Leads, director of Motown musical visit Hitsville

DETROIT (AP) — The stars of the upcoming Broadway musical about Motown Records have read pretty much every book about and listened to every song from that golden era of American music.

The research only took them so far, so they decided to come and see Hitsville, U.S.A., for themselves.

Brandon Victor Dixon, who portrays the label’s founder, Berry Gordy, and Valisia LeKae, who plays its signature songstress, Diana Ross, visited the Motown Museum on Tuesday, taking a lengthy tour of the two-level home that produced the soundtrack of a generation.

“I’m trying not to get emotional,” LeKae said as she methodically inspected the hundreds of mementos — posters, gold records, clothing and more — on display at the Motown Museum.

LeKae, a Broadway veteran who has appeared in “The Book of Mormon” and “Ragtime” among others, worried about losing her composure when it came time to visit Studio A, the famed space in which Gordy and his army of artists, writers, producers and engineers signed, sealed and delivered hit after hit throughout the 1960s.

And she succeeded, descending a small flight of stairs into the square, smallish room and calmly checking out the famed studio affectionately called the “Snake Pit.” LeKae marveled at an oversized black-and-white snapshot on the wall of Ross singing with a smiling Gordy looking on.

It wasn’t until later, while visiting the home’s upstairs, that LeKae’s emotions kicked in.

Standing underneath the “echo chamber,” a hole cut in the upper level’s ceiling designed to create unique sounds for the recording process, LeKae belted out the first few lines of the Supremes’ “Where Did Our Love Go.”

“Baby, baby / Baby, don’t leave me,” she wailed, before the tears began to well up and she had to stop singing.

“This is, like, amazing,” she said.

LeKae and Dixon, who earned a Tony nomination for his work in “The Color Purple” and bears more than a passing resemblance to a Motown-era Gordy, will be front and center when the show debuts this spring.

“Motown: The Musical” begins its run of preview performances March 11 ahead of the official opening on April 14 at New York’s Lunt-Fontanne Theatre.

That gives Dixon, LeKae, Gordy (who’s producing and writing the book) and director Charles Randolph-Wright four months to bring the show to the stage.

To that end, Randolph-Wright also was at Hitsville on Tuesday, seeing prospective actors during a callback session in Studio A. He’s still looking for understudies and others to play smaller parts.

It wasn’t Randolph-Wright’s first visit to Motown’s birthplace as it was for his two leads, but for the 56-year-old who proclaims that “Motown’s in my DNA,” it was no less special.

“What a joy to be a part of (the Motown) movement and what a responsibility to try and place that in the world,” Randolph-Wright said, sitting on a piano bench in Studio A. “So, I’ve been very careful about trying to do that the right way.”

And he has, working for the past three years on “Motown: The Musical,” holding a nationwide casting call and working with Gordy and the other producers to identify which of the overwhelming number of songs from the Motown catalog to include on stage.

“The show is 15 hours,” Randolph-Wright joked.

The first version had 100 songs in it, he said, and “I wanted every song.”

While he said the show’s decision-makers are still deliberating about which songs make the final cut, one thing is certain about the musical selections: A few numbers in the show will be Gordy originals, written specifically for it.

“It’s so interesting to see him go back to being a songwriter after all these years,” said Randolph-Wright, who described one Gordy-penned song as having “all the textures of what Motown is and was, but it’s new.”

As for the man playing the man, Dixon spent his Tuesday walking through the halls of the Motown Museum, taking in every word tour guide Eric Harp and the other docents offered and, as he put it, “soaking it all in.”

At one point, he kneeled down and softly touched the cushion of a red-orange couch upstairs on which Marvin Gaye would take the occasional slumber.

Dixon burst out laughing, then leaped up and continued the tour.

Asked what was so funny, he quickly responded: “Because Marvin Gaye slept on this couch!”

All three of the Hitsville visitors spoke of their great respect and admiration for Gordy and the history of Motown and how important they felt it was to do it justice on stage.

“There’s an energy here that is palpable still,” Randolph-Wright said. “And it remains in this space. I think more than anything, the second I walked in here, it told me that I have to be honest” in telling the Motown story.

The first time he visited the museum, Randolph-Wright remembered walking into the gift shop, where he “bought everything,” including a Temptations T-shirt that read: “Live It Again.”

“I love that, because that’s what we’re doing,” he said.

___

Online:

http://www.motownthemusical.com

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The Investor Is Fleeing, and Other Market Myths

Our 220-year-old stock market is a powerful assemblage of companies, strategies, directors, flacks, hucksters, and heroes joined by a spirit of capitalism that can marry Taco Bell (YUM) with Doritos.

But why stop at that if you’re the financial services industry? What’s especially great about the market is how nicely it lends itself to marketing razzle-dazzle: “value-add,” as they call it on the Street. How else would a mutual fund industry whose active managers generally lag their market benchmarks still be worth nearly $ 12 trillion?

In his provocative post this week, “Everything You Know About Investing is Wrong,” blogging broker Barry Ritholtz shows us how metrics such as dividend yields, economic growth, the Fed Model, profit margins, and past stock returns—what he calls “the assumed truths of Wall Street”—“fail to withstand close scrutiny as having forecasting value.”

While sipping my annual pre-prandial Thanksgiving Courvoisier, I stumbled on a great piece of similarly demystifying research from Birinyi Associates entitled “Six Myths of the Market.” The firm, which was founded by ex-Salomon Brothers trader Laslzo Birinyi, called the market’s generational bottom in March 2009. Authors Jeffrey Yale Rubin and Kevin Pleines penned the note to take on some generally accepted half-truths of investing.

“With the S&P 500 down 5 percent from its mid-September high,” they write, “the chorus of investors and strategists suggesting that this is the start of something bigger has grown louder. With the decline, some new and some not new ideas are being bounced around in support of the negative case. We thought we would take this opportunity to review the accuracy of some of the arguments for the negative thesis.”

That intro is accompanied by a series of charts that show that the 10 U.S. bull markets since 1962 have experienced no fewer than 95 “corrections” of 5 percent or greater.

The current bull run alone has had 17, so you can understand why investors have bolted the market en masse. Or have they? Let’s start with the most eye-opening Birinyi finding:

Myth: The individual is selling.

Haven’t you heard? Investors, wherever they may be, want no part of this three-and-a-half-year bull market. They got burned in the dot-bomb and in 2008; three times would just be too suckerish. And so money continues to storm out of equity mutual funds—to the tune of $ 97 billion in just the first 10 months of the year, and multiples of that over the past four years.

“However,” notes the Birinyi report, “what most research is missing is the offsetting net inflows into equity ETFs over the same period.” Since March 2009, the authors write, there has been a cumulative net outflow from equity mutual funds of $ 242 billion, but an inflow of $ 270 billion to equity ETFs: “In other words, [investors] have increased their exposure to equities.”

For the first 10 months of 2012, the report says, the offset results in a $ 6 billion net outflow—“a far cry from the figures that are most often cited.” This comes as Vanguard index funds have had a net 2012 inflow of $ 88 billion, and while ETF providers slug it out on fees. So much for “Death of Equities Redux.” Rubin and Pleines accordingly “wonder if investors are not necessarily saying that they disliked stocks as much as they are suggesting they disliked actively managed mutual funds.”

Myth: Tax increases are negative for stocks.

The fiscal cliff is supposed to be Armageddon for the market. There have been no shortage of notes from Wall Street and Washington reminding us of how suddenly increased taxes on dividends and capital gains, paired with investing surcharges and the GDP body-blow of automatic budget cuts, will kill equities.

And yet markets are up nicely year-to-date, and actually not far off their record high. How can traders be so maladroit in their anticipation?

Rubin and Pleines note that while there’s never been such a large one-two punch of spending cuts and tax increases, there have been other instances where capital-gains taxes have increased, and significantly more so than they are set to rise this go-around. “We would caution that this time may be different given the combination of tax increases and spending cuts,” they write, “but in the previous two increases since 1942 in the capital-gains tax rate, the record for stocks is mixed, having rallied once and declined once.” In 1976, markets swooned after the top rate increased from 25 percent to 35 percent; a decade later, they went up after the top bracket increased from 20 percent to 33 percent.

Myth: The market is expensive.

Says the report: “Bears have argued almost since day one that the market is not attractive, and if we look at the ten-year trailing normalized earnings approach (usually associated with Robert Shiller), we should be concerned. First, we are always suspicious of contrived or artificial measures. Why ten years, why not a normal economic growth recession cycle (approximately 61 months) or ‘usual’ bull-bear cycle? Or why ten and not five?”

When Rubin and Pleines use “the conventional approach of market multiples (trailing 12 month earnings),” they calculate the S&P 500 trades at 14.8 times earnings, compared with an 85-year average of 16 times.

“Mr. Shiller’s record,” they add, “is less than compelling. In the March 30, 2009, issue of Forbes he said that his P/E calculation would have to drop another two points before he would buy. Given that the magazine has at least a two-week lead time, it was probably made around the second week of March 15, exactly when the market was hitting its low. Since then the market is up 110 percent.”

Myth: Corporate profits will disappoint.

“This mantra has been a hallmark of the bears for the past three years,” Rubin and Pleines note, “yet each quarter earnings have exceeded forecasts.” They point out how this past quarter’s overly curbed enthusiasm was no different, as analysts were looking for a 2 percent earnings contraction, “but when all was said and done earnings grew at a 4.7 percent pace.”

Rubin and Pleines do concede that earnings estimates for the fourth quarter and next year have been declining, “but given analysts’ track record of forecasting earnings, we are skeptical that this time will be any different.”

Myth: Technology is a canary in the coal mine.

“The 11 percent decline in technology stocks since mid-September has led some to suggest that a steeper decline is imminent for the S&P,” write Rubin and Pleines. After all, Apple (AAPL), the market’s biggest weighting—and (probably) consensus indicator species—recently lost as much as a quarter of its peak value. The reality: The relationship between technology corrections and the broader market is “hardly a strong one.” The report notes that since 1982, technology stocks have had 39 declines of at least 10 percent, while the S&P 500 experienced a 10 percent correction just eight of those 39 times.

For those keeping score at home, the tech-laden Nasdaq would have to rally 70 percent to revisit the bubblicious high it set in early 2000.

Myth: Corporations have been building cash reserves.

A grain of salt for an otherwise bullish research note: The notion that corporations “have excessively high cash positions which will be spent once the fiscal cliff is resolved is not supported by the data.”

There goes one fine meme for us financial journos: record corporate cash, itching for a place to go.

The report’s authors explain that excluding financial companies, balance-sheet cash of the S&P 500 stands at $ 787 billion, which is just below the record $ 819 billion set at the end of last year. But they then present a chart that shows corporations have actually lugged record cash during nearly every quarter since 1990. “Why now,” they ask, “will this be spent after 20+ years of record readings?”

When they adjust cash holdings by company market value, Rubin and Pleines find that cash is in fact not at a record, and has not been for more than three years.

Not that this scuppers Birinyi Associates’ view that the S&P 500 is headed to highs unseen since the mythical era when Lehman and Bear roamed the earth.

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Soy unlikely to help hot flashes

NEW YORK (Reuters Health) – Women who eat a lot of soy-based foods or fiber don’t seem to have fewer menopause symptoms, according to a new study.

The findings add to other studies that have found no benefits from eating extra amounts of soy, a food abundant in dietary estrogen.

“It might be a dead end,” said William Wong, a professor at Baylor College of Medicine who has studied the effects of soy protein on menopause symptoms.

Plant-based estrogens, also called phytoestrogens, are found in foods such as seeds, nuts and soybeans. Their chemical structure is similar to human estrogens.

Hormone replacement therapy, based on estrogen among other hormones, is effective in reducing hot flashes and other menopause symptoms, but carries some risks of heart disease and cancer, a large federally funded study released a decade ago found.

Researchers have been testing whether plant estrogens can offer benefits, perhaps without the risks.

“Many women can’t or don’t want to take hormones,” making dietary estrogen an appealing alternative, said Ellen Gold, the lead author of the study and a professor at the University of California Davis School of Medicine.

But studies on plant estrogens have been mixed.

A review of 17 studies on soy supplements has found that the pills can reduce the frequency and severity of hot flashes, while some individual trials on soy protein pills have found no benefits (see Reuters Health reports of April 27, 2012 http://reut.rs/K95gLr and August 8, 2011 http://reut.rs/prmTwt).

To see if women who choose to eat more phytoestrogens have an easier time through menopause, Gold and her colleagues tracked 1,651 women for 10 years.

At the beginning of the study, none of the women had gone through menopause.

Each year the researchers followed up with them to gather any reports of hot flashes or night sweats, and every few years the women filled out a food survey.

By the end of the study, Gold’s team could find no consistent pattern between the amount of phytoestrogens eaten and how often or how severely women experienced hot flashes and night sweats.

The same was true for how much fiber the women ate.

In some cases, the researchers did see a relationship between one type of dietary estrogen and menopause symptoms, but it didn’t always carry through when they examined women of different ethnicities or looked at different points in time.

Those apparent results, they write in the journal Menopause, may have been due to chance.

Gold said it’s possible that for some subsets of women, plant estrogens might have a benefit, but they weren’t able to tease that out in this study.

“I think the more promising avenue for us in the future is to see if there are some women who might benefit,” she told Reuters Health.

Wong, who was not part of the study, is less optimistic because of the negative results seen in long term studies of women taking soy protein supplements.

“After looking at our own clinical trial data and others, we don’t see it,” he told Reuters Health. “I think we should move on.”

SOURCE: http://bit.ly/Uq77iV Menopause, October 29, 2012.

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Exclusive: Banks offer to help Sony offload battery unit – sources

TOKYO (Reuters) – Sony Corp has been approached by at least three investment banks offering to sell its battery business as the struggling Japanese group looks to offload non-core assets and focus on reviving its consumer electronics business, banking sources said.

Selling the unit, which employs 2,700 people and had sales last year of $ 1.74 billion, would help Sony cut costs and generate cash as it restructures its operations, three people involved in the preliminary discussions told Reuters.

The company, a byword for innovative gadgetry in the 1970s and 80s, has been battered by weak demand for its TVs in a fiercely competitive market. The TV business has racked up huge losses; Sony’s market value has slumped to below $ 10 billion and ratings agency Fitch last week downgraded the company’s debt to “junk” status – a move likely to push up borrowing costs and make asset sales more attractive.

CEO Kazuo Hirai has pledged to rebuild Sony around gaming, digital imaging and mobile devices, while nurturing new businesses such as medical devices. He is axing 10,000 jobs, closing facilities and selling assets. Any disposals would be part of a broader “garage sale” by Japan’s leading electronics groups that are hurting in weak markets and tight financing.

Potential buyers for Sony Energy Devices Corp – founded in 1975 as Sony-Eveready, a joint venture with Union Carbide Corp – could include Taiwan’s Hon Hai Precision Industry and BYD Co Ltd, a Chinese carmaker backed by billionaire investor Warren Buffett, said one of the sources. Hon Hai is also in negotiations to become rival TV maker Sharp Corp’s biggest shareholder.

FOREIGN INTEREST

Despite a strong yen, interest is likely to come mainly from potential foreign buyers, said the sources, who did not want to be named as the talks are private.

Selling the business overseas may not go down well with a Japanese government that in the past has kept technology at home by promoting alliances between local producers. Panasonic Corp, NEC Corp and Hitachi Ltd also make lithium-ion batteries, though the firms’ fabrication technology differs.

Sony declined to comment on the possible sale of the business, which makes lithium-ion batteries used in smartphones, tablets and PCs. “At our corporate strategy announcement in April, (Hirai) said we would explore possible alliances in E-vehicle batteries and battery storage,” said spokesman George Boyd.

As with TVs, Sony has struggled to compete against South Korean rivals in a battery business that is worth $ 18 billion a year. The small cells that power mobile devices now account for around 60 percent of the market, ahead of those used in cars and electrical tools, according to research company IHS iSuppli.

While lithium-ion battery demand has steadily expanded with the boom in mobile consumer electronics, severe price competition has resulted in razor thin margins that favor large-scale manufacturers with weak local currencies.

“The battery business is a prime example of the company’s loss-making and unwanted assets. It doesn’t make sense for them to keep it,” said one of the banking sources.

FALLING MARKET SHARE

As Hirai doubles down on Sony’s strength in consumer electronics, the company has sold a chemicals company, with 2,900 workers, and may also let go its U.S. headquarters building in New York go. At the same time, it has spent close to $ 2 billion on a U.S. game clouding company and a stake in medical equipment maker Olympus Corp.

Sony produced 74 million lithium-ion battery cells in July-September – almost 40 percent fewer than in the first quarter of 2008, when its output topped Samsung SDI Co Ltd’s 110 million and LG Chem Ltd’s 54 million, according to Techno System Research in Tokyo. Sony’s market share is now 7 percent, dwarfed by Samsung SDI’s 27 percent, Panasonic’s 21 percent and LG Chem’s 17 percent.

Sony’s battery unit, which also makes button batteries for watches and smaller appliances and optical devices, has three factories in Japan and two overseas assembly plants in China and Singapore. It has yet to enter the more lucrative business for automotive batteries.

In its most recent filing, Sony valued the battery unit’s fixed assets, including production sites and machinery, at 52 billion yen ($ 633 million). Under Sony’s accounting rules, asset sales are typically booked as operating profit.

The cost to protect $ 10 million of Sony debt against default for five years has edged higher this week to almost $ 400,000. The CDS spreads had tumbled earlier this month – from above 480 basis points – after Sony said it would raise 150 billion yen ($ 1.9 billion) through a sale of convertible bonds.

($ 1 = 82.1200 Japanese yen)

(Additional reporting by Reiji Murai; Editing by Ian Geoghegan)

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US rabbi says jailed American in good health

HAVANA (AP) — A prominent New York rabbi and physician visited an American subcontractor serving a long jail term in Cuba and said the man is in good health, despite his family’s concerns about a growth on his right shoulder.

Rabbi Elie Abadie, who is also a gastroenterologist, told The Associated Press in an exclusive interview following Tuesday’s 2 1/2-hour visit at a military hospital in Havana that he personally examined Alan Gross and received a lengthy briefing from a team of Cuban physicians who have attended him.

He said the 1 1/2-inch growth on Gross’s shoulder appeared to be a non-cancerous hematoma that should clear up by itself.

“Alan Gross does not have any cancerous growth at this time, at least based on the studies I was shown and based on the examination, and I think he understands that also,” Abadie said.

Abadie said the hematoma, basically internal bleeding linked to the rupture of muscle fiber, was likely caused by exercise Gross does in jail. He said the growth ought to eventually disappear on its own.

Gross’s plight has put already chilly relations between Cuba and the United States in a deep freeze. The Maryland native was arrested in December 2009 while on a USAID-funded democracy building program and later sentenced to 15 years in jail for crimes against the state.

He claims he was only trying to help the island’s small Jewish community gain Internet access.

Gross’s health has been an ongoing issue during his incarceration. The 63-year-old, who was obese when arrested, has lost more than 100 pounds while in jail.

Abadie, a rabbi at New York’s Edmund J. Safra Synagogue, said Gross’s weight is appropriate for a man his age and height.

Photos that Abadie and a colleague provided to AP of Tuesday’s meeting with Gross showed him looking thin, but generally appearing to be in good spirits.

In one photo, Gross holds up a handwritten note that says “Hi Mom.”

“He definitely feels strong. He is in good spirits. He feels fit, to quote him, physically. But of course, like any other person who is incarcerated or in prison, he wants to be free. He wants to be able to go back home,” Abadie said.

Gross’s family has repeatedly appealed for his release on humanitarian grounds, noting his health problems and the fact that his adult daughter and elderly mother have both been battling cancer.

Jared Genser, counsel to Alan Gross, said late Tuesday that Rabbi Abadie is not Gross’s physician and he would like an oncologist of his choosing to evaluate him.

“While we are grateful Rabbi Abadie was able to see Alan, we have asked an oncologist to review the test results to determine if they are sufficient to rule out cancer. More importantly, if Alan is so healthy, we cannot understand why the Cuban government has repeatedly denied him an independent medical examination by a doctor of his choosing as is required by international law,” said Genser.

Gross and his wife recently filed a $ 60 million lawsuit against his former Maryland employer and the U.S. government, saying they didn’t adequately train him or disclose risks he was undertaking by doing development work on the Communist-run island.

They filed another lawsuit against an insurance company they say has reneged on commitments to pay compensation in case of his wrongful detention.

Separately, a lawyer for Gross has written the United Nations’ anti-torture expert, saying Cuban officials’ treatment of his client “will surely amount to torture” if he continues to be denied medical care.

Rumors have been swirling in U.S. media that Cuba might soon release Gross as a gesture of good will or in the hopes of winning concessions from the administration of President Barack Obama, but Abadie said that those reports appeared to be false.

“As far as I know there is no truth to it,” he said.

Abadie said he met with senior Cuban officials who expressed their desire to resolve the case “as quickly as possible,” but would not say specifically who he spoke with or what they offered.

“They claim that they are more than willing to sit at the table,” he said.

Cuban officials have strongly implied they hope to trade Gross for five Cuban agents sentenced to long jail terms in the United States, one of whom is already free on bail.

Abadie said Gross made clear that he does not want his case linked to that of the agents, known in Cuba as “The Five Heroes,” because he does not believe he is guilty of espionage.

But Abadie said Gross is hoping for a “constructive and productive” dialogue between U.S. and Cuban officials to resolve his case.

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Follow Paul Haven on Twitter: http://www.twitter.com/paulhaven.

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Work programme ‘to miss targets’

27 November 2012 Last updated at 04:11 ET

Government figures assessing the success of its welfare-to-work programme are expected to show a crucial target has been missed.

Firms and charities are paid to help find jobs for the long-term unemployed in the hope of helping 2.4m people.

But the first set of official figures, due out at shortly, are expected to show they are getting less than 5% of jobseekers into “sustainable” work.

Ministers argue the programme will help cut welfare payments and change lives.

But critics say only those in already economically successful areas will benefit.

The figures will show how many people are still in employment six months after joining the Work Programme, which was launched by the coalition in June last year.

BBC political editor Nick Robinson says the figures are expected to show that only around 3% of jobseekers meet this criteria.

Continue reading the main story

The work programme was part of what ministers called a revolution in welfare ”

End Quote

And failing to hit the 5% target will mean “as many unemployed are getting sustainable jobs as if the work programme had never existed”, he said.

He added that the government will not accept the scheme is a failure and will claim the work programme is taking longer than expected to succeed and the next set of figures will be better.

Under the scheme – replacing the New Deal, Employment Zones and Pathways to Work – approved providers in England, Scotland and Wales, mostly private companies, try to find work for claimants on a payment-by-results basis.

‘Still early days’

People aged over 25 become eligible when they have been out of work for a year and under-25s after nine months. Some younger people in certain circumstances, like young offenders, are eligible after a shorter period of time.

Ahead of the release of the government’s figures, the Employment Related Services Association, the trade body for the welfare-to-work industry, said 20,000 jobseekers were being helped each month. More than 200,000 have found employment since the scheme’s launch, it added.

But these figures do not show how many have remained in a job for six months after being helped off long-term unemployment, unlike the official ONS figures.

Employment minister Mark Hoban said: “The Work Programme has already helped more than 200,000 of the hardest-to-help unemployed people into jobs. This is great news.

He added: “It’s still early days, but it’s a welcome sign that one year in providers are getting more and more people into sustained jobs.”

The Centre for Economic and Social Inclusion think-tank predicted that the official data would show performance targets missed as a result of the poor state of the UK’s economy.

Under the programme, providers can earn between £3,700 and £13,700 per person helped into work, depending how hard it is to give support to an individual, with an initial payment of between £400 and £600.

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HTC confirms 5-inch ‘Deluxe’ smartphone won’t launch in Europe

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Mexican beauty queen killed in shootout

CULIACAN, Mexico (AP) — A 20-year-old state beauty queen died in a gun battle between soldiers and the alleged gang of drug traffickers she was traveling with in a scene befitting the hit movie “Miss Bala,” or “Miss Bullet,” about Mexico’s not uncommon ties between narcos and beautiful pageant contestants.

The body of Maria Susana Flores Gamez was found Saturday lying near an assault rifle on a rural road in a mountainous area of the drug-plagued state of Sinaloa, the chief state prosecutor said Monday. It was unclear if she had used the weapon.

“She was with the gang of criminals, but we cannot say whether she participated in the shootout,” state prosecutor Marco Antonio Higuera said. “That’s what we’re going to have to investigate.”

The slender, 5-foot-7-inch brunette was voted the 2012 Woman of Sinaloa in a beauty pageant in February. In June, the model competed with other seven contestants for the more prestigious state beauty contest, Our Beauty Sinaloa, but didn’t win. The Our Beauty state winners compete for the Miss Mexico title, whose holder represents the country in the international Miss Universe.

Higuera said Flores Gamez was traveling in one of the vehicles that engaged soldiers in an hours-long chase and running gun battle on Saturday near her native city of Guamuchil in the state of Sinaloa, home to Mexico’s most powerful drug cartel. Higuera said two other members of the drug gang were killed and four were detained.

The shootout began when the gunmen opened fire on a Mexican army patrol. Soldiers gave chase and cornered the gang at a safe house in the town of Mocorito. The other men escaped, and the gunbattle continued along a nearby roadway, where the gang’s vehicles were eventually stopped. Six vehicles, drugs and weapons were seized following the confrontation.

It was at least the third instance in which a beauty queen or pageant contestants have been linked to Mexico’s violent drug gangs, a theme so common it was the subject of a critically acclaimed 2011 movie.

In “Miss Bala,” Mexico’s official submission to the Best Foreign Language Film category of this year’s Academy Awards, a young woman competing for Miss Baja California becomes an unwilling participant in a drug-running ring, finally getting arrested for deeds she was forced into performing.

In real life, former Miss Sinaloa Laura Zuniga was stripped of her 2008 crown in the Hispanoamerican Queen pageant after she was detained on suspicion of drug and weapons violations. She was later released without charges.

Zuniga was detained in western Mexico in late 2010 along with seven men, some of them suspected drug traffickers. Authorities found a large stash of weapons, ammunition and $ 53,300 with them inside a vehicle.

In 2011, a Colombian former model and pageant contestant was detained along with Jose Jorge Balderas, an accused drug trafficker and suspect in the 2010 bar shooting of Salvador Cabanas, a former star for Paraguay‘s national football team and Mexico’s Club America. She was also later released.

Higuera said Flores Gamez’s body has been turned over to relatives for burial.

“This is a sad situation,” Higuera told a local radio station. She had been enrolled in media courses at a local university, and had been modeling and in pageants since at least 2009.

Javier Valdez, the author of a 2009 book about narco ties to beauty pageants entitled “Miss Narco,” said “this is a recurrent story.”

“There is a relationship, sometimes pleasant and sometimes tragic, between organized crime and the beauty queens, the pageants, the beauty industry itself,” Valdez said.

“It is a question of privilege, power, money, but also a question of need,” said Valdez. “For a lot of these young women, it is easy to get involved with organized crime, in a country that doesn’t offer many opportunities for young people.”

Sometimes drug traffickers seek out beauty queens, but sometimes the models themselves look for narco boyfriends, Valdez said.

“I once wrote about a girl I knew of who was desperate to get a narco boyfriend,” he said. “She practically took out a classified ad saying ‘Looking for a Narco’.”

The stories seldom end well. In the best of cases, a beautiful woman with a tear-stained face is marched before the press in handcuffs. In the worst of cases, they simply disappear.

“They are disposable objects, the lowest link in the chain of criminal organizations, the young men recruited as gunmen and the pretty young women who are tossed away in two or three years, or are turned into police or killed,” Valdez said.

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Associated Press Writer E. Eduardo Castillo contributed to this report

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Dog bite sidelines ‘Dirty Dozen’ trumpeter Towns

NEW ORLEANS (AP) — Dirty Dozen Brass Band trumpeter Efrem Towns is recovering at home in New Orleans from a vicious attack by a Rottweiler at an Atlanta motel.

He missed performances in Colorado and New Orleans after the attack on Nov. 18, and doesn’t know if he’ll make the band’s next scheduled gig on Dec. 28, The Times-Picayune (http://bit.ly/XOJoNr) reported.

He and baritone sax player Roger Lewis said the dog surged from an open motel room door after Towns knocked on the door of Lewis’ room.

“I didn’t know if it was a dog, wolverine, bear, mongoose or what. I just knew something had me,” Towns said.

He said the dog‘s owner came out of the next room, and they were able to subdue it.

At Atlanta’s Grady Hospital, he received 30 stitches in his groin. Towns, who has health insurance through his wife, Tracie, said he will be seeing a urologist this week.

The Dirty Dozen Brass Band formed in 1977, and is credited with creating the contemporary, funk-infused brass band sound. It’s been featured on albums with David Bowie, Elvis Costello and the Black Crowes.

Towns said he probably could practice while convalescing. “But I’m very uncomfortable right now,” he said Friday evening. “I’m basically immobilized — it’s hard getting around. I’m kind of miserable.”

The experience hasn’t soured Towns on dogs. He and his wife own three miniature schnauzers, a standard schnauzer and a mixed breed. On Friday, his daughter’s dachshund was visiting.

“I’m a dog person,” he said. “And even though I got bit, I hope they don’t put that dog to sleep.”

___

Information from: The Times-Picayune, http://www.nola.com

Entertainment News Headlines – Yahoo! News

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UBS fined £29.7m for Adoboli case

26 November 2012 Last updated at 06:09 ET

The Financial Services Authority (FSA) has fined UBS £29.7m ($ 47.6m) for failings that led to trader Kweku Adoboli losing £1.4bn.

The fine, the third largest imposed by the FSA, was for “system and control failings” that allowed him to trade in London well beyond authorised limits.

The trader was last week convicted of two counts of fraud and sentenced to seven years in prison.

UBS said it was “pleased that the chapter has been concluded”.

The FSA, which conducted the investigation into failings at the bank with its Swiss counterpart, Finma, said there were serious weaknesses at the Swiss bank.

It said in a statement: “UBS failed to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems, and failed to conduct its business from the London Branch with due skill, care and diligence.”

The FSA’s director of enforcement and financial crime, Tracey McDermott, said faulty controls had allowed the losses to mount to what was the largest trading loss in the country.

“UBS’s systems and controls were seriously defective,” she said.

“As a result, Adoboli, a relatively junior trader, was allowed to take vast and risky market positions, and UBS failed to manage the risks around that properly.”

‘Gambler’

Adoboli, the 32-year-old Ghana-born son of a diplomat, joined UBS in 2003, becoming a trader in 2006.

He worked in UBS’s global synthetic equities division (GSE), buying and selling exchange traded funds (ETFs), which track stocks, bonds and commodities.

He was arrested in September last year.

Southwark Crown Court was told that he was “a gamble or two away from destroying Switzerland’s largest bank”.

The judge said there was “a strong streak of the gambler” in him.

But, during evidence, Adoboli said everything he had done was aimed at benefiting the bank, where he viewed his colleagues as “family”.

He said he had “lost control in the maelstrom of the financial crisis”, but had been doing well until he changed from a conservative “bearish” position to an aggressive “bullish” stance under pressure from senior managers.

He told the jury that staff were encouraged to take risks until they got “a slap on the back of the wrist”.

The fine was set at 15% of the revenue of the division where Adoboli worked and takes account of the revenue generated by the business area where the weak controls occurred.

‘Serious deficiencies’

UBS said it had made a number of substantial changes since discovering the losses, including fixing the weakness in its financial reporting.

The bank added it was retraining staff on the importance of risk management and had changed the way it evaluated and compensated employees.

UBS is changing its own structure to make itself a simpler organisation.

The bank’s chief executive, Oswald Gruebel, left the company in the aftermath of the scandal.

His successor, Sergio Ermotti, announced a major restructuring last month to run down the large, risky parts of the investment banking division.

UBS said it had fully co-operated with the regulators’ investigations and that it accepted their findings and the penalties incurred.

UBS’s fine was discounted from the original level of £42.4m for early settlement.

Switzerland’s financial regulator Finma said in a statement that it would also check whether UBS had adequate capital backing for its operational risks.

Finma said it had identified “serious deficiencies in risk management controls” and that it would appoint a third party to make sure proper measures were introduced.

UBS has been banned by regulators from making new acquisitions and it also needs to get prior approval from Finma for any new business initiatives.

BBC News – Business

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