US retail sales up 0.3 percent in November

WASHINGTON — Americans spent more online in November to start the holiday season and began to replace cars and rebuild in the Northeast after Superstorm Sandy.

US retail sales rose 0.3 percent in November from October, the Commerce Department said Thursday. That offset a 0.3 percent decline in October from September.

The figures were much stronger after factoring lower gas prices. When excluding a large drop in gas station sales, retail sales increased a solid 0.8 percent.

The report offered a mixed signal for the holiday shopping season. Sales that reflect online shopping surged 3 percent — the biggest gain in 13 months. But department store sales tumbled and Americans spent less at stores like Wal-Mart and Target.

REUTERS

A crowd of shoppers browse at Target on Thanksgiving.

Some of the decline may be because of the storm. Still, economists worry that consumers may also be growing more cautious because of looming tax increases set to take effect in January.

Sandy made landfall on Oct. 29 and slowed business activity during the first couple of weeks of November — the start of the busiest shopping period of the year, Retailers can make up to 40 percent of their annual revenue in the final two months of the year.

The November retail sales report largely reflected a rebound from the storm. Auto sales jumped 1.5 percent, as many people sought to replace damaged vehicles. Sales at home improvement stores increased 1.6 percent.

Some figures suggest shoppers regained their enthusiasm for the holidays, perhaps later in the month. Electronic and appliance sales rose 2.5 percent. Furniture sales increased 1 percent.

Still, department stores sales dropped 0.8 percent. And sales at general merchandise stores, a broader category that includes Wal-Mart and Target, fell 0.9 percent.

In addition to the storm's impact, consumers might scale back on holiday shopping if they are concerned about the "fiscal cliff." That's the name for tax hikes and spending cuts that are scheduled to go into effect next year if Congress and President Barack Obama cannot reach a deal to avert them.

The retail sales report is the government's first look at consumer spending. Consumer spending is important because it drives nearly 70 percent of economic activity.

The economy grew at a solid 2.7 percent annual rate in the July-September quarter. But the gains were mostly because businesses stepped up restocking, which drove more factory production.

Consumer spending actually slowed over the summer from the previous quarter. And many economists worry that consumers have remained cautious in the final three months of the year, because of the storm and their fears about higher taxes next year. That should keep growth below an annual rate of 2 percent in the October-December quarter, they say.

Read More..

Lennar to borrow $1.7 billion from Chinese bank

Miami-based Lennar Corp. has gotten approval on $1.7 billion in loans from China Development Bank to fund the development and construction of two major projects in San Francisco, according to a person familiar with the transaction.

The contract, set to close by Dec. 31 subject to various conditions, would mark the first U.S. loan by the big state-owned Chinese bank. One condition — tagged the “Chinese component”— is that China Railway Construction Corp. be included as a general contracting partner in the project, the person said.

Closing by year’s end is crucial because of new tax rules set to take effect, the person added.

The agreement, first reported in The Wall Street Journal, would provide funding for the first six years of what is envisioned to be a 20-year project.

The loan agreement, reached Dec. 7 after Lennar officials met in China with bank officials, provides for $1 billion in financing to a partnership led by Lennar to redevelop Hunters Point Shipyard-Candlestick Point, a site in southeast San Francisco spanning more than 700 acres, the person said. Plans for the mixed-use community call for nearly 12,000 residential units on the site. Construction is expected to begin in the first quarter of 2013.

Under the pact, the Chinese bank would provide another $700 million to a partnership of Lennar, Stockbridge Capital Group and Wilson Meany, a real estate investment and development firm, to redevelop Treasure Island and Yerba Buena Islands in San Francisco Bay. Some 8,000 units of housing are planned for the mixed-use project on 535 acres. The U.S. Navy is set to turn over the first parcel of land to the development company in late 2013.

Read More..

Fla. board to select education chief

One finalist for Florida education commissioner conceded Tuesday that he can be caustic at times, while another said he resigned as Illinois’ top school official because of the political climate under a governor who later went to prison.

The remaining finalist acknowledged the federal No Child Left Behind Act that he helped draft and promote as a congressional staffer and U.S. Department of Education official was a compromise that needs to be revised.

The State Board of Education interviewed all three candidates in Tampa, where the panel is scheduled to make a decision Wednesday.

The finalists are outgoing Indiana School Superintendent Tony Bennett, Murray State University President Randy Dunn, who previously had been superintendent in Illinois, and Arlington, Va., consultant Charles Hokanson, who had been a deputy assistant U.S. secretary of education in President George W. Bush’s administration.

The new commissioner will replace Gerard Robinson who resigned in August after only about a year on the job. He cited separation from his family in Virginia where he previously had been secretary of education.

Bennett, a Republican who lost a bid for re-election last month, said if he has a fault it is being passionate, focused and looking to the end result as the only thing that matters when he was asked about his strengths and weaknesses.

"I do forget that the interpersonal touch, the human touch is so vitally important," Bennett said. "And I would tell you that probably some of my sharpest critics would tell you that sometimes I come off a little impersonal, that I can be a little caustic, and that’s not because I’m a mean spirited person."

Bennett said his strong suit is carrying out polices that are best for children. In Indiana those were similar to many that fellow Republicans, starting with former Gov. Jeb Bush, have instituted in Florida such as school grading and accountability and teacher evaluation programs.

Dunn said he took a sabbatical from his position as chairman of the Department of Educational Administration and Higher Education at Southern Illinois University to serve as superintendent on an interim basis. He said he found that job so rewarding that he agreed to stay on permanently but resigned in 2006 to accept the presidency at Murray State in neighboring Kentucky.

"One of the things that was particularly challenging in Illinois at the time was the political climate," Dunn said. "It was not a good environment politically to be working in."

Dunn was referring to former Illinois Gov. Rod Blagojevich, who years later was removed from office and imprisoned on multiple corruption charges including trying to sell President Barack Obama’s vacated Senate seat.

Hokanson, a lawyer and policy specialist rather than educator, worked on No Child Left Behind while a staffer for now-House Speaker John Boehner, R-Ohio.

"There are amazing strengths to that piece of legislation," Hokanson said. "It was the first time that the federal government was able to really put in some levels of accountability for the billions of federal dollars that they had been spending for decades and not seeing results."

Hokanson, however, blamed Congress and Obama for failing to make needed changes in the law that is well past its planned renewal date.

Bennett and Dunn both stressed that they see the commissioner’s role as implementing rather than setting policy, which they said is the job of the board, Legislature and Gov. Rick Scott.

In Tallahassee, Scott said he wants a commissioner who would carry out his agenda including adequate funding, accountability, treating teachers right and not teaching to standardized tests.

"I want someone who I can work with who believes in what I’m doing," Scott said.

Read More..

Top 2012 searches include Whitney, PSY, Sandy

LOS ANGELES (AP) — The world’s attention wavered between the tragic and the silly in 2012, and along the way, Web surfers searched in huge numbers to find out about a royal princess, the latest iPad, and a record-breaking skydiver.

Whitney Houston was the “top trending” search of the year, according to Google Inc.’s year-end “zeitgeist” report. Google‘s 12th annual roundup is “an in-depth look at the spirit of the times as seen through the billions of searches on Google over the past year,” the company said in a blog post Wednesday.

People around the globe searched en masse for news about Houston‘s accidental drowning in a bathtub just before she was to perform at a pre-Grammy Awards party in February.

Google defines topics as “trending” when they garner a high amount of traffic over a sustained period of time.

Korean rapper PSY’s “Gangnam Style” music video trotted into second spot, a testament to his self-deprecating giddy-up dance move. The video is approaching a billion views on YouTube.

Superstorm Sandy, the damaging storm that knocked out power and flooded parts of the East Coast in the midst of a U.S. presidential campaign, was third.

The next biggest trending searches globally were a pair of threes: the iPad 3 tablet from Apple Inc. and Diablo 3, a popular video game.

Rounding out the Top 10 were Kate Middleton, who made news with scandalous photos and a royal pregnancy; the 2012 Olympics in London; Amanda Todd, a Canadian teen who was found dead of an apparent suicide in October after being bullied online; Michael Clarke Duncan, the “Green Mile” actor who died of a heart attack in September at age 54; and “BBB12,” the 12th edition of “Big Brother Brasil,” a reality show featuring scantily clad men and women living together.

Some trending people, according to Google, were:

— Felix Baumgartner, an Austrian skydiver who became the first to break the sound barrier without a vehicle with a 24-mile plummet from Earth’s stratosphere;

— Jeremy Lin, the undrafted NBA star who exploded off the New York Knicks bench and sparked a wave of “Linsanity”;

— Morgan Freeman, the actor whose untimely death turned out not to be true.

The Internet also continued its rise as a popular tool for spreading addictive ideas and phrases known as “memes.” Remember LOL? If you don’t know what it means by now, someone may “Laugh Out Loud” at you.

This year, Facebook said its top memes included “TBH (To Be Honest),” ”YOLO (You Only Live Once),” ”SMH (Shake My Head).” Thanks to an endlessly fascinating U.S. presidential campaign, “Big Bird” made the list after Republican candidate Mitt Romney said he might consider cutting some funds for public broadcasting.

Yahoo said its own top-searched memes for the year included “Kony 2012,” a reference to the short film and campaign against Ugandan militia leader Joseph Kony; “stingray photobomb” for an unusual vacation snapshot that went viral; and “binders full of women,” another nod to Romney for his awkward description of his search for women cabinet members as Massachusetts’ governor.

And people were happy to pass on popular Twitter posts by retweeting them. According to Twitter, the year’s most popular retweets were President Barack Obama‘s “Four more years,” and Justin Bieber’s farewell to six-year-old fan Avalanna Routh, who died of a rare form of brain cancer: “RIP Avalanna. i love you”.

Gadgets News Headlines – Yahoo! News

Read More..

Drew Barrymore's Baby Daughter Olive Lands First Cover

Drew Barrymore introduces her baby daughter, Olive, to the world on the latest People magazine cover.

The nine-week old is seen in the arms of her actress mom who told the magazine that after giving birth, "I couldn't eat or sleep for two weeks, I was just so nervous!" She added, "You have the highest highs and yet you're facing the biggest fear of, 'How do I keep someone alive?' "

Barrymore, 37, was eager desire to have kids and is grateful to have met husband and art consultant Will Kopelman. "I really wanted a wonderful traditional home for my kid," she told People. "Will comes from a strong family, he provides a strong family ... It just makes me so emotional because it's like a miracle."

RELATED: Drew Barrymore Opens Up About Motherhood

So, how do these happy parents keep their baby smiling? They sing Good Morning from the musical Singin' in the Rain. The E.T. actress gushed, "It's like the biggest crush I've ever had in my life!"

Read More..

Indian sitar virtuoso Ravi Shankar dies at 92

NEW DELHI — With an instrument perplexing to most Westerners, Ravi Shankar helped connect the world through music. The sitar virtuoso hobnobbed with the Beatles, became a hippie musical icon and spearheaded the first rock benefit concert as he introduced traditional Indian ragas to Western audiences over nearly a century.

From George Harrison to John Coltrane, from Yehudi Menuhin to David Crosby, his connections reflected music's universality, though a gap persisted between Shankar and many Western fans. Sometimes they mistook tuning for tunes, while he stood aghast at displays like Jimi Hendrix's burning guitar.

AFP/Getty Images

Ravi Shankar

Shankar died Tuesday at age 92. A statement on his website said he died in San Diego, near his Southern California home with his wife and a daughter by his side. The musician's foundation issued a statement saying that he had suffered upper respiratory and heart problems and had undergone heart-valve replacement surgery last week.

Indian Prime Minister Manmohan Singh also confirmed Shankar's death and called him a "national treasure."

Labeled "the godfather of world music" by Harrison, Shankar helped millions of classical, jazz and rock lovers discover the centuries-old traditions of Indian music.

"He was legend of legends," Shivkumar Sharma, a noted santoor player who performed with Shankar, told Indian media. "Indian classical was not at all known in the Western world. He was the musician who had that training ... the ability to communicate with the Western audience."

He also pioneered the concept of the rock benefit with the 1971 Concert For Bangladesh. To later generations, he was known as the estranged father of popular American singer Norah Jones.

His last musical performance was with his other daughter, sitarist Anoushka Shankar Wright, on Nov. 4 in Long Beach, California; his foundation said it was to celebrate his 10th decade of creating music. The multiple Grammy winner learned that he had again been nominated for the award the night before his surgery.

"It's one of the biggest losses for the music world," said Kartic Seshadri, a Shankar protege, sitar virtuoso and music professor at the University of California, San Diego. "There's nothing more to be said."

As early as the 1950s, Shankar began collaborating with and teaching some of the greats of Western music, including violinist Menuhin and jazz saxophonist Coltrane. He played well-received shows in concert halls in Europe and the United States, but faced a constant struggle to bridge the musical gap between the West and the East.

Read More..

The first wave of Windows 8 PCs

We’ve been benchmarking and field-testing new Windows 8 systems, including all-in-one desktops, traditional clamshell laptops and convertible laptops with displays that flip or twist around to form tabletlike devices.

Dell XPS One 27

Rating: 4 stars out of 5 (Excellent)

The good: Boasts the highest-display resolution among Windows 8 all-in-ones, and at an aggressive price.

The bad: A new adjustable display support arm is welcome, but stops short of reclining a full 90 degrees.

The cost: $1,999.99 to $2,099

The bottom line: Updated with a touch screen, a new stand and up-to-date components, the Dell XPS One 27 leads the inaugural class of Windows 8 PCs.

HP Envy TouchSmart Ultrabook 4

Rating: 3.5 stars out of 5 (Very good)

The good: An attractive ultrabook with a respectable mix of components for its price, a responsive touch screen and a backlit keyboard.

The bad: It isn’t very configurable, so you can’t make it too much more powerful than it already is. It’s on the heavy side for an “ultrabook” (if you consider 4.5 pounds heavy). Its touch pad is jumpy at default settings.

The cost: $799.99 to $974.98

The bottom line: The HP Envy TouchSmart Ultrabook 4 is a good gateway to the Windows 8 experience with a responsive touch screen in a traditional laptop body.

Lenovo IdeaPad Yoga 13

Rating: 4 stars out of 5 (Excellent)

The good: Looks as good as any 13-inch ultrabook, with the added attraction of a 360-degree screen and a laptop body that can fold into a tent, stand or slate.

The bad: Tablet mode leaves the keyboard exposed, and the Yoga 13 costs more than standard ultrabooks with similar components.

The cost: $1,099

The bottom line: The Lenovo IdeaPad Yoga 13 is a convertible touch-screen laptop/tablet that most importantly doesn’t compromise the traditional laptop experience.

Microsoft Surface RT

Rating: 3.5 stars out of 5 (Very good)

The good: Interface is innovative, elegant, powerful, and versatile. The tablet feels strong and well-built, includes Office 2013 and offers rich video and music services. Its keyboard cover accessories are the best ways to type on a tablet, period.

The bad: The tablet has sluggish performance, its Windows Store is a ghost town, Metro requires some practice to get the hang of and the desktop interface feels clunky and useless.

The cost: $499 to $599

The bottom line: If you’re an early adopter willing to forget everything you know about navigating a computer, the Surface tablet could replace your laptop. Everyone else: wait for more apps.

Read More..

South Florida pols sticking to party lines on fiscal cliff

WASHINGTON --
Don’t expect South Florida’s congressional delegation to stray too far from party lines when it comes to dancing on the edge of the fiscal cliff, the end-of-the-year spending cuts and tax increases set to take effect if Congress and the president don’t address them.

Democrats are firmly with President Barack Obama, whose proposal seeks to raise $600 billion over a decade by eliminating tax deductions and $960 billion over the same period by raising tax rates for the top 2 percent of income earners. Many Democrats sounded as though the highly charged presidential campaign was still under way.

Republicans are just as committed to their party.

There’s been "no evidence thus far" that Republicans are truly interested in the middle class, said Rep. Debbie Wasserman Schultz, of Weston, who the president just asked again to head the Democratic National Committee.

"We need to continue to focus on rebuilding our economy from the middle class out," she said during an appearance on MSNBC.

"President Obama talked eloquently and passionately during the campaign about making sure that we can get a handle on this deficit, that we can rebuild our economy from the middle class out, that we can focus on creating jobs and getting the economy turned around," she added.

Equally firm: South Florida Democratic Reps. Alcee Hastings, of Miramar and Frederica Wilson, of Miami. Both are members of the Congressional Black Caucus, which released a statement of principles this week calling for the Bush-era tax cuts to expire on the wealthiest Americans.

Social Security should be completely off the table, the caucus warned, and it said it would oppose any plans that change the eligibility for Medicare or cut Medicaid, the statement said.

Some Democrats made conciliatory moves, however. Sen. Bill Nelson said that during his campaign, voters told him they want consensus and an end to partisan gridlock.

"They want bipartisanship," he said in a video message. "They want to stop the ideological rigidity."

It’s the only way to rebuild the economy and reduce the federal deficit, while preserving Social Security and Medicare, he said. He called on people of both political parties "to reach across the aisle and work together so America doesn’t go over the cliff."

That’s unlikely to come from his Republican counterpart, Sen. Marco Rubio, who along with former vice presidential candidate Rep. Paul Ryan of Wisconsin was featured in a speech this week in Washington.

Rubio blamed the "complicated and uncertain tax code" for "hindering the creation of middle-class jobs." He gave no hint he would be interested in supporting the president’s tax proposal on the wealthiest Americans.

"You can’t open or grow a business if your taxes are too high or too uncertain. And that’s why I personally oppose the president’s plan to raise taxes," Rubio said. "This isn’t about a pledge. It isn’t about protecting millionaires and billionaires. For me, it’s about the fact that the tax increases he wants would fail to make even a small dent in the debt but it would hurt middle-class businesses and the people who work for them."

Rep. Ileana Ros-Lehtinen, of Miami, was one of the few Republicans from South Florida to suggest she’d be open to tax reform, saying there needs to be a review of the tax code "to remove special interest tax loopholes used by the wealthy."

But she warned that the country’s debt exists "not because tax rates are too low, but because government spends too much."

Republican Rep. Mario Diaz-Balart, also of Miami, said he was less optimistic about a resolution now than he was right after the election.

He said he feels as though Republicans have moved closer to the president without getting credit for it.

"I’m very disappointed with the president’s response," he said in an interview.

"The speaker put forward a proposal, and whether you agree with it or not, there are a couple of things beyond debate: He’s gotten closer to the president’s position."

Even those on their way out of Congress made no move to cross party lines. Republican Rep. Allen West, of Plantation, who was ousted by Democrat Patrick Murphy, warned constituents in a letter that he didn’t think there was a true plan to reduce spending.

Rep. David Rivera, a Republican who lost his re-election bid and who will be replaced by Democrat Joe Garcia, did not respond to a request for comment.

Read More..

WebMD to cut 14 percent of workforce to reduce expenses

(Reuters) – Health information website WebMD Health Corp said it will cut around 250 jobs, or 14 percent of its workforce, to reduce costs.

The company, which had about 1700 employees according to Thomson Reuters data, said it would take a charge of about $ 6 million to $ 8 million in the fourth quarter, primarily on severance and other restructuring-related costs.

WebMD, which is a popular and long-trusted destination for checking health and disease related information, has lost its sheen for investors in recent times as it struggled to convert its growing user base into a steady revenue stream.

The company named a former Pfizer Inc executive Cavan Redmond as CEO earlier this year, entrusting the industry veteran with the task of reviving the website’s flagging business.

Its previous CEO, Wayne Gattinella, resigned after the company took itself off the auction block in January.

WebMD also said on Tuesday that it plans to streamline its operations and focus resources on increasing user engagement, customer satisfaction and innovation, and expects these efforts to reduce annualized operating expenses by about $ 45 million.

While most of the job cuts will be effective at the end of the year, other cost saving actions will be implemented in the first quarter of 2013, the company said in a statement.

The company reported a third-quarter loss in November, compared with a profit in the year-ago quarter, and said revenue fell 13 percent.

WebMD’s shares, which have lost nearly 40 percent of their value over the past six months, were down about 2 percent in premarket trade. They closed at $ 13.85 on Monday on the Nasdaq.

(Reporting by Esha Dey in Bangalore; Editing by Roshni Menon)

Internet News Headlines – Yahoo! News

Read More..

Dallas Plans JR Ewing Funeral Larry Hagman

The world lost an icon on November 24 when Larry Hagman passed away while working on the second season of TNT's Dallas, and now TV Line has learned how the show plans to deal with his passing.

VIDEO - Linda Grey Remembers Her Dallas Co-Star

Reportedly the season's eighth episode, scheduled to air March 11, will revolve around J.R. Ewing's funeral. In real life, Hagman was laid to rest at the end of November, and will have his ashes scattered all over the world.

VIDEO - Larry's Son Opens Up About His Father's Legacy

The episode is rumored to bring back a significant number of Dallas alums, many who have not yet returned for the hugely successful TNT reboot.

Dallas premieres January 28 on TNT.

Read More..