Exclusive: Egyptian investor seeks to put stamp on Telecom Italia

DUBAI (Reuters) – Egyptian entrepreneur Naguib Sawiris aims to shake up debt-laden Telecom Italia and steer it towards expansion in Brazil if shareholders warm up to his proposal for a 3 billion euro ($ 3.9 billion) cash infusion.

The billionaire tycoon, who got to know Italy well when he owned the third-biggest mobile operator Wind, has put on the table a capital increase that could make him one of the biggest shareholders in Telecom Italia.

Details on the structure of the proposed transaction are scarce, but Sawiris told Reuters that he proposed that the capital increase be open to all shareholders, not just himself, and that it should be conducted around the current market price of 0.70 euros per share.

That is likely to draw the ire of other Telecom Italia shareholders, including Spain’s Telefonica and the three Italian financial institutions who together own 22.4 percent via an unlisted holding company called Telco.

They value Telecom Italia at 1.50 euros per share in their accounts, and Marco Fossati, whose family’s Findim Group SA owns 5 percent of the Italian operator, on Monday said 1.50 was the “correct price” for any capital increase.

Sawiris, going against a trend of retreating investment in crisis-hit southern Europe, said he might also bring in some of his old Wind associates to put Telecom Italia back on the path to growth.

“This proposal will provide a more stable financial structure for Telecom Italia going forward, more growth in Latin America and Brazil, and improved management through the infusion of people who have an excellent knowledge of the Italian market,” Sawiris told Reuters.

Sawiris initially approached Telefonica and the other shareholders in Telco about the possibility of carrying out a capital increase at the holding company level. He was rebuffed, so decided to approach the Italian group directly.

“We are willing to participate in the capital increase, but shareholders have the choice not to get diluted and join in putting the money,” he said.

“If they do not want to, we will come and replace them. But they will benefit from a higher stock price and a more stable company and a company that will grow.”

It remains to be seen whether his vision for the group will be shared by Telecom Italia’s management and core shareholders.

Telefonica, insurer Assicurazioni Generali, and banks Mediobanca and Intesa Sanpaolo had the Sawiris’ offer dropped onto them as a bombshell two weeks ago, insiders have said.

“Sawiris is not a man to go in without being sure he can drive the strategy,” one source familiar with the thinking of the core shareholders said.

Sawiris told Reuters he was also opposed to a current plan to spin off Telecom Italia’s fixed-line network, which is backed by some core investors as a way to raise badly needed cash, and by the Italian government as a means to speed up broadband investment.

“I believe this is a catastrophe,” Sawiris said. “If Telecom Italia does that, they will lose the only differentiator they have left in the telecom market in Italy.”

Telecom Italia is now in talks with an Italian state-backed investment fund over such a spin-off. Under the plan, the fund would take a minority stake in the new company in exchange for Telecom Italia effectively becoming a wholesaler of broadband capacity to other companies.

Proponents of the spin-off argue the move would help Telecom Italia reduce debt while accelerating the modernization of the woeful Internet infrastructure in Europe’s fourth-largest economy.

STRATEGY CROSSROAD

Telecom Italia’s board will meet on December 6 to discuss the network spin-off and whether to bid for Vivendi’s GVT, a broadband specialist in Brazil, to complement its TIM Brasil mobile business unit in the fast-growing market.

GVT’s owner, Vivendi, is seeking up to 7 billion euros for GVT, which provides fixed telephone, broadband, and TV services in 120 Brazilian cities. Preliminary bids are due in December, sources have told Reuters.

Sawiris is waiting in the wings, though he says he has not had any direct contact from Telecom Italia since sending a letter of interest two weeks ago.

However, advisers from both sides – Lazard for Sawiris and Rothschild for Telecom Italia – have been communicating, according to people familiar with the matter.

Meanwhile, sources close to the telecom group’s shareholders have complained of a lack of detail in the Sawiris proposal.

Nuno Matias, a telecoms analyst at Espirito Santo bank, said while Sawiris’s arguments about seeking growth in Brazil via the GVT takeover were persuasive, the tycoon could face an uphill battle getting the board and shareholders onside.

“Sawiris isn’t alone; there are controlling shareholders of Telecom Italia, and they have their own interests,” he said.

“If Telecom Italia strengthens in Brazil then it sets up a conflict with Telefonica.”

Sawiris pointed out that he tried talking to Telefonica.

“I met with them, but my feeling is that they are conflicted. They are happy where they are today holding Telecom Italia as a hostage and preventing it from growing into Latin America.”

Telefonica and Telecom Italia are the number one and number two players in Brazilian mobile, respectively, and also compete in Argentina. The conflict means that Telefonica cannot take part in board deliberations at Telecom Italia over the Latin American units.

Telefonica’s Chief Financial Officer Angel Vila said last week that the group wanted to remain a long-term shareholder in Telecom Italia, and opposed a capital increase.

Telecom Italia has made debt-cutting a priority since late 2008. Cost cuts and asset sales have trimmed net debt more than 4 billion euros to 29.5 billion at the end of September.

Morgan Stanley predicted its net debt was likely to stand at 27.8 billion euros at year-end, or 2.7 times earnings before interest, tax, depreciation and amortization (EBITDA), above sector averages and in the warning zone for rating agencies.

Sawiris, who sold Wind to Vimpelcom last year, wants to re-enter Italy by investing in the incumbent operator, betting on low valuations and turnaround potential in old-world telecoms.

“I’ve worked in Italy for five years and what I’ve learned that very few investors have the insight on what is the real story in Italy,” Sawiris said.

($ 1 = 0.7713 euros)

(Additional reporting by Leila Abboud in Paris and Lisa Jucca in Milan; Editing by Will Waterman)

Tech News Headlines – Yahoo! News

Read More..

Bin Laden movie “Zero Dark Thirty” based on first-hand accounts

LOS ANGELES (Reuters) – The makers of a Hollywood movie about the U.S. operation to kill Osama bin Laden denied asking for classified material for their film, but say they did conduct interviews with a CIA officer and others at the heart of the decade-long hunt for the al Qaeda leader.

“It was all based on first-hand accounts so it really felt very vivid and very vital and very, very immediate and visceral of course which is very exciting as a filmmaker,” Kathryn Bigelow, director of “Zero Dark Thirty,” told ABC News in an interview airing on Monday.

Bigelow and screenwriter Mark Boal said in a “Nightline” interview that they were originally working on a film about the failed bid to find bin Laden in the Tora Bora mountains of Afghanistan during the U.S-led invasion there in 2001.

But their plans changed swiftly after U.S. President Barack Obama announced in May 2011 that a Navy commando unit had killed bin Laden in a compound in Pakistan.

“I picked up the phone and started calling sources and asking them what they knew and taking referrals and knocking on doors and really approached it as comprehensively as I could,” Boal told “Nightline” according to an advance excerpt.

“I certainly did a lot of homework, but I never asked for classified material,” he said. “To my knowledge I never received any.”

The release of “Zero Dark Thirty” – seen as a strong contender for Oscar nominations – was pushed back to December after the film got caught up earlier this year in a U.S. election year controversy.

The U.S. admiral who oversaw the secret operation in May denied a claim that the Obama administration arranged for Bigelow and Boal to be given special access to top officials while researching their movie.

The film reconstructs the hunt for bin Laden largely through the eyes of a young female CIA officer, played by Jessica Chastain, who helps find him through a long-forgotten courier. Obama only makes a fleeting appearance in the film.

“It was a couple of months into the research when I heard about a woman, part of the team, and she has played a big role and she had gone to Jalalabad and been deployed with the SEALs on the night of the raid,” Boal told ABC News reporter Martha Raddatz in the “Nightline” interview.

While some of the dialogue is word for word and based on interviews with the young CIA officer and others, some of the dialogue is dramatized, said the Oscar-winning makers of 2008′s “The Hurt Locker,” about a U.S. Army bomb disposal team during the Iraq War.

The assault on bin Laden’s Pakistan compound was recreated as accurately as possible, using a full-scale version built in Jordan. The floor, the tile, the carpet, the furniture and the marks on the walls were copied from images seen in ABC News footage that Bigelow said they reviewed frame by frame.

The full interview can be seen on “Nightline” on Monday evening.

“Zero Dark Thirty” opens in U.S. movie theaters on December 19. Nominations for the 2013 Academy Awards are announced on January 10 ahead of the February 24 Oscar ceremony.

(Reporting By Jill Serjeant)

Movies News Headlines – Yahoo! News

Read More..

Recipes for Health: Quinoa Salad With Avocado and Kalamata Olives — Recipes for Health

Andrew Scrivani for The New York Times

This is inspired by a salad I recently enjoyed in a small vegetarian restaurant called Siggy’s on Henry Street in Brooklyn Heights. They called it a quinoa Greek salad, but really the only thing that was Greek about it was the kalamata olives. No matter, it was still delicious.

3/4 cup quinoa

1 1/4 cups water

Salt to taste

1 small cucumber, cut in half lengthwise, seeded and sliced, or 1 Persian cucumber, sliced; or 1/2 cup sliced or diced celery (from the inner heart)

1/4 cup kalamata olives, pitted and halved (about 12__ olives)

1 ripe avocado, diced

1 tablespoon slivered fresh mint leaves

2 tablespoons chopped fresh parsley

1 1/2 ounces feta cheese, crumbled (1/3 cup, optional)

1 6-ounce bag mixed spring salad greens, baby spinach, arugula, or a combination

For the dressing:

1 tablespoon freshly squeezed lemon juice

1 tablespoon sherry vinegar

1 teaspoon Dijon mustard

1 small garlic clove, pureed

Salt to taste

2 tablespoons extra virgin olive oil

1/3 cup buttermilk or plain low-fat yogurt

Freshly ground pepper

1. Place the quinoa in a strainer and rinse several times with cold water. Place in a medium saucepan with 1 1/4 cups water and salt to taste. Bring to a boil, cover and simmer 15 minutes, until the grains display a thread-like spiral and the water is absorbed. Remove from the heat, remove the lid and place a dish towel over the pan, then return the lid to the pan and let sit for 10 minutes or longer undisturbed. Transfer to a salad bowl and fluff with forks. Allow to cool.

2. Add the remaining salad ingredients except the salad greens to the bowl. Whisk together the dressing ingredients. If using yogurt, thin out if desired with a tablespoon of water.

3. Just before serving toss the lettuces with 3 tablespoons of the dressing. Toss the quinoa mixture with the rest of the dressing. Line a salad bowl or platter with the greens, top with the quinoa, and serve. Or if preferred, toss together the greens and quinoa mixture before serving.

Yield: Serves 4 to 6

Advance preparation: You can assemble the salad up to a day ahead but do not toss with the dressing until shortly before serving.

Nutritional information per serving (4 servings): 340 calories; 21 grams fat; 4 grams saturated fat; 3 grams polyunsaturated fat; 13 grams monounsaturated fat; 10 milligrams cholesterol; 30 grams carbohydrates; 7 grams dietary fiber; 347 milligrams sodium (does not include salt to taste); 9 grams protein

Nutritional information per serving (6 servings): 226 calories; 14 grams fat; 3 grams saturated fat; 2 grams polyunsaturated fat; 9 grams monounsaturated fat; 7 milligrams cholesterol; 20 grams carbohydrates; 5 grams dietary fiber; 231 milligrams sodium (does not include salt to taste); 6 grams protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

Read More..

Holiday sales continue to soar on Cyber Monday

Web shopping soared on Cyber Monday, continuing a strong start to the holiday season.

Online sales were up 26.6 percent from last year by Monday evening, according to IBM Digital Analytics Benchmark, which tracks data from 500 retail sites. ComScore meanwhile, expected online sales to hit a record of about $1.5 billion by day's end.

Cyber Monday has become the biggest online shopping day in recent years as employees head back to the office but continue to cybershop for holiday gifts. The growth of smartphones and tablets has only increased that ability, an opportunity Web retailers have been eager to exploit.

This year, retailers aggressively pushed "Pre-Black Friday" promotions and flooded consumers with emails touting good deals in the days before Thanksgiving. As a result, the big shopping days of Thanksgiving, Black Friday and Cyber Monday have blurred into a sale-laden week.

Some retail analysts had worried that strong online sales growth on Thanksgiving Day and Black Friday would entice shoppers to buy earlier, threatening revenue later in the season.

"So far, that is not the case," said Jay Henderson, the strategy director for IBM Smarter Commerce. "Extending the shopping season has really just fueled additional online spending rather than cannibalizing days later in the season."

Sales across Amazon.com, the largest online retailer, had risen 52 percent from the previous year by midmorning Monday, according to ChannelAdvisor, which offers services to third-party sellers on e-commerce sites. Meanwhile, eBay sales volume increased 57 percent, the firm said.

The average online order size on Cyber Monday was $130.30. That was down from almost $200 during the whole of Cyber Monday last year, according to IBM.

But Monday's discounts on the websites of bricks -and-mortar retailers weren't necessarily as broad or as deep as consumers could find if they shopped in the days before, according to Michael Brim, founder of deal site BFAds.net. "We're not seeing across the board the lowest prices like we do on Black Friday or Thanksgiving," he said. "It's better than the average weekly sales, but it's not on the level of Black Friday … yet," he said.

Most retailers — about 97 percent — were expected to offer Cyber Monday deals this year, up from 90 percent last year, according to the National Retail Federation. That means good deals were there for the finding on sites that might not normally have sales, Brim said.

Laptops and apparel at specialty sites were popular items Monday, Brim said.

Amazon offered $30 off its 7-inch Kindle Fire tablet, which usually sells for $159. The deal was available only on Cyber Monday.

Hoffman Estates-based retailer Sears said it found that a number of its shoppers opted to buy online and pick up merchandise in the store, according to spokesman Tom Aiello, who declined to say whether online traffic increased Monday. Shoppers want "to save on shipping, or they want to touch it — and get it the same day and make sure they've got that gift in their hands," he said.

Tribune news services contributed.

crshropshire@tribune.com

Twitter @corilyns

Read More..

Pfleger points police to suspect in fatal stabbing

During an argument with his wife Wednesday, Demetrius Jackson allegedly stabbed to death a 55-year-old man who intervened, then called St. Sabina Catholic Church to pray with the Rev. Michael Pfleger.

Shortly after a Cook County judge ordered Jackson, 32, held without bond on Sunday on a charge of first-degree murder, Pfleger, reached by phone, recounted the conversation he had with Jackson on Friday, a day before he turned himself in.

"He told me the guy who he allegedly stabbed is his best friend," Pfleger said. "He said (the victim) punched him in the face. He told me he just reacted. He asked me to pray with him, and I prayed with him."

Jackson, who lives in Chicago's Roseland neighborhood, hung his head in Cook County Bond Court as a judge said he faced a murder charge in the death of William Terry of the 10300 block of South Forest Avenue.

Jackson and his wife were arguing in their home, also in the 10300 block of South Forest, Wednesday night when he allegedly grabbed a knife and threatened to kill her, prosecutors said. The wife fled to Terry's home and called 911, prosecutors said.

Before police arrived, Jackson's wife and Terry decided to walk back to Jackson's home. Still holding a knife, Jackson confronted the two outside and continued to berate his wife, authorities said. Terry stepped between them, "trying to calm" the defendant, Assistant State's Attorney Brad Dickey said. Terry fell to the ground, and Jackson leapt on top of him, stabbing him multiple times in front of several witnesses, authorities said.

"Terry was able to stagger to his home," Dickey said. Gasping for breath, he collapsed on his front porch. He was taken to Advocate Christ Medical Center in Oak Lawn shortly after 8 p.m. and pronounced dead, according to police. Other county officials said Terry lived in Riverdale.

Jackson, who appears to have no criminal record, worked with St. Sabina on the Safe Passage project, public defender Stephen Herczeg said. A Chicago Public Schools program, Safe Passage employs community members to help improve safety by standing guard along the routes children travel to schools.

When the two spoke, Pfleger encouraged Jackson to turn himself in to police.

"I told him, 'I'm not a court or a lawyer or a judge,'" Pfleger said. "I told him I wouldn't judge him. I just encouraged him to turn himself in and not run. A lot of times, people are afraid to go to the police directly. I said I would try to set it up."

When Jackson agreed, Pfleger said he called police at the Gresham District, telling them of Jackson's intentions.

As promised, Jackson showed up at a police station Friday morning and gave a video-taped confession, according to court documents.

"Thank God it worked," said Pfleger. "It's very sad. I feel bad about the man who got killed, too. It's a loss of two lives."

efmeyer@tribune.com

Read More..

Tourists visit Southfork to remember Larry Hagman

PARKER, Texas (AP) — Tourists and locals flocked to Southfork Ranch on Saturday, bringing flowers in memory of Larry Hagman, who played the infamous J.R. Ewing on the TV show “Dallas.”

Hagman died in Dallas on Friday at age 81 due to complications from his battle with cancer.

Southfork, a ranch north of Dallas, was known to millions of viewers as the Ewing family home. Exterior shots of the house and pool were shown when the series aired from 1978 to 1991, although the show wasn’t filmed there.

The ranch has been open for tours since the mid-1980s, and now sees more than 100,000 visitors each year. Each room of the house has a theme for each character.

On Saturday, J.R. Ewing’s room had flowers and a card for tourists to sign.

“Today is about Larry Hagman and his family,” said Janna Timm, a Southfork Ranch & Hotel spokeswoman. “He was such a wonderful person, and we will really miss him.”

“Dallas” was recently revived on TNT this summer, and all of the scenes were filmed at Southfork or other places in the Dallas area. Hagman had revised his role as the scheming oilman who would even double-cross his own son.

Linda Sproule of Peterborough, Ontario, had been traveling through the U.S. the past couple of weeks and heard about Hagman’s death Friday while in Dallas. She said she didn’t know where Southfork was but wanted to come because she was a fan of the show in the 1980s.

“I remember on Friday nights we watched it, and J.R. was bigger than life in some ways,” she said after taking the Southfork tour Saturday morning. “This ranch is beautiful. Being here is kind of emotional in a way.”

Barbara Quinones and her husband were in town for their daughter’s soccer tournament and had already planned to visit Southfork when they heard news of Hagman’s death.

“We loved him because he was so ruthless,” said Quinones, of Albuquerque, N.M. “This is a sad day, but I’m glad we’re here.”

Some of the show’s stars, including Hagman, came to Southfork for the series’ 25th anniversary. The Fort Worth-born actor also had visited several times before the show was revived.

“He was definitely a gentleman, a class act,” said Jim Gomes, vice president of resorts at Southfork Ranch & Hotel. “He loved the fans as much as they loved him.”

Entertainment News Headlines – Yahoo! News

Read More..

Black Friday sales online top $1 billion for first time

SAN FRANCISCO (Reuters) - Black Friday retail sales online this year topped $1 billion for the first time ever as more consumers used the Internet do their early holiday shopping, comScore Inc said on Sunday.

Online sales jumped 26 percent on Black Friday to $1.04 billion from sales of $816 million on the corresponding day last year, according to comScore data.

Amazon.com was the most-visited retail website on Black Friday, and it also posted the highest year-over-year visitor growth rate among the top five retailers. Wal-Mart Stores Inc's website was second, followed by sites run by Best Buy Co., Target Corp. and Apple Inc, comScore noted.

Digital content and subscriptions, including e-books, digital music and video, was the fastest-growing retail category online, with sales up 29 percent versus Black Friday last year, according to comScore data.

E-commerce accounts for less than 10 percent of consumer spending in the United States. However, it is growing much faster than bricks-and-mortar retail as shoppers are lured by low prices, convenience, faster shipping and wide selection.

ShopperTrak, which counts foot traffic in physical retail stores, estimated Black Friday sales at $11.2 billion, down 1.8 percent from the same day last year.

"Online has been around 9 percent of total holiday sales, but it could breach 10 percent for the first time this season," said Scot Wingo, chief executive of ChannelAdvisor, which helps merchants sell more on websites, including Amazon.com and eBay.com.

ComScore expects online retail spending to rise 17 percent to $43.4 billion through the whole holiday season. That is above the 15 percent increase last season and ahead of the retail industry's expectation for a 4.1 percent increase in overall spending this holiday.

CYBER MONDAY OUTLOOK

It's not clear yet whether strong Black Friday sales online will weaken growth on Cyber Monday, which has been the biggest e-commerce day in the United States in recent years.

"Cyber Monday will be a big day, but not as much of a big day as it has been in the past," said Mia Shernoff, executive vice president for Chase Paymentech, a payment-processing unit of J.P. Morgan Chase & Co.. "Faster broadband Internet connections in the office used to drive this. But now many consumers have faster connections at home and smart phones and tablets - they don't have to wait."

ComScore Chairman Gian Fulgoni said Cyber Monday online sales may reach $1.5 billion this year. That would be up 20 percent from the corresponding day last year - slower year-over-year growth than Thanksgiving and Black Friday.

More than 129 million Americans plan to shop online on Cyber Monday, up from almost 123 million on the same day last year, according to a survey conducted in recent days for the National Retail Federation.

The group also expects 85 percent of retailers to have a special promotion for Cyber Monday.

Amazon, the world's largest Internet retailer, will launch Cyber Monday deals at midnight on Sunday. The company is planning a limited time Cyber Monday promotion for its 7 inch Kindle Fire tablet, offering it at $129 instead of the regular $159, a spokesman said on Sunday.

MOBILE SHOPPING GROWTH

A big source of online shopping growth this holiday season has come from increased use of smart phones, which let people buy online even when they are in physical stores, and by tablet computers, which have spurred more online shopping in the evenings, Wingo and others said.

Mobile devices accounted for 26 percent of visits to retail websites and 16 percent of purchases on Black Friday. That was up from 18.1 percent and 10.3 percent, respectively, on the same day last year, according to International Business Machines, which analyzes online traffic and transactions from 500 U.S. retailers.

More than 20 million shoppers plan to use mobile devices on Cyber Monday, up from 17.8 million a year ago, the NRF said.

Read More..

Hard-fought victory assures Irish spot in national title game

LOS ANGELES — Deliverance arrived on a crisp southern California night, welcomed in a frenzy of leaps and hugs and arms wind-milling helmets and cathartic screams. Notre Dame waited decades for this, all right, the end to the interminable search for its long-lost promise. It just needed to climb to the top of college football to find it.

The Irish will play for a national championship in January, inextricably No. 1 and 12-0 after a 22-13 victory over USC before 93,607 witnesses Saturday night at Los Angeles Memorial Coliseum, a sparkling moment of rapture in the City of Angels. Whether Notre Dame is back maybe isn't the point right now. It's that the Irish have arrived.

"We had a dream," linebacker Manti Te'o said, "and we put in the work to make sure that dream came true."

It was a grinding, imperfect but relentless effort Saturday to get there, and maybe there couldn't be any other way. Everett Golson, the redshirt freshman quarterback, cramped up but cut loose for 217 yards passing and was mistake-free. Theo Riddick, the senior tailback who was a slot receiver at this time last year, stampeded to 146 yards and a score.

And the Heisman hopeful, Te'o, picked off another pass and helped spearhead another adrenalized, fourth-quarter goal-line stand that stomped out USC's last hope and created a save-the-date for Jan. 7. There Notre Dame will play in the BCS title game, almost assuredly against the winner of the SEC, becoming the most galvanizing foil yet to that league's dominance.

"The way it's set up, only two teams can play for a national championship," Irish coach Brian Kelly said. "It feels great that you have that opportunity."

One game now, to look upon everyone else from the summit for the first time since 1988.

"Ecstatic," Irish safety Zeke Motta said. "There's no other feeling like it that I could have ever imagined. You think about the hard work and the competing that we did in the offseason, and to witness it pay off, and to be in this position we're in right now, there's no other feeling like it."

There were other, substantially less exultant feelings swirling in the same stadium tunnel a scant four years ago. Athletic director Jack Swarbrick could laugh about that Saturday night: About being pinned against a wall to discuss the downward spiral of the Charlie Weis era then, and being cornered to talk about a head-spinning revival now.

A year after that utter demolition by USC in 2008, Swarbrick made his coaching change and brought in Kelly. He brought in his program-builder. He thought it was the perfect fit. He also thought it would take longer than this.

"I gotta tell you, I always thought it was next year," Swarbrick said. "From Day 1, I thought it was next year. So it's cool. It's cool to be ahead of schedule."

In fact, maybe the only guy not taken aback was the guy responsible for it all.

"You get this far into it, and now you start to look up and go, oh, we're 11-0 — you want to finish it off," Kelly said.

"It's easy to say well, yeah, I'm surprised. But when you go in that locker room and you're around the guys I'm around, you're not surprised. What they've done, the commitment they've made, they've done everything I've asked them to do. Everything. So it doesn't surprise me anymore."

Notre Dame had USC where it wanted the Trojans early, on-heels and tested, on the spot to demonstrate any mettle or desire at the end of a season gone wrong and going nowhere. The Irish thundered to a 10-0 first-quarter lead, first scoring on a Kyle Brindza 27-yard field goal and then a Riddick 9-yard score.

If this was the last hurdle to the BCS title game, it appeared knee-high. But USC showed it could be resolute, swiftly moving to an 11-yard Robert Woods touchdown reception to reignite some drama. From there, it was field goal after field goal after field goal for both sides, a constant thrust and parry, all the way to a Brindza 33-yarder that made it a 19-10 lead entering the fourth quarter.

"We understood that it was going to be a dogfight, and that's what it was," Te'o said.

Then Notre Dame watched in glee as USC coach Lane Kiffin began exacting self-torture. First came the pre-snap timeout that might have wiped out a touchdown catch, only to watch the ensuing pass sail out of the end zone.

And after the fifth Brindza field goal created a two-score cushion with six minutes left, the pain became excruciating. A 53-yard Marqise Lee reception after a long kickoff return set up a goal-to-go situation for the Trojans. Two pass interference penalties put them on the 1-yard line. They ran once. They ran again. They ran again. Then they threw an incomplete pass.

Notre Dame had made its stand, everyone exploding off the sideline and into celebration.

"If you have followed us all year, that's how we play," Kelly said. "We come up big defensively at some time during the game. We did that again."

All that remained were 21/2 minutes to burn. Irish fans in attendance counted down the Coliseum clock, as if it was New Year's Eve.

And then the celebration began, wild and joyous, for a date decades in the making. Players bobbed and chanted in front of the fans. Te'o grabbed Kelly in the tunnel in a spontaneous embrace, telling his coach he loved him.

Notre Dame will play for a national title. A moment so many waited for, and never saw coming.

"I haven't really grasped the whole situation," Riddick said, sitting on a table in a Coliseum tunnel. "What can I say? We're going to Miami."

bchamilton@tribune.com

Twitter @ChiTribHamilton

Read More..

Hobbits, superheroes put magic in NZ film industry

WELLINGTON, New Zealand (AP) — A crate full of sushi arrives. Workers wearing wetsuit shirts or in bare feet bustle past with slim laptops. With days to go, a buzzing intensity fills the once-dilapidated warehouses where Peter Jackson‘s visual-effects studio is rushing to finish the opening film in “The Hobbit” trilogy.

The fevered pace at the Weta Digital studio near Wellington will last nearly until the actors walk the red carpet Nov. 28 for the world premiere. But after “The Hobbit: An Unexpected Journey” hits theaters, there’s more work to be done.

Weta Digital is the centerpiece of a filmmaking empire that Jackson and close collaborators have built in his New Zealand hometown, realizing his dream of bringing a slice of Hollywood to Wellington. It’s a one-stop shop for making major movies — not only his own, but other blockbusters like “Avatar” and “The Avengers” and hoped-for blockbusters like next year’s “Man of Steel.”

Along the way, Jackson has become revered here, even receiving a knighthood. His humble demeanor and crumpled appearance appeal to distinctly New Zealand values, yet his modesty belies his influence. He’s also attracted criticism along the way.

The special-effects workforce of 150 on “The Lord of the Rings” trilogy a decade ago now numbers 1,100. Only five of Weta Digital‘s workers are actual employees, however, while the rest are contractors. Many accept the situation because movie work often comes irregularly but pays well. Union leaders, though, say the workers lack labor protections existing in almost any other industry.

Like many colleagues, Weta Digital‘s director, Joe Letteri, came to New Zealand in 2001 to work on the “Rings” trilogy for two years. The work kept coming, so he bought a house in Wellington and stayed.

“People come here because they know it’s their chance to do something really great and to get it up on the screen,” he said in a recent interview. “And you want to do it in these next two weeks, because the two weeks after the movie’s finished are useless.”

Jackson, who declined to be interviewed for this story, launched Weta in 1993 with fellow filmmakers Jamie Selkirk and Richard Taylor. Named after an oversized New Zealand insect, the company later was split into its digital arm and Weta Workshop, which makes props and costumes.

Loving homages to the craft are present in Weta Digital’s seven buildings around the green-hilled suburb of Miramar. There are old-time movie posters, prop skulls of dinosaurs and apes, and a wall of latex face impressions of actors from Chris O’Donnell to Tom Cruise.

Its huge data center, with the computing power of 30,000 laptops, resembles a milk-processing plant because only the dairy industry in New Zealand knew how to build cooling systems on such a grand scale.

Little of Weta’s current work was visible. Visitors must sign confidentiality agreements, and the working areas of the facilities are off-limits. The company is secretive about any unannounced projects, beyond saying Weta will be working solidly for the next two years, when the two later “Hobbit” films are scheduled to be released.

The workforce has changed from majority American to about 60 percent New Zealanders. The only skill that’s needed, Letteri says, is the ability to use a computer as a tool.

Beyond having creativity as a filmmaker, Jackson has proved a savvy businessman, Letteri says.

“The film business in general is volatile, and visual effects has to be sitting right on the crest of that wave,” Letteri says. “We don’t get asked to do something that somebody has seen before.”

The government calculates that feature films contribute $ 560 million each year to New Zealand‘s economy. Like many countries, New Zealand offers incentives and rebates to film companies and will contribute about $ 100 million toward the $ 500 million production costs of “The Hobbit” trilogy. Almost every big budget film goes through Jackson’s companies.

“New Zealand has a good reputation for delivering films on time and under budget, and Jackson has been superb at that,” says John Yeabsley, a senior fellow at New Zealand‘s Institute of Economic Research. “Nobody has the same record or the magic ability to bring home the bacon as Sir Peter.”

“You cannot overestimate the fact that Peter is a brand,” says Graeme Mason, chief executive of the New Zealand Film Commission. “He’s built this incredible reputational position, which has a snowball effect.”

Back in 2010, however, a labor dispute erupted before filming began on “The Hobbit.” Unions said they would boycott the movie if the actors didn’t get to collectively negotiate. Jackson and others warned that New Zealand could lose the films to Europe. Warner Bros. executives flew to New Zealand and held a high-stakes meeting with Prime Minister John Key, whose government changed labor laws overnight to clarify that movie workers were exempt from being treated as regular employees.

Helen Kelly, president of the New Zealand Council of Trade Unions, says a compromise could easily have been reached. She says the law changes amounted to unnecessary union-busting and a “gross breach” of employment laws.

“I was very disappointed at Peter Jackson for lobbying for that,” she says, “and I was furious at the government for doing it.”

Weta Digital’s general manager Tom Greally compared it to the construction industry, where multiple contractors and mobile workers do specific projects and then move on.

Animal rights activists said last week they plan to picket the premiere of “The Hobbit” after wranglers alleged that three horses and up to two dozen other animals died in unsafe conditions at a farm where animals were boarded for the movies. Jackson’s spokesman Matt Dravitzki acknowledged two horses died preventable deaths at the farm but said the production company worked quickly to improve animal housing and safety. He rejected claims any animals were mistreated or abused.

Jackson’s team pointed out that 55 percent of animal images in “The Hobbit” were computer generated at Weta. The People for the Ethical Treatment of Animals (PETA) have asked Jackson in the future to create all his animals in the studio.

Controversies aside, the rise of Weta and the expat American community in and around Miramar is visible in everything from a Mexican restaurant to yoga classes. On Halloween, which in the past was not much celebrated in New Zealand, hundreds of costumed children roamed about collecting candy. Americans gave the tradition a boost here, but the locals have embraced it.

The National Business Review newspaper estimates Jackson’s personal fortune to be about $ 400 million, which could rise considerably if “The Hobbit” franchise succeeds. Public records show Jackson has partial ownership stakes in 21 private companies, most connected with his film empire. He’s spent some of his money on philanthropy, helping save a historic church and a performance theater.

For all his influence, Jackson maintains a hobbit-like existence himself, preferring a quiet home life outside of work. In the end, many say, he seems to be driven by what has interested him from the start: telling great stories on the big screen.

___

Follow Nick Perry on Twitter at http://twitter.com/nickgbperry

Entertainment News Headlines – Yahoo! News

Read More..

Rosenthal: Big Ten getting too big for its own good?

There's a lesson the empire builders at Big Ten Conference headquarters in Park Ridge would do well to heed if they can be convinced to stop peering out to the distant horizon:

Growth through acquisition is fraught with peril.

"In the business world you acquire new companies and you have to deal with different corporate cultures, different priorities and so forth," Robert Arnott, chairman of Research Affiliates LLC, an investment firm, said in an interview. "Merging them is often very messy and often fails. Here you're merging two teams into an existing conference and it creates risks. … Even college football teams have different cultures, different ways of thinking about how to win and different standards."

There undoubtedly was a logic behind each acquisition as the old Sears sought to expand and diversify its corporate profile. By the time the Chicago-area company's portfolio grew to include Allstate insurance, Coldwell Banker real estate and Dean Witter Reynolds stock brokerage, it was clear the increase in size was in no way matched by an increase in strength.

Rather than an all-powerful Colossus astride many sectors at once, it was reduced to an unfocused blob, bereft of identity, covering plenty of ground but hardly standing tall. Years after shedding its far-flung holdings, Sears has yet to regain its muscle, mojo or market share.

"It's hard to find a better example of a company that lost its mission and focus in the quest for growth," Arnott said.

"(Growth) may be partly a defensive move. It may be ego driven. In the corporate arena, you certainly see that in spades," he said. "When growth is through acquisition, you have to figure out what the real motivation is. Is it synergy, the most overused word in the finance community, or is it ego?"

Adding the University of Maryland and New Jersey's Rutgers University in 2014 will push the Big Ten to 14 schools and far beyond the Midwestern territory for which it's known. But doing so may not achieve what its backers envision.

Rather than spread the conference's brand, it may merely dilute it. The fit may be corrosive, not cohesive.

There is a school of thought that this is but the latest evidence that the Big Ten is not about athletics, academics or even the Midwest. Instead, it is just a television network, the schools content providers and student-athletes talent.

As it is, the overall TV payout is said to give each of the 12 current Big Ten schools about $21 million per year. They point to the Big Ten's lucrative deals with ESPN and its own eponymous cable network, a partnership with News Corp. They note that public schools Rutgers and Maryland are near enough to New York, Baltimore and Washington, D.C., to drive a better bargain with cable carriers.

To Big Ten Commissioner Jim Delany, a New Jersey native, the addition is more the result of a paradigm shift that has redrawn the college sports map over the past decade. Some conferences splinter. Others seize new turf. The result: Idaho's Boise State football team is poised to join the Big East Conference next year.

"Institutions that get together for academics or athletics have got to be cognizant that they are competing for students, they are competing for student athletes, they are competing for research dollars," Delany told reporters.

"When you see a Southern conference in the Midwest or you see a Southern conference in the Plains states or whether you see other conferences in the Midwest or Northeast, it impacts your recruitment. ... It impacts everything you do," he said. "At a certain point you get to a tipping point. The paradigm has shifted, and you decide on a strategy to basically position yourself for the next decade or half-century."

Big has always meant more than 10 in the Big Ten, an intercollegiate entity formed by seven Midwestern universities that now boasts 12 with the bookends of Penn State and Nebraska added in 1990 and last year, respectively. Last week's announcement of adding schools 13 and 14 was just a reminder that the conference has only had 10 member schools for 70 of its 116 years and won't again for the foreseeable future.

Rutgers President Robert Barchi said his school looked "forward as much to the collaboration and interaction we're going to have as institutions as we do to what I know will be really outstanding competition on our field of play."

But make no mistake, the Big Ten was born out of sports, specifically football. A seven-school 1896 meeting at Chicago's Palmer House had Northwestern among those still stinging from a scathing Harper's Weekly critique of college sports abuses, the Tribune reported at the time.

A prohibition on allowing scholarship and fellowship students to compete was shot down. But "a move towards the coordination of Faculty committees" in terms of standards and enforcement passed and the precursor to the Big Ten was born.

Along the way, the conference has added member schools and come to recognize that the Big Ten's image has much to say about how those institutions are perceived. Scandals already are no stranger to the Big Ten. But whether you play in a stadium or on Wall Street, the bigger one gets, the bigger target one becomes.

"Whoever's biggest draws scrutiny," said Arnott, co-author of a research paper, "The Winners Curse: Too Big to Succeed." "That means politicians, regulators, the general public generally don't root for the biggest. They look to take them down a notch, so it's harder to succeed as the largest. It's also harder to move the dial and move from success to success as you get really big."

Everyone talks about becoming too big to fail, but there's also too big to scale, companies that are unable to capitalize on the efficiencies of their increased size ostensibly because they are so big that they cannot be managed adequately.

"People talk about economies of scale. There are also vast diseconomies of scale, mostly in bureaucracies," Arnott said. "The more people you have involved, the more people you have who feel they have to have their views reflected in whatever's done. So you wind up with innovation by committee."

That's deadly. That's why companies break up, citing the need to get smaller so they can grow.

"If you break up companies into operating entities that are more nimble," Arnott said, "the opportunities to grow are no longer hamstrung by centralized bureaucracies that have to pursue synergies that don't exist."

Size matters in all fields of play. Sometimes smaller is better.

philrosenthal@tribune.com

Twitter @phil_rosenthal

Read More..