Henry's Tacos stands down









Janis Hood got her start at Henry's Tacos when she was 10.


Her mother allowed her to fasten caps on the hot sauce and serve RC Cola to customers.


Through 51 years, the family business served ground beef tacos and burritos to customers. But on Saturday, the Studio City neighborhood treasure — a favorite of actor Elijah Wood and comedian George Lopez — closed its doors.





The shutting of Henry's Tacos, named for Hood's grandfather, Henry Comstock, came after a yearlong saga with the landlord that Hood said began when she applied for a historic designation. She said the application sparked conflict, and the landlord refused to renew her lease.


"It's a very emotional day for me," Hood said Saturday.


In recent weeks, news of the closure prompted thousands of fans to sign an online petition to save the restaurant and inspired a Twitter hashtag (#SaveHenrysTacos).


At one point, a financial consultant and a TV writer were in talks to purchase the restaurant to keep it open. "It all just took us back to our childhood," said Matt Pyken, a Studio City TV writer who grew up eating at the stand, explaining why he sought to buy it with his former middle-school buddy. "We wanted it to be the same place."


But in the end, Hood decided to work with longtime employee Omar Vega, who wants to relocate the shop but keep the name. Hood said she plans to eventually sell the business to Vega. A preservation group has offered to store the stand's signage, she said.


On Saturday, customers formed a line down the sidewalk for a last meal, and Hood said the stand would keep serving them until the food ran out. Cathy McCroskey, a longtime customer, posed for a picture in front of the stand and pantomimed wiping away a tear. "This is a neighborhood icon," she said.


McCroskey and her husband, Steve, both 55, have lived in the Tujunga Village area since the late 1980s and came to pay one last visit to the stand they'd enjoyed for years. They took photos and, of course, ordered a bean and cheese burrito. They said the stand's Googie-style architectural design and history made it a neighborhood gem.


Near them, a large sheet of paper had been taped to a wall of the stand for people to jot their goodbyes.


"Sacred ground. We have been coming for four generations. It was the first food I ate and my kids ate. It saved my sister ... it was all she would eat when she was sick. Please prevail," wrote Kathryn Vanderveen.


"Henry, please keep the sign and stay in Studio City, we love you," another message said.


Vega, a 21-year veteran of the stand, said he hopes to do just that. He would like to retain the old location's ambience by using the old sign and menu and even hopes to replicate the colorful lettering on the stand's outside wall that spells "Henry's Tacos."


"I hope everything goes well," Vega said.


For Hood, the closure is the end of an era. She said the restaurant is where she grew up and recalled going to elementary school blocks away. After school, she'd walk to the stand to see her mother and linger there.


"A lot of the customers took me under their wing and were helpful to me," she said.


After Hood's mother, LeVonne Eloff, died in 2009 at 82, longtime customers shared stories with Hood, some of which she said she had never known. They told her, for example, that her mother and stepfather had sometimes used the honor system with customers.


Now, Hood said she's acting in the same vein, "paying it forward" by helping Vega get his start running the business, a move she sees as continuing her family's legacy.


nicole.santacruz@latimes.com


ruben.vives@latimes.com





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A Google-a-Day Puzzle for Jan. 13











Our good friends at Google run a daily puzzle challenge and asked us to help get them out to the geeky masses. Each day’s puzzle will task your googling skills a little more, leading you to Google mastery. Each morning at 12:01 a.m. Eastern time you’ll see a new puzzle posted here.


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Ken is a husband and father from the San Francisco Bay Area, where he works as a civil engineer. He also wrote the NYT bestselling book "Geek Dad: Awesomely Geeky Projects for Dads and Kids to Share."

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“Jurassic Park 4″ to arrive June 2014, Steven Spielberg to produce






LOS ANGELES (TheWrap.com) – “Jurassic Park 4″ will arrive in theaters June 13, 2014, Universal announced on Friday. Steven Spielberg won’t be directing this time around, but he is going to produce the project with Frank Marshall.


Universal has yet to pick a director for the fourth installment of the dinosaur film franchise, which it plans to shoot and release in 3D. The studio and Spielberg have converted the original film to 3D and it will be a re-released in theaters on April 5. Spielberg was very involved in the conversion according to executives at the studio, trying to ensure it merited a theatrical re-release.






The three movies have grossed close to $ 2 billion worldwide to-date with the original film alone making $ 914 million. Based on Michael Crichton’s novel and characters, the film has also spawned an amusement park ride at Universal Studios Hollywood.


Spielberg, who this week postponed his next directing job in “Robopocalypse,” directed the first two films before handing off the third to Joe Johnston. He confirmed at Comic-Con in 2011 that a writer was working on a new version, divulging little more. Giving the film a release date firms up the time table as Rick Jaffa and Amanda Silver work on the script.


“Jurassic Park 4″ will open in a summer already teeming with sequels. Universal has scheduled it one week before the next “How to Train Your Dragon” and two weeks before the next “Transformers.” Both the final “Hobbit” movie and the next “X-Men” movie are set to open in July while the next “Spider-Man” and “Planet of the Apes” films will debut in May.


Movies News Headlines – Yahoo! News





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City Room: Cuomo Declares Public Health Emergency Over Flu Outbreak

With the nation in the grip of a severe influenza outbreak that has seen deaths reach epidemic levels, New York State declared a public health emergency on Saturday, making access to vaccines more easily available.

There have been nearly 20,000 cases of flu reported across the state so far this season, officials said. Last season, 4,400 positive laboratory tests were reported.

“We are experiencing the worst flu season since at least 2009, and influenza activity in New York State is widespread, with cases reported in all 57 counties and all five boroughs of New York City,” Gov. Andrew M. Cuomo said in a statement.

Under the order, pharmacists will be allowed to administer flu vaccinations to patients between 6 months and 18 years old, temporarily suspending a state law that prohibits pharmacists from administering immunizations to children.

While children and older people tend to be the most likely to become seriously ill from the flu, Mr. Cuomo urged all New Yorkers to get vaccinated.

On Friday, the Centers for Disease Control and Prevention in Atlanta said that deaths from the flu had reached epidemic levels, with at least 20 children having died nationwide. Officials cautioned that deaths from pneumonia and the flu typically reach epidemic levels for a week or two every year. The severity of the outbreak will be determined by how long the death toll remains high or if it climbs higher.

There was some evidence that caseloads may be peaking, federal officials said on Friday.

In New York City, public health officials announced on Thursday that flu-related illnesses had reached epidemic levels, and they joined the chorus of authorities urging people to get vaccinated.

“It’s a bad year,” the city’s health commissioner, Dr. Thomas A. Farley, told reporters on Thursday. “We’ve got lots of flu, it’s mainly type AH3N2, which tends to be a little more severe. So we’re seeing plenty of cases of flu and plenty of people sick with flu. Our message for any people who are listening to this is it’s still not too late to get your flu shot.”

There has been a spike in the number of people going to emergency rooms over the past two weeks with flulike symptoms – including fever, fatigue and coughing – Dr. Farley said.

Mayor Michael R. Bloomberg and Mr. Cuomo made a public display of getting shots this past week.

In a briefing with reporters on Friday, officials from the C.D.C. said that this year’s vaccine was effective in 62 percent of cases.

As officials have stepped up their efforts encouraging vaccinations, there have been scattered reports of shortages. But officials said plenty of the vaccine was available.

According to the C.D.C., makers of the flu vaccine produced about 135 million doses for this year. As of early this month, 128 million doses had been distributed. While that would not be enough for every American, only 37 percent of the population get a flu shot each year.

Federal health officials said they would be happy if that number rose to 50 percent, which would mean that there would be more than enough vaccine for anyone who wanted to be immunized.

Two other diseases – norovirus and whooping cough – are also widespread this winter and are contributing to the number of people getting sick.

The flu can resemble a cold, though the symptoms come on more rapidly and are more severe.

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Treasury Will Not Mint $1 Trillion Coin to Raise Debt Ceiling





WASHINGTON — The Treasury Department said Saturday that it will not mint a trillion-dollar platinum coin to head off an imminent battle with Congress over raising the government’s borrowing limit.


“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” Anthony Coley, a Treasury spokesman, said in a written statement.


The Obama administration has indicated that the only way for the country to avoid a cash-management crisis as soon as next month is for Congress to raise the “debt ceiling,” which is the statutory limit on government borrowing. The cap is $16.4 trillion.


“There are only two options to deal with the debt limit: Congress can pay its bills, or it can fail to act and put the nation into default,” Jay Carney, the White House press secretary, said in a statement. “Congress needs to do its job.”


In recent weeks, some Republicans have indicated that they would not agree to raise the debt limit unless Democrats agreed to make cuts to entitlement programs like Social Security.


The White House has said it would not negotiate spending cuts in exchange for Congressional authority to borrow more, and it has insisted that Congress raise the ceiling as a matter of course, to cover expenses already authorized by Congress. In broader fiscal negotiations, it has said it would not agree to spending cuts without commensurate tax increases.


The idea of minting a trillion-dollar coin drew wide if puzzling attention recently after some bloggers and economic commentators had suggested it as an alternative to involving Congress.


By virtue of an obscure law meant to apply to commemorative coins, the Treasury secretary could order the production of a high-denomination platinum coin and deposit it at the Federal Reserve, where it would count as a government asset and give the country more breathing room under its debt ceiling. Once Congress raised the debt ceiling, the Treasury secretary could then order the coin destroyed.


Mr. Carney, the press secretary, fielded questions about the theoretical tactic at a news conference last week. But the idea is now formally off the table.


The White House has also rejected the idea that it could mount a challenge to the debt ceiling itself, on the strength of the Fourteenth Amendment to the Constitution, which holds that the “validity of the public debt” of the United States “shall not be questioned.”


The Washington Post earlier published a report that the Obama administration had rejected the platinum-coin idea.


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S.F. mourns a twin with a passion for fashion









SAN FRANCISCO — They were known simply as the San Francisco Twins.


At 5-foot-1 and about 100 pounds apiece, the fashion enthusiasts were an integral part of the city fabric for four decades. With matching furs, hats and high-end purses, they completed each other's sentences, posed for countless tourist snapshots and modeled for the likes of Reebok, Joe Boxer and IBM.


Now one is gone.





Vivian Brown, 85, who had Alzheimer's, died in her sleep Wednesday, leaving behind Marian, who was eight minutes younger. The illness, and news of the twins' financial distress, brought an outpouring of support from city residents in recent months.


Donations managed by Jewish Family and Children Services helped Vivian move into an elegant assisted living facility in Lower Pacific Heights and provided for a car service so Marian could visit "as much as she wanted to," Development Director Barbara Farber said. "The community really responded.…It's been a beautiful thing."


At a benefit concert for the twins in August, the Go-Go's Jane Wiedlin and other musicians honored Marian. Cash flowed in to cover her meals at Uncle Vito's Pizza on Nob Hill, long one of the ladies' regular haunts.


On Friday, fans offered collective condolences as they swallowed some bitter medicine: The sightings that brought joy to many — of the twins in leopard-print cowboy hats parading up and down Powell Street and window shopping at Union Square — are forever a thing of the past.


In saying goodbye to Vivian, the city has ushered out an era of style.


"All of that has gone, and that's true of all cities," said Ann Moller Caen, the widow of Pulitzer Prize-winning San Francisco columnist Herb Caen, who wrote often about the twins. "They've lost the elegant few."


Mayor Ed Lee echoed residents' grief in online postings throughout the day, saying that "San Francisco is heartbroken" over Vivian's passing and was "fortunate to have called her a true friend."


The twins, who were born in Kalamazoo, Mich., and held degrees in business administration, moved to San Francisco in 1973, prompted by Vivian's chronic bronchial condition. Once on the West Coast, Vivian became a legal secretary and Marian worked at a bank.


But fashion was their passion, and they cut a striking double image.


There were the fitted white suit jackets with pleated skirts, veiled hats and white fur coats; the red wool Ellen Tracy suits with black felt hats and black gloves.


"When you first came to the city and saw them, you might think it was a little joke. But it really wasn't," Caen said Friday. "They were very warm and very pleasant to everyone, and they just loved Herb. And he loved them."


Evelyn Adler recalled that her father, who sold shoes at the Emporium on San Francisco's Market Street in the 1970s, had regularly waited on "the girls," as he called them.


"They were always at the very height of sometimes ridiculous fashion," said Adler, 82. Her father, she said, had talked of how years of wearing pointy shoes left the twins with overlapping toes. (They later embraced lower heels that were "much more suited to their feet," Adler said.)


As a volunteer for Jewish Family Services, Adler recently shopped for a new wardrobe for Vivian — and was taken aback by the sight of the twins in separate outfits. About a quarter-century ago, the twins admitted to an interviewer that after a six-month attempt to dress differently in their 20s, they had abandoned the project forever. Even their lingerie matched.


They had their regular haunts, which Marian now frequents solo.


David Dubiner, owner of Uncle Vito's Pizza, said the sisters began coming in nearly two decades ago. They always sat at the table by the window, chatting with tourists for so long that their food had to be reheated.


Vivian often did more talking, Dubiner said, but Marian now holds court for two.


On Thursday evening, Marian arrived alone at the Sir Francis Drake Hotel on Union Square to "have a glass of champagne and toast her sister goodbye," said Tom Sweeney, chief doorman at the hotel who for the last 37 years watched the twins descend the four blocks from their Nob Hill apartment.


"They're quite the personalities of San Francisco," Sweeney said. "We'll definitely miss Vivian."


lee.romney@latimes.com





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A Google-a-Day Puzzle for Jan. 12











Our good friends at Google run a daily puzzle challenge and asked us to help get them out to the geeky masses. Each day’s puzzle will task your googling skills a little more, leading you to Google mastery. Each morning at 12:01 a.m. Eastern time you’ll see a new puzzle posted here.


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And now, without further ado, we give you…


TODAY’S PUZZLE:



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Ken is a husband and father from the San Francisco Bay Area, where he works as a civil engineer. He also wrote the NYT bestselling book "Geek Dad: Awesomely Geeky Projects for Dads and Kids to Share."

Read more by Ken Denmead

Follow @fitzwillie and @wiredgeekdad on Twitter.



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Alicia Keys, Katy Perry top bill at Obama inauguration parties






WASHINGTON (Reuters) – R&B singer Alicia Keys, country guitar slinger Brad Paisley and pop star Katy Perry are some of the A-list performers who will entertain partygoers at President Barack Obama’s inaugural celebration, organizers said on Friday.


Smokey Robinson and Stevie Wonder, two prominent elder statesmen of American music, also will perform at one of the three official parties planned for the onset of Obama’s second term in office, the inaugural committee said.






Other performers include salsa singer Marc Anthony, rappers Far East Movement and Nick Cannon, pop band fun., R&B singers Usher and John Legend, gospel choir Soul Children of Chicago, and members of the cast of the TV show “Glee.”


Obama’s swearing-in ceremony on January 21 is expected to draw up to 800,000 people, less than half of the 1.8 million who flocked to Washington in 2009 to celebrate the United States’ first African American president.


That historic event featured 10 official balls. This time around, organizers are planning only two – one for military servicemembers and one for the general public. Organizers also plan a children’s concert for the Saturday before the event.


Organizers did not say who would perform at which event.


The inauguration committee previously announced performers for the swearing-in ceremony. R&B star Beyoncé Knowles will sing the national anthem, while country singer Kelly Clarkson is scheduled to give a rendition of “My Country, ‘Tis of Thee.” Singer-songwriter James Taylor will perform “America the Beautiful.”


It will be Beyoncé’s third inauguration performance. Four years ago, she serenaded the first couple with Etta James’ “At Last” at an inaugural ball, and in 2001 she performed at the children’s concert with her band, Destiny’s Child.


(Reporting by Andy Sullivan)


Music News Headlines – Yahoo! News





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Former Lab Technician Denies Faulty DNA Work in Rape Cases





A former New York City laboratory technician whose work on rape cases is now being scrutinized for serious mistakes said on Friday that she had been unaware there were problems in her work and, disputing an earlier report, denied she had resigned under pressure.




The former lab technician, Serrita Mitchell, said any problems must have been someone else’s.


“My work?” Ms. Mitchell said. “No, no, no, not my work.”


Earlier, the city medical examiner’s office, where Ms. Mitchell said she was employed from 2000 to 2011, said it was reviewing 843 rape cases handled by a lab technician who might have missed critical evidence.


So far, it has finished looking over about half the cases, and found 26 in which the technician had missed biological evidence and 19 in which evidence was commingled with evidence from other cases. In seven cases where evidence was missed, the medical examiner’s office was able to extract a DNA profile, raising the possibility that detectives could have caught some suspects sooner.


The office declined to identify the technician. Documents said she quit in November 2011 after the office moved to fire her, once supervisors had begun to discover deficiencies in her work. A city official who declined to be identified said Ms. Mitchell was the technician.


However, Ms. Mitchell, reached at her home in the Bronx on Friday, said she had never been told there were problems. “It couldn’t be me because your work gets checked,” she said. “You have supervisors.”


She also said that she had resigned because of a rotator cuff injury that impeded her movement. “I loved the job so much that I stayed a little longer,” she said, explaining that she had not expected to stay with the medical examiner’s office so long. “Then it was time to leave.”


Also on Friday, the Legal Aid Society, which provides criminal defense lawyers for most of the city’s poor defendants, said it was demanding that the city turn over information about the cases under review.


If needed, Legal Aid will sue the city to gain access to identifying information about the cases, its chief lawyer, Steven Banks, said, noting that New York was one of only 14 states that did not require routine disclosure of criminal evidence before trial.


Disclosure of the faulty examination of the evidence is prompting questions about outside review of the medical examiner’s office. The City Council on Friday announced plans for an emergency oversight committee, and its members spoke with outrage about the likelihood that missed semen stains and “false negatives” might have enabled rapists to go unpunished.


“The mishandling of rape cases is making double victims of women who have already suffered an indescribably horrific event,” said Christine C. Quinn, the Council speaker.


A few more details emerged Friday about a 2001 case involving the rape of a minor in Brooklyn, in which the technician missed biological evidence, the review found. The victim accused an 18-year-old acquaintance of forcing himself on her, and he was questioned by the police but not charged, according to a law enforcement official.


Unrelated to the rape, he pleaded guilty in 2005 to third-degree robbery and served two years in prison. The DNA sample he gave in the robbery case was matched with the one belatedly developed from evidence the technician had overlooked in the 2001 rape, law enforcement officials said. He was recently indicted in the 2001 rape.


Especially alarming to defense lawyers was the possibility that DNA samples were cross-contaminated and led to false convictions, or could do so in the future.


“Up to this point,” Mr. Banks said, “they have not made information available to us, as the primary defender in New York City, to determine whether there’s an injustice that’s been done in past cases, pending cases, or allowing us to be on the lookout in future cases.” He added, “If it could happen with one analyst, how does anyone know that it stops there?”


The medical examiner’s office has said that the risk of cross-contamination was extremely low and that it does not appear that anyone was wrongly convicted in the cases that have been reviewed so far. And officials in at least two of the city’s district attorneys’ offices — for Brooklyn and Manhattan — said they had not found any erroneous convictions.


But Mr. Banks said the authorities needed to do more, and that their statements thus far were the equivalent of “trust us.”


“Given what’s happened,” he said, “that’s cold comfort.”


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Business Briefing | Retailing: Best Buy Shares Rally on Improved Holiday Sales



The Best Buy Company had better-than-expected holiday sales, setting off a gain of $2, or 16.4 percent, in its stock price, to $14.21 a share on Friday. The holiday quarter accounted for about a third of Best Buy’s revenue last year. The chain said that revenue at stores open at least a year fell 1.4 percent for the nine weeks ended Jan. 5. The company’s performance in the United States was flat. The chief executive, Hubert Joly, said in a statement that the result was better than the last several quarters. A Morningstar analyst, R. J. Hottovy, said the results showed that some of Best Buy’s initiatives, like more employee training and online price matching helped increase sales.


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Lawsuit filed on behalf of 4 victims in Jenni Rivera plane crash









A company owned by the late Mexican American singer Jenni Rivera was named in a lawsuit filed Thursday on behalf of the four members of her entourage who were killed along with her in a Dec. 9 plane crash.


The suit, filed in Los Angeles County Superior Court, seeks punitive damages against the current owners of the jet, as well as the previous owner, which sold the plane last year.


The negligence suit names Starwood Management, Rodatz Financial Group Inc., McOco Inc. and Jenni Rivera Enterprises Inc.





Attorneys named Rivera's company because of its role in choosing to use the 43-year-old Learjet 25.


The plane took off from Monterrey, Mexico, and crashed into mountainous terrain after nose-diving 28,000 feet in 30 seconds. Rivera, the four other passengers and the two pilots were killed.


"We cast a wide net to find out exactly who is responsible, and it may be that they're not," attorney Paul Kiesel said. "We have named Rivera Enterprises, who likely arranged the charter of this plane — in hindsight a very bad decision."


The lawsuit seeks punitive damages against current owners Starwood and Rodatz, as well as previous owner McOco, which sold the plane last June. The attorneys said they were not seeking punitive damages against the singer's company.


The suit was filed on behalf of the estates of publicist Arturo Rivera, makeup artist Jacobo Yebale, attorney Mario Macias and hairstylist Jorge "Gigi" Sanchez.


Pedro Rivera Jr., the singer's brother, said he was unaware of the lawsuit and doubted his sister's company would be found at fault.


"That will more likely have to do with the airplane itself," he said in Spanish via telephone. "Everyone has a right to file a lawsuit. They all had families."


Executives with Starwood told The Times shortly after the crash that the jet was perfectly maintained.


According to aviation records, the aircraft suffered "substantial" damage in 2005 when a fuel imbalance caused one wingtip to weigh as much as 300 pounds more than the other. The unnamed pilot lost control and struck a runway distance marker while landing in Amarillo, Texas. Nobody was injured.


The cause of December's fatal crash has not been determined, and it could take more than a year before the National Transportation Safety Board and Mexican authorities wrap up their investigations, Kiesel said, adding that it wasn't necessary to wait for the results before filing the suit.


At a downtown Los Angeles news conference Thursday, attorneys also took issue with the two pilots, 78-year-old Miguel Soto and 20-year-old Alejandro Torres. Although Soto had a lot of flying hours under his belt, he was not licensed to fly at altitudes above 18,000 feet, and Torres was not licensed to fly the jet, the lawsuit alleges.


"Neither pilot was licensed to operate this aircraft at the time and altitude it was flying," Kiesel said. He said the pilots weren't named in the suit because "the company is at fault, not the employees."


Starwood, Rodatz and McOco could not be reached for comment.


adolfo.flores@latimes.com


Times staff writer Scott Gold contributed to this report.





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A Google-a-Day Puzzle for Jan. 11











Our good friends at Google run a daily puzzle challenge and asked us to help get them out to the geeky masses. Each day’s puzzle will task your googling skills a little more, leading you to Google mastery. Each morning at 12:01 a.m. Eastern time you’ll see a new puzzle posted here.


SPOILER WARNING:
We leave the comments on so people can work together to find the answer. As such, if you want to figure it out all by yourself, DON’T READ THE COMMENTS!


Also, with the knowledge that because others may publish their answers before you do, if you want to be able to search for information without accidentally seeing the answer somewhere, you can use the Google-a-Day site’s search tool, which will automatically filter out published answers, to give you a spoiler-free experience.


And now, without further ado, we give you…


TODAY’S PUZZLE:



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Ken is a husband and father from the San Francisco Bay Area, where he works as a civil engineer. He also wrote the NYT bestselling book "Geek Dad: Awesomely Geeky Projects for Dads and Kids to Share."

Read more by Ken Denmead

Follow @fitzwillie and @wiredgeekdad on Twitter.



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Relatives of singer Jenni Rivera’s co-passengers sue over plane crash






LOS ANGELES (Reuters) – Family members of four passengers who died with singer Jenni Rivera when her plane crashed in northern Mexico last year sued her corporation and the current and former owners of the aging Learjet they called a “bucket of bolts” on Thursday.


The plaintiffs alleged in their Los Angeles Superior Court lawsuit that the 43-year-old aircraft was unsafe and being flown by two unqualified pilots when it nosedived from 28,000 feet into mountainous terrain.






“We are trying to unravel the mystery of how this came to be. Who selected this plane, what condition was this plane in and how did these pilots get behind the stick of this aircraft?” plaintiffs’ attorney Paul Kiesel said.


“We want to provide answers for my clients and for the community mourning these brilliant lives,” he said.


Rivera and her fellow passengers were flying from Monterrey, Mexico, to an airport in the Mexico City suburb of Toluca in the early morning hours of December 9 when the Learjet 25 went down.


The 43-year-old California-born singer, best known for her work in the Mexican folk Nortena and Banda genres, had been headed to Mexico City for an appearance on the TV singing competition “The Voice Mexico.”


Killed with her were publicist Arturo Rivera (no relation), make-up artist Jacobo Yebale, attorney Mario Macias Pacheco and hair stylist Jorge Armando “Gigi” Sanchez Vasquez, along with the pilot and co-pilot.


Since the plane was registered in the United States, members of the National Transportation Safety Board are taking part in the investigation, which was expected to last a year.


Representatives for Jenni Rivera Enterprises and for Starwood Management, the charter company that owned the aircraft at the time of the crash, could not be reached by Reuters for comment on the lawsuit.


A Starwood executive previously told the Los Angeles Times that the plane was properly maintained and suggested that the 78-year-old pilot, Miguel Perez Soto, might have suffered a heart attack or become incapacitated in some way.


According to the 22-page lawsuit, the multi-engine plane involved in the crash had been built in 1969 and “was such an old airplane that it was referred to as a ‘bucket of bolts.’”


The lawsuit says it struck a runway marker at an airport in Texas in 2005, which left the plane with structural damage.


The plaintiffs also say in the court papers that Soto was not licensed to fly the Learjet above 18,000 feet or with paying passengers. The co-pilot, 20-year-old Alejandro Jose Torres, also lacked certification for flying the plane under those conditions, according to the lawsuit.


(Editing by Cynthia Johnston and Peter Cooney)


Music News Headlines – Yahoo! News





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Parental Consent Rule May Proceed for a Circumcision Ritual, a Judge Says





New York City health officials may proceed temporarily with a plan to require parental consent before an infant may undergo a particular Jewish circumcision ritual, a federal judge ruled Thursday.




City officials say 12 cases of herpes simplex virus have likely resulted from the procedure, known as metzitzah b’peh, since 2000, including one Brooklyn case reported this week. Two infants died, and two suffered permanent brain damage. Most Jews no longer practice metzitzah b’peh, in which the circumciser uses his mouth to suck blood from the wound, but it remains common among some ultra-Orthodox communities.


Citing the risk of infection, health officials in September introduced a regulation that would require parents to provide written consent stating that they were aware of the health risks.


But the Central Rabbinical Congress of the United States and Canada, Agudath Israel of America, and the International Bris Association sued in October to stop the rule from taking effect, calling it an infringement of their constitutional rights. They also denied the procedure posed a risk and asked a federal court to put the rule on hold while the litigation proceeded.


In denying the request for a preliminary injunction, Judge Naomi Reice Buchwald of the United States District Court for the Southern District wrote that the risks were clear.


“In light of the quality of the evidence presented in support of the regulation, we conclude that a continued injunction against enforcement of the regulation would not serve the public interest,” she wrote.


City lawyers said they were gratified by the ruling, but Andrew Moesel, a spokesman for the plaintiffs, said the groups would appeal. “We continue to believe that this case is a wrongful and unnecessary intrusion into the rights of freedom of religion and speech,” he said.


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Japan Approves $116 Billion in Emergency Economic Stimulus


TOKYO — The Japanese government approved emergency stimulus spending of more than $100 billion on Friday, part of an aggressive push by Prime Minister Shinzo Abe to kick-start growth in Japan’s long-moribund economy.


Mr. Abe also reiterated pressure on Japan’s central bank to make a firmer commitment to stopping deflation by pumping more money into the economy — a measure the prime minister says is crucial to getting businesses to invest and consumers to spend.


“We will put an end to this shrinking, and aim to build a stronger economy where earnings and incomes can grow,” Mr. Abe told a televised news conference. “For that, the government must first take the initiative to create demand, and boost the entire economy.”


Under the plan, the Japanese government will spend about 10.3 trillion yen (about $116 billion) on public works and disaster mitigation projects, subsidies for companies that invest in new technology and financial aid to small businesses.


The government will seek to raise real economic growth by 2 percentage points and add 600,000 jobs to the economy, Mr. Abe said. The measures announced Friday amount to one of the largest spending plans in Japan’s history, he stressed.


By simply talking about stimulus measures, Mr. Abe, who took office late last month, has already driven down the value of the yen, much to the relief of Japanese exporters whose competitiveness benefits from a weaker currency.


But the government’s promises to spend its way out of economic stagnation also raise concerns over Japan’s public debt, which has already mushroomed to twice the size of its economy and is the largest in the industrialized world.


At the root of Japan’s debt woes was a similar attempt in the 1990s by Mr. Abe’s own Liberal Democratic Party to stimulate economic growth through government spending on extensive public works projects across the country.


Mr. Abe said, however, that the spending this time around would be better focused to bring about growth through investment in innovation. He said the government would also invest in measures that would help mitigate the fall in Japan’s population, by encouraging families to have more children.


“To grow in a sustainable way, we must help create a virtuous cycle where companies actively borrow and invest, and in so doing raise employment and incomes,” Mr. Abe said.


“For that, it is extremely important that we adopt a growth strategy that gives everyone solid hope that the future of the Japanese economy lies in growth.”


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Irvine City Council overhauls oversight, spending on Great Park









Capping a raucous eight-hour-plus meeting, the Irvine City Council early Wednesday voted to overhaul the oversight and spending on the beleaguered Orange County Great Park while authorizing an audit of the more than $220 million that so far has been spent on the ambitious project.


A newly elected City Council majority voted 3 to 2 to terminate contracts with two firms that had been paid a combined $1.1 million a year for consulting, lobbying, marketing and public relations. One of those firms — Forde & Mollrich public relations — has been paid $12.4 million since county voters approved the Great Park plan in 2002.


"We need to stop talking about building a Great Park and actually start building a Great Park," council member Jeff Lalloway said.





The council, by the same split vote, also changed the composition of the Great Park's board of directors, shedding four non-elected members and handing control to Irvine's five council members.


The actions mark a significant turning point in the decade-long effort to turn the former El Toro Marine base into a 1,447-acre municipal park with man-made canyons, rivers, forests and gardens that planners hoped would rival New York's Central Park.


The city hoped to finish and maintain the park for years to come with $1.4 billion in state redevelopment funds. But that money vanished last year as part of the cutbacks to deal with California's massive budget deficit.


"We've gone through $220 million, but where has it gone?" council member Christina Shea said of the project's initial funding from developers in exchange for the right to build around the site. "The fact of the matter is the money is almost gone. It can't be business as usual."


The council majority said the changes will bring accountability and efficiencies to a project that critics say has been larded with wasteful spending and no-bid contracts. For all that has been spent, only about 200 acres of the park has been developed and half of that is leased to farmers.


But council members Larry Agran and Beth Krom, who have steered the course of the project since its inception, voted against reconfiguring the Great Park's board of directors and canceling the contracts with the two firms.


Krom has called the move a "witch hunt" against her and Agran. Feuding between liberal and conservative factions on the council has long shaped Irvine politics.


"This is a power play," she said. "There's a new sheriff in town."


The council meeting stretched long into the night, with the final vote coming Wednesday at 1:34 a.m. Tensions were high in the packed chambers with cheering, clapping and heckling coming from the crowd.


At one point council member Lalloway lamented that he "couldn't hear himself think."


During public comments, newly elected Orange County Supervisor Todd Spitzer chastised the council for "fighting like schoolchildren." Earlier this week he said that if the Irvine's new council majority can't make progress on the Great Park, he would seek a ballot initiative to have the county take over.


And Spitzer angrily told Agran that his stewardship of the project had been a failure.


"You know what?" he said. "It's their vision now. You're in the minority."


mike.anton@latimes.com


rhea.mahbubani@latimes.com





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A Google-a-Day Puzzle for Jan. 10











Our good friends at Google run a daily puzzle challenge and asked us to help get them out to the geeky masses. Each day’s puzzle will task your googling skills a little more, leading you to Google mastery. Each morning at 12:01 a.m. Eastern time you’ll see a new puzzle posted here.


SPOILER WARNING:
We leave the comments on so people can work together to find the answer. As such, if you want to figure it out all by yourself, DON’T READ THE COMMENTS!


Also, with the knowledge that because others may publish their answers before you do, if you want to be able to search for information without accidentally seeing the answer somewhere, you can use the Google-a-Day site’s search tool, which will automatically filter out published answers, to give you a spoiler-free experience.


And now, without further ado, we give you…


TODAY’S PUZZLE:



Note: Ad-blocking software may prevent display of the puzzle widget.




Ken is a husband and father from the San Francisco Bay Area, where he works as a civil engineer. He also wrote the NYT bestselling book "Geek Dad: Awesomely Geeky Projects for Dads and Kids to Share."

Read more by Ken Denmead

Follow @fitzwillie and @wiredgeekdad on Twitter.



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Award winning U.S. reporter Richard Ben Cramer dies of lung cancer






(Reuters) – Pulitzer-Prize winning correspondent and author Richard Ben Cramer, best known for his chronicle of the 1988 U.S. presidential election, died on Monday in Baltimore.


The cause of death was lung cancer, according to the Philadelphia Inquirer, where Cramer worked for seven years. He was 62.






Cramer won the 1979 Pulitzer Prize in international reporting for his coverage of Middle Eastern affairs for the Philadelphia Inquirer. Esquire named his 1986 profile of Boston Red Sox slugger Ted Williams one of the seven greatest stories published in the magazine’s history.


“What It Takes: The Way to the White House,” Cramer’s 1,000-page account of the 1988 presidential campaign, painted a rich portrait of American political luminaries such as former U.S. President George H. W. Bush, former Democratic presidential nominee Michael Dukakis, former Republican presidential nominee Bob Dole and current U.S. Vice President Joe Biden.


Though it received tepid reviews at the time of its 1992 publication, it was ultimately hailed as one of the best books of political journalism. New York University’s Arthur L. Carter Journalism Institute named “What It Takes” one of the top 100 works of U.S. journalism in the 20th century.


Cramer’s prolific writing career included stints at the Inquirer and Baltimore Sun newspapers, contributions to magazines like Esquire and Sports Illustrated, and multiple books on topics as diverse as the Israel-Palestine conflict and the life of New York Yankees legend Joe DiMaggio.


A native of Rochester, New York, Cramer earned degrees from Johns Hopkins University in Baltimore and Columbia University’s Graduate School of Journalism. At the time of his death, he was living in Chestertown, Maryland in an old white farmhouse that he picked out with the help of Biden, Politico reported in 2010.


Cramer had been working on a book about New York Yankee third baseman Alex Rodriguez, tentatively titled “The Importance of Being Alex: A Life with the Yankees,” before taking a hiatus in 2012, the New York Daily News reported in June.


(Reporting by Peter Rudegeair; Editing by Paul Thomasch and Andrew Hay)


Celebrity News Headlines – Yahoo! News





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Pap Test May Prove Useful at Detecting More Types of Cancer, Study Suggests





The Pap test, which has prevented countless deaths from cervical cancer, may eventually help to detect cancers of the uterus and ovaries as well, a new study suggests.




For the first time, researchers have found genetic material from uterine or ovarian cancers in Pap smears, meaning that it may become possible to detect three diseases with just one routine test.


But the research is early, years away from being used in medical practice, and there are caveats. The women studied were already known to have cancer, and while the Pap test found 100 percent of the uterine cancers, it detected only 41 percent of the ovarian cancers. And the approach has not yet been tried in women who appear healthy, to determine whether it can find early signs of uterine or ovarian cancer.


On the other hand, even a 41 percent detection rate would be better than the status quo in ovarian cancer, particularly if the detection extends to early stages. The disease is usually advanced by the time it is found, and survival rates are poor. About 22,280 new cases were expected in the United States in 2012, and 15,500 deaths. Improved tests are urgently needed.


Uterine cancer has a better prognosis, but still kills around 8,000 women a year in the United States.


These innovative applications of the Pap test are part of a new era in which advances in genetics are being applied to the detection of a wide variety of cancers or precancerous conditions. Scientists are learning to find minute bits of mutant DNA in tissue samples or bodily fluids that may signal the presence of hidden or incipient cancers.


Ideally, the new techniques would find the abnormalities early enough to cure the disease or even prevent it entirely. But it is too soon to tell.


“Is this the harbinger of things to come? I would answer yes,” said Dr. Bert Vogelstein, director of the Ludwig Center for Cancer Genetics and Therapeutics at Johns Hopkins University, and a senior author of a report on the Pap test study published on Wednesday in the journal Science Translational Medicine. He said the genomes of more than 50 types of tumors had been sequenced, and researchers were trying to take advantage of the information.


Similar studies are under way or are being considered to look for mutant DNA in blood, stool, urine and sputum, both to detect cancer and also to monitor the response to treatment in people known to have the disease.


But researchers warn that such tests, used for screening, can be a double-edged sword if they give false positive results that send patients down a rabbit hole of invasive tests and needless treatments. Even a test that finds only real cancers may be unable to tell aggressive, dangerous ones apart from indolent ones that might never do any harm, leaving patients to decide whether to watch and wait or to go through surgery, chemotherapy and radiation with all the associated risks and side effects.


“Will they start recovering mutations that are not cancer-related?” asked Dr. Christopher P. Crum, a professor at Harvard Medical School who was not involved in the research.


But he also called the study a “great proof of principle,” and said, “Any whisper of hope to women who suffer from endometrial or ovarian cancer would be most welcome.”


DNA testing is already performed on samples from Pap tests, to look for the human papillomavirus, or HPV, which causes cervical cancer. Dr. Vogelstein and his team decided to try DNA testing for cancer. They theorized that cells or DNA shed from cancers of the ovaries and the uterine lining, or endometrium, might reach the cervix and turn up in Pap smears.


The team picked common mutations found in these cancers, and looked for them in tumor samples from 24 women with endometrial cancer and 22 with ovarian cancer. All the cancers had one or more of the common mutations.


Then, the researchers performed Pap tests on the same women, and looked for the same DNA mutations in the Pap specimens. They found the mutations in 100 percent of the women with endometrial cancer, but in only 9 of the 22 with ovarian cancer. The test identified two of the four ovarian cancers that had been diagnosed at an early stage.


Finally, the team developed a test that would look simultaneously for cancer-associated mutations in 12 different genes in Pap samples. Used in a control sample of 14 healthy women, the test found no mutations — meaning no false-positive results.


Dr. Luis A. Diaz, the other senior author of the report and an associate professor of oncology at Johns Hopkins, called the research a step toward a screening test that at first blush appears very effective at detecting endometrial cancer, though obviously less so at finding ovarian cancer.


“Probably one of the most exciting features of this approach,” Dr. Diaz said, “is that we wanted a test that would seamlessly integrate with routine medical practice that could be utilized with the same test that women get every day all over the world, the Pap smear.”


But, he added: “We can’t say it’s ready for prime time. Like all good science, it needs to be validated.”


He and other members of the team said it might be possible to improve the detection rate for ovarian cancer by looking for more mutations and by changing the technique of performing Pap tests to increase the likelihood of capturing cells from the ovary. The change might involve timing the test to a certain point in a woman’s monthly cycle, using a longer brush to collect cells from deeper within the cervix or prescribing a drug that would raise the odds of cells being shed from the ovary.


The technique also needs to be tested in much larger groups of women, including healthy ones, to find out whether it works, particularly at finding cancers early enough to improve survival. And studies must also find out whether it generates false positive results, or identifies cancers that might not actually need to be treated.


Michael H. Melner, a program director in molecular genetics and biochemistry for the American Cancer Society, called the research “very promising,” in part because it is based on finding mutations.


“It tells you not just that cancer is there, but which mutation is there,” Dr. Melner said. “As we learn more and more about which mutations are associated with more or less severe forms of cancer, it’s more information, and possibly more diagnostic.”


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S.E.C. Seeks to Penalize 2 Auditors in Bank Case


In its first case against auditors stemming from the financial crisis, the Securities and Exchange Commission on Wednesday took action against two KPMG employees who had given a clean audit opinion to a Nebraska-based bank holding company that later failed because of bad loans it had made to real estate developers in Nevada and Florida.


The S.E.C. asked an administrative law judge to bar John J. Aesoph, 40, a partner in the Omaha office of KPMG, and Darren M. Bennett, 35, a senior manager, for their roles in an audit of TierOne in 2008.


That included what the S.E.C. said was a failure to take steps to review the audit after evidence emerged that the auditors had been misled about whether the bank had taken large enough write-downs on the value of real estate development loans.


“Aesoph and Bennett merely rubber-stamped TierOne’s collateral value estimates and ignored the red flags surrounding the bank’s troubled real estate loans,” said Robert Khuzami, the commission’s enforcement director. “Auditors must adhere to professional auditing standards and exercise due diligence rather than merely relying on management’s representations.”


George S. Canellos, the deputy director of the division, said the case was “in keeping with our focus on the important responsibility of gatekeepers” who fail to do their jobs properly.


He pointed to a case filed last month against eight former directors of Morgan Keegan mutual funds, who were charged with failing to prevent fund managers from overvaluing fund assets during the financial crisis.


Lawyers for Mr. Aesoph and Mr. Bennett did not comment on the case, but KPMG issued a statement saying, “Our partner and senior manager look forward to presenting the facts in support of the work that was performed under the circumstances at TierOne.” A KPMG spokesman said Mr. Aesoph and Mr. Bennett remained at the company.


TierOne was a savings bank that focused on its home markets in Iowa, Kansas and Nebraska until it began to look for faster growing markets and opened loan production offices in Arizona, Colorado, Florida and Nevada. Loans to developers grew in those markets, leaving the bank exposed when property values began to plummet.


In 2008, TierOne closed those offices and wrote down the value of some of its largest loans. But the S.E.C. said that in doing so, the bank had not acted rapidly enough, particularly with regard to Nevada loans.


It said the auditors should have noted numerous red flags, including the fact that the few new appraisals that were done showed management had underestimated the expected losses.


It noted that the auditors had signed off on the financial statements even after the Office of Thrift Supervision, the bank’s primary regulator, warned of serious problems.


In 2010, the bank failed and was taken over by the Federal Deposit Insurance Corporation, which estimated its losses would be $298 million, or about 10 percent of total assets. The F.D.I.C. has since revised the estimate to $212 million.


KPMG, one of the largest audit firms in the world, was not named as a defendant in the case, which may reflect the S.E.C.’s lack of possible remedies as much as it does a view of the firm’s actions.


Under the law, the S.E.C. does not have the authority to levy financial penalties on auditors who fail to do their jobs. It can only suspend or bar them from practicing before the commission, a penalty that would prevent them from having any role in accounting or auditing the books of a public company.


Taking such a step against KPMG would be tantamount to putting it out of business, something the commission would not want to do in any but the most extreme circumstances.


The commission previously filed charges against three former officials of TierOne, two of whom settled and one of whom is fighting it in federal court in Omaha.


Read More..

Judge rejects bid to shut Oakland pot dispensary









OAKLAND — The nation's largest medical marijuana dispensary won a round in federal court this week, with a judge rejecting efforts by Harborside Health Center's landlords in Oakland and San Jose to immediately shut down operations.


The property owners have been under pressure since federal prosecutors last summer threatened to seize the buildings, arguing that pot sales were in violation of federal law. But in her ruling, Chief Magistrate Judge Maria-Elena James said that "any argument about the urgency of stopping Harborside's activity rings hollow" — since the landlords had known for years that it was a medical cannabis dispensary.


Allowing Harborside to stay open while a fuller legal airing of the issues took place, James continued, would not cause the landlords irreparable harm.





In her ruling in U.S. District Court in San Francisco, James also found that the property owners had no legal standing to seek an immediate end to sales at the dispensary by contending they violated the federal Controlled Substances Act.


Harborside — which serves more than 108,000 patients — now will have the opportunity to battle the federal civil forfeiture actions in court.


"We look forward to proving our case in front of a jury, and continue to believe we will prevail," Harborside's executive director, Steve DeAngelo, said in a statement.


The city of Oakland also has sued to prevent the property forfeiture, contending that federal prosecutors had missed a five-year statute of limitations and misled city officials with promises that they would not go after dispensaries complying with state and local laws.


In her ruling, James ordered Oakland's case be coordinated with the forfeiture cases.


Monday's ruling sets the stage for what could be a precedent-setting battle over clashing federal and state marijuana laws.


Cedric Chao, an attorney for Oakland, has argued that closure of the dispensaries would deprive the city of tax revenue and force Harborside's patients into the underground market, driving up crime.


"The city of Oakland could not be more pleased" by James' ruling, Chao said. "The patients can continue to get the medicine. They won't be thrown in the streets. There won't be an immediate public health crisis. There won't be a public safety crisis."


The U.S. attorney's office repeatedly has declined to comment on the ongoing litigation. Prosecutors have filed a motion to toss Oakland's suit, contending the city has no legal standing to weigh in. That issue will be heard at a hearing on Jan. 31.


lee.romney@latimes.com





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A Google-a-Day Puzzle for Jan. 9











Our good friends at Google run a daily puzzle challenge and asked us to help get them out to the geeky masses. Each day’s puzzle will task your googling skills a little more, leading you to Google mastery. Each morning at 12:01 a.m. Eastern time you’ll see a new puzzle posted here.


SPOILER WARNING:
We leave the comments on so people can work together to find the answer. As such, if you want to figure it out all by yourself, DON’T READ THE COMMENTS!


Also, with the knowledge that because others may publish their answers before you do, if you want to be able to search for information without accidentally seeing the answer somewhere, you can use the Google-a-Day site’s search tool, which will automatically filter out published answers, to give you a spoiler-free experience.


And now, without further ado, we give you…


TODAY’S PUZZLE:



Note: Ad-blocking software may prevent display of the puzzle widget.




Ken is a husband and father from the San Francisco Bay Area, where he works as a civil engineer. He also wrote the NYT bestselling book "Geek Dad: Awesomely Geeky Projects for Dads and Kids to Share."

Read more by Ken Denmead

Follow @fitzwillie and @wiredgeekdad on Twitter.



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“From Broadway With Love” benefit concert raising money for Sandy Hook victims






LOS ANGELES (TheWrap.com) – Broadway is lending a helping hand to the victims of the Sandy Hook Elementary School shooting.


Brett Boles, author of the musical “Foreverman,” and Tony Award-winning producer Van Dean have organized a benefit concert later this month to raise money for United Way of Western Connecticut’s Sandy Hook School Support Fund.






“From Broadway with Love: A Benefit Concert For Sandy Hook,” featuring song, dance and other appearances from some of Broadway‘s biggest names, will take place at the Palace Theater in Waterbury, Conn., on January 28. Waterbury is 20 miles from Newtown.


A long list of Tony Award-winning or nominated performers are scheduled to appear, including Brian Stokes Mitchell (“Kiss Me Kate”), Stephen Schwartz (“Wicked”), Marc Shaiman (“Hairspray”) and Christine Ebersole (“Grey Gardens”).


“The outpouring of love and support from the Broadway community has been incredibly heartwarming,” Dean said in a statement. “Everyone was looking for a way they could use their talents to bring something positive to the community. ‘From Broadway With Love’ provides them with the perfect outlet to do so.”


Although the evening will be free for Sandy Hook families and first responders, some tickets will be available to the public for $ 50 to $ 250.


Music News Headlines – Yahoo! News




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Global Update: China Moves to Prevent Spread of Yellow Fever From Africa





In a move that underlines how many Chinese citizens now work in Africa, China’s quarantine officials recently urged greater efforts to make sure that a yellow fever epidemic now raging in Sudan does not come back to China.




Local health authorities were asked to scan all travelers arriving from Sudan for fevers. Chinese citizens planning travel to Sudan were advised to get yellow fever shots. Customs officers were told that containers arriving from Sudan might have stray infected mosquitoes inside.


Sudan’s epidemic is considered the world’s worst in 20 years. Sweden, Britain and other donors have paid for vaccinations. The United States Navy’s laboratory in Egypt has helped with diagnoses.


Estimates of the number of Chinese working in Africa, many in the oil and mining industries or on major construction projects, range from 500,000 to 1 million. Experts on AIDS have previously warned that the workers could become a new means of bringing that disease to China, which has a low H.I.V.-infection rate.


ProMED-mail, a Web site that follows emerging diseases, has tracked reports about the Sudan outbreak, with its moderators adding valuable context. China’s mosquito-killing winters make a large yellow fever outbreak there unlikely, moderators said. But Sudan’s containment efforts are troubled. For example, vaccinated people cannot get cards proving they have had shots, but the cards are reported to be for sale at police checkpoints.


Australia’s now-endemic dengue fever, according to ProMED moderators, may have come from mosquitoes arriving in containers from East Timor.


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DealBook: After I.P.O. Drought, Brazil Is More Hospitable to Investors

SÃO PAULO, Brazil — The nation’s main stock exchange here forecast at the start of 2012 that 40 to 45 companies would hold initial public offerings to list their shares. Only three did.

“Very few transactions got done, and very few got done well,” said Fábio Nazari, head of equity capital markets at BTG Pactual. Many issuers encountered “very difficult conditions.”

Some of the lackluster performance can be chalked up to investors nervous about the global economy, but much also had to do with government policies in Brazil.

Last year, the country changed regulations and applied pressure to reduce consumer prices in several sectors, including retail banks and electricity utilities. Those measures may succeed in reducing consumer costs, but investors complained about lowered profit outlooks and accused the government of changing the rules in the middle of the game.

The government also used taxes and regulatory measures to weaken the currency in the first half of 2012. The value of the country’s currency, the real, fell more than 18 percent from March 1 to June 1, increasing uncertainty for foreign investors.

In Brazil, tough economic conditions also hung over the markets last year. In the first three quarters of 2012, the country’s gross domestic product rose only 0.7 percent. The Bovespa index was up 7.4 percent in 2012 — a healthy return but not the double-digit yearly gains it often had a few years ago.

Going into 2013, however, both government agencies and the private sector are taking steps to encourage start-ups and growth industries to raise financing through the public markets. In addition, analysts say, the most disruptive policy changes are already in place, so companies will find a more hospitable climate for stock offerings.

“We don’t foresee more big moves from the government,” Mr. Nazari said. “The past has been priced into valuations, and economic growth should pick up this year.”

Brazil has only 365 publicly traded companies, and they do not fully reflect the strength and diversity of the economy, the world’s seventh-largest. Commodities producers dominate the main stock index, even though industries that serve the country’s growing middle class are growing faster. But Mr. Nazari said at least 30 companies were ready to list in the next 12 to 18 months.

Two big stock offerings are already on tap to be listed on the BM&FBovespa, the main stock and futures exchange in Brazil.

Banco do Brasil, the state-controlled banking conglomerate, has announced that it intends to spin off its insurance operations into a new company, BB Seguridade, which would then hold an I.P.O. in the first half of 2013. The deal, if it goes through, could raise 5 billion reais.

And local investment banks say Votorantim Cimentos, Brazil’s largest cement producer, is preparing for an I.P.O. this year that would aim to raise 6 billion reais.

Investors may also turn to I.P.O.’s to seek better returns. After decades in which investors could buy short-term government bonds and earn double-digit returns, interest rates in Brazil have dropped. Most traditional fixed-income investments now hardly keep up with inflation.

Jean-Marc Etlin, chief executive of Itaú BBA Investment Bank, said that in an environment of relatively low interest rates, Brazilian investors had incentives to increase their stock market allocations, potentially creating demand for new companies.

Mr. Etlin also said there were thousands of Brazilian companies, mostly family owned, that could provide the basis for sustained activity.

“Brazil’s equity capital markets literally restarted just 10 years ago, with the first I.P.O. under new governance rules. We are still in the early stages,” he said.

Since Brazil’s first modern initial public offering in 2002, 70 percent of financing has come from foreign investors, so the market in the near term is dependent on global trends.

Brazil had a banner year in 2009, when companies raised nearly 46 billion reais on the public markets, according to the BM&FBovepsa (that figure includes I.P.O.’s and follow-on offerings, when companies issued additional shares). That year included I.P.O.’s of the bank Santander Brasil, which raised 13.2 billion reais, and the credit card operator Visanet, which raised 8.4 billion reais.

Renato Ejnisman, managing director of Bradesco BBI, Banco Bradesco’s investment banking division, said the market this year was not likely to return to 2009 levels, but “two or three times as many deals as in 2012 is pretty doable.”

Facundo Vazquez, head of Latin America equity capital markets at Bank of America Merrill Lynch, said foreign institutional investors preferred larger deals because they were more easily traded on the public markets, while risk-averse investors were more comfortable putting money into big companies that dominated their sectors.

Conglomerates looking to spin off units will be “the sweet spot,” he predicted, as such operations are big deals with plenty of liquidity from well-known companies.

Mr. Nazari of BTG Pactual also said that bigger offerings attracted more interest. “Right now, it is easier to do a $2 billion deal than a $200 million one,” he said. “A lot of investors are sitting on cash, waiting for the new year and for opportunities.”

The government itself is taking measures to facilitate listings, although more for smaller offerings. The Comissão de Valores Mobiliários, Brazil’s main securities regulator, announced in November that it would consider, on a case-by-case basis, easing requirements for smaller I.P.O.’s.

The equity arm of the state-owned development bank BNDES has 108 billion reais invested in nearly 400 companies, some of which are publicly traded giants like Petrobras, but most of which are privately held.

The BNDES, short for Banco Nacional do Desenvolvimento (or the National Development Bank in English), said in October that it intended to encourage or even oblige its start-ups and other companies to hold I.P.O.’s or at least join the exchange’s access tier, Bovespa Mais.

The Bovespa Mais requires companies to meet the same governance requirements as public companies and to go public, with at least 25 percent of their shares listed, within seven years.

Linx, a midsize software firm in which the BNDES holds a 21.7 percent stake, filed paperwork with regulators at the end of December to hold an I.P.O. this year. Linx is expected to try to raise 500 million reais.

Both government and private sector entities are also working together to present by March a package of regulatory and tax measures to pave the way for smaller I.P.O.’s, though the measures probably would not be in place until 2014.

In general, the change in regulations and investor demand could finally help end Brazil’s drought in I.P.O.’s, analysts said.

“In 10 years or less, we could easily see the number of listed companies in Brazil double,” said Mr. Nazari of BTG Pactual.

Read More..

Banks, regulators reach mortgage settlements









In two of the biggest civil settlements since the financial crisis, the nation's biggest banks agreed Monday to cough up nearly $19 billion to resolve federal allegations of mortgage misdeeds.


Bankers saw the settlements as a major step in providing more certainty for their balance sheets and possibly foreshadowing an end to the era of billion-dollar mea culpas and open-ended regulatory probes.


In one case, 10 banks settled with regulators for $8.5 billion. In the second, Bank of America Corp. agreed to pay almost $10.4 billion to Fannie Mae, the giant loan buyer that the U.S. seized and propped up with tens of billions of taxpayer dollars.





The deals come three years after prosecutors dropped criminal investigations against such subprime-mortgage kingpins as Countrywide Financial Corp.'s Angelo Mozilo in favor of pursuing civil fines.


"I'd have to say we're at least 75% of the way through with this process," said SNL Financial analyst Nancy Bush, arguing that it's time to concentrate on rebuilding the dysfunctional U.S. mortgage system. "The bankers are going to have to stop complaining about the government, and we'll have to stop this endless calling for someone to go to jail."


Housing advocates welcomed payouts for homeowners but asserted that the banks and bankers have gotten off easy, given the enormity of the economic damage to Main Street.


"When you think about $8.5 billion, and you know trillions of dollars in wealth have been lost by communities, it's not enough at all," said Sasha Werblin of the Greenlining Institute. "But some money is better than nothing."


The Bank of America settlement ends a bitter standoff between BofA, once the largest seller of home loans, and Fannie Mae, the nation's largest mortgage buyer.


The deal ends Fannie's demands that BofA buy back a mountain of soured loans issued by Countrywide, the high-risk Calabasas lender BofA acquired in 2008. BofA Chief Executive Brian Moynihan characterized the deal as "a significant step in resolving our remaining legacy mortgage issues."


BofA agreed to buy back $6.75 billion in residential mortgage loans sold to Fannie Mae and pay it an additional $3.6 billion in cash.


Moynihan had agreed previously to tens of billions of dollars in Countrywide-related claims. Those include shouldering the lion's share of last year's $25-billion settlement that five banks reached with the Obama administration and state attorneys general over so-called robo-signing of foreclosure paperwork and other abuses.


BofA still faces billions of dollars in claims from plaintiffs, including major insurers, the U.S. attorney's office in New York and the federal regulator overseeing Fannie Mae and fellow mortgage finance giant Freddie Mac.


But the bank has reached a tentative $8.5-billion settlement with holders of certain Countrywide mortgage bonds and another pending settlement for $2.4 million over its acquisition of Merrill Lynch & Co., also in 2008.


Because Countrywide left Bank of America with so many mortgage-related headaches, many view BofA's tangles with regulators as a barometer for the whole mortgage industry, SNL's Bush said. And as bank stock prices recovered over the last year, BofA led the way with a 109% gain for 2012.


The $8.5-million settlement with 10 banks Monday represented an acknowledgment by bank regulators that a previous attempt to review millions of foreclosures for bank wrongdoing had failed. Instead, they took a streamlined approach — the lump sum — in getting relief for troubled borrowers. Four other banks opted out of the settlement.


The settlement replaces a failed process that started in April 2011. In that arrangement, the Office of the Comptroller of the Currency and the Federal Reserve required the 14 big providers of mortgage customer service to hire consultants to review foreclosures from 2009 or 2010, potentially affecting 4.4 million borrowers. Nearly half a million borrowers signed up for the free reviews, which were supposed to lead to compensation in cases of bank misconduct.


But the consultants' tab totaled $1.5 billion as last year ended — without a single penny of relief going to borrowers. So the regulators and 10 of the banks, including mortgage giants Bank of America, Wells Fargo & Co. and JPMorgan Chase & Co., agreed to a plan for more direct aid.


The 10 banks will pay $3.3 billion to 3.8 million borrowers, who could receive amounts ranging from a few hundred dollars to $125,000 depending on evidence of wrongdoing. Reviews continue at the four banks that opted out of the new approach.


In addition, the 10 banks agreed to provide $5.2 billion in foreclosure prevention assistance to borrowers at risk of losing homes, including mortgage modifications or forgiveness of judgments against them.


Comptroller Tom Curry, the nation's top bank regulator, said the switch was a "significant change in direction." But he said it met the original objectives "by ensuring that consumers are the ones who will benefit and that they will benefit more quickly and in a more direct manner."





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A Google-a-Day Puzzle for Jan. 8











Our good friends at Google run a daily puzzle challenge and asked us to help get them out to the geeky masses. Each day’s puzzle will task your googling skills a little more, leading you to Google mastery. Each morning at 12:01 a.m. Eastern time you’ll see a new puzzle posted here.


SPOILER WARNING:
We leave the comments on so people can work together to find the answer. As such, if you want to figure it out all by yourself, DON’T READ THE COMMENTS!


Also, with the knowledge that because others may publish their answers before you do, if you want to be able to search for information without accidentally seeing the answer somewhere, you can use the Google-a-Day site’s search tool, which will automatically filter out published answers, to give you a spoiler-free experience.


And now, without further ado, we give you…


TODAY’S PUZZLE:



Note: Ad-blocking software may prevent display of the puzzle widget.




Ken is a husband and father from the San Francisco Bay Area, where he works as a civil engineer. He also wrote the NYT bestselling book "Geek Dad: Awesomely Geeky Projects for Dads and Kids to Share."

Read more by Ken Denmead

Follow @fitzwillie and @wiredgeekdad on Twitter.



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Starz signs first-look deal with former legendary TV head Jeremy Elice






LOS ANGELES (TheWrap.com) – Jeremy Elice, the former head of Legendary Picturestelevision division, has landed at Starz with a new deal, a spokesman for the cable network told TheWrap on Monday.


Under the two-year agreement, Starz will have first-look rights at projects from Elice‘s new company, Elice Island Entertainment.






In addition to his stint at Legendary, Elice was also a development executive at AMC, where he was instrumental in bringing the hits “Breaking Bad” and “The Walking Dead” to the network.


TV News Headlines – Yahoo! News





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