A huge collection of odd TV stuff needs a home






LOS ANGELES (AP) — James Comisar is the first to acknowledge that more than a few have questioned his sanity for spending the better part of 25 years collecting everything from the costume George Reeves wore in the 1950s TV show “Superman” to the entire set of “The Tonight Show Starring Johnny Carson.”


Then there’s the pointy Spock ears Leonard Nimoy wore on “Star Trek” and the guns Tony Soprano used to rub out a mob rival in an episode of “The Sopranos.”






“Along the way people thought I was nuts in general for wanting to conserve Keith Partridge’s flared pants from ‘The Partridge Family,’” the good-natured former TV writer says of the 1970s sitcom as he ambles through rows of costumes, props and what have you from the beginnings of television to the present day.


“But they really thought I needed a psychological workup,” Comisar, 48, adds with a smile, “when they learned I was having museum curators take care of these pieces.”


A museum is exactly where he wants to put all 10,000 of his TV memorabilia items, everything from the hairpiece Carl Reiner wore on the 1950s TV variety program “Your Show of Shows” to the gun and badge Kiefer Sutherland flashed on “24″ a couple TV seasons ago.


Finding one that could accommodate his collection, which fills two sprawling, temperature-controlled warehouses, however, has sometimes been as hard as acquiring the boots Larry Hagman used to stomp around in when he was J.R. on “Dallas.” (The show’s production company finally coughed up a pair after plenty of pleading and cajoling.)


Comisar is one of many people who, after a lifetime of collecting, begin to realize that if they can’t find a permanent home for their artifacts those objects could easily end up on the trash heap of history. Or, just as bad as far as he’s concerned, in the hands of private collectors.


“Some of the biggest bidders for Hollywood memorabilia right now reside in mainland China and Dubai, and our history could leave this country forever,” says Comisar, who these days works as a broker and purchasing expert for memorabilia collectors.


What began as a TV-obsessed kid’s lark morphed into a full-fledged hobby when as a young man writing jokes for Howie Mandel and Joan Rivers, and punching up scripts for such producers as Norman Lear and Fred Silverman, Comisar began scouring studio back lots, looking for discarded stuff from the favorite shows of his childhood. From there it developed into a full-on obsession, dedicated to preserving the entire physical spectrum of television history.


“After a couple years of collecting, it became clear to me,” he says, “that it didn’t much matter what TV shows James watched in the early 1970s but which shows were the most iconic. In that way, I had sort of a curator’s perspective almost from the beginning.”


In the early days, collecting such stuff was easy for anyone with access to a studio back lot. Many items were simply thrown out or given away when shows ceased production. When studios did keep things they often rented them out for small fees, and if you lost or broke them you paid a small replacement fee. So Comisar began renting stuff right and left and promptly losing it, acquiring one of Herman Munster’s jackets that way.


These days almost everything has a price, although Comisar’s reputation as a serious collector has led some people to give him their stuff.


If he simply sold it all, he could probably retire as a millionaire several times over. Just last month someone paid $ 480,000 for a faded dress Judy Garland wore in the 1939 film “The Wizard of Oz.” What might Annette Funicello’s original Mickey Mouse Club jacket fetch?


He won’t even think about that.


“I’ve spent 25 years now reuniting these pieces, and I would be so sick if some day they were just broken up and sold to the highest bidder,” he says.


He, and every other serious collector of cool but somewhat oddball stuff, face two major obstacles, say museum curators: Finding a museum or university with the space to take their treasures and persuading deep-pocketed individuals who might bankroll the endeavor that there’s really any compelling reason to preserve something like Maxwell Smart’s shoephone.


“People hold television and popular culture so close to their hearts and embrace it so passionately,” says Dwight Bowers, curator of entertainment collections for the Smithsonian’s National Museum of American History, who calls Comisar’s collection very impressive. “But they don’t put it on the same platform as military history or political history.”


When the Smithsonian acquired Archie Bunker’s chair from the seminal TV comedy “All in the Family,” Bowers said, museum officials took plenty of flak from those offended that some sitcom prop was being placed down the hallway from the nation’s presidential artifacts.


The University of California, Santa Cruz, took similar heat when it accepted the Grateful Dead archives, 30 years of recordings, videos, papers, posters and other memorabilia gifted by the band, said university archivist Nicholas Meriwether.


“What I always graciously say is that if you leave the art and the music aside for one moment, whatever you think of it, what you can say is they are still a huge part of understanding the story of the 1960s and of understanding the nation’s counterculture,” says Meriwether.


Comisar sees his television collection serving the same purpose, tracing societal changes TV shows documented from the post-World War II years to the present.


The Academy of Television Arts and Sciences Foundation looked into establishing such a museum some years back, and Comisar’s collection came up at the time, said Karen Herman, curator of the foundation’s Archive of American Television.


Instead, the foundation settled on an online archive containing more than 3,000 hours of filmed oral history interviews with more than 700 people.


While the archive doesn’t have any of Mr. Spock’s ears, anyone with a computer can view and listen to an oral history from Spock himself, the actor Leonard Nimoy.


Comisar, meanwhile, believes he’s finally found the right site for a museum, in Phoenix, where he’s been lining up supporters. He estimates it will cost $ 35 million and several years to open the doors, but hopes to have a preview center in place by next year.


Mo Stein, a prominent architect who heads the Phoenix Community Alliance and is working with him, says one of the next steps will be finding a proper space for the collection.


But, really, why all the fuss over a place to save one of the suits Regis Philbin wore on “Who Wants to be a Millionaire”?


“In Shakespeare’s time, his work was considered pretty low art,” Comisar responds.


Oh, he’ll admit that “Mike and Molly,” the modern TV love story of a couple who fall for each other at Overeaters Anonymous, may never rank in the same category as “Romeo and Juliet.”


“But what about a show like ‘Star Trek’?” he asks.


Entertainment News Headlines – Yahoo! News





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Yen on defensive on U.S. fiscal worry, helps Nikkei

TOKYO (Reuters) - Uncertainty over whether U.S. lawmakers will strike a deal by an end-of-year deadline to avert a severe fiscal retrenchment undermined the yen and bolstered Japanese shares on Tuesday in low volume, with many participants away on Christmas holiday.


The dollar rose to a 20-month high of 84.965 yen early on Tuesday in Asia, as Japanese markets caught up with global investors who had reacted overnight to incoming Japanese Prime Minister Shinzo Abe's weekend comments that raised the pressure on the Bank of Japan.


During a meeting on Tuesday with officials from Japan's major business lobby, Keidanren, Abe reiterated calls on the BOJ to conduct bold monetary easing to beat deflation by setting an inflation target of 2 percent.


The head of Abe's coalition partner said on Tuesday the coalition party and Abe had agreed to set a 2 percent inflation target and compile a large stimulus budget to help the economy return to growth and overcome deflation.


The yen has come under pressure as a result of expectations that the BOJ will be compelled to adopt more drastic monetary stimulus measures next year.


The dollar was expected to stay firm this week as investors repatriate dollars, and as the U.S. fiscal impasse is likely to continue to sap investor appetite for risky assets and raise the dollar's safe-haven appeal.


"The dollar is seen relatively well bid, with all focus on the fiscal cliff," said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.


"Negotiations may be carried over the weekend, but markets still expect a deal to be struck by December 31. It is unthinkable that the U.S. will risk driving its economic growth sharply lower by not agreeing to avoid it."


U.S. lawmakers and President Barack Obama were on Christmas holiday and talks were unlikely to resume until later in the week.


House of Representatives Speaker John Boehner failed to gain support for a tax plan at the end of last week, raising fears that the United States may face the "fiscal cliff" of some $600 billion in automatic spending cuts and tax increases set to start on January 1.


Japan's Nikkei stock average <.n225> resumed trading after a three-day weekend with a 1.1 percent gain, recapturing the key 10,000 mark it ceded on Friday after Boehner's failure sparked a broad market sell-off and the Tokyo benchmark closed down 1 percent. The Nikkei was likely to be supported as long as the yen stayed weak. <.t/>


"Ongoing optimism about the weak yen is lifting hopes that exporters' earnings will be better than expected," said Hiroichi Nishi, general manager at SMBC Nikko Securities.


Analysts say a near-term correction may be possible as the index is now in "overbought" territory after gaining 16.2 percent over the last six weeks, hitting a nine-month high last Friday. Its 14-day relative strength index was at 72.34, above the 70 level that signals an overbought condition.


MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> nudged up 0.1 percent, driven higher by surging Shanghai shares, as most Asian bourses were shut for Christmas.


The Shanghai Composite Index <.ssec> soared over 2 percent to five-month highs as investors bought property stocks on mounting optimism about the sector. Taiwan shares <.twii> jumped 1.3 percent on gains in technology and financial shares.



Asset performance in 2012: http://link.reuters.com/muc46s


2012 commodities returns: http://link.reuters.com/faz36s


^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>


U.S. HOLDS 2013 KEY


Goro Ohwada, president and CEO at Japan-based fund of hedge funds Aino Investment Corp, said investors were likely to focus on economic fundamentals and the United States for cues on investment direction in 2013.


"There is a feeling that an investment strategy based on economic fundamentals may finally work next year, with asset prices more closely reflecting fair value. The problem is, we don't know yet which asset is a better bet than others," Ohwada said, adding that oil and gold appeared to be near their highs.


Naohiro Niimura, a partner at research and consulting firm Market Risk Advisory, said commodities and energy prices will likely move in tight ranges in 2013, with investors eyeing political events, including the U.S. fiscal cliff outlook, Italian parliamentary election set for February 24-25, and Germany's elections in September.


"The macroeconomic policies taken this year around the world to support growth are expected to result in a moderate recovery in 2013 to reduce an excessive downside risk to prices. This will likely keep commodities, gold and energy prices near their highs," Niimura said.


(Additional reporting by Ayai Tomisawa in Tokyo; Editing by Edmund Klamann and Daniel Magnowski)



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Monti ‘available to lead Italy’







Italian Prime Minister Mario Monti says he is not siding for now with any party in upcoming elections, but remains available to head a future government.






Mr Monti said he was ready to lead any coalition committed to his reforms.


The caretaker prime minister said he was unable to accept an offer from former Prime Minister Silvio Berlusconi to lead a centrist coalition.


Elections are to be held in February. Mr Monti resigned after Mr Berlusconi’s party withdrew its support.


Mr Monti was nominated as technocratic prime minister in November 2011, after Mr Berlusconi’s centre-right coalition government fell amidst a financial and economic crisis.


Speaking at a news conference in Rome, Mr Monti urged Italian parties not to destroy what he said was his government’s achievement in saving Italy from that crisis.


“That financial emergency has been overcome,” he said. “Italians can once again hold their heads high as citizens of Europe.”


Keeping options open


Asked repeatedly if he was going to run in the 24-25 February election, Mr Monti said he cared more about policies than about the personalities involved in the election.


“I’m not siding with anyone – I’d like parties and social forces to side with ideas,” he said.


But he added: “To the forces that show convinced and credible adherence to the Monti agenda, I would be ready to give my advice, my encouragement and if necessary leadership,” he said.


“I would also be ready to assume one day, if required by circumstances, the responsibilities that would be entrusted to me by the parliament.”


The BBC’s David Willey says Mr Monti, whose possible role in February’s election has been the subject of intense speculation in Italy, is playing his cards close to his chest – whilst keeping his options open.


Mr Monti, 69, is an economist and former EU commissioner who first served as a minister under Mr Berlusconi in 1994.


His government has been praised for its initial reforms and for calming financial markets, though much of its reform agenda has been watered down or blocked.


On Sunday, he appealed to parties to push through further reforms of Italy’s labour market and its institutions.


He also criticised Mr Berlusconi for recently attacking the technocratic government, despite having previously praised it.


“I struggle to follow his line of thought,” Mr Monti said.


Mr Berlusconi, 76, has been mired in a series of sexual and financial scandals.


He made conflicting statements about whether he would remain in politics before launching into his sixth general election campaign.


Current polls suggest the centre-left Democratic Party led by Pier Luigi Bersani would win the most votes in a general election.


BBC News – Business





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Japan stocks rally as yen continues to weaken






BANGKOK (AP) — Japan’s benchmark stock index jumped Tuesday as a softening yen helped boost the country’s powerhouse export sector. The Nikkei 225 index in Tokyo rallied 1.4 percent to close at 10,080.12, with export shares leading the way.


The yen traded at a 20-month high of 84.95 yen in New York after incoming Prime Minister Shinzo Abe turned up the pressure on the Bank of Japan to adopt a 2 percent inflation target. During a televised program Sunday, Abe said he will consider revising the Bank of Japan Act if the central bank refuses to act at next month’s policy meeting, Kyodo News Agency said.






That’s designed to fight deflation, or continually dropping prices, which deadens economic activity. The Japanese economy has been stuck in deflation for two decades. On Monday in Asia, the dollar stood at 84.77 yen.


Mazda Motor Corp. gained 2 percent, while Nikon Corp. advanced 2.3 percent. Nomura Holdings jumped 6.3 percent.


Stocks in mainland China posted strong gains. The Shanghai Composite Index jumped 2.5 percent to 2,213.61. The smaller Shenzhen Composite Index surged 2.4 percent to 855.79. Shares in real estate, financial services and travel-related companies led the gains.


Poly Real Estate, China’s second-largest listed developer, gained 4.7 percent while industry leader China Vanke soared 6 percent.


Markets in Hong Kong, South Korea, Singapore, the Philippines, Australia and New Zealand were among those closed for Christmas.


On Wall Street on Monday, the last day of trading before Christmas, stocks fell on concern that time is running out for lawmakers to reach a budget deal to avoid the U.S. going over the “fiscal cliff.”


The Dow Jones industrial average lost 0.4 percent to close at 13,139.08. The Standard & Poor’s 500 index fell 0.2 percent to 1,426.66. The Nasdaq composite index fell 0.2 percent to 3,012.60.


For weeks, discussions between the White House and Congress over a budget deal have been the main driver in markets. If a deal isn’t reached by the start of 2013, automatic spending cuts and tax increases worth hundreds of billions of dollars will be imposed — which many economists think could push the U.S. economy back into recession.


Most markets across Europe were open for only half a day on Monday and won’t reopen until Thursday.


As well as monitoring developments in the U.S. over the coming days, investors will be keeping a close watch on what’s going on in Italy ahead of a general election in February.


Over the weekend, outgoing Prime Minister Mario Monti indicated that he would be willing to return to the role if pro-reform parties back him. Monti has won praise for his economic reforms and efforts to get a grip on the country’s borrowing. Italy has the second-highest debt burden among the 17 EU countries that use the euro. Only Greece’s is higher.


Meanwhile, Platts, the energy information arm of McGraw-Hill Cos., said in a report that China’s apparent oil demand rose 9.1 percent in November from a year earlier to 42.96 million metric tons, an average of 10.5 million barrels per day, the highest on record.


___


Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson


___


AP researcher Fu Ting contributed from Shanghai.


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Pagano back to coach Colts after cancer treatment


INDIANAPOLIS (AP) — Chuck Pagano stepped to the podium Monday, hugged his team owner, thanked his family for its support and wiped a tear from his eye.


He might, finally, turn out the lights in his office, too.


Nearly three months to the day after being diagnosed with leukemia, the Colts' first-year coach returned to a team eager to reunite with a boss healthy enough to go back to work.


"I told you my best day of my life was July 1, 1989," Pagano said, referring to his wedding date. "Today was No. 2. Getting to pull up, drive in, get out of my car, the key fob still worked. I was beginning to question whether it would or not. When I asked for Bruce to take over, I asked for him to kick some you-know-what and to do great. Damn Bruce, you had to go and win nine games? Tough act to follow. Tough act to follow. Best in the history of the NFL. That's what I have to come back to."


The comment turned tears into the laughter everyone expected on such a festive occasion.


For Pagano and the Colts, Monday morning was as precious as anyone could have imagined when Pagano took an indefinite leave to face the biggest opponent of his life, cancer.


In his absence, all the Colts was win nine of 12 games, make a historic turnaround and clinch a playoff spot all before Sunday's regular-season finale against Houston, which they pegged as the day they hoped to have Pagano back. If all goes well at practice this week, Pagano will be on the sideline for the first time since a Week 3 loss to Jacksonville.


Pagano endured three rounds of chemotherapy to put his cancer in remission.


That Pagano's return came less than 24 hours after Indy (10-5) locked up the No. 5 seed in the AFC and the day before Christmas seemed fitting, too.


"I know Chuck is ready for this challenge. In speaking to his doctor multiple times, I know that the time is right for him to grab the reins, get the head coaching cap on and begin the journey," owner Jim Irsay said. "It's been a miraculous story. It really is a book. It's a fairytale. It's a Hollywood script. It's all those things but it's real."


The reality is that he's returning to a vastly different team than the one he turned over to Arians, his long-time friend and first assistant coaching hire.


Back then, the Colts were 1-2 and most of the so-called experts had written them off as one of the league's worst teams. Now, they're ready to show the football world that they can be just as successful under Pagano as they were under Arians, who tied the NFL record for wins after a midseason coaching change.


Pagano also has changed.


The neatly-trimmed salt-and-pepper hair and trademark goatee that were missing in November have slowly returned, and the thinner man who appeared to be catching his breath during a postgame speech in early November, looked and sounded as good as ever Monday.


He repeatedly thanked fans for their prayers and letters, the organization and his family for their unwavering help and promised to provide comfort and support to other people who are facing similar fights. During one poignant moment that nearly brought out tears again, Pagano even recounted a letter sent to him by a 9-year-old child who suggested he suck on ice chips and strawberry Popsicles in the hospital and advised him to be nice to the nurses regardless of how he felt — and he never even paused.


"I feel great, my weight is back, my energy is back and again, it's just a blessing to be back here," Pagano said.


In the minds of Colts players and coaches, Pagano never really left.


He continually watched practice tape and game film on his computer, used phone calls and text messages to regularly communicate with players and occasionally delivered a pregame or postgame speech to his team.


"He texted me and called me so much, it was like he was standing there in my face every day," said receiver Reggie Wayne, who has been friends with Pagano since the two were working together at the University of Miami.


But the Colts found plenty of other ways to keep Pagano's battle in the forefront.


They began a fundraising campaign for leukemia research, calling it Chuckstrong. Players had stickers with the initials CP on their locker room nameplates, and Arians wore an orange ribbon on his baseball cap during games. Orange is the symbolic color for leukemia. At one point, nearly three dozen players shaved their heads to show their ailing coach they were with him.


That's not all.


Arians and first-year general manager Ryan Grigson decided to leave the lights on in Pagano's office until he returned. Pagano noted the team even installed plastic clips to make sure those lights were not mistakenly turned off while he was gone. Those clips were removed when Pagano arrived Monday morning.


And Arians said nobody sat in the front seat of the team bus.


"He's always been our head coach," Arians said.


So after getting medical clearance from his oncologist, Dr. Larry Cripe, to return with no restrictions, Pagano couldn't wait to get to the office Monday morning.


Arians arrived at 7 a.m., three hours early for the scheduled team meeting. By then, Pagano had already driven past the inflatable Colts player with the words "Welcome Back Chuck" printed on its chest and was back in his office preparing for the Texans.


Players showed up a couple of hours later, and when the torch was passed from Arians back to Pagano, players gave their returning coach a standing ovation that Wayne said was well-deserved.


All Pagano wants to do now is emulate the success Arians and his players have had this season.


"I asked him (Arians) if he would lead this team and this ballclub and this organization and take over the reins," Pagano said. "What a masterful, masterful job you did Bruce. You carried the torch and all you went out and did was win nine ballgames. You got us our 10th win yesterday and you got us into the playoffs. You did it with dignity and you did it with class. You're everything that I always knew you were and more."


___


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


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Shootings: Suicide risk gives clues




A sign near a cemetery of a victim in the school shooting in Newtown, Connecticut.




STORY HIGHLIGHTS


  • Daniel Flannery: Studies show there is no distinct profile of school shooters

  • Flannery: We can take lessons from what we know about risk for suicide

  • He says we can do better to assess a person's risk for violent action toward others

  • Flannery: Communities and schools should pay more attention to kids' mental health




Editor's note: Daniel J. Flannery is the Dr. Semi J. and Ruth Begun professor and director of the Begun Center for Violence Prevention, Research and Education at the Mandel School of Applied Social Sciences at Case Western Reserve University.


(CNN) -- It is hard not to feel a sense of despair, loss and anxiety over the shooting in Newtown, Connecticut. We want answers. We may not know for a very long time, if ever, what really motivated the shooter.


Previous studies of school shooters show us that some common mental health symptoms characterize many of the perpetrators, including poor anger management ability, narcissism, low self-esteem and lack of empathy. However, there are still many more differences across shooters than similarities, so to date there is no distinct profile of school shooters.


What can we do, aside from the psychological autopsying of recent incidents, to try and prevent more homicide school shootings? There is no simple answer. But we can take some lessons from what we know about risk for suicide.



Daniel J. Flannery

Daniel J. Flannery



For many years, we have done a pretty good job of getting people to take threats of suicide seriously. If a young person walks into a counselor's office and says something like, "I think I'm going to kill myself," that counselor has been professionally trained and socialized to not underestimate the threat of self-injury.


Certainly, not every young adult who says such a thing goes on to commit suicide. Evidence shows that many of them have at least thought about hurting or killing themselves at some point, but few actually make a real attempt and fewer still carry it out.








Developing a good model for assessing the risk of suicide can provide a framework for how to assess the seriousness of threats to commit acts of violence toward others.


For example, one of the best predictors of suicide is previous suicide attempts. We try to determine whether a person has access to lethal methods of self-harm (drugs, firearms) and how detailed are the plans to carry out the act. We look for signs of anger and whether the person has experienced a recent crisis or loss. We try to figure out if a person's sense of rejection or disenfranchisement leads to a sense of hopelessness about the future, and a conviction that suicide is the only way out of a desperate situation. Moreover, if a person knows someone close who has committed suicide, we have to be vigilant since there tends to be an increase (clustering) of suicides among friends or acquaintances.


Each of these signposts can help us do a better job of assessing a person's risk for carrying out acts of violence toward others like in the school shootings.


We can look for any history of violence -- whether the person has written about or told others of his or her intent. We can try to find out whether the person has access to firearms or has thought out a plan to carry out an attack. We can try to evaluate levels of anger, feelings of rejection, or expressions of hopelessness about the future.


Most adolescent school shooters have said something to peers prior to taking any action, but not always to the direct target of an attack, and rarely to an adult. (In contrast, in rampage shootings carried out by adults, we don't have as much information and they don't usually give verbal warnings or threats beforehand.)


Ideally, assessing the risk would be carried out using a validated set of reliable indicators, with detailed semi-structured interviews performed by trained mental health professionals. In schools, social workers, counselors or school psychologists can screen young people for risk of potential violence perpetration and refer them to other mental health professionals who could do a more thorough assessment if necessary. Of course, adequate screenings depend largely on adequate time, resources and staff training.


Not every young person who makes a threat to hurt others will end up committing an act of violence toward others, and very few will ever commit a multiple mass shooting. But just as we take threats of suicide seriously, we should pay equal attention to those who say they might harm others.


We have to do all we can to make sure our children are safe, and that they all come home at the end of the school day. We can take steps as a community to pay attention to mental health and violence as it occurs every day, not just when horrible acts of great magnitude occur.


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The opinions expressed in this commentary are solely those of Daniel J. Flannery.






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Pro-gun rights US petition to deport Piers Morgan






LONDON (AP) — Tens of thousands of people have signed a petition calling for British CNN host Piers Morgan to be deported from the U.S. over his gun control views.


Morgan has taken an aggressive stand for tighter U.S. gun laws in the wake of the Newtown, Connecticut, school shooting. Last week, he called a gun advocate appearing on his “Piers Morgan Tonight” show an “unbelievably stupid man.”






Now, gun rights activists are fighting back. A petition created Dec. 21 on the White House e-petition website by a user in Texas accuses Morgan of engaging in a “hostile attack against the U.S. Constitution” by targeting the Second Amendment. It demands he be deported immediately for “exploiting his position as a national network television host to stage attacks against the rights of American citizens.”


The petition has already hit the 25,000 signature threshold to get a White House response. By Monday, it had 31,813 signatures.


Morgan seemed unfazed — and even amused — by the movement.


In a series of Twitter messages, he alternately urged his followers to sign the petition and in response to one article about the petition said “bring it on” as he appeared to track the petition’s progress.


“If I do get deported from America for wanting fewer gun murders, are there any other countries that will have me?” he wrote.


Entertainment News Headlines – Yahoo! News





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Start of "Santa rally" dampened by "cliff" worries

NEW YORK (Reuters) - Stocks edged lower on Monday as caution over the potential for volatility driven by worries about the U.S. "fiscal cliff" dampened enthusiasm at the start of a seasonally strong period for equities.


The S&P 500 index <.spx> declined 0.9 percent on Friday, its biggest drop in more than a month, as a Republican plan to avoid the cliff - $600 billion in tax hikes and spending cuts that could tip the U.S. economy into recession - failed to gain any traction on Thursday night.


Sharp moves like that highlight how headlines from Washington can whipsaw markets, especially during the thinly traded period over the Christmas holidays.


Still, with the S&P 500 up 0.8 percent in December and on course for its strongest month since September, some analysts are predicting that stocks will find their footing during a market seasonality known as the "Santa rally."


"Right now we've seen some very constructive action in the market so I think that bodes well for this being a positive seasonal 'Santa' period over the coming seven days," said Ari Wald, a technical analyst at The PrinceRidge Group.


Wald points to an all-time high in the NYSE advance-decline line, which compares the advancing and declining stocks, as indication of strong participation in the rally off November lows that is setting stocks up for their best year since 2009. A large number of advancers to decliners shows there is broad participation across the equity market.


"Pull backs are buying opportunities," said Wald. "There has been really great participation on this move, a lot of small- and mid-cap stocks behaving well, pushing out to the upside; we're seeing some good leadership from offensive sectors of the market as well."


The Santa seasonality covers the last five trading days of the year and the first two of the new year. Since 1928, The S&P 500 has averaged a gain of 1.8 percent during this period and risen 79 percent of the time, according to data from PrinceRidge.


The Dow Jones industrial average <.dji> dropped 35.78 points, or 0.27 percent, to 13,155.06. The Standard & Poor's 500 Index <.spx> fell 3.69 points, or 0.26 percent, to 1,426.46. The Nasdaq Composite Index <.ixic> lost 10.68 points, or 0.35 percent, to 3,010.33.


The S&P 500 remains up more than 13 percent for the year, having recovered nearly all the losses suffered in the wake of the U.S. elections. The yearly gain would be the best since 2009.


Some U.S. lawmakers expressed concern on Sunday the country would go over the cliff, as some Republicans charged that was President Barack Obama's goal. Talks are stalled with Obama and House of Representatives Speaker John Boehner out of Washington for the holidays.


"It does seem like we are continuing through the same drift of the same thing we've had the past couple of weeks - cliff talk," said Nick Scheumann, wealth partner at Hefty Wealth Partners in Auburn, Indiana.


"You can't trade on what you don't know and we truly don't know what they are going to do," he said.


Congress is expected to return to Washington next Thursday as Obama returns from a trip to Hawaii. As the deadline draws closer, a 'stop-gap' deal appears to be the most likely outcome of any talks.


Trading volumes are expected to be muted, with U.S. equity markets scheduled to close at 1 p.m. (1800 GMT) ahead of the Christmas holiday on Tuesday.


In addition, a number of European markets will operate on a shortened session, with other markets closed entirely.


U.S. retailers may not see a sales surge this weekend as ho-hum discounts and fears about imminent tax hikes and cuts in government spending give Americans fewer reasons to open their wallets in the last few days before Christmas.


Aegerion Pharmaceuticals Inc said the U.S. Food and Drug Administration approved Juxtapid capsules in patients with homozygous familial hypercholesterolemia, but will conduct a post-approval study to test long-term safety and efficacy. Shares fell 4.7 percent to $24.50.


Herbalife Ltd dipped 5.8 percent to $25.68 in premarket after the company said it expects to exceed its previously announced repurchase authorization guidance and has retained Moelis & Company as its strategic advisor. The declines put the stock on track for a ninth straight decline.


Yum Brands Inc advanced 1.7 percent to $64.98 after Shanghai's food safety authority said the level of antibiotics and steroids in the company's KFC chicken was within official limits.


(Reporting By Edward Krudy; Editing by Chizu Nomiyama)



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LSE agrees LCH Clearnet purchase







The London Stock Exchange is to buy a 60% stake in LCH Clearnet, the European clearing house, but for a lower price.






The LSE will pay 366m euros ($ 482m; £300m), about 100m euros below the original offer price.


The lower price reflected new European rules requiring clearing houses to hold more capital, the companies said.


Clearing houses enable the trading of shares between two parties, charging a fee to guarantee the sales should one side default.


By requiring clearing houses to hold more money in reserve, the authorities hope to protect such firms against a major customer hitting a financial crisis.


“Today’s announcement is a success for LSE shareholders,” said Peter Lenardos, analyst at RBC Capital Markets.


“We believe that shareholder approvals will be sought in January and we still expect the transaction to complete in the first quarter of 2013.”


The deal was originally due to be completed by the end of this year. The UK’s Office of Fair Trading approved the acquisition earlier this month.


By taking over LCH, the LSE should be better able to compete with rivals such as NYSE Euronext and Deutsche Börse, which own clearing houses.


Demand for clearing transactions are expected to increase over the next few years as regulators force banks and other parties to channel trades through regulated clearing houses to ensure their risk positions can be better monitored.


BBC News – Business





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IIROC: Resume, Northern Financial Corp.









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Colts recovering coach returns to team facility


INDIANAPOLIS (AP) — Chuck Pagano was back at work Monday morning.


Three months after taking an indefinite leave to battle leukemia, the Colts' coach was scheduled to meet with players, coaches and reporters as he retook the reins from interim coach Bruce Arians.


When Pagano arrived at the team headquarters, he drove past an inflatable Colts player to the side of the driveway with a simple message across the chest "Welcome Back Chuck." The sign usually reads "Beat," plus whichever team the Colts play next.


Indianapolis (10-5) has been waiting months for this day, and last week Arians called Pagano's impending return the best Christmas gift the team could get.


Pagano began the first of three rounds of chemotherapy Sept. 26, after the team completed its final practice during a bye week.


When the Colts returned to their practice facility Oct. 1, they were told Pagano had cancer and was taking an indefinite leave.


Arians, a prostate cancer survivor, immediately established the goal: Play long enough so Pagano could return to the sideline this season.


If all goes well at practice this week, Pagano will likely be on the sideline calling the shots Sunday against AFC South champion Houston in the regular-season finale. It would be the first time Pagano has been making game-day decisions since Jacksonville scored a last-minute touchdown on an 80-yard TD pass in Week 3, handing Indy it's only home loss this season.


Under Arians, the Colts did better than anyone expected.


When players arrived at training camp in August, they handed out T-shirts that showed where the so-called experts figured they would finish this season: The NFL's worst team again.


But with Sunday's 20-13 victory at Kansas City, Indy clinched its first playoff spot of the post-Peyton Manning era and Arians tied the league record for most wins after a midseason coaching change (nine). Indy is the fourth team in league history to win two or fewer games one season and 10 or more the next and became the second team in league history to lose 14 or more games one season and win 10 or more the next — joining the 2008 Miami Dolphins.


Pagano was never far from the Colts' thoughts while he was out.


He was in contact with players and coaches primarily through phone calls and text messages, watched tapes of practices and games on his computer, attended three home games and sometimes showed up at the team complex. He occasionally gave pregame or postgame speeches throughout his recovery.


On Nov. 5, Pagano's oncologist, Dr. Larry Cripe, said the illness was in complete remission, though Pagano still had to complete two more rounds of chemotherapy. The last round ended the first week of December. Last Thursday, Cripe said he gave Pagano medical clearance to return to the team. Cripe said he was putting no restrictions on what Pagano could do, only that he advised Pagano, as he does with other patients, to scale things back if necessary.


___


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


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Senators slam movie's torture scenes




In the new film "Zero Dark Thirty," Jessica Chastain plays a CIA analyst who is part of the team hunting Osama bin Laden.




STORY HIGHLIGHTS


  • Sens. Feinstein, McCain, Levin send letter calling new film "grossly inaccurate"

  • Letter adds to controversy over depiction of torture as a key to finding bin Laden, Bergen says

  • Senate committee has approved 6,000-page classified report on CIA interrogations program

  • Bergen says as much as possible of that report should be released to the public




Editor's note: Peter Bergen is a CNN national security analyst and author of "Manhunt: The Ten-Year Search for bin Laden, from 9/11 to Abbottabad."


(CNN) -- On Wednesday, three senior U.S. senators sent Michael Lynton, the CEO of Sony Pictures, a letter about "Zero Dark Thirty," the much-discussed new movie about the hunt for Osama bin Laden, which described the film as "grossly inaccurate and misleading."


In the letter, Senate Intelligence Committee Chairman Dianne Feinstein, D-California, Senate Armed Services Committee Chairman Carl Levin, D-Michigan, and Sen. John McCain, R-Arizona, expressed their "deep disappointment" in the movie's depiction of CIA officers torturing prisoners, which "credits these detainees with providing critical lead information" about the courier who led the CIA to bin Laden's hiding place in northern Pakistan.


The senators point out that the filmmakers of "Zero Dark Thirty" open the movie with the words that it is "based on first-hand accounts of actual events." The film then goes on, the senators say, to give the clear implication "that the CIA's coercive interrogation techniques were effective in eliciting important information related to a courier for Usama Bin Laden."


Review: 'Zero Dark Thirty' is utterly gripping



Peter Bergen

Peter Bergen



The senators write that this is not supported by the facts: "We have reviewed CIA records and know that this is incorrect."


Last week, the Senate Intelligence Committee voted to sign off on the findings of its three-year study of the CIA's detention and interrogation program, during the course of which the committee's staff reviewed more than 6 million pages of records about the program.


Based on the findings of that review, Sens. Feinstein and Levin had released a statement eight months ago that said, "The CIA did not first learn about the existence of the Usama Bin Laden courier from CIA detainees subjected to coercive interrogation techniques. Nor did the CIA discover the courier's identity from detainees subjected to coercive techniques. ... Instead, the CIA learned of the existence of the courier, his true name and location through means unrelated to the CIA detention and interrogation program."


In their letter to Sony, the three senators write, "(W)ith the release of Zero Dark Thirty, the filmmakers and your production studio are perpetuating the myth that torture is effective. ... We believe that you have an obligation to state that the role of torture in the hunt for Usama Bin Laden is not based on the facts."


Requests from Sony Pictures for comment on the senators' letter yielded a response referring to a statement that the film's director Kathryn Bigelow and screenwriter Mark Boal had released last week:


"This was a 10-year intelligence operation brought to the screen in a two-and-a-half-hour film. We depicted a variety of controversial practices and intelligence methods that were used in the name of finding bin Laden. The film shows that no single method was necessarily responsible for solving the manhunt, nor can any single scene taken in isolation fairly capture the totality of efforts the film dramatizes. One thing is clear: the single greatest factor in finding the world's most dangerous man was the hard work and dedication of the intelligence professionals who spent years working on this global effort. We encourage people to see the film before characterizing it."


'Zero Dark Thirty' puts U.S. interrogation back in the spotlight










"Zero Dark Thirty" does indeed show many scenes of the various forms of sleuthing at the CIA that were necessary to track down al Qaeda's leader.


But the statement from the filmmakers does not address the fact that eight months ago, the chairman of the Senate Intelligence Committee had publicly said that based on an exhaustive investigation, there was no evidence that coercive interrogations helped lead to bin Laden's courier -- which is clearly what the film suggests, no matter what retrospective gloss the filmmakers now wish to apply to the issue.


Nor does the statement indicate if Sony plans to put a disclaimer at the beginning of "Zero Dark Thirty" explaining that the role of coercive interrogations in tracking down bin Laden that is shown in the film is not supported by the facts.


As I outlined in a piece on CNN.com 10 days ago assessing the role that coercive interrogations might have played in the hunt for bin Laden, about half an hour of the start of "Zero Dark Thirty" consists of scenes of a bloodied al Qaeda detainee strung to the ceiling with ropes who is beaten; forced to wear a dog collar while crawling around attached to a leash; stripped naked in the presence of a female CIA officer; blasted with heavy metal music so he is deprived of sleep; forced to endure multiple crude waterboardings; and locked into a coffin-like wooden crate.


These are the scenes that will linger with filmgoers, far more than the scene in the movie where two CIA analysts discuss what will prove to be a key lead to bin Laden that surfaces in an old file. Brutal interrogations, of course, make for a better movie than a discussion at the office.


It is only after systematic abuse by his CIA interrogators in "Zero Dark Thirty" that the al Qaeda detainee is tricked into believing that he has already given up key information, and he starts cooperating and tells them about a man known as Abu Ahmed al-Kuwaiti, who ultimately proves to be bin Laden's courier.


Acting CIA director Michael Morell, in a letter to CIA employees on Friday, took strong exception to this portrayal of how bin Laden was found:


"The film creates the strong impression that the enhanced interrogation techniques that were part of our former detention and interrogation program were the key to finding Bin Ladin. That impression is false. As we have said before, the truth is that multiple streams of intelligence led CIA analysts to conclude that Bin Ladin was hiding in Abbottabad. Some came from detainees subjected to enhanced techniques, but there were many other sources as well. "


"Zero Dark Thirty" opened Wednesday in New York and Los Angeles and will open nationwide in the second week in January.


Let's hope that the attention that "Zero Dark Thirty" has directed to the issue of what kind of intelligence was derived from the CIA's coercive interrogations will help to put pressure on the White House and the CIA to release to the public as much as possible of the presently classified 6,000-page report by the Senate Intelligence Committee that examines this issue.


_____________


Full disclosure: Along with other national security experts, as an unpaid adviser I screened an early cut of "Zero Dark Thirty." We advised that al Qaeda detainees held at secret CIA prison sites overseas were certainly abused, but they were not beaten to a pulp, as was presented in this early cut. Screenwriter Mark Boal told CNN as a result of this critique, some of the bloodier scenes were "toned down" in the final cut. I also saw this final cut of the film. Finally, HBO is making a theatrical release documentary which will be out in 2013 based on my book about the hunt for bin Laden entitled "Manhunt."


Follow @CNNOpinion on Twitter.


Join us at Facebook/CNNOpinion.







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Disney Sets August 9 Release for ‘Cars’ Spin-off ‘Planes’






NEW YORK (TheWrap.com) – Disney will release “Planes,” a spin-off of Pixar‘s “Cars” franchise, August 9, 2013, in the United States. DisneyToon Studios is behind the film with Pixar/Disney Animation chief creative officer John Lasseter producing.


The film follows a fleet of planes, in particular Dusty. “Two and a Half Men” star Jon Cryer was to voice Dusty, but he has dropped out and the studio is now casting the part.






Disney initially intended to release “Planes” direct to video, but it will now send it into theaters domestically and overseas.


“Planes” will compete against a pair of films that summer weekend, both of which should have more adult followings. The big-ticket item will be Sony’s “Elysium,” Neill Blomkamp‘s follow-up to “District 9.” Also opening that weekend is “We’re the Millers,” a New Line drug-smuggling comedy starring Jason Sudeikis and Jennifer Aniston.


Next summer’s biggest animated movies should all be sequels save “Epic,” Fox’s story of a teenage girl caught in a forested battle. Beyonce Knowles‘ leads the voice cast. The other big openers are Despicable Me 2,” “Monsters University” and “Smurfs 2.”


Movies News Headlines – Yahoo! News





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Wall Street Week Ahead: A lump of coal for "Fiscal Cliff-mas"

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all.


A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff" will push the economy into recession.


Thursday's debacle in the U.S. House of Representatives, where Speaker John Boehner failed to secure passage of his own bill that was meant to pressure President Obama and Senate Democrats, only added to worry that the protracted budget talks will stretch into 2013.


Still, the market remains resilient. Friday's decline on Wall Street, triggered by Boehner's fiasco, was not enough to prevent the S&P 500 from posting its best week in four.


"The markets have been sort of taking this in stride," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago, which has about $38 billion in assets under management.


"The markets still basically believe that something will be done," he said.


If something happens next week, it will come in a short time frame. Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will close on Tuesday for Christmas. Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the rest of the week with scores of market participants away on a holiday break.


For the week, the three major U.S. stock indexes posted gains, with the Dow Jones industrial average <.dji> up 0.4 percent, the S&P 500 <.spx> up 1.2 percent and the Nasdaq Composite Index <.ixic> up 1.7 percent.


Stocks also have booked solid gains for the year so far, with just five trading sessions left in 2012: The Dow has advanced 8 percent, while the S&P 500 has climbed 13.7 percent and the Nasdaq has jumped 16 percent.


IT COULD GET A LITTLE CRAZY


Equity volumes are expected to fall sharply next week. Last year, daily volume on each of the last five trading days dropped on average by about 49 percent, compared with the rest of 2011 - to just over 4 billion shares a day exchanging hands on the New York Stock Exchange, the Nasdaq and NYSE MKT in the final five sessions of the year from a 2011 daily average of 7.9 billion.


If the trend repeats, low volumes could generate a spike in volatility as traders keep track of any advance in the cliff talks in Washington.


"I'm guessing it's going to be a low volume week. There's not a whole lot other than the fiscal cliff that is going to continue to take the headlines," said Joe Bell, senior equity analyst at Schaeffer's Investment Research, in Cincinnati.


"A lot of people already have a foot out the door, and with the possibility of some market-moving news, you get the possibility of increased volatility."


Economic data would have to be way off the mark to move markets next week. But if the recent trend of better-than-expected economic data holds, stocks will have strong fundamental support that could prevent selling from getting overextended even as the fiscal cliff negotiations grind along.


Small and mid-cap stocks have outperformed their larger peers in the last couple of months, indicating a shift in investor sentiment toward the U.S. economy. The S&P MidCap 400 Index <.mid> overcame a technical level by confirming its close above 1,000 for a second week.


"We view the outperformance of the mid-caps and the break of that level as a strong sign for the overall market," Schaeffer's Bell said.


"Whenever you have flight to risk, it shows investors are beginning to have more of a risk appetite."


Evidence of that shift could be a spike in shares in the defense sector, expected to take a hit as defense spending is a key component of the budget talks.


The PHLX defense sector index <.dfx> hit a historic high on Thursday, and far outperformed the market on Friday with a dip of just 0.26 percent, while the three major U.S. stock indexes finished the day down about 1 percent.


Following a half-day on Wall Street on Monday ahead of the Christmas holiday, Wednesday will bring the S&P/Case-Shiller Home Price Index. It is expected to show a ninth-straight month of gains.


U.S. jobless claims on Thursday are seen roughly in line with the previous week's level, with the forecast at 360,000 new filings for unemployment insurance, compared with the previous week's 361,000.


(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: rodrigo.campos(at)thomsonreuters.com)


(Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)



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China and India: The $10 Trillion Engine of Future U.S. Growth






My friend and colleague Michael J. Silverstein, writing in this space in late October, mentioned that the most dangerous thing about China is America’s misguided attitude toward the country. In short, we appear to be afraid of China’s success.


The U.S. has never before run from a challenge. This is the wrong time to start.






As Silverstein and his co-authors—Carol Liao, David Michael, and Abheek Singhi—point out in their new book, The $ 10 Trillion Prize, one of the reasons many Americans feel threatened by China is they don’t know a lot about the country. What they do “know,” by and large, is what they’ve been told by politicians and others who accuse China of stealing U.S. jobs.


Yes, many low-skill, low-wage U.S. jobs have moved elsewhere, in many cases to China. Yes, many low-cost, mass-produced products that used to be made here are now being made there, and in other low-cost countries, such as India, Indonesia, Malaysia, Mexico, Thailand, and Vietnam. And, yes, many of those jobs will never come back.


But as China and the other developing countries grow, they also become potential customers for U.S. goods and services, from corn and soybeans to automobiles, commercial jetliners, heavy machinery, construction and farm equipment, and banking, investment, and insurance services, to name just a few.


It wasn’t that long ago that the prevailing American vision of the Middle Kingdom was that of millions of mindless peasants marching in automaton-like lockstep to the orders of the party bosses. They led lives of drudgery, on collective farms, toiling for mere survival. Everybody dressed like Chairman Mao. Dissent was met with tanks. And it wasn’t that long ago that that may have been accurate in some respects.


But China today, as Silverstein and his co-authors make clear, is a booming multiclass society with hundreds of millions of people who want nothing more than their own version of the American Dream: a nice home, a quality car, a good education for their children, appliances and conveniences, better health care, stylish clothes, more time for travel and leisure. In short: a better life for the next generation than the current generation enjoyed. The same is true in India.


The authors visited with and tell the stories of dozens of Chinese and Indian families and entrepreneurs who are striving for the same things Americans want—and for the first time in their lives, they have the money to get them.


My colleagues have calculated that between 2010 and 2020, Chinese and Indian consumers will spend some $ 64 trillion on goods and services. Chinese consumers will spend approximately $ 41.5 trillion, with annual expenditures reaching more than $ 6 trillion in 2020. Indians will spend $ 22.5 trillion, with annual spending hitting an estimated $ 3.6 trillion by 2020. Combined, they will be spending some $ 10 trillion per year by 2020—more than three times what they spent in 2010.


That’s what U.S. politicians and business leaders should be talking about: the promise of China and India as engines of future U.S. growth. That’s the prize the book is about.


China and India today show the kind of unbridled optimism that used to be the hallmark of America. Many Chinese and Indian entrepreneurs expect their companies to grow by factors of 10 over the next decade.


Rather than fear such growth, Americans should embrace it, wish them well, and make sure our businesses, farms, and factories are prepared to meet their needs.


Businessweek.com — Top News





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BMW at 20: Plant exceeds hopes, tax debate ongoing






GREER, S.C. (AP) — Two decades ago, then-South Carolina Gov. Carroll Campbell stood at the Greenville-Spartanburg airport and announced that a BMW plant being built just up the road would be a benchmark in the history of the state.


By most measures, the German automaker’s plant near Greer has exceeded some lofty expectations. BMW officials said they expected the plant to have 2,000 workers and make 6,500 luxury vehicles a month. In November, the factory’s 7,000 employees produced more than 25,000 of BMW’s crossover vehicles, which are a mix of an SUV and a coupe. In 20 years, BMW has invested $ 6 billion in South Carolina, an amount nearly equal to the state budget proposed by Gov. Nikki Haley this month.






“They never stopped building the plant. It has been a continuing expansion,” said Bruce Yandle, an economics professor emeritus at Clemson University.


BMW is now as much a part of modern South Carolina culture as barbecue buffets and The Shag, so much so that politicians have been chasing the next BMW ever since.


But some say that pursuit has had its drawbacks. BMW received hundreds of millions of dollars in public money and tax breaks. While that investment appears to have paid off, it also led to an often-cash-strapped state providing millions more in taxpayer money to hundreds of other companies — most of it without much public oversight — making it nearly impossible to judge the quality of these public investments.


Officials say BMW’s success is evident. A parade of suppliers followed the German automaker’s plant, and a University of South Carolina study found BMW and the plants that supply the parts to make the vehicles account for more than 1 percent of the state’s nearly 2 million workers.


The automaker gave $ 10 million to help Clemson establish its International Center for Automotive Research. The auto plant just off Interstate 85 might be the most recognizable landmark between Atlanta and Charlotte, N.C.


“I couldn’t even begin to quantify what their presence has meant. Obviously, their impact touches so many different areas,” Greer Mayor Rick Danner said.


BMW said it had no plans to mark the 20th anniversary of the announcement and groundbreaking. Instead, the company celebrated last January when its 2 millionth vehicle came off the production line. It also announced yet another expansion, worth $ 900 million and 300 new jobs.


Campbell, who was governor from 1987 to 1995 and died in 2005, doggedly pursued BMW over several years. A flurry of faxes at all times of the day and night between Germany and South Carolina secured the deal in June 1992, with Campbell celebrating by climbing into one of the company’s luxury sedan’s with a “BMW 1″ license plate. BMW liked the land and tax breaks offered by the pro-business state along with its easy access to interstates and the port in Charleston.


South Carolina beat out Nebraska, whose governor at the time complained that he “couldn’t move the Atlantic Ocean.” The observation has been on the mark. BMW currently exports 70 percent of the vehicles made in South Carolina, with most of them heading out to sea on cargo ships.


BMW’s decision wasn’t met with all praise, especially outside the state. Plenty of people in the U.S. were already angry about manufacturing jobs going overseas for lower wages, and some suggested a plum manufacturer like BMW picked South Carolina because its people would work cheap. The state’s right-to-work law also meant employees were not required to join labor unions.


“South Carolina was to the Germans the state that bore the closest resemblance to Mexico,” a columnist in the New York-area paper Newsday wrote.


But BMW helped bring along a Southern manufacturing renaissance, especially with automobiles, Yandle said


“Then you had BMW’s arch rival Mercedes thinking about locating a plant somewhere in the U.S.,” Yandle said. “If those folks in South Carolina can build a BMW that the world will accept, then somewhere else in the South could make a Mercedes that the world would accept.”


The pursuit of BMW and other companies also increased the race to offer tax money, tax breaks and property as incentives to private companies. BMW got the equivalent in today’s dollars of about $ 325 million in incentives. But the plant likely would have been successful even if it hadn’t gotten a dime of taxpayer money, said Ashley Landess, president of the South Carolina Policy Council.


Politicians were soon trying to find the next big thing and likely gave incentives to companies that squandered the money. A Pew Center report this year found that 26 states, including South Carolina, didn’t have an adequate system for evaluating how well tax incentives were working to bring economic development.


“You had one big success and everyone chases the next one,” said Landess, whose group thinks incentives amount to corporate welfare that hurts capitalism and competition. It would rather see lawmakers lower taxes to improve the state’s business climate.


Also, BMW didn’t bring the kind of economic kick that Campbell and others hoped for in individual wallets. Per capita income in Greenville and Spartanburg counties has barely risen faster than the rate of inflation in the past decade, according to U.S. Census figures. The poverty level in both places has increased, and BMW and its related industries couldn’t buffer the state from the Great Recession, as unemployment soared past 11 percent three years ago.


Still, per capita income in Greenville County was $ 26,547 in 2010, about $ 3,200 more than the South Carolina average.


BMW also has put an emphasis on being green. The company began a project in 2003 to use methane gas generated from a nearby landfill to power some of its plant. Now the project provides half the energy the plant needs. The automaker also takes an interest in local culture, having given $ 1 million to the Spartanburg Center for Arts, Science and History.


BMW was a once-in-a-generation economic development package for South Carolina. Last year, Boeing opened an aircraft factory in North Charleston that the governor and others repeatedly compared to BMW. The Boeing plant was the subject of a dispute with the National Labor Relations Board, which charged that the aircraft maker was building the facility in South Carolina in retaliation over past contract disputes. The board filed a lawsuit that was later settled.


Yandle said the opportunity is there at the Boeing plant for the same kind of history-changing growth, but it will be years before the impact of that company will be known.


BMW’s most important legacy may be its suppliers. About 50 plants in South Carolina provide parts to the automaker. Together they have added 16,000 jobs to the 7,000 employees that actually punch the clock at the BMW plant.


“The question is whether Boeing can build those auxiliary enterprises,” Yandle said. “BMW is still making that happen. A brand new transmission plant just opened in Laurens County, and a lot of that has to do with BMW being right up the road.”


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UK paper suing Lance Armstrong over libel case


LONDON (AP) — Lance Armstrong is being sued for more than $1.5 million by a British newspaper over the settlement of a libel action, which followed doping allegations against the cyclist that it published.


The Sunday Times paid Armstrong 300,000 pounds (now about $485,000) in 2006 to settle a case after it reprinted claims from a book in 2004 that he took performance-enhancing drugs.


The U.S. Anti-Doping Agency concluded this year that Armstrong led a massive doping program on his teams. Armstrong was stripped of his seven Tour de France titles and banned from cycling for life.


The Sunday Times announced in an article in its latest edition that it has issued legal papers against Armstrong.


"It is clear that the proceedings were baseless and fraudulent," the paper said in a letter to Armstrong's lawyers. "Your representations that you had never taken performance enhancing drugs were deliberately false."


The paper, which is owned by Rupert Murdoch's News Corp., said its total claim against Armstrong is "likely to exceed" 1 million pounds ($1.6 million).


"The Sunday Times is now demanding a return of the settlement payment plus interest, as well as its costs in defending the case," the paper said.


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Will media stay on gun story?






STORY HIGHLIGHTS


  • Howard Kurtz: Conventional wisdom is that media will lose interest in guns

  • He says that's been the pattern of media behavior after Columbine, other shootings

  • This time seems like it might be different, he says

  • Kurtz: Reporters profoundly shaken by story, should stay on it




Editor's note: Howard Kurtz is the host of CNN's "Reliable Sources" and is Newsweek's Washington bureau chief. He is also a contributor to the website Daily Download.


(CNN) -- The conventional wisdom is that Newtown has just a few more days to run as a major media story.


The reporters are pulling out of the grief-stricken Connecticut town, which means no more live shots every hour. The White House press corps responded to President Obama's announcement Wednesday of a task force on gun control with the first three reporters asking about the impending fiscal cliff. And after every previous mass shooting, from Columbine to Aurora, the media's attention has soon drifted away.


But I believe this time will be different.



Howard Kurtz

Howard Kurtz




I believe the horror of 20 young children being gunned down has pricked the conscience of those in the news business, along with the rest of America.


I could be wrong, of course. The press is notorious for suffering from ADD.


But every conversation I've had with journalists has quickly drifted to this subject and just as quickly turned intense. Most have talked about how their thoughts have centered on their children, and grandchildren, and the unspeakable fear of anything happening to them. All have spoken about how hard it is to watch the coverage, and many have recalled crying as they watch interviews with the victims' families, or even when Obama teared up while addressing the nation.


Watch: Blaming Jon Stewart for the Newtown Shootings?


I've watched Fox's Megyn Kelly choke back tears on the air after watching an interview from Newtown. I've heard CNN's Don Lemon admit that he is on the verge of crying all the time. I've seen MSNBC's Joe Scarborough, a former Republican congressman, say that day in Connecticut "changed everything" and prompted him to rethink his longstanding opposition to gun control, which earned him top ratings from the NRA.


Maybe Newtown will be the 9/11 of school safety.


Watch: Media Fantasy: Touting Ben Affleck (Uh Huh) for the Senate








The media paid scant attention to gun control in the past, in part because of a conviction that the NRA would block any reform on Capitol Hill. At the same time, they took their cue from the fact that officeholders in both parties were avoiding the issue at all costs—Republicans because they mainly support the status quo, Democrats because they mostly deem it political poison.


But since when is it our job solely to take dictation from pols? When it comes to subjects like climate change and same-sex marriage, the press has been out ahead of the political establishment. Given the carnage in Newtown as the latest example, journalists should demand whether we can do better. The fact that Obama now promises to submit gun legislation to Congress will help the narrative, but it shouldn't be a mandatory requirement for coverage.


Watch: From Joe Scarborough to Rush Limbaugh, the conservative media meltdown


This is not a plea for a press-driven crusade for gun control. In fact, it's imperative that journalists be seen as honest brokers who are fair to all sides. MSNBC anchor Thomas Roberts, in an interview with Republican Rep. Jack Kingston of Georgia, who opposes gun restrictions, said: "So we need to just be complacent in the fact that we can send our children to school to be assassinated." That is demonization, just as some conservative pundits are unfairly accusing liberal commentators who push for gun control of "politicizing" a tragedy or of pushing God out of the public schools.


The question of school safety extends beyond guns to mental illness and societal influences. With even some NRA supporters asking why law-abiding hunters need automatic rifles with high-capacity magazines, it's time for a nuanced debate that goes beyond the usual finger-pointing. Bob Costas got hammered for using an NFL murder-suicide to raise the gun issue during a halftime commentary, but he was right to broach the subject.


Here is where the media have not just an opportunity but a responsibility. The news business has no problem giving saturation coverage to such salacious stories as David Petraeus' dalliance with Paula Broadwell. Isn't keeping our children safe from lunatics far more important by an order of magnitude?


I think the press is up to the challenge. Based on what I've heard in the voices of people in the profession, they will not soon forget what happened in Newtown. And they shouldn't let the rest of us forget either.


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The opinions expressed in this commentary are solely those of Howard Kurtz.






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Hundreds pay tribute to legendary Indian sitarist Ravi Shankar






ENCINITAS, California (Reuters) – Ravi Shankar‘s daughters, Norah Jones and Anoushka Shankar, along with the wife of late Beatle George Harrison said their final goodbyes to the Indian sitar virtuoso on Thursday at a public memorial service in Encinitas, California.


The legendary musician and composer, who helped introduce the sitar to the Western world through his collaboration with The Beatles, died on December 11 in Southern California. He was 92.






About 700 people joined Shankar’s wife, Sukanya, and family at the service held at a spiritual center in the coastal town about 25 miles north of San Diego.


Olivia Harrison, the widow of Beatles guitarist George Harrison, told Reuters the three-time Grammy winner who formed a musical and spiritual bond with The Beatle “expressed music at its deepest level.”


“As a person he was just sweet and seemed to know everything,” she added. “He was a true citizen of the world.”


Shankar is credited with popularizing Indian music through his work with violinist Yehudi Menuhin and The Beatles beginning in the mid-1960s, inspiring George Harrison to learn the sitar and the British band to record songs like “Norwegian Wood” (1965) and “Within You, Without You” (1967).


“He completely transformed (George’s) musical sensibilities,” a tearful Harrison told the crowd. “They exchanged ideas and melodies until their hearts and minds were intertwined like a double helix.”


‘LITTLE CRUMB’


His friendship with Harrison led him to appearances at the Monterey and Woodstock pop festivals in the late 1960s and the 1972 Concert for Bangladesh. He became one of the first Indian musicians to become a household name in the West.


His influence in classical music, including on composer Philip Glass, was just as large. His work with Menuhin on their “West Meets East” albums in the 1960s and 1970s earned them a Grammy, and he wrote concertos for sitar and orchestra for both the London Symphony Orchestra and the New York Philharmonic.


“I always felt like a little crumb in his presence,” Zubin Mehta, a former music director of the New York Philharmonic and collaborator with Shankar, said at the service.


Jazz pianist Herbie Hancock also attended the service along with “Anna Karenina” director Joe Wright, the husband of Shankar’s daughter Anoushka.


Shankar, who had lived in Encinitas for the past 20 years, had suffered from upper respiratory and heart issues over the past year and underwent heart-valve replacement surgery last week at a hospital in San Diego.


The surgery was successful but he was unable to recover.


Shankar’s final concert was on November 4 in Long Beach, California, with his Grammy-winning sitarist daughter Anoushka, who spoke giving thanks to those who came. Jones, the third Grammy-winner in the family, did not speak at the service.


(Writing by Eric Kelsey; editing by Philip Barbara)


Music News Headlines – Yahoo! News





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Wall Street Week Ahead: A lump of coal for "Fiscal Cliff-mas"

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all.


A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff" will push the economy into recession.


Thursday's debacle in the U.S. House of Representatives, where Speaker John Boehner failed to secure passage of his own bill that was meant to pressure President Obama and Senate Democrats, only added to worry that the protracted budget talks will stretch into 2013.


Still, the market remains resilient. Friday's decline on Wall Street, triggered by Boehner's fiasco, was not enough to prevent the S&P 500 from posting its best week in four.


"The markets have been sort of taking this in stride," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago, which has about $38 billion in assets under management.


"The markets still basically believe that something will be done," he said.


If something happens next week, it will come in a short time frame. Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will close on Tuesday for Christmas. Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the rest of the week with scores of market participants away on a holiday break.


For the week, the three major U.S. stock indexes posted gains, with the Dow Jones industrial average <.dji> up 0.4 percent, the S&P 500 <.spx> up 1.2 percent and the Nasdaq Composite Index <.ixic> up 1.7 percent.


Stocks also have booked solid gains for the year so far, with just five trading sessions left in 2012: The Dow has advanced 8 percent, while the S&P 500 has climbed 13.7 percent and the Nasdaq has jumped 16 percent.


IT COULD GET A LITTLE CRAZY


Equity volumes are expected to fall sharply next week. Last year, daily volume on each of the last five trading days dropped on average by about 49 percent, compared with the rest of 2011 - to just over 4 billion shares a day exchanging hands on the New York Stock Exchange, the Nasdaq and NYSE MKT in the final five sessions of the year from a 2011 daily average of 7.9 billion.


If the trend repeats, low volumes could generate a spike in volatility as traders keep track of any advance in the cliff talks in Washington.


"I'm guessing it's going to be a low volume week. There's not a whole lot other than the fiscal cliff that is going to continue to take the headlines," said Joe Bell, senior equity analyst at Schaeffer's Investment Research, in Cincinnati.


"A lot of people already have a foot out the door, and with the possibility of some market-moving news, you get the possibility of increased volatility."


Economic data would have to be way off the mark to move markets next week. But if the recent trend of better-than-expected economic data holds, stocks will have strong fundamental support that could prevent selling from getting overextended even as the fiscal cliff negotiations grind along.


Small and mid-cap stocks have outperformed their larger peers in the last couple of months, indicating a shift in investor sentiment toward the U.S. economy. The S&P MidCap 400 Index <.mid> overcame a technical level by confirming its close above 1,000 for a second week.


"We view the outperformance of the mid-caps and the break of that level as a strong sign for the overall market," Schaeffer's Bell said.


"Whenever you have flight to risk, it shows investors are beginning to have more of a risk appetite."


Evidence of that shift could be a spike in shares in the defense sector, expected to take a hit as defense spending is a key component of the budget talks.


The PHLX defense sector index <.dfx> hit a historic high on Thursday, and far outperformed the market on Friday with a dip of just 0.26 percent, while the three major U.S. stock indexes finished the day down about 1 percent.


Following a half-day on Wall Street on Monday ahead of the Christmas holiday, Wednesday will bring the S&P/Case-Shiller Home Price Index. It is expected to show a ninth-straight month of gains.


U.S. jobless claims on Thursday are seen roughly in line with the previous week's level, with the forecast at 360,000 new filings for unemployment insurance, compared with the previous week's 361,000.


(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: rodrigo.campos(at)thomsonreuters.com)


(Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)



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