PICS: Winners of the 2013 SAG Awards
Some of Hollywood's biggest stars gathered Sunday night to honor acting achievements at the 2013 Screen Actors Guild Awards. Anne Hathaway -- winner of the award for Outstanding Performance by a Female Actor in a Supporting Role for Les Misérables -- kicks off our gallery of the stars accepting their handsome statuettes!
Paul Singer appears to have changed his tune on Argentina.
After a decade of aggressively pursuing $1.44 billion he claims the country owes him and a group of bondholders, including successfully pressing Ghana to seize a locally docked Argentine naval vessel to help pay down the debt, the billionaire New York hedge fund mogul is sounding like Bobby McFerrin in “Don’t Worry, Be Happy.”
Singer’s Elliott Management now feels Argentina will do the right thing, according to recent court filings.
It’s quite a change from last fall’s legal arguments, in which Singer urged a federal judge to hurry up and force Buenos Aires to put some of the monies owed into escrow, citing the country’s president’s plot to avoid the debt payment.
Such a move would have put Argentina into default.
Now there’s nothing but love and trust. Well, at least trust.
“It is hard to believe that Argentina will needlessly trigger yet another default and cause the acceleration of tens of billions of dollars in principal repayment obligations” to a second, rival group of bondholders, Elliott’s lawyer, Ted Olson, told a federal appeals court, according to a filing late Friday.
Elliott and Argentina have been sparring in court for almost a decade over defaulted debt Elliott purchased at a steep discount. The $21 billion hedge fund demands to be paid in full, with interest. About 92 percent of the bondholders entered an exchange offer and accepted a 70 percent haircut.
A dozen of these rival, so-called exchange bondholders, including such names as BlackRock, Alliance Bernstein, Gramercy and Perry Capital, have asked the appeals court to throw out a lower court ruling that would force Argentina to pay the Elliott group each time it makes a payment to them.
The rivals have argued they won’t get their money if that happens because Argentina President Cristina Kirchner has vowed the country will never pay so-called “holdout creditors” who refused to go along with two separate debt restructurings in recent years.
Kirchner’s comments led to speculation the country was devising a way to pay the other bondholders outside of the US, which would create a technical default. Elliott repeated those speculations in several briefs recently.
Singer’s change of tune comes after an appeals court temporarily overturned part of the lower court ruling ordering the escrow payment.
An appeals court hearing is scheduled for Feb. 27.
mcelarier@nypost.com
Entrepreneurs, please don’t let the name of our contest scare you.
As we launch our 15th annual Miami Herald Business Plan Challenge today, we are putting out our annual call for entries. But we aren’t looking for long, laboriously detailed business plans. Quite the contrary.
More and more, today’s investors in very early stage companies want to see a succinct presentation of your concept and how you plan to turn it into a success. We do, too.
If you have a business idea or an operating startup that is less than two years old, you can enter the Challenge, our annual celebration of South Florida entrepreneurship. Sponsored by the Pino Global Entrepreneurship Center at Florida International University, our contest has three tracks — a Community Track, open to all South Floridians; an FIU Track, open to students and alumni of that university; and a High School Track, co-sponsored by the Network for Teaching Entrepreneurship.
Your entry may be up to three pages and you may attach one additional page for a photo, rendering, diagram or spreadsheet if you wish. Think of it as a meaty executive summary. Experts in all aspects of entrepreneurship — serial entrepreneurs, executives, investors, advisors and finance specialists (see judge bios on MiamiHerald.com/challenge) — will judge your short plan. In doing so, they will be looking at your product or service’s value to the customer, market opportunity, business model, management team and your marketing and financial strategies. See the rules on page 22, which also include tips on preparing your entry.
Your entry is due by 11:59 p.m. March 11. Entries should be sent to challenge@miamiherald.com, fiuchallenge@miamiherald.com or highschoolchallenge@miamiherald.com.
Don’t worry, we’re here to help!
“Frame your business from your customer’s perspective and not yours. Rather than diving into a detailed explanation of your product or service, a more compelling way to tell your business story is to clearly share the problem that you are solving for your customers and how your business is different, better, faster, cooler, cheaper, smarter,” says Melissa Krinzman, managing director of Venture Architects and a veteran Challenge judge.
On Feb 26 at 6:30 p.m. at Miami Dade College, we’ll host a free Business Plan Bootcamp, where you can bring your working plan with you for advice from experts, including Krinzman. Find the sign-up link on MiamiHerald.com/challenge.
And each week in Business Monday and on MiamiHerald.com/challenge, we’ll be bringing you advice and answering your questions. You can post your questions on the Q&A on MiamiHerald.com/challenge or email your questions to me at ndahlberg@miamiherald.com. Follow @ndahlberg on Twitter.
The top six finalists in the Community and FIU Tracks will present their 90-second elevator pitches for our popular video contest. Last year our People’s Pick contest drew more than 18,000 votes.
On May 6, in a special section of Business Monday, we will profile the winners — the judges’ top three selections in each track plus the People’s Pick winners. Along the way, we will unveil semifinalists and finalists to keep the suspense building.
Today, though, we are looking back on the entrepreneurial journeys of our 2012 winners. Funding was a nearly universal challenge, and many faced setbacks in developing their platforms. Throughout the entry period, we’ll also look back on other winners from the past 14 years.
Show us what you’ve got. Let’s make this the best Challenge yet.
Who is going to fill in for Miami City Manager Johnny Martinez while he is recovering from knee surgery in early February?
The honors will go to Assistant City Manager Luis Cabrera, according to a Friday afternoon memo from Mayor Tomás Regalado.
Under the city charter, the mayor is responsible for appointing an acting city manager. But the commission has the power to override Regalado’s pick.
“Anyone who is up in that chair needs to be ratified by this commission,” Commissioner Frank Carollo said at a meeting Thursday.
That could present a challenge. There are no commission meetings between now and Martinez’s surgery.
At Thursday’s meeting, Martinez said he had spoken to Regalado, and recommended rotating the job among Cabrera, Assistant City Manager Alice Bravo and Chief Financial Officer Janice Larned.
Regalado wasn’t in the commission chambers during the discussion.
Carollo, using the language in the city charter. raised questions about Regalado naming “a qualified officer” to the post.
“This is the city of Miami,” Carollo said, referencing criticism that high-level employees have been hired without meeting the minimum qualifications for the job.
City Attorney Julie O. Bru said commissioners could convene a special meeting if they had any qualms.
It wasn’t clear if any planned to raise objections.
In October, Google (GOOG) was granted a patent for a smartwatch with a flip-up display, however it was assumed that the concept, like most patents, would never move beyond the drawing board. A new report from Business Insider claims that the company is now “actively exploring” the idea of producing its own smartwatch and is even looking into ways it could market such a device. Information is slim and it is unclear what size the device would be or if it would even run the company’s Android operating system. Business Insider cautioned that the project is still in a “very early stage” and “it remains to be seen if Google will actually end up bringing a smart watch to market.” As the Pebble has shown, however, there is clearly a market for smartwatches.
[More from BGR: Unlocking your smartphone will be illegal starting next week]
This article was originally published on BGR.com
Wireless News Headlines – Yahoo! News
Where the stars will be sitting at this year’s SAGs?
You don't have to wait until Sunday to see which celebs will be seated together! ET has your first look at the 2013 SAG Awards seating chart.
Pics: The 10 Best SAG Awards Dresses of All Time
Explore our exclusive interactive GigaPan (high-res panoramic photo) below!
Related: Pick The Winners with ET's SAG Awards Ballot!
Don't miss the 19th Annual Screen Actors Guild Awards, airing Sunday, January 27 at 8pm on TNT and TBS.
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.
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.
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.
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)
Tech News Headlines – Yahoo! News
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