the reality," Sen. Susan Collins, R-Maine, said of the GOP decision to drop the idea.

There was still no final agreement on the income level above which decade-old income tax cuts would be allowed to expire. While Obama has long insisted on letting the top 35 percent tax rate rise to 39.6 percent on earnings over $250,000, he'd agreed to boost that level to $400,000 in his talks with Boehner. GOP senators said they wanted the figure hoisted to at least that level.

Senators said disagreements remained over taxing large inherited estates. Republicans want the tax left at its current 35 percent, with the first $5.1 million excluded, while Democrats want the rate increased to 45 percent with a smaller exclusion.

The two sides were also apart on how to keep the alternative minimum tax from raising the tax bills of nearly 30 million middle-income families and how to extend tax breaks for research by business and other activities.

Read More..

Angry Birds, YouTube among top apps of 2012

TORONTO (Reuters) – Angry Birds, Instagram and Facebook continued to be among the most downloaded apps of the year but rising stars also earned coveted spots on smartphones and tablets.

This year consumers spent on average two hours each day using mobile applications, an increase of 35 percent over last year, according to analytics firm Flurry. The number is expected to continue growing in 2013.

“2012 was a transformative tipping point in the way consumers use apps,” said Craig Palli, a vice president at mobile marketing company Fiksu, adding that the biggest shift is in consumers’ eagerness to turn to apps for a broad range of day-to-day tasks.

Categories such as social networking, media and entertainment, photo editing, and games, continued to captivate consumer interest, with YouTube and Angry Birds being the top free and paid apps respectively at Apple’s App Store.

Meanwhile, several apps released this year quickly joined the ranks of the top downloaded and revenue grossing apps of the year.

The game Draw Something for iPhone and Android quickly gained widespread popularity when it was released in February, and despite dropping off, is still the second most downloaded paid app of the year Android and Apple devices.

“It had a big run and other multi-player puzzle-oriented games like newcomers LetterPress and ScrambleWithFriends proved popular, too,” Palli said. “But in many respects these titles were inspired by the more revolutionary Words With Friends.”

Songza, a music-discovery app for iPhone, Android and Kindle Fire, saw significant growth in both the United States and Canada, where it is now one of the top free apps on the App Store.

Paper, a sketchbook app for the iPad, is estimated to be one of the top grossing apps released this year according to Distimo, an app analytics company. It was named by Apple as the iPad app of the year.

But the real revolution, according to Palli, is among consumers who are eager to turn to apps for their day-to-day tasks, such as finding a taxi or hotel, following current events or increasingly, making payments.

“It is really consumers who are turning to apps first and traditional methods second,” said Palli.

Uber and Hailo, which allow users to book limos and taxis, and AirBnB and HotelTonight, for finding accommodations, began to move mainstream in 2012, Palli said.

Payment apps such as Square, and Apple’s introduction of the Passbook has further positioned the smartphone as a digital wallet.

This year, during major events such as the Olympics, Hurricane Sandy and the U.S. presidential election, the top apps on the App Store reflected those events, said Palli, showing the demand for keeping up with current events through apps.

(Editing by Patricia Reaney and Bill Trott)

Tech News Headlines – Yahoo! News

Title Post: Angry Birds, YouTube among top apps of 2012
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Lake Superior State’s 38th list of banished words

DETROIT (AP) — Lake Superior State University‘s 38th annual list of banished words:

— fiscal cliff

— kick the can down the road

— double down

— job creators/creation

— passion/passionate

— YOLO

— spoiler alert

— bucket list

— trending

— superfood

— boneless wings

— guru

Entertainment News Headlines – Yahoo! News

Title Post: Lake Superior State’s 38th list of banished words
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Memphis Aims to Be a Friendlier Place for Cyclists

Lance Murphey for The New York Times

The Shelby Farms Greenline, which replaced a Memphis rail line.

MEMPHIS — John Jordan, a 64-year-old condo appraiser here, has been pedaling his cruiser bicycle around town nearly every day, tooling about at lunchtime or zipping to downtown appointments.

“It’s my cholesterol-lowering device,” said Mr. Jordan, clad in a leather vest and wearing a bright white beard. “The problem is, the city needs to educate motorists to not run over” the bicyclists.

Bike-friendly behavior has never come naturally to Memphis, which has long been among the country’s most perilous places for cyclists. In recent years, though, riders have taken to the streets like never before, spurred by a mayor who has worked to change the way residents think about commuting.

Mayor A. C. Wharton Jr., elected in 2009, assumed office a year after Bicycling magazine named Memphis one of the worst cities in America for cyclists, not the first time the city had received such a biking dishonor. But Mr. Wharton spied an opportunity.

In 2008, Memphis had a mile and a half of bike lanes. There are now about 50 miles of dedicated lanes, and about 160 miles when trails and shared roads are included. The bulk of the nearly $1 million investment came from stimulus money and other federal sources, and Shelby County, which includes Memphis, was recently awarded an additional $4.7 million for bike projects.

In June, federal officials awarded Memphis $15 million to turn part of the steel truss Harahan Bridge, which spans the Mississippi River, into a bike and pedestrian crossing. Scheduled to open in about two years, the $30 million project will link downtown Memphis with West Memphis, Ark.

“We need to make biking part of our DNA,” Mr. Wharton said. “I’m trying to build a city for the people who will be running it 5, 10, 15 years from now. And in a region known to some for rigid thinking, the receptivity has been remarkable.”

City planners are using bike lanes as an economic development tool, setting the stage for new stores and enhanced urban vibrancy, said Kyle Wagenschutz, the city’s bike-pedestrian coordinator, a position the mayor created.

“The cycling advocates have been vocal the past 10 years, but nothing ever happened,” Mr. Wagenschutz said. “It took a change of political will to catalyze the movement.”

Memphis, with a population of 650,000, is often cited among the unhealthiest, most crime-ridden and most auto-centric cities in the country. Investments in bicycling are being viewed here as a way to promote healthy habits, community bonds and greater environmental stewardship.

But as city leaders struggle with a sprawling landscape — Memphis covers about the same amount of land as Dallas, yet has half the population — their persistence has run up against another bedeviling factor: merchants and others who are disgruntled about the lanes.

A clash between merchants and bike advocates flared last year after the mayor announced new bike lanes on Madison Avenue, a commercial artery, that would remove two traffic lanes. Many merchants, like Eric Vernon, who runs the Bar-B-Q Shop, feared that removing car lanes would hurt businesses and cause parking confusion. Mr. Vernon said that sales had not fallen significantly since the bike lanes were installed, but that he thought merchants were left out of the process.

On McLean Boulevard, a narrow residential strip where roadside parking was replaced by bike paths, homeowners cried foul. The city reached a compromise with residents in which parking was outlawed during the day but permitted at night, when fewer cyclists were out. Mr. Wagenschutz called the nocturnal arrangement a “Cinderella lane.”

Some residents, however, were not mollified. “I’m not against bike lanes, but we’re isolated because there’s no place to park,” said Carey Potter, 53, a longtime resident who started a petition to reinstate full-time parking.

The changes have been panned by some members of the City Council. Councilman Jim Strickland went as far as to say that the bike signs that dot the streets add “to the blight of our city.”

Tensions aside, the mayor’s office says that the potential economic ripple effect of bike lanes is proof that they are a sound investment.

A study in 2011 by the University of Massachusetts found that building bike lanes created more jobs — about 11 per $1 million spent — than any other type of road project. Several bike shops here have expanded to accommodate new cyclists, including Midtown Bike Company, which recently moved to a location three times the size of its former one. “The new lanes have been great for business,” said the manager, Daniel Duckworth.

Wanda Rushing, a professor at the University of Memphis and an expert on urban change in the South, said bike improvements were of a piece with a development model sweeping the region: bolstering transportation infrastructure and population density in the inner city.

“Memphis is not alone in acknowledging that sprawl is not sustainable,” Dr. Rushing said. “Economic necessity is a pretty good melding substance.”

Read More..

Tribune Co. emerges from bankruptcy

The last day of 2012 is the first of a new era for Tribune Co.

After spending more than four years embroiled in a contentious Chapter 11 bankruptcy case, the reorganized Chicago-based media company emerged Monday under new owners and a newly appointed board, freed from its massive debt and facing an uncertain future.

Senior creditors Oaktree Capital Management, Angelo, Gordon & Co. and JPMorgan Chase & Co. are set to take control of Tribune Co.’s storied portfolio of publishing and broadcasting assets, including the Chicago Tribune, officials said.

It was an almost anticlimactic end to a long and painful chapter in Tribune Co.'s 165-year history. Late Sunday, the new Tribune Co. named its board of directors, filed notification with the Delaware bankruptcy court where the bulk of legal wrangling took place and declared its existence.

"It took a long time to get here," said Ken Liang, a managing director at Oaktree and a new member of the board. "It was a tough restructuring. We're pretty excited about the exit."

The new board also will include Tribune Co. CEO Eddy Hartenstein; Ross Levinsohn, who recently left as interim chief executive of Yahoo Inc.; Craig Jacobson, a well-known entertainment lawyer; Peter Murphy, a former strategy executive at Walt Disney Co. and Ceasars Entertainment; Bruce Karsh, Oaktree president; and Peter Liguori, a former top television executive at Fox and Discovery.

Liguori is expected to be named chief executive of Tribune Co. going forward.

Hartenstein, who is publisher of the Los Angeles Times, has been CEO of Tribune Co. since May 2011. He will remain in the role until the board convenes its first meeting in the next several weeks, where it will name the company’s executive officers, according to a company statement.

“Tribune will emerge from the bankruptcy process as a multi-media company with a great mix of profitable assets, strong brands in major markets and a much-improved capital structure,” Hartenstein said in the statement.

Tribune Co. owns 23 television stations, including WGN-Ch. 9, WGN America, eight daily newspapers and other media assets, all of which the reorganization plan valued at $4.5 billion after cash distributions and new financing. Eventually, all the assets are expected to be sold, according to the new owners.

They take the reins of a company that saw its worth essentially cut in half since 2007, when Chicago billionaire Sam Zell took it private in an $8.2 billion leveraged buyout. The rapid decline was mostly due to falling newspaper valuations in the face of digital competition. The anticipated hiring of Liguori suggests that broadcasting will be the operational focus going forward, according to several media analysts.

Los Angeles-based Oaktree, the largest shareholder, with about 23 percent of the equity, appointed two of seven board members. Both Angelo Gordon and JPMorgan have roughly a 9 percent stake and appointed one seat each. The three jointly appointed two more board members, with the final seat occupied by the chief executive.

Among the outgoing board members is Zell, whose deal was seen at the time as an alternative to the squabbles within Tribune Co. that threatened to break apart the then-publicly traded company. But the Great Recession and plummeting advertising revenues across all media, especially the struggling newspaper industry, made the company’s resulting $13 billion debt load untenable.

Tribune Co. filed for Chapter 11 bankruptcy protection in December 2008. Zell blamed a “perfect storm” of industry and economic forces. But the bankruptcy case turned on charges leveled by junior creditors that saddling the company with such a debt burden left it insolvent from the outset.

Led by an aggressive distressed debt fund called Aurelius Capital Management, the junior creditors pressed litigation that stretched out the case for three and a half years in a Delaware court before U.S. Bankruptcy Judge Kevin Carey confirmed the reorganization plan in July. An emergency appeal to stay that decision was dismissed by the 3rd U.S. Circuit Court of Appeals in September. In November, the Federal Communications Commission signed off on waivers needed to transfer Tribune Co.’s broadcast properties to the new ownership, clearing the last hurdle to its emergence from Chapter 11.

“Usually, bankruptcy cases like this take much less time and cost less money,” said Douglas Baird, a bankruptcy expert and law professor at the University of Chicago.

Baird said legal fees for most large corporate bankruptcies run 3 to 4 percent of the company’s total worth. The Tribune Co. case, which will likely cost the company more than $500 million in legal and other professional fees, was more than twice that percentage, due to both the extended litigation and the company’s declining valuation.

Before cash distributions and new financing, a 2012 analysis by financial adviser Lazard valued the broadcasting assets, including the TV stations, WGN-AM 720, CLTV and national cable channel WGN America, at $2.85 billion. Other strategic assets, such as online job site CareerBuilder and cable channel Food Network, are worth $2.26 billion.

Tribune Co.’s newspaper holdings, including the Tribune, Los Angeles Times and six other daily publications, have withered to $623 million in total value, according to Lazard. In 2006, entertainment mogul David Geffen made a $2 billion cash offer for the Los Angeles Times.

Read More..