Jackie Chan: upcoming film will be last big action movie
















BEIJING (Reuters) – Kung Fu superstar Jackie Chan said that while the upcoming film “Chinese Zodiac 2012″ will be his last major action movie, citing his increasing age, he will still be packing punches in the world of philanthropy.


Chan wrote, directed and produced his latest film, set to premiere in cinemas in China next month. He also plays the lead role and said that he regarded it the “best film for myself” in the last ten years.













“I’m the director, I’m the writer, I’m the producer, I’m the action director, almost everything,” the 58-year-old Hong Kong actor told Reuters while in Beijing to film a documentary.


“This really, really is my baby. You know, I’ve been writing the script for seven years,” and the film took a year and half to make, he added.


In the film, Chan is a treasure hunter seeking to repatriate sculpture heads of the 12 animals of the Chinese zodiac, which were taken from Beijing‘s Summer Palace by French and British forces during the Opium Wars.


He said it was an important movie for him because it will be his last major action feature, although he insisted it is not the end of his action career.


“I’m not young any more, honestly,” he said, noting that with special effects technology and doubles a lot can be done without physical risk.


“Why (do) I have to use my own life to still do these kind of things?” he said. “I will still do as much as I can. But I just don’t want to risk my life to sit in a wheelchair, that’s all.”


Chan was recently awarded the Social Philanthropist of the Year award by Harpers Bazaar magazine. He said he wanted to increase time devoted to charitable work and hoped China’s leagues of newly wealthy will follow his example – which he underlined by auctioning a Bentley 666 for around 6 million yuan ($ 961,837).


China now has more billionaires than any other Asian country, but very few philanthropic organizations, and giving to charity remains a relatively new phenomenon in the world’s most populous country.


Chan said while Chinese philanthropists have made some encouraging strides, much more still needs to be done – a task made harder by the Internet, with netizens willing to leap on every perceived wrong move.


“Right now people (must) very, very be careful, but that doesn’t stop them to want to do the charity. I think it’s a good sign,” Chan said. (Reporting by Reuters Television, editing by Elaine Lies and Christine Kearney)


Movies News Headlines – Yahoo! News



Read More..

Recipes for Health: Apple Walnut Galette — Recipes for Health


Andrew Scrivani for The New York Times NYTCREDIT:







A great rustic apple pie for Thanksgiving, this has very little butter in the pastry and a minimum of sweetening. It’s all about the apples.




1 dessert galette pastry (1/2 recipe)


Juice of 1/2 lemon


2 pounds slightly tart apples, like Braeburns, peeled, cored and cut in wedges (about 1/2 inch thick at the thickest point)


2 tablespoons (1 ounce) unsalted butter


1/4 cup (50 grams) plus 1 tablespoon dark brown sugar or turbinado sugar


1 teaspoon vanilla extract


1/4 cup lightly toasted walnuts, chopped


3/4 teaspoon cinnamon


1/4 teaspoon freshly grated nutmeg


1/4 cup (25 grams) almond powder


1 egg beaten with 1 teaspoon milk, for egg wash


1. Line 2 sheet pans with parchment. In a large bowl combine the lemon juice and apples and toss together.


2. Heat a large, heavy frying pan over high heat and add the butter. Wait until it becomes light brown and carefully add the apples and 1/4 cup of the sugar. Do not add the apples until the pan and the butter are hot enough or they won’t sear properly and retain their juice. But be careful when you add them so that the hot butter doesn’t splatter. When the apples are brown on one side, add the vanilla, 1/2 teaspoon of the cinnamon and the nutmeg, flip the apples and continue to sauté until golden brown, about 5 to 7 minutes. Stir in the walnuts, then scrape out onto one of the lined sheet pans and allow to cool completely.


3. Remove the pastry from the freezer and place it on the other parchment-lined baking sheet. Leave to thaw while the apples cool, but don’t keep it out of the freezer for too long. It’s easiest to handle if it’s cold and will thaw quickly. You just want it soft enough so that you can manipulate it.


4. Sprinkle the almond powder over the pastry, leaving a 2- to 3-inch border all around. Place the apples on top. Fold the edges of the dough in over the fruit, pleating the edges as you work your way around the fruit to form a free-form tart that is roughly 9 inches in diameter. Place in the freezer on the baking sheet for 45 minutes to an hour. This helps the galette maintain its shape.


5. Meanwhile preheat the oven to 350 degrees. Remove the galette from the freezer. Brush the exposed edge of the pastry with the egg wash. Combine the remaining tablespoon of sugar and 1/4 teaspoon cinnamon and sprinkle over the fruit and the crust. Place in the oven and bake 1 hour, until the crust is nicely browned and the apples are sizzling. Remove from the oven and allow to cool for at least 15 minutes. Serve hot, warm or at room temperature.


Yield: 1 9-inch galette, serving 8


Advance preparation: You can assemble this through Step 4 and freeze it for up to a month. Once it is frozen, double-wrap it in plastic. You can also freeze the galette after baking. Thaw and warm in a 350-degree oven for 10 to 15 minutes to recrisp the crust.


Nutritional information per serving: 259 calories; 11 grams fat; 4 grams saturated fat; 3 grams polyunsaturated fat; 3 grams monounsaturated fat; 50 milligrams cholesterol; 37 grams carbohydrates; 3 grams dietary fiber; 92 milligrams sodium; 5 grams protein


Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”


Read More..

Hostess, unions agree to mediation









Hostess Brands Inc agreed in court on Monday to enter private mediation with its lenders and leaders of a striking union to try to avert the liquidation of the maker of Twinkies snack cakes and Wonder Bread.

Hostess, its lenders and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union agreed to mediation at the urging of Bankruptcy Judge Robert Drain of the Southern District of New York, who advised against a more expensive, public hearing regarding the company's liquidation.

"My desire to do this is prompted primarily by the potential loss of over 18,000 jobs as well as my belief that there is a possibility to resolve this matter," Drain said.

The 82-year-old Hostess was seeking permission to liquidate its business, claiming that its operations have been crippled by a bakers strike and that winding down is the best way to preserve its dwindling cash. Hostess suspended operations at all of its 33 plants across the United States last week as it moved to start selling assets.

Heather Lennox, a lawyer for Hostess, said it would be hard for Hostess to recover from the damage it sustained due to the strike even if an agreement was forthcoming. Yet following the hearing, Hostess Chief Executive Officer Gregory Rayburn told reporters that there was always a chance Hostess could be saved.

"I think we have to see what unfolds," Rayburn said. "My impression is that the judge wants to understand the parties' positions and some of their logic, but it doesn't change our financial position.

"I'm happy to have the help," he added, referring to Drain's mediation following a breakdown of communication between Hostess and the union. "Maybe the judge will help. But can I handicap how it's going to go? No way."

A lawyer for Hostess' creditors' committee declined to comment.

The court-sanctioned mediation could make both sides more willing to give, said Nick Kalm, a communications consultant specializing in labor relations.

"It makes it much more likely that the company will put forward something that is less draconian... and the union will take it. The union realizes they are out of options," said Kalm.

BEHIND CLOSED DOORS

The BCTGM called the strike on November 9 after Hostess sought and won court approval to impose wage and benefit cuts.

Unlike other unions representing workers at Hostess, the BCTGM did not contest Hostess's action -- which allowed it to reject a collective bargaining agreement and impose its offer.

Given the fact that the union did not fight Hostess's motion in court, Judge Drain said it was "somewhat unusual to say the least, and perhaps illogical" that the union would then strike against it.

"Its an odd approach," Drain said. "Before thousands of people are put out of work it would seem to me worthwhile for both the union and the debtors to explore why that happened."

Drain also questioned whether the union had held discussions with competitors or potential suitors about a shiftover of jobs, saying the union's response to Monday's motion implied that it sees "meaningful sales available out there beyond the piecemeal sales that this motion contemplates."

A lawyer for the union did not immediately return a phone call seeking comment on whether such discussions had taken place.

BUYERS MAY EMERGE

Analysts have said Hostess' brands, which also include Nature's Pride, Dolly Madison and Drakes, are expected to draw interest from rivals including Flowers Foods, Pepperidge Farm owner Campbell Soup Co and Mexico's Grupo Bimbo.

Brian Boyle, a food industry investment banker at D.A. Davidson & Co, said it was hard to gauge the value of the Hostess assets, given that there are a lot of plants that are old and inefficient.

"The other wild card is whether you're going to see different buyers emerge for different segments of the business. So Flowers Foods, for instance, might want the cake segment and Bimbo could want the bread piece. So it comes down to 'are the parts greater than the whole?'," Boyle said. "In either case, significant labor and benefits concessions will be required."

Private equity firm Metropolous & Co said on Friday it was interested in pursuing the company, and on Monday, Fortune reported that Sun Capital Partners was interested. Sun Capital did not return a call seeking comment.

The company did have a potential white knight at one point, according to Hostess. Last spring, an outside equity investor had made a viable proposal that would help the company reorganize, it said, but the Teamsters union refused to agree to changes to the pension program and the outside investor walked away.

The company spent the summer and fall negotiating with all of the 12 unions trying to find a common path to reorganization, and did gain certain agreements with the Teamsters and many of the other unions, though not the BCTGM. At the same time the company started putting together a liquidation plan.

Read More..

Quinn's pension marketing push derided as 'juvenile'









After months of promising a major grass-roots effort to win public support for reforming the state's government worker pension system, Gov. Pat Quinn on Sunday unveiled a plan that featured an incomplete online strategy, children wearing red plastic megaphones and an animated "Squeezy the Pension Python" mascot.


There were, however, no solutions offered on how to fix the nation's most underfunded retirement system.


The Democratic governor, known for a style that sometimes veers into the corny, attempted to jump-start the pension overhaul push by lauding the power of "the people of Illinois, good and true" through what he called the "electronic democracy" of Twitter and Facebook. Quinn went so far as to encourage families gathering at the Thanksgiving dinner table to "speak to each other" about the pension crisis.








The approach left some lawmakers questioning whether the governor demeaned the severity of one of the most pressing unresolved problems facing state government in Illinois. State Rep. Jack Franks, D-Marengo, called Quinn's strategy "juvenile."


"If he wants to do a grass-roots campaign, he should talk to the people directly about his proposal. But he doesn't even have one, which is why we can't get anything done. You can't follow someone who doesn't lead," Franks said.


"This has to be comprehensive reform. It can't be done in a vacuum and it can't be done with slogans and it certainly can't be done with cartoon characters," Franks said. "It's going to take some hard work."


Rep. Elaine Nekritz, of Northbrook, the lead pension reform negotiator for House Democrats, was more diplomatic.


"This is one way we can help build support for a solution," she said, "but we need to continue making sure that the right people are at the table and that we are focused on getting votes on legislation."


Quinn made reforming the state's pension systems a priority in the spring, but lawmakers left the Capitol without acting. In August, the governor summoned lawmakers into a fruitless special session on pensions when he had no reform plan on the table. After that failure, Quinn promised a grass-roots marketing plan, the one he delivered three months later on Sunday.


The pension system's unfunded liability now is estimated to be at least $96 billion. The governor has warned that without changes, future funding for public employee retirement will put the squeeze on state funding for education and social services. That led to the introduction of "Squeezy" about midway through a 3-minute, 44-second video produced in-house by the governor's office.


The strategy includes a website featuring a video on the history of pensions since ancient Rome and a chorus of children shouting "Thanks in advance" for fixing the retirement system. Quinn appeared at a Thompson Center news conference with about 15 children who wore red plastic megaphones with "Thanks in advance" stickers.


"This is not going to be solved just by the (politicians) in Springfield," Quinn said. "The people of Illinois are the heart and soul of our government ... and many times, citizens are ahead of legislators when it comes to demanding reform. We need to make sure those citizens get the facts they need about an important issue. I have fundamental faith in the common sense of the everyday people of Illinois."


The website offers no solutions on how the state's pension systems should be reformed. House Republican leader Tom Cross, of Oswego, who recently has adopted a conciliatory attitude toward the Democratic governor, said that while "the ideas may not be in (Quinn's marketing plan), I still think the fact that he is taking a step like this, I am going to view it as positive."


"I am still not sure that the public has accepted the facts and understands the ramifications of not doing pension reform," Cross said. "And what I mean by that is, if we do not do pension reform soon, not only may we not have a pension system, we may not have enough money to fund education or build roads and fix schools."


Lawmakers have considered but failed to enact plans that include giving current state employees the option of keeping a compounded cost-of-living increase for their pensions at the expense of adding future salary increases to their benefit base and forcing them to find their own retiree health insurance. Those that forgo the compounded increases would see future salary hikes included in their pension benefits and would have access to state health insurance at retirement.


Even before Quinn launched his marketing plan, the We Are Illinois coalition of labor unions contended the proposal was a "coercive diminishment" of modest retirement benefits and not a "real solution." The union group also warned it was a violation of the Illinois Constitution's guarantee of pension benefits and would "lead to costly litigation while the pension debt grows."


The governor's effort represents a back-to-the-future approach, attempting to merge his decades-long populist roots with modern social media tools. He invoked his history of petition drives stretching back more than 30 years that curbed the size of the legislature and altered lawmaker pay. Quinn even reverted to one of his political hallmarks, the Sunday news conference, to gain publicity on a traditionally slow news day.


Still, as he took questions from reporters, Quinn stopped short of his previous demand that any comprehensive pension plan should gradually shift the cost of pensions for teachers outside Chicago from the state onto local school districts — and local property taxpayers. Suburban Republicans and Democrats have adamantly opposed the cost shift.


While lawmakers are prepared to begin their postelection lame duck veto session during the final week of November, Quinn said he expected any action on pensions would not occur until January. The new year brings a lower voting requirement in the legislature to enact legislation.


The new website, thisismyillinois.com, remains a work in progress. It urges followers to "think web cam" to post pictures or videos on a related Facebook page that Quinn promised will be "shared with the legislators in Springfield."


There also are perils when it comes to social media. A Facebook search of "Governor Pat Quinn" turned up results that led with pages that called for the Democratic governor's removal from office. The same search on Twitter linked directly to Quinn's official account.


mcgarcia@tribune.com


rap30@aol.com


Twitter @moniquegarcia





Read More..

Cisco to buy cloud-networking start-up Meraki for $1.2 billion
















(Reuters) – Networking equipment company Cisco Systems Inc said it will buy privately held cloud networking company Meraki for $ 1.2 billion in cash as part of its cloud and networking strategy.


Cisco said the acquisition of Meraki, which was founded in 2006 by members of MIT’s Laboratory for Computer Science, is expected to close in the second quarter of Cisco’s 2013 fiscal year and is subject to regulatory approval.













Cisco’s second quarter runs until the end of January.


Meraki – funded by Sequoia Capital and Google Inc – offers Wi-Fi technology, switching, security and mobile device management from the cloud with a focus on mid-sized businesses.


“This is a very logical move for Cisco,” said ZK research analyst Zeus Kerravala.


He said the deal will allow Cisco to offer alternative solutions to traditional Wi-Fi deployment models like smaller competitors, such as Aruba Networks and Ruckus Wireless, which debuted on Friday.


“Cisco didn’t really have anything to counter that before,” Kerravala noted.


Meraki’s Chief Executive Sanjit Biswas said in a letter to employees posted on the company website that Cisco had approached the company several weeks ago.


The company’s founders had at first rejected the offer in favor of continuing Meraki’s strategy aimed at an initial public listing.


“After several weeks of consideration, we decided late last week that joining Cisco was the right path for Meraki,” Biswas said.


He also said that Meraki had achieved a $ 100 million bookings run rate, grown to 330 employees and had a positive cash flow.


(Reporting by Nicola Leske, editing by Gary Crosse)


Tech News Headlines – Yahoo! News



Read More..

Seacrest, Wonder, Usher, others praise Dick Clark
















LOS ANGELES (AP) — Ryan Seacrest and Stevie Wonder paid homage to Dick Clark on stage, while Usher and will.i.am shared their praise for the TV icon and music lover off camera.


Clark, who died earlier this year, was the subject of a special tribute at the American Music Awards, which he created 40 years ago.













Seacrest said the show still reflects Clark’s original vision: Bring together the year’s most popular artists and “let the music speak for itself.”


“Dick loved the power of music and its ability to create pure joy,” Seacrest said Sunday before introducing Wonder, whom he described someone Clark loved as a friend and musician for 49 years.


“I remember his friendship and his kindness. I remember his love for music and his love for people,” Wonder said. “I challenge you, you as communicators, leaders, politicians, spiritual leaders: Put your love first like we musicians put our music first… Then we can be jamming until the break of dawn.”


Wonder played a medley of songs as images of Clark and the many musicians he worked with flashed across the screen.


Other artists shared their admiration for Clark on the red carpet and backstage at the Nokia Theatre. Will.i.am, who presented the artist of the year award to Justin Bieber, said Clark’s legacy for spotting and encouraging talent is why the American Music Awards have endured for 40 years.


“I remember seeing Whitney Houston on the American Music Awards. Lionel Richie. Santana. Jefferson Airplane,” he said. “Think of all the classic, iconic television moments. Now, my generation is part of it and the next generation is part of this American iconic family time.”


Usher, who was named favorite male soul/R&B artist Sunday, said he always admired Clark and aims to emulate his legacy of fostering young talent.


“He’s so rich with culture and been able to recognize talent for so many years and have an incredible legacy. I’m just really happy to still be a part of it and still take an award home,” Usher said. “To be an artist that’s been able to continue to evolve and transcend culture, it’s from the book of Dick Clark, the fact that he’s, throughout generations, been able to recognize incredible talent across genres.”


Usher helps guide the career of the night’s big winner, Bieber, who accepted awards for pop/rock male artist, pop/rock album for “Believe” and artist of the year Sunday.


“The proof is in the pudding,” Usher said. “The longer you do it, the more of an example you can set and being able to be that to him, being a mentor and just being an artist who continues to evolve… we’re just going to continue to push him to be his best self.”


___


AP Entertainment Writer Sandy Cohen is on Twitter: www.twitter.com/APSandy .


___


Online:


http://beta.abc.go.com/shows/american-music-awards


Entertainment News Headlines – Yahoo! News



Read More..

MaleSurvivor Conference Examines Sexual Abuse in Sports





It was the summer before high school, and Christopher Gavagan, then 13, was preparing to leave the safe familiarity of the friends he had known during his boyhood. With a plan to excel at ice hockey, he began training on inline skates, moving through his New York City neighborhood, up and down the streets until, he said, “I turned down the wrong street.”




Gavagan, now a filmmaker, was one of eight panelists who participated Friday in a discussion about young athletes who have been sexually assaulted or abused by their coaches. The panel was part of the MaleSurvivor 13th International Conference, held this year at John Jay College of Criminal Justice. The conference brought together men who have been sexually abused, as well as psychologists, social workers, academics and members of the legal community.


A dour procession of stories about sexual misconduct by coaches toward their male charges has come to light in recent months. Jerry Sandusky, a former assistant football coach at Penn State, was sentenced in October to 30 to 60 years in prison on 45 counts of child molesting. Sugar Ray Leonard wrote in his autobiography last year that he was sexually molested by an Olympic boxing coach. The N.H.L. players Theo Fleury and Sheldon Kennedy were sexually abused as teenagers by their hockey coach Graham James.


The prevalence of sexual abuse among all boys 17 and under has been variously estimated to be as low as 5 percent and as high as 16 percent. For some of the millions of children who participate in sports nationwide, and their parents, sexual assault in a sports context has its own dynamic.


“Sports is a place where parents send their boys to learn skills, to learn how to be teammates and how to work together — to make boys stronger and healthier,” said Dr. Howard Fradkin, author of “Joining Forces,” a book about how men can heal from sexual abuse. “It’s the place where we send our boys to grow up. The betrayal that occurs when abuse occurs in sports is damaging because it destroys the whole intent of what they started out to do.”


When Gavagan, now 38, turned down that fateful street, and stepped briefly into the house of a man recommended as a hockey coach by a couple of female acquaintances, what greeted him, he said, was “a young boy’s dream come true.”


The dream Gavagan glimpsed was embodied in the trophy room of the house.


“It was everything I wanted to be right there,” recalled Gavagan, who is working on a feature-length documentary on sexual abuse in youth sports, in which he interviews other sexual-abuse victims and his own attacker, against whom he has never pressed charges. In addition to the shiny relics that seemed to give testimony to the man’s coaching prowess, Gavagan said, the trophy room had pictures of hockey teams the man had coached and workout equipment — the physical tools promising the chance to get bigger and stronger.


“To a skinny 13-year-old, it was like winning the lottery,” Gavagan said.


Christopher Anderson, the executive director of MaleSurvivor, said sexual abuse — basically nonconsensual touching or sexual language — is devastating under any circumstance, but coach and player often have a special relationship.


“Especially as you progress higher and higher, the coach can become just as important in some ways to an athlete as the relationship with his parents might have,” Anderson said. “In some cases, it’s a substitute for parents.”


He added: “There’s also a fundamentally different power dynamic. When you’re a young star, the coach can literally make or break your career as an athlete.”


But caution has to extend beyond coaches who guide future Olympians, Gavagan said, noting that his coach was not of that caliber.


“The entire grooming process was so subtle,” Gavagan said. “It’s not like when I first went into his house that he tried to grope me.”


First, Gavagan said, the coach said it was all right to curse in that house. On another visit it was fine to have a beer, which led on another day to Playboy magazine and on subsequent days to harder pornography and harder liquor. It was six months before the coach laid an explicitly sexual hand on him, Gavagan said.


“I didn’t feel like a sudden red line had been crossed — the line had been blurred,” Gavagan said, explaining that he avoided his parents when he returned home with liquor on his breath by telling them he was exhausted and going straight to his room. (Unlike many sexual-abuse victims, Gavagan said his parents, with whom the coach had ingratiated himself, were supportive of their son, and his was a loving family. He said that if he had approached them about the coach, they would have listened.)


Another aspect of sexual abuse in sports is the environment, which emphasizes a kind of macho ethic.


“What is most different about abuse is the sports culture itself,” Fradkin said. “It is a culture that promotes teamwork and teaches boys to shrug it off. When a boy or man is abused, he risks being thrown off the team if he should speak the truth because he’ll be seen as being disloyal — and weak.”


At 17, after four years with his coach, Gavagan said he “aged out” of his coach’s target age.


“At the time I had no idea of how it would impact my life, but the unhealthy lessons about relations, trust and the truth set a time bomb that would detonate my relationships for the next 10 years,” Gavagan said.


As a word of caution, Anderson said the lesson for parents should not be that sports are dangerous.


“It should be that there are sometimes dangerous people who gravitate to sporting organizations and our safeguards aren’t good enough yet to adequately protect our children,” he said. “That doesn’t mean that we should be pulling our kids from soccer and baseball and basketball. What it means is that parents need to be vigilant.”


He added: “They need to be proactive with athletic organizations to make sure that policies are in place — such as doing criminal background checks on staff and having a procedure where young athletes can complain about inappropriate behavior — that make sure children are protected.”


Read More..

Investors rush in to rent out foreclosures









The foreclosed home on Kenmore Street in Aurora was an outdated, unkempt eyesore until crews arrived this fall, performing thousands of dollars of work to make it attractive and modern, inside and out.


But it wasn't until workers walked across the street to ask for some water that neighbors Mario Cervantes and Oralia Balderas-Cervantes learned that a corporation, not a consumer, had bought the house, intending to turn it into a rental property. Despite being landlords themselves, the couple aren't sure they like the idea.


"If it's going to be a company that is watching out for the community, yes," Cervantes said. "If it's going to be a company that is watching out for themselves, no."





Added Balderas-Cervantes: "I'd rather see a homeowner. A lot of renters don't care. It's like renting a car versus buying a car. It's different."


Similar scenarios and concerns are unfolding across Chicago and in other markets hard-hit by the housing crisis. Well-capitalized, out-of-town private equity funds are scouring neighborhoods, paying cash for distressed single-family homes and renting them out. The opportunities are plentiful, enabling investment groups to profit from low home prices, rising rents and an increase in the number of potential renters.


The transactions are returning vacant properties to active use. But they also are stoking fears among neighbors and municipalities about the long-term effect of large, private investors — including many that are operating under the radar — in their communities.


"This scares the hell out of me," said Ed Jacob, executive director of Neighborhood Housing Services of Chicago Inc. "In this rush to say this is a new asset class, are we creating the next community development problem?


"You talk to them and it's all about neighborhood recovery. They all have the narrative down."


In April, housing research firm CoreLogic named the Chicago area one of the better housing markets for institutional investor funds. It cited the area's large number of foreclosures, which will increase the number of vacant homes, and the estimated rental income relative to the low cost of acquisition.


The general strategy of the companies is the same: buy low, make the necessary upgrades, fill them with tenants and then sell the homes in three to seven years. With companies and analysts anticipating projected returns of at least 8 percent, there also is talk of creating publicly traded real estate investment trusts.


"What this reminds me of is the dot-com boom," said Rick Sharga, executive vice president of Carrington Mortgage Holdings LLC, a California firm whose asset management arm is actively looking in the Chicago market. "That's what this feels like. Every investor in America wants to buy foreclosures and turn them into rentals."


Two statistics increasing that appetite are the homeownership rate and rental rates. Foreclosures, tight lending conditions and wary consumers have pushed down the nation's homeownership rate to 65.5 percent at the end of September, according to census data. Meanwhile, the percentage of vacant rental units has been on a steady decline since 2010 as more people opt for leases rather than mortgages.


Tighter inventories are pushing up rents. As of October, annualized rents in Chicago were up 7.7 percent, more than the national increase of 5.1 percent, online real estate site Trulia found.


But investors aren't flocking to all neighborhoods equally. Most want homes in desirable neighborhoods with strong area employment. They also look at the strength of local rules protecting landlords in disputes with tenants.


After vetting the tenant and securing a lease, property managers say they routinely drive by the homes and sometimes schedule inside inspections to protect their investment.


Weighing risks, rewards


It remains to be seen whether their expectations will be met. One problem with the business model is there's no performance track record to speak of. And as housing prices slowly recover, acquisition costs also will increase and cut into returns.


There also isn't any history on property management firms tasked with overseeing so many scattered-site rental properties. Any well-publicized mistakes involving poorly maintained properties or wronged tenants could taint investors' reputations.


That's one reason why big-name players are likely to avoid buying in neighborhoods where they fear a greater chance of eviction proceedings occurring.


"You make one mistake in those properties and you'll be toast," Sharga said.





Read More..

2 hurt in stabbing at North Michigan Avenue hotel









A 67-year-old man was stabbed in the neck Saturday evening near the front of the Westin Hotel on North Michigan Avenue, and a second man was cut trying to stop the assailant from fleeing, authorities and witnesses said.

The incident began shortly before 8 p.m. when the 67-year-old man was stabbed during an attempted robbery, Chicago Police News Affairs Officer Amina Greer said, citing preliminary information.

A 35-year-old man was cut in the chest as he tried to stop the assailant from fleeing, Greer said.

Police took a male into custody following the incident. A weapon was also recovered, Greer said.


The 67-year-old was taken to Northwestern Memorial Hospital, where his condition was stabilized, Greer said. The 35-year-old was taken to Northwestern in good condition.

By 8:30 p.m., crime scene tape surrounded the entrance to the Westin Hotel on Delaware Street and Michigan Avenue with patches of blood visible on the pavement, and two police cars blocked the street.

A manager at the Westin, who gave his name as Alex F., declined to comment.

Olivia Morrow, 18, said she and her friend were returning to the hotel around 8 p.m. to meet their parents when they saw police on the scene.

Morrow said shortly after that she saw about five hotel officials running out of the building toward the stairs leading to the Hancock Tower and neighboring The Cheesecake Factory Restaurant.

"They had radios and phones in their hands, saying that (the attacker) was last seen running down the stairs," Morrow said.

Genevieve Waldron of Michigan City, Ind., was among the crowd waiting for a table outside when she and her mother saw dozens of officers sprinting toward the restaurant from every direction.

"They were obviously looking for somebody and we were trying to stay out of the way," Waldron said.

A few minutes later, two officers came back up the stairs, flanking a young man who was handcuffed, and loaded him into the back of a marked car.

Neither The Cheesecake Factory nor the hotel were evacuated, as guests on the south-facing side of the building peered out of the windows to get a view of the scene. There appeared to be little commotion at the restaurant, where diners poured out into the hallways waiting for a table.


Tribune reporter Liam Ford contributed.





cdrhodes@tribune.com


Twitter: @ChicagoBreaking






Read More..

14 Black Friday Tech Deals Start Early at Walmart
















1. Apple iPad 2 — 16GB


$ 399


Click here to view this gallery.













[More from Mashable: Top 10 Twitter Pics of the Week]


This year Walmart is starting Black Friday on Thursday, so you can get an early start on your holiday tech savings. You’ll need to gobble up your Thanksgiving dinner early and get over to Walmart; the company is kicking off in-store deals at 8 p.m. local time on Thanksgiving, when you can snag a Nintendo Wii Console for $ 89.


The big electronics event begins at 10 p.m. with deals on a Samsung 43-inch plasma TV and a NOOK Color. Don’t worry that they’ll run out of those door-buster deals either. Walmart is offering a one-hour guarantee on select consumer electronics during Thursday’s 10 p.m. event.


[More from Mashable: Stylish HiRise Stand Elevates Laptops to the Ideal Height]


Walmart says customers inside the store and in line between 10 p.m. and 11 p.m. local time can purchase an Apple iPad 2 16GB with Wi-Fi for $ 399 and score a $ 75 Walmart gift card, an Emerson 32-inch 720p LCD TV for $ 148 and an LG Blu-ray Player for $ 38. If the store runs out of stock, you’ll receive a Guarantee Card for the item, which you must purchase by midnight and register online.


If shopping online from the comfort of your home is more appealing than elbowing your way through a jam-packed store, Black Friday specials will be posted on Walmart’s website early on Thanksgiving Day. Head to Walmart’s Facebook page or use its mobile app to check out all the deals.


Scroll through the gallery above to see the top 14 tech deals we spotted, and let us know if you’ll be out shopping the specials this Black Friday.


Thumbnail image courtesy of Flickr, el neato


This story originally published on Mashable here.


Tech News Headlines – Yahoo! News



Read More..