Hawaii's nine-term senator, Daniel Inouye, dies at 88

WASHINGTON – Sen. Daniel Inouye of Hawaii, the second-longest-serving senator in U.S. history and winner of the Medal of Honor for combat heroics in World War II, has died, his office announced in a statement. He was 88.

"His last words were, 'Aloha,'" his office said.

Inouye died at Walter Reed National Military Medical Center, with his wife, Irene, and his son, Ken, at his side. Last rites were performed by Senate Chaplain Dr. Barry Black, his office said.

A senator since 1963, Inouye in 2009 became chairman of the Senate Appropriations Committee, where he continued a long record of helping fund projects in his home state. From 1998 to 2003, he steered $1.4 billion to military projects in Hawaii, according to The Almanac of American Politics.

The son of Japanese immigrants, Inouye grew up in Honolulu, where he was teaching a first aid course at age 17 when Pearl Harbor was attacked.  He enlisted in the Army in 1943, when it dropped its ban on Japanese Americans.

PHOTOS: Notable deaths of 2012

Promoted to sergeant, he fought in Italy and France. On April 21, 1945, while leading an assault in Italy against the Germans, Inouye was shot in the stomach. He nonetheless attacked and destroyed two machine gun nests before being even more severely wounded, losing his right arm.

“By his gallant, aggressive tactics and by his indomitable leadership, Second Lieutenant Inouye enabled his platoon to advance through formidable resistance, and was instrumental in the capture of the ridge,” says his citation for the Medal of Honor, the military’s highest award. “Second Lieutenant Inouye's extraordinary heroism and devotion to duty are in keeping with the highest traditions of military service and reflect great credit on him, his unit, and the United States Army.”

When asked in recent days how he wanted to be remembered, Inouye said, according to his office, "I represented the people of Hawaii and this nation honestly and to the best of my ability. I think I did OK."

Follow Politics Now on Twitter and Facebook

ken.dilanian@latimes.com

Read More..

'The Hobbit' tops box office with record $84.6M

NEW YORK (AP) — Peter Jackson's "The Hobbit" led the box office over the weekend with $84.6 million, a record-setting opening better than the three previous "Lord of the Rings" films.

The 3-D Middle Earth epic, the first of three planned films adapted from J.R.R. Tolkien's novel, was the biggest December opening ever, surpassing Will Smith's "I Am Legend," which opened with $77.2 million in 2007.

The top 20 movies at U.S. and Canadian theaters Friday through Sunday, followed by distribution studio, gross, number of theater locations, average receipts per location, total gross and number of weeks in release, as compiled Monday by Hollywood.com are:

1. "The Hobbit: an Unexpected Journey," Warner Bros., $84,617,303, 4,045 locations, $20,919 average, $84,617,303, one week.

2. "Rise of the Guardians," Paramount, $7,143,445, 3,387 locations, $2,109 average, $71,085,268, four weeks.

3. "Lincoln," Disney, $7,033,132, 2,285 locations, $3,078 average, $107,687,319, six weeks.

4. "Skyfall," Sony, $6,555,732, 2,924 locations, $2,242 average, $271,921,795, six weeks.

5. "Life of Pi," Fox, $5,413,066, 2,548 locations, $2,124 average, $69,572,472, four weeks.

6. "The Twilight Saga: Breaking Dawn, Part 2," Summit, $5,136,074, 3,042 locations, $1,688 average, $276,826,143, five weeks.

7. "Wreck-It Ralph," Disney, $3,216,043, 2,249 locations, $1,430 average, $168,721,592, seven weeks.

8. "Playing For Keeps," FilmDistrict, $3,146,443, 2,840 locations, $1,108 average, $10,737,535, two weeks.

9. "Red Dawn," FilmDistrict, $2,408,882, 2,250 locations, $1,071 average, $40,904,305, four weeks.

10. "Silver Linings Playbook," Weinstein Co., $2,109,274, 371 locations, $5,685 average, $16,979,323, five weeks.

11. "Flight," Paramount, $1,910,666, 1,823 locations, $1,048 average, $89,418,704, seven weeks.

12. "Argo," Warner Bros., $1,170,175, 667 locations, $1,754 average, $104,955,079, 10 weeks.

13. "Hitchcock," Fox Searchlight, $1,107,659, 561 locations, $1,974 average, $3,071,871, four weeks.

14. "Anna Karenina," Focus, $1,022,214, 409 locations, $2,499 average, $8,380,517, five weeks.

15. "Killing Them Softly," Weinstein Co., $1,008,127, 1,427 locations, $706 average, $14,140,432, three weeks.

16. "The Collection," LD Entertainment, $529,158, 621 locations, $852 average, $6,520,794, three weeks.

17. "Hyde Park On Hudson," Focus, $292,796, 36 locations, $8,133 average, $404,816, two weeks.

18. "Taken 2," Fox, $288,772, 339 locations, $852 average, $138,132,493, 11 weeks.

19. "Pitch Perfect," Universal, $245,680, 332 locations, $740 average, $63,869,423, 12 weeks.

20. "Talaash," Reliance Big Pictures, $168,828, 113 locations, $1,494 average, $2,706,375, three weeks.

___

Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by News Corp.; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.

Read More..

Philippine Lawmakers Pass Reproductive Health Bill

MANILA — After a ferocious national debate that pitted family members against one another, and some faithful Catholics against their church, the Philippine Congress passed legislation on Monday to help the country’s poorest women gain access to birth control.

Jay Directo/Agence France-Presse — Getty Images

Supporters of a landmark reproductive health bill celebrated as the Philippine Congress passed legislation on Monday to help the country’s poorest women gain access to birth control. 

Jay Directo/Agence France-Presse — Getty Images

Opponents of a reproductive health bill, including a Catholic nun, looked at portraits of Philippine legislators as they passed a landmark measure Monday.

“The people now have the government on their side as they raise their families in a manner that is just and empowered,” said Edwin Lacierda, a spokesman for President Benigno S. Aquino III, who pushed for passage.

Each chamber of the national legislature passed its own version of the measure — by 13 to 8 in the Senate and 133 to 79 in the House of Representatives — and minor differences between the two must be reconciled before the measure goes to Mr. Aquino for his signature.

The measure had been stalled for more than a decade because of determined opposition from the Roman Catholic Church. Roughly four-fifths of Filipinos are Catholic.

Birth control is legal and widely available in the Philippines for people who can afford it, particularly those living in cities. But condoms, birth control pills and other methods can be difficult to find in rural areas, and their cost puts them out of reach for the very poor.

“Some local governments have passed local ordinances that banned the sale of condoms and contraceptives and forbid their distribution in government clinics, where most poor Filipinos turn for health care,” Human Rights Watch said in a statement on the issue, adding that the new bill would override such ordinances.

The measure passed on Monday would stock government health centers, including those in remote areas, with free or subsidized birth control options for the poor. It would require sex education in public schools and family-planning training for community health officers. The Philippines has one of the highest birthrates in Asia, but backers of the legislation, including the Aquino administration, have said repeatedly that its purpose is not to limit population growth. Rather, they say, the bill is meant to offer poor families the same reproductive health options that wealthier people in the country enjoy.

The United Nations Population Fund estimates that half of the 3.4 million pregnancies in the Philippines each year are unintended, and that there are 11 pregnancy-related deaths in the country each day, on average. Most of those could be avoided, the organization says, through improved maternal health care, a need that proponents say the new legislation will directly address.

Catholic Church officials took a hard line against the measure, saying it was out of line with the beliefs of most religious Filipinos. The church equated contraception with abortion, which is illegal in the Philippines.

“These artificial means are fatal to human life, either preventing it from fruition or actually destroying it,” the Catholic Bishops’ Conference of the Philippines said in a statement on the eve of the votes in Congress.

The statement cited health risks associated with some forms of birth control, but the bishops’ strongest objections have been lodged on moral rather than medical grounds. In a pastoral letter, they said: “The youth are being made to believe that sex before marriage is acceptable, provided you know how to avoid pregnancy. Is this moral? Those who corrupt the minds of children will invoke divine wrath on themselves.”

The legislation prompted a heated national debate in the Philippines over the role that government should play in family planning and women’s health.

“This bill no doubt has inflicted a very wide chasm of division in our society,” said Juan Ponce Enrile, the president of the Senate. “Families are even divided, mother and daughter differing in their views, husband and wife differing in their views.” Mr. Enrile opposed the bill; his son, Juan, a congressman, voted in favor of it.

Read More..

L.A. investment bank B. Riley buys stock research firm Caris

Bloomberg News

December 18, 2012

B. Riley & Co., a Los Angeles investment bank, bought stock research firm Caris & Co. to increase its sales and trading business amid a slowdown in the brokerage industry.

B. Riley, founded in 1997, is adding nine analysts, 12 salesmen and four traders in San Francisco, New York, Los Angeles, San Diego and Atlanta, Chairman Bryant Riley said. Darren Caris, who was president of Caris & Co., will run research, sales and trading, the company said in a statement.

Small brokerages including ThinkEquity, Rodman & Renshaw and WJB Capital Group Inc. closed this year as institutional investors turned to computerized stock trading. Avian Securities shut down after failing to find a firm willing to take on its employees, founder Avi Cohen said last month.

"We've always expanded when it's difficult," said Riley, who declined to say how much he paid for Caris. "This will add to the research and sales side at a time when there's less and less firms out there servicing the institutional investor."

Caris specializes in providing advice on trading the stocks of technology and consumer companies, Riley said.

Read More..

Connecticut school gunman shot mother multiple times, autopsy finds

NEWTOWN, Conn. -- School shooter Adam Lanza killed his mother with "multiple" shots to her head and killed himself with a single shot to his head, according to a coroner’s report released Sunday.

After killing his mother in the home they shared, Lanza, 20, drove her car to Sandy Hook Elementary School, where he opened fire in two classrooms Friday morning, killing 20 children and six adults. He then turned the gun on himself.

The autopsy reports were released by Connecticut Chief Medical Examiner Dr. H. Wayne Carver II, who said earlier that all the children had been shot multiple times.

Officials have not identified the make of Lanza's weapon, which Carver has described only as a “long gun.”

As the autopsy reports were being released Sunday, a threatening phone call to a local church prompted a mid-service evacuation that jarred a day of mourning as residents throughout this community grappled with the aftermath of the elementary school massacre.

FULL COVERAGE: Connecticut school shooting

A church spokesman said police gave an all-clear soon after the evacuation at St. Rose of Lima Church. A SWAT team had surrounded the rectory across the parking lot from the main church building and hundreds of parishioners were forced to leave services that had been packed all morning.

"This is a very difficult time for all the families. We have seen incredible dignity in the faces of these people," church spokesman Brian Wallace said. The church was locked following the all-clear to "restore calm," Wallace said.

"I don't think anyone can be surprised about anything after what has happened," he said.

Earlier police said in a morning briefing that they may have to interview the youngest survivors of the school shooting as they try to determine the motive of the gunman.

State Police Lt. Paul Vance and Newtown Police Lt. George Sinko offered few new details of the crime or the investigation into the so-far inexplicable rampage at the elementary school.

Any motive -- speculation about Lanza's video game habits, and his relationship with the school and with his mother -- remained unconfirmed. Two days later, police still aren't saying why he did what he did.

PHOTOS: Connecticut school shooting

“For us to be able to give you the summary of the motive, we have to complete the investigation; we have to have the whole picture to say how and why this occurred," said Vance of the Connecticut State Police, the lead agency on the investigation. "There are weeks’ worth of work left for us to complete this."

Lanza's mother legally purchased the guns later recovered at the scene of the massacre, law enforcement officials have said. Officials have previously said those weapons included a military-style Bushmaster .223 rifle, a Glock 9-millimeter pistol and a Sig Sauer semiautomatic pistol, officials said.

Vance said police would be tracing the weapons' origins "back to their origin" at their manufacturers.

Connecticut Gov. Dan Malloy told CNN on Sunday morning: "What we know is he shot his way into the building, so he penetrated the building -- he wasn't buzzed in. He penetrated the building by literally shooting an entrance into the building."

Sinko, meanwhile, said it was "too early" to say if children ever would return to the two classrooms where the killings occurred. "It's too early to say, but I would find it very difficult for them to do that," he said.

Arrangements were under way for some children to report to another elementary school in Newtown when classes resume.

"We want to keep these kids together," said Sinko, explaining that they hoped children who were moved to new schools could stay with their classmates. "We want to move forward very slowly and respectfully," he added, by way of explaining why it was expected to take so long to interview surviving children.

At the news conference, Vance also said the FBI had been asked to help investigate false postings on social media sites that included "some things in somewhat of a threatening manner," and some that purported to be messages from the shooter himself or others involved in the incident.

"There are quotes by people who are posing as the shooter.... Suffice it to say, the information has been deemed as threatening," he said when asked to elaborate.

ALSO:

Suspect in massacre tried to buy rifle days before, sources say

In Newtown, death's chill haunts the morning after school shooting

Connecticut shooting: Gunman forced his way into school, police say

Read More..

'Hobbit' bests 'Rings' with $84.8 million opening

NEW YORK (AP) — Peter Jackson's "The Hobbit" led the box office with a haul of $84.8 million, a record-setting opening better than the three previous "Lord of the Rings" films.

The Warner Bros. Middle Earth epic was the biggest December opening ever, surpassing Will Smith's "I Am Legend," which opened with $77.2 million in 2007, according to studio estimates Sunday. "The Hobbit: An Unexpected Journey" also passed the December opening of "Avatar," which opened with $77 million. Internationally, "The Hobbit" also added $138.2 million, for an impressive global debut of $223 million.

Despite weak reviews, the 3-D adaptation of J. R. R. Tolkien's first novel in the fantasy series was an even bigger draw than the last "Lord of the Rings" movie, "The Return of the King." That film opened with $72.6 million. "The Hobbit" is the first of another planned trilogy, with two more films to be squeezed out of Tolkien's book.

While Jackson's "Rings" movies drew many accolades — "The Return of the King" won best picture from the Academy Awards — the path for "The Hobbit" has been rockier. It received no Golden Globes nominations on Thursday, though all three "Rings" films were nominated by the Hollywood Foreign Press Association for best picture.

Particularly criticized has been the film's 48-frames-per-second (double the usual rate), a hyper-detailed look that some have found jarring. Most moviegoers didn't see "The Hobbit" in that version, though, as the new technology was rolled out in only 461 of the 4,045 theaters playing the film.

Regardless of any misgivings over "The Hobbit," the film was a hit with audiences. They graded the film with an "A'' CinemaScore.

"What's really important, what makes this special is the CinemaScore," said Dan Fellman, president of domestic distribution for Warner Bros. "All these things point to a great word of mouth. We haven't even made it to the Christmas holidays yet. Kids are still in school this week."

The strong opening culminated a long journey for "The Hobbit," which was initially delayed when a lawsuit dragged on between Jackson and "Rings" producer New Line Cinema over merchandizing revenue. At one point, Guillermo del Toro was to direct the film with Jackson producing. But eventually the filmmaker opted to direct the movie himself, originally envisioning two "Hobbit" films. The production also went through the bankruptcy of distribution partner MGM and a labor dispute in New Zealand, where the film was shot.

The long delay for "The Hobbit," nearly a decade after the last "Lord of the Rings" film, made it "one of those movies that had everyone scratching their heads as to how it would open," said Paul Dergarabedian, an analyst for box-office tracker Hollywood.com.

"It's been a decade since the 'Lord of the Rings' trilogy concluded," said Dergarabedian. "There's been so much anticipation for this film and having Peter Jackson back at the helm just made it irresistible both to fans and the non-initiated alike."

"The Hobbit" was far and away the biggest draw in theaters, with no other new wide release. Paramount's "Rise of the Guardians" continued to draw the family crowd, with $7.4 million, bringing its cumulative total to $71.4 million. The Oscar contender "Lincoln" from Walt Disney crossed the $100 million mark, adding another $7.2 million to bring its six-week total to $107.9 million. And Sony's James Bond film "Skyfall," with another $7 million domestically, drew closer to a global take of $1 billion.

The box office continued to be on the upswing and with anticipated releases like "Les Miserables," ''Django Unchained" and "The Guilt Trip" approaching in the holiday moviegoing season. Dergarabedian expects the year to break the 2009 record of $10.6 billion. With some $10.2 billion in revenue thus far, he said, "We're on track to be in that realm."

Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Hollywood.com. Where available, latest international numbers are also included. Final domestic figures will be released Monday.

1. "The Hobbit: An Unexpected Journey," $84.8 million ($138.2 million international).

2. "Rise of the Guardians," $7.4 million ($20.1 million international).

3. "Lincoln," $7.2 million.

4. "Skyfall," $7 million ($12.2 million international).

5. "Life of Pi," $5.4 million ($11.5 million international).

6. "The Twilight Saga: Breaking Dawn, Part 2," $5.2 million ($13 million international).

7. "Wreck-It Ralph," $3.3million ($4.7 million international).

8. "Playing for Keeps," $3.2 million ($1.4 million international).

9. "Red Dawn," $2.4 million.

10. "Silver Linings Playbook," $2 million ($370,000 international).

___

Estimated weekend ticket sales at international theaters (excluding the U.S. and Canada) for films distributed overseas by Hollywood studios, according to Rentrak:

1. "The Hobbit: An Unexpected Journey," $138.2 million.

2. "Rise of the Guardians," $20. 1 million.

3. "The Twilight Saga: Breaking Dawn, Part 2," $13 million.

4. "Skyfall," $12.2 million.

5. "Life of Pi," $11.5 million.

6. "Wreck-It Ralph," $4.7 million.

7. "26 Years," $3.5 million.

8. "Whatcha Wearin'? (My P.S. Partner)," $3 million.

9. "Tutto Tutto Niente Niente," $2.4 million.

10. "Pitch Perfect," $2.3 million.

___

Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by News Corp.; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.

Read More..

Mislabeled Foods Find Their Way to Diners’ Tables

ATLANTA — The menu offered fried catfish. But Freddie Washington, a pastor in Tuscaloosa, Ala., who sometimes eats out five nights a week and was raised on Gulf Coast seafood, was served tilapia.

Dustin Chambers for The New York Times

Consumers are misled most frequently when they buy fish, investigators say, because diners have such limited knowledge about seafood. 

It was a culinary bait and switch. Mr. Washington complained. The restaurant had run out of catfish, the manager explained, and the pastor left the restaurant with a free dinner, an apology and a couple of gift certificates.

“If I’m paying for a menu item,” Mr. Washington said, “I’m expecting that menu item to be placed before me.”

The subject of deceptive restaurant menus took on new life last week when Oceana, an international organization dedicated to ocean conservation, released a report with the headline “Widespread Seafood Fraud Found in New York City.”

Using genetic testing, the group found tilapia and tilefish posing as red snapper. Farmed salmon was sold as wild. Escolar, which can also legally be called oil fish, was disguised as white tuna, which is an unofficial nickname for albacore tuna.

Every one of 16 sushi bars investigated sold the researchers mislabeled fish. In all, 39 percent of the seafood from 81 grocery stores and restaurants was not what the establishment claimed it was.

“This thing with fish is age old, it’s been going on forever,” said Anne Quatrano, an Atlanta chef who opened Bacchanalia 20 years ago and kick-started the city’s sustainable food movement. “Unless you buy whole fish, you can’t always know what you’re getting from a supplier.”

Swapping one ingredient for a less expensive one extends beyond fish and is not always the fault of the person who sells food to the restaurant. Many a pork cutlet has headed to a table disguised as veal, and many an organic salad is not.

The term organic is regulated by the Department of Agriculture, but many other identifying words on a menu are essentially marketing terms. Unscrupulous chefs can falsely claim that a steak is Kobe beef or say a chicken was humanely treated without penalty.

In cases of blatant mislabeling, a chef or supplier often takes the bet that a local or federal agency charged with stopping deceptive practices is not likely to walk in the door. “This has been going on for as long as I’ve been cooking,” said Tom Colicchio, a New York chef and television personality. “When you start really getting into this stuff, there’s so many things people mislabel.”

At Mr. Colicchio’s New York restaurants, all but about 5 percent of the meat he serves is from animals raised without antibiotics, he said. It costs him about 30 percent more, so he charges more. “Yet I have a restaurant down the street that says they have organic chicken when they don’t, and they charge less money for it,” he said. “It’s all part of mislabeling and duping the public.”

Consumers are misled most frequently when they buy fish, investigators say, because there are so many fish in the sea and such limited knowledge among diners. The Food and Drug Administration lists 519 acceptable market names for fish, but more than 1,700 species are sold, said Morgan Liscinsky, a spokesman with the agency.

Marketing thousands of species in the ocean to a dining public who often has to be coaxed to move beyond the top five — shrimp, tuna, salmon, pollock and tilapia — is not an exact science.

The line between marketing something like Patagonian toothfish as Chilean sea bass or serving langostino and calling it lobster is a fine one.

Robert DeMasco, who owns Pierless Fish, a wholesaler in New York, used a profanity to describe someone who buys farm-raised fish and sells it as wild. “But on some of this, they’re splitting hairs,” he said.

In 2005, a customer sued Rubio’s, a West Coast taco chain, for misleading the public by selling a langostino lobster burrito. The FDA ruled that practice acceptable, which allowed chains like Long John Silver’s and Red Lobster to sell the crustacean called langostino and legally attach the word lobster to it. Maine lobstermen and lawmakers fought the decision unsuccessfully.

Read More..

Don't impoverish yourself to pay kids' student loans

Dear Liz: I'm in my 50s. My kids have college loan debts that might total more than $200,000. I allowed them to take out loans because I expected to inherit $300,000 to help them pay off the debt. Now that inheritance will not happen.

I have $250,000 saved for retirement. When I'm 58 1/2 years old, I would like to pull that money out and pay some or all of these debts. Or use home equity. I've recently been downsized in employment, but I am looking to increase my income so I can help with their debt. Advice?

Answer: If your goal is to impoverish yourself so your kids will have to take care of you in your old age, by all means proceed with your plan. Otherwise, you need to rethink this.

You've been laid off in the middle of what should be your peak earning years. Older workers often have a tougher time than younger ones finding replacement jobs, even in a better economy than this one. You may not be able to replace your former income, which means you may not be able to add much to the amount you've already saved. You should be conserving your resources, including your home equity, and not squandering it repaying debts that aren't yours.

And "squandering" is the right word. You may be able to avoid paying federal and state tax penalties on withdrawals under certain conditions; distributions made after age 59 1/2 avoid the penalties, as do those made if you're "separated from service" if the job termination occurred in or after the year you turn 55. But you'll still owe income taxes on the withdrawal, and those can be considerable.

Your children are the ones who will benefit from their educations. Those educations should allow them to earn incomes to repay these loans. The amount of debt they've accrued might be excessive — you didn't specify how many kids, or whether this debt is being incurred pursuing undergraduate or graduate degrees. Ultimately, though, they will be in a better position to pay the debt than you are.

If you promised them help you can't deliver, sit down with them now to break the bad news and strategize on how they can finish their educations without incurring substantially more debt.

Your story also should serve as a cautionary tale for anyone counting on an inheritance to pay future bills. Until the money is in your bank account, it's not yours and shouldn't be part of your financial planning.

Refinancing mortgage in divorce may not be wise move

Dear Liz: My soon-to-be ex wants to refinance our mortgage to pay for renovations so we can sell it for more money. He also wants to take out some cash to pay off unsecured loans. (I have $11,000 in credit card debt, and he has over $50,000.) The house recently appraised for $310,000 and we owe $158,000 on it. Is it wise to refinance in this circumstance?

Answer: A cash-out refinance would be a risky maneuver even if you intended to stay married. Renovations rarely boost a home sale price enough to cover their cost. Also, home equity that's used to pay off credit card bills is often wasted, since the borrower never fixes the problem that led to overspending in the first place and simply runs up more debt. Since he would be getting the bulk of the benefit by having more of his debt paid off, you also would need to adjust the rest of your property settlement.

Often, the best and easiest solution in a divorce is to simply sell the house. You certainly wouldn't want to remain on a mortgage with an ex after the divorce was final, if you could possibly avoid it. A good divorce attorney can give you advice about how to proceed from here.

Make saving money automatic

Dear Liz: What's the easiest way to save money? I have the hardest time. I want to save, but I feel that I don't make enough to start saving.

Answer: The easiest way to save is to do it without thinking about it.

That usually means setting up automatic transfers either from your paycheck or from your checking account. If you have to think about putting aside money, you'll probably think of other things to do with that cash. If it's done automatically, you may be surprised at how fast the money piles up.

The second part of this equation is to leave your savings alone. If you're constantly dipping into savings to cover regular expenses, you won't get ahead.

People manage to save even on small incomes because they make it a priority. They "pay themselves first," putting aside money for savings before any other bills are paid. Start with small, regular transfers and increase them as you can.

Questions may be sent to 3940 Laurel Canyon, No. 238, Studio City, CA 91604 or by using the "Contact" form at asklizweston.com. Distributed by No More Red Inc.

Read More..

Apple takes investors on a wild ride

SAN FRANCISCO — With only modest expectations, Robert Leitao of Santa Clarita made a decision in 1994 that would change his life. He bought Apple stock.

This was several years before Steve Jobs returned to resurrect Apple, long before the iPod, the iPhone or the iPads that would make Apple the most valuable company in the world. A $1 investment in Apple at the start of 1994 is now worth about $70.

"Even with the recent sell-off, I'm still doing very well with the stock," said Leitao, who works as director of operations at a Catholic church in Burbank. "Apple provided for a down payment on our home for our blended family of four kids."

Leitao is one of the countless people whose lives have been touched by Apple's stock, which has become a global economic force. It is now one of the most widely held stocks, and the most valuable. Even as Apple Inc.'s market value fell to $480 billion on Friday, it was still larger than the gross domestic product of Norway or Argentina, and more than the combined value of Google Inc. and Microsoft Corp.

Yet that astonishing size and economic influence is also what, many analysts believe, contributes to the extraordinary volatility that can make owning Apple's stock a hair-raising experience.

It was inevitable, analysts say, that after Apple's stock rose 74% in the first nine months of this year, a huge wave of selling would occur as fund managers locked in their profits. And yet, in recent years, these huge dips have been followed by even bigger run-ups that led to new record highs, a dynamic that one trader refers to as the "Apple slingshot."

That pattern has some analysts betting Apple will soar above $1,000 a share in 2013, a scenario almost guaranteed to drive the global obsession with the company's stock into an even greater frenzy.

"The impact on shareholders and on the economy is incredible," said Howard Silverblatt, senior index analyst for S&P Dow Jones Indices. "We've not seen anything like this in the modern trading era. Ever."

Even after the remarkable decade of Apple's revival, the company's stock managed to reach new milestones this year. Early in 2012, Apple became the sixth company ever to surpass $500 billion in market value. In August, it became the only company in history with a market value topping $622 billion.

That performance affects just about anyone who has a 401(k) account or a pension. According to FactSet, a research firm that tracks investment funds, 2,555 institutional investors — mutual funds, hedge funds and pension funds, among others — owned stock in Apple, just behind the 2,590 that held Microsoft stock, as of Sept. 30, the most recent date funds had to disclose their holdings. However, the value of that Apple stock held by institutional investors on that day was $427 billion, compared with $172 billion for Microsoft, according to FactSet.

Silverblatt said the only company that has come close to having such a strong influence on the broader stock markets since World War II is IBM in the early 1980s, when the PC revolution was just getting started. But not only is the value of Apple's stock remarkable, so is its volatility. Such large stocks rarely have such big, quick swings.

Apple shares peaked at $702.10 on Sept. 19, up from $401.44 at the start of the year, a run that astonished analysts. But just as remarkable has been its collapse, falling as low as $505.75 in intra-day trading Nov. 16.

"It's just amazing because it's such a large company," said Brian Colello, a senior research analyst at Morningstar. "The company lost about $35 billion in market cap in one day. That's the size of some large-cap stocks."

Yet such swings have become commonplace for Apple stock. Before its latest swoon of 23.4% since its September high, Apple had experienced three previous corrections of more than 10% over the last two years.

The value of Apple's stock and its extreme swings have made researching it and trading it almost a full-time job for some people. Jason Schwarz of Marina del Rey edits EconomicTiming.com, which sends out up to five newsletters each week to its 1,000 clients that focus in large measure on Apple. He also helps run Lone Peak Asset Management, which has about $500 million in assets.

Schwarz says that what he calls the "Apple slingshot" is actually a virtue of the shares.

"The extraordinary volatility is the result of Apple's strength," Schwarz said. "People try to blame the volatility on Apple's weaknesses."

Schwarz and many other Apple believers argue that people are making a big mistake when they try to understand the stock's behavior by focusing on various bits of bad news such as an executive shake-up, the Maps controversy or questions about market share or competition. They have almost nothing to do with the regular hits taken by Apple shares, the argument goes.

Instead, folks like Schwarz say more technical factors are at work, such as the fact that the fiscal year for many stock funds ends Oct. 31. When the stock peaked in September, many fund managers rushed to sell to lock in profits for the year. Apple stock makes so much money for so many people, then plummets when shareholders pause to reap their profits, Schwarz says.

The volatility has continued in recent weeks, the argument goes, because fears of higher taxes next year have many fund managers trying to take advantage of short-term swings to make bigger profits. That volatility offers tantalizing windows for huge, short-term profits for investors willing to take the risk.

Read More..

Huge Wave of Google App Updates Hits iOS, Android

Google just brought iPhone and Android phone users a holiday gift. Google Maps has returned to the iPhone, this time in the form of its own separate app, while Google Currents — the company’s Flipboard-style online magazine app for Android — received a substantial update as well.

Besides the two big updates, about a half-dozen other apps for Android and Google TV received bug fixes and new features, according to Android Police blogger Ryan Whitwam. Here’s a look at what to expect, and where the rough edges still lay.

Google Maps is back

It was technically never there to begin with; the iPhone simply had a “Maps” app included, which used Google Maps’ data. But a few months ago, Apple switched from using Google’s map data to its own, which caused no end of problems as Apple’s data was incorrect much more often. These problems were sometimes hilarious, but in at least one case they were dangerous, as several motorists had to be rescued after becoming stranded inside an Australian national park (where Apple’s maps said the town they were trying to get to was).

Google Maps has also received a thumbs-down from the Victoria police in Australia, but is regarded as more reliable overall. It’s a completely new app this time, and while it has at least one “Android-ism” according to tech expert John Gruber (an Ice Cream Sandwich-style menu button), it’s reported to work well and doesn’t show ads like the YouTube app does.

It does, however, keep asking you to log in to your Google account so that it can track your location data.

Google Currents has a new look and new features

The update to digital magazine app Google Currents brings its features more in line with Google Reader, the tech giant’s online newsreader app which can monitor almost any website for updates. Like Google Reader, Currents can now “star” stories to put them in a separate list, can show which stories you’ve already read, and has a widget to put on your Android home screen. Other added features include new ways to scan editions and stories, and filter out sections you aren’t interested in.

Bugfixes and updates for other Google apps

Google Earth and Google Drive received miscellaneous bugfixes “and other improvements,” while Google Offers (a Groupon competitor) now features a “Greatly improved purchase experience.”

The Google Search app received a slew of additions to its Siri-like Google Now feature, including new cards to help while you are out and about and new voice actions (like asking it to tell you what song is playing nearby). The Field Trip augmented reality app now uses less battery life, and lets you “save cards” and favorite places you visit, as well as report incorrect data to Google. Finally, Google TV Search and PrimeTime for Google TV both received performance and stability updates.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.

Linux/Open Source News Headlines – Yahoo! News

Read More..