Dress up, dudes

Young men starting their first jobs and veterans who’ve recently been promoted or switched to working in an office with a different dress code could all use some style guidance, particularly if their attire is supposed to fall under the nebulous “business-casual” category.

Trunk Club will help sartorially challenged guys get the high-end clothes they need without having to go shopping.

After you sign up online, a stylist will contact you to provide a consultation. In addition to basic information about your body type and hair and eye color, you can tell your stylist what situations you need clothes for (e.g., a new job, important meetings with clients) and what types of clothes you want.

You can also negotiate a budget for the clothes that will be shipped to you.

A trunk of roughly 10 items, along with a hand-written note about why the enclosed clothes were chosen, will be sent to you for free.

You have 10 days to try on your prospective duds, and you can return any items that you don’t want, also for free, courtesy of a prepaid FedEx return label. You only have to pay for the clothes you keep, and the price tags are on all of the items.

You can then talk to your stylist about subsequent trunks whenever you need some new gear.

Although Trunk Club focuses on business-casual attire, if you need some suits, they can provide those, too.

A typical trunk will have roughly $1,500 worth of merchandise, and customers usually keep about a third of that, so your first shipment of clothes will likely end up costing you $500. The pricing for individual items is similar to that of upscale department stores.

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Crisis has Americans raiding their 401(k)s

WASHINGTON --
As the father of two college-age kids, Rob Harris knew that finding money to pay soaring tuition costs wasn’t going to be easy. Reluctant to saddle himself or his children with loans, the 55-year-old product development manager from Kansas City, Mo., tapped another source: his retirement savings.

Harris plans to pay himself back, but his decision to prioritize his kids’ education is at least partly responsible — along with rising healthcare costs and a sluggish stock market — for pushing his target retirement age from 59 to 62.

“Everyone says you shouldn’t do it, but there were several years the market was a big loss. You’ve got money there, you’ve got a real need, why not use it?” he said.

Harris is among a growing number of Americans who are dipping into their 401(k)s and other defined contribution plans to pay for more immediate needs such as tuition, overdue bills, credit cards and mortgages.

One in four American households withdraw a total of more than $70 billion from 401(k)s or similar retirement savings plans for non-retirement spending needs every year, according to a report published this month by the financial advisory firm HelloWallet.

With traditional pensions fading into memory, and Congress considering cuts to Social Security and Medicare, many Americans working in the private sector expect their 401(k) nest eggs to guarantee financial security in their older years. But in the aftermath of the Great Recession, increased “leakage” from 401(k)s in the form of cash-outs, hardship withdrawals and loans is worrying policymakers and retirement savings experts, who also bemoan the plans’ high fees and stubbornly low participation rates. Some are looking for ways to reform 401(k)s, or even offer innovative alternatives.

One such plan has been proposed by Teresa Ghilarducci, an economics professor at The New School in New York City and an ardent critic of 401(k)s.

“A good pension plan helps people accumulate money, helps them invest money appropriately, and helps people pay out your pension for life, and the 401(k) fails at all three of those dimensions,” Ghilarducci said.

Her plan would require that employers deduct 2.5 percent of their employees’ pay, a contribution that businesses could match if they choose. Employee contributions would be mandatory. The money would be set aside in a fund that pays a guaranteed, modest rate of return to supplement Social Security. The return could be guaranteed by a paid fund or an insurance company, and it would be paid out after a worker retired in the form of an annuity for the rest of that person’s life.

Last year, Sen. Tom Harkin, D-Iowa, floated the idea of privately run pension plans he calls USA Retirement Funds. Workers without a pension or a 401(k) would be able to make automatic contributions toward retirement through pre-tax payroll deductions. Businesses would be required to contribute as well but would receive tax credits to offset the cost. Workers would receive regular payments from the funds throughout retirement, like a pension. The proposal hasn’t made much headway.

Whatever politicians ultimately come up with, 401(k)s aren’t going anywhere anytime soon, said David John, a senior research fellow in retirement security and financial institutions at the conservative Heritage Foundation.

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Appeals court again upholds power of Miami’s Civilian Investigative Panel

An appeals court has struck down a police officer’s challenge to the validity of Miami’s Civilian Investigative Panel — the second time the panel has withstood a legal challenge from police officers in the past five years.

Police Lt. Freddy D’Agastino and the Fraternal Order of Police filed a lawsuit arguing that the civilian panel, which reviews citizen complaints against officers and makes recommendations to the police chief, had no legal authority to investigate officers.

But in a ruling on Wednesday, the Third District Court of Appeal found that the panel neither conflicts with state or local law, nor intrudes on the police department’s power to discipline its officers. The CIP does not have the authority to discipline officers, though it does have the power to subpoena records and witnesses in its own investigations.

The appeals court also upheld the panel’s authority in 2008, when then-Police Chief John Timoney sought to prevent the panel from investigating him.

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Apple’s China dilemma: market share or cachet?

HONG KONG (Reuters) – Apple Inc’s third straight disappointing quarter signals an urgent need for the global technology leader to drum up new revenue – and China may provide the answer.

Now more than ever, analysts say, Apple needs to get it right in the world’s most populous country, where it ranks only sixth in annual smartphone sales and Samsung Electronics remains the runaway leader.

Apple’s best plan of attack remains securing a deal with the country’s top mobile carrier by far, China Mobile Ltd. It also needs to push the development of more localized apps and extend installment financing to bring its pricey smartphones within the reach of an urban populace with an average annual income of just $ 3,500.

But it should resist the temptation to just put out a cheaper iPhone, some analysts say. Introducing a long-rumored lower-cost version of the gadget could backfire by diluting Apple’s premium brand – one of its most valuable assets.

“If you think of Apple, it’s like a bright star in the galaxy, shining so brightly and everyone is looking at it. But it might have dimmed a bit as other stars such as Samsung have popped up,” said TZ Wong, an analyst at research firm IDC.

“I don’t think it’s in Apple’s interest to further dim its star power by stepping into the low-end segment.”

With Apple’s product pipeline guarded with the same zeal accorded state secrets, some analysts are focusing instead on what the world’s largest technology company needs to do to finally become a major player in the world’s No. 2 economy.

While iPhone sales leapt 60 percent last quarter, investors worry that, in the longer term, the company may be pricing itself out of a golden opportunity while Samsung and local rivals from Huawei Technologies Co Ltd to ZTE blanket the market with cheaper phones that rival the iPhone in quality and usability.

A deal with China Mobile, the world’s largest mobile phone carrier with more than 700 million users, will prove instrumental but analysts say that may not happen until the issuance of 4G wireless licenses, which could take place later this year or even in 2014.

“The competitive landscape has definitely cranked up a few notches from a year ago. So there is more urgency for Apple to explore its ways to grow,” IDC’s Wong said.

CEO Tim Cook has made it no secret that China is an area of intense focus for the iPad and iPhone maker, especially given the still-low penetration across the country of smartphones and tablets. Apple has said it will continue to expand its retail network there, and in January, Cook flew to Beijing for at least the second time in a year, to meet with pivotal carrier China Mobile.

A STAR IS DIMMED

On Wednesday, Apple missed revenue forecasts for the third straight quarter after iPhone sales came in below expectations, fanning fears that its dominance of consumer electronics is slipping.

Apple’s revenue in China, including neighboring Hong Kong and Taiwan, totaled $ 7.3 billion in the December quarter, up 60 percent from a year earlier.

But there are signs that Apple’s vaunted cachet in the world’s most populous nation is waning.

Recent product launches for the mini-iPad and the iPhone 5 have drawn a relatively subdued response from Chinese consumers, in stark contrast to the fist-fights and egg-hurling at its Beijing store a year ago when sales of the iPhone 4S were delayed.

Since the iPhone 5 went on sale in mid-December, transactions have fallen by half, according to the Taobao Index, the consumer research data website of Internet giant Alibaba Group.

The iPhone is also losing out as consumers opt for bigger screens to watch Chinese soap operas while travelling on trains, or affordable smartphones in the sub-1,000 yuan ($ 160) category made by local vendors.

“When I started using a bigger screen, there was no turning back for me. Small screens don’t work anymore,” said a business executive surnamed Wen, as he swiped the screen on his Samsung Galaxy Note during lunch in Beijing.

Around half of the more than 60 million smartphones shipped in China in the third quarter last year had screens that were bigger than 4 inches, based on IDC’s latest figures. The iPhone 5 comes with a 4-inch screen, while the Galaxy Note II’s screen is 5.5 inches.

Also, local vendors such as Coolpad smartphone maker Yulong Computer Telecommunication Scientific (Shenzhen) Co Ltd, which offers cheaper alternatives, and Meizu Technology Co Ltd, known for its minimalist designs, have seen its legion of fans grow.

Price is a key factor, especially in the Chinese market where around 80 percent of the more than one billion mobile phone users are still on 2G networks.

On the online Taobao website, Coolpads and low-end models made by Huawei Technologies Co Ltd and ZTE Corp are selling at below 1,000 yuan, a sweet spot for many consumers switching from basic phones to smartphones.

Apple has moved to address that, partnering with China Merchants Bank to offer financing and installment options so that buyers can pay with the bank’s credit card when they shop online, media reports said.

Finally, expanding the number of applications customized for China will help grow Apple’s market share but that might need tighter collaboration with Chinese companies, such as Baidu Inc and Tencent Holdings Ltd.

“Consumers will definitely welcome closer cooperation between Apple and Chinese tech firms to customize the iPhone for the use of apps such as Tencent’s WeChat,” said Frederick Wong, executive director of Avant Capital Management (Hong Kong) Ltd, a fund that invests in Apple-related options.

(Editing by Edwin Chan and Richard Chang)

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Burt Reynolds Hospitalized with Flu

Burt Reynolds is recuperating in a Florida intensive care unit after being hospitalized for dehydration and severe symptoms relating to the flu.

A representative for the 76-year-old actor tells CNN that, as of Friday afternoon, Reynolds is "doing better" after being admitted to the ICU.

Related: Burt Reynolds Undergoes Open Heart Surgery

"We expect, as soon as he gets more fluids, he will be back in a regular room," says rep Erik Kritzer.

When asked, Kritzer declined to say which hospital facility Reynolds is currently recovering in.

The actor has suffered other bouts of ill health in recent years. In 2010, Reynolds underwent a quintuple heart bypass one year after entering rehab to end a reliance on prescription drug habit acquired after back surgery.

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Caught: Suspect who escaped during bathroom break nabbed in Bronx

They finally flushed out this fugitive!

A murder suspect who escaped from a Brooklyn police precinct yesterday by asking a cop for a bathroom break was captured today by cops hiding out in a friend’s Bronx apartment, the NYPD said.

Brandon Santana, 24, was apprehended at 3:15 p.m. at 3930 Third Avenue by NYPD officers and the Regional Fugitive Task Force, about 37 hours after he ran, un-handcuffed, from the 78th Precinct in Park Slope after knocking down a cop escorting him to the toilet.

Police said that the girlfriend of Santana’s friend opened the door when they arrived, and she told them that a pal of her boyfriend was staying there.

NYPD

Brandon Santana, escaped during bathroom break.

Cops found Santana standing in the bedroom, and took him into custody without incident, according to the NYPD.

Santana is suspected of repeatedly bashing 22-year-old dad-to-be Alexander Santiago with a lead pipe during a gang assault on the man and three of his friends at 12th Street and Fifth Avenue in Park Slope on Aug. 1, 2010.

After Santana’s latest arrest today, Santiago’s girlfriend Stephanie Mercado, told The Post, “'I hope the cops keep him tight, and don't let him get away.”

“No bathroom breaks this time,” Mercado said. “And now that they have him we want them to get the rest of the cowards. I want justice."

Santana’s apprehension was the second time in the past week he was caught by cops.

He had been hiding out with a relative in Iowa, but returned to the city this week – and was promptly caught by cops who wanted to arrest him for Santiago’s murder.

Detectives questioned Santana at the station house Wednesday night, and then left at the end of their shift at 1 a.m. yesterday, expecting to put him in a witness lineup later.

An hour later, after he had been placed in a first-floor holding cell, Santana asked the officer minding him if he could use the bathroom.

When the cop opened the cell door, Santana — who was not handcuffed — shoved the officer, knocking him to the ground, and ran straight out of the station house, law-enforcement sources said.

One cop behind the front desk jumped over it to chase him, but hurt himself in the process, sources said.

A lieutenant also went after Santana but couldn’t catch up, sources said.

“It’s like they gave us justice, then took it away,” said Anaisa Santiago, Alexander’s 15-year-old sister yesterday.

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Economist: Euro crisis could erupt again this year

DAVOS, Switzerland --
Is the euro crisis over? A leading U.S. economist says not by a long shot.

Even as the head of the European Central Bank talked Friday of “positive contagion” in the markets and predicted an economic recovery for the recession-hit eurozone later this year, economist Barry Eichengreen warned that the debt crisis that has shaken Europe to its core could easily erupt again this year unless European leaders move faster to solve their problems.

While European governments and markets have been breathing easier in recent months after years of turmoil, it’s no time for complacency, said Eichengreen, a professor at the University of California - Berkeley who has chronicled the Great Depression and explored the consequences of a breakup of the euro currency.

“Nothing has been resolved in the eurozone, where markets have swung from undue pessimism to undue optimism,” Eichengreen told The Associated Press in an interview at the World Economic Forum in Davos, Switzerland, an annual gathering of corporate and government leaders. “They said all the right things last year … and they’ve been backtracking ever since.”

He urged eurozone leaders follow up on its proposals to steady its banking system and keep failed banks from adding to government debt through expensive bailouts.

European leaders in Davos this week are seeking to reassure investors and corporate leaders that the continent is on the mend after its punishing debt crises.

European Central Bank chief Mario Draghi on Friday forecast a recovery in the eurozone economy in the second half of the year, and spoke of “a new restored sense of relative tranquility” and “positive contagion on the financial markets.”

But he acknowledged “we don’t see this being transmitted into the real economy yet.”

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Florida Legislature now rethinking mental health spending

In light of the tragic shootings in Connecticut and Colorado, Florida legislators are taking a hard look at the state’s mental health system, which ranks 49th among states and the District of Columbia when it comes to funding.

“That’s $39 per person per year,” said Bob Sharpe, president and CEO of the Florida Council for Community Mental Health, one of 10 panelists addressing the House Healthy Families Subcommittee Thursday as an “ongoing conversation” to address the system’s woes. That figure, experts said, was lower than per capita funding for mental health in the 1950s.

The violence at Sandy Hook Elementary School is just one reason for action, said the subcommittee’s chair, state Rep. Gayle Harrell, R.-Stuart. “Any time you have a tragedy it certainly focuses public attention on an issue,” Harrell said. “We want to make sure that we don’t just do this however when there’s a tragedy.”

Legislators need to look at the continuum of care “from prevention to identification to intervention to treatment,” Harrell said, if any improvements can occur in a system where issues range from school safety to finding places for mentally impaired nursing home patients.

The lack of funding for prevention in the community, particularly in schools, has been a key issue both at Thursday’s subcommittee meeting and at a Senate meeting Wednesday chaired by Sen. Eleanor Sobel, D-Hollywood.

That’s because the bulk of the state’s $723 million mental health budget is used for treatment, said Rob Siedlecki, assistant secretary for Mental Health and Substance Abuse.

Harrell’s committee asked each panelist to come up with policy rather than funding solutions for mental health issues in the state.

“If we can set up a system in place and look at our system and really change it so that it is much more responsive to prevention, to the needs of the community then you can avoid some of those tragedies perhaps,” Harrell said. “When a tragedy fades and the memory of it fades, you don’t want to let this issue fade. “

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Samsung puts lid on capex for first time since financial crisis

SEOUL (Reuters) – Samsung Electronics Co turned cautious on spending for the first time since the global financial crisis, keeping its annual investment plan unchanged at 2012 levels, as demand for computer chips wanes and the smartphone market slows.

Samsung, one of the industry’s most aggressive spenders, has ramped up capital expenditure every year since 2004 except 2009 to meet soaring demand for its array of consumer electronics and mobile devices. It sold a record 700,000 smartphones a day in the last quarter.

But with the personal computer market shrinking for the first time in 11 years, the global smartphone market growing more slowly, and Apple Inc moving to buy fewer of Samsung‘s microprocessors used in the iPhone and iPad, the South Korean IT giant is now forced to keep a lid on spending.

“Overall its earnings momentum remains intact, and smartphone shipments will continue to grow even in the traditionally weak first quarter, as Samsung’s got a broader product line-up and Apple appears to be struggling in pushing iPhone volumes aggressively,” said Lee Se-chul, a Seoul-based analyst at Meritz Securities.

Samsung, which reported a record quarterly and annual profit on Friday, said it would keep 2013 capital expenditure unchanged from 2012.

“The key word for us in investment in 2013 is flexibility. We’ll decide as the market demand dictates,” Robert Yi, head of Samsung’s investor relations, told analysts.

Data from the company shows Samsung started to slow down planned investment in the last quarter.

Samsung said it spent 4.4 trillion won in October-December, pushing its 2012 investment to a record 23 trillion won ($ 21.5 billion). But the company said in October that it was on course to spend 25 trillion won in 2012.

Analysts had expected a 4-20 percent cut in Samsung’s 2013 capital spending.

By contrast, Taiwanese rival TSMC is planning to raise its capital expenditure to $ 9 billion this year, aimed in part at winning Apple orders away from Samsung.

Shares in Samsung fell 2.1 percent as of 0250 GMT, lagging a 1.1 percent decline in the wider market.

RECORD EARNINGS

Samsung had poured money into factories to boost production of chips and panels used in Apple products and its Galaxy range devices, pushing its operating profit to 8.84 trillion won in the last quarter. The 89 percent increase from a year earlier was in line with its earlier estimate.

Profit at its mobile devices division, which makes phones, tablets and cameras, more than doubled to 5.44 trillion won in the quarter from a year earlier, lifted by a broader offering of smartphones – from the very cheap to the very expensive.

The division accounted for 62 percent of Samsung’s overall fourth-quarter profit, up from 55 percent a year earlier.

Samsung is also seeing strong sales of its Note phablet, which analysts expect to help Samsung get through any seasonal weakness better than rivals.

Samsung, which doesn’t provide a breakdown of smartphone sales, is estimated to have sold around 63 million smartphones in the last quarter, including 15 million Galaxy S IIIs and 7 million Note IIs.

The company also said 2012 operating profit rose 86 percent to an all-time high of 29 trillion won.

SAMSUNG VS APPLE

Samsung sold 213 million smartphones last year and enlarged its share of the global market to 30.4 percent from around 20 percent in 2011, a report by market research firm Strategy Analytics showed on Friday. The sharp increase reflects Samsung’s aggressive marketing of its wide product range.

Apple’s share of the market shrank slightly to 19.4 percent from 19.0 percent in 2011, according to the report.

Globally, sales of smartphones surged 42.7 percent last year to 700 million, Strategy Analytics said.

Samsung said on Friday it expects the global smartphone segment to shrink in January-March from the seasonally strong fourth quarter, and that growth of the overall handset market will slow to the mid single-digits this year.

The forecast is in line with industry estimates, with signs of a slowdown having already emerged.

Apple shipped 47.8 million iPhones in the three months ended December, a record that nonetheless disappointed many analysts accustomed to years of outperformance. The Cupertino, California-based company also missed Wall Street’s revenue forecast for a third straight quarter as iPhone sales lagged expectations.

Apple shares have dropped by more than a third since mid-September as investors fret that its days of hyper growth are over and its devices are no longer as ‘must-have’ as they were.

By contrast, shares in Samsung have risen 12 percent in the same period as the company once seen as quick to copy the ideas of others now sets the pace in innovation.

At the world’s biggest electronics show in Las Vegas this month, Samsung unveiled a prototype phone with a flexible display that can be folded almost like paper, and a microchip with eight processing cores, creating a buzz that these may be used in the next Galaxy range.

“It’s very probable to us that the Exynos 5 Octa (processor) will find its way into the Galaxy S4,” UBS analyst Nicolas Gaudois wrote in a recent note.

“It also looked as if the curved display is close enough to finished product. We came away even more convinced that displays will provide significant differentiation to Samsung devices, and application processors will materially grow over time,” Gaudois said. ($ 1 = 1066.2000 Korean won)

(Reporting by Miyoung Kim; Editing by Ryan Woo)

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Katy Perry Turns '70s Game Show Host

A mustachioed Katy Perry helps celebrate Ellen DeGeneres' 55th birthday during tomorrow's episode of The Ellen DeGeneres Show.

RELATED: Candid Star Sightings

The comedienne's birthday is Saturday, but instead of receiving gifts she decided to dish them out, allowing Perry to live her dream of being a game show host.

In the clip, Perry enters in '70s TV garb complete with a plaid three-quarter-length suit jacket, bow tie and mustache.

RELATED: Ellen DeGeneres Slams One Million Moms

"I asked for the Anne Hathaway, obviously," Perry joked, referencing her cropped hairdo.

Click the video to see the pop star introduce "everyone's favorite party game" Grab Ellen's Bust. You can watch the entire birthday episode on Friday. Check your local listings.

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