Luxury Real Estate: The Sport of Tycoons

Clockwise from top left: Stephane Cardinale/Corbis; Marilynn K. Yee/The New York Times; Robert Caplin for The New York Times; William Zbaren for The New York Times

GOING SHOPPING? Casa Casuarina, top left, Gianni Versace’s Florida home, is for sale for $ 100 million. The 89th-floor penthouse at Trump International Hotel and Tower, bottom left, is listed for $ 32 million. Top right: duplexes in One57, at 157 West 57th Street, sold for at least $ 90 million apiece. Bottom right: the 18th-floor penthouse at the Sherry-Netherland may be had for $ 95 million.

IT was a year of record-high sales for luxury real estate. But 2012 will also enter the books for its chart-topping listings, as sellers sought to ride the wave of irrational exuberance for trophy properties.

In Manhattan, it all began in March with the record sale of a penthouse at 15 Central Park West for $ 88 million by the former chairman of Citigroup, Sanford I. Weill, to the daughter of a Russian billionaire. Then the casino king Steve Wynn paid $ 70 million for a 14-room duplex at 50 Central Park South. Mystery buyers signed contracts for a pair of duplexes at One57, a Midtown tower still under construction, for at least $ 90 million apiece.

The copycats soon followed. New York, while seeming to set the tone, was not alone. High-end markets in cities across the country, including Miami and Chicago, caught the fever, producing record sales prices in 2012, and affixing record price tags to houses and apartments.

Yet for all the hype, at year’s end most of the biggest listings still remain on the market. In Manhattan, sellers of properties of $ 50 million or more have been stubborn about reducing prices, while in other parts of the country, brokers have begun to drop prices rather than lose out on the billionaire-buying wave.

Still for sale is the $ 100 million penthouse at CitySpire at 150 West 56th Street. So, too, is the $ 95 million full-floor co-op at the Sherry-Netherland hotel at 781 Fifth Avenue. The 9,800-square-foot penthouse at the Mark hotel that was on the market for most of 2012? It’s still available for $ 60 million.

“You had some records being set,” said Jonathan J. Miller, the president of Miller Samuel, a real estate appraiser, “and then that created a chain reaction of copycats who were hoping to piggyback onto that phenomenon.”

The blast of sales at One57 — where billionaires in 2012 scooped up full-floor apartments with unobstructed views of Central Park for about $ 50 million apiece (or about $ 8,000 per square foot) — seemed to embolden owners of other would-be trophy properties to expect as much or more on resale.

One that was apparently pulled off the market was a duplex penthouse at 50 Central Park South that had been listed in August for $ 95 million by Halstead Property.

For Miami, 2012 was also a year of record sales. An Italian buyer paid $ 25 million for a penthouse on South Beach, while a Russian bought a 10-bedroom house at Indian Creek Village for $ 47 million. Those sales inspired agents to go for broke on other properties. A six-bedroom penthouse in South Beach owned by the New York developer Ian Bruce Eichner has been listed for $ 39 million for several months.

The biggest Miami trophy of all is Casa Casuarina, the former mansion of the fashion designer Gianni Versace, who was shot to death in 1997 as he opened the gate of the 23,462-square-foot house. Owned now by the telecom mogul Peter Loftin, it went on the market for $ 125 million in June — and was at that time one of the two most expensive residential listings in the country, according to Forbes. The house has 10 bedrooms, 11 baths, and a 54-foot mosaic-tile pool lined with 24-karat gold, and it sits on Ocean Drive in the heart of the South Beach scene.

Jill Eber, a Coldwell Banker broker who is listing the house with her partner, Jill Hertzberg, said there had been “serious interest” from around the world. But with nobody biting at $ 125 million, “the Jills,” as they are known, lowered the asking price to $ 100 million in November. “We really wanted to open it up and have the price right for the winter season,” Ms. Eber said. “We have been seeing numbers like we have never seen before in Miami.”

While Casa Casuarina has come down toward earth somewhat, an apartment in Chicago soars above all others. An 89th-floor penthouse at Trump International Hotel and Tower, at about 1,200 feet above the ground, it is the tallest residence in North America, and perhaps in the world, said Chezi Rafaeli of Coldwell Banker, the listing broker. The $ 32 million price tag makes it the highest-priced apartment in the Midwest, brokers say.

“You feel as if you can go out of your window and walk on the clouds,” Mr. Rafaeli said of the 14,250-square-foot spread, which has seven bedrooms.

Sellers seemed eager to try to break records in 2012. Leroy Schecter, the steel magnate, decided to list two apartments on the 35th floor of the tower at 15 Central Park West as one combined unit for $ 95 million, or more than $ 15,800 a square foot. The finished product will have a little less than 6,000 square feet; it has no outdoor space. Mr. Schecter jumped in just a few days after two other Manhattan listings topped $ 90 million.

NYT > Real Estate

Title Post: Luxury Real Estate: The Sport of Tycoons
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..

Wall Street ends sour week with fifth straight decline

NEW YORK (Reuters) - Stocks fell for a fifth straight day on Friday, dropping 1 percent and marking the S&P 500's longest losing streak in three months as the federal government edged closer to the "fiscal cliff" with no solution in sight.

President Barack Obama and top congressional leaders met at the White House to work on a solution for the draconian debt-reduction measures set to take effect beginning next week. Stocks, which have been influenced by little else than the flood of fiscal cliff headlines from Washington in recent days, extended losses going into the close with the Dow Jones industrial average and the S&P 500 each losing 1 percent, after reports that Obama would not offer a new plan to Republicans. The Dow closed below 13,000 for the first time since December 4.

"I was stunned Obama didn't have another plan, and that's absolutely why we sold off," said Mike Shea, managing partner at Direct Access Partners LLC in New York. "He's going to force the House to come to him with something different. I think that's a surprise. The entire market is disappointed in a lack of leadership in Washington."

In a sign of investor anxiety, the CBOE Volatility Index <.vix>, known as the VIX, jumped 16.69 percent to 22.72, closing at its highest level since June. Wall Street's favorite fear barometer has risen for five straight weeks, surging more than 40 percent over that time.

The Dow Jones industrial average <.dji> dropped 158.20 points, or 1.21 percent, to 12,938.11 at the close. The Standard & Poor's 500 Index <.spx> lost 15.67 points, or 1.11 percent, to 1,402.43. The Nasdaq Composite Index <.ixic> fell 25.59 points, or 0.86 percent, to end at 2,960.31.

For the week, the Dow fell 1.9 percent. The S&P 500 also lost 1.9 percent for the week, marking its worst weekly performance since mid-November. The Nasdaq finished the week down 2 percent. In contrast, the VIX jumped 22 percent for the week.

Pessimism continued after the market closed, with stock futures indicating even steeper losses. S&P 500 futures dropped 26.7 points, or 1.9 percent, eclipsing the decline seen in the regular session.

All 10 S&P 500 sectors fell during Friday's regular trading, with most posting declines of 1 percent, but energy and material shares were among the weakest of the day, with both groups closely tied to the pace of growth.

An S&P energy sector index <.gspe> slid 1.8 percent, with Exxon Mobil down 2 percent at $85.10, and Chevron Corp off 1.9 percent at $106.45. The S&P material sector index <.gspm> fell 1.3 percent, with U.S. Steel Corp down 2.6 percent at $23.03.

Decliners outnumbered advancers by a ratio of slightly more than 2 to 1 on the New York Stock Exchange, while on the Nasdaq, two stocks fell for every one that rose.

"We've been whipsawing around on low volume and rumors that come out on the cliff," said Eric Green, senior portfolio manager at Penn Capital Management in Philadelphia, who helps oversee $7 billion in assets.

With time running short, lawmakers may opt to allow the higher taxes and across-the-board federal spending cuts to go into effect and attempt to pass a retroactive fix soon after the new year. Standard & Poor's said an impasse on the cliff wouldn't affect the sovereign credit rating of the United States.

"We're not as concerned with January 1 as the market seems to be," said Richard Weiss, senior money manager at American Century Investments, in Mountain View, California. "Things will be resolved, just maybe not on a good timetable, and any deal can easily be retroactive."

Trading volume was light throughout the holiday-shortened week, with just 4.46 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT on Friday, below the daily average so far this year of about 6.48 billion shares. On Monday, the U.S. stock market closed early for Christmas Eve, and the market was shut on Tuesday for Christmas. Many senior traders were absent this week for the holidays.

Highlighting Wall Street's sensitivity to developments in Washington, stocks tumbled more than 1 percent on Thursday after Senate Majority Leader Harry Reid warned that a deal was unlikely before the deadline. But late in the day, stocks nearly bounced back when the House said it would hold an unusual Sunday session to work on a fiscal solution.

Positive economic data failed to alter the market's mood.

The National Association of Realtors said contracts to buy previously owned U.S. homes rose in November to their highest level in 2-1/2 years, while a report from the Institute for Supply Management-Chicago showed business activity in the U.S. Midwest expanded in December.

"Economic reports have been very favorable, and once Congress comes to a resolution, the market should resume an upward trend, based on the data," said Weiss, who helps oversee about $125 billion in assets. "All else being equal, we see any further decline as a buying opportunity."

Barnes & Noble Inc rose 4.3 percent to $14.97 after the top U.S. bookstore chain said British publisher Pearson Plc had agreed to make a strategic investment in its Nook Media subsidiary. But Barnes & Noble also said its Nook business will not meet its previous projection for fiscal year 2013.

Shares of magicJack VocalTec Ltd jumped 10.3 percent to $17.95 after the company gave a strong fourth-quarter outlook and named Gerald Vento president and chief executive, effective January 1.

The U.S.-listed shares of Canadian drugmaker Aeterna Zentaris Inc surged 13.8 percent to $2.47 after the company said it had reached an agreement with the U.S. Food and Drug Administration on a special protocol assessment by the FDA for a Phase 3 registration trial in endometrial cancer with AEZS-108 treatment.

(Reporting by Ryan Vlastelica; Editing by Jan Paschal)

Read More..

Net loss: Brooklyn fires coach Avery Johnson

NEW YORK (AP) — Coach of the month in November, out of a job by New Year's.

The Brooklyn Nets have elevated expectations this season, and a .500 record wasn't good enough. Coach Avery Johnson was fired Thursday, his team having lost 10 of 13 games after a strong start to its first season in Brooklyn.

"We don't have the same fire now than we did when we were 11-4," general manager Billy King said at a news conference in East Rutherford, N.J. "I tried to talk to Avery about it and we just can't figure it out. The same pattern kept on happening."

Assistant P.J. Carlesimo will coach the Nets on an interim basis, starting Friday night with a home game against Charlotte. King said the Nets might reach out to other candidates, but for now the job was Carlesimo's. The GM wouldn't comment on a report that the team planned to get in touch with former Lakers coach Phil Jackson.

King said the decision to dismiss Johnson was made by ownership after a phone discussion Thursday morning. Owner Mikhail Prokhorov had expressed faith in Johnson before the season.

"With the direction we were going we felt we had to make a change," King said.

Johnson was in the final year of a three-year, $12 million contract.

"It's a really disappointing day for me and my family. It's my wife's birthday. It's not a great birthday gift," Johnson said. "I didn't see this coming. But this is ownership's decision. It's part of the business. Fair or unfair, it's time for a new voice and hopefully they'll get back on track."

The Nets have fallen well behind the first-place New York Knicks, the team they so badly want to compete with in their new home. But after beating the Knicks in their first meeting Nov. 26, probably the high point of Johnson's tenure, the Nets went 5-10 and frustrations have been mounting.

"Our goal is to get to the conference finals," King said. "We started out good and then we stumbled. We have to get back to playing winning basketball. It's the entire team. It's not like golf, where Tiger Woods can blame the caddie. It takes five guys on the court and they're all struggling. We have to figure out the ways to get back to winning. I don't know what happened. I'm not sure. But unfortunately, it did happen."

The Nets were embarrassed by Boston on national TV on Christmas, then were routed by Milwaukee 108-93 on Wednesday night for their fifth loss in six games.

Star guard Deron Williams recently complained about Johnson's offense, and Nets CEO Brett Yormark took to Twitter after the loss to Celtics to voice his displeasure with the performance.

King said the change was not made because Williams was unhappy, and he added the point guard himself has to play better.

Johnson also stood by Williams.

"From Day One, I always had a really good relationship with him. I don't think it's fair for anyone to hang this on Deron," Johnson said. "We were just going through a bad streak, a bad spell. It's not time for me to be down on one player. That would be the easy way."

Brooklyn started the season 11-4, winning five in a row to end November, when Johnson was Eastern Conference coach of the month. But he couldn't do anything to stop this slump, one the Nets never anticipated after a $350 million summer spending spree they believed would take them toward the top of their conference.

Johnson has been the Nets' coach for a little more than two seasons. He went 60-116 with the Nets, who moved from New Jersey to Brooklyn to start the season. Johnson coached the Dallas Mavericks to a spot in the NBA Finals in 2006.

"You don't always get a fair shake as a coach," Johnson said. "I'm not the owner. If I were the owner, I wouldn't have fired myself today. But life is not always necessary fair. It's a business and in this business, the coach always gets blamed."

This is the NBA's second coaching change this season following the dismissal of Mike Brown by the Los Angeles Lakers.

Johnson arrived in New Jersey with a 194-70 record, a .735 winning percentage that was the highest in NBA history, but had little chance of success in his first two seasons while the Nets focused all their planning on the move to Brooklyn.

They looked to make a splash this summer when they re-signed Williams and fellow starters Gerald Wallace, Brook Lopez and Kris Humphries, traded for Atlanta All-Star Joe Johnson, and added veteran depth with players such as Reggie Evans, C.J. Watson and Andray Blatche.

Johnson didn't have a contract beyond this season but seemed to have the confidence of Prokhorov, the Russian billionaire who before the season said he had faith in "the Avery defense system."

Some thought the Nets would finish as high as second in the East behind defending champion Miami, and the predictions seemed warranted when the Nets started quickly amid much fanfare. But all the good publicity faded in recent weeks once the losing started.

Williams, who has struggled this season, stirred the waters when he expressed his preference for the offense he ran under Jerry Sloan in Utah before a loss to the Jazz. Williams and Johnson, nicknamed "Brooklyn's Backcourt" and expected to be one of the best in the NBA, have shot poorly and rarely meshed.

The Nets were embarrassed near the end of their 93-76 loss to Boston, when fans exited early amid a chant of "Let's go Celtics!"

"Nets fans deserved better," Yormark tweeted after the game. "The entire organization needs to work harder to find a solution. We will get there."

Not under Johnson, though.

The Nets should be able to entice a big-name coach with Prokhorov's billions and the chance to play in a major market at Barclays Center, the $1 billion arena that has drawn praise in the city and from visiting teams.

Carlesimo has previous NBA head coaching experience in Portland, Golden State and Seattle/Oklahoma City. He has a career coaching record of 204-296 in the regular season and 3-9 in the playoffs.

"Right now, P.J. is our coach and I told him to coach the team like he'll be here for the next 10 years," King said.

___

AP Sports Writer Tom Canavan in East Rutherford and AP freelancer Jim Hague contributed to this report.

Read More..

2013: A year for big issues in the courts

By Jeffrey Toobin, CNN Senior Legal Analyst

December 27, 2012 -- Updated 1445 GMT (2245 HKT)

Chief Justice John Roberts re-administers the oath of office to Barack Obama at the White House on January 21, 2009.

STORY HIGHLIGHTS

• Jeffrey Toobin: 2013 will see pivotal decisions in several key areas of law


• He says Supreme Court could decide fate of same-sex marriage


• Affirmative action for public college admissions is also on Court's agenda


• Toobin: Newtown massacre put gun control debate back in the forefront

Editor's note: Jeffrey Toobin is a senior legal analyst for CNN and a staff writer at The New Yorker magazine, where he covers legal affairs. He is the author of "The Oath: The Obama White House and the Supreme Court."

(CNN) -- What will we see in 2013?

One thing for sure: The year will begin with Chief Justice John Roberts and President Obama getting two chances to recite the oath correctly.

Jeffrey Toobin

After that, here are my guesses.

1. Same-sex marriage and the Supreme Court. There are two cases, and there are a Rubik's Cube-worth of possibilities for their outcomes. On one extreme, the court could say that the federal government (in the Defense of Marriage Act) and the states can ban or allow same-sex marriage as they prefer. On the other end, the Court could rule that gay people have a constitutional right to marry in any state in the union. (Or somewhere in between.)

CNN Opinion contributors weigh in on what to expect in 2013. What do you think the year holds in store? Let us know @CNNOpinion on Twitter and Facebook/CNNOpinion

2. The future of affirmative action. In a case pending before the Supreme Court, the Court could outlaw all affirmative action in admissions at public universities, with major implications for all racial preferences in all school or non-school settings.

3. Gun control returns to the agenda. The Congress (and probably some states) will wrestle with the question of gun control, an issue that had largely fallen off the national agenda before the massacre in Newtown. Expect many invocations (some accurate, some not) of the Second Amendment.

4. The continued decline of the death penalty. Death sentences and executions continue to decline, and this trend will continue. Fear of mistaken executions (largely caused by DNA exonerations) and the huge cost of the death penalty process will both accelerate the shift.

5. Celebrity sex scandal. There will be one. There will be outrage, shock and amusement. (Celebrity to be identified later.)

Follow @CNNOpinion on Twitter

Join us at Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Jeffrey Toobin.

Part of complete coverage on

December 27, 2012 -- Updated 1445 GMT (2245 HKT)

Jeffrey Toobin says key rulings will likely be made regarding same-sex marriage and affirmative action for public college admissions.

December 28, 2012 -- Updated 0041 GMT (0841 HKT)

Frida Ghitis says that after years in which conservative views dominated the nation, there's now majority support for many progressive stances.

December 28, 2012 -- Updated 0316 GMT (1116 HKT)

John MacIntosh says gun manufacturer Freedom Group should be acquired by public-spirited billionaires and turned into a company with ethical goals.

December 27, 2012 -- Updated 0237 GMT (1037 HKT)

Bassam Gergi and Ali Breland says we should mourn for Newtown's victims, but also take steps to stop the slaughter of young people in inner cities

Get the latest opinion and analysis from CNN's columnists and contributors.

December 26, 2012 -- Updated 1445 GMT (2245 HKT)

Tseming Yang says the 25 major carbon emitters should come to an agreement just among themselves about fighting climate change.

December 25, 2012 -- Updated 1252 GMT (2052 HKT)

David Frum says the National Rifle Association's "Death Wish" style vision of America as a land of armed civilians fending off criminals is a fantasy.

December 27, 2012 -- Updated 0207 GMT (1007 HKT)

Lawrence Krauss says the nation must grieve with the families of Newtown after such a tremendous loss, but religion is not the right framework

December 28, 2012 -- Updated 1044 GMT (1844 HKT)

Jonathan Batiste says jazz is a complex, traditional and utterly contemporary art -- the language that we use to state our deepest, truest feelings

December 26, 2012 -- Updated 1540 GMT (2340 HKT)

Dean Obeidallah says "Zero Dark Thirty" and "Promised Land" present hot button issues that fire up people from the left and right.

December 26, 2012 -- Updated 1344 GMT (2144 HKT)

MADD started as a small grass-roots movement that grew and radically changed society's views on drunk driving, says Candace Lightner.

December 22, 2012 -- Updated 1706 GMT (0106 HKT)

David Gergen says the hope for cooperation is gone in the capital as people spar over fiscal cliff, gun control, and nominations

December 19, 2012 -- Updated 2054 GMT (0454 HKT)

William Bennett says having armed and trained people could help protect schools and other vulnerable places from gun violence

Read More..

Global shares rise before U.S. budget talks, yen at two-year low

LONDON (Reuters) – World shares and the euro edged higher on Friday as U.S. lawmakers prepared to resume negotiations on avoiding a fiscal crisis, while the yen hit a two-year low on the prospect of drastic monetary easing in Japan.

U.S. President Barack Obama and lawmakers are set to have a last round of talks before a New Year deadline to reach a deal on averting major tax increases and spending cuts which could drag the economy and others around the world into recession.

Obama and Vice President Joe Biden will meet congressional leaders from the Republican and Democrat parties at the White House at 2000 GMT.

The MSCI all world share index was up 0.15 percent shortly after trading opened in Europe. With London’s FTSE 100 <.ftse>, Paris’s CAC-40 <.fchi> and Frankfurt’s DAX <.gdaxi> all just in positive territory, the regional FTSEurofirst 300 <.fteu3> was up just over 0.1 percent and moving towards last week’s 19-month high.</.fteu3></.gdaxi></.fchi></.ftse>

Members of Congress were divided on the odds of success at the budget talks, but IG strategist Stan Shamu noted some hope in the markets. “There is growing optimism that a deal can be knocked (together) before the deadline,” IG strategist Stan Shamu wrote in a note.

In Asia, Japan’s benchmark Nikkei index hit a 21-month high as markets priced in a huge injection of stimulus by the Bank of Japan following the election of a new government. The expectations also pushed the yen to a new two-year low versus the dollar.

The yen has now fallen roughly 10.5 percent versus the dollar in 2012, its biggest annual drop since 2005. At the same time Japan’s benchmark Nikkei is up 22 percent for the year.

“The Japanese equity market has turned positive, providing good sentiment for global investors, with many making money and putting the money into commodity markets such as the oil market,” said Tetsu Emori, a commodity fund manager at Astmax in Tokyo.

The euro edged up past $ 1.325 as trading remained thin as Christmas holidays continued for many investors. It came as France reported its economy had grown 0.1 percent in the third quarter.

European bond markets were largely quiet. German Bund futures rose on concerns that a U.S. budget deal will, after all, remain elusive.

(editing by David Stamp)

Business News Headlines – Yahoo! News

Title Post: Global shares rise before U.S. budget talks, yen at two-year low
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..

Jack and the Beanstalk Slot Tournament Every Friday at Boylegames.com

DUNDALK, IRELAND–(Marketwire – Dec 28, 2012) – Hugely popular real money games site boylegames.com will be running regular Jack and the Beanstalk slot tournaments every Friday for the first few months of 2013. Jack and the Beanstalk slot game has proven extremely successful. As a result, the NetEnt game has garnered a substantial fan base since its release on the site in 2012.

Players who play Jack and the Beanstalk between 12 noon and 11.59pm Fridays are in with a chance to win a range of prizes from five pounds to twenty five pounds.

Players need to meet the minimum requirements for the tournament (50 spins with minimum EUR/£1 per spin) within the stated time frame to enter. The players with the highest number of qualified game rounds (spins of at least EUR/£1) on Jack and the Beanstalk during the promotional period will be deemed the winners.

Karen Hope, Casino and Games Manager at Boylegames.com said “Jack and the Beanstalk is one of the best slot games at the moment. Our players really enjoy it and we expect the slot tournament to be a major success.”

New players can get a free no deposit welcome bonus of five pounds on selected games including Jack and the Beanstalk.

Twitter: @boylegamesblog

Facebook: http://www.facebook.com/home.php#!/pages/Boylegames/175103262616679

About Boylegames:

Boylegames.com is the online games division of Boylesports the largest independent bookmaker in Ireland. The company does not accept players from the U.S.

Marketwire News Archive – Yahoo! Finance

Title Post: Jack and the Beanstalk Slot Tournament Every Friday at Boylegames.com
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..

Stock index futures steady; budget talks eyed

PARIS (Reuters) - Stock index futures pointed to a steady Wall Street open, with S&P 500 futures down 0.11 percent, Dow Jones futures down 0.03 percent and Nasdaq 100 futures up 0.05 percent at 4.54 a.m. ET.

European shares were flat to slightly lower in early trade on Friday as investors waited to see if a deal to avoid the U.S. "fiscal cliff" would be reached before further boosting their exposure to equities. <.eu/>

President Barack Obama and lawmakers are launching a last-chance round of budget talks days before a New Year's deadline to reach a deal or watch the economy go off a "fiscal cliff." Obama and Vice President Joe Biden will meet congressional leaders from both parties at the White House on Friday at 3 p.m. EST.

On the macro front, investors awaited pending home sales data for November. Economists in a Reuters survey expect a 1.0 percent rise compared with a 5.2 percent gain in the previous month.

Investors in U.S.-based funds favored stock exchange-traded funds (ETFs) and emerging market equity mutual funds as the year wound down, data from Thomson Reuters' Lipper service showed on Thursday.

Satellite television provider DirecTV Group said its service fees would rise by an average of 4.5 percent in February due to increasing programming costs.

A Chinese court fined Apple 1 million yuan ($160,400) for hosting third-party applications on its App Store that were selling pirated electronic books, the official Xinhua news agency reported on Friday.

U.S. stocks fell for a fourth day on Thursday, but recovered most of their losses after the House of Representatives, in the barest sign of progress, said it would come back to work on avoiding the "fiscal cliff" this weekend.

The Dow Jones industrial average <.dji> slipped 18.28 points, or 0.14 percent, to 13,096.31 at the close. The Standard & Poor's 500 Index <.spx> declined 1.73 points, or 0.12 percent, to end at 1,418.10. The Nasdaq Composite Index <.ixic> dropped 4.25 points, or 0.14 percent, to close at 2,985.91.

(Reporting by Blaise Robinson; Editing by Helen Massy-Beresford)

Read More..

Peyton Manning, Peterson make Pro Bowl

NEW YORK (AP) — Peyton Manning and Adrian Peterson want to cap their sensational comebacks with Super Bowl appearances. For now, they can be proud of Pro Bowl spots.

So can Redskins quarterback Robert Griffin III, one of two rookies chosen Wednesday for the Jan. 27 NFL all-star game.

Manning missed all of the 2011 season with neck and back problems that required several operations. He then signed with Denver as a free agent and has led the Broncos on a 10-game winning streak to take the AFC West.

"I know there's great players out there in the NFL, but there's some great players on this team this year that deserve to go," said Manning, whose 12th Pro Bowl is a record for quarterbacks. He ranks fourth in league passing this year, has thrown 34 touchdowns and 11 interceptions.

Four other Broncos made the AFC roster: DE Elvis Dumervil, linebacker Von Miller, CB Champ Bailey and tackle Ryan Clady. Bailey's 12th appearance is a record for defensive backs.

"My goal has always been to go out and help the team win and play at a high level," Manning added. "Anything that comes along with that, like being honored as a Pro Bowl selection, is very humbling."

Minnesota's Peterson tore up his left knee on Christmas Eve last year, underwent major surgery, then was back for the season opener. He's gone from uncertain to unstoppable, running away with the rushing title with a career-high 1,898 yards and lifting the Vikings toward an NFC wild card.

"Coming into the season after going through the rehab process, I just told myself that I wanted to lead my team to a championship and make sure that I contribute and do my part," Peterson said. "I've been doing it."

Griffin is one of three rookie QBs who had superb debut seasons, along with Andrew Luck of Indianapolis and Russell Wilson of Seattle. Luck and Wilson weren't voted to the Pro Bowl by players, coaches and fans, although their teams are in the playoffs; Griffin can get to the postseason if Washington beats Dallas on Sunday.

"You can't play down those kind of things," Griffin said. "I've always said my whole football career that you don't play for awards. They just come. You don't say you're going to win the Heisman. You don't say you're going to win MVP. You go out and you prove it on the field, and if everyone feels that way then they'll give you that award."

San Francisco had the most players selected, nine, including six from its second-ranked defense. Houston was next with eight, six on offense.

Kansas City, despite its 2-13 record that is tied with Jacksonville for worst in the league, had five Pro Bowlers, including RB Jamaal Charles, who like Peterson is coming back from a torn ACL.

One other rookie, Minnesota kicker Blair Walsh, was chosen. Walsh has nine field goals of at least 50 yards, an NFL mark.

The AFC kicker is at the other end of the spectrum: Cleveland's Phil Dawson earned his first selection in his 14th NFL season.

"I deliberately tried not to know," Dawson said. "We wanted to watch the show with my kids. I had a really good idea what was going on, but it was a pretty priceless moment when we saw the name flash up on the screen. My kids went nuts 'cause my wife went nuts. That makes these 15 years of waiting worth it."

Another record setter will be heading to Honolulu: Detroit WR Calvin Johnson.

Johnson broke Jerry Rice's single-season yards receiving record and has 1,892 yards with a game left.

Falcons tight end Tony Gonzalez set the record for Pro Bowls at his position by being chosen for the 13th time.

The league's top two sackmasters, DEs Aldon Smith of San Francisco and J.J. Watt of Houston, were first-time selections. Watt has 20 1-2 sacks, one ahead of Smith; the NFL record is 22 1-2.

Other newcomers, along with Griffin, Walsh and Dawson, were AFC players tackle Duane Brown and guard Wade Smith of Houston; safety LaRon Landry of the Jets; kick returner Jacoby Jones of Baltimore; and punter Dustin Colquitt of Kansas City.

For the NFC, first-timers were Giants WR Victor Cruz; Atlanta WR Julio Jones; Seattle tackle Russell Okung and center Max Unger; San Francisco guard Mike Iupati, linebacker NaVorro Bowman and safety Donte Whitner; Chicago cornerback Tim Jennings and defensive tackle Henry Melton; Washington tackle Trent Williams and special teamer Lorenzo Alexander; Minnesota fullback Jerome Felton; Tampa Bay DT Gerald McCoy; and New Orleans punter Thomas Morstead.

Eight teams had no Pro Bowl players: Carolina, Philadelphia and St. Louis in the NFC, Tennessee, Buffalo, Jacksonville, San Diego and Oakland in the AFC.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

Read More..

The forgotten victims of gun violence

Chicago Mayor Rahm Emanuel, center, and other area officials call for stronger gun regulations at a news conference last week.

STORY HIGHLIGHTS

• While America was mourning Newtown victims, guns were claiming lives elsewhere in U.S.


• Authors: Media focus on mass shootings, but continuing violence also needs coverage


• They say inner cities suffer an epidemic of gun killings, and young are particularly vulnerable


• Authors: There is a day-by-day slaughter of children that must be stopped

Editor's note: Bassam Gergi is studying for a master's degree in comparative government at St. Antony's College, Oxford, where he is also a Dahrendorf Scholar. Ali Breland studies philosophy at the University of Texas at Austin.

(CNN) -- On the Sunday after the Newtown massacre, President Barack Obama traveled to Connecticut to comfort the grieving community. As the president offered what he could to the town, other American communities, in less visible ways, were grappling with their own menace of violence.

In Camden, New Jersey -- a city that has already suffered 65 violent deaths in 2012 , surpassing the previous record of 58 violent deaths set in 1995 -- 50 people turned out, some bearing white crosses, to mourn a homeless woman known affectionately as the "cat lady" who was stabbed to death (50 of the deaths so far this year resulted from gunshot wounds.)

Bassam Gergi

In Philadelphia, on the same Sunday, city leaders came together at a roundtable to discuss their own epidemic of gun violence; the year-to-date total of homicides is 322. Last year, 324 were killed. Of those victims, 154 were 25 or younger. A councilman at the roundtable asked, "How come as a city we're not in an outrage? How come we're not approaching this from a crisis standpoint?"

Ali Breland

The concerns go beyond Philadelphia. In the week following the Newtown massacre, there were at least a dozen gun homicides in Chicago, Detroit, Baltimore and St. Louis alone. In a year of highly publicized mass shootings, inner-city neighborhoods that are plagued by gun violence have continued to be neglected and ignored.

According to the Centers for Disease Control and Prevention, large metropolitan areas account for more than two-thirds of deaths by gun violence each year, with inner cities most affected. The majority of the victims are young, ranging in age from their early teens to mid-20s, and black.

To track these violent deaths, many communities and media organizations have set up agonizing online trackers -- homicide watches or interactive maps -- that show each subsequent victim as just another data point. These maps are representative of a set of issues far larger than the nameless dots suggest.

In the immediate aftermath of Newtown, as politicians and public figures across America grapple with the horrible truths of gun violence, far less visible from the national spotlight is the steady stream of inner-city victims.

Illegal firearms confiscated in a weapons bust in New York's East Harlem is on display at an October news conference.

The media is fixated, and with justification, on the string of high-profile massacres that have rocked the nation in Aurora, Colorado; Tucson, Arizona; Virginia Tech; and now in Newtown. Yet in many of America's neighborhoods most affected by the calamity of gun violence, there is a warranted exasperation -- residents are tired, tired of the ubiquity of guns, tired of fearing for their children's safety, tired of being forgotten.

Critiquing a narrow media focus doesn't deny the horrible, tragic nature of the massacre at Sandy Hook Elementary School; mass shootings, however, make up only a small fraction of America's shockingly high level of gun crime.

In his study "American Homicide," Randolph Roth showed that while the overall risk of being murdered is higher in America than it is in any other first-world democracy, homicide rates vary drastically among groups.

According to Roth, if current trends are maintained, one out of every 158 white males born today will be murdered, but for nonwhite males it is likely one of every 27 born today will be murdered.

The stark difference in these racial trends can be traced to the high levels of racial segregation in America's cities, which have created a spatial barrier between poor inner-city youths of color and more mainstream America -- a barrier that is often responsible for the lack of media and political attention paid to inner-city problems.

Many experts claim that actually it is the spectacular nature of mass shootings that naturally magnifies media coverage and explains the resonance of these tragedies to the broader public. Inner-city violence on its own, however, does not suffer from a lack of awful, spectacular violence and calamity. In fact, the gruesome nature of violence in inner cities has contributed to widespread social desensitization to gun violence. How then do we explain the differing public responses?

An indicator of the difference of attention levels lies in the tone of the public rhetoric in the wake of mass shootings: "This was supposed to be a safe community," and "This kind of thing wasn't supposed to happen here."

These statements imply that in America's leafy-green small towns and suburbs, gun violence is a shocking travesty; it strikes against America's perception of what is acceptable. In contrast, gun violence in the American metropolis has been normalized, and the public and media display a passive indifference toward the lives of inner-city youths.

This normalization of inner-city violence is due in part, to the isolation and segregation of America's ghettos from wider America, but it is also due to a sense that the victims of inner-city violence are responsible for their own condition.

As Robert Sampson, a professor at Harvard University, has highlighted, the gun violence in American cities is born out of neighborhood characteristics such as poverty, racial segregation and lack of economic opportunity. This shortened explanation for the high levels of inner-city violence has often been mistaken to imply that it is the direct choice of inner-city residents to remain either in poverty or in their segregated community that leads to their victimization.

In reality, the victims of inner-city gun violence are the victims of a dual tragedy. The first is that the poverty and segregation, which play a crucial role in spurring the downward cycle of crime, are the result of social arrangements predicated on longstanding oppression and prejudice.

Through a complex mix of violence, institutional arrangements and exploitation, black Americans were pressured into ghettos, which are the hotbeds of contemporary gun violence. Their inability to escape their conditions is not a choice but rather the byproduct of continued structural discrimination. Slowing the tide of inner-city deaths through gun control is therefore a modern-day civil rights issue.

If the refusal of America's national politicians to move on gun control before Newtown represents a political failure and a paucity of American will, then the disregard for the lives of inner-city youths stricken by gun violence on a daily basis is an illustration of the limits of American compassion.

The slaughter of young children en masse should be a moment of reckoning for any society, but there is a day-by-day, child-by-child slaughter occurring in America that has gone on too long and is yet to be reckoned with.

If Newtown should teach us anything, it is that all of us in America share this same short moment of life, and that we all seek to ensure safety, security and prosperity for our children.

As Vice President Joe Biden and the presidential task force meet to negotiate about what new gun laws to recommend, they must look to Sandy Hook Elementary and beyond. We need to protect the children of Newtown from the threat of future gun violence, but the children of Chicago and Camden and Detroit deserve the same long-term security.

We may not be able to ensure absolute security for America's children, but through smarter policy America can surely save more of its children from gun violence.

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of the authors.

Read More..

Jay Chou raps about a corrupt eunuch

TAIPEI, Taiwan (AP) — Taiwan‘s pop king Jay Chou has played roles as varied as superhero, vampire and cowboy. So his latest album about an influential but corrupt court eunuch may not sound all that odd to his fans.

In “Gong Gong with A Headache” released Thursday, Chou raps about the eunuch who has a secret passion for women but “must not touch them.” ”Gong Gong” is a name for court eunuchs in China.

In the music video, Chou dances stiffly like a zombie to the tune of hip hop, dressed in satin imperial court costume.

The singer also wrote the song. He says he was inspired by the popular drama series “The Legend of Zhen Huan” and other court dramas that have captivated audiences in China and Taiwan.

Entertainment News Headlines – Yahoo! News

Title Post: Jay Chou raps about a corrupt eunuch
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..